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Tag: corporate

Corporate banks in a world of pain

Corporate banks in a world of pain

Finance
By R Balachandran Avid readers of history will recall Emile Zola’s open letter to the President of France titled Jáccuse (“I accuse” in French) in the Dreyfus affair, accusing members of the army, judiciary et al in the wrongful conviction of Alfred Dreyfus, in an espionage case. The letter published on the first page of LÁurore a Paris newspaper, electrified and divided the nation and was the first case in modern history when media and public opinion played a pivotal role in correcting a gross injustice. In Láffaire PNB such accusations have been made in the media against all involved, viz. the chief protagonist safely ensconced abroad now, the political establishment current and previous, management and operations staff of the bank, auditors, regulators, and banks that extende
Chipmakers drove corporate growth in South Korea last year

Chipmakers drove corporate growth in South Korea last year

World
SEOUL, Feb. 25 (UPI) -- South Korea's largest companies saw a 35 percent jump in operating profit last year, on the back of a stronger global economy.According to industry tracker Chaebol-dot-com on Sunday, the country's top 100 listed companies gained $ 154 billion in operating profit last year, up 34.7 percent from 2016.Sales rose 10.5 percent to $ 1.7 trillion.Semiconductor manufacturers accounted for much of the growth, boosted by the global supercycle of memory chips.South Korea's number one tech giant Samsung Electronics and chipmaker SK Hynix saw their margins surge by record figures -- 83.5 percent and 319 percent respectively.Samsung is currently leading the global market for NAND Flash and DRAM.Excluding the two firms, earnings growth averaged 9 percent on-year.Automobile compani...
Banks shower offers on retail borrowers as corporate demand plummets

Banks shower offers on retail borrowers as corporate demand plummets

Finance
MUMBAI: Monsoon may have gone, but it is raining offers from banks for retail borrowers. The record low corporate demand is forcing banks to dole out offers this festive season to attract home to automobile to iPhone buyers. From EMI waivers to home loan cash backs, interest rate cuts and waiver of processing fees, banks are trying every trick in the book to pump up retail growth. Retail loan growth stood at 15 per cent year on year in July against 18.8 per cent a year earlier, according to data from the Reserve Bank of India (RBI). Within that, housing loan growth also slowed to 10.5 per cent from 17.2 per cent. State Bank of India (SBI), Bank of Baroda (BoB) and Andhra Bank have lowered their base rate just a week ahead of RBI monetary policy announcement, extending benefits to their...
UK police: Corporate manslaughter possible in tower fire

UK police: Corporate manslaughter possible in tower fire

World
British police said Thursday they have "reasonable grounds" to suspect that local authorities may have committed corporate manslaughter in a deadly high-rise fire in London. The Metropolitan Police force said it has officially informed the Royal Borough of Kensington and Chelsea, which owns the Grenfell Tower public housing block, and the management group the Kensington and Chelsea Tenant Management Association that they are under suspicion. The news came in a letter from police sent to residents of the building. The letter said a senior representative of each body will be interviewed about the fire as part of the police investigation. The police force confirmed to The Associated Press that the letter is genuine, but stressed it does not mean a decision has been made on whether to charge ...
Tata Industries raises Rs 250 crore via corporate bonds to refinance debt

Tata Industries raises Rs 250 crore via corporate bonds to refinance debt

Finance
MUMBAI: Tata Industries, the holding company for new-age businesses at Tata Group, raised Rs 250 crore by selling corporate bonds to Birla Sunlife Mutual Fund, Aditya Birla Finance and Kotak Mutual Fund as it looks to refinance existing debt and spend on general business purposes. Tata Industries issued 2,500 nonconvertible debentures (NCDs) of the face value of Rs 10 lakh each, according to documents seen by ET. Kotak Mutual Fund and Birla Sunlife Mutual Fund subscribed to Rs 100 crore worth of NCDs each while Aditya Birla Finance subscribed to Rs 50 crore worth of NCDs. ICICI Bank was the sole arranger of the private placement. "We do not share information on such matters. Suffice it to say that, from time to time, Tata Industries raises funds as part of its ongoing activities," a Ta...