Gujarat NRE Coke is one of the companies affected by the recent ordinance which bars promoters from bidding for stressed assets unless they repay the interest and principal amount.
Mumbai: The chairman and managing director of Kolkata-based Gujarat NRE Coke Ltd, Arun Kumar Jagatramka, has criticised bankers and regulators for allowing viable companies to go into liquidation as part of the resolution plan under the National Company Law Tribunal (NCLT). In an advertorial that appeared in The Economic Times on Tuesday, Jagatramka has sought more accountability from bankers for their actions in the insolvency proceedings.
This sharp rebuke from Jagatramka comes at a time when the Kolkata bench of the NCLT has ordered for the liquidation of hi…
Read the full article at: http://www.livemint.com/Companies/045S6mr9BoGeEAe5tI8AYL/Insolvency-code-Gujarat-NRE-Coke-CMD-seeks-more-accountabil.html
A sign in central Christchurch puts a positive spin on the revenues raised – or lost, depending on your perspective – from gaming machines.
Millions of dollars each year are flowing from some of the poorest communities in Christchurch into the hands of clubs and charities via pokies scattered around the city.
A case worker has described the situation as an ethical dilemma, while a gaming industry representative says the industry is working hard to make sure the money benefiting organisations does not come from problem gambling.
Gaming machine societies raked in about …
Read the full article at: https://www.stuff.co.nz/national/100611990/robbing-peter-to-pay-paul-funding-grants-coming-from-pokies-in-low-socioeconomic-areas
Nationwide Building So…
Read the full article at: https://www.theguardian.com/business/live/2018/jan/16/uk-inflation-cpi-poud-carillion-collapse-fallout-business-live
(Adds Kolomoisky comment, quote from central bank deputy governor, background)
By Natalia Zinets
KIEV, Jan 16 (Reuters) – Ukraines central bank said on Tuesday an investigation into the countrys largest lender, PrivatBank, which was taken into state control in 2016, showed it had been used for money-laundering and shady deals over the course of at least a decade.
One of the banks former main shareholders, Ihor Kolomoisky, dismissed the report as nonsense, but a central bank deputy governor said the findings had been passed to prosecutors for use in a possible criminal investigation.
The allegations of the central bank, which echo those it made at the time of the banks nationalisation and follow a probe it commissioned by the global inves…
Read the full article at: https://www.reuters.com/article/ukraine-privatbank/update-2-ukraine-central-bank-says-privatbank-was-used-for-shady-deals-money-laundering-idUSL8N1PB35E
MUMBAI — Reliance Communications, which late last year exited the consumer telecom business as part of a group restructure, is investing $600 million to lay a 68,000km undersea cable spreading up to Italy and Hong Kong, with its partner China’s Alibaba Group Holding and five others funding half of the project.
The company was rescued from the edge of bankruptcy by Mukesh Ambani, elder brother of Anil who controls the company late December. Reliance Communications expects the initiative, to be completed by December 2020, to increase the revenue of its wholly owned subsidiary Global Cloud Exchange by three times in five years, Chief Executive Bill Barney said on Tuesday.
“The cloud and fiber initiative is our response to the key…
Read the full article at: https://asia.nikkei.com/Business/Companies/Reliance-Communications-partners-with-Alibaba-to-invest-600-mn-in-undersea-cable
The good news is small businesses are currently being charged the lowest interest rates they have paid since the Reserve Bank of Australia started collecting this data back in 1993.
According to the Australian Bankers’ Association’s latest figures, small businesses are paying $9 billion less in interest now compared to 2011.
Its data suggests the average interest rate small businesses are paying has dropped from 8.4 per cent in 2011 to 5.3 per cent now, equivalent to about $3000 per year.
The bad news is this cannot last. Interest rates are already going up in the US. While there’s nothing yet in the RBA’s rhetoric about potential rate rises this year, th…
Read the full article at: http://www.smh.com.au/small-business/trends/the-big-idea/are-you-ready-for-a-rate-rise-20180116-h0j90a.html
Carillion was left with just £29m in cash when it collapsed, according to a document that reveals the extent of the construction companys financial black hole.
