The world press seems to be suffering withdrawal symptoms due to the recent absence / paucity of strong negative financial news. What else would explain the panicky histrionics following Dubai's announcement that it is seeking to restructure payment on $59 billion in debt?
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
Aditya Birla group flagship firm Hindalco Industries has decided to trim its overseas operations and is restructuring its capital expenditure in India in an effort to stabilise operations. As part of this overall plan, Novelis, which Hindalco acquired for $6 billion in 2007, is closing its sheet mill at Rogerstone in the UK, involving 440 job losses.
The company faced severe demand contraction in its principal market segments due to the global financial crisis. Trevira manufactures high-value branded polyester fibers and filament yarns for the automotive industries, home textiles as well as for technical applications.
According to The Australian, about 200 employees of Crazy John's will face redundancy as part of its restructuring programme in the first half of 2010, when over 150 jobs will be shifted to Mumbai.
The government may have to resort, eventually and however unwillingly, to printing money, abandoned as policy and practice in the 1990, predicts T N Ninan.
China Development Bank takes Reliance Communications to NCLT over loan default
'India-China economic ties are likely to take a hit in the wake of the new situation, but that also provides India with a new opportunity to strengthen its manufacturing base,' points out Dr Rajaram Panda.
Total net debt-equity ratio improves for third consecutive year, while investment in new projects hits a 10-year low, says Krishna Kant.
Having spent the first 90 days meeting employees and key clients, Jeya Kumar, new CEO of Patni Computer Systems, is clearly in control. While he acknowledges concerns due to the current slowdown, he has started restructuring the company. He details the growth plans in a chat with Business Standard's Shivani Shinde.
Kolkata-based LSI Financial Services has obtained Securities and Exchange Board of India (Sebi) licence for merchant banking operations.
Dell's acquisition of Perot System for $3.9 billion is being seen by most analysts as a strategic call. This will give Dell an enlarged footprint. Both the companies will get a chance to diversify. Of course, it will make Dell a service powerhouse -- globally and in the country too.
A two-day board meeting of Maytas Infrastructure's six-member new board, which comprises four government-nominees, is likely to divest some projects nearing completion in a bid to raise funds to complete other assignments.
The move comes when Kingfisher remains the only listed airline in India to have made losses in the third quarter of the current financial year.
Anand Mahindra says driverless tractors could change the future of food production.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Restructuring workforce seems to be another lesson taught by the economic slowdown as a large number of American companies are expecting to hire temporary workers as IT and professional staff in the near future, a survey has found.
The Chennai-based retail chain ran out of money several months earlier and has suspended operations since then. Subhiksha's founder-promoter, R Subramanian, said he was optimistic of a settlement and early resumption of operations.
Board for Reconstruction of Public Enterprises has given its approval for the sale of Tide Water Oil and two other associate companies of Andrew Yule and Company to raise funds for restructuring of the parent.
In December last year, Amazon invested over Rs 1,700 crore into its payments and wholesale business units in India, while in October it had infused over Rs 4,400 crore (more than USD 600 million) in its various units in India, including marketplace and food retail. Bezos last visited India in 2014 when he presented Amazon's Indian unit with a giant cheque for USD 2 billion. Since then, Amazon has pledged a further USD 3.5 billion to expand in the country and the USD 1 billion investment announced on Wednesday would take the total committed investment to USD 6.5 billion.
eBay says it has cut jobs at its centre in Bengaluru in favour of shifting them to other locations around the world.
The head of GM's European operations Nick Reilly assured on Thursday state premier of Thuringia in eastern Germany Christine Lieberknecht that Opel's Eisenach plant in the state will remain open.
Decoding four important provisions in the Finance Bill 2018.
UK daily Financial Times, quoting people close to the development, said, "Citigroup is to revamp its board with the departure of long-standing members Kenneth Derr and Franklin Thomas following criticism of its ability to supervise the troubled company's executives and strategy".
With projects worth Rs 1,28,000-cr, the group hopes to become one of the country's biggest industrial houses.
China and India have become the two strongest driving forces for the world's economic growth.
Though Indian banks don't have large exposure to subprime mortgages, analysts are worried at the rise in their restructured loan portfolios and deterioration in credit quality.
As part of restructuring, Tata Steel UK informed its lenders on Tuesday that it would prepay debt of over 200 million pounds to continue its objective of making its European operations debt-free. Non-recourse debt is a secured loan that is availed of by pledging collateral but there is no personal liability on the part of the borrower.
'Instead of doing reforms and restructuring, the present government is busy with the perception that everything is fine and the economy is hunky-dory.' 'Such hollow perceptions are very dangerous for the Indian economy in the long run.' 'The real risk to India is the lack of decent employment opportunities for youth in general and educated youth in particular.'
The reshaping programme has been announced to combine and streamline group's three global research and development operations into one Unilever R&D organisation to improve efficiency, a company statement said.
ATC operations provide over 60 per cent of AAI revenue. The move is to ensure focus on revamp of ATC, particularly the key area of staff hiring, where there is a big shortage.
'Most investors are still waiting for the winners to correct.'
