Lender charge – John Hesch http://johnhesch.com/ Thu, 24 Nov 2022 08:01:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://johnhesch.com/wp-content/uploads/2021/07/icon-150x150.png Lender charge – John Hesch http://johnhesch.com/ 32 32 Court allows bank to sell couple’s home despite no charge on husband’s stake https://johnhesch.com/court-allows-bank-to-sell-couples-home-despite-no-charge-on-husbands-stake/ Wed, 23 Nov 2022 16:33:04 +0000 https://johnhesch.com/court-allows-bank-to-sell-couples-home-despite-no-charge-on-husbands-stake/ A bank can sell a married couple’s home in North Dublin, although there is no charge on the husband’s 50% stake in the property, the High Court has ruled. Judge Garrett Simons said it was ‘just and fair’ to allow Allied Irish Banks PLC to sell the house, which was not the couple’s family home. […]]]>

A bank can sell a married couple’s home in North Dublin, although there is no charge on the husband’s 50% stake in the property, the High Court has ruled.

Judge Garrett Simons said it was ‘just and fair’ to allow Allied Irish Banks PLC to sell the house, which was not the couple’s family home.

The lender, represented by attorney Keith Rooney, could then recover half of the net proceeds from the sale to claim its debt to Kellie Greene, otherwise known as Kellie Byrne.

The remaining 50% of the net proceeds from the sale of the house located on Hamlet Avenue, Chieftain’s Way, Balbriggan, will be paid to co-owner Kenneth Greene.

Business loan

The judge said his order authorizing the sale “appears unlikely” to render the couple homeless, as the property is not their family home. None of the defendants participated in the court hearings.

The court found that Ms Greene’s interest in the property was indeed burdened with a debt to AIB of €413,000 plus interest. This stemmed from defaults on commercial loan facilities granted to him personally in 2004 and 2006 to purchase the Hamlet Avenue house and to restructure his debt.

Ms Greene had been an employee of the bank, therefore qualified for certain loans at preferential rates, the judge noted. A formal request for reimbursement was made in 2014.

Judge Simons previously ruled that Mr Greene’s interest in the property was not subject to encumbrance due to the provision of written security for his wife’s debt.

The bank had argued that it was implicit in the documentation that Mr. Greene’s interest in the property was charged, but the judge found that argument to be unfounded. He said there was nothing in the records to indicate that was the case, and the bank’s own affidavit confirmed that the loan facilities had only been given to Ms Greene.

Judge Simons ruled that the collateral was not secured by granting an equitable mortgage on his share of the property.

Ireland

A man jailed for possessing a credit card cloning device…

However, the man knew that his wife had given security over the property and that he had provided security.

The judge said the bank was entitled to enforce its security against Ms Greene’s interest in the property, while Mr Greene will be protected by receiving half of the net proceeds from the sale.

He made various orders, including one under Section 31 of the Land Law Reform and Transfers Act 2009, authorizing the sale of the property.

]]>
Barbados leads the charge for climate disaster financing at COP27 https://johnhesch.com/barbados-leads-the-charge-for-climate-disaster-financing-at-cop27/ Fri, 18 Nov 2022 17:28:43 +0000 https://johnhesch.com/barbados-leads-the-charge-for-climate-disaster-financing-at-cop27/ SHARM EL-SHEIKH, Egypt (AP) — At the United Nations climate summit in Egypt, leaders of developing countries repeatedly said it was unfair to expect them to cover the costs of rebuilding after devastating weather events in a warming world, in addition to investing in cleaner solutions. industry when they also pay much higher interest rates […]]]>

SHARM EL-SHEIKH, Egypt (AP) — At the United Nations climate summit in Egypt, leaders of developing countries repeatedly said it was unfair to expect them to cover the costs of rebuilding after devastating weather events in a warming world, in addition to investing in cleaner solutions. industry when they also pay much higher interest rates on loans than rich countries.

READ MORE: Women leading discussions on the difficult topic of climate change: reparations

A plan proposed by Barbados Prime Minister Mia Mottley would overhaul how much of development lending works. It also gives a voice to developing countries grappling with mounting debt from climate damage.

“We were the ones whose blood, sweat and tears funded the Industrial Revolution,” Mottley said in a scathing speech. “Are we now going to face a double risk of having to pay the cost of these industrial revolution greenhouse gases?”

