Israeli PM congratulates 'close friend' Modi on election victory

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

Riyadh, Apr 27: A Saudi Arabia-led coalition said on Monday that all parties need to return to the status that existed before the Southern Transitional Council (STC) in Yemen declared an emergency in Aden, according to a statement published by Spa.

The Coalition to Restore Legitimacy in Yemen, led by Saudi Arabia and the UAE, stresses the need to restore conditions to their previous state following the announcement of a state of emergency by the Southern Transitional Council and the consequential development of affairs in the interim capital (Aden) and some Southern governorates in the Republic of Yemen.

The Coalition urges for an immediate end to any steps contrary to the Riyadh Agreement, and work rapidly toward its implementation, citing the wide support for the agreement by the international community and the United Nations.

The Coalition has and will continue to undertake practical and systematic steps to implement the Riyadh Agreement between the parties to unite Yemeni ranks, restore state institutions and combat the scourge of terrorism. The responsibility rests with the signatories to the Agreement to undertake national steps toward implementing its provisions, which were signed and agreed upon with a time matrix for implementation. The Coalition demands an end to any escalation and calls for return to the Agreement by the participating parties, stressing the immediate need for implementation without delay, and the need to prioritise the Yemeni peoples' interests above all else, as well as working to achieve the stated goals of restoring the state, ending the coup and combatting terrorist organizations.

The Coalition reaffirms its ongoing support to the legitimate Yemeni government, and its support for implementing the Riyadh Agreement, which entails forming a competent government that operate from the interim capital Aden to tackle economic and developmental challenges, in light of natural disasters such as floods, fears of the coronavirus (Covid-19) pandemic outbreak, and work to provide services to the brotherly people of Yemen.

Mount Maunganui, Feb 2: India registered a rare 5-0 whitewash against New Zealand after notching up a seven-run win in the fifth and final T20 International at Bay Oval here on Sunday.

Electing to bat, India posted 163 for three, riding on Rohit Sharma's 60 off 41 balls and a 33-ball 45 from K L Rahul.

The visitors then restricted the hosts to 156 for nine with Jasprit Bumrah claiming three wickets for 12 runs.

Chasing the target, the Black Caps were tottering at 17 for three in 3.2 overs.

Tim Seifert (50) and Ross Taylor (53) then added 99 runs for the fourth wicket as New Zealand recovered to 116.

Seifert clobbered a 30-ball 50 studded with five fours and three sixes, while Ross Taylor hit two sixes and five fours in his 47-ball 53-run innings.

However, once Seifert was dismissed in the 13th over, the hosts suffered a collapse, losing five wickets, including Taylor, for 25 runs to loss the plot in the end.

Brief Score:

India: 163 for 3 in 20 overs (Rohit Sharma 60; S Kuggeleijn 2/25)    

New Zealand: 156 for 9 in 20 overs (Ross Taylor 53, Tim Seifert 50; Jasprit Bumrah 3/12).