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LATEST ARTICLES
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IMF and Liberia reach deal on reducing debt
Member states have made pledges totaling more than 842 million dollars, the IMF said in a statement.
""Today's milestone is a critical step in moving Liberia onto a path toward comprehensive debt relief,"" IMF chief Dominique Strauss-Kahn said the statement.
It was the first concrete achievement for the new IMF director, who took over his post on November 1.
Ravaged by a decade of civil war, Liberia has a multilateral debt of 1.5 billion dollars for a total debt of 3.7 billion.
By clearing Liberia's books of arrears accrued over years, the deal will allow the struggling country to gain access to loans and other assistance from the IMF, the World Bank and the African Development Bank.
Liberia is recovering from 14 years of a brutal civil war that killed 270,000 people and ended in 2003 after former warlord-turned-president Charles Taylor stepped down. More>>
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Delphi Proposes Amendment To Reorganization Plan
Delphi Corp. proposed another amendment to its bankruptcy-reorganization plan, after reaching an agreement with General Motors Corp. and investors. The proposed amendment, expected to be filed today by Troy, Mich.-based Delphi with the U.S. Bankruptcy Court for the Southern District of New York, lists net funded debt at $5.2 billion, a reduction from the $7.1 billion cited in the original plan, dated Sept. 6. "We have agreed to very focused potential amendments to our reorganization plan which continues to provide for full recoveries ... . More>>
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Buying green bananas and milking old Betsy
On some cold mornings, I walk in Crabtree Valley Mall. I go early to avoid the madding crowd.On this particular morning, I was there by 8:30, eager to get in my mile or so walk before the mob arrived for the "Doorbuster Sale" sale advertised in the morning newspaper. After the walk, on the dot of 9, I dropped by the store that had advertised the doorbuster event. To my surprise, I was the only person in the store, so unlike the past when I would have been trampled by the herd of bargain hunters. And not a salesperson was to be found. Finally, a fellow pushing a load of stock through the aisles got on his cell phone and rounded up a fellow who, after a long search, located the trousers I sought. When I left, one other customer was on the premises."What's going on here?" I wondered, and then thought, "It's the economy, stupid."Or is it? Was the absence of patrons at a doorbuster sale a sign as reliable as squirrels storing acorns against hard times ahead? I was still afflicted by that unease the next day when my stockbroker called."It's not often that something this good comes along. More>>
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