Ericsson risked workers lives by Islamic State
/0 Comments/in Ericsson /by ceadminThe telecoms company Ericsson put contractors’ lives at risk by insisting they continued working in territory controlled by the Islamic State [IS] group in Iraq. This resulted in them being kidnapped by IS militants.
Post Office scandal: Public inquiry to examine wrongful convictions
/0 Comments/in Post Office /by ceadminBetween 2000 and 2014, more than 700 sub-postmasters were wrongly accused of theft, fraud and false accounting due to a flaw in a computer system Horizon.
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Fleet Boston agrees to pay fines
/0 Comments/in FleetBoston /by ceadminIt is the biggest pay-out yet won by regulators tracking down wrongdoing by US mutual funds, in which at least half of US households have savings.
Bank of America and FleetBoston agreed to pay fines and cut their fees, but admitted no wrongdoing.
The US market regulator and New York’s attorney general unveiled the deal
Kraft bonuses: $10million amid layoffs
/0 Comments/in Kraft Foods /by ceadminCHICAGO (Reuters) – Food maker has to lay off 6,000 workers and close 20 plants, but execs still got paid big bonuses.
Bonuses totaling more than $10 million were paid out to five Kraft Foods Inc. executives at the end of 2003, even as the giant food maker made plans to lay off thousands of workers
EDS financial probe deepens
/0 Comments/in Electronic Data Systems /by ceadminThe U.S. Securities and Exchange Commission has widened its probe of Electronic Data Systems to include a massive charge the company took related to its $6 billion Navy contract
EU Anti Competition Investigation
/0 Comments/in Microsoft Corporation /by ceadminMicrosoft could soon be facing multi- billion euro fines and other sanctions for breaking European competition law.
The European Commission has finished drafting its decision in the case it brought against the software giant.
The Commission is likely to decide that the firm illegally tied audio and video software, as well as server systems, to its Windows operating system
Audit states debt now 14.3 Billion Euros
/0 Comments/in Parmalat /by ceadminRome – A recent audit of Parmalat had found that its net debt was 14.3 billion (R130 billion), nearly eight times more than the figure it had reported months before the huge fraud scandal erupted, the dairy conglomerate said yesterday.
The fresh audit, ordered by a court-appointed administrator to discover what Parmalat’s true book-keeping showed, found that net debt for the nine-month period to September 30 stood at 14
Fined for Medicaid Fraud
/0 Comments/in AstraZeneca /by ceadminFlorida’s Medicaid program will receive $807,826 from pharmaceutical company AstraZeneca as a result of a settlement with the attorney general.
Attorney General Charlie Crist says the company committed Medicaid fraud through the marketing and sale of the drug Zoladex for use in the treatment of prostate cancer.
Crist says AstraZeneca overcharged Medicaid for Zoladex by not including promotions, free goods, discounts, rebates and other reductions in the price paid by Medicaid
$1bn Lawsuit
/0 Comments/in Shell /by ceadminShell could be facing a $1bn damages bill after it admitted overestimating oil reserves, according to a US lawyer.
Robert Schulman, who is launching a legal action on behalf of Shell investors, has told the BBC he thinks they have a “very good case”.
The oil giant admitted earlier this month that it had overstated its proven reserves by 20%
GlaxoSmithKline: $11.1 Million settlement
/0 Comments/in GlaxoSmithKline /by ceadminPennsylvania Attorney General Pappert Recovers $11.1 Million for PA Medicaid Program in Settlements With Bayer and GlaxoSmithKline Over Allegations of Prescription Drug Pricing Fraud
HARRISBURG, Pa., Jan
Bayer: $11.1 Million settlement
/0 Comments/in Bayer /by ceadminPennsylvania Attorney General Pappert Recovers $11.1 Million for PA Medicaid Program in Settlements With Bayer and GlaxoSmithKline Over Allegations of Prescription Drug Pricing Fraud
HARRISBURG, Pa., Jan
Rumsfeld orders wider probe of Boeing tanker deal
/0 Comments/in Boeing /by ceadminWASHINGTON (Reuters) – Defense Secretary Donald Rumsfeld has ordered the Pentagon’s in-house watchdog to expand its investigation into the Boeing Co. tanker deal to see if a former Air Force acquisition official’s job search affected other contracts, officials said Tuesday.
Rumsfeld also asked Pentagon General Counsel Jim Haynes, the chief ethics officer, to review rules aimed at preventing abuses when top officials seek jobs in the defense industry after they leave the government, a Pentagon spokeswoman said
Indian parliament bans Coke from Cafeteria
/0 Comments/in Coca Cola /by ceadminThe Indian parliament has banned the sale of Coke and Pepsi products in its cafeteria. Indian parliamentarians should take the logical next step, and ban the sale of Coke and Pepsi products in the entire country.
The ban came as the result of tests, including those by the Indian government, which found high concentrations of pesticides and insecticides, including lindane, DDT, malathion and chlorpyrifos, in the colas, making them unfit for consumption
Indian parliament bans Pepsi from Cafeteria
/0 Comments/in Pepsi /by ceadminThe Indian parliament has banned the sale of Coke and Pepsi products in its cafeteria. Indian parliamentarians should take the logical next step, and ban the sale of Coke and Pepsi products in the entire country.
The ban came as the result of tests, including those by the Indian government, which found high concentrations of pesticides and insecticides, including lindane, DDT, malathion and chlorpyrifos, in the colas, making them unfit for consumption
LG Cable Insider Trading
/0 Comments/in LG Cable /by ceadminThe nation’s leading civic group on Tuesday filed a complaint with the prosecution against 25 executives of LG Cable on suspicion of illegal insider trading.
