| Morgan Stanley auctions New Century mtgs: report
NEW YORK (Reuters) - Morgan Stanley (MS.N: Quote, Profile, Research) is auctioning $2.48 billion of mortgages from troubled subprime lender New Century Financial Inc. (NEWC.PK: Quote, Profile, Research), the New York Post said on Monday. The loans represent collateral that New Century gave the investment bank for a $2.5 billion credit line, the newspaper said. Morgan Stanley did not immediately return a call seeking comment. Subprime lenders make loans to people with poor credit histories. Many are struggling with rising delinquencies and defaults. At least four large subprime lenders have sought bankruptcy protection since late December. Two weeks ago, Irvine, California-based New Century stopped making loans, and said it had less than $60 million of cash on hand.
Big bucks on the other side of the coin
MUMBAI: You may have sometimes put your hands at the back of an old almirah and found an envelope that felt surprisingly heavy, or perhaps a tin that rattles. Opening it, you found coins: maybe really old ones—lumpy copper coins, ragged edged silver coins—or perhaps coins from other countries, ring-shaped or bimetallic, or Indian coins no longer in common circulation. You might have also found metal tokens or badges or medals, but mostly there'll be coins, no longer of any real value as currency, but which your father or grandfather could never quite bring themselves to discard them. Perhaps you won't have the same compunctions—though in fact it can be surprisingly hard to throw coins away, thanks to our superstitious tendency to link them to luck and prosperity. But assuming you do, and have ever wondered what happens to them, the answer is that they probably end up at the coin fair and auction organised in Mumbai every year by Todywalla's Auctions, India's leading auction house for coins, medals, tokens and paper money.
Yucaipa accepting bids on construction projects
The city of Yucaipa is currently soliciting bids from licensed contractors for several different projects, including the landscaping and irrigation maintenance of the median on Yucaipa Boulevard from 11th to 13th streets. The deadline for bids on this project is next Tuesday, April 24.Bids to construct new sidewalks in 7th Street Park remain open until May 3. Another project open for bid is the widening of Yucaipa Boulevard between 13th and 15th streets, connecting to Dunlap Channel. The deadline for bids on this project closes May 8.By far, the biggest project currently up for bid is the construction of the Wilson II Basin above Bryant Street. The closing date for bids on this project is May 10. .
Uganda: Papal Nuncio Bids Farewell
The Pope's outgoing ambassador, Christophe Pierre, said he is happy that the situation in northern Uganda is stable and commended President Yoweri Museveni for his efforts in restoring peace in the region. Pierre, 61, who leaves Uganda for Mexico, after eight years of service, paid a courtesy call on Museveni at the State House, Nakasero, to bid him farewell. He also visited the Vice-President, Prof. Gilbert Bukenya. .
Disruptors Welcome
In the olden days--before 2005--eBay (NASDAQ:EBAY) was ambivalent about independent developers who ginned up applications to help buyers and sellers navigate its online auctions. In fact, it actually charged those developers fees, up to hundreds of thousands of dollars a year, based on the number of people who used the programs. .
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