Insolvency Guardian Media Centre
Fraud in Britain has risen by more than 500% over the last 15 years, while the latest data available has revealed a 6% increase in major scams over the course of 2017. Financial services saw the largest sectoral glut of fraudulent activity, meanwhile, boasting a bill of just under £900 million.
In 2016, the total value of reported fraud hit a five-year high, increasing 31.5% to just under £2 billion. The spike came in spite of the number of reported cases falling slightly from 519 in 2015 to 504 in 2016, as the average value of fraud cases rose 35.4% to a five-year high of £3.9 million. Now, BDOs annual FraudTrack figures have shown that while the rapid expanse in the value of fraud has slowed, it still increased at an alarming rate i…
Read the full article at: https://www.consultancy.uk/news/15491/total-value-of-reported-fraud-in-the-uk-breaches-the-2-billion-mark
LONDON, United Kingdom Its been a tough time for Paul Smith, the namesake fashion label of the 71-year-old godfather of British style, known for its sharp suits and eccentric English touch. Operating profit at the company has declined for five consecutive years.
Smith has been in business since 1970, when he started a store in his hometown of Nottingham with Pauline Denyer, now his wife. He has dressed cultural heavyweights, from David Bowie to REMs Michael Stipe. In 2000, he was awarded a British knighthood for services to fashion and Londons Design Museum staged a retrospective of his work in 2013.
But a slowdown in luxury spending across Europe and Japan, a heavy reliance on wholesale clients that have struggled to compete with f…
Read the full article at: https://www.businessoffashion.com/articles/intelligence/restructuring-and-redundancies-at-paul-smith
TOKYO — By publicly listing wireless subsidiary SoftBank, SoftBank Group would likely be able to rein in its rising debt and diversify its funding channels, in addition to streamlining its operational structure made more complicated by a string of big investments.
The Japanese technology giant has burned through cash in recent years with such deals as the acquisitions of U.S. wireless carrier Sprint in 2013 and U.K. chip design house Arm Holdings in 2016, as well as the establishment of the $93 billion-plus SoftBank Vision Fund. Its funding needs have been met mainly through bank financing and bond offerings.
This demand for capital looks unlikely to wane anytime soon. SoftBank is investing in fifth-generation, or 5G, wireless t…
Read the full article at: https://asia.nikkei.com/Markets/Tokyo-Market/SoftBank-mobile-IPO-would-help-rein-in-debt-and-diversify-funding
THE Turpins of Perris, California were on the surface a large and devoutly Christian family who may have looked eerily similar, but seemed otherwise normal.
Their resemblance to one another might have appeared creepy, but their lives in a nondescript Californian suburb south of San Bernardino did not attract much attention.
That is, until they were found on Sunday, emaciated and shackled to their beds with chains and padlocks in dark and foul-smelling surroundings in their family home.
The 13 Turpin children, who are aged two to 29 years old, were uncuffed from their beds and taken off to hospital where they were fed and examined by medical staff.
The childrens parents, David, 57, and Louise Turpin, 49, were charged with torture and child en…
Read the full article at: http://www.news.com.au/lifestyle/parenting/house-of-horrors-inside-creepy-christian-family-who-shackled-and-starved-children/news-story/cd632c934235c2dc30b0ca9cd9eaa958
DALLAS–(BUSINESS WIRE)–EXCO Resources, Inc. (NYSE: XCO.BC) (OTC Pink: XCOO) (“EXCO” or the
“Company”) today announced that in order to facilitate a restructuring
of its balance sheet, the Company and certain of its subsidiaries have
filed voluntary petitions for a court-supervised reorganization under
Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy
Court for the Southern District of Texas (the Court). EXCO intends to
operate in the ordinary course of business during the restructuring
process.
EXCO continues to engage in constructive discussions with its creditor
constituencies regarding the terms of a financial restructur…
Read the full article at: https://www.businesswire.com/news/home/20180115005695/en/EXCO-Resources-Files-Voluntary-Petitions-Chapter-11
MUMBAI: Essar Steel promoters Shashi and Ravi Ruia are working toward setting up a consortium to bid for the company that’s in the midst of bankruptcy proceedings at the National Company Law Tribunal (NCLT), said several people aware of the matter.
However, the move is expected to come under scrutiny as a recent amendment to the Insolvency and Bankruptcy Code (IBC) is aimed at preventing promoters of such companies from regaining control unless they settle their dues first. One of the persons said Essar’s comeback bid will be in compliance with the rules.
