- SBI chairman says challenge in mid and small companies continue Reuters - 20 hours ago
KOLKATA (Reuters) - State Bank Of India Chairman said on Thursday it continued to face challenges in the mid and small-sized companies segment. The lender is reeling under bad debt of 4.75 percent, the highest among Indian banks, and restructured nearly $1.5 billion loans in January-March quarter. Earlier, SBI posted its …
- China factory activity shrinks for first time in seven months - flash PMI Aileen Wang and Koh Gui Qing - Reuters - Thu 23 May, 2013
By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary manufacturing survey showed, entrenching fears that its economic recovery has stalled and that a sharper cooldown may be imminent. The flash HSBC Purchasing Managers' …
- Half of investments in emerging markets go via tax havens - study Reuters - Thu 23 May, 2013
LONDON (Reuters) - Nearly half of the money that multinationals and wealthy investors poured into emerging markets in 2011 came via tax havens, resulting in revenue losses for poor countries, anti-poverty campaigners ActionAid said in a report. British Prime Minister David Cameron has said corporate tax avoidance will be …
- No more easy pickings in Russia's banking market Megan Davies - Reuters - Wed 22 May, 2013
By Megan Davies MOSCOW (Reuters) - Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for. While players such as Citi and Austria's Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: rife with credit, …
- Goldman exits China's ICBC, seven years and billions later Fiona Lau and Elzio Barreto - Reuters - Tue 21 May, 2013
By Fiona Lau and Elzio Barreto HONG KONG (Reuters) - Goldman Sachs Group Inc raised $1.1 billion by selling its remaining shares in Industrial and Commercial Bank of China, ending a seven-year old investment and handing the Wall Street firm a return of nearly four times its original stake. Goldman's relationship with ICBC …
- Essar Oil to sign $1 billion debt-for-fuel deal with China Reuters - Tue 21 May, 2013
MUMBAI/NEW DELHI (Reuters) - Essar Oil Ltd will sign a $1 billion loan deal with China on Tuesday that sources with knowledge of the matter said would be backed by supply of refined products to top state oil producer PetroChina. Essar Oil could sign a preliminary agreement with China Development Bank (CDB) on Tuesday to …
- Despite curbs, China's vast hot money triangle flourishes James Pomfret and Matthew Miller - Reuters - Mon 20 May, 2013
By James Pomfret and Matthew Miller ZHUHAI, China/HONG KONG (Reuters) - In an underground mall just a stone's throw from China's teeming border with Macau, a row of 30 small shops with identical golden plaques does a brisk, though shadowy trade with mainland Chinese visitors, many of them bound for the gambling hub. "Good …
- Let RBI be sole regulator for all home loan providers: SBI chief Indo Asian News Service - IANS - Sat 18 May, 2013
Kolkata, May 18 (IANS) The country's largest lender, State Bank of India (SBI), Saturday the Reserve Bank of India (RBI) should become the sole regulator for all home loan institutions - banks as well as housing finance companies.
- SBI's overseas business margins under pressure: Chairman Indo Asian News Service - IANS - Sat 18 May, 2013
Kolkata, May 18 (IANS) Public sector lender State Bank of India (SBI) chairman Pratip Chaudhuri Saturday said the lender's margins in overseas business were under pressure.
