More trouble seems to be brewing in the jewellery industry with the National Company Law Tribunal (NCLT) ordering the commencement of corporate insolvency resolution proceedings against Winsome Diamonds and Jewellery Ltd. As per a Debt Recovery Tribunal order of December 2016, the total amount payable by the company to creditors is about 4,700 crore. This…
The Australian share market has opened lower in the absence of a lead from US markets, which were shut for a public holiday, leaving local investors with only a negative lead from Europe and Britain. The benchmark S&P/ASX200 stock index was down 21 points, or 0.36 per cent, at 5,882 points at 1030 AEDT, with…
Headwinds in the Australian consumer market has caused Vocus to revise its full-year earnings guidance for the second subsequent time, the company has revealed. In reporting its first-half 2018 revenue and earnings growth, Vocus said it had revised full-year earnings guidance in underlying EBITDA to $365-380 million down from between $370-$390 million on revenue of…
Godfreys Group has suffered a further sales slump and slid to a $59 million half-year loss as the vacuum cleaner retailer’s new chief executive pledges to turn around the business’s declining fortunes. Godfreys booked a net loss of $58.6 million for the half, compared with its $21.7 million loss a year ago, following a previously…
Lawyers, accountants, academics and farmers are among the 22 HBF councillors who will decide the future of the health insurers $4 billion merger proposal. Under HBFs constitution, its council is the groups most powerful oversight body, with the deciding vote on the planned merger of equals with Sydney-based insurer HCF. However, despite rapidly changing standards…
Vacuum cleaner retailer Godfrey’s Group has deepened its first-half loss on the back of a $75.2 million impairment charge and other business restructuring costs. The company’s net loss of $58.6 million for the six months to December 29 compares to its $21.7 million loss a year ago, while underlying profit – which excludes one-off significant…
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay. Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper Il Sole 24 Ore having already carried out investigations pointing…
The Institute for Accountability in Southern Africa has written to Eskom chairperson Jabu Mabuza requesting a detailed written explanation as to why the current board believes the State-owned utility can be rescued from its current financial distress, cautioning that Eskom may currently be trading recklessly in terms of the legislation governing companies in South Africa.…
HSBC Holdings (0005) releases its annual results today and many investment houses seem positive. Goldman Sachs expects the total amount of share buybacks of the banking group to hit US$3 billion (HK$23.4 billion) this year and the dividend payout to be maintained at 51 US cents per share. The conglomerate has had three public repurchases…
MEAT supplier Russell Hume has become the latest large company to make headlines for going into administration. The company, which supplied chains such as Wetherspoon and Jamie Oliver restaurants, is facing the loss of 270 jobs. Here’s what calling in the administrators means… PA:Press Association What does going into administration mean? When a company enters…