India plans to enact a cross-border insolvency law and take steps to make bankruptcies of individuals easier as part of reforms aimed at speeding up the resolution of stressed assets, according to the governments Economic Survey for 2018-19. The cross-border insolvency law will not only provide a transparent and predictable mechanism to deal with issues…
(This July 3 story has been refiled to give more approximate figure in paragraph 16) By Valentina Za MILAN (Reuters) How do you value a bank loan on the brink of default in an economy flirting with recession? As it prepares to commit to buying billions of euros of such loans in Italy by mid…
Illustrative photo: fantasista / FreeDigitalPhotos.net CRIF analyst Vra Kamenkov told the Czech News Agency that the number of personal bankruptcy petitions is increasing due to the amendment of the Insolvency Act, which came into force in early June and allows for a wider group of people to qualify. The amended law aims to make the…
(Gives more approximate figure in paragraph 16) * Italian banks trying to offload unlikely to pay loans * Hedge fund DKCM in talks to take on some from Intesa * Deal could herald others, vital to restoring banks health By Valentina Za MILAN, July 3 (Reuters) – How do you value a bank loan on…
Briefing highlights Insolvencies on rise Global markets tame so far New York closed for Independence Day Canadian dollar at about 76.5 cents What to watch for today Required Reading Insolvencies on rise More Canadians are finding they cant juggle their finances. Insolvencies among consumers rose in May to 12,375, up 5 per cent from April…
According to a newly-published report almost half of adults are currently in debt and owe an average of 6,465. But while credit cards and general overspending are responsible for this debt in some cases, it would seem the spiralling costs of paying for basic living is the most common reason adults are getting into financial…
When a business entity that is regulated by the Federal Energy Regulatory Commission (FERC) is closely related to another business entity, FERC takes the position that under some circumstances it may treat the two different legal entities as if they were one single entity. FERC ruled recently that it may disregard the corporate form in…
* Italian banks trying to offload unlikely to pay loans * Hedge fund DKCM in talks to take on some from Intesa * Deal could herald others, vital to restoring banks health By Valentina Za MILAN, July 3 (Reuters) – How do you value a bank loan on the brink of default in an economy…
A local company, led by a group of familiar Iron Range names, has successfully secured a portion of the assets of ERP Iron Ore with the hope of reviving scram mining operations. Scram mining previously was conducted on the West Range by Magnetation, a company experiencing rapid growth from 2008 to 2015. The firm got…
SAN JUAN, Puerto Rico (AP) A federal control board overseeing Puerto Ricos finances filed a lawsuit on Sunday to recover what it called massive fraudulent payments made by the islands power company to fuel suppliers for more than a decade. The lawsuit was filed against fuel companies Trafigura and Vitol for allegedly supplying low-grade oil…