With reporting requirements for the SEC’s Dodd-Frank mandated Conflict Minerals Rule coming due on May 31, 2014, companies are scrambling to determine their next steps in providing transparency required under the new rule, according to PwC. A survey found that almost half of the nearly 900 executives surveyed are still in the initial stages of their compliance efforts, while 32 percent are determining if the rule applies to them.
Halliburton Energy Services has agreed to plead guilty to destroying evidence in connection with the 2010 Gulf oil spill, the Department of Justice said Thursday. Federal officials said in a news release that a criminal information charging Halliburton with one count of destruction of evidence was filed in federal court in Louisiana.
China's government has ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars, affirming its determination to push ahead with a painful economic restructuring despite slowing growth. The industry ministry issued orders late Thursday to more than 1,400 companies to cut excess capacity that has led to financial trouble for manufacturers.
Federal labor officials say a Georgia company has been cited for eight safety and health violations. U.S. Department of Labor officials said Tuesday that Quality Industries LLC was cited after a February inspection at its facility in Hartwell. The company manufactures boat seats, electrical equipment coverings and molds for municipal transportation services.
The first so-called "bellwether" case could determine whether Toyota Motor Corp. should be held liable for sudden unintended acceleration in its vehicles — a claim made by motorists that plagued the Japanese automaker and led to lawsuits, settlements and recalls of millions of its cars and SUVs.
Mitsubishi Heavy Industries Ltd. will fight Southern California Edison's allegations of gross negligence in the design and manufacture of steam tubes built for the San Onofre nuclear power plant, which has been permanently shut down due to excessive wear in the tubes.
The Institute for Supply Chain Management held their 98th Annual International Supply Management Conference & Educational Exhibit April 28th through May 1st in Grapevine, TX. More than 2,000 professionals attended the conference and several “instant” digital polls were held, taking a look at reshoring and tax concerns. Thomas Derry, CEO of ISM, discusses the results of those polls and how they are affecting business and the economy.
Federal safety officials have cited Ford Motor Co.'s Buffalo-area plant for alleged asbestos violations. The Labor Department's Occupational Safety and Health Administration has proposed fines of $41,800. OSHA officials say inspectors found eight violations. One involved a pipefitter who they say was exposed to asbestos while working on a steam line.
Southern California Edison, an electric utility company that retired the San Onofre Nuclear Generating Station last month, said Thursday it has served a notice of dispute to Mitsubishi Heavy Industry Ltd., holding the Japanese company accountable for manufacturing defective steam generators that led to the closing of the station.
A divided Senate confirmed Thomas Perez on Thursday to become secretary of labor, elevating the son of Dominican immigrants who as a top Justice Department official won praise from Democrats for aggressively enforcing civil rights laws and criticism from Republicans for being a liberal ideologue.
Japanese auto supplier Diamond Electric Manufacturing Co. has agreed to plead guilty and pay a $19 million criminal fine for its role in a price-fixing scheme. The U.S. Department of Justice said Tuesday that Diamond Electric rigged bids and fixed prices on ignition coils it sold to Ford Motor Co., Toyota Motor Corp. and others. The conspiracy lasted from 2003 through 2010.
A Chicago law firm has taken steps to sue Boeing Co. on behalf of 83 people who were aboard the Asiana Airlines flight that crash-landed in San Francisco earlier this month, alleging that a malfunction of the plane's auto throttle may have caused the crash.
State environment officials have reached a settlement with the operator of a natural gas processing plant in southeastern New Mexico over alleged pollution violations. The Environment Department says the settlement with Occidental Permian Limited Partnership is worth more than $920,000. Most of the money will go toward installing pollution controls at the company's plant near Hobbs.
Federal workplace safety authorities say an upstate New York copper wire manufacturer has agreed to pay nearly $33,000 in fines after an explosion injured an employee. The Occupational Safety and Health Administration says Tecnofil Chenango SAC will also take additional steps to address safety concerns.
BP has set up a hotline for people to report alleged fraud involving claims arising from the company's massive 2010 oil spill in the Gulf of Mexico. Monday's launch of the hotline comes a week after a federal appeals court heard BP's argument that it has been forced to pay hundreds of millions of dollars in settlement money to businesses with inflated or fictitious claims.
South Korean steel giant Posco has pulled out of a proposed $5.3 billion steel plant in the southern Indian state of Karnataka in a new blow to government efforts to attract foreign investment to spur growth. The company said Tuesday it scrapped the project because of inordinate delays stemming from local opposition to land acquisition for the project.
In a trial that began Monday, California's attorney general and 10 cities and counties are seeking $1 billion from paint manufacturers to remove lead paint from millions of older homes, arguing that they sold the product despite being aware of its potential health effects.
Billionaire investor Carl Icahn is proposing that Dell shareholders get a chance to own a bigger stake in the struggling computer maker in hopes of thwarting an attempt by the company's founder to buy it for $24.4 billion and take it private. Icahn, who owns a nearly 9 percent stake in Dell, now wants shareholders to receive warrants in addition to the cash he previously recommended be given to shareholders.
Washington state and local officials are looking to expedite their permitting work in order to woo Boeing as the company mulls where to build its 777X jetliner. Gov. Jay Inslee said Thursday he wants to utilize a never-used law that would lead to more state and local coordination to help streamline the permitting process.
China plans to increase the number of cities that restrict vehicle purchases in a bid to fight pollution and traffic congestion, state media reported Thursday. With more than 13 million cars sold in China last year, motor vehicles and their emissions have emerged as the chief culprit for the air pollution in large cities.
A Georgia appeals court has overturned the conviction of a former executive for Glock Inc. who was sentenced to seven years in prison for stealing a pistol and conspiring to steal millions from the gun manufacturer. The Georgia Court of Appeals on Tuesday released an opinion reversing Paul Jannuzzo's convictions, saying the state failed to indict him within the statute of limitations.
A group of primarily European retailers and clothing makers has set a deadline of next spring to inspect clothing factories in Bangladesh that make garments for the companies. The group of 70 companies includes Swedish retailer H&M, Italian clothing maker Benetton and French retailer Carrefour. They say they will concentrate on renovating the most hazardous factories.
The European Parliament on Wednesday backed a rescue plan for the world's biggest cap-and-trade system for emissions of carbon dioxide, the most prevalent greenhouse gas from human activities. In a 344-311 vote, European lawmakers in Strasbourg, France, approved a proposal to delay an auction of allowances in the EU's emissions trading scheme.
A scientist working on solar cell technology has pleaded guilty to several counts in an indictment that charges he stole trade secrets from his employer and tried to take them to a competitor in China. Tung Pham, 48, pleaded guilty in federal court in Philadelphia to seven counts of wire fraud, prosecutors said Tuesday.
A Tokyo court convicted Olympus Corp.'s former president and two other executives Wednesday for a yearslong cover-up of massive investment losses that damaged the credibility of corporate Japan. The Tokyo District Court said that former Olympus president Tsuyoshi Kikukawa, an auditor and a third executive were guilty of violating securities laws and falsifying financial statements.