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More young Malaysians are finding themselves caught in the cycle of debt as the burden of financial obligations – largely from credit card loans – weighs heavy on their incomes. Among them is 29-year-old Chan Jun Hong, who spends almost MYR3,000 (US$763) each…
Singapore gift and homewares chain Naiise has closed its last store – the Iconic at Jewel Changi Airport – suggesting the end of the eight-year-old brand. Multiple sources say Naiise has collapsed due to its inability to paying debts to suppliers, and weak…
Californian fast-fashion retailer Forever 21 is reportedly preparing to file for bankruptcy protection after failing to reach a deal to refinance its heavy debt load. Citing people with knowledge of the plans, Bloomberg has reported that the company has been…
Citibank Singapore announced that it is the first bank in Singapore to introduce instant in-principle approval for debt consolidation plans. Customers applying online for Citibank Singapore’s debt consolidation plan will receive an immediate indication of…
Kering is facing an Italian claim for €1.4 billion (£1.2 billion) in unpaid taxes. The company’s Swiss-based Luxury Goods International (LGI) subsidiary has been under investigation for allegedly avoiding tax on earnings generated elsewhere. The probe has…
Foreign flows into Asian bonds turned positive in October, in stark contrast to the sharp outflows faced by equity markets due to slowing earnings and concerns over trade. Data from central banks and bond market associations showed overseas investors bought a…
Thirteen of 17 listed banks have seen their bad debts rise in the first 9 months of this year, according to banks’ financial reports. Experts blame this on recent credit growth, loose lending practices and accumulated old non-performing loans. Bad debts of…
Sears, a U.S. retail titan that has filed for bankruptcy, owes a Vietnamese textile company upwards of $4 million. Sears Holdings filed for bankruptcy on October 15 after failing to make a $134 million debt payment tranche. Its subsidiaries, Sears, Roebuck…
Troubled luxury handbag retailer Oroton has secured a six month extension of a $35 million finance package with Westpac in a deal that could result in a major shareholder controlling the company’s debt. Oroton’s former director Will Vicars, a fund manager who…
Bad debt in Q2 and in the whole of this year would stay unchanged or dip slightly from Q1. About 90 percent of financial institutions operating in Vietnam are expected to reap higher pre-tax profit in 2017, while they could control or reduce bad debts this…
The Indonesian affiliate of Malaysian budget carrier AirAsia Bhd is planning to convert debt into shares to meet a new government rule on equity. The debt will be converted into preference shares which carry no voting rights, Sunu Widyatmoko, President…
The Japanese spent more than they saved in the 12 months ended March 2014, the first time that’s happened since the data set began in 1955, with the savings rate at a negative 1.3 percent in the last fiscal year. “It’s something to keep an eye out for in the…
