June 13, 2003

Telekomunikasi Indonesia says Securities and Exchange Commission might order New York Stock Exchange to remove Telkom's American depository receipts after rejecting company's year-end financial statement for having been audited by Grant Thornton Eddy Pianto, firm that has not earned SEC approval; Telkom was Arthur Andersen client until firm's demise last year (M)

Federal prosecutors charge former Dynegy employees Jamie Olis, Gene Shannon Foster and Helen Christine Sharkey with securities fraud and conspiracy in connection with their role in secretive project, which was code-named Project Alpha, aimed at disguising $300 million loan as cash flow; Dynegy says it has been and remain committed to complete cooperation with US Attorney's Office in Houston and other government agencies; Securities and Exchange Commission says it is filing civil suit against three former employees to impose fines and to seek return of their bonuses and trading profits received during period when they planned put into motion secretive transaction; photo (M)

Article on System Dynamics, headquartered in Yonkers, NY, which has become one of top car customizers in US; photos (M)

New York City Schools Chancellor Joel Klein alters school schedules over UFT objections, adding 50 minutes of class time on Tuesdays and shortening other school days so teachers can attend training in new citywide curriculum; union leader Randi Weingarten says negotiations are required (M)

Slight alteration in formula governing financial aid will cause millions of college students to have to shoulder more of cost of their education; change comes as result of bureaucratic adjustment requiring neither Congressional approval nor public comment of any kind; it is expected to diminish government's contribution to higher education by hundreds of millions of dollars, starting in fall of 2004; at issue is single, intricate equation known as federal need analysis, whose purpose is to decipher how much of family's income is truly discretionary and therefore fair game for covering college expenses; Education Dept has reduced amount of state and local taxes that families can deduct, seemingly leaving families with more money left over to pay for college, even though state and local taxes have gone up over last year; Education Dept acknowledges disconnect between formula and current trajectory of state and local taxes, but contends that it is required by law to update tax tables periodically and that IRS data it is given is at least three years old, reflecting period when state taxes were considerably lower (M)