Banking industry
A brief power outage occurred in downtown Charlotte on [date], affecting approximately 4,800 commercial and residential customers for about 30 minutes. The shutdown was attributed to a problem at a Duke Power substation. Spokesmen for Bank of America and Wachovia Corp. reported that neither company experienced significant business disruptions.
Banking industry
The Philippine government has unveiled a plan to promote technology-based entrepreneurship as a key strategy to improve the country's economy and create jobs for Filipinos. According to the 2004-2010 Medium-Term Philippine Development Plan (MTPDP), the government aims to develop a critical mass of scientists and researchers to enhance
Banking industry
The South Korean government has announced that it will ease regulations on private equity funds, allowing local companies to set up their own funds and potentially disrupt the dominance of foreign players in the market. Starting from December 6, South Korean companies will be able to establish private equity funds,
Banking industry
The Cabinet Committee on Privatisation (CCoP) has approved a transaction structure for the sale of 51% to 73% shares of the Karachi Electric Supply Corporation (KESC) to a strategic buyer, paving the way for the privatisation of the utility. The decision was made during a meeting chaired by Prime Minister
Banking industry
The Government of Mongolia has received financing from the World Bank to improve expenditure management and strengthen institutional capacity for wage bill and establishment control. As part of this initiative, the Civil Service Council of Mongolia is seeking consultants to provide expert services to update its civil service reform strategy
Banking industry
Shares in Macquarie Bank Ltd and Leighton Holdings Ltd surged significantly today after a consortium, in which they are members, was named the preferred tenderer for the A$2.5 billion Mitcham-Frankston freeway project. The Victorian government announced that the ConnectEast consortium, comprising Macquarie Bank, Thiess, John Holland, Alstom Australia,
Banking industry
Hong Kong Exchanges and Clearing has welcomed back Denise Tsang and Hui Yuk-min Archie Tsim, a former managing director, as a senior vice-president and special adviser to the head of the listing division. Tsim, a key figure in the MTR Corp merger, has returned to the company after a brief
Banking industry
International rating agency Fitch's upgrade of Indonesia's outlook from "stable" to "positive" has sparked interest among foreign investors, including those looking to buy securities issued by Indonesian companies. Bank Indonesia Senior Deputy Governor Miranda Goeltom said the upgraded rating will induce companies
Banking industry
In a welcome relief for Indian consumers, inflation took a breather last week, dropping to 7.80% from 7.87% the previous week. The decline was primarily driven by a slowdown in food prices, particularly vegetables and fruits, which have become cheaper. The Wholesale Price Index (WPI) inflation has now
Banking industry
The new service, powered by VeriSign's Intelligent Messaging Network, enables two-way messaging across virtually all popular mobile devices that support SMS capability. This allows students to receive instant notifications on loan approvals and access funds faster. The service also enables schools to communicate with students more efficiently, reducing
Banking industry
Wachovia, the nation's fourth-largest bank, has begun receiving check images from the Federal Reserve Bank using technology from Advanced Financial Solutions (AFS). This deployment enables Wachovia to move a critical mass of truncated check transactions from the Federal Reserve using electronic check presentment (ECP) with image-to-follow. The partnership
Banking industry
China's State Administration of Foreign Exchange has accelerated the pace of approving Qualified Foreign Institutional Investor (QFII) applications, with 21 QFIIs granted qualification and 19 receiving investment quotas totaling US$2.85 billion. Meanwhile, China is considering expanding the QFII experiment, potentially ending it and implementing it on
