RECOVERY
SC terms bank recovery agents 'group of goons' for not returning vehicle despite loan settlement
The Supreme Court has ordered West Bengal Police to file charges against a bank's recovery agent firm that wrongfully seized and damaged a bus despite loan settlement. Bank of India is directed to recover compensation from the agent firm. Compensation was ordered following non-return of the vehicle to the loanee.
Will global risks and slower credit growth cloud India’s GDP outlook? Sonal Varma answers
The global factors I think is the biggest risk factor to watch over the next 6 to 12 months. We have seen some shake in terms of the US employment situation. As of now it still looks a moderation rather than a big slowdown in US growth, but that could potentially be something of a risk we need to monitor.
Israel's hostage rescue highlights challenge of Hamas tunnels in Gaza
Israel's military rescued a hostage from an underground Hamas tunnel in Gaza, highlighting the extensive tunnel network that shelters militant leaders. The operation underscores the challenge of navigating and neutralizing these tunnels, which have become a key obstacle in eradicating Hamas. The tunnels also pose significant risks to hostages held within.
Centre wants to beat dues blues by strengthening processes to speed up NPA resolution
Separately, a set of amendments to the Insolvency and Bankruptcy Code (IBC) is being considered to fix any shortcomings in the law. "These reforms are aimed at expeditious loan recoveries, giving more legal backing to recovery tribunals, and addressing delay tactics by borrowers in the recovery process," said a government official aware of the developments.
Bitcoin struggles to match global market recovery trends
After a periodic scare, the global markets have adopted an upward momentum, showcasing signs of recovery from previous lows. However, while other markets (equity for example) show resilience based on the expectation of a Federal rate cut, the crypto market is yet to register a prolonged upward boom.
Is King Charles working too hard? Queen Camilla wants him to slow down for full cancer recovery
Amidst his cancer struggle, Queen Camilla and insiders at Buckingham Palace are growingly concerned about King Charles III's unrelenting work schedule, believing it could impede his recuperation. Charles is determined to carry out his royal duties in spite of their worries.
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2,492-carat diamond, one of the world's largest, discovered in Botswana
Lucara Diamond Corp. has discovered a massive 2,492-carat diamond at its Karowe mine in Botswana, one of the largest ever found. Detected using advanced X-ray technology, this gem follows notable finds like the 1,758-carat Sewelo. Although diamond prices are low and market conditions are challenging, this discovery highlights ongoing opportunities in the industry. Lucara’s CEO, William Lamb, praised the find, which strengthens Botswana's role in the global diamond market and supports its economy.
Mohanlal health update: Malayalam superstar on road-to-recovery after severe breathing issues
Malayalam superstar Mohanlal was recently hospitalized in Kochi due to high fever, breathing difficulties, and muscle pain, suspected to be caused by a viral respiratory infection. After undergoing treatment, his condition is steadily improving. Doctors have advised him to rest for five days and avoid crowded places. Fans and colleagues have expressed relief at the positive news. Mohanlal’s directorial debut, Barroz, is set to release on October 3, 2024, and he also has other major projects in the pipeline.
Businesses, rights defenders decry Pakistan internet slowdown
The Pakistan government has slowed down internet and social media networks to curb dissent, risking economic stability. Since July, connectivity issues have affected WhatsApp and other services. Activists and business leaders warned of significant economic losses. Legal actions, protests, and concerns about surveillance and loss of free speech have followed.
Road less travelled: As Wayanad shows, India’s off-roading community is fast emerging as a bankable support base in disaster relief
In late July, landslides in Wayanad prompted a unique rescue effort involving off-road drivers and their 4x4 vehicles. Niyas, from Kozhikode, and Nithin Udaykrishna, returning from a motorsport challenge, were among those who navigated challenging terrains to assist in rescue operations. Their modified vehicles proved crucial in these efforts. The rising adoption of all-wheel drive vehicles in India and off-road training schools highlight their importance in disaster recovery, despite legal challenges regarding vehicle modifications. Off-roaders are increasingly recognized for their valuable role during natural calamities.
Weekly market trends: Sectors in focus & outlook
Global markets were mixed last week, while Indian markets showed resilience despite bad job data and unchanged RBI rates. During the earnings season, FMCG stocks rallied steadily, and the Pharma sector saw significant gains. The Nifty index remained range-bound but positive, with key levels to watch at 24,250 on the downside and 24,750 as resistance.
Recovery via IBC up in June quarter at 31.12%
In absolute terms, the realisation for creditors from the resolution of 58 stressed firms during the June quarter touched Rs 3,935 crore, according to the Insolvency and Bankruptcy Board of India (IBBI) data. The cumulative recovery from the 1,005 resolved cases until June 2024 stood at Rs 3.40 lakh crore.
China's underwhelming data dampens hope of economic recovery
China's industrial production growth slowed to 5.1 percent in July, down from 5.3 percent in June, and the unemployment rate increased to 5.2 percent. This slowdown comes despite government measures aimed at boosting the economy. Retail sales showed a modest increase, but the real estate sector continues to face challenges, affecting overall economic recovery.
China's economic recovery dragged down by property slump and weak consumption in July
China's economic recovery faced hurdles in July, with a lingering property crisis and subdued consumption weighing it down. Unemployment increased to 5.2%, industrial production growth slowed, and retail sales slightly exceeded expectations. Government initiatives to boost consumer spending may help consolidate the recovery. Challenges persist, including reduced real estate investment and dampened exports due to global frictions.
