Following the voluntary administration of Union Standard International Group, which operated under the brand USGFX, the Australian Securities and Investments Commission (ASIC) announced this Tuesday that is has suspended the companys Australian Financial Services (AFS) licence. According to the Australian regulator, the AFSL of USGFX has been suspended under section 915B of the Corporations Act…
DetailsThe directors’ plan to resume trading provided a “superior outcome than liquidation”, Mr Quinlan said in a letter to creditors dated July 14 and creditors agreed, with no contrary votes among the 60 or so participants. The result scuttles a push within government for Sydney Opera House to take over the Eveleigh Railway Yards, a…
DetailsLONDON The Stella McCartney business is retrenching and restructuring in the wake of COVID-19, with the designer herself leading the way. According to a memo penned by chief executive officer Gabriele Maggio, and seen by WWD, the company is planning to lay off some staff; is asking others to reduce their salaries for an extended…
DetailsJuly 20, 2020 13:35 ET | Source: Feronia Inc. TORONTO, July 20, 2020 (GLOBE NEWSWIRE) — Feronia Inc. (Feronia or the Company) (TSX-V: FRN) today announces that, further to its announcement on May 22, 2020 and the subsequent third party sale process announced on June 2, 2020, it has today entered into a definitive purchase…
DetailsJuly 20, 2020 The IMF Executive Board approved debt relief under the Catastrophe Containment and Relief Trust to provide US$ 7.63 million (SDR 5.48 million) over the next 3 months, and potentially up to US$ 24.97 million (SDR 17.96 million) over the next 21 months. IMF debt relief will help free up resources for public…
DetailsBy Alex Lennane 20/07/2020 Etihad Cargo has enjoyed three successive months of more than $100m in revenue, but Abdulla Mohamed Shadid, MD cargo and logistics, is to step down in November, according to a source at the airline. In a note to staff seen by The Loadstar, Mr Shadid said that the cargo arm was…
DetailsSummary The coronavirus pandemic has hurt countless companies and forced them to rethink on their business strategies and restructuring plans. Amid shrinking demand, stalling of operational activities, and growing uncertainties, several companies took steps to reduce their cost base. At the same time, many divested their non-core asset or non-core business to focus on their…
DetailsDaily News View All News 20 July 2020 A UK recruitment director has been banned for six years for paying himself a 150,000 bonus prior to the recruitment firm entering liquidation. Roy Davies has been banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the…
DetailsAir Serbia has commenced intensive communication with special purpose vehicles set-up by Etihad Airways in 2015 called Etihad Airways Partners I BV and Etihad Airways Partners II BV, over the restructuring of its multi million dollar debt. The carrier previously informed the funding vehicle that due to the financial strain caused by the coronavirus Covid-19…
DetailsUK High Street stalwart Marks and Spencer is to cut hundreds of jobs as coronavirus continues to hit trading. The retailer said 950 store management and head office jobs were at risk because it needed to accelerate its restructuring. A spokesperson said the move marks “an important step” in it becoming a “stronger, leaner” business.…
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