A division of the taxpayer-owned RBS bank which was meant to help companies in trouble mistreated many of its clients but did not try to profit from their distress, according to a leaked report by the regulator, the Financial Conduct Authority. According to the report, seen by the BBC, investigators found inappropriate action by Global…
Tracy Standish ran a family business, Bowlplex, that his father had started in Poole. The business, which was healthy until the recession hit, banked with RBS. The firm had 18 outlets when the global downturn began, but the recession was “dramatic in its impact”, he said. “It just stopped foot flow in the most dramatic…
KUALA LUMPUR: The board of directors of Sime Darby Bhd (SDB) has approved the final terms of the groups restructuring proposals to create three standalone listed entities in the Plantation, Property and Trading & Logistics sectors on the Main Market of Bursa Malaysia Securities Bhd. The proposals involve the restructuring of the Groups borrowings, transfer…
Perth-based Automotive Holdings Group has delivered a lower full-year net profit result on the back of restructures and one-off costs associated with its refrigerated logistics business. The diversified business reported a 38.4 per cent drop in net profit to $55.5 million for the 12 months to June, but grew revenue by 8 per cent to…
Australia’s largest car dealership company, Automotive Holdings Group, faces a $15 million hit to profits in 2017-18 from the industry-wide crackdown on add-on insurance products for car owners by the Australian Securities and Investments Commission. AHG has 110 car dealerships across Australia and New Zealand, with 37 in its home state of Western Australia, where…
The chief executive of Super Retail Group, owner of Rebel sports stores, Supercheap Auto and the BCF outdoors chain, says the company may open up to 18 new outlets in former Masters hardware sites abandoned by Woolworths. Peter Birtles said on Friday the retail company was in a strong position to meet the Amazon assault…
Infant formula maker Bellamys posted a full year loss of $809,000, a long way from the $38.33 million profit of the previous 12 months. Revenue was $240.18 million, well below analyst expectations of about $330 million before the company hit a roadblock for sales into China. However, the company has made some progress in restructuring…
OSLO: Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring in mid-September, and aims to raise $1 billion in new capital, the company said on Thursday. Once the biggest offshore rig firm by market value and the crown jewel in the business empire of Norwegian billionaire John Fredriksen, Seadrill shares have…
(Adds analyst, debt and liabilities estimate) By Nerijus Adomaitis OSLO, Aug 24 (Reuters) – Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. Once the biggest offshore rig firm by market value and the crown…
Shutterstock photo By Nerijus Adomaitis OSLO, Aug 24 (Reuters) – Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. Once the biggest offshore rig firm by market value and the crown jewel of…