Africa: Lawyers in Neoliberalism [analysis] Oct 18, 2009
The poverty reduction strategies are a condition precedent for getting debt reduction. Meanwhile, debt rises; it used to be around US$8 billion, now it is over US$9 billion. (allAfrica.com)
Australia could become victim of its own fortune Oct 18, 2009
The Reserve estimates they raised $18 billion of equity since the crisis began, using almost all of it for debt reduction. They cut outstanding debt by 15 per cent to about $150 billion. (Sydney Morning Herald -- Business)
Kraton pumps up IPO story with faux amendment Oct 16, 2009
Per its senior secured credit agreement, Kraton is required to apply a minimum of 50% of the net IPO proceeds toward debt reduction on its term loan, said Standard & Poors in a report putting the B- rated company on credit watch positive. Kraton did not shed much light on the terms of the IPO during the call but implied that its launch is not imminent, said one of the lenders. (FT.com -- Markets)
U.N.: World hunger on the rise for a decade Oct 15, 2009
The decline may have been caused by low food prices that discouraged investment in agriculture and competition for funds from other aid fields including emergency relief, debt reduction and population control, said FAO economist David Dawe. Against the backdrop of this trend, the world's hungry were hit with a double blow recently. (MSNBC -- Health)
Unsecured Debt Settlement Oct 15, 2009
A debt settlement program can help to restore order to personal finances through a combination of a personal debt reduction and restructuring the remaining sum to improve affordability. The intermediary will take 15% of each monthly contribution as a fee and disseminate the remainder to creditors. (Suite101.com)
Dole loses half its value Oct 15, 2009
"This transaction would be a credit positive because of the debt reduction and the way it gives the company access to the equity markets in case it needs future capital," said Carla Norfleet Taylor, an analyst with Fitch Ratings. Dole has struggled to cope with a high debt load and declining sales. (Honolulu Advertiser)
Economy has left 1 billion hungry, UN says Oct 15, 2009
The decline may have been caused by low food prices that discouraged private investment in agriculture and competition for public funds for emergency relief, debt reduction, and helping to set up institutions and improve government practices, said FAO economist David Dawe. Agriculture may look less sexy because of its slower growth rate, but it still needs sustained investment to feed people in developing countries, Dawe said. (Boston Globe)
A big swing and a miss in Coalition pledge to axe spending Oct 14, 2009
why is no one listening to my debt reduction policy ... Opposition Leader Malcolm Turnbull, shadow treasurer Joe Hockey and shadow finance minister Helen Coonan lined up last week to release the Coalition's Debt Reduction Strategy, which aims to cut Government spending to less than 25 per cent of gross domestic product (GDP). (Sydney Morning Herald -- Opinion)
Benton Harbor: Budget's ink has familiar hue - red (891) Oct 13, 2009
"Marsh had also proposed ending the city's longtime relationship with its trash hauler, Industrial Sanitation, saying the $550,000 a year the city pays the company is around $200,000 more than other municipalities of Benton Harbor's size pay their trash haulers. The city is under contract with Industrial Sanitation until October 2010.Bell said she'll remain neutral on the issue of the trash hauler, other than to say the city is losing money on the contract. She said the amount collected in trash... (St. Joseph Herald-Pallidium, MI)
PM to unveil 16bn sale of assets Oct 12, 2009
Aides added that although these actions are important, a vital force for debt reduction will be the restoration of strong, sustainable growth within the economy. In April, Chancellor Alistair Darling forecast that public borrowing this year would reach a record 175bn over the next two years. (BBC News -- UK)
Tips to Cope with Rising Mortgage I... Oct 12, 2009
However, it should be remembered that this is not a debt reduction strategy but a coping mechanism. If able to, paying more than the minimum required will help towards debt reduction. (Suite101.com)
All People (8347) Kevin Rudd Oct 10, 2009
The federal opposition's four-pronged debt reduction strategy is nothing more than a distraction from its leadership problems, a Labor frontbencher says. Prime Minister Kevin Rudd has invited new Greek Prime Minister George Papandreou 00004000 to visit Australia. (Sydney Morning Herald -- Australia)
The Coalition's debt reduction plan Oct 9, 2009
Yesterday Malcolm Turnbull, Joe Hockey and I launched the. The Plan outlines the Coalition's strategy to combat the Rudd Government's reckless borrowing and spending. (Sydney Morning Herald -- Opinion)
More rate rises likely in 2009: experts Oct 8, 2009
