| 2nd UPDATE: Fed Cut Puts Focus On Early 2008 ECB Rate Cut
FRANKFURT (Dow Jones)--The U.S. Federal Reserve dramatic 75-basis point cut in interest rates Tuesday intensified speculation that other central banks could soon follow in slashing the cost of credit. The European Central Bank's hawkish rhetoric has been drowned out by plunging stock markets and a string of gloomy economic indicators. But the lingering credit crisis and fear of further asset write-downs have erased remaining doubts that the next move in euro zone interest rates will be down rather than up. The euro area's interest rate futures contract reflect a 20% chance of a 25-basis point rate cut by February. That would bring the ECB's key policy rate down to 3.75%, from 4.0% currently. Further along, the market now fully discounts a 25-basis point cut by May, and a 50-basis point rate reduction is factored in by August.
Judge gives tentative OK to GM 401(k) settlement
Judge gives tentative OK to GM 401(k) settlement David Shepardson / Detroit News Washington Bureau A federal judge in Detroit granted preliminary approval this afternoon to a $37.5 million settlement to reimburse General Motors Corp. employees and retirees who lost hundreds of millions of dollars in company 401(k) plans. U.S. District Judge Nancy G. Edmunds approved the class-action settlement during a telephone conference with lawyers for the company and employees, according to a court filing late today. She set a June 5 hearing to hear any objections from employees and retirees and grant final approval to the settlement. .
BUFFETS HOLDINGS: HomeTown parent files
Buffets Holdings Inc., the franchise parent of the HomeTown Buffet restaurant chain, filed for bankruptcy.
The privately held company, which employs more than 36,000 workers nationwide, reported debts totaling $1.15 billion and assets totaling $963.6 million. In documents filed with the U.S. Bankruptcy Court in Wilmington, Del., the Eagan, Minn.-based company attributed its financial troubles mostly to "significantly depressed consumer spending."
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RBI’s stance may stunt realty sector growth
Parasvnath Developers and more recently the Emaar MGF group have brought this new concept to the tricity. A blend of luxurious living and functionality, these villas have caught the fancy of the tricity�s jet set with about 50 of these having been sold in Sectors 108 and 109 in Mohali Hills project and over 10 in Parsvnath�s Pride Asia project. Emaar MGF recently showcased �The Villas� at Mohali Hills, an integrated township being constructed over an area of about 3,000 acres. The villas are classified into deluxe and luxury villas and celebrate architectural grandeur, having the best of Andalusian, Mediterranean and Spanish architecture in our very own backyard. The concept villas, spanning across 300 to 500 square yards are priced at Rs 99 lakh onwards. The apartments (Rs 47 lakh onwards) and penthouses (Rs 90 lakh onwards) have a Middle-East feel.
Owner selling Chicago-area Krispy Kreme shops
The bankrupt operator of Chicago-area Krispy Kreme restaurants plans to sell nearly all of the shops it owns to its sole shareholder. The franchisee's first store in the market, in Summit, is being bought by Fifth Third Bank, but it's unclear whether the other stores, including Midlothian, will continue selling doughnuts. .
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