Greek deputy premier backs debt extension
ATHENS, Greece -- Crisis-hit Greece could consider an extension on debt repayment beyond the (in Euros) 110 billion ($146 billion) pledged under an international bailout loan agreement, the country's deputy prime minister said early Tuesday.
Theodoros Pangalos said the idea of a broader debt extension was more favorable than a so-called haircut -- a reduction in the amount of money owed.
"I do not believe in a haircut. I believe in an extension of the debt," Pangalos told private Skai television.
"And I consider that the extension -- as some say in Europe -- could concern not just the (in Euros) 110 billion, but the debt as a whole."
Greece narrowly avoided bankruptcy last May, before it began to receive the bailout loans from other countries using the euro and the International Monetary Fund.
Both the EU and IMF have expressed willingness to extend the loan repayment period.
The Socialist government has pledged to continue making steep budget deficit cuts in 2011, but the country's debt-to-GDP ratio is set to exceed 150 percent next year, from 127 percent in 2009 -- fueling ongoing fears of eventual default.
-- Associated Press
Trial to begin in Mattel-MGA Bratz dolls case
SANTA ANA, Calif. -- It's Round 2 in the knockdown legal catfight between toy giant Mattel Inc. and bitter rival MGA Entertainment Inc. over the right to make and market Bratz dolls -- the sassy, street-wise line that flew off the shelves when it was introduced and gave Barbie a run for her money.
Two years ago, a federal jury awarded Mattel $100 million and found that Bratz designer Carter Bryant had developed the concept for the Bratz dolls while working for Mattel. An appeals court later overturned the verdict and the case was sent back for a retrial.
Now, the archrivals are set to present opening statements Tuesday involving Mattel's original copyright infringement allegations along with MGA's counterclaim of unfair business practices and Mattel's accusation of theft of trade secrets by its competitor.
Jurors will also be asked to determine the scope of an invention agreement signed by Carter at Mattel before he went to work for MGA.
-- Associated Press
Goldman Sachs limits Facebook private offering
NEW YORK -- Goldman Sachs Group Inc. has prohibited U.S. investors from participating in a private offering expected to raise up to $1.5 billion for social networking site Facebook, citing widespread media coverage that could run afoul of securities guidelines.
The investment bank said Monday it decided to restrict the fund to prospective shareholders in Asia and Europe because it determined that the news coverage could be inconsistent with the laws that govern private placements.
In a statement, Goldman Sachs said it made the decision on its own and "believes this is the most prudent path to take."
Although Goldman Sachs did not specify which laws it was concerned about, the Securities and Exchange Commission has guidelines that regulate the amount of solicitation and publicity allowed.
Goldman Sachs has declined to specify when the offering may close. It is expected to raise as much as $1.5 billion for the privately held Facebook, the world's largest Internet social network.
-- Associated Press
Starbucks expanding rollout of 31-ounce drink
NEW YORK -- The bigger-is-better concept seems to be striking a chord among some Starbucks customers.
Starbucks will begin a phased-in nationwide rollout Tuesday of its Trenta cup size that can be filled with just shy of a quart's worth of iced beverages such as coffee, tea and lemonade.
Starbucks Corp. says Trenta, which means 30 in Italian, will be 31 ounces and cost 50 cents more than the 20-ounce Venti size.
-- Associated Press
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