EXXON VICTORY: The US firm has won US and UK court orders blocking PdVSA from disposing of its assets ahead of a World Bank arbitration ruling on nationalized projects
Exxon Mobil Corp has secured court orders to freeze more than US$12 billion in worldwide assets of Venezuela's state-owned oil company, as it prepares to dispute the nationalization of a multibillion dollar oil project.

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Asian Development Bank (ADB) chief Haruhiko Kuroda warned yesterday that the continent was not immune to a US economic slowdown, despite its resilience amid the housing market turmoil.

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KICKBACKS: US Attorney General Michael Mukaseye said the deal was one of the largest healthcare fraud settlements the Justice Department has reached
Pharmaceutical giant Merck & Co has agreed to pay more than US$650 million to resolve allegations of fraudulent drug pricing and improper kickbacks, the US Justice Department announced on Thursday.

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Japan Airlines chairman Toshiyuki Shinmachi announced his resignation yesterday to make room for younger leadership, saying he had seen the carrier through a successful turnaround.

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ENLARGING CAPACITY: The US glassmaker said it would invest US$453 million over two years in the facility's fourth-phase expansion to expand LCD production for TV sets
By Kevin Chen
Corning Inc, the world's largest maker of liquid-crystal-display (LCD) glass substrates, said its board had agreed to invest US$453 million to expand its manufacturing capacity in Taiwan as demand for high definition TV sets increases worldwide.

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Hitachi Ltd, the world's fourth-largest maker of plasma-screen TVS, will sell its plasma displays to other TV makers, including those in China, to turn around its money-losing flat-panel business.

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Share prices are expected to strengthen after the Lunar New Year holiday amid ample liquidity, as funds continue to flow on appreciation of the local currency, dealers said yesterday.

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INVESTMENT FEARS: Some US lawmakers have voiced concern about Beijing's recent financial transactions and potential threat to the US economy
The US Treasury cautioned China on Thursday against using profits derived from its cash-flush sovereign investment fund to delay currency reform, as the fund's maneuvers came under congressional scrutiny.

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The US Justice Department has launched an inquiry into "Total Music," an approach for selling digital music that has been the subject of early discussions between major record labels and consumer electronics manufacturers, a person familiar with the inquiry said.

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■ TRADE

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