Ford Motor launches layoff program for Brazil’s Camacari plant

Ford previously said the plant was operating with about 700 excess workers. The plant employs 7,400 people in Camaçari, where it produces the compact Ka and mid-sized EcoSport SUV.

Last Updated : Apr 10, 2019 08:13 AM IST | Source: Reuters

– TFMNews

The Brazilian unit of Ford Motor Company said it was initiating a voluntary layoff program for its plant in Camaçari, in the northeast state of Bahia, with the objective to cut workforce it said was in excess of current needs.

The company in its statement did not say how many people it expected to lay off.

Ford previously said the plant was operating with about 700 excess workers. The plant employs 7,400 people in Camaçari, where it produces the compact Ka and mid-sized EcoSport SUV.

The U.S. automaker said two months ago it would close its oldest plant in Brazil, in São Bernardo do Campo, which could cost more than 2,700 jobs as part of a restructuring meant to end losses around the world.

Referring to the Bahia plant, Ford said: “The measure has the objective to align the plant’s workforce with current market demand.”

Ford sold 24,000 Ka vehicles in Brazil in the first quarter, about the same level as in the previous year. It sold 7,600 EcoSports, more than the 7,000 reported in the first quarter of 2018.

Source MoneyControl

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Indira Gandhi: Congress has been removing poverty since I was seven: Piyush Goyal

Chennai: Union Minister for Railways Piyush Goyal on Friday took a jibe at the Congress party and its president Rahul Gandhi for talking of a “surgical strike” on poverty. The Union Minister said that he has been listening to this from the Gandhi family since he (Goyal) was seven years old. “I was only seven…

Chennai: Union Minister for Railways

Piyush Goyal

on Friday took a jibe at the

Congress

party and its president

Rahul Gandhi

for talking of a “surgical strike” on poverty. The Union Minister said that he has been listening to this from the Gandhi family since he (Goyal) was seven years old.

“I was only seven years old when his grandmother (Indira Gandhi) had said the same thing. I was 20 years old when his father (Rajiv Gandhi) said — I send one rupee and only 15 paise reach the poor people,” Goyal said while talking to reporters here.

“I was 40 years old in 2004 when his mother (Sonia Gandhi) and he himself said — Congress Kaa Haath Garibon Ke Saath.’ Now I am 54 years old and I am still hearing the same thing which I heard when I was 7 years old,” the Union Minister said.

“Rahul should answer why his family allowed poverty to stay for 30 years,” Goyal said while asserting that the Congress is a party of lies and deceit. “People will do a surgical strike on the Congress and the DMK,” the Union Minister said.

He also demanded answers from Rahul over the scams of UPA and the National Herald case.

“First he should answer the corruption of Rs 12 lakh crore. Why he cheated India by taking over shares of the National Herald for free,” Goyal said.

Accusing Rahul of insulting the engineers involved in the manufacturing of T18 train, he said: “Rahul does not want India to develop trains. I don’t know if he wants to import trains from Italy rather than getting it manufactured in Chennai.”

Commenting on the recent judgement of the Supreme Court on Rafale, he said, “The argument in the SC was not on the merit of the case. We are happy that this controversy will be put to rest once and for all.”

Taking a dig at Rahul and former Finance Minister P Chidambaram’s son Karti, he said, “I would like to say that the unemployed persons who did not get a job are Rahul Gandhi and son of P Chidambaram, Karti Chidambaram, because they are so used to corruption.”

Goyal also thanked the actor-turned-politician Rajnikanth for welcoming the BJP’s initiative of inter-linking the rivers.

“I would like to thank Rajnikant for welcoming the interlinking of rivers. This has been a long pending demand of Rajnikant for the welfare of people of Tamil Nadu,” he said.

All 39 seats in the state will go to polls in a single phase on April 18. The results will be announced on May 23. (ANI)

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Saudi Kingdom Holding CEO says didn’t buy Aramco bonds

FILE PHOTO: Saudi Arabian billionaire Prince Alwaleed bin Talal attends the investment conference in Riyadh, Saudi Arabia October 23, 2018. REUTERS/Faisal Al Nasser/File PhotoABU DHABI (Reuters) – Prince Alwaleed bin Talal’s firm Kingdom Holding Co did not buy bonds of Saudi Aramco, its chief executive Talal Ibrahim al-Maiman said on Wednesday. He added that the…

FILE PHOTO: Saudi Arabian billionaire Prince Alwaleed bin Talal attends the investment conference in Riyadh, Saudi Arabia October 23, 2018. REUTERS/Faisal Al Nasser/File Photo

ABU DHABI (Reuters) – Prince Alwaleed bin Talal’s firm Kingdom Holding Co did not buy bonds of Saudi Aramco, its chief executive Talal Ibrahim al-Maiman said on Wednesday.

He added that the yield on the bonds was “a bit lower” than what Kingdom would expect.

Saudi Aramco raised $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant.

Maiman, who was speaking at a conference in Abu Dhabi, said Kingdom has signed term sheets for a $1 billion loan with three international and two local banks.

He also said the company is exiting some mature assets, while also wants to monetize its real estate portfolio.

