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Credit: SMICChina's semiconductor industry is facing a resurgence of unfinished projects as smaller companies go bankrupt, reports the China Times. Recent
The corporate dispute tribunal agency National Company Law Tribunal (NCLT) has ordered initiating insolvency proceedings against Coffee Day Enterprises Limited (CDEL),
In short: Childcare group Precious Cargo has gone into voluntary administration.Founder and director Cheryl Shigrov says seven operating childcare centres
Booktopia has entered voluntary administration after struggling with the expense of transitioning to a $12 million robot-enabled warehouse facility and to
Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990.
This year, if there is no policy change, student debt balances will be increased by 4.7%.
After sustained community pressure to change the way debts are indexed, the federal government has announced plans to help students, apprentices and trainees.
How will student debts change?
This announcement is part of the 2024 federal budget on May 14. It has two components.
First, indexation for student loans will be based on whichever is lower: the Consumer Price Index (CPI), which measures inflation, or the Wage Price Index (WPI), which measures hourly wage rates in the same…
China’s semiconductor industry is facing a resurgence of unfinished projects as smaller companies go bankrupt, reports the China Times. Recent insolvencies, such as that of Shanghai Wusheng Semiconductor, have raised concerns about widespread closures. Additionally, the market has seen 23 semiconductor companies withdraw their IPO applications since last year, which reflects growing investor caution.
The corporate dispute tribunal agency National Company Law Tribunal (NCLT) has ordered initiating insolvency proceedings against Coffee Day Enterprises Limited (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses.
The Bengaluru Bench of the NCLT on August 8 admitted the plea filed by IDBI Trusteeship Services Limited (IDBITSL) claiming a default of ₹228.45 crore and appointed an interim resolution professional to take care of the operation of the debt-ridden company.
CDEL, which also owns and operates a resort, renders consultancy services and is engaged in the sale and purchase of coffee beans, had defaulted in the…
MGM Resorts International has denied reports that Bruno Mars is in debt with the entertainment company.
A previous report by NewsNationindicated that the “24K Magic” singer racked up a debt of more than $50 million at the MGM Grand in Las Vegas since signing a long-term residency contract with the company in 2016.
In a statement sent to Billboard, MGM said: “We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers. From his shows at Dolby Live at Park MGM to the new Pinky Ring lounge at Bellagio, Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect.”
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Armaguard has rejected a $26 million lifeline offered by some of Australia’s biggest companies to keep the cash transport company afloat.
The company, which is controlled by trucking magnate Lindsay Fox, had been given until the end of the day to either accept or reject a financial lifeline to avert insolvency, and to keep cash flowing to major businesses.
A Montessori childcare chain that has been operating in South Australia for 18 years has gone into voluntary administration, but has assured families it will continue to operate.
Precious Cargo, founded by Cheryl Shigrov in 2006, will continue operating until a new owner is found.
There are seven operating childcare centres affected in South Australia and administrators are expecting a save or buyout to…
Student debt was previously just indexed to the Consumer Price Index (CPI) inflation rate, but the 2024 budget will change this to the lower of the Wage Price Index (WPI) or CPI.
This will be backdated to retroactively apply to last year’s indexation (7.1%), which the government estimates could wipe more than $3 billion from existing student loans.
This was one of the major recommendations from the Australian Universities Accord – a review into the higher education system – and the government says it is part of the first stage of reforms implemented on the back of the review.
Minister for Skills and Training Brendan O’Connor said this continues the government’s work to reduce financial barriers to education and training.
A meeting is due to take place within the next 21 days to discuss the situation and the authority said a dedicated page on its website would provide updates.
The council said in a statement: “Senior officers and members remain committed to continuing to work with the Improvement and Assurance Board and the Department for Levelling Up, Housing and Communities to put the council on a stable financial footing for the future.”
Nottingham City Council leader David Mellen has told the BBC he will not be stepping down following the news that the authority is effectively bankrupt.
“We will continue to pay our bills, we will continue to pay our staff,” he said.
He added the council was not going to close its new £10m library – which officially…
Booktopia has entered voluntary administration after struggling with the expense of transitioning to a $12 million robot-enabled warehouse facility and to raise further funds.
The Australian e-tailer began building a new highly automated customer fulfilment centre (CFC) in Sydney last year in a bid to support future expansion.
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A professional organization for romance authors filed bankruptcy, blaming the high cost of its annual conference and a membership crisis triggered by the suspension of a prominent writer who accused another member of allegedly using racist stereotypes in her book.
Romance Writers of America Inc. filed Chapter 11 on Wednesday saying it lost thousands of members in recent years and can’t cover expenses related to keynote conferences it planned to hold at Marriott hotels in Philadelphia and Austin.
