A House panel has advanced a bill that would phase out two costly coal tax credits that a state investigation recently found generate economic losses for Virginia.
Mortgage Business
Loan repayment deferrals phasing out By Sarah Buckley 27 January 2021
As the COVID-19 repayment deferral period concludes at the end of this quarter, some lenders have stopped accepting new applications for deferrals.
Lenders have begun preparing for the looming conclusion of the COVID-19 loan repayment deferrals, which is scheduled to expire on 31 March 2021.
National Australia Bank (NAB) has confirmed that it stopped accepting new mortgage deferral applications last week (20 January 2021) to allow for two-month deferrals finishing at the end of March.
A NAB spokesperson told Mortgage Business: “Home loan deferrals have provided much-needed relief and time to customers affected by the pandemic. Since the start of the pandemic in March, NAB has granted more than 110,000 home loan deferrals to customers who
600,000 small firms on the brink as Covid restrictions bite
Sharp rise in companies in significant financial distress at end of 2020 as business leaders urge Chancellor to take further action
27 January 2021 • 6:00am
More than 600,000 small businesses are on the brink as the return of tough Covid restrictions threatens to trigger a cascade of collapses, new figures show.
The second wave caused a sharp acceleration in the number of businesses deemed in “significant financial distress” at the end of 2020 as industry leaders called on the Chancellor to take action at the Budget.
Data from Begbies Traynor s Real Business Rescue pointed to a near 80,000 rise in firms in distress in the fourth quarter of 2020, a 15pc jump and a large share of the total 118,000 increase since the pandemic struck.
PETALING JAYA: A total of 51 loan scam cases have been recorded so far this year.
Selangor Commercial Crime Investigation Department chief Asst Comm Muhammad Yazid Muhammad Yew said the cases were recorded between Jan 13 and Jan 25, involving losses of RM617,758. It is an increase of 12.8% compared to the same period last year, where 41 cases were recorded with losses amounting to RM547,686, he said in a statement on Wednesday (Jan 27).
Selangor CCID also detained 14 people and managed to solve 31 loan scam cases this year, he added. The scammers would advertise their ‘loan offers’ using the names of various bogus money lender companies over various medium to entice their victims.
January 27, 2021
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Proposals to appoint auditors by rotation, requirements to disclose information such as the incidence of covenant breaches and asset quality divergence are credit positive
The proposed changes to India’s regulatory framework for non-bank financial institutions (NBFIs) recently unveiled in the Reserve Bank of India’s (RBI) discussion paper are likely to enhance the sector’s stability, according to Fitch Ratings.
The credit rating agency believes that the reforms would preserve NBFIs’ niche business models, and could improve the funding environment for some entities by strengthening investor confidence in the sector.
”For the sector as a whole, the proposed measures should strengthen governance and risk management, although we do not view these areas as major credit weaknesses for Fitch-rated Indian NBFIs. The longer-term impact of such reform would also depend on its implementation, and robust regulatory and market scrutiny will be key in holding en