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India Ratings warns NBFCs of Rs 70,000 crore ticking time bomb

India Ratings warns NBFCs of Rs 70,000 crore ticking time bomb

Finance
MUMBAI: NBFCs giving loans to real-estate companies may come under pressure in the first half of next year when about Rs 70,000 crore worth of advances to infrastructure developers would no longer enjoy mandatory repayment exemptions. India Ratings said on Monday that with refinancing options looking bleak for these developer companies due to high costs of fund and liquidity tightness, some of these exposures may turn delinquent. The Fitch group’s Indian rating agency on Monday downgraded its mid-year outlook for NBFC sector to ‘negative’ from ‘stable’. “About 65-70% of the loan book that NBFCs have is still under moratorium where interest payment is happening and principle payment will start from first half of the next fiscal year. Delinquencies may increase on a case to case basis,” said
Amazon fires: ‘Our house is burning’, Macron warns ahead of G7

Amazon fires: ‘Our house is burning’, Macron warns ahead of G7

World
Media playback is unsupported on your device French President Emmanuel Macron has said the record number of fires in the Amazon rainforest is an "international crisis" that needs to top the agenda at this weekend's G7 summit."Our house is burning," he tweeted. Brazil's President Jair Bolsonaro responded by accusing Mr Macron of using the issue for "political gain". He said calls to discuss the fires at the G7 summit in Biarritz, which Brazil is not participating in, evoke "a misplaced colonialist mindset". The largest rainforest in the world, the Amazon is a vital carbon store that slows down the pace of global warming.It is also home to about three million species of plants and animals, and one million indigenous people.Satellite data publish...
CDC warns of salmonella from beef, cheese in the U.S., Mexico

CDC warns of salmonella from beef, cheese in the U.S., Mexico

Health
Aug. 22 (UPI) -- A salmonella outbreak that ran from June 2018 to March 2019 was resistant to two drugs commonly used to treat the infection, drawing a warning from the Centers for Disease Control and Prevention on Thursday. The CDC said in a new report that Salmonella Newport was not responsive to azithromycin and ciprofloxacin, infecting 255 people -- including 60 hospitalizations and two deaths -- in 32 states. The strain of salmonella could have been started by U.S.-bred beef and Mexico-manufactured soft cheese. This could mean the infection is present in both countries. "The genetic similarity between isolates from beef in Mexico, beef in the United States, and a steer in the United States strongly suggests that the outbreak strain is present in cattle in both countries," CDC said i...
Recession threat is rising as earnings roll over, market bear David Rosenberg warns

Recession threat is rising as earnings roll over, market bear David Rosenberg warns

Finance
One of Wall Street's biggest long-time bears is painting a painful picture for stocks as earnings season goes into full gear.Gluskin Sheff's David Rosenberg warns earnings are "rolling over" and ominous economic data suggests the economy is on the brink of a recession. "Maybe a recession is not here. But it's certainly suggesting of a significant growth turndown right now in the U.S. economy," he told CNBC's "Futures Now " last Thursday.Even though the Dow, S&P 500 and Nasdaq posted its worst week since May, they're still trading just around one percent from all-time highs.But the robust levels are not deterring Rosenberg's bearishness. "The stock market peaked on October of 2007 and the recession started two months later," he said. "This is one of these rare periods where earnings ar...
Last man on moon warns new lunar missions of ‘deep space risks’

Last man on moon warns new lunar missions of ‘deep space risks’

Technology
By Greg Milam, US correspondent Harrison Schmitt says he doesn't much enjoy travelling by air these days.Having just celebrated his 84th birthday, he sighs at the prospect of a cross-country journey by passenger jet. When you've done a half-a-million-mile round trip to the moon in your lifetime, perhaps you come to perceive travel somewhat differently to the rest of us. Schmitt has travelled a lot this week, to honour and be honoured as part of the 50th anniversary celebrations for the pinnacle of NASA's Apollo mission.He was one of the hundreds of thousands in the US space programme, the men and women who answered the call of President John F Kennedy and landed Neil Armstrong and Buzz Aldrin on the moon in July 1969. ...