| ACTU pleads for rate rise amnesty
The Reserve Bank of Australia (RBA) is being urged to consider the plight of working families when deciding whether to increase interest rates this week. Analysts say higher than expected December quarter inflation figures and solid domestic demand give the RBA a strong case to increase interest rates at its board meeting in Sydney tomorrow. If the bank's board does decide to raise rates, they will be at their highest level in 12 years. The Australian Council of Trade Unions (ACTU) says low and middle income families cannot afford another rise, and the RBA should hold rates at current levels until the full impact of the global financial situation becomes clearer. ACTU president Sharan Burrow says many families already have their finances stretched to the limit by mortgages, credit cards and other loans, and the RBA should look at other economies.
Beware the Tow Truck: Repo Lots Overflow With Cars
So many vehicles are being snatched from owners who stop making payments that some repo operators and auto auctioneers say lots are overflowing. This year's predicted 10% rise in vehicle repos to 1.6 million would be a third higher than 10 years ago, says Thomas Webb, chief economist for a unit of Atlanta-based Manheim, which sells cars to dealers worldwide. The increase comes atop a 10% rise in repos last year. Webb blames overly "generous" auto loans in the past couple of years as a key factor in driving up defaults that lead to repossessions. He says the rate might be even higher if employment hadn't remained strong despite the slowing economy. .
Theater-burglary trail leads to U-Haul vans
In two incidents last summer, traveler's checks stolen from the Palo Alto Children's Theatre were discovered in connection with one or more U-Haul trucks rented from an East Palo Alto market. But police haven't questioned the market's owner or requested rental records from U-Haul's corporate office, according to the owner and a U-Haul spokeswoman. Investigators working on the case were unavailable for confirmation by the Weekly's Thursday deadline and Chief Lynne Johnson is out of town this week, police Sgt. Sandra Brown said. The first traveler's-check incident occurred last June 23, less than a week after a reported burglary of the theater -- thefts that initiated an investigation that resulted in the theater's Jan. 24 closure, the placement of two-thirds of its small staff on administrative leave and community outrage over the handling of the investigation.
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