Wed, Sep 28, 2011 - Page 10 News List

World Business Quick Take

Agencies

GREECE

‘Troika’ likely to return

A mission of inspectors from Greece’s international lenders will probably return to Athens today, a source close to the inspection team, also known as the “troika,” said yesterday. The troika suspended a visit in Athens earlier this month after Greece failed to meet its fiscal pledges under its EU and IMF bailout plan. Meanwhile, Greek lawmakers were expected to approve a deeply unpopular property tax yesterday to open the way for the return of international lending inspectors and the release of vital aid.

BANKING

Goldman mulls more cuts

Goldman Sachs is mulling drastic spending cuts as it braces for what could be one of its worst quarterly reports since it went public more than a decade ago, the New York Times reported yesterday. After Goldman set out this summer to cut costs by US$1.2 billion by the middle of next year, including slashing about 1,000 jobs, or 3 percent of its workforce, the Times said the firm is now considering cutting up to US$1.45 billion. It said the company is also looking at cutting employee pay and non-compensation costs such as real estate and travel.

ACCOUNTING

Deloitte faces lawsuit

A pair of lawsuits filed on Monday claim that Deloitte & Touche LLP should pay US$7.6 billion in damages for failing through years of audits to detect massive fraud at a now-defunct Florida mortgage company. “They certainly did not do their job,” said attorney Steven Thomas, who represents those suing Deloitte. “This is one of those cases where the red flags are staring you in the face and you’ve got to do a lot, and they did not.” Deloitte spokesman Jonathan Gandal said that the company rejects the claims.

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