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SHUJI KAJIYAMA / THE ASSOCIATED PRESS Former Olympus Corp. CEO Michael Woodford speaks to media in Tokyo Friday.
Whistleblower to sue
TOKYO -- The former Olympus Corp. CEO who blew the whistle on dubious spending at the Japanese camera and medical equipment maker said Friday he is giving up his fight to regain the presidency and plans to sue the company.
Michael Woodford said he decided to drop his bid when he realized he didn't have the support of Japanese institutional investors, whom he blamed for tacitly allowing the current board to stay on despite acknowledging a massive coverup.
Woodford also said he planned to sue for wrongful dismissal.
Best Buy revenue dips
MINNEAPOLIS -- Best Buy Co. says weaker-than-expected traffic until the week before Christmas and low demand in Canada and Europe put a crimp in its December sales.
The largest U.S. electronics retailer said Friday revenue in stores open at least two years fell 1.2 per cent. The measure is considered a key gauge of a retailer's financial health because it excludes stores that open or close during the year. That's an improvement from a four per cent drop in the same period last year.
Tablet computers, smart phones, appliances and e-readers were strong sellers. But TVs, digital cameras and video consoles and games were weaker. Total revenue was flat at $8.4 billion. Online revenue rose 26 per cent.
Price-fixing admitted
OTTAWA -- The Competition Bureau says two companies have pleaded guilty to fixing prices for polyurethane foam and have been fined a total of $12.5 million.
The agency says Domfoam International Inc., and its affiliate, Valle Foam Industries (1995) Inc., pleaded guilty Thursday to conspiracy under the Competition Act.
The companies admitted they agreed with competitors to fix prices for foam produced at plants in Brampton, Ont., Delta, B.C., and Montreal.
The charges are the first to arise from a bureau investigation into price-fixing in the foam industry and the first laid under amendments to the conspiracy law passed in 2010.
The price-fixing scheme played out over 11 years.
Dumping, subsidies cited
OTTAWA -- The Canadian government is investigating a complaint against Pakistani exports of a chemical used to make drilling fluids for the oil and gas industry.
The complaint alleges the potassium silicate solids imported from Pakistan are unfairly undercutting the prices charged by domestic suppliers.
National Silicates Partnership of Toronto alleges Canadian production of the chemical is being harmed by Pakistani dumping and subsidies.
Dumping occurs when goods are sold to importers in Canada at prices that are below what the exporter charges in its home market or at unprofitable prices. Subsidizing occurs when goods imported into Canada benefit from foreign government financial assistance.
SEC changes policy
WASHINGTON -- The Securities and Exchange Commission is ending its policy of allowing companies and individuals to neither admit nor deny wrongdoing in some settlements.
That longstanding policy was criticized recently by a federal judge who cited it as a reason for throwing out a $285-million deal in November between the SEC and Citigroup.
Potash Corp. takes break
SASKATOON -- Potash Corporation of Saskatchewan Inc. (TSX;POT) said Friday it plans a four-week production shutdown, starting next month at its Allan mine in the Saskatoon area.
"It's what we call an inventory adjustment," said Bill Johnson, senior director, public affairs.
"We've got a long history of matching our supply to market demand and market demand is a little soft right now, so we are adjusting our supply accordingly," Johnson said in a telephone interview.
No layoffs are expected among the 290 hourly wage workers during the Feb. 5 to March 3 shutdown at the mine, which supplies about 10 per cent of the company's potash production.
-- from the news services
Republished from the Winnipeg Free Press print edition January 7, 2012 B6
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