The head of the International Monetary Fund has urged rich nations to reconsider the criteria for developing countries to access international finance, saying vulnerability to climate shocks should be taken into account.
At the opening press conference of the IMFs spring meeting, Kristalina Georgieva said income level was the primary consideration when disbursing international finance.
But there are other sources of vulnerabilities, for example high vulnerability to climate shocks. And therefore the international community should look into other factors of vulnerability as we th…
Read the full article at: https://www.climatechangenews.com/2021/04/08/climate-vulnerability-factored-debt-relief-says-imf-head/
(Corrects to show D-reizen Dutch-owned since December 2020, paragraph three)
AMSTERDAM, April 6 (Reuters) – D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees.
The Netherlands has largely avoided corporate bankruptcies during the pandemic as employers are able to receive government support to continue paying employees.
This is a pitch black day for us CEO Jan Henne de Dijn said in a statement. Henne de Dijn and another executive bought D-RT Group from German firm Raiffeisen Touristik Group GmbH on Dec. 23, 2020, and had been in talks with creditors to avoid bankruptcy.
Details of the bankruptcy, which …
Read the full article at: https://www.reuters.com/article/netherlands-travel-bankruptcy/d-reizen-dutch-subsidiary-of-german-travel-company-bankrupt-idUSL1N2LZ0IT
- A Gurugram-based creditor had initiated insolvency proceedings and The National Company Law Tribunal had admitted the petition against OYOs subsidiary Oyo Hotels and Homes Pvt Ltd on April 7.
- The National Company Law Appellate Tribunal (NCLAT) today stayed the proceedings against OYOs subsidiary.
- As initially it was misreported by a few media platforms as OYO filing for bankruptcy, Agarwal had taken to Twitter to squash the rumours.
As OYO battled with reports of bankruptcy, which it said was inaccurate, and received an outpouring of support from Indias startup ecosystem, the Ritesh Agarwal-led company heaved a sigh of relief today.
The National Company Law Appellate Tribunal (NCLAT) today stayed the proceedings against OYOs subsidiary…
Read the full article at: https://www.businessinsider.in/business/startups/news/oyo-insolvency-proceedings-nclat-orders-stay-against-its-subsidiary-company/articleshow/81967849.cms
Disgraced former Malaysian Prime Minister Najib Razak faces bankruptcy for allegedly failing to pay U.S. $421 million in taxes and penalties, which could end his political career.
Najib said late Tuesday that the countrys tax board served him a bankruptcy notice allegedly for unpaid personal income taxes from 2011 to 2017, in retaliation for his political party deciding to break up with the ruling coalition in the next general election.
What are the consequences of this bankruptcy notice? I will be losing status as the Pekan Member of Parliament and a by-election would be held, Najib said in a Facebook post.
He was referring to a rule that strips a person of their parliamentary seat and bars him or her from contesting elections if decl…
Read the full article at: https://www.benarnews.org/english/news/malaysian/bankruptcy-claim-04072021180334.html
The new initiative would focus on systematically changing whole economies, a source tells Reuters.
The World Bank and the International Monetary Fund (IMF) are planning to launch a platform to advise poor countries on funding climate and conservation activities, amid a broader push that could link such spending to debt relief, according to a draft document seen by the Reuters news agency.
The institutions discussions towards that goal are detailed in a World Bank paper on debt published on the banks website on Monday for their annual northern hemisphere spring meetings.
The advisers would include United Nations officials, non-governmental organisations, private investors and even ratings agencies with expertise in sourcing investment…
Read the full article at: https://www.aljazeera.com/economy/2021/4/8/world-bank-imf-consider-linking-debt-relief-to-climate-efforts
OYO founder took to Twitter to clarify on rumours that the hotel aggregator chain had filed for bankruptcy
Topics
Oyo|Bankruptcy|startups in India
Neha Alawadhi | New Delhi
Last Updated at April 7, 2021 23:20 IST
The National Company Law Tribunal (NCLT) has accepted a plea against a unit of Oyo Rooms.
Oravel Stays Pvt Limited, the parent company of Oyo Rooms, has challenged the NCLT order which has initiated insolvency proceedings against its unit, called OYO Hotels and Homes Pvt Limited (OHHPL).
The NCLT had admitted the insolvency plea against OHHPL on March 30, 2021, and it was filed by a creditor who claimed that OHHPL defaulted on a payment of Rs 16 lakh.
