Wednesday, June 16

Month: October 2018

TPG Growth invests $42 million in Ess Kay Fincorp

TPG Growth invests $42 million in Ess Kay Fincorp

Finance
TPG Growth, the middle market and growth investment fund of TPG Group, today announced that it has invested $42 million in Ess Kay Fincorp, a Jaipur-based NBFC. Existing investors Norwest Venture Partners and Evolvence India Fund II Ltd are investing alongside TPG Growth, the fund said in a joint statement. ET was the first to report the proposed transaction in its October 12 edition. Founded in 1994 by Rajendra Setia, Ess Kay essentially targets rural and semi-urban customers to help them buy used vehicles including commercial vehicle, car, agricultural equipment, two and three-wheeler and MSME loans for small businesses. The company operates in the states of Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Punjab and Haryana, servicing mostly low-income, self-employed individuals. “Wi
These 5 benefit enrollment mistakes could cost you in 2019

These 5 benefit enrollment mistakes could cost you in 2019

investment
The sweetener for participating in a high-deductible plan is the ability to save money in a health savings account on a tax-favored basis. In 2019, you can save up to $3,500 in an HSA if you have self-only coverage or up to $7,000 for a family plan. If you're 55 and up, you can make an additional contribution of $1,000. Employers can also help you fund this account: More than 3 out of 4 employers that offer high-deductible plans offer some kind of matching contribution or seeding for workers with HSAs, according to data from Alight Solutions. Unlike flexible spending arrangements, HSA balanc...
Robust earnings boost equity markets after brutal month

Robust earnings boost equity markets after brutal month

business
NEW YORK (Reuters) - Robust corporate results helped world stock markets surge on Wednesday, bringing some relief to jittery investors after a brutal October that saw equities suffer one of their worst drops since the financial crisis ten years ago. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 29, 2018. REUTERS/Brendan McdermidStrong earnings reports in the U.S. and Europe spurred a broad rally, despite data showing that China’s factory growth slowed to its lowest in two years. Investors rushed into the U.S. dollar, sending it to a 16-month high while the offshore Chinese yuan languished at a 22-month low. The MSCI world equity index, which tracks shares in 47 countries, rose 0.6 percent, but remains down 8.2 percent in October, its worst
RBI’s Prompt Corrective Action just baby steps before weak banks leap

RBI’s Prompt Corrective Action just baby steps before weak banks leap

Finance
The Mint Road and the North Block are in a tug of war on the Prompt Corrective Action (PCA) framework for weak banks. The finance ministry wants to soften the restrictions on banks under PCA. RBI, which imposes them, is resisting it. There could be more to this than what meets the eye. The government demands dilution of restrictions on lending to below ‘Double A’ rated borrowers, which it thinks tapered credit flow and growth. With non-bank lenders struggling and slowing down business to preserve liquidity amid acute shortage of it, little wonder the government is pushing for dilution ahead of elections next year. But RBI’s central board put its foot down on the government’s proposal. PERFORMANCE OF BANKS UNDER PCA As many as 12 banks, including one privately-owned, are under PCA with
Countering global protectionism, Pacific trade pact to start at end-2018

Countering global protectionism, Pacific trade pact to start at end-2018

business
WELLINGTON (Reuters) - A landmark 11-member deal that will slash tariffs across much of the Asia-Pacific will come into force at the end of December, New Zealand said on Wednesday, a rare bright spot for global commerce as the U.S.-China trade war intensifies. FILE PHOTO: New Zealand's Minister for Trade and Export Growth David Parker signs the Trans-Pacific Partnership (TPP) trade deal, in Santiago, Chile March 8, 2018. REUTERS/Ivan Alvarado The deal moved forward after Australia become the sixth nation to formally ratify the deal, alongside Canada, Japan, Mexico, New Zealand and Singapore. “This triggers the 60 day countdown to entry into force of the Agreement and the first round of tariff cuts,” said New Zealand Trade and Export Growth Minister David Parker. His country is responsib
Facebook’s quarter doesn’t inspire much confidence

Facebook’s quarter doesn’t inspire much confidence

investment
As the leader of a mass manufacturer of key electrical components, Kemet Corp. CEO Per-Olof Loof has his finger on the pulse of a host of important industries, he told Cramer in an exclusive interview on Tuesday. "Kemet may not be a household name, but we are pretty much in every household," he said on "Mad Money." "We cover the automotive sector, we cover the military, the medical, industrial, telecommunications, and whenever there is voltage, you need some of our things to support the semiconductors on the board." As such, Loof's company is entangled in the growing space that is the internet of things — a Wall Street catchphrase for the booming pse
General Electric reveals deeper regulatory probe, restructuring

General Electric reveals deeper regulatory probe, restructuring

business
(Reuters) - General Electric Co slashed its quarterly dividend to a penny a share, promised to restructure its power unit and said it faced a deeper accounting probe as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate. GE said the U.S. Securities and Exchange Commission and Department of Justice had expanded ongoing investigations to include a $22-billion writedown of goodwill from GE’s power division, which GE reported on Tuesday. GE’s restructuring of Power comes as the 126-year-old company, once the most valuable U.S. corporation, is reeling from missteps that have eroded profits and forced it to announce more than $40 billion in writedowns in less than a year, among the largest such actions in U.S. corporate history. Culp, who took over on Oc
IL&FS: FSDC discusses NBFC liquidity issues; RBI assures adequate fund flow in system

IL&FS: FSDC discusses NBFC liquidity issues; RBI assures adequate fund flow in system

Finance
NEW DELHI: The high level FSDC meeting chaired by Finance Minister Arun Jaitley Tuesday discussed liquidity issues being faced by the non-banking financial companies, sources said. Headed by the finance minister, the Financial Stability and Development Council (FSDC) includes Reserve Bank Governor, Sebi Chairman, and heads of other regulators like PFRDA, IRDAI, and also Chairman of the Insolvency and Bankruptcy Board (IBBI). Reserve Bank Governor Urjit Patel said the liquidity problem in NBFCs is not as severe as is being projected, but assured the government that it would ensure adequate liquidity in the system, sources said after the meeting. The meeting assumes significance as the FSDC is meeting for the first time after RBI Deputy Governor Viral Acharya raised the issues regarding i...
Ocado and Kroger agree terms to May deal

Ocado and Kroger agree terms to May deal

business
A logo of Kroger is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas Jackson LONDON (Reuters) - British online grocer Ocado said on Tuesday it has agreed service and operational terms in relation to the major deal it struck with U.S. supermarket chain Kroger Co in May. Through the May deal Ocado will ratchet up its delivery business with the construction of robotically operated warehouses for Kroger, upping the ante in the battle with Amazon.com Inc. Ocado said the new agreement includes how Kroger will order warehouses, or what Ocado calls Customer Fulfilment Centres (CFCs), and the basis on which Ocado will develop and operate those sites in the United States. Kroger is expected to...
BlackRock Jeff Shen says tariffs helped spark China’s slowdown

BlackRock Jeff Shen says tariffs helped spark China’s slowdown

investment
BlackRock's Jeff Shen said the escalation of trade tensions and the imposition of tariffs between Washington and Beijing have exacerbated China's financial woes as it works to modernize its economy. "I think tariffs were a bit of a catalyst. China is going through a deleveraging process, is going through a repositioning of its economy. ... It's a bit of a transition and the tariff certainly doesn't help," Shen, Blackrock's co-head of systematic active equity, said during an interview with CNBC's Leslie Picker. "If (the) tariff was not there, the economy could have gone through a bit of a transition with a bit of a cushion....