US Airways Group will ask a bankruptcy court on Friday to impose emergency pay cuts of 23 percent on unionized workers if an agreement with the workers is not reached during the day.
In a letter to its unions, the No. 7 U
Shares of Fannie Mae fell again on Friday, capping a three-day slide of more than 13 percent, as investor concerns widened after a government regulator accused top executives of the mortgage giant of mismanagement and serious accounting misdeeds.
Regulators at the Office of Federal Housing Enterprise Oversight who investigated Fannie Mae’s books said the problems they found, at least in a key area of accounting, were more serious, far more complex and wider in scope than previously thought.
The fallout could eventually reach millions of Americans if they have to pay higher rates for new mortgages for home purchases or refinancings, analysts say
Nigeria has placed an embargo on government contracts with a subsidiary of US oil services firm Halliburton.
It said it was taking action against Halliburton Energy Services Nigeria (HESN) as a result of negligence in security and safety matters.
In 2002, radiation emitting devices used by the firm to make measurements in oil wells were reported missing in Nigeria’s oil-rich Delta region
Japan’s market watchdog has ordered US banking giant Citigroup to shut down its private banking operations there.
Regulators said they found a list of problems at Citigroup’s private banking arm, from improper trading practices to lax anti-money laundering procedures. The regulator said Citigroup must cease operations at four branches that conduct private banking in Japan
The US army has said it has suspended for now a decision to withhold some payments to Halliburton, its biggest contractor in Iraq.
The army had earlier said it would be withholding 15% of payments on future bills to Halliburton, once run by US Vice-President Dick Cheney.
One of its subsidiaries has featured in auditing disputes with the Pentagon
US drugs firm Bristol-Myers Squibb will pay $150m (£82m) to settle civil fraud charges in one of the biggest settlements in US corporate history.
The Securities and Exchange Commission (SEC) has charged the firm with improperly booking $1.5m in revenue
US oil services group Halliburton is to pay $7.5m (£4.2m) to settle charges that it failed to disclose a change in its accounting practices during 1998
United Airlines said it would not contribute to its employee pension plans while it remains under bankruptcy protection. That move could save it more than a billion dollars in cash over the coming year, but pension experts said it signaled the likelihood that United would terminate some or all of the plans.
A full-blown default by United on all four of its pension plans would send tens of thousands of current and future retirees, and billions of dollars in unfunded obligations, to the government’s pension insurance program, dealing the program its biggest blow since the government began insuring pensions in 1974
Halliburton, in trouble over alleged over-charging for Iraq contracts, is being probed for its deals in Iran.
A US grand jury has demanded documents relating to contracts in Iran – subject to US sanctions – by a Halliburton subsidiary based in the Cayman Islands.
The firm, which used to be run by US Vice-President Dick Cheney, said it was certain the deals were legal
Celebrity lifestyle guru Martha Stewart has been sentenced to five months in jail by a New York courtroom over charges of conspiracy and obstruction.
The US trendsetter was convicted in March for lying about a stock sale during a government investigation.
She was given two years supervised release, during which time she will have to wear a monitoring bracelet