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RBI gets ready to train its guns on 50 more stressed accounts

RBI gets ready to train its guns on 50 more stressed accounts

Finance
NEW DELHI: The Reserve Bank of India is likely to come up with a fresh list of around 50 loan accounts that are either under stress or close to being classified as nonperforming assets. The regulator may set a March 31 deadline for banks to find a resolution on these or commence bankruptcy proceedings against the borrowers, a finance ministry official said. These accounts are in addition to the 41 that the central bank has already identified, including several against which banks have now started bankruptcy proceedings. This new list of accounts had come up during discussions on the recapitalisation of state-run banks. These assets identified by the RBI have been accounted for in the Rs 2.1-lakh crore bank recap plan announced last month, and so will not bloat the capital requirement o...
Senate tax bill strips NFL, other sports leagues from tax-exempt status

Senate tax bill strips NFL, other sports leagues from tax-exempt status

Finance
Professional sports leagues like the National Football League will not have tax-exempt status if the current version of the Senate tax bill goes through.Professional football leagues have been exempt from tax since 1966 under section 501(c)(6) of the tax code. The Internal Revenue Service has applied the exemption to all professional sports leagues.A proposal in the Senate bill would eliminate the tax-exempt status for professional sports leagues.That change comes amid strong criticism of the NFL and its tax status by President Donald Trump last month.Trump called for an end to "massive tax breaks" that the NFL received.TweetWhile the president called out the NFL as a tax-exempt non-profit, the league actuallygave up that position in 2015.At the time, NFL Commissioner Roger Goodell said ...
Andhra Bank withdraws insolvency petition against HDIL

Andhra Bank withdraws insolvency petition against HDIL

Finance
Andhra Bank has withdrawn its insolvency application from the National Company Law Tribunal (NCLT) against HDIL as the realty firm has decided to settle outstanding dues."The company has proceeded for settlement of its balance outstanding dues and has made part payment of its balance dues. The application stands withdrawn from NCLT by Andhra Bank," HDIL said in a BSE filing.The Mumbai-based developer did not disclose the amount it has paid and the dues still owed to the bank.HDIL reported 64 per cent increase in consolidated net profit to Rs 60.87 crore for the quarter ended September, as against Rs 37.03 crore in the year-ago period.Total income, however, fell to Rs 163.07 crore in the second quarter of the current fiscal, from Rs 223.26 crore a year ago. Profit rose sharply as the compa...
Here's why a variable annuity, warts and all, might be a right fit for your retirement plan

Here's why a variable annuity, warts and all, might be a right fit for your retirement plan

Finance
They're not what they used to be, but variable annuities are still a major retirement-planning tool for hundreds of thousands of Americans.These insurance contracts are reviled by many financial advisors for all the right reasons: They cost a lot, they're hard to understand and they're hard to undo once you've signed a contract. The same criticisms of variable annuity contracts, however, were valid before the financial crisis — and those contracts nonetheless helped many people survive the 50 percent plunge in the stock market."I had some clients whose retirements were saved because of [variable annuity] contracts they purchased before the financial crisis," said Marc Ruiz, a financial advisor with Oak Partners and a registered rep with SII Investments.The terms and prices of variable annu
KKR seeks to log out from Aricent, its oldest investment in India

KKR seeks to log out from Aricent, its oldest investment in India

Finance
MUMBAI: US private equity giant KKR is in early talks with strategic and financial investors including American late-stage tech investor Silver Lake Partners and Accenture to sell its oldest India investment, Flextronics Software, now known as Aricent, for about $ 1.5 billion. KKR has mandated JP Morgan to run a formal process and the investment bank has reached out to French technology giant Capgemini to buy a controlling stake in the Santa Clara, California-based technology firm, multiple sources in the know told ET. The deal, if successful, will mark KKR’s exit from its oldest investment in an India-focused company. When contacted, KKR and Capgemini declined to comment. Accenture and Silver Lake did not return mails seeking comments till the time of going to press. Founded in 1991