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WorldCom finding it tough to avoid bankruptcy
Washington: WorldCom chief executive John Sidgmore acknowledged the
struggling telecom group was finding it increasingly difficult to avoid
bankruptcy, the Wall Street Journal said on Thursday.
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Ebbers knew WorldCom books were being cooked
Washington: WorldCom Inc. former chief financial officer told company
lawyers that then-chairman Bernard Ebbers knew certain expenses were shifted
to other accounts in violation of accounting rules, a lawmaker investigating
the fraud scandal said on Thursday.
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Kmart Corp probe: SEC seeks time
Federal regulators have asked a US judge for more time to complete a probe
at Kmart Corp, spawned by an anonymous letter that alleged accounting misdeeds before the retailers
bankruptcy filing in January.
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Xerox amends its 2001 annual report again
New York: Xerox Corp. said it misallocated its 2001 interest expense in its
annual report, but the mistake will have no impact on the companys reported
net loss for the year.
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Travolta takes his fever to the skies with Qantas
What better job can there be than flying yourself around the globe in your
own luxury airliner, stopping at some of the most glamorous locations in the
world? How about being one of Hollywoods highest paid actors, teaming up
with one of the worlds most recognisable airlines as their globe-trotting
ambassador.
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China going hi-tech, poses national security threat for US
China going high-tech due to large American investments could pose a national security threat to the US and lead to a huge
trade deficit with Beijing, a Congressionally appointed Commission has said.
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Bush confronts business scandals with first taskforce
Washington: President George W Bush summoned top prosecutors and regulators
to the White House on Friday for the first meeting of his corporate fraud
taskforce seeking to reassure shaken investors and contain political fallout
amid a string of business scandals.
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