Banking – Catch 22 MKE Fri, 20 May 2022 07:02:42 +0000 en-US hourly 1 Banking – Catch 22 MKE 32 32 ABN AMRO Private Banking Selects TransPerfect to Facilitate Launch of Three Localized Websites Tue, 11 May 2021 13:00:00 +0000

NEW YORK and AMSTERDAM, May 11, 2021 / PRNewswire / – TransPerfect, the world’s largest provider of language and technology solutions for global businesses, today announced the launch of three websites with an aligned content approach for ABN AMRO Private Banking.

Situated at the Netherlands, ABN AMRO Private Banking serves its clients both nationally North West Europe with a full range of financial products and services for private banking clients. In an effort to streamline brand continuity across regions, they undertook a full web refresh and centralized content publication with the goal of being able to deploy and update relevant financial content in Dutch, English, French and German. .

Market-specific brand guidelines that detail the company’s tone and terminology requirements were developed using TransPerfect’s global networks of native-speaking writers and linguists. TransPerfect worked closely with ABN AMRO Private Banking‘s core content team and local language reviewers to deliver localized website content with the continuity of the brand voice.

Linde van Loenen, Digital Marketing Strategist at ABN AMRO Private Banking, commented: “The assignment was a real challenge with a big deadline. We needed a lot of new content for different countries, delivered by local experts with their own style and vision. Every piece of content was linked to our complex financial services, in a very demanding niche market. TransPerfect did a great job and delivered everything on time, with high quality – a powerful start to a new long term partnership. “

President and CEO of TransPerfect Phil shawe said: “While ABN AMRO Private Banking continues to operate in various markets Europe, we are proud to support them and help create meaningful customer interactions through localized websites.

About ABN AMRO Private Banking
ABN AMRO Private Banking now offers a full range of products and services to retail, private, commercial and commercial banking clients. ABN AMRO Private Banking is one of the leading banks the Netherlands. With a main emphasis on North West Europe, they provide loans, mortgages and other banking services and solutions to businesses and individuals.

About TransPerfect
TransPerfect is the world’s largest supplier of Language and technological solutions for global companies. From offices in more than 100 cities on six continents, TransPerfect offers a full range of services in more than 170 languages ​​to customers around the world. Over 5,000 global organizations employ TransPerfect GlobalLink® technology to simplify the management of multilingual content. With an unmatched commitment to quality and customer service, TransPerfect is fully ISO 9001 and ISO 17100 approved. TransPerfect is headquartered in new York, with regional headquarters in London and Hong Kong. For more information, please visit our website at

SOURCE TransPerfect

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Nclt approves Jsw Steel’s acquisition of bankrupt Ispat Asian Color Coated Fri, 12 Mar 2021 01:43:26 +0000

Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has given the green signal to JSW Steel to acquire the bankrupt steel company Asian Color Coated Ispat, more than a year after the approved lenders the resolution plan. JSW Steel has offered over 1550 crores for the 1 million ton steel plant.

Asian Color Coated Ispat has an outstanding debt of over 5,000 crore. On June 30, 2019, the creditors’ committee accepted JSW’s offer by a majority vote. It has been accepted by 80% of Asian color coated Ispat COC. The offer includes a Initial payment of 1,525 crore to lenders and another Payment of 25 crores to operational creditors.

In May 2019, Mint announced that JSW Steel had improved its offer for 1,500 crore from previous supply of Range of 1,000 to 1,200 crore, which bankers were unwilling to endorse.

State Bank of India, Punjab National Bank and JM Financial are some of the lenders of Asian Color Coated Ispat.

Asian Color Coated Ispat was among the Reserve Bank of India’s second list of 28 defaulters to be referred by banks to the insolvency court. The company operates a complex of cold rolling mills with an installed capacity of 3,00,000 tons per year for the manufacture of cold rolled, galvanized and color coated products for the automotive, appliance and general engineering.

This will be the third acquisition of a troubled asset by JSW Steel, owned by Sajjan Jindal. In September 2018, the company acquired an approximate 88% stake in Monnet Ispat and Energy Ltd under the insolvency and bankruptcy code for 2,875 crores, in a consortium with Aion Investments. Monnet Ispat & Energy owed more 11,000 crores to a group of lenders.

