Paul Rex, who was described as a banker by profession who has served as an independent expert in the field for over 20 years, said that banks tend to partially provision for loans unpaid over a long period and such an offer would have helped avoid "further loss". … [Read more...] about Vijay Mallya’s offer to pay back chunk of loan was rejected by banks, claims defence
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The Labour Party now plans to seek an amendment to the Immigration Bill to exempt NHS staff, including cleaners and care professionals, from the surcharge. And, there is a likely rebellion within Johnson's own ranks over the issue as the Conservative chair of the Commons Public Administration Select Committee, William Wragg, also threw his support behind the fee exemption for NHS and care workers. … [Read more...] about UK extends residency scheme to all COVID-19 overseas healthcare victims
Secondly, Mallya has argued that his offers to settle should be viewed in the context of one-time settlement offers made by banks previously and also the large sacrifices on dues they have taken under India’s new bankruptcy law. That comparison doesn’t really wash. … [Read more...] about Opinion | Why Vijay Mallya must be made to face the law even if he settles dues
Most financial engineers believe that it’s impossible for a machine, left to its own devices, to beat the stock market. The data is too noisy, too random to be predictable. Observable trading records are limited to the past hundred years, and the law of averages is relentless. Any signal that is obvious enough to exploit absent inside information—barrels of oil priced nearly free, for example—will quickly be discovered and eliminated by competitors. While some quantitative hedge funds use algorithms to make high-frequency trades, they must frequently be reprogrammed and refined. … [Read more...] about Can an artificial intelligence learn to beat the stock market?
As part of the COVID-19 economic package, the Narendra Modi-led government has announced a series of loan schemes, some backed by government guarantees to small industrial units and non-banking finance companies (NBFCs). These include a Rs 3 lakh crore economic package for micro, small and medium enterprises (MSMEs), Rs 75,000 crore of loans to NBFCs (of which Rs 30,000 crore is a three-month loan scheme fully backed by the government), Rs 5,000 crore for street vendors and Rs 2 lakh crore concessional credit to farmers. Of the Rs 20 lakh crore package, the direct spending is only about one percentage of GDP, the rest include loans through various banking channels and development institutions. … [Read more...] about COVID-19 impact: The beginning of a new bad loan cycle is here