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    1. BlackBerry Says It Will Fire 4,500 Employees, Lost Nearly $1 Billion Last Quarter

      BlackBerry Says It Will Fire 4,500 Employees, Lost Nearly $1 Billion Last Quarter

      BlackBerry just announced that it plans to cut 4,500 jobs.

      It also said it only shipped 3.7 million smartphone last quarter, which is dismally low.

      The company pre-announced earnings, saying it had a net operating loss of $995 million in Q2 this year.

      BlackBerry says it will cut operating expenditures by 50% by 2015.

      It's also planning to refocus on enterprise customers instead of normal consumers. BlackBerry is cutting its smartphone lineup from six models to four models.

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    2. Carl Icahn Is Now Suing Michael Dell For Trying To Thwart His Attempt To Take Over Dell

      Carl Icahn Is Now Suing Michael Dell For Trying To Thwart His Attempt To Take Over Dell

      Carl Icahn is suing Dell Computer CEO Michael Dell and his group for attempting to thwart Icahn's takeover of the embattled PC maker, Reuters reports. Icahn is trying to block Dell from setting a new record date ahead tomorrow's shareholder vote for control of the company. In his lawsuit, he also included a list of demands , said Reuters, one being that CEO Michael Dell and his group not be able to vote any shares issued after February 5th, the day the deal was announced. Last week, the Dell shareholder vote was postponed at Michael Dell's request. He ...

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    3. GMI Ratings Governance Issue | SandRidge Energy, Inc.

      A shareholder in SandRidge Energy, Inc. (SD) said the Oklahoma oil and natural gas company should find new management, making complaints about various issues including “appalling” corporate governance. We have warned for more than a year about SandRidge’s high risk in this area, and its financial statements continue to reflect problematic accounting and board composition, among other things. TPG-Axon, which holds a 4.5% stake in SandRidge, sent a letter on Nov. 8 to the board outlining offenses

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    4. GMI Ratings Governance Issue | The Goldman Sachs Group, Inc.

      The Goldman Sachs Group, Inc. (GS) announced the appointment of another independent director, Mark Edward Tucker, effective Nov. 5. But Goldman has much further to go on improving its corporate governance. Mr. Tucker isn’t the ideal candidate. As the CEO of AIA Group Ltd., the insurance company that American International Group Inc. (AIG) spun-off in Asia, he is unlikely to have sufficient time to fulfill his duties for Goldman. This makes it challenging for the bank’s supervisors to tap into hi

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    5. GMI Ratings Update | Oao Rosneft

      The U.K. oil giant BP p.l.c. (BP) said that it agreed to sell its stake in TNK-BP to OAO Rosneft (ROSN). As part of the deal, BP expects to have two seats on Rosneft’s board, in a development that could slightly strengthen the Russian government-owned oil company’s corporate governance without actually curing its continuing problems. BP will sell its half of TNK-BP in exchange for $17.1 billion in cash and a 12.84% stake in Rosneft, the U.K. company announced.  BP intends to use $4.8 billion of

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    6. GMI Ratings Governance Issue | Honda Motor Co., Ltd.

      Honda Motor Co., Ltd. (HMC) just expanded its earlier recall of Acura TL cars that have potential power steering problems to include Accords. This development is the latest example of how the Tokyo car maker has been openly and honestly improving its corporate governance, ranging from revamping its supervision of senior management to disclosing information to global investors. While having to recall a product can be an indication of quality concerns, Honda seems to be taking responsiblity and ac

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    7. GMI Ratings Governance Issue | Olympus Corp.

      Olympus Corp. (OCPNY) and three of its former executives pleaded guilty this week to charges related to a $1.7 billion accounting cover-up, the media reported. During the year since the Japanese equipment maker’s former CEO Michael C. Woodford raised questions about its deal-making, Olympus has made some improvements to its corporate governance, but continues to show serious weaknesses that interfere with its ability to balance the powers of its managers. To be sure, it’s positive that the forme

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    8. GMI Ratings Governance Issue | Foxconn Technology Group

      After around 2,000 workers brawled at a Foxconn Technology Group dormitory, the Taiwanese electronics maker said it would close a plant in China on Monday, according to Reuters. Although the Apple product supplier continues coming under fire, the international disclosure about its corporate governance remains relatively murky, signaling that its global clients don’t require much information in order to strike a deal. The Foxconn facility involved is in the Chinese city of Taiyuan and employs abo

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    9. GMI Ratings Governance Issue | Cognizant Technology Solutions Corp.

      Cognizant Technology Solutions Corp. (CTSH) has taken the positive step of adding to the diversity of its management, but the New Jersey outsourcing firm still has more room for improvement on its corporate governance. The company said September 18 that it elected Leo S. Mackay, Jr. to its board, which now has ten people. Cognizant had recently increased its board’s size to nine members from eight on July 9, when it appointed Michael Patsalos-Fox as an additional director. In a world where board

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    10. GMI Ratings Governance Update | Bank of America

      Bank of America (BAC) still hasn’t cleaned up its act. While the Charlotte, N.C.-based financial services heavyweight recently took the laudable step of adding two more women to its board, all four of the new directors it named are associated with controversial companies. The management’s poor corporate governance puts Bank of America at high risk of experiencing regulatory problems, which continue unabated. The bank’s financial data gives it an AGR® score of 8, indicating higher accounting and

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    11. GMI Ratings Update | Duke Energy Corporation

      GMI Ratings Update | Duke Energy Corporation

      A Friday SEC filing saw the resignation of two more Duke Energy Corp. (DUK) directors, the latest development since a surprising board coup led to the July 2nd removal of CEO Bill Johnson. The retirees, John D. Baker II and Theresa M. Stone, were legacy Progress Energy directors, and each was candid about recent developments as they left. In addition to suggesting a change a leadership, Mr. Baker added that actions by Duke’s board members “have revealed serious issues in Duke’s corporate governa

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    12. GMI Ratings Governance Issue | Northrop Grumman Corp.

      Northrop Grumman Corp. has announced numerous changes to its staff, after repositioning among the company’s senior officers already contributed to a higher score in recent months measuring its governance risk to investors. The Falls Church, Va.-based defense contractor said James E. Pitts, the corporate vp and president of Northrop Grumman Electronic Systems since 2005, will retire December 31, 2012.  Gary W. Ervin, corporate vice president and president of Aerospace Systems since 2009, will ret

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