U.S. firms may use new accounting standards

Federal regulators on Wednesday proposed a plan to allow public companies to begin using international accounting standards for reporting financial results in two years, and may require them to do so starting in 2014. The five members of the Securities and Exchange Commission voted unanimously at a public meeting to propose a timetable for the switch to international financial reporting standards, or IFRS, to replace the U.S. standards known as generally accepted accounting principles, or GAAP.

Fannie Mae, the largest buyer and backer of U.S. home mortgages, said its chief financial officer and two other executives are leaving the company. Three current executives were promoted to replace them. Fannie Mae said CFO Stephen Swad and Chief Risk Officer Enrico Dallavecchiato are leaving to "pursue other opportunities." They'll be replaced by David Hisey and Michael Shaw, respectively. Peter Niculescu will be chief business officer, replacing the retiring Robert J. Levin.

IKON Office Solutions, which sells and leases copiers, printers and other office machines, has agreed to a $1.62 billion buyout offer from one of its suppliers, Ricoh Co. of Japan. The deal will combine Malvern, Pa.-based IKON's sales and service capabilities with Ricoh's engineering and manufacturing expertise, IKON said. It follows an "extensive review of our strategic opportunities," said IKON Chairman and Chief Executive Matthew Espe in a statement. The deal, approved by the boards of both companies, is expected to close in the fourth quarter.

Oil prices climbed for a third day Wednesday as fears deepened that Tropical Storm Gustav could enter the Gulf of Mexico as a powerful hurricane and disrupt oil and natural gas production. On its current trajectory, Gustav could also damage fuel refineries along the vulnerable Gulf Coast and push gasoline prices higher at the pump in time for Labor Day weekend. Light, sweet crude for October delivery rose $1.88 to settle at $118.15 a barrel on the New York Mercantile Exchange after spiking as high as $119.63. Retail gasoline prices shed half a penny overnight to a new U.S. average Wednesday of $3.667 for a gallon regular, according to auto club AAA, the Oil Price Information Service and Wright Express.

Chrysler said Wednesday it is weighing options for its Dodge Viper sports car, which could include a sale of the nameplate. The Auburn Hills, Mich., automaker has been approached by third parties "interested in exploring future possibilities with Viper," said Chairman and Chief Executive Bob Nardelli. The Viper line, part of the Dodge lineup since 1992, makes up just a fraction of Dodge's overall sales. Dodge has sold 682 Vipers so far this year, compared with more than 62,000 Chargers and 150,000 Rams.

Alcatel-Lucent shares jumped in European trading to their highest level in two weeks Wednesday on a report that the company is close to naming a successor for outgoing Chief Executive Patricia Russo. The world's largest supplier of fixed-line telecommunications gear declined to comment on the report in Le Canard Enchaine, a satirical and investigative newspaper, which said former top Alcatel executive Mike Quigley has been chosen to replace Russo.

The president of a Canadian food company is taking responsibility for tainted meat products from a Toronto processing plant causing an outbreak of illness from Listeria bacteria linked to the deaths of 15 people. Michael McCain said Maple Leaf Foods failed to produce safe products and it's up to the company, not the Canadian government, to remedy the crisis.