Sheikh Salah Hamdan Albluewi (pictured), 52, who is accused of failing to settle his 2 million gambling debt with a London casino, sent the establishment 17 cheques which bounced
A Saudi Sheik who is embroi…
Read the full article at: https://www.dailymail.co.uk/news/article-8375665/Saudi-sheikh-sent-17-cheques-bounced-casino-pursued-2million-gambling-debt.html
Infosys is planning to reduce senior roles in the workforce in a staggered manner. Delivery managers, AVPs, VPs and SVPs would be some of the roles that would be impacted
BusinessToday.InNew Delhi Last Updated:June 1, 2020 |13:48 ISTInfosys is restructuring the company’s higher rungs in order to ensure faster decision making and flatten the organisation. The company is looking to reduce the senior roles in a staggered manner.
According to a report in The Economic Times, Infosys would trim the workforce at senior levels of job level (JL) 7 and above as well as those in the ranks of delivery managers, AVPs, VPs and SVPs.
The company has around 13,000 employees at JL7 and above. The plan is to reduce 10-15 per cent of this workforce in…
Read the full article at: https://www.businesstoday.in/current/corporate/infosys-to-cut-multiple-senior-roles-ensure-faster-decision-making/story/405535.html
The COVID-19 pandemic situation is challenging the economies of the world, including an impact on large and small businesses. Despite the many relaxations granted by the government of India and various state governments, the impact on businesses is deep. While some large businesses have cash reserves and resources to bide them by, the impact on startups which may not have those resources is many a time, fatal.
Through this blog series, we are covering various modes of closure of a company. In this Series-I, we are providing insights on summary procedure of liquidation of a company which is mostly applicable to the startups which intend to shut down their entity with certain assets and liabilities.
Series-II covers aspects associate…
Read the full article at: https://yourstory.com/2020/06/modes-closing-business-series-one-summary-procedure-liquidation
Organic Dairy Farmers of Australia has gone into voluntary administration following increased pressure from the coronavirus pandemic.
The dairy co-operative was taken over by Scott Andersen and Ivan Glavas of Worrells Solvency and Forensic Accountants on May 15.
Based in Geelong, Organic Dairy Farmers of Australia is the largest producer of certified organic milk in Australia.
ODFA was established in 2002 and remains 100 per cent owned by more than 40 family farmers who supply fresh, organic milk from three main dairy regions of Victoria, as well as central and north-west Tasmania.
ODFA produces the brand True Organic and its farms are Australian Certified Organic, with many also Chinese-certified.
Worrells says all ODFA operations are…
Read the full article at: https://www.riverineherald.com.au/dairy/2020/06/01/1211484/dairy-co-operative-goes-into-voluntary-administration
Independent media business Grant Broadcasters is preparing for a restructure of its digital assets, appointing new group general manager digital Bianca Shugg to oversee the operation.
A newly re-formed digital leadership group, constructed of four different verticals, will now report to Shugg who joined the company in January from Southern Cross Austereo (SCA) and began as group general manager of commercial.
The new verticals will be group online content, digital production Sparx, network websites and development and digital AdOps.
Grant Broadcasters CEO Alison Cameron said she business was excited about the future of its digital team under Shugg.
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We are very excited about what the future holds for our newly aligned …
Read the full article at: https://mumbrella.com.au/grant-broadcasters-to-restructure-digital-business-under-new-gm-629986
Even before the outbreak of Covid-19, the level of global debt was high by historic standards. According to the Institute of International Finance, by late 2019 global debt (including private and public debt) was more than US$250 trillion. Public debt, in particular, has increased everywhere since the global financial crisis of 2008.
International Monetary Fund calculations show that public debt ratios in almost 90% of advanced economies are higher than before 2008. On average, such ratios in emerging markets have increased to levels similar to those seen during the crises of the 1980s and 1990s. Public debt has also built up in low-income countries, two-fifths of which are at high risk of debtdistress.
How much global debt has been a…
Read the full article at: https://www.aspistrategist.org.au/a-covid-19-debt-shock-in-asia/
Emergency access to superannuation during the COVID-19 shock has triggered a spending spree for some Australians, who are splashing cash on gambling, alcohol and takeaway food rather than essential household items.
Key points:
- The average person who withdrew super spent $3,000 more in a fortnight than they normally would
- Around 14pc of that spending went to debt repayments, while an average 11pc was gambled
- The Treasurer says “this is their money” which will be used “for a range of purposes”
Real-time bank transaction data crunched by the advisory firms Alpha Beta and Illion shows that many people dipping into their retirement nest eggs have increased spending on lifestyle items, rather than using the cash as a lifeline.
A sample of 13,000 peo…
Read the full article at: https://www.abc.net.au/news/2020-06-01/superannuation-withdrawals-spent-on-gambling-alcohol-takeaway/12306710
Rugby Australia is expected to start laying off staff as early as this week after finally completing its 2019 financial report.
The heartbreaking decision to cut jobs looms as the only way the cash-strapped code can survive in the future even after getting the thumbs up to continue operating from its accountants KPMG.
Despite being declared solvent – pending the approval of the Australian Securities and Investments Commission (ASIC) – RA remains in a dire financial position after failing to secure a new broadcast deal and paying out millions to Israel Folau after his messy termination.
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Players, coaches, executive…
Read the full article at: https://www.dailymercury.com.au/news/rugbys-ugly-blueprint-to-survival/4027241/
Organic Dairy Farmers of Australia has gone into voluntary administration following increased pressure from the coronavirus pandemic.
The dairy co-operative was taken over by Scott Andersen and Ivan Glavas of Worrells Solvency and Forensic Accountants on May 15.
Based in Geelong, Organic Dairy Farmers of Australia is the largest producer of certified organic milk in Australia.
ODFA was established in 2002 and remains 100 per cent owned by more than 40 family farmers who supply fresh, organic milk from three main dairy regions of Victoria, as well as central and north-west Tasmania.
ODFA produces the brand True Organic and its farms are Australian Certified Organic, with many also Chinese-certified.
Worrells says all ODFA operations are…
Read the full article at: https://www.countrynews.com.au/dairy/2020/06/01/1211484/dairy-co-operative-goes-into-voluntary-administration
Many businesses are suffering serious financial difficulties as a result of COVID-19, particularly those in the retail, hospitality and tourism sectors. For many of these businesses the one asset that will undoubtedly retain value, despite the pandemic, will be their customer database. This valuable commodity could help attract potential purchasers.
But this is a tricky area to navigate, particularly following the General Data Protection Regulation (GDPR), since both the ICO and the FCA have started to pay more attention to this area. For example, in February of this year, the FCA and ICO issued a joint statement warning regulated firms and insolvency practitioners of their responsibilities when dealing with personal data. This followed…
Read the full article at: https://www.dataprotectionreport.com/2020/06/selling-and-utilising-personal-data-in-an-insolvency-situation/