Indonesian banks downgradedJAKARTA -- Ratings agency Standard and Poor's on Wednesday downgraded the ratings of 15 major Indonesian banks, citing incomplete government guarantees, new capital requirements and confusion over a planned currency peg. ``Implementation of a currency board runs the risk of intensifying an already tight liquidity situation,'' the agency added in a statement, referring to the peg plan.
There were also gaps in a government guarantee of all bank deposits and loans and new minimum capital requirements, which only 10 out of more than 200 banks are currently able to meet, meaning many banks would have to merge, the statement said.
Violence at HK bourse over losses
HONG KONG -- Scuffles erupted at the door of Hong Kong's stock exchange on Wednesday as scores of investors hurt in the collapse of a brokerage tried to storm the building. Scuffles broke out between police and clients of collapsed brokerage CA Pacific Securities Ltd. Witnesses said more than 50 angrydemonstrators tried to storm the stock exchange building demanding their cash or shares back. But police barred entry, leading to clashes.
Sony opens Rs 59 cr software centre
BANGALORE -- SONY Corporation has opened its first software centre in the country here to develop platform software and support business software applications with an investment of Rs 59 crore.
The centre, set up by it's Indian subsidiary, Sony India Limited, would execute works through its Software Architecture Division (SAD) and System Design Division (SDD), chief technology officer of Sony Corporation, Minoru Morio, told a press conference here last night.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
