Here are our most important stories this evening:
Vedanta Resources repays $800 million loans to Standard Chartered Bank
Billionaire Anil Agarwal’s Vedanta Resources Ltd. said it has repaid $800 million worth of loans, another move that could assuage concerns about its liquidity after surging interest rates intensified pressure on low-rated borrowers with heavy debt loads. The London-based firm has repaid three facilities, which were taken from Standard Chartered Bank in London and Hong Kong, the company said in an exchange filing. Read more
Was going all in on P&W engines the mistake Go First made?
Go First suddenly shutting its operations and approaching the National Company Law Tribunal (NCLT) for bankruptcy protection under the Insolvency and Bankruptcy Code (IBC) has sent Indian aviation into a tizzy. Go First has also sued engine manufacturer Pratt & Whitney (P&W) in a court in Delaware, US, for the enforcement of an arbitration award granted by the Singapore International Arbitration Centre (SIAC). Go First says all its misery is because Pratt & Whitney (P&W) has neither repaired nor replaced the faulty engines, leading to 50 percent of its fleet being grounded. Read more
King Charles III crowned King of United Kingdom
King Charles III was on Saturday crowned the King of the United Kingdom at Westminster Abbey, in a solemn religious ceremony that dates back almost a thousand years. The king and his wife, Camilla, the queen consort, travelled from Buckingham Palace to Westminster Abbey - a distance of 2.2-km - at a stately pace in the Diamond Jubilee State Coach bearing a gilded crown, which was commissioned for Queen Elizabeth II in 2012. Read more
Berkshire Hathaway AGM: 5 things to watch out for
Berkshire Hathaway Chief Executive Officer (CEO) Warren Buffett is all set to chair the most recent instalment of the Annual General Meeting (AGM) of the firm, along with his compatriot and partner, Vice-Chairman Charlie Munger, on May 6, 2023. Investors throughout the globe will closely follow the meeting and will have plenty to look forward to as they contend with elevated market volatility, turmoil in the banking sector, and a hawkish US Federal Reserve (the Fed), that’s taken aggressive steps to contain inflation. Read more
Union Bank of India reports 93% rise in Q4 net profit
Union Bank of India has reported a 93.27 percent rise in standalone net profit for the quarter ended March, amounting to Rs 2,782 crore compared to Rs 1,440 crore in the same quarter of the previous year. Read more
Bank of India Q4 net profit more than doubles to Rs 1,350 crore
Bank of India on May 6 reported a 123 percent jump in standalone net profit for the quarter ended March at Rs 1,350 crore from Rs 606 crore in the same quarter last year. Read more
Temasek considers investing $100 million in Indian jeweller BlueStone: Report
Singapore state investor Temasek Holdings is considering investing $100 million in Indian jeweller BlueStone for a stake of about 20 percent, two sources with direct knowledge of the matter told Reuters. The investment would value Bengaluru-based BlueStone, also backed by venture capital firm Accel and Indian industrialist Ratan Tata, at close to $500 million, said one of the sources, who declined to be identified as the matter is private. Read more
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