Reporting by Hadeel Al Sayegh, writing by Saeed Azhar, editing by Davide Barbuscia

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US-Trump-Immigration: Trump says he may send ‘Illegal Immigrants’ to Dem districts

WASHINGTON (AP) — President Donald Trump said Friday he is considering sending “Illegal Immigrants” to Democratic strongholds to punish congressional foes for inaction on border security— just hours after White House and Homeland Security officials insisted the idea had been rejected as fast as it had been brought up. “Due to the fact that Democrats…

WASHINGTON (AP) — President Donald Trump said Friday he is considering sending “Illegal Immigrants” to Democratic strongholds to punish congressional foes for inaction on border security— just hours after White House and Homeland Security officials insisted the idea had been rejected as fast as it had been brought up.

“Due to the fact that Democrats are unwilling to change our very dangerous immigration laws, we are indeed, as reported, giving strong considerations to placing Illegal Immigrants in Sanctuary Cities only,” Trump tweeted. He added that, “The Radical Left always seems to have an Open Borders, Open Arms policy – so this should make them very happy!”

The tweets, which appeared to catch officials at the Department of Homeland Security by surprise, came as critics were blasting news that the White House had at least twice considered a plan to release detained immigrants into so-called sanctuary cities. Critics branded the plan, supposedly rejected, as an effort to use migrants as pawns to go after political opponents.

“Sanctuary cities” are places where local authorities do not cooperate with Immigration and Customs Enforcement officials, denying information or resources that would help ICE round up for deportation people living in the country illegally.

They include New York City and San Francisco, home city of House Speaker Nancy Pelosi, who on Friday called the idea “unworthy of the presidency of the United States and disrespectful of the challenges that we face as a country, as a people, to address who we are — a nation of immigrants.”

The idea of pressing immigration authorities to embrace the plan was discussed in November and then again in February as the Trump administration struggled with a surge of migrants at the border, according to three people who spoke on condition of anonymity to outline private conversations. Homeland Security and ICE lawyers quickly rejected the proposal, according to the people, and it was dropped on the grounds that it was too expensive and a misuse of funds, one official said.

Earlier Friday, both the Department of Homeland Security and a White House official had insisted, in nearly identical statements, that the plan was dead on arrival.

“This was just a suggestion that was floated and rejected, which ended any further discussion,” the White House official said.

But not, apparently, by the president, who revived the idea in his tweets.

The plan, which was first reported by the Washington Post, is one of many ideas considered by an increasingly frustrated White House in recent months as Trump has railed against the growing number of Central American migrant families crossing the southern border and looked for new ways to increase leverage on congressional Democrats to change laws that Trump insists are making the problem worse.

Officials say they are running out of options, and have proposed and recycled numerous ideas that have never come to fruition. Trump in recent weeks has discussed the idea of renewing his administration’s controversial family separation policy. And he and aides are weighing forcing asylum-seeking families to choose between being detained together as their cases make their way through the courts or sending their children to government-run shelters.

There were at least two versions of the sanctuary city plan that were considered, according to one of the people familiar with the effort. One would have moved people who had already been detailed and were being held elsewhere to places with Democratic opponents of the president, while the other would have transported migrants apprehended at the border directly to San Francisco, New York City, Chicago and other spots.

Revelation of the idea drew immediate condemnation on Friday from Pelosi and other Democrats.

The No. 2 House Democrat, Steny Hoyer of Maryland, criticized the idea of using ICE or any other federal agency “to penalize” or as “retribution for political reasons.”

“That’s not the act of a democratic government,” he said.

And Rep. Bennie Thompson, D- Mississippi, who chairs the House Homeland Security committee, said: “The fact that this idea was even considered – not once but twice – serves as a reminder that the Trump Administration’s reckless immigration agenda is not about keeping the country safe, but about partisan politics and wantonly inflicting cruelty. “

Former ICE Deputy Director Matt Albence, who on Friday was announced as the agency’s acting director, denied that the White House pressured immigration officials to implement the idea.

“I was asked my opinion and provided it, and my advice was heeded,” he said in a statement.

The Department of Health and Human Services said this week that it had started scouting vacant properties that could be turned into facilities for holding migrant children in several cities, including Atlanta, Dallas, Houston, Phoenix, and San Antonio.

Those facilities would be licensed by each state and likely take several months to be approved and opened, separating them from the rapidly-expanding emergency shelter at Homestead, Florida, and the now-closed tent facility at Tornillo, Texas.

The Defense Department has also been reviewing a number of military bases to find a location that can house up to 5,000 unaccompanied migrant children as the U.S. braces for a surge of people crossing the U.S.-Mexico border this spring. Health and Human Services submitted the request for space last month, as Homeland Security leaders warned that tens of thousands of families were crossing the border each month. HHS has traditionally been responsible for providing temporary shelter to unaccompanied migrant children crossing the border.

ICE is tasked with arresting people living in the country illegally — including some who have been here for decades. Under the Trump administration, ICE has significantly stepped up arrests, including of people who have no U.S. criminal records.

In response, some cities have banished ICE from jails where agents could easily pick up immigration violators. Police in New York, Baltimore and Seattle rarely, if ever, disclose information about when suspected criminals in the U.S. illegally will be released from custody.

