Thesun 2009-02-06 Page17 Klci Index
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theSun
| FRIDAY FEBRUARY 6 2009
17
business
Updated IS in a new model pg 18
briefs Exec pay limits for bailout companies WASHINGTON: President Barack Obama took on bailed-out Wall Street firms on Wednesday, setting a US$500,000 (RM1.8 million) annual cap on pay for top executives at companies receiving taxpayer funds and tapping popular anger over financial sector excesses. He said more measures would be outlined next week to overhaul the crisis-hit US financial sector, which has been propped up with billions of dollars in public funds. “This is America, we don’t disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidised by US taxpayers,” he said. The president won support in Washington, with some Republicans who were critical of the financial sector bailout praising the move. But Wall Street critics said the compensation cap was a political gambit that could prompt a talent flight from affected firms. – Reuters
Senate OKs softened ‘Buy American’ plan WASHINGTON: The US Senate voted on Wednesday to soften a “Buy American” plan in its US$900 billion (RM3.24 trillion) stimulus bill after President Barack Obama expressed concern the original language
could trigger a trade war. Senators, on a voice vote, approved an amendment requiring the Buy American provisions be “applied in a manner consistent with US obligations under international agreements”. The change gives Canada, Mexico, the European Union and certain other major trading partners some comfort they would be exempted from a strict requirement in the bill that all public works projects funded by the stimulus package use only US-made iron, steel and manufactured goods. The House of Representatives has passed a nearly identical Buy America provision without such a guarantee. – Reuters
Downturn costs HK tycoons billion$ HONGKONG: Hongkong’s top 40 tycoons lost more than half their total wealth over the past 12 months as plummeting stock markets savaged investments, Forbes magazine said yesterday. The total wealth of the city’s 40 richest men, women and families plunged from US$179 billion (RM644.4 billion) to US$82 billion (RM295.2 billion), Forbes said in an article to mark the start of the Chinese Year of the Ox. Li Ka-shing, head of conglomerate Hutchison Whampoa which has interests ranging from ports to mobile phones, saw his wealth drop from US$32 billion (RM115.2 billion) to 16.2 billion (RM58.32 billion). – AFP
| FRIDAY FEBRUARY 6 2009
17
business
Updated IS in a new model pg 18
briefs Exec pay limits for bailout companies WASHINGTON: President Barack Obama took on bailed-out Wall Street firms on Wednesday, setting a US$500,000 (RM1.8 million) annual cap on pay for top executives at companies receiving taxpayer funds and tapping popular anger over financial sector excesses. He said more measures would be outlined next week to overhaul the crisis-hit US financial sector, which has been propped up with billions of dollars in public funds. “This is America, we don’t disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidised by US taxpayers,” he said. The president won support in Washington, with some Republicans who were critical of the financial sector bailout praising the move. But Wall Street critics said the compensation cap was a political gambit that could prompt a talent flight from affected firms. – Reuters
Senate OKs softened ‘Buy American’ plan WASHINGTON: The US Senate voted on Wednesday to soften a “Buy American” plan in its US$900 billion (RM3.24 trillion) stimulus bill after President Barack Obama expressed concern the original language
could trigger a trade war. Senators, on a voice vote, approved an amendment requiring the Buy American provisions be “applied in a manner consistent with US obligations under international agreements”. The change gives Canada, Mexico, the European Union and certain other major trading partners some comfort they would be exempted from a strict requirement in the bill that all public works projects funded by the stimulus package use only US-made iron, steel and manufactured goods. The House of Representatives has passed a nearly identical Buy America provision without such a guarantee. – Reuters
Downturn costs HK tycoons billion$ HONGKONG: Hongkong’s top 40 tycoons lost more than half their total wealth over the past 12 months as plummeting stock markets savaged investments, Forbes magazine said yesterday. The total wealth of the city’s 40 richest men, women and families plunged from US$179 billion (RM644.4 billion) to US$82 billion (RM295.2 billion), Forbes said in an article to mark the start of the Chinese Year of the Ox. Li Ka-shing, head of conglomerate Hutchison Whampoa which has interests ranging from ports to mobile phones, saw his wealth drop from US$32 billion (RM115.2 billion) to 16.2 billion (RM58.32 billion). – AFP
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