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Apple's high-yield savings account passed $10 billion in deposits. The account, which encourages automatic deposits from Apple Card users, offers 4.15% APY. The savings account is the newest part of Apple's suite of products built into Apple Wallet, which allows iPhone users to easily integrate with Apple Card and Apple Savings. Users can choose to put this cash (called Daily Cash) in one of two places: an Apple Cash card, or an Apple Savings account. Like Apple Savings, Marcus is fee-free, FDIC-insured, and supported by the Salt Lake City branch of Goldman Sachs.

Persons: Goldman Sachs, Apple iPhones, Marcus Organizations: Apple Card, Apple, Apple Savings, Savings, Wall Street Journal, Cash, OceanFirst Bank Locations: Salt Lake City

A bottle of Johnson and Johnson Baby Powder is seen in a photo illustration taken in New York, February 24, 2016. LTL's bankruptcy proceedings have largely paused the 38,000 lawsuits against J&J, although one case was allowed to proceed to a $18.8 million verdict in July. But David Molton, an attorney for the official committee representing cancer claimants in LTL's bankruptcy, said that a temporary prohibition on new bankruptcy filings was appropriate, given LTL's repeated bankruptcy filings. Kaplan, who dismissed LTL's second bankruptcy, said he was not inclined to block future bankruptcy filings because circumstances could change in the next six months. But the judge said he was open to further written arguments on that point before issuing a formal decision closing LTL's second bankruptcy case next week.

Persons: Johnson, Mike Segar, J, Michael Kaplan, Greg Gordon, David Molton, Kaplan, LTL's, J's, Dietrich Knauth, Cynthia Osterman Organizations: REUTERS, Johnson, LTL Management, U.S . Department of, J, Thomson Locations: New York, Trenton , New Jersey, LTL's, Texas

☆ Middle-income Americans think prosperity is within reach
▼ + stars: | 2023-07-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Santander recently released a quarterly survey of about 2,250 middle-income bank and financial services customers (defined as having household incomes between $47,000 and $142,000.) Illegal child labor is on the rise in a tight job marketUS child labor violations have jumped in recent years. Now, the Department of Labor has announced actions it’s taken so far this year through a new interagency task force on child labor. Between October 1, 2022, and July 20, 2023, the Department of Labor concluded 765 child labor cases, found 4,474 children employed in violation of federal child labor laws and assessed more than $6.6 million in penalties against employers, the agency announced on Thursday. In addition, the Wage and Hour Division of the Labor Department is currently pursuing more than 700 open child labor cases.

Persons: New York CNN —, Tim Wennes, “, ”, Bell, they’re, they’ll, they’ve, That’s, We’re, we’ve, BlackRock, Tupperware, it’s, Labor Julie Su, Jordan Barab, Obama, Barab Organizations: CNN Business, Bell, New York CNN, Federal, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, First Bank, Spain’s Santander, SC, Santander, New York Stock Exchange, GameStop, AMC, Libra Investment, Department of Labor, Labor, Occupational Safety, Health Administration, Labor Department Locations: New York, PacWest, Banc, California, State Bank of Elkhart , Kansas, America, United States, Santander, Florida, noncompliance, Tupperware

☆ Judge Rejects Johnson & Johnson’s Effort to Limit Talc-Related Liabilities
▼ + stars: | 2023-07-30 | by ( Nicole Sperling | More About Nicole Sperling | ) www.nytimes.com time to read: +1 min

For the second time this year, a court has ruled against Johnson & Johnson’s effort to use a bankruptcy case to limit its exposure to tens of thousands of lawsuits that claim its talcum powder products caused cancer. The plaintiffs claim that the company knew for decades about the risks linked to its talc products, including its signature baby powder. The company created a subsidiary, LTL Management, in 2021 as a maneuver to shield itself from the talc litigation. It proposed that the subsidiary, which had filed for bankruptcy, pay $8.9 billion to resolve all the claims against it. But on Friday, Judge Michael Kaplan of the U.S. Bankruptcy Court for the District of New Jersey, said LTL’s bankruptcy case must be dismissed because the lawsuits did not put the company in “imminent or immediate financial distress.” Earlier this year, the U.S. Court of Appeals for the Third Circuit in Philadelphia dismissed the first bankruptcy effort for the same reason.

