Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Fraud detectives are investigating the visa-for-jobs scheme run by Sydney businessman Lubo Jack Raskovic, who is accused of leaving dozens of migrants tens of thousands of dollars out of pocket.
The scheme, first revealed in a joint SBS-Fairfax investigation, offered hopeful migrants a regional job, as a pathway to a permanent-residency visa, in return for fees of up to $70,000.
Under the scheme employers in regional areas were offered “great incentives” of up to $12,500 if they hired a migrant for a job and sponsored them for permanent residency.
Queensland’s Fraud and Cyber Crime Group has been in contact with former clients of Raskovic’s company Global Skills and Business Services. Many of the jobs offered by Raskovic were in regiona…
On Nov 16, we issued an updated research report on Bemis Company, Inc.BMS , maker of flexible packaging products and pressure sensitive materials. The company is likely to benefit from successful implementation of restructuring and cost-savings plan, modifications of business model and focus on innovation. However, its quarterly performance will be affected by hurricane-related impact as well as restructuring expenses.
Restructuring & Cost Savings to Aid Top Line
Notably, Bemis completed the analysis of its restructuring and cost-savings plan during third-quarter 2017. The step will allow the company to align its manufacturing and administrative cost structures efficiently with current business environment…
A Burton insolvency expert has backed Government plans to allow people struggling with debts a vital six-week breathing space to get their finances in order.
The proposals will give cash-strapped people protection from further interest, charges and enforcement action while they seek solutions to their financial problems.
The six-week moratorium will allow people the chance to seek further consultation and advice on how to turn their situation around by setting up repayment schemes while interest payments and new charges on debt are frozen.
Martin Smith, an insolvency expert from Dains Accountants in First Avenue, Burton said the new breathing space scheme – which is aimed to become law by 2019 – could give people the time necessary to re…
Insolvency & Bankruptcy Board of India chairman M.S. Sahoo will be a member of the committee to be led by the secretary at the ministry of corporate affairs. Photo: Priyanaka Prashar/Mint
Mumbai: The government has set up a 14-member committee to review and improve the implementation of the insolvency and bankruptcy code (IBC) a year after it came into being.
The committee, led by the secretary at the ministry of corporate affairs (currently I. Srinivas) includes Insolvency & Bankruptcy Board of India chairman (IBBI) M.S. Sahoo, representatives from the Reserve Bank of India and the department of financial services and other experts, a notification on the ministrys web site said.
The committee will look into issues that impact the effici…
Inside JNJ’s Medical Device Business: Developments, Future Growth PART 1 OF 8
By Sarah Collins
|
Nov 17, 2017 1:08 pm EST
Medical Devices 3Q17 performance
In 3Q17, Johnson & Johnson (JNJ) reported ~$19.7 billion in sales. The companys Medical Devices business generated ~33.5% of the total sales, amounting to ~$6.6 billion.
The segments sales rose ~7.1%, on a YoY (year-over-year) basis. On an operational basis, the segments sales rose ~6.6% in 3Q17.
JNJ acquired TearScience, a vision care services company, and completed the divestiture of Codman Neuro in 3Q17…
Bill Moak, Consumer Watch
Published 11:00 a.m. CT Nov. 17, 2017
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Americans die with an average debt of $62,000. Here are some ways to manage that debt before it’s too late. USA TODAY
The Consumer Financial Protection Bureau has sued the nations largest provider of debt settlement services, alleging that Freedom Debt Relief deceived and misled consumers about its services and fees.
The agency announced the lawsuit Wednesday in a news release, seeking compensation for consumers harmed by the alleged practices, as well as unspecified civil penalties and a court order to stop the company from providing services.
China Huishan Dairy Holdings, struggling under billions of dollars worth of debt, is preparing for provisional liquidation in a legal escalation of one of the most spectacular collapses of a Hong Kong-listed firm in recent years.
Shares in the mainland group, once a hot property with investors, have been suspended since they plunged 85 per cent without warning in March, after which it revealed missed loan payments and the disappearance of its finance director.
The move comes as creditors in China and offshore jostle for position to get their money back from the firm, whose debts totalled at least 38 billion yuan ($US5.73 billion) at the end of July, according to a work-out plan seen by Reuters.
Somalia needs humanitarian aid to stem its short-term suffering, but that cash will not break the country’s deadly cycles of drought, hunger, and poverty. To do that, the IMF must forgive Somalia’s crushing debt, just as it has for nearly every other heavily indebted poor country.
LONDON Julius Nyerere, the first president of Tanzania, once asked his countrys creditors a blunt question: Must we starve our children to pay our debts? That was in 1986, before the public campaigns and initiatives that removed much of Africas crushing and unpayable debt burden. But Nyereres question still hangs like a dark cloud over Somalia.
