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Why the Bankruptcy Code is turning into a double-edged sword for banks
Are banks getting boxed in after introduction of the Bankruptcy Code? The signs are pointing that way. Not only are they looking at prospects of steep haircuts (write-offs) on their loans; the Code would mean banks losing their business to the bond market. The Code is also upsetting the traditional rules of the games, where banks sold the personal guarantor's assets if a company was in default. This Monday, the Chennai bench of the National Company Law Tribunal (NCLT) ruled against State Bank of India (SBI) trying to do so. The case in question is between Veesons Energy Systems and SBI, in which the bench ruled in favour of the former's promoter and managing director, V Ramakrishnan, who gave personal guarantees to banks. SBI notified Veesons and Ramakrishnan on November 12 last year that the personal assets would be sold off. The company challenged it, stating it had applied to the Board for Industrial and Financial Reconstruction and till its application was decided, dues could not .
GameStop beats EPS expectations but shows sales decline in the U.S.
Shares of GameStop Corp. fell more than 6% late Thursday after the specialty retailer missed quarterly earnings expectations and showed a decline in comparable-store sales in the U.S. GameStop said it earned $22.2 million, or 22 cents a share, in the second quarter, compared with $27.9 million, or 27 cents a share, in the year-ago period. Adjusted for one-time items, GameStop earned $14.9 million, or 15 cents a share, in the quarter, compared with $27.9 million, or 27 cents a share, in the prior-year quarter. Revenue rose to $1.69 billion, from $1.63 billion a year ago, and comparable-store sales rose 1.9% as an increase of 9.8% in international sales offset a 1.4% fall in the U.S. Analysts polled by FactSet had expected adjusted earnings of 18 cents a share on sales of $1.64 billion. The shares ended the regular trading session up 1.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Trump suggested firing U.S. commander in Afghanistan: report
President Donald Trump is frustrated by setbacks in Afghanistan, and suggested firing the top U.S. general in the region, according to a report late Wednesday by NBC News. During a July 19 meeting with top military advisers, Trump repeatedly said Gen. John Nicholson should be replaced because he's not winning the war, sources told NBC News. Defense Secretary James Mattis was reportedly upset after the meeting. On Wednesday, national security adviser H.R. McMaster, who also had attended the meeting, praised Nicholson during an interview on MSNBC, calling him a "capable commander." Trump also reportedly asked why the U.S. is not benefiting from Afghanistan's mineral wealth. In June, Trump gave the Pentagon authority to boost troop levels in Afghanistan. Two American servicemembers were killed Wednesday in Afghanistan in a suicide attack on a convoy. The Taliban claimed responsibility.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Sponsors may be tempted by Olympics return to Los Angeles
SAN FRANCISCO(Reuters) - Even if it is more than a decade away, a Summer Games in Los Angeles in 2028 may be a boost to the International Olympic Committee's (IOC) efforts to extend its lucrative contracts with top sponsors such as Visa Inc and Coca-Cola Co, Olympic sponsorship experts said.
BRIEF-Ames National reports quarterly earnings of $0.37/shr
Ames National Corp(ATLO). * Quarterly earnings per share $0.37. * Q2 net interest income totaled $10.1 million, up 0.7% percent Source: Further company coverage:
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