Persons: Johnson, Michael Kaplan Organizations: LTL Management, U.S, Bankruptcy, District of, U.S ., Appeals, Third Circuit Locations: District of New Jersey, Philadelphia

U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that a J&J company's second bankruptcy, like its first, must be dismissed because the talc lawsuits did not put it in immediate "financial distress." J&J's first bankruptcy gambit began in 2021, when it offloaded its talc liabilities into a new company, LTL Management, and immediately placed that company into bankruptcy. Attorneys representing cancer victims, along with the U.S. Justice Department's bankruptcy watchdog, had called for LTL's second bankruptcy to be dismissed as an abuse of U.S. bankruptcy law. Andy Birchfield, an attorney who represents cancer victims, said the second bankruptcy was meant to keep the talc lawsuits from being heard by juries. J&J argued that the proposed bankruptcy settlement offers a fairer and faster resolution for cancer claimants than litigation in other courts.

Persons: Johnson, Mike Segar, imperiling, Michael Kaplan, J, Kaplan, J's, LTL's, LTL, U.S . Justice Department's, Andy Birchfield, Birchfield, Dietrich Knauth, Mike Spector, Jonathan Oatis, Matthew Lewis, Leslie Adler Organizations: REUTERS, Johnson, LTL Management, U.S . Justice, J, Thomson Locations: New York, U.S, Trenton , New Jersey, California

☆ Johnson & Johnson effort to resolve talc cancer lawsuits in bankruptcy fails a second time
▼ + stars: | 2023-07-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

In this photo illustration, a container of Johnson and Johnson baby powder is displayed on April 05, 2023 in San Anselmo, California. A federal bankruptcy judge on Friday rejected Johnson & Johnson 's second attempt to resolve tens of thousands of lawsuits alleging the company's talc baby powder and other talc-based products caused cancer. J&J in 2021 offloaded those talc liabilities into a new subsidiary, LTL Management, and immediately filed for Chapter 11 bankruptcy protections. "LTL commenced its bankruptcy case in good faith and in strict compliance with the Bankruptcy Code," J&J said in a statement. J&J contends that research and clinical evidence demonstrates that its talc products remain safe.

Persons: Johnson, Michael Kaplan, LTL, J's, J, Erik Haas Organizations: LTL Management Locations: San Anselmo , California, Trenton , New Jersey

☆ Bank failure: Kansas Heartland Tri-State Bank closed by FDIC
▼ + stars: | 2023-07-28 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Heartland Tri-State Bank of Elkhart, Kansas, failed on Friday, with the Federal Deposit Insurance Corporation taking control. The FDIC agreed to assume all the deposits of Heartland Tri-State Bank to protect customers, entering a purchase and assumption agreement with Dream First Bank of Syracuse, Kansas. That means the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank on Monday. Heartland Tri-State Bank is the first bank to fall since First Republic, the nation’s second-largest bank failure ever, in early May. Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits, the FDIC said.

Organizations: New, New York CNN, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, State Bank, Dream, Bank of, Silicon Valley Bank, Signature Bank, FDIC, Dream First Bank . Heartland Tri, Bank Locations: New York, State Bank of Elkhart , Kansas, Heartland, Bank of Syracuse , Kansas, Republic, Silicon

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ India forex reserves top $600 billion, rise to near 15-month high
▼ + stars: | 2023-07-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks. "A major portion of the week-on-week jump in forex reserves is driven by revaluation gains due to dollar weakness and reduction in U.S. Treasury yields," said Gaura Sen Gupta, India economist at IDFC FIRST Bank. The current level of forex reserves, along with the RBI's forward foreign exchange book of $19.3 billion, is enough to cover over 11 months of imports, Reuters' calculations showed. In the week for which the forex reserves data pertains, the rupee had logged its best week in four. Foreign Exchange Reserves (in million U.S. dollars)Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx)Reporting by Siddhi Nayak; Editing by Sohini Goswami and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Gaura Sen Gupta, Sen Gupta, Siddhi Nayak, Sohini Goswami, Nivedita Organizations: Treasury, IDFC FIRST Bank, Reuters, Reserve Bank of India's, National Securities Depository Limited, Foreign Exchange, Siddhi, Thomson Locations: MUMBAI, U.S, India

☆ This Is the Best Debit Card for Teens That Doesn’t Charge a Monthly Fee
▼ + stars: | 2023-07-17 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +6 min

