ICICI Bank looks to acquire Karnataka Bank – Umesh Shanmugam

The country’s largest private sector bank, ICICI Bank, is learnt to have submitted a formal proposal to the Reserve Bank of India (RBI) to acquire Karnataka Bank, an old and listed private sector bank with a nationwide presence and over 500 branches. In May 2010, ICICI Bank had acquired Bank of Rajasthan, another old bank. …

India’s stressed banks – Umesh Shanmugam

Recently, Fitch Ratings—a credit rating agency—said that Indian banks’ gross non-performing loans (NPL) reached 4.2% for the financial year ending March 2013 from 3.75% in 2011-12. The total stressed assets (including restructured assets) in the system is expected to exceed 10% of total loans by the end of the current fiscal. That is not all. …

Mechel Announces Obtaining 24-Billion-Ruble Loan

Moscow, Russia – October 15, 2012 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, reports signing long-term agreements with Sberbank of Russia OAO on opening several credit lines to Southern Kuzbass Coal Company OAO for a total of 24 billion rubles. Sberbank of Russia OAO opened four credit lines …

Statement at the Conclusion of the Special Event on Frontier and Developing Asia and Pacific

October 15, 2012 Finance Ministers and Central Bank Governors of Frontier and Developing Asia and Pacific countries1 met with International Monetary Fund (IMF) representatives in Tokyo on October 14, 2012, in the context of the IMF-World Bank Annual Meetings. At the end, IMF Managing Director Christine Lagarde issued the following statement: “This special event was the …

SSINA Releases Market Data FOR July 2012

(Washington, D.C., October 15, 2012 – The Specialty Steel Industry of North America (“SSINA”) has released statistical data on imports, U.S. consumption, and import penetration for YTD July 2012. The data represents U.S. consumption, imports, and import penetration for YTD July 2012 compared to the same 2011 seven month period. The following data is presented …

RESPONSIBLE JEWELLERY COUNCIL REACHES 400 MEMBER MARK

ANNOUNCES TRANSLATION OF ITS CERTIFICATION SYSTEM DOCUMENTS IN CHINESE, FRENCH, GUJARATI, ITALIAN, PORTUGUESE AND SPANISH LONDON – The Responsible Jewellery Council (RJC) today announced that its membership has exceeded 400 companies and trade associations, large and small, throughout the diamond, gold and platinum metals jewellery supply chain, from around the world. “RJC’s healthy membership numbers …

FIRSTSOURCE WINS “OUTSOURCER OF THE YEAR” IN THE EUROPEAN CALL CENTRE AND CUSTOMER SERVICE AWARDS 2012

Mumbai, October 15, 2012: Firstsource Solutions (NSE:FSL, BSE:532809), a global provider of customized business process outsourced (BPO) services to the Banking & Financial Services, Telecom & Media and Healthcare sectors, has been awarded the Outsourcer of the Year in the European Call Centre and Customer Service Awards 2012. These are the BPO Industry “Oscars” and …