Insolvency Guardian Media Centre
Investors are also confident.
“Transurban has a portfolio of roads at various stages of recovery and is not dependent on any one city to pay distributions,” said Peter Meany, head of global listed infrastructure at First Sentier Investors. He expected COVID-19 to only have a 5 to 10 per cent impact on the toll road company’s valuation over the longer term.
While WFH has been a positive surprise for many, we think people will crave genuine interactions.
Peter Meany, head of global listed infrastructure for First Sentier Investors
“Reduced travel to airports and increased work-from-home will be partly offset by increased logistics activity and modal shifts from public transport.” Mr Meany said.
“While WFH has been a positive surprise …
Read the full article at: https://www.afr.com/companies/transport/driving-not-flying-how-investors-can-capitalise-20200907-p55tc1
The planned bank liquidity rule change would be another example of banks and government financial regulators working together to support the economy during the crisis, including through deferred repayments on 900,000 frozen loans worth $274 billion.
The RBA has bought $61 billion of government bonds since March.
Banks are also playing a key role in “stealth” quantitative easing via the RBA’s enlarged $200 billion term funding facility, whereby the central bank offers cheap 0.25 per cent, three-year loans to commercial banks that use the money to buy government debt and earn a profitable yield.
Local banks have been big buyers of public debt during the COVID-19 recession, adding to the 20 per cent of federal government bonds and almost …
Read the full article at: https://www.afr.com/policy/economy/banks-to-fund-government-stimulus-bill-20200907-p55t0f
House prices have increased at a much faster rate than income since the mid-1990s, which has led to three times the amount of people carrying mortgages and debt into retirement.
When you pair this with the ageing population, it leaves many retirees strapped for cash, in what is supposed to be their ‘golden years’.
The problem with debt in retirement is that retiree income is capped. With many living on the pension alone, it can be hard to pay for anything other than the basics.
It is often not enough to continue paying for a mortgage or other debt repayments, let alone living a comfortable retirement, free from financial stress, which is what many retirees hope for.
Some may try to bandaid this…
Read the full article at: https://www.bendigoadvertiser.com.au/story/6913891/experiencing-debt-in-retirement-a-reverse-mortgage-could-help/?cs=140
In Kenya, the coronavirus pandemic has dried up ecotourism, cutting off sources of funding that help protect wildlife and pay an income to communities working to preserve nature.
But forgiving a share of Kenya’s hefty foreign debt, in exchange for the government devoting those resources to fighting climate change threats and biodiversity loss, could tackle several big problems at once, researchers said on Tuesday.
“As part of pandemic economic rescue packages, governments have an opportunity to address simultaneously the crises of debt, climate and biodiversity destruction,” researchers from the London-based International Institute for Environment and Development (IIED) wrote in a report.
It ranks countries that would benefit most from…
Read the full article at: https://www.aljazeera.com/ajimpact/forgiving-debt-save-earth-200908052035402.html
YONHAP News
On August 28, Japanese Prime Minister Shinzo Abe said that he would resign due to his failing health. Three names are being cited as possible successors to Abe, with Chief Cabinet Secretary Yoshihide Suga emerging as a clear favorite in the race. Under Japans parliamentary political system, the leader of the ruling Liberal Democratic Party will become prime minister. Ahead of the partys leadership vote, Suga is reportedly supported by five of the partys seven factions.
Heres Cho Yong-chan, director of the America China Economic Research Institute, to discuss if Abes economic policy will change and whether economic conflict between South Korea and Japan may ease after Abes departure.
Under Abes rule, stock prices have doub…
Read the full article at: https://world.kbs.co.kr/service/contents_view.htm?lang=e&menu_cate=&id=&board_seq=390569
Puri also said that there were many smaller pieces in the portfolio that required support from institutional strengths, and that’s why they structured the way they were
Diversified conglomerate, ITC, will examine an alternative structure for its hotels business.
Answering questions on the companys restructuring plans, ITC Chairman Sanjiv Puri said at a media interaction that the firm is focusing on an asset-right strategy and will look at some alternative structuring vehicles for value creation. However, Puri clarified, that it was just under consideration.
