 2006
fiscal deficit NIS 5.5b - The Finance Ministry attributes the low
2006 deficit to a revenues surplus of NIS 11.9 billionAuditors
give Palomar College finances high marksCitigroup
to close most of Japan consumer finance branchesClal Finance sets $2.40 target
for Tower - Tower Semiconductor has a new contract for audio processors
with Taiwan's ModiotekExclusive!
Big money backs McCain in S.C. - Arizona senator lines up impressive
list of 2008 finance committeeFinance director not
yet named. Interim director receives praise from colleagues for
performanceFree
tax and finance seminar for businessesFrom steel to tech
to finance, Northwest companies shineIdeal
for state taxpayers, but state finances sufferLibraries'
free workshops focus on family financesLocal
officials in the fields of education, health and finance offer tips
on how to make 2007 a year to rememberMacon
finance chief to look at fundraising regulationsOlmert
tells Fischer to sign Bank of Israel wage deal - Finance Ministry
director of wages threatens to quit over agreementReverse
mortgage tool to aid senior finances - Popularity increasing as
awareness growsSpecial
committee will oversee Suffolk financesTransit
authority shelves regional sales tax plan - Group to explore other
ways to finance rail line |
Citigroup to close most of Japan consumer finance branches TOKYO -- The Japanese finance unit of U.S. Citigroup Inc. said Tuesday that it will close most of its consumer finance branches in Japan as the Japanese government is planning to cut maximum interest rates on loans. CFJ K.K. said that about 270 of the 320 outlets nationwide of the consumer finance business, operated under the brand name of DIC, will be shut down, while about 100 of its 800 automated loan machines will be closed. The move is aimed at cutting costs by focusing the unit's business on major cities as revenues are expected to decline in the future. The decision to downsize the operation was taken amid growing demands by borrowers of consumer loans for the return of overpayments made under so-called "gray-zone" interest rates. Gray-zone rates in Japan fall between two separate legal cap rates for consumer loans. The Interest Rate Restrictions Law caps rates at 15 to 20 percent according to loan amounts, while the Investment Deposit and Interest Rate Law allows higher rates of up to 29.2 percent to be levied on loans if borrowers consent to them in writing. The Japanese parliament enacted a bill in December to lower the ceiling on consumer loan interest rates to 20 percent in late 2009 from the present 29.2 percent as part of efforts to help reduce the number of heavily indebted borrowers. Under the new legislation, moneylenders will be also required to limit loans to one-third of borrowers' annual income.
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