Global investors call for reform of exec pay
A group of global investors controlling around $10 trillion of assets said on Friday it would push companies to slash reward packages for company bosses who underperform and to give shareholders more control over executive pay.
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Bush Task force's chief: A champion of consumers
Washington: The head of US President George Bush's new corporate-crime task force served as a director at a credit-card company that paid more than $400m to settle allegations of unfair and deceptive business practices, officials said on Saturday.
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Bush calls for stronger accounting watchdog
Washington: Putting the crackdown on corporate crooks at the top of his legislative agenda, US President George Bush on Saturday called for a strong accounting watchdog as a new poll showed almost three in four Americans think many companies are cooking their books.
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Energis to be taken over by creditor banks
London: Cash-strapped British telecoms group Energis has rejected a takeover bid from private equity firms in favour of selling its key UK business to its creditor banks, industry sources said on Saturday.
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E.ON takeover of Ruhrgas put on hold
Duesseldorf: A German court on Saturday confirmed that it has put E.ONs 10bn euro ($9.89bn) takeover of gas importer Ruhrgas temporarily on hold following a legal challenge by two energy trading firms.
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Refining, marketing burn oil firms, but crude looks up
New York: War may be hell, but it can also be the saving grace for oil companies. President Bush's war on terrorism and the Israeli-Palestinian conflict have put a fire under crude oil prices.
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Shareholders lose $2.4 trillion
New York: A stock rout this year has erased $2.4 trillion in market value, representing almost one-quarter of the US gross domestic product, as waves of accounting problems, executive skulduggery and profit warnings have pounded Wall Streets confidence.
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Used-car buyers in US cheated of $1b every year
Every year, 452,000 US used-car buyers get stiffed to the tune of $2,336 each because their vehicles have more miles on them than the odometers show, according to a government report released on Thursday.
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3M unveils Scotchgard in brand new avtar
Chicago: Scotchgard, the water and stain repellent, was a sturdy household name before environmental concerns led 3M to phase out production two years ago. Now St. Paul, the Minnesota-based company is re-launching the brand with squeaky-clean replacement products and expanding into new areas, such as paint.
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