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.
Read more
Australia
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.
Read more
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.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Inflation in Australia remained in retreat in the final quarter of last year, stoking the case for the Reserve Bank of Australia to start cutting interest rates at its coming policy meeting in February, joining the global easing cycle, the Wall Street Journal reported. The consumer price index rose 0.2% in the fourth quarter and by 2.4% from a year earlier, the Australian Bureau of Statistics said Wednesday. Economists had expected the CPI to rise 0.3% in the quarter and 2.5% from a year ago. Trimmed mean inflation, which is the RBA’s preferred measure, rose 0.5% in the quarter.
Read more
Australia’s quarterly inflation data this week may be key to whether the Reserve Bank finally embarks on a monetary easing cycle soon, and in turn, help decide the timing of an election due by May 17, Bloomberg News reported. While money markets are pricing about an 80% chance the RBA will cut the cash rate at its Feb. 17-18 meeting, much depends on price data scheduled for release on Wednesday. Economists expect the trimmed mean inflation — the more closely-watched gauge less affected by the impact of recent government rebates — to have eased to 3.3%, a three-year low.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Australian building approvals were weaker than expected in November, denting hopes of a big recovery in housing supply to meet surging immigration, the Wall Street Journal reported. The total number of dwellings approved fell 3.6% in November to 14,998, following a 5.2% rise in October, the Australian Bureau of Statistics said Tuesday. Economists had expected approvals to drop 0.9% over the month.
Read more