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The Times & The Sunday Times
The Times & The Sunday Times
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The Times
The Times

MCI bankruptcy setback

MCI, formerly WorldCom, suffered a further blow to its plans to emerge from bankruptcy yesterday when a US authority said that it would bar the company from competing for government contracts. The General Services Administration said that WorldCom “lacks the necessary internal controls and business ethics”.

Giuliani ‘anti-terror’ fund

RUDOLPH GIULIANI, the former Mayor of New York who was hailed as a hero for his response to the September 11 terrorist attacks, confirmed that he was in talks to launch a $300 million (£187 million) fund in partnership with the merchant banking arm of Bear Stearns to invest in “anti-terrorism” companies.

Japanese banks warned

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JAPAN’S financial regulator is to give 15 banks, including three of the country’s biggest, an ultimatum to return to profit this year or risk an enforced management change. The banks will be ordered to submit profit targets and business plans.