Daily Archives: April 1, 2016
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NEWS 
April 1, 2016 Standard Chartered posts loss as loan impairments hit new high
CEO Bill Winters is attempting to unwind the damage caused by predecessor Peter Sands’ revenue-led expansion across emerging markets, which left the bank riddled with bad loans when commodity market crashed and growth stalled from China to India. Photo: Reuters London: Standard Chartered Plc reported a surprise full-year loss as loan impairments almost doubled to […]
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NEWS 
April 1, 2016 HSBC facing probe for ‘abetting’ tax evasion
Globally, HSBC reported a pre-tax loss of $858 million in 2015 compared with a profit of $1.73 billion in 2014. Photo: AP Mumbai: While declaring its earnings for the year ended December 2015, international lender HSBC Holdings Plc on Monday said it continues to face a tax inquiry in India for allegedly abetting tax evasion. […]
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NEWS 
April 1, 2016 Standard Chartered’s India losses at $981 million
Overall, the lender’s loan impairment surged to $4 billion in 2015 from $2.14 billion in 2014. Photo: Pradeep Gaur/Mint Standard Chartered Plc. on Tuesday reported a loss of $981 million from its India operations as loan impairments, including restructured loans, across its India portfolio surged almost eightfold to $1.3 billion in 2015 from $171 million […]
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ALL DEALS 
April 1, 2016 AirAsia India loss narrows to Rs25 crore in Q3
Photo: Mint Mumbai: Losses at AirAsia India narrowed to Rs.25.65 crore in the December quarter from Rs.61.15 crore in the preceding three months on the back of an increase in average fares and ancillary revenue, the local unit of Malaysia’s AirAsia Bhd said on Friday. AirAsia India is a joint venture in which AirAsia Bhd […]
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NEWS 
April 1, 2016 Berkshire reports record full-year profit of $24.08 billion
Warren Buffett, who is backing Democratic candidate Hillary Clinton, raised a political issue dear to Democrats in his widely-read letter by calling climate change a ‘major problem for the planet’. Photo: Bloomberg Warren Buffett on Saturday used his annual letter to Berkshire Hathaway Inc shareholders to launch vigorous defence of an aggressive private equity partner […]
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NEWS 
April 1, 2016 LIC’s profit seen slumping as choppy markets take a toll
Photo: Rituparna Banerjee/Mint Mumbai: Life Insurance Corp. of India (LIC) is expected to post a year-on-year decline of 40% in profit-booking on equity investments in 2015-16, as choppy markets take their toll on the country’s largest investor. LIC is expected to book a profit of Rs.15,000 crore on equities in the year to 31 March, […]
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ALL DEALS 
April 1, 2016 Sectoral outlook: aviation
Photo: Abhijit Bhatlekar/Mint Airlines in India are likely to face headwinds in profitability in 2016-17 in the face of rising risks from increasing capacity, pricing pressure and possible cost increases, according to a consultancy firm Capa India. Though the aviation firms will be largely profitable, the pressure on yields is expected to be over 5% […]
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NEWS 
April 1, 2016 Essar Steel says ‘worst times’ over, March a turnaround quarter
A file photo of Essar Steel’s Hazira facility. Hazira (Gujarat): Contrary to market perceptions over its financial and operational performance, Essar Steel India feels its “worst times” are over and is on its way to post a turnaround in the March quarter. Optimistic of its financial situation, the Mumbai-based company said it has already paid […]
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NEWS 
April 1, 2016 Mitsui sees first loss since 1947 amid $2 billion writedown
Impairment charges on mining and energy projects from South America to Australia levied a heavy toll on the books of the Tokyo-based trading house. Photo: Reuters Tokyo: Mitsui & Co., Japan’s second biggest trading house, forecast its first net loss since it was founded in its modern form in 1947 due to impairment charges on […]
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NEWS 
April 1, 2016 Accenture raises revenue forecast after strong second quarter
A file photo of the Accenture stand at the Mobile World Congress in Barcelona. Accenture has been investing heavily to boost its digital business. Photo: Reuters Bengaluru: Accenture Plc raised its full-year net revenue forecast well above analysts’ expectations and reported better-than-expected quarterly revenue and profit, led by strong growth in its consulting business, especially […]
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NEWS 
April 1, 2016 The $2.6 billion buying binge that felled SunEdison
SunEdison is the only US-based developer inching toward bankruptcy protection. Photo: New York: Just nine months ago, SunEdison Inc. was Wall Street’s favourite clean-energy company. It sopped up every dollar it could come by to finance a breathtaking buying binge of wind and solar farms, and in the process became the world’s largest renewable-energy company. […]
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ALL DEALS 
April 1, 2016 Serious academic research and high teaching quality is our winning proposition: Ilian Mihov
Ilian Mihov. New Delhi: In January, when the Financial Times released its annual Global MBA Rankings, a business school with a one-year MBA programme made it to the top of the list. INSEAD, with campuses in Fontainebleau (near Paris), Singapore and Abu Dhabi topped the 2016 rankings, dislodging the previous year’s leader Harvard Business School. […]
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