Mumbai:Distressed funds that have bought sticky loans of BMM Ispat for half the value, as banks sought for immediate realisation of the receivables, have brought about a turnaround at the steel products maker. Edelweiss Asset Reconstruction Company, along with IndoStar Capital, bought the loans at about Rs 1,500 crore. With the company’s main plant in Karnataka’s Bellari resuming operations, they are now expecting at least 50% returns on the investment. All stakeholders have benefited out of this, said RK Bansal, the managing director at Edelweiss ARC. “Banks have recovered money faster and at optimal prices, and the ARC has helped to turnaround the business," Bansal said. “We are in talks with three banks to buy out the residual debt,” he said. There were about a dozen banks that had len
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday said his administration would not grant Apple Inc any relief for tariffs on Chinese-made parts for its Mac Pro computer. FILE PHOTO: U.S. President Donald Trump participates in welcome ceremony for Defense Secretary Mark Esper at the Pentagon in Arlington, Virginia, U.S., July 25, 2019. REUTERS/Jonathan Ernst/File Photo“Apple will not be given Tariff waiver, or relief, for Mac Pro parts that are made in China. Make them in the USA, no Tariffs!” Trump tweeted. Representatives for Apple had no immediate comment. Shares of the company sharply pared their gains after Trump’s tweets. On July 18, Apple asked the U.S. Trade Representative’s Office to waive 25% tariffs on 15 parts, including ones for Mac Pro desktop computer. The publ
A woman enters Bear Stearns headquarters in New York, March 14, 2008.Daniel Acker | Bloomberg | Getty ImagesA former trader at Scotia Capital and Bear Stearns pleaded guilty Thursday to a federal crime and admitted manipulating precious metals markets for nine years — the latest in a series of crackdowns in the commodities markets by the Justice Department.The trader, Corey Flaum, 41, of Mount Kisco, New York, is cooperating with an ongoing federal criminal investigation, officials said as they announced his guilty plea to one count of attempted commodities price manipulation in U.S. District Court in Brooklyn.Flaum during his guilty plea admitted that from approximately June 2007 and July 2016 he "placed thousands of orders to manipulate the prices of gold, silver, platinum and palladiu
FILE PHOTO: The logo of French car manufacturer Renault is seen at a dealership of the company in Bordeaux, France, June 12, 2019. REUTERS/Regis Duvignau/File PhotoPARIS (Reuters) - Renault (RENA.PA) warned that revenue may decline this year, scrapping a previous goal, after first-half profit was hit by weakening car demand and an earnings collapse at alliance partner Nissan (7201.T) in the wake of the Carlos Ghosn scandal. Net income slumped by more than half to 970 million euros ($1.08 billion) in January-June as revenue fell 6.4% to 28.05 billion, the French carmaker said on Friday. Operating profit also dropped 13.6% to 1.654 billion euros. “Given the degradation in demand, the group now expects 2019 revenues to be close to last year’s,” Renault predicted - abandoning an earlier pled
The gross non-performing assets (NPAs) of public sector banks (PSBs) have declined by Rs 89,189 crore from a peak of more than Rs 8.95 lakh crore in March 2018 to over Rs 8.06 lakh crore in March this year, the government told the Rajya Sabha. In a written reply to Congress member B K Hariprasad, Finance Minister Nirmala Sitharaman said, "As per Reserve Bank of India (RBI) data on global operations (provisional data for the financial year ending March 2019), gross NPAs of PSBs have declined by Rs 89,189 crore from the peak of Rs 8,95,601 crore in March 2018 to Rs 8,06,412 crore in March 2019 (provisional data)." According to the data, aggregate gross advances of PSBs increased from over Rs 18.19 lakh crore as on March 31, 2008 to more than Rs 52.15 lakh crore as on March 31, 2014. "As per...
OSHKOSH, Wisc. (Reuters) - The U.S. Federal Aviation Administration distanced itself on Thursday from suggestions by Boeing (BA.N) that its grounded 737 MAX could resume flying passengers in October, saying regulators do not have a timeline for vetting safety upgrades. FILE PHOTO: Employees walk by the end of a 737 Max aircraft at the Boeing factory in Renton, Washington, U.S., March 27, 2019. REUTERS/Lindsey Wasson/File PhotoBoeing Chief Executive Dennis Muilenburg told analysts on Wednesday he was confident the MAX would be back in service as early as October after a certification flight with regulators in September. But the FAA’s top official declined to be pinned down on Boeing’s target of October or any other timeline for clearing the plane, which was grounded in March after two fat
NEW DELHI: Union Home Minister Amit Shah on Thursday received a dividend cheque of Rs 15.26 crore from the representatives of the Repco Bank, a multi state cooperative finance and development bank controlled by the Home Ministry. The Repco Bank is a multi state cooperative society established in 1969 by the central government for rehabilitation of repatriates from Myanmar and Sri Lanka, an official statement said. As on March 31 this year, the government of India held 49.15 per cent of the share capital, four southern state governments held 6.24 per cent and the remaining 45 per cent was held by individual repatriates. For the 2018-19, the total business mix of the bank was Rs 15,230 crore. The bank posted net profit of Rs 107 crore and declared a dividend of 20 per cent for its stakehold...
A UPS driver pushes a load of packages from his truck to a building in downtown Los Angeles, California, July 22, 2019.Mike Blake | ReutersHere are the biggest calls on Wall Street on Thursday:Credit Suisse upgraded AT&T to 'neutral' from 'sell'Following the company's earnings results, Credit Suisse upgraded the stock but said it still had concerns about "competitive" challenges. "We are raising our rating on AT&T shares from Underperform to Neutral as near-term negative catalysts have played out, primarily video subscriber losses having hit what we believe are peak levels in 2Q19/3Q19. "Bank of America upgraded UPS to 'buy' from 'neutral'Bank of America upgraded UPS and said it saw "upside" in the company if it can "hold" its margins. "We raise our rating to Buy from Neutral, a...
FILE PHOTO: The Nike swoosh logo is pictured on a store in New York City, New York, U.S., September 4, 2018. REUTERS/Carlo Allegri/File Photo(Reuters) - Nike Inc (NKE.N), the world’s largest sportswear maker, is exploring options for its surfwear brand Hurley International, including its possible divestment, according to people familiar with the matter. Nike’s potential retrenchment from the surfwear market is emblematic of the stance of most major consumer companies towards the sector. Surf brands have lost their appeal among non-surfing consumers, who now prefer boutique brands and retro streetwear. Among the options that Nike is considering for Hurley is an outright sale of the Costa Mesa, California-born brand, the sources said, requesting anonymity because the deliberations are conf
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 24, 2019. REUTERS/Brendan McDermid(Reuters) - The S&P 500 and Nasdaq hit record closing highs on Wednesday after reassuring comments from Texas Instruments about global chip demand blunted the impact of weak earnings reports from Boeing and Caterpillar. The Dow Jones Industrial Average .DJI fell 81.44 points, or 0.3%, to 27,267.75, the S&P 500 .SPX gained 13.97 points, or 0.46%, to 3,019.44 and the Nasdaq Composite .IXIC added 69.69 points, or 0.84%, to 8,321.09. Reporting by Sinéad Carew; Editing by Lisa ShumakerOur Standards:The Thomson Reuters Trust Principles.