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The issue was one of accounting fraud in intercompany transactions at McCann Erickson, Interpublic's flagship unit.
Chingchai Lohawatanakul, chief executive of Charoen Pokphand Foods, the flagship unit of the CP Group, says that as prices fall, consumption will grow even more.
A spokesman for the flagship unit of the Hyundai Group said the company planned to lay off 8,189 workers, or 18percentt of its 45,000 employees, beginning in June, to maintain its competitiveness.
The lawsuit was filed in Federal Bankruptcy Court in Santa Ana, Calif., by the San Francisco law firm of Jenkins & Mulligan, one of several firms representing homeowners who had received home-equity loans from the First Alliance Mortgage Company, the corporation's flagship unit.
"AOL has been concealing the growing pains that its flagship unit has been going through, and those struggles or challenges are now pretty obvious if you look at the financials," said Jordan E. Rohan, a media analyst at the SoundView Technology Group, an investment bank.
While the reconciliation furthers efforts, encouraged by the South Korean government, to save the flagship unit of the Hyundai conglomerate, it also represents a step backward in the government's campaign to eliminate such cozy family ties within the major conglomerates "Family and business matters should remain separate," said Choi Jong Pyo, an economics professor at Konkuk University.
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Sales at the company's flagship pharmaceutical unit rose 5percentt and operating profit increased 2percentt.
The company said sales volume for its flagship beverages unit in the Americas fell 3 percent in the third quarter.
And although revenue in its organic and natural foods segment in the United States also rose, sales for its flagship cereal unit fell 2 percent and yogurt sales dropped 5 percent.
Several Wall Street buyout firms approached AOL Time Warner earlier this year about the possibility of acquiring its flagship online unit but were rebuffed, according to executives close to the discussions.
Yesterday's announcements made it clear that the difficulties facing the company's flagship America Online unit are more daunting than even some pessimists had expected.
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