Accounting scandal spreads

Xerox added non-existent profits to balance sheets

Only days after the WorldCom scandal, Wall Street was back in the dock today as one of America's so-called 'nifty-fifty' companies announced that up to $3 billion should not have appeared in its profits over the last five years.

Bob Hegarty, The London editor of the paper that broke the story, the Wall Street Journal, tells us that the problem is far worse than Xerox is admitting to.

Howdy Partner

The G8 summit in Kananaskis, Canada, yesterday finally signed up to the New Economic Partnership for African Development - albeit a watered-down version.

Development charities complained that the deal was fell far short of what Africa needed. But the principle Africa actors backing the plan, South Africa and Nigeria, gave it a muted welcome.

Baroness Amoss, the Minister representing the British Government at the summit, fought hard for a stronger deal. But on the World at One, she insists that it's a very good start.