American Tissue charged with fraud
Washington: The US Securities and Exchange Commission said on Monday it has charged American Tissue and three of the paper products company's former executives with accounting fraud. The SEC alleged that American Tissue fraudulently overstated its revenues, earnings and assets in '00 and '01.
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KPMG ends legal tangles
New York: Accounting firm KPMG said it agreed to pay $200m to settle lawsuits stemming from its audit of drugstore chain Rite Aid and health plan provider Oxford Health Plans, moving to put allegations over its role in two high profile debacles behind it.
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Prolonged Iraq war will hurt global growth: IMF
New York: The International Monetary Fund sees a long war in Iraq cutting global economic growth by up to two percentage points from a revised '03 forecast of 3.3 per cent, Germany's Handelsblatt daily reported on Tuesday.
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American Air in talks for bankruptcy loan
Chicago: The world's largest airline, American Airlines, has been looking at financing for a possible bankruptcy, sources familiar with the matter said on Monday.
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Oil prices dip, Opec leaders meet on Tuesday
Vienna: World oil prices dipped on Monday as the United States and Britain struggled to convince wavering nations to back a United Nations resolution that would pave the way for war on Iraq.
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Asia-Pacific LNG projects face tough sales battle
Kaula Lampur: Malaysia's state oil firm Petronas has almost completed a new $1.5 billion plant to compress and cool natural gas for export, but faces a tough battle with other Asian producers to secure buyers.
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IBM hikes Palmisano's salary, bonus 44 per cent in 2002
California: International Business Machines paid Chief Executive Sam Palmisano 44 per cent more in salary and bonus in 2002 than in 2001, reflecting his assumption of the top spot at the world's biggest computer and computer-services company, according to a filing made with regulators on Monday.
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Mission Iraq: US cos asked to bid for post-war clean-up deal
Washington: The Bush administration has asked at least five US engineering firms, including a unit of Halliburton, to bid for a post-war Iraq rebuilding contract which may be worth as much as $900m, The Wall Street Journal reported on Monday.
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