News briefs:January 12, 2005

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Wednesday, January 12, 2005

The following stories made international headlines Wednesday:

Nortel completes restatement[edit]

After 14 months, three missed deadlines, and a change of CEOs, Canada's Nortel (ticker NT) finally reported their audited restatement of earnings for 2001, 2002, and 2003. Five board members are stepping down.

Source: BusinessWeek Online: Nortel: Beyond Closing the Books

Former Philippine president Joseph Estrada in Hong Kong hospital[edit]

Police reported to the Sandiganbayan, the anti-graft court investigating the former Philippine president, and leaked to the press, that Estrada had hosted members of his former cabinet for dinner and stayed overnight away from the hospital in which he is supposed to be confined. He is in hospital to undergo knee replacement surgery.

Source: Philippine Daily Inquirer: Estrada wanders out in HK

Interim Prime Minister Iyad Allawi acknowledges issues for Jan. 30 poll[edit]

As new attacks kill at least 25 people, interim Prime Minister Allawi admitted not all Iraqis would be able to vote:

"There are some pockets that will not participate in the election but they are not large."

Source: Hindustan Times: Nationwide Iraq polls impossible: Allawi