The SEC is seeking to put in place a specific timetable which will allow US companies to adopt global accounting standards. The move is being considered crucial to stay competitive in the international markets but critics claim that it will amount to outsourcing authority to foreign regulators.

On Wednesday, the Securities & Exchange Commission announced that it is preparing a “road map” which will bring in international accounting standards by the year 2014. However the changes may be embraced sooner by the largest twenty companies in each industry according to market capitalization.

The move was welcomed in some quarters like the American Institute of Certified Public Accountants which felt that freedom from US accounting rules would allow companies to compete globally. On the other hand, since the changes would permit greater flexibility to companies in the matter of reporting income and assets, critics argue that they would not be in the best interests of the investors as accountants would be able to manipulate the true picture of profits.

The SEC has decided to meet in another two months’ time and after taking in feedback from public comments, will have another vote.

The need for international accounting standards has become pressing in an increasingly global economy. While thousands of European companies prepare to adopt standard accounting norms in 2005, nations like China and Canada are also exploring the possibility of merging with it their own financial accounting rules.

Disaster response authorities in New Orleans have been asked to be prepared to carry out evacuations in the event of Tropical Storm Gustav developing into a major hurricane.

On Thursday The US National Hurricane Center reported that at 8 a.m Miami time, the storm was located 80 miles east of Jamaica. However considering the fact that it had gained wind speed and was blowing at maximum sustained speed of 70 miles an hour, there was a strong possibility of Gustav developing into a Category 3 hurricane.

The projected landfall of Gustav on the Gulf of Mexico over the weekend has put New Orleans officials on high alert. Louisiana governor Bobby Jindal said on his website that 3000 National Guardsmen and 700 buses were on stand by to evacuate 35000 people.

The Federal Emergency Management Agency said that it is working closely with state officials to take all preparatory measures to cope with any disaster. It has already moved 478 electric generators and 267 truckloads of blankets and cots to be distributed in the gulf states besides deploying 137 trucks with 35 liters of water and 203 trucks with 4 million meals.

The Agency had come under fire in 2005 for its slow response to the havoc caused by Hurricane Katrina which had battered New Orleans almost exactly three years back.

Ever wonder why is that promotion still a dream for you while everyone else seems to be moving up the corporate ladder? Perhaps the answer lies in one or several of the following reasons why you still have not been able to make the cut.

Give yourself an honest appraisal. Perhaps, you have been slacking at your job while your co-workers have been neck deep in work. Arriving late at the office, leaving early, using up all your sick leave and worst of all failure to meet deadlines may have negatively affected your chances of promotion.

Even if you follow all the rules, the fact that you are doing just about OK at work does not make you eligible to handle greater responsibilities that come with a higher position. Do more than the required minimum, pay attention to details and try to remain one step ahead of your co-workers.

Do not underestimate the impact of having the right image. Be visible, lead from the front and display your decision making capabilities at crucial junctures. If you build up your image as a leader and back it up with performance, chances are that sooner or later you will be considered for a promotion.

Finally accept the fact that there are too many qualified workers competing for the top positions. You may be up against super achievers or doing so well in your present position that your boss finds you irreplaceable. In that case, bide your time till the right moment comes.

Japanese copier Ricoh is set to acquire US office equipment distributor, Ikon Office Solutions for $1.6 billion. The move comes in the wake of weakening US dollar and offers Ricoh the opportunity to expand beyond Japan which accounts for half its revenues.

According to the deal, Ricoh will buy Ikon’s shares at $17.25 per share in cash which is premium of 11 percent on the Tuesday closing price of each Ikon share at $15.56. The news was well received in the stock market where Icon shares shot up by 9.4 percent or $1.46 to settle at $17.2 on Wednesday.

The boards of both companies Ricoh and Icon have approved the acquisition which now awaits the nod from regulatory authorities from US, Canada and Europe. The deal is expected to be complete by the end of the fourth quarter of 2008 financial year.

With the acquisition, Ricoh is set to take on prime competitor Canon whose printers and equipments accounted for 60% of Ikon’s products. The corresponding share of Ricoh’s equipments in Ikon was only 30% but in another three to four years Ricoh is expected to put in place its own printers and copiers. Ricoh will fund the acquisition from a combination of internal and external sources.

On Wednesday Dell introduced two notebooks and desktops for rising markets. These emerging markets have been the most significant contributor in giving boost to Dell’s sales.

Economical basic computers proved themselves strong sellers in various countries. Keeping it in mind most recent Vostro brand computers are customized for small businesses, governments, and educational institutions in countries where inexpensive, basic computers are strong sellers. In Asia, Africa, Europe, and Latin America’s 20 countries Dell is offering the new PCs.

Steve Felice, president of Dell Asia-Pacific/Japan operations stated that large number of new businesses demanding simply the technology they require at minimum rice that they can afford in global upcoming and rising markets.

Two notebooks comprise a 15.6-inch and a 14.1-inch model. Wide-screen, anti-glare LCD screen and the option of a range of Intel processors from the Celeron to the Core 2 Duo are included in the system along with integrated network, modem, and wireless connectivity with discretionary Bluetooth capabilities. Buyers can choose between Ubuntu Linux and Microsoft Windows Vista for operating systems. Price range starts from $475 for the Vostro A860 notebook and the smaller A840.

Outside United States revenue exceeded U.S. revenue for the first time at Dell in the first financial quarter.

Microsoft has walked away $20.7 million richer after Immersion settled a seven-year old lawsuit with the computer giant.

Immersion is a maker of digital touch technology used in video games and a wide range of consumer electronics. Seven years back, Immersion had sued Microsoft and Sony for violation of patent laws alleging that the companies were unfairly using its patented technology in Sony Play Stations and Microsoft’s Xbox 360 gaming consoles. The “rumble technology” at the center of dispute is supposed to provide a tactile sensation of shaking in online gaming.

The lawsuit was filed in 2002 in a US District Court for the Western District of Washington. Eventually in 2003 and 2004, Immersion entered into a series of agreements with both the companies. According to the settlements Immersion agreed to offer both Microsoft and Sony license rights in exchange of million dollar fees. The case was officially closed in March 2007. However later it was alleged that Immersion had failed to offer compensation to Microsoft from its settlement with Sony.

Immersion officials claimed that the final settlement of $20.7 million compensation to Microsoft will enable the company to put the lengthy lawsuit behind it and will help it focus on future plans of expansion and growth.

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