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Carillion bosses drove construction firm off a cliff, say MPs

Carillion bosses drove construction firm off a cliff, say MPs

Business
Media playback is unsupported on your device Carillion's board presided over a "rotten corporate culture" and was culpable for its "costly collapse", two committees of MPs have concluded.They also called for a potential break-up of the big four audit firms, after they "waved through" the indebted construction firm's accounts. And they attacked the government for lacking "decisiveness and bravery" to tackle corporate regulation failures.The MPs said regulators should consider disqualifying the directors.Carillion collapsed under a £1.5bn debt pile in January. It employed 43,000 people, about 20,000 of them in the UK, thousands of whom have lost their jobs.It also held numerous public contracts, such as the maintenance of schools and priso...
Chipmakers drove corporate growth in South Korea last year

Chipmakers drove corporate growth in South Korea last year

World
SEOUL, Feb. 25 (UPI) -- South Korea's largest companies saw a 35 percent jump in operating profit last year, on the back of a stronger global economy.According to industry tracker Chaebol-dot-com on Sunday, the country's top 100 listed companies gained $ 154 billion in operating profit last year, up 34.7 percent from 2016.Sales rose 10.5 percent to $ 1.7 trillion.Semiconductor manufacturers accounted for much of the growth, boosted by the global supercycle of memory chips.South Korea's number one tech giant Samsung Electronics and chipmaker SK Hynix saw their margins surge by record figures -- 83.5 percent and 319 percent respectively.Samsung is currently leading the global market for NAND Flash and DRAM.Excluding the two firms, earnings growth averaged 9 percent on-year.Automobile compani...