Fitch Ratings has cut India's economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors". The 'Negative' outlook, it said, reflects uncertainty over the debt trajectory following the sharp deterioration in India's public finances due to the pandemic shock.
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
Barclays chairman Marcus Agius and chief executive Bob Diamond have resigned after regulators in the UK and US slapped a 290 million pound penalty on the bank.
Nimbus Sport International Pvt. Ltd on Tuesday announced that Joost, a global online television platform had acquired the on-demand internet clip rights for the Barclays Premier League in the Indian subcontinent.
Barclays had been found guilty of submitting false information that had the effect of manipulating the calculation of the London interbank offered rate, or Libor, which is the interest rate at which banks are ready to lend to other banks.
Barclays, the global brokerage firm, also stated that the election verdict could lead to a weakness in the stock market.
As the central bank continues to increase forex reserves by running down the forward book which totalled $42 billion as of end-July, signalling its strong resolve to build a bigger reserve cushion to aid its expansionary, unorthodox monetary policy, the reserves are set to top the $655-billion-mark by March, according to a report. The forex kitty declined by $2.10 billion to $619.36 billion for the week to August 13 due to a fall in the core currency assets and gold, showed the latest RBI data. The reserves had risen to a lifetime high of $621.46 billion in the previous reporting week ending August 6.
Leading brokerages Nomura and Barclays on said current account deficit, which unexpectedly improved to 4.8 per cent in 2012-13, but still at a historic high, could moderate further this fiscal on slowing gold imports and cheaper commodities.
Together with Barclays-ABN Amro, about a half a dozen foreign banks such as Citigroup, HSBC and Standard Chartered could hire over 50,000 employees in India in the next three years.
The government on Wednesday asked the Reserve Bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five-year period ending March 2026. To control the price rise, the government in 2016 gave a mandate to the RBI to keep the retail inflation at 4 per cent with a margin of 2 per cent on either side for a five-year period ending March 31, 2021.
Of the 1,145 offers made this year, consulting firms made up 34 per cent, followed by banking, financial services and insurance, pharma/healthcare, IT/ITeS and FMCG/retail.
The ICC said Australia and India would host T20 World Cups in 2021 and 2022 but it was undecided who would host which.
'The concern that the bad bank may create a moral hazard for the system is extremely valid.'
Fitch Ratings on Wednesday cut India's growth forecast to 10 per cent for the current fiscal, from 12.8 per cent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280bp to 10 per cent, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said. Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
Premier League club Liverpool went up for sale Friday after American owners Tom Hicks and George Gillett appointed Barclays Capital to find a buyer.
Financial services major Citigroup's top executive Tom King is leaving the company after 20 years of service and is likely to join Barclays Plc, a media report said.
Crystal Palace heaped more misery on Liverpool when they came from behind to win 3-1 in the Premier League on Sunday, six months after effectively ending the northern club's title hopes when they drew 3-3.
All Sensex components ended in the red. IndusInd Bank was the top loser, followed by Tata Steel, HDFC, ICICI Bank, Axis Bank, Infosys and ITC. According to traders, volatility heightened in global markets as US Federal Reserve's interest rate cut stoked concerns over an impending economic recession.
The Duke and Duchess of Cambridge, Prince William and Kate Middleton took time during their trip to New York to attend an NBA game.
While the remainder of the IPL has been shifted to the United Arab Emirates between September 15 to October 15, the BCCI doesn't want to let go the opportunity of hosting the T20 World Cup in October-November.
Former ESPN Star Sports MD Sawhney has already been working alongside outgoing Chief Executive Richardson for the last six weeks to ensure a smooth transition.
Olympique Lyonnais are on the verge of signing Brazil defender Rafael from Manchester United, the French club's president said on Monday.
Analysts cut upstream firms' FY15 earnings estimates, while raising those for GAIL and Gujarat Gas.
Swansea City came from behind to end Manchester United's unbeaten start to the Premier League season with an impressive 2-1 victory at the Liberty Stadium on Sunday.
The bill will now go to the House of Lords on Monday for voting before royal assent from Queen Elizabeth II to become law.
The momentum that swept Leicester City away from relegation last season continued unabated at West Ham United on Saturday as their 2-1 win left them top of the Premier League.
Company expects to be back to industry leading growth in FY17.
Many analysts over the past week have said the RBI has legroom to cut rates to the tune of 65 bps by June and some like Barclays and BofA have also spoken about the likelihood of an inter-meeting cut.
About 60 per cent of those with assets of more than $1 million said a high appetite for risk had been a big influence in generating wealth, compared to 36 per cent of those with less than $1 million worth of assets.
The difference in fortunes since Liverpool won 3-0 away to Manchester United in March was illustrated when Louis Van Gaal's team reversed that scoreline on Sunday.
Rohan Bopanna and his Romanian partner Florin Mergea on Saturday made it to the final of the men's doubles event at the ATP World Tour Finals, in London, after registering a straight-set victory against Croatian Ivan Dodig and Marcelo Melo of Brazil.
Seeking to tap opportunities in Indian rail and mining sectors, UK-based infrastructure company Laing O'Rourke, which has a tie-up with domestic realty major DLF, has acquired Barclay Mowlem
Bank of America (BofA) Securities expects India to be the third-largest economy in the world by 2031. The economic rise could become a reality by 2028, but the Covid pandemic delayed the pace, BofA Securities economists Indranil Sen Gupta and Aastha Gudwani wrote in a report.
Pakistan Cricket Board (PCB) chairman Ehsan Mani is against the idea of someone from among the 'big three' nations of India, England and Australia becoming the next ICC chairperson, saying it would be "healthier" for the game to select someone from other boards.
New buyers of English and Welsh soccer clubs may be forced to sell up to 10 per cent of their stakes to fans of the club under plans put forward on Friday by Britain's opposition Labour party to shake up club ownership and governance rules.
Newly-acquired Spain forward Pedro highlighted his potential worth to Premier League champions Chelsea with a goal, assist and eye-catching performance in their 3-2 win at West Bromwich Albion on Sunday.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
Barclays said the refinery would, however, now need to find new sources for the energy for its internal uses.
HSBC's purchasing managers' index was released on Tuesday.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
