Monday, 20 August 2007

Today's News

HSBC, the UK's largest bank, is in talks to buy a possible 51% stake in Korean Exchange Bank (KEB) in trying to expand into fast-growing markets. The purchase would cost HSBC about $4.5bn (£2.3bn), and give it control of South Korea's fifth-largest lender. The stake is being sold by investment group Lone Star, which has been caught up in a survey over allegations that it bought the KEB holding too cheaply. Analysts project that HSBC is expected to complete the deal later this month (source: BBC News)

Dell, the compute company has said it will restate four year's worth of accounts because figures were tweaked so that the firm could meet earnings targets. Dell said that the changes would cut about $150m (£75m) from its net profit, less than many analysts had predicted. An audit found that "certain adjustments appear to have been motivated by the objective of attaining financial targets", Dell explained. The company is in the process of cutting 7,000 jobs, or about 10% of its global workforce, as it looks to offset falling sales and rising costs. (source: BBC News)

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