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International Business News
Lear files for Chapter 11 bankruptcy protection
AP, Mw York
Sti uggling automotive parts supplier Lear Corp said it has filed for Chapter 11 bankruptcy protection after receiving the support it needed from lenders and bondholders.
The company, which makes automotive seating systems and electronics, had been negotiating with its lend ers and bondholders lor additional support for its restructuring plan. It previously received a commitment for $500 million in Ioans to finance its bankruptcy from a group of lenders led bv IP Morgan and Citigroup.
Lear said it filed for Chapter 11 bankruptcy protection in tire US Bankruptcy Court for the Southern District of New York. Subsidiaries outside the US and Canada are not part of the filings, the company said.
Lear has asked the bankruptcy court to allow it to con tinue to provide pay and benefits for its workers without interruption and to continue to allow it to provide payments for its US and Canada pensions.
It plans to present its restructuring plan to the court within 60 days.
The Southfield. Mich.-based company's filing, which had been expected since last week, makes it the first major automotive parts maker to seek court protection since Visteon Corp, the former parts arm of Ford Motpr Co. filed for Chapter 11 in May. Parts suppliers have been hammered by the recession as consumers continue to shun new car purchases and automakers slash production.
Borrowers must be protected from ignorance: OECD
AFP, Pans
Most consumers have little understanding of basic financial concepts and must be given increased protection and guidance when they take out loans, the OECD said on Tuesday.
New OECD guidelines, intended to prevent a repetition of the sub-prime loan crisis and its fallout, also say that lenders should be made legally responsible for checking how much money a customer needs to borrow and whether borrowers "will be able to meet their payments."
The Organisation for Economic Cooperation and Development, a research and policy forum for the 30 most advanced economies, said that even discounting the global economic crisis, it was evident that consumer protection in financial services should be strengthened.
"Financial services firms must make sure their customers understand what they are letting themselves in for when they sign up for mortgages, consumer loans and other products," the OECD said, presenting new guidelines onTuesday.
These had been designed to avoid a repetition "of the sub-prime mortgage crisis and ensuing credit crunch that sent the world economy into recession."
US may need a second stimulus, says Obama adviser
AFP, Singapore
The United States may need a second stimulus package focusing on infrastructure projects to put the world's biggest economy firmly on the path to recovery, a top White House adviser said here Tuesday.
Laura Tyson, a member of US President Barack Obama's Economic Advisory Panel, said the first stimulus package included "a significant amount of investment in long-term growth."
She also said the country's budget deficit -- already at its widest since World War II -- will likely be bigger than expected this year and could surpass an earlier projection of around 12 percent of gross domestic product.
Her comments come after Obama last month said US unemployment would likely climb above 10 percent but that a new injection of government money was "not yet" needed.
However, she said her remarks represent her own views and not the administration's official position.
Tyson, speaking at the Nomura Asia Equity Forum in Singapore, said it was too early to quantify the size of a second package, adding that "we ll have a much better idea towards the end of the year."
Chinese growth would pull up Africa: AfDB chief
AFP, Geneva
African Development Bank chief Donald Kaberuka on Tuesday said he was "confident” that if China's economy were to return to double-digit growth, it would lift African growth to pre-crisis levels.
"The growth of Africa... is very much driven by China's demand for commodities," Kaberuka told journalists in Geneva.
The latest Chinese growth figures "are around seven-nine percent. 1 think that's very promising," he added.
China in April said its economy grew 6.1 percent in the first quarter, while for the full year, it has set a growth target of 8.0 percent, a figure that it deemed is necessary to maintain stable employment and social order.
"If the Chinese economy continues on this trend, that would signal growth for African economies in the coming year,” said Kaberuka.