Global Crossing to sell to Hutchison group
Hong Kong: Global Crossing has struck a deal to sell most of its fiber-optic network to two Asian investors, its creditors said on Friday, bringing to a close almost seven months of speculation about the future of the bankrupt phone company.
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Bank of Japan ignores IMF plea on deflation
Tokyo: The Bank of Japan ignored a call from the International Monetary Fund to act against deflation plaguing the nation's economy on Friday, keeping its ultra-loose monetary policy unchanged. [ 2:15:44 PM Friday, August 09, 2002, REUTERS ]
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Bridgestone H1 earnings rebound, plans expansion
Toyko: Bridgestone posted a strong rebound in first-half earnings on Friday and announced a $250 million boost to global capacity in a dramatic turnaround from a recall scandal that nearly destroyed its US Firestone brand.
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Japan's Kirin cuts 2002 profit forecasts
Tokyo: Japan's second-largest beermaker, Kirin Brewery, cut revenue and profit forecasts on Friday, reflecting fierce competition that is pushing brewers to slash operating costs amid sliding sales.
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Bridgestone to invest Y30 bn to boost tyre output
Tokyo: Bridgestone, Japan's largest tyremaker, said on Friday it planned to invest about 30 billion yen ($250 million) over two to three years to boost annual output capacity by eight million tyres from 2003. 
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Japan sets new accounting norms 
Tokyo: Japans top financial regulator set new accounting standards on Friday that will force companies to disclose losses on fixed assets such as property and buildings. 
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IMF raises Uruguay loan by $494 million 
New York: The International Monetary Fund on Thursday increased lending to Uruguay by $494 million, taking its total loan to $2.8 billion to help the tiny nation deal with a recent crisis sparked by a run on its banks. 
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