International Financial News

Buyout group CVC Capital Partners, one of the largest European private equity groups, has trumped EQT to emerge as the highest bidder for to acquire affordable housing finance company Aavas Financiers Ltd (formerly known as AU Housing Finance Ltd) as its current promoters, private equity firms Kedaara Capital and Partners Group are looking to exit their 8 year old joint investment, said people in the know. A formal announcement is expected this weekday, latest by Monday. CVC and EQT were the two final contenders as the third Bain Capital decided to go slow.

Philippine military chief condemned Saturday what he said was the provocative actions of two Chinese air force aircraft that executed a dangerous manoeuver and dropped flares in the path of a Philippine air force plane on routine patrol in the South China Sea. All those aboard the Philippine air force NC-212i light transport plane were unharmed and returned safely to Clark Air Base north of Manila after Thursday morning's incident over the Scarborough Shoal, Gen Romeo Brawner said, without providing other details. A top Philippine security official told The Associated Press that the Chinese jets flew at a «very close distance» to the Philippine air force turbo-prop plane and «put the lives of our pilots in real risk and danger». Another security officer said at least eight flares came from the Chinese fighter jets. Both spoke on condition of anonymity because of the sensitivity of the incident.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

autonomous driving startup WeRide said on Friday it was seeking a valuation of as much as $5.02 billion in its initial public offering in the United States. The IPO announcement comes at a time when the Biden administration is expected to propose barring Chinese software in autonomous and connected vehicles in the United States in the coming weeks. WeRide is aiming to raise as much as $119.4 million by offering 6.45 million American depositary shares at a price range of $15.50 and $18.50 per share.

IndusInd International Holdings (IIHL), the winning bidder to take over Reliance Capital Ltd has transferred Rs 2,750 crore to a designated escrow amount in line with the National Company Law Tribunal (NCLT) directions, one person with the direct knowledge of the transfer said. «The money was received on Saturday morning which is what the court had directed. IIHL has also given a binding term sheet by banks which has details of the loans they will raise to finnance the transaction,» this person said. On Thursday a NCLT bench, comprising Justices Virendrasingh G Bisht and Prabhat Kumar, directed IIHL to implement the resolution plan by August 10 and deposit the equity component of Rs 2,750 crore in an escrow account designated by the committee of creditors (CoC).

Indian Ocean Region (IOR), connecting the Pacific and Atlantic Oceans, is emerging as a critical axis of global trade, skilled young population and geo-economic prosperity. However, this region has witnessed significant transformations in recent years. For instance, China's expanding influence from Bab-el-Mandeb to Strait of Malacca is posing new and unique challenges each passing day. This continues to pose challenges to the Quadrilateral Security Dialogue (Quad) group, whose sole aim is to create a cooperative bulwark against Chinese expansionism and aggressiveness. China’s economic and military might have increased, so has its interest in securing its maritime trade routes and expanding its influence across the Indian Ocean Region (IOR). Here, we are reminded of the quote by Admiral Alfred T Mahan, «whoever controls the seas controls the world». Furthermore, China’s Belt and Road Initiative (BRI) has seen significant investments in port infrastructure and maritime logistics, exemplified by projects like the Djibouti Port in the Horn of Africa, Gwadar Port in Pakistan, and the Hambantota Port in Sri Lanka among others.

Moon River in denim pedal pushers and a terry cloth turban in the 1962 classic Breakfast at Tiffany’s, she sparked not only a fashion revolution—she helped ignite an economic phenomenon. By the 1980s, denim had become a symbol of youth and minimalist style. Read this | When street fighter Manu Chhabria laid siege to Shaw Wallace Lalbhai recognized the potential for India, a country with a rich textile history but hampered by outdated machinery and processes, to make a mark in the global denim market.

The Prime Minister also took to his X handle on the occasion of World Lion Day celebrated on August 10, to share a few stunning images of the big cats. PM Modi highlighted that in February this year, the Union Cabinet approved the setting up of the International Big Cat Alliance, to bring together all the nations of the world where big cats reside. It seeks to build a holistic approach to boost sustainable development and also support community efforts in this regard. This endeavour, he said received an encouraging response globally.