Debt has risen in developing countries, sapping funds for education, health and clean energy. Much of the rising debt in some Caribbean countries is linked to extreme storms, Mottley said in a recent essay. The plan would make it easier for countries in the Caribbean, Latin America, Africa and Asia to obtain funds to bolster their defenses against global warming and defer debt payments in the event of a disaster.

Here’s a look at Barbados’ plan, dubbed the Bridgetown Initiative for the island nation’s capital. Proponents say this could be a pathway to unlocking $1 trillion in climate finance.

THE BIG IDEA

The plan includes special loan clauses that allow payments to be suspended when a country is hit by a natural disaster or pandemic. This would immediately free up millions of dollars that governments could spend on relief and reconstruction. Barbados has been a pioneer in such clauses, issuing its first sovereign bond last month with a provision to defer payments to creditors for up to two years if the country suffers a “predefined natural disaster”.

The initiative includes a push to expand lending by international development banks such as the World Bank. The bank and its sister institution, the International Monetary Fund, were created after World War II with the aim of financing reconstruction and alleviating poverty. The power of rich countries like the United States and Germany is rooted in institutions. But the World Bank in particular has been criticized for being too risk averse in lending. The Barbados plan would alter risk ratings, crucially lowering interest rates.

READ MORE: Climate change caused by rich countries is harming the poorest, study finds

Another idea is to create a Climate Mitigation Trust backed by $500 billion in special drawing rights, dues that member countries pay to the IMF that can be levied in times of crisis. Much of it is held by countries that don’t need it, said Avinash Persaud, Mottley’s special climate envoy. The trust could be used to borrow an additional $500 billion from the private sector which could be loaned out at low rates to invest in major climate change mitigation infrastructure projects. Up to $5 trillion in private funding could be unlocked this way, according to the architects of the plan.

Other proposals include a levy on fossil fuel production or an international border carbon tax.

WORTHY OF CREDIT

Mottley’s plan targets a central problem: Poorer nations face much higher borrowing costs.

When most rich countries borrow money, they pay 1-4% interest, while so-called southern countries face rates of 12-14%, Mottley told reporters.

“You’re starting to see the disparity,” Mottley said. “The system is broken.”

After World War II, she said, the victorious Allied nations agreed to cap the cost of Germany’s debt so it could rebuild. Britain refinanced its First World War debt, repaying the last one only in 2014.

“We’re just saying in the developing world that we also need the space to be able to finance our development in the case of climate,” Mottley said. Rich countries account for four-fifths of global greenhouse gas emissions.

Hanan Morsy, chief economist at the United Nations Economic Commission for Africa, told The Associated Press that a number of ideas from the Bridgetown Initiative have also been put forward by African finance ministers. He pointed to another financial inequity: the green bond market that helps finance environmental projects has reached $500 billion, but only 1% reaches Africa.

RICH NATIONS

Mottley first unveiled his idea at the COP26 meeting a year ago in Glasgow, Scotland. Over the summer, she and Persaud convened economists, other academics and civil society groups to work on it.

Now, she says, the momentum of her ideas is gaining momentum.

French President Emmanuel Macron was the first leader of a wealthy country to lend his support.

“We need a huge financial shock of concessional financing,” Macron said in a speech at the opening of COP27. “We have to change the rules, the rules of our big international banks, the development banks, the IMF and the World Bank,” he said. “We can’t wait for the next COP.”

To support Mottley’s plan, “a group of wise minds at the highest level” has been set up tasked with developing climate finance solutions by spring 2023, when the World Bank and International Monetary Fund will hold their annual meetings, Macron said.

As climate-amplified disasters deepen suffering, the stilted international financial system designed for an early age could be about to change, led by those on the front lines.

Germany, the World Bank’s fourth largest shareholder, is among those calling for “fundamental reform”, including “climate loans on better terms”. Federal Reserve chief Janet Yellen says multilateral development banks need to “evolve” and go beyond their traditional poverty reduction work to tackle climate and other complex global challenges .

Wanjohi Kabukuru contributed to this report.

