Mexico will be rich in renewable energy as private energy companies flock to the state to provide them with electricity generated from clean energy to be sold to Comisión Federal de Electricidad. Italy’s Enel Green Energy won 3 projects and will build solar plants while others will provide energy from wind farm.
The aggressive buying binge of SunEdison Inc has resulted in a total debt of $12 billion. The US-based clean-energy company may seek bankruptcy protection.
AIG has announced in January planning for spinning off its mortgage insurer unit United Guaranty, following pressure from the shareholders. Following the announcement, Standard & Poor’s, a credit rating agency has downgraded its rating with specific reasoning. The mortgage insurer of AIG has disclosed through a regulatory filing that it intends to go for an initial public offering.
MetLife has announced in January planning for selling large portion of its US insurance unit. But the move has been suspended following imposition of designation as SIFI by FSOC. However, the FSOC move has been declared unlawful by a Washington court which paves the way for MetLife to go with its breakup planning.
PepsiCo reorganize its North American operation. The company appointed Albert Carey CEO to oversee beverages, Frito-Lay and Quaker Foods divisions in North America, and two other executives.
Employees in India will earn interest on inoperative accounts from new financial year beginning from April 2016. Employees' Provident Fund Organization (EPFO) has taken a decision to offer benefit of accrual of interest on inoperative accounts.
Knesset has passed a bill that fixes maximum ceiling of executives in the financial institutions with no opposition. The bill turned law aims to reduce wage gap. However, a similar attempt in the US has backfired since the revised law allows exemptions for extraordinary performances.
Arun Jaitley, India's Finance Minister, has voiced for a possible interest rate cut ahead of Reserve Bank of India's (RBI) review meeting next week, while focusing on controlling fiscal deficit. The Centre has already slashed interest rate on small savings making more conducive weather for lending rate cut.
US-based Western Alliance Bank has decided to buy GE Capital assets from General Electric Co. The deal is expected to be completed by end of 2016. General Electric will focus on its core industrial operations.
In the annual Boao Forum for Asia (BFA) last Thursday, Premier Li Keqiang deliver keynote speech. He pledged the government will refrain to intervene in economic and market.
The Financial Policy Committee (FPC) of Bank of England (BoE) has warned on Tuesday about possible financial outlook after Brexit. To tackle the possible lending market debacle, the committee has raised bank’s capital buffer requirement. However, the move has been criticized by the Brexit supporters whenever the referendum poll gets nearer.
As China has increased its influence in Southeast Asia, U.S. stepped in. United States plan to match China in rebalancing Asia by increasing partnership with ASEAN.
Indian finance ministry has issued a new set of guidelines for regulating the online market places. The guidelines also include definition of ‘ecommerce’, ‘inventory based model’ and ‘market place model’ to bring clarity in this sector. However, clarity in segmentation of ecommerce business has been applauded by the analysts.
The £21-billion merger of London Stock Exchange (LSE) with Deutsche Börse is facing an increasing resistance from Germany. Politicians and senior industry leaders are concerned about losing the financial hub status of Frankfurt.
KG Subramanian has been promoted as the Managing Director for the Finance and Operations unit of Nexus Venture Partners. The chartered accountant has been serving NVP for the last fourteen years. The promotion appears to be recognition of his contribution which has been echoed from Naren Gupta, co-founder and managing director of Nexus Venture Partners.