Industry News

HDFC Bank Ltd is much sought after by investors. That is why the lender, also the country's most valuable bank, enjoys a price-to-book valuation of 3.7, well above its peers. The premium reflects investor confidence in its ability to deliver stable earnings."/>
HDFC Bank: premium for consistency [Mint, New Delhi]
Standard Chartered Plc. ranks India as the most preferred market in the region, as a diversifier away from China exposure, says Manpreet Gill, Singapore-based head of fixed income, currency and commodities investment strategy. Expressing confidence about the medium-term outlook for the Indian economy, Gill said the recent announcement of capital injection into public sector banks is crucial; any measures to get banks to start lending again is positive, he..."/>
Indian market a diversifier away from China exposure: Manpreet Gill [Mint, New Delhi]
UBS Group AG expects to touch $48-60 billion by 2020 and Morgan Stanley sees at $120..."/>
10 new VC investors who are upbeat on Indian start-ups [Mint, New Delhi]
Satin Creditcare Network Ltd, a Delhi-based microlender, is looking to raise as much as Rs.200 crore through a qualified institutional placement, on back of strong growth in the microfinance industry, three people aware of the development said. A QIP is a sale of securities to institutional investors by a listed company. "The company has initiated talks with investment banks over the last couple of weeks."/>
Satin Creditcare may take QIP route to raise Rs200 crore [Mint, New Delhi]
State Bank of Bikaner and Jaipur has reported loss of Rs.221.56 crore in the fiscal first quarter because of higher provisions. The state-run bank reported a net profit of Rs.270.62 crore in the year-ago quarter. The loss was restricted because of a tax write back of Rs.118.16 crore in the quarter ended 30 June compared with a tax expenses of Rs.142.23 crore a year ago."/>
State Bank of Bikaner and Jaipur Q1 loss at Rs221.56 crore [Mint, New Delhi]
Moody's Investor Services. Growing at a fast clip of 10.6% a year, the external debt of emerging economies has tripled over the last decade to $8.2 billion in 2015, said the global rating agency in a report on Thursday. Moody's studied 83..."/>
Emerging economies become vulnerable as external debt rises: Moody's [Mint, New Delhi]
Arab National Bank reported a net profit of $417.9 million for the first six months of 2016, compared to $428.2 million for the same period last year, a decrease of 2.4 percent. Profits of Q2, 2016 reached $218.1 million compared to $222.7 million for the same period last year. ANB total operating income for H1, 2016 reached $805.7 million compared to $801.5 million for the same period last year, an increase of 0.5 percent."/>
BRIEF: ANB reports $417.9m net profit in first half [Arab News, Jeddah, Saudi Arabia]
Dayton area home sales best ever [Dayton Daily News, Ohio]
Royal Bank of Canada. The objective is to have customers interacting with virtual tellers that will make suggestions and decisions based upon machine-based learning. "It will allow us to provide virtual banking," said Ortiz, a 51- year-old Ecuadorian who has worked for the company 19 years."/>
Orlando team tackles virtual bank teller development [Orlando Sentinel] announced Thursday it will hire more than 500 full-time workers and open a second fulfillment center in the Lehigh Valley, this time in a burgeoning business park off the new Route 33 interchange. Already a massive presence in the Lehigh Valley, Amazon plans to open a 1.1 million-square-foot warehouse in the 800- acre Chrin Commerce Centre in Palmer Township, essentially doubling its distribution capacity in the..."/>
Amazon to hire 500 for second Lehigh Valley warehouse [The Morning Call (Allentown, Pa.)]
3 Shore employers that are hiring [Asbury Park Press, N.J.]
Consolidated-Tomoka Land Co.."/>
Developer now plans 6,900 homes in Daytona [The News-Journal, Daytona Beach, Fla.]
Moody's Investors Service, but a brief report issued Thursday by the ratings agency reiterated that it has not forgotten about the state's money troubles. The report immediately notes that the Legislature adjourned July 18, when the Senate gaveled out following the House's wrap-up a few days prior, without progress in addressing the multi-billion dollar budget deficit. "The failure to devise a..."/>
Moody's report adresses little change in budget, politics [Alaska Journal of Commerce, Anchorage]
BGC Partners, Inc. has agreed to acquire the businesses of UK-based independent financial brokerage Sunrise Brokers Group, the company said. Details of the transaction were not disclosed. Completion of the transaction is subject approvals and conditions."/>
BGC Partners Agrees to Acquire UK Financial Brokerage
M and A Navigator: Deal pipeline –22 July
Heritage Financial Corp., which announced earnings Thursday, reported it earned a $8.9 million profit in the quarter, or 30 cents a share, compared with $8.7 million profit, or 29 cents a share, in the same period a year ago. Loan growth has been strong."/>
Heritage Financial reports second-quarter profit of nearly $9 million [The Olympian (Olympia, Wash.)]
Assured Guaranty Ltd. released the following statement regarding the motion and form of complaint it filed today challenging the Commonwealth of Puerto Rico’ s Executive Orders diverting pledged toll revenue collateral that secures the payment of bonds issued by the Puerto Rico Highways and Transportation Authority. These PRHTA toll revenues are not subject to clawback for payment of the Commonwealth’ s general obligation debt under the Puerto Rico..."/>
Assured Guaranty Files Motion to Lift Stay and Challenge the Commonwealth’s Executive Orders Diverting PRHTA Pledged Toll Revenues Not Subject to Clawback

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