- Obama downplays IRS scandal, blames Obamacare rollout on ‘outdated’ agencies
- Pregnancies decline overall, up among older women
- Pentagon plans to destroy Syrian chemical arms on ship at sea
- Paris Metro issues ‘politeness manual’ to improve passengers’ behavior
- Justin Bieber, crew detained at Australian airport in drug search
- Lee Rigby trial: Muslim who machete-hacked soldier calls it ‘humane’ kill
- GM ending Chevy sales in Europe to focus on Opel and Vauxhall
- Putin’s diplomats to U.S. busted for living high life off $1.5M bilked from Medicaid
- Happy Meal: Couple goes to McDonald’s, leaves with bag packed with cash
- Boehner: It took me 3 to 4 hours to sign up for Obamacare
NEW YORK | The New York Times Co. will repay a $250 million, high-interest loan from Mexican telecommunications billionaire Carlos Slim earlier than expected, allowing the company to reduce interest payments.
Companies affiliated with Mr. Slim, a shareholder of the Times Co., lent the money at a hefty 14 percent interest rate at the height of the recession in January 2009. It came at a time when credit markets were tight and revenue prospects were bleak because of declines in print advertising.
Since then, the Times Co. has found other sources of cash, including the sale of $225 million in notes late last year at a lower rate of about 6.6 percent. The company also sold most of its midtown Manhattan headquarters for $225 million and is leasing the offices instead. Print advertising revenue remains weak, but the company’s flagship newspaper has begun charging for full access to its website.
Country downgraded to one step above default
ATHENS | Greece suffered another sovereign downgrade on Wednesday, when the Fitch Ratings agency slashed its credit worthiness by three notches further into junk status and only one grade above default.
The agency cut Greece’s rating from “B+” to “CCC,” bringing it broadly in line with the other two major agencies, Moody’s and Standard and Poor’s, which had downgraded the country’s bonds to a similar level last month.
Greece relies on loans from a $155 billion international bailout from other eurozone countries and the International Monetary Fund, and discussions are under way for a second bailout to keep the country’s crisis from destabilizing larger European economies.
However, no decisions have been made on how much more help Greece will get or in what way private holders of Greek bonds could contribute toward easing repayments. Credit ratings agencies have warned they could consider a voluntary rollover of Greek debt as a form of default.
Country to bolster austerity plan
MILAN | Italy will strengthen its package of austerity measures and fast-track its approval by parliament, Finance Minister Giulio Tremonti pledged Wednesday as he sought to calm market fears that the eurozone’s third-largest economy would be swept into the European debt crisis.
Italy’s move to intensify its austerity drive received a much-needed boost from Fitch Ratings agency, which said the measures will help stabilize the government’s finances and its credit rating. Fitch is the last ratings agency to weigh in on Italy’s finances, after Moody’s and Standard & Poor’s both warned of possible downgrades.
Italian lawmakers were working to bolster the $67 billion in austerity measures that begin to take effect this year and aim to balance the budget by 2014.
The Senate is set to vote Thursday before passing off to the lower house Friday in votes that will measure confidence in Premier Silvio Berlusconi’s government.
Why such hatred toward America's freedom of religion?
- 'Hunger Games' delivers Obama's message on income inequality: liberal group
- Inside China: Nuclear submarines capable of widespread attack on U.S.
- Obama: Nelson Mandela now 'belongs to the ages'
- NAPOLITANO: Pope Francis should be saving souls, not pocketbooks
- Russian diplomats busted bilking $1.5 million from Medicaid
- Nelson Mandela, South Africa's first black president, dies at age 95
- PRUDEN: British press horrified as London's new mayor dares to proclaim the truth
- Hack attack: 2 million Facebook, Twitter passwords stolen
- Activists encourage Obama to circumvent Congress, use more executive authority
- Democratic infighting erupts over 'we can have it all' fantasy on entitlements
Independent voices from the The Washington Times Communities
Criticism may not be agreeable, but it is necessary. It fulfills the same function as pain in the human body. It calls attention to an unhealthy state of things.
Understanding economic events with a free market explanation
John Wood illustrates a new American politics, and the path to get there.
Interviews and show reviews from the Los Angeles punk scene past and present. Los Angeles has always been rich in punk rock talent since punk rock was born.
White House pets gone wild!