Julia Payne and Ahmad Ghaddar
Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia’s biggest commodities trader to restructure.
The closures follow the sale of its larger US oil trading business to Vitol, announced in October, and a nine-month loss of some $US3 billion reported in November.
Since then, Noble has been winding down its remaining oil trading operations in London and Singapore, with many key traders leaving to join competitors.
“That (US oil business) comprised the material share of Noble’s oil business. The rest … has either closed or is in the fin…
Read the full article at: http://www.afr.com/markets/commodities/troubled-commodities-trader-noble-group-quits-global-oil-trading-20180110-h0ga82
ADVISORS at Wiltshire Citizens Advice expect January 31 to be the years busiest day for debt advice.
They say that people seeking help with their debts generally call for help on the last day of January.
Locally, Wiltshire Citizens Advice is expecting 300 people to seek advice on debt this month.
Suzanne Wigmore, Chief Officer of Wiltshire Citizens Advice, said: There is a surge in demand for our debt advice towards the second half of January.
Christmas in particular can take a heavy toll on people already struggling to make their money last and leave them with a debt burden in the New Year.
But this neednt become a crisis – problems can be taken care of if you seek advice early.
The New …
Read the full article at: http://www.swindonadvertiser.co.uk/news/15817168.January_is_busiest_month_for_debt_advice/
JOHANNESBURG – Old Mutual is a step closer to restructuring its business after it was given the green light yesterday by the Competition Commission, on condition that it allocate R500 million to a new ring-fenced Enterprise Supplier Development Fund.
Old Mutual Emerging Markets (Omem) said yesterday that the recommendation for approval by the Competition Commission to the Competition Tribunal for the newly incorporated Old Mutual Limited to acquire Old Mutual Plc – with the conditions agreed to between Omem and the Economic Development Department – was a significant step towards the listing of Old Mutual Limited as a standalone entity this year.
Omem and the Economic Development Department have reached an agreement in relation to thr…
Read the full article at: https://www.iol.co.za/business-report/old-mutual-gets-green-light-for-a-return-12671084
Australians are starting the new year with a spring in their step according to the latest ANZ-Roy Morgan Australian consumer confidence survey. The headline index climbing by 4.7 per cent since from mid-December to 122, the highest since November 2013.
The survey showed consumers were optimistic about current and future financial conditions, rising 5.8 per cent and 4.2 per cent respectively since the last report.
ANZs head of economics David Plank said the festive mood from late last year has continued into 2018.
Continued strength in the labour market, and a strong performance in the Ashes series likely helped sustain the cheer among consumers.
Despite Australians debt-to-income ratio reaching a record level of 199.7 confidence le…
Read the full article at: http://www.ratecity.com.au/bank-accounts/news/ashes-help-boost-australian-confidence-2018-working-year-kicks-off
Jessica Wright is considering shifting her credit card debt to a balance transfer card with zero interest after a blowout over Christmas plunged the family finances into the red.
The Brisbane-based woman is facing a predicament shared by many Australians the nation collectively spent about $30 billion on credit cards in December.
Ms Wright, 36, usually puts $4000 a month through a Coles Mastercard to earn Fly Buys points. But last month there was an extra $5500 in spending she bought her parents flights to Hawaii for her mother’s 60th birthday, bought Christmas presents for her three young children, and then the family’s washing machine broke do…
Read the full article at: http://www.smh.com.au/money/borrowing/australia-wakes-up-to-30b-credit-card-hangover-20180110-h0gb1o.html
The Supreme Court on Wednesday said that the it will decide on Reserve Bank of Indias plea seeking to start insolvency proceedings against JAL on the next date, February 5, and that the central bank should not act on it, legal sources said.
It also ordered that the parent company Jaiprakash Associates (JAL) to submit a list of all its housing projects they have in the country and their stage of construction and that the amicus curiae should create a new portal for homebuyers who had invested in residential projects by JAL, sources said. It added that JAL should not create third-party interest in the properties.
The order augurs well for the home buyers of JAL who also have been stuck for close to a decade now. Their complications h…
Read the full article at: http://www.moneycontrol.com/news/business/real-estate/sc-to-decide-on-rbis-plea-on-insolvency-proceedings-against-jal-next-month-2479735.html