Washington Bold new mechanisms are urgently needed to help low- and middle-income countries address crippling debt, sharply worsened by the COVID-19 pandemic, threatening vital investment to tackle poverty and climate change for years to come, the United Nations Development Programme (UNDP) says in a new report. The study, published today, echoes a call by the UN Secretary-General for more aggressive moves to fight debt distress in countries lacking resources to manage it.
The report, Sovereign Debt Vulnerabilities in Developing Economies, released ahead of the World Bank-International Monetary Fund (IMF) Spring Meetings next week, analyses debt vulnerability across 120 low- and middle-income economies to identify which are most at…
Read the full article at: https://www.miragenews.com/new-undp-study-reveals-magnitude-of-limited-538787/
The accident-prone bank has certainly done a lot of damage to the reputation of Swiss bankers in the last few weeks. Swiss cheese has become a metaphor for the bank’s balance sheet.
The walking disaster area that is is intending to recompense more investors burnt by the Swiss banks exposure to belly-up Greensill Capital.
News agency Reuters reports that the bank closed around US$10bn of funds that had bought notes from Greensill Capital, the supply chain financing outfit.
Some US$3.1bn of this has been repaid to customers while US$1.5bn in cash was in the funds as of March 29.
Over time, we expect the majority part of the funds investments to be recovered in the liquidation process, and we have recourse to other measures should they be…
Read the full article at: https://www.proactiveinvestors.co.uk/companies/news/945642/credit-suisse-feeling-the-heat-945642.html
On 26 March 2021, the Government passed the CIGA 2020 (Coronavirus) (Extensions of Relevant Period) Regulations 2021 (Regulations), extending some of the temporary relief measures under the Corporate Insolvency and Governance Act 2020 (CIGA 2020) until 30 June 2021.
The Regulations bring further relief to companies, directors, and businesses, who would otherwise have faced a tsunami of winding up petitions, action for wrongful trading and re-commencement of insolvency procedures after 31March 2020. Applicable across the whole of the UK, these Regulations aim to provide additional support to the cash strapped businesses on the brink of being declared insolvent. The Government has declared this extension in a bid to give a definitive bo…
Read the full article at: https://www.ibblaw.co.uk/insights/uk-corporate-insolvency-and-governance-act-covid-19-measures-extended-what-does-this-means-for-companies-and-directors
The Star Casino is taking a Singaporean billionaire to court after he fled the country after falling into a massive AU$40-million debt to the gambling operators in just three days.
According to allegations, the well-known high-roller Yew Choy Wong dishonoured a blank cheque following a five-day losing streak while he played baccarat at The Star Gold Coast in July 2018.
As revealed by the documents that the gambling company filed in the Queensland Supreme Court, the VIP player came to the casino after being brought there by a marketing junket. He used the aforementioned blank check to open an account for AU$40 million in gambling chips, which he quickly lost on the baccarat table of The Star Gold Coast casino. The massive losing str…
Read the full article at: http://www.casinoguardian.co.uk/2021/04/01/the-star-casino-gold-coast-takes-legal-claims-against-high-roller-gambler-to-queensland-supreme-court/
Student loan startups are seeing tailwinds of new investment and new customers as the U.S. faces a continued student loan debt crisis.
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The Federal Reserve estimates $1.7 trillion in U.S. student loan debt. Students, on average, graduate with $29,000 of private and federal loan debt and default on their loans at a rate of 15 percent.
Startups in this space are developing technology to target both private and federal loan debt in areas, such as responsible lending, loan management and refinancing, as well as make it easier for employers to create benefits that aid employees with their loan repayments.
A lot needs to be fixed, Jeannie Tarkenton, co-founder and CEO of Atlanta-based Funding U, a merit-based…
Read the full article at: https://news.crunchbase.com/news/these-startups-want-to-help-students-better-manage-their-school-debt/
Washington Bold new mechanisms are urgently needed to help low- and middle-income countries address crippling debt, sharply worsened by the COVID-19 pandemic, threatening vital investment to tackle poverty and climate change for years to come, the United Nations Development Programme (UNDP) says in a new report. The study, published today, echoes a call by the UN Secretary-General for more aggressive moves to fight debt distress in countries lacking resources to manage it.
The report, Sovereign Debt Vulnerabilities in Developing Economies, released ahead of the World Bank-International Monetary Fund (IMF)Spring Meetings next week, analyses debt vulnerability across 120 low- and middle-income economies to identify which are most at risk…
Read the full article at: https://www.undp.org/content/undp/en/home/news-centre/news/2021/UNDP_study_debt_relief_developing_economies.html
111 corporate insolvencies were recorded in Ireland in the first quarter of this year, according to the latest figures published by Deloitte.
This represents a decrease of 30% from the same quarter in 2020, when 159 incidents were recorded.
According to Deloitte, this lower level of insolvency activity is likely to be influenced by the measures introduced by the government to support struggling companies and their employees through the Covid-19 pandemic.
David Van Dessel, Partner, Financial Advisory at Deloitte said the true level of “corporate distress” is likely to be concealed by the level of Government support available.
“Adopting a strategy of early action will always provide businesses and their directors with the greatest suite o…
Read the full article at: https://www.rte.ie/news/business/2021/0401/1207466-30-decrease-in-level-of-corporate-insolvencies/
The Education Department (ED) is halting interest and debt collection on about 1.14 million defaulted loans in the Federal Family Education Loan Program (FFELP).
At a time when many student loan borrowers have faced economic uncertainty, were ensuring that relief already provided to borrowers of loans held by the Department is available to more borrowers who need the same help so they can focus on meeting their basic needs, Education Secretary Miguel Cardona said in a statement. Our goal is to enable these borrowers who are struggling in default to get the same protections previously made available to tens of millions of other borrowers to help weather the uncertainty of the pandemic.
The 0% interest rate and pause on collections will …
Read the full article at: https://au.finance.yahoo.com/news/student-debt-relief-defaulted-ffelp-loans-175359465.html
The bankrupt Polish offshore wind foundation manufacturer, ST3 Offshore, has not found a buyer through a tender issued in the second half of February, and has now opened a new tender with a 10 per cent lower starting price.
The new tender, open for bidding until 14:00 on 14 April, offers a starting price of PLN 211,212,000 net (around EUR 45.4 million) and a bid bond that has been reduced proportionally to PLN 21 million (around EUR 4.5 million).
The starting price in the first tender was set at PLN 234,680,000 net (around EUR 52 million), with the bid bond of PLN 23 million.
To participate in the tender procedure, bids (unconditional and written in Polish) should be submitted in two copies: one copy to the District Court Szczecin-Cent…
Read the full article at: https://www.offshorewind.biz/2021/03/31/st3-still-looking-for-buyer-lowers-selling-price/