Reported by Star-Bulletin staff & wire
Tuesday, October 20, 1998
BankAmerica president resigns after big losses
CHARLOTTE, N.C. -- In the wake of massive losses on a hedge fund loan, David Coulter today announced his resignation as president of the newly formed BankAmerica Corp.Coulter, who had been touted as the likely successor to chairman Hugh McColl, instead will leave the nation's largest bank next week. Last week, the bank reported on its third-quarter earnings that it lost $372 million on a $1.4 billion loan to D.E. Shaw & Co., a New York-based hedge fund company.
BankAmerica was created earlier this month by the merger of Charlotte, N.C.-based NationsBank Corp. and San Francisco-based BankAmerica.
Philippine Air to restart international service
MANILA -- Flag carrier Philippine Airlines Inc. will resume some international flights at the end of the month following consultations with potential investors, a top company official said today.PAL Executive Vice President Manolo Aquino told Reuters that the airline would initially fly the Manila-San Francisco-Los Angeles-Manila route three times a week, starting Oct. 29.
PAL earlier deferred plans to resume international flights upon the request of potential investors.
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