Thursday, April 15

Month: September 2020

Apollo co-founder Josh Harris says the SPAC trend is ‘here to stay’

Apollo co-founder Josh Harris says the SPAC trend is ‘here to stay’

investment
Joshua Harris, Apollo Global Management Co-Founder speaks during the 2020 Delivering Alpha conference on Sept. 30th, 2020.CNBCA notable private equity investor said Wednesday that the boom in special purpose acquisition companies was not just a passing fad.Apollo Global Management co-founder Joshua Harris said at the Delivering Alpha conference presented by CNBC and Institutional Investor that SPACs were filling a needed role for companies that were closing in on going public. Apollo has both raised its own SPACs and exited its position in companies through the blank check vehicles, Harris said."The SPAC part of the IPO market is a part of the market that's here to stay," Harris told CNBC's Leslie Picker.There has been a rush of SPACs in recent months, outpacing traditional IPOs in money ...
LVB shortlists three candidates for MD & CEO post; to send names to RBI in a week

LVB shortlists three candidates for MD & CEO post; to send names to RBI in a week

Finance
NEW DELHI: The Committee of Directors (CoD) at the troubled Lakshmi Vilas Bank (LVB) has shortlisted three candidates for the post of MD and CEO and the names will be sent to the RBI within a week, an official of the bank said. The lender's chief executive S Sundar and six other directors were voted out by shareholders earlier this week. Post the removal, the Reserve Bank appointed a three-member Committee of Directors (CoD) comprising independent directors Meeta Makhan, Shakti Sinha and Satish Kumar Kalra. "A bank cannot work without a managing director and chief executive officer (MD and CEO). So, we at the board got together and discussed how to move ahead without an MD (for the time being). "The bank had interview for the post... and we have selected three candidates. We will send our...
loan moratorium: Borrowers seeking loan moratoriums rose after June; will be judicious on loan recasts: Axis Bank

loan moratorium: Borrowers seeking loan moratoriums rose after June; will be judicious on loan recasts: Axis Bank

Finance
MUMBAI: Axis Bank on Tuesday said there was an uptick in the number of borrowers who opted for loan moratoriums after June and emphasised that the lender will be "judicious" in restructuring borrowings under the new rules. About Non-Performing Assets (NPAs), the bank's Chief Executive Officer and Managing Director Amitabh Chaudhry said its stress tests are now showing lower slippages across any scenario than earlier. "The 9.7 (per cent) was the number as of June 30. Obviously over a period of time some more customers do ask for moratorium, so I can definitely say that the number has gone up a little bit rather than coming down, which has happened for everyone," Chaudhry told in an interview. The chief of the country's third largest private sector lender was responding to a query on the ...
Indoor farming start-up AppHarvest joins the SPAC craze to go public

Indoor farming start-up AppHarvest joins the SPAC craze to go public

investment
An indoor farming start-up that heralds itself as the future of agriculture and has Martha Stewart on its board announced Tuesday it is going public through a reverse merger, the latest in a series of blank-check deals during the coronavirus pandemic.  Kentucky-based AppHarvest is merging with special purpose acquisition company Novus Capital Corp., while picking up $475 million in financing, $375 million of which is coming through a PIPE, or private investment in public equity.Shares of Novus Capital were rising more than 15% on Tuesday after the deal was publicized. The transaction is set to close in the late fourth quarter of this year or early in 2021, according to a release. AppHarvest operates a 60-acre facility in Morehead, Kentucky, that it says is one of the world's largest high-
RBI appoints D K Kashyap as director on board of Dhanlaxmi Bank

RBI appoints D K Kashyap as director on board of Dhanlaxmi Bank

Finance
New Delhi: Private sector Dhanlaxmi Bank on Tuesday said the RBI has appointed its General Manager D K Kashyap on the board of the bank for two years. However, the bank did not disclose the reason for appointment of the RBI's nominee of its board. In a regulatory filing, Dhanlaxmi Bank said the banking sector regulator through a letter dated September 28, 2020, has appointed D K Kashyap, General Manager, Reserve Bank of India, Bengaluru Regional Office as Additional Director on the board of the bank. The appointment is for a period of two years with effect from September 28, 2020, to September 27, 2022, or till further orders, whichever is earlier, it said. The RBI usually does not appoint its nominee on the boards of private banks unless there are exceptional circumstances to avoid an...
Hadi Yousef details the origins of his investing app Earnings Calls

