Latest news with #Pallas
Reuters
15 hours ago
- Business
- Reuters
Law firm challenges Swiss court over delay in Credit Suisse AT1 write-down case, filing shows
LONDON, June 2 (Reuters) - A Zurich-based law firm has filed a complaint with the Swiss Federal Supreme Court challenging a tribunal's delay in addressing investors' claim on the write-down of Credit Suisse bonds, a legal filing seen by Reuters shows. Hundreds of bondholders in April 2023 sued market regulator FINMA at the Swiss administrative court in St. Gallen to recoup losses on 16 billion Swiss francs ($19.4 billion) of AT1 bonds that were written down when UBS (UBSG.S), opens new tab rescued Credit Suisse. There has been no significant activity by the Federal Administrative Court since spring 2024, the filing, submitted in German, shows. A spokesperson for the Federal Supreme Court confirmed that the court had received the complaint. The complaint was filed by Zurich-based law firm grosz I poledna, acting for Pallas, the law firm representing the investors, around mid-May, according to a person familiar with the proceedings. Pallas represents about 800 clients who at the time of the write-down held around $2 billion of Credit Suisse AT1 bonds, a representative for the law firm told Reuters. Pallas declined to comment for the story. A representative for Switzerland's Federal Administrative court in St. Gallen said: "The proceedings are particularly challenging due to their scope, the high number of parties and the complexity of the legal issues involved, and entail many procedural steps. This is a multi-party procedure, whereby it must also be ensured that all complainants or their legal representatives are granted the right to be heard. We treat the proceedings as a priority." A spokesperson for FINMA declined to comment. While questions of an administrative nature were clarified between the second half of 2023 and spring 2024, according to the filing, there have been no "discernible activities" by the Federal Administrative Court, the filing shows. "While this case is unprecedented for the Swiss courts as there have never been so many appellants challenging one FINMA order, by now it should have progressed as appellants have a right to have their case looked at expeditiously," said Jonas Hertner, a Zurich-based lawyer who had previously represented Credit Suisse AT1 clients at law firm Quinn Emanuel. The Swiss Federal Supreme Court is the head of the Swiss judiciary system and appellants can file complaints to pressure the administrative court to act. There is no deadline by which the Supreme Court is required to respond, but complaints of this kind could take a few months, according to lawyers. In October 2023, Reuters reported that the St. Gallen administrative tribunal was weighing whether to grant Credit Suisse investors access to more documents. Back then, some investors had hoped to gain access to filings in a matter of weeks. The documents, including the responses to the appeal by Credit Suisse and FINMA, have not yet been made public, according to the complaint. The write-down shocked markets and upended a long-established practice of granting bondholders' priority over shareholders in a debt recovery. The market has since recovered with UBS tapping the AT1 market after the Credit Suisse rescue. ($1 = 0.8241 Swiss francs)
AU Financial Review
4 days ago
- Business
- AU Financial Review
Vic Labor hiked taxes to pay down debt. Instead, it rose by $5b
The Victorian government's debt pile in 2026 will be $5 billion greater than forecast two years ago when then-treasurer Tim Pallas slapped businesses and investors with higher taxes to repay emergency funds borrowed at the height of the COVID-19 pandemic. Budget papers show Victoria's net debt will grow to $167.6 billion in the next financial year, despite a 'COVID debt repayment plan' unveiled two years ago that forecast debt would climb to $162 billion in 2025-26, and Pallas declared the government had to bring the balance of emergency borrowings down to zero.
Yahoo
12-05-2025
- Science
- Yahoo
Scientists floored after tracking eagle's flight throughout vast journey: 'Flying by instinct'
Researchers discovered that the Pallas's fish eagle returns to the same spot in an Indian national park for its annual breeding season. According to the Hindu, the eagle has been flying to Assam's Kaziranga National Park and Tiger Reserve to breed for five years in a row. It's one of the largest fishing eagles and is listed as endangered on the IUCN Red List of Threatened Species. The tracked individual, a bird called Ider, exhibits reverse migration habits. Kaziranga acts as its home base for breeding, but it flies back to Mongolia after each breeding season. Two months after hatching, the baby birds are strong enough to fly to Mongolia as well. Dr. Sachin Ranade, one of the scientists tracking the flight patterns from the Bombay Natural History Society, said, "They don't need parental guidance, flying by instinct to navigate the [Central Asian Flyway]." Ranade explained, "We observed two chicks in the tagged bird's nest. Although we cannot say how many chicks it has sired, we can conclude it bred every year in Kaziranga for five successive years." According to the Hindu, it's estimated that only 2,500 mature Pallas's eagles exist in the wild. Seeing it return to Kaziranga each year is a positive sign for the species. Kaziranga's field director, Sonali Ghosh, noted, "Kaziranga is one of the best locations on Earth to observe this bird." It's also one of the safest places. Kaziranga is a UNESCO World Heritage Site and a protected area, home to some of India's rarest creatures. One-horned rhinos, elephants, wild water buffalo, tigers, and swamp deer all reside here. Seeing the Pallas's eagle breed here means the young birds will have a safe place to grow before flying to Mongolia. Places like Kaziranga are essential for protecting biodiversity. The more species within an ecosystem, the more resilient it is. All creatures, including humans, rely on biodiversity for food and water security, disease control, and climate stability. Protecting birds like this eagle and preserving areas like Kaziranga help foster a cooler, healthier planet. According to the New Indian Express, Ghosh said in a statement that this development "highlights the importance of Kaziranga as a critical habitat for migratory birds [and] the need for continued conservation efforts to protect such endangered species." Hopefully, the Pallas's eagles will safely return to Kaziranga for many more breeding seasons. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Perth Now
