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Thomas Cook ex-boss defends £500,000 bonus payment

Thomas Cook ex-boss defends £500,000 bonus payment

Business
Media playback is unsupported on your device Thomas Cook's former boss has defended a bonus payment of £500,000 and said he was not the only one to blame for the collapse of the holiday operator. Peter Fankhauser told a cross-party committee of MPs that he worked "tirelessly" for Thomas Cook.While he was sorry for the collapse, he said the reasons were "not one-sided".Committee chair Rachel Reeves, who asked Mr Fankhauser if he would give the bonus back, told Mr Fankhauser his apologies rang "rather hollow".Mr Fankhauser and other members of Thomas Cook's former management were being grilled by MPs over what led to the liquidation of the business which cost thousands of jobs and left many holidaymakers stranded overseas. Staff back at work i
ADAG firm Reliance Home Finance misses NCD payment, extends maturity

ADAG firm Reliance Home Finance misses NCD payment, extends maturity

Finance
Mumbai: Reliance Home Finance, an Anil Ambani company, has refinanced non-convertible debentures (NCDs) worth Rs 400 crore that had matured on Friday, but said it has paid the interest due on the same. The instrument has now been extended by four months till October 31, 2019. The company said it has been done to address timing mismatch between receipt of proceeds from an ongoing asset monetisation to meet repayment requirements. “In view of the continuing severe liquidity crisis in the sector, as now formally recognised even by RBI, the maturity of certain NCDs of Rs 400 crore has been extended till October 31, 2019, with formal written consent from the concerned debenture trustees and NCD holders,” an ADAG spokesperson said in an email. He further said in view of the extension by mutual c
Facebook seeks London team for WhatsApp payment launch

Facebook seeks London team for WhatsApp payment launch

Technology
Facebook will base its team developing WhatsApp into a payments platform in London, according to reports.The Financial Times reported that senior engineers from WhatsApp were stationed in London late last year as part of a recruitment drive to support the move. Mark Zuckerberg confirmed that WhatsApp mobile payments would be launching this year after a successful test phase for the feature in India.Speaking at the F8 developer conference, he said he believed "it should be as easy to send money to someone as it is to send a photo".The move comes as Facebook announced that Messenger, Instagram and WhatsApp were all being brought under one umbrella earlier this year. Advertisement The integration of the three ...
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
State Bank of India to join SWIFT's global payment interface

State Bank of India to join SWIFT's global payment interface

Finance
MUMBAI: State Bank of India will soon sign up with the Society for Worldwide Interbank Financial Transactions’ (SWIFT) Global Payment Interface (gpi), adding to the list of Indian banks that have subscribed to the interbank communication channel’s new payment interface which is set to make cross-border transactions much more secure and transparent, a top official said. “We are in the final stages of approval with SBI and we hope to announce the partnership soon,” said Kiran Shetty, CEO Swift India. India’s largest lender will join 11 of its counterpart banks that will have subscribed to this payments platform which comes with features such as such as end-to-end payment tracking, access to unaltered remittance information, faster and more transparent transactions. These ba