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Lenders give clean chit to Reliance Commercial Finance as GT audit finds no fraud

Lenders give clean chit to Reliance Commercial Finance as GT audit finds no fraud

Finance
NEW DELHI: A group of lenders, including the National Bank for Agriculture and Rural Development (Nabard), has given clean chit to Reliance Commercial Finance Ltd (RCFL), the NBFC arm of Reliance Capital, after an independent forensic audit report from Grant Thornton did not detect any fraud in the RCFL account. As per the report, of the total consolidated debt owed to banks, RCFL accounted for Rs 11,620 crore, Reliance Home Finance Ltd (RHFL) Rs 7,430 crore and Reliance Capital (standalone) Rs 6,750 crore of debt. The consolidated debt includes term loans, cash credit and non-convertible debentures. Last year, lenders had given a go-ahead to appoint Grant Thornton to conduct a forensic audit of two Reliance Capital arms, the listed-RHFL and RCFL. According to banking sources, the conso...
Financial advisers give women worse advice than men, study finds

Financial advisers give women worse advice than men, study finds

Finance
By Ronojoy MazumdarWomen looking to manage their investments wisely now have another thing to worry about: whether the advice they are getting is biased. A two-year academic study covering every local financial-planning firm in Hong Kong found consultants frequently pushed women into chancier investments than they recommended for men with similar risk appetite. “Advisers think they can fool the women and get away with selling them advice with sub-par results,” study co-author Utpal Bhattacharya of the Hong Kong University of Science and Technology said, suggesting that’s because they perceive women to be less financially literate than men. “This is what we call statistical discrimination.” The motivation, the researchers suggest, is the financial planners saw an opportunity for commissions
‘Mummified’ plants give glimpse of Earth’s future

‘Mummified’ plants give glimpse of Earth’s future

Science
Fossil leaves from the remains of a 23 million-year-old forest suggest some plants may adapt to grow more quickly as CO2 levels rise, a study says.Scientists recovered the very well-preserved leaves from an ancient lake on New Zealand's South Island.They have enabled the scientists to link for the first time the high temperatures of the period with high levels of atmospheric CO2.The results have been published in the journal Climate of the Past.In their scientific paper, the team shows that some plants were able to harvest carbon dioxide more efficiently for photosynthesis - the biological process that harnesses light from the Sun to produce food for the plant.They say their findings may hold clues for how the dynamics of plant l...
Asylum for ‘tortured’ Hong Kong consulate worker could give hope to other activists

Asylum for ‘tortured’ Hong Kong consulate worker could give hope to other activists

World
A former worker at the UK's consulate in Hong Kong has told Sky News that Britain's decision to grant him asylum could set a precedent for others who fear Chinese persecution. Hong Kong-born Simon Cheng, 29, said the Home Office recently approved his asylum request after he was forced to flee the territory last year following more than two weeks in Chinese detention. In an interview with Sky News, the pro-democracy campaigner said he applauded a decision by Britain this week to offer millions of Hong Kong residents a path to UK citizenship if they hold the special status of British National Overseas (BNO).However, Mr Cheng said his case might mean those who do not qualify, including anyone who was born after Britain handed control of the city back to China in 1997, might be able to claim p...
Chelsea give one-year contract extensions to Olivier Giroud and Willy Caballero

Chelsea give one-year contract extensions to Olivier Giroud and Willy Caballero

Sports
Olivier Giroud and Willy Caballero have both signed contract extensions to stay at Stamford Bridge for another season. Giroud’s existing deal at Chelsea had been due to expire at the end of the current campaign and he had been linked with a prospective move to Lazio. Getty Images Olivier Giroud joined Chelsea from Arsenal in January 2018 But the 33-year-old said he was delighted to confirm his future at the Premier League club. Giroud told Chelsea’s official website: “I am delighted to continue my journey and adventure at Chelsea. “I can’t wait to get back to playing and enjoying competitive football with my team-mates.”I’m looking forward to wearing the Chelsea shirt again, especially in front of our fans at a full Stamford Bridge, whenever it is sa