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...Many of those members are developing nations, with mushrooming emissions and, under Kyoto, no obligation to limit them. "If we could get all 21 economies to agree to make some kind of a contribution to address the issue," Downer says, "it would be a very big step forward." Alan Oxley, chairman of the Australian APEC Study Center at Monash University, agrees. "The Chinese will not accept the sort of regulation Kyoto proposes," he says. "But they are showing increasing interest in the AP6 model. So there's a significant opportunity for APEC to influence the global regime." The outcome...

Author: /time Magazine | Title: Talking Shop | 8/31/2007 | See Source »

...past decade, with a dozen more in the works. Now calls are growing for a regional free-trade deal to tie all the small ones together. That, of course, would require the US, Japan and China to open their markets to one another. "If someone proposed that today," Oxley says, "people would say, You're mad." But that view is changing: last year "the U.S. surprised everyone by announcing they were interested in the idea of an APEC free-trade area." This year came a free-trade agreement between the U.S. and Korea. "Nobody expected that to happen," Oxley says...

Author: /time Magazine | Title: Talking Shop | 8/31/2007 | See Source »

...accounting firms? Sarbanes-Oxley, the 2002 antifraud law, gave them a windfall by putting them in the business of reviewing financial-reporting policies. With the Big Four now making record profits, their story reads more like the rich get richer than true-crime drama...

Author: /time Magazine | Title: Law: Accounting for Crime | 3/8/2007 | See Source »

...what about Sarbanes-Oxley, the 2002 law enacted to prevent Enron-style scandals? Among other burdens, it requires financial statements so squeaky clean that a company's chief executive and financial officers can vouch for their accuracy. Corporate executives estimate that the law has cost U.S. companies tens of billions of dollars in extra auditing fees and other expenses...

Author: /time Magazine | Title: Law: Plugging the IPO Drain | 2/8/2007 | See Source »

...share of IPOs began falling six years before Sarbanes-Oxley even existed. In 1996 about 60% of all IPOs took place on Wall Street. By 2001, only 8% did. In fact, the U.S. share has on average increased since then, despite Sarbanes-Oxley, to about 15% in 2005. Charles Niemeier, a member of the U.S. Public Company Accounting Oversight Board, calls it "the clearest, most straightforward evidence" that Sarbanes-Oxley is not driving companies overseas...

Author: /time Magazine | Title: Law: Plugging the IPO Drain | 2/8/2007 | See Source »

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