PacWest Bancorp (NASDAQ: PACW) has reportedly sold its Civic Financial Services unit, which specializes in lending money to landlords and investors, to Roc360, a real estate lending firm. PacWest has unrealized losses on its holdings of bonds and loans. When banks have to sell underwater assets to meet deposit withdrawals, they must record the losses, a prospect…
Asias increased borrowing in recent decades has augmented the regions exposure to rising interest rates and heightened market volatility. Borrowing by the regions governments, companies, consumers, and financial firms is well above levels prior to the global financial crisis, as we recently noted. In particular, industries that rapidly increased leverage while interest rates were low…
Republicans on Wednesday railed against Joe Bidens relief plan, criticizing it as too expensive and unfair to people who didnt take out student loans. | Alex Brandon/AP Photo The House on Wednesday passed Republican-led legislation to overturn President Joe Bidens student debt relief program and nullify the freeze on federal student loan payments and interest.…
The Australian insolvency system is dominated by debtors with relatively small debts, many of whom are vulnerable, the Australian Financial Security Authority says. According to AFSA data, there are 60,000 people in the personal insolvency system currently, with a total of A$18 billion of liabilities. Of those, 52.7 per cent have less than $50,000 of debts. AFSA…
CLOSE to 40% of those who were declared bankrupt are between the ages of 35 and 44, says Minister in the Prime Ministers Department Datuk Seri Azalina Othman Said. They made up 37.38% or 17,917 individuals who were declared bankrupt as of December last year. She said a total of 47,929 individuals were declared bankrupt…
Mark Greeven is professor of innovation and strategy at IMD business school in Lausanne, Switzerland and chief executive of IMD China. He is also the author of “Business Ecosystems in China: Alibaba and Competing Baidu, Tencent, Xiaomi and LeEco.” The restructuring of Alibaba Group Holding is off to a fast start. Read the full article at:…
The Hyderabad bench of the National Company Law Tribunal (NCLT) has approved Dharampal Satyapal Group’s resolution plan for Viceroy Bangalore Hotels. The hospitality company owns the Marriott-managed five-star Renaissance Bengaluru Race Course Hotel, and has around 1,100 crore of unpaid debt. The New Delhi-based acquirer has proposed 300 crore to buy the company in a…
Investing / Stocks RapidEye / Getty Images/iStockphoto After youve painstakingly done your research on what stocks to buy or which company to invest in, if that company then files for Chapter 11 bankruptcy it can hit you hard, especially in the wallet. Any investment comes with a level of risk, and knowing the entire financial…
High inflation, along with a rising rate environment, has pushed many Americans to rely more on debt to keep up with household spending. This has led to near record high balances in both credit cards and unsecured loans, according to TransUnion. If high balances are keeping you up at night, debt relief could be the…
Racehorse owner Marwan Koukashs absence from this weeks Chester race meeting has been explained after it was revealed he has been declared bankrupt. The entrepreneur and former owner of Salford Red Devils rugby league club was dubbed Mr Chester because of his passionate support of his local track where he won its feature prize the…