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FSA
bans Barclays Capital operations for 5 days
Tokyo:
Japans top financial regulator on Thursday suspended the Tokyo
branch of Barclays Capital from part of its derivatives business for
five days, saying it had violated transaction regulations.
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E&Y takes Andersen employees
Philadelphia:
Accounting firm Ernst &
Young has said that it has hired 130 former Andersen employees, as it
bolstered its global human resources unit.
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Investments
yet to roar back in Asia
Hong Kong:
Twin legacies of Asias 1997
financial crisis one painful, the other positive point to
another lacklustre year for capital spending across the continent
despite rebounding exports and robust consumer demand.
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Suzuki to take 15% stake in Daewoo Motor
Hamamatsu:
Suzuki Motor has said it will
take a 14.9-per cent stake in a new Daewoo Motor, helping it expand in
Asia and share vehicle development costs.
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ABB to sell estate to reduce debt
London:
Swiss engineering group ABB has
said that it is selling Swedish real estate worth $300 million to
Britains London & Regional Properties Ltd and will use the
proceeds to reduce debt.
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Audi H1 revenues down 1.4%
Berlin:
Volkswagens luxury car unit
Audi has said that its first half revenues fell 1.4 per cent to 11.26
billion euros ($11.08 billion) and forecast stagnant vehicle sales for
2002.
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WorldCom tumbles, drags down telecom sector
Philadelphia:
WorldCom shares lost almost all
their value and dragged down the entire telecommunications sector on
Wednesday after the No 2 US long-distance phone company disclosed a
massive accounting scandal.
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WorldCom woes could help rivals
Philadelphia:
WorldCom Incs accounting
scandal and likely bankruptcy could be a boon for rivals AT&T Corp
and Sprint Corp if skittish business customers flee in search of new
telephone and data services carriers, analysts said.
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CEO to fine-tune WorldCom
Philadelphia:
As WorldCom Inc teetered towards
what would be the largest bankruptcy in US history and faced federal
fraud charges, its CEO John Sidgmore vowed to continue cutting costs
following the revelation that the company hid $3.8 billion in expenses
from investors.
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UK railways into state-backed hands
Britain:
Britain handed its insolvent
railways to a state-backed firm on Thursday, ending a disastrous
six-year privatisation blighted by crashes and cash crises.
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Sam Wyly to seek 5 seats on Computer Associates
board
New York:
Texas billionaire Sam Wyly, who
last year waged an unsuccessful fight for control of Computer
Associates International Inc, plans to wage a new battle for five
seats on the board of the software maker, sources close to the
situation said on Thursday.
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IMF asks S Korea to speed up banks privatisation
New York:
The International Monetary Fund
has that South Korea could recover over half the $130 billion it spent
bailing out banks hit by the 1997/98 Asian crisis if it completed its
plans to privatise them.
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