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IL&FS may not have disclosed bad loans for years: RBI report - Dotemirates

IL&FS may not have disclosed bad loans for years: RBI report

Mumbai: Indian shadow bank Infrastructure Leasing & Financial Services (IL&FS), which collapsed late last year, may not have disclosed bad loans on its books for years despite a big part of its loan book having soured, a report from the Reserve Bank of India (RBI) said. The Indian government took control of IL&FS late last year after it defaulted on some of its debt, triggering wider concerns about risk in the rest of the country’s financial system. The government also appointed a new board. The RBI’s report, included in regulatory filings by IL&FS on Wednesday, found that IL&FS, one of...


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11 Things Your Car Is Trying to Tell You

High-school language classes, online courses, and foreign immersion programs might teach you how to say, "pass the trousers," in Italian, but none of them can teach you one crucial language: Car. On any given day, your car might decide to speak to you, and not in the manner of those old Chrysler New Yorkers from the 80s. Your car might whistle or screech, thump or groan, or decide to engage you in a game of charades with a performative shimmy. Here's how to interpret what it's saying, and act accordingly.No. 1: A Slapping Noise that Increases Tempo with Vehicle SpeedThis...
11/08/2019

Trump roils markets with comments on China trade, Huawei

WASHINGTON - US President Donald Trump on Friday said he was not ready to make a deal with China and even called a September round of trade talks into question, reviving concerns on financial markets that the bilateral dispute is unlikely to end anytime soon.Trump also sowed confusion by saying that the United States would not do business with Chinese telecoms giant Huawei Technologies, only to have a White House official later clarify that he was referring to a ban on U.S. government purchases of Huawei equipment, not requests for sales by U.S. companies, which are still being assessed."We're talking...
11/08/2019

Tourism in trouble: Hong Kong demos hit economy

HONG KONG - Empty hotel rooms, struggling shops and even disruption at Disneyland: months of protests in Hong Kong have taken a major toll on the city's economy, with no end in sight.City leader Carrie Lam has warned that the international financial hub is facing an economic crisis worse than either the 2003 SARS outbreak that paralyzed Hong Kong or the 2008 financial crisis."The situation this time is more severe," she said. "In other words, the economic recovery will take a very long time."The private sector, in particular the tourism industry, has begun counting the cost of more than two...

11/08/2019

'Toxic' Italian steel plant clean-up is a towering task

TARANTO, ITALY - Rock climbers scale a giant canopy in Taranto to build the world's biggest iron-ore park cover as steel giant ArcelorMittal strives to clean up and turn around Italy's most polluting plant.Beyond the factory lie the sea and sandy beaches, though only hardy souls dare to swim or eat mussels farmed here.The site in southern Italy's Puglia region, formerly owned by Ilva, is at the heart of a huge legal battle during which experts cited by prosecutors have charged that of the 11,550 people who died in the area over seven years, 7,500 were killed by cardiovascular and...

GSP roll-back: Exports of goods under tariff system to US up 32 pc

New Delhi: Exports of Indian goods, which were enjoying benefits under the preferential tariff system GSP, to the US registered a growth of 32 per cent in June, according to Trade Promotion Council of India (TPCI). The US rolled back export benefits to over 1,900 Indian goods from June 5. These incentives were provided by America under its Generalised System of Preference (GSP) programme. Citing the data from the United States International Trade Commission (USITC), it said the Indian exports to the US of those goods which were getting GSP benefits stood at USD 657.42 million in June as compared...
11/08/2019

Vacation policies impact decisions of jobseekers

Close to 50 per cent of working professionals in the UAE have stated that they would consider turning down a job offer if the vacation policy does not meet their expectations, a recent survey has found. According to an online study conducted in the UAE and Saudi Arabia by LinkedIn, 43 per cent of those surveyed in the UAE said that they find vacation entitlement extremely important when looking for a new job. The research has also revealed that in the UAE, 80 per cent of men and 76 per cent of women are comfortable sharing their holiday plans with...