The former president of a Systemax Inc. electronics sales unit was indicted on charges that he took bribes in exchange for steering more than $230 million in business to suppliers. Carl Fiorentino, 56, took more than $7 million from companies in Taiwan and California from January 2003 to April 2011, the government alleged in a seven-count indictment unsealed Tuesday in federal court in Central Islip, New York.
Officials in Taiwan are investigating claims that Samsung paid people to post favorable reviews about its products online while at the same time offering up negative feedback on rival HTC’s products. The investigation launched after the Fair Trade Commission received numerous complaints on the matter.
Coach Inc.'s (COH) fiscal fourth-quarter earnings rose 24% as the maker of high-end leather-goods topped sales expectations and improved its margins. But shares were trading 8.8% lower at $55.25 premarket as Coach described fiscal 2013 as "an investment year" in which it will accelerate the acquisition of domestic-retail operations in key Asian markets, including those in Malaysia and Korea. The stock has fallen 6.2% so far this year through Monday's close. "Our goals remain unchanged," said Chairman and Chief Executive Lew Frankfort. "We're committed to achieving double-digit top- and bottom-line growth over our planning horizon. We have a business
Brooks Brothers Group and Reliance Brands Limited announced Tuesday the formation of a joint venture company in India. Reliance Brands, a division of Reliance Industries Group, will use its local connections to bring the American brand to India.
A Federal District Court in Washington, D.C. unsealed a case against retailers accused of transshipping Chinese-made pencils to avoid antidumping duties. The four named defendants are Staples, OfficeMax, Target and Industries for the Blind. The defendants are accused of transshipment of Chinese-made pencils through third countries such as Taiwan, Indonesia and Vietnam by U.S. importers. The importers would knowingly buy Chinese-made pencils in those countries and claim to U.S. Customs that they originated in those countries. If guilty, the defendants are subject to three times the loss of revenue to the government and a 10 percent duty for false country of origin marking.