During his tenure at the Justice Department, Trump’s former Attorney General Jeff Sessions went after sanctuary cities, threatening to cut off their federal funding.

Democrats have said they will tackle immigration bills, possibly as soon as they return from their spring recess, and Senate Republican leader Mitch McConnell has indicated an interest in working on the issue.

McConnell on Thursday called for bipartisan talks aimed at bolstering asylum laws and addressing border security.

“What we need to do is sit down in a serious, adult, bipartisan basis and try to fix the problem, because the problem is pretty obvious,” McConnell, R-Ky., told reporters. “Border security is a part of it, but that doesn’t solve the asylum issue, and that can’t be solved, I don’t think, without some kind of statutory adjustment.”

___

Associated Press writers Nomaan Merchant, Lisa Mascaro and Deb Riechmann contributed to this report.

(This story has not been edited by economictimes.com and is auto–generated from a syndicated feed we subscribe to.)

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Aramco bonds’ modest gains suggest demand was inflated: sources

DUBAI/LONDON (Reuters) – Saudi Aramco’s debut $12 billion bonds booked at best modest gains on Wednesday, their first trading day after some $100 billion in orders, suggesting part of the record-breaking demand was inflated, three banking and investment sources said. FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil &…

DUBAI/LONDON (Reuters) – Saudi Aramco’s debut $12 billion bonds booked at best modest gains on Wednesday, their first trading day after some $100 billion in orders, suggesting part of the record-breaking demand was inflated, three banking and investment sources said.

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

Aramco chose to only issue $12 billion of debt, as its focus was to obtain favorable pricing to set a benchmark for its future financing activities.

With almost $90 billion in demand left on the table, traders and fund managers expected the bonds to shoot up in value on Wednesday, but their performance was tepid.

“The price was a bit inflated as there was a lot of excitement and even hubris around this issue and I would imagine that some of the buyers may have flipped it in the market today,” said a London-based fund manager who looked at the deal but decided not to invest in it.

One trader and a senior banker said that, after realizing the deal would have been oversubscribed, investors boosted their orders to increase their chances to get a piece of the issuance.

Aramco’s longest-dated tranche, a $3 billion bond due in 2049, gained value in the secondary market, adding more than one cent on the dollar.

But some of the shorter-dated bonds were flat or even lower than where they priced on Tuesday, and lower than in pre-sale grey market trading.

The tranche with the shortest duration, a $1 billion bond due in 2022, was trading below the reoffer value at which it was sold on Tuesday, the trader said.

Speaking on condition of anonymity, he estimated that demand for Aramco’s bonds was inflated by 20-30 percent due to the expected oversubscription.

“We are seeing the truth of how much (of the demand) was fluff,” added a fund manager who participated in the deal.

EXPENSIVE BUT FAIR?

Still, Aramco’s issue was widely regarded as successful.

“Despite the usual padding, (demand) has definitely outstripped previous highs for emerging market borrowers,” said Angad Rajpal, head of fixed income at Emirates NBD Asset Management.

The 2046 and 2047 Saudi dollar bonds were down almost one cent – their biggest daily decline since early March, according to Tradeweb – suggesting some players switched their exposure from the sovereign to Aramco.

Aramco’s staggering finances – with core earnings of $224 billion last year and $86 billion in free cash flow at the end of 2018 – allowed it to target a combination of emerging markets and high-grade investors.

It started marketing the notes at levels very close to the yields offered by the Saudi government, which owns the company, but ended up offering around 20 basis points less. Some investors expect yields to gradually widen to match the sovereign rate.

“Aramco priced (the bonds) relatively expensive versus Saudi but quite attractive versus other major developed-market oil companies, and the potential to see 15-20 basis points spread tightening was too small at these levels,” said Sergey Dergachev, functional head of EM corporate debt at Union Investment.

“The price action has been fair.”

JPMorgan, Morgan Stanley, HSBC, Citi, Goldman Sachs and National Commercial Bank were the bonds’ bookrunners.

A group of 11 more banks including Bank of China, Deutsche Bank and Gulf International Bank worked on the deal as co-managers, a document issued by one of the banks leading the deal showed.

Bank fees for the bonds are unlikely to have topped around 1 basis point per bookrunner, said the sources. That would mean just over $1 million per bank.

“Fees should be minimal for such a giant bond amount and such a famous issuer,” said Lam Nguyen at Freeman Consulting. “I would estimate fees around 0.03 percent – 0.06 percent.”

The sources said the banks’ main interest in getting a role in the deal was to cement their relationship with Aramco ahead of future transactions.

Its initial public offering (IPO), due in 2021, is expected to generate $100 billion and to boost the Saudi Public Investment Fund – the main vehicle for Crown Prince Mohammed Bin Salman’s plan to diversify the economy away from oil.

