Insolvency Guardian Media Centre
KUALA LUMPUR (BERNAMA) – The staff at Malaysia’s national palace, the Istana Negara, on Friday (July 27) banded together to launch the collection of funds to help pay the country’s national debt.
Comptroller of the Royal Household Wan Ahmad Dahlan Ab Aziz said the launching of the Tabung Harapan Malaysia (THM) at the Istana Negara was a manifestation of the solidarity of the 650 members of the palace staff, following a move by the Malaysian King Sultan Muhammad V to contribute 10 per cent of his allowances and emoluments each month to the fund.
Prime Minister Mahathir Mohamad, soon after winning the May general election, set up THM -Harapan Fund Malaysia – to help pay for the country’s debt of RM1 trillion (S$340 billion).
Th…
Read the full article at: https://www.straitstimes.com/asia/se-asia/malaysias-istana-staff-comes-together-to-collect-funds-to-help-pay-national-debt
The number of people declared insolvent hit a six-year high in the three months to June as the squeeze from high inflation, meagre wage rises and benefit cuts hit the finances of low-paid workers.
Individual insolvencies totalled 28,951 in the second quarter, a jump of 4.4% on the previous quarter and 27.3% on the same period last year.
The Insolvency Service, a government agency, said it was clear the trend had been rising steadily since 2015 to reach the highest quarterly total since the first quarter of 2012.
It said the upswing was driven by a record number of people taking out individual voluntary arrangements (IVAs), where debtors agree to repay creditors some or all of what they owe.
Stuart Frith, the president of the ins…
Read the full article at: https://www.theguardian.com/money/2018/jul/27/uk-insolvencies-hit-six-year-high-as-record-number-take-out-ivas
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The biggest overhaul in a decade at BT has begun to be felt with job cuts reducing costs and boosting first quarter profit.
Gavin Patterson, the outgoing chief executive, said plans to transform the telecoms groups operating model had led to the reduction of about 900 roles and improved its cost performance.
Adjusted earnings rose 1 per cent to £1.8 billion in the first quarter, helped by restructuring-related cost savings and bigger margins on its EE mobile phone handsets.
Revenue was down 2 per cent to £5.7 billion as growth in its consumer business was offset by price reductions in it…
Read the full article at: https://www.thetimes.co.uk/article/restructuring-lift-profits-at-bt-zt8kvj2vp
The biggest overhaul in a decade at BT has begun to be felt with job cuts reducing costs and boosting first quarter profit.
Gavin Patterson, the outgoing chief executive, said plans to transform the telecoms groups operating model had led to the reduction of about 900 roles and improved its cost performance.
Adjusted earnings rose 1 per cent to £1.8 billion in the first quarter, helped by restructuring-related cost savings and bigger margins on its EE mobile phone handsets.
Revenue was down 2 per cent to £5.7 billion as growth in its consumer business was offset by price reductions in its Openreach broadband infrastructure division and declines in its enterprise business which services business and public sector customers.
Shares in BT, …
Read the full article at: https://www.thetimes.co.uk/edition/business/restructuring-lift-profits-at-bt-zt8kvj2vp
In hindsight, Chapman says the advisor was the king of bullshit. According to the National Personal Insolvency Index, Navra had been bankrupt for nine months from September 2001 before the bankruptcy was annulled after his debts were settled.
By May 2009, Great Southern had collapsed, leaving Chapman – and thousands of others – with almost worthless investments and massive debts. Many had been told the loans they had taken out to invest in Great Southern’s plantations were non-recourse, meaning they wouldnt be on the hook if the investment turned sour.
Bendigo calls itself a community bank, its anything but a community bank the way it behaves.
Tristan Chapman
It was then that the nightmare began as the countrys fifth largest retail bank, B…
Read the full article at: https://www.smh.com.au/business/banking-and-finance/while-tristan-fought-for-his-country-his-money-disappeared-20180727-p4zu22.html
NEW DELHI: Devendra Jain was abducted one muggy Mumbai afternoon last September, whisked away in a car by angry investors of an insolvent firm he was tasked with reviving.
The chartered accountant says he stood outside the firms midtown office that day, by a bustling main street. Suddenly a group of investors walked up, demanding to know when theyd recover their money. Then a car whizzed by; he was bundled in and driven to a remote bungalow. It took nearly 24 hours and a lucky phone call for the police to track him down. He now keeps an armed bodyguard with him at all times.
