The Australian-based Village Roadshow Group is not impacted by the US-based Village Roadshow Entertainment Group’s (VREG) bankruptcy filing and has set plans to terminate its association with the company, Deadline.com reported. Village Roadshow Group released a statement this morning following news of bankruptcy at Village Roadshow Entertainment Group. VREG is an entirely separate operation from Village Roadshow Group, which was formed in 1954 and includes Village Roadshow Theme Parks, Roadshow Distributors, Roadshow Productions, Village Roadshow Studios, and Village Cinemas.
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Australia
A liquidator is investigating whether a failed international student agency improperly transferred funds out of Australia in the weeks before its collapse, ABC.net reported. GrowPro Experience, a Spain-based company which helps arrange global study for international students, was put into administration earlier this year. Its collapse has left hundreds of students at risk of losing years of savings and the opportunity to study in overseas destinations, including Australia. Liquidation firm Taylor Insolvency has been appointed to wind up the Australian arm of the business.
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Australia’s economy grew at a faster pace in the fourth quarter of 2024, shrugging off the threat of a recession just as the global outlook has dimmed amid a rapidly escalating trade war led by the U.S., and a sharp rise in geopolitical risks, the Wall Street Journal reported. The economy grew 0.6% sequentially in the December quarter, and by 1.3% from a year earlier, the Australian Bureau of Statistics said Wednesday. The economy had clocked an annual growth rate of 0.8% in the prior quarter.
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A steelworks project owned by tycoon Sanjeev Gupta has been ordered into administration by the South Australian government after his GFG Alliance failed to pay royalties, Bloomberg News reported. The South Australian government “has been in receipt of advice from our steel taskforce that the owner of the steelworks’ financial position wasn’t just deteriorating, it was likely to continue deteriorating,” the state’s premier, Peter Malinauskas, told reporters in Adelaide on Wednesday.
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The Reserve Bank of Australia cut interest rates for the first time since 2020 on Tuesday, joining its international counterparts in the global easing cycle and opening the door for the immediate calling of a federal election, which must be held by mid-May. The central bank announced a 25-basis-point reduction in the official cash rate to 4.10%, growing in confidence that inflation has been tamed after a three-year battle to bring it down from a four-decade high. Still, the decision to ease was a cautious one, and RBA Gov.
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The Sydney Fish Market (SFM), responding to reports it was confronting an $8m loss for 2023-24 and had allegedly brought in insolvency experts, stated bluntly it remained a viable business, NewsWire.com reported. “Sydney Fish Market refutes claims that it is close to insolvency,” according to an SFM spokeswoman. “It is taking longer than anticipated to finalise our financial report, due to extenuating circumstances related to the once in a generation transition to the new Sydney Fish Market. “We are finalising the financial report with the appropriate level of due diligence.
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