Entries by ceadmin

Glaxo shares dip on factory probe

GlaxoSmithKline shares have fallen almost 2% amid fears a US inquiry into manufacturing quality could be widened and may possibly lead to a big fine.

On 4 March the US Food and Drug Administration (FDA) seized batches of two drugs from the Puerto Rico plant.

Regulators said its diabetes treatment Avandamet and anti-depressant Paxil CR tablets failed to meet safety standards – but did not pose a health risk

Wal-Mart to pay immigrants fine

Wal-Mart, the world’s largest retailer, is to pay $11m (£5.73m) to the US government after an investigation into the use of illegal immigrants.

The workers were employed as janitors and cleaners by subcontractors to work in Wal-Mart stores

EU warns on Microsoft behaviour

Microsoft has not done enough to comply with sanctions imposed for breaking European anti-trust rules, the European Commission (EC) has said.

The software giant was censured in 2004 for misusing its monopoly position in desktop PCs to extend its reach into other areas.

The firm agreed to a 497m euro ($660m, £345m) fine and to make its software work better with competitors’ products

Former Qwest chief accused by SEC

The former chief executive and six former officials at US telecoms giant Qwest Communications have been accused of deceiving investors.

Former CEO Joseph Nacchio, who denies any wrongdoing, is among those named in the civil case brought by the Securities and Exchange Commission.

It said Qwest inflated its revenue by $3bn (£1

Halliburton in $108m Iraq probe

Halliburton, the energy firm once run by US Vice-President Dick Cheney, is facing fresh questions over its work for the US Defense Department in Iraq.

A Defense Contract Audit Agency report, released late on Monday, criticised Halliburton unit KBR for failing to provide clear records of its costs.

The probe is examining more than $108m (£56m) of a contract extension which was worth $875m

Ebbers guilty of Worldcom fraud

Former Worldcom chief executive Bernie Ebbers has been convicted of conspiracy and fraud in connection with the 2002 collapse of the telecoms giant.

Mr Ebbers, 63, who is to appeal against the verdict, was also found guilty of seven counts of filing false documents.

Shareholders lost about $180bn (£94bn) in Worldcom’s collapse – the largest bankruptcy in US history – and 20,000 workers lost their jobs

Marsh pays $850m to end charges

US insurance broker Marsh & McLennan is to pay $850m (£451m) to settle charges that it conspired with insurance providers to rig the marketplace.

Under the agreement with New York attorney general Eliot Spitzer, Marsh said it “neither admits nor denies the allegations”.

It will pay the money back over four years to affected policyholders

Ebbers pleads Worldcom ignorance

The former head of Worldcom has told a court that he knew too little about the phone firm’s accounts to be aware of the fraud that drove it to bankruptcy.

Bernie Ebbers’ lawyers argued that their client was a sharp entrepreneur but no accountant.

For that reason, they said, he was not responsible for the $11bn (£6bn) fraud which led to the firm’s 2002 collapse

Tesco ‘spychips’ anger consumers

A US consumer privacy group has called for a global boycott of Tesco stores over the company’s trial of Radio Frequency Identification (RFID) chips.

The technology allows products to be tracked via radio waves.

Privacy groups have labelled them “spy chips” because they fear the tags attached to products, can be used to track the behaviour of customers

Trial begins of Spain’s top banker

The trial of Emilio Botin, the chairman of Spain’s most powerful bank, Santander Central Hispano, has started in Madrid.

Mr Botin is accused of misusing the bank’s funds after he approved the payment of 160m euros ($208m; £111m) in bonus and pension payouts to two former executives.

However, the trial was suspended when Mr Botin’s lawyer introduced a new set of documents on the day testimony was set to begin