June-July 2009

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SUBSIDIARY

C�S KOREAN MOOD SOARS, CENTRAL BANK CAUTIOUS South Korea’s largest business lobby group said sentiment soared above 100, meaning most companies were optimistic for the first time since late 2007. The Chamber of Commerce and Industry gauge jumped to 110 from just 66 for the second quarter.

C�BT CANCELS PAY RISES, MOST BONUSES BT has cancelled all pay rises and cut the majority of its bonuses following two profit warnings. It said in its annual report the new chief executive of the troubled Global Services unit, Hanif Lalani, would not receive a bonus after he asked not to be considered. But BT had to pay out around $4.5m to Francois Barrault, who quit at the time of the first warning. BT said that all financial targets, based on free cash flow and earnings per share, were missed last year and so bonuses would not be paid.

C�JAPAN OPPOSITION WANTS TOBACCO TAX HIKE The largest opposition party plans to hike tobacco taxes with the goal of halving the nation’s number of smokers if it wins the next election, the deputy head of the party’s tax team said. Furukawa, a lower house lawmaker and former finance ministry bureaucrat, did not say how big the planned tax hike would be but said the level of the increase would be large enough to help halve the number of smokers.

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CORPORATE RELATIONS

Yahoo CEO Bartz says talking to Microsoft in good faith

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PAYMENTS European payment practices worsen

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www.worldfinance.com�L�July-August 2009

CONSUMERS

Nigerian firms feel pinch as credit slows

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MJP BOE PUIFS UBTLT 4IF TUSFTTFE FE :BIPP±T WBSJPVT POMJOF QSPEVDUT SFNBJO JO TPN TPNF NF PG UIF CFTU �� RECENT MILESTONES IN JP MORGAN’S HISTORY… 1 Chase acquisition of JP Morgan… Brand makeover 2 JP Morgan Chase acquisition of Bank One… De-emphasised JPM’s investment banking operations. 3 The correlation crisis… Forced to SFDFJWFE GBWPVS VS BCMF GFFECBDL L reduce risk exposure 4 Buying Bear Stearns… Showed the firm’s strength JO SFTQFDU UP 5 Post-Lehman Bros… Further JNQSPWFE USFOET OET JO QBZNFOU EFMBZT FMBZT T BOE QBZNFOU EFGBVMUT VMUT solidified the brand as strong and safe counterpart DPNQBSFE UP UIF TVNNFS XJUI XJEFTQSFBE XFBLFOJOH PG 1BZNFOU EFGBVMUT HMPCBM FDPOPNJFT 5IJT USFOE IPXFWFS IBWF JODSFBTFE XJMM CF GVSUIFS SFWJFXFE UIJT DPNQBSFE UP XJOUFS PG UIF TVNNFS UP BTTFT XIFUIFS JU TBNF ZFBS $PNQBSFE UP JT TFBTPOBM PS B DPOUJOVFE TVNNFS XJOUFS TFRVFOUJBM EFDMJOF JO QBZ TIPXFE B USFOE NPSF JO MJOF NFOU QSBDUJDFT ��

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