Europe sets itself as model for Asian monetary cooperation
Berlin: Europe on Saturday set itself up as a model for monetary cooperation in Asia, but has yet to achieve that regions impressive economic growth rates.
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Enron board knew of accounting shams: Panel
New York: A US Senate subcommittee concluded the board of directors of Enron Corp knowingly allowed Enron to engage in high-risk accounting, Time magazine said on its website on Sunday.
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Bank of China HK launches $3.2-bn IPO
Hong Kong: The Bank of China Hong Kong, the territorys second-largest by assets, said on Sunday it hopes to raise up to $3.17 billion in Hong Kongs biggest initial public offering in almost two years.
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US Airways, pilots near agreement
Chicago: US Airways Group is close to an agreement with its pilots union on wage concessions part of cost cuts the struggling airline says it needs to obtain a $900m federal loan guarantee, a union spokesman said on Saturday.
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Opening up: Asean nations can go solo
Kuala Lumpur: At a weekend retreat in Malaysias Genting Highlands resort housing the nations only casino, Southeast Asian trade ministers abandoned tradition by adopting a new formula to speed up the opening of the regions banks and other sectors to foreigners.
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Malaysia plans oil stockpile for region
Kuala Lumpur: Malaysia said on Sunday it wants to start stockpiling oil with giant neighbour Indonesia to guard against supply problems and reduce exposure to market forces.
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WorldCom bondholders consider debt swap
New York: WorldCom Inc's bondholders are likely to propose a debt-for-equity swap that could throw a lifeline to the struggling telecommunications company by wiping out much of its $32.8 billion in debt.
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Rating agencies may be too quick on the trigger
New York: Blasted for being slow to downgrade Enron Corp last year, rating agencies since have drawn investor ire for becoming too aggressive.
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DaimlerChrysler: Bombardier lawsuit is baseless
Berlin: German-US auto giant DaimlerChrysler AG on Saturday said the $976-million damage suit against it by Canadian transportation group Bombardier Inc was groundless.
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Creaky but indispensable US model
New York: It is quite likely that the recent trials and tribulations of the American capitalist model will lead to its emerging stronger than it was before the crisis. Therein lies hope for those who believe in the market-based model of economic development. But, whether emerging economies will be able to catch up with the requirements of detailed regulations and governance that are needed to cope up with the existing flaws in the US model remains to be seen. While the US with its wealth of talents and re sources may be able to cope with the challenges that reform processes involve, emerging economies may find it difficult.
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