Fitch Financial News

31.07 / 06:19

UPS Fitch Moodys Verisk MSCI country reform Israel's judicial reform turmoil threatens economic growth, investment

By Libby George and Marc Jones

30.07 / 15:57

Toyota Hyundai Fitch Honda country Utility Sales of cars and utility vehicles are expected to remain strong for 4th straight month in July

Sales of cars and utility vehicles are expected to remain strong for the fourth straight month in July, amid improved supplies and sustained demand in the local market. Around 345,000-346,000 vehicles are expected to be sold in the domestic market by the close of this month, compared with 342,000 units a year earlier. This would be the highest July sales on record in the Indian market.

30.07 / 12:27

Target FIVE Progressive Fitch stake Govt likely to get a majority stake in HPCL, will infuse capital in fuel retailors

₹30,000 crore of support to state-run oil retailers and keeping all things constant, the government will be left with ₹9,000 crore to 10,000 crore after the rights issues of IOC and BPCL. The amount is expected to be used for HPCL which has a current market capitalization of ₹39,650 crore. The officials said that it will translate into a significant stake depending on the prices of the shares.

30.07 / 07:55

COST UPS Target FIVE Fitch stake Govt to get significant stake in HPCL post preference issue

Five years after it exited the company, the government is set to get a significant stake in Hindustan Petroleum Corporation Ltd (HPCL) as it looks to infuse equity in fuel retailers that lost money on selling petrol and diesel at discounted rates last year, officials said.

28.07 / 20:06

Provident Target Reuters CEO Remark Fitch Moodys National Lincoln National's CRE exposure targeted by two hedge funds

By Carolina Mandl

27.07 / 17:55

UPS Provident Platform Compilation Fitch show Buyback Data recap: EPF rates, L&T buyback, GDP estimate

Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. Earlier in the week, major announcements by Larsen & Toubro (L&T) and ITC led to movements in the stock markets. The government approved a hike in the interest rate on employees' provident fund (EPF) to 8.15% for 2022-23.

26.07 / 12:57

COST UPS Citi Lowe's Fitch Relics of the last property crash start to wobble again

CityPoint, a 36-story office building in London’s financial district, became one of the symbols of the financial crisis when a Beacon Capital Partners Inc. fund missed a payment on loans secured by the property just over a decade ago.

25.07 / 17:47

COST UPS Fitch Southern country IMF raises India’s 2023 GDP growth forecast to 6.1%

NEW DELHI : The International Monetary Fund (IMF) on Tuesday revised India’s GDP growth forecast to 6.1% for 2023, up from 5.9% projected by the financial institution earlier this year as a result of stronger domestic investment. “Growth in India is projected at 6.1% in 2023, a 0.2 percentage point upward revision compared with the April projection, reflecting momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment," IMF said in a report.

24.07 / 19:21

Citi Lowe's Compilation Fitch show performer Sydney, Melbourne outer suburbs have double the rate of loan arrears

Borrowers in Sydney’s south-western suburbs and in Melbourne’s north-west are more than twice as likely to be a month or more behind paying their home loans, data compiled by ratings agency S&P has found.

16.07 / 20:11

UPS Fitch rate hikes interest rate hikes Retail borrowers, small biz bear the brunt of interest rate hikes

lending rate (MCLR)—internal benchmark banks used to price loans to companies—has increased 140 basis points (bps) since April, the repo rate used to price retail loans was raised 250 bps in the same period. Since October 2019, banks have been using external benchmarks—mostly the repo rate—to price retail and small business loans, although most corporate loans are linked to MCLR.

12.07 / 01:55

Booking Manufacturing BMW Mercedes-Benz Fitch Audi Sale of luxury vehicles sees 38% jump YoY in June, much ahead of overall automobile sales growth

According to industry estimates, about 20,000 luxury vehicles were sold between January and June — a 38% jump over 14,500 units sold in the same period a year ago. Strong consumer demand, especially at the top end of the market, and healthy order books across manufacturers will help sustain momentum through the year and push overall volumes past the pre-pandemic peak of 40,000 units in 2018, senior industry executives told ET. Meanwhile, overall passenger vehicle sales rose by about 10% to over 2 million units in the first half of 2023.

10.07 / 14:25

Target FIVE Reuters Fitch Fitch upgrades Pakistan's rating to CCC ahead of IMF board meet on $3 billion agreement

Reuters. Pakistan faces some $23 billion of external debt obligations coming due in the fiscal year starting July — more than five times the nation’s foreign-exchange reserves. Fitch in a statement said that the upgrade reflected the country's improved external liquidity and funding conditions following a staff level agreement with the International Monetary Fund (IMF). The credit rating agency however, warned that the fiscal deficit still remained wide.

07.07 / 20:59

Target Aviat SUN Manufacturing Mobile Fitch rights IOC board approves ₹22,000 cr rights issue, JV for battery swapping

₹22,000 crore through rights issue. The board of the public sector oil marketing major on Friday approved the raising of capital through rights issue. In a regulatory filing, the company said its board has approved “raising of capital by way of issue of equity shares on right basis upto an amount not exceeding ₹22,000 crore, subject to receipt of necessary statutory approvals as may be required".

07.07 / 18:19

UPS Target Aviat SUN Mobile Fitch energy transition rights IOCL plans ₹22,000 cr rights issue for energy transition

NEW DELHI : Indian Oil Corp. Ltd (IOCL) plans to raise ₹22,000 crore via a rights issue. The board of the public sector oil marketing company (OMC) has approved the capital raising, the fuel retailer said in a regulatory filing on Friday The board approved “raising of capital by way of the issue of equity shares on rights basis up to an amount not exceeding ₹22,000 crore, subject to necessary statutory approvals", it said, adding that details such as the issue opening and closing dates and issue price would be made available later.

06.07 / 02:57

UPS Waves Booking Extreme Fitch View: The HDFC twins' merger will leave India’s banks gasping

Three decades later, things are far more serious. Finance in the most-populous nation is moving into a higher gear. Of the two big changes expected this year, one has just occurred and created a juggernaut bigger than Morgan Stanley.

30.06 / 17:55

Reuters Action Racing Fitch Moodys Deal Why Pakistan badly needed the deal with the IMF

Pakistan on a bigger-than-expected $3 billion Stand-By Arrangement (SBA), a last-minute rescue package for the country facing an acute balance-of-payments crisis. Islamabad was racing against time to unlock $1.1 billion under the IMF's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019.

31.05 / 01:13

Citi Booking Tesla NVIDIA Fitch Moodys Micron Warning New warning signs emerge for China's property market

BEIJING — New data show China's massive property sector is still struggling to turn around, despite signs of recovery earlier this year.

24.05 / 17:19

Manufacturing Action Citigroup Moderna Corning Fitch Intuit Stocks making the biggest moves midday: Abercrombie & Fitch, Palo Alto Networks, Moderna and more

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27.03 / 01:53

COST Citi Provident Target FIVE Fitch China's debt-heavy local governments look for new ways to raise cash

BEIJING — Debt-heavy local governments in China need new ways to raise money under a central regime that's made clear its priority is to reduce financial risks.

30.09 / 15:45

UPS Fitch Hurricane Hurricane Ian Will Cause Short-Term Economic Hit, Economists Say

Hurricane Ian will likely weigh on U.S. economic growth through the end of 2022, economists say. Beyond that, the rebuilding and recovery will nudge up economic output over the coming years.

02.09 / 09:41

COST FIVE Cooper Fitch Warning Turkey's skyrocketing inflation is flashing warning signals for Gulf banks

DUBAI, United Arab Emirates — Banks with exposure to Turkey have faced losses ever since the country's currency began steeply depreciating in 2018; now, lenders in several oil-rich Gulf states in particular are set to take a hit in the next year because of their links to the country, according to a recent report by ratings agency Fitch.

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