BRIEFCASE CEO SET TO RESIGN AT PACIFIC UNION.Byline: - Staff and Wire Services Pacific Union Bank announced Monday that Woon Seok Hyun will resign as the Los Angeles-based bank's chief executive officer, president and director, effective May 22. Hyun has been the bank's CEO since May 2001. The board has formed a search committee as part of an effort to ``localize'' the CEO position, according to the company. The board has selected an independent director, David Warner, to serve as interim CEO until a permanent successor is named. Treasury bill treasury bill n. a promissory note issued in multiples of $10,000 by the U. S. Treasury with a maturity date of not more than one year. (See: treasury bond, treasury note) rates mixed in auction WASHINGTON - Interest rates on short-term Treasury securities Treasury securities Securities issued by the US Department of the Treasury. were mixed in Monday's auction. The Treasury Department sold $15 billion in three-month bills at a discount rate of 1.160 percent, down from 1.165 percent last week. An additional $16 billion was sold in six-month bills at a rate of 1.185 percent, up from 1.175 percent. The three-month rate was the lowest since April 7, when the bills sold for 1.135 percent. The six-month rate was the highest since Jan. 21, when the rate was 1.190 percent. In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Constant Maturity Used by the Federal Reserve Board to quote the yields on various treasury securities, adjusted to an equivalent maturity.Notes: By providing the constant maturity yields, the Fed allows investors to compare against securities with the same maturity date (such as corporate bonds).Constant maturity yields are often used by lenders to determine mortgage rates. Treasury bills Treasury bills Debt obligations of the US Treasury that have maturities of one year or less. Maturities for T-bills are usually 91 days, 182 days, or 52 weeks. Treasury bills are sold at a discount from face value and do not pay interest before maturity. The interest is the difference between the purchase price of the bill and the amount that is paid to you either at maturity (this amount is the face value) or when you sell the bill prior to maturity., the most popular index for making changes in adjustable-rate mortgages, rose to 1.33 percent last week from 1.25 percent the previous week. Schering-Plough reveals pay deal WASHINGTON - Pharmaceutical giant Schering-Plough Corp. granted its new top executive 200,000 restricted shares and options for 900,000 more shares, according to a filing Monday with the Securities and Exchange Commission. Fred Hassan, who was named chief executive and president Sunday, will receive a minimum annual salary of $1.5 million and is eligible for an annual cash bonus and other incentive pay under Schering-Plough's compensation programs, the filing said. |
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