Corporate Governance

Big business pushes for curbs on class action lawsuits | Australia news

Revelations from the banking royal commission prove Australia’s class action laws have “never been more needed”, according to some of the country’s largest legal firms, as big business leaders push for new regulations to curb litigation. Michael Porter, the president of the Group of 100, a peak body for company chief financial officers, told the Australian Financial Review on Monday that insurance premiums for company directors had increased dramatically because of an “explosion” of class actions. “We have been told…

0
Read More

Important Deadline Reminder for Aceto Corporation Investors

RADNOR, PA / ACCESSWIRE / June 19, 2018 / The law firm of Kessler Topaz Meltzer & Check, LLP announces that an investor class action lawsuit has been filed against Aceto Corporation (NASDAQ: ACET) (“Aceto”) on behalf of purchasers of Aceto common stock between August 25, 2017 and April 18, 2018, inclusive (the “Class Period”). Investors who purchased Aceto securities during the Class Period may, no later than June 25, 2018, seek to be appointed as a lead plaintiff representative…

0
Read More

Piyush Goyal says govt will look into RBI demand for more powers over state-run lenders

Finance minister Piyush Goyal. New Delhi: The Indian government is open to considering the Reserve Bank of India’s (RBI’s) demand for more regulatory powers over state-run lenders but believes the central bank has enough powers to perform its functions, finance minister Piyush Goyal said on Monday. If the government accepts RBI’s demand, it will bring the central bank’s powers to regulate state-run banks on par with its powers over private sector lenders. “We believe that the powers (of regulation and…

0
Read More

Investors Lose N1.3 Billion in NSE’s Alternative Securities Market

Investors Lose N1.3 Billion in NSE’s Alternative Securities Market Jun 19, 2018 (The Guardian/All Africa Global Media via COMTEX) — Investment on the Nigerian Stock Exchange (NSE) Alternative Securities Market (ASeM) declined by N1.33 billion at the end of trading on June 14, 2018.ASeM is a specialised board of the Nigerian Stock Exchange (NSE) for emerging enterprises with high growth potential. ASeM index fell to 949.59 points at the end of trading on June 14, 2018, from 1,087.32 points at…

0
Read More

Air Arabia shares fluctuate on exposure to Abraaj funds

Air Arabia swung between gains and losses after the airline disclosed exposure to funds managed by Abraaj Group, the Dubai-based private equity firm that’s battling creditors. The shares fell as much as 3.8 percent in Dubai before rising 2.9 percent. Trading volume was at about six times the 30-day average. The stock declined 7.1 percent on Monday. Air Arabia said on Monday a team of experts is “actively engaged with all stakeholders and creditors involved with the matter” to protect…

0
Read More

EU regulators okay Cypriot state aid for failed bank

BRUSSELS, June 19 (Reuters) – EU competition regulators approved on Tuesday Cyprus’ plan to grant 3.5 billion euros ($4 billion) to failed Cyprus Cooperative Bank (CCB) for its liquidation which will include the sale of some assets and deposits to Hellenic Bank. Cyprus tried to restructure CCB, the island’s second largest credit institution, in 2014 but failed after the bank did not recover sufficient money from its portfolio of non-performing loans due to corporate governance issues and legal obstacles. The…

0
Read More

Anatomy of CXO fudging: Read between the lines

Here are some startling statistics. About 2-3% of all CXO candidates fudge their resumes and lie about their education and work experience, according to at least half-a-dozen headhunters and leadership experts. Early this month, Samsonite International SA’s CEO Ramesh Tainwala had to step down from his job after being accused of—among other reasons— a ‘classic resume fraud’, claiming to have an educational qualification which he allegedly did not possess. This wasn’t the first time a chief executive had allegedly fudged…

0
Read More

Mr Robert Priestley Resigns From The Board Of ASX

ASX advises that Mr Robert Priestley has resigned from the ASX Board, with effect from today. Mr Priestley said, “I am very conscious of the unique role that the ASX plays at the heart of Australia’s financial marketplace, and with all of its participants. There has been considerable interest in the ACCC banking matter which may become a potential distraction for the ASX and my Board colleagues. “It is likely that this matter will take some time to resolve, and…

