Roundup: Trader Joe's recall; Ernst & Young to pay $117.6M; Small business lending up; more
By The Tribune-Review
Published: Tuesday, Dec. 4, 2012, 12:01 a.m.
Small business lending picks up in October
Small business owners borrowed more in October, a sign that they might be getting more confident about hiring. Lending to small companies rose 11 percent from September's level, according to a survey released on Monday by PayNet, which provides credit ratings on small businesses. Small business lending has been erratic recently, dropping in September after increasing in July and August. The Thomson Reuters/PayNet Small Business Lending index, which is based on new commercial loans and leases granted to small businesses, rose to 107.5 from a revised 96.4.
Trader Joe's recall: Suspect frozen chicken affects 14 states
Supermarket chain Trader Joe's is recalling boxes of a frozen chicken dinner because of possible contamination with listeria. The product, Trader Joe's Butter Chicken with Basmanti Rice, was sold to stores in 14 eastern states, including Pennsylvania, and the D.C. area. “All code dates of this product have been removed from sale and destroyed,” Trader Joe's told customers via an update on its website. “To date, we have received no reports of illness related to this product.” The affected meals were produced on Oct. 31. Customers with questions should call Trader Joe's at 626-599-3817.
Ernst & Young to pay $117.6M
Ernst & Young LLP agreed to pay $117.6 million to settle shareholder claims regarding its audits of Sino-Forest Corp., the tree-plantation company that filed for bankruptcy protection this year. The settlement was announced on the same day that the Ontario Securities Commission, Canada's top securities regulator, said in a statement that Ernst & Young's audits of Hong Kong- and Mississauga, Ontario-based Sino-Forest weren't in accordance with accounting industry standards. The class-action settlement is the largest by an auditor in Canadian history and one of the biggest worldwide. The lawsuit alleges that Sino-Forest misled investors about business and accounting practices.
Audit firms' Chinese units charged
Federal regulators have charged the Chinese affiliates of five of the biggest U.S. accounting firms with impeding the government's investigation of Chinese companies by refusing to turn over documents. The Securities and Exchange Commission said on Monday it has started proceedings against the Chinese affiliates of all so-called Big Four accounting firms — Deloitte, Ernst & Young, KPMG and Pricewaterhouse-Coopers — and a fifth major firm, BDO. Hundreds of Chinese companies trade on U.S. stock exchanges. The SEC has been investigating many of them for possible accounting fraud. The agency says the accounting firms, which audit Chinese companies, have refused to cooperate in investigations of nine companies and to provide documents.
Other business news:
• Riverset Credit Union, South Side, said it will sponsor and be the exclusive financial institution for the 2013 Dick's Sporting Goods Pittsburgh Marathon on May 5. Pittsburgh Three Rivers Marathon Inc. expects to set a record with more than 27,000 participants. Riverset has more than 15,000 members in Allegheny, Beaver and Butler counties.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Garden Q&A: Firecracker vine OK for trellis?
- Three ejected after Pirates, Brewers brawl
- Starkey: Penguins’ arrogance astounding
- Egg decorating turns to fight, charges in Brookline, police say
- Cool chemistry: Programs at Springdale library take inspiration from late science professor
- Plum man revels in Keystone hall of fame induction
- Six NA students finalists in Musical Kids competition
- Choral concerts planned in Dawson church
- Bridge work planned for Route 68 in Brady’s Bend
- Hillside repairs to cost $35K more than expected
- Photo Gallery: Marshall Township Easter egg hunt