CHARLESTON A test of Coles County’s outdoor emergency warning sirens is scheduled for Tuesday morning.
Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Personal insolvency applications reached a record high in July, according to figures from business and credit risk analyst CRIF Vision-net.
The Insolvency Service of Ireland (ISI) received 239 applications for personal insolvency arrangements, debt relief notices and debt settlement arrangements. This is a 125 per cent increase on the 106 applications made in July last year.
The number of applications to the ISI have been higher in almost all months this year in comparison to 2019, CRIF Vision-net said, but July has seen the largest spike to date.
The majority of the applications 199 of the 239 total were for personal insolvency arrangements, which were at their highest level since the inception of the ISI in 2013.
A personal insol…
Read the full article at: https://www.irishtimes.com/business/personal-finance/personal-insolvency-applications-reach-record-high-1.4352738
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The tests will take place at 10 a.m. and will include all warning sirens in the county.
The announcement said multiple tests could be conducted during the morning. It said the tests are taking place to help ensure backup systems are completely operati…
Read the full article at: https://jg-tc.com/news/local/public_safety/coles-county-warning-sirens-to-be-tested-on-tuesday/article_17a8f6f5-f39b-567b-8b6c-96775fa7fabd.html
Wirecards scandalous collapse exposes the weakness of a single EU financial market that leaves regulatory supervision to the member states.
Wirecard was one of the great success stories of Europes fintech sector and a German national champion, holding a coveted place in the DAX 30, the countrys main stock index. But since it was suddenly declared insolvent on June 25 following the disclosure of a 1.9 billion hole in its accounts ($2.1 billion at that date), the e-payments companylike Enron two decades earlierhas become a glaring symbol of mismanagement, prompting demands that the EU take control of financial supervision away from local authorities.
Wirecard represented a spectacular fraud. Its CEO, Markus Braun, was arrested; and …
Read the full article at: https://www.gfmag.com/magazine/september-2020/fintech-accounting-continental-grift
Unions enforce pro-business restructure at Australia Post
By Jim Franklin and Oscar Grenfell
11 September 2020
The unions covering Australia Post (AP) are continuing to enforce a pro-business restructuring of the government-owned postal service, even as it is clear that the overhaul is already resulting in greater workloads and worsening conditions, and opens the way for mass job cuts and privatisation in the near future.
At the beginning of the month it was publicly-revealed that AP management had issued an appeal to its Victorian workforce to volunteer their time to clear a backlog of parcels, using their own vehicles. In other words, management, which reported a $7.5 billion full-year revenue in August, up seven percent, was demandi…
Read the full article at: https://www.wsws.org/en/articles/2020/09/11/post-s11.html
Tasmania’s only water and sewage utility has not ruled out raising future residential bills to help manage rapidly rising debt associated with coronavirus.
Key points:
- Tasmania’s solo water and sewage utility is largely owned by the state’s 29 councils
- They have been told the entity is in financial trouble and has applied for a loan of up to $735 million
- TasWater says the money is needed to continue its capital works plan and battle the impacts of coronavirus
Figures provided to representatives from Tasmania’s 29 councils show TasWater’s underlying net loss was about $15 million before tax at June 30.
According to its last annual report, the utility recorded an operating profit of $41.3 million in 2018-19.
In a recent presentation, seen by…
Read the full article at: https://www.abc.net.au/news/2020-09-11/taswater-price-hike-not-ruled-put/12656012
While the disconnect between markets and the real economy has widened further, there is no guarantee that it will narrow, especially with central banks acting as the buyer of last resort. Yet the risk of an extended run of corporate insolvencies remains. In this environment, high-quality income generation is the key, together with the flexibility to move quickly as new opportunities and threats emerge.
The strong risk rally in markets in recent months has opened up a broad disconnect between markets and the weak real economy. While this condition suggests caution, its possible it persists, even in the absence of a breakthrough on the vaccine front.
First, markets are averages, and there are both winners and losers from the pandemic. Whi…
Read the full article at: https://www.sharecafe.com.au/2020/09/11/when-markets-diverge-from-fundamentals-look-for-quality-income/
12:22 11/09/2020
MOSCOW, September 11 (RAPSI) Moscows Tverskoy District Court has sentenced a former deputy chairman of board of the bank Legion Victor Brusentsev to 7.5 years in penal coliny for 122 million-ruble ($1.6 million) embezzlement, the press service of the Prosecutor Generals Office has told RAPSI.
