User: ifinews Topic: IFIs
Category: ECAs :: Other ECAs
Last updated: Jun 05 2018 20:38 IST RSS 2.0
 
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Najib Government Scam: Malaysia to probe $2-billion in payments made to Chinese pipeline firm 5.6.2018 DNA: Money
Malaysia's finance minister on Tuesday announced plans to report to the anti-graft agency upfront payments of billions of ringgit the previous administration made to a Chinese firm for two pipeline projects that have barely begun. Since taking office two weeks ago, Lim Guan Eng has been driving a campaign to expose financial scandals in the administration of former Prime Minister Najib Razak, unseated in a stunning election defeat last month. Lim said Najib's government had paid 8.25 billion ringgit ($2 billion) or 88 percent of the total value of two pipeline projects awarded to China Petroleum Pipeline Bureau (CCPB), although they are less than 15 percent complete. "We have discovered that the payment schedules for the above contracts are based almost entirely on timeline milestones, and not on progressive work completion milestones," Lim said in a statement. In November 2016, CCPB won the contracts to build a 600-km (373-mile) petroleum pipeline along the west coast of peninsular Malaysia, and the ...
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Dalmia Cement questions UltraTech eligibility for revised bid 23.5.2018 DNA: Wide Angle
Dalmia Cement's Rajputana Properties which had bid for Binani Cement has refused to revise its bid and has instead strongly objected to the Committee of Creditors (CoC) considering the revised bid put in by UltraTech after bidding process was complete. It said that the eligibility of UltraTech under the Insolvency and Bankruptcy Code (IBC) should be first decided before asking for revised bids. In a letter to the CoC and the Resolution professional, Dalmia said, "CoC cannot consider UltraTech's resolution plan without first deciding on UltraTech's eligibility under Section 29A of IBC 2016." The letter said the question of revising the bid does not arise until the issue of UltraTech's eligibility is established. UltraTech's contention is that its letter revising its bid came when voting on the bids were underway, and hence it should have been considered. Almost all the bankers had voted in favour of Dalmia Cement. Exim Bank voted with a protest as it wanted to go with the UltraTech offer which took care ...
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Ananda Dairy inks Rs 100-cr deal with SBI for cattle loans 17.5.2018 General News
Ananda Dairy today said it has signed a Rs 100 crore agreement with the State Bank of India to felicitate 50,000 farmers with cattle loans. This MoU is aimed at giving an easy approach to farmers while applying for cattle loans, to further encouraging them to transform cattle farming into a profitable profession, the company said in a release. The company processes 1,200,000 litres of milk a day, of which it collects over 800,000 litres from dairy farmers. ****************** Exim Bank extends USD 66.60-mn LoC to Rwanda for road project * Export-Import Bank of India (Exim Bank) today said it has extended a line of credit (LoC) of USD 66.60 million to Rwanda for the Base-Butaro-Kidaho road project. With this agreement, Exim Bank so far has extended five LoCs to the government of Rwanda, taking the total value of LoCs to USD 347.65 million, the bank said in a release. ****************** Lemon Tree Hotels enters Baddi in Himachal Pradesh * Lemon Tree Hotels today announced ..
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IDBI Bank increases MCLR rates by 5-10 bps 14.5.2018 General News
State-run IDBI Bank today raised it's marginal cost of funds based lending rate (MCLR) rate by up to 10 basis points across various tenors. The revised rates are applicable from May 12, the bank said in a statement here today. It has increased MC by 5 to 10 bps across various tenors. The bank has increased it's one-year MCLR to 8.65 per cent. *********** Exim Bank extends USD 500 mn to Tanzania for water projects * Export-Import Bank of India (Exim Bank) today said it has extended a line of credit (LOC) of USD 500 million to the Tanzania government for water supply scheme in 23 towns of the country. With this, Exim Bank, so far, has extended six LOCs to Tanzania taking the total value of LOCs extended to USD 1.1 billion. Projects covered under the LOCs extended to Tanzania include supply of tractors, pumps and equipment, financing purchase of vehicles, extension of Lake Victoria pipeline to Tabora, and water supply schemes in Dar-es-Salaam. ************* Bajaj ...
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Credit deployment stays negative in several key sectors; ASSOCHAM calls for urgent fixing of twin balance sheet problem 30.4.2018 General News
Dissecting the RBI data, the ASSOCHAM noted with concern how sectors after sectors , including sugar, petroleum, coal products, petro-chemicals, cement and cement products , basic metals and metal products ,have shown drop in deployment of gross bank credit between minus two per cent and 19 per cent in the financial year of 2017-18. .
