■ Banking
Singapore woos Muslims
Singapore is launching a drive to become a center for Islamic financial services as part of attempts to strengthen ties with the Middle East, former Prime Minister Goh Chok Tong said. Islamic law forbids the charging of interest. Islamic banking conforms to this guideline, and appeals to Muslims who don't want to deal with Western-style institutions. Singapore already has a major banking and fund management industry, backed by assiduous government support. The city-state promotes itself as a regional financial center. "I want to turn Singapore into a center for Islamic financial services too," Goh, who is now the central bank governor, said in a speech late Friday. Singapore's central bank is already reviewing local regulations to see if there are any "impediments" to the spread of Islamic-style financial services.
■ Stock Market
Yahoo sells Google shares
Yahoo Inc said on Friday it sold US$191 million in Google Inc stock in that company's initial public offering, cashing out some of the 2.7 million shares Google gave Yahoo this month to settle two disputes. Yahoo sold 2.3 million of the Class A shares last week at US$82.62 apiece. Google shares began trading on Aug. 19, following its IPO. In exchange for giving Yahoo 2.7 million shares on Aug. 9, Google got a perpetual license to Yahoo's patent on matching online advertisements to Web-search results. Yahoo also agreed to drop another dispute over warrants to purchase shares that Google granted it under a partnership signed in 2000. Google's stock closed at US$106.15 on Friday, down US$1.76, or 1.6 percent, on the NASDAQ Stock Market. Yahoo also converted 1.1 million Class B common shares into a like amount of Class A stock, leaving Yahoo with 1.48 million Class A shares.
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