But even before hearing evidence from Dr Henry - the main architect of the stimulus measures - the opposition rushed out a four-point debt reduction plan in attempt to take the focus off renewed Liberal leadership speculation. The "strategy", which was no more than a rehash of previous announcements, was labelled by Financial Services Minister Chris Bowen as just a "scare campaign" and a "distraction". (Sydney Morning Herald -- Australia)
EDF Hires Banks for Possible $5.8 Billion U.K. Distribution-Network Sale Oct 3, 2009
Chief Executive Officer Pierre Gadonneix, whose mandate expires in November, said the sale would make a significant contribution to meeting the debt reduction target. EDF agreed to buy British Energy for 12. (Bloomberg -- UK)
CIT Group Pledges $5.7 Billion in Debt Reductions as Exchange Offer Begins Oct 2, 2009
7 Billion Debt Reduction as Swap Offer Begins - Bloomberg ... 7 Billion Debt Reduction as Swap Offer Begins. (Bloomberg -- US)
Press Release: Crisis Hits Low-Income Countries Worse than Anticipated, but Flexible Program Design has Given Governments Greater Policy Space to Respond, IMF Studies Show Oct 2, 2009
However, past gains from macroeconomic stabilization and debt reduction, together with some increase in aid, have created space in many countries for countercyclical policies, and Fund-supported programs have accommodated such policies to address the impact of the global food, fuel and financial crises, according to two International Monetary Fund (IMF) studies published today. The IMF announced an unprecedented increase in its aid to low-income countries in July, including an increase in... (IMF News)
FNB: House price decline drops at steady pace Oct 2, 2009
"In SA, too, the household debt to disposable income has made little downward progress, due to incomes being under huge pressure and making debt reduction slow going.". Realistically, therefore, while we expect to see a move back to house price inflation in 2010, the expectation is that average price inflation for next year will be moderate at around 5 percent, concluded Kellerman. (Business Report, South Africa)
Sarkozy's `Grand Loan' Finance Plan to Pile On to Record French Debt Load Sep 30, 2009
The stable outlook reflects our expectations that the French economy will return to positive growth once the global economy recovers and that this will be accompanied by a clearly discernable trend in budgetary consolidation and debt reduction, S&P said. National Interest. (Bloomberg -- Europe)
Glenmark Pharma raises Rs 413 cr Sep 26, 2009
MUMBAI: Glenmark Pharmaceuticals has raised Rs 413 crore through its recently concluded Qualified Institutional Placement (QIP), which will be used towards its debt reduction plan, a top company official said. "Our recently concluded QIP generated a good response from investors. The proceeds to the tune of Rs 413 crore will go towards debt reduction. Overall, we expect strong performance out of both the speciality and generic business domains in the financial year 09-10," Glenmark Pharma's... (India Times)
Ford cements China ties, sees profit Sep 25, 2009
3 billion quarterly net profit, mainly due to gains from a $10 billion debt reduction plan, and said it was on track to at least break even in 2011. CHINA MARKET IN SPOTLIGHT. (India Times)
Government mitigates impact of global financial crisis Sep 25, 2009
President Mills reminded rich countries to make more efforts to meet existing commitments on aid, debt reduction and accelerate disbursements and improve access to existing financial facilities. The International Monetary Fund should also put in place a new facility with relaxed conditions to support African economies during the crisis period and increase capital for the African Development Fund to enable it to scale up its interventions in support of African development. (Ghana Web, Ghana)
Prez Mills' Speech To UN General Assembly Sep 25, 2009
Rich countries making more effort to meet existing commitments on aid and debt reduction. Accelerating disbursements and improving access to existing financial facilities. (Ghana Web, Ghana)
Tariffs bill will rebound Sep 25, 2009
As America now has total debts of some US$58 trillion, a devaluation of some 30% equates to a debt reduction of $17. 4 trillion. (Asia Times Online)
Ford says sees profitability in 2011 Sep 24, 2009
65 billion) due to cost-cutting and a one-time gain from debt reduction in the three months to March. In August, it posted a 17-per cent jump in US sales, fuelled by the popular government-funded "Cash for Clunkers" program. (Sydney Morning Herald -- Business)
Fisher & Paykel Appliances Expects Full-Year Loss on Weak U.S. Sales Sep 24, 2009
Given the debt reduction achieved and projected, the board expects the revised earnings forecasts will be accepted by the banks, it said. To contact the reporter on this story: in Wellington at. (Bloomberg -- Australia & New Zealand)
ATP to sell pipelines, shares Sep 24, 2009
The company said the sale was in line with ATP s debt reduction program and that, when the deal closes, ATP will have reduced its $600 million asset sale facility by nearly $400 million. Meanwhile, the company is offering 5. (Houston Business Journal, TX)