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Credit deployment still negative in most sectors: Assocham 29.4.2018 All News-IANS Stories
Most Indian industry sectors have reported negative growth in deployment of gross bank credit, a fallout of banks' inability to lend being saddled with mammoth non-performing assets (NPA), or bad loans, coupled with lack of appetite for fresh investment by highly indebted corporate India, industry body Assocham said on Sunday.
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ASSOCHAM calls for urgent fixing of twin balance sheet problem 29.4.2018 General News
Inability of the banks, reeling under the mammoth problem of non-performing assets (NPA) to lend, coupled with lack of appetite for fresh investment by highly indebted India Inc. has resulted in most of the industry sectors reporting negative growth in deployment of gross bank credit, the ASSOCHAM has said.Dissecting the Reserve Bank of India (RBI) data, the ASSOCHAM noted with concern how sectors after sectors, including sugar, petroleum, coal products, petro-chemicals, cement and cement products, basic metals and metal products, have shown drop in deployment of gross bank credit between minus two percent and 19 percent in the financial year of 2017-18. .Even the fertiliser sector which holds better prospects due to expectations of normal monsoon, has shown a huge degrowth in credit deployment to the extent of 19.3 percent up to February 16, in the financial year 2017-18, on sequential basis.Likewise, petro-chemicals firms also showed a huge negative growth of over 19 per cent in
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US, Japan agree on commercial infrastructure in Indo Pacific 24.4.2018 General News
As part of their effort to challenge the "predatory" economic development model of China, the US and Japan today agreed on a slew of commercial infrastructure projects in countries of the Indo-Pacific region. The projects are for enhancing government support for LNG-related infrastructure development and fiber-optic submarine cable system project. In a joint statement at the conclusion of the second public-private sector roundtable discussion on US-Japan cooperation on third country infrastructure, the two countries confirmed a list of ongoing cooperative activities in the Indo-Pacific and other nations that will promote quality infrastructure and best value solutions. Prominent among them are LNG to power project in Bangladesh, Jawa LNG-fired IPP project in Indonesia, and gas-fired IPP project in Sharjah. During the roundtable, a wide range of US and Japanese government agencies and numerous companies identified avenues to expand cooperation to assist Indo-Pacific and other nations ..
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Govt approaches RBI to relax NPA norms for MSMEs 19.4.2018 General News
The government has approached the Reserve Bank to relax norms for non-performing assets (NPAs) or bad loans in case of small and mid-sized businesses to help them tide over the cash crunch problem. The MSME ministry has sought an extension of the NPA classification period from the current 90-day window up to 180 days. "As far as the NPA norms of RBI are concerned, during that window, where that relaxation was given, efforts are being made to get it further extended," Additional Secretary in the ministry of micro, small and medium enterprises (MSME), Ram Mohan Mishra told reporters here. Mishra said MSME Secretary A K Panda had attended a meeting with Reserve Bank of India nearly a month ago on the issue and the Department of Financial Services is also working on the issue. An accounts turns NPA if it is not serviced for 90 days. In case of small businesses and SMEs, payments come usually late. Once they miss the 90-day period and fall in the NPA category, their credit line is cut. In .
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Exim Bank seeks right of recovery in Binani case 18.4.2018 Hindu: Home
In the ongoing insolvency proceedings for Binani Cement at the NCLT, creditor Exim Bank claimed as much right to recovery of its dues as other credit
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Dalmia Bharat alleges information leakage in Binani Cement bidding process 17.4.2018 Latest News
Dalmia Bharat Cement claimed that UltraTech Cement revised its bid as there was a leak; in turn, UltraTech Cement hits back
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UltraTech revised offer divides Binani creditors 17.4.2018 DNA: Popular News
There is a growing clamour for the rebidding of Binani Cement after Kumar Mangalam Birla's cement arm UltraTech had raised the bid offer to about Rs 8,000 crore last week. The company had earlier emerged as the second highest bidder for the Braj Binani group's cement asset. With the new offer now coming in from UltraTech, there is growing resentment at the Dalmia Bharat's bid, which was earlier cleared as the highest by the Committee of Creditors. Dalmia Bharat official, however, told DNA Money that rebidding is out of the question. "Dalmia or even Binani are not in a position to decide that," he said. It has now emerged that creditors of Binani Cement, especially the financial institutions, are not unanimous and are, in fact, divided in their choice towards choosing the suitors. Exim Bank, one of Binani's financial unsecured creditors, has claimed before the National Company Law Tribunal (NCLT) on Monday that they preferred UltraTech over Dalmia Bharat. However, the resolution professional did not push ...
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Twin balance sheet resolution to take up to 9 months: Assocham 15.4.2018 All News-IANS Stories
Resolving the twin balance sheet problem -- of the accumulated non-performing assets (NPAs), or bad loans, of banks and huge debts of corporate India -- may take at least three quarters, industry body Assocham said on Sunday.
