| South Canterbury Finance bonds offered to raise $75m
South Canterbury Finance says it will have a war chest of $250 million to $300m with which to cherry pick the best customers for its loans if a bond issue goes to plan. Linked to Timaru millionaire Allan Hubbard, the finance company plans to offer up to $75m of secured bonds and will take up to $25m extra oversubscriptions for the issue meaning $100m could be raised. The dairy boom and consolidation in the finance company sector were two reasons behind the decision to raise further funds for lending, chief executive Lachie McLeod said. "We're (also) looking at two areas with oil exploration." South Canterbury Finance would only lend to those with strong assets to back the loans, which would typically be $1m-$2m loans in its target market of business, rural and large plant lending.
Get it on credit?
This week is Credit Education Week in Canada and boy do we need to be educated on credit -- especially credit cards. According to a recent survey by Credit Canada (www.creditcanada.com), 43% of Canadians have three or more credit cards, but 28% of Canadians do not know the interest rate on their credit cards. Meanwhile the survey shows that 40% of Canadians do not pay their credit card off in full each month while 37% only pay the minimum required each month. And nearly a third of Canadians carry a balance over $1,000 on their credit card each month. Here's an example of what a credit card can cost you (thanks to James Cunningham of Funny Money). If you paid for a $1,300 computer on credit card and only paid the minimum monthly balance each month, with a 19.5% interest rate that computer would end up costing you a whopping $3,785.67.
A week in review
After nearly two years of debate, voters in school districts of Loyal and Greenwood turned down a consolidation referendum Tuesday. In Abbotsford, voters approved a $12 million referendum to renovate the existing middle/senior high school and add an elementary section, transforming the school district into a single K-12 campus after construction is complete. During a 2008 budget meeting Monday, Marshfield's Common Council voted to eliminate three jobs, add two and move several into different departments. The council approved combining the director of public works and city engineer positions, cutting one engineer position, removing the director of planning and economic development and adding two firefighters. Stevens Point Mayor Andrew Halverson presented a budget this week that eliminated all summer and winter recreation programs, to which adult basketball league members immediately objected.
Will Subprime Crisis Be Impetus for Bankruptcy Reform by Congress?
There is always some appetite in Congress for changes to the U.S. Bankruptcy Code, say those who watch that area closely, but will the subprime mortgage crisis entice enough lawmakers to the table for action this year? In the past few months, the Democratic-controlled Congress has held hearings involving the bankruptcy system on four different fronts, and some of the titles of the hearings leave little doubt about the majority party's concerns. A hearing on the second anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was entitled, "Are consumers really being protected?" And a hearing on the operation of the U.S. Trustee Program was called, "Watchdog or Attack Dog?" Also, there have been two hearings on the mortgage mess and bankruptcy-related solutions, and one on medical debt and bankruptcy.
Austin restaurant is first in Texas to try new secure payment system
Ruth's Chris offers at-the-table service designed to protect credit card users from 'skimming.' By Lori HawkinsAMERICAN-STATESMAN STAFF Saturday, November 17, 2007 Diners at Ruth's Chris Steak House downtown no longer hand their credit card to the waiter at the end of their meal. Instead, the server presents a handheld device that allows patrons to swipe their credit or debit card at the table. .
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