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Tag: corporate

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...
How to kill a corporate zombie

How to kill a corporate zombie

Finance
WHAT is the best way to kill a zombie? Fans of Daryl Dixon, a character in “The Walking Dead”, a television series, will know the answer: a crossbow bolt to the brain. Getting rid of corporate zombies, however, is a much more complicated process.Ageing populations mean that the workforces in developed economies are likely to stagnate, or even shrink, in coming decades. That means almost all the burden of economic growth is likely to fall on productivity improvements. There has been a lot of focus on labour-market flexibility as the key to solving this problem, but the flexibility of the corporate sector may be just as important. Indeed, there is a growing belief that the persistence of zombie firms—companies that keep operating despite a poor financial performance—may explain the weak prod