Capital One’s debit card, available to kids ages eight and up, charges no monthly service or subscription fees; comes with no minimum balance requirements to open or maintain; and has no overdraft fees. Capital One Money Teen Checking Account Learn MoreWhat does the debit card offer? That’s a small sum, but more than most other free kid’s debit accounts offer. Parents who want to provide more of a guiding hand to their children would do better with a different card that boasts more comprehensive spending controls, such as those offered by our pick for Best Overall Debit Card for Kids, the Greenlight debit card, or our pick for Best Free Debit Card for Younger Kids, the Chase’s First Banking debit card. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, they’ll, it’s Organizations: Capital, Teens, Best, Greenlight Locations: That’s

☆ J&J faces a pivotal talc verdict. Jim Cramer looks at how both outcomes could impact the stock
▼ + stars: | 2023-07-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

J & J has said that more than 60,000 claimants support its latest proposition. This is the first J & J talc trial in about two years. JNJ YTD mountain J & J year-to-date stock performance The unresolved lawsuits against J & J have, in part, weighed on the company's stock. The MedTech and Pharmaceuticals units remained and make up the new J & J. Traders wear Johnson & Johnson coats at the NYSE.

Persons: Johnson, J's, Emory Hernandez, Hernandez, Anthony, LTL, Michael Kaplan, Kaplan, —, Jim Cramer, Jim, J, Jim Cramer's, Adam Jeffery Organizations: LTL Management, J, Johnson, — Chemours, DuPont, CNBC, AAA, Pharmaceuticals, Traders, NYSE, & ' $ Locations: California, North America, U.S

☆ India's IDFC First Bank says merger will boost credit growth
▼ + stars: | 2023-07-11 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

155 shares of IDFC First Bank will be alloted for 100 shares of IDFC according to an Indian media report. India's IDFC First Bank expects to see robust credit growth following its recent merger, according to managing director and CEO V. Vaidyanathan. Last week, IDFC First Bank said its board had approved its merger with IDFC Ltd. , the latest in a wave of consolidation in India's financial sector. "For India's credit market, let me say about a 15% credit growth would be a fair expectation in the near future. And for our bank, a 25% credit growth would be a fair expectation with stable asset quality."

Persons: India's, Vaidyanathan, CNBC's Organizations: IDFC, Bank, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation Locations: Mumbai, India

☆ The Best Debit Cards for Kids and Teens
▼ + stars: | 2023-07-02 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +15 min

Banks, credit unions, financial technology companies and even investment firms all offer debit cards geared toward under 18-year-olds. With Greenlight, children receive a physical debit card with their name on it. In addition to its abundance of customizable features, Greenlight also rises above other kids debit cards thanks to the educational tools and games included in its app. This is possible because the Step Visa Card is not technically a debit card, though it functions very similarly. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids and Teens, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, they’ve, Banks, we’ve, Greenlight, Chase, it’s, Side’s, —, Equifax, Roth Organizations: Community Federal Savings Bank, Capital, Teens, Chase, Teen, Fidelity, Learning, Kids

The deal has divided lawyers representing cancer victims, many of whom claim that J&J has created the illusion of widespread support for a settlement that would deny plaintiffs just compensation. Johnson & Johnson is attempting to use the second bankruptcy of its subsidiary LTL Management to resolve all current and future claims stemming from its talc products. LTL quickly filed for bankruptcy again, arguing that its second effort has won more support from plaintiffs. The proposed settlement would resolve all of those unfiled claims, as well as any future claim alleging that a J&J talc product caused cancer. Mikal Watts, an attorney who supports the deal and says he has 17,000 talc clients, said that he did not agree with J&J statements about "secured commitments."

Persons: Brendan McDermid, Johnson, Johnson's, LTL's, LTL, U.S . Justice Department's, Moshe Maimon, Mikal Watts, Watts, Jim Murdica, Maimon, Murdica, Michael Kaplan, Kaplan, Dietrich Knauth, Alexia Garamfalvi, Stephen Coates Organizations: REUTERS, Johnson, Management, U.S . Justice, J, Thomson Locations: New York City, U.S, Trenton , New Jersey

☆ J&J's $8.9 billion talc settlement faces US bankruptcy test
▼ + stars: | 2023-06-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

J&J has said its talc products are safe and do not contain asbestos. Attorneys representing cancer victims, along with the U.S. Justice Department's bankruptcy watchdog, have called for LTL's second bankruptcy to be dismissed as an abuse of U.S. bankruptcy law. Cancer victims who oppose the bankruptcy settlement have said that the second bankruptcy recycles a failed legal strategy to keep their cases from being heard by juries. Circuit Court of Appeals, has said he expects to rule on whether to dismiss LTL's second bankruptcy by early August. Erik Haas, J&J's worldwide vice president for litigation, said in a statement last week that the proposed bankruptcy settlement offers a fairer and faster resolution for cancer claimants than litigation in other courts.

