Flexing newfound muscle they gained in a 2016 bankruptcy law, lenders in India are about to embark on a huge selloff of assets owned by companies that cant repay their debts. The assets — owned by steel, power, shipbuilding and construction companies — have been drawing interest from potential buyers including ArcelorMittal, the worlds biggest…
Among other woes, the 67-year-old credit union had issued bad loans to 191 members to the tune of $1.8 million. The Central Bank of Belize has liquidated the credit union; 1,100 shareholders affected. BELIZE CITY, Mon. Feb. 5, 2018 Last April, the Central Bank of Belize announced that it would be liquidating the…
Last updated: 07 February 2018 More people are turning to financial counsellors Large credit debt and rising electricity bills are to blame Experts warn against short-term credit Rising cost-of-living expenses and large credit debts have resulted in more Australians turning to financial counsellors for help. The national debt helpline was inundated with 170,000 calls in…
The insolvency professional appointed for Bhushan Steel has deferred the decision to open the financial bid placed by JSW Steel, Tata Steel and group of Bhushan Steel employees on Tuesday. The resolution professional was asking the bidder companies to explain their resolution plan and the reasons on why they think the plan will succeed, said…
Source: smh.com.au Embattled real estate company McGrath Limited has found itself in even more trouble, following rumours that founder and incoming chairman John McGrath has a huge gambling debt. McGrath ended Fridays session with a share price of $0.46 cents. The price had already taken a tumble upon news that the McGrath Board had quit…
Car manufacturing startup Tomcar Australia has entered voluntary administration, citing high manufacturing costs and hostile investors as the reason for shutting its doors. Launched in 2005, the company was founded by brothers David and Michael Brim, who spent seven years in development before releasing their first product in 2012. The company made 100 of its…
Good morning, welcome to ETMarkets Morning Podcast! Wall Street picked up the pieces with a modest pullback after Monday mayhem. That should come as some solace for the badly bruised local stocks on Wednesday. However, technical charts indicate more pain ahead. Plus we have RBI policy announcement ahead. That’s your trade setup for the day,…
Dubbo has one of the highest rates of personal bankruptcy in Australia, with 74 people in the city declared bankrupt in 2017. Statistics from the Australian Financial Security Authority and data research agency illion placed Dubbo eighth in Australia, and third in NSW, for suburbs with the highest concentration of bankruptcies. Despite the high result it…
Here’s a lowdown on top macro triggers that may move market on Wednesday. This report was compiled from agency feeds. Credit Policy Today The Reserve Bank of India (RBI) is expected to have a hawkish tone when it unveils its last credit policy of the financial year as inflation and fear in the expansion in…
A NSW woman has told how she was harassed for years by debt collectors over her financially abusive husbands $15,000 credit card bill. The single mother, Sarah* from regional NSW, said she still remembers the first call she got out-of-the-blue from debt collection company Baycorp, which left her in tears. Sarah had finally broken free…