Micron names new CEO
Micron Technology Inc named Mark Durcan as its chief executive on Saturday, replacing Steve Appleton, who died on Friday after crashing an experimental plane. Durcan, 51, who had been planning to retire in August, was appointed by the board of Boise, Idaho-based Micron after agreeing to fill in temporarily. Robert Switz will become chairman of the board and Mark Adams, head of sales, was named company president, Micron said in a statement. Durcan, who joined Micron in 1984, had been scheduled to hand over his role as chief operating office to Adams in August. Adams joined Micron in 2006 as part of Micron’s acquisition of Lexar Media Inc. They will pick up where Appleton left off, navigating the sole US maker of computer memory through a period of volatile price swings that left Micron unprofitable eight of the past 14 years.
Official outlines bailout path
Budapest must improve its investment environment and slow legislative changes to obtain an international bailout, Mihaly Varga, chief of staff to Prime Minister Viktor Orban, told Magyar Hirlap in an interview. Budapest is seeking an aid package from the IMF and EU of about 15 billion euros (US$20 billion) to 20 billion euros, Varga said. The “outlines” of a deal might be done in one or two months as it is in the interest of both sides to come to an agreement quickly, Varga told the newspaper. The IMF had several suggestions which the government “must take seriously,” including on the country’s investment environment, Varga said, adding that speed of changes initiated by the Cabinet had been difficult to follow for some investors.
Deficit comes in under cap
Manilas’ budget deficit for last year will be about 192 billion pesos (US$4.5 billion), or 2 percent of GDP, against a ceiling of 300 billion pesos, according to Budget Secretary Butch Abad. The deficit will be capped at 2.6 percent of GDP this year, Abad said in an e-mailed statement yesterday. The revenue target for this year is 1.5 trillion pesos, against planned spending of 1.8 trillion pesos, Abad said. Overseas remittances are “projected to spike” 6 percent to 7 percent a year, and the business process outsourcing industry might grow 20 percent this year, he said. Inflation will be within a 3 percent to 5 percent target, Abad said.
South Korean profits fall
Profits at South Korean branches of foreign banks fell 16 percent last year as income from interest and securities trading fell, the country’s financial watchdog said. Combined net income of the 38 branches of overseas lenders totaled 1.23 trillion won (US$1.1 billion), the South Korean Financial Supervisory Service said in an e-mailed statement yesterday. Five of the outlets posted losses, while combined profit at 16 investment banks declined 30 percent from a year earlier, according to the report, which did not identify the companies. Profits at six banks from the Americas declined 30 percent, while net income at 15 European banks slid 33 percent, the watchdog said. In contrast, 15 Asian lenders boosted their profit by 6.6 percent, while earnings at two Australian banks also rose. The regulator said it would increase monitoring of any strategic changes by the banks, as well as the effect of the branches’ operations on the local market.