Credit-card gamble comes due: Discover Financial to take a hit in U.K.; slip for Morgan's Mack?

Article Abstract:

Fiscal fourth-quarter results for Discover Financial Services include a write-down of approximately $422 mil at its UK Goldfish credit card unit due to credit market problems. The write-down compromises the strategy of chief executive John Mack of former parent firm Morgan Stanley, which purchased the Goldfish unit in February 2006.

Sales, profits & dividends, Security brokers and dealers, Securities & Commodities Services, Securities, Commodity Contracts, and Other Financial Investments and Related Activities, United Kingdom, United States, Economic aspects, International aspects, Influence, Securities industry, Company sales and earnings, Company earnings/profit, MWD, Morgan Stanley, Mack, John J., Financial report, Subprime loans, Discover Financial Services Inc., Goldbrand Development Ltd.

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Negotiations to buy bad loans from firms will be in April

Article Abstract:

Korea Asset Management Corp. is planning to hold talks with Korean credit card firms for the acquisition of substandard loans. The acquisition of bad loans is an attempt by the South Korean government to alleviate liquidity problems at card companies.

South Korea, Negotiation, mediation and arbitration, South Korea. Korea Asset Management Corp.

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German budget draft reveals increase in borrowing, spending

Article Abstract:

Under the draft 2004 budget, the government of Germany will borrow more money than it expected. The government will also increase spending under the budget. Economists have criticized the draft budget.

Public Finance Activities, Government expenditures, Germany, Expenditures-Total Govt, Expenditures-State Govt, Expenditures, Public, Public expenditures, State government, State finance, Expenditures, Government finance, Federal budget

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