August 9, 2002

Fubon Financial Holding Co, Taiwanese financial services conglomerate, will acquire Taipeibank Co for $2.4 billion in stock, becoming sixth-largest owner of banks in Taiwan (S)

Havens article on problems that sometimes develop when co-owners of weekend homes no longer see eye to eye; photos (M)

Clyde Haberman NYC column on outrageous theft of large US flag from outside apartment building on East 70th Street; tenant, Joseph F Daly, had lent flag that had covered his father's coffin for display after Sept 11; he himself survived World Trade Center attack, which killed neighbor, Scott Saber (M)

Growing group of middle-class blacks are returning to 'The Hill,' Hill District in Pittsburgh, Pa, as part of slow-brewing residential shift that some researchers call black gentrification; The Hill, once one of nation's most prosperous predominantly black communities, is now one of poorest, most beleaguered areas of city; black professionals are part of push to recapture some of its colorful past; more than 500 new residents have come into neighborhood in last five years, most of them black; since mid-1990's, more than $300 million in government and private money has been committed to tear down dilapidated buildings, rebuild public housing and provide upscale housing; for many blacks, who say they have borne burden of integration--moving into white neighborhoods only to have whites leave--rebuilding The Hill on their own terms has special significance; photos; map; graph (L)

Floyd Norris column says combination of poor stock market returns and low interest rates threaten many companies with defined pension plans, like General Motors Corp, whose retirement benefits plans, including pensions and health care, have unfinanced liabilities of $61 billion, up from $34 billion in 1999; graph (M)

BASF, world's leading chemicals company, reports unexpectedly strong performance, with profit rising to 502 million euros ($484 million) from 11 million euros ($10.6 million) a year earlier; graph (S)

Qwest Communications reported a $1.14 billion loss in the second quarter, but it also said that it had met its goal of generating more cash than it spent. Business Day, Page C3.

China selects Australia to supply it with $11 billion to $13 billion of liquefied natural gas over next 25 years; begins negotiations for second contract, to import $8 billion to $10 billion of liquefield natural gas from Indonesia, which fought hard for contract that is going to Australia (M)

Novation, largest group in country that helps hospitals buy products, says it will fundamentally change its policies to make it easier for new, lifesaving medical products to reach hospitals faster; will begin using more medical supply companies, shortening length of its contracts and limiting amount of money it accepts from suppliers; critics, including some manufacturers, have said that Novation's contracting practices are anticompetitive; reform plan comes on heels of one announced by Premier Inc, nation's other big buying group; Senate Judiciary antitrust subcommittee, which has held hearings on buying groups, welcomes pledge but says it will monitor it closely (M)

Delano Ashman, 18, is stabbed to death outside John F Kennedy High School in the Bronx; Joseph Martinez, 17, fellow summer school student who worked as youth counselor, is arrested; photo (S)

New York Yankees defeat Kansas City Royals, 6-3; photos (M)

Hospitals' Buyer to Change Hoping to appease critics, Novation, which buys supplies for hospitals, said it would make it easier for new medical products to reach hospitals. BUSINESS DAY, PAGE C1