In December 2019, JSW Steel acquired 100% stake in stress steel mill Vardhman Industries Ltd by infusing 63.50 crores in the business.

JSW is also continuing to finalize another bid for Bhushan Power and Steel, which is currently locked in litigation in the Supreme Court.

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Forget the trade war. China already in crisis with failing companies and gutted banks Fri, 12 Mar 2021 01:43:26 +0000

Once again, global investors are turning their worried eyes to China. And for good reason. Economic growth in the third quarter fell to 6.5%, the slowest pace since the depths of the global financial crisis in 2009. Car purchases fell last year for the first time in more than two decades. Apple’s warning in early January that iPhone sales in China were collapsing alerted the world to how a slowdown in the Middle Kingdom would lead to lower global growth and corporate profits. But locals figured that out some time ago. Even after a recent rally, the Shanghai stock market has still plunged more than a quarter from its 2018 peak. The outlook is no rosier. Tariffs on Chinese exports to the United States imposed by President Donald Trump are beginning to pinch the country’s factories. A steep and unexpected fall in imports in December showed just how much the economy is slowing down. This led Beijing to lower the volume of its bravado and negotiate with Washington to defuse the conflict.

A trade pact, if it materializes, can appease investors and perhaps even stimulate economic growth, at least temporarily. But that won’t end China’s woes. While the tariffs are a nuisance, the real problems lie deeper, rooted in China’s financial structure.

What goes largely unnoticed is that China is already in crisis. No, this is not the kind of cost-of-living crash the US experienced in 2008 or the startling and ferocious collapses the Asian Tiger economies experienced in 1997. Nonetheless, it is a crisis, with gutted banks, bankrupt businesses, and government bailouts. Since the Chinese call their model of state capitalism “socialism with Chinese characteristics,” let’s call it a “financial crisis with Chinese characteristics.”

This crisis is not just about the current slowdown in growth. It’s been going on for a while and it looks like it’s not going away any time soon. At first glance, the very idea that China is in crisis may seem ludicrous. Growth has slowed, but it remains relatively strong, assuming you believe the government figures. Banks do not descend into large-scale insolvency. While concern over the state of the economy has grown, leading Chinese buyers to pull back, the mood in China has not escalated into the gloom that usually accompanies financial turmoil. It is true that China may never experience the panicked fiasco that emanated from Wall Street in 2008. This financial crisis is not following the same course as most others. Rather than a sudden explosion that destroys banks and jobs, the Chinese version is prolonged, moving so slowly it can be hard to notice.

A few years ago, some China watchers predicted that the economy could slide into a 2008-like meltdown. All the warning signs of disaster were flashing bright red: a housing bubble, excess capacity in industries ranging from steel to solar panels, and most disturbing of all, an accumulation of debt of gargantuan proportions. Total debt relative to domestic output jumped to 253% in mid-2018, from just 140% ten years earlier, according to the Bank for International Settlements. No emerging economy since the 1990s has experienced such an expansion in debt and escaped some sort of financial calamity. China should defy history to dodge a debt disaster.

We watched and waited for the Lehman Brothers China moment, and then we waited for even more. It never happened. Some analysts have come to believe that this will never be the case – that indeed China is too big to fail. The Chinese government, the new argument goes, has so many levers of control — over banks, big business, and capital flows — that it can suppress the kind of crisis that a more liberal economy cannot prevent. This superpower emerged in 2015 after the bursting of a stock market bubble, fueled by unstable loans and bureaucratic incompetence. Money poured in from the country as the currency faltered. What would likely have brought other emerging markets down was just another day’s work for powerful Chinese mandarins. The government staged a stock bailout and clamped down on capital outflows. Crisis averted. This approach is representative of Beijing’s overall strategy in dealing with its debt problem. The government, obsessed with social stability, does not let the debt bomb explode. Lehman moments can be terrifying, but they are also purifying, an opportunity for the market to weed out bad things and make room for new ones. Beijing, by preventing this from happening, is allowing the waste to rot and fester, likely increasing the costs of the inevitable cleanup.

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Bishop’s letter cites impact of pandemic and payments to victims of sexual abuse Fri, 12 Mar 2021 01:43:26 +0000