Bankruptcies

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Each week, Monday Business runs a listing of commercial bankruptcy filings in Los Angeles County. The list generally excludes firms whose debts are less than $100,000. Sometimes a company will be listed with assets that exceed liabilities. The filings are provided by Timely Info Inc. of Los Angeles. FILINGS Jesus Lopez FAW: Casa Grande Imports, 213 Countryclub Drive #11; Chapter 7; Assets: $20,439; Debts: $90,885; Document #SV07-12080-MT; File date: 006-20-07.last_img read more

Inevitable slowdown

first_imgRBI’s transfer of Rs 1.76 lakh crore to the government of India is not likely to clear the financial mess of the country that has been created by the Modi-led NDA since 2014. The extent of the economic and financial crisis is far worse than the gift of the RBI which is 1.25 per cent of the GDP in 2018-19. Even if we consider that the government will somehow be able to achieve 7 per cent of GDP, as predicted by Economic Survey, the shortfall in the budgeted 12 per cent GDP would be 5 per cent which would be equivalent to Rs 7.04 lakh crore. This huge shortfall in the budget calculations would substantially bring down total earning of the government. Since Rs 90,000 crore from RBI is already accounted in the budget; the extra money available to the government will be only Rs 86,000 crore in addition to the budgeted amount. Also Read – A special kind of bondIt’s a pittance even in comparison to the country’s direct and indirect tax collections for FY18-19 which fell short by Rs 1.7 trillion, which was 7.5 per cent below the revised estimate for the period. The direct tax collected till mid-August is 4.69 per cent, against the annual target of 17.3 per cent. It should be noted that the GDP growth rate for the year was 6.8 per cent which is likely to fall to 6.2 per cent in the current financial year. In the last quarter, the GDP growth rate fell to 5.7 per cent. Across the board, the economic slowdown will affect tax collection, which is already projected to be unreasonably high in the budget. Also Read – Insider threat managementAll these are indicative of the limitation of the government which is not in a position to save the people of the country from the financial mess it has created in the last five years during which growth rate has come down to a six-year low, private investment 14 year-low, unemployment 45 year-high. Dubbed as the worst financial crisis in the last 70 years, industrial production growth slipped to as low as 2 per cent, GVA growth rate in Agriculture and allied activities fell to 2.92 per cent, and so on. The list is long and most of the items present a distressing picture. Even the lenient review of the grim situation indicates that the Indian economy can recover only a little from the present level of 5.7 per cent. If the GDP projections are not further revised downward, the Indian economy may recover somewhere between 0.3 per cent and 0.5 per cent, making our growth rate somewhere between 6 and 6.2 per cent, much less than the Economic Survey’s forecast of 7 per cent. An international organisation has forecast a little improvement of only 0.3 per cent that too by March 2020. Only a few days ago, government think tank NITI Aayog had described the current stress in the financial sector as “unprecedented in the last 70 years”, saying nobody is trusting anyone else in the sector. It made a case for extraordinary steps to deal with the crisis that has resulted in an economic slowdown. It may be mentioned that the sharp economic slowdown started with demonetisation of November 2016, which virtually crippled the economy. It was one of the many quixotic moves of the Modi government. The money supply was restricted. MSME’s were the worst sufferers. Crores of jobs were lost. Next came the implementation of GST without a proper technological and administrative system in place. Even after two years of its implementation, it remains imperfect. Entrepreneurs’ money was held up with the government resulting shortage of money with the exporter and domestic companies. The new hurdles created by the new system of GST are yet to be solved. It’s a strange behaviour of the government to decide anything they want and then trying to implement them. They tend to forget that everything has repercussions beyond their control. Even in the budget for 2019-20, the government came out with several wild provisions which boomeranged. It compelled the government to roll back several of the tax measures in less than two months. It is also likely to lower the revenue collection targets for the current financial year. The finance minister Nirmala Sitharaman evaded questions related to consumption in her recent press briefing in which she announced rollback and modifications in several measures taken in the budget. She seemed to be over-relying on private investment, which may push the country towards more troublesome days ahead. It is worth mentioning here that our industries have cut their production levels due to lack of demand. Our workforce is losing their jobs because there is no work for them in the companies they have been working. People don’t have money to buy. In this scenario, people need work, people need money. We have been hearing from the government about ‘Make in India’ which have miserably failed. There are demands for many things in this country, but the government does not seem to be interested in more than sloganeering. For example, in 2014, India used to import goods worth Rs 3,000 per person, which has increased to Rs 6,000 per person. Had our government really interested in diverting this demand towards the domestic market, our MSMEs could have been thriving by now. India is the second biggest consumer market in the world only after China because of the size of its population. There are very high demand and consumption level for many goods and services but we are yet to give its full benefits to our own businesses and industries making them sick, while non-Indian companies are deriving benefits from Indian demand and consumption. The outcome of the present economic and financial crisis is just unpredictable, just as it was in the last year. For example, IMF’s earlier country report for India had pegged growth for FY18-19 at 7.3 per cent, which turned out to be much lower at 6.8 per cent. The situation is definitely worse than the last year. (The views expressed are strictly personal)last_img read more