Hadi Yousef details the origins of his investing app Earnings Calls

investment
After Hadi Yousef began to invest in stocks, he soon learned the value of listening to a company's earnings call. It didn't take long for the then-Indiana University student to realize that tracking them down for a range of companies was a challenge. "Around that time, five years ago, I had really gotten into podcasts, and so that was our goal: to make listening to earnings calls as easy as listening to podcasts," Yousef said Monday on CNBC's "The Exchange." So Yousef created the aptly named app Earnings Calls, which compiles audio recordings of quarterly earnings calls for more than 2,100 publicly traded companies. The app has more than 10,000 active users.Both numbers are growing. Yousef, 26, said the app is actively taking requests for new companies to include, and new users are adding
RBI may pick Lakshmi Vilas Bank CEO from names given by bank

RBI may pick Lakshmi Vilas Bank CEO from names given by bank

Finance
KOLKATA: The Reserve Bank of India (RBI) may select the next chief executive of Lakshmi Vilas Bank from a panel of candidates that the lender had sent the regulator a few months back, two people familiar with the matter said. These include an internal candidate, one from Punjab National Bank (PNB) and one from Kotak Mahindra Bank, they said. The bank had sent the list as it was looking to find a replacement for S Sundar, who had been appointed for an interim period until a permanent CEO took charge. “We are given to understand that the regulator may consider the existing list for selecting the next CEO for the bank,” one of the persons said, adding that the RBI was not happy how shareholders had rejected a CEO appointed by it. Shareholders of Lakshmi Vilas Bank, led by institutions, unexp
Deutsche Bank, JPMorgan lead drop in bank shares amid suspicious funds report

Deutsche Bank, JPMorgan lead drop in bank shares amid suspicious funds report

investment
A Deutsche Bank AG flag flies outside the company's office on Wall Street in New York.Mark Kauzlarich | Bloomberg | Getty ImagesFinancial stocks came under pressure on Monday amid a report that global banks moved allegedly illicit funds over the past two decades despite warnings from U.S. officials.Shares of Deutsche Bank dropped more than 8%, while JPMorgan fell 3.1%. Goldman Sachs fell 0.4%, Citigroup lost 2% and Bank of New York Mellon traded 4.1% lower. The sell-off was triggered by a new investigation by BuzzFeed and the International Consortium of Investigative Journalists that said the banks' internal compliance officers flagged a total of more than $2 trillion in transactions between 1999 and 2017 as possible money laundering or other criminal activity. The report cited confidenti
DHFL case: Grant Thornton flags fraudulent transactions worth Rs 12,705 crore

DHFL case: Grant Thornton flags fraudulent transactions worth Rs 12,705 crore

Finance
New Delhi: Fraudulent transactions worth Rs 12,705.53 crore took place at debt-ridden mortgage firm DHFL during FY17 to FY19, according to transaction auditor Grant Thornton. According to the auditor's report, this pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority (SRA) projects undertaken by the company in the past. Earlier this year, the administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct an investigation into the affairs of the mortgage firm. Last year, the Mumbai-bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution. It had appointed Indian Overse...
Reserve Bank ropes in Amitabh Bachchan for customer awareness campaign

Reserve Bank ropes in Amitabh Bachchan for customer awareness campaign

Finance
Mumbai: After sport stars, the Reserve Bank has roped in Bollywood megastar Amitabh Bachchan for the customer awareness campaign to prevent gullible account holders from being duped by fraudsters. As part of the public awareness initiative of RBI, the regulator keeps informing about dos and don'ts that have to be followed by customers to transact safely and securely. Besides its main twitter handle, RBI has another twitter account called 'RBI Says'. Here, Big B shared a message on Sunday saying "the cost of awareness is hardly a penny, but ignorance can cost you hard earned money." The regulator has been running the campaign for more than a year not only in English and Hindi but in various regional languages for maximum reach. It keeps on repeating the message so that people don't forge...