Dinny McMahon
When Zhang Jingqiang became mayor of Tieling in 2005, it was the poorest city in Liaoning Province. A greying, former Ming-dynasty garrison town of about 440,000 people in the country’s frigid north-east, it was part of China’s rust belt, but large-scale industrialisation had long ago bypassed the city.
Zhang wasn’t a high-flyer. A lean but jowly man with a left-to-right comb-over, he’d spent his entire public-service career in Liaoning, and this was to be his last posting before mandatory retirement, at age 60. But a few years after becoming mayor, Zhang found himself enjoying a rare moment in the national spotlight for the way he’d turned around the fortunes of his backwa…
Read the full article at: http://www.afr.com/news/world/asia/chinas-ghost-cities-and-their-multibilliondollar-debt-20180404-h0ybjz
The rising cost of living and stagnant wages are creating unprecedented financial stress for workers.
So what role should employers, and HR departments in particular, play to help staff manage their own money?
During the past 12 months, 30 companies in Australia (including banks, utilities, unis, lawyers and investment firms) and non-profits have rolled out programs to promote ‘financial resilience’ for their staff.
These companies are part of the Financial Inclusion Action Plan (FIAP) program. The FIAP efforts include education sessions for young workers (who are more inclined to spend than save), financial workshops for people with disabilities, a…
Read the full article at: https://www.hcamag.com/hr-news/should-hr-help-staff-to-manager-their-money-248423.aspx
A MUSWELLBROOK company refutes union claims that it owes hundreds of thousands of dollars in employee privileges.
The Construction, Forestry, Mining and Energy Union (CFMEU) recently stated it was currently working to claw back more than $200,000 in entitlements for ex-staff at BIGLIFT Cranes and Heavy Haulage.
The CFMEU alleges the business is more than 18 months behind on its superannuation payments to workers with outstanding expenses on other benefits, including long service leave, holiday pay and compensation.
The company also goes into liquidation and then resurfaces under a new name, a union official asserted.
It is totally unscrupulous and the type of behaviour the Australian Building and Construction Commission (ABCC) should be targ…
Read the full article at: http://www.muswellbrookchronicle.com.au/story/5325598/unions-accusations-false/
On April 4, Latvia’s anti-graft squad, the Corruption Prevention and Combating Bureau (KNAB), searched the offices of the public road maintenance company Latvijas Autocelu Uzturetajs.
Raitis Nepors, a board member at the company, confirmed to LTV that the company was searched but did not reveal which offices were searched and what the authorities seized.
Anastasija Udalova, another board member at Latvijas Autocelu Uzturetajs, has resigned from the post citing family reasons, says LTV.
An earlier investigation by LTV’s De Facto claimed that Udalova, also the wife of Estonian millionaire Oleg Ossinovski, was the person who lent 500,000 which was used as bail money for former insolvency business high flier Mris Sprds…
Read the full article at: https://eng.lsm.lv/article/society/society/anti-graft-authorities-raid-public-road-maintenance-company.a273806/
Long established family company, Shearer Contracting Pty Ltd, has been placed in voluntary administration which may see up to 50 local jobs lost.
Many of these are long-term employees that have worked with the company for three decades.
Rapsey Griffiths Insolvency and Advisory have been appointed administrators of the company.
Partner, Chad Rapsey, says they have commenced an urgent assessment of the financial position and performance of the company including its work in progress.
We are working with all stakeholders effected and appreciate stakeholders patience and support during this period, he says.
Voluntary administration gives a company an opportunity to consider its financial position and its future with the aim is to administer the af…
Read the full article at: http://www.singletonargus.com.au/story/5324820/shearer-contracting-in-voluntary-administration/
Law360 (April 4, 2018, 5:01 PM EDT) — Schulte Roth & Zabel LLP announced Monday that a new restructuring partner is joining the firms New York City office from Clifford Chance.
Kristine Manoukian, who had been a partner at Clifford Chance for just under two years, has joined the firms Business Reorganization Group, Schulte said.
We are delighted to have Kristine join our team. She brings significant experience from her work on financial restructurings covering an array of industries that have been impacted by insolvencies in recent years,” Adam Harris, chair of the Business…
Read the full article at: https://www.law360.com/articles/1028973/schulte-roth-zabel-adds-corporate-restructuring-partner