- ABN AMRO cuts 400 jobs as prepares for eventual sale Reuters - Fri 17 May, 2013
AMSTERDAM (Reuters) - State-owned Dutch bank ABN AMRO is to cut 400 jobs, about 2 percent of its workforce, as it prepares for an eventual sale. The bank, which on Friday posted first-quarter results hit by bad loans in its home market, said the cuts are part of a reorganisation of its commercial and merchant banking division …
- China president takes charge of sweeping economic reform plans - sources Kevin Yao - Reuters - Fri 17 May, 2013
By Kevin Yao BEIJING (Reuters) - Chinese President Xi Jinping has taken charge of drawing up ambitious reform plans to revitalise the economy, sources close to the government said, shunning policy stimulus for fear it could worsen local government debt and inflate property prices. A consensus had been reached among top …
- Wall Street slips after Fed comments, but Cisco surges Leah Schnurr - Reuters - Fri 17 May, 2013
By Leah Schnurr NEW YORK (Reuters) - U.S. stocks fell on Thursday, with the downturn accelerating late in the day after a Federal Reserve official said the central bank could begin easing up on its monetary stimulus this summer. The three major U.S. stock indexes had earlier traded in a tight range, supported by a gain …
- Nifty gains on rate cut hopes, MSCI additions Himank Sharma - Reuters - Thu 16 May, 2013
By Himank Sharma REUTERS - The Nifty rose to a 2-1/2 year high on Thursday, as lenders continued their rally on expectations of early rate cuts by the RBI, while four additions to the MSCI India index, including Wockhardt, also gained. Expectations the Reserve Bank of India could cut interest rates as early as its next …
- Analysis: Blackstone and peers have a bargain for you: themselves Greg Roumeliotis - Reuters - Thu 16 May, 2013
By Greg Roumeliotis NEW YORK (Reuters) - Alternative asset managers such as Blackstone Group LP and KKR & Co LP have for decades scoured the stock market for undervalued companies. Now they are trying to convince investors that shares in their own firms are a bargain. As a group, their valuations tend to be weighed down …
- IMF board OKs Cyprus loan, warns of risks Reuters - Thu 16 May, 2013
WASHINGTON (Reuters) - The International Monetary Fund's executive board approved a $1.3 billion, three-year loan to Cyprus on Wednesday, part of a larger international bailout to help the Mediterranean country avoid defaulting on its debt. But IMF Managing Director Christine Lagarde said Cyprus's bailout was subject to …
- Private equity set to pounce on cut-price infrastructure Indulal PM and Sumeet Chatterjee - Reuters - Thu 16 May, 2013
By Indulal PM and Sumeet Chatterjee MUMBAI (Reuters) - Private equity investment in Indian infrastructure is poised to pick up following a lengthy dry patch as debt-stressed operators of toll roads and other projects come under pressure from banks to offload assets to strengthen balance sheets. This time, would-be investors …
- Sensex ends on 28-month high, rate cut hopes brighten HT Correspondent - Hindustan Times - Wed 15 May, 2013
Mumbai, May 15 -- India's leading stock indices jumped 2.5% on Wednesday to take shares to 28-month highs after Reserve Bank of India (RBI) governor D Subbarao gave a clear indication that interest rates might dip further, strengthening a spirit already buoyed by a global rally in stocks. ...
- Sensex vaults 491 points to 28-month high, rate cut hopes brighten HT Correspondent - Hindustan Times - Wed 15 May, 2013
Mumbai, May 15 -- India's leading stock indices jumped 2.5% on Wednesday to take shares to 28-month highs after Reserve Bank of India (RBI) governor D Subbarao gave a clear indication that interest rates might dip further, strengthening a spirit already buoyed by a global rally in stocks. ...
