Adhunik Metaliks Limited informed that Pursuant to an Order dated 3rd August, 2017 of the National Company Law Tribunal, Kolkata Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Adhunik Metaliks Limited as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said order has…

Read the full article at: http://www.moneycontrol.com/news/business/announcements/adhunik-metalik-updates-2352127.html

Korea-based Samsung will implement restructuring for its China business and will shut down its seven sales points without employee layoffs.

A representative from Samsung said that the company will close its seven sales points in China’s northern, eastern, southern, central, southwestern, northwestern, and northeastern regions, and further divide its China businesses into 22 bases. Samsung’s Beijing headquarters will manage the 22 bases more closely. However, the representative denied the rumor about employee layoffs and said that the company will not cut any employees during the restructuring.

Samsung’s performance in the Chinese market has not been satisfactory in recent months. Statistics from the market research firm Counterpoint Res…

Read the full article at: https://www.chinatechnews.com/2017/08/07/25282-samsung-closes-seven-sales-points-during-china-business-restructuring

Amid reports the living conditions inside the Bachelor mansion are far from luxurious come fresh claims this year’s house is a “downgrade” from previous seasons.

While there’s no denying the ladies and gents vying for the hearts of Matty J and Sophie Monk are living in a house ~slightly~ larger than your average home, the $1.7 million Dural mansion has been seen as downgrade for the contestants.

Despite boasting four-…

Read the full article at: https://au.be.yahoo.com/entertainment/celebrity/a/36634647/the-bachelor-mansion-downgraded-for-matty-j-and-sophie-monk/

Three in four Australians have not seen a financial adviser in the last five years despite an increasing number of them believing they will fall well short of being able to fund their retirement, according to MLC.

The MLC Wealth Sentiment Survey showed that between the fourth quarter of 2016 and the first of 2017, there was an increase in Australians who believed they would have far from enough in retirement, up from 24 per cent to 32 per cent of respondents.

Yet many did not seek financial advice as they felt they were not wealthy enough to afford it, which may be holding them back from achieving their goals.

MLC general manager of customer experience, superannuation, Lara Bourguignon, said: Many respondents said they would v…

Read the full article at: http://www.moneymanagement.com.au/news/financial-planning/aussies-feel-advice-only-wealthy

Ballarat recorded 45 new personal insolvencies in the last three months to make it a regional hot spot for debt.

It puts Ballarat close to Geelong, with 59, and well ahead of Bendigo, with 29.

There were also seven new business related insolvencies in the city with Geelong also recording seven and Bendigo nine.

There are 62 insolvencies per 100,000 people in Ballarat, well above the state average of 39.8.

Commerce Ballarat chair David Wright said there were all sorts of reasons businesses became insolvent.

If this is 7 in a quarter then thats not great news, he said

The term business is also a bit ambiguous, it may simply be a non-trading shelf company that has no staff.

Theres n…

Read the full article at: http://www.hepburnadvocate.com.au/story/4835627/insolvency-rates-higher-in-regional-victoria/?cs=12

Knowing how to take control of your credit card bill is an important life skill, and as it turns out, women are better at it than men.

In a new survey of 2,031 Australians, most women said theyd start to worry about their credit cards once the debt reached $3,605.

Men said they wouldnt worry until their balance hit $4,999, on average.

Men on average carry $3,365 in debt on their cards, which is 31 per cent more than women who on average carry $2,567.

Across the board, Australians are paying off more of their credit card debt.

In fact, a finder.com.au analysis of Reserve Bank of Australia data found the average credit card balance accruing interest has dropped by 20 per cent in the past five years.

The research shows in May …

Read the full article at: https://www.financy.com.au/women-better-at-crushing-credit-card-debt/

DUBAI: An Indian businessman in the UAE, who has spent over USD 4 millions to help free prisoners languishing in jails due to non-payment of debts, has been honoured with the country’s prestigious “Community Service Medal”.

Deputy Prime Minister and Minister of Interior of the UAE, Lt General HH Sheikh Saif bin Zayed Al Nahyan, honoured Indian businessman and philanthropist Firoz Merchant with the “Community Service Medal” on Monday.

The award, which is given in the form of a medal, was given to Merchant in recognition of his efforts to serve the community in the country and beyond.

This is the first time any expatriate community member has been given this prestigious award.

Since 2008, Merchant, founder and chairm…

Read the full article at: http://www.newindianexpress.com/world/2017/aug/07/indian-philanthropist-honoured-by-uae-government-for-helping-free-debt-ridden-prisoners-1639468.html

he gross NPA of banks has risen to 9.6 per cent (of total advances) in March 2017, from 9.2 per cent in September 2016, as per the RBI data.

Despite a series of steps to contain non-performing assets (NPAs), public sector banks (PSBs) wrote off a record Rs 81,683 crore worth of bad loans in the financial year ended March 2017, a jump of more than 41 per cent over the previous years write-off amount of Rs 57,586 crore, as per the finance ministry data.

Even as the amount of loans written off has been rising steadily in the past five years, their combined profitability deteriorated …

Read the full article at: http://indianexpress.com/article/business/business-others/non-performing-assets-govt-run-banks-write-off-record-81683-crore-bad-loans-in-fy17-4785497/

NEWCASTLE has the highest rate of personal insolvency in regional NSW according to figures released by the Australian Financial Security Authority.

Across the Hunter there were 215 cases of personal insolvency in the June quarter of 2017, with Newcastles 43 debtors the largest in the state outside of Sydney.

Across Australia there were 7,729 debtors who entered a new personal insolvency to June, a fall of 3.9 per cent compared to the previous quarter.

In the Hunter, there were six less cases of personal insolvency than in the March quarter. 

Victoria and Queensland had the largest falls, falling by 131 and 111 debtors respectively.

In New South Wales there were 1,297 debtors who entered a new personal insolvency in Greater Sydney in the June…

Read the full article at: http://www.begadistrictnews.com.au/story/4830104/newcastle-leads-the-pack-in-personal-insolvencies/