Persons: Johnson, LTL Management's, LTL, U.S . Justice Department's, recycles, Michael Kaplan, Kaplan, LTL's, John Kim, Jim Murdica, Mikal Watts, Erik Haas, J, Watts, Dietrich Knauth, Alexia Garamfalvi, Will Dunham Organizations: Johnson, U.S . Justice, Circuit, J, Thomson Locations: New Jersey, Trenton, Philadelphia, LTL, New York

☆ Ex-BofA No. 2 Tom Montag said to be in line to join Goldman Sachs board
▼ + stars: | 2023-06-26 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Goldman Sachs board plans to tap Tom Montag to join, Bloomberg reports. Now, he is said to be in line to join the board of Goldman Sachs as its CEO, David Solomon, faces scrutiny over his leadership. Still, Bloomberg notes, Montag would be the first bank executive named to the board under Solomon, who became CEO of the bank in 2018. Solomon's hobby as a DJ and his use of the firm's private jets have also rubbed some Goldman insiders the wrong way. At Goldman, Montag was big in JapanMontag bleeds Goldman blue.

Persons: Goldman Sachs, Tom Montag, Montag, David Solomon, Solomon, —, Sridhar Natarajan, Katherine Doherty, Goldman, David Viniar, Goldman's, Adebayo, Ogunlesi, Insider's Dakin Campbell, Japan Montag, Merrill Lynch, Insider's Alex Morrell, Charming, Kate Kelly, BofA Organizations: Bloomberg, of, Morning, Bank of America's, Goldman, Credit Suisse, Global Infrastructure Partners, Reuters, Bank of America, Bank America, The New York Times, Times, Private, TPG, Street Journal Locations: Japan

Despite hitting an 18-month low of 4.70% in April, analysts do not expect India's inflation to fall to the Reserve Bank of India's (RBI) 4% medium-term target in a sustainable manner for some time. India has raised rates by 250 basis points (bps) since May 2022, but surprised analysts in April by keeping them unchanged. India's hold on rates contrasts with recent central bank actions elsewhere. "Our goal is to achieve the inflation target of 4% and keeping inflation within the comfort band of 2-6% is not enough," Das said. Das said that the central bank would remain "nimble" with its liquidity operations amid spikes in overnight rates despite surplus liquidity in the banking system.

Persons: Shaktikanta Das, OIS, Das, Michael Patra, Suvodeep Rakshit, Gaura Sen Gupta, Swati Bhat, Sudipto Ganguly, Ira Dugal, Krishna N, Sam Holmes, Kim Coghill Organizations: REUTERS, Reserve Bank of India's, MPC, Reserve Bank of Australia, Bank of Canada, Reuters, Reuters Graphics Reuters, IDFC, Thomson Locations: Delhi, India, Anushree, MUMBAI

☆ About 80% of Indians choose to deposit withdrawn 2000-rupee notes, boost bank deposits - bankers
▼ + stars: | 2023-06-07 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, June 7 (Reuters) - About three-fourths of Indians are choosing to deposit the recently withdrawn 2000-rupee notes into bank accounts so far rather than exchanging them for smaller denominations, with the trend likely to boost bank deposits, bankers said. In May, the Reserve Bank of India (RBI) said it would withdraw these high-value notes from circulation and permitted their exchange or deposit until Sept. 30. When announced, the value of these notes in circulation was 3.6 trillion rupees ($43.61 billion), the RBI said. Though the total quantum of notes deposited or exchanged so far is not available, six public and private sector bankers Reuters spoke to said over 80% of the notes received by them have been deposited into accounts. The initial assumption is the overall bank deposit base would increase by at least 1.5 trillion rupees, with SBI contributing 22%-25%, the SBI official said.