Reporting by Davide Barbuscia, Clara Denina, Tom Arnold, Karin Strohecker; Editing by Sinead Cruise and John Stonestreet

Source

New York plans to sue EPA over GE’s ‘incomplete’ Hudson River cleanup

NEW YORK (Reuters) – New York state officials plan to sue the U.S. Environmental Protection Agency for allowing General Electric Co to stop clearing the Hudson River of PCB contamination before the cleanup work was finished. FILE PHOTO: The U.S. Environmental Protection Agency (EPA) sign is seen on the podium at EPA headquarters in Washington,…

NEW YORK (Reuters) – New York state officials plan to sue the U.S. Environmental Protection Agency for allowing General Electric Co to stop clearing the Hudson River of PCB contamination before the cleanup work was finished.

FILE PHOTO: The U.S. Environmental Protection Agency (EPA) sign is seen on the podium at EPA headquarters in Washington, U.S., July 11, 2018. REUTERS/Ting Shen

Governor Andrew Cuomo and Attorney General Letitia James announced the planned lawsuit on Thursday, after the EPA issued a “certificate of completion” permitting GE to stop dredging until further studies showed whether it had done enough cleanup.

“Time and again the Trump administration puts corporations and polluters’ interests ahead of public health and the environment,” Cuomo said.

“Since the EPA has failed to hold GE accountable for fulfilling its obligation to restore the river, New York State will take any action necessary to protect our waterways,” he added.

New York is one of many Democratic-leaning states that often sue over White House efforts to ease regulatory oversight of businesses.

In interviews on Thursday, EPA officials said they lacked enough data to require more dredging by Boston-based GE under its 2006 consent decree.

“This certification does not let GE off the hook,” said Regional Administrator Peter Lopez, a former six-term Republican state assemblyman. “If the data shows we’re not heading in the right direction, we have the ability to compel more work, which could mean more dredging.”

Lopez’s deputy Walter Mugdan, a 43-year EPA veteran, added: “This is not a political decision. It is being driven by the science and the law.”

GE said the EPA decision confirmed it had “successfully completed the Hudson River dredging project,” and pledged to collect more environmental data to assess river conditions.

PCBs, or polychlorinated biphenyls, were used in electrical equipment, carbonless copy paper and other products before a 1979 U.S. manufacturing ban, and are considered possible human carcinogens. (here)

GE dumped roughly 1.3 million pounds of PCBs from two since-closed capacitor manufacturing plants, located north of the state capital of Albany, into the Hudson River from 1947 to 1977.

While most pollution occurred nearby in a 40-mile (64 km) zone, about 200 miles of the river was polluted, stretching as far south as Battery Park in Manhattan.

GE has spent an estimated $1.7 billion over eight years on cleanup, including six years of dredging.

But state officials called GE’s work “incomplete,” and said the EPA decision could make it harder to later require more dredging or other remedial measures.

In a December study, the state’s Department of Environmental Conservation found PCB levels in fish in the upper Hudson after dredging essentially the same as before.

State officials said PCB levels remain above even what the EPA considers safe.

Reporting by Jonathan Stempel in New York; editing by Nick Zieminski and Tom Brown

Source

Jet Airways suspends international operations until April 15; receives some more EoIs as deadline ends

Last Updated : Apr 12, 2019 09:47 PM IST | Source: Moneycontrol.com There are no funds to continue the international operations, say company officials ‘); $(‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $(‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $(‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] =…

Last Updated : Apr 12, 2019 09:47 PM IST | Source: Moneycontrol.com






There are no funds to continue the international operations, say company officials













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Distressed airline Jet Airways has suspended international operations until April 15, as a fund crunch continues to force the company to cut its operations.

However, sources confirmed the airline has received some more expression of interest (EoIs) before the deadline to participate in the bidding process ended at 6 pm today.

On April 11, the airline had curtailed international flights, including those to London and Amsterdam, saying the suspension will be effective until the morning of April 12.

But officials said there were no more funds to continue the international flights.

The development comes even as senior Jet officials are to brief officials at Ministry of Civil Aviation. The company officials have also been in talks with their lenders, raising hopes that the banks would transfer funds to the airline.

While the banks had promised Rs 1,500 crore in emergency funding, only about Rs 250 crore has been transferred so far.

Apart from international flights, Jet’s domestic operations have also been severely impacted.

Hundreds of its employees gathered at the airline’s headquarters on Friday afternoon, asking for clarity on the salary dues. Jet had deferred March salary payments to all its employees. Its senior management, pilots and engineers haven’t been paid since January.

Sources added the banks may transfer just enough funds to pay the ground staff.

Meanwhile, Jet employees, including pilots, engineers and cabin crew, plan to have a ‘Save Jet Airways Human Chain’ at Terminal 3 of Delhi airport. This will be done for an hour from 3.30pm.



First Published on Apr 12, 2019 05:50 pm



































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Probe-Lobbying-The: The Latest: Ex-Obama WH aide denies guilt in lobbying case

1:50 p.m.AP|Apr 12, 2019, 11.25 PM ISTWASHINGTON (AP) — The Latest on court appearances of two political consultants in foreign lobbying cases that grew out of the Russia probe (all times local): 1:50 p.m. Former Obama White House counsel Greg Craig has pleaded not guilty to charges of making false statements and concealing information in…

1:50 p.m.

AP|

Apr 12, 2019, 11.25 PM IST

WASHINGTON (AP) — The Latest on court appearances of two political consultants in foreign lobbying cases that grew out of the Russia probe (all times local):

1:50 p.m.

