New Myer chief executive John King hopes to reverse a long-term slide in earnings as early as this year by cutting back on discounting, closing clearance floors, stocking more exclusive brands and shrinking stores while improving customer service.
Unveiling his long awaited turnaround plan, Mr King said his focus was on improving Myer’s bottom line and restoring value to long-suffering shareholders by reducing costs and boosting margins rather than chasing unprofitable sales.
He warned that the topline could be “bumpy” over the next few years as the retailer reduced discounting by about 8 per cent a year, handed back unproductive floor space to landlords, introduced new brands and increased its lower-priced but higher marg…
Read the full article at: https://www.afr.com/business/retail/myer-plunges-to-486m-loss-but-debt-refinanced-and-covenants-eased-20180911-h1591u
12 September 2018
Egypt’s Ministry of Public Sector has announced that the National Cement Co (NCC) has fallen into liquidation. NCC’s kiln lines had been shutdown since 31 May 2018.
Minister Hisham Tawfik announced that the company had lost EGP900bn (US$50bn) in the past year. The factory is also heavily in debt, owing EGP4.4bn to the Egyptian Natural Gas Holding Co and EGP700m to the Egyptian Electricity Co.
In the most recent financial year, the company’s losses were the highest among all public sector companies. These losses…
Read the full article at: https://www.cemnet.com/News/story/164890/egypt-s-national-cement-co-goes-into-liquidation.html
This autumn will mark the tenth anniversary of the most spectacular bankruptcy of all times. On 15 September 2008, banking heavyweight Lehman Brothers knocked sideways by the bursting of the sub-prime mortgage bubble a year earlier, declared itself insolvent with 613 billion US dollars worth of debt. This whipped up a storm that raged through Wall Street, spreading distrust and toppling other large institutions. Stock markets crashed, the credit market dried up and the real economy suffocated. The gangrene then spread to the eurozone causing several member states to totter under the weight of public debt and eventually to the rest of the world. Ben Bernanke, the Fed Chairman at the time, has even said, September and October of 2008 was…
Read the full article at: https://www.forbesmiddleeast.com/en/taking-stock-of-the-financial-crisis-ten-years-later/
Sen. Sheldon Whitehouse (D-R.I.) wants to know if Judge Brett Kavanaugh, President Donald Trumps nominee to the Supreme Court, has a gambling problem.
Have you ever sought treatment for a gambling addiction? Whitehouse asks pointedly as part of a series of questions submitted this week about Kavanaughs unexplained personal debts.
…
Read the full article at: https://www.huffingtonpost.com/entry/brett-kavanaugh-debts-sheldon-whitehouse_us_5b982a36e4b0511db3e6e487
Setting financial goals for the short and long-term makes good fiscal sense.
Photograph: Natee127/Getty Images/iStockphoto
People generally teach themselves how to manage their finances as they become adults, and it seems to work well enough for a while. As you get older, finances become a lot more complex yet there is hesitation to consult anyone on the matter. Even though youd be on the phone to a specialist immediately for something less important like the internet dropping out or poor phone reception.
Financial planners are able to provide insight and information on a broad range of financial topics that are far more interesting and important than you may have eer imagined. Such as the financial decisio…
Read the full article at: https://www.theguardian.com/commonwealth-financial-planning-your-financial-future-your-way/2018/sep/12/five-ways-a-financial-planner-can-help-you
New Delhi: The Supreme Court halted insolvency proceedings against defaulters in the power, sugar, shipping and textile sectors, providing relief to borrowers hours before the deadline for referring them to insolvency court expired by staying a Reserve Bank of India (RBI) circular issued in February.
Bankers said the decision will delay the process at least until November 14, when the next hearing is scheduled. They welcomed the intervention of the top judicial authority as it would help give final shape to questions of law and bring together multiple suits in courts across the country, which were complicating the process.
The order is expected to lead to borrowers that have so far not sought judicial relief against the controversial R…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/rbis-deadline-for-bankrupt-cos-supreme-court-stays-insolvency-proceedings-against-defaulters/articleshow/65776630.cms
Business rescue practitioners appointed to save a Gupta business have filed an application for the liquidation of the Gupta’s flagship company, Oakbay Investments, as a result of its failure to pay rent to another Gupta-owned company, Tegeta.
In court papers filed in the Johannesburg High Court on Tuesday, Kurt Knoop, one of the business rescue practitioners states that Oakbay Investments owes Tegeta Resources and Energy just over R2m for the rental of its Sandton offices.
Tegeta is one of seven Gupta companies placed under business rescue in February this year.
According to Knoop’s affidavit, Oakbay Investments entered into a rental agreement with Tegeta for the offices in Sandton in October 2013 for R150 000 a month.
For the past 12 mont…
Read the full article at: https://www.news24.com/SouthAfrica/News/guptas-flagship-oakbay-faces-liquidation-application-over-r2m-unpaid-rent-20180911