Japan's Aiful expects $3.4 billion loss

09/24/2009 | Bloomberg

Japan's second-largest consumer-credit firm, Aiful, expects to take a $3.4 billion loss for the year ending March 31. The company said it will cut as many as 2,000 jobs, or 44% of its workforce. The Japanese government prohibited such lenders from charging high interest rates, some of which ran up to 29% on consumer loans, and Aiful has had to renegotiate some of its debt payments.

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