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The world of global accounting is girding up for a trans-Atlantic battle. Last month L'Oreal, Royal Dutch Shell, and Unilever, all gigantic companies, asked the U.S. Securities and Exchange Commission (SEC) to allow them to choose which accounting standards they want to use. (The companies belong to the European Association of Listed Companies, who delivered the letter.)
After years of favoring the hands-off doctrine of the Bush administration, some of the nation's biggest industries are pushing for something they have long resisted: new federal regulations.
Two years ago, when companies received a big tax break to bring home their offshore profits, the president and Congress justified it as a one-time tax amnesty that would create American jobs.
Drug makers were the biggest beneficiaries of the amnesty program, repatriating about $100 billion in foreign profits and paying only minimal taxes. But the companies did not create many jobs in return. Instead, since 2005 the American drug industry has laid off tens of thousands of workers in thi
Amid a barrage of criticism, the Securities and Exchange Commission is temporarily suspending an online list intended to spotlight companies doing business in countries tied to terrorism.
Vice President Al Gore's campaign announced an all-out effort today to contest Florida's presidential election result, demanding a recount by hand in four counties and promising to support legal challenges as the dispute grew increasingly bitter.
A major report released by the ICFTU uncovers the disturbing extent of corporate tax avoidance and evasion and warns that unless governments cease engaging in the race to lower corporate taxes, both industrialized and developing countries will face a major public funding crisis.
Vermont's limits on campaign contributions and on campaign spending by candidates are unconstitutional, the Supreme Court ruled on Monday in a splintered 6-to-3 decision suggesting that efforts to limit the role of money in politics might face considerable resistance in the Roberts court.
In less than 24 hours this past Wednesday, big advances for three major pieces of legislation indicated that Mexico -- for 20 years the ''model student'' of so-called free market policy reforms, and long noted for high levels of government secrecy and corruption -- may be charting a new, more independent course. At a moment when the Bush administration is chilling domestic dissent, restricting the free flow of information and promoting corporate deregulation, Mexico appears poised to do virtually the opposite.
Companies found guilty of anti-competitive practices will face multibillion euro fines or more than 10 times the current tariffs for abusing their monopoly and taking part in cartels under draconian new competition guidelines adopted by the European Commission today.
Vietnam has asked Formosa Ha Tinh Steel Corporation to pay $500 million in compensation for dumping toxic waste in Ky Anh that resulted in a massive fish kill on a 120 mile stretch of Vietnam's central coast in the provinces of Ha Tinh, Hue, Quang Binh and Quang Tri.
Shoes labeled "Made in Europe" are often assembled in poor East European countries for 'starvation wages' according to a new research report from the Change Your Shoes campaign. The companies whose labor practices were examined include Ara, Bata, Deichmann, Geox, Leder & Schuh AG, Lowa and Zara.
PHILADELPHIA -- Among the myriad corporate sponsors of the Republican Convention this year is Dale Carnegie and Associates, Inc., the self-described ''global leader in business training.''
Seven activists in Guangdong province, a key manufacturing hub in China, have been detained in a major crackdown on labor rights organizers. The arrests follow a steep rise in protests and strikes at factories that have long exploited migrant workers from rural areas with low pay and working conditions.
A music video asking Unilever, an Anglo-Dutch consumer goods giant, to clean up mercury waste from their former Indian factory notched up two million views in less than a week, prompting a reply from the company CEO. 'Kodaikanal Won't,' the video by Sonia Ashraf, parodied Nicki Minaj's song 'Anaconda.'
Volkswagen's subsidiary in Brazil has been accused of providing material support for torture conducted by the military dictatorship during its 21 year reign from 1964 to 1985. Details of the role of the German car manufacturer emerged in the final report of a national Truth Commission issued last month.
A lawsuit against Victor Dahdaleh, a Canadian-British billionaire, for allegedly paying £39 million ($65 million) in bribes to win supply contracts worth £2 billion ($3.2 billion) from Aluminium Bahrain (Alba) has collapsed.