Cisco sees recovery in equipment demand, cuts 7% jobs globally
Cisco has been working to reduce its reliance on its massive networking equipment business, which has struggled due to supply-chain disruptions and a slowdown in post-pandemic demand. In February, it said it would cut 5% of its global workforce or more than 4,000 jobs.
Banks bat for frequent Lok Adalats to settle small-value loans
Banks have urged the government to organize more Lok Adalats through Debt Recovery Tribunals to settle distressed loans out of court. Public sector banks believe that increasing the frequency of these adalats will expedite loan recoveries. Currently, Lok Adalats hear cases under ₹20 lakh, having recovered substantial amounts in FY23.
Jr NTR health update: Actor sustains injury during gym workout. Will he be back to work?
Jr NTR recently completed filming Devara: Part 1 despite sustaining a minor wrist injury while working out. His team confirmed that the injury required his hand to be immobilized with a cast, but the actor remained committed to finishing the shoot. Jr NTR shared his gratitude for the team and fans on social media, expressing excitement for the film's release on September 27, 2024. As he recovers, fans are eagerly anticipating his return and his upcoming projects.
No respite for Chinese officials as economy shows new signs of weakness
China's economic performance in July raised concerns for 2024, as new bank loans hit a 15-year low and key indicators showed weakening export growth and factory activity. With domestic demand sluggish and a fragile recovery, economists predict the 5% growth target may be missed, highlighting the need for stronger stimulus measures.
HMT vs Karnataka: Kumaraswamy defies Forest Minister Khandre, rules out returning PSU’s land
Union Minister HD Kumaraswamy criticized Karnataka Forest Minister Eshwar Khandre for attempting to reclaim 599 acres of HMT land, arguing it was legally acquired by the PSU. Kumaraswamy warned against harassment and legal action, accusing Khandre of potentially seeking to reallocate the land to builders. The dispute has heightened tensions and concern.
Will MSCI inclusion shore up HDFC Bank share price? Can Hero surprise on the upside? Anand Tandon answers
The article discussed the performance of HDFC Bank, noting its credit growth surpassing deposit growth and its inclusion in the MSCI index might boost its stock. Hero MotoCorp's struggle with new product lines was highlighted, despite potential benefits from rural recovery. The Hindenburg issue involving the Sebi chief's investments was dismissed as unsubstantiated.
World youth unemployment rate lowest for 15 years: UN
Global youth unemployment has reached its lowest level in 15 years, according to the United Nations, although recovery from the Covid-19 slump has been uneven across regions. The number of 15- to 24-year-olds not in employment, education, or training (NEET) remains a concern. The UN's labour agency highlighted that the economic benefits post-Covid-19 pandemic are not universally felt.
CAG flags financial loss of Rs 2,604 crore to Railways on interest payments, GST recovery, more
The CAG reported financial losses of Rs 2604.40 crore to Indian Railways, citing issues like non-recovery of loans, missed shunting charges, and GST non-compliance. Other flagged areas included unproductive expenditures and irregular contract awards. The CAG suggested changes to curtail these losses and advised responsibility fixing to prevent future lapses.
Bitcoin, Ether prices surge up to 10% following US jobless claims data
Bitcoin and Ether prices surged after a drop in US jobless claims, easing labor market concerns. Federal Reserve actions and new Russian cryptocurrency legislation contributed to market optimism. Bitcoin rose 6.4% to $60,908, and Ether climbed 10.3% to $2,689, with other cryptocurrencies also recording gains.
China's July consumer prices jump faster than expected, producer deflation persists
China's consumer prices rose faster than expected in July, while producer deflation continued, as Beijing increased support for its struggling consumer sector amidst a slow economic recovery. The nation's consumer price index (CPI) increased by 0.5% year-on-year in July, compared to a 0.2% rise in June, according to the National Bureau of Statistics (NBS). This figure surpassed the 0.3% rise anticipated by economists in a Reuters poll.
We may see a US rate cut much before September Fed meet: Gurmeet Chadha
We could see a rate cut much before than what market thought it probably would be September. So, broadly the bond yields have fallen. I think there will be some softening of bond yields which I think is very positive for the market, especially financials and rate sensitives, so that is one focus area and that is segment which has relatively underperformed.
Pax Jolie-Pitt discharged from ICU after e-bike accident: A long road of recovery ahead
The son of Angelina Jolie and Brad Pitt, Pax Jolie-Pitt, was hurt in an e-bike accident on July 29 and was taken out of the intensive care unit. He was hurt, but with his family's help and quality medical care, he is finally getting better.
Govt willing to hear cases of harassment for loan recovery: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman assured the Lok Sabha that the government is vigilantly monitoring for any borrower harassment during loan recovery. She noted a reduction in non-performing assets (NPAs) for state-run banks, down to 3.4% from higher rates in previous years.
US service sector rebounds in July; employment also recovers
The U.S. services sector showed signs of recovery in July, with the ISM's nonmanufacturing PMI rising from its four-year low in June. This improvement came amid increasing orders and employment, countering recession concerns fueled by a rise in the unemployment rate to a close to three-year high last month.
Budget 2024: More debt recovery tribunals on the table
Budget proposals target insolvency and debt recovery improvement, enhancing Debt Recovery Tribunals and adding platforms. Sitharaman reported ₹3.3 lakh crore recovery from 1,000 companies' debt via NCLTs. 28,000 cases worth ₹10 lakh crore were resolved pre-admission. Planned IBC changes and stronger tribunals may include CPACE service extensions for LLPs, aiming for faster resolutions and addressing twin balance sheet issues.
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