Former Obama White House counsel Greg Craig has pleaded not guilty to charges of making false statements and concealing information in a federal foreign lobbying investigation spun off from the Russia probe.

Craig entered the plea Friday in federal court in Washington a day after he was accused of hiding the details of his work for the Ukrainian government from the Justice Department.

The 74-year-old denies the charges and says the prosecution against him is “unprecedented and unjustified.”

The case intersected with special counsel Robert Mueller’s probe because former Trump campaign chairman Paul Manafort was involved in the financing of a report Craig authored for the Ukrainian government. The document sought to legitimize the prosecution of former Ukrainian Prime Minister Yulia Tymoshenko.

__

10:49 a.m.

A Washington political consultant initially entangled in the Russia investigation was sentenced to three years of probation for illegal lobbying and skirting the ban on foreign donations to President Donald Trump’s inaugural committee.

W. Samuel Patten and prosecutors had asked for leniency citing his cooperation in special counsel Robert Mueller’s investigation and other ongoing probes.

U.S. District Judge Amy Berman Jackson imposed the sentence Friday as Mueller has concluded his investigation but federal prosecutors in New York continue to investigate foreign donations to the inaugural committee.

Patten has said he wasn’t part of a larger scheme to funnel money to the committee.

He pleaded guilty to violating the Foreign Agents Registration Act for lobbying on behalf of a Ukrainian political party. He also lied to the Senate intelligence committee.

(This story has not been edited by economictimes.com and is auto–generated from a syndicated feed we subscribe to.)

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U.S. criticizes Vietnam ban of glyphosate herbicide imports

CHICAGO/HANOI, April 11 (Reuters) – U.S. Secretary of Agriculture Sonny Perdue on Thursday criticized Vietnam’s move to ban imports of glyphosate herbicide, saying the decision would have “devastating impacts on global agricultural production.” Vietnam’s government said in a statement that the toxic level of herbicides containing glyphosate had long been of concern, in the latest…

CHICAGO/HANOI, April 11 (Reuters) – U.S. Secretary of Agriculture Sonny Perdue on Thursday criticized Vietnam’s move to ban imports of glyphosate herbicide, saying the decision would have “devastating impacts on global agricultural production.”

Vietnam’s government said in a statement that the toxic level of herbicides containing glyphosate had long been of concern, in the latest display of global worries over the product’s impact on human health. State media reports said the ban would take effect in June.

Glyphosate, the chemical contained in Bayer unit Monsanto’s best-selling weed-killer Roundup, is the target of lawsuits in the United States alleging cancer links.

Roundup was the first weed-killer to contain glyphosate, the world’s most widely used weed killer. But it is no longer patent-protected and many other versions are available.

Bayer did not immediately respond to a request for comment.

Perdue said the U.S. government had shared scientific studies with Vietnam concluding that glyphosate is unlikely to pose a carcinogenic hazard to humans.

“As I’ve often said, if we’re going to feed 10 billion people by 2050, farmers worldwide need all the tools and technologies at our disposal,” he said.

“In addition to the immediate effect of slowing the development of Vietnamese agricultural production, there’s the very real risk that Vietnam’s farmers will turn to unregulated, illegal chemical products in place of glyphosate,” Perdue said.

Hoang Trung, head of the Plant Protection Department under Vietnam’s Ministry of Agriculture and Rural Development, said in a statement posted on the department’s website that long-term exposure to herbicides and pesticides affects the environment and is severely unhealthy for those exposed.

“The decision to remove herbicides containing glyphosate from the list of plant protection chemicals permitted for use in Vietnam is in accordance with the current law, international regulations and in line with Vietnam’s socio-economic conditions,” Trung said in the statement. (Reporting by Tom Polansek in Chicago and Khanh Vu in Hanoi; Writing by Caroline Stauffer; Editing by Dan Grebler)

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II: Correction: Trump-World War II Veterans story

WASHINGTON (AP) — In a story April 11 about President Donald Trump meeting with four World War II veterans, The Associated Press reported an erroneous hometown for Allen Jones, based on inaccurate information provided by the White House. Jones is from Dunbar, Pennsylvania. A corrected version of the story is below: Trump hosts Oval Office…

WASHINGTON (AP) — In a story April 11 about President Donald Trump meeting with four World War II veterans, The Associated Press reported an erroneous hometown for Allen Jones, based on inaccurate information provided by the White House. Jones is from Dunbar, Pennsylvania.

A corrected version of the story is below:

Trump hosts Oval Office celebration for 4 World War II vets

President Donald Trump treated 4 World War II veterans to an Oval Office meeting Thursday, fulfilling a birthday wish for 95-year-old Allen Jones and giving three other centenarian veterans a day to remember

By KEVIN FREKING

Associated Press

WASHINGTON (AP) — President Donald Trump treated four World War II veterans to an Oval Office meeting Thursday, fulfilling a birthday wish for 95-year-old Allen Jones and giving three other veterans age 100 and older a day to remember.

One of the men, 101-year-old Floyd Wigfield, of Cumberland, Maryland, managed to win a promise from the president for a return flight on Air Force One following this June’s ceremony marking the 75th anniversary of D-Day and the Battle of Normandy. “We’ll work that out,” Trump said. “You’ll like Air Force One.”