OYO founder and CEO Ritesh Agarwal on Wednesday took to Twitter…
Read the full article at: https://www.business-standard.com/article/companies/oyo-founder-ceo-ritesh-agarwal-clears-the-air-on-bankruptcy-rumours-121040700588_1.html
The Insolvency Service has refused to reveal the full costs of legal proceedings and other additional fees associated with the Kids Company trial.
The Official Receiver, acting on behalf of the Insolvency Service, announced at the end of last month that it would not appeal the High Courts decision to dismiss the disqualification proceedings it brought against former senior leaders of the collapsed charity Kids Company.
A request made by Third Sector under freedom of information legislation asked the IS to provide the total amount charged by Womble Bond Dickinson, Gareth Tilley and Lesley Anderson, who acted on behalf of the OR, for the whole proceedings.
But the IS turned down the request.
In its response, the information rights team at…
Read the full article at: https://www.thirdsector.co.uk/insolvency-services-refuses-disclose-full-cost-failed-kids-company-proceedings/governance/article/1712050
GlobeNewswire
Plus Products Reports Audited 2020 4th Quarter and Year-End Financial Results
SAN MATEO, Calif., April 07, 2021 (GLOBE NEWSWIRE) — Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the Company or PLUS), a cannabis branded products company in the U.S., today released its audited financial and operational results for the three and twelve months ended December 31, 2020, expressed in U.S. dollars. These filings are available for review on the Companys SEDAR profile at www.sedar.com and on the Canadian Securities Exchange (the CSE) website at www.thecse.com. 2020 Year-End Financial Highlights Gross Profits: Gross profits grew 104% to $5.6M in 2020 compared to $2.8M in 2019. Gross profit margin in 2020 was 35%, up from 20% in 20…
Read the full article at: https://au.finance.yahoo.com/news/mexico-argentina-urge-debt-relief-200623315.html
LONDON (Reuters) – Debt experts, charity groups and investors welcomed news on Wednesday that the worlds poorest countries will get new IMF funds and COVID-19 debt relief, but they also cautioned that for some it would still only be a band-aid solution.
A new $650 billion allocation of the IMFs quasi currency known as Special Drawing Rights (SDRs) will provide over $20 billion of funding, while an extended repayment holiday on loans from rich G20 nations will temporarily save another $7 billion.
The $20 billion share of the SDR increase alone is more than all the emergency money the IMF provided in Africa her…
Read the full article at: https://www.reuters.com/article/emerging-markets-sdr/analysis-sdrs-and-debt-holidays-still-just-a-band-aid-for-debt-hobbled-countries-idUSL8N2LZ53N
Malaysias former prime minister Najib Razak is facing bankruptcy for allegedly failing to pay more than $520m in taxes, which could bring his political career to an end.
Najib and his cronies are accused of stealing billions from state investment fund 1MDB, and he has been sentenced to 12 years jail in the first of several trials he is facing over the fraud.
Last year, a court ordered Mr Najib who remains free on bail and is still an MP to pay 1.69 billion ringgit ($520m) in taxes owed between 2011 and 2017. Late on Tuesday, Mr Najib said tax officials issued a notice demanding he settle the bill, plus additional costs, otherwise they will launch b…
Read the full article at: https://www.theaustralian.com.au/world/former-malaysian-pm-najib-razak-facing-taxation-bill-of-520m/news-story/2c7c97049ee39b1e9baf46051d819304
KUALA LUMPUR (Reuters) – Malaysias former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career.
Najib, who lost a historic election in 2018, is facing dozens of corruption and money laundering charges over the suspected theft of billions of dollars from 1Malaysia Development Berhad, a state fund he co-founded.
He has denied wrongdoing and on Monday launched a court appeal to set aside his con…
Read the full article at: https://www.reuters.com/article/us-malaysia-politics-najib/malaysia-ex-pm-najib-served-with-bankruptcy-notice-over-400-million-tax-bill-idUSKBN2BU09L?il=0
The Star Entertainment Group has doubled down on its bid to sue an Asian billionaire who racked up a $43 million gambling debt at its Gold Coast casino. VIP high roller Dr Wong Yew Choy allegedly dishonoured a blank cheque after a five-day losing streak playing baccarat at The Star Gold Coast. After losing an international bid to pursue Dr Wong over the debt in Singapore, Star Casino has been granted leave to pursue the billionaire in the Queensland Supreme Court. The well-known Asian gambler had been lured to the Gold Coast casino as part of a marketing junket in July 2018 The gambling mogul opened his account with a $40 million cheque to buy gaming chips before hitting the baccarat table. Within three days, the billionaire lost the ent…
Read the full article at: https://www.hepburnadvocate.com.au/story/7192090/star-doubles-down-on-asian-vips-43m-debt/?cs=9676