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Foreign investors, many of them already underweight what they consider an overpriced stock market, are reducing exposure. "Only Adani Group is trading with these ridiculously high multiples, and that is the core of the problem." "At this point in time, I don’t think it’s a systemic risk," said Jimmy Lim, chief investment officer at Modular Asset Management in Singapore. "We don't think that there's going to be a default anytime soon, although I don't expect any kind of near-term resolution between Adani Group and Hindenburg," Chao said. Yet Chao expects the selloff to help bring Indian stock valuations to more "palatable levels" for investors.

☆ Israel's Bank Hapoalim freezes mortgage rates for hard-hit homeowners
▼ + stars: | 2023-01-01 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

JERUSALEM, Jan 1 (Reuters) - Israel's Bank Hapoalim (POLI.TA) will not pass on to customers the central bank's next increase to interest rates, it said on Sunday, citing the struggles of homeowners faced with higher mortgage payments amid a broad spike in the cost of living. Hapoalim, one of Israel's two largest banks, said customers who have difficulty making mortgage payments will not have to pay extra and that it will leave the prime rate for them at 4.75% for now. The move is valid for one year for existing customers that have a mortgage linked to the prime rate and meet a number of criteria, the bank said. Hapoalim Chief Executive Dov Kotler put the number of customers who would benefit from the freeze at more than 10,000. In November Moshe Gafni, the head of the Israeli parliament's powerful finance committee, criticised a wave of central bank increases to interest rates and proposed legislation to shield mortgages.

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
▼ + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

Hours later, 30-year-old Jung Joo-hee was among 156 people, most of them in their teens and twenties, killed in the South Korean capital while celebrating Halloween free of COVID restrictions for the first time in three years. Mum and dad will come see you," Jung Hae-moon said as the family stood by, together with his daughter's pet poodle. It was impossible, I couldn't believe it," Lim's father said at a funeral home as he and his family observed funeral rites. "She was so creative and pretty," the man said, adding that he had often strolled with his daughter through Itaewon. They wonder why their children were celebrating Halloween in the first place, a totally foreign concept for older Koreans.

The bid amounts for the unit, known too as Banamex, were not disclosed by the sources. The sources also cautioned that no deal was guaranteed with any party and Citigroup could ultimately decide to sell Banamex shares on the Mexican Stock Exchange instead. Inbursa and Grupo Mexico declined to comment. Backed by Slim, Mexico's richest person, Inbursa was flagged as a strong contender when Citigroup put Banamex up for sale in January. However, mining tycoon Larrea has the firepower to compete as a candidate to buy Banamex, the sources said.

MEXICO CITY, Sept 27 (Reuters) - Telmex union representatives on Tuesday rejected the latest contract offer by the Mexican telecommunications firm controlled by tycoon Carlos Slim's family, a union spokesperson said. The Mexican Telephone Workers Union, known as STRM for its Spanish acronym, will meet on Wednesday to decide the next steps, the spokesperson said. The offer, reviewed by Reuters, included bonuses for retiring workers in a bid to end a long-running dispute over benefits. It followed weeks of negotiations between the company and union after a two-day strike in July. Register now for FREE unlimited access to Reuters.com RegisterA spokesman for Telmex did not immediately respond to a request for comment.

☆ An Afghan refugee who lifted his wife and toddler onto a C-17 military plane to flee Kabul tells the harrowing story of how they arrived safely in the US
▼ + stars: | 2021-08-23 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +6 min

Thousands of Afghan refugees have evacuated Kabul amid the Taliban's takeover of Afghanistan. He was one of thousands who flooded the airport that Sunday evening, desperate to flee the country in fear of a Taliban government. Rahmatullah Alizadah/Xinhua via GettyThe Taliban's swift capture of Kabul triggered a collapse of the Afghan government and forced a frenzied evacuation of Americans and Afghan refugees amid the US's military pullout of the 20-year war in Afghanistan. Transit in Qatar and arrival to the USThe American C-17 aircraft landed in an air base in Qatar. Afghan refugees in the US are being housed at military bases in Virginia, Wisconsin, and Texas before being resettled across the country.

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