It sounds like Bruno Mars can still afford to keep his 24-karat magic in the air.

Amid rumors that the Grammy-winning singer and songwriter owed $50 million in gambling debt at a Las Vegas casino, the establishment’s parent company has come to Mars’ defense and dismissed the chatter as “completely false.”

In a statement provided to EW on Tuesday, a spokesperson for MGM Resorts International 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.”

The statement added, “MGM and Bruno’s partnership is longstanding and…

NEW YORK (AP) — Just months after filing for bankruptcy, SmileDirectClub announced it was shutting down its global operations and halting its teeth-aligner treatments.

That leaves existing SmileDirectClub customers with a lot of questions and few available answers. The company is offering no more customer care support and few details about possible refunds are available yet. Multiple dental organizations and orthodontists also caution patients about safety concerns arising from “direct-to-consumer” dentistry.

Here’s what you need to know.

WHAT IS THE COMPANY AND WHY IS IT CLOSING SHOP?

SmileDirectClub — which served over 2 million people since its 2014 founding — once promised to…

Education Minister Jason Clare has announced a $3 billion change to student debt indexation.

Responding to the Australian Universities Accord, the government will introduce legislation to cap the HELP indexation rate to be the lower of the Consumer Price Index (CPI) or the Wage Price Index (WPI) with effect from 1 June 2023.

This will be backdated to all HELP and VET loans, Australian Apprenticeship Support Loan and other student support loan accounts that existed in June last year.

Clare said this would lower the student debt obligations of nearly 3 million Australians.

“The Universities Accord recommended indexing HELP loans to whatever is lower out of CPI and WPI,” he said.

“We are doing this, and going further. We…

The 3rd largest economy in terms of GDP is on the brink of bankruptcy with a colossal debt (274%) and a freely falling currency. If the trend continues, the problems will be terrible for the entire world.

The Yen in Free Fall

The Japanese currency is not yet in free fall, but it could well be heading that way. The yen has been weakening since 2021, but the decline has accelerated last month.

The Japanese are naturally very upset by this situation, and rightly so. Japan is one of the most import-dependent countries in the world, as it imports more than 90% of its energy and over 60% of its food. The weakening of the yen is making the Japanese suddenly feel poorer, as their electricity bills are rising.

A Few Economic Reminders

Let’s…

Never has a motto muttered by stressed chefs and waiters been more relevant to the Australian hospitality industry.

“You got to love it to be in it,” says Asako Miura, the co-owner of Japanese fine-dining restaurant Ima Asa Yoru.

Ms Miura and her partner James Spinks – who works in the kitchen as a chef – relocated their restaurant from a small corner location in the wealthy inner-city suburb of Carlton last year.

They took out loans to pay for a modern steel and concrete fit-out at a bigger venue a bit further north in Brunswick, inside the eco-friendly Nightingale building.

The dream was to expand into busy dinner, lunch and brunch sittings.

Yet, about eight months on, the restaurant is not as busy as anticipated, and Ms Miura is…

Bruno Mars doesn’t need to use his “24K Magic” to pay off his gambling debts — because he has none.

After a report claimed that Mars, 38, owed $50 million to the MGM Grand in Las Vegas, the hospitality company spoke out to shoot down those claims.

“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” MGM Resorts said in a statement to multiple publications. “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…

Track record of insolvency – implications for licensing

A recent decision of the Tribunal, affirming a licensing decision under the Home Building Act 1989 (HB Act) of the regulator to refuse an application to renew a qualified supervisor certificate, reveals the keen focus of the regulator on using its licensing powers to clean up the industry.

The applicant before the Tribunal was the director, secretary and controlling mind of a company licensed under the HB Act and was its nominated supervisor.

The company was placed into voluntary administration in 2022. Its liquidator estimated that the company had been trading whilst insolvent since 2020 and had $2.3 million in debts.

In 2023, the applicant sought to renew his…

June is upon us and soon, summer will be in full swing. However, if you have debt that you’re having a difficult time dealing with, you likely have other things on your mind. But, you’re not alone. Debt is a normal challenge to face across the United States and there are multiple solutions to it – albeit, some more effective than others. 

With so many moves you can make with regard to your debt, it can be difficult to determine which moves are smart and which you should avoid, particularly…

The owners of the historic 159-year-old Billson’s Brewery in Beechworth have announced the company has been put into voluntary administration.

In a statement on Wednesday, owners Nathan and Felicity Cowan announced the move, discussing “several mistakes” which had put the company’s systems and processes under pressure.

“Over the course of seven years, everyone’s hard work and passion has…