More hurdles for Peregrine

Article Abstract:

Germany-based Commerzbank AG's $41.3 mil lawsuit against bond-trading firm Peregrine Fixed Income Ltd may spark a rush of lawsuits by other creditors of Peregrine. Under the lawsuit, Commerzbank is seeking to recoup $41.3 mil from a currency swap that it made with Peregrine just prior to the collapse of the latter and its parent, Peregrine Investment Holdings Ltd. Commerzbank contends that directors of Peregrine had prior knowledge that the firm was headed toward bankruptcy, but failed to protect the funds from Commerzbank.

Business Credit Institutions, All Other Nondepository Credit Intermediation, Cases, Commercial finance companies, Commerzbank AG, Peregrine Fixed-Income Ltd.

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Hong Kong chief offers some proposals, but scant relief

Article Abstract:

Chief Executive Tung Chee Hwa has announced plans to adopt a number of administrative reforms aimed at improving Hong Kong's economic status during a congressional speech aired in Oct 1998. Although Tung Chee Hwa vowed to increase the country's federal budget by $903.7 billion, he stressed that public coordination would play a critical role in Hong Kong's economic development. The leader further pledged to provide additional allocation for high-technology and multimedia research and enhance the country's global competence.

Public Finance Activities, Economic Programs, Administration of Economic Programs, National Government Expenditures, Evaluation, High technology industry, Finance, Economic policy, Economic development, Hong Kong, Government spending policy, Public expenditures, Waste management, Tung Chee-hwa

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