Low-cost carrier AirAsia will lay off 111 flight attendants, 172 pilots, and 50 engineers as part of its restructuring plans, CEO Riad Asmat announced yesterday. Affected employees will be notified within 24 hours via email, Riad reportedly said. He did not elaborate on the details of the compensation the airline would provide to retrenched staff.…
DetailsThailand’s cabinet has approved a plan to restructure troubled Thai Airways’ finances through a bankruptcy court. The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-funded rescue package that was heavily criticised in the country. The state-controlled airline’s troubles are the latest example of how the coronavirus pandemic…
DetailsImage copyright Getty Images “It’s like a last-ditch attempt to get the last bit of money out of a gambler. I was just disgusted.” Dave, not his real name, has fought gambling addiction nearly his entire life and now has 50,000 of gambling debt spread over up to six credit cards. He’s talking about when…
DetailsSUBCONTRACTORS will likely be the big losers from the collapse of council-favoured Ri-Con Contractors with the latest report revealing they are unlikely to see a cent of the almost $5 million owed. The report lodged with ASIC by liquidator Worrells revealed the company, which won multimillion-dollar contracts with the Gympie, Sunshine Coast and Noosa councils,…
DetailsThursday, June 04, 2020 6:20 p.m. EDT by Thomson Reuters By Sandrine Bradley LONDON (LPC) – The UK government could face hefty losses on loans made to struggling businesses during the Covid-19 pandemic due to its new insolvency law that can force lenders to accept unfavourable terms during a debt restructuring process. The new Restructuring…
DetailsGroup of Seven finance ministers on Wednesday said a debt relief initiative for the world’s poorest countries could be extended beyond the end of the year to help deal with the economic fallout from the coronavirus pandemic. In a lengthy joint statement, the G7 finance ministers urged all official creditors to join the initiative, called…
DetailsSUBCONTRACTORS will likely be the big losers from the collapse of council-favoured Ri-Con Contractors with the latest report revealing they are unlikely to see a cent of the almost $5 million owed. The report lodged with ASIC by liquidator Worrells revealed the company, which won multimillion-dollar contracts with the Gympie, Sunshine Coast and Noosa councils,…
DetailsIntroduction Local business Regulated business International business Comment Introduction Jersey imposed travel restrictions in response to the COVID-19 crisis in March 2020 and has been operating a full lockdown for all residents, apart from essential workers, since 30 March 2020. Most employees in the Jersey financial services industry are now working from home and there…
DetailsHaving multiple loans complicates business bookkeeping. Multiple loans may also impact business cash flow during the month. Should you consider business debt consolidation? Absolutely. Even if youre easily managing multiple loans and cash flow, you might save money through debt consolidation. An investigation into small business debt consolidation that helps you save money? Sounds like…
DetailsIT IS ALMOST a law of nature. Just as the female praying mantis eats her mate after copulation, so too can borrowers and lenders fall swiftly out of love. One minute they are sweetly wooing each other to consummate a deal. Then, the moment it is done, they are at each others throats. So it…
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