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Krishnan sells stake in Petronas towers
Kuala Lumpur: Malaysian tycoon Ananda Krishnan has sold his remaining 49%
stake in a project that houses one of the worlds tallest buildings to
state oil firm Petronas. Petronas has exercised its right under an agreement
signed in the early 1990s to take a 100% stake in KLCC Holdings. It had
initially taken a 51% stake.
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No Asian rescue for global investors
Hong Kong: If Asia is your idea of a safe haven from the tempest raging in
global stock markets, think again."Investing in Asia is a bit like holding a
newspaper over your head in a storm. It protects you somewhat, but its not
exactly effective, says Leon Goldfeld, chief investment officer at
AXA Investment Managers (Asia).
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Bush knew of oil firms' woes when he sold shares
Washington: Government records show that President George W Bush while in
private business had confidential information in 1990 about financial
problems facing a Texas oil company just months before he sold stock in the
firm, The Washington Post reported on Sunday.
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Japan to fund bank mergers
Tokyo: Japans Financial Services Agency (FSA) is planning
to offer more public funds to encourage mergers in the troubled banking sector, the Nihon
Keizai Shimbun reported on Sunday.
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WorldCom bondholders fail to get debt-for-equity swap
Washington: A bankruptcy filing by telephone and data services company
WorldCom would not include a pre-negotiated debt-for-equity swap as some
bondholders had hoped, sources familiar with the situation said on
Saturday.
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Siemens declines comment on further 2,000 job cuts
Frankfurt: Germany's Siemens AG on Sunday declined to comment on a report it
plans to shed a further 2,000 jobs at its SBS information technology
consultancy arm, half of them in Germany.
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Thailand's PTT to explore Oman oil, gas
concession
Muscat: Oman on Sunday granted Thai energy giant PTT Plc oil and natural gas
exploration rights in a 1,162 kilometre square concession in the north of
the sultanate, the official Oman News Agency reported.
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Gulf Cable up 3.5% on H1 results
Kuwait: Kuwaiti cable manufacturer Gulf Cable gained 3.5 per cent on Sunday
after it reported a net profit of 5.871 million dinars ($19.56 million) in
the first half of the year. Cable rose 60 fils shortly after trading opened
on the Kuwait Stock Exchange (KSE) to 1.78 dinars a share, down 11 per
cent for the year
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Fraud case shakes faith in electronic banking
Sydney: A scam that Australian police say may have netted millions of
dollars has shaken faith in one the country's largest electronic banking
systems. Consumer groups have urged almost three million Australians
registered for Internet and telephone banking to check their accounts for
irregularities following security breaches involving the BPay electronic
funds transfer system.
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