Canada begins probe of Nortel&#39;s accounting
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TORONTO -- Shares of Nortel Networks edged lower yesterday after Canadian officials said they were opening a criminal investigation into accounting practices at the telecommunications equipment maker.
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Nortel Networks said the further delay in its release of financial information will &quot;permit the resolution of focused revenue reporting issues and remaining accounting matters identified by Nortel management.
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Canadian officials are opening a criminal investigation into accounting at Nortel Networks Corp. Shares in the telecom-equipment maker edged lower Tuesday.
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CHINA Aviation Oil Singapore Corp (CAO), which revealed a US$550 million ($900 million) trading loss earlier in the week, is being probed by the Commercial Affairs Department (CAD), which investigates white-collar crime.
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Nortel Network Corp.&#39;s board of directors was scheduled to meet last night to approve financial data that will be released this morning, giving the public its first look at the company&#39;s 2004 performance.
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Nortel Networks Corp. said the Toronto Stock Exchange and the New York Stock Exchange won&#39;t commence suspension or delisting actions because of the company&#39;s delay in filing certain financial reports.
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News of an RCMP criminal investigation of Nortel Networks and its financial accounting practices sent the company&#39;s shares down slightly on Tuesday.
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Nortel Networks released audited financial statements and said that an inquiry showed that executives had manipulated the initial results to obtain bonuses.
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Nortel Networks Corp. NT.TO NT.N  took steps to close the books on its protracted accounting  scandal on Tuesday, releasing its long-awaited audited 2003  results and announcing that 12 senior executives would repay  $8.6 million in bonuses.
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Nortel Networks Corp. said Wednesday it intends to file its long-delayed financial statements for the first two quarters of 2004 on Jan. 10 of next year.
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The World Trade Organization opened an investigation Monday into whether the United States was violating international commerce rules that limited subsidies to American farmers.
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Analysts will wade through the flood of revisions to financial data that Nortel Networks Corp.  is expected to unleash next week looking not so much for insights into its past, but for clues to its future.
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Marsh &amp; McLennan Companies, the world&#39;s largest insurance broker, said yesterday that the Securities and Exchange Commission had begun a formal investigation into investments by its executives
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In a long-delayed report, Canada's embattled telecommunications equipment supplier, Nortel Networks, sharply revised downward its 2003 profits to correct for bogus accounting.
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The U.S. Securities and Exchange Commission has charged four more former Nortel Networks Corp. executives with accounting fraud, alleging they manipulated reserves to change Nortel's earnings statements on the orders of more senior officers of the Canadian networking equipment maker.
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TORONTO -- Nortel Networks Corp., which is in the process of resolving an accounting mess that will result in restatements of prior years&#39; earnings, expects a 28 percent reduction in previously announced net earnings for 2003, compared with its previous
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The Securities and Exchange Commission has opened a formal investigation into Sunrise Senior Living after previously requesting information from the McLean company about insider stock sales, the timing of stock-option grants and its accounting practices.