Additionally, Brusentsev has been fined 800,000 rubles ($10,700).
Ex-advisor to the bank board Andrey Batishchev received the same term and fine.
Other defendants Dmitry Khaykov and Mikhail Korolkov have been setencened to 4.5 years in jail and a 500,000-ruble ($6,700) fine and 6 years behind bars and a 600,000-ruble ($8,000) fine respectively.
In 2014, the accomplices issued knowingly unreturnable credits to firms under their cont…
Read the full article at: http://rapsinews.com/judicial_news/20200911/306262073.html
11 September 2020
GENERAL TEXT AMENDEMENT
The following amendment has been made to the ‘Proposed Conditional Debt Restructuring Agreement’ released on 8 September 2020 at 0715 under RNS No 3250Y.
“Although I’m disappointed that the final outcome is not in line with the general terms discussed with the Lenders prior to the purchase of the senior debt”, has been deleted.
All other details remain unchanged. The full amended text is shown below.
METALS EXPLORATION PLC
(“Metals Exploration” or the “Company”)
Proposed Conditional Debt Restructuring Agreement
Metals Exploration Plc (AIM: MTL and, together with its subsidiaries, the “Group“), the natural resources exploration and development company with assets in the Pacific Rim region, an…
Read the full article at: https://www.marketscreener.com/quote/stock/METALS-EXPLORATION-PLC-4004896/news/Metals-Exploration-Proposed-Conditional-Debt-Restructuring-Agreement-31272033/
Image Credit: Gulf News Archive
The Gulf enjoyed a sustained level of development and growth over the last 15 years. This development has been a result of significant amounts of sovereign and private capital being deployed across sectors.
The pandemic has had unprecedented ramifications not only to the global healthcare system but to the world economy as well, and requiring significant resources to repai…
Read the full article at: https://gulfnews.com/business/analysis/businesses-need-to-move-towards-a-consensual-restructure-1.73665308
Fixed income investors have long held a reputation in markets as the smart money. With a focus on stability, income, and capital protection, and a propensity for complicated formulas and spreadsheets, fixed income investors often have a better idea of whats happening in markets than just about anyone else. So, when Jay Sivapalan, one of the most respected fixed income managers in the country talks about the future of the Australian economy, interest rates, and housing, you can be sure therell be some outstanding insights. This conversation was no exception.
In this weeks episode of The Rules of Investing podcast, we hear why investing is so different today to when he joined the industry 20 years ago, and he shares his views on what coul…
Read the full article at: https://www.livewiremarkets.com/wires/what-the-smart-money-is-saying-about-australia-s-future
When Timor-Leste (formerly known as East Timor) finally gained independence and peace in 2002 it had paid a heavy price of huge casualties and destruction, and they needed help.
Key points:
- A Bega Valley advocacy group has supported Timor-Leste since 2004 after the country gained independence
- The NGO fostered people-to-people relationships and assisted a sub-region of Timor-Leste to rebuild
- The two communities have a vision for an international festival of choirs
Then, a small farming community in south-east Australia mobilised to help the East Timorese rebuild their country and build a new nation.
David Gallan is the president of the non-government organisation Bega Valley Advocates for Timor-Leste.
He said that many in the Bega Valley communi…
Read the full article at: https://www.abc.net.au/news/2020-09-11/bega-valley-advocates-for-timor-leste-repays-debt-of-honour/12566286
Hamish McNeilly/Stuff
An injured person is taken off a rescue helicopter at Dunedin Hospital.
A tour bus company involved in a crash that caused a girl to lose both her hands and a woman to lose her arm has gone into liquidation, owing more than $1 million.
Awing Travel NZ, a Christchurch-based company that provided transport to inbound international tourists, was placed into liquidation voluntarily on August 31.
The bus and trailer tipped on to its side and skidded for about 40m after driver Liang Fang lost control on a downhill bend about 10km from central Queenstown on January 21.
Twenty-three people, including Fang, were on board. St John staff treated 20 for injuries. Two of the passengers, the girl who lost both hands and …
Read the full article at: https://www.stuff.co.nz/business/122739597/tour-bus-company-involved-in-queenstown-crash-goes-into-liquidation