In 2004, ITC approved amalgamation of its subsidiaries ITC Hotels and Ansal Hotels with itself. It is not clear whether an …
Read the full article at: https://www.business-standard.com/article/companies/itc-weighs-alternate-structure-for-hotels-business-for-value-creation-120090701256_1.html
New data from the Reserve Bank of Australia (RBA) has revealed that Australians paid down a total of $5.5bn in credit card debt since the start of COVID-19.
In addition to this 20% reduction in debt, nearly half a million credit card accounts were closed over the four month period.
One of the few positivesfrom the COVID-19pandemic is that credit card debt is being kicked to the curb, said Sally Tindall, research director atRateCity.com.au.
Credit card debt is one of the worst types of debt, with interest rates climbing as high as 24.99%. Getting rid of it will free up space in the family budget before the governmentscales back COVID relief payments.
The statistics are also promising when looked at year-on-year, with debt accruing int…
Read the full article at: https://www.brokernews.com.au/news/breaking-news/credit-card-debt-plummets-by-20-over-covid-273200.aspx
YONHAP News
On August 28, Japanese Prime Minister Shinzo Abe said that he would resign due to his failing health. Three names are being cited as possible successors to Abe, with Chief Cabinet Secretary Yoshihide Suga emerging as a clear favorite in the race. Under Japans parliamentary political system, the leader of the ruling Liberal Democratic Party will become prime minister. Ahead of the partys leadership vote, Suga is reportedly supported by five of the partys seven factions.
Heres Cho Yong-chan, director of the America China Economic Research Institute, to discuss if Abes economic policy will change and whether economic conflict between South Korea and Japan may ease after Abes departure.
Under Abes rule, stock prices have doub…
Read the full article at: http://world.kbs.co.kr/service/contents_view.htm?lang=e&menu_cate=business&id=&board_seq=390569
A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector.
Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company says it does not owe any money to its creditors.
Building industry leaders say conditions in the sector remain tough with a steep slide in approvals to construct units in recent months.
Urban Construct managing directors Todd Brown and James Rice relocated from Adelaide a decade ago and by 2014 said they had over that time built up a pipeline of developments of 3500 apartments …
Read the full article at: https://www.dailymercury.com.au/news/major-unit-developer-in-liquidation/4094313/
The COVID-19pandemic and economy-shutting measures to contain it came on quickly, over a matter of weeks. But the financial fallout from job losses, reduced hours or wages, higher medical bills, mounting credit card bills and more could linger as an unfortunate reminder for years to come.
Even before the pandemic, when the economy was humming, many people were struggling with their finances.
Several factors got Nicole Hudson in trouble.
In 2005 I divorced and discovered that with credit cards I could afford the…
Read the full article at: https://www.azcentral.com/story/money/business/consumers/2020/09/07/need-relief-debt-heres-what-know-your-options/3327417001/
CreditorWatch chief executive Patrick Coghlan said Victoria would be “even worse off” following Premier Daniel Andrews’ announcement on Sunday of a longer lockdown.
“It would’ve been extremely difficult and unpopular not to extend [insolvency safe harbour] but there was no choice from a political point of view in Victoria,” Mr Coghlan said.
He said the federal government “needs to work on a road out of the safe harbour provisions”, under which creditors are unable to issue statutory demands or bankruptcy notices unless the debt totals $20,000 or more. Directors are also protected from personal liability under insolvent trading rules if debts are incurred, except where they break the law.
Mr Coghlan warned the Christmas holiday perio…
Read the full article at: https://www.brisbanetimes.com.au/politics/federal/more-harm-than-good-businesses-get-reprieve-but-thousands-still-set-to-fail-20200907-p55t15.html
The extended relief will also help to maintain confidence, allowing viable businesses to survive as they adapt to a new COVID-safe economy.
Banks are already preparing to deal with company failures. ANZ chief executive Shayne Elliott said on Friday that the bank was building up teams to deal with the pain next year.
“We do believe there will be a pick up in insolvencies next year and we are making sure we are resourced appropriately to deal with that,” Mr Elliott told a parliamentary committee. “We are making sure we are preparing from a resources point of view so adding people and a cultural point of view so how to deal with [company failures].”
Voluntary administrations across the country have fallen 60 per cent compared to the sam…
Read the full article at: https://www.afr.com/politics/federal/insolvency-relief-extended-until-new-year-20200904-p55slo