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U.K. Warns Scottish Nationalists Not to Threaten Business

Scottish Secretary Alistair Carmichael said nationalists shouldn’t try to stop businesses publicly opposing independence ahead of the Sept. 18 referendum on whether to stay in the U.K. Speaking to reporters in London yesterday, Carmichael cited comments by Gavin Hewitt, the former chief executive officer of the Scotch Whisky Association, who told the Herald newspaper June 13 he had received “intimidating calls” from senior members of the pro-independence Scottish National Party. “If that’s t...
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Argentina’s Debt Appeal Dies at U.S. Supreme Court

You don’t have to be an Argentina fan to worry about the precedent set on June 16, when the U.S. Supreme Court refused to hear the nation’s appeal in a case brought by hedge funds that hold Argentine government debt. The high court let stand a lower court ruling that blew a hole in the country’s attempt to shrink its debt burden following a 2001 default on $95 billion in bonds. Although the U.S. courts’ actions apply only to this case, they send a message about the empowerment of creditors that ...
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