Page 3 - Global Economic Crisis

India is back with a bang on FIIs mind: Sumit Jain, ASK Investment Managers

Nifty 12-month forward PE is around 23 per cent below peak. Indian equities should find support from robust earnings outlook owing to strength in the domestic economy.

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

Amid global slowdown, India is the fastest-growing market for LinkedIn

A recent survey conducted by LinkedIn revealed that professionals increasingly prefer skills over degrees

BRICS surpass G7 GDP, India, China major economies with fast growth

The inflationary pressures, coupled with relentless rate hikes by central banks around the world, have hit Europe hard

India played key role in IMF's clearance of 48-month EFF to Sri Lanka

India played a crucial role in the International Monetary Fund (IMF's) clearance of a 48-month Extended Fund Facility (EFF) worth USD 2.9 billion to crisis-hit Sri Lanka, reported True Ceylon

IMF warns it's too soon to sound all-clear on global financial turmoil

While forceful actions by policymakers to a series of bank collapses have reduced investor anxiety, the financial markets remain fragile and stressed, the IMF said

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Govt

Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday. Sri Lanka received USD 330 million this month as the first tranche of the International Monetary Fund (IMF) bailout programme, which will pave the way for the debt-ridden country to achieve better "fiscal discipline" and "improved governance. In a statement issued by the Sri Lankan government after making an investor presentation on Thursday, the Governor of the Central Bank and the Secretary to the Treasury said the Authorities are also exploring options for a domestic debt optimisation (DDO) operation aimed at liquidity relief while preserving financial stability to avoid further eroding of Sri Lanka's repayment capacity. The statement outlined that despite the ambitious fiscal consolidation efforts, Sri Lanka's public debt trajectory is set to remain unsustainable in the absence of ...

Fed official: SVB management itself was responsible for bank's failure

The nation's top financial regulator is asserting that Silicon Valley Bank's own management was largely to blame for the bank's failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse. SVB's failure is a textbook case of mismanagement, Michael Barr, the Fed's vice chair for supervision, said in written testimony that will be delivered Tuesday at a hearing of the Senate Banking Committee. Barr pointed to the bank's concentrated business model, in which its customers were overwhelmingly venture capital and high-tech firms in Silicon Valley. He also contends that the bank failed to manage the risk of its bond holdings, which lost value as the Fed raised interest rates. Silicon Valley Bank, based in Santa Clara, California, was seized by the Federal Deposit Insurance Corp. on March 10 in the second-largest bank failure in US history. Late Sunday, the FDIC said that First Citizens Bank, bas

North Carolina-based First Citizens to acquire troubled Silicon Valley Bank

North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world. The deal could reassure investors at a time of shaken confidence in banks, though the Federal Deposit Insurance Corp. and other regulators had already taken extraordinary steps to head off a wider banking crisis by guaranteeing that depositors in SVB and another failed U.S. bank would be able to access all of their money. Customers of SVB will automatically become customers of First Citizens, which is headquartered in Raleigh. The 17 former branches of SVB will open as First Citizens branches Monday, the FDIC said. European shares opened higher Monday, with German lender Commerzbank AG up 2.4% and BNP Paribas up 1.2%. Investors worry that other banks also may crumble under the pressure of higher interest rates. On Friday, much of the focus was on Deutsche Bank, who

Finance minister asks public banks to take stress tests; what are these?

Bank stress tests were introduced after the 2008 financial crisis, and they revealed the vulnerability of banks to market crashes and economic downturns

No respite for global stocks as banks around the world continue to struggle

The MSCI World share index traded 0.4% lower, while still heading for a 1.5% weekly gain. Europe's STOXX 600 index was down 1 per cent

Analysts cut Asian companies' earnings; global slowdown, China to blame

Some analysts expect China's recovery may not be enough to offset headwinds from weak global demand and supply constraints for export-reliant economies in the region

Heavily indebted Chinese developer Evergrande proposes debt restructuring

A Chinese real estate developer whose struggle to manage more than USD 300 billion in debt rattled global financial markets announced a long-awaited plan on Thursday to restructure what it owes to foreign bondholders. The Evergrande Group, the global real estate industry's most heavily indebted company, ran short of cash after Beijing tightened controls on corporate debt the ruling Communist Party worries is dangerously high. Some other Chinese developers collapsed, leaving half-finished apartment blocks standing empty. Evergrande's struggle prompted fears about possible shockwaves for the global financial system. The Chinese central bank tried to reassure investors, saying its problems could be controlled and were unlikely to spill over. A deputy central bank governor, Pan Gongsheng, said this month the real estate industry finally was recovering following a wave of defaults. Pan said financing conditions for healthy developers had improved significantly. Evergrande's plan would .

Credit Suisse takeover; Moody's downgrades outlook for UBS to negative

Rating agency Moody's has cut the outlook on UBS Group's debt to negative following its takeover of Credit Suisse,

SVB fall: Nazara Tech says Rs 60 cr successfully shifted to other accounts

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing. Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB. "From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.

Despite SVB-triggered turmoil, European central banks hint rate hike

The European Central Bank is still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, given high inflation

As cost of capital rises, VC funding for new-age firms drops to $26 bn

The global economic downturn has made investors reconsider their commitments towards the deployment of capital into new-age firms

Farm sector to grow 3.7% in Oct-Dec on kharif output: 2nd advance estimates

At current prices, the growth in the third quarter of this financial year is projected at 8.6 per cent, which is almost at the same level in the corresponding quarter of FY22

Slowing GDP growth in India mirrors the trend in top global economies

These are the top five economies in the world, excluding India. India's growth rate has also been slowing after a stellar second quarter, showed data released on Tuesday

Amid weakening demand, Thailand's industrial output falls in January

Thailand's industrial output dropped for the fourth consecutive month in January due to the global economic slowdown, data showed on Tuesday.