Liquidity To Keep Call Rates Steady

Business Standard

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Using unhedged buyerâ€™s credit beyond working capital needs may hit the financial profile of Finolex Industries Limited (FIL). It exposes the company to significant foreign exchange risks, rating agency CRISIL has warned. Today, the agency downgraded the rating its debentures and bank facilities from â€˜AA-â€™ to â€˜A+â€™.CRISIL believes FILâ€™s profitability and capital structure would remain susceptible to likely foreign exchange derivative losses through the medium term. The rating may be downgraded if foreign exchange and derivative losses are more than expected. Deterioration in liquidity and more debt may also lead to a downgrade.FILâ€™s financial risk profile remains vulnerable to crystallisation of its derivative contracts under litigation as on September 30. The outstanding claims against derivative contracts stood at about Rs 100 crore. FIL had settled derivative liability of Rs 40 crore in the first half of 2012-13. Liabilities under its balance deri

Unhedged buyer's credit may hit Finolex

BS Reporter

Britainâ€™s Royal Bank of Scotland will pay US and British authorities $615 million and plead guilty to wire fraud in Japan to settle allegations it manipulated global benchmark interest rates. â€œThe RBS board acknowledges that there were serious shortcomings in our systems and controls and also in the integrity of a small group of our employees,â€ Chairman Philip Hampton said on Wednesday.â€œThis is a sad day for RBS, but also an important one in continuing to put right the mistakes of the past.â€More than a dozen traders at RBS offices in London, Singapore and Tokyo manipulated the London interbank offered rate (Libor), which is used to price trillions of dollars worth of loans, from at least 2006 until 2010.The rigging continued even after traders learned that Libor submissions were being probed.In a bid to avoid a political firestorm, the part state-owned bank will cut into its staff bonuses to pay the fines, the second-largest so

RBS fined $615 mn for rate rigging

Reuters

Other Markets To  Gain From Call Money Cap

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