Covid to push share of stressed debt to 18.2% from 11.6%: India Ratings

The agency expects the credit growth to fall 15% in FY21 as a result of tepid corporate capex, coupled with muted revenue.

The impact of Covid-19 and the associated policy response is likely to result in an additional Rs 1.67 lakh crore of debt from the top 500 debt-heavy private sector borrowers turning delinquent between FY21 and FY22, India Ratings and Research said in a report on Monday, adding that this could take the proportion of stressed debt to 18.21% of the outstanding quantum from 11.57% at present.

This estimated stress will be over and above the Rs 2.54 lakh

VC firm Sequoia looks to back world-beating startups in India, SEA; launches $1.35 billion mega fund

Sequoia has been investing across all stages of a startup cycle – seed, mid, and growth.

One of India’s most prolific venture capital fund Sequoia India has secured a commitment of $1.35 billion for two new India and Southeast Asia focused funds. The two funds — $525 million venture fund and $825 million growth fund will invest in startups across the region, Sequoia Capital’s managing director Shailendra J Singh announced in a LinkedIn post. “The combined GDP of India and SEA is expected to cross $14 trillion and the number of mobile internet users will likely cross 1.5 billion by

China Stokes a Stock-Market Mania, Risking Repeat of 2015 Bubble

(Bloomberg) — The dramatic moves in Chinese stocks over the past week are inviting comparisons with a bubble that burst spectacularly five years ago.

In many ways, the pace of gains matches the market’s melt-up that started in the final weeks of 2014. The CSI 300 Index has now added 14% in five days, the most since December that year. A gauge of momentum on the CSI 300 is also the strongest since late 2014. Shares of brokerages surged as daily turnover exceeded 1.5 trillion yuan ($213 billion) for the first time since 2015, indicating increasing participation from retail investors.

How factories are wooing migrant workers back to work; free flight tickets, food, and more

Freebies from the government aren’t the only factor keeping workers from returning to their previous jobs in cities. (Bloomberg image)

A mass exodus of workers that followed India’s harsh lockdown is forcing businesses to review their labor policies as they try to lure the people back with incentives as the economy reopens. While some companies are promising benefits such as free travel tickets, housing and food to draw workers to urban areas, others are managing by hiring new faces from nearby locations. Some are trying a mix of both. “We have offered food and other incentives to woo them back

Samsung Galaxy S20 Ultra long-term review: Great expectations but does it meet them?

Galaxy S20 Ultra currently sells in India at a price of Rs 97,999. (Photo credit: Saurabh Singh/Financial Express)

The Galaxy S20 Ultra isn’t meant for everybody. It isn’t Samsung’s best new flagship phone either (even though it is its most powerful phone). And yet, it is important that it exists today.

The top-end Android smartphone segment isn’t what it used to be a few years ago. With the likes of HTC, BlackBerry, Sony (and even LG) out of the picture, buyers looking for a no holds barred Android phone have only one brand that they can look up to,

$2 Trillion-a-Year Refining Industry Crisis

(Bloomberg) — Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And the world’s refining industry today is in pain like never before.

“Refining margins are absolutely catastrophic,” Patrick Pouyanne, the head of Europe’s top oil refining group Total SA, told investors last month, echoing a widely held view among executives, traders and analysts.

What happens to the oil refining industry at this juncture will have ripple effects across the rest of the energy industry. The multi-billion-dollar plants employ

Kharif sowing 88% higher than last year; here’s why this season is faring better than last one

Among major kharif crops, rice, cotton, sugarcane, oilseed and pulses sowing was higher than last year.

Amid all the mayhem due to coronavirus pandemic, kharif crop sowing so far has beaten last year’s figures with the total acreage as of 3rd July 2020 being 88% higher than the comparable period last year. The favourable monsoons this year are largely behind the kharif sowing growth, a report said on Saturday. “As of July 3, the total kharif acreage was 88% higher than the same period last year. Sowing was late last year due to extremely weak start to monsoon,” a Kotak

PM Modi roots for startups to promote innovation in agriculture; suggests hackathons to solve problems

PM Modi had also launched the Atmanirbhar Bharat Innovation Challenge for developing apps.

To boost innovation and use of technology in agriculture and allied sectors, Prime Minister Narendra Modi on Saturday stressed on the need to promote startups and agri entrepreneurs. Reviewing the progress of the Indian Council of Agricultural Research (ICAR), Modi underscored leveraging information technology to provide information-on-demand to farmers. Moreover, in order to “solve identified problems and design needs for tools and equipment that can reduce drudgery”, Modi asked ICAR to organize biannual hackathons, according to a statement by Prime Minister’s Office (PMO). The prime minister also

Wirecard ex-COO Marsalek’s entry into Philippines was faked, minister says

MANILA (Reuters) – Immigration records showing Wirecard’s former chief operating officer Jan Marsalek arrived in the Philippines on June 23 and departed for China the next day were falsified, Philippines Justice Secretary Menardo Guevarra said on Saturday.

Guevarra said the immigration officers who inputted the fictitious entries have been relieved of their duties and face administrative sanctions.

“The investigation has now turned to persons who made the false entries in the database, their motives and their cohorts,” Guevarra told reporters.

Marsalek, 40, was fired as COO of the German firm on June 18 after auditor EY refused to sign off

West Bengal’s unemployment rate at 6.5% in June ‘far better’ than that of India, says CM Mamata Banerjee

She said this is due to the economic strategy adopted by her government.

Referring to a report of the Centre for Monitoring Indian Economy (CMIE), West Bengal Chief Minister Mamata Banerjee said on Saturday that the state’s unemployment rate stood at 6.5 per cent in June this year, which was “far better” than that of the country at 11 per cent.

She said this is due to the economic strategy adopted by her government to tackle the COVID-19 crisis and the devastation caused by cyclone Amphan.

“We’ve implemented a robust economic strategy to tackle #COVID19 and the devastation caused by