WorldCom executives face heat in House hearing
WorldCom officials and auditor Andersen clash with lawmakers over nearly 4 billion in accounting improprieties. Former CEO Ebbers and CFO Sullivan invoke Fifth Amendment. Melvin Dick says auditors relied on management honesty. Sidgmore and Roberts face sharp questions over $3.9 billion disguised as capex. stock tanked from 63 to 0.22.
MENTIONED IN THIS ARTICLE
Washington
WorldCom Inc
Arthur Andersen LLP
Wall Street
WorldCom
Anda
U.S
House
Bernard Ebbers
House Financial Services Committee
Scott Sullivan
Andersen
Melvin Dick
Sullivan
Andersen Accounting Firm
Jack Grubman
Salomon Smith Barney
Michael Oxley
R-Ohio
Wunses Ryoety
Ebbers
Jim Leach
Rtowa
Bert Roberts
John Sidgmore
Sidgmore
NAACP Grades Hotel Chains on Diversity Efforts
The NAACP gave 11 national chains grades for 2001 and 2002 with Marriott toping the list at B and Starwood at C. The report highlights progress in hiring and contracting but notes slow growth in black ownership and advertising in black media. The association cites industry revenues and black travel spending of over 35 billion dollars annually.
MENTIONED IN THIS ARTICLE
Houston
Naacp
National Association For the Advancement of Colored People
Marriott
Starwood
Kweisi Mfume
Mfume
Gilbert Mason
Biloxi
Miss
NACCP
Honda expands U S production in Alabama and beyond
Honda Motor Co plans to double Alabama output with a new 425 million unit at Lincoln boosting Odyssey minivans and V6 engines to 300 000 annually by 2004. Plant workers rise to 4 200 and North American capacity grows from 1.22 million to 1.4 million. Alabama incentives totaled about 90 million.
MENTIONED IN THIS ARTICLE
Lincoln
Ala
Honda Motor Co
Alabama
Ohio
Canada
Honda Manufacturing of
Honda
North America
Honda of
Anna
Shoulb
Mercedes-Benz
Vance
Toyota
Huntsville
Navistar
Hyundai
Montgomery
Honda Uses Japanese Steel as Honda of America Faces New Contracts
Honda of America Manufacturing Inc plans to import flat-rolled steel from Japan to secure supplies amid contract talks. Spokesman Ron Lietzke said imports from Canada will continue for a couple more weeks, despite tariffs pushing steel prices higher. A steel industry official cited tariffs as a tool for price increases, complicating costs for automakers.
MENTIONED IN THIS ARTICLE
Marysville, Ohio
Honda of America Manufacturing Inc
Japan
Canada
Ron Lietzke
Lietzke
Honda
Nancy Gravatt
American Iron and Steel Institute
Pilots Near Deal on Pay Cuts at US Airways
US Airways and its pilots tentatively agree to about 465 million in annual pay reductions, a key step toward securing financing and avoiding bankruptcy. The deal includes job security provisions and an equity stake for pilots, while overall labor concessions form most of 1.3 billion in cost savings sought to win a 900 million loan guarantee from the Air Transportation Stabilization Board.
MENTIONED IN THIS ARTICLE
US Airways
Roy Freundlich
Air Line
Tive
Ray Neidl
Transportation Workers Union Local 346
Stocks fall for a second day on earnings worries
Investors sank after a selloff extending into Tuesday as deep concerns over second-quarter earnings overshadowed Bush proposals to stiffen corporate penalties. The Dow dropped 178.81 to 9096.09, the S&P 500 slid 24.15 to 952.83, and the Nasdaq fell 24.49 to 1381.12. Wyeth tumbled 11.94 to 37.70 after a government study tied Prempro use to higher cancer and cardiovascular risks.
MENTIONED IN THIS ARTICLE
New York
Bush
Standard & Poor
Securities and Exchange Commission
Corporate
America
Wall Street
Bill Meade
RBC Capital Markets
Wyeth
Merck
Bellwether
Intel
Pacific Sunwear
CVS
Starec
Dollar Dips After Bush Corporate Accountability Speech
The dollar weakened against major currencies on Tuesday, sliding to a 16 month low versus the yen and nearing parity with the euro. Traders cited Bush's anticipated corporate accountability remarks as failing to spark a stock market rally. The decline pressed the dollar toward the 118 yen level amid subdued U.S. equity sentiment.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/ AP
Bush
Wall Street
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D.C
John McCain
R-Ariz
Harvey Pitt
Pitt
New York City
Congress
Senate
Tom Daschle
Dick Gephardt
Enron
Daschle
Paul Sarbanes
Justice Department
SEC
World-Com
Ing
David Sampson
Marriott International Inc
Mark Morrison
The
Baltimore Sun
Mac Amalgoer
Ocu Weds
UBS Warburg
Merrill Lynch
Deutsche Bank
Applied
Texas Instruments
New York Stock Exchange
Europe
Germany
Britain
France
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