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| Business News |
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| NBC Universal, partners to buy Weather Channel
(Reuters)
Reuters - NBC Universal and private equity firms Bain Capital and Blackstone Group said on Sunday they agreed to buy The Weather Channel from Landmark Communications. |
| Is capitulation on the cards?
(Reuters)
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| Postbank sale may fail over target price: report
(Reuters)
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| Auto sector woes could spur deals: Renault CEO
(Reuters)
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| Hyundai cuts, Kia lifts domestic sales target
(Reuters)
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| China premier: Continue inflation fight
(AP)
AP - China's premier called for continued vigilance against inflation that has reached 12-year highs, saying the government should ensure that price increases are "acceptable," a state-run news agency reported Sunday. |
| Judge rejects Countrywide's arguments: report - 15, May 2008 | |
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NEW YORK (Reuters) - Directors and officers of mortgage lender Countrywide Financial must answer shareholder accusations of insider trading and failure to monitor lending practices that led to the company's collapse, a federal judge in California has rul NEW YORK (Reuters) - Directors and officers of mortgage lender Countrywide Financial (CFC.N) must answer shareholder accusations of insider trading and failure to monitor lending practices that led to the company's collapse, a federal judge in California has ruled, the New York Times reported.The New York Times said on Wednesday that Judge Mariana Pfaelzer of U.S. District Court in Los Angeles rejected arguments made for Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults.The judge ruled Tuesday that she found confidential witness accounts in the shareholder complaint to be credible and that they suggested "a widespread company culture that encouraged employees to push mortgages through without regard to underwriting standards," the Times said citing documents not yet publicly available.The plaintiffs also identified "numerous red flags" that would have warned directors of increasingly risky loans made by Countrywide, the Times said, citing the judge."It defies reason, given the entirety of the allegations," Judge Pfaelzer wrote, "that these committee members could be blind to widespread deviations from the underwriting policies and standards being committed by employees at all levels. At the same time, it does not appear that the committees took corrective action."Countrywide shareholders have lost billions of dollars since 2007 when its shares hit a high of $45.03. They closed Wednesday at $4.85."It is a critical step enabling Countrywide and its shareholders to hold accountable the officers and directors who looted the company and were responsible for its devastating collapse," Blair Nicholas, one of two lawyers at Bernstein Litowitz Berger & Grossmann representing the plaintiffs, told the Times.A Countrywide spokesman declined to comment on the ruling, the Times said. A representative did not immediately return phone calls from Reuters later Wednesday.The plaintiffs in the case told the New York Times they hoped to recover money for shareholders from Countrywide officials named in the case who sold $850 million in stock from 2004 to 2007. 
(c) 2008 Reuters |
| Other news from Business category: |
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| Software News |
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| 'Containers' Out Perform Virtualization For KV Pharmaceuticals
(TechWeb)
TechWeb - InformationWeek - With a container approach from Parallels' Virtuozzo, memory consumption and processor overhead are reduced through the use of one operating system per host. |
| Nokia 6220 Smartphone Released
(TechWeb)
TechWeb - InformationWeek - The Nokia 6220 classic design includes 3G connectivity, compatibility with Microsoft Office applications, Bluetooth capabilities, and a 5-megapixel camera. |
| Microsoft Hopes Office Subscription Plan Will Counter Free Software
(TechWeb)
TechWeb - InformationWeek - Microsoft is counting on Equipt's convenience factor to help it fend off threats from Google, IBM, and others that are offering free desktop productivity suites. |
| Three Startups To Solve SaaS Integration Problems
(TechWeb)
TechWeb - InformationWeek - Boomi, SnapLogic, and Cast Iron are rolling out new offerings designed to help companies integrate software running in the cloud with onsite software. |
| Blogger Opinion: Why We Left NetSuite
(NewsFactor)
NewsFactor - I first met our solution provider, Ray Tetlow, the founder of Skyytek, on the Oracle Small Business (OSB from now on) user forum. At the time we were struggling with version 7 of OSB. It was really incomplete and badly tested software. Not only was it painfully slow, but also a lot of the features on which we based our purchasing decision just did not work. |
| Krugle enhances code search appliance
(InfoWorld)
InfoWorld - Krugle plans to ship next week an upgrade to its search appliance for enterprise software development projects, which makes it easier for teams of developers to maintain code. |
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