Papers seen by the Financial Times show the insolvent construction company owed £1.29bn to its banks, including a £790m revolving credit facility and £349m in private placement notes.
Keith Cochrane, the companys interim chief executive, has stated in a document for the companys insolvency process that there was so little funding available that the consultants PwC and EY both rejected requests that they be taken on as administrators amid concerns they w…
Read the full article at: https://www.ft.com/content/8f14f694-faab-11e7-a492-2c9be7f3120a
(Adds details, background)
KIEV, Jan 16 (Reuters) – Ukraines central bank said on Tuesday an investigation into PrivatBank, the countrys largest lender which was taken into state control in 2016, showed it had been used for money-laundering and shady deals over at least a decade.
Representatives of PrivatBanks former main shareholders did not immediately provide comment, but have previously denied any wrongdoing.
The allegations of the central bank, which echo those it made at the time of the banks nationalisation and follow a probe it commissioned by the global agency Kroll, are part of a long-running dispute over PrivatBank that has spawned hundreds of legal cases.
The investigation has identified that PrivatBank was subjected to a lar…
Read the full article at: https://www.reuters.com/article/ukraine-privatbank/update-1-ukraines-cenbank-says-privatbank-was-used-for-shady-deals-money-laundering-idUSL8N1PB35E
TWO of the UK’s leading debt charities have warned those seeking help not be fooled by websites that appear at the top of Google search.
StepChange and the Money Advice Trust said the number of sites pretending to be official organisations and using paid-for Google Ads was sparking fears that those struggling with debt are being duped.
Many of the sites promise they can write-off the vast majority of someone’s debt and are known as “lead generator” or “introducer” sites.
If you click on one, you’ll be asked to fill-in your personal details, including how much debt you have.
These will then be passed on to a commerc…
Read the full article at: https://www.thesun.co.uk/money/5343183/debt-charities-warn-google-fake-ads/
(Adds details, background)
KIEV, Jan 16 (Reuters) – Ukraine’s central bank said on Tuesday an investigation into PrivatBank, the country’s largest lender which was taken into state control in 2016, showed it had been used for money-laundering and shady deals over at least a decade.
Representatives of PrivatBank’s former main shareholders did not immediately provide comment, but have previously denied any wrongdoing.
The allegations of the central bank, which echo those it made at the time of the bank’s nationalisation and follow a probe it commissioned by the global agency Kroll, are part of a long-running dispute over PrivatBank that has spawned hundreds of legal cases.
“The investigation has identified that Priv…
Read the full article at: http://www.kitco.com/news/2018-01-16/UPDATE-1-Ukraine-apos-s-cenbank-says-PrivatBank-was-used-for-shady-deals-money-laundering.html
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Outwardly, the California couple accused of torturing and endangering their 13 children seemed to preside over a happy American family.
If the photographs the couple posted on Facebook are anything to go by, the Turpin children enjoyed trips to Disneyland and Las Vegas, where their parents renewed their vows several times.
On the family pictures, the children appear dressed in identical outfits, pa…
Read the full article at: http://www.bbc.com/news/world-us-canada-42701311
— Group brings together a global network of proven EY professionals with deep experience and political insights
— EY and Teneo Intelligence collaborate as part of the geostrategic offering
LONDON, Jan. 16, 2018 /PRNewswire/ — EY announces the launch of the EY Geostrategic Business Group aimed at actively working with organizations and institutions globally to understand the business implications of the geopolitical landscape and help them navigate it, manage existing global operations and identify new business opportunities.
By bringing together a global network of EY professionals with deep country-level experience in supporting businesses and governments with Teneo Intelligence’s geopolitical advisory competencies, the gro…
Read the full article at: http://markets.businessinsider.com/news/stocks/EY-Geostrategic-Business-Group-launches-to-actively-work-with-businesses-to-find-new-growth-opportunities-and-navigate-geopolitical-landscape-1013105749