]]>
The charge rate for RHB credits should drop https://johnhesch.com/the-charge-rate-for-rhb-credits-should-drop/ Wed, 16 Nov 2022 01:18:14 +0000 https://johnhesch.com/the-charge-rate-for-rhb-credits-should-drop/ PETALING JAYA: RHB Bank Bhd’s credit charge rate in fiscal year 2022 (FY22) could drop 20-30 basis points (bps), below its initial forecast of 30-40 bps. This was revealed by RHB Bank Group CFO, Nik Rizal Kamil Nik Ibrahim Kamil, during the CGS-CIMB Research regional virtual conference held on November 9. A credit charge-off rate […]]]>

PETALING JAYA: RHB Bank Bhd’s credit charge rate in fiscal year 2022 (FY22) could drop 20-30 basis points (bps), below its initial forecast of 30-40 bps.

This was revealed by RHB Bank Group CFO, Nik Rizal Kamil Nik Ibrahim Kamil, during the CGS-CIMB Research regional virtual conference held on November 9.

A credit charge-off rate (CCOR) is a metric that shows the percentage of credit balances in default compared to the total amount of credit outstanding.

CGS-CIMB Research said it was relatively more positive on RHB Bank after the event, given its lower CCOR forecast.

“We forecast a CCOR of 32 basis points for RHB Bank in FY22. We estimate that each one basis point reduction in CCOR from our projection will improve our FY22 forecast net profit for RHB Bank by around 0.5%,” the research firm noted.

He notes that under the banking group’s new three-year strategy called “Together We Make Progress 24” (TWP24), the bank aims to increase its return on equity (ROE) to 10.2% over the course of the year. FY21 to 11.5% in FY24, which is higher than CGS-CIMB Research’s projected ROE of 10.6% for FY24.

“Potential levers for increased ROE are improved credit costs, continued asset expansion (leading to increased net interest income), and improved operational efficiency,” added CGS-CIMB Research.

Another key takeaway from the session was that the bank sees a resumption of deposit competition in the banking industry.

To this end, the bank “will adopt a conservative position against it, to defend its net interest margin and maximize the positive impact of increases in the overnight rate (OPR)”.

RHB Bank also wants to expand its deposits in the small and medium-sized enterprise (SME) segment, in the form of operating accounts for SMEs – the primary accounts through which SMEs do all their banking – as well as salaries of their employees.

“We believe these types of deposits are stickier than most other types of deposits.” said CGS-CIMB Research.

While RHB Bank sees negligible contributions to earnings from its digital banking joint venture over the next few years, the bank said it would be able to benefit from this venture in terms of new technologies and technical know-how to manage a purely digital bank.

In addition, RHB Bank will be able to tap into the customer ecosystem of Boost, the fintech arm of Axiata Group Bhd..

The Boost-RHB Bank consortium obtained a digital banking license from Bank Negara last year.

Regarding the start of the new digital bank, RHB Bank said that it is now in the “construction” phase (the planning phase), where it formulates its technology plan and strategic plans.

The consortium plans to launch the new digital bank towards the end of 2023, according to CGS-CIMB Research.

“RHB Bank remains an ‘add’ and our top pick for the sector, as its projected 2022 dividend yield of 5.4% is one of the highest in the sector, while the stock trades at a price ratio / attractive earnings of 6.7 in 2023. times (vs. 10.2 times the industry average).

“Potential catalysts for revaluation are broader expansions in net interest margins amid the RPO bull cycle relative to peers and improvements in loan loss provisioning,” added CSG-CIMB Research.

However, the research firm cut its earnings per share forecast for FY22-24 slightly to between 0.4% and 0.8%.

This is assuming an increase in the group’s shareholding to 4.25 billion shares to take account of the 35.3 million new shares issued under its dividend reinvestment plan.

CSG-CIMB Research raised the share price target from RM7.46 to RM7.62.

]]>
Sri Lankan president to present first budget since taking office https://johnhesch.com/sri-lankan-president-to-present-first-budget-since-taking-office/ Sun, 13 Nov 2022 22:57:43 +0000 https://johnhesch.com/sri-lankan-president-to-present-first-budget-since-taking-office/ Sri Lankan President Ranil Wickremesing will present his first budget today. Wickremesing took control of the country in July, after Photo: AFP Sri Lankan President Ranil Wickremesing will present his first budget today. Wickremesing took over the reins of the country in July, after former President Gotabaya Rajapaksa resigned and left the country following mass […]]]>

Sri Lankan President Ranil Wickremesing will present his first budget today. Wickremesing took control of the country in July, after

Photo: AFP

Sri Lankan President Ranil Wickremesing will present his first budget today.