0
Read More

Chanda Kochhar asked to go on leave until completion of internal inquiry

In picture: Chanda Kochar. ICICI bank has decided to appoint Sandeep Bakhshi as the lender’s COO.Reuters The ICICI bank board, in its meeting on Monday, appointed Sandeep Bakshi, ICICI Prudential Life Insurance CEO as COO (Chief Operating Officer) and whole time director of the bank. Meanwhile, Chanda Kochhar, ICICI bank’s MD and CEO, who is facing allegations of conflict of interest, will proceed on leave to facilitate an independent inquiry into the matter. Bakshi will be appointed as COO for…

0
Read More

Chanda Kochhar asked to go on leave until completion of internal inquiry

In picture: Chanda Kochar. ICICI bank has decided to appoint Sandeep Bakhshi as the lender’s COO.Reuters The ICICI bank board, in its meeting on Monday, appointed Sandeep Bakshi, ICICI Prudential Life Insurance CEO as COO (Chief Operating Officer) and whole time director of the bank. Meanwhile, Chanda Kochhar, ICICI bank’s MD and CEO, who is facing allegations of conflict of interest, will proceed on leave to facilitate an independent inquiry into the matter. Bakshi will be appointed as COO for…

0
Read More

Why company auditors are suddenly showing some spine

While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar. Auditors seem to be finally taking their role seriously. Look at their new-found aggression: According to data provided by Prime Database, in just five months of this calendar year, as many as 32 firms have resigned as auditors of companies mid-term.   The number…

0
Read More

Govt to shine a light on misuse of companies

Tuesday, 19 June 2018, 1:21 pmPress Release: New Zealand Government Govt to shine a light on misuse of New Zealand companies and directorships Measures to increase transparency and combat misuse of New Zealand companies have been progressed today with the release of a discussion paper for consultation. Minister of Commerce and Consumer Affairs Hon Kris Faafoi says the paper, approved by Cabinet yesterday, seeks to get New Zealanders’ feedback on measures to stop misuse of companies to disguise criminal activity.…

0
Read More

JP Morgan’s Priestley steps down from ASX, Future Fund boards amid cartel case ‘distraction’

The former chief executive of JP Morgan in Australia, Rob Priestley, is resigning from the boards of the ASX and the Future Fund, saying the cartel case over ANZ’s capital raising may become a “distraction”. JP Morgan, which Mr Priestley now chairs, was one of the joint lead managers on the $2.5 billion capital raising by ANZ in 2015, alongside Citi and Deutsche Bank, which has led to criminal charges against six senior bankers. Former JP Morgan Australia chief Rob…

0
Read More

WeissLaw LLP Investigates Perry Ellis International, Inc.

NEW YORK, June 18, 2018 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Perry Ellis International, Inc. (“PERY” or the “Company”) PERY, -2.68% in connection with the proposed acquisition of the Company by a newly formed entity controlled by founder and former Executive Chairman…

0
Read More

Abimbola Ogunbanjo: Nse, Reaching New Heights

President of the National Council of the Nigerian Stock Exchange, Abimbola Ogunbanjo In a series of informal, short conversations with Ayo Arowolo since last September when he was appointed the President of the National Council of the Nigerian Stock Exchange, Abimbola Ogunbanjo seems to be suggesting that he is assuming the office at a time when skills and expertise alone may not be enough do the job but it would take a combination of wisdom and experience to lead the…

0
Read More

Big Four accountants counting on capped market share to…

By Huw Jones LONDON, June 18 (Reuters) – Britain’s audit sector is heading towards caps on market share as the Big Four accountants embrace any potential reform that stops short of them being broken up, industry officials say. Policymakers have tried for years to weaken the Big Four’s dominance. But reform requiring companies to consider switching accountants every 10 years — designed to keep auditors from becoming too cozy with clients — has merely made for a faster four-seat merry-go-round.…

0
Read More
About

Business on the Web provides the latest Business News: Breaking Personal Finance, Company,  Financial and Economic News.

Our blogs are an excellent place for technology professionals to get up-to-date industry news. Blogging about the hottest education technology issues.

Social Links