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Governance News from Manifest - ISSN 1745 - 1132

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Jan 07 edition

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Companies

Apple tries to draw line under stock options scandal

US computer and software company, Apple, has recognised a non-cash charge of $84m, including $7m and $4m for financial years 2005 and 2006 respectively, following an investigation into its stock option granting practices. More >>

Criminal inquiry prompts Siemens to improve controls

Law firm Debevoise & Plimpton and accountants from Deloitte Touche Tomahtsu have begun an independent inquiry into compliance and the internal control system of German electronics company Siemens. More >>

Legal action launched over Fannie Mae financial reporting

The Office of Federal Housing Enterprise Oversight, the regulator of US mortgage provider, Fannie Mae, has brought charges against three of its former executives, including its ex-chairman and chief executive, Franklin D. Raines. More >>

London Stock Exchange shareholders consider Nasdaq offer

London Stock Exchange (LSE) shareholders have until 11 January to respond to Nasdaq's offer for the company, which values the LSE at around £2.7bn or £12.43 a share.

More >>

Shareholders approve NYSE/ Euronext merger

Shareholders in both Paris-based Euronext and the New York Stock Exchange (NYSE) voted overwhelmingly in favour of the merger of the two stock exchange companies at meetings last month.

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Serious Fraud Office halts investigation into BAE Systems

The Serious Fraud Office (SFO) has bowed to political pressure and abandoned its investigation into BAE Systems and the defence company’s past deals with Saudi Arabia.
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HP settles civil suit but questioning continues

Hewlett-Packard (HP), the US computer company, has agreed to pay $14.5m to settle civil claims arising from an investigation into boardroom leaks to the press. 

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Multiplex reaches agreement with ASIC

Multiplex, has reached an agreement with the Australian Securities and Investments Commission (ASIC) to end the regulator's investigation into the property development and construction company's disclosures in relation to the much-delayed project to build the new Wembley Stadium.

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2006 a tough year for Cadbury Schweppes

An investigation into accounting irregularities at a subsidiary of Cadbury Schweppes, Cadbury Nigeria, has confirmed a significant and deliberate overstatement of the company’s financial position over a number of years. More >>

Smith & Nephew retreats from Biomet merger deal

British healthcare group, Smith & Nephew, pulled out of merger talks last month with rival, Biomet.

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iSOFT still working towards recovery

iSOFT, which the Financial Services Authority is still investigating over accounting irregularities, said it is in much better shape than a few months ago. More >>

PLUS Markets beefs up operations

PLUS Markets intends to raise £25m through a share placing amid rising competition to established exchanges ahead of the EU’s MiFID. More >>

Briefs .....

Media group, News Corporation, agreed a share exchange with Liberty Media last month. Liberty agreed to exchange its 16.3% stake in News Corp for a 38.4% stake in satellite television provider DIRECTV, three US regional sports networks and $550m in cash.  More >>

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