Newspaper wrap-up: Justice Department wants UBS AG's U.S. clients who allegedly avoided taxes
Posted Jul 1st 2008 9:15AM by Laurie Pasternack
Filed under: Newspapers, Magazines, BP p.l.c. ADS (BP)
.gif)
MAJOR PAPERS:
- In a cost cutting move, struggling automaker Chrysler said it will idle its St. Louis South minivan plant in October, and will reduce operations at its St. Louis North Dodge Ram pickup truck plant to one shift in September, the Wall Street Journal reported. About 2,400 people will lose their jobs at both plants.
- In an unprecedented move, the Justice Department is pressuring UBS AG (NYSE: UBS), a foreign bank, for the names of wealthy U.S. client who used the bank to avoid paying taxes, reported the Wall Street Journal, and has sought a federal court order to proceed.
OTHER PAPERS:
- After learning Moscow authorities have refused to renew the work visas of BP Plc's (NYSE: BP) expatriate staff, the New York Times reported that the British oil company may be in danger of losing control of TNK-BP Holding, its Russian joint venture. If the top officials from the BP side of the venture, including the CEO and CFO, are forced to leave, TNK-BP will fall into the hands of its Russian partners.
- In an upheaval aimed at preventing too much power from being exercised by the company's chairman, the UK Times reported that UBS has decided to replace four board directors in October. The governance model, which will separate the roles and responsibilities of the board and executive management, will reportedly come into play immediately and will allow the board to delegate the duties formerly allocated to the chairman's office to board committees.
Tags: BP, BP Plc, BpPlc, Chrysler, Dodge Ram, DodgeRam, TNK-BP, UBS, UBS AG, UbsAg
Reid Hoffman: LinkedIn will go public (at some point)
Retailers can't wait for Black Friday, open Thursday
Tiffany's serves up solid quarterly earnings
