Sales are still falling at Myer. Progress on restructuring the department store has proved slower than expected. The company today posted a 1.4% drop in sales to $3.2 billion, down 0.2% on a comparable store basis, for the full year. Net profit after tax was down 1.9% to $67.9 million, but within analyst expectations. A…
DetailsMUMBAI: Telecom equipment maker Ericsson petitioned the National Company Law Tribunal (NCLT) seeking the start of bankruptcy proceedings against Reliance Communications (RCom) and two of its subsidiaries over total unpaid dues of Rs 1,150 crore. The two subsidiaries are Reliance Infratel and Reliance Telecom. If the petition is accepted by NCLT, it could disrupt the…
DetailsDavid James The former England No.1 had a long and storied career, playing for Liverpool, Aston Villa, West Ham United, Manchester City and Portsmouth. He reportedly earned in excess of £20 million (S$35.6m) during his time in the Premier League. James even held an online auction to sell off some personal belongings and football memorabilia But an expensive divorce in 2005 led…
DetailsRegardless which major they choose, the school attended or the degree obtained, college graduates typically have some amount of student loans they must pay back. According to a 2016 story in U.S. News and World Report, 70 percent of students graduated with student loans and the average graduate held $37,172 in student debt. College debt…
DetailsA 66-year-old West Australian man has been charged after he allegedly sold bank notes and coins belonging to investors and pocketed the proceeds. The man was the director of the Albany-based Rare Coin Company, which went into liquidation in 2013, and police say he lied to 20 investors about having not sold currency worth about…
DetailsMumbai, Sept. 13: Ericsson India Private Ltd (Ericsson) has dragged Anil Ambani-owned Reliance Communications (R-Com) to the National Company Law Tribunal (NCLT) An unsecured operational creditor of R-Com, Ericsson today filed a petition at the NCLT, Mumbai bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC) to recover Rs 491.41 crore. Ericsson…
DetailsMyer’s net profit plunged 80 per cent to $11.9 million in 2017 – the weakest result since its 2009 initial public offer – after the department store chain slashed the value of fashion labels and booked hefty restructuring costs. Myer’s underlying net profit, before one-off costs, slipped 1.9 per cent to $67.9 million – in line with revised guidance…
DetailsAlexion Pharmaceuticals, Inc . ALXN announced that it will undertake a restructuring plan to re-align the organization with refocused corporate strategy. Details of Restructuring The company plans to focus on rare diseases businesses in core areas of hematology, nephrology, neurology and metabolic disorders to enhance productivity. Alexion will reduce spending and headcount associated with the…
DetailsSpotify is negotiating with TPG about the future of the private equity groups investment in the music streaming company, as it prepares to go public as soon as the fourth quarter. The digital music pioneer last year raised $1bn from TPG, Dragoneer and Goldman Sachs, via a convertible debt investment. This debt would convert to…
DetailsThe wife of the bankrupt founder of the Nant whisky and angus cattle investment schemes will be interviewed by the corporate watchdog as part of an ongoing investigation into the saga, the ABC’s Background Briefing has learned. Key points: Nant founder Keith Batt declared bankruptcy in 2015, $16 million in debt Whisky and angus…
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