1 Bank of Japan ready to ease more (Straits Times) Bank
of Japan governor Haruhiko Kuroda has stressed his readiness to expand monetary
policy still further, saying that market moves would be key factors the central
bank would examine in deciding when and how it might next expand stimulus.
Mr Kuroda maintained his optimism that Japan's
economy was recovering moderately, despite last week's "tankan"
survey that showed business mood souring on weak emerging market demand. But he
reiterated the BOJ's readiness to ease again if risks threatened prospects for
accelerating inflation, now at a dead halt, toward its 2 per cent target.
The BOJ would not hesitate to take action either by
accelerating asset purchases, buying more risky assets or pushing interest
rates deeper into negative territory, he said. Mr Kuroda said developments in
financial markets, as well as in the economy and in prices, would be key factors
for the BOJ when deciding whether, when and how it would expand stimulus.
The BOJ stunned markets in January by deciding to
add negative interest rates to its massive asset-buying programme in a fresh
attempt to reflate the economy out of the doldrums, but the move has failed to
boost stock prices or arrest an unwelcome rise in the yen.
Japan's economy shrank in October-December last year
on weak exports and consumption. Many analysts expect it to show another
contraction in January-March, posting two straight quarters of negative growth
and meeting the technical definition of a recession.
2 India’s $120bn sour debt (Money Control) Global
distressed asset buyers such as J C Flowers & Co and Apollo Global are
flocking to India, where banks have been ordered to clean up an estimated $120
billion of bad and troubled loans. Bad loans at Indian banks jumped by nearly a
third to around 4 trillion rupees ($ 60.3 billion) late last year as the
central bank drives a national clean-up of banks' balance sheets.
That figure doubles to a record amount when
restructured, or rolled over, loans are included - amounting to 11.3 percent of
all loans, the government says. Foreign firms have been similarly attracted to
China, which has also seen an explosion in bank bad loans, though, unlike
India, China is not pushing banks to carry out a thorough asset quality review
that would increase the number of bad loans.
Reserve Bank of India Governor Raghuram Rajan wants
lenders to fully disclose and provide for all problem loans by next March, an
exercise that could force banks to consider selling off chunks of bad loans to
specialists to free up capital.
Other foreign investors with tie-ups to India's
distressed asset sector include KKR & Co, which recently won approval to
buy a stake in International Asset Reconstruction Co. KKR has also announced a
distressed debt joint venture in China. Billionaire Ajay Piramal's Piramal Group
has also said it intends to set up a $1 billion fund to invest in distressed
assets.
3 Apple campus enters home stretch (Khaleej Times) Apple
may get its new spaceship-like campus in California completed before its
planned completion date. It was set for the end of 2016 or early 2017, a media
report said.
"A new drone video shows Apple's massive campus
coming together. It is estimated to cost close to $5 billion," a report said.
A few months ago, the buildings appeared to be in their primary stages.
However, the latest aerial drone video of the campus shows glass and solar
panels being put in place.
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