Nissan, Renault launch ‘rebalanced’ alliance

Nissan, Renault launch ‘rebalanced’ alliance

French automaker Renault and Japanese partner Nissan officially launched their “rebalanced” alliance on Wednesday as they seek to reset a rocky 24-year-old partnership. The companies announced an agreement in February to put their partnership, which also includes Japanese automaker Mitsubishi, on an equal footing, with Renault giving up its dominant position. “After having obtained all … Read more

Patanjali Foods shares jump 5% to fresh 52-week high as stock exits ASM framework

Patanjali Foods shares jump 5% to fresh 52-week high as stock exits ASM framework

Shares of Baba Ramdev-led Patanjali Foods today rallied up to 4.65% to fresh 52-week high of Rs 1,439.70 as the FMCG stock moved out of the additional surveillance framework (ASM) under the insolvency and bankruptcy code. ASM or additional surveillance framework is part of the initiatives taken by the Securities and Exchange Board of India … Read more

Richard Branson’s Virgin Orbit files for bankruptcy, to seek buyer

Richard Branson’s Virgin Orbit files for bankruptcy, to seek buyer

Richard Branson’s Virgin Orbit Holdings filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure. The Long Beach, California-based company lodged the filing in the U.S. Bankruptcy Court for the District of Delaware seeking a sale of … Read more

Regulators urged to find Silicon Valley Bank buyer as industry frets about fallout

Regulators urged to find Silicon Valley Bank buyer as industry frets about fallout

Some financial industry executives and investors were growing increasingly concerned on Saturday that the collapse of Silicon Valley Bank could have a domino effect on other U.S. regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits. Startup-focused lender SVB Financial Group became the largest bank to fail since … Read more

RBI pitches for common approach towards crypto assets to address potential risks

RBI pitches for common approach towards crypto assets to address potential risks

To address potential financial stability risks and protect investors, it is important to arrive at a common approach to crypto assets, the Financial Stability Report released by RBI said on Thursday. In this context, various options are being considered internationally, it said. One option is to apply the same-risk-same-regulatory-outcome principle and subject them to the … Read more

Recovery through IBC to get better as macros look up: RBI

Recovery through IBC to get better as macros look up: RBI

The Reserve Bank of India (RBI) believes that the Insolvency and Bankruptcy Code (IBC) is probably the best mechanism for creditors to recover their dues and said the right way to look at its effectiveness would be to compare the resolution value to the liquidation and not the total loans. RBI, in the latest report … Read more

Big investors are giving up on crypto markets going mainstream

Big investors are giving up on crypto markets going mainstream

Institutional investors were souring on cryptocurrencies even before this week. The sudden downfall of Sam Bankman-Fried’s FTX.com may have permanently damaged their prospects of being included in mainstream portfolios. While plenty of industry die-hards remain, many professional money managers are saying the case for crypto as a portfolio diversifier or digital gold has been debunked. … Read more

Revlon files for bankruptcy facing high debt, supply chain pain

Revlon files for bankruptcy facing high debt, supply chain pain

Revlon Inc. filed for Chapter 11 bankruptcy, unable to manage its heavy debt load amid the supply chain crunch and steep inflation. The cosmetics giant owned by billionaire Ron Perelman sought court protection in the Southern District of New York, and listed both assets and liabilities of as much as $10 billion, according to court … Read more

Deep haircuts: Comparing realisations with outstanding loans not reasonable to assess IBC effectiveness, says RBI DG

Deep haircuts: Comparing realisations with outstanding loans not reasonable to assess IBC effectiveness, says RBI DG

Seeking to address concerns over the deep haircuts taken by banks in some of the insolvency resolutions, Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday said comparing the outstanding loan amounts with the value realised may not be a ‘reasonable indicator’ to assess the bankruptcy law’s effectiveness. Admitting that there have been concerns, Rao … Read more

Chinese property giant Evergrande under ‘tremendous pressure’

photo

Embattled Chinese property giant Evergrande on Tuesday conceded it is under “tremendous pressure”, a day after insisting it will avoid a bankruptcy that many fear could have a huge impact on the world’s number-two economy. The Hong Kong-listed developer is sinking under a mountain of liabilities totalling more than $300 billion after years of borrowing … Read more