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UK Tata Steelworkers Accept Pension Cuts

Tata steelworkers in the UK have voted to accept the closure of their £15bn pension fund, a historic sacrifice that brings the industry closer to resolving the crisis in British steel, the Financial Times reported. Thousands of trade union members ba ...

Daily Headline - global.abi.org - 02/15/2017 - 21:20 - 0 comments

Bank Results Spotlight Stubborn India Bad-Loans Problem

For several weeks near the end of last year, Indian banks were besieged by snaking queues of customers waiting to deposit banknotes that had suddenly been declared obsolete by the government, the Financial Times reported. Prime Minister Narendra Modi ...

Daily Headline - global.abi.org - 02/15/2017 - 21:21 - 0 comments

Tata Steel, Thyssenkrupp Merger Talks Face Extensive Delays

Investors expecting a deal this year in Tata Steel's talks to merge its European assets with Germany's Thyssenkrupp risk disappointment, given complications associated with the Indian-owned firm's British pension scheme. Tata and Thyssenkr ...

Daily Headline - global.abi.org - 02/13/2017 - 21:28 - 0 comments

Tata Steel, Thyssenkrupp Merger Talks Face Extensive Delays

Investors expecting a deal this year in Tata Steel's talks to merge its European assets with Germany's Thyssenkrupp risk disappointment, given complications associated with the Indian-owned firm's British pension scheme. Tata and Thyssenkr ...

Daily Headline - global.abi.org - 02/12/2017 - 21:37 - 0 comments

India Cenbank Deputy Says "Bad Bank" Could Help If Designed Right

India's central bank deputy governor on Wednesday joined the debate over creating a so-called "bad bank" to handle record sour assets in the nation's banks, saying it could help if "designed properly". Banks in India had rec ...

Daily Headline - global.abi.org - 02/08/2017 - 22:01 - 0 comments

India Seeks to Unlock $9.6 Billion of Bad-Loan Receipts at Banks

Indian banks could unlock as much as 650 billion rupees ($9.6 billion) worth of security receipts they hold, as the South Asian nation proposes to allow listing of the instruments the lenders received for selling delinquent debt, Bloomberg News reported. ...

Daily Headline - global.abi.org - 02/01/2017 - 22:15 - 0 comments

Kingfisher Tycoon Vijay Mallya Charged In Loan Default Case

Vijay Mallya, the Indian liquor and aviation tycoon, was charged on Tuesday with conspiracy and fraud connected to a 9 billion rupee ($132 million) loan granted by a government-owned bank, a spokesman for India's Central Bureau of Investigation said ...

Daily Headline - global.abi.org - 01/24/2017 - 21:45 - 0 comments

Edelweiss ARC To File Insolvency Case Against Bharati Defence In NCLT

Edelweiss Asset Reconstruction Co. (ARC) Ltd is planning to file an insolvency case against Bharati Defence and Infrastructure Ltd in the National Company Law Tribunal (NCLT) to pre-empt winding-up petitions by unsecured creditors, said two people famili ...

Daily Headline - global.abi.org - 01/11/2017 - 22:43 - 0 comments

Is India’s War on Cash Paying Off?

India lowered its borrowing plan for the year ending March 31 by 4.2%, in a sign that the government’s crackdown on tax evaders is helping to increase New Delhi’s coffers, The Wall Street Journal reported. The government says it plans to cut the amou ...

Daily Headline - global.abi.org - 01/04/2017 - 20:54 - 0 comments

Sugar Industry Seeks Debt Restructuring, Loans Rescheduling

Reeling under a huge debt burden of Rs 50,000 crore, the sugar industry today asked the government to restructure debt and extend interest subvention on soft loans for another three years, the Business Standard reported. A representation in this rega ...

Daily Headline - global.abi.org - 01/04/2017 - 20:55 - 0 comments

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