Himachal firm goes for Rs.143-crore expansionAugust 24th, 2009 SHIMLA - Himachal Pradesh-based knitting and weaving products firm Winsome Textile has outlined a Rs.143-crore expansion programme after banks approved its debt restructuring plan, a top company official has said. "After getting clearance from banks for debt restructuring, we have plans to invest Rs.143 crore in three divisions -- spinning, dyeing and power," managing director Ashish Bagrodia told IANS.
Chinese steelworkers' protests prompt authorities to halt takeover of factoryAugust 16th, 2009 Chinese steelworkers' protest halts plant takeoverBEIJING — China on Sunday called off the takeover of a state-owned steel plant after workers protested and trapped an official in the factory office for four days — the second time in a month that the country's steelworkers have rallied to successfully avoid privatization. Authorities in central Henan province decided to stop the takeover of Linzhou Iron and Steel Co.
EU approves German plan to purchase banks' troubled assetsJuly 31st, 2009 EU approves German bad bank programBRUSSELS — Germany won European Union approval Friday for a program that purchases troubled assets from banks to encourage them to keep lending. Many banks have curbed new loans when they were forced to put aside large amounts of capital to cover huge potential losses from the sliding value of risky securities and other investments such as those based on U.S.
Ukraine seeks to restructure debt of troubled Naftogaz energy firmJuly 29th, 2009 Ukraine seeks restructuring of Naftogaz debtKIEV, Ukraine — Ukraine's acting finance minister said Wednesday the government has launched talks on restructuring the foreign borrowings of the state energy firm Naftogaz, in a worrying sign that the company at the center of Europe's natural gas trade is in financial trouble. Ihor Umansky told reporters that the Cabinet is talking to Naftogaz's lenders on restructuring its foreign debt which matures this year, including $500 million in Eurobonds.
Germany's Merkel hopes to "clear up" questions about Opel bid in few daysJuly 16th, 2009 German gov't hopes to "clear up" Opel questionsMUNICH — German Chancellor Angela Merkel said Thursday her government hopes to "clear up" questions about who will take over auto maker Opel after she met with Russian President Dmitry Medvedev. State-controlled Russian lender Sberbank, in a consortium with Canadian auto parts maker Magna International Inc., is currently in talks to take a majority stake in General Motors Corp.'s German-based Adam Opel GmbH unit.
German parliament approves government plan for banks' bad assetsJuly 10th, 2009 Parliament OKs German bank assets planBERLIN — A plan to allow German banks to offload bad assets into special government-guaranteed vehicles cleared its final legislative hurdle on Friday. The legislation passed the upper house of parliament, which represents Germany's 16 states, after winning approval from the lower house a week ago.
Government to Hold Majority Stake in State-Owned BanksJuly 6th, 2009 CHENNAI - The government will continue to hold at least 51 percent stake in the banks and insurance companies it owns, Finance Minister Pranab Mukherjee said while presenting the union budget for 2009-10 in the Lok Sabha Monday. However, citing the average public float in listed entities - which is less than 15 percent - the finance minister said the government proposed to increase the non-promoter holding in listed companies.
Spanish government unveils bank bailout fund of up to euro90 billionJune 26th, 2009 Spain comes to banks' rescueMADRID — Spain's government on Friday unveiled a fund of up to euro90 billion ($125.46 billion) to help banks restructure and cope with the effects of recession. Finance Minister Elena Salgado told a news conference after a Cabinet meeting that the money will be used for capital injections, to help with mergers and to fund restructuring plans.
Finance minister asks banks to cut interest ratesJune 11th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Wednesday pushed for commercial banks to cut interest rates, saying the measures announced by the central bank to ease their burden were not getting adequately reflected. Between September 2008 and April 2009, RBI reduced the key policy rates and also reduced the CRR (cash reserve ratio) and SLR (statutory liquidity ratio) requirements for banks," Mukherjee told heads of public sector banks here.
German gov't approves plan to help state banks offload bad securities; against restructuringJune 10th, 2009 German government approves state bank planBERLIN — Germany's government has approved a plan to take over troubled assets from state-owned banks in exchange for agreements to restructure and merge their operations. Government spokesman Thomas Steg said Wednesday that Chancellor Angela Merkel's cabinet had approved a plan to allow the nation's seven public sector banks to move up to euro600 billion ($846 billion) worth of bad assets off their balance sheets.
Banks have agreed to consider interest rate cuts: Mukherjee (Lead)June 10th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Wednesday said banks have agreed to consider interest rate cuts, responding to his strong pitch saying measures to ease their burden were not being passed on and that industry needed credit at reasonable rates to push overall growth. "They have agreed to explore the possibility, Mukherjee told reporters here after a review meeting on the country's financial sector with the chiefs of commercial banks and other lending institutions.
New steel minister to stop dumping of steel in IndiaJune 3rd, 2009 NEW DELHI - Minister of State for Steel A. Sai Prathap today said that demand of steel producers for measures to curb the threat of cheap steel imports and dumping must be immediately addressed.
Budget tops Mukherjee's agenda at meeting with aides (Lead)May 25th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday formally assumed charge of his portfolio and "immediately" convened a meeting with officials to discuss budget issues, which a ministry official said would be finalised before July-end. "There was a closed room meeting with the officials of both the CBDT (Central Board of Direct Taxes) and the finance ministry," the official said requesting anonymity.
Agricultural Bank of China reports bad loans down, profit up as rural lender prepares for IPOApril 27th, 2009 Agricultural Bank of China profit up, NPLs downSHANGHAI — Agricultural Bank of China, the country's main state-owned rural lender, reported Monday that its net profit climbed 17.5 percent in 2008 while a restructuring slashed holdings of nonperforming loans. The Beijing-based bank is the last of four major state lenders to be restructured into shareholding companies for listing on China's stock exchanges, although no date has been announced for its initial public offering.
Government seeks $4.2 bn from World Bank to recapitalise banksFebruary 15th, 2009 NEW DELHI - The government has sought an additional $4.2 billion loan from the World Bank, majority of which will be used to recapitalise four state-run banks, a top official said here Monday. 'The government has sought additional world bank spending of $4.2 billion.
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