Tata Global Beverages (TGBL) is exploring multiple options, including restructuring or sale, for its China operations. TGBL chairman, Cyrus Mistry, acknowledged that the company has had challenges in China operations. We continue to have those challenges and the reason was from a production perspective, he said, responding to a shareholder query on the…
South Koreas chemical and high tech material company SKC Co. sold off some of its money-losing solar business operation to local rival Woonging Energy for 3 billion won ($2.7 million) to clean up ailing business for restructuring. SKC solmics Co. which primarily manufactures components for liquid crystal display and semiconductor announced on Tuesday that it…
Qantas airline soars to record profit after restructuring 24 August 2016 From the section Business Image copyright Getty Images Australia’s national carrier Qantas has posted record annual profits of A$1.42bn ($1.1bn, £820m)nearly doubling last year’s result. The airline will also pay a final dividend to shareholders for the first time since 2009. Qantas has been…
Nakheel has repaid a Dh4.4 billion Islamic bond as the developer emerges from a five-year financial restructuring. The company behind Dubais palm-shaped islands said the final trade creditor sukuk payment this week marked the end of a process that began in August 2011. It represents a major milestone for a developer often associated with both…
When Woolworths reports its full-year results on Thursday, expect to see a loss of about $1 billion, analysts say, after restructuring costs and its exit from the disastrous Masters hardware business. Credit Suisse analysts say that with a restructuring charge of $960 million and its exit from the Masters Home Improvement business being treated as a “discontinued operation”,…
The High Court has approved a restructuring for the company operating Debenhams 11 Irish stores to continue trading, saving up to 1,330 jobs. The plan will enable Debenhams Retail (Ireland) Limited, a subsidiary of the UK Debenhams, to exit examinership. Under the terms of the plan, the retailers 11 stores are to remain open and…
Fortis Healthcare Ltd.s board approved a multi-step business restructuring plan that would establish distinct diagnostics and hospital businesses. Fortis Healthcare will demerge its diagnostic business, which includes SRL Ltd., into Fortis Malar Hospitals Ltd., the company said in a press release. Shareholders of Fortis Healthcare will get 0.98 equity shares of Fortis Malar for every…
Shares of pharmaceutical major Cipla have surged over 7% in the past five days despite weak quarterly results. On August 12, the shares of the company opened at Rs 516.65 and on August 18, the shares closed at Rs 551.6, a rise of 6.7% in five days. At 1118 hours on Friday, shares of the company were…
If allowed to proceed, the initial 22 percent rate increase would be one of the largest in recent U.S. history to be imposed on a state-wide or territory-wide basis. The June 2016 order by the Puerto Rico Energy Commission provided for a new surcharge to service the $9-billion PREPA debt restructuring. PREPA requested that the…
At least six newsroom employees have been laid off at the San Diego Union-Tribune as the newspaper undergoes a reorganization. Four employees responsible for a mix of social media and homepage curation were laid off on Monday, according to multiple sources familiar with the matter. An additional two employees, photographers, have also been laid off,…