Wickremesing took over the reins of the country in July, after former President Gotabaya Rajapaksa resigned and left the country following mass protests. Amid mass anti-government protests by opposition parties and civil society groups, Wickremesing will present its first budget. The police response to the protests has been criticized, with the opposition accusing them of exploiting controversial anti-terrorism laws.

Sri Lanka has recently been in the grip of a severe financial crisis. Colombo owes more than $50 billion to foreign lenders and in May failed to make interest payments on foreign debt for the first time in history. Meanwhile, monthly inflation has soared to more than 50% and people are struggling with regular shortages of food, fuel and medicine. Both the IMF and the World Bank have agreed grant conditional loans to the country.

In order to comply with IMF lending requirements, Wickremesing’s budget is expected to introduce debt restructuring measures as well as tax and interest rate hikes. This is likely to increase public discontent, risking further protests and political instability.

]]>
The infuriating accusation of “racism against white people” https://johnhesch.com/the-infuriating-accusation-of-racism-against-white-people/ Thu, 10 Nov 2022 23:30:00 +0000 https://johnhesch.com/the-infuriating-accusation-of-racism-against-white-people/ Sometimes I wish white people could be black. Not forever, beware. Maybe for just a few weeks like John Howard Griffin, the author of “Black Like Me,” who darkened his skin and traveled South in 1959. Sometimes I wish white people could have that experience. Not so they can feel the morbid apprehension that can […]]]>

Sometimes I wish white people could be black.

Not forever, beware. Maybe for just a few weeks like John Howard Griffin, the author of “Black Like Me,” who darkened his skin and traveled South in 1959. Sometimes I wish white people could have that experience.

Not so they can feel the morbid apprehension that can accompany a simple roadside check.

Not so they can feel the outrage at being asked to report on yourself just by walking down the street.

Not so they can feel what it’s like when your bank loan is denied, your house is undervalued, your doctor doesn’t take your pain seriously, you don’t get the job, your preschooler is suspended, the shopkeeper follows you everywhere, you can’t hail a taxi or you end up handcuffed, because of the melanin in your skin.

People also read…

  • Ramp on I-85 closed for two years in Guilford County
  • Another Guilford County school is demolished
  • Who won what? Here’s a great roundup of the Guilford County election results
  • Historic Madison Building, Lawson Family Murders, featured in the Netflix series, “28 Days Haunted”
  • Pedestrian killed by Amtrak train passing through Greensboro Sunday morning
  • North Carolina panel narrowly backs controversial new teacher pay plan
  • New faces, but same partisan composition for Guilford County School Board
  • Joe Gibbs’ son Coy, former football coach and NASCAR driver, dies at 49
  • Greensboro chef tipped to be on Food Network’s ‘Chopped’
  • Greensboro woman, 55, dies of her injuries after being ejected from SUV, police say
  • UPDATE: Police arrest a man they believe robbed First National Bank in Greensboro on Monday
  • Update: Powerball ticket sold in California wins record $2.04 billion
  • A man charged with Kernersville murder killed a woman and injured a man
  • New director of parks and recreation appointed in Greensboro
  • Three generations of family involved in fight at Grimsley High, police say

No, I wish white people could be black so they know what it’s like to deal with all of this – and then hear white people complaining about how bad they have it.

The reference is to a recent political announcement. You probably haven’t seen it if you’re not in Georgia, but it popped up on Twitter the other day courtesy of Isaac Hayes III (yes, that Isaac Hayes’ son), where he reminded us that when it comes to race, some of our white brothers and sisters – repeating to emphasize: some – are shameless beyond words and ignorant beyond travesty.

“When did racism against white people become OK?” asks the announcer. The worried piano frets behind him, and white people look emotionally at the camera as he lists the alleged acts of “leftist racism” and “anti-white bigotry” they face from President Joe Biden and of Vice President Kamala Harris. We run out of space to detail these claims, but it won’t surprise you that they’ve been debunked by Factcheck.org, Politifact, and the Washington Post. You also won’t be surprised to learn that the ads are funded by something called America First Legal, run by Stephen Miller, a Trump Reich veteran who has defended his obscene policy of stealing children from immigrants.

