Banker Arrested in Parmalat Probe
Italy's tax police arrested a former Bank of America banker, Luca Sala, at his Italian seaside villa as part of the investigation into the Parmalat Finanziaria bankruptcy. Commander Maurizio Raponi of the Bologna tax police office said prosecutors are investigating whether Sala appropriated funds from the dairy company. Sala was the head of corporate banking for Bank of America's Italian branch until he resigned in summer 2003 and joined Parmalat as a consultant.
Companies Can Keep More of Foreign Income
China will allow domestic companies to retain more of their income from foreign operations, further easing the restrictions on its currency. The Chinese currency regulator raised the amount importers and exporters can keep to as much as 80 percent, up from as little as 30 percent.
Western Banks Seek Yukos Assets
A syndicate of Western banks led by France's Societe Generale has asked a court in Texas to force the shattered Yukos oil company to repay an outstanding $482 million loan. A Yukos spokeswoman said the company was prepared to liquidate assets to raise money despite having all its Russian assets frozen by authorities.
Compiled from news service reports.