Page 2 - Financial Crisis

Sri Lanka's speaker thanks India for help during financial crisis

Expressing his gratitude to "trustworthy friend" India for saving Sri Lanka and preventing a "bloodbath" during its unprecedented economic crisis last year, Parliament Speaker Mahinda Yapa Abeywardena has said that not a single nation has extended that kind of assistance to Colombo as done by New Delhi. Sri Lanka was hit by a catastrophic financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves. As the country struggled, locked in the throes of the crisis, India extended multi-pronged assistance of about USD 4 billion to it last year, through multiple credit lines and currency support, in line with India's Neighbourhood First' policy. In his address at the gala dinner reception hosted for delegates of the Indian Travel Congress here on Friday, Abeywardena said India "saved us" during the financial crisis, otherwise, there would have been "another bloodbath for all of us". At the evening reception, he thank

Morgan Stanley's James Gorman, who arrived shortly before crisis, to retire

Morgan Stanley's long-time CEO James Gorman will retire in the next 12 months, he said Friday at the bank's annual shareholder meeting. Gorman said the bank is looking at three senior internal candidates to be the investment bank's new top executive. Gorman said he plans to remain at the bank as executive chairman of the board for a period of time after a successor is named. Gorman joined Morgan Stanley as chief operating officer of its Global Wealth Management Group in early 2006 and was co-president of the Wall Street bank within a year. Gorman became CEO in 2010 in the wake of the financial crisis, when the storied investment bank came dangerously close to collapsing. Morbding securities and making deals grew highly volatile. Gorman made it his mission to stabilize Morgan Stanley's business for the long term. The firm built out its wealth management business substantially, a business that brings in regular fee income instead of when deals close, and a division he was very famili

Stress tests show Indian banks can tackle 'severe' instability: RBI Guv Das

RBI governor Shaktikanta Das said that the gross NPAs of Indian banks stood at 4.41% as on December 31, 2022

Pakistan crisis deep enough to attract military takeover: Former PM Abbasi

Former Prime Minister Shahid Khaqn Abbasi has warned that Pakistan's economic and political turmoil is so dire that it has the potential to attract a military takeover even as he urged all stakeholders to initiate a dialogue to chart a way forward, media reports said on Sunday. Abbasi, a senior leader of the ruling Pakistan Muslim League-Nawaz (PML-N) party, served as the 21st prime minister of Pakistan from August 2017 to May 2018. Speaking on a television show, he said that martial law always remained a possibility if the system failed or when there was a conflict between institutions and the political leadership was unable to chart a way forward. Pakistan has had many long periods of martial law in very similar situations, the 64-year-old leader said. In fact, I would say Pakistan has never witnessed a [more] severe economic and political situation before. In much less severe circumstances, the military has taken over, he was quoted as saying by the Dawn newspaper. Pakistan had

Banking crisis has increased odds of recession, says JPMorgan's Jamie Dimon

The government shouldn't overreact to the banking crisis by imposing more rules on the industry, Dimon said

Samsung braces for worst profit in at least 14 years as tech demand withers

Samsung has said its strategy historically has been to keep spending during downturns to increase its competitive position

Stronger buffers for Indian bank deposits as world faces financial crisis

Customer confidence may improve if recovery time, insurance coverage is better

Market valuations are attractive; buy selectively for long term: Analysts

Over the past few months, rising interest rates amid surging inflation has dented market sentiment across the globe

Either G20 cooperates or banking crisis deepens, says Jeffery Sachs

'The year 2023 was already shaping up to be a difficult year, even before the banking crisis'

Supporting Ukraine

New IMF loan raises questions

FM tells PSBs to diversify deposit, asset base amid global financial stress

Use the crisis to frame detailed crisis management strategies, FM to bankers

Central banks in spotlight as US authorities focus on financial stability

SVB's collapse kicked off a tumultuous 10 days for banks which led to the 3 billion Swiss franc ($3.2 billion) Swiss regulator-engineered takeover of Credit Suisse by rival UBS

Who are the owners of the risky, worthless Credit Suisse's AT1 bonds?

Big money managers such as Pacific Investment Management Co. and Invesco Ltd. are among the largest holders, owning around $807 million and $370 million, respectively

Silicon Valley Bank Financial must wait to get back $2 billion from FDIC

The FDIC's decision to lock down the $2 billion creates jeopardy in the bankruptcy case, said Tom Lauria, a lawyer representing a large bondholder, Appaloosa LP

Silicon Valley Bank's loans to insiders tripled to $219 mn before it failed

The surge in loans to high-up figures may draw scrutiny as the Federal Reserve and Congress investigate the breakdown of Silicon Valley Bank, the biggest US bank collapse in more than a decade

US, Europe banking woes likely to hit Indian IT companies' growth

Indian IT players like TCS, Infosys, Wipro, HCL Technologies, Mphasis, and LTIMindtree have exposure to some of the troubled banks

Top headlines: UBS needs RBI nod for C-Suisse, windfall tax on oil slashed

Business Standard brings you top headlines at this hour

US officials study ways to guarantee all bank deposits if crisis expands

One legal framework under discussion for expanding FDIC insurance would use the Treasury Department's authority to take emergency action and lean on the Exchange Stabilization Fund, the people said

Fear of financial crisis keeps investors away from stock exchanges

A number of American banks had failed recently or came under pressure

Assessing contagion: 'Little, then lottle', like ketchup coming out of bottle

In every systemic crisis, there are initial soothing noises from regulators and commentators: There won't be contagion. Except that eventually there is contagion more often than not, writes T N Ninan