The weak pound boosted half-year revenues at Smiths Group, while moves to improve focus at the sprawling FTSE 100 engineering conglomerate led to better underlying profits. A lower sterling exchange rate meant an 18 per cent jump in revenue to £1.62bn in the six months to the end of January, although the figure was flat…
DetailsThe world’s biggest smartphone maker Samsung, assailed by a shambolic recall and embroiled in South Korea’s wide-ranging corruption scandal, on Friday backed away from a planned corporate restructuring. Following the embarrassing recall of the Galaxy Note 7 smartphone and under pressure from activist shareholders to improve corporate governance, Samsung Electronics said last year that it…
DetailsSeven-year-old girl Xiao Yun receives treatment to lose weight in Changchun City, the capital of Northeast Chinas Liaoning Province. Xiao Yun was just 12.5 kilograms at three years old, but she started to gain weight quickly, at a rate of 10 kilograms a month, at four years old. Now seven years old, she is already…
DetailsNot even a BRW young rich lister can make a profit in the recently reformed vocational education market. Ryan Trainor, chief executive of registered training organisation Republica Education, has closed the doors of one of his private colleges, Tractor Design School, claiming the federal government’s reforms to the scandal-plagued sector made it impossible to make money. Ryan Trainor, Founder and…
DetailsThe taxpayer is set to wear a heftier price tag from failed companies after a landmark ruling on employee entitlements. In a key Supreme Court of Victoria ruling this week, Justice Ross Robson found the receivers to the company Amerind should not reimburse $3.8 million to the Commonwealth as a priority creditor. Employment minister Senator Michaelia…
DetailsIntroduction Group-wide pre-bankruptcy agreements Rordorf Commission draft proposal Comment Introduction The Rordorf Commission was established by the minister of justice on January 28 2015, with the aim of developing draft legislation to reform the existing Insolvency Act.(1) On February 10 2016 the commission finalised its draft legislation and recommended a new approach to safeguard financially…
DetailsA day after signing a plea agreement with federal prosecutors in New York last year, former Dean Foods Co. chairman Tom C. Davis went to Las Vegas to party. Davis is the governments star witness at the insider-trading trial of gambler Billy Walters. Walterss lawyer, Barry Berke, has spent more than a day grilling Davis, depicting him as…
DetailsTONIGHTS episode of On Benefits & 40 Grand In Debt sees an unemployed dad-of-three with £30,000 of debt decide whether or not coming off benefits is worthwhile. David, 29, from Hartlepool and girlfriend Rebecca have £30,000 worth of loans and bills to pay off, but half of their Job Seekers Allowance goes on paying off…
DetailsCreditors of struggling retail chain Blue Inc have voted through a restructuring deal that is likely to see a number of store closures. The company instructed Begbies Traynor to undertake a company voluntary arrangement (CVA), a process that allows it to have its rents reduced and to jettison underperforming stores. Begbies did not disclose how…
DetailsTHE LNP says its new Farm Debt Restructure Office will help Queensland farmers struggling with debt. Opposition agriculture spokesman Dale Last said the LNPs amendments would establish the new office to tackle farm debt head-on under the authority of The Queensland Rural and Industry Development Authority. The LNP is focused on delivering for farmers who are…
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