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Yes Bank scales up Covid-related provisioning to Rs 1,918 Cr in Q2FY21

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Yes Bank has increased its covid-related provisioning to Rs 1,918 crore in the July-September quarter.

In its investor presentation, the bank said that the total aggregate Covid-related provision is 1.15 per cent of the total advances and provides for potential slippages from the above exposures including potential interest reversals.

In the July-September quarter, the bank made a covid-related provisioning of Rs 1,038 crore taking the cumulative provisioning for covid at Rs 1,918 crore.

The bank said that its balance sheet consolidation continues while improving granularity and liability profile.

It noted that its capital position significantly strengthened by the successful raising of Rs 15,000 crore through FPO. It further said that RBI special liquidity facility of Rs 50,000 crore has been fully repaid.

The bank also raised long term refinance borrowing in excess of Rs 5,500 crore.

On Friday, Yes Bank reported a net profit of Rs 129 crore for the July-September quarter.

During the corresponding quarter of the last financial year (2019-20), the bank had reported a loss of Rs 600 crore.

The net interest income of the restructured bank increased 3.4 per cent on quarter on quarter basis to Rs 1,973 crore.

As of September-end, the bank’s gross non-performing asset (GNPA) stood at 16.9 per cent, down from 17.3 per cent in the previous quarter. Its net NPA was 4.71 per cent against 4.96 per cent in the previous quarter.

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Airtel, Nokia sign three-year deal for 5G network in Kenya

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Bharti Airtel’s Africa arm and Finnish telecoms gear maker Nokia on Monday announced a deal to modernise network in Nairobi with high-speed 4G, and deploy 5G-ready equipment. It will also lay base for migration towards the 5G mobile broadband technology.

As per the three-year deal, the deployment of 4G and 5G-ready network started in June and will cover hundreds of sites. It will include upgrading existing 2G, 3G and 4G radio access network (RAN) coverage in urban, semi-urban, highways, tourist spots and central business districts in Nairobi and the rest of Kenya.

“Nokia’s network infrastructure will also offer Airtel Kenya the option to smoothly transition to 5G when necessary. The upgraded network will deliver enhanