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) Moody's keeps CR's rating at A1, praises reform efforts
Prague, Oct 10 (CTK) - International rating agency Moody's Investors Service has kept the Czech Republic's sovereign rating unchanged at A1 with positive outlook as before, the agency says in its annual report on the Czech Republic.The agency has praised the country's reform efforts aimed at the improvement of public finances.
The rating mirrors, among other things, low level of government debt and the Czech Republic's process of incorporation into the EU which the country joined in 2004.
Moody's gave positive outlook to the Czech Republic's rating already in March 2006, mainly thanks to improved macroeconomic development. Favourable outlook for fiscal consolidation and economic growth was also important for the decision.
The ceiling for government bonds is set at Aa1 with positive outlook. More>>
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) Competitive carrier Paetec buys McLeodUSA
Telecom carrier consolidation in the U.S. trickled down to competitive service providers on Monday as Paetec Holding Corp. agreed to acquire McLeodUSA, creating a company that will serve businesses in most of the country's largest metropolitan areas. . More>> - (
) Deutsche Telekom to buy SunCom
Deutsche Telekom AG, Europe's largest telephone company, agreed to buy SunCom Wireless Holdings Inc. for $1.6 billion, giving its T-Mobile USA unit more than a million cell-phone clients in the South and Puerto Rico.Deutsche Telekom will pay $27 in cash for each SunCom share, 23 percent more than the closing price on Sept. 14. Including debt, the purchase amounts to $2.4 billion, the Bonn, Germany-based company said in a statement. Deutsche Telekom will save about $1 billion, mainly from roaming fees and operating costs.
Chief Executive Officer Rene Obermann is expanding Deutsche Telekom's T-Mobile unit to make up for a four-year slump in fixed-line revenue in Germany. T-Mobile accounts for half of the former monopoly's sales. SunCom has more than doubled in U.S. More>>
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) School budgets get new rules
JAY - The new state school consolidation law will override residents' June vote to hold a referendum to set the next school budget for 2008-09.
The law requires school systems to follow the new regional school unit budget format to vote on next year's budget, even though, if voters in Jay, Livermore and Livermore Falls approve a joint school system on June 10, 2008, that school system would not begin until July 1, 2009.
Jay school Superintendent Robert Wall recently gave selectmen an update of what's going to need to happen in the coming months to comply with the state law.
Traditionally, Jay residents vote on municipal and school budgets by referendum.
Under the new law, Jay and other school systems will have to hold a traditional-style town meeting to vote on proposed expenditures for 11 cost-sharing categories. More>> - (
) Steve Madden for sale as shoe industry stumbles
Shoemaker Steve Madden has put itself up for sale, following a tumble in its stock price as demand for its trendy ballet flats and peep toe pumps has slowed.The company on Friday said it hired the investment bank Peter J. Solomon to advise it on strategic options, including a possible sale of the company.
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