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Consumer Corner: Foreclosure settlement no magic bullet for economy
AUCKLAND, New Zealand, June 29 (UPI) -- The owner of Line 7 took responsibility for the New Zealand sportswear company's demise Monday.
"It's just bloody sad, to be fair, but it's my fault. It's nobody else's," said company owner and director Ross Munro. He said the clothing company, which fell into receivership, did not cut expenses fast enough as the recession worsen, The New Zealand Herald reported Monday.
The company was also overtaken by the fall of the New Zealand dollar. "We just didn't think it would drop as aggressively as it had, so that had a significant impact for this season on our margins," he said.
Line 7, which began as a producer of sailing equipment, is associated with the Emirates Team New Zealand, which competes for the America's Cup. In recent years, it had reached out to other sports, including motor car racing, rowing and rugby.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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