Banks (Finance)
The ambitious Sarvajan Awas Yojana, a housing scheme by the Lucknow Development Authority (LDA) to construct 10,000 affordable houses for the urban poor, has hit a roadblock due to a bureaucratic condition imposed by some banks. Under the scheme, applicants for EWS and LIG houses are required to have
Banks (Finance)
South Korean banks' home-backed loans continued to grow at a rapid pace in July, with outstanding bank mortgage loans reaching a record high of 257.8 trillion won. The central bank has attributed this growth to record-low borrowing costs and rising housing prices. As lenders deal with loan demands
Banks (Finance)
Ratings agency Standard & Poor's (S& P) has downgraded the credit rating of Clydesdale Bank, citing its exposure to rising losses on commercial loans, particularly in the property and construction sectors. The bank's performance is expected to be impacted by the recession's grip
Banks (Finance)
Two international debt watchers, Moody's Investors Service and Fitch Ratings Inc., warned that the financial profiles of Philippine banks may deteriorate due to the global financial crisis and the resulting economic slowdown. Despite this, the rating agencies admitted that the fallout would be contained, and the risk of
Banks (Finance)
A gang of four youths, led by 26-year-old Pardeep Singh Dalal, has been arrested by the east district police in New Delhi for allegedly cheating people out of several lakhs by promising them bank loans for which their applications had been rejected. The accused used a "magical pen"
Banks (Finance)
China's banking sector is under increasing strain as the government cracks down on reckless lending practices, mandating a 150% bad-loan reserve ratio for all mainland-based banks. This move aims to mitigate the risks stemming from a massive lending spree in the first half of the year, as part
Banks (Finance)
Australia's big banks, including ANZ, Commonwealth, National Australia Bank, and Westpac, have retained their AA credit ratings, according to Standard & Poor's, a leading debt ratings agency. This stable outlook is a result of good management, regulation, and a less fiercely competitive environment compared to overseas
Banks (Finance)
Bank of Hawaii's Chief Executive Al Landon had reservations about participating in the subprime market, which ultimately led to massive losses for the banking sector. The International Monetary Fund estimates that the sector has suffered $1,000bn in losses, and is set to suffer a further $1,500bn
Banks (Finance)
Merix Corp., a US-based manufacturer of printed circuit boards, has secured up to $7.3 million in new borrowing capacity through a credit agreement with the Industrial and Commercial Bank of China. The agreement is for use by the company's Huiyang, China, manufacturing facility and provides an initial
Banks (Finance)
Money and credit are intricately linked, and policymakers must prioritize the availability of money to ensure economic stability. The recent credit crunch has led to a decline in lending to companies and households, resulting in a 5% annualized rate of decline in lending. This has created a monetary backdrop for
Banks (Finance)
Webster Financial Corp., a Waterbury, Conn.-based bank, was one of 22 U.S. banks to see its credit rating cut by Standard & Poor's due to concerns about the severity of the recession. The agency lowered its rating of Webster to BBB- from BBB and placed its
Banks (Finance)
Regions Financial Corporation has a long-standing commitment to providing capital to small businesses, and its efforts have paid off in the latest study from the U.S. Small Business Administration (SBA). For the sixth consecutive year, the bank has been ranked third among large U.S. banks in the SBA&
