Fiat execs to meet GM, banks discuss spinoff
Milan: Fiat said on Tuesday its top executives would meet the crisis-hit group's U.S. partner, General Motors, later this week after a source said the Italian group had earlier discussed with its banks the possibility of spinning off its auto unit.
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Kmart shutting stores, slashing jobs
New York: Discount retailer Kmart Corp. said on Tuesday it would shut one in six of its stores and cut as many as 37,000 jobs in hopes of emerging from bankruptcy as soon as April 30.
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WorldCom CEO outlines turnaround plan
Washington: WorldCom Inc. CEO Michael D Capellas said the bankrupt carrier will file a reorganisation plan by April 15 and will fire some employees as the result of ongoing internal investigations into the company's massive accounting abuses.
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BoJ pulls up its socks
Tokyo: Pressure on the Bank of Japan to adopt a radical approach to help cure economic ills intensified on Tuesday as data showed slowing money growth and a major ratings agency urged the central bank to take action.
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Global bond defaults hit record $177bn in ’02: S&P
New York: A record $177bn worth of bonds worldwide went into default in ‘02, Standard & Poor’s said on Monday, as slow economies and accounting worries caused companies’ debt-paying abilities to sink.
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CNN head Isaacson steps down
New York: Walter Isaacson, the head of CNN, stepped down on Monday, just 18 months after taking the job to restore the pioneering all-news network’s ratings dominance that it had lost to upstart Fox News.
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