Australia’s largest car dealership company, Automotive Holdings Group, faces a $15 million hit to profits in 2017-18 from the industry-wide crackdown on add-on insurance products for car owners by the Australian Securities and Investments Commission. AHG has 110 car dealerships across Australia and New Zealand, with 37 in its home state of Western Australia, where…
The chief executive of Super Retail Group, owner of Rebel sports stores, Supercheap Auto and the BCF outdoors chain, says the company may open up to 18 new outlets in former Masters hardware sites abandoned by Woolworths. Peter Birtles said on Friday the retail company was in a strong position to meet the Amazon assault…
Infant formula maker Bellamys posted a full year loss of $809,000, a long way from the $38.33 million profit of the previous 12 months. Revenue was $240.18 million, well below analyst expectations of about $330 million before the company hit a roadblock for sales into China. However, the company has made some progress in restructuring…
OSLO: Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring in mid-September, and aims to raise $1 billion in new capital, the company said on Thursday. Once the biggest offshore rig firm by market value and the crown jewel in the business empire of Norwegian billionaire John Fredriksen, Seadrill shares have…
(Adds analyst, debt and liabilities estimate) By Nerijus Adomaitis OSLO, Aug 24 (Reuters) – Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. Once the biggest offshore rig firm by market value and the crown…
Shutterstock photo By Nerijus Adomaitis OSLO, Aug 24 (Reuters) – Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. Once the biggest offshore rig firm by market value and the crown jewel of…
Mining services business Ausdrill has delivered a solid full-year result on the back of strong performance in its gold operations in Africa, and is targeting further growth in the year ahead. Perth-based Ausdrill announced a 53.3 per cent surge in net profit to $31.4 million for the 2017 financial year, with revenue up 4.5 per…
Shareholders in Spotless Group who are refusing to accept the $1.15 per share cash takeover offer from predator Downer EDI won’t be paid any final dividend, as the Downer-controlled Spotless board puts the squeeze on the outliers. Spotless on Thursday announced it had tumbled to a bottomline loss of $348 million for 2016-17, after big…
Holding firm APC Group Inc.long speculated to be the SM groups future vehicle for energy assetshas approved a corporate restructuring program designed to wipe out the companys P7.73-billion capital deficit. In a disclosure to the Philippine Stock Exchange, APC said it had approved an amendment to the companys by-laws to reduce the par value of…
LONDON, Aug 23 (Reuters) – Royal Bank of Scotland has settled a legal case with a businessman who alleged that the bank caused his business to go bankrupt after forcing him to take out interest-rate hedging products while manipulating the benchmark. Stuart Wall had been suing the state-backed bank in a claim worth about 670…