The Ruias are expected to join forces with Russian bank VTB and Hong Kong-based special situations fund SSG Capital. Some Essar Group employees are likely to be part of th…
Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/ruias-ready-forces-for-a-comeback-at-essar-steel/articleshow/62516616.cms
A British company that is part of a P3 agreement with the Saskatchewan government to build and maintain a new hospital in North Battleford has gone into liquidation.
In a statement released Monday, Carillion PLC, which employs more than 6,000 people in Canada, said it had no choice but to liquidate.
It has been struggling to reorganize amid debts of $1.24 billion and a similar pension deficit. Carillion’s share price has plunged 70 per cent in the past six months.
According to SaskBuilds, which is organizing the North Battleford project on behalf of the government, construction and completion of the hospital will not be affected by this announcement.
Construction of the Saskatchewan Hospital North Battleford (SHNB) bega…
Read the full article at: http://www.cbc.ca/news/canada/saskatchewan/british-company-in-north-battleford-hospital-p3-agreement-announces-liquidation-1.4488620
Read the full article at: http://fortune.com/2018/01/15/what-you-need-to-know-about-the-collapse-of-carillion-a-u-k-construction-giant/
Its no real secret that, between costly Christmas gifts and pricey New Years plans, Aussie credit cards work up quite the sweat over the holiday season.
In fact, late last year Mozo predicted that, once the smoke cleared in the new year, the average credit cardholder would end the festive period with a $3,700 credit card bill.
But not to worry, if youre determined to conquer your credit card debt early in 2018, we have 5 money-saving hacks that will have you feeling financially free again in no time.
1. Carry cash
Aussies have certainly taken to the contactless revolution, but despite there being a bunch of novel ways to pay, there is arguably nothing more powerful for the frugally-minded than cash.
Playing on our possessive habits, p…
Read the full article at: https://mozo.com.au/credit-cards/articles/crush-holiday-debt-5-clever-hacks
TOKYO — By publicly listing wireless subsidiary SoftBank, SoftBank Group would likely be able to rein in its rising debt and diversify its funding channels, in addition to streamlining its operational structure made more complicated by a string of big investments.
The Japanese technology giant has burned through cash in recent years with such deals as the acquisitions of U.S. wireless carrier Sprint in 2013 and U.K. chip design house Arm Holdings in 2016, as well as the establishment of the $93 billion-plus SoftBank Vision Fund. Its funding needs have been met mainly through bank financing and bond offerings.
This demand for capital looks unlikely to wane anytime soon. SoftBank is investing in fifth-generation, or 5G, wireless t…
Read the full article at: https://asia.nikkei.com/Markets/Tokyo-Market/SoftBank-mobile-IPO-would-help-rein-in-debt-diversify-funding
The third Monday in January is better known as Blue Monday and is considered by many to be the most depressing day of the year.
READ MORE:
Tips to combat Blue Monday
But for some, its just another Monday.
I didnt want to get up, I think every student does that on Mondays, one University of Regina student said.
For others, it started off better than expected.
It was a great morning because I got to talk to all of my family and I got to eat tasty food that was prepared for me, so it was a good morning, another U of R student said.
Which is good news considering it is Blue Monday and although the science behind the day may be questionable; cold weather, getting back to work a…
Read the full article at: https://globalnews.ca/news/3966413/tackling-post-holiday-debt-to-help-battle-blue-monday-regina-credit-counsellor/
ZURICH (Reuters) – Swiss airline Belair, formerly part of collapsed low-cost carrier Air Berlin (AB1.DE), has been taken over by German investment company SBC.
SBC, based in Duesseldorf, said on Monday it wanted flights to resume as soon as possible and former Belair staff would be offered their jobs back after it made a deal with Air Berlins administrators.
A spokesman for SBC declined to say how much it paid for the low-cost Swiss airline, which had sales of around 90 million Swiss francs ($93.47 million) in 2016.
The takeover is the latest chapter in the breakup of Air Berlins business, with Austrian low-cost airline Niki also attracting interest from fresh bidders.
Around 200 Belair staff lost their jobs when it closed last year fol…
Read the full article at: https://www.reuters.com/article/belair-buyout/swiss-airline-belair-taken-over-by-investment-company-sbc-idUSL8N1PA5B3