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India’s fraud-hit PMC Bank asked other major banks for a merger, says administrator

India’s fraud-hit PMC Bank asked other major banks for a merger, says administrator

Finance
By Aditya Kalra and Abhirup RoyNEW DELHI: India's fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank's administrator said in a court filing seen by Reuters. Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the Reserve Bank of India (RBI) took control of it after detecting financial irregularities. Thousands of PMC depositors have been unable to access their deposits for a year as the RBI has capped withdrawals at 100,000 rupees ($ 1,359). PMC has "tried to engage with the major banks of the country to request for a merger", the bank's administrator said in a Sept. 10 filing at the Delhi High Court, witho...

Big tech needs more time to work off major excesses, top money manager Jeff Mills warns

Finance
Big tech's record win streak may just be on hiatus.Bryn Mawr's Jeff Mills believes the group will regain its market leadership. But before it does, he warns investors will have to brace for some more wild swings as the group works off major excesses."Earlier in the summer, you had something like 85% or 90% of technology stocks trading over their short-term 50-day moving average. That's very healthy, solid momentum. That has broken down now into the mid-50s," the firm's chief investment officer told CNBC's "Trading Nation" on Friday. "But we're still not oversold."The tech-heavy Nasdaq is coming off its worst week since March 20. It's now just a hair out or correction territory, which implies at least a 10% drop from record highs.Former high-flying mega cap growth names ...
Major League Baseball arrives after pandemic pause

Major League Baseball arrives after pandemic pause

Sports
July 23 (UPI) -- The 2020 Major League Baseball season finally will get underway Thursday when the Washington Nationals host the New York Yankees and the Los Angeles Dodgers host the San Francisco Giants. "We can almost taste it," Yankees star Aaron Judge said Tuesday. "It has been a long journey to get to opening day. I know our team is ready. Advertisement "I'm just excited to get back on the field and play the game that I love. I hope to bring some positivity into the world, with a lot of negativity going on." Nationals Park in Washington, D.C., will serve as the venue for the first game of the abbreviated season, which was reduced from 162 to 60 games because of the coronavirus pandemic. The MLB season had been slated to start March 26, but all major professional sports leagues were ...