Magazine article Workforce

News Digest

Magazine article Workforce

News Digest

Article excerpt

Acquisitions

* Nortel Networks Corp. agrees to buy high-speed Internet platform developer Promatory Communications Inc. for $778 million. Nortel plans to use Promatory's technology to provide better Digital Subscriber Line (DSL) service to customers.

* Telecommunications giant Motorola Inc. acquires semiconductor equipment maker General Instrument Corp. in a $17 million deal, preparing the combined company to expand into the broadband solutions market.

* Internet service provider America Online agrees to buy Time Warner Inc., the world's largest media company, for $184 billion. The new company, to be called AOL Time Warner Inc., plans to combine its media, entertainment and communications capabilities and ignites speculation of similar takeovers within the media industry.

Investigations

The Securities and Exchange Commission investigates New York City-based PricewaterhouseCoopers after a report by an independent consultant reveals that nearly half the firm's 2,698 partners admitted at least one violation of auditor independence rules, which forbid accountants from owning stock in companies they audit. The report attributes the violations in part to cultural and structural problems resulting from the 1998 merger of Price Waterhouse LLP and Coopers & Lybrand, and in part to faulty internal policy.

Work/Life Balance

Massachusetts Lieutenant Governor Jane Swift confirms she asked State House aides to perform personal errands for her, including looking after her young daughter, picking up dry cleaning, and moving household goods during residential moves. …

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