Recovery Financial News

Nifty IT index has been in the green since May this year on a monthly basis but concerns are growing that if interest rates in the US stay high for a longer than expected period, it will impact the Indian IT stocks. An aggressive Fed is bad news for economic growth in the US and a weakness in the US economy is bad news for Indian IT companies because of their high exposure to the US market. Even though the US Fed maintained a pause on interest rate hikes, on expected lines, its hawkish tone appears to have spooked markets and the Nifty 50 suffered a loss of almost a per cent in intraday trade on Thursday.

It was the best data in a while in a country starved of good economic news: China reported on Friday that its industrial output grew 4.5% in August from a year earlier, versus a forecast 3.9%. Retail sales expanded by 4.6%, beating an expected increase of 3%, 

Srettha said he would make a trip to India this year with plans to meet his counterpart Narendra Modi and discuss increasing flight frequency between the two countries, including more services by flag carrier Thai Airways International Pcl. “There aren’t that many incoming flights from India yet due to internal politics,” Srettha said in an interview during a media forum on Monday. “I hope to visit before the end of the year to negotiate on the issue.”Thailand may also mull other measures to boost Indian tourist arrivals, such as offering tax exemptions on jewelry imported for Indian weddings held in Thailand, a popular destination for such ceremonies, he said. As Indian tourists already can easily obtain Thai visas, a visa waiver may not be necessary, he said. Srettha’s comment came a week after his cabinet approved temporary visa exemptions for Chinese and Kazakh tourists ahead of the high season. Tourists from the two countries can enter Thailand without a visa between Sept. 25 and Feb. 29, and can stay for a maximum of 30 days at a time.

By Florence Tan

United Telecoms Ltd filed by one of its operational creditors. This is the second such observation from the Chennai bench of the insolvency appellate tribunal this month, after declining to entertain the petition from operational creditors. Earlier, it had refused to entertain an insolvency petition against Wipro Ltd after observing that the bankruptcy law cannot be used as a means to recover debt against solvent companies. Again, while rejecting a plea against United Telecoms last week, a two-member bench comprising justices M Venugopal and Shreesha Merla said: «Time and again, the apex court in a catena of judgments held that the IBC is not a 'recovery mechanism'. The appellate tribunal upheld the order by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had dismissed the plea moved by an operational creditor claiming a default of Rs 8.46 crore against United Telecoms Ltd, which is an ICT and social infrastructure company. According to the petitioner, it had entered into a settlement agreement with the company on its request and had signed an MoU (memorandum of understanding).

By Ayman al-Warfali and Ahmed Elumami

Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital on Saturday said IBC has evolved over the years and NCLT has been approving over 35 resolutions a month, reducing delays. «Major objectives of IBC are not only recovery but revival and rehabilitation as well.

China’s central bank ramped up efforts to accelerate an economic recovery, releasing more cash into markets as data show fresh encouraging signs for the country’s growth momentum.   

ICRA has published a research note on the Indian apparel export industry. It expects its sample companies to report a mild 2-3% YoY increase in revenues to Rs. 27,255 crore for FY2024. Despite a tepid demand environment in H1 FY2024, ICRA expects the end demand to improve in H2 FY2024, boosting revenues. The retail apparel brands in the US and the EU, which together account for close to 55% of global apparel trade, are expected to liquidate the high inventory build-up of FY2023 and book their orders for the Spring/Summer 2024 season in H2 FY2024.

The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from Sept.

Birkenstock on Tuesday filed for an initial public offering in the United States, underscoring a pickup in the country's equity markets and becoming the second big European company to seek a foreign listing this month. Its filing with the U.S. securities regulator did not disclose the financial details of the offering, but revealed that net revenue for the six months ended March 31 rose 19% to 644.17 million euros ($692.87 million) and profit fell 45.3% to 40.21 million euros. The German sandal maker's IPO ambitions come hot on the heels of filings by British chipmaker Arm, data automation provider Klaviyo and grocery delivery app Instacart, as equity markets in the U.S.

macroeconomic uncertainties and greater deal scrutiny by clients. A recent ICICI Securities report pointed out that revenues of most SaaS companies topped guidance in the June quarter. Combined revenues of the top five global SaaS companies by revenues—Salesforce, Intuit, ServiceNow, Workday and Atlassian—grew 14% on a year-on-year basis.

