Puerto Rican officials warned Monday the island’s default on a $422 million bond payment is only the beginning if the U.S. Congress doesn’t help resolve the situation soon. The U.S. island territory did not make nearly $370 million of the payment that was due, the third and largest since 2015. Gov. Alejandro Garcia Padilla said…
DetailsBy Reuters Published: 01:50 EST, 3 May 2016 | Updated: 01:50 EST, 3 May 2016 PRAGUE, May 2 (Reuters) – New World Resources’ (NWR) loss-making coal mining division OKD will have to file for insolvency unless the government can agree a deal with its owners to take the company over at a lower price, Czech…
DetailsPARAMUS, N.J. Two months after it filed for Chapter 11 bankruptcy protection, Sports Authority will liquidate all of its assets, according to a report on Forbes.com. Sports Authority notified the United States Bankruptcy Court in Delaware last week that it would not be able to reorganize and would pursue a sale amid the $1.1 billion…
DetailsBank of Nova Scotia is taking a $375-million pre-tax restructuring charge in the second quarter as Canadas third-largest bank continues efforts to digitize processes and enhance productivity. The great fintech debate: Will regulating upstarts level’ playing field or stifle innovation? Around the world, established financial players and regulators are grappling with the emergence of technology-based…
DetailsComments (1) A FORMER taxi driver who robbed a bank and building society in Derby by threatening to blow them up has been jailed for eight years. Derby Crown Court heard that Ansar Ali committed the offences after he racked up gambling debts and borrowed money from loan sharks. The 40-year-old’s life took a downturn when…
DetailsSadly, people who are completely debt-free make up a very small percentage of working South Africans, Manyike noted. With increased interest rates, higher fuel and food costs and no immediate respite in sight, South Africans are feeling the pinch, now more than ever. Often during tough times the temptation can be for people to get…
Details©Bloomberg Alejandro Garcia Padilla, governor of Puerto Rico, is seen giving a speech on a television screen in a bar in San Juan Puerto Rico is set to suffer a crippling default on Monday after the islands governor ordered a moratorium on debt payments due by its de facto finance authority as its fiscal and…
DetailsNEW DELHI: While it has taken the Ethics Committee of Parliament to recommend disqualification of absconding liquor baron Vijay Mallya, a new law may soon automatically disqualify a bankrupt person from becoming even a lawmaker. The Joint Committee of Insolvency and Bankruptcy Bill headed by BJP MP Bhupender Yadav has recommended several disqualifications including from…
DetailsEast Cleveland safety workers have long been forced to do more with less. Now, they face the prospect of a bankrupt city.File photo Facing yet another sloppy recall effort, East Cleveland Mayor Gary Norton summed up the faded prospects of his city in a brief conversation Friday afternoon: “Voters can throw the bums out if…
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