Mineral sands miner Iluka Resources has slid to a full-year loss of $224 million on the back of hefty writedowns related to a restructuring of the companys business amid the downturn. The loss was within the $220 million to $230 million range the company had forecast in January, but sharply lower from the previous years…
An insolvency division has been added to the Supreme Court to deal with provisions of the Insolvency Act, Chief Justice Zaila McCalla announced last weekend. She made the announcement at a training session where members of the judiciary were sensitised on the new provisions of the Act, according to a release from the Court Management…
The main investigation into Corporate Commercial Bank (Corpbank), which collapsed in 2014, has been completed, the specialised prosecutors office announced on February 22. Prosecutors have charged 18 people after interrogating more than 400 witnesses. In June 2014 Corpbank, then Bulgarias fourth largest lender, suffered a bank run that deprived it of liquidity. It was put…
Qantas has delivered a big drop in first-half profit, hurt by staff lay-off and restructuring costs as well as fierce competition on international routes due to lower oil prices. Net profit fell to $515 million from $688 million a year earlier, hurt largely by staff lay-off and restructuring costs totalling $137 million. It also reflects…
WEIRTON, W.Va. The Weirton Christian Center is another step closer to making dreams a reality. On Wednesday, a sizable donation was made by the local rotary club. Its a donation thats desperately needed with a deadline looming on the potential build of a new facility. A two-year fundraising effort is coming to a close…
Indias corporate debt repayment rate is abysmally low: Only 25.7 cents to a dollar loaned (or Rs 17 on Rs 67 lent) ever returns to the lender after years of protracted recovery proceedings. The countrys debt recovery rates trail even the South Asia average (36.2 cents) and, obviously, the OECD average, says the World Bank.…
Greece’s debt needs “significant” restructuring, but debt forgiveness by the country’s creditors is not necessary, IMF chief Christine Lagarde said Wednesday, appearing to soften the lender’s previous stance. “Debt will have to be restructured appropriately,” the International Monetary Fund’s managing director told German television channel ARD after meeting Chancellor Angela Merkel in Berlin. “At the…
Casinos on the Las Vegas Strip had one of their best years in recent memory in terms of writing off uncollectable gambling debts, according to 2016 figures. David Schwartz, a longtime number cruncher at the University of Nevada, Las Vegas Center for Gaming Research, filed a report last month examining credit issued to gamblers by…
First Solar shares are down over 7% after the solar equipments supplier reported a substantial 4th quarter loss of ($US6.92) per share, against consensus estimate of a $US1 profit. The sharp slump after the earnings release adds to the shares lacklustre performance over the last year, losing almost half its value. A huge pre-tax restructuring…
Supreme Court establishes new insolvency division Wednesday, February 22, 2017 | 12:09 PM KINGSTON, Jamaica Chief Justice, Zaila McCalla announced over the weekend the establishment of the Insolvency Division of the Suprem… Read the full article at: http://www.jamaicaobserver.com/news/Supreme-Court-establishes-new-insolvency-division