Trump had met Jones at a Veterans of Foreign Wars convention last year and Jones, of Dunbar, Pennsylvania, asked to spend his birthday with the president. Trump looked happy to oblige, joking with the men and their families, and asking each one to say a few words. When one of the guests presented Trump with a hat and suggested he tweet about it, the president deadpanned: “I don’t tweet that much.”

Sidney Walton, 100, of San Diego, and a medic in the war, told the president he joined the Army to fight Hitler, prompting Trump to reply: “That was a good reason.”

Walton is on what his family called the “No Regrets Tour,” a personal mission to visit all 50 states and the White House to educate Americans about World War II veterans.

Paul Kriner, 103, of Chambersburg, Pa., told the president he participated in 517 days of combat. The president told him he didn’t look a day over 90.

Kriner and Wigfield are working with the Greatest Generations Foundation, which provides veterans with the chance to memorialize their stories and find closure by returning to visit where they served.

Trump described the men as “great heroes, great warriors, highly respected.”

(This story has not been edited by economictimes.com and is auto–generated from a syndicated feed we subscribe to.)

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Reckitt plays down Indivior risk to infant formula business

LONDON (Reuters) – Reckitt Benckiser Group on Wednesday sought to play down any potential impact to its infant formula business from U.S. litigation against Indivior, which it used to own, saying the risk was theoretical and unlikely. The U.S. Justice Department has accused British drugmaker Indivior of illegally boosting prescriptions for its blockbuster opioid addiction…

LONDON (Reuters) – Reckitt Benckiser Group on Wednesday sought to play down any potential impact to its infant formula business from U.S. litigation against Indivior, which it used to own, saying the risk was theoretical and unlikely.

The U.S. Justice Department has accused British drugmaker Indivior of illegally boosting prescriptions for its blockbuster opioid addiction treatment.

“As stated in our annual report, this is a theoretical risk but we consider this to be highly unlikely and only a remote possibility,” the company said, responding to a question about whether the risk for Reckitt could extend to the infant formula business, which Reckitt bought in 2017.

Reporting by Martinne Geller; Editing by Keith Weir

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EU mergers and takeovers (April 11)

BRUSSELS, April 11 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS — French nursing home operator Financiere Colisee to acquire sole control over Belgian nursing home operator Armonea Group (approved April 10) NEW LISTINGS — Czech energy company EPH…

BRUSSELS, April 11 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

— French nursing home operator Financiere Colisee to acquire sole control over Belgian nursing home operator Armonea Group (approved April 10)

NEW LISTINGS

— Czech energy company EPH to indirectly acquire sole control over energy company Uniper France through a purchase of shares(notified April 9/deadline May 21/simplified)

— Abu Dhabi’s government investor ADIA and Triton Fund V to acquire joint control over food transportation packager IFCO group (notified April 9/deadline May 21/simplified)

— Bregal Unternehmenkapital to acquire sole control over MEDIA Central (notified April 9/deadline May 21/simplified)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

APRIL 24

— Swedish telecoms provider Telia Company to acquire Bonnier Broadcasting which includes brands such as Swedish TV4 and streaming service C More and Finnish MTV (notified March 15/deadline April 24)

APRIL 26

— Liberty House Group to acquire sole control over steel companies Galati/Skopje HoldCo, Paloma S.r.l., ArcelorMittal Ostrava a.s., Liege Steel Industry SA and ArcelorMittal Dudelange S.A. (notified March 19/deadline April 26/simplified)

APRIL 30

— Italy’s doBank S.p.A. to acquire sole control over Altamira Asset Management S.A. and its affiliates with the exception of Altamira Asset Management Cyprus which will remain under joint control with Cyprus Cooperative Bank (notified March 21/deadline April 30/simplified)

— France’s Engie S.A. and Canada’s Caisse de Depot et Placement du Quebec to obtain joint control over Brazil’s Transportadora Associada de Gas S.A. (notified March 21/deadline April 30/simplified)

MAY 2

— International power plant supplier Ansaldo Energia and Russia’s REP Holding to create REPH Ansaldo Gas Turbine joint venture (notified March 22/deadline May 2/simplified)

— U.S.-based private equity companies TA Associates Management and Vista Equity Partners Management to acquire joint control over Aptean Inc. and Yaletown Acquiror (notified March 22/deadline May 2/simplified)

MAY 3

— Gemany’s Daimler and China’s Geely Technology Group to create a ride-hailing joint venture in China (notified March 25/deadline May 3/simplified)

MAY 6

— Electricity company Sev.en Energy Group and Chinese peer China Huaneng Group to acquire joint control of electricity provider InterGen B.V. (notified March 26/deadline May 6/simplified)

MAY 7

— U.S. plastics maker Berry Global Group to acquire British packager RPC (notified March 27/deadline May 7/simplified)

MAY 8

— Private equity firm OEP Capital Advisors to acquire powertrain product maker Walterscheid Powertrain <WP Group) (notified March 28/deadline May 8/simplified)

