Hanjin Shipping Officially Declared Bankrupt

first_imgImage Courtesy: Pixabay under CC0 Creative Commons license The former South Korean shipping giant Hanjin Shipping was officially declared bankrupt by the Seoul Central District Court on February 17, less than six months after it first filed for court receivership.With this move, made after a two-week period for appeal expired, the company, established in 1977, has ended its 40-year business.A bankruptcy trustee will now be appointed for the sale of Hanjin Shipping’s assets to pay off debts to its creditors, who have a deadline to report their right to claim debts until May 1, according to Yonhap News Agency.At the beginning of February, the Seoul court informed that it would end the company’s rehabilitation process as most of its key assets had been sold. The company’s remaining assets are now set to be distributed among its creditors.The company succumbed to the prolonged depression in the shipping market and filed for court receivership in late August 2016 after its creditors, led by the state-run Korea Development Bank (KDB), said they would not provide additional financial support to Hanjin starting from September 4.Since then, Hanjin Shipping started selling its assets, including its entire Asia to US route network and operations on the routes, a number of containerships, as well as its overseas businesses.Hanjin’s latest sales include its 54 percent stake in Total Terminals International (TTI), the operator of two facilities in Long Beach and Seattle, which was sold to Swiss-based Mediterranean Shipping Company (MSC) and South Korean Hyundai Merchant Marine (HMM).Earlier this month, the company’s creditor KDB launched sales proceedings for ten Hanjin ships, including two container vessels and eight bulk carriers.The potential buyers have until February 21 to submit their bids.World Maritime News Stafflast_img read more

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Death toll in Banani fire climbs to 25

first_imgFirefighters recover a body from the blaze-hit Banani FR Tower, Dhaka, on 28 March. Photo: Abdus SalamAt least 25 people were killed so far and 73 people sustained injuries in Banani FR Tower fire in the capital city that broke out on Thursday afternoon.Dhaka Metropolitan Police (Gulshan Zone) deputy commissioner Mushtaq Hossain confirmed the death toll in a media briefing in front of the blaze-hit building on Friday morning.A helicopter carries water to drop on a burning office building as Bangladeshi firefighters on ladders work to extinguish the blaze in Dhaka on 28 March 2019. Photo: AFPMushtaq also said 24 bodies have already been handed over to the family members.A number of people jumped off the FR Tower to their deaths in a desperate bid to save their lives from the blaze as the devastating fire broke out at the 22-storey building at Kamal Ataturk Avenue in the capital’s Banani around 1:00pm on Thursday.last_img read more

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ShabeBarat 21 April

first_img.Holy Shab-e-Barat, the night of fortune and forgiveness, will be observed in the country on 21 April as the Shaban moon was not sighted in Bangladesh sky on Saturday, reports UNB.The decision was taken at a meeting of the National Moon Sighting Committee held at the Islamic Foundation’s Baitul Mukarram office in the evening with state minister for religious affairs Sheikh Mohammad Abdullah in the chair.Shab-e-Barat is observed on the fifteenth night of Shaban month.According to Muslim belief, Shab-e-Barat is the night when Allah arranges the affairs of the following year. On Shab-e-Barat, Allah writes the destinies of all the creations for the coming year by taking into account their past deeds.Muslim devotees will offer special prayers, recite from the Holy Quran, hold milad, zikr and other religious rituals seeking divine blessings for the wellbeing of mankind.last_img read more

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Lion cub smuggling case Forest dept to move to higher court

first_imgKolkata: The state Forest department will move to a higher forum, seeking cancellation of bail for the three persons who were arrested in the wee hours of Saturday on charges of smuggling a lion cub and three langurs. The trio was granted bail on being produced at Barrackpore Court later in the day, even though the Forest department had prayed for judicial custody.”We are speaking with our public prosecutor and will move to a higher court, preferably the Calcutta High Court, for cancellation of bail of the three arrested persons. We are not ruling out the involvement of an international racket in this illegal animal trade and we need to take them into custody and interrogate them for more leads,” said state Chief Wildlife Warden Ravikant Sinha. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataA three-month-old lion cub and three white headed langurs, which included two adults and one juvenile, were rescued from a vehicle on Belghoria Expressway through a raid carried out jointly by the state Forest department’s Wildlife Crime Control Unit (WCCU) and the Centre’s Wildlife Crime Control Bureau (WCCB). According to preliminary investigation, the lion cub trapped inside a nylon bag and the three langurs were being smuggled from the Benapole-Petrapole border via Kolkata to Western India. Also Read – Lightning kills 8, injures 16 in stateThe rescued animals were taken to Alipore Zoo’s Hospital later in the day. “They are in quarantine and are doing well. The veterinary doctors at the zoo hospital are giving them proper medicines and diet,” said Vinod Kumar Yadav, member secretary of West Bengal Zoo Authority. The animals were very weak and famished when they were rescued. According to a senior Forest department official, possession, transportation or confinement of any animal protected under the Wildlife act is a punishable offence and the maximum punishment, if proven guilty, is seven years of imprisonment. The International Union for Classification of Nature (IUCN) has classified white headed langur as a ‘critically endangered’ species, while Asiatic lion is classified as ‘endangered’.last_img read more

