The director of collapsed Canberra-based fitout and refurbishment business Rork Projects says a “tsunami of impossible economic conditions” is hitting the construction industry as the latest official figures point to a 32 per cent surge in insolvencies across the sector this financial year.

As of March 10, 1913 construction companies had entered administration or appointed a controller this financial year, nearly a third higher than the 1447 reported at the same time last financial year (which ended up at a decade high of 2213 for 2022-23) according to the latest ASIC update.

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Bonza employees say they are losing hope after learning they will remain stood down without pay and unable to accept other work for a further two months, after administrators were granted an extension to find a buyer for the troubled airline.

In a Federal Court hearing in Sydney this morning, Hall Chadwick asked for an extension of the convening…

NEW YORK (AP) — Former NBA player Jontay Porter admitted Wednesday that he schemed to take himself out of games for gambling’s sake, pleading guilty to a federal conspiracy crime in the scandal that already got him banned from the league.

READ MORE: NBA bans Jontay Porter after gambling probe shows he shared information, bet on games

“I know what I did was wrong, unlawful, and I am deeply sorry,” the former Toronto Raptors center said as he pleaded guilty to conspiracy to commit wire fraud.

Echoing findings in an NBA investigation and allegations in an ongoing prosecution of four other men, Porter acknowledged that he agreed to withdraw early from games so that co-conspirators could win bets on his…

The Chinese trust sector has once again set off alarm bells with the announcement that Zhongzhi Enterprise Group is declaring itself “severely insolvent.” The Beijing-based conglomerate has reported that it faces a shortfall of 260 billion yuan, the equivalent of $36 billion, and has warned of the risk that this poses to normal operations.

Zhongzhi is one of China’s largest shadow banks, private groups that provide financing through non-traditional institutions, such as trust firms and wealth management funds. Zhongzhi invests much of its investors’ money in real estate projects. The group’s situation, which has gotten gradually worse since the summer, once again underscores the…

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NEW YORK — Ippei Mizuhara, who was sacked as the interpreter of Major League Baseball star Shohei Ohtani amid allegations of illegal gambling and theft, still has outstanding debts, according to a California newspaper report.

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In a story dated March 27, the Orange County Register quoted a source associated with California bookmaker Mathew Bowyer as saying that Mizuhara, 39, “still has…

The head of a review into Australia’s universities has urged the government to implement all of its 47 recommendations as quickly as possible, including relief for millions of Australians with HECS-HELP debt.

Ahead of the May budget Prime Minister Anthony Albanese has hinted there may be changes to student loans but has yet to detail the specifics.

The chair of the Universities Accord Panel Mary O’Kane has told 7.30 that the…