News digest for July 13, 2006

Some Applaud Rise in Sustainability Reporting, Others Say It Masks Corporate Un-sustainability
Professors Rob Gray and Jan Bebbington turn the “business case for sustainability” on its head, pointing out that our current capitalist system essentially structures corporations to be “un-sustainable.”

CEO confidence declines: report
Chief executive’s are felling less confident about economic growth in the second quarter, according to a survey released today.

Italian hedge fund market constrained
“80% of the asset management industry in Italy is controlled by the banks. So even if a good company with a good product comes along, it’s not so easy for them to get clients.”

Report: Sycamore memo points to options backdating
Employees discussed in the memo how they could manipulate the dates of stock-option grants to make them more lucrative and keep their actions hidden from Sycamore’s auditors, the Journal said.

House Approves Rating Agency Shakeup
In a move that could drastically alter the landscape for Moody’s and S&P, the House passes a bill intended to open up the credit rating business to more firms.

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