The Supreme Court on Wednesday directed Jaiprakash Associates Ltd (JAL), the holding company of infrastructure giant Jaypee, to produce on record details of each and every one of its housing projects spread across the country. With the direction the SC has now made clear that it is committed to protecting the lower middle-class homebuyers who…
Arash Massoudi and Nic Fildes in London and Harriet Agnew in Paris January 10, 2018 Shares in Altice NV, the acquisitive global telecoms group that is fighting to shore up investor support, dropped more than 7 per cent on Wednesday, as analysts focused on a revenue warning that overshadowed plans to break up the company.…
MUMBAI: India is likely to consider expanding its bankruptcy law to include cross-border insolvency, which helps lenders tap defaulters’ assets overseas, as a top panel at the Insolvency and Bankruptcy Board of India (IBBI) meets Thursday to help strengthen the framework dedicated toward recovering bad loans. “Cross-border insolvency is on top of the agenda. The…
NEW DELHI: The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Bhushan Energy Ltd after admitting a plea from the country’s largest lender State Bank of India (SBI). A two-member bench of NCLT has appointed Navneet Kumar Gupta as the interim resolution professional (IRP) to initiate insolvency proceedings. Bhushan Energy Ltd, the…
Parañaque Police rescued a Tawainese national from a kidnap for ransom group last night. pic.twitter.com/Yl3rIMu9dS Raffy Sison Santos (@raffsantos) January 10, 2018 A Taiwanese man was rescued from a kidnap-for-ransom group in a hotel in Parañaque City Tuesday night, police said. Southern Police District Director Tomas Apolinario said the suspects, who also hail from Taiwan,…
Macquarie Group is chasing $US40.7 million ($52 million) from an American family that ran a billion-dollar-plus cocoa trading business, after emails between staff allegedly revealed one of the biggest fraud cases in recent US history. Macquarie has joined forces with several other banks including Dutch financial giant ABN AMRO to sue the father-son duo that ran one of the world’s largest suppliers…
by 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…
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…
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…
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…