India bright spot, but NPAs pose challenge: IMF chief economist

Describing India as a “bright spot” in the complex set of economic forces, IMF Chief Economist Maurice Obstfeld today said rising NPAs in Indian public sector banks remain a challenge despite progress. (AP) Describing India as a “bright spot” in the complex set of economic forces, IMF Chief Economist Maurice Obstfeld today said rising NPAs in Indian public sector banks remain a challenge despite progress. “The complex set of economic forces continues to shape a subdued global growth outlook… Not only India, but China is maintaining its growth. India is a bright spot, inflation in India… CAD… fiscal deficit are coming down,” Obstfeld said at an event organised by Brookings India here. “But there are still structural challenges. Rising NPAs in public sector banks remain a…

Cash-strapped Consolidated Bank eyes Sh2.5bn injection By GEORGE NGIGI, email protected Consolidated Bank is looking for a strategic investor to pump in more than Sh2.5 billion to plug a capital hole that has worsened its loss, even as the state claims it intends to merge public lenders. The lender has reported an after-tax loss of Sh203 million for the nine months ended September compared to a Sh16 million profit in a similar period last year. Capital deficiency has forced the bank to go slow on business growth while expenses continue to rise resulting in more losses. The National Treasury, which is the majority shareholder with a 78 per cent equity, has broken several promises to inject additional capital into the bank, most recent being failure to support a rights issue that it had ...

Business Rx: They call their physical therapy firm 'Move Better.' Now, can they ... This week, a young physical therapy company seeks help expanding a military-based business to one that also serves the civilian sector. — Dan Beyers The entrepreneur For six years Virginia Dula’s company, Move Better Physical Therapy, worked with U.S. military “special ops” forces from the Army and Air Force across the East Coast. The company aimed to provide one-on-one physical therapy using cutting-edge techniques to return clients to full, pain-free function, faster than traditional approaches. Her experience with these elite “military athletes” convinced her of the value of unrestricted time with patients and the compounding effects of a team-based approach that helped to optimize an individual’s performance. Working closely with strength coaches, dietitians, and an array of medical professionals resulted...

Hedge fund returns mixed for November after market rally Some big hedge funds got a bump in November after Donald Trump's surprise U.S. presidential election victory sent stocks higher, but lagged behind the broader market's gains, according to some early returns.Barry Rosenstein and David Einhorn, both closely watched for their investment ideas, told clients they made money in November, but not as much as the Standard Poor's 500 stock index, which gained 3.6 percent. Investors bet on a business-friendly president after Trump's victory in the Nov. 8 election. Some sectors, including financial and healthcare stocks, performed even better than the broader index, fueled by hopes for lighter regulation, corporate tax cuts, fiscal stimulus and higher interest rates.Most hedge funds are still compiling their monthly numbers which are generally not made public. Rosenstein's Jana Partners Fund...

What’s in a Brand Name? In October of 1955, a marketing researcher at Ford named Robert Young wrote the poet Marianne Moore a curious letter. Ford had designed a new car, which it hoped would revolutionize the industry, and it was struggling to find a good name. Young said that the options his division had come up with were “characterized by an embarrassing pedestrianism.” Perhaps a poet could devise something to convey, “through association or other conjuration, some visceral feeling of elegance, fleetness, advanced features and design.” In the following months, Moore sent Ford a long list of suggestions that were anything but pedestrian: Intelligent Bullet, Ford Fabergé, Mongoose Civique, Bullet Cloisoné, Utopian Turtletop. Ford, unsurprisingly, didn’t go for any of them. Instead, after considering more than six thousand names, it...

Exclusive: ECB ready to buy more Italian bonds if referendum rocks market – sources The European Central Bank is ready to temporarily step up purchases of Italian government bonds if the result of a crucial referendum on Sunday sharply drives up borrowing costs for the euro zone's largest debtor, central bank sources told Reuters.Italian government debt and bank shares have sold off ahead of the Dec. 4 referendum on constitutional reforms because of the risk of political turmoil. Opinion polls suggest the 'No' camp is heading for victory, which could force out Prime Minister Matteo Renzi in the latest upheaval against the ruling establishment sweeping the developed world.The ECB could use its 80-billion-euro ($84.8 billion) monthly bond-buying program to counter any immediate, further spike in bond yields after the vote, smoothing market moves and supporting bonds, according to...

Trump could be D.C.'s ally in bringing Redskins to RFK There are many reasons for D.C. officials to be wary of a Donald Trump administration. Health insurance for the poor and gun control restrictions could be rolled back. Abortion rules could be tightened. In a city where 93 percent of voters favored Hillary Clinton, those are sobering prospects. But there’s also reason to think Trump may help greenlight one of D.C. Mayor Muriel E. Bowser’s long-held interests: returning the Washington Redskins to D.C., in a new stadium that would replace RFK. D.C. officials are studying how to re-use the 190-acre RFK site along the Anacostia River and one of the options on the table is a new 65,000-seat stadium that would allow the team to return to the District by the time...

Arab airlines to double fleet strength in the next 25 years Dead Sea/Amman: Arab airlines are expected to double its fleet strength within the next two-and-a-half decades from its present strength of 1,300 aircraft to support a robust growth in passenger traffic in the region, according to a senior official of a leading budget airline in the Gulf.Presently, Arab carriers have a combined fleet strength of 1,300 planes and “we expect it to double in the next twenty-five years,” said Abdel Al Ali, group chief executive officer of Air Arabia. He was addressing the Arab Aviation Summit at Dead Sea, Jordan, here on Monday.Ali added that the general public in the Middle East and Arab region will continue to travel and the budget airlines are playing an important role in strengthening the...