Yes, the spot is obviously a direct descendant of Willie Horton’s notoriously racist 1988 ad. But our focus today is on how it attempts to neutralize the language of liberal protest by co-opting it, that is, say by reframing “racism” as something suffered by white people. It’s a rhetorical trick the white right has been using for years. Which does not mean that he has lost his power of exasperation. This narrative that racism is a “both sides” phenomenon may be comfort food for them, but it is a defamation of my ancestors.

Again, however, this is nothing new. You may remember a 2016 exchange about racism between Bryan Richter, a white cop in Austin, Texas, and Breaion King, a black woman. “Do you think it goes both ways? he asked him. This, after he punched the 112-pound woman’s body, handcuffed her, stuffed her into the back of his car and told her about the “violent tendencies” of, ahem, black people. She had been arrested for speeding.

Six years later, five years after Charlottesville, four years after a court awarded 4 cents to the family of a black man in Florida executed by police, three years after a white man threatened a black man with a knife for walking in a “white town” in Kansas, two years after Ahmaud Arbery, Breonna Taylor and George Floyd, it’s hard to overstate the brazenness of the white right asking us to worry about “racism against white people.” “.

We wish they were black, but for them it’s probably best if they can’t. If they were, they would be dealing with white people like them.

They couldn’t handle it.

Leonard Pitts Jr. is a columnist for the Miami Herald, 3511 NW 91st Ave., Miami FL 33172. Readers can contact him at lpitts@miamiherald.com.

]]>
Congress Gujarat: Congress plans sops and ‘charge sheet’ to face rivals in Gujarat https://johnhesch.com/congress-gujarat-congress-plans-sops-and-charge-sheet-to-face-rivals-in-gujarat/ Thu, 03 Nov 2022 18:38:00 +0000 https://johnhesch.com/congress-gujarat-congress-plans-sops-and-charge-sheet-to-face-rivals-in-gujarat/ Congress plans to unveil the promise of a mega-bundle of social welfare, including subsidized electricity, in election-time Gujarat to take on the state’s new challenger, the Aam Aadmi party, which is seeking to seduce the electorate with pre-election sops. He is also set to issue an “indictment” against the BJP for exploiting the ruling party’s […]]]>
Congress plans to unveil the promise of a mega-bundle of social welfare, including subsidized electricity, in election-time Gujarat to take on the state’s new challenger, the Aam Aadmi party, which is seeking to seduce the electorate with pre-election sops. He is also set to issue an “indictment” against the BJP for exploiting the ruling party’s accumulated burden in the state where he had his longest reign of 27 years so far.

Most of the roughly 60 incumbent congressional deputies are pending nomination, according to people familiar with the matter. The party’s central election committee is due to hold a meeting on Friday. Congress is also exploring limited alliances with parties such as the NCP and BTP.

AICC in charge of Gujarat Raghu Sharma, a former minister in the government of Rajasthan, indicated that the pre-election pledges of the Gujarat Congress will include many plans that the Ashok Gehlot government has executed. “The Congress in Gujarat will promise to implement what our party governments including in Rajasthan have already implemented effectively,” he said during a presser after the EC announced the timetable. elections in Gujarat.

These schemes include a revival of the old pension scheme, ₹10 lakh insurance policies for families, zero electricity bill for poor families and free power supply for farmers, ₹5 subsidy per liter of milk, an employment guarantee program for the urban poor. from MGNREG ACT, meals for ₹8 from the Indira Cooking Scheme, ₹3 lakh loan waiver for farmers and Mahatma Gandhi English Middle Schools for poor children.

Yet there are whispers in congressional circles that Rahul Gandhi has not launched a blitzkrieg in the state where the opposition party battled the BJP hard in 2017 polls – he addressed to a rally a few weeks ago. Although the Congress leadership shows Gandhi’s concern for the Bharat Jodo Yatra and claims that he could campaign in both Gujarat and Himachal Pradesh if needed, many wonder if Gandhi is not making a serial outings in election-related states betrays his reluctance to bite the bullet.

“Every political padayatra is in pursuit of electoral revival, and anyone who claims otherwise is not fooling anyone,” said a congressional official on condition of anonymity.

The election marks the first Congressional ballot management in many decades without the late Ahmed Patel.

