February 21, 2002

Philippine Stock Exchange in Manila reintroduces afternoon trading for frist time since 1970's; foreign funds are returning to Philippines and stock trading levels have more than doubled; graph; photo (M)

Hyundai Heavy Industries, world's largest shipbuilder, is completing its separation from Hyundai group in March by renouncing ownership of significant portion of its shares in Hyundai Asan, who operates tours to North Korea; Hyundai Heavy Industries, which owns 24.84 percent of Hyundai Asan, will reduce its equity stake to 14.95 percent by returning rest to company (S)

Apolo Anton Ohno of United States wins gold medal in 1,500-meter short-track speed skating event, after apparent winner Kim Dong Sung of South Korea is disqualified; Li Jiajun of China wins silver and bronze goes to Canada's Marc Gagnon; photo (M)

Global Crossing chairman Gary Winnick and board member Steven J Green were arranging complex side deal with Singapore investment firm KI Ventures that has ties to Asian alliance now trying to buy Global Crossing out of bankruptcy even as Global Crossing was heading toward financial collapse last fall; deal was not disclosed to creditors or shareholders in January when $750 million joint offer for Global Crossing's assets was made by Singapore Technologies Telemedia and Hutchison Whampoa; Singapore Technologies is wholly owned by same government-owned company, Temasek Holdings, that effectively controls Singapore firm in which Winnick and Green invested; Winnick and Green confirm details of Singapore deal, in which they acquired 13.4 percent stake in KI Ventures for about $25 million; say there was nothing inappropriate handling of transaction; chart; photo (M)

James Dyson, British inventor of bagless vacuum cleaner, announced this month that he plans to close assembly line in Malmesbury, Eng, and shift production of all his vacuum cleaners to much cheaper Asia; move will eliminate 800 of 1,800 jobs at his six-year-old plant, saving payroll and other costs as Dyson prepares to introduce his products into US market this summer; Dyson says move is matter of survival; map; photo (M)