Donald Trump formally warned bondholders in his Taj Majhal Casino that he will have to put the Taj into Chapter 11 bankruptcy if they don't accept his plan to restructure repayment of the $675 million debt. The bondholders immediately rejected Trump's proposal, saying they could fare better financially fighting it out in bankruptcy court.
The Treasury postponed yesterday's scheduled auction of $10.75 billion in 52-week bills because Congress has failed to extend the federal debt limit.
IBM and Motorola ended talks on sharing IBM's technology for making advanced computer memory chips, the New York Times reported. The report did not say why the talks broke off.
Nissan said it has options on sites in Tennessee and Alabama for a plant to manufacture engines and other parts.
The European Community criticized as unrealistic a U.S. proposal for sharp cuts in government payments to farmers. The Bush administration wants its trading partners to slash export subsidies by 90 percent and farm income supports by 75 percent over a 10-year period starting next year.
John Laware, a Federal Reserve governor, said that 90 percent of the banks examined by the Fed have received at least a satisfactory rating relating to their lending practices toward minorities and low-income customers.