Lenders extend ICA for Reliance Home Finance resolution till June 30

As per June 7 circular of the Reserve Bank of India (RBI), lenders need to extend the time period of the pact if an account has not been resolved within 180 days of signing ICA. The lenders had signed ICA in July last year to resolve RHF. “The resolution of the company depends on the kind of offer we get from management, so far it has not been convincing,” a lender told FE on the condition of anonymity. Financial creditors have a total exposure of Rs 3,986 crore to RHF.…

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Finance firms, banks want loans repaid

MYSURU: Borrowers are worried as micro-financing firms, private banks and some primary co-operative societies have stepped up pressure for recovery of loans, going against the spirit of Reserve Bank of India’s moratorium relief. With the lockdown norms relaxed, their agents have entered the villages knocking at the doors of the borrowers asking them to pay the weekly instalment. A few have sent SMS messages asking them to pay the instalment and have even threatened that they may not be able to further raise loans in future as they may end…

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Hyundai launches five finance schemes to bolster customer confidence

At a time when demand has fallen to a trickle amid the Covid-19 pandemic and the ensuing national lockdown in India, Hyundai has come up with several finance schemes to ensure that customers are encouraged to make purchases without much worry regarding the prevailing uncertainties. On Friday, the Korean car maker announced five finance schemes which it claims will help buyers put their mind at ease if and when going for new purchases. These include a three-month low EMI scheme, step-up scheme, balloon scheme, longest-duration scheme and a low down…

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How Remote Education is Evolving During the Crisis

Over the last decade, online education has grown significantly, especially for adult learners who want to earn a degree or certificate while working full-time. The National Center for Education Statistics (NCES) reported 6.6 million students enrolled in distance education courses at postsecondary institutions during the fall of 2017. Within the last few years, high schools have also started exploring ways to add remote learning options, including dual-enrollment courses in partnership with local community colleges. Although the majority of these courses were offered solely on the high school campus, recent NCES…

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Technology and ethics in the coronavirus economy

The last two decades have ushered in significant change and transformation. I believe the 2020s will be dispositive in redefining the pillars of our economy, and COVID-19 magnifies this greatly. As of this writing there are 3,611,394 confirmed cases, and the U.S. accounts for 33% of those. We are now dealing with a 4.8% Q1 GDP contraction and expectations for Q2’s shrinking runs into the 25% range, more than 30 million unemployed and a $7 trillion federal intervention — in a span of six weeks. Eric Schmidt recently predicted that…

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Coronavirus | 3 personal finance authors on how to cope with this market chaos

I believe the technical term for what we have been experiencing in the financial markets is: Aargh! (‘Bloodsuckingly bad’ also works.) I’m not sure how much it helps, but I’ve been through something like this before, during the market meltdown of 2008, when the S& P 500 fell more than 38 percent in just that year. But most millennials, the people born from 1981 to 1996, have not experienced these kind of losses as investors. How should they be thinking about their financial future? To find out, I asked the…

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Coronavirus travel updates: which countries have restrictions and FCO warnings in place?

Workers wearing protective suits at Shanghai Pudong International Airport Photograph: China News Service/China News Service via Getty Images The Foreign Office (FCO) is advising UK nationals against all but essential international travel. Border closures and other travel restrictions are increasing globally. The FCO advice took effect on 17 March, for an initial period of 30 days. This article is being updated daily. It was last updated at 7.45pm (GMT), 20 March In a statement, the FCO said the advice is in response to the increasingly unpredictable situation in terms of restrictions being imposed:…

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David Stockman says coronavirus is sparking a financial crisis, warns ‘Wall Street is toast’

Main Street may be more resilient than Wall Street during the coronavirus crisis. Former Office of Management and Budget director David Stockman warns the pandemic is exposing risky speculation and shaky market fundamentals. “Wall Street is toast,” he told CNBC’s “Trading Nation” on Thursday. “It’s going to end as a financial crisis because the illusion that central banks always have your back and the economy would keep expanding and growing forever and ever … was complete nonsense.” Stockman, who served under President Ronald Reagan, has been forecasting an epic market…

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Jacinda Ardern reveals ‘unprecedented’ travel restrictions to combat coronavirus, all travellers to New Zealand to self-isolate

New Zealand Prime Minister Jacinda Ardern has announced new restrictions requiring travellers to be quarantined for 14 days upon entry into the country in an attempt to stop the spread of coronavirus. The restrictions apply to all countries except for Pacific nations, and will come into effect at midnight on Sunday (10.00pm AEDT). It also includes any New Zealand citizens or residents returning to the country. New Zealand has six confirmed cases and no recorded deaths. Ms Ardern said these were “far-reaching and unprecedented” measures to tackle a global pandemic.…

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