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Germany has been awash in red ink this year, and no sector has been flooded worse - and with potentially greater consequences - than the banks. Last week Deutsche Bank, Germany's largest and considered its strongest, posted a surprise third-quarter, pre-tax loss of [EURO] 181 million, down from a [EURO]363 million profit for the same period in 2001. Deutsche's Munich-based counterpart HVB, Germany's second-largest bank and Europe's largest lender, also posted a third-quarter loss - of j447 million, compared to a j94 million profit for the same period last year. Commerzbank and Dresdner...
...Columbia has been willing to adapt its curriculum over time and, to popular acclaim, recently added the Koran to reflect the increasingly multicultural society in which the institution found itself. And, lest anyone decry the Columbia system as close-minded, it should be noted that, in addition to the Euro-centric humanities requirements, students there must take two semesters of classes that examine non-Western cultures to a far greater depth than Harvard’s Foreign Cultures Core requirement mandates...
...Whether Yang's Euro-Asia Agricultural (Holdings) has sinned remains unclear. But the company, which grows orchids and sells flower seedlings, is certainly being punished. Trading in Hong Kong-listed Euro-Asia Agricultural (Holdings) shares has been suspended since Sept. 30; the stock price had plummeted 86% since May, to less than $0.05. Since Yang's arrest, the company looks very much like it is imploding. Four top officials, including the vice-chairman, resigned in the last two weeks citing "personal reasons," according to company statements. The chief executive officer stepped down in September. The company also disclosed that...
...More bad news could be coming. According to a press report, China's securities regulators sent a letter to their Hong Kong counterparts in late September alleging that Euro-Asia may have inflated its revenues. Neither regulatory body would confirm that such a letter was sent. (A company spokesman didn't return phone calls seeking comment...
...Euro-Asia is raked through the muck, the concern now is that other listed private Chinese companies will be splattered. A UBS Warburg index of 20 of these so-called "private chips" has fallen 10% since it was inaugurated in January 2001. That's far less than the 45% fall of Hong Kong's benchmark Hang Seng Index. But p-chips plunged three percentage points since the Yang scandal broke. Because of the lack of transparency and secrecy among Mainland companies, "it is quite difficult to sort out which are the reliable ones and which are the crooks," says Willis...