By Jeff Bailey
The diverse and dynamic financial sector in the U.S. is one of the crucial factors behind our entrepreneurial economy, and without it, we'd be a slower-growth and less-exciting economy.Like much of Europe is currently.
MUMBAI: By now, everyone's aware of the huge and growing stink over the lakhs of crores of non-performing loans that public sector banks find themselves saddled with -including the Rs 9,000 crore they are now trying to recover from Vijay Mallya. But what's bad odour for the Indian economy smells like flowers to one legendary American financier who's looking to do a win-win deal in this country.
It’s no surprise to Teresa Troy, chief executive at Halifax-based HRM Pension Fund that Sun Life has formed Sun Life Investment Management Inc. that will “bring Sun Life’s long-standing expertise in private asset classes and investment management to defined benefit pension plans and other institutional investors in Canada.”
In yet another victory for not bowing to the great-and-good of modern orthodoxy, Iceland has won a court ruling that enables it to repay billions of Euros (in failed bank deposits to the UK and Holland) on its own terms. Icesave collapsed in 2008 and left thousands of depositors, who had chased higher yielding deposits, with losses. The Dutch and British governments demanded prompt payment; Iceland denied, preferring (rationally) to repay what they could from the then-bankrupt entity.
Brussels responded with barely-contained fury Thursday to the IMF’s claim that it had sacrificed Greece to save the euro from debt crisis contagion.
European Economic and Monetary Commissioner Olli Rehn defended the handling of the debt crisis, accusing critics of dumping “dirty water” on its efforts.
The Financial Times notes a Big rise in subordinated debt issuance by EU banksBanks have taken advantage of yield-chasing investors to issue $90.7bn of subordinated debt for the year to date, a 41 per cent increase compared to the same period in 2012. It is the highest such volume since the $122.4bn seen in 2008 according to Dealogic, the data provider.