Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Niamh Lyons, Ireland Political EditorPaschal Donohoe said that the high corporate tax receipts came about because of global accounting changesOireachtas
Kenyas beleaguered public universities have been told to further tighten their belts after being slapped with a US$10 million budget cut that will worsen their cash woes, in austerity measures that are meant to avert a looming economic crisis.
Last week, Kenyas parliament voted to reduce funding for spending on salaries, learning materials and infrastructure as part of the governments bid to stem public expenditure. This is expected to intensify the financial crisis facing state-funded institutions over the past year, which has seen job cuts, frozen posts and spending cut on key activities such as research.
Parliament warned that the cuts would leave universities in a precarious financial situation at a time when the in…
Max Brenner will close more than half its stores for good this coming Monday, only a week after the chocolate and caf chain entered voluntary administration.
The swift action follows a rapid review to identify the stores with a financial future.
“The decision to close stores is always regrettable but in this case we were left with no choice following a store-bystore review of Max Brenner operations,” Administator Barry Kogan said.
20 of 37 stores will cease operations at 5pm on Monday. Staff at the stores will be made redundant.
Hong Kongs biggest television station fired another 150 people on Friday arising from losses in its international business and operational restructuring.
Television Broadcasts (TVB) ushered in a wave of lay-offs in June when about 100 staff were told they would be made redundant.
A TVB spokesman said in a statement on Friday that the 150 staff members accounting for 4 per cent of the companys workforce were from the magazine TVB Weekly, the production facilities division, the art subdivision, and its non-drama production.
The broadcaster attributed the shake-up to restructuring needs, saying it sought to boost efficiency and rationalise the use of its resources.
The print edition of TVB Weekly will be replaced by a digital version; o…
Paschal Donohoe said that the high corporate tax receipts came about because of global accounting changesOireachtas TV/PA
The exchequer will post its first budget surplus in ten years after a 1 billion windfall in corporation tax was unveiled yesterday by Paschal Donohoe.
The finance minister is also set to announce a cut in the 4.75 per cent rate of the Universal Social Charge next week, helping about one million workers.
Mr Donohoe said that his department had received 1 billion more in corporation tax receipts than expected but the windfall could not be used to increase spending or cut taxes. It must be used to reduce the national debt, as it is a one-off source of revenue.
The selling that began Thursday rolled into Friday, sending stocks on a two-day ride downward amid higher interest rates even as investors eyed mostly solid payrolls data.
The yield on the benchmark 10-year Treasury note climbed to new seven-year highs above 3.2% by late Friday, and that appeared to interrupt the party stocks threw earlier this week when the Dow Jones Industrial Average hit new all-time highs. The Dow fell nearly 1% on Thursday and was down more than 0.6% into Fridays closing bell.
Economic Growth and Yields
Treasury yields continued higher on Friday as economic data continued to show strength. True, the headline number on the September jobs report was disappointing, s…
Ford Motor Co. has begun what company officialsexpect to be a months-long process to form a plan focused on trimming its global salaried workforce.
Officials expect to cut the number of salaried employees globally, which could include some in its profitable North American segment. Thursday, officials began examining where the company hastoo many “layers” of salaried workers.
The company expects to know what, where and who to cut by the second quarter of 2019. Some information on preliminary plans might become available before then.
Kiersten Robinson, Ford chief human resources officer, and Mark Truby, Ford vice president of communications, t…
Amidst the software industrys crazy unicorn valuations and hot buzzword-compliant startups, one software business model remains tried and true: buy the rights to a mature enterprise software product (or the whole company) and then milk its customers for ever-dwindling maintenance dollars.
To keep the company going, continue to buy more such products and companies, thus maintaining a growth trajectory in spite of the downward trend each product takes individually.
The result can provide a lucrative revenue stream, in spite of the fact that customers will inevitably get fed up with products that arent keeping up with the times.
Sometimes, however, the risks inherent in such a model overwhelm the advantages, and the company goes down the…
Gaz Thompson wants to help other vulnerable people out of debt (Picture: CAP)
Gaz Thompson is using his faith to help those struggling with unsustainable debts.
Across the UK, more than four million people have debts that are considered unsustainable, and responsibility for helping these vulnerable people is increasingly falling to charities.
One such charity, and one of the biggest, is Christians Against Poverty (CAP), that uses debt coaches and over 6000 staff to provide help to people in need.
Thompson knows all too well the impact financial struggles can have on your life after his turbulent upbringing (his mum had issues with alcohol) saw him end up homeless at just 15-years-old.
We would like to inform you that pursuant to an Order dated 27th September 2018 of the National Company Law Tribunal, Kolkata Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Advance Powerinfra Tech Limited as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said order is enclosed herewith.
Mr. Balaknath Bhattacharyya , Registration No. IBBI/IPA-003/IP-N00096/2017-18/10971 has been appointed as an Interim Resolution Professional for carrying out the CIRP of the Company. Upon initiation of CIRP, the powers of the Board of Directors of the Company have been suspended and shall be exercised by the Interim Resolution Professional.
AUGUSTA For decades, weve heard politicians promising to attract businesses and jobs to the state to help grow the economy. While supporting small businesses and job creation is important, what Maines economy needs right now is people. Maines economic outlook has changed dramatically since the Great Recession, and the state suffers not from a lack of jobs but from a lack of people. Between our aging population, baby boomer retirements and widespread workforce shortages, attracting and retaining workers ought to be our No. 1 priority.
In the Lewiston/Auburn area alone, there are roughly 1,400 open jobs advertised on JobsinME.com. Seven hundred of these jobs are in health care, almost 100 are in education, 100 are in the skilled trades, …
Share price of Punj Lloyd fell nearly 3 percent intraday Friday after International Finance Corporation (IFC) moved an insolvency plea against company before the National Company Law Tribunal (NCLT).
International Finance Corporation (IFC) has filed an application before the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code.
A two-member principal bench headed by President Justice M M Kumar has issued notices to Punj Lloyd and Punj Lloyd Upstream.
The tribunal has directed both the petitions to list on October 9, when it would hear similar matter in which leading private sector lender ICICI Bank has filed insolvency plea against Punj Lloyd.
Top court also stressed the need of “time-bound” disposal of corporate insolvency resolution process
New Delhi:
The Supreme Court on Thursday said the time taken up by litigations during the corporate insolvency resolution process has to be excluded from the mandatory limit of 270 days in case company law tribunals uphold the plan to revive a debt-ridden company.
The top court, in an important ruling, also stressed the need of “time-bound” disposal of corporate insolvency resolution process saying it would not only support the development of “credit markets and encourage entrepreneurship, but would also improve ease of doing business and facilitate more investment, leading to higher economic growth and development”.
