AFTER A NEW credit assessment model for MSMEs announced in the Budget, the Finance Ministry is now developing a similar product to provide home loans based on the digital footprints of an individual, said Financial Services Secretary Vivek Joshi. The move would be beneficial for individuals applying for home loans whose creditworthiness is not easy
Eleven multilateral loans totaling just over US$1bn are still awaiting approval by Bolivia’s legislature because of political infighting that’s “strangling” the local economy, according to President Luis Arce. “We call upon the plurinational legislative assembly, for the sake of the people, to stop strangling the economy. You’re not harming the government, you’re harming all of
Car reposessions nationwide are up 23% over 2023 and 14% compared with the first half of 2019. Banks say they don’t believe consumers borrowed more than they can afford. More likely, they can afford less today than they could a few years ago because of the rising cost of other goods and services. (Adobe Stock
SWIVEL, a fintech company specialising in transaction enablement solutions, has announced its integration with Apple Pay, enhancing digital payment options for its clients. This integration allows credit unions and community banks to accept loan payments through the mobile wallet, enhancing the ease of money movement for financial institutions and their customers. Traditionally, financial institutions have
By Iain Withers and Sinead Cruise LONDON (Reuters) – Britain’s information watchdog has rejected a Reuters appeal to identify lenders who have lost or surrendered state guarantees on millions of pounds of COVID-19 emergency loans, citing potential harm to their commercial interests. Reuters revealed in November that government guarantees on about 1 billion pounds ($1.3
Quick Take In this week’s local business roundup, Jessica M. Pasko reports on $800,000 from the Monterey Bay Housing Trust for the downtown Santa Cruz library/affordable housing project, plus the sad state of the local cannabis industry, comings and goings and numbers to know. Each week, we’re taking a closer look at the movers and
Introduction The revised Alternative Investment Fund Managers Directive (AIFMD2) introduces new requirements for funds managed by EU-based alternative investment fund managers (AIFMs) that originate loans. Most of the requirements apply to AIFMs that manage any fund that originates loans, even on an occasional basis. Additional and more stringent requirements apply to AIFMs who manage funds
A new report from global ratings agency AM Best shows that U.S. life/annuity (L/A) insurers continued to increase allocations to commercial mortgage loan portfolios in 2023, however, problem loans, which includes those 90 days delinquent, rose sharply. Best’s report explains that life/annuity insurers expanded their allocations to mortgage loans last year by more than 6%
DETROIT — Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing. The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023.
Old National Bancorp’s earnings remained strong as it continued its expansion into the Southeast with its recent acquisition of CapStar. Adobe Stock Executives from Old National Bancorp said in an earnings call Tuesday that the bank exceeded both analyst and internal predictions for earnings in its second quarter this year because of positive net interest