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What Is a Texas Two-Step Bankruptcy? A Texas Two-Step bankruptcy is a controversial legal maneuver that a company can use to manage its exposure to potential legal claims. In carrying out a Texas Two-Step bankruptcy , a company first creates a new legal entity into which it transfers its tort liabilities while transferring a relatively small portion of the original company’s assets. The newly created corporation then files for bankruptcy, effectively shielding the original company from the tort liability costs. The Texas Two-Step bankruptcy is controversial, with critics arguing that it allows companies to hide from their legal responsibilities. The method has drawn criticism from parts of the legal community and the public at large, as well as from Congress. Therefore, it is possible that future laws or legal decisions may undermine the viability of the Texas Two-Step bankruptcy strategy. Key Takeaways A Texas Two-Step bankruptcy is a legal defense companies pursue … [Read more...] about Texas Two-Step Bankruptcy

- A + A KUALA LUMPUR (June 30): The Securities Commission Malaysia (SC) has launched a new sukuk framework to facilitate fundraising by companies in addressing sustainability concerns such as climate change or social agenda, with features that relate to the issuer’s sustainability performance commitments. The Sustainable and Responsible Investment (SRI)-linked Sukuk Framework is an extension of the initiatives under the SRI road map that was introduced in 2019 to broaden SRI product offerings, the SC said in a statement on Thursday (June 30). "More significantly, this initiative reflects the SC’s commitment to expanding the reach of the Islamic capital market (ICM) to the broader stakeholders of the economy and building an enabling ICM ecosystem for the sustainability agenda," added the regulatory agency. The SC said high-emitting industries are at high risk of being phased out with the accelerated shift towards developing a climate-resilient future. The … [Read more...] about SC launches new sukuk framework to facilitate companies’ transition to net zero

Wong: One in two Australians are either born overseas or have parents who were born overseas so this is a very Australian experience. - A + A SYDNEY (June 30): Visiting the Malaysian city where she was born, Australian Foreign Minister Penny Wong said her story showed that Australia was part of Asia, as new data showed more than half of Australians were born overseas or had an immigrant parent. Wong visited Kota Kinabalu, the capital of Sabah state, where she lived for eight years as a child before migrating to Australia, as part of an official visit to Malaysia. "One in two Australians are either born overseas or have parents who were born overseas so this is a very Australian experience," she told media on her first visit to Malaysia since a Labor government won office last month. "It matters that Australia speaks to South East Asia in a way that recognises that we are part of this region and our futures are shared," she said. Results of a census conducted … [Read more...] about Australia part of Asia, minister says on visit to Malaysian birthplace

A woman takes pictures of Chinese and Hong Kong flags decorating a street, ahead of the 25th anniversary of the former British colony's handover to Chinese rule, in Hong Kong, China June 30, 2022. - A + A HONG KONG (June 30): Chinese President Xi Jinping arrived in Hong Kong on Thursday for events to celebrate 25 years since the former British colony returned to Chinese rule and the inauguration of the city's new leader John Lee. Xi's visit, via high-speed rail, is his first to the city since 2017 and the first known trip outside mainland China in over two years amid the Covid-19 epidemic. Xi, wearing a mask, stepped out of the train to be greeted by children and other people waving flowers and Chinese and Hong Kong flags, while chanting "Welcome, welcome, warmly welcome" in Mandarin. Outgoing leader Carrie Lam and her husband were among those who welcomed Xi at the train station. The city's streets had been festooned with red China flags and posters … [Read more...] about Chinese President Xi arrives in Hong Kong for handover anniversary

A part of the Noma restaurant run by Chef Rene Redzepi is seen in Copenhagen in this Dec 12, 2009 file photograph. - A + A (June 30): Noma, the Copenhagen restaurant which has repeatedly been voted the world’s best, lost money for the first time in four years in 2021 even after receiving Covid-19 support from the Danish government. The restaurant booked a net loss of 1.69 million kroner (US$240,000) after recording a tiny profit in 2020, according to a filing with the Danish Business Authority. Noma received 10.9 million kroner in government compensation as Denmark imposed virus lockdowns for parts of the year. Noma, which offers its vegetable lunch menu with wine for about US$700 per person, is currently ranked No. 1 by the World’s 50 Best Restaurants list after having won the top prize a total of five times. It also has three Michelin stars. The last time Noma was unprofitable was in 2017 when chef Rene Redzepi shut it down for about a year for a revamp. The … [Read more...] about World’s top restaurant Noma can’t turn profit on US$700 lunch menu

