On this day
Revisit the news, notable people, and historical moments connected to this date.
In 2002, the world population was approximately 6,337,730,342 people[†]
Kookmin Bank, Korea's largest commercial bank, reports 36 percent drop in net income in second quarter; graph (S)
Market Place column on Ronald O Perelman's accord to unwind 2001 deal in which M&F Worldwide, company he controls, agreed to buy his controlling stake in Panavision at huge premium; Danny Breen, money manager who filed original suit challenging deal, hails victory; accord leaves Perelman in control of both companies; New York Stock Exchange says it will delist Panavision because its market value is below $30 milllion minimum; photo (M)
Leading population geneticist Dr Neil Risch of Stanford University, in report in online journal Genome Biology prompted by 2001 editorial in New England Journal of Medicine, challenges widely held view that race is 'biologically meaningless' concept; counters that race, defined as geographically based ancestry, is helpful for understanding ethnic differences in disease and response to drugs (M)
Congressional investigators say Merrill Lynch replaced research analyst who angered Enron executives in 1998 by rating company's stock 'neutral' at time brokerage was eager to win more investment banking business and that Merrill subsequently upgraded rating; move by brokerage followed memo from investment bankers Rick Gordon and Schuyler Tilney to president Herbert Allston complaining of loss of lucrative stock underwriting deal because Enron executives had visceral dislike of research analyst John Olson, and what he told investigators about its stock; contents of their memo discussed; Merrill vigorously denies allegations; disputes there was any link between its rating on Enron and desire to win more business; says firm never asked superiors to take action against Olson and that its employees behaved properly in dealings with Enron; says it was focused primarily on getting into Enron underwriting on basis of long relationship between both companies (M)
Criminal trespassing and other felony charges against Philadelphia 76ers guard Allen Iverson are dropped, but he still faces two misdemeanor counts; photo (M)
Rare first edition of Jane Austen's Pride and Prejudice sells at auction for over $62,000 (S)
Stock prices surge over 5 percent in broad rally; Dow Jones industrial average has risen over 1,000 points since hitting 5-year low, in biggest four-day gain since 1933; Dow rises 447.49 points for day, 5.4 percent, to 8,711.88; Standard & Poor's 500-stock index rises 46.12 points, 5.4 percent, to 898.96; Nasdaq composite index rises 73.13 points, 5.8 percent, to 1,335.25; Treasury securities prices fall sharply; 10-year note falls 1 11/32, to 102 15/32, to yield 4.55 percent; graph; tables of stock prices and key rates; photo (M)
Honda Motor Co reports earnings for April-June quarter of 107.5 billion yen ($905 million), up 20 percent from a year earlier, thanks to strong demand overseas for its minivans and sports utility vehicles; global sales rose 10 percent, to 194 trillion yen; company remains confident about its prospects for rest of year despite weaker sales at home, stronger yen and potential slowdown in US; Toyota Motor raises its 2002 production forecasts by 3.8 percent, to 5.5 million vehicles, with all the projected gains overseas; photo (M)
Escalation of Middle East violence intrudes on Arab-Israeli production of Sesame Street children's television program, jointly developed in afterglow of 1993 Oslo accords and broadcast in Arabic and Hebrew to receptive audiences; name Sesame Street has been changed to Sesame Stories because concept of street where people can mingle freely has become untenable; original shows were built around notion that Israeli and Palestinian children might become friends, but producers now see best hope as helping children to humanize their historic enemies through separate but parallel stories; say goal of friendship is beyond reality under present circumstances; drawing (M)
Merrill Replaced Analyst On Enron, Inquiry Finds In 1998, eager to win more investment business from Enron, Merrill Lynch replaced a research analyst who had angered Enron executives by rating their stock ''neutral'' with one who soon upgraded the firm's rating, Congressional investigators said. The move highlights the debate over one of the most contentious issues on Wall Street: To what degree do investment banks adjust their stock ratings in order to try to win business from the same companies. [Page A1.]
Placer Dome of Canada adds 35 cents a share in cash to its hostile, all-stock bid for AurionGold of Australia; revised bid values Aurion at 2.97 Australian dollars ($1.59) a share (S)