logo
Indian state-owned banks to raise $5.25 billion in 2025-26 via QIP, source says

Indian state-owned banks to raise $5.25 billion in 2025-26 via QIP, source says

Reuters2 days ago
July 9 (Reuters) - Indian state-owned banks will raise around 450 billion rupees ($5.25 billion) through qualified institutional placement (QIP) of shares in the 2025-26 financial year, a government source told reporters on Wednesday.
State Bank of India (SBI.NS), opens new tab, the country's biggest lender by assets, will launch its QIP soon, the source said. The bank had in May approved raising 250 billion rupees in equity capital this year.
The government will also complete its stake sale in IDBI Bank by October and also plans to sell shares in UCO Bank, Bank of Maharashtra, Central Bank of India, Punjab & Sind Bank and Indian Overseas Bank in the financial year, the source added.
Prime Minister Narendra Modi's government laid out plans in this year's budget to raise 470 billion rupees through stake sales and asset monetisation.
India's finance ministry and SBI did not immediately respond to Reuters requests for comment outside office hours.
($1 = 85.6900 Indian rupees)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Anthony Albanese: Trade trumps geopolitics as Australia PM visits China
Anthony Albanese: Trade trumps geopolitics as Australia PM visits China

BBC News

time5 hours ago

  • BBC News

Anthony Albanese: Trade trumps geopolitics as Australia PM visits China

Australia's leader Anthony Albanese will visit China and meet with President Xi Jinping this weekend as he seeks to strengthen ties with Canberra's largest trading security and trade will take centre stage during the prime minister's six-day trip spanning three cities - Beijing, Shanghai and Chengdu. "My government will continue to cooperate with China where we can, disagree where we must, and engage in our national interest," Albanese said in a trip marks Albanese's second official visit to China - but the first since his re-election in May. It comes as countries around the world navigate US president Donald Trump's "America First" policies including tariffs. China accounts for nearly a third of Australia's total trade and "will remain so for the foreseeable future", Albanese said."The relationship in China means jobs in Australia. It's as simple as that," he told reporters on whose Labor Party government was re-elected with an increased majority in May, had pledged among other things to create more jobs and bring back manufacturing in say this trip signals a stabilisation of ties between Australia and China, even as Beijing has been trying to extend its military reach across the Pacific to some protest by Australia. Last month, Australia's defence minister Richard Marles called on China to explain why it needs to have "such an extraordinary military build-up".A rare Chinese military drill in the Tasman sea in February was also called "unusual" by Marles. "Both sides recognise their differences... [and] agree those differences should not define the relationship," says James Laurenceson, director of Australia-China Relations two countries are not seeking geopolitical alignment, he said. "They need to keep the politics stable and constructive so that other parts of the relationship, like businesses, cultural organisations, universities and so on can forge ahead with engagement in their own areas."Mr Laurenceson notes, however, that Washington "will not be pleased" with Albanese's visit. But the prime minister has domestic support for this, he says."Washington is heading in a direction so plainly contrary to Australia's interests that any [leader] seen as kowtowing to the White House would face pushback at home," he will continue to criticise Australia's involvement in the Aukus submarine deal with its longstanding allies, the UK and the US, observers tell the BBC, while Canberra will reiterate its commitment to the pact - even as Trump's administration has recently put the agreement under review. But disagreements over issues like Aukus will not thwart Australia's and China's relationship significantly, the observers say. And neither will other contentious topics Albanese may bring up - including China's actions in the South China Sea and the case of Australian novelist Yang Hengjun, who has been jailed and handed a suspended death sentence by Beijing on espionage charges which he denies."This is part of a broader, understated and mature diplomacy from the current government and it does not fall into the recriminations of previous years," says Bryce Wakefield, who leads the Australian Institute for International delegation to China includes top executives from Macquarie Bank and the Australian arm of HSBC, as well as mining giants Rio Tinto, BHP and Fortescue, according to the Australian Financial had cited green energy among the areas that Australia and China can "further engage" in China, the prime minister will also meet with Premier Li Qiang and Zhao leji, chairman of the Standing Committee of the National People' state newspaper Global Times says Albanese's visit "carries special significance" and shows "Australia's desire to seek more reliable partners in an uncertain world order... with China being the obvious choice". In November 2023, Albanese became the first Australian leader visit China in seven years - ending a hiatus triggered by a string of disputes including various Chinese sanctions on Australian goods, and back and forth accusations of foreign then, his administration has managed to stabilise ties with Beijing and negotiate the end of a series of brutal tariffs.