MarineMax closes on sale of common stock Sep 24, 2009
The net proceeds will be used for general corporate purposes, which may include debt reduction, the company said in a release. MarineMax (NYSE: HZO) operates 62 recreational boat dealerships around the country. (Tampa Bay Business Journal, FL)
Cemex Drops Most in Two Months on Speculation of Discount in Equity Sale Sep 22, 2009
Cemex Slides on Speculation of Discount in Share Sale (Update1) - Bloomberg. Updated: New York, Sep 22 04:19 London, Sep 22 09:19 Tokyo, Sep 22 17:19. (Bloomberg -- Latin America)
Religious groups offer financial guidance, too Sep 19, 2009
He discussed loan modifications, refinancing and debt reduction. Perhaps his best advice: Pray for wisdom. (Atlanta Journal-Constitution -- Business)
For US, China is the financial bogeyman Sep 18, 2009
Fixating on China might feel good, but is likely to accomplish very little meaningful towards debt reduction or fiscal conservatism, and holds the potential to destabilize too much America needs for its own future and economic development. Benjamin A Shobert is the managing director of Teleos Inc (www. (Asia Times Online)
New Zealand Farmers Buy More Stock in Fonterra, World's Biggest Milk Firm Sep 18, 2009
Capital raised will be used for a mix of debt reduction and investment, Chief Executive said. We have a lot of very high returning projects in the queue for that cash, he said on the call. (Bloomberg -- Australia & New Zealand)
Nationally syndicated radio talk show host Dave Ramsey to speak Sep 16, 2009
-- Nationally syndicated radio talk show host and New York Times best-selling author Dave Ramsey presents his common sense debt reduction and wealth-building strategies in a live simulcast of the Total Money Makeover from Atlanta, Saturday, Sept. 19, from 1 to 6 p.m.. Gaylord Evangelical Free Church, 1649 East M-32, Gaylord will be carrying the Total Money Makeover live event simulcast. (Gaylord Herald Times, MI)
Public Information Notice: IMF Executive Board Discusses the Management of Crisis-Related Interventions in the Financial System Sep 16, 2009
Directors emphasized that, in the expectation that the growth in sovereign balance sheets will take some time to unwind, a clear comprehensive medium-term macroeconomic strategy should be developed as soon as feasible, to anchor asset-liability management to credible paths for deficit and debt reduction. Directors considered that a strategy for disengagement should be developed that would avoid market disruption, return assets to the private sector, and maximize recovery rates in order to... (IMF News)
Mortgage modifications make things worse for some Sep 15, 2009
"(The lenders) focus on today and not on the future." Even under the Obama plan, they don't focus on permanent debt reduction, White says. The majority of borrowers who've gotten mortgage modifications have seen their overall principal balance go up, according to an analysis by CreditSights and ICP of about 660,000 mortgages modified this year. (USA Today -- Money)
Numerex Corp. Further Reduces Debt Sep 15, 2009
In connection with the conversion, Numerex will also be writing-off all unamortized financing costs related to the debt reduction. This non-cash expense is approximately $130,000. (PR Newswire)
A lost decade ahead Sep 15, 2009
For every dollar of consumer debt reduction, 66 cents will be cut from the GDP.. The negative wealth effect The Fed's quarterly Flow of Funds report showed household borrowing shrinking at a 2% annual rate in the fourth quarter of 2008 after increasing at a 0. (Asia Times Online)
HeidelbergCement Share Sale Bolsters Outlook for Credit Rating, S&P Says Sep 15, 2009
Any material cash proceeds to be raised from this prospective capital increase could somewhat improve the groups financial profile and key credit metrics through a like-amount of debt reduction, and provide larger headroom under financial covenants, S&P analyst Xavier Buffon said in a statement late yesterday. HeidelbergCement climbed 4. (Bloomberg -- Germany)
Champion Announces 2009 Results for 3rd Quarter and First Nine Months Sep 11, 2009
The Company has achieved this debt reduction through a combination of earnings, cash flow and working capital management. The Company is subject to certain restrictive financial covenants requiring the Company to maintain certain financial ratios. (PR Newswire)
MarineMax begins common stock offering Sep 11, 2009
The recreational boat retailer, based in Clearwater, will use the net proceeds for general corporate purposes, which may include debt reduction, a release said. As part of the offering, MarineMax (NYSE: HZO) requested from the lenders under its revolving credit facility additional flexibility to its debt covenants. (Tampa Bay Business Journal, FL)
Development funds are the focus of suit Sep 11, 2009
