Business news in brief

Posted: May 25, 2013

In the Region

Stepping off SAP's cloud

SAP AG said its cloud-computing chief and founder of SuccessFactors Inc., a software provider it bought last year, is leaving the company as part of a management overhaul. Lars Dalgaard will step down effective June 1 to become an investor, said SAP, which has its U.S. headquarters in Newtown Square. Danish-born Dalgaard, who joined SAP's executive board last year, will keep advising the business-software maker. Bob Calderoni, head of another company SAP bought last year, Ariba Inc., will now oversee the cloud-computing business. - Bloomberg News

Roma Bank discloses fraud

Roma Financial Corp., a small South Jersey bank-holding company being acquired by Investors Bancorp Inc., disclosed that it had been the victim of a check-kiting scheme by one of its commercial customers. Roma said in a filing Friday with the Securities and Exchange Commission it would recognize an after-tax loss of $1.1 million, or 4 cents per share, during the second quarter in connection with the scheme. Roma Bank has branches in Burlington, Camden, Mercer, and Ocean Counties. - Inquirer staff

N.J. AG reviews compounding

N.J. Attorney General Jeffrey Chiesa has hired the National Association of Boards of Pharmacy to help with an investigation of safety in compounding pharmacies. Chiesa's office is looking into safety practices at the 40 retail and 109 hospital compounding pharmacies. The pharmacies adapt mass-manufactured drugs for patients' specific needs, such as converting pills into liquid medications. The state is looking into the industry partly in response to mold found in intravenous bags a compounding pharmacy in Tinton Falls sent to a Connecticut hospital. - AP

Elsewhere

China to allow audit access

China has agreed to give U.S. regulators access to audit records for Chinese companies whose shares trade on U.S. stock exchanges, a step forward in a long-running dispute. The Public Company Accounting Oversight Board, a watchdog agency for the accounting industry, announced the agreement with China on Friday. The Securities and Exchange Commission has accused about a dozen Chinese companies of accounting fraud and has been investigating others. The SEC has said it had been hampered by the refusal of the Chinese government to permit access to the firms' accounting records. - AP

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