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China's BRI initiative hits roadblock in 7 countries: report 15.4.2018 General News
China's Belt and Road Initiative (BRI), which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road, has hit a roadblock in seven countries, according to a recent report.The Gwadar Port in Pakistan's Balochistan province is the venue of the USD 63 billion China-Pakistan Economic Corridor (CPEC). China is developing Pakistan's power plants, airports, highways and other infrastructure under the project. Also, Beijing aims to link its landlocked western region to Gwadar.Despite this, some analysts have expressed concerns such as rising trade deficit of Pakistan with China. There are also doubts on how Islamabad will repay off its debt to Beijing if the former is unable to do so. Also, there are worries that the price of such investment can be a huge debt burden, according to the report by Nikkei Asian Review."The China-Pakistan corridor will no doubt be a game changer for Pakistan, but we need to be careful. ...
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China's BRI initiative hits roadblock in 7 nations 15.4.2018 General News
China's Belt and Road Initiative (BRI), which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road, has hit a roadblock in seven countries, according to a recent report.The Gwadar Port in Pakistan's Balochistan province is the venue of the USD 63 billion China-Pakistan Economic Corridor (CPEC). China is developing Pakistan's power plants, airports, highways and other infrastructure under the project. Also, Beijing aims to link its landlocked western region to Gwadar.Despite this, some analysts have expressed concerns such as rising trade deficit of Pakistan with China. There are also doubts on how Islamabad will repay off its debt to Beijing if the former is unable to do so. Also, there are worries that the price of such investment can be a huge debt burden, according to the report by Nikkei Asian Review."The China-Pakistan corridor will no doubt be a game changer for Pakistan, but we need to be careful. ...
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China's Belt and Road Initiative hits roadblock in 7 countries: Report 15.4.2018 Zee News : World
China`s Belt and Road Initiative (BRI), which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road, has hit a roadblock in seven countries, according to a recent report.
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Ivanka Trump announces $150mn for female entrepreneurship in Latin America 14.4.2018 All News-IANS Stories
White House senior adviser Ivanka Trump announced here a new initiative to allocate $150 million in seed money to facilitate access to capital for Latin American female entrepreneurs.
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Export growth in Jan-Mar seen at 5.96 pc: Exim Bank 12.4.2018 General News
The Exim Bank today said India's merchandise exports are expected to grow 5.96 per cent during the fourth quarter ended March 31, 2018. The forecast, it said, is based on bank's Export Leading Index (ELI) model. Exim Bank has developed an in-house model to generate ELI for India to track and forecast the movement in India's exports on a quarterly basis. "Based on the model, Exim Bank's leading index for the country's exports (ELI) came in at 113.56 for the fourth quarter of 2017-18," it said in a release. As part of its initiative, Export-Import Bank of India (Exim Bank) will forecast the growth in India's exports on a quarterly basis. The release said the bank would release such forecast report in the coming quarters beginning with the first week of the months of June, September, December and March, for the corresponding quarters, with continuous improvisation to the model. "The next growth forecast for India's exports for April-June 2018 would be released during the first week of ...
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Exim Bank extends $4.5 bn loan to Bangladesh for social, infra projects 5.4.2018 General News
The Export-Import Bank of India (Exim Bank) will give loans worth about Rs 29,200 crore (USD 4.5 billion) to Bangladesh for financing of various social and infrastructure projects. The Exim Bank entered into an agreement with the Bangladesh government on October 4, 2017 to extend this line of credit facility on behalf of the Indian government, the RBI said in a notification. Bangladesh will also use this financing facility to import consultancy services from India. Under the arrangement, financing export of eligible goods and services from India would be allowed which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement, the RBI said. The goods include plant, machinery and equipment; and services include consultancy services. Life of credit (LoC) is a kind of soft loan that is given on concession rates to the borrower.
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Loan write-offs decline to 13% of gross NPAs in FY17: RBI data 4.4.2018 General News
Loan write-offs as percentage of gross non-performing assets (NPAs) declined to 13 per cent as on March 2017 from a high of 25 per cent in March 2011, according to RBI data. Mounting NPA has become a big problem for the banking sector. Lenders use write-offs as one of the tools to bring down bad debt on their books by making 100 per cent provision. Loans written off as percentage of gross NPA was 21 per cent in March 2006, which rose to 25 per cent in March 2011 and has since then declined to 18 per cent in March 2015. It subsequently moderated to 13 per cent in March 2017, an official said, quoting Reserve Bank of India (RBI) data. Writing off bad loans is a regular exercise conducted by banks to clean up their balance sheets inter-alia for tax benefits and capital optimisation, as per the RBI regulations. However, borrowers of such written off loans continue to be liable for repayment. Recovery of such dues takes place on ongoing basis under various laws, including Securitisation ...
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