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Representative image The Reserve Bank of India (RBI) on August 10 said it had given an “in-principle approval” for the working group’s recommendations on the first loss default guarantee (FLDG), among others. The recommendation pertaining to FLDG is under examination with the RBI, the regulator said on August 10, while announcing the first set of norms to regulate digital lending in India. Further, regulated entities shall ensure that financial products involving contractual agreement, in which a third party guarantees to compensate up to a certain percentage of default in a loan portfolio of the entity, shall adhere to the extant guidelines laid down by the RBI. Boards of regulated entities shall ensure that the extant regulatory instructions are complied with in both letter and spirit, the regulator said. Also read: RBI releases first set of norms for digital lending FLDG is a lending model between digital lending fintechs and their partner banks and … [Read more...] about RBI says first loss default guarantee recommendations for digital lending are under examination

Share to Twitter Share to Linkedin Meredith is the CEO of AutoRABIT , a leader in Salesforce.com DevSecOps and data protection for regulated industries. Cybersecurity has become a top concern for businesses and organizations in regulated industries. The exposure of sensitive data can have wide-ranging impacts, including a failure to meet regulatory requirements, costly restoration processes, loss of customer confidence and more. Potential sources for data breaches, exposures and loss are increasingly varied. Something as simple as an accidental deletion by a team member can be incredibly costly. A single minute of downtime resulting from data loss or corruption can cost a company millions of dollars. Adequate preparation is the only way a business can avoid falling victim to the next high-profile data exposure event. And the best way to prepare for what’s coming next is to learn from the past. SolarWinds, Log4j and Heroku provide very useful … [Read more...] about How To Protect Your Company Against The Next Big Cyberattack

Property mogul Cevdet Caner - A + A LONDON (Aug 8): For a flavour of how property mogul Cevdet Caner likes to schmooze potential business partners, it’s worth going back to summer 2009. Just a year after the banking crisis, and the collapse of his Level One real-estate empire, the Austrian whisked a bunch of financiers and property tycoons from Cannes to Saint-Tropez on his speedboat, according to people present who wanted to remain anonymous when discussing sensitive matters. Grabbing the wheel from the skipper, he took everyone to Club 55, a hotspot for celebrities and royals. After being joined there by more moneyed types, they racked up a champagne tab of tens of thousands of euros, the people say. It’s a modus operandi familiar to those who’ve worked over the past decade with Adler, the flailing property firm that’s part-owned by Caner’s wife and which the tycoon advised in the past. Parties on the Cote d’Azur and yacht trips were some of the ways it tried … [Read more...] about Fat fees, champagne and yachts; how Adler won over its bankers

- A + A HONG KONG (Aug 8): A top arranger for Chinese junk dollar bonds says that a type of filing under the US bankruptcy code will play an important role for China’s distressed developers to restructure debt, buying them time to pay back creditors until markets recover. About 10 Chinese real estate companies could use so-called schemes of arrangement to restructure debt in a holistic fashion this year, Chen Yi, head of global capital markets at Haitong International Securities Group Ltd, said in an interview. As part of the process they could use Chapter 15 filings to bind the terms in the US, preventing creditors from suing them there. Chen sees more companies turning to the procedure as distressed debt piles up amid a broader crisis in China’s property sector. At least US$736 billion owed to creditors may be at risk of restructuring or a haircut, Bloomberg Intelligence calculates. For banks and brokerages in Hong Kong, debt restructuring revenue has become … [Read more...] about China junk bonds hitting record lows as failures show everywhere

- A + A (Aug 9): China’s top auditor is conducting a review of the US$3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting. In an unscheduled move, the National Audit Office — which previously led an examination of bank exposures to Jack Ma’s Ant Group Co — has for the past month been inspecting the books of at least 20 trust firms, including the top five, to gauge the risks they pose to financial stability, according to people familiar with the matter. The firms are being asked to report on their risky loans to developers and any plans to dispose of them, the people said, asking not to be named as they’re not authorised to speak publicly. The audit office is expected to submit its conclusions to policy makers in Beijing, who may decide on the future reforms of the sector, the people said. While it is unclear what regulatory action the scrutiny will spur, the move illustrates … [Read more...] about China orders surprise audit of US$3 trillion trust industry

