Bookmakers are sending gamblers into debt by advertising only their most addictive products, academics have claimed.
Gambling co…
Read the full article at: https://www.dailymail.co.uk/news/article-6559497/Bookmakers-sending-gamblers-debt-advertising-addictive-products.html
The founder of failed online travel agency Bestjet has broken her silence, blaming the new ownership for the shock collapse that has left hundreds of customers thousands of dollars out of pocket.
Customers travel plans and hip pockets are being compromised
In an exclusive statement to nine.com.au, Rachel James said Bestjet was a profitable and multi-million dollar business before it was sold to McVicker International on November 2.
It is devastating to learn that customers travel plans and hip pockets are being compromised due to poor management by McVicker International and questionable actions from consolidators, banks and airlines to recoup funds, she said.
Bestjet, a budget airfare company, went into administration on December 18.
Sc…
Read the full article at: https://finance.nine.com.au/2019/01/05/14/12/bestjet-founder-breaks-silence-on-shock-collapse-of-online-travel-agency
As part of a transformation for how it operates its stores, Lowes announced a major restructuring of its workforce on Friday. The net impact on the companys total employee count isnt clear, however.
In a statement, Lowes said it is discontinuing its project specialist interiors program, which employs workers responsible for overseeing every phase of complex home projects such a…
Read the full article at: https://www.heraldsun.com/news/business/article223889925.html
As part of the agreement, the company is expected to forgo collecting nearly $493.7 million in debts owed by former students, including an estimated $12.2 million for about 4,800 Ohioans.
This settlement will provide debt relief for thousands of former students, and it will require Career Education Corporation to take specific steps to help prospective students make informed decisions about their education, Attorney General DeWine said.
The settlement, which includes Ohio, 47 other states, and the District of Columbia, resolves allegations that Career Education Corporation pressured employees to enroll students and misled students or withheld information about the costs of enrollment, job placement rates, ability to transfer credits, an…
Read the full article at: http://norwalkreflector.com/Education/2019/01/03/12-Million-to-be-issued-in-debt-relief-for-Ohioans
JOHANNESBURG, Jan 4 (Reuters) – Angolas central bank said on Friday it was withdrawing the licences of two small lenders, Banco Mais and Banco Postal, and said they should both be declared bankrupt.
The National Bank of Angola said the two lenders had missed a Dec. 31 deadline for complying with new capital requirements, according to a statement on the central banks website.
The National Bank of Angola decided to withdraw the licences of the said banking financial institutions, which cease, as of this date, their respective activities, it said.
It said the banks should be declared bankrupt and their respective liquidators should deal with customer deposits, employees and other obligations.
Banco Postal, one of the countrys newest banks t…
Read the full article at: https://www.reuters.com/article/angola-banks/angola-central-bank-withdraws-licences-of-two-small-lenders-idUSL8N1Z444S
Business News of Friday, 4 January 2019
Source: classfmonline.com
National Investment Bank
The Governor of the Bank of Ghana, Dr Ernest Addison, has announced that the government of Ghana intends restructuring the National Investment Bank (NIB) and Agricultural Development Bank (adb) to ensure they focus on industrialisation and agriculture, respectively.
Speaking at a press conference on Friday, 4 January 2018 regarding the recapitalisation of banks in Ghana, Dr Addisson said: The bank has verified resources for the recapitalisation. Some of these verification processes are still ongoing and will be validated by external auditors. Resources from that will be used to recapitalise the two state-owned banks adb and NIB to help dr…
Read the full article at: https://www.ghanaweb.com/GhanaHomePage/business/Government-to-restructure-NIB-adb-712833
FRANKFORT Attorney General Andy Beshear announced Friday a consumer protection settlement benefiting nearly 700 students in Kentucky and Southern Indiana who attended one of the states for-profit colleges, Spencerian.
Under the terms of the settlement, Sullivan University, which owned Spencerian, has agreed to forgive more than $1.7 million in private loan debt and provide other benefits to 668 students who attended Spencerian and received an institutional student loan between Jan. 1, 2007, through Dec. 31, 2011.
Beshears office finalized the settlement with Sullivan on Jan. 3, 2019.
The nearly 700 students who rece…
Read the full article at: https://www.richmondregister.com/news/beshear-secures-million-in-loan-debt-relief-for-students-who/article_95c593c0-73f3-5e98-a92e-503274afc537.html
MUMBAI: The Mumbai bench of the National Company Law Tribunal (NCLT) has accepted a bid by an unregistered union of the premium apparel brand Reid & Taylor India to take over the firm, stalling liquidation and has posted the matter for further hearing on January 8.
Reid & Taylor, owned by the Kasliwal family-run S Kumar Group, which is also facing bankruptcy proceedings, owes over Rs 4,100 crore to banks and other lenders.
The committee of creditors had on December 14, 2018 decided to go in for liquidation as no resolution plan was submitted even though it got eight expressions of interest.
Its lenders and financial creditors include Finquest Financial Solution which is the largest with close to Rs 800 crore of claims, Union Bank of Indi…
Read the full article at: https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/reid-and-taylor-nclt-stalls-liquidation-accepts-union-bid-for-company/articleshow/67385573.cms
The Skattemyndighederne tax authorities have written off 5.8 billion kroner from the bills of nearly half a million people in Denmark, reports Politiken. Some 485,000 have benefited from a move that was approved by Parliament.
Many are believed to be benefit recipients, early retirement pensioners and people on early retirement, and most were informed in mid-December.
Skattemyndighederne initiated the move as part of its plans to get public debt recovery back on track, which has been hit by data problems in recent years, leading to the termination of the EFI digital recovery system in 2015.
Denmark holds onto top credit rating despite money-laundering scandal
Fitch has followed the example of two other US credit gi…
Read the full article at: http://cphpost.dk/news/business/business-news-in-brief-tax-authority-writes-off-billions-benefiting-half-a-million-in-the-process.html
Clothing retailer FULLBEAUTY Brands Inc. announced that it has entered into a comprehensive Restructuring Support Agreement with key stakeholders, including its equity sponsors, Apax Partners and Charlesbank Capital Partners, holders of 100% of its first-in, last-out term loan claims, holders of over 99% of its first lien term loan claims, and holders of over 95% of its second lien term loan claims. To implement the financial restructuring contemplated by the RSA, the Company expects to file voluntary petitions for reorganization pursuant to chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, following expiration of the solicitation period on or about Janua…
Read the full article at: http://www.abladvisor.com/news/15526/fullbeauty-brands-enters-restructuring-agreement-with-first-lien-lenders-poised-t
MEDINA, Ohio–(BUSINESS WIRE)–RPM
International Inc. (NYSE: RPM), a world leader in specialty coatings
and sealants, today reported financial results for its fiscal 2019
second quarter ended November 30, 2018.
Second-Quarter Results
Fiscal 2019 second-quarter net sales were a record $1.36 billion, up
3.6% over the $1.32 billion reported a year ago. The quarters results
include the impact of charges of $29.2 million primarily for
acquisitions, convertible debt extinguishment and restructuring related
to the companys operating improvement plan. Investment losses were $6.5
million during the current quarter as a result of a new accounting
…
Read the full article at: https://www.businesswire.com/news/home/20190104005215/en/RPM-Reports-Fiscal-2019-Second-Quarter-Results