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PM Modi pledges bank accounts for all Indians NEW DELHI: Prime Minister Narendra Modi set out plans Friday to ensure all Indians can have a bank account, blaming the high level of suicides among farmers on their inability to pay back money-lenders."Why are our farmers committing suicide? It's because they have to take money at huge interest rates from the money-lenders," he said in a speech on India's Independence Day."We will have a prime minister's people wealth scheme so that even the poorest of the poor can have a bank account of their own."Modi said that his Bharatiya Janata Party government, which came to power in May, would set up a scheme to provide farmers with special guarantees in exceptional circumstances worth up to 100,000 rupees (around 1,650 dollars)."You see all these people with a mobile phone but at the same time, they don't have a bank account," he said in his speech from the ramparts of the ...

Deutsche Bank, BayernLB agree to settle $810mn US suit FRANKFURT: Deutsche Bank, Germany's largest bank, and state-backed lender BayernLB have agreed to settle an $810 million lawsuit in connection with residential mortgage-backed securities, or RMBS, that Deutsche sold to BayernLB. "We have reached a basic agreement. The final settlement has yet to be agreed," a BayernLB spokesman said in a statement.In the suit, originally filed in a New York court in 2012, BayernLB asserted that Deutsche Bank sold the securities to external clients while ...

Morgan Stanley to pay $4.2mn to settle overtime pay case NEW YORK: Morgan Stanley and sales assistants in its wealth management branch system who claimed they were owed overtime pay agreed to a $4.2 million settlement. Three client service associates began their federal class action lawsuit in June 2011 on behalf of current and former Morgan Stanley client service associates, alleging violations of the federal Fair Labor Standards Act and New York state labor laws. Client service associates, who are often compensated by both Morgan ...

AgBank, Bank of China get approval to issue $29bn in preference shares SINGAPORE/HONG KONG: Agricultural Bank of China (AgBank) and Bank of China the country's third- and fourth-biggest lenders, have obtained regulatory approval to issue up to $29 billion worth of preference shares to help shore up their capital. The China Banking Regulatory Commission has given the green light for AgBank to issue preferred shares for up to 80 billion yuan ($13 billion), the bank said in a filing to the Shanghai stock exchange. Bank of China ...

GE in talks with Electrolux, others to sell appliances unit NEW YORK: General Electric Co is in talks with Sweden's Electrolux AB and other parties to sell its household appliances unit, people familiar with the matter said on Thursday.The business sells home appliances under the GE Monogram, GE Cafe and Hotpoint brands and could be worth between $2 billion to $2.5 billion, the people said, asking not to be named because the matter is not public. The US diversified conglomerate is trying to sell its ...

GM to invest $2.8bn in Brazil in five years BRASILIA: General Motors Co will invest 6.5 billion reais ($2.8 billion) in Brazil over the next five years, Chief Executive Officer Mary Barra said on Thursday. Speaking to reporters in Brasilia after meeting President Dilma Rousseff, Barra said the new investment will spent on new products, technology and maintaining plants. She said there were some mid-term challenges ahead, but that GM was committed to one of its most important markets. Barra said she also thanked ...

Spanish public debt tops one trillion euros MADRID: Spain's public debt has topped one trillion euros ($1.3 trillion) for the first time, the central bank announced Thursday, despite years of government-imposed austerity.The nation's accumulated public debt mushroomed to 1.007 trillion euros at the end of June from 996 billion euros a month earlier, the Bank of Spain said in a report. Prime Minister Mariano Rajoy's government has struggled to contain annual deficits by raising taxes, freezing public salaries and curbing spending on ...


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Foreign Debt $61.805bn
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WeeklyAugust 15, 2014
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