08-05-2025
- Business
- Perth Now
Luxury bridal house collapses for a second time
Luxury bridal house Pallas Couture has collapsed into administration for a second time in less than eight years, but worried customers have been assured they will still receive their wedding dresses. Jeremy Nipps and Thomas Birch of Cor Cordis were appointed as administrators for Evercentre Pty Ltd — trading as Pallas Couture — earlier this month. They are now assessing the retailer's financial position. Pallas employs 12 staff and has studios in Subiaco and Paddington in Sydney. Cor Cordis said it would evaluate operations and explore various avenues to restructure or recapitalise the business, including the possibility of a deed of company arrangement. 'The process will allow for Pallas Couture to continue prioritising all brides and continue operations as normal, with no disruption to the business or any creation and delivery of gowns currently in production,' they said. Mr Nipps told The West Australian on Thursday that funding had been secured from an undisclosed third party, ensuring wedding gowns can be completed and delivered to customers. He could not yet comment on what led to the company's demise. Pallas Couture's Joy Morris. Credit: Rob Duncan / The West Australian Pallas Couture's collapse comes amid tough trading conditions for retailers as persistent cost-of-living pressures force consumers to tighten their belts, including brides-to-be when it comes to their wedding gowns. Pallas founder Joy Morris told The West in 2015 her elaborate frocks don't come cheap, sayings brides had to have a desire to spend in excess of $5000. Cor Cordis and Mr Nipps had already helped pull Pallas from the brink after it entered administration in November 2017, when the Australian Taxation Office applied to wind it up over an unpaid debt. Administrators at the time attributed the demise of the business — then called Pallas Bride and Fashion — to inadequate cashflow management. The administration concluded with Pallas' creditors approving a DOCA floated by Ms Morris, saying It represented the best option for employees. Mr Nipps on Thursday said he was confident the business could be revived a second time. 'There is a viable business that can get through this process and continue trading as it did previously for the past eight years,' he said. 'Subject to doing a bit more investigation, this could just be a bit of a bump in the road.'
Yahoo
06-03-2025
- Science
- Yahoo
Trail camera captures incredible footage of ultra-rare mountain creature: 'More elusive than the snow leopard'
Rare shots caught on trail cameras in Northern India have provided encouraging evidence that a special animal species is calling the western Himalayas home. In Himachal Pradesh, India, a Pallas's Cat — or manul — was documented walking along a mountainous trail, according to the Outdoors. The small wild cat is known to inhabit areas further north in Mongolia and China, but its habitat range may be increasing, which is a good sign for the sensitive species. Snow Leopard Trust posted the photos to Facebook, writing that "these small felines are perhaps more elusive than the snow leopard, which makes long-term studies difficult." Our colleagues in India recently documented the first photographic evidence of Pallas's cats (manul) in Himachal... Posted by Snow Leopard Trust on Friday, December 20, 2024 According to Outdoors, the researchers obtained footage of the animals from three camera trap sites at elevations reaching up to 13,500 feet. While the sighting of the small feline was a welcome surprise, finding it at such an elevation was not. Pallas's cats' thick fur coats and short, sturdy legs make them perfect mountain dwellers. They prefer to live at higher elevations, using their expert camouflage markings to blend in with their surroundings. Unlike other cat species, they have distinctive round pupils, which give them better eyesight to hunt in their preferred prowling times of dawn and dusk. Their wide-set and flat ears are another unique feature, allowing their outline to be less noticeable by skittish prey. Tracking and monitoring an elusive species is difficult at any elevation, but with the Pallas's cats' preferred terrain, documenting their lifestyles could provide an extra challenge. As conservationists documented in an article published on ResearchGate: "Additional ecological research is critical, but our inability to efficiently monitor the species across its vast range and reliably detect population trends and distributional changes is arguably the most important gap in our understanding." Luckily, with the advent of drones, filming species at higher topographies is now more feasible. Scientists have already used this innovative method to study snow leopards in Kazakhstan and Grévy's zebras in Kenya. Do you think America does a good job of protecting its natural beauty? Definitely Only in some areas No way I'm not sure Click your choice to see results and speak your mind. The Pallas's cat has chosen some great real estate to invest in and will hopefully make for a useful addition to its new ecosystem. India is home to many exotic cat species, including the Bengal tiger, fishing cat, Asiatic lion, and several species of leopard. It is even home to the world's smallest wild cat, the rusty-spotted cat. Although manuls are not an endangered species, they are reclusive by nature, and small communities are at risk of localized population decline. Some factors that contribute to their declining numbers are food source depletion, accidental capture, and loss of habitat. This makes the new photos all the more encouraging, proving that the Pallas's cat is adaptable and is spreading to new parts of the world. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
