S Korean credit card firm rescued
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Creditors agree a $960m rescue deal for LG Card, South Korea's leading credit card provider.
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U.S. buyout fund Lone Star said on Sunday   it was still in talks with South Korea's Kookmin Bank   060000.KS to sell Korea Exchange Bank (KEB) 004940.KS but   may decide to scrap a preliminary deal reached in May.
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U.S. buyout fund Lone Star said on  Thursday it was ending an agreement to sell Korea Exchange Bank  (004940.KS) to Kookmin Bank (060000.KS) in a $7.3 billion deal,  which has been subject to a long-running prosecutor probe.
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It's time for credit card companies to pay you back.
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SEOUL LG Group on Wednesday made a gesture toward compromise with creditors of its crisis-struck former subsidiary, LG Card, by offering as much as 264 billion won, or about one-third of what creditors are seeking.
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CONTRACTOR Henry Walker Eltin staved off a financial crisis yesterday, after privately held Swiss-based commodities trading giant Glencore came to the rescue with a $100 million capital injection.
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Rescuers on Thursday pulled at least four survivors from a building that collapsed 10 days ago during storms that killed more than 700 people in the Philippines, and soldiers were working frantically to free at least 20 other
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South Koreaâs financial regulator has found accounting irregularities worth Won1,980 billion ($1.7 billion) at Hynix Semiconductor, and has warned that the worldâs second largest memory chipmaker could be fined for the violations.
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HSBC (0005.HK) will receive  T$47.5 billion ($1.5 billion) in Taiwan government funds and  make a major cash infusion to rescue the failed Chinese Bank,  in the latest Taiwan acquisition by a major foreign bank.
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SEOUL, South Korea, Nov. 23 Â Lone Star Funds, the private equity firm based in Dallas, canceled an agreement to sell its controlling stake in Korea Exchange Bank to Kookmin Bank, South KoreaÂs biggest lender, citing Âpolitically motivatedÂ prosecutors who have been investigating the deal.
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Lone Star Funds, the buyout firm founded by John Grayken, plans to sell a stake in Korea Exchange Bank for as much as $1.1 billion after its move to divest entirely was derailed last year by a legal dispute. Lone Star is offering 73.1 million shares, or 11.3 percent of Korea Exchange, for 13,150 to 13.750 won ($14.19 to $14.84) a share, according to an e-mail message sent to fund managers by the Credit Suisse Group, the investment bank arranging the sale. Shares in Korea Exchange fell 1.7 percent, to 14,600 won, up 14 percent this year. Lone Star, based in Dallas, has struggled for two years to sell the controlling stake it bought in 2003 as Korean prosecutors contend that the firm purchased the shares at an artificially low price. The sale of part of the Seoul-based bank would allow Lone Star to return money to investors while the case is pending and retain a majority stake.
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Citigroup moved on Thursday to rescue seven affiliated investment funds that have been upended by the running crisis in housing-related debt.
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RESCUERS in the Philippines yesterday pulled at least four survivors from a building that collapsed in mudslides 10 days ago. The miraculous tale of survival came as officials
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CHICAGO The Pritzker family co-owned a suburban Chicago bank that failed three years ago. Now, it appears set to receive tens of (M) millions of dollars in a settlement involving the bank&#39;s collapse.
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Prosecutors made a second request for a warrant to arrest a former finance ministry official caught up in the sale of the Korea Exchange Bank to Lone Star Funds, a private equity fund in the United States. In making the request, the government added accusations of bribery and distorting evidence against the former official, Byeon Yang-ho. Mr. Byeon, who headed the financial policy bureau in 2003 when Lone Star acquired a 50.5 percent stake in Korean Exchange for $1.5 billion, is accused of conspiring to overstate the bankÂs financial problems to reduce the price. The Seoul Central District Court plans to hold a hearing this week on the request for the arrest warrant. Lone Star canceled its plan last week to sell the stake to Kookmin Bank for $7.4 billion.
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Bank of New Zealand has frozen all accounts held in the name of Access Brokerage, which was yesterday placed in liquidation after a client fund shortfall of around $5 million was discovered.
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Research In Motion Ltd.    and Samsung Electronics Co. Ltd.  have  settled a lawsuit in which RIM alleged the South Korean  electronics giant had infringed on its well-known BlackBerry  trademark with its competing BlackJack smartphone.