Greece to Increase Minimum Wage by €50 a Month From April 1
Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
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Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Aug 18, 2021
Bloomberg News
,(Bloomberg) -- India’s HDFC Bank Ltd. is marketing a riskier dollar bond overseas that helps bolster its balance sheet, in a move that local peers may follow after the market regulator tightened its rules in the domestic market.
The country’s biggest lender by market capitalization may price Additional Tier 1 notes in the offshore market Wednesday. Those are unsecured securities with voluntary call options but no set maturity. It would be only the second such deal abroad from an Indian lender after the State Bank of India sold such securities in 2016.
The overseas debt market may beckon other Indian banks, after the country’s seizure of Yes Bank Ltd. last year caused losses for individuals on those securities and prompted regulators to introduce stricter investment rules at home. Sales will be constrained though by regulatory limits on how much foreign-currency AT1 debt that Indian banks can issue.
“We expect further issuance from Indian banks given that the domestic market for AT1 issuance has shrunk following regulatory changes,” CreditSights analysts Yustina Quek and Pramod Shenoi said in a note.
While Indian banks have largely met their capital requirements, selling more AT1 notes will help them create cash buffers that will let them absorb any more loan losses in a country with world’s worst bad debt ratio. It could also free up funds to extend more loans and make acquisitions.
The Securities & Exchange Board of India ordered in March that local mutual funds, some of the biggest holders of AT1 debt in the country, treat those notes as 10-year debt from April, 20-year bonds a year later and eventually as 100-year notes from April 2023, forcing them to cut their exposure to these issuances. Valuing these bank bonds as longer-maturity bonds would lead net assets to drop at mutual funds.
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