Why No Banker in the World Can Tear His Eyes from Detroit

Article Abstract:

A legal dispute between Michigan National Bank of Detroit and Citicorp over $5 million which Michigan National loaned to Pemex, the Mexican national oil company, as part of a participation loan engineered by Citicorp, is described. The loan was extended in the belief that it would be repaid within six months. Citicorp, however, obtained three ninety-day extensions. Legal aspects are examined. Another rollover may be in the offering.

Banking industry, Cases, Mexico, Loans

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New growth zone eyes regional links

Article Abstract:

An industrial corridor is being established in the region between Cagayan and Illigan on Mindanao, the Philippines. This formerly provincial region has become the nation's steel production center, and the federal government has plans to further develop other regional links between Mindanao cities. The Cagayan-Illigan Corridor is approximately 95 miles long and includes over 20 cities.

Economic aspects, Mindanao

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New incentives and priorities

Article Abstract:

Investment in the Philippines remains relatively strong despite a currency depreciation in 1997. The Board of Investment figures show approximately $14.6 bil worth of investment between January and September. The government has announced plans to implement a set of investment incentives to foreign investors, and an Industrial Development Plan may boost global competitiveness.

Economic policy, Investments

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