NEW YORK A gauge of the dollar headed for the steepest weekly slide since October 2011 on speculation the Federal Reserve isnt in a hurry to raise interest rates. The Bloomberg Dollar Spot index, which tracks the greenback against 10 major currencies, is retreating just a week after reaching the highest level since Bloomberg began compiling the data in 2004. The dollar tumbled Wednesday after the Fed indicated it will raise rates more slowly than it previously predicted. HSBC Holdings PLC, one of Wall Streets biggest proponents of the dollar, said the rally may be over. The Bloomberg Dollar Spot index declined 1,195.01 at 4 pm in New York. The gauge fell 2.2 percent this week, the first five-day...
LONDON, March 25 (Reuters) – US private equity firm
Hellman Friedman has emerged as the leading bidder for Italian
bank services provider ICBPI after it made a 2.05 billion euros
($2.25 billion) offer on Monday to take it to the final stages
of the auction, three sources familiar with the matter said.
ICBPI, which earns fees on payment, clearing and credit card
services provided to Italian cooperative banks, has so far
received four bids valuing it at between 1.85 billion euros and
2.05 billion euros. Hellman Friedman, a newcomer to Italy,
tabled the highest offer, one of the sources said.
ICBPIs advisers Mediobanca and Equita are looking...
After students pass out from schools, funding their higher studies is both a momentous event and a dilemma faced by parents. The costs of higher professional education have gone through the roof. Education loans come in as much-needed financial succour to help talented and meritorious students realise their dreams of studying in reputed professional institutes.
The most alluring feature of education loans is that they can be repaid after the completion of the particular educational course. This loan generally covers all expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance,...
It was informed that out of 355 Joint Lenders Forum (JLF) formed by banks during the period July 1, 2014 to February 26, 2015, 254 JLFs were formed by PSBs out of which State Bank of India has shown a lead with 107.
Resolution of stalled projects would help PSBs in improving the asset quality, he said.
During the period between April 2014 and January 2015, PSBs received 88 new projects or proposal (with investment of Rs 250 crore) with a total investment of Rs 1.41 lakh crore.
These are in various stages of appraisal, sanction and stage-wise disbursements, he said.
NPAs (non-performing assets) of the banks have gone up during the last few years. Gross NPAs...
It is graduation season. Financially challenged students and parents must be in distress because of unpaid school fees and other expenses that need to be met in order for these students to be on the official roster of graduates and receive their diplomas–and on stage if possible. What they go through is different from school opening woes. This is the last hurdle, so to speak, and to be denied the long-awaited moment on the stage because of unmet payments can cause a student’s emotion to spiral down to the dark depths.
Today’s kids, how fragile they are, one might say, compared to poor, rural students of yore who went to school barefoot with little or no food in their...
Kabbage has taken root in the US and UK markets as a platform where small businesses can quickly apply for and receive working capital loans — with Kabbage making fast decisions about eligibility through a mix of smart algorithms and online and offline data sources. Now the startup is growing its business on two fronts. It’s kicking off a new white-label offering where third parties will power loan services using Kabbage’s technology. And through its first white-label partner, it is expanding to a third market, Australia, its first in Asia Pacific.
The service in Australia will be offered through a new service called Kikka Capital that will launch in May. Kabbage...
NABARD Chairman HK Bhanwala on Tuesday said the bank had sanctioned Rs. 12,000 crore for Rural Infrastructure Development Fund (RIDF) last year, but only 50 per cent of the allotted funds had been utilised. He asked the government to ensure that the funds were utilised for the next financial year.
Speaking at a special meeting with a NABARD team at the Secretariat on Tuesday, NABARD Chairman asked the government to appeal to the RBI for an additional fund of Rs. 600 crore.
Chief Minister N. Chandrababu Naidu had sought special debt assistance and co-operation in the form of Public-private Partnership (PPP) projects in the agricultural sector in the State.
Mr. Naidu also...
ERODE: Strict action will be taken if government officials do not prevent the broker menace in their offices, said District Collector Dr S Prabakar.
The Collector issued the warning while receiving petitions from the public at the grievance redressal day meeting here on Monday. Some petitioners had submitted petitions informing him about the involvement of outsiders in getting the benefits under schemes like old age pension.
An annoyed Collector himself said that in the name of petition writers also, some people were moving around in the offices. He wanted all officials to ascertain what was going on outside also and prevent the activities of touts.
The Collector also...
Illinois Attorney General Lisa Madigan’s office collected $1.3 billion in 2014 on behalf of the state, her office announced Wednesday.
Overall, the office collected a total of $1,333,711,626 in 2014. Of that, $244 million will go toward the states pension system.
About $344.8 million was generated through collections litigation for damage to state property, child support, unpaid educational loans, fines and penalties, according to the attorney general’s office. Another $306.8 million was collected through tobacco litigation, and another $317.6 was made in estate tax revenues.
“My office works to maximize revenue to support critical programs and services,...
Pirelli bid. China National Chemical Corp. and other investors are making a bid for Pirelli amp; C. SpA that could value the Italian tire manufacturer at around $7.7 billion–one of the largest overseas acquisitions by a Chinese state firm in recent years. In a surprising twist, the latest China mega-deal is being wholly-financed by JP Morgan Chase amp; Co. [WSJ/WSJ]
Short-stay surgery deal. Tenet Healthcare Corp. and private-equity firm Welsh Carson Anderson amp; Stowe agreed to form a joint venture combining Tenet’s short-stay surgery and imaging assets with those of Welsh Carson’s United Surgical Partners International Inc. [WSJ]
NewDay weighs options. The...