UK and Netherlands work on new Iceland offer

Britain and the Netherlands are putting together a revised proposal on the repayment of $5.7 billion owed by Iceland to the two countries following the collapse of the Icesave online bank.

A source with knowledge of the talks said the main change under discussion is a floating interest rate, replacing the 5.6 percent rate under the previous deal.

The source, who requested anonymity because the proposal had not been completed, said that there was currently no time frame to take the deal to Iceland.

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Elias Jon Gudjonsson, a spokesman for Finance Minister Steingrimur J. Sigfusson, said the Icelandic government had not received a new offer, but had got a message that a proposal would be made on Saturday.

The potential breakthrough follows talks held at the Iceland Embassy in London by officials from all three countries earlier this week, led by attorney Lee Buchheit, of the New York-based office of Cleary Gottlieb Steen & Hamilton. [Read the full article]

President Barack Obama is setting the record straight — he loves Las Vegas. And Las Vegas was glad to hear it.

Obama had irked Nevada officials by using Las Vegas as an example of how people should not spend irresponsibly in tough times. But during an overnight visit to the city, Obama made it clear he meant no harm.

“I love Vegas,” Obama told an audience of 650 business and tourism leaders Friday at a resort and casino on the Las Vegas Strip.

His comments drew a raucous ovation from the crowd. Kara Kelley, chief executive officer of the Las Vegas Chamber of Commerce, called the remarks “appropriate and welcomed.”

Obama said his mother-in-law likes to visit Sin City and he outlined programs he hopes will boost tourism here. [Read the full article]

Iceland’s finance ministry has received a revised proposal from Britain and the Netherlands on the repayment of $5.7 billion to the two countries following the collapse of the Icesave online bank, a spokesman said Saturday.

Elias Jon Gudjonsson, a spokesman for Finance Minister Steingrimur J. Sigfusson, confirmed that the government received the new proposal but declined to comment on details. He said confidential discussions between the Icelandic, British and Dutch governments were still going on.

A source with knowledge of the talks said Friday that the main revision under discussion was a floating interest rate, replacing the 5.6 percent under the previous deal.

The revised proposal was presented following talks held at the Iceland Embassy in London by officials from all three countries earlier this week. [Read the full article]

Consumers will face new realities under the provisions of the Credit Card Accountability, Responsibility and Disclosure, or CARD, Act, which was signed into law May 22, 2009. Two provisions went into effect that August, while most will take hold Feb. 22, 2010. A final phase rolls out next August.Ch. 1: New world of credit cards5 tips for the new credit card eraUnder 21? Credit cards hard to getNew law helps balance carriersChapter12345ALL

Here are a few tips for navigating key loopholes and protections in the new law.1. Beware the advance notification exceptions.On Aug. 20, 2009, a provision that required 45 days’ advance notification of “significant” terms changes took effect. It applies to fees and finance charges, as well as some rate increases. Loopholes in the law leave consumers unprotected in some situations.

For instance, the law doesn’t require 45 days’ advance notification for credit limit decreases. Consumers must keep abreast of their card limits each month. [Read the full article]

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