May 23, 2012 |
SACRAMENTO --Adding weight to a growing backlash over alleged corruption in Mexico, the California Public Employees' Retirement System is withholding its support for the election of nineWal-Mart directors. The $228-billion CalPERS fund said it would not support the officers pending "a thorough and independent investigation into the bribery allegations" involving the company's largest foreign subsidiary, Wal-Mart de Mexico. CalPERS' announcement came a day after its smaller cousin, the California State Teachers' Retirement System, said it is opposing the election of all 16 Wal-Mart directors.
May 20, 2012 |
Construction is set to begin Monday on a $200-million apartment and retail complex at one of the busiest intersections in the Koreatown district of Los Angeles. The project called the Vermont is the largest residential development to be built in Los Angeles since the beginning of the latest real estate downturn, J.H. Snyder Development Co. said. The Vermont will rise on two acres at the southeast corner of Wilshire Boulevard and Vermont Avenue. It will house 464 apartments in two towers - one 16 stories and the other 22 - that will rise above a seven-story podium containing stores and a parking garage.
May 17, 2012 |
Despite a corruption probe into its Mexican subsidiary, retail giant Wal-Mart Stores Inc. reported first-quarter profits that exceeded Wall Street expectations as more shoppers returned to its U.S. stores. For the three months ended April 30, the nation's largest retailer reported a profit of $3.74 billion, or $1.09 a share, up 10.1% from $3.39 billion, or 97 cents, a year earlier. Wal-Mart executives on Thursday said that low-price promotions attracted thrifty shoppers back into its U.S. stores, which had suffered as the recession squeezed its low-income customers.
May 8, 2012 |
Weeks after news about Wal-Mart's alleged involvement with bribery in Mexico surfaced, rank-and-file workers at the nation's largest retailer have taken their calls for change online. Venanzi Luna, a department manager at a Wal-Mart Supercenter in Pico Rivera, created an online petition at Change.org urging the company to undertake "a thorough and independent investigation" into allegations of widespread use of bribery and corruption to gain approval for new stores in Mexico.
May 5, 2012 |
SAN FRANCISCO - California has a friend who's about to write a hefty personal check that could help ease the state budget crunch. Mark Zuckerberg, the 27-year-old founder and chief executive of Facebook Inc., may have to pay the state $189 million in taxes after the Menlo Park, Calif., social networking company's initial public offering of stock in two weeks, according to calculations from PrivCo, which researches private companies. The IPO could value Facebook at $96 billion.
May 4, 2012 |
The California State Teachers' Retirement System is suing Wal-Mart Stores Inc. executives and board members, accusing them of using bribery and corruption to gain approval from Mexican government officials to build new stores. Late Thursday, the board of CalSTRS, the country's second-largest public pension fund, filed the so-called derivative lawsuit seeking changes in the corporate governance of the world's biggest retailer. "CalSTRS is seeking to remedy the damages sustained by Wal-Mart as a result of alleged gross misconduct by Wal-Mart's executive officers and directors," CalSTRS Chief Executive Jack Ehnes said.
May 2, 2012 |
The Ascena Retail Group is venturing into the plus-size female market by acquiring Charming Shoppes Inc., parent company of Lane Bryant, for about $890 million. The purchase will allow Ascena, owner of Dressbarn and teen clothier Justice, to jump into the growing market for bigger-sized women's apparel. Charming also owns the Catherines Plus Size and Fashion Bug brands. The Suffern, N.Y.-based Ascena will buy Charming for $7.35 a share, a 25% premium on Tuesday's closing price.
May 1, 2012 |
One more piece of bad news for Wal-Mart Stores Inc.: A group of New York City pension funds, alarmed over allegations of widespread bribery by company officials in Mexico, said they would vote against reelecting five Wal-Mart directors. The pension officials plan to wield their 4.7 million Wal-Mart shares (and votes) next month at the retail giant's annual shareholders meeting to oust directors who had failed to provide adequate legal oversight over the company's vast operations, according to the New York Times.
May 1, 2012 |
It looks like the countdown to the Facebook IPO could be nearing completion. Facebook could start its IPO roadshow next week and appears to still be on track for a mid-May initial public stock offering, according to reports. In what is expected to be one of the biggest stock market debuts in history, Facebook appears to be putting the finishing touches on the required documents to be able to begin to court institutional investors such as...
CALIFORNIA | LOCAL
April 23, 2012 |
The 10 campuses of the UC system should be given more power to govern themselves and be allowed to set their own tuition, decide how many out-of-state students to enroll, approve construction projects and control some investments under a proposal released Monday by UC Berkeley leaders. The plan, which is already provoking debate, would maintain the central Board of Regents for such overarching policy matters as admissions standards, state funding and top appointments. But it contends that UC has gotten so complex and governance has become so balky that campus governing boards should be established and given autonomy over many issues, similar to states in a federal system.