Company

Bank ‘offered unaffordable loans’

Lloyds TSB has been accused of breaking the banking code of practice by giving loans to people who cannot afford them.

The BBC programme Real Story has found that one south Wales couple on a low income was lent £100,000 by the bank.

The Banking Code Standards Board has said it is investigating the actions of the bank

Former Disney directors sue firm

Two ex-Walt Disney directors are suing the firm claiming investors were misled over the selection of a new chief executive to succeed Michael Eisner.

Roy Disney, nephew of founder Walt Disney, and Stanley Gold allege that Disney’s board made false statements in relation to Bob Iger’s appointment.

Mr Iger, currently Disney’s president and chief operating officer, is to succeed Mr Eisner in September

Hynix fined over US price fixing

South Korean chipmaker Hynix Semiconductor Inc. has agreed to plead guilty to price fixing and is facing a $185m (£142m) fine in the US.

In a plea filed in San Francisco, Hynix admitted conspiring with other companies to fix prices of popular computer memory products

Cosmetic firm in accounts scandal

Cosmetics giant Kanebo has admitted overstating profits in what could turn out to be Japan’s largest accounting fraud involving a non-financial firm.

The company said its net profits for the four years to March 2003 had been inflated by $1.37bn (£723m) and it had recorded a loss over the period

AIG boss gave wife $2bn in shares

The ex-boss of US insurance giant AIG, Maurice Greenberg, gave his wife more than $2bn (£1.2bn) of his shares in the company days before stepping down.

The stock transfer was recorded in a document filed with the US Securities and Exchange Commission (SEC)

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

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

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

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

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