National Australia Bank will divest its wealth arm MLC, as its ambitious plan to restructure its workforce had a big impact on its half-year results, with cash profit down 16 per cent to $2.76 billion for the half-year due to a restructuring charge.
NAB chief executive Andrew Thorburn said it intends pursue the sale of MLC – which represents 4 per cent of NAB’s earnings – via a demerger, an initial public offering, or possibly a trade sale, later next year.
He said the strategic rationale of the deal is continuing the bank’s simplification process, announced last November. He said the deal was not motivated by recent revelations in the banking royal commission.
“We need to simplify the bank. Complexity in the bank is just k…
Read the full article at: http://www.afr.com/business/banking-and-finance/financial-services/nab-to-divest-mlc-as-cash-profit-falls-to-276b-hit-by-restructuring-charge-20180502-h0zkev
Saipan casino operator Imperial Pacific International Holdings (IPI) is suing a Las Vegas gambler over an unpaid casino marker.
On Wednesday, the Saipan Tribune reported that IPI had filed a lawsuit against Las Vegas resident Patrick Sun for unpaid gambling-related loans totaling $747k. The company has requested a jury trial and is seeking payment of the principal plus interest (24% per annum), costs and fees.
According to the lawsuit, Sun visited IPIs temporary casino Best Sunshine Live in June 2017, originally establishing a $1m line of credit at the casino before requesting and receiving an increase to $2m. Sun left Saipan on June 9, 2017 still owing the casino $447k.
Sun returned to Saipan in early July 2017, just days before IPIs new p…
Read the full article at: https://calvinayre.com/2018/05/02/casino/imperial-pacific-suing-vegas-gambler-unpaid-marker/
Jordan Robertson
Cambridge Analytica, the political-consulting firm at the centre of a data-collection and privacy scandal, said it’s shutting down all operations and has begun insolvency proceedings in the U.K.
The data and advertising firm is also filing for bankruptcy in the US, according to a statement on Cambridge Analytica’s website.
The company, which did work for US President Donald Trump’s 2016 campaign, said it lost “virtually all” customers and suppliers as a result of reports that it improperly obtained information from tens of millions of Facebook users. Cambridge Analytica has denied any wrongdoing.
“Over the past several months, Cambridge Analytica has been the s…
Read the full article at: http://www.afr.com/news/politics/world/cambridge-analytica-begins-insolvency-proceedings-in-the-uk-20180502-h0zkgg
May 2 (Reuters) –
* CAMBRIDGE ANALYTICA AND SCL ELECTIONS COMMENCE INSOLVENCY PROCEEDINGS
* CAMBRIDGE ANALYTICA – SCL ELECTIONS LTD., CERTAIN OF ITS AND CAMBRIDGE ANALYTICA LLCS U.K. AFFILIATES FILED TO COMMENCE INSOLVENCY PROCEEDINGS IN U.K.
* CAMBRIDGE ANALYTICA- CO IMMEDIATELY CEASING ALL OPERATIONS; BOARDS APPLIED TO APPOINT INSOLVENCY PRACTITIONERS TO ACT AS THE INDEPENDENT ADMINISTRATOR
* CAMBRIDGE ANALYTICA- BANKRUPTCY PROCEEDINGS TO SOON BE COMMENCED ON BEHALF OF CO, CERTAIN OF COS U.S. AFFILIATES IN A U.S. BANKRUPTCY COURT
* CAMBRIDGE ANALYTICA- COUNSEL JULIAN MALINS RETAINED TO CONDUCT INDEPENDENT INVESTIGATION INTO THE ALLEGATIONS REGARDING THE COS POLITICAL ACTIVITIES
* CAMBRIDGE ANALYTICA- MALINS REPORT, WHICH THE COMPANY PO…
Read the full article at: https://www.reuters.com/article/brief-cambridge-analytica-and-scl-electi/brief-cambridge-analytica-and-scl-elections-ltd-commence-insolvency-proceedings-idUSFWN1S9190
Saleha Mohsin and Liz Capo McCormick
President Donald Trump’s massive fiscal stimulus plans are adding to the US debt overload and forcing the government to drive up bond issuance as the Federal Reserve shrinks its balance sheet.
The Treasury Department will boost the amount of long-term debt it sells to $US73 billion this quarter, lifting the auction sizes of coupon-bearing and floating-rate debt again after doing so last quarter for the first time since 2009, the agency said in its quarterly refunding announcement.
The country’s debt load is seen spiralling compared with the rest of the world, with forecasts showing that in five years it will have a bleaker outlook than even Ita…
Read the full article at: http://www.afr.com/markets/debt-markets/us-increases-debt-sales-as-budget-deficit-widens-20180502-h0zkfw
Who wouldve thought regional Australia would be hanging a gold medal around the figurative neck of the A-League? In the past couple of weekends, the National Rugby League has hoofed its way to Tamworth for a competition match; AFL clubs have played under lights at Launceston; and now, by virtue of a sequence of events, domestic footballs season-stopper, the A-League grand final, will be played in Newcastle.
It is the first time the A-League decider will be held beyond the confines of a metropolitan city. That Newcastle is that venue speaks to the citys deep and long-standing relationship with the code. There have been peaks and troughs, and the troughs have been depressingly low. It wasnt that long ago in 2015 that footballs governing b…
Read the full article at: http://www.theherald.com.au/story/5374907/a-league-honours-its-promise-to-regions/
Neo-lender Wisr Limited saw a 42% growth in its origination of personal loans in the latest financial quarter.
This was the companys largest quarter in loan originations since Wisr, formerly known as DirectMoney, began in 2014.
Loan originations have continued to grow over the financial year, growing by 20% in the first quarter and by 79% in the second quarter.
In the period since Wisr announced a significant restructure in 2016, which included a new chairman, new CEO, key executives and business direction, the gross annualized loss rate for the loan book up to the quarter ending 31 March 2018 has been below 2%.
Also during the period since restruct…
Read the full article at: https://www.brokernews.com.au/news/breaking-news/online-lender-continues-huge-loan-growth-249431.aspx