December 8, 2007 |
Cuba said Friday that it would allow foreign companies to pay Cuban employees with hard currency, a move that legalizes widespread under-the- table payments but also requires workers to declare and pay tax on that income. Representatives of 698 foreign companies registered with Cuba's Chamber of Commerce were told by Finance Ministry officials this week that as of Jan. 1, they must record all hard currency payments to employees.
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."
May 2, 2007 |
Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects Tuesday, sending in workers backed by troops to occupy the multibillion-dollar installations. Rallying thousands of workers dressed in the signature red of his self-styled revolution, President Hugo Chavez hailed what he called the end of U.S.-prescribed policies that had opened up the largest oil reserves in the hemisphere to foreign investment.
April 26, 2007 |
Four major oil companies Wednesday agreed to cede control of Venezuela's last remaining privately run oil projects to President Hugo Chavez's government, but ConocoPhillips resisted, prompting warnings that its fields could be taken over outright. Markets have waited to see whether the companies, which process heavy oil in the Orinoco River basin, would remain as minority partners after Chavez decreed last month that their fields be nationalized May 1.