Gabriel Wildau
One of the most influential analysts of China’s financial system believes that bad debt is $US6.8trn above official figures and warns that the government’s ability to enforce stability has allowed underlying problems to go unchecked.
Charlene Chu built her reputation as China banking analyst at credit rating agency Fitch, where she was among the earliest to warn of risks from rising debt, especially in the country’s shadow banking system.
Today many of her original views – such as concern about Chinese banks concealing risky credit in off balance sheet vehicles – have become consensus among analysts.
“Everyone knows there’s a credit problem in China, but I find that people of…
Read the full article at: http://www.afr.com/news/world/asia/prominent-china-debt-bear-warns-of-68trn-in-hidden-losses-20170817-gxyds1
Lanco Infratech Ltd, against which Corporate Insolvency Resolution Process has been initiated, has said that the management of the affairs of the company vests with Savan Godiawala, who has been appointed as the Interim Resolution Professional.
Mr.Godiawala was appointed as the IRP with effect from August 7, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), by the Hyderabad Bench of the National Company Law Tribunal.
The NCLT had initiated the Corporate Insolvency Resolution Process based on an application filed by IDBI Bank, a financial creditor of the company. Consequently, the powers of the Board of Directors stand suspended. Thus, the quarterly statements cannot be submitted to the stock exchange within the stipul…
Read the full article at: http://www.thehindu.com/todays-paper/tp-national/tp-telangana/lanco-infra-q1-results-delayed/article19506698.ece
David Watts, Mary Scoutas, State Families and Children Minister Jenny Mikakos, Adam Mooney and Corrine Proske at the opening of Good Money Morwell. photo hayley mills
Those under financial pressure in the Latrobe Valley and surrounds will now have access to a safe and affordable alternative payday lender with the official opening of Good Money in Morwell yesterday.
Good Money allows clients to apply for low or no interest loans for essential items such as a fridge, washing machine, car repairs, computers or school books.
State Families and Children Minister Jenny Mikakos opened the hub, which has already provided 19 people with loans.
Latrobe Valley resident David Watt was one of the first people to utilise the service.
“It saved me, actuall…
Read the full article at: http://www.latrobevalleyexpress.com.au/story/4860717/help-at-hand-to-break-cycle-of-debt/
Liquidators are working to realise the assets of collapsed building company Queensland One Homes in the hope of recouping millions for creditors of the business, as insolvency experts say the east coast of Australia and the construction sector are areas to watch for company collapses.
Queensland-based home builder Queensland One Homes Pty Ltd entered liquidation on July 6, leaving 35 building sites unfinished at the time of liquidation, and the Gold Coast Bulletin reports the Queensland Business and Construction Commission has now suspended the building licence of Queensland One Homes.
The Commission has also confirmed to the newspaper it is investigating another related business, Empire Constructions Pty Ltd, for alleg…
Read the full article at: http://www.smartcompany.com.au/finance/queensland-building-company-liquidation-owing-3-5-million-insolvency-experts-warn-pain-come-construction/
Wesfarmers increased its final dividend 26 per cent after underlying net profit rose 27.6 per cent to $2.87 billion in 2017, the strongest growth since 2009, as surging coal prices and market share gains at Bunnings countered weaker earnings at Coles.
The result, which was marginally below consensus forecasts around $2.88 billion, highlighted the benefit of Wesfarmers’ conglomerate structure amid intense price competition in supermarkets, lacklustre discretionary spending and a patchy recovery in commodity markets.
Earnings at Coles, which accounts for 38 per cent of group earnings, fell 13.5 per cent to $1.61 billion after the food and liquor retailer ramped up its investment into reducing grocery prices and improving service…
Read the full article at: http://www.afr.com/business/retail/wesfarmers-profit-up-28pc-as-coal-and-bunnings-counter-weaker-coles-20170810-gxtnwy
Updated: August 17, 2017 5:18 am
Last week, panic broke out among those who had invested in Jaypee Infratech projects after the insolvency plea. (Express Photo)
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In an effort to reach out to home buyers who had invested in Jaypee Infratech projects in Noida and Greater Noida, formats for submission of their claims have been made public on the companys website. Three formats for operational creditors, financial creditors, workmen and employees are on the website and the deadline for submitting them is August 24.
