News Podcast: PNB's NPA recovery in first quarter tops FY'18 level : Bulletin: Business Today
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Daily News Podcast: PNB's NPA recovery in first quarter tops FY'18 level

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BusinessToday.In | July 16, 2018

PNB's NPA recovery in first quarter tops FY'18 level  

Scam-hit PNB's recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year, indicating that it has embarked on the turnaround path, the bank's top official has said. The Insolvency and Bankruptcy Code (IBC) resolution process has greatly helped Punjab National Bank, which was hit by nearly USD 2 billion fraud allegedly carried out by jeweller Nirav Modi and his associates, he said. "In the first quarter itself, 2-3 big accounts have been resolved. As a result, the bank has got over Rs 3,000 crore only through the resolution process," PNB Managing Director Sunil Mehta told PTI.
 
Govt sets up 10-member panel to review penal provisions under companies law

The Ministry of Corporate Affairs on Sunday announced that it has constituted a 10-member committee to review the penal provisions under the companies law and examine decriminalisation of certain offences. The high-level committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would submit its report in 30 days to the government. The Ministry of Corporate Affairs seeks to review offences under the Companies Act, 2013 as some of the offences may be required to be decriminalised and handled in an in-house mechanism, where a penalty could be levied in instances of default.
 
De Beers to focus on smaller cities in India for expansion
 
Global diamond producer De Beers is looking to partner local retailers in smaller cities to boost sales which it claims grew at 100 per cent last year. The company sells its diamond jewellery through
250 partnered retail stores in the country under the brand 'Forevermark'. Sales during January-June, 2018 remained robust and the overall sales volumes may double as compared to the last year.The Forevermark brand has 30 per cent market share in India.
 
EU urges big powers to prevent trade 'conflict and chaos'
 
The European Union has called on the United States, China and Russia to work together to avoid trade "conflict and chaos" to prevent it spiralling into violent confrontation. "It is the common duty of Europe and China, but also America and Russia, not to destroy (the global trade order) but to improve it, not to start trade wars which turned into hot conflicts so often in our history," EU Council President Donald Tusk said in Beijing. The EU -- the world's biggest single market with 28 countries and 500 million people -- is trying to buttress alliances in the face of the protectionism unleashed by US President Donald Trump's "America First" administration.
 
China economic growth slows to 6.7 pc in second quarter  

Chinese growth slowed slightly in the second quarter as the world's number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 per cent set by the government.
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