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S&P Dow Jones made a statement on Friday regarding the Dick Smith’s future in the ASX200. It was confirmed that the company would be removed from the ASX200 after close of trade on the 18th of December.
Dick Smith has taken action after writing down the value of its inventories by 20% last week – worth roughly $60 million.
The company launched a massive discounting effort last week to raise some cash before Christmas time.
The company made the announcement on their Facebook page on Friday morning, revealing that selected products were now discounted by up to 70% in store.
While the advertised specials are currently only available in Dick Smith stores, the company’s website is advertising a 48hr sell-a-thon.
Macquarie Bank cops criticism for ‘get rich quick’ pitches
The bank is the target of customer backlash for allegedly failing to convey the risks and complexity of their financial products to unsophisticated investors.
Financial advisor and self-described ‘Dream Maker’ Peter Spann has been accused of aggressively mass-marketing Macquarie structured investment products between 2006 and 2009 through his financial advisory business, the now defunct Freeman Fox.
Peter Spann travelled the country giving sales pitches – which some attendees believe were given greater credibility due to the presence of Macquarie bank staff.
Macquarie has maintained that they are not responsible for any of the financial advice given by third party vendors such as Freeman Fox.
The financial products had been marketed as “capital guaranteed” meaning that investors could not lose their principal.
But some investors are claiming that they did not understand that they would be locked in and have to pay annual interest payments in advance, even if the investments lost a significant portion of their value.
Macquarie has declined to confirm how many people invested in the products through Freeman Fox as well as the monetary value of these investments.
100 franchisees show interest in legal action against 7-Eleven
The lawyer in charge of preparing the class action has confirmed that 40 store owners had formally signed up for the class action suit, while another 60 had expressed interest.
An independent panel was created to investigate the alleged wage fraud and so far the panel has received over 1000 claims from current and former employees.
It has been reported that thousands of 7-Eleven workers, past and present, have endured wage exploitation. The wage fraud bill could be as high as $300 million according to some estimates.
The panel is expected to start making compensation payments to the eligible workers before Christmas.
Yesterday was the deadline for a profit sharing agreement between head office and franchisees.
The deal would involve 7-Eleven head office paying for the first $25 million in back-pay claims, franchisees would pay the next $5 million and all payments after this will be split evenly between the franchisees and head office.
The company has not yet released the final number of franchisees that have signed up for this deal.
Everyone has heard of sexually transmitted diseases, but in this liberated world in which we live, financial advisers say sexually transmitted debt is becoming an increasing problem.
Key points:
Sexually transmitted debt is debt you catch from your partner
Can come from rental agreements, guaranteeing loans, signing contracts
Expert says talking about money in a relationship is key
“Sexually transmitted debt is debt you catch from …
Insolvency law in the Cayman Islands is principally regulated by the Companies Law (2013) and the Companies Winding Up Rules 2008, which are supplemented by a wide body of case law. The following guidance is a summary only.
Insolvency
Under Cayman law, a company may be wound up on the basis of insolvency if it cannot pay its debts as they fall due. A company is treated as unable to pay its debts if:
it fails to satisfy a valid statutory demand;
execution of a judgment is returned wholly or part…
Insolvency law in the Cayman Islands is principally regulated by the Companies Law (2013) and the Companies Winding Up Rules 2008, which are supplemented by a wide body of case law. The following guidance is a summary only.
Insolvency
Under Cayman law, a company may be wound up on the basis of insolvency if it cannot pay its debts as they fall due. A company is treated as unable to pay its debts if:
it fails to satisfy a valid statutory demand;
execution of a judgment is returned wholly or part…
Police and FBI officials report that more than 14 are dead and more than 14 are wounded in a shooting in San Bernardino, California.
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Is this the last straw for a city already down – way down – on its luck?
When the shooters arrived at San Bernardino’s enormous and publicly-funded Inland Regional Centre for adults and children with disabilities, they were attacking a facility that catered for some of the most vulnerable people in one of the most vulnerable parts of California.
MUMBAI: A number of infrastructure companies, including some major private players, are looking to sell masala bonds, as they seek to reduce the risks associated with external commercial borrowings by moving to this rupee-denominated overseas debt that also comes with easier conditions.
As much as $6 billion (about Rs 40,000 crore) could be raised through masala bonds in the coming few months by Indian businesses, say industry trackers. Companies such as SREI Infrastructure Finance, GVK and GMR are some of the private infrastructure players that could be exploring the scope for raising funds through this route, people with knowledge of the plans said. Besides other benefits, the cost of borrowing could also be lower in masala bonds compar…
Lewis Hamilton might have won the title but Nico Rosberg ended 2015 as the man in front
The Formula 1 season ended on Sunday with a third consecutive victory for Mercedes driver Nico Rosberg, but it is important to remember how the year started.
There are now questions about just why Rosberg has hit this rich vein of form, but it has come at the end of a year that was owned outright by his team-mate Lewis Hamilton.
Unlike in 2014, when he retired from the first race of the season, Hamilton won in Australia in March and built up from there a momentum to which Rosberg had no answer.
The German had his moments but, generally speaking, Hamilton was in complete control of the season from Melbourne until he won the title in Aus…
Australia’s peak forest contractor lobby wants Federal Industry and Innovation Minister Christopher Pyne to include changes to preferential payments in his push for company law overhaul.
