Moody’s blow to France
Paris, Nov. 20: French banks were reminded of risks to their own growth and credit ratings when Moody’s stripped France of its triple-A badge because of an uncertain fiscal and economic outlook. Lenders such as BNP Paribas, Societe Generale and Credit Agricole have spent the past year trying to contain their exposure to peripheral troublespots in the Euro area such as Greece by dumping assets and cutting costs.
London/ Zug (Switzerland), Nov. 20: Shareholders in Xstrata today dealt a blow to their board, ushering through a long-awaited $31-billion takeover by trader Glencore but vetoing a controversial executive pay plan that had been backed by the miner’s directors.
Mumbai, Nov. 20: Tata group chief Ratan Tata today stepped down as chairman of Tata Global Beverages with immediate effect, making way for successor Cyrus Mistry.
Calcutta, Nov. 20: US-based SunCoke Energy will invest about Rs 368 crore in a coke-making JV with Visa Steel.