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British Steel begs for taxpayer funds to avert collapse

British Steel begs for taxpayer funds to avert collapse

Business
Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.Sky News has learnt that ‎insolvency experts have been placed on standby in case the UK's second-largest steel producer cannot secure tens of millions of pounds to see it through the coming months. The contingency plans are being drawn up as the company seeks a further loan of up to £75m from the government.A financial support loan on commercial terms was agreed in outline with Whitehall as part of a broader package announced earlier this month, insiders claimed on Tuesday.However, the second part of the deal was supposed to have been finalised by the end o
Hedge funds plot rapid sale of i newspaper owner

Hedge funds plot rapid sale of i newspaper owner

Business
By Mark Kleinman, City editor A consortium of hedge funds which seized control of Johnston Press last year is plotting a quickfire strategic review that could trigger the sale of prized newspaper assets such as the i and The Scotsman.Sky News has learnt that the owners of JPIMedia, the company's new name, are sounding out advisers about launching an auction of parts or all of the business, which publishes hundreds of regional titles. Prospective advisers are understood to have been interviewed in the last few weeks, with an appointment said to be imminent.City insiders said this weekend that the likeliest outcome was the sale of the i in one transaction, and the rest of the group in another.The likely valuations of the regional titles, which include the Yorksh...
Rating downgrades and payment delays not new to debt mutual funds

Rating downgrades and payment delays not new to debt mutual funds

Finance
The prospects of debt mutual funds are back in focus after Kotak Mutual Fund’s fixed maturity plans (FMPs) failed to return investors’ entire money on account of delay in repayment by two Essel group companies. In the past too, investors in various debt schemes have been affected by ratings downgrades of investments, defaults or delay in repayments. ET looks at such instances. Amtek Auto MF: JP Morgan TIME: August 2015 SCHEMES: JP Morgan India Short Term Income Fund and JP Morgan India Treasury Fund FALL IN NAV: 1-3% BRICKWORK RATINGS brought down its rating to C from A+, while CARE suspended coverage of Amtek Auto. Soon, JP Morgan side-pocketed the Amtek Auto exposure and allotted units to investors. In December, JP Morgan sold Amtek Auto bonds at 85% of the value. Investors, who stayed i
Federal tax breaks for donating to these state-run funds are on shaky ground

Federal tax breaks for donating to these state-run funds are on shaky ground

Finance
Things are looking uncertain for filers hoping to get a break on their 2018 federal taxes by contributing to state-run charitable funds. The Tax Cuts and Jobs Act, which went into effect last year, limited to $ 10,000 the state and local tax (SALT) deduction filers can claim on their federal returns. And only taxpayers who itemize deductions would be eligible to claim this break. The new tax law increased the standard deduction to $ 12,000 for singles and $ 24,000 for married-filing-jointly in 2018. High-tax states, including New York, New Jersey and ...
Are you seeking top-rated responsible investing funds? There's a rating for that

Are you seeking top-rated responsible investing funds? There's a rating for that

Finance
If you want to see how the funds you're invested in fare when it comes to environmental, social and governance factors, there's a rating for that. The Morningstar Sustainability Rating measures how well an investment fund's holdings stack up on ESG issues compared to its peers. The measurement is put together using the thousands of portfolios that Morningstar collects from mutual funds, ETFs and managed portfolios around the world. The firm then applies company-level data from its partner firm, Sustainalytics, to come up with asset-weighted scores for funds. ...