Rubio says no 'drama or division' in US relations with Japan
Rubio says no 'drama or division' in US relations with Japan

Reuters

time6 hours ago

  • Reuters

Rubio says no 'drama or division' in US relations with Japan

July 11 (Reuters) - U.S. Secretary of State Marco Rubio on Friday played down concerns about relations with key U.S. ally Japan, saying there is no "drama or division," despite the Japanese prime minister speaking of the need for Tokyo to wean itself off U.S. dependence. In remarks to reporters, Rubio also disputed reports of U.S. pressure on Japan to significantly increase its defense spending, saying that while Washington was "encouraging" Tokyo to invest in certain capabilities, this did not amount to a "demand." "It's less to do with the amount of money and more to do about certain things they can do," he said after attending a regional meeting in Malaysia. Japanese media reported last month that the Trump administration was demanding that Japan and other Asian allies boost defense spending to 5% of GDP in line with demands on NATO members. A Financial Times report last month said Japan canceled an annual defense and foreign ministers meeting with the U.S. after it called on Tokyo to boost defense spending beyond what it requested earlier. President Donald Trump further upset Japan this week by announcing a 25% tariff on Japanese imports starting August 1 as part of his global tariff strategy. On Thursday, Japanese Prime Minister Shigeru Ishiba said Japan needed to wean itself from U.S. dependence in security, food, and energy. Asked about Ishiba's remarks, Rubio said the United States has "a very strong and very good relationship with Japan, and that's not going to change." "Anyone who's looking for, like, drama or division there ... shouldn't be doing it because the truth of the matter is our relationship with Japan is very solid." He said Ishiba's comment should not be viewed negatively. "The idea that Japan's military would become more capable is not something we would be offended by; it's something we would actually be encouraged by," he said. Christopher Johnstone, a former Biden White House official now with the Asia Group consultancy, said trade frictions, pressure on defense spending, and uncertainty about U.S. defense commitments meant U.S.-Japan tensions were probably at their worst in a generation, but reducing Tokyo's reliance on the U.S. was easier said than done. "If the two countries reach a trade agreement by August 1, it could fade," he said. "But Ishiba's comments reflect sentiment that is real and widespread."

Israel eyes deeper economic ties with India, finalising investment protection deal
Israel eyes deeper economic ties with India, finalising investment protection deal

Reuters

time8 hours ago

  • Reuters

Israel eyes deeper economic ties with India, finalising investment protection deal

JERUSALEM, July 8 (Reuters) - Israel and India are finalising an investment protection agreement and expect to sign it in the coming months, Israel's Finance Ministry said on Tuesday. Finance Minister Bezalel Smotrich and the ministry's chief economist Shmuel Abramzon discussed the issue, which it did not elaborate on, and other economic matters with Indian Ambassador to Israel J.P. Singh. "Deepening economic ties with India is one of the goals I have set," Smotrich said after the meeting in Jerusalem, calling India a "true friend of Israel." An investment protection agreement is a treaty in which countries aim to reduce the perceived risk of investing in each other, such as by offering protections against unfair treatment or removing restrictions on transferring capital and profits. India, the ministry noted, has become in recent years one of Israel's most important trade partners globally and especially in Asia, and the volume of trade and investments between the two countries is expected to increase sharply in the coming years in light of their strengthening diplomatic and security relations. Bilateral trade between India and Israel in 2024 came to almost $4 billion. "In recent years, we have witnessed a strengthening of economic ties between us, including in the fields of defence exports and infrastructure," Smotrich said. "The potential for further strengthening our economic cooperation is immense. It can leverage our shared technological capabilities, India's demographic scale, and the geo-strategic position of both countries."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store