]]>
Abolish capacity charge to save PDB: IMF https://johnhesch.com/abolish-capacity-charge-to-save-pdb-imf/ Wed, 02 Nov 2022 17:57:00 +0000 https://johnhesch.com/abolish-capacity-charge-to-save-pdb-imf/ The International Monetary Fund delegation visiting on Wednesday said the government should get rid of the capacity payment to save the loss-making electricity development board and expressed concern about economic growth due to the current restriction of imports. IMF officials made the observation on capacity charges during their meeting with officials of the Electricity Division […]]]>

The International Monetary Fund delegation visiting on Wednesday said the government should get rid of the capacity payment to save the loss-making electricity development board and expressed concern about economic growth due to the current restriction of imports.

IMF officials made the observation on capacity charges during their meeting with officials of the Electricity Division and its subsidiary Electricity Development Board, as they explored whether the policy whose there is so much talk about the ability payment would end by 2030.

The government paid about Taka 76,115 crore as capacity charge over the past decade. Under a legally binding agreement, it must pay the fee to private power generation companies whether their capacity is used or not.

IMF officials also wanted to know the possible impacts on the economy should the government withdraw subsidies from the power sector.

According to the Ministry of Finance Economic Review 2022, the Electricity Development Board suffered a net loss of more than Tk 60,000 crore between the fiscal years 2010-11 and 2020-21, mainly due to capacity load controversial.

Bangladesh Consumers Association energy adviser Mr Shamsul Alam said the payment of capacity charges under the controversial power generation policy by independent power producers is a curse for the country. nation.

The county cannot use half of its power generation capacity and is being forced to pay a huge capacity charge to IPPs due to random power outages since July, he said.

Energy Division Secretary Habibur Rahman, in an interview with reporters from the secretariat, said the IMF was seeking updates on the country’s efforts in renewable energy generation.

APB officials, however, said IMF officials were focusing more on power purchases from independent power producers.

In response to an IMF proposal to take commercial loans from banks instead of receiving government grants, officials said such a proposal was not viable because access to electricity is a human right. all.

They said they had made no assessment of the end of the capacity charge since the establishment of many new power plants by private groups was underway.

IMF officials, when meeting with Commerce Ministry officials on the same day, sought to know about the possible negative impacts on the country’s economic growth due to the current import restrictions.

He also sought to project the country’s exports for the next three years amid a looming recession in Western countries.

The IMF mission also researched in detail Bangladesh’s export diversification plan prior to the country’s graduation from least developed country status.

Commerce Ministry officials headed by its secretary Tapan Kanti Gosh told IMF visitors that the government had restricted the import of luxury and consumer goods to ensure the availability of foreign currency for the import of essential goods. such as fuel oil and foodstuffs.

They suggested the restriction would be lifted once world market commodity prices fell.

In an interview with reporters, Tapan Kanti Gosh said they expected the country’s exports to rebound in winter despite falling in recent months.

Export earnings in September and October fell by more than 7% respectively.

The country has attached importance to the export of ICT goods, agricultural products and plastic items as part of export diversification to get rid of the narrow export basket dominated by ready-to-wear garments. à-porter, Commerce Ministry officials said in response to questions from the IMF on export diversification.

The country achieved lower-middle-income country status in 2015 and met all the criteria to graduate from LDC status, with graduation to be effective in 2026.

The country has taken several steps to overcome the challenges of LDC graduation from 2026.

A task force of public and private sector experts under the aegis of the Prime Minister’s Office is formulating strategies, according to Commerce Ministry officials.

In addition, the country will benefit from an additional three years of preferential duties from the European Union after 2026, which will help support Bangladesh’s export earnings from its largest EU market.

Commerce Ministry officials have also appealed to the World Trade Organization for the extension of different countries’ tariff preference facility under WTO rules to help the country exit.

During ongoing negotiations with the multilateral lender, Bangladesh has attached importance to signing free trade agreements with various countries as part of LDC graduation, but IMF officials have expressed doubts the success of FTAs ​​without rationalizing tariffs and eliminating para-tariffs.

The IMF mission which began on October 26 will end on November 9 as part of negotiations on the proposed $4.5 billion loan that Bangladesh has requested from the lender for budget support.

