(Bloomberg) -- Default risks for Indian firms are declining at the fastest pace in more than a decade as the nation’s government deploys huge stimulus to support local companies hit by the impact of the pandemic.The cost to insure against nonpayment by a basket of Indian companies including Reliance Industries Ltd. and State Bank of India dropped by 252 basis points in May and June combined, the most for any two-month period dating back to 2009, according to CMA prices. Prime Minister Narendra Modi’s government unveiled $277 billion of stimulus in May and the central bank cut benchmark ...
The job cuts comprise just under 40% of the entire DHL workforce on the contract, the union said. DHL indicated that the half of the job cuts are due to a decline in car production and half are the result of anticipated "efficeincy savings", the union added. "DHL must not attempt to make permanent full-time staff redundant while continuing to outsource work to sub-contractors," Matt Draper, Unite national officer for logistics, said.
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]
(Bloomberg Opinion) -- A rare meeting of minds between India’s Left and Right on a point of economics should alarm those who belong to neither. The two sides are tossing out similar — and similarly absurd — ideas. Before they make Prime Minister Narendra Modi’s government do something silly and harmful (such as the overnight ban on 86% of currency notes in 2016), both camps should acquaint themselves with rudiments of Modern Monetary Theory. It postulates that inflation — and not debts or deficits — is the only real constraint on what a modern government not yoked to the gold standard can ...
(Bloomberg) -- Yes Bank Ltd. is planning to raise at least 80 billion rupees ($1 billion) in a public offering of shares to boost its capital, according to people familiar with the matter.The bank, which counts two of India’s largest lenders State Bank of India and HDFC Ltd. as its investors, will kick off the fundraising soon, the people said. That could help Yes Bank raise its Tier-1 core capital ratio to around 10%, from 6.3% as of end-March, said the people, who asked not to be identified as the information is private.A share sale would follow Yes Bank’s regulatory application to ...
Months after India’s richest man launched his telecom network, his chief rival, Sunil Mittal, was already struggling to contain his frustration in the public. This wasn’t the first time Ambani and Mittal were at crossroads. In 2002, Ambani had launched a telecommunications company and sought to win the market by bandying out free handsets.
(Bloomberg) -- Jaguar Land Rover said it’s seeing the beginnings of a demand rebound in China as the world’s second-largest economy opens up after months of inactivity following the coronavirus outbreak.While JLR lost 501 million pounds ($630 million) before tax in the three months ended March 31, sales in China gained 4.2% in May from a year earlier as all of its retailers there reopened for business, according to a statement Monday. Britain’s largest carmaker is also seeing improvements in the U.S. and Europe, though the U.K. and other countries have yet to recover from lockdowns.JLR will ...
India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak. Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved. It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from ...
Indian shares slipped on Monday as a rise in domestic coronavirus cases and worries over a second wave of infections in China sapped investors' appetite for riskier assets. As of Monday, COVID-19 cases in India had surged well past 332,400 and deaths were over 9,500. India is the fourth-worst affected country in the world.
(Bloomberg Opinion) -- Money is many things, but it’s not fake news. So why block WhatsApp from spreading it around?India is the laboratory of choice for Western tech firms to test out their mobile payment capabilities so they can be rolled out from Bangladesh to Nigeria. Facebook Inc. CEO Mark Zuckerberg entered the fray two years ago by enabling the popular messaging service WhatsApp to send and receive money in India. But the beta version, limited to 1 million users, keeps getting blocked from becoming a full-fledged service.Meanwhile, rivals such as Alphabet Inc.’s Google Pay, Walmart ...