The 25 individuals of the LG family, including Koo Cha-yol, vice chairman of LG Cable, sold more than three million shares of LG Card before the credit card affiliate fell into severe financial trouble in November.
The People’s Solidarity for Participatory Democracy (PSPD) insisted that the LG Group families could have avoided great losses as they sold off LG Card stocks after accessing insider information on the card unit’s financial health
JP Morgan Insider Trading
/0 Comments/in JP Morgan Chase /by ceadminWASHINGTON Securities regulators are examining a surge in options trading just before Wednesday’s announcement that J.P. Morgan Chase agreed to buy Bank One for $58 billion, according to people familiar with the situation
Adecco Investigation Continues
/0 Comments/in Adecco /by ceadminSwiss market authorities have launched an investigation into insider dealing at Adecco, the world’s largest employment firm, which saw its stock plunge by a third last week.
The Federal Banking Commission said it had launched a “preliminary investigation”, working alongside the US Securities and Exchange Commission, which is conducting its own inquiries. Felix Weber, who resigned as chief financial officer last week, took full responsibility for the accounting problems
£1.5bn Tax Bill
/0 Comments/in GlaxoSmithKline /by ceadminDrug giant plans court challenge against tax authorities in long-running dispute over profit allocation, writes Rosie Murray-West
Glaxo Smithkline, the drug giant, yesterday revealed that it had received a £1.5billion bill from the US tax authorities and estimated it could also owe £1.4 billion in interest unless it wins a case against them
Levi-Strauss to settle out of court
/0 Comments/in Levi-Strauss /by ceadminThis month, the last of three lawsuits over sweatshop conditions on the U.S. island of Saipan came to a close
Pfizer claims Britons denied treatment
/0 Comments/in Pfizer /by ceadminLONDON, Jan 7 (Reuters) – Britons suffering from Alzheimer’s disease are being denied drugs that can delay disease progression, according to a study by drugmaker Pfizer Inc (nyse: PFE – news – people) showing significant regional variations in spending.
The company, which co-markets Alzheimer’s treatment Aricept with Japan’s Eisai Co Ltd <4523.T>, said that although overall spending on anti-dementia drugs had increased significantly in the UK, some health authority areas spent four times as much as others
Parmalat admits $4.9bn black hole
/0 Comments/in Parmalat /by ceadminThe size of the black hole at Parmalat has spooked financial markets and the size of the black hole has led to comparisons with previous scandals at Enron and WorldCom.
Italian police have arrested five top Parmalat officials, as they widen their inquiries into the multi-billion euro fraud at the dairy giant. Former Parmalat chief financial officers Fausto Tonna and Luciano Del Soldato are among those detained
Pfizer to use DART for online campaigns
/0 Comments/in Pfizer /by ceadminNEW YORK, Jan. 8 /PRNewswire-FirstCall/ — DoubleClick Inc. (Nasdaq: DCLK),
the leading provider of tools for advertisers, web publishers and direct
marketers today announced that Carat Interactive, a leading global media
agency, has agreed to exclusively use DoubleClick’s ad management system,
DART(R) for Advertisers, on behalf of Pfizer Inc in order to deliver, report
on and measure its online marketing and advertising campaigns
Halliburton bankrupts own units
/0 Comments/in Halliburton /by ceadminUS oil and construction company Halliburton has put two of its businesses into voluntary bankruptcy as it prepares to settle asbestos claims.
The company, once headed by US Vice President Dick Cheney, has agreed to pay about $4bn (£2.3bn) to workers exposed to the killer mineral
British Airways to eliminate 5,000 office staff
/0 Comments/in British Airways /by ceadminBritish Airways Plc, Britain’s biggest airline, is set to eliminate additional 5,000 office jobs to cut costs, Reuters reported.
The job cuts are in addition to the number already announced as part of BA’s Future Size and Shape restructuring program.
In November, the UK flag carrier said that it was on track to deliver 13,000 job cuts to cope with the industry downturn
Glaxo’s CEO to scoop 5.7 mln stg a year
/0 Comments/in GlaxoSmithKline /by ceadminLONDON, Dec 14 (Reuters) – Jean-Pierre Garnier, chief executive of GlaxoSmithKline Plc
Microsoft abandons older Windows
/0 Comments/in Microsoft Corporation /by ceadminThousands of companies and individuals could face security headaches and inconvenience as Microsoft stops selling some of its older products.
It has announced it is withdrawing products such as Windows 98, Windows NT 4 and Outlook 2000.
The decision was made because the programs contain code outlawed under a legal deal with rival Sun Microsystems
Bertelsmann faces $1bn pay-out
/0 Comments/in Bertelsmann /by ceadminMusic giant Bertelsmann may have to pay up to $1bn to two internet businessmen after losing a breach of contract lawsuit.
A California jury awarded the payment to two men who helped put together Bertelsmann’s 1995 merger with web portal AOL Europe.
Bertelsmann later sold half its stake in AOL Europe to Time Warner for $6
The whistleblowing bankers who were sent to jail
/0 Comments/in Barclaycard, United Kingdom, United States /by ceadminTwo traders jailed for rigging interest rates were the original whistleblowers of the scandal, and not the bosses that directed them to carry out the illegal actions. Leaked audio recordings reveal Peter Johnson and Colin Bermingham alerted the US central bank to a fraud that the tapes suggest was directed from the top of the financial system.