BUSINESS BRIEFS
EU leaders reject euro bailout for eastern Europe
Advertiser news services
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BRUSSELS — German Chancellor Angela Merkel and other EU leaders flatly rejected a new multibillion euro bailout for eastern Europe yesterday, suggesting that additional aid be given to struggling nations only on a case-by-case basis.
Germany and the Netherlands also shot down suggestions that eastern European countries that have seen their currencies plummet be given a quick entry to the euro, which has remained strong against the U.S. dollar and Japanese yen. But French President Nicolas Sarkozy said the EU could look at reviewing the stringent euro currency membership criteria and two-year waiting period once the global economic crisis ends.
M RESORT OPENS OFF VEGAS STRIP
LAS VEGAS — The M Resort, Spa and Casino was opening last night during what has been a tough stretch for casinos in Las Vegas, but chief executive Anthony Marnell III said it is timeless tenets — service and value — that will push his company forward.
Meanwhile, Marnell said he expects filling the 390 rooms at the $1 billion resort after its first month to be tougher than he originally planned.
The 90-acre M Resort, about 10 miles south of the Las Vegas resort corridor in the suburb city of Henderson, is depending on locals and drive-in traffic mostly from California to become its regular customers. Marnell said the hotel is also advertising near the airport in hopes of showing how the property stands out.
SPANSION FILES FOR CHAPTER 11
SUNNYVALE, Calif. — Struggling flash memory maker Spansion Inc. and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection yesterday, in an effort to restructure $625 million worth of debt as the company continues to explore a possible sale or other alternatives.
The news comes a week after Spansion, one of the world's largest makers of chips used in digital cameras, cell phones and high-definition televisions, said it would slash its global workforce by 35 percent, or 3,000 employees.
Demand for flash and chip-based memory is on the decline as sales of electronics that use Spansion's chips dip amid the weak global economy.
