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The bank said it started 2,700 job cuts in the fourth quarter and is aiming to reduce about 9,000 positions by 2025. → Read More
(Bloomberg) -- India’s macroeconomic troubles are attracting a new wave of global investors betting they can eke out profits from the rising number of capital-starved businesses struggling to stay afloat.Some global heavyweights like Apollo Global Management Inc. → Read More
One of India’s largest private sector lenders slumped by a record in the bond market on Wednesday, as concerns mount over the health of the nation’s finance sector amid a shadow banking crisis. Dollar bonds of Yes Bank Ltd. → Read More
A unit of Reliance Communications Ltd., Anil Ambani’s distressed telecom firm, has filed for bankruptcy protection. GCX Ltd., which owns the world’s largest private undersea cable system, is the latest company owned by the tycoon to stumble. → Read More
(Bloomberg) -- India’s shadow banks are being forced to go overseas more for money as local lenders balk at extending funds, flagging strains in a key industry for an economy that’s already sputtering. → Read More
A growing chorus of observers expect debt defaults in Asia will spread as weakening currencies and tighter liquidity leave riskier borrowers with higher refinancing costs. → Read More
(Bloomberg) -- A shadow bank’s defaults have pushed up borrowing costs in India and made it harder for smaller companies to get funding. Alternative lenders including a fund run by an ex-Goldman Sachs Group Inc. banker think they can help. → Read More
India’s shock seizure of a troubled shadow bank on Monday means contagion’s off the table. It doesn’t mean the saga’s over. → Read More
Reliance Communications Ltd., the Indian mobile operator that defaulted on its dollar bonds last year, is up against the clock.The company controlled by Indian billionaire Anil Ambani is in the midst of restructuring the $300 million U.S. currency notes and plans to meet those bondholders on Aug. 24 to seek approval on extraordinary resolutions. → Read More
Jet Airways India Ltd. was once at the forefront of India’s rapidly growing market for air travel, but a challenge from budget carriers and surging fuel prices are backing the airline into a corner. → Read More
Asia junk bonds may have staged a comeback from beaten-down levels in recent weeks, but they’re still offering enough of a juicy yield premium to lure in investors such as BNP Paribas Asset Management Ltd. → Read More
Jet Airways India Ltd. was once at the forefront of India’s rapidly growing market for air travel, but a challenge from budget carriers and surging fuel prices are backing the airline into a corner. → Read More
Reliance Communications’ 2020 dollar notes fell 2.4 cents on the dollar to 42.7 cents as of 3:22 p.m. in Hong Kong, the lowest since December, according to prices compiled by Bloomberg. The securities slid 5.3 cents on Monday, the biggest decline since May. → Read More
Oaktree Capital Group LLC, one of the world’s largest distressed debt investors, is eyeing India as a key market as the nation overhauls its bankruptcy rules and banks battle with a historic bad debt clean-up. → Read More
Once Asia’s biggest commodities trader, Noble Group Ltd. is struggling to survive. The Hong Kong-based company faces huge debt repayments in the coming months and is betting on a restructuring plan to stay alive. It’s a complicated -- and controversial -- process that would leave some bond investors with next to nothing. And it comes at a time when Singapore-listed Noble is hemorrhaging cash,… → Read More
Edwin Wong, the chief investment officer of Hong Kong-headquartered SSG Capital Management and an ex-Lehman Brothers Holdings Inc. banker, sees a multitude of opportunities in India as the nation pushes ahead with a bankruptcy system overhaul. → Read More
Things are looking up for investors in billionaire Anil Ambani’s Reliance Communications Ltd. after the Indian phone company staved off insolvency by agreeing to sell assets to the chairman’s brother. But lenders still face a potential hit on their earnings. → Read More
Asian companies are turning to the dollar bond market like never before, selling record amounts of securities that leveraged investors desperate for yield are scooping up. But there’s a flip side to all that growth: it’s getting easier for funds to sell them short. → Read More
Asian companies are turning to the dollar bond market like never before, selling record amounts of securities that leveraged investors desperate for yield are scooping up. But there’s a flip side to all that growth: it’s getting easier for funds to sell them short. → Read More
A group of bondholders of Reliance Communications Ltd., the embattled Indian mobile phone operator controlled by billionaire Anil Ambani, have hired advisers after the company defaulted on its dollar-denominated notes last month. → Read More