Toshiba: CEO says demand may slow
Toshiba Corp, the maker of Dynabook laptop computers, said demand for its products may slow in the first half of 2003 and a US attack on Iraq may lower consumer confidence. While Toshiba's sales of notebook personal computers and chips used in televisions and DVD players will rise until Christmas, the outlook for demand in the first half of 2003 is unclear, Chief Executive Officer Tadashi Okamura told Bloomberg News while attending the World Economic Forum's East Asia summit in Kuala Lumpur.
WorldCom: Ebbers's pension in question
WorldCom Inc's board of directors may revoke the US$1.5 million-a-year annual pension awarded former Chief Executive Officer Bernard Ebbers after he resigned in April, people familiar with the matter said. The board today will also discuss finding a replacement for current CEO John Sidgmore and proposals to sell assets to pay creditors of the largest bankruptcy in US history, the people said. The plan to sell assets and cancel some payments made to Ebbers is aimed at helping the company emerge from Chapter 11.
Equities: Shares plummet in Japan
Fears that Japan's decision to fix debt-saddled banks might lead to a spate of corporate failures sent share prices plunging yesterday. The Nikkei fell to a new 19-year low. The dollar surged against the yen. The Nikkei last hit a lower finish on June 16, 1983, when it closed at 8,645.33. On Friday, the Nikkei had gained 91.12 points, or 1.02 percent, to end at 9,027.55. But it had hit a then-19-year low Thursday, when it lost 1.25 percent. In New York, the Dow dropped 2.5 percent to a near five-year low of 7,528.40 Friday.
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