The proceeds of this tax are dedicated 75 percent to property tax relief, including special assessment bond debt reduction and infrastructure replacement and 25 percent to a job creation fund called the Williston STAR Fund. Of the 25 percent dedicated to the job creation fund, up to 20 percent and not to exceed 50,000 per year, would go toward community enhancement and marketing projects to improve the quality of life in the region. (Williston Daily Herald, ND)
Argentina Exchanges About 16.7 Billion Pesos of Inflation-Linked Bonds Sep 8, 2009
The bond swap, which had a participation rate of 76 percent, led to a nominal debt reduction of 2 billion pesos and saves 7. 2 billion pesos in debt servicing over the next three years, Lorenzino said. (Bloomberg)
Take a closer look at Elders Sep 5, 2009
A firesale of non-core investments has helped a little, but it has been clear for months that the only chance of survival would be to join the ranks of the 60-odd companies that have tapped the capital markets this year with the primary objective of debt reduction. Last night's raising of up to $550 million will shore things up. (Sydney Morning Herald -- Business)
McClatchy Receives Compliance Notice From NYSE Sep 5, 2009
There are a number of important risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the duration and depth of the economic recession may reduce its income and cash flow greater than expected; McClatchy may not generate cash from operations, or otherwise, necessary to reduce debt as expected; McClatchy may not consummate contemplated transactions to enable debt reduction on anticipated terms or... (PR Newswire)
Energy XXI Reports Fiscal Year-End Results and Capital Budget Data Sep 4, 2009
"We are executing a scaled-back capital program in fiscal 2010 that is designed to keep volumes essentially flat with the fiscal 2009 average and to generate free cash flow for debt reduction, while we continue to pursue high-impact exploration activities that could grow future reserves meaningfully," Schiller said. "Our volume target incorporates lower production in our current fiscal first quarter, to be followed by increases in the second and third fiscal quarters as we place two discoveries... (Primezone Releases)
Semcan Inc. Reports Second Quarter Fiscal Year 2009 Financial Results Sep 1, 2009
Commenting on the situation, Phil Jamieson, Chairman and CEO, said, "We continue to make progress in executing the plan we put in place at the beginning of 2009 to reduce debt, improve our liquidity and to concentrate on our core North American engineering business. Since embarking on the debt reduction plan, we have reduced our debt by a total of over $9 million. We are working toward the completion of our restructuring by the end of 2009 so that we may enter 2010 with a properly-financed... (CCNMatthews Press Releases)
Few changes requested in option tax ballots countywide Aug 31, 2009
Elk Run Heights received about $120,000 last year for capital improvements and debt reduction for those improvements, which include streets, curbs, bridges, storm and sanitary sewers, buildings, parks and recreational facilities ... Raymond also is asking to keep using its money, $61,000 last year, for capital projects and debt reduction. (Waterloo-Cedar Falls Courier)
Spectrum Brands exits Chapter 11 Aug 30, 2009
"We have achieved significant debt reduction while maintaining our strong brand reputations and solid relationships with our suppliers and customers," said Kent Hussey, CEO of Spectrum Brands, in a statement. "Importantly, our businesses continued to perform remarkably well throughout this process, expanding our market share in many key product categories, including major brands in all three of our business segments.". (Milwaukee Business Journal, WI)
UAW bristles as Ford seeks further concessions Aug 28, 2009
3 billion profit in the second quarter thanks to its debt reduction efforts. July sales rose 2. (Sioux City Journal)
Kauai rides slow train to economic recovery Aug 28, 2009
While personal income was boosted by the rebates, spending continued to decline as consumers used the rebates for savings and debt reduction, Suyderhoud said. The decline in consumer spending accompanied by reduced business investment and investment in housing resulted in the U.S. Gross Domestic Product shrinking by 6. (Lihue Garden Island, HA)
What Debt Reduction Services Are Av... Aug 27, 2009
What Debt Reduction Services Are Available ... What Debt Reduction Services Are Available ... What Debt Reduction Services Are Available. (Suite101.com)
Brightpoint to Present At Upcoming Investor Conferences Aug 26, 2009
Certain information in this press release may contain forward-looking statements regarding future events or the future performance of Brightpoint, including, but not limited to, statements regarding potential spending reductions resulting from the elimination and proposed elimination of positions and the streamlining of operations and its ability to achieve cost savings and debt reduction as part of its 2009 Spending and Debt Reduction Plan. These statements are only predictions and actual... (Primezone Releases)
Punch Taverns Says Annual Sales Wane, Impacted by `Challenging' Conditions Aug 25, 2009
