Summary Chinese leaders promise “basket of measures” to fix local debt Latest Politburo stance suggests Beijing may be ready to step in Extent of Beijing’s involvement closely watched by economists Measures could involve state bank loans, special bonds BEIJING, Aug 7 (Reuters) – China’s promised “basket of measures” to defuse local government debt risks is…
DetailsIn recent years, China has disbursed tens of billions of dollars in emergency loans and debt restructuring packages to provide relief for countries around the world at risk of financial crises. The bilaterally-agreed bailouts are often on Chinas own terms, but increasingly, the major creditor has been pressed to consider a new proposal that it…
DetailsInterest rate rises and a steep fall in household savings mean Australia confronts a recession and food production is in the front line of industries in strife, says a company turnaround specialist. Vantage Performance CEO Michael Fingland said the problems facing fruit and vegetable farming-manufacturing meant the sector was of greater concern than other sectors.…
DetailsCompany insolvencies in England and Wales have hit the highest level since 2009 as businesses carrying pandemic debts faced a perfect storm of rising interest rates, higher costs and a slowing economy. Registered company insolvencies increased by 13 per cent year-on-year to 6,342 in the three months to June 30, according to the Insolvency Service.…
DetailsFormer Wajir Governor Mohamed Mohamoud has been declared bankrupt due to his failure to settle a Ksh7.6 million debt owed to a construction company. Despite a court order issued in January 2020, both Mohamed Mohamoud and his wife, Kheira Maalim, failed to pay the outstanding debt, leading the construction company to file a bankruptcy petition…
DetailsEgypts largest drug distributor, the United Company of Pharmacists, is studying several alternatives for financial restructuring, including establishing a holding company for non-banking financial activities, selling a share of the company to a strategic investor, and obtaining a financial loan from the Arab African International Bank (AAIB), sources close to the matter told Daily News…
DetailsConstruction firms across Australia are crumbling in record numbers and leaving hundreds of millions of dollars in unfinished projects. During the 2022-23 financial year, 2213 building companies went into administration, according to ASIC insolvency statistics which paint a bleak picture of the countrys housing situation. WATCH THE VIDEO ABOVE: Adelaide home buyers blindsided by construction…
DetailsThe eulogies had all but been written for Tupperware, a brand once so prolific that it became synonymous with an entire product category. Now it appears it may be getting a second life. Almost four months after the Orlando-based food storage company expressed substantial doubt about its viability as sales slumped, Tupperware on Thursday announced…
DetailsFormer Wajir Governor Mohamed Abdi Mohamoud has been declared bankrupt by the High Court after he failed to pay a debt of Sh7,621,724.91 to a construction company that supplied him with building materials. Justice David Manjanja of the High Court in Nairobi declared Mr Abdi and his wife Kheira Maalim Mohamud bankrupt on July 21…
DetailsThere’s a storm brewing in the property insurance market, and companies and consumers alike are starting to feel it. BlackRock CEO Larry Fink told FOX Business last month that not enough attention is being paid to the fact that major insurance companies are fleeing California and Florida because they cannot raise rates high enough to…
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