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MUMBAI: Indian banks have grudgingly forked out well over 4,000 crore to international bullion banks on behalf of Winsome, a Mumbai-based jeweller, but are unsure whether the money can ever be salvaged.
What makes their job particularly difficult is the absence of adequate securities against exposures to Winsome. This is because last year, the banks had released corporate guarantees and mortgages that the Winsome group had given to obtain credit facilities from the local lenders.
Refusing to “lay down a quota” for importing oil from any country, including Iran which is facing strict financial sanctions imposed by the UN and the US, India today made it clear that it will buy oil from wherever it “gets the best deal”.
Cypriot lawmakers in Parliament had voted down a bailout deal that would have raided everyone’s savings to prop up a collapsing banking sector.Cyprus accepted a deal that would safeguard small savers but where depositors with more than 100,000 euros in the country’s two most troubled banks would lose a big chunk of their money.
The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said on Wednesday.
Cyprus officials and international representatives were caught up in tortuous negotiations late into the night Saturday as they sought to forge a plan to raise the money the island nation needs to qualify for a bailout package.Cyprus has been told it must raise 5.8 billion euros ($7.5 billion) in order to secure 10 billion euros in rescue loans from other European countries that use the single currency, as well as from the IMF.
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