MAY 10

— British private equity company 3i Group, TIIC 2 and Aberdeen Infrastructure to acquire joint control over DirectRoute Holdings in relation to the acquisition of an interest in a concession for the operation and maintenance of the M8 Rathcormac/Femoy Bypass toll road in Ireland (notified March 29/deadline May 10/simplified)

— Agos Ducato, an Italian consumer credit joint venture between France’s CA Consumer Finance and Italian bank Banco BPM, to accquire the entire share capital of Italy’s ProFamily from Banco BPM )notified March 29/deadline May 10/simplified)

— Swiss insurer Swiss Life and British private equity firm Montagu to jointly acquire German property developer Pondus (notified March 29/deadline May 10/simplified)

MAY 13

— Polish investment company Polski Fundusz Rozwoju (PFR), Singapore shipping terminal operator PSA and Australian investment manager IFM Investors to acquire joint indirect control of quay operator DCT Gdansk and its parent company Gdansk Port Holdings which is owned by Australian fund Macquarie (notified April 1/deadline May 13/simplified)

– Iconex to acquire sole control over R+S Group and Hansol Denmark and its subsidiary Schades Group (notified April 1/deadline May 13)

— Investcorp Investment Holdings and Aberdeen Asset Management plc to set up a joint venture (notified April 1/deadline May 13/simplified)

— British car parts distributor Alliance Automotive Group, which is a unit of U.S. car parts distributor Genuine Parts Company, to acquire Dutch peer PartsPoint Group (notified April 1/deadline May 13/simplified)

MAY 17

— Swedish packager BillerudKorsnas and plastic packager Alpla Holding to jointly acquire Ecoxpac which develops pulp solutions for packaging purposes (notification April 5/deadline May 17/simplified)

MAY 20

— Electronic and motor manufacturing company Nidec to acquire sole control of U.S. white goods maker Whirlpool Corp’s compressor subsidiary Embraco (notified Oct. 8/deadline extended to May 20 from May 13)

— PSA Baltics, PFR Porty and Global InfraCo to acquire joint indirect control of DCT Gdansk S.A.’s parent company Gdansk Port Holdings (notified April 1/deadline May 13/simplified)

— Car parts distributor Alliance Automotive Group to acquire sole control over aftermarket vehicle parts distributor PartsPoint Group (notified April 1/deadline May 13/simplified)

— Investcorp Investment Holdings and Aberdeen Asset Management to create investment advisory services joint venture (notified April 1/deadline May 13/simplified)

MAY 21

— Fund management company DIF Infrastructure, green infrastructure investor Green Investment Group (GIG) and waste-to-energy infrastructure company Covanta Holding Corp to jointly acquire Covanta Europe Assets Ltd and the Dublin Waste-to-Energy facility which is jointly controlled by Covanta and GIG (notified April 9/deadline May 21/simplified)

JUNE 3

— UK mobile telephony provider Vodafone to acquire U.S. Liberty Global’s telecommunications business in the Czech Republic, Germany, Hungary and Romania (notified Oct. 19/deadline June 3)

JUNE 5

— Germany’s Thyssenkrupp and India’s Tata Steel to set up a steel joint venture (notified Sept. 25/deadline extended to June 5 from May 13 after offering concessions)

AUG 8

— U.S. aluminum company Novelis, which is a unit of India’s Hindalco Industries Ltd, to acquire aluminum processor Aleris (notified Feb. 18/deadline extended to Aug. 8 from March 25 after the European Commission opened an in-depth investigation)

DEADLINE SUSPENDED

— German energy company E.ON to acquire German peer Innogy’s retail and network activities (notified Jan. 31/deadline suspended on March 22)

DEADLINES:

The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.

SIMPLIFIED:

Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified – that is, ordinary first-stage reviews – until they are approved. (Reporting by Clare Roth;)

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Crown shares tumble after Wynn cancels $7.1 billion casino takeover

SYDNEY (Reuters) – Shares in Australia’s Crown Resorts Ltd tumbled on Wednesday after U.S. casino giant Wynn Resorts Ltd quit discussions for a A$10 billion ($7.1 billion) buyout, although some investors appeared to be hoping for a change of heart. Wynn, the world’s second-largest casino operator, walked away from the deal after details of the…

SYDNEY (Reuters) – Shares in Australia’s Crown Resorts Ltd tumbled on Wednesday after U.S. casino giant Wynn Resorts Ltd quit discussions for a A$10 billion ($7.1 billion) buyout, although some investors appeared to be hoping for a change of heart.

Wynn, the world’s second-largest casino operator, walked away from the deal after details of the offer, which had sent Crown shares soaring more than 20 percent, became public through a leak to an Australian newspaper.

The indicative offer for Australia’s biggest casino operator had been viewed by investors as opportunistic but also only the beginning of a drawn-out pursuit. That is a lot less likely now.

“Wynn’s actions are more likely to reflect a genuine frustration with a breach of the confidential nature of the discussions than an attempt to add pressure to the negotiation,” said Angus Gluskie, managing director of White Funds Management, which holds Crown shares.

Crown stock dropped 10 percent at the open, then pared some losses to trade 8.5 percent under Tuesday’s closing price, while the broader market fell 0.1 percent.

