European firms fined over copper cartel
Five UK firms are among 30 companies to have been fined a total of 314.7m euros (£211.5m; $399
Company
Microsoft accused over Vista row
/0 Comments/in Microsoft Corporation /by ceadminEuropean Union Competition Commissioner Neelie Kroes has accused Microsoft of orchestrating a “co-ordinated campaign” to discredit her.
Ms Kroes’ comments have come as her department and the US software giant continue to clash over Microsoft’s forthcoming Vista operating system.
In an open letter to the Financial Times, Ms Kroes insisted she was not running a “vendetta” against the firm
Austrian banker in French arrest
/0 Comments/in BAWAG /by ceadminThe former head of one of Austria’s biggest banks, Bank Fuer Arbeit und Wirtschaft (Bawag), has been arrested in France on fraud charges.
The Austrian Justice Ministry said French authorities had seized Helmut Elsner, Bawag’s ex-general director.
Bawag has been under investigation for lending ex-Refco CEO Phillip Bennett several hundred million dollars before US brokerage filed for bankruptcy
Sweden Blacklists Wal-Mart Stock Over Ethics
/0 Comments/in Wal-Mart /by ceadminThe world’s largest company is suffering yet another blow to its global reputation as Sweden follows Norway in blacklisting Wal-Mart stock from the portfolio of a national pension fund, citing persistent human rights violations.
Sweden blacklists “Mall-Wart” stock
The Swedish Second National Pension Fund has announced that it has sold its SEK 300m (USD 40.7m) stake in Wal-Mart and Wal-Mart Mexico
Hewlett faces US attorney probe
/0 Comments/in Hewlett Packard /by ceadminCalifornia’s attorney general is investigating methods used by Hewlett Packard to oversee the activities of certain directors after a media leak.
In a bid to discover which employee had leaked “confidential” reports to the press, HP hired undercover consultants.
The firm’s counsel said HP’s methods were “not generally unlawful” but could not say if the techniques used by outside agents complied with the law
BP facing US oil prices lawsuit
/0 Comments/in BP Amoco /by ceadminBP is facing a fresh lawsuit in the US, alleging it manipulated oil prices by limiting access to important storage facilities in 2003 and 2004.
Oil futures trader Richard Hershey claimed he suffered financial damage as a result of BP’s alleged action, which he said artificially affected prices.
BP said it had not seen the lawsuit and therefore could not comment
Livedoor’s Horie pleads innocence
/0 Comments/in Livedoor /by ceadminTakafumi Horie, former boss of Japanese internet firm Livedoor who quit amid a corporate scandal, has pleaded not guilty to fraud charges in court.
Mr Horie denied violating securities laws by falsifying profit figures to boost Livedoor’s share price.
The 33-year old faces a maximum of five years in jail if found guilty
Abta ‘reduces’ travel protection
/0 Comments/in Association of British Travel Agents /by ceadminThe Association of British Travel Agents (Abta) is reducing the protection for customers offered by its code of conduct for travel agents.
From 1 September, compensation will no longer be paid to people who have lost money to a dishonest travel agent.
Abta says this sort of thing normally happens only once a year
State Farm Accused of Cheating Katrina Customers
/0 Comments/in State Farm /by ceadminKerri Rigsby and Cori Rigsby, two independent insurance adjusters who worked exclusively for State Farm for eight years, say they have turned over to the FBI and Mississippi investigators thousands of documents proving that the insurance company systematically cheated victims of Hurricane Katrina. In an interview with ABC News, Rigsby and Rigsby describe what they call “widespread fraud” in State Farm offices in Biloxi and Gulfport, Mississippi.
The adjusters say that the insurance company brought in a shredding truck to destroy documents; however, State Farm maintains that shredding documents is standard procedure to protect customers’ privacy
Peregrine boss to be extradited to the US
/0 Comments/in Peregrine Systems /by ceadminA former executive at US technology firm Peregrine Systems is facing extradition to the US on fraud charges.
Jeremy Crook, 53, is facing charges in the US accused of defrauding Peregrine shareholders for several years.
Mr Crook had hoped to travel to the US so as to hand himself over to American authorities