- When will EMIs fall? Sachin Kumar - Hindustan Times - Wed 15 May, 2013
New Delhi, May 15 -- Sudhir Verma, a Delhi-based marketing consultant, is a worried man. His home loan EMIs have jumped by more than Rs. 16,000 or by over a third over the last three years as banks lost no time in raising interest rates each time the Reserve Bank of India (RBI) hiked its key lending rates to tame prices.But …
- CEO of SocGen Russia unit held over suspected kickbacks Katya Golubkova and Douglas Busvine - Reuters - Wed 15 May, 2013
By Katya Golubkova and Douglas Busvine MOSCOW (Reuters) - The chief executive of Societe Generale's Russian unit was detained on Wednesday on suspicion of taking bribes, dealing a blow to one of the few foreign banks that has dared to challenge Russia's dominant state banks. The investigation into Rosbank Chief Executive …
- AI to fly Dreamliners again from today HT Correspondent - Hindustan Times - Tue 14 May, 2013
New Delhi, May 14 -- Air India (AI) will restart Dreamliner operations from May 15 with the first flight from Delhi to Kolkata. The first international flight with the Boeing 787 will restart from May 22. The entire Air India board will be on the Delhi-Kolkata flight.Battery problems forced airlines across the globe to …
- Banks' deposits, loans up marginally in 2 weeks to May 3 - RBI Reuters - Wed 15 May, 2013
MUMBAI (Reuters) - Banks' deposits and advances marginally rose 0.66 percent and 0.96 percent respectively in the two weeks to May 3, provisional data from the Reserve Bank of India showed on Wednesday. As of May 3, deposits stood at 68.84 trillion rupees, while advances were at 53.41 trillion rupees. On a year-on-year …
- EXCLUSIVE - EU threatens trade duties against China's Huawei, ZTE - sources Ethan Bilby - Reuters - Wed 15 May, 2013
By Ethan Bilby BRUSSELS (Reuters) - The European Commission plans to send a formal warning to China that it is ready to levy trade duties against telecoms equipment makers Huawei Technologies Co Ltd and ZTE Corp over what it says are illegal subsidies, people close to the matter said. EU trade chief Karel De Gucht is set …
- Sharp to tap Samsung, banks for survival after $5.4 bln loss Reiji Murai and Tim Kelly - Reuters - Tue 14 May, 2013
By Reiji Murai and Tim Kelly TOKYO (Reuters) - Japanese display maker Sharp Corp , a supplier to Apple Inc , will aim to boost sales to the iPhone maker's rival Samsung Electronics Co under a three-year rehabilitation roadmap after posting a worse-than-expected $5.4 billion net loss in the last financial year. The business …
- Young Indians turn cautious borrowers Mahua Venkatesh - Hindustan Times - Tue 14 May, 2013
New Delhi, May 14 -- The slowdown is taking a toll on people's spending habits. Young Indians are becoming more cautious about how they use their money.Sample these:Lalit Pandey (30), working in an Indian auto company in Pune, recently applied for a home loan of Rs. 40 lakh to buy an apartment in that city. This is his …
- Air India losses expected to come down by Rs.1,200 crore in 2013-14 Indo Asian News Service - IANS - Tue 14 May, 2013
New Delhi, May 14 (IANS) The losses of the cash-strapped national carrier Air India are expected to come down by Rs.1,209 crore in the current fiscal, Civil Aviation Minister Ajit Singh said Tuesday.
- Banks yet to raise credit flow in northeast: Tripura minister Indo Asian News Service - IANS - Tue 14 May, 2013
Agartala, May 14 (IANS) Despite the Reserve Bank of India asking nationalised banks to improve their credit flows to the industry-starved northeast, the credit-deposit ratio in the region has remained static during the past many years, Tripura Finance Minister Badal Chaudhury said here Tuesday.
- Sharp to seek Samsung edge for survival after $5.4 bln net loss Reiji Murai and Tim Kelly - Reuters - Tue 14 May, 2013
By Reiji Murai and Tim Kelly TOKYO (Reuters) - Japanese display maker Sharp Corp , a supplier to Apple Inc , will aim to boost sales to the iPhone maker's rival Samsung Electronics Co under a three-year rehabilitation roadmap after posting a worse-than-expected $5.4 billion net loss in its latest financial year. The business …
- Congress rains goodies in Karnataka after Siddaramaiah sworn-in Indo Asian News Service - IANS - Mon 13 May, 2013
Bangalore, May 13 (IANS) A victorious Congress Monday rained goodies in Karnataka within hours after its state's legislative party leader Siddaramaiah took oath as the 28th Chief Minister in front of massive crowds at a public venue here.
- Sharp to seek Samsung edge for survival as Apple sales lose steam Reiji Murai - Reuters - Tue 14 May, 2013
By Reiji Murai TOKYO (Reuters) - Japanese display maker Sharp Corp , a supplier to Apple Inc , will aim to boost sales to the iPhone maker's chief rival Samsung Electronics Co under a three-year rehabilitation roadmap to secure its survival. The business plan, due for release on Tuesday, will lean further on banks that …
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