As Australia’s levels of household debt hit historic highs, experts are warning of a perfect financial storm on the horizon for struggling home owners with a surge in repayments set to hit interest-only home loans over the coming 12 months.
Key points:
- Mortgage stress is surging as household finances become increasingly stretched
- The situation will become worse as interest-only loans convert to principle plus interest
- The mining states of WA and Queensland have been particularly hard hit
Homeowners, particularly in the mining states of WA and Que…
Read the full article at: http://www.abc.net.au/news/2018-09-19/mortgage-stress-surges-as-dream-of-home-ownership-fades/10249498
Nokia will cut 500 jobs in the companys Naperville, Illinois, office by year-end as part of the companys restructuring plan. According to a report in Crains Chicago Business, citing unidentified sources, about 250 people were notified earlier this month that their jobs were eliminated and another 250 staff members will be cut by the end of the year.
A Nokia spokesman confirmed that the company was reducing headcount at that location but didnt say how many jobs would be impacted. Following the acquisition of Alcatel-Lucent in 2016, Nokia announced a global synergy and transformation program that runs until the end of 2018, the spokesman said. He added that as part of that restructuring plan the company has reduced headcount in Illinois.
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Read the full article at: https://www.sdxcentral.com/articles/news/nokia-will-slash-500-jobs-in-illinois-by-year-end/2018/09/
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Read the full article at: https://www.woodtv.com/wotv4women/maranda/filing-for-fasfa-can-help-you-graduate-debt-free/1457154808
Dear Dave,
My husband started his own one-man, small business as a handyman a little less than a year ago. He has netted $17,000 in that time, but the business has about $13,000 worth of debt. Weve always kept personal finances and business separate, but what would you think about us selling one of our paid-for cars to help with the business debt?
Robin
Dear Robin,
Theres nothing wrong with small beginnings. On top of that, you should always keep your business and personal finances separate. Aside from the debt, it sounds like hes off to a good start.
I think youll be able to pay off the debt from your future income. If your husband started his business less than a year ago, he has spent that time trying to get things off the g…
Read the full article at: http://www.galvanews.com/business/20180918/dave-ramsey-sell-personal-car-to-help-pay-business-debt
IFA farm business chairman Martin Stapleton welcomed the move by BidX1 and also called on vulture funds to engage directly with the IFA and farmers to resolve debt issues.
“Farmers have to be given a fairer period of time to repay their debts. IFA is sick of dealing with endless intermediaries on behalf of these funds.
“It is time for them to put faces to their company and sit down with IFA and try to resolve cases,” he said.
It is estimated that up to 2,000 farms are among thousands of loans that have already been sold, or are to be offloaded by the banks to vulture funds.
Mr Stapleton said the IFA would oppose forced farm sales where the owners are willing to implement a credible solution to their problems.
“In most ca…
Read the full article at: https://www.independent.ie/business/farming/news/farming-news/it-is-time-for-them-to-put-faces-to-their-company-farmers-on-war-footing-over-vulture-fund-forced-sales-37325031.html
Sub: Update on NCLT hearing
We wish to inform you that during the hearing dated 12th September 18 of CP No. (IB) 292 (MB)/2017 in the matter of Bharati Defence and Infrastructure Ltd., the Honourable NCLT, Mumbai has passed an interim order stating that any prospective Resolution Applicant who intends to file an Application relating to Resolution Plan for the Company is directed to file their plan on or before 21.9.2018
The full order copy can be found on – www.bdil.co.in/disclosures
This is for information of all the shareholders
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/bharati-defence-and-infrastructure-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article24978963.ece
VANCOUVER, British Columbia, Sept. 17, 2018 (GLOBE NEWSWIRE) — Imperial Metals Corporation (Imperial or the Company) (TSX:III) commences a financial and business restructuring process.
As of the close of business on September 14th Imperial completed the following actions:
Extension of the due date of the Companys Secured Revolving Senior Credit Facility of $200 million from October 1, 2018 to February 15, 2019. The Secured Revolving Senior Credit Facility is now supported by a guarantee from Edco Capital Corporation, a company controlled by a significant shareholder of the Company, for an annual fee of 225 basis points. The annual guarantee fee is less than the reduction in the interest rate charged on the extended Senior Credit Fac…
Read the full article at: https://globenewswire.com/news-release/2018/09/17/1571740/0/en/Imperial-Commences-Financial-and-Business-Restructuring-Process.html
Tue, Sep 18, 2018 – 5:50 AM
Singapore
THE board of the “New Noble” – a fresh company which will emerge on the Singapore Exchange out of a complex US$3.5 billion debt revamp of troubled commodities trader Noble Group – will begin with a clean slate of eight or nine directors, mostly based in the Asia-Pacific, said Noble’s outgoing chairman.
“Our marching orders to the head hunters (Spencer Stuart) is that we are looking for some ASPAC representation on the board with both deep sector skills and board level experience ” Noble’s chairman Paul Brough told The Business Times. He added that the company was at an “advanced stage” of identifying a chairman for New Noble. Mr Brough, a British-born turnaround expert who replaced Nob…
Read the full article at: https://www.businesstimes.com.sg/companies-markets/new-nobles-board-to-have-up-to-5-ids
Corporate restructuring can be a hard but necessary part of a corporation’s evolution. Once a company gets to a certain size or age, it can be easy for the employees to forget that the point of the business is ultimately to make money. As a company ages and evolves, the need for restructuring is essential to its very future. However, in order to make any kind of significant change to a multinational which will stick long-term, the key often lies in changing the fundamental culture of the organization.
This is the exact struggle Declan Guerin faced when he was hired as group chief restructuring officer at Rolls-Royce. Speaking at this year’s CFO Rising Europe Summit, he explored the inherent difficulties that arise when try…
Read the full article at: https://channels.theinnovationenterprise.com/articles/rolls-royce-restructuring-a-national-institution