DEUTSCHE BANK GROUP
Europe's STOXX 600 falls as tech, banks drag
European shares fell on Friday, with Carlsberg Group dropping 8% after Britvic rejected its $3.9 billion takeover bid, causing a 0.3% decline in the STOXX 600.
Power Finance Corporation board okays Rs 15,000 crore loan to Shapoorji Pallonji Group companies
The board of Power Finance Corporation (PFC), a state-owned entity, has approved a loan of Rs 15,000 crore to companies within the Shapoorji Pallonji group, according to sources familiar with the matter. This decision represents a significant development for the Mistry family, who hold 18.37% stake in Tata Sons. The loan is intended to assist in settling promoter debts and fulfilling financial obligations owed by their operational firms to creditors. Security for the loan will be provided by the cash flows from SP Group's real estate operations and the Mistry family's shares in Tata Sons.
Wall Street bankers beaten in ‘Smartest’ chess tournament
William Graif, a chess enthusiast, has competed in various countries and now focuses on teaching chess to children after participating in the World Corporate Chess Championship.
LGBTQIA+ employees have a new ally at workplace in senior leaders
At companies such as GE Aerospace, IBM, LTIMindtree, Deutsche Bank, Cisco, Cummins and Thoughtworks, board members, leaders, people managers as well as teammates are driving a culture of inclusiveness so that LGBTQIA+ workers don’t feel isolated.
Yield on SP Co's ₹14,300cr NCDs Surges
Goswami Infratech's NCDs yield surged to 22% due to SP Group's debt raise, linked to SIPL's interest rate, triggering early redemption event, approved for extension until Sept 2024.
Yield on Goswami Infratech’s Rs. 14,300 Cr NCDs rises from 18.75% to 22%
Goswami Infratech issued rupee-denominated zero-coupon NCDs to investors like Deutsche Bank, backed by group-level monetisation events for debt reduction.
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India’s near-8% growth gives Modi a boost as elections end
India is expected to report close to 8% economic growth for the fiscal year ending in March, boosting Prime Minister Modi’s government as elections conclude. The growth in the first three months is predicted to be 7%, with the full year reaching 7.9%. The quarterly GDP release is eagerly awaited.
Hindalco's US arm Novelis to list on NYSE in 2 weeks
Novelis IPO: Novelis on Tuesday launched a roadshow for its proposed initial public offering (IPO), where Indian parent Hindalco plans to sell 45 million shares, or a 7.5% stake, in the company at $18-21 per share.
European shares struggle for direction ahead of ECB's inflation surveys
European shares were subdued as investors awaited inflation surveys for insights on the ECB's monetary policy, with Germany's DAX up 0.2% post a 1.8% fall in April's wholesale prices.
Air India names Tata Projects' Sanjay Sharma as new CFO
Air India has named Sanjay Sharma as its new chief financial officer, succeeding Vinod Hejmadi who retired after a long tenure with the airline now owned by Tata. Sharma brings over 30 years of experience in Corporate Finance, Investment Banking, and Real Estate, having held key finance positions at Tata Projects Limited and other reputable organizations. He will report to Air India's CEO & MD, Campbell Wilson.
Running toward success: How Zetwerk's CFO Pulkit Bhandari uses fitness to solve complex problems
Pulkit Bhandari, CFO of Zetwerk, believes that play and work complement each other, enhancing resilience and problem-solving skills. A chartered accountant with a background in corporate finance at RPG Enterprises and investment banking at Deutsche Bank and ICICI Securities, Bhandari is also a dedicated athlete. He has completed 10 full marathons, numerous half marathons, open water swims, and a half Ironman. His fitness journey began in childhood and was reignited by a gifted Garmin watch.
SP Group arm Goswami Infra sweetens bond deal
Shapoorji Pallonji Group offers ₹400 crore more to Goswami Infratech bondholders to extend deadline for meeting covenants on ₹14,300 crore borrowings. The company seeks a 4-month window to sell assets, ensure payment of ₹1,400 crore interest at 18.75% by September 30, 2024.
Eat, pray, work.. want a detox retreat? Step into your office
According to a report by fitness technology company GOQii last month, almost 45% of India's population hovers dangerously close to being classified as unhealthy, adversely affecting not only individual mental and physical well-being but also diminishing productivity.
Mizuho is in talks to buy KKR’s part stake in fintech company InCred
According to latest discussions, global investment firm KKR may sell around 10% stake in Mumbai-based tech-driven NBFC InCred but this may change depending on how the talks progress, sources told ET.
Donald Trump may owe $100 million from double-dip tax breaks, audit shows
The New York Times and ProPublica revealed that Donald Trump employed a questionable accounting tactic to claim improper tax breaks on his Chicago tower, facing a potential $100 million+ tax bill. In recent months, Trump has also been ordered to pay $83.3 million in a defamation case and an additional $454 million in a civil fraud case brought by New York Attorney General Letitia James.
