Siemens denies cover-up
Siemens AG said a decision not to publish a manuscript about the company’s recent history, including some findings about a corruption scandal, was not a cover-up. German weekly Der Spiegel said Siemens had failed to honor an agreement with two historians to publish a book manuscript which has been completed since 2014. Siemens was involved in one of Germany’s biggest corporate bribery scandals. The firm was exposed as having run an elaborate bribery network, paying more than USS$1 billion in kickbacks to win contracts worldwide. Siemens denied allegations raised in the Der Spiegel report.
Credit outlook lowered
Moody’s Investors Service lowered Turkey’s credit outlook, citing persistent political uncertainty after the failed coup in July last year. Moody’s reduced the outlook to negative from stable and kept its rating one notch below investment grade at “Ba1,” on par with Russia, according to a statement on Friday. Fitch Ratings ranks the nation at the same level, citing the continuing erosion of Turkey’s institutional strength and weaker growth outlook as reasons for its change.
Indiana factories cut jobs
About 1,500 workers at three Indiana factories are still facing layoffs, despite hopes that US President Donald Trump would intervene to prevent their jobs from moving to Mexico. The first wave of 50 layoffs has already happened at United Technologies Corp’s 700-worker electronics plant in Huntington, which is slated for closure. Another 550 job cuts are expected at Carrier Corp’s Indianapolis factory, where Trump’s intervention last fall curbed job losses, but did not halt them altogether.
Disney to pay back wages
Walt Disney Co has agreed to pay US$3.8 million in back wages to 16,339 employees, including workers at its Florida theme parks whose hourly pay allegedly fell below the minimum wage after it deducted the cost of uniforms and costumes. The company also failed to compensate employees for duties performed before the start of their shifts and failed to maintain accurate payroll records, the US Labor Department said on Friday in announcing the agreement.
Blankfein’s pay reduced
Goldman Sachs Group Inc has reduced chief executive officer Lloyd Blankfein’s annual compensation by 27 percent, awarding him US$22 million for last year after eliminating a long-term incentive award, the New York-based firm said on Friday in its annual proxy filing. Blankfein is to become the third-highest paid CEO of the six largest US banks, falling behind JPMorgan Chase & Co’s Jamie Dimon, who received US$28 million, and Morgan Stanley’s James Gorman, with US$22.5 million.
No contamination evidence
Shanghai government inspectors said they found no evidence to support a Chinese television show’s claim that Muji retail stores in the city stocked food imported from areas of Japan allegedly contaminated by radiation. The city’s Entry-Exit Inspection and Quarantine Bureau said on Friday that it inspected food sold at Ryohin Keikaku Co’s Muji chain in Shanghai and cleared the items. China Central Television’s annual “name-and-shame” show on Wednesday night accused Muji and Japanese snack maker Calbee Inc of mislabeling items.