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Bloomberg India’s central bank placed lending restrictions on Lakshmi Vilas Bank Ltd, adding to the company’s troubles after its chief executive officer abruptly quit last month and police registered a case of alleged fraud. Lakshmi Vilas Bank, which is seeking a merger with financier Indiabulls Housing Finance Ltd to reduce its delinquent debt, was informed it would be brought under ...
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September, 2019
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29 September
Greece needs lower fiscal targets: IMF
Bloomberg A reduction of Greece’s fiscal targets would support the country’s economic and social recovery, the International Monetary Fund said. In 2020, the IMF recommends that “the government and European partners build consensus around a lower primary balance path, given ample economic slack and critical unmet social spending and investment needs,†according to the fund’s statement after the conclusion of ...
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29 September
Jefferies hit by $146m WeWorks writedown
Bloomberg Jefferies Financial Group Inc’s earnings took a hit from an unlikely source: WeWork’s dropping valuation. Third-quarter revenue came in below even the lowest analyst expectationas the company’s merchant banking unit wrote down the value of its investment in We Co by $146 million. Net revenue fell slightly to $777 million despite increases in both fixed-income and equities trading, Jefferies ...
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29 September
Post-crisis rules may hold answer to ‘one mystery’ in US
Bloomberg Behind-the-scenes regulatory requirements imposed on the largest US banks may help explain one mystery spawned by recent turmoil in an obscure, but important, slice of the multitrillion-dollar money market. Dealers and policy makers alike have wondered why big banks didn’t step in as rates on overnight repurchase agreements soared to record highs. Those banks have about $1.4 trillion deposited ...
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29 September
Dueling Glaxo, Astra drugs show wider benefits in ovarian cancer
Bloomberg Britain’s two largest drugmakers, betting on a new generation of cancer treatments that block tumor cells from fixing their damaged DNA, showed that these medicines work in a broad swath of patients. Women with ovarian cancer treated with GlaxoSmithKline Plc’s drug Zejula had a 38 percent reduction in the risk of dying or seeing the disease progress, the company ...
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29 September
Swiss economy in difficult phase: Minister
Bloomberg Switzerland’s government is bracing for a possible recession as the country’s economy goes through a difficult period and faces substantial risks, economy minister Guy Parmelin told a newspaper. “There are several signs pointing to a slowdown,†Parmelin told Schweiz am Wochenende. “The trade war between the US and China, the blockade of the WTO, the stagnating economy in Germany ...
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29 September
US’s social media firms must share messages with UK
Bloomberg Social media platforms based in the US including Facebook and WhatsApp will be forced to share users’ encrypted messages with British police under a new treaty between the two countries, according to a person familiar with the matter. The accord, which is set to be signed by next month, will compel social media firms to share information to support ...
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29 September
De Beers keeps special terms in place for ‘diamond sale’
Bloomberg De Beers is continuing its policy of offering unprecedented flexibility to diamond buyers as the mining company works to fend off a slump in demand for the gems, according to people familiar with the situation. The Anglo American Plc unit extended the policy from its August sale to customers in Botswana, according to the people, who asked not to ...
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29 September
Elon Musk unveils plan for SpaceX Mars ‘Starship’ rocket
Bloomberg Elon Musk gave space fans an outline of plans for “Starship,†the next-generation vehicle his Space Exploration Technologies Corp expects to use to eventually take humans to Mars. The goal is to make “space travel like air travel,†Musk said on stage during a highly technical presentation from the company’s Boca Chica test site near Brownsville, Texas. “We’re really ...
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29 September
Time is on Taiwan’s side, but it needs US support
Now only 15 flags in the Foreign Ministry’s foyer represent the nations that have not yet succumbed to Beijing’s financial blandishments — targeted at governments and individual politicians — and other pressures to sever diplomatic relations with this island nation. There were 17 flags a few weeks ago. The last time many Americans thought of the Solomon Islands (population 650,000) ...
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