- A + A (June 30): Taiwan’s stock benchmark index slumped on Thursday (June 30), taking its decline from a January high to over 19% and just points away from a so-called bear market. The Taiex gauge closed 2.7% lower in Taipei, the worst performer in Asia. It was dragged by chipmakers after Bank of America took a cautious view on the industry’s growth prospects. Taiwan Semiconductor Manufacturing Co (TSMC), which accounts for more than a quarter of the index’s weighting, dropped 3.1%. Facing headwinds of rate hikes by global central banks, tech-heavy stock markets in Taiwan and South Korea have been the worst performers in Asia this quarter, both down over 15%. Foreign investors have net sold about US$16 billion (about RM70.52 billion) of Taiwan stocks during the three-month period, the most among emerging Asia countries outside China. Taiwan’s deputy finance minister said the National Financial Stabilization Fund will continue to closely monitor the stock market … [Read more...] about Bear market looms for Taiwan stocks after chipmaker-led slump

- A + A WASHINGTON (June 30): The U.S. government will provide $1 billion to neighborhoods that have been divided by highways, rail lines or other transportation infrastructure, officials from the U.S. Department of Transportation said on Thursday. The money aims to help repair the harm done from decades of road and rail construction that disproportionately displaced minority and low-income communities, officials said. Historians say local officials across the country often used the interstate building boom of the 1950s and 1960s to demolish what they regarded as "slum" neighborhoods near downtown business districts, paving over Black neighborhoods like Rondo in St. Paul, Minnesota or the 15th Ward in Syracuse, New York. Over the next five years, the Transportation Department will award grants through the new Reconnecting Communities pilot program to help undo some of that damage, through projects like covering over freeways or building pedestrian walkways over … [Read more...] about US to provide US$1b to reconnect neighborhoods divided by highways, rail

- A + A BENGALURU (June 30): European shares on Thursday looked set for their worst quarter since the pandemic-led carnage in early 2020, as investors became increasingly wary of a global recession in the wake of hawkish central bank actions to tame rapid inflation. The continent-wide STOXX 600 index dropped 1.3%, setting it up for quarterly losses of more than 10%. France's CAC 40 index slid 1.8% as preliminary official figures showed inflation climbed further from the previous month to a record 6.5%. "What we're seeing at the moment is more evidence that inflation is serious, entrenched and investors are having to now reappraise the valuations they are putting on equities," said Azad Zangana, senior European economist and strategist at Schroders. "Now for a little while, the attitude in Europe was well a lot of the inflation is external. That's changing now and over the next few months, the European Central Bank will have to step up its efforts to curb … [Read more...] about European shares face worst quarter since pandemic-led carnage in early 2020

- A + A KUALA LUMPUR (June 30): Telekom Malaysia Bhd (TM) has inked two collaboration agreements with Cisco International Ltd to co-invest in projects for 5G innovation and the digital acceleration of small and medium enterprises (SMEs). The partnership is part of Cisco’s Country Digital Acceleration (CDA) programme, which is a strategic partnership with governments worldwide to accelerate their national digitalisation agendas. “The programme taps on the power of private and public partnerships across a variety of sectors, including national infrastructure, education, and smart businesses and communities, to bring digital solutions to national challenges,” Cisco said in a statement. TM said the partnership with Cisco focuses on three key pillars: digital transformation in the public sector — specifically education, which will be launched at a later date — digital transformation for service providers that focuses on 5G innovation, and digital transformation for … [Read more...] about TM partners Cisco to accelerate 5G innovation, digital acceleration of SMEs in Malaysia

- A + A SERI KEMBANGAN (June 30): Country Heights Holdings Bhd (CHHB) is allocating RM100 million in capital expenditure (capex) to expand and strengthen its wellness business segment, one of its top performing pillars during the Covid-19 pandemic. The group's founder and major shareholder Tan Sri Lee Kim Yew said the Malaysian government had been championing medical tourism since before Covid-19 and had done very well in this segment even during the pandemic. The group’s healthcare subsidiary GHHS Healthcare recorded a profit of RM3.23 million in 2021 on a turnover of RM26.72 million. There is huge potential in this segment and hence the group targets to grow it by three or four times, he told reporters after the group’s annual general meeting here on Thursday (June 30). “We want to reposition our group wellness business as a new branch of wellness tourism, which is a bigger market compared to medical tourism,” Lee said. He said if one were to consider the … [Read more...] about Country Heights allocates RM100m in capex to expand wellness business