Original Article by Andrea Shalal-Esa, Reuters Journalist
(Reuters) – Over 100 U.S. aerospace and defense industry executives are urging Defense Secretary Leon Panetta to hold off on proposed changes to Pentagon contracts with industry, warning they would dampen competition, raise costs and lead to further layoffs at a difficult time.
In a joint . . . → Read More: Reuters Exclusive: U.S. defense firms blast Pentagon on contract changes
By Stephen Gandel
Chinese software company Longtop Financial Technologies did everything it could to make U.S. stock buyers believe it was a safe investment. Perhaps it was doing too much.
The company regularly reported income that was slightly higher than what executives had predicted the company would earn months earlier. On its balance . . . → Read More: China’s Latest Export: Stock Fraud
LFT: Just another Chinese fake.
Longtop Financial (LFT), a popular Chinese software company, has just been exposed as a colossal fraud.
The “cash balance” on Longtop’s balance sheet, it turns out, was fake–a fiction created by the company’s managers and helpers.
The Longtop fraud follows other China stock frauds that have . . . → Read More: CHINA STOCK FRAUD SHOCKER: Banks Were Complicit In Longtop Fraud
By Melanie Lee
SHANGHAI | Thu May 19, 2011 5:57am EDT
(Reuters) – The U.S. audit watchdog expects an agreement with China later this year that will allow greater transparency of Chinese companies listed in the United States, its chairman told Reuters on Thursday.
Worries over accounting practices of some Chinese firms has been . . . → Read More: U.S. Watchdog Sees Cross-Border Audit Deal with China this Year
By LYNN COWAN
U.S. investors have swarmed to Chinese initial public offerings since last fall. But that love affair may be fading.
Five China-based companies have launched IPOs on U.S. exchanges so far in May. All have had mixed responses in the market, a reversal from a few months ago, when Chinese companies were finding . . . → Read More: Chinese IPO’s No Longer Sizzling–Wall Street Journal
by Kara Swisher
Posted on May 13, 2011 at 12:03 AM PT
Back in April of 2009, like all the rest of the parts of the Chinese Internet giant Alibaba Group, its Alipay unit was listed this way on its Web site: “Alipay is wholly owned by Alibaba Group.”
And right now, describing the . . . → Read More: Yahoo Addresses Alipay Mess: Forget It, Shareholders–It’s China.