Jain belongs to a new breed of bankruptcy experts who are becoming Indias footsoldiers as Asias third-largest economy attempts to clean up the $210 billion of st…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/kidnappers-angry-workers-plague-a-210-billion-debt-cleanup/articleshow/65160201.cms
- Americans owe $US1.5 trillion in student loan debt, and the problem isnt going away as tuition rates climb and the demand for college degrees remains high.
- James Altucher, a tech investor and self-help guru, says young people should consider letting wealthy individuals or organisations invest in their future for a percentage of their future earnings. This would avoid them having to take on a massive pile of debt they may never be able to pay off.
- The idea has ignited criticism over the years from people who say human capital contracts are a modern form of indentured servitude, or slavery.
- We asked Altucher why he thinks this idea could fix the student debt problem.
In St…
Read the full article at: https://www.businessinsider.com/james-altucher-advice-for-young-people-skip-college-2018-7
Achaogen, headquartered in South San Francisco, announced that as part of its strategic update and corporate restructuring, it will eliminate 80 positions, or about 28 percent of staff.
Achaogen focuses on drugs to treat multi-drug resistant (MDR) gram-negative infections. On July 20, the company announced that Zemdri, which was approved in the U.S. for adults with complicated urinary tract infections (cUTI), was on the market. It was approved for cUTI, including pyelonephritis, due to specific Enterobacteriaceae. It was approved by the U.S. Food and Drug Administration (FDA) on June 25.
At the time, Blake Wise, the companys chief executive officer, stated, The challenge that healthcare providers face every day of address…
Read the full article at: https://www.biospace.com/article/achaogen-to-cut-80-jobs-as-part-of-corporate-restructuring/
A Braddon candidate declared bankrupt a decade ago says he won’t pull out from this weekend’s by-election even though he’s likely to be ineligible to sit in parliament.
Australian People’s Party candidate Bruno Strangio was declared bankrupt in 2008 – undischarged bankrupts are ineligible to sit in parliament.
Bruno Strangio,
He was one of 13 candidates across five by-elections who refused to sign optional forms setting out how they are eligible to enter parliament if they win.
But Mr Strangio told AAP he’d deal with any eligibility issues in the very unlikely event he won.
“Why would anyone want to pull out of the running of the race?,” he said on Wednesday.
“Winning is going to be hard but why would anybody want to resign, or withdr…
Read the full article at: https://www.araratadvertiser.com.au/story/5547210/braddon-candidate-was-declared-bankrupt/?cs=7
Photo via Steve Mitchell/USA TODAY Sports Images
Derek Jeter doesnt take losing lightly.
The New York Yankees legend was known for his competitive fire during his illustrious major league career, but that competitiveness apparently often turned to pettiness.
Former Yankees pitcher Phil Hughes recently went on Barstool Sports Pardon My Take podcast and revealed that Jeter would pay off any gambling debts in change pennies specifically.
He had this thing. He liked to do small little wagers every now and then. But he was such a competitor that if he lost, he would pay you pennies, Hughes said, as transcribed by the New York Post.
So it would be like a hundred bucks on something st…
Read the full article at: https://nesn.com/2018/07/former-yankee-reveals-petty-way-derek-jeter-paid-off-gambling-debts/
July 26, 2018
By: Michael Millington
New York, NY July 26, 2018 Global Debt Registry (GDR), today announced two new executive hires from the banking industry. Evan Psaropoulos, formerly of Credit Suisse, has joined GDR as CFO, and Patrick Dietz, formerly of BNY Mellon, has joined the organization as Product Director. This follows Charlie Moore assuming the role of Chief Executive Officer, in addition to President, in recognition of his leadership and vision.
The expansion of the GDR team comes on the heels of t…
Read the full article at: https://paymentweek.com/2018-7-26-global-debt-registry-bolsters-executive-team-help-transform-structured-credit-market/
In the past couple of years, online fundraisers for medical bills have sprouted up at an increasingly high rate. GoFundMe one of the largest online fundraising sites alone has raised billions of dollars for people crowdsourcing their medical bills and various medications or treatments. The ever-present threat of going into debt because of illness or injury is yet another sign that health care in the U.S. is completely mismanaged.
But doctors in the Kansas City metro area understand the urgency of seeking medical help and are doing what they can to help their patients not feel inundated with bills.
They…
Read the full article at: https://www.good.is/articles/doctors-rallied-patients-paid-medical-debt