]]>
Ex-Standard Bank MD lands in jail https://johnhesch.com/ex-standard-bank-md-lands-in-jail/ Sun, 30 Oct 2022 14:40:00 +0000 https://johnhesch.com/ex-standard-bank-md-lands-in-jail/ A B October 30, 2022, 8:40 p.m. Last modification: October 30, 2022, 8:46 p.m. Mamun Ur Rashid, former managing director and CEO of Standard Bank. Photo: Collected “> Mamun Ur Rashid, former managing director and CEO of Standard Bank. Photo: Collected A Dhaka court on Sunday sent Mamun Ur Rashid, a former managing director and […]]]>

A B

October 30, 2022, 8:40 p.m.

Last modification: October 30, 2022, 8:46 p.m.

Mamun Ur Rashid, former managing director and CEO of Standard Bank. Photo: Collected

“>

Mamun Ur Rashid, former managing director and CEO of Standard Bank. Photo: Collected

A Dhaka court on Sunday sent Mamun Ur Rashid, a former managing director and CEO of Standard Bank, to jail in an embezzlement case.

Dhaka Metropolitan Senior Special Judge Md Asaduzzaman issued the order after Mamun went to court to seek bail.

On February 4, 2021, the Anti-Corruption Commission (ACC) filed a complaint against eight people, including the former Managing Director (MD) of Standard Bank (SB), for misappropriation of Tk4 crore.

The accused withdrew the money on behalf of a non-existent NGO.

According to the ACC investigation, the defendants used their positions to embezzle Tk4 crore in the name of a secured overdraft loan for a fictitious microcredit NGO and later laundered the money.

The other defendants are – Jesmin Rashid, Executive Director of Socheton Sahajjo Sangstha, its President Hasna Hena and its Secretary Nasrin Akter; former Manager of Pragati Sarani Branch of Standard Bank (currently Vice Chairman and Manager of Nikunjo Branch of Premier Bank) Shooiab Mahmud Tuhin, Senior Executive Sheikh Mohammad Monsurul Karim, Additional MD Tarikul Azam, Former Vice Chairman and ARCD of SB, Main Branch Md Aminul Islam.

]]>
India’s Eveready Q2 Profit Tanks Hit by Charge, Higher Costs https://johnhesch.com/indias-eveready-q2-profit-tanks-hit-by-charge-higher-costs/ Fri, 28 Oct 2022 11:44:20 +0000 https://johnhesch.com/indias-eveready-q2-profit-tanks-hit-by-charge-higher-costs/ Consolidated profit for the three months ended Sept. 30 fell to 147.3 million Indian rupees ($1.79 million) from 310.4 million rupees a year earlier, it said in a filing. exchange. Operating income increased by 5.3% to 3.76 billion rupees. Earnings were impacted by a non-cash charge related to an unamortized entry fee from a loan […]]]>

Consolidated profit for the three months ended Sept. 30 fell to 147.3 million Indian rupees ($1.79 million) from 310.4 million rupees a year earlier, it said in a filing. exchange.

Operating income increased by 5.3% to 3.76 billion rupees.

Earnings were impacted by a non-cash charge related to an unamortized entry fee from a loan repaid during the quarter and a deferred tax adjustment, Eveready said in a statement. The load will balance out for the full year, he said, without giving further details.

Quarterly spending rose about 11% to 3.55 billion rupees, after input costs jumped 32.8% from a year ago.

Demand was “sluggish” following high inflation and a delayed monsoon, said Suvamoy Saha, chief executive, adding that the company was revamping its business mix for key markets.

The evolution of the product line and better execution helped boost revenue last quarter, the company said.

Indian companies, including Eveready, account for 4.21% to 4.79% of the global consumer battery market, which is expected to grow by $9.7 billion through 2026, according to a report by market research firm Technavio.

Shares of Eveready closed down 1.3% at 295.85 rupees after the earnings announcement.

($1 = 82.4625 Indian rupees)

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Dhanya Ann Thoppil)

]]>
UK corporate bond rally battered as ‘adult’ takes charge https://johnhesch.com/uk-corporate-bond-rally-battered-as-adult-takes-charge/ Tue, 25 Oct 2022 11:15:17 +0000 https://johnhesch.com/uk-corporate-bond-rally-battered-as-adult-takes-charge/ (Bloomberg) — Bloomberg’s Most Read The appointment of Rishi Sunak as British Prime Minister spurred a rebound in the struggling sterling-denominated corporate bond market, helping to restore investors’ perception of credibility and encouraging traders to seek out cheap debt. Among them, Paola Binns, portfolio manager at Royal London Asset Management Ltd. “There is a bit […]]]>

(Bloomberg) —

Bloomberg’s Most Read

The appointment of Rishi Sunak as British Prime Minister spurred a rebound in the struggling sterling-denominated corporate bond market, helping to restore investors’ perception of credibility and encouraging traders to seek out cheap debt.