Last week, panic broke out among home investors after IDBI filed an insolvency plea in the A…
Read the full article at: http://indianexpress.com/article/india/days-after-insolvency-plea-jaypee-investors-can-submit-claim-by-august-24-4800203/
Taking microfinance to the streets
- A microfinance group is taking the fight for the financially vulnerable to the high streets.
- No interest loans allow people on low incomes to buy essential goods without getting into a debt spiral.
- Financial conversations allow money experts to give those in need the confidence to manage their budget.
“One-stop community finance shops” are opening within sight of payday lenders in a bid to discourage the vulnerable from taking on toxic debts.
Run by Good Shepherd Microfinance (GSM) in partnership with state governments and NAB, Good Money Stores provide finan…
Read the full article at: https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/good-money-and-no-interest-loan-scheme
Section 44 of the Constitution sets out restrictions on who can be a candidate for federal parliament. Five subsections make clear what disqualifies people, but its article one that tripped up the two Greens, government minister Matt Canavan, One Nation senator Malcolm Roberts and Deputy Prime Minister Barnaby Joyce.
It rules out anyone with allegiance, obedience, or adherence to a foreign power, or is a subject or a citizen or entitled to the rights or privileges of a subject or citizen of a foreign power.”
The general idea being that you need to give yourself wholeheartedly to your country and not have any mixed allegiance, Professor Anne Twomey, a constitutional law expert at the University of Sydney, told SBS World News.
R…
Read the full article at: http://www.sbs.com.au/news/article/2017/07/26/explainer-how-did-section-44-land-five-federal-politicians-trouble-over
Published:August 17, 2017 4:21 am
Last week, panic broke out among those who had invested in Jaypee Infratech projects after the insolvency plea. Express photo
Related News
In an effort to reach out to home buyers who had invested in Jaypee Infratech projects in Noida and Greater Noida, formats for submission of their claims have been made public on the companys website. Three formats for operational creditors, financial creditors, workmen and employees are on the website and the deadline for submitting them is August 24.
Last week, panic broke out among home investors after IDBI filed an insolvency plea in the Al…
Read the full article at: http://indianexpress.com/article/cities/delhi/days-after-insolvency-plea-jaypee-investors-can-submit-claim-by-august-24-4800168/
A Howard Beach newspaper publisher who was in debt to the mob has been busted for attempting pressure a woman into not pressing sexual assault claims against a Bonanno crime family associate.
Patricia Adams allegedly threatened to smear the woman in the pages of The Forum newspaper if she testified in court that reputed mobster, Robert Pisani sexually assaulted her inside his Queens bagel shop, according to a federal indictment.
Pisani, who was already facing federal racketeering charges alongside the nephew of notorious Capo Vinnie Asaro, allegedly whipped out his penis and asked the woman, who was an employee, to touch it as he unhooked her bra.
Adams is accused of contacting the victims father, and threatening to sully his …
Read the full article at: http://nypost.com/2017/08/16/newspaper-publisher-in-debt-to-mob-arrested-for-coercion/
THE collapse of a Gold Coast building company has left 133 tradies and staff more than $3.4 million out of pocket and 35 would-be home-owners in limbo.
The Queensland Building and Construction Commission has suspended the licence of Queensland One Homes, which was put into liquidation last month, the Gold Coast Bulletin reports.
A related company, Empire Constructions Pty Ltd, is under investigation for suspected illegal phoenix activity.
Company records show Paul Travis Callender, 34, is sole director of Queensland One Homes and is also a previous director of Empire Constructions.
His wife Amber Patrice Callender, a plastic surger…
Read the full article at: https://www.qt.com.au/news/more-130-tradies-hit-collapse-builder/3212826/