- A + A HONG KONG/SHANGHAI (Aug 15): Hong Kong’s Financial Reporting Council is stepping up its investigation of audits at China Evergrande Group, the second review of the embattled developer’s books in nine months. The watchdog is looking into Evergrande’s accounts and the audits of some transactions at the company and its subsidiary Evergrande Property Services Group Ltd, according to a statement on Monday. The inspections add to the challenges facing the Shenzhen-based company at the centre of China’s real estate crisis. The world’s most-indebted developer defaulted in December and fell short of delivering a promised restructuring plan last month, fueling concerns about its ability to repay investors and complete housing projects sold to homeowners. The auditing regulator is expanding the scope of its inspections for Evergrande’s financial statements for 2020 and the first half of 2021, and is expanding an investigation of an audit carried out by … [Read more...] about Hong Kong watchdog investigates Evergrande over deal audits

Share to Twitter Share to Linkedin Shutterstock There’s lots of talk in the business community about marketing to millennials, but is your brand ready to speak to Generation Z? Those born after 1995—Gen Zers—are very different from their older brothers and sisters—their millennial role models. While millennials have sparked controversy over their “I’m going to quit my job and pursue my dreams” mentality, Generation Z has quietly learned from afar. Metaphorically speaking, they are the youngest sibling at the dinner table, wise just from watching. And what are they watching? How about their mobile devices, for a start. By 2020, Generation Z will account for an astounding 40% of all consumers. However, few brands, businesses influencers and industry thought leaders have considered how to go about appropriately communicating to that demographic. As a Gen Zer myself, this is a topic of fascination. It’s what sparked my interest to work with … [Read more...] about 10 Tips For Marketing To Gen Z Consumers

Share to Twitter Share to Linkedin Every Friday afternoon at 5:30 pm the doors of “the El­”—one of America’s oldest elevated subways—swoosh open at Girard and Berks Street stations, unleashing a stampede of Millennials, yuppies, hipsters, entrepreneurs, and empty nesters onto Front Street. As fast as the doors close, they scatter east down a maze of narrow streets swirling with trash, bumping shoulders with the occasional heroin addict and scrappers pushing shopping carts piled high with salvaged sheet metal. Nobody blinks. An average night at Frankford Hall Matthew Williams for Fishtowm.co A half dozen blocks away from their newly-built, half-million dollar townhomes, the lines twist out the doors at Pizzeria Beddia and Frankford Hall , two of Philadelphia’s hottest foodie spots. Across the street, Johnny Brenda’s is already packed—hosting as they have for over a decade one of America’s hottest indie rock bands. Mothers pushing … [Read more...] about How Fishtown, Philadelphia Became America’s Hottest New Neighborhood

If you ever wanted a chance for your voice to be heard about Thailand – and judging from our comments section , a lot of you really, really do – now is your chance! The Thai government has released an impressively-catchy named survey “Foreigners’ Awareness, Confidence in Important Government Policies, and Perceived Image of Thailand.” The thoroughly titled survey was put together by the PR department of the Thai government in order to gather the opinions and ideas of foreigners about a variety of topics concerning Thailand today. Don’t get too excited though: the questionnaire is only multiple choice and on topics that the government decided are important to Thailand and Thai tourism. There are no write-in answers where foreigners, tourists, or expats can rant and ramble about their particular pet peeves in the Kingdom. Save that for the Thaiger comments section. The questionnaire about Thailand claims that all responses are completely confidential, save for the fact … [Read more...] about Thailand News Today | Government releases online questionnaire for foreigners

RADICAL LEFT ANNOUNCES PLANS TO INTIMIDATE SUPREME COURT JUSTICES… Left-Wing Group Targets Homes Of 6 Conservative SCOTUS Justices A left-wing group published its plans for protests outside of the six conservative Supreme Court justices’ homes, calling them “extremist.” The group, going by “Ruth Sent Us,” published what it claims are the addresses of Justices Samuel Alito, Clarence Thomas, Neil Gorsuch, Brett Kavanaugh, Amy Coney Barrett and John Roberts, seemingly in response to the Monday SCOTUS draft opinion leak that signaled the majority of the court may vote to overturn Roe v. Wade. “ANNOUNCING: Walk-by Wednesday, May 11, 2022! At the homes of the six extremist justices, three in Virginia and three in Maryland. If you’d like to join or lead a peaceful protest, let us know,” the website of “Ruth Sent Us” states. “Our 6-3 extremist Supreme Court routinely issues rulings that hurt women, racial minorities, LGBTQ+ and immigrant rights. We must rise up to force … [Read more...] about Editor Daily Rundown: Feds Wall Off Supreme Court And Abortion Cash Flows To Dems