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...other reason that mortgage modifications are a challenging way to put a floor under housing prices is that this assumes that people who cannot afford a $500 a month mortgage payment can afford a payment of only $350. But in most cases this does not matter. As people turn away from debt and toward savings, a house is no longer a good mattress in which to store cash. Perhaps more to the point, with joblessness on the rise and many middle class household budgets built around two people working full-time, it does not take much bad luck to undermine...
...Over the last few weeks, Tata Motors has hit the front pages of India's financial newspapers with more gloomy news: inventories are piling up and factories are being temporarily idled to slash production. Earlier this month, press reports surfaced that the company had missed payments to suppliers. Declining revenues and a tight credit market is hurting the company's cash flow, and officials were forced to issue a statement acknowledging financial problems. "There could be a delay in payments[ to suppliers]," Tata Motors Managing Director Ravi Kant told reporters at a briefing on Feb. 5. "It is a difficult...
...Saddled with debt from the acquisition, Tata Motors could get some relief from the public sector. Last month, the British government pledged to guarantee a total of up to $3.3 billion in loans to help U.K. car companies cope with the recession, which could make it easier for the company to get fresh financing and pay off the $3-billion bridge loan coming due in June. In addition, with interest rates declining, vehicle demand appears to be firming up in India, especially for passenger cars. Tata Motors January car sales were the highest since May 2008 - good news since...
...Vladimir Putin, then President and now Prime Minister, virtual monopolistic control of Russia's vital energy industry. It gives the once politically ambitious Khodorkovsky and his partner Platon Lebedev at least some good news in the face of the Russian government's continuing campaign against them. Later this month, the two men, who are already serving multiyear prison terms, will face fresh charges of embezzlement and grand theft...
...some suspects earn a one-way ticket north while others stay put. In 2004 guerrilla commander Simón Trinidad was extradited and convicted of conspiracy to kidnap three U.S. military contractors, even though he was only loosely linked to the crime. But Colombia's Supreme Court this month blocked President Uribe's order to extradite Alexander Farfán, the cruel rebel prison warden who is accused by those same American hostages of putting chains around their necks and threatening to execute them. Farfán faces federal charges in the U.S. and Colombia for hostage-taking...