The Body Shop operates about 100 stores in Australia and is said to be the most profitable international arm of the stricken business. However since the UK parent entered bankruptcy last month, the Australian subsidiary – and others around the world – have become creditors and their access to funds has been cut off.
The Guardian has quoted sources explaining that the money earned by the key overseas businesses during the peak trading period in November and December was paid into a global account, based in the UK – “a practice termed ‘cash pooling’”. As a result, global subsidiaries are struggling to pay suppliers for services rendered during that peak. The cash pooling ceased when the business entered into administration.
Student loan debt is frequently in the news as politicians debate solutions to the rising costs of college that lead to sometimes crippling amounts of debt. For those with outstanding student loans, such debt can be discharged in two ways: forgiveness and bankruptcy.
As of Apr. 2024, Americans owed a collective $1.75 trillion in student loan debt, with an average of $28,950 owed per borrower. By comparison, in Dec. 2010, Americans owed…
Read the original article here
Deep and energising collaboration
The deal has been warmly welcomed by senior executives at Standard Chartered and raised hope for future transactions of this type.
Marisa Drew, Standard Chartered CSO, said: “This announcement is the result of months of deep and energising collaboration between the Government of The Bahamas, Inter-American Development Bank, The Nature Conservancy, Builders Vision, AXA XL and several other partners, to jointly unlock US$124 million in funding over the next 15 years for marine conservation in The Bahamas.”
Marisa added: “This transaction is innovative for many reasons, not least because this is the first time a family office, Builders Vision, has played a significant role in a sovereign debt conversion…
Read the original article here
Bruno Mars has had a wild career in the music business that has spanned two whole decades now. The 39-year-old has had multiple singles dominate various charts across the world, including songs like Talking to the Moon, which went viral on social media. Besides his heavenly voice that we love streaming on repeat, the pop icon also has a great personality that goes perfectly along with it.
Rosé and Bruno Mars in Apt. music video | Credits: The Black Label/Atlantic
While the star has never really found himself in the trenches of controversy, Mars was most recently linked to a gambling debt issue involving the glorious MGM Resorts International. The rumor regarding this issue surfaced in March 2024, but Mars has only seemed unbothered by…
Read the original article here
New York/London
CNN
—
Tupperware, known the world over for its plastic food storage containers, has filed for bankruptcy after years of falling popularity and financial troubles.
“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and CEO of Tupperware Brands Corporation, said in a statement late Tuesday.
Chapter 11 bankruptcy allows companies to solve their financial problems by restructuring. “This process is meant to provide us with essential flexibility as we pursue strategic alternatives to…
Read the original article here
