The Federal Criminal Court has acquitted UBS in the Bulgaria case, previously taken over by Credit Suisse, while reducing the sentences of two other defendants. Credit Suisse had been fined two million Swiss francs and ordered to pay 19 million francs for failing to monitor banking ties with the Bulgarian mafia and for not adhering to anti-money laundering regulations from July 2007 to December 2008. The other defendants, a former banker and a mafia associate, received a 29-month prison term and a conditional five-month sentence.
12:07 27.11.2024
Paradigm Realty has repaid a Rs 175-crore debt to Edelweiss Financial Services two quarters ahead of schedule, driven by strong sales at its 102 Downtown project and a refinancing effort. The company secured Rs 135 crore from a private lender, maintaining a 13% interest rate, which could decrease upon meeting performance milestones. This move underscores Paradigm's commitment to financial discipline and operational excellence.
Banco BPM CEO Giuseppe Castagna has alerted employees that a potential takeover by UniCredit could jeopardize over 6,000 jobs. He expressed concerns regarding the bidder's estimated cost synergies, which amount to more than a third of Banco BPM's cost base.
Turkey prices in the US have decreased by 6%, despite a simultaneous drop in production, marking the lowest number of birds raised since 1985. This decline reflects a lack of holiday demand as consumers remain concerned about food costs, leading to reduced Thanksgiving feasts.
Argentine investors are increasingly opting for longer-duration peso savings and investments, reflecting growing confidence in President Javier Milei's ability to tackle inflation and stabilize the exchange rate. This shift is evident as traders seek longer maturities in fixed-rate peso bonds and deposit savings for extended periods, anticipating lower interest rates.
The Temporary Healthcare Staffing market is poised for significant growth, driven by rising demand across various sectors. A comprehensive report highlights key players, market trends, and future opportunities, emphasizing the impact of technological advancements and regulatory changes on industry dynamics. Detailed analyses of consumption patterns, pricing strategies, and competitive landscapes provide valuable insights for market participants navigating this evolving landscape.
The Nifty 50 index rebounded on November 27, closing above 24,250, driven by gains in auto, energy, metal, and media sectors. After a flat opening and rangebound trading, the index surged past 24,350 before some selling pressure emerged. Notable gainers included Adani Enterprises and NTPC, while Apollo Hospitals and Titan Company were among the losers. Broader indices also performed well, with the Nifty Midcap rising 0.6% and the Nifty Smallcap up 1.3%.
Sudipto Roy, MD and CEO of L&T Finance, asserts that working in banks and non-banking financial companies (NBFCs) is similar due to stringent regulatory scrutiny from the Reserve Bank of India. He emphasizes that upper-layer NBFCs operate like banks, highlighting the indistinguishable nature of their operations. Roy, who transitioned from a banking background, took charge of L&T Finance as it aimed to focus entirely on retail NBFC services.
Japanese lenders MUFG and SMBC appear to have lost interest in acquiring a majority stake in Yes Bank, as discussions have stalled since September. Regulatory issues regarding control and voting rights, which cap a promoter's voting power at 26% despite a potential 51% stake, may have contributed to the impasse.
India's benchmark indices closed higher on November 27, with the Sensex gaining 230.02 points to reach 80,234.08 and the Nifty rising 82.20 points to 24,276.7, amid a volatile trading session. Adani Group stocks surged up to 12% following news that the chairman and his aides were not charged under the US Foreign Corrupt Practices Act, adding Rs 1.2 lakh crore to the group's market capitalization. Meanwhile, European markets and US equity futures declined as investors assessed recent US cabinet appointments and awaited key economic data for insights on interest rate trends.
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