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State-run banks need Rs 1.2 trillion in urgent capital: Crisil

State-run banks need Rs 1.2 trillion in urgent capital: Crisil

Finance
MUMBAI: State-run lenders require an urgent Rs 1.2 trillion in capital in the next five months and government will have to take a bulk of the tab due to the weak market valuations of these NPA-saddled banks, says report. This is a little more than double the budgeted Rs 53,000-crore of capital infusion for the current fiscal year, Crisil senior director Krishnan Sitaraman said in a report Tuesday. If government decides to meet this need, this will put further pressure on the fiscal maths, thus its ability to meet the 3.3 percent fiscal deficit target for the current fiscal year. Already government has used up over 95 per cent of the deficit target or the market borrowings as of October end. The report comes even as government is asking the Reserve Bank to lower the minimum capital requirem...
Apple becomes first trillion dollar US company

Apple becomes first trillion dollar US company

Technology
During the day, the share price of the iPhone maker jumped by 2.8% to $ 207.05, passing the $ 1tn (£762bn) mark in New York trading.Its stock has soared 9% since Tuesday when Apple's third-quarter earnings exceeded Wall Street's expectations.The company, which was started in a garage in Palo Alto by Steve Jobs and Steve Wozniak in 1976, has transformed the way people communicate with its ubiquitous iPhone. When the iPhone was introduced in 2007 it kicked off a smartphone revolution, leaving the giants of the mobile phone industry Nokia and Blackberry struggling for survival.Alphabet, the parent of Google, scrambled to provide its Android software to power mobile phones, making sure Apple didn't steal a huge march on rivals.That helped Samsung to become the world's biggest mobile pho...
Antarctica loses three trillion tonnes of ice in 25 years

Antarctica loses three trillion tonnes of ice in 25 years

Science
Antarctica is shedding ice at an accelerating rate. Satellites monitoring the state of the White Continent indicate some 200 billion tonnes a year are now being lost to the ocean as a result of melting. This is pushing up global sea levels by 0.6mm annually - a three-fold increase since 2012 when the last such assessment was undertaken. Scientists report the new numbers in the journal Nature.Governments will need to take account of the information and its accelerating trend as they plan future defences to protect low-lying coastal communities. The researchers say the losses are occurring predominantly in the West of the continent, where warm waters are getting under and melting the fronts of glaciers that terminate in the ocean. ...
China's new loans in Jan surge to record 2.9 trillion yuan, blow past forecasts

China's new loans in Jan surge to record 2.9 trillion yuan, blow past forecasts

Finance
China's banks extended a record 2.9 trillion yuan ($ 458.3 billion) in new yuan loans in January, blowing past expectations and nearly five times the previous month as policymakers aim to sustain solid economic growth while reining in debt risks.While Chinese banks tend to front-load loans early in the year to get higher-quality customers and win market share, the lofty figure was even higher than the most bullish forecast by economists in a Reuters poll.Net new loans surpassed the previous record of 2.51 trillion yuan in January 2016, which is likely to support growth not only in China but may underpin liquidity globally as major Western central banks begin to withdraw stimulus.Analysts polled by Reuters had predicted new yuan loans of 2 trillion yuan, up sharply from December's 584.4 bil...
Josh Brown: Don't get sucked into the hype on Barron's call that Apple will hit $1 trillion

Josh Brown: Don't get sucked into the hype on Barron's call that Apple will hit $1 trillion

Finance
Lots of chatter about how this weekend's Barron's cover features a gleaming new Lifesavers-shaped headquarters on the cover with a feature story about why it's destined to be the first $ 1 trillion company.All the usual smartasses are offering commentary about how this is "the kiss of death" or "marks the top" or whatever. Barron's, like every other investor, sometimes gets it right and sometimes gets it wrong. They've made huge, important calls, like the top of the Dot Com Bubble and they've had some notable whiffs, like the infamous "Facebook is worth $ 15" cover from September 2012.They're no more likely or unlikely to get everything right all the time than anyone else is. It takes a certain child-like sort of mindset to expect otherwise.There are no serious professionals who change the...