Persons: Virat Diwanji, Gaura Sen Gupta, Dipanwita Mazumdar, Siddhi Nayak, Swati Bhat, Sonia Cheema Organizations: Reserve Bank of India, Reuters, State Bank of India, Bank of Baroda, Union Bank of India, Bank of India, Kotak Mahindra Bank, IDFC FIRST Bank, SBI, Siddhi, Thomson Locations: MUMBAI, BOB.NS, India

☆ How we feel about banks being required to bolster rainy-day funds after SVB failure
▼ + stars: | 2023-06-05 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

The Wall Street Journal reported Monday that financial industry regulators could announce a proposal, as early as this month, seeking to increase the rainy-day funds of big banks. Morgan Stanley and Wells Fargo, while never a worry during the recent mini-banking crisis, have both seen their stocks decline in the wake of the SVB collapse and struggle to regain their footing. Should Morgan Stanley really be penalized more than others just because it offers fee-based wealth management solutions, which through strong execution have grown? However, we're inclined to consider a capital requirement change opportunistically, especially as it relates to Morgan Stanley. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: financials Morgan Stanley, Wells, it's, Morgan Stanley, isn't, Jim Cramer's, Jim Cramer, Jim, Bing Guan Organizations: Street, Bank, WSJ, Assistance, CNBC, Bloomberg, Getty Locations: Wells Fargo

☆ India appeals tribunal upholds Go First bankruptcy in setback for lessors
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 22 (Reuters) - An Indian appeals tribunal on Monday upheld insolvency proceedings against cash-strapped airline Go First, making it tougher for its lessors to repossess their aircraft. At least three leasing companies, including GY Aviation Lease and SMBC Aviation Capital, had challenged a tribunal ruling granting Go Airlines (India), widely known as Go First, bankruptcy protection earlier this month. The appeals tribunal said on Monday the National Company Law Tribunal will decide whether lessors who terminated their leases before the bankruptcy proceedings began can repossess their aircraft. Go First Chairman Varun Berry did not immediately respond to a Reuters request for comment. Reporting by Arpan Chaturvedi and Tanvi Mehta Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Investors have pulled $8 billion from this pocket of the stock market in just 2 months on recessions worries and debt ceiling fears
▼ + stars: | 2023-05-17 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

Small-cap stocks have been hurt by $8 billion in outflows from ETFs focused on that segment, says Jefferies. That started in March when Silicon Valley Bank and Signature Bank were seized, spooking investors. "Banks are a big part of small caps and are headwinds for the size segment," Jefferies strategist Steven DeSanctis wrote in a Wednesday research note. Meanwhile, small-cap stocks, which make up just over 4% of the equity market, tend to perform worse than large-caps when the economy is veering into a recession. Meanwhile, the current stalemate between Republicans and Democrats on the debt ceiling doesn't bode well for small-cap stocks, which slid by 25% during 2011 debt standoff.

Companies Johnson & Johnson FollowNEW YORK, May 16 (Reuters) - Johnson & Johnson (JNJ.N) has set aside $400 million to resolve U.S. state consumer protection actions as part of its broader $8.9 billion effort to settle claims that its Baby Powder and other talc products cause cancer. LTL's bankruptcy plan would pay $400 million into a separate trust for claims filed by state attorneys general alleging that J&J violated state unfair business practices and consumer protection laws by misleading consumers about the safety of its talc products. Several states had begun consumer protection actions against J&J before LTL's first bankruptcy filing stopped those investigations from moving forward in 2021. New Mexico and Mississippi said in their motion to dismiss that LTL's renewed bankruptcy violates state law enforcement powers by attempting unilaterally to cap the company's liability for state consumer protection actions. From there, the proposed settlement applies discounts depending on the type and severity of cancer, the individual's age, history of talc use and other factors.

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

India has made it easier for lessors to take back planes if airlines default on payments after joining an international treaty known as the Cape Town Convention. But lack of a proper legislation to enforce the treaty means India's bankruptcy law will supersede lessors' repossession requests, lawyers said. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Bigger rivals IndiGo (INGL.NS) and Tata Group's Air India are charting major expansion plans with hundreds of new planes on order as domestic air travel in India surpasses pre-pandemic levels. Air India did not immediately respond.

☆ India's forex reserves at comfortable level due to RBI, dollar - economists
▼ + stars: | 2023-05-09 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 9 (Reuters) - India's foreign exchange reserves are at a comfortable level currently, benefiting from the Reserve Bank of India's persistent intervention and the likelihood of less volatile revaluation changes, economists said. Reuters GraphicsSince October 2022, the RBI has been rebuilding the reserves, taking advantage of the rupee's recovery. Reuters GraphicsSince October, "comfort on the level of reserves has improved significantly," said Gaura Sen Gupta, economist at IDFC First Bank. "Reserves (both spot and forwards) are now equivalent to 10.4 months of import cover, compared with about 8.9% in Oct 2022." And provides an added layer of comfort as far as the adequacy of forex reserves is concerned.

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