PFC seeks legal view on Shapoorji Pallonji promoters' Rs 15,000 crore loan ask
State-owned Power Finance Corp (PFC) is seeking legal counsel regarding the approval of a ₹15,000 crore loan to the promoters of the Shapoorji Pallonji (SP) Group, leveraging their 18.37% shareholding in Tata Sons as collateral. Earlier this year, the Mistry family, who are the promoters, proposed obtaining funds from the lender based on cash flows from their real estate business and their Tata Sons shares.
Deutsche Bank Q1 Results: Profit jumps 10% as investment bank outperforms
Deutsche Bank posted on Thursday a better-than-expected 10% increase in first-quarter profit as a resurgence in fixed-income trading and deal-making propelled revenue at its investment banking division.
Crypto survey shows less consumer scepticism, but a third expect Bitcoin price fall
Deutsche Bank survey indicates evolving consumer sentiment on bitcoin's price, while regulators caution against its risks. Cryptocurrencies are seen as a future asset class, with varied predictions for bitcoin's price by 2024.
Barclays working on $1.25 billion cost plan, could cut up to 2,000 jobs: Source
Managers at Barclays, led by Chief Executive C.S. Venkatakrishnan who is known within the bank as Venkat, are reviewing proposals to bolster its profitability. As part of these 1,500 to 2,000 jobs could be cut if implemented in full, the person said.
Adani Green is in talks to borrow a $1.8 billion loan
Adani Green Energy, the renewable energy company owned by Indian billionaire Gautam Adani, is reportedly in discussions with a consortium of foreign lenders to secure a loan of up to $1.8 billion. Sources familiar with the matter have indicated that the funds from this loan will be earmarked for the expansion of Adani Green Energy's solar and wind energy projects.
Macrotech Developers raises Rs 650-crore to refinance high-cost debt
Both lenders have provided debt in the form of non-convertible debentures (NCDs) with different terms. Bonds raised from Deutsche Bank are unsecured while Standard Chartered bonds are secured. The Rs 245-crore NCDs issued to Standard Chartered Bank have a clause that the bank would charge 50 basis points more for each rating downgraded of Lodha.
Adani Group raises $3.5 billion to refinance debt
The transaction is being financed by a consortium of 10 international banks including DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank. Other banks in the consortium include Barclays Bank PLC, BNP Paribas, Deutsche Bank, ING Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered.
ACC-Ambuja Cement acquisition: Adani signs agreement to refinance $3.5 billion loan
Gautam Adani-led Adani Group has signed an agreement to refinance $3.5 billion of loans taken to acquire ACC Ltd and Ambuja Cement. The refinancing program was concluded with international banks such as DBS Bank, First Abu Dhabi Bank, Mizuho Bank, and MUFG Bank. This move is expected to save the conglomerate's cement vertical around $300 million.
Brookfield, Cerberus, Deutsche Bank among lenders keen to fund Hindujas’ Reliance Capital bid
While major lenders have offered term sheets of up to ₹6,000 crore, smaller funds have shown interest in providing loans ranging from ₹800 crore to ₹1,000 crore, contributing to the larger financing package.
Adani Group set to refinance $3.5 billion debt taken for ACC-Ambuja buy
New 3 yr facility from a mega consortium of 18 banks will simplify debt structure, improve credit rating, boost cement sector growth plans while saving upto quarter of a billion dollars. Largest refinancing in APAC this year.
Deutsche Bank India Chief elevated
Deutsche Bank had recently said that Rahul Chawla would take charge of the newly created role of head of financial sponsor financing for Asia.
Wadia Group stays away from Go First insolvency process
The Wadia Group, former owner of Go First, has not expressed any intention to bid for the grounded Indian airline during the insolvency process, according to sources. Go First filed for bankruptcy in May, citing engine issues as the reason for grounding half its fleet. The absence of the Wadia Group from the process would limit options for creditors seeking qualified investors.
Aviation leasing watchdog cuts India's compliance rating amid Go First tussle
The move by the Aviation Working Group (AWG), a UK-based entity that monitors leasing and financing laws, comes as bankrupt budget carrier Go First is locked in a legal tussle with aircraft lessors seeking to repossess jets.
India's rating should reflect its potential: Kaushik Shaparia, CEO of Deutsche Bank Group, India
"The narrative is no longer about why India is interesting. The moot point is how to monetise this interest. We need to convert it. The cycle needs to be shortened between interest and actual investment. Our rating is only at the cusp of investing rate and that does build a little bit of conservatism among investors. I think India's rating should be at least two notches higher, if not more," said Kaushik Shaparia, CEO of Deutsche Bank Group, India.
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