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Socit Generale reported a 26 per cent fall in profits as the French bank pushes ahead with a far-reaching overhaul of its business.
Net income for the first quarter was 631m, down from 850m in the same period one year previously, knocked slightly by costs associated with the disposal of a Slovenian subsidiary.
The groups net banking income fell 1.6 per cent to 6.19bn, dragged down by a low interest rate environment in French retail banking.
Last month, SocGen unveiled a restructuring plan that will see it eliminate 1,600 jobs in a bid to cut 500m in costs after missing financial targets on the back of poor performance in its trading unit.
It said on Friday it would offload its Slovenian SKB subsidiary as part of the restructuring, …
Manoj Gaur just wont let go of Jaypee Infratech Ltd. even as lenders vote on a bid for the insolvent developer. And he hopes to derail the process with the help of people his company abandoned: homebuyers.
About 25,000 buyers are waiting for apartments in the Jaypee Greens Wishtown project in Noida that the debt-ridden developer failed to deliver because of lack of funds. Thanks to the Supreme Courts intervention, they now control 58 percent of the votes on the committee of creditors.
On April 19, Gaur met with some of them and made an unsolicited offer, according to two homebuyers who attended the meetingthey spoke on the condition of anonymity as the talks were private. The promoter has sought another round of discussions.
Two men acting as crop-sitters after being leant on by loan sharks or debt collectors, are the latest to be jailed in Newcastle over drug crops linked to Asian underworld figures.
Key points:
Two men, Quang Le and Si Ngo, were sentenced to jail time today in relation to illegal crops of cannabis plants
It was two of the latest in a similar series of convictions, with Judge Ellis saying that Vie…
As high school seniors and their families prepare to choose which college to attend, student loan debt looms large. Currently, 43 million Americans have student debt and the average household with student loan debt owes almost $48,000. More than 5 million borrowers are in default.
With the nationwide student debt topping $1.5 trillion, CBS News business analyst Jill Schlesinger urges families to discuss debt long before the college application process begins. Students and their parents need to look at what their loan entails. Before taking on debt, students should have an understanding of what their degree will be worth in the future job market.
“If you can graduate with a total amount of debt that is at least equal or lower tha…
MEMBERS of the Blayney Bowling Club voted unanimously on Monday night to appoint an administrator to the club, officially ending the long and at times emotional demise of the club. Former club president Steve Chapman said the meeting, only open to members, took 40 minutes to complete, and it went very smoothly. “We gave everyone an opportunity to have their final swing at us at the end, but no one said anything,” he said. “We stuck to the agenda and one hundred per cent of the members agreed on the proposal.” The members also voted on how the remaining funds would be distributed once the final debts are paid and the site is sold. Club legislation dictates that any surplus from the closure of a club goes to the nearest …
First Solar reported significantly lower than expected first quarter sales, due primarily to challenges in its EPC PV project business in the US and Japan that impacted sales by US$159 million. Image: First Solar
Leading CdTe thin-film manufacturer and Solar Module Super League (SMSL) member, First Solar reported significantly lower than expected first quarter sales, due primarily to challenges in its EPC PV project business in the US and Japan that impacted sales by US$159 million.
First Solar reported net sales for the first quarter of 2019 of US$532 million, a decrease of US$159 million from the prior quarter, primarily due to lower systems project revenue in the United States and Japan.
Philip Greens Arcadia Group is offering to pay for an adviser to its landlords as the retailer battles for their backing on its plan to avoid collapse through a complex restructuring of its store estate.
The fashion company, which owns chains from Topshop and Topman to Dorothy Perkins and Wallis, wants to cut its sprawling store portfolio and pay lower rents. It is proposing to fund investment bank PJT Partners to negotiate on behalf of the property owners, said three people briefed on the talks.
Arcadia has pushed for the landlords to negotiate collectively on its plans in an effort to boost the chances of a rapid agreement.
The landlords in talks include British Land, Hammerson, Aviva and asset manager Aberdeen Standard, many of …
The Netherlands Authority for Consumers and Markets (ACM) has released information pertaining to the reported ongoing scam in the country, in which scammers are looking to reclaim non-existent gambling debts from consumers.
Lootsma and Partners, Bailiff Smits and Co and Inter Payment Service have all been named by the ACM as the collection agencies that form part of the scam, with Kansspelautoriteit, the countrys gaming regulator, backing the warning and subsequent advice issued.
In a media release issued by the Kansspelautoriteit, it is stated: Reports show that the collection agencies mentioned are putting consumers under pressure to pay an outstanding bill. Often there is no agreement at all,…
John complements our growing New York bankruptcy practice, said Todd E. Mason, partner-in-charge of the firms New York office. His addition further strengthens the already deep expertise of the firms Business Restructuring, Creditors Rights & Bankruptcy practice group by augmenting our capability to represent clients in complex restructurings, both in and out of court, as w…
MEMBERS of the Blayney Bowling Club voted unanimously on Monday night to appoint an administrator to the club, officially ending the long and at times emotional demise of the club. Former club president Steve Chapman said the meeting, only open to members, took 40 minutes to complete, and it went very smoothly. “We gave everyone an opportunity to have their final swing at us at the end, but no one said anything,” he said. “We stuck to the agenda and one hundred per cent of the members agreed on the proposal.” The members also voted on how the remaining funds would be distributed once the final debts are paid and the site is sold. Club legislation dictates that any surplus from the closure of a club goes to the nearest s…
A South Yorkshire catering and mobile food delivery business has ceased trading after being declared insolvent.
Acorn Fine Foods, trading as Peckish, who ran routes around the Doncaster area, has taken its vans off the road alongside ceasing food production at its catering facility in Carcroft. It employed ten people.
The proposed Liquidator, Jeremy Bleazard of XL Business Solutions, said: It is clear the Directors had invested and worked hard to keep the business running however it became unviable to continue. My focus is on… For the full story register now for free or login below…
