According to the Survey, tabled in Parliament by Finance Minister Arun Jaitley, significant progress has been made for the Corporate Insolvency Resolution Process (CIRP) to enable banks to realise their dues.
The Survey states that 525 companies have been admitted under CIRP and the total underlying default is Rs 128,810 crore.
According to the Survey, the Gross Non-Performing Advances (GNPA) ratio of Scheduled Commercial Banks (SCBs) increased from 9.6 per cen…
Read the full article at: https://www.ndtv.com/business/budget-2018-state-banks-performance-subdued-in-current-fiscal-says-economic-survey-1805828
Over the last 12 months the Webjet Limited (ASX: WEB) share price performance has been a big disappointment.
During this time its share price has fallen 8% compared to a 7.3% gain by the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
The key reason behind its underperformance was the earnings guidance it gave to the market in November. The market had been expecting earnings before interest, tax, depreciation, and amortisation (EBITDA) in FY 2018 to be greater than the $80 million management guided to.
This conservative guidance led to a sell-off of its shares and unsurprisingly a broker downgrade by leading investment
Over the last 12 months the Webjet Limited (ASX: WEB) share price performance has been a big disappointment.
…
Read the full article at: https://www.fool.com.au/2018/01/29/why-i-think-webjet-limited-shares-are-a-buy/
BRYAN and Amanda Kelly say they have always been “successful” in everything they’ve done in life, but “four years of hell” owning a franchise through Retail Food Group has left them picking up the tatters of their old life.
A lack of support, exorbitant compulsory refurbishments, un-competitive pricing and a slew of fees ran their business into the ground before they could even get started, the Kellys claim.
But, their story is not the only one.
RFG – which includes brands Donut King, Brumby’s, Gloria Jean’s, Pizza Capers, Crust Gourmet Pizzas and Michel’s Patisserie – has recently come under a fire after a Fairfax investigation into its “brutal business model” as more and more financially devastated franchis…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/four-years-of-franchise-hell-leaves-couple-800k-in/3321730/
Video PlayerClose
BEIJING, Jan. 29 (Xinhua) — Listed companies in China reported rapid profit growth in 2017 as the country’s supply-side structural reform began to bear results.
So far, over half of listed companies on the country’s two major exchanges have reported their 2017 performance, and nearly 70 percent of them saw profit gains, according to the Xinhua-run Shanghai Securities News.
Most companies in traditional sectors such as coal and steel posted strong growth on the back of the country’s economic restructuring and business environment improvement.
Nineteen out of 20 companies that have released 2017 reports in the coal sector saw profit growth as China continues to slash excess coal capacity and produc…
Read the full article at: http://www.xinhuanet.com/english/2018-01/29/c_136933237.htm
The government is debating whether to lower the approval threshold for resolution plans under the Insolvency and Bankruptcy Code (IBC) in a move aimed at preventing too many insolvent companies from going into liquidation.
More than 75% of creditors currently have to agree to a resolution plan, implying that just over 26% can reject it and force a company into liquidation.
The government feels liquidation should be the last resort and is considering whether such plans can be approved by a two-thirds majority or even a simple majority.
“There is a need to relook at the current majority requirement. Just 26% members cannot take a company to liquidation,” said a senior government official, who didn’t want to be named. “We…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/resolution-plans-under-ibc-may-need-approval-of-fewer-lenders/articleshow/62687656.cms
Serial conman Peter Foster, currently on remand in a NSW prison, awaiting trial over unrelated fraud charges involving a betting scam, has been declared bankrupt because he failed to pay court costs over a scam weight loss program known as SensaSlim.
The Federal Court declared Foster bankrupt last week on an application from the Australian Competition and Consumer Commission (ACCC), which took the repeat scammer to court over SensaSlim back in 2013.
The consumer watchdog has locked horns with Foster numerous times over 30 years, and as well as being jailed and banned as a company director previously, the serial fraudster has been convicted of a range of offences in several countries, as far back as the 1980s…
Read the full article at: https://www.businessinsider.com.au/peter-foster-conman-bankrupt-2018-1
Four former bosses at Provident Financial have launched employment tribunal claims for unfair dismissal in the wake of the botched restructuring of its salesforce, The Times has learnt.
In a deepening of the crisis facing the troubled subprime lender, Andy Parkinson, former head of Providents doorstep lending business, has a hearing scheduled for mid-April.
Three other executives at the Bradford company who were working on the restructuring of its home credit business and worked beneath Mr Parkinson have brought claims. Hearings have been set for the spring.
The proceedings are the latest problem to hit Provident and are set to lift t…
Read the full article at: https://www.thetimes.co.uk/article/provident-financial-bosses-sue-over-unfair-dismissals-7qfw3plqd
By Colin Mann
January 29, 2018
Belgian company I-MOVIX, which specialised in cameras for capturing extreme slow motion for sports broadcast, is to cease operations, having been declared bankrupt.
In a Statement, the company said: We are very thankful and grateful to our amazing team of young talents, passionate and dedicated engineers, technicians, sales guys, administrative people, etc. We are very proud of the fantastic products we all developed at I-MOVIX since 2005.
Thanks very much to all our customers, distributors, partners and friends for your trust and all the good moments we shared together, it added.
Read the full article at: https://advanced-television.com/2018/01/29/i-movix-goes-bankrupt/
If Greece wants to see its debt burden lightened further it must ensure that it enacts agreed-to reforms and be prepared for the supervision of its foreign creditors to continue, European Stability Mechanism (ESM) Managing Director Klaus Regling told Sundays Kathimerini in an interview in which he also stressed that markets would like to see the International Monetary Fund join the countrys third bailout.
If Greece wants additional debt relief, which means for creditor countries to grant something extra, there is the legitimate question that creditor countries would want to make sure that agreed policies are implemented and that there is no backtracking, on promises in relation to the primary surplus for instance, on future tax policies…
Read the full article at: http://www.ekathimerini.com/225309/article/ekathimerini/business/debt-relief-will-depend-on-continued-reforms-says-regling
Myer Holdings Ltd (ASX: MYR) is Australia?s largest full line department store group and one of Australia?s most iconic companies. It has a very strong brand and over 5 million MYER ONE cards are still in circulation.
Nevertheless, the company is in major trouble. Sales have stagnated for five years and the company?s net profit has decreased by 50% in the last five years. Myer has been slow to adapt to the changing consumer environment and a flood of competition has meant that their business model no longer works as they lack operating leverage.
Operating leverage is crucial to a
Myer Holdings Ltd (ASX: MYR) is Australias largest full line department store group and one of Australias most iconic companies. It has a very strong…
Read the full article at: https://www.fool.com.au/2018/01/28/why-i-would-never-invest-in-myer-holdings-ltd-shares/