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Hana
Bank bids for Seoulbank; sale faces hurdles
Seoul: Hana Bank said on Thursday that it had put
in a bid to take over ailing lender Seoulbank, although
officials close to the deal said, the South Korean governments
four-year hunt for a buyer still faced hurdles.
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Ping
An insurance eyes strong growth
Hong Kong: Ping An Insurance, Chinas second largest
insurer, said on Thursday it wants to double its insurance
premiums in three years to over $11 billion but kept mum
about the timing of a planned stock listing and talks
to sell a stake to global banking giant HSBC.
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Two
top ex-WorldCom executives arrested
Washington: Two former top executives of bankrupt
telecommunications firm WorldCom were arrested and charged
with securities fraud on Thursday for their role in the
$3.85 billion accounting scandal that has rocked confidence
in corporate America.
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American
Express, others pay up on violations: report
New York: American Express, Wachovia Corp and Deutsche
Bank AG negotiated confidential agreements with the Treasury
Department in recent years to settle allegations that
they violated U.S. restrictions on doing business with
Cuba, Iran, Libya and other countries, the Wall Street
Journal reported on Thursday.
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Bosses
told CFOs to cook up books: US survey
New York: One in six key financial officers of
large US companies has felt pressured by bosses to misrepresent
financial results in the past five years, according to
a survey to be released on Thursday. "Chief financial
officers face enormous pressure to fudge results," said
Julia Homer, editor-in-chief of CFO Magazine, which compiled
the survey of 141 financial executives at public companies
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Deutsche
Bank reports fall in Q2 net profit
Deutsche Bank reported a drop in net profit for the second
quarter but said that it had held its own as financial
markets plunged and made progress cutting costs.
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GE
CEO certifies results, to expense options
New York: General Electric, in a bid to reassure
investors, on Wednesday said it would start accounting
for stock options as an expense and said its chief had
certified the conglomerate's recent financial results.
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Justice
Department says Andersen appeal 'deficient'
Washington: The US Justice Department has urged
a district judge to deny Arthur Andersen's request to
have its conviction on obstruction of justice charges
thrown out.
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NZ's
Richmond issues full-year profit warning
New Zealand meat processor Richmond on Thursday issued
a profit warning for the full year to September, saying
the second half had not produced an expected recovery
in operating performance.
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Hyundai
Motor July sales up y-o-y
Hong Kong: Hyundai Motor, South Korea's largest
automaker, said on Thursday its automobile sales in July
rose to 155,630 units compared to 125,911 vehicles a year
ago.
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China
sets 2003 oil import quotas
Hong Kong: China has set its crude oil import quotas
for non-state firms at 9.52 million tonnes for 2003, the
State Economic and Trade Commission said on Thursday.
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China
H1 LPG imports up on low prices
Hong Kong: China's liquefied petroleum gas imports
rallied 41 per cent to 3.02 million tonnes in the first
half of 2002 from the year-ago period due to lower international
prices, industry newsletter China OGP reported on Thursday.
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Israeli
products slip through cracks in Arab boycott
Israeli hi-tech entrepreneur Sharon Elidan says he sells
thousands of mobile phone headsets to Saudi Arabia, a
country which officially boycotts Israeli goods.
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