SpiceJet, Emirates sign codeshare agreement
SpiceJet has signed a codeshare agreement with Emirates that will allow passengers of the Dubai-based airline to book tickets on the Indian budget carrier using Emirates' ticketing system from early 2020. While passengers of Emirates will be able to access the SpiceJet network from early 2020, SpiceJet passengers travelling from India to Dubai can take benefit of Emirates' expansive network later, opening up multiple international connections for them. Read more
IBC rules for NBFC resolution credit positive for banks, says Moody's
Rating agency Moody's on Monday said the amendments to India’s bankruptcy code enabling the resolution of finance companies are credit positive for banks. India's banks are largest lenders to non banking finance Institutions (NBFI). The provisions in the IBC provide for the orderly resolution of a stressed company. Until now, the only resolution framework for NBFIs was through liquidation. Read more.
SC to rule on petitions against Maharashtra govt formation Tuesday 10:30 am
The Supreme Court will give its order on Maharashtra government formation on Tuesday, the apex court said while hearing the Shiv Sena-NCP-Congress combine's plea against the governor's decision to swear in Devendra Fadnavis as chief minister. As uncertainty in the state mounted, the Centre on Monday maintained that the BJP had the support of all 54 NCP MLAs to form a government in Maharashtra and asked the Supreme Court for two to three days to reply to the plea against Governor Bhagat Singh Koshyari's decision. Read more.
India's economic growth to weaken in second half of FY20, says DBS Bank
India's economic growth is expected to slow further in the second half of the year, Singapore's DBS Bank said on Monday. "Real GDP is likely to print 4.3 per cent YoY in 3Q vs 2Q's 5 per cent, nearing the trough for this cycle," DBS said in its daily economic report. New project announcements remain at a multi-year low, while production was depressed by weak consumer durables, non-durables, intermediate and capital goods, the bank pointed out. Read more.
DHFL lenders to make provisions from Dec quarter as auditor checks company
Lenders to Dewan Housing Finance Corporation Ltd. (DHFL) will make provisions worth Rs 6,300 crore for their exposure to the embattled housing finance company from the December quarter, said sources in the banking industry. Banks have an exposure of Rs 38,000 crore in DHFL, which owes Rs 84,000 crore to mutual funds, retail depositors, and others. A source in the banking industry said audit firm KPMG’s final forensic report is expected any time, and banks will make 100 per cent provisioning for DHFL--if the account is termed as a “fraud” account by the Reserve Bank of India. Read more.
Rupee only emerging Asian currency to slide this qtr; losses to gather pace
India’s rupee is the only emerging Asian currency to weaken this quarter and its losses may gather pace as a report this week is forecast to show economic growth slid to a six-year low. The rupee, which has slumped almost 5% from this year’s high in July, is also under selling pressure due to escalating levels of public debt and a credit crunch among non-bank finance companies, known as shadow banks. Read more.
Govt introduces bill to amend SPG Act in LS, ex-PM families not covered
Amid slogan shouting by opposition members, a bill to amend the Special Protection Group (SPG) Act was introduced in Lok Sabha on Monday by Minister of State for Home Affairs G Kishen Reddy. This comes days after the government withdrew the elite security cover provided to members of the Gandhi family. Read more.
Sena-NCP-Cong stake claim to form Maharashtra govt, submit letter to Guv
Leaders of the Shiv Sena, NCP and Congress on Monday submitted a letter to Maharashtra Governor Bhagat Singh Koshyari, claiming they have the required numbers to form government in the state. The letter was signed by Eknath Shinde, Jayant Patil and Balasaheb Thorat, the legislature party leaders of the Shiv Sena, NCP and Congress, respectively. Read more.