September 4, 2002

Indian government steps in to rescue country's largest mutual fund manager, state-owned Unit Trust of India, whose investment performance has fallen far short of returns it promised to tens of millions of retail investors; government injects $3 billion in tax money into trust to cover shortfalls in US-64, country's oldest and largest mutual fund (M)

SAP AG says founding shareholders have dissolved agreement that bundled their shares; pooled voting rights, totaling 30.17 percent, were split among founders Hasso Plattner, Dietmar Hopp and Klaus Tschira to simplify company's capital structure and conform to generally accepted accounting practices; photo (S)

Brazil, faced with huge import tariffs, has unilaterally opened its market over last decade and is now negotiating major trade accords on three fronts: with US, to form Freed Trade Area of Americas, with European Union, as de facto leader of South America's trade bloc Mercosur and multilaterally, in World Trade Organization; Brazil still exports less than 10 percent of its gross domestic product and, though it is among world's top 10 economies, accounts for less than 1 percent of global trade; recent devaluation of its currency, the real, has made country much more competitive, especially in agribusiness; country currently runs world's biggest agricultural trade surplus, totaling $20 billion per year (M)

British fund manager Schroders reports 58 percent decline in profit in first half of year; net income was 13.3 million pounds ($20.7 million), compared with 31.3 million pounds year earlier; chairman Peter Sedgwick will retire on Dec 31 (S)

Andrew M Cuomo abruptly pulls out of race for Democratic nomination for governor of New York week before primary, avoiding what polls indicate would have been big loss to Comptrolelr H Carl McCall; Bill Clinton and Repr Charles Rangel flank Cuomo as he makes announcement that is humiliation for man who entered race in defiance of party leaders and tried to act as rebellious outsider; McCall becomes presumptive candidate, although Cuomo remains on Liberal Party line; photos; McCall camp had rebuffed what were considered Cuomo's presumptuous efforts to negotiate terms of withdrawal (M)