News That Matters

Tag: union

RBI must act as an alert inspector, not just off-site surveyor, says bank union

RBI must act as an alert inspector, not just off-site surveyor, says bank union

Finance
Reserve Bank union today requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision, off-site surveillance and on-site inspections of operational systems. In a letter written to the governor, the union suggested that the RBI should undertake random supervision of bank branches in all parts of the country periodically - possibly 10 per cent of bank branches comprising all regions on an annual basis. "We would request you that RBI monitoring of banks should be a triad - a combination of risk-based supervision, off-site surveillance and random on-site inspections of operational systems, which, we feel, will give the best result instead of RBI totally dispensing with on-site inspections," the union said in the letter. "We strongly feel that RBI must remain ...
Union Bank says has $45 mln direct exposure to Nirav Modi, Gitanjali firms

Union Bank says has $45 mln direct exposure to Nirav Modi, Gitanjali firms

Finance
Union Bank of India has direct credit exposure of about Rs 120 crore ($ 18.4 million) to companies controlled by jeweller Nirav Modi, and another Rs 175 crore ($ 26.9 million) to Gitanjali group of companies, its chief executive told Reuters on Friday. Companies belonging to Modi and his uncle Mehul Choksi, who heads the Gitanjali group, have been accused by Punjab National Bank of defrauding the bank of over $ 2 billion. The bank alleges firms controlled by the duo colluded with rogue PNB staff to secure fraudulent guarantees that were used to raise credit from overseas branches of Indian banks. Both Modi and Choksi have denied wrongdoing, and so have two key accused PNB employees in the case, which has so far led to 19 people being arrested. The latest Union Bank figures are separate fro...
Business groups welcome customs union pledge

Business groups welcome customs union pledge

Business
Business groups have broadly welcomed Jeremy Corbyn's backing for a customs union with the EU after Brexit - but remain sceptical about the Labour leader's wider agenda.The CBI said Mr Corbyn's position put "jobs and living standards first", though it remains troubled by the prospect of the nationalisation of key industries should Mr Corbyn enter Downing Street.Other private sector organisations also welcomed - with their own caveats - Mr Corbyn's pledge to negotiate a "new and strong relationship with the single market that includes full tariff-free access".The position outlined by the Labour leader piles pressure on Theresa May as she faces a potential rebellion from members of her own party who oppose her commitment to leaving the union.It also earned a sharp response from former Chance...
Labour wants new customs union treaty after Brexit – Starmer

Labour wants new customs union treaty after Brexit – Starmer

Business
Jeremy Corbyn is to confirm a shift in the Labour Party's position on remaining in the customs union after Brexit, Sir Keir Starmer has indicated.The shadow Brexit secretary said Labour's front bench was "unanimous" in its backing for striking a new deal with the EU after Brexit.The UK would leave the customs union but then negotiate a treaty that will "do the work of the customs union".Mr Corbyn is due to make a speech on Monday setting out Labour's position.Analysis: Labour's customs union policy 'evolves'What are the UK's Brexit trade options?Asked on BBC One's Andrew Marr Show how the UK could strike its own trade deals if it is in a customs union, Mr Starmer said: "We will have to have say.""How that is done will have to be negotiated," he added.Speaking on the same programme, Liam Fo...
European Union grows at fastest pace for 10 years

European Union grows at fastest pace for 10 years

Business
The European Union economy grew at its fastest pace in a decade last year, figures from the EU statistics office Eurostat have confirmed.The 28-strong EU expanded by 2.5% in 2017, its strongest performance since 2007, when it grew by 2.7%.In the final three months both the EU and the 19-nation eurozone grew by 0.6% compared with the previous quarter.That was mirrored by growth in the EU's biggest economy, Germany, which grew by 0.6% in the final quarter of 2017.France also expanded by 0.6%, while Spanish growth was a notch stronger at 0.7%.Overall in 2017, the eurozone grew by 2.5%, Eurostat said, the fastest growth rate since a 3% rise in 2007.These latest figures confirm the flash estimates published by Eurostat at the end of January, which were based on more limited data. Investec eco...