Money Snatchers

The International Monetary Fund urged Japan on Wednesday to begin efforts to reduce its huge public debt from April 2011, as the country’s fiscal situation comes under increasing scrutiny.

AN UNWANTED IMPORT: Major stock indexes fell Wednesday, a day after closing at 2010 highs, after Fitch Ratings lowered its rating on Portugal’s debt.

AN UNWANTED IMPORT: Major stock indexes fell Wednesday, a day after closing at 2010 highs, after Fitch Ratings lowered its rating on Portugal’s debt. That raised concerns that deficits in Portugal and other countries would trip up a global recovery.

Oil prices rose for a third consecutive session Wednesday amid optimism that a rescue plan for Greece and other debt-challenged European nations may be near.

Oil prices rose for a third consecutive session Wednesday amid optimism that a rescue plan for Greece and other debt-challenged European nations may be near.

The European Union launched action against nine countries on Wednesday over excessive debt levels which have now engulfed 20 of the bloc’s 27 nations.

Metro-Goldwyn-Mayer said on Wednesday it delivered an audit opinion to its lenders showing the troubled studio is financially sound enough to continue operating and was in compliance with all of its debt covenants.

Fitch Ratings on Wednesday cut Comerica’s investment-grade debt ratings, saying the bank’s profitability is increasingly threatened by higher credit costs and the recession.

French drinks company Pernod Ricard SA on Wednesday unveiled a debt reduction plan that includes raising euro1 billion in fresh capital and selling off its Wild Turkey bourbon brand to Italy’s Gruppo Campari.