In the complex world of financial services, debt recovery is a crucial challenge for banks and institutions. Two main solutions have emerged: Debt Recovery Agents (DRAs) and Litigation Financing. While DRAs have been less effective due to aggressive tactics and legal concerns, a promising alternative called Litigation Financing or Third-Party Funding (TPF) has emerged. TPF involves third-party funders supporting litigation costs in exchange for a share of the proceeds in successful cases. The lacking regulation in DRA gives push to TPF as it allows claimants to access the justice and peruse for their own claims even with limited financial sources.

IMF Managing Director Kristalina Georgieva on Sunday said global recovery is slow and uneven and underscored the need to pursue sound policies for financial stability and growth-oriented structural reforms. Speaking at G20 Leaders' Summit here, Georgieva said, G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening Multilateral Development Banks(MDBs). The International Monetary Fund (IMF) has secured over USD 40 billion to support vulnerable countries through its Resilience and Sustainability Trust (RST) to build climate resilience, she said. Countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets, she said. Observing that global recovery from the COVID-19 pandemic is slow and uneven, she said, all countries should pursue sound policies to support economic and financial stability and growth-oriented structural reforms against this background. This is especially important in emerging and developing countries, where such reforms can boost output by up to 8 per cent over 4 years, she said. «We also need to further invest in international cooperation.

FTX Group advisers are investigating the possibility of reclaiming millions of dollars paid to celebrities, including Shaquille O'Neal and Naomi Osaka, for their endorsements of Sam Bankman-Fried's cryptocurrency platform before its collapse.

The majority of these occurred in people 65 and older — the age group with the highest risk for cardiovascular complications. But heart-related deaths also increased dramatically in younger adults. In fact, a study found that the sharpest rise in deaths from heart attack during that period occurred in 25- to 44-year-olds. Some of these cardiovascular-related fatalities may have happened because it was harder to access medical care during the height of the pandemic. But physicians and researchers now have little doubt that COVID-19 itself was a factor. In addition to the complications that can occur during the acute phase of a COVID infection, there appears to be an increased risk of heart attacks, strokes and other problems up to a year after an infection. Experts are now trying to understand why. «There's a very unique connection between this virus and the cardiovascular system,» said Dr. Susan Cheng, the chair of cardiovascular health and population science at Cedars-Sinai, who led the study on heart attack deaths. «What is that connection? That's the million-dollar question.»

tourism ministry, gives some clues into these trends. International travel in India is being driven by the growing number of Indians travelling abroad. The number of foreign tourists entering India in the quarter ended 30 June was still 13% down since the same period four years ago, and has been slow to recover.

Arnold Schwarzenegger has revealed harrowing experience during nearly fatal heart surgery he underwent in 2018. He shared the challenging recovery process and vividly remembers the moment when doctors conveyed the life-altering turn of events. In a video posted recently to his YouTube channel as part of his health and fitness group, Arnold's Pump Club, the 76-year-old actor and bodybuilder recalled a frightening incident in early 2018 when he was supposed to undergo non-invasive heart surgery, reports etonline. He recounted, «I suddenly woke up, and the doctors were sitting before me, saying, 'I'm deeply sorry, but contrary to our initial plan, which involved non-invasive surgery to replace the valve by going through the heart, we encountered an error. We inadvertently punctured the heart wall, leading to internal bleeding. As a result, we had to swiftly perform an open procedure to save your life.'»Arnold reflected on this revelation, stating, «I thought, 'Well, this is truly remarkable news.' I mean, really, it was quite something. In any case, the undeniable truth is that you cannot turn back time. It was a catastrophic situation. I found myself in the midst of a crisis.» He shared these reflections in a video posted on YouTube for Arnold's Pump Club. As Schwarzenegger reflected on his recovery journey, he also shared behind-the-scenes footage, both of him in the hospital and then training on workout machines after getting out.

Indian Army on Tuesday began the process to procure 170 Armoured Recovery Vehicles (ARVs) to enhance its operational capabilities.

On August 20, 2023, Hugo Lee, the CEO of Haru Invest, released an official statement addressing the concerns and questions raised by its members. Lee emphasized that Haru Invest is not evading accountability and remains committed to the efficient recovery of members' assets. He also clarified that the rehabilitation procedure requested by some members is deemed ineffective for the majority's asset distribution needs.

By Marco Bello, Maria Alejandra Cardona and Steve Gorman