May 31, 2020
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Global Business

IN a surprise development, Japan's Nissan Motor Corporation has offered leading edge technology to potential rival Samsung Group to help the South Korean conglomerate enter the car business. In return, Nissan will get a much-needed cash infusion of $ 4 billion-5.5 billion over the next seven years. Earlier, Japanese car manufacturers only transferred older technologies.

TIME Warner Inc has sold 50 per cent stake in Interscope Records Inc to its managing partners for $ 115 million, bowing to conservative pressure over the outrageous "gangsta rap" lyrics which, many believe, are capable of inciting violence against whites. Time Warner co-founded Interscol3e in 1990.

NICK Leeson's ghost strikes again. This time at Daiwa Bank of Japan which has suffered trading losses of $ 1.1 billion. A trader in Its New York offices caused the losses by trading illegally in US treasury bonds over 11 years. But Daiwa says it will absorb the losses and report profits.

THE Supernerd remains the richest American on earth. According to Forbes magazine, Bill Gates, founder-chairman of Microsoft, added $ 5 billion to his fortune last year, to end up with a personal net worth of $ 14.8 billion. Microsoft co-founder Paul Alien was fourth richest with $ 6.1 billion. Four of the five richest Americans have made their fortunes In technology and telecom-related businesses. Investor Warren Buffett, at No 2 with $11.8 billion, is the exception. The others in the top five are John Kluge of Metromedia (at No. 3 with $ 6.7 billion) and Sumner Redstone ($ 4.8 billion) of Viacom, which owns MTV.

IN a bid to curb the domination of the World personal computer market by Microsoft, Apple Computer Is trying to persuade IBM to abandon Its own PC operating systems and adopt Apple's Macintosh software instead. Exactly a year ago, IBM's bid to buy Apple had fallen through because the two couldn't agree on the price.

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