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Israel’s southern Port of Eilat has declared bankruptcy because of the lack of commercial and trade activity, countercurrents.org reported. Eilat Port CEO Gideon Golber said, “The port is completely closed, and there has been no activity in the port for eight months, due to the failure of the coalition countries in the Red Sea.
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Ten national university hospitals lost an estimated 1.26 trillion won ($912 million) in medical revenue from February to May, during the peak of the government-doctor conflict over the medical school enrollment quota increase, Korea Biomed reported. The situation is so dire that some insiders claim the bankruptcy crisis for national university hospitals is now a reality.
Rep. Han Ji-a of the ruling People Power Party (PPP) said so after analyzing the data submitted by national university hospitals.
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An Ontario judge has authorized a sale process which could see The Body Shop Canada land new owners, the Canada Press reported. Justice Peter Osborne granted an application today from the beleaguered retailer, which wants to be able to engage with potential buyers who could keep the business afloat. The cosmetics retailer sought creditor protection earlier this year because its parent company, a European private equity firm, stripped it of cash and pushed it into debt, forcing it to close some stores.
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The threshold for involuntary bankruptcy will rise to $20,000 and bankrupts will have their official records cleared after seven years, under an overhaul of personal insolvency laws being unveiled on Monday, the Finanicial Review reported. The Albanese government will also extend the time frame for responding to a bankruptcy notice from 21 days to 28 days, and will scrap debt agreements as “an act of bankruptcy” under the legislation.
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Lenders have rejected the one-time settlement offered by Jaiprakash Associates Ltd in the insolvency case filed against it, the Times of India reported. After the National Company Law Tribunal (NCLT) ordered the initiation of bankruptcy proceedings against the company last month on a petition filed by lenders led by ICICI Bank in 2018, its suspended board of directors challenged the order in NCLAT, the appellate tribunal. During a hearing on June 10, NCLAT asked JAL to increase the amount it was to pay upfront in its original settlement offer.
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China's central bank said on Monday it would start conducting temporary bond repurchase agreements or reverse repos to make open market operations more efficient and keep banking system liquidity ample, Reuters reported. Market participants and analysts believe the move paves the way for a new interest rate corridor, with the seven-day reverse repo rate serving as a central guide, giving the bank more leeway to manage cash conditions and interest rates amid hot demand for bonds.
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German industrial production slumped in May as car manufacturing tailed off, after an uptick in the sector at the start of this year faded away, the Wall Street Journal reported. Industrial output declined 2.5% on month in May, on a seasonally and calendar-adjusted basis, much weaker than the 0.1% increase in April, German statistics agency Destatis said Friday. Production increased at the beginning of 2024, helping Europe’s largest economy to grow 0.2% in the first quarter after a significant contraction late last year.
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Britain’s Labour Party is back in government for the first time since 2010 and has promised to hit the ground running with its plan to fix the economy. First it needs to find the money, according to a Bloomberg News analysis. On some problems, incoming Prime Minister Keir Starmer may try to play for time by pushing out big decisions to next year. But many crises are so acute there’ll be no choice but to tackle them immediately. In particular, a series of tricky short-term decisions await on public sector pay, fuel duties, and healthcare and prison funding.
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Skaginn3X, which specialized in the production of advanced equipment for fish processing and was one of the largest employers in the town of Akranes, has filed for bankruptcy, the Iceland Review reported. Some 128 employees will now lose their jobs, RÚV reports. Vilhjálmur Birgisson, director of the Akranes Trade Union, wrote the following message on his social media today, following meetings wtih the fish processing company. His message has been translated and excerpted below. “Skaginn3X has requested to be taken into bankruptcy proceedings.
The story of electric vehicle (EV) maker Fisker continues with its latest chapter: the filing for bankruptcy by its Norwegian subsidiary, as revealed by Norway’s Brønnøysund Register Center, EV reported. This follows the recent bankruptcy of the company’s subsidiary in Austria, where all the vehicles were manufactured at Magna’s plant in Graz. Egil Hatling, the head of restructuring at global law firm DLA Piper, has been appointed as the bankruptcy trustee, as initially reported by local media outlet Tek.