Hills expects to return to trading profit in the second half of the 2018 financial year, the distributor announced during its 2017 annual general meeting, addressing moves to return to profitability after a disappointing run of losses in the years prior. We are making progress and Hills is heading in the right direction, Hills chairwoman…
Shares in real estate agency group McGrath have plunged to an all-time low after the business warned that its full-year earnings will be lower than expected. McGrath’s shares had plunged more than 22 per cent, or by 13.5 cents, to 47.5 cents by 1032 AEDT. Just after opening, at 1004 AEDT, they were trading at…
Can a bank allow a company, which is facing corporate insolvency resolution proceedings under Insolvency and Bankruptcy Code and has non-performing assets (NPAs) attached to it, to pull out money? In an embarrassing case, Amtek Auto (corporate debtor) managed to withdraw money from its account in Indian Overseas Bank‘s (IOB) Hosur branch although loans taken…
Shares in real estate services company McGrath have tumbled in early trade after the company announced a 25 per cent profit downgrade. McGrath says its financial underperformance is largely in company owned sales, impacted by lower volumes of listings and agent numbers. McGrath founder John McGrath. Photo: Edwina Pickles While the company has not provided an…
Henry Davis York (HDY) has promoted six senior lawyers to partner in Sydney. The firms six new partners are Vittorio Casamento, Alice Chen, Felicity Healy, James Higby, Stephen Iu, and Anneliese Korber. The appointments come ahead of HDYs merger going live, which has been confirmed for later this year, and amid raids on its partner…
Westpac posted a 3% rise in full year cash profit to $8.06 billion, below the consensus forecast of $8.16, and kept the dividend flow to shareholders steady. Statutory net profit was $7.99 billion, up 7%, as lending grew 3% and customer deposits 4%. The bank declared a fully franked dividend of 94 cents a share,…
Mumbai: A giddy Sailesh and Anjana exchanged vows at St Jude Church in Malad on October 29, eight years after they had met and fallen in love, surrounded by strangers they had just met but who were giving their all to help the young couple have their dream wedding. Sailesh, 28, an office-bearer and Anjana,…
MUMBAI: Come December, banks will have to grapple with the ethical and financial dilemma of dealing with failed promoters who try to claw back control in troubled companies where they no longer call the shots by trying to outbid others in the race. Promoter shareholders who use shell companies or tie up with offshore funds…
Sir Vince Cable has criticised the Royal Bank of Scotland boss, Ross McEwan, for his failure to show genuine contrition over the banks mistreatment of small business customers in the aftermath of the financial crisis. The Liberal Democrat leader also said the bailed-out bank must put aside more money on top of the £400m already…
KOLKATA: The National Company Law Tribunal (NCLT) has ordered corporate insolvency resolution process against Assam Company India for defaulting Rs 596 crore in payments to Srei Infrastructure. The company, into multifaceted activities ranging from tea plantation to oil and gas exploration, had guaranteed a Rs 100-crore loan taken by Gujarat Hydrocarbon & Power SEZ in…