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Can the Market Deliver the Consolidated FinTech Tool Small Businesses Need

first_img 5 min read Register Now » Opinions expressed by Entrepreneur contributors are their own. Growing a business sometimes requires thinking outside the box. For most of us, payday is a relief. For the typical small business owner, it’s a nail-biter.In her latest book, “Fintech, Small Business & the American Dream,” Karen G. Mills, senior fellow at Harvard Business School, shares one entrepreneur’s payday struggles. In chapter eight, Mills profiles a brewery owner who isn’t sure whether she can afford to pay both her team and her vendors. Until she strings together data from dozens of apps and accounts, she doesn’t know whether her business will be in the black or red that month.If you think Mills might have cherry-picked her example, consider that 63 percent of small business owners surveyed by online lender Kabbage say they’re regularly stressed about cash flow. The problem is so persistent that more than half of them had even gone multiple months without paying themselves.Entrepreneurship is financially risky, to be fair. But the brewery owner’s struggles — scattered services, insufficient data and a lackluster user experience — are ones Mills argues the market can solve.Related: 10 Expert Tips on Managing Cash Flow as a New BusinessThree Providers, One PlatformAt present, three companies seem poised to fulfill Mills’ vision for small business leaders. Although none yet offers a one-stop fintech tool, they’ve each got a good chance of becoming one. Intuit, provider of QuickBooks, TurboTax and Mint, has the most tools but arguably the greatest challenges ahead of it. Not only do QuickBooks, TurboTax and Mint each have their own use cases, but they command loyalty from distinctly different user bases.The reason is based in Intuit’s business strategy. Since its founding in 1983, Intuit has made at least 28 acquisitions to broaden its service offerings. For online banking software, it bought Digital Insight in late 2006. The next year, it acquired Electronic Clearing House for check-processing power. That same month, it purchased Homestead Technologies for the company’s e-commerce tools. In 2009, it added online payroll processing by acquiring PayCycle.Intuit’s challenge is now consolidating all of those services and more within a single interface. Before it can truly be called the fintech platform to rule them all, Intuit needs to show it has the brand strength and UX skills to build a unified customer experience.Related: Can FinTech Really Help Small Businesses?Contemporary CompetitionThe second company working toward Mills’ dream for entrepreneurs has precisely the opposite issues of Intuit: Small business lending platform Kabbage may have mastered its niche, but it’s missing many of the peripheral financial services that small business owners need.Kabbage’s main challenge stems from the fact that it’s barely a decade old. Because it grew up in the digital era, Kabbage gives small business owners the ability to link third-party business accounts, such as Amazon sales and UPS shipping data, to be approved for funding in minutes. But because it came of age so recently, Kabbage could struggle for traction in spaces like tax preparation, business budgeting and credit card processing — areas that larger peers like Intuit are sure to fight for.What Kabbage lacks in scale, however, it may be able to make up for with its user experience. Because of its digital roots, Kabbage’s user experience beats that of many traditional banks. When UserZoom compared it to Wells Fargo, the UX researcher found that Kabbage users were 16% more successful at identifying the true cost of a 12-month loan than those who do business with the major bank.Related: How Fintech Advances Are Creating New Opportunities for Micro-BusinessesSquaring OffFounded in 2009, Square is another digital native that may fulfill Mills’ vision. Its advantages and challenges, however, are different than the ones Kabbage faces.Although Square has an app, the truth is that most small business owners see it as a point-of-sale solution. Mention Square, and most will think first about the company’s iPad-like register terminals. Despite the fact that it also offers payroll services and small business loans, Square has struggled to brand itself as more than a credit card processor.To be sure, point-of-sale and card-processing tools are critical to many small businesses, particularly those in the retail space. But at present, Square’s offerings are missing the data feeds that small business owners need. Its Square Capital page claims that application is easy, but it also notes that small business owners’ eligibility “comes down to [their] history with Square.” If Square hopes to be a one-stop platform, it needs a richer array of data feeds. Given the walled garden it’s built, that’s going to be difficult.As Mills makes clear, multiple financial firms have cobbled together pieces of her “one platform” ideal. Intuit has the breadth, Kabbage has the data and Square has the hardware to stay top of mind. Which will win? That’s a question that only small business owners can answer. May 27, 2019 Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Globallast_img read more

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