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UN Secretary-General Antonio Guterres called Monday for greater debt relief and new creative financing to help poorer nations deal with the pandemic and prevent their economic recoveries from falling behind.
A “new debt mechanism” to provide more options — including debt swaps, buy-backs and cancellations — is needed, he said, as many nations have been reluctant to add debt during the global health crisis, fearing a hit to their credit ratings.
Guterres also called on G20 nations to extend the suspension of debtors’ loan payments into 2022, and expand the Common Framework for Debt Treatments to include middle-income countries that request it. The G20 agreed to suspend debt payments in April 2020, but that measure is set to expire at the…
A former gambling addict who racked up 20,000 in debt is now hoping to turn his life around.
David Benton started gambling at the age of 18 after a trip to the bookies with his mates.
What started as a one-off soon turned into a crippling addiction which would cost David not only his job, house and belongings but also nearly his life.
David, 34 and from Sheffield, said he spent hours playing roulette on his phone, trying to chase “a big win”.
The most he ever won was 3,000 – which did not even make a dent in the huge amount of debt he had racked up over the years.
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The author is ananalystof NH Investment & Securities. He can be reached [email protected]. — Ed.
We expect Hyundai Wias share price to show downward rigidity, considering its valuations (2021E P/B of 0.66x) and HMGs improving global utilization rates. A rebound in auto demand, together with visible results at Hyundai Wias new businesses, should provide strong ballast for its share price.
Advise Buy & Hold strategy for investors with long-term horizon
We maintain a Buy rating and a TP of W130,000 on Hyundai Wia. Given both the companys internal combustion engine-focused business structure and uncertainties towards its machinery business, its near-term earnings momentum will likely remain limited. That said, valuation re-ratin…
While business confidence has markedly improved, the end of JobKeeper will see many small businesses vexing over cash flow and weighing up restructuring plans, a new survey has found.
BusinessJohn Buckley29 March 2021
1 minute read
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According to data published by ASIC, only 4,751 businesses in Australia appointed insolvency practitioners in the last nine months of 2020, compared with 8,628 during the same period in 2019.
More importantly, insolvency experts do not expect a surge in businesses going into administration following the end of the JobKeeper scheme, citing factors such as the domestic economys fast recovery from the coronavirus-induced recession and the temporary insolvency protections for company directors.
Michael Sloan of law firm Ashurst has told The AFR that any increase in insolvencies is likely to be gradual:
Given that we are at historic lows of financial distress as evidenced by record low insolvency appointments and the most significant sti…
When Dominic Raab, the foreign secretary, was in Sudan in January he offered 40m in aid to help its poorest people, who are facing unprecedented food scarcity in a debt-laden country where austerity is deepening.
Sudan, ruled by an unelected military-led transitional government after longtime ruler Omar al-Bashir was deposed in 2019, owes the UK almost 900m. But the Observer can reveal that almost 80% of that was accrued from interest, leading to calls for an unconditional debt amnesty.
Through what appears reminiscent of a structural adjustment programme, the impoverished north African country, which defaulted on its loans in 1984, is under pressure from lenders to impose austerity measures, including reduced public spending and slashed s…
Virgin Australia boss Jayne Hrdlicka has flown in consultants from her former employer Bain & Company to support the airline with its transformation.
Around one year ago, Virgin Australia became Asia-Pacifics first airline to fall amid the coronavirus, after it was placedinto voluntary administration on April 21, with debts of $6.8 billion. The aviation group collapsed after its biggest shareholders, including Richard Branson’s Virgin Group and the Federal Government, decline to inject an additional round of funding into the ailing carrier.
Fast forward four months, and US private equity giant Bain Capital, which grew out of the US strategy consultancy giant Bain & Company, snapped up Virgin …
The coming weeks could bring onthe biggest economic shocksince the pandemic itself, with the end of the $90 billion JobKeeper wage subsidy scheme. Business owners, bureaucrats and insolvency experts are cautiously awaiting the fallout.
Key points:
The $90b JobKeeper wage subsidy scheme has ended, with amillion workers still relying on it
JobKeeper may have been propping up businesses that won’t survive
Insolvencies are set to rise as the support ends
“JobKeeper has been very, very helpful for us, the saving grace for us really,” said businessman Steve Khan, sitting in the plaza of ‘Little India’ in Dandenong, one of Melbourne’s outer-suburban hubs.
“Our cafe and hairdresser shop were shut for virtually seven to eight months, continuously.