Among them, Paola Binns, portfolio manager at Royal London Asset Management Ltd.

“There is a bit of relief going on as an adult seems to be in charge of government,” said Binns, who helps oversee £150bn ($169.4bn) in assets. “I expect corporate bond markets to improve.”

The market seems to be generally in agreement. Yields on investment-grade British pound corporate bonds posted their second biggest daily decline on Monday, according to data compiled by Bloomberg. They remain at high levels, around 6.3%.

Markets are seeing some easing from the turmoil sparked by the short-lived government of Liz Truss, whose unfunded tax cut plans have spooked investors, threatened a key strategy of the country’s pension funds and forced the Bank of England to intervene.

The chaos has limited companies’ ability to raise funds in the capital markets, with companies at one point facing the prospect of paying a record £3.5million in additional interest charges each year to replace the old debt with a new one.

Businesses can now be more confident to get back into the market. Last week’s show by Northumbrian Water Ltd. was the first non-financial sterling bond issue since early September, according to data compiled by Bloomberg. Northern Ireland Electricity Networks Ltd is offering a new sterling note on Tuesday maturing in just over 10 years.

Binns said she sees opportunities in shorter maturities as well as triple B-rated bonds because of their wide credit spreads. An ICE BofA index showed a spread of 282 basis points between sterling triple B bonds and government yields, around 100 basis points above the average for the past decade.

While the average maturity of the sterling bond market has fallen this year, the prices of safe notes remain highly exposed to swings in government bond yields.

“If the UK regains credibility with investors and rates stabilize, that will of course benefit credit markets,” said Pierre Verle, head of credit at Carmignac Gestion, which oversees 33.2 billion euros. ($32.8 billion).

Credit has underperformed equities this year. Investment grade British pound corporate bonds lost almost 23% according to the Bloomberg indicator, compared to a fall of around 5% for the blue-chip FTSE 100 index. Verle sees that gap eventually narrowing if the credit sentiment improves.

“I don’t think the credit will stay as wide as it still is,” he said.

Elsewhere in the credit markets:

EMEA

Eight borrowers are looking to tap into the European primary market on Tuesday to raise at least 3.89 billion euros. Meanwhile, the earnings season is gaining momentum in Europe.

  • Earnings from Swiss pharmaceutical company Novartis were supported by new drugs. The company also raised the guidelines of a unit it is creating

  • UBS reported higher-than-expected third-quarter profit as higher interest rates helped offset lower client activity in wealth management

  • HSBC has appointed Georges Elhedery as its new chief financial officer, making him a potential candidate for the top job; shares fell after higher-than-expected charges for potential loan losses

  • Blackstone-owned Cirsa seeks to sell junk-listed bonds as market sentiment and corporate earnings stabilize

Asia

Credit markets in Asia are reporting some of the largest increases in risk aversion in any month in recent memory, as soaring global borrowing costs come up against growing concerns over China’s policy outlook.

  • Chinese high-yield notes fell about 1 cent, credit traders say

  • Meanwhile, spreads on some offshore 10-year notes sold by Chinese tech firms have widened by at least 10 basis points, traders say

  • More broadly, Asian high-quality USD bond spreads widened by at least 3 basis points, traders said

  • Trading flow in the primary Asian dollar bond market was further reduced on Tuesday amid market volatility

Americas

Sales of junk bonds are falling at an unprecedented rate globally as interest rates rise, a double whammy for riskier companies that will need financing over the next few years.

  • Preliminary forecasts for this week suggest $20 billion in new bond sales. As earnings rise, domestic companies that have reported results will be free to sell debt and could account for most of the volume

  • Wall Street’s biggest banks could join companies emerging from profit blackouts to sell new bonds over the coming week as a rare moment of reprieve sweeps through high debt markets quality

  • For deals updates, click here for the New Issue Monitor

  • To learn more, click here for Credit Daybook Americas

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

]]>