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The standing committee on Communications and Information Technology has asked the department of telecommunications (DoT) to diversify its revenue streams
PT Sri Rejeki Isman Tbk (SRIL), commonly known as Sritex, has officially been declared bankrupt after the Supreme Court rejected its appeal on Wednesday, December 18, 2024, marking a critical turning point for the textile giant.
The Supreme Court hearing, led by Justice Hamdi, confirmed the verdict by the Semarang Commercial Court on Monday, October 21, 2024, which had declared Sritex bankrupt.
The court deemed Sritex failed to fulfill its debt obligations to PT Indo Bharat Rayon (IBR), one of its creditors, as stipulated in the homologation agreement on Tuesday, January 25, 2022.
The decision also implicated three subsidiaries of Sritex − PT Sinar Pantja Djaja, PT Bitratex Industries, and PT Primayudha Mandirijaya…
Drinks giant Coca-Cola looks set to buy part of the Australian-owned company Billson’s Brewery which was facing liquidation until it received a lifeline from creditors earlier this month.
The company went into voluntary administration in July this year, owing more than $7 million to 142 unsecured creditors.
The business is housed in a 159-year-old brewery in Beechworth in north-east Victoria.
In a written statement, owners Nathan and Felicity Cowan, who started the company in 2017, said they were “thrilled” to have entered into agreement to see the Billson’s brand and alcoholic line to Coca-Cola.
“We wholeheartedly believe that the brand is in the best possible hands for it to thrive long into the future,” Mr Cowan said
The Australian Greens have long argued tertiary students shouldn’t pay tuition charges. This means they want to see HECS – now called HELP – abolished.
Mehreen Faruqi, the Greens’ higher education spokesperson, argued, “student debt can’t be fixed because student debt shouldn’t exist”.
Are these reforms sensible and equitable, and is this a proper budgetary reform? The answer to all questions is a resounding “no”. It also most disadvantages relatively poor taxpayers.
Fitch Ratings indicates that the Thai government’s recent debt relief proposals are unlikely to significantly impact the credit metrics of Thai banks in 2025 due to the initiative’s limited scope.
While the debt relief scheme might aid borrowers with debts up to THB 890 billion (around USD 26 billion), most of these debts are already accounted for as Stage 2 or Stage 3 loans and provisioned or written off by banks. The restructuring proposed under the initiative, such as reduced instalment and interest waivers, aligns with typical bank offerings to troubled clients, thus minimizing its impact on bank credit metrics.
The government plans to compensate banks by redirecting 50% of their contributions to the central bank’s Financial…
(Dec 19): President-elect Donald Trump said Congress should get rid of the debt ceiling, NBC News reports citing a phone interview with him on Thursday.
Getting rid of the debt ceiling entirely would be the “smartest thing [Congress] could do. I would support that entirely,” Trump said according to NBC News.
This photo taken on June 19, 2024 shows the Shenzhen-Zhongshan Link in south China’s Guangdong Province. (Xinhua/Liu Dawei)
by Xinhua writer Wang Yaguang
BEIJING, Dec. 20 (Xinhua) — Just as a single decisive move can energize a chess game, China’s latest initiative to address local government debt risks marks a crucial step in revitalizing the growth prospects of the world’s second-largest economy.
The move comes as China gears up to navigate economic headwinds both at home and abroad, with a supportive fiscal policy serving as a crucial pillar to sustain a steady and robust recovery.
Local governments, the linchpins of the country’s fiscal outlays, were stuck in a dilemma of high debts and falling revenues, bringing challenges to the…
The standing committee on Communications and Information Technology has asked the department of telecommunications (DoT) to diversify its revenue streams from the telecom sector to increase the government’s revenue without burdening the industry excessively.
This is because of the fall in growth rate of revenue receipts for DoT projected in FY25 compared to growth in previous years.
In FY25, DoT is estimated to earn a revenue of Rs 1.1 lakh crore, as per the details shared with the committee. The same includes Rs 25,501 crore from licence fee, Rs 3,000 crore from spectrum usage charges (SUC), Rs 80,766 crore from spectrum auction payments, and Rs 1,000 crore from other sources.
SEBI board may widen UPSI scope, tighten SME rules
The Somali Embassy in Washington, D.C., hired the services of the political lobbying firm BGR Group last month, just weeks after the Biden administration forgave the war-torn nation’s billion dollar plus debt.
“This $1.1 billion in debt relief is in addition to the $1.2 billion of development, economic, security, and humanitarian assistance the United States has provided to Somalia just this fiscal year. The United States continues to be a steadfast partner in support of the people of Somalia,” said the U.S. Embassy in Somalia on X.
Ambassador Riley and Minister of Finance, Bihi Egeh, signed a bilateral agreement that forgives Somalia’s $1.14 billion debt to the United States.
Big Lots Inc.’s efforts to stay in business are beginning to unravel, putting the discount retailer that employs more than 27,000 people at risk of liquidation, according to court records and people with knowledge of the matter.
A valuation appraisal of the bankrupt company’s inventory came in lower than expected, which threatens the economics of the sale of the chain to private equity firm Nexus Capital Management LP, said the people, who asked not to be identified discussing a private matter. At the same time, landlords have demanded that Big Lots explain why it hasn’t closed the deal with Nexus, which agreed to buy the company after it filed for Chapter 11 in September.
An official committee of unsecured creditors on Monday…
ST. LOUIS, Mo. (First Alert 4) – The St. Louis Blues have partnered with Verizon and ForgiveCO for a $1 million debt relief program for veterans.
From Thanksgiving through Christmas, the initiative will eliminate $250,000 in veteran debt weekly.
“Blues fans always demonstrate strong support for the serviceman and women who live among them here in the St. Louis area. We are honored to launch our new partnership with Verizon by bringing this program to our community to provide financial relief to our veterans,” said Steve Chapman, Blues Chief Revenue and Marketing Officer. “With nearly 400,000 veterans living in Missouri alone, we are excited to see the measurable difference that these funds will make in the lives of veterans…
Hakeem Jeffries not in a mood to help Mike Johnson get his ox out of the ditch, but he may have a price for doing so. Photo: Tom Williams/CQ-Roll Call/Getty Images
As recently as the morning of December 18, Democrats in Congress and in the Biden administration were reasonably satisfied with a stopgap spending agreement they had negotiated with House Speaker Mike Johnson to avoid a December 20 government shutdown. With the bill expected to pass after some carping and posturing from conservatives, the Democrats went back to preparing for the very new power configuration that’s…
