The Buzz: April 30, 2001
Combating Web Cheats
Thirteen countries- from the United States and Mexico to Hungary, New Zealand and South Korea-are banding together to fight Internet fraud.
The countries last week set up a Web site-www.econsumer.gov-where consumers can file fraud complaints against companies outside their countries. The complaints are then passed on to the appropriate regulatory agencies in the countries participating in the project.
Other countries participating include Australia, Canada, Denmark, England, Finland, Norway, Sweden and Switzerland.
The site-where complaints can be submitted in English, French, German or Spanish-is hosted by the Federal Trade Commission and is a joint project of the International Marketing Supervision Network and the FTCs Consumer Sentinel Network, which is a database of consumer complaint information. The IMSN comprises more than a dozen countries.
Cisco Head Cuts Salary
With his company struggling in the sluggish economy and in the process of laying off 8,500 workers, Cisco Systems CEO John Chambers last week cut his salary to $1.
The goal, according to a Cisco representative, is to save jobs and show confidence in the company?s future. Chairman John Morgridge also reduced his salary to $1.
But don?t weep for Chambers. Last year, he made $1.3 million in salary and bonuses and $150 million through stock options.
Cisco is scheduled to announce next week its fiscal third-quarter earnings. Earlier in April, the networking giant-citing the economy-said it expected sales to fall 30 percent from last quarters levels.
Ericsson, Sony Teaming Up
In an effort to save its struggling handset business, telecommunications hardware maker Ericsson has teamed up with electronics giant Sony on a new mobile phone company.
Based in London, the venture, Sony Ericsson Mobile Communications, will start operating in October with facilities in North America, the United Kingdom, Sweden and Japan.
The first products, under a new brand, are due next year.
The hope is that Sonys consumer reputation will help boost sales.