Finance Minister set to make ‘major’ announcement — banks recapitalisation on cards?

Finance Minister Arun Jaitley will make a major announcement on Tuesday evening, possibly in connection with the recapitalisation plans for public sector banks, sources have told CNBC-TV18. At a press conference scheduled for 4pm, the minister is likely to decide the plan for increasing capital to the weak balance sheets of banks including United Bank of India, UCO bank, Corporation bank, Allahabad Bank, Indian Overseas Bank, and Dena Bank, among other capital starved banks as the industry suffers from a decade-low credit growth at around 6 percent. According to sources, the minister may announce recap bonds (not…

Read More

FTSE steadies near recent lows, HSBC leads banks

Britain’s top share index steadied near a recent two-week low on Wednesday, with weaker commodities and property-related stocks offsetting an HSBC-led rally in banking stocks. The blue-chip FTSE 100 index was down 0.02 percent in morning trading after hitting its lowest since mid-July in the previous session. The index’s 16-percent rally since a post-Brexit slump is losing steam, with the market facing some selling pressure in the past days. Banks were the top performers, with HSBC helping the UK banking index to gain 2 percent. HSBC shares rose 3.3 percent…

Read More