(Reuters) – American International Group Inc (AIG.N) said on Monday it will reorganize into three new business units and will no longer have separate commercial and consumer units, marking the first significant move by new Chief Executive Brian Duperreault. Under the new structure, AIG will have a general insurance unit, a life and retirement unit…
DetailsThe Bank of England has issued its strongest warning yet about the UKs ballooning consumer debt, saying Britains banks could incur £30bn of losses on their lending on credit cards, personal loans and for car finance if interest rates and unemployment rose sharply. After assessing the fast growth in the consumer credit market, Threadneedle Street…
DetailsTHE LIMERICK based oil and gas exploration company Circle Oil Plc, which once had a net worth of 231 million, has gone into voluntary liquidation. Declan McDonald and Brendan Lynch, of Pricewaterhouse Coopers, have been appointed joint liquidators to the company. Creditors have been advised to send particulars of their debts and claims to PwC by October 31…
DetailsMoneycontrol News Bank of Baroda, lender to Amrapali Infrastructure, has filed a petition of insolvency against the developer with National Company Law Tribunal (NCLT). The tribunal has admitted the plea. According to a ET Realty report, bank had moved the NCLT on August 10, while court pronounced its order only today. Amrapali Infrscturacture owes Rs…
DetailsRock group Deep Purples former accountant has been banned as a company director for misappropriating at least £2m from two entities controlling their catalogue of hits. Dipak Rao, who worked for the band behind the hit Smoke on the Water between 1992 and 2014, has been disqualified for 11 years following an investigation by the…
DetailsFile photo NEW DELHI: The principal bench of National Company Law Tribunal (NCLT) in Delhi on Monday admitted an insolvency petition against Amrapali Infrastructure filed by Bank of Baroda. The builder has defaulted on an outstanding loan amount worth Rs 97.30 crore by Bank of Baroda. The NCLT will now appoint an insolvency resolution professional…
DetailsBANKS have been asked to set aside an extra £10 billion to cover losses from people who can’t pay debts on car loans and credit cards. This morning the Bank of England warned that rising interest rates and high unemployment levels could mean that one in five consumer credit loans might have to be written…
DetailsBy Peter Egwuatu Investors in the nation’s capital market are strategizing on how to rescue their investments estimated at N10 billion which were trapped in the troubled Partnership Investment Company, PIC Plc and Partnership Securities Limited, PSL. Financial Vanguard checks with some of them reveal that while some are considering joint liquidation action that entitles…
DetailsBy Alice Baghdjian , Aaron Kirchfeld , and Ed Hammond September 25, 2017, 1:14 AM EDT September 25, 2017, 3:20 AM EDT ABB Ltd. agreed to buy the industrial solutions business of General Electric Co. in a deal valued at $2.6 billion that will strengthen the Swiss companys business in the U.S., its largest market.…
DetailsThe 40-year history of Germany’s Air Berlin will end in the coming weeks, as its planes and other assets are sold off in bankruptcy proceedings. Here’s what passengers need to know: Is Air Berlin still flying? Flights are still taking off thanks to an emergency loan from the German government. The financial stopgap is supposed…
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