SKorea&#39;s LG Group, creditors remain wide apart on LG Card bailout
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SEOUL : South Korea&#39;s LG Group and creditors of its former card unit remain dvidied over a 1.1 billion dollar bailout for LG Card as overnight talks failed on how to split the rescue bill.
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NEW YORK, Jan. 11 -- In an unusual legal move, a group of Wall Street banks has challenged the settlement announced last week between 10 former WorldCom Inc. directors and plaintiffs in a class-action shareholder lawsuit filed after WorldCom collapsed into bankruptcy court in 2002 following charges of widespread accounting fraud.
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Sprint (nyse: FON - news - people ) President and Chief Operating Officer Len Lauer also had overseen the telecom&#39;s consumer division.
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Credit investors found it difficult to muster much joy over Kmart Holding Corp.&#39;s (KMRT.O: Quote, Profile, Research) plan to buy Sears, Roebuck &amp; Co.
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(InfoWorld) - The former head of LG's Korean mobile carrier, LG Telecom, will become the new chief executive officer of LG Electronics, the company said Monday. The appointment of Yong Nam will be effective from Jan. 1, 2007, and will give him control of a vast consumer electronics company that ranks among the world's largest manufacturers of mobile phone handsets, televisions, and air conditioners. Through its stake in LG.Philips LCD Co., the company is also a major producer of LCD (liquid crystal display) panels. Nam is currently head of strategic business at LG Corp. and led LG Telecom from October 1998 to May this year. Prior to those positions he has also served as president of LG's former multimedia division. LG Electronics also promoted Simon Kang from head of Korea sales and marketing to CEO of its digital display division and Skott Ahn from head of mobile handset research and development to CEO of its entire mobile communications division. The company also appointed Dominique Oh to head of European mobile communications and John Herington and Eric Surdej as the marketing heads of the U.S. and France divisions, respectively.
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Creditors of South Korea&#39;s LG Card Co. Ltd. and its former parent, LG Group, failed to reach a deal on a bailout of the ailing credit card firm on Wednesday, but both sides were open to more talks, a leading creditor said.
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When Kyocera (NYSE:KYO) bought Sanyo (NASDAQ:SANYY)'s mobile phone business last week, it left more than one analyst in Tokyo puzzled.
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LG Electronics Inc.&#39;s battle to beat the iPhone is far from over. The South Korean electronics company has unveiled its second iPhone-like handset and this one packs several important features the iPhone doesn&#39;t: 3G and high-speed cellular data networking.
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An attempt has failed to wind up the HBOS banking group over overdraft charges owed to some of its customers.
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There's a lot of uncertainty surrounding the Chinese cell-phone powerhouse.
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TOKYO - In the old days in Japan, a merger between two banks would have been quietly brokered behind closed doors. But the current clash between two major Japanese banks over competing bids for a smaller rival is turning into a boisterous public brawl.
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The deal with Verizon, which requires approval of the FCC, the US Bankruptcy Court and antitrust regulators at the US Justice Department, comes after a settlement reached in April resolving all disputes between the company and the FCC, the main creditor
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Socioeconomic Planning Secretary Romulo Neri on Tuesday said the Philippines is far from declaring default on its debts. &quot;We are not yet in that situation (bankruptcy),&quot; Neri told dzMM when asked if the Philippines
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Prosecutors indicted a Korean bank and a Belgium-based holding company owned by Lone Star Funds, an American private equity group, on charges of stock price manipulation in connection with Lone StarÂs 2003 acquisition of the bank. Lone StarÂs vice chairman, Ellis Short, and its general counsel, Michael Thomson, already face charges of spreading false information to weaken the stock price of the Korea Exchange BankÂs credit card unit before it was bought by Lone Star. The new charges are against the bank and LSF-KEB Holdings, a paper company based in Brussels that Lone Star set up in 2003 to take over the bank, according to Chae Dong-wook, a senior prosecutor. Officials of the bank and other Lone Star officials declined to comment.
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InfoWorld - LG Electronics Inc.&#39;s battle to beat the iPhone is far from over. The South Korean electronics company has unveiled its second iPhone-like handset and this one packs several important features the iPhone doesn&#39;t: 3G and high-speed cellular data networking.
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Daiei Inc., Japan&#39;s third-largest retailer, agreed to seek aid from a government-run bailout agency after failing to win creditor support for its own restructuring plan.
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The financial titans hope their co-branded cards win over better-heeled, prompt-paying consumers. It may not be so simple, however.