November 16, 2007 |
The Securities and Exchange Commission on Thursday eliminated a rule requiring foreign companies with U.S.-traded shares to explain their financial results in line with U.S. accounting standards. The move, a push toward acceptance of a single, global accounting standard, has raised objections from investor advocates and some key lawmakers.
August 31, 2007 |
The Chinese government Thursday passed legislation that prohibits some monopolies but also could throw new hurdles in front of foreign companies seeking to acquire businesses here. The final text of the long-anticipated law, the drafting of which began in 1994, was not immediately released. But recent versions have included practices common in U.S. and European antitrust regimes, such as bans on companies colluding to raise prices and abusing dominant market positions.
July 4, 2007 |
The Securities and Exchange Commission, which plans to drop a requirement that foreign companies reconcile their financial statements with U.S. accounting standards, found discrepancies in how businesses follow international rules. Overseas companies in the same industry sometimes present figures on profit and revenue differently, the agency said in a staff report released Tuesday. The regulator said it also found instances in which disclosures were "missing, unclear or generic."
March 21, 2007 |
China approved four foreign banks to begin local currency services to individual Chinese customers, opening access to the country's $4 trillion in household savings and surging demand for credit cards and other financial services. The four banks approved are the locally incorporated entities of Citigroup Inc., HSBC Holdings' Hongkong & Shanghai Banking Corp., Standard Chartered and Bank of East Asia, the China Banking Regulatory Commission said.
March 9, 2007 |
All foreign companies operating huge crude projects in Venezuela's Orinoco reserve have agreed to cede operational control to the state, Venezuela's oil company said, another step in President Hugo Chavez's nationalization push. State oil company Petroleos de Venezuela said Thursday that U.S. companies Chevron Corp. and ConocoPhillips agreed to meet a May 1 deadline decreed by Chavez to hand over operations to PDVSA in two of the four targeted projects.
August 12, 2006 |
For many foreign officials and executives, the road to Mumbai, India, takes an important detour through Seshan Rammohan's office in California's Silicon Valley. Rammohan is executive director of Indus Entrepreneurs, a group launched by some Indian American businessmen in 1992. The Santa Clara-based organization now has 10,000 members in nine countries.