Comcast’s -billion response to Netflix

Ever since Netflix Inc.’s meteoric rise jump-started the online-TV revolution, media executives have debated how to respond. Is it better to own must-see programming or the pipes that deliver it to millions of homes? Should they remain focused on the lucrative but shrinking U.S. TV market, or expand overseas where the business still has room to grow? The answer, according Comcast Corp. Chief Executive Officer Brian Roberts, is do both. On Saturday, his company offered about $40 billion for Sky…

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IL&FS plans to raise authorized share capital

IL&FS’s plan to raise authorized share capital is aimed at meeting the group’s immediate repayment obligations and avoiding further debt rating downgrades. Photo: Reuters Mumbai: Infrastructure Leasing and Financial Services Ltd (IL&FS) is planning to boost its authorized share capital by ₹ 4,000-5,000 crore to enable the cash-strapped group to raise money from its shareholders. The move is aimed at meeting the group’s immediate repayment obligations and avoiding further debt rating downgrades, according to two people with direct knowledge of…

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Allegheny County MWDBE Department Open House provides networking, information-sharing

SHARING RESOURCES—Lisa Edmonds, deputy director of the Allegheny County MWDBE Department, encourages the audience to take advantage of information shared during its annual open house, Sept. 13. (Photos by Diane I. Daniels) The mission of the Allegheny County Department of Minority, Women and Disadvantaged Business Enterprise is to build the capacity of MWDBE-certified businesses, monitor contracts to ensure compliance with Allegheny County goals and provide outreach and technical assistance to the business community. On Sept. 13 at Two Chatham Center,…

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New banks fight for survival 

By Okey Onyenweaku A clutch of new financial institutions are beginning to slowly appear on Nigeria’s banking scene as the once fragile economy wriggles out of a recession that held sway between the middle of 2015 and the second quarter of 2017. The renewed institutional confidence in the economy (which has grown more recently at 1.5 per cent) and the World Bank’s 2.5 per cent forecast GDP growth rate for the year has prompted investors to take a stronger…

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Danske Bank money laundering scandal inquiry intensifies

INTERNATIONAL – Danske Bank’s money laundering scandal spread on Friday to Britain where the National Crime Agency (NCA) said it is investigating the use of UK-registered companies. British and Russian entities dominate a list of accounts used to make 200 billion euros in payments through Danske Bank’s Estonian branch between 2007 and 2015, many of which the bank said this week are suspicious. By 2013, the number of UK-registered customers in its non-resident portfolio topped 1,000, Danske Bank’s report revealed, ahead…

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Higher oil revenues boost bank deposits in UAE

Domestic credit lending in the UAE grew in August by 3.7 per cent year on year while bank deposits also recorded a big jump due to higher deposits from the government following a rise in oil prices. According to the UAE Central Bank data for August released on Sunday, domestic lending grew from Dh1.442 trillion in August 2017 to Dh1.495 trillion last month. The month-on-month credit lending also expanded half a per cent and 2.9 per cent by year to…

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Corporate America, not banks, could cause the next recession

1. The next debt crisis: There’s a $6.3 trillion elephant in the room. And it just might cause the next recession. The last downturn was triggered by Wall Street and Americans accumulating too much debt — particularly in the sizzling housing market. A decade later, it’s Corporate America borrowing with gusto. Egged on by extremely low rates, US companies have piled on a record-setting $6.3 trillion of debt, according to S&P Global Ratings. All that debt is easy to ignore…

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DHFL plans reducing exposure to commercial paper

Mumbai, Sep 23 () DHFL Sunday said it proposes to reduce exposure to commercial paper (CP) as part of overall borrowing plan and increase hedging activity, days after the shares of the company tumbled up to 42 per cent on massive selling over fears of a liquidity crisis. Besides, the company said it will raise resources and focus on borrowings from banks and international markets and through direct assignment, said a DHFL note on ‘approach to liquidity management’ filed with…

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How to deal with debt-fund downgrades

How should investors react to sudden NAV losses caused by defaults or downgrades of bonds in the debt funds they own? This question has cropped up again after 40-odd debt mutual funds suffered overnight blips in their net asset values after rating agencies sharply slashed the credit ratings of IL&FS and its group entities a week ago. What happened Project financier IL&FS and its key subsidiary IL&FS Financial Services enjoyed high investment grade credit ratings for their bonds (AA+ on…

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Moodys praises National legacy now being eroded

New Zealand : Moodys praises National legacy now being eroded Sep 22, 2018 (Euclid Infotech Ltd via COMTEX) — It is good news for the New Zealand economy that Moodys Investors Service has affirmed our Aaa rating but we shouldnt let the Government now waste it, Nationals Finance spokesperson Amy Adams says. The recent international credit rating agency report praises the strength of an economy built up under nine years of a National Government. In Moodys own words: it notes…

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S&P maintains Jordan’s credit rating, stable outlook

AMMAN — Standard & Poor’s (S&P) affirmed its “B+/B” credit rating for Jordan, with a “stable” outlook due to a number of domestic and regional factors, according to a report released on Friday.  “We expect Jordan’s net debt position to broadly stabilise, supported by grant financing from bilateral and multilateral partners and gradual implementation of fiscal reforms…We are therefore affirming our foreign and local currency sovereign credit ratings on Jordan at ‘B+/B’ and the outlook remains stable,” The New York-based…

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GA title-pawn lenders may benefit from loose regulation laws

As Georgians mark the 10th anniversary of the U.S. financial crisis, the worst downturn since the Great Depression, measures put in place to protect consumers and members of the armed forces face growing threat of rollback. Powerful forces are at work to overturn a number of consumer protections and big money has been pouring into campaign coffers. Congress is considering legislation to let some lenders skirt Georgia’s heralded ban, dating to 2004, on short-term loans linked to a borrower’s payday.…

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Day after, DHFL says Care has reaffirmed credit ratings, other instruments

A day after its shares tumbled up to 42 per cent, DHFL Saturday said Care Ratings has reaffirmed credit ratings on its various instruments, including NCDs and long-term bank facilities. The scrip of Dewan Housing Finance Corporation Friday went into a tailspin, nosediving 42.43 per cent to end at Rs 351.55 on the BSE. Intra-day, it tanked 59.67 per cent to Rs 246.25 — its 52-week low. DHFL’s market…

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CARE reaffirms DHFL’s debt instruments credit ratings

Dewan Housing Finance Corporation Ltd (DHFL) on Saturday said CARE Ratings has re-affirmed the credit ratings on its various debt instruments and bank facilities aggregating Rs 1,28,624 crore. The rating re-affirmation comes in the backdrop of the DHFL stock falling 42 per cent on Friday due to reports that it is facing ‘liquidity pressure’. The housing finance company has informed the stock exchanges about receipt of a letter from CARE Ratings about the re-affirmation of credit ratings. Explaining the turn…

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