August 20, 2001 |
Argentina is negotiating a long-term plan with the International Monetary Fund that looks at fiscal and debt scenarios until 2010 in a bid to obtain new financial aid, Argentine officials said over the weekend. The novel program is the result of an ongoing debate on reforming international financing agencies that the Bush administration has insisted on pushing forward, they said. "The conversations are complex," Argentine Finance Secretary Daniel Marx told reporters late Saturday.
July 10, 2001 |
U.S. consumers in May racked up debt at their slowest pace since the end of last year, the Federal Reserve said Monday. The Fed said consumer credit outstanding rose by $6.5 billion to a seasonally adjusted $1.59 trillion in May. That was the smallest monthly dollar gain since December of last year. The annual rate of growth in May, 4.9%, was the smallest since October 1999. The figures raise the prospect that consumer spending, which has been a mainstay in an otherwise slowing U.S.
July 9, 2001 |
Many people who file for Chapter 7 bankruptcy don't understand their legal rights, which can make them vulnerable to abuses by creditors both during and after their filing, according to a survey recently released by a consumer group. The National Consumer Law Center, which surveyed 261 people who filed for liquidation bankruptcy, found few understood the process of "reaffirmation," which allows creditors to collect on debts that would have otherwise been erased in bankruptcy.
July 7, 2001 |
Calpine Corp. reached an agreement to collect $265.7 million owed by PG&E Corp.'s Pacific Gas & Electric and said it will continue to supply electricity to the cash-strapped California utility. The agreement was filed in Bankruptcy Court in San Francisco, where Pacific Gas sought Chapter 11 protection from creditors in April, and is expected to be approved by Judge Dennis Montali.
June 27, 2001 |
A financial rescue plan for Edison International was placed in doubt Tuesday when the company delayed a bond offering intended to pay off $618 million in bank loans that come due Saturday. The delay of the $1.
June 23, 2001 |
Ten times, Mammu Singh has tightened the noose around a condemned man's neck, pulled the trapdoor's iron lever and watched the prisoner drop, and this is the thanks he gets. The hangman is now a prisoner of the same state that hired him to kill. Constables arrested the executioner Sunday because he has made no payments on a $65 loan he took out from the government-owned Syndicate Bank in 1989.
CALIFORNIA | LOCAL
June 22, 2001 |
Los Angeles County's continuing deficiencies in child-support collections threaten to cost California tens of millions of dollars in federal funds, state officials told a county panel Thursday. Just days before the Board of Supervisors selects the head of a new county agency on child support, two top officials of the state's Department of Child Support Services said the county's performance in everything from establishing court orders to collecting money lags far behind the rest of California.
June 20, 2001 |
The securities industry's arbitration process has long been viewed as a small investor's last resort to press grievances against a broker. But some investors are discovering to their dismay that arbitration is a two-way street: Brokerage firms also can bring claims against them--often with painful financial results for investors.
June 12, 2001 |
Edison International plans to raise $1.2 billion in a complex transaction that would tap the borrowing capacity of its only significant profit center--a move critical to the firm's financial health. The financing would pay off $618 million in Edison bank debt that comes due June 30. Additionally, the offering would be used to pay off $600 million of floating rate notes due by year's end. Mission Energy Holding Co.
April 2, 2001 |
A draft agreement between the Davis administration and Southern California Edison would seek to return the utility to financial stability by committing ratepayers to help pay off its multibillion-dollar debt in future years even if the state's proposed purchase of Edison's transmission system falls through.