Shell cuts deepen reserves downgrade amid audit review
Royal Dutch Shell announced further cuts to estimated oil and gas reserves totaling 250 million barrels and deferred its annual report by about two months. The moves follow a January downgrade of 3.9 billion barrels, sparking shareholder anger and resignations, while the SEC opens a formal investigation into Shell's reserves accounting.
MENTIONED IN THIS ARTICLE
London
Royal Dutch/Shell Group of
Cos
Shell
Clas
Philip Watts
Jeroen van der Veer
Shell Transport & Trading Co. PLC
Europe
Australasia
U.S. Securities and Exchange Commission
Deliberations Begin in Tyco Chiefs Trial
A New York jury started deliberations in the case against Tyco former CEO L. Dennis Kozlowski and former CFO Mark H. Swartz on 32 counts of grand larceny, falsifying records, and business law violations. The trial, seen 47 witnesses and 700 exhibits, included tapes of a Sardinia party and an $18 million Fifth Avenue apartment with a $6,000 shower curtain. The panel adjourned without a verdict and planned to reconvene. Tyco employs about 270,000 and reports $36 billion in annual revenue.
MENTIONED IN THIS ARTICLE
New York
Tyco
L. Dennis Kozlowski
Mark H. Swartz
Sardinia
Fifth Avenue
ADT
Signs of hope in cooling job market
New York AP reports show two economic updates offering optimism that hiring in the near term may improve after a long pause. Unemployment claims fell for the third straight week to 336,000, the lowest in over three years, suggesting slower job cuts though analysts warn the labor market may not yet be improving.
MENTIONED IN THIS ARTICLE
New York
Labor Department
David Wyss
Standard & Poors
Settlement talks fail in Microsoft EU dispute
The European Union moved to sanction Microsoft after talks collapsed over a broad commitments deal. EU Commissioner Monti said a precedent-setting ruling and fines in the hundreds of millions were expected, despite Ballmer’s claim that current issues were settled.
MENTIONED IN THIS ARTICLE
Microsoft
Brussels
Belgium
European Union
Microsoft Corp
U.S
Steve Ballmer
Mario Monti
Monti
Ballmer
Also Mentioned on This Page
New York Stock Exchange
Jason Kenney
ING Financial Eee
Edinburgh
Scotlan Shell
Malcolm Brinded
Tyco Chiefs
Odessa
Exra
America
Jack Ee Ae
The
Sprint Pcs
Sprint Nationwide Pcs
Sprint
Sprint Nationwide
Free Sprint
Nokia
Sprint Pcs Vision
Ruidoso
PCS Center
Sprintpcs.com
Midland Midland Plaza
Midland Mall
N. Midkiff
Odessa Santa Fe
East 42Nd St
BBS
Cenasco Valley Telecoms
N. Grimes
Hablamos Espanol
Sprint Communications Company LP
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