For Jim Umpleby, who took charge as Caterpillar’s chief executive little more than two months ago, an escalating criminal investigation threatens to upstage the heavy-machinery maker’s efforts to regain footing in global construction and mining markets. The manufacturing giant has faced several investigations in recent years into whether it is paying enough U.S. taxes.
Category: Corporate Governance
Strongest Japan Loan Growth Since Bubble Shows Reflation at Work
It’s shaping up to be another good year for lending in Japan, data showed on Wednesday, offering further evidence that — for all its shortfalls — the Abenomics program of reflation continues to make progress. One measure of loans outstanding jumped by 2.9 percent in February from a year before, and has gained at least 2 percent each month since the spring of 2013 — a pace not seen in Bank of Japan records going back to 1992, the year Japan’s land-price bubble popped.
Africa: Strict Rules Keep African Firms Away From Stockmarkets
Tight requirements coupled with a fear of public scrutiny have locked out 420 local companies from being listed on stock exchanges in Africa. The PwC 2016 Africa Capital Markets Watch estimates that Africa has 700 companies with annual revenues in excess of $500 million, but only 40 per cent are listed.
Billionaire Co-Founder Calls Off Battle With Infosys’ Board
Billionaire Narayana Murthy is calling off his fight with the board of Infosys Ltd., saying he’s confident the IT giant he co-founded will deal with the concerns raised about corporate governance. The conciliatory comments came after an intense confrontation that pitted the board, Chairman R. Seshasayee and Chief Executive Officer Vishal Sikka against a clutch of high-profile co-founders led by Murthy.
Infosys Co-Founder Calls Off Battle With IT Giant’s Board
Infosys Ltd.’s co-founder and former chairman Narayana Murthy is calling off his fight with the board, saying the company will deal with the questions about corporate governance that have been raised. Murthy and several other billionaire founders of Infosys had posed questions about governance at Asia’s second-largest IT services company, citing a spike in compensation for Chief Executive Officer Vishal Sikka and severance pay for two departing top-level executives.
Hain Celestial Shares Drop After Disclosing SEC Investigation in Friday News Dump
In a regulatory filing late Friday, Hain Celestial Group disclosed that it’s being investigated by the Securities and Exchange Commission for its accounting practices, sending shares down 3.5%, to $38.53, in after-hours trading. The filing stated that the SEC has “issued a formal order of investigation” and subpoenaed Hain for “relevant documents” after being informed in August of the delay of its fourth quarter earnings release.
Trump Picks Wall Street Attorney Jay Clayton for Top SEC Post
Sullivan & Cromwell partner Jay Clayton is President-elect Donald Trump’s choice to head up the Securities and Exchange Commission. Clayton, one of about 875 attorneys at the law firm, has a wide range of experience dealing with complex legal issues involving M&A, private equity, capital formation, regulatory issues and corporate governance.
Board Member Of Audit Regulator PCAOB Resigns
Public Company Accounting Oversight Board Member Jay D. Hanson notified the audit regulator on Friday of his resignation from its Board. The PCAOB did not provide a reason for his departure.