300 Job Cut
Sprint today announced that it would be cutting 300 workers without any redundancy or job severence pay.
Company
Excessive Spending
/0 Comments/in AOL TimeWarner /by ceadminDot-com boom begot obscene wealth and trouble
CALL it the privilege of wealth, AOL-style. The dot-com feeding frenzy was creating obscene riches at virtually every level of the company.
It was a simple calculus: dot-coms paid whopping fees to promote their wares on AOL
Europe Inquiry Into Pokémon Distribution
/0 Comments/in Topps Company /by ceadminThe Topps Company, maker of trading cards and Bazooka bubble gum, said yesterday that the European Union Commission found that the company’s Pokémon stickers and cards might have violated antitrust laws.
The European Commission claimed that Topps’s European unit and distributors used an elaborate strategy to prevent exports from low-price to high-price countries in the European Union.
The company, which is based in New York, said that its European units were planning a full response to the commission’s claim and that it would defend its interests
Employee Assets Frozen
/0 Comments/in Norwich Union /by ceadminThe bank accounts of a Norwich Union employee at the centre of a £1.5m fraud have been frozen.
Carol Birrell, originally from Liverpool, is one of 30 people from Merseyside named in a writ lodged at London’s High Court by Norwich Union Insurance of Surrey Street
$355m fraud fine
/0 Comments/in AstraZeneca /by ceadminAnglo-Swedish drug giant AstraZeneca has agreed to pay $354.9m to settle charges it defrauded the US healthcare system.
The company admitted giving free samples of cancer drugs to doctors, who then billed Medicare for the full price
Cablevision financial irregulatories
/0 Comments/in Cablevision Systems /by ceadminNEW YORK Cablevision Systems (CVC) tried to head off a potentially damaging financial scandal Wednesday by disclosing that an internal investigation turned up years of misreported expenses and fabricated invoices at cable channel American Movie Classics.
Although the company says the amounts of cash involved are too small to require a restatement of earnings, it fired AMC president Kate McEnroe and 13 other employees mostly senior staff. Rainbow Media CEO Josh Sapan, who oversees Cablevision’s programming services, is temporarily in charge
Citicorp Brokerage Executive Fired
/0 Comments/in CitiGroup /by ceadminNEW YORK (Reuters) – Citigroup Inc. C.N , the world’s largest financial services company, has fired William Maguire, the top executive in its Citicorp brokerage unit, the New York Times said on Thursday, citing a Citigroup spokesman
Martha Stewart appears in Court
/0 Comments/in Martha Stewart Living Omnimedia /by ceadminThe domestic style setter is facing federal obstruction of justice charges, related to an investigation of her December 2001 sale of almost 4,000 shares of biotech firm ImClone Systems before bad news about one of its key drugs was revealed to the public. Stewart and her attorneys have denied any wrongdoing in the case.
Stewart, whose June 4 arraignment in court was a media circus, is heading into court for what is known as a status conference, in which lawyers on the two sides of the case can raise issues before the judge and discuss a schedule
Nigeria Fraud Investigation
/0 Comments/in Halliburton /by ceadminLAGOS, June 18 (Reuters) – Nigerian President Olusegun Obasanjo has ordered an investigation into alleged fraud by a local unit of U.S. oil services firm Halliburton Co (nyse: HAL – news – people), his spokeswoman said on Wednesday
Halliburton awarded US military contact
/0 Comments/in Halliburton /by ceadminWASHINGTON (AP) – Halliburton’s contract to restart Iraq’s oil production has doubled in cost over the past month, and the no-bid work may last longer than expected, the Army says.
The expanded role awarded to Vice President Dick Cheney’s former company cost taxpayers $184.7 million as of last week, up from $76