Page 4 - Bank Of America

L&T completes transition of $150-mn credit into sustainability-linked loan

Larsen & Toubro (L&T) on Monday said it has completed the "transition" of a USD 150-million term loan into a sustainability-linked loan with Bank of America. Such loans incentivise corporate houses' sustainability performance with lower interest rates. "The sustainability-linked loan (SLL) reiterates L&T's continued commitment to its Environmental, Social and Governance (ESG) goals," the infrastructure major said in a statement. The transaction for the sustainability-linked loan (SLL) was completed on June 30, 2023. R Shankar Raman, group CFO and whole-time director of L&T, said the company continues to focus on achieving water and carbon neutrality by 2035 and carbon neutrality by 2040. The company's long-term strategic plan also outlines the ESG road map towards this goal. "This transition to SLL with Bank of America is yet another step in that journey and underlines our intent on the ESG front," he said. India-based L&T is a USD 23-billion multinational engaged .

Bank of America to expand in 4 US states, closing gap with JPMorgan

Bank of America will open new financial centers in Nebraska, Wisconsin, Alabama and Louisiana as part of a four-year expansion across nine markets, including Louisville, Milwaukee and New Orleans

Apple may shift 18% of iPhone production in India by FY25: Bank of America

A report released by BofA said that the share of India in iPhone manufacturing may even go higher if Apple's vendors expand here

Japan's rally will impact flows into other mkts: Bank of America's Akutsu

In a Q&A, the bank's Chief Japan Equity Strategist says yen depreciation this time around is benefitting stock prices and Japanese markets will finally surpass the lifetime highs made 34 years ago

Dumping other banks, Warren Buffett recommits to Bank of America stocks

Investor Warren Buffett recommitted to his favourite bank stock, Bank of America, during the first quarter while dumping two other banks as part of a number of moves in Berkshire Hathaway's stock portfolio. Berkshire provided a quarterly update on its US holdings on Monday in a filing with the Securities and Exchange Commission. Many investors follow the company's moves closely because of Buffett's remarkably successful investing record over the decades. Berkshire slightly increased its 179.4 million share stake in Bank of America stock while eliminating long-time stakes in US Bancorp and the Bank of New York Mellon. Buffett has eliminated a number of bank investments in recent years, but he continues to back Bank of America. Berkshire also picked up nearly 10 million shares of Capital One stock. The quarterly filings don't identify which investments Buffett made and which ones were done by one of Berkshire's two other investment managers, but Buffett generally handles all of ...

Bank of America profit rises as it cashes in on higher interest rates

Bank of America's net interest income, which reflects how much money the bank makes from charging interest to customers, rose 25% to $14.4 billion in the quarter

Bank of America clients withdraw $2.3 bn from US stocks of all sizes

That was the second consecutive week of outflows, BofA strategists led by Jill Carey Hall wrote in a note Tuesday

BofA gets more than $15 bn in deposits after Silicon Valley Bank collapse

The inflows offer a first glimpse into deluge of deposits that made its way to the country's largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail

US Federal Reserve may hike policy rates to 6%: BofA Global Research

Strong US consumer demand and a tight labour market would force the central bank to battle inflation for longer

Budget has neatly identified key priority areas, says Kaku Nakhate

Kaku Nakhate, President & India Country Head, Bank of America, talks about Union Budget 2023

India to attract $10 bn in green energy investment in 2023: Bank of America

India could attract close to $10 billion in renewable energy investment in 2023, a bright spot as public markets remain largely shut to big-ticket capital raising, according to Bank of America

Key challenge for new BSE chief: Keep NSE, rival he helped build, in check

Having spent nearly two decades at the country's largest bourse, Ramamurthy is among the early architects of NSE and understands all the cogs of the exchange wheel like only a few others

Investor capitulation yet to show up in equity flows: Bank of America

Global stock funds had inflows of $9.2 billion in the week through October 19, according to a note from the bank citing EPFR Global data.

Invesco sells 5.5% stake in Zee for Rs 1,396 cr at Rs 263.7 a share

Morgan Stanley, Citigroup, Bank of America, Abvendus, ICICI Prudential MF were some of the buyers

Reliance Industries, Jio in talks to raise funds through foreign loans

The loans, which are likely to have a five-year term, are anticipated to be priced 130-150 basis points higher than the Secured Overnight Financing Rate (SOFR), a benchmark rate used around the world

Morgan Stanley-led banks face $500 million loss on Twitter debt to Musk

When banks led by Morgan Stanley agreed in April to help finance Elon Musk's purchase of Twitter Inc., they were eager to aid an important client, the richest person in the world

Bank of America expects IPOs in India to pick up within six months

Purohit expects mergers, acquisitions activity in India will continue to be strong, aided by consolidation in consumer facing industries such as financial services, consumer internet-based companies

Tata Sons to raise $500 mn in offshore loan, backed by BofA, SMB

Tata Sons will raise $500 million in offshore borrowings, backed by Bank of America, SMBC of Japan and Standard Chartered Bank

Global fund managers 'super bearish'; cash allocation at 20-year high: BofA

Global growth expectations, the survey findings suggest, were near all-time lows with a net 72 per cent respondents expecting a weaker economy in 2023

JPMorgan, Bank of America cautious on job cuts as Goldman layoffs loom

That stance compares with plans by Goldman Sachs Group Inc to cut jobs as early as this month after pausing the annual practice for two years during the pandemic