May 29, 2003

Creditors of SK Global reject plan by sister company SK Corp to prop trading company up, and move instead to shut it down; SK Corp owns 38 percent of trading company and had offered to swap stock for portion of its debts; creditors, led by Hana Bank, reject offer as inadequate and say they will ask court in Seoul to place company into receivership, removing it from control of SK Group and company's own top managers; SK Corp expresses shock over decision and asks creditors to reconsider (M)

Most credit card agreements now include provision allowing companies to reset anyone's interest rate based on size and status of other debts; improvements in information technology and change in federal law spur card companies to check customers' data regularly, not only when they review applications or notice missed payments; some federal and state legislators are proposing limits to rate increases; they are concerned that consumers have not been adequately informed about practice and that sharp jumps in rates may be unreasonable; Congress must decide by end of year whether to reaffirm critical section of federal law governing use of personal credit reports by lenders; some lawmakers want to give states more power to restrict rate changes, and others want to limit how companies can use person's credit information; hearings begin this month; photo; chart (M)

Budget airline Ry

World Business Briefing: Switzerland: H.I.V. Drug Cle

Malaysia's gross domestic product expanded 4 percent in first quarter from year earlier, in line with analysts' expectations and slowing from revised 5.4 percent in fourth quarter (S)