Punch survived a protest vote by some investors against a plan to raise 375 million pounds in a share sale last month, mostly for debt reduction. The Burton-upon-Trent, England-based company said it had repaid 708 million pounds ($1. (Bloomberg -- UK)
Rio Tinto profit slumps Aug 20, 2009
" Beyond Alcan The focus for the group has, and will continue to be, on debt reduction. After the ill-timed $US38.1 billion cash Alcan acquisition in 2007, Rio's debt blew out to as much as $US45 billion ahead of the mid-September start to last year's global financial crisis. It has been on scramble mode ever since, flogging non-core assets and raising $US15 billion in equity from shareholders in preference to the aborted refinancing deal with China's state-owned Chinalco. Proceeds from recent... (Sydney Morning Herald -- Business)
How to Eliminate Credit Card Debt Aug 19, 2009
Getting a Low Interest Credit Balance Transfer Helps Debt Reduction. Consumers wanting to eliminate credit card debt can refinance interest rates or make a credit card balance transfer to speed up debt reduction. (Suite101.com)
Changes coming Aug 17, 2009
Here are some tips from Todd Christensen, the director of education for the National Financial Education Center at Debt Reduction Services Inc., and Laura Fisher, the director of the American Bankers Association Education Foundation. - Start with a checking or savings account. (The Augusta Chronicle)
Wasilla council postpones vote on mayor pay increase Aug 15, 2009
Lucky wrote on Aug 13, 2009 7:35 AM:" I guess Mr. Ewing is lucky to have a job where he can sit on the internet posting comments all day. Wish I had one like that. He credited Rupwrong with many things at Monday night's meeting that was incorrect. The stuff at the airport was in the works before Rup even qualified as a candidate and was decided by the FAA not him. The HR person was not recruited nor hired by him. He only approved her after other recommended her. And, the debt reduction has it's... (Wasilla Frontiersman, AK)
NuVista Energy Ltd.: Second Quarter Interim Report Aug 14, 2009
7 million as we focused on debt reduction following the $54 million property acquisition in January 2009 and responded to lower natural gas prices ... During the first half of 2009, we managed our capital program in a disciplined manner spending less than cash flow on our drilling program and achieving our debt reduction targets ... NuVista has seen production volumes remain in a range of 25,688 boe/d to 26,175 boe/d for the last five quarters as NuVista reduced capital spending during this... (CCNMatthews Press Releases)
Reborn Wichita Lodging Association elects officers, sets agenda Aug 14, 2009
The bulk of the tax revenue is used, instead, for debt reduction on city building projects that ultimately benefit tourism, such as the now under-construction Old Town parking garage. "We want to see that money used for things that tangibly promote tourism, to raise occupancy levels in hotels," said Lowry. (Wichita Business Journal, KS)
4 comment(s) Aug 13, 2009
In both the city's current fiscal year budget and a debt reduction plan submitted to the state earlier this year, there is no money allotted for dispatch ... "Dispatch is still operating, and (disbanding) it was in the debt reduction plan. It needs to be transferred to the county as soon as possible," the city manager said. (The Herald-Palladium)
Stockland books massive $1.8b loss Aug 12, 2009
"It has been a tough year and our 2008/09 results reflect the challenges we faced,'' he said. Mr Quinn said Stockland has been focused on debt reduction, streamlining its business, cutting costs and improving its operational efficiency to place itself in a good position for a recovery in economies in Australia and abroad. "We enter this financial year with record residential contracts on hand, good profits from retirement living and a strong lease expiry profile in our commercial property... (Sydney Morning Herald -- Business)
Online Resources narrows loss Aug 7, 2009
As outlined to investors last fall, expense control and debt reduction are top priorities as we ride out ongoing economic weakness, said Matthew Lawlor, chairman and chief executive officer, in the earnings release. The company projects "moderate" revenue growth for the remainder of 2009 and into 2010. (Washington Business Journal, DC)
TechTeam Global Reports Second Quarter 2009 Financial Results Aug 7, 2009
Reports 50% debt reduction in first half of 2009; Company near zero net debt ... Debt reduction was $16. (PR Newswire)
Housing dive chops Beazer’s revenue Aug 7, 2009
2 million gain, the product of debt reduction measures, said Ian McCarthy, Beazer s chief executive. There were other glimmers of a silver lining in the troubled company s quarterly report. (Atlanta Journal-Constitution -- Business)
Demons continue debt demolition Aug 6, 2009
Melbourne started their debt reduction last year, raising $3. 1 million, and this latest contribution has reduced their total debt to under $2 million. (Sydney Morning Herald -- Sport)