At A$12.86, the stock remained almost 10 percent higher than its last price before Wynn’s approach was disclosed, suggesting hope for a deal had not completely evaporated.

“I reckon they will be back, but will play cold hand for a while,” said James McGlew, executive director of corporate stockbroking at Perth’s Argonaut Ltd and another Crown shareholder.

News of Wynn’s interest was first broken by Australian Financial Review on Tuesday and confirmed by Crown, which also disclosed Wynn’s offer price.

Slideshow (2 Images)

Wynn then issued two statements, first confirming the talks, and, a few hours later, stating that they had ended. Crown said in a statement it noted Wynn’s decision. Wynn shares fell almost 4 percent in New York on Tuesday.

The deal was to offer Wynn a hedge against Macau, the Chinese gambling hub where its license are up for renewal, by giving it two lavishly revamped Australian casinos and a third still being built on the prized Sydney harbor front.

The offer came as Crown is grappling with the effects of an economic slowdown in China, which has crimped revenue from high-rolling Chinese gamblers at its Australian tables.

Reporting by Tom Westbrook and Paulina Duran; Editing by Michael Perry and Stephen Coates

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AI in BFSI market to grow at more than 40%: Report

According to Global Market Insights report, artificial intelligence in BFSI Market for Machine learning technology is estimated to witness lucrative growth from 2018 to 2024. The integration of the intelligent algorithms for risk mitigation and compliance, anti-money laundering, and fraud detection applications is the primary factor that augments the demand for the technology.Natural…


According to Global Market Insights report, artificial intelligence in BFSI Market for Machine learning technology is estimated to witness lucrative growth from 2018 to 2024. The integration of the intelligent algorithms for risk mitigation and compliance, anti-money laundering, and fraud detection applications is the primary factor that augments the demand for the technology.

Natural Language Processing (NLP) is also used widely in the BFSI sector in the customer contact center to analyze the customers’ voice and solve their queries. Financial institutions are also utilizing NLP for back-office applications & operations and text-mining.

The solution segment is leading the artificial intelligence in BFSI market with more than 85 percent stake in the revenue in 2017. Wealth management institutes, banks, and insurance companies are adopting AI solutions to analyze the customer behavior and fulfill their requirements and provide a personalized experience.

The solution market includes chatbots, CRM, customer behavior analytics, data analytics and visualization, and fraud detection solutions. CRM is dominating the market with more than 40 percent share due to the high adoption among the financial institutes in the customer contact centers and business operations.

Artificial intelligence in BFSI market in service market is anticipated to grow prominently during the forecast timeline with an approximate CAGR of 38 percent. The market is driven by the demand for professional and managed services to reduce the operational expenditure. Moreover, companies are now trying to focus more on core competencies to improve their market penetration.

The customer service is the dominating application of the artificial intelligence in BFSI market with over 45 percent share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.

Banks cover more than 50 percent of the artificial intelligence in BFSI market. The banks are teaming up with the fintech companies to develop advanced products and improve the customer services. They are relying more on machine learning algorithms for the risk management and fraud detection.

Furthermore, the adoption of the digital banking solutions and supportive government initiatives launched by the government to promote the digital banking also fosters the market growth. The customer service is the dominating application of the artificial intelligence in BFSI market with over 45 percent share in the revenue in 2017.




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JSW Steel: JSW Steel raises $500 million via offshore bonds

The company received subscriptions worth $1.75 billion, about four times the quantum of bonds on offer, two people with direct knowledge of the sale told ET.Apr 10, 2019, 11.20 PM ISTAgenciesOn April 4, ET reported that JSW Steel was set to raise $500 million through overseas bonds.MUMBAI: JSW Steel, India’s biggest maker of the alloy,…

The company received subscriptions worth $1.75 billion, about four times the quantum of bonds on offer, two people with direct knowledge of the sale told ET.

On April 4, ET reported that JSW Steel was set to raise $500 million through overseas bonds.

ET | Apr 10, 2019, 11.20 PM IST

– TFMNews

MUMBAI : JSW Steel, India’s biggest maker of the alloy, Wednesday completed raising $500 million by selling dollar bonds, marking a revival in global debt issues by large local companies.

The company received subscriptions worth $1.75 billion, about four times the quantum of bonds on offer, two people with direct knowledge of the sale told ET.

The dollar-denominated bonds, maturing in five years, offered 5.95%.

On April 4, ET reported that JSW Steel was set to raise $500 million through overseas bonds. The company would use the proceeds to expand capacity at its Vijayanagar plant in Karnataka.

Deutsche Bank, First Abu Dhabi Bank, BNP, Citi, JP Morgan and Standard Chartered are among the investment bankers that helped JSW Steel raise the funds.

“Quite frankly, even after the strong re-opening of the international bond markets for Indian high-yield issuers, the response to JSW Steel has been overwhelming,” said Amrish Baliga, MD & Head Financing, Deutsche Bank, one of the lead bankers to the issue.

The order book reflected the quality of this credit instrument, which was well articulated to an international audience, said Baliga.

Fitch and Moody’s rated the steelmaker’s bonds BB and Ba2, respectively, one notch below the investment grade, with stable and positive outlook.

Source ET

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