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A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas
MUMBAI (Reuters Breakingviews) - Prime Minister Narendra Modi is ready to cut his losses in banking. His government wants to privatise lenders long seen as untouchable, aiming to sell two in the next financial year. Earnings from one potential candidate, Tamil Nadu-based Indian Overseas Bank, show why he’s keen.
Until now, New Delhi has concentrated on consolidating lenders into fewer, healthier institutions that can take advantage of economies of scale and be relied on by the state. It announced four mergers in August 2019, cutting the number of banks it controls from 27 to 12. The biggest deal led by Punjab National Bank created the second-largest lender after $49 billion State Bank of India. Bank of Baroda earlier mopped up peers.
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MUMBAI (Reuters Breakingviews) - Jeff Bezos has the patience and gritty determination it takes do business in India. The Amazon boss is locked in an ugly fight to stop a troubled big-box retailer from selling itself to his biggest rival, Mukesh Ambani’s $166 billion Reliance Industries. Any victory by the U.S. e-commerce giant could wind up costing thousands of jobs and spark a nasty political backlash, but the standoff also might deliver longer-term rewards.
FILE PHOTO: Kishore Biyani, CEO and founder of India s Future Group poses after the inauguration of Foodhall, a premium lifestyle food superstore by the Future Group, store in Mumbai, India, December 1, 2018. REUTERS/Francis Mascarenhas/File Photo
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LONDON/NEW YORK/MUMBAI (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
A public health message is displayed at a terminal at Heathrow Airport, amid the spread of the coronavirus disease (COVID-19) pandemic, London, Britain, January 16, 2021. REUTERS/Toby Melville
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HOLIDAY BLUES. Britain’s new quarantine measures go too far and not far enough. The move, designed to keep out vaccine-resistant Covid-19 variants, will require Brits returning from “red list” countries like South Africa or Portugal to sit out 10 days in a hotel. Yet travel to those countries is already banned. The main effect will be to douse enthusiasm for summer getaways in Europe – few will want to risk the hassle of strict quarantines if France or Spain, say, are suddenly deemed “high risk”. Little wonder low cost carriers Ryanair and e