An Emotional Elon Musk Admits Hes Only Tried to Take Two Weeks

first_img Register Now » 4 min read Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global Elon Musk has no time for vacation. He’s too busy saving humankind, or at least trying to. Keeping the “light of consciousness” from forever dimming requires a lot of overtime.It also doesn’t help that the Tesla and SpaceX founder and CEO has really bad luck when it comes to taking time off, something he’s only attempted to do twice in the last 12 years. The admitted workaholic fessed up to that sad, sad fact during an emotional TV interview that aired in Denmark last Sunday.“The first time I took a week off, the Orbital Sciences rocket exploded and Richard Branson’s rocket exploded,” Musk said. “In that same week, the second time I took a week off, my rocket exploded. The lesson here is don’t take a week off.”Related: Elon Musk Tells Tesla Competitors to Bring It OnBack in 2000, the visionary entrepreneur-inventor learned another painful lesson from going on holiday. The 44-year-old nearly succumbed to a terrible bout of malaria after traveling to Brazil and his native South Africa. “That’s my lesson for taking vacation: vacation will kill you,” he quipped in the controversial eponymous book recently penned about him.That which doesn’t kill you only makes you stronger. Vacation can also recharge your batteries, a notion the electric battery pioneer might finally be coming around to. Surprisingly, he seems to be toying with the idea, maybe even seriously considering it. “My priority right now is to try to add some more management bench strength to Tesla in particular so that I can take a vacation,” he also told the Danish Broadcasting Corporation. “In the last 12 years I’ve only tried to take a week off twice.”The sitdown interview exposed a softer, markedly more emotionally vulnerable Musk than we’ve seen in the past. During the candid exchange, the bleary-eyed billionaire welled up with tears at times, his bottom lip quivering, as he described launching SpaceX and Tesla as “a very difficult journey.” At one point, when recalling Tesla’s brush with going belly up during the 2008 financial crisis, he was so overcome that he asked his interviewer for a break.Related: Stephen Colbert Tries to Figure Out if Elon Musk Is a Superhero or Something More Sinister (VIDEO)“I thought that I would probably fail,” he said when asked if he was “a little naive” in thinking he could build an electric car and a rocket. “Creating a company is almost like having a child,” he said. “So it’s sort of like, how do you say your child should not have food?” But, as any parent can tell you, it’s hard to care for your children if you don’t care for yourself. Carving time out to refresh and restore is critical, which the harried father of five might at long last do.   As to whether Musk really intends to pencil in some rare downtime, we reached out to Tesla’s press office to find out, but haven’t received an answer yet. We do know, however, that he’s not going off the grid tonight. He will be on hand near Tesla’s Fremont, Calif. factory to personally unveil the hotly anticipated Model X SUV. If you’re not one of the lucky guests at tonight’s affair, you can still watch the big reveal as it happens here.Model X launch webcast live today 8pm at http://t.co/R1Z6eMTUbo. Time to show the real thing. pic.twitter.com/oXMrucs8wJ— Elon Musk (@elonmusk) September 29, 2015Related: 4 Ways Successful People Balance Work and the Rest of Their Livescenter_img Growing a business sometimes requires thinking outside the box. September 29, 2015last_img read more

NewLeafs first flight out of Hamilton now sold out

first_img<< Previous PostNext Post >> Share Friday, July 22, 2016 Posted by Travelweek Group center_img NewLeaf’s first flight out of Hamilton now sold out Tags: NewLeaf Travel WINNIPEG — NewLeaf Travel will celebrate its official launch with a ribbon-cutting ceremony on July 25. Taking place at John C. Munro Hamilton International Airport, the ceremony will mark the company’s inaugural flight departing from Hamilton, and will be hosted by Dean Dacko, Chief Commercial Officer of NewLeaf Travel.The buzz around NewLeaf has reached a fever pitch. The company has just announced that its first flight from Hamilton, Ontario to Moncton, New Brunswick is now sold out.The flight will depart from John C. Munro Hamilton International Airport on July 29, and arrive at Greater Moncton International Airport at 6:10 p.m.According to NewLeaf President & CEO Jim Young, most of the company’s flights during its inaugural week are already full. “We are excited to report that close to all our flights during the first week of operations are nearly sold out, but it was Hamilton to Moncton that was the first flight to completely sell out,” he said.More news:  Consolidation in the cruise industry as PONANT set to acquire Paul Gauguin CruisesAs an ultra-low cost travel company, NewLeaf works with Flair Airlines to offer base fares that are significantly less than other Canadian carriers. NewLeaf Travel and Flair Air will board their first passengers on July 25, with flights leaving Hamilton, Winnipeg and Kelowna on that day.“We know this is what Canadians want. We listened and are delivering the option of ultra-low-cost travel for them. The result is sold out planes,” added Young.Flights booked through NewLeaf will be operated by Flair Airlines, a licensed Canadian airline with an experienced crew and pilots flying Boeing 737-400 passenger jets.last_img read more