Bank of America plan gives credit to Chinese

Posted on Sun, Apr. 22, 2007email thisprint this
Briefs
Bank of America plan gives credit to Chinese
From news services
Bank of America Corp. plans to collaborate with China Construction Bank to
operate a credit card business in China.

The agreement announced last week initially calls for China Construction Bank to
create a stand-alone credit card unit, with Bank of America providing advisory
services.

Later, the unit would become a registered Chinese-foreign credit card joint
venture, with the Charlotte, N.C.-based bank acquiring 37 percent. That move
requires approval from the Chinese government, which plans to change how it
regulates ownership rules for foreign financial institutions that do business in
the burgeoning economy.

After additional regulatory approvals, Bank of America would issue co-branded
credit cards.

U.S., British unions sign pact for merger

U.S. and British trade unions have agreed to work toward a merger that would
establish the first trans-Atlantic labor organization and pave the way for a
larger entity to represent workers worldwide.

The Pittsburgh-based United Steelworkers union and two British unions ? Amicus
and the Transport and General Workers? Union ? are expected to begin talks in
June and could merge within one year, USW President Leo Gerard said.

?As corporations globalize and global capital flexes its muscles, we have to
build a counter-force,? he said last week in a conference call with reporters
from a Steelworkers meeting in Canada.

The USW is North America?s largest industrial union, with 850,000 members in the
United States and Canada.

Apple?s CEO maintains his usual $1 salary

Apple Inc. Chief Executive Steve Jobs received a salary of $1 last year,
according to documents filed April 16 with the Securities and Exchange
Commission.

Since returning in 1997 to the helm of the company he co-founded and catapulting
Apple to record profits, the legendary Silicon Valley executive has opted to get
only a token paycheck.

But as of March 20, Jobs, 52, still owns more than 5.4 million in restricted
shares, worth about $490 million at the April 13 closing stock price.

For the fiscal year that ended in September, Jobs was reimbursed $202,000 for
expenses related to the business use of his private plane, the regulatory filing
said. The jet plane was an executive perk Jobs received back in 2001.

GM Europe to spend $4.2 billion on compact

General Motors Corp. said it will spend $4.2 billion on the next generation of
its Opel Astra, and chose plants in Germany, Sweden, Poland and Britain to build
the new compact vehicle.

The world?s biggest automaker did not specify last week whether its decision
would mean any other European facilities would be closed.

It said it would not allocate compact car production to its Antwerp, Belgium,
plant beyond 2010, but stressed that no decision had been made to shut the
factory.

The new Astra is expected to be available for sale in Europe by 2010 with an
estimated annual production of 750,000.

AARP extends deal with UnitedHealth

AARP has extended an agreement with UnitedHealth Group Inc., the biggest drug
provider under Medicare, and also announced a new deal for Aetna Inc. to offer
insurance aimed at younger retirees.

UnitedHealth has become the largest provider in the Medicare prescription drug
program in part because it made a deal to be the only provider of an
AARP-branded drug plan. That deal was set to expire at the end of 2007 but now
will run through 2014, the company said last week.

The deal also covers AARP-branded Medicare Advantage,and Medicare Supplement
products across all markets.

AARP, a non-profit organization for people older than 50, will continue its
UnitedHealth-run insurance for members between the ages of 50 and 64. On
Tuesday, AARP said it would now also carry an Aetna plan for people in that age
range.

http://www.fortwayne.com/mld/journalgazette/17119056.htm
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