Bangladesh was hailed as an economic miracle. Its singular focus on exporting textiles and apparel delivered rapid growth, lifting millions out of poverty and winning the country's prime minister, Sheikh Hasina, fame and admiration. But Hasina's abrupt exit from power this week has exposed the limitations of that strategy, as Bangladesh struggles to combat steep inflation and joblessness that economists say are largely the result of poor policy decisions. Her increasingly authoritarian rule and Bangladesh's widespread corruption only added to the frustration that boiled over and forced her ouster. Now, Bangladesh must decide its future.

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boxer Imane Khelif has won a gold medal Friday at the Paris Olympics, emerging a champion from a tumultuous run at the Games where she endured intense scrutiny in the ring and online abuse from around the world over misconceptions about her womanhood. Khelif beat Yang Liu of China 5:0 in the final of the women's welterweight division, wrapping up the best series of fights of her boxing career with a victory at Roland Garros, where crowds chanted her name, waved Algerian flags and roared every time she landed a punch. After her unanimous win, Khelif jumped into her coaches' arms, one of them putting her on his shoulders and carrying her in a victory lap as she pumped her fists and grabbed an Algerian flag from the crowd.

restructuring spree under new CEO Srini Pallia, IT major Wipro has elevated three veterans, as per an internal email seen by ET. Meanwhile, a senior executive who joined under ex-CEO Thierry Delaporte's watch has decided to exit the firm. Wipro has appointed Nanda Kishore, who has served the company for 30 years, as chief of delivery and operational excellence. He is currently the chief operating officer (COO) of Americas One. Dilip Dialani, who has been with Wipro for almost two decades, will take over from Nanda as COO of Americas One in Q3. Before he succeeded Delaporte as Wipro CEO, Srini had helmed Americas One as CEO. The firm is elevating the role of its chief information security officer Aathir Ahad, a Wipro veteran for over 21 years. Effective immediately, he will report to the company's COO Sanjeev Jain. Ahad will continue to shape the company's security strategy, ensuring compliance and safeguarding data, read the mail. Questions mailed to Wipro remained unanswered till the time of going to press.

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

JPMorgan Chase has become the latest firm to harness the potential of AI as it arms thousands of its employees with powerful new virtual assistant.

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

Bangladeshis gathered across Sitalkuchi in West Bengal, seeking to cross over to India, and many more are moving towards the border amid reports of attacks on minorities, people aware of the matter told ET on Friday. Bangladeshis were seen trying to cross Kharpa river near Pathantuli village of Sitalkuchi block in Coochbehar district, they said. BSF is dealing with this «emerging challenge (that) is new to BSF». «Guwahati Frontier of Border Security Force successfully addressed a significant and different kind of challenge at the India-Bangladesh border in Coochbehar district. Approximately 1,000 individuals, reportedly Bangladeshi nationals, approached the international border, seeking refuge in India,» BSF said on Friday.

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

Ola Electric is set to unveil its first electric motorcycle on August 15, 2024, during the "Sankalp 2024" event at the FutureFactory. The bike will join Ola's existing electric two-wheeler lineup, including the S1X, S1 Air, and S1 Pro.Teasers suggest the motorcycle will feature a dual-pod LED headlamp, KTM-inspired turn indicators, telescopic fork suspension, and a large battery in a tubular frame.

PARIS—Ever since Team USA won its last Olympic weightlifting gold at the 2000 Sydney Games, a generation of Americans has tried and failed to outdo rivals in hoisting dangerously heavy pieces of metal above their heads. Now, nearly a quarter-century later, that drought looks set to end Friday via the chalked hands of a 21-year-old Tennesseean. After conquering an Olympic qualifier, Olivia Reeves enters the 157-pound division as the top-ranked lifter and gold-medal favorite.

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Iran is undertaking research activities that have put it in a better position to launch a nuclear-weapons program, though it has yet to do so, according to a new assessment by U.S. intelligence agencies. The shift in Washington’s view of Iran’s nuclear efforts comes at a critical time, with Iran having produced enough highly-enriched nuclear fuel for a few nuclear weapons.