News Briefs

Outsourcing; Center Financial stock split; offices searched at ratings agency Fitch; GCP climbs more slowly.

  • Fully 88 percent of 165 senior executives believe that 2004 will see an increase in the outsourcing of jobs overseas by American companies, according to a survey conducted by executive search firm Christian & Timbers. Another 7 percent said the level of outsourcing will remain the same, while 5 percent predicted a decrease.
  • Center Financial Corp., the parent of Center Bank, a community bank focused on the Korean-American market, on Friday declared a 2-for-1 stock split of its common shares. Its shares are trading at about $26.
  • The Milan offices of ratings agency Fitch were searched last week by tax police investigating possible hidden losses at software company Finmatica, according to Reuters, citing judicial sources.
  • The U.S. gross domestic product climbed at a 4 percent annualized rate in the fourth quarter. This was short of the 4.8 percent that many pundits had expected and less than half the 8.2 percent pace in the third quarter.

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