Stress at India lenders may be worse than thought, Moody's says
MUMBAI (BLOOMBERG) - Moody's Investors Service said stress among Indian lenders may be 'deeper and broader' than it thought, adding more risks to the already battered economy.. Read more at straitstimes.com.
"A deeper and more prolonged credit crunch would constrain" gross domestic product growth further, and that"in turn would increase the pressure on financial institutions' balance sheets," according to the ratings company. It made the comments in a statement on Monday (June 1), when it cut India's sovereign rating by one step to the lowest investment grade.
Moody's downgrade comes days after India's central bank said it expects the economy will contract for the first time in more than four decades. India already has the world's worst bad loan pile, and Moody's said subdued economic growth is likely to further weaken asset quality and the health of banks and non-bank financial institutions.
The rating firm doesn't expect the credit crunch in the sector to be resolved quickly.Moody's also kept its negative outlook on the country's sovereign ratings, citing mutually-reinforcing risks from stresses in the economy and the financial system that could lead to a more severe and prolonged erosion in India's fiscal strength. Its global peers - S&P Global Ratings and Fitch Ratings - have a stable outlook on the nation's sovereign debt grade.Read more: The Straits Times »
Atalanta coach Gasperini reveals he had coronavirus at Valencia gameMILAN: Atalanta coach Gian Piero Gasperini revealed on Sunday (May 31) he thought he would die as he suffered coronavirus symptoms when the ...
Short run-up goes a long way for India's BumrahIndia pace spearhead Jasprit Bumrah says his short run-up is a product of his youth when playing backyard cricket gave him little space to build ...
Hong Kong's Tiananmen vigil may need to go online, organiser saysHONG KONG (BLOOMBERG) - Hong Kong's annual June 4 vigil commemorating the 1989 crackdown on activists in Beijing's Tiananmen Square will be held online if police ban the gathering, the organiser said.. Read more at straitstimes.com.
Ancient Israelites may have used cannabis as part of religious ritual, researchers sayJERUSALEM (REUTERS) - The ancient Israelites may have used cannabis to get high as part of their religious ritual, according to Israeli researchers who found residue of the drug at a nearly 3,000-year-old shrine.. Read more at straitstimes.com. The law of Moses says to stone. It's gonna be allright for hedge funds which has invested previously on it
China reports 16 new coronavirus cases, highest in nearly 3 weeksChina reported 16 new coronavirus cases for May 31, the highest since May 11 and up from 2 cases reported a day earlier, the country's health ...
China reports 16 new coronavirus cases, highest in more than 2 weeksChina reported 16 new coronavirus cases for May 31, the highest since May 11 and up from 2 cases reported a day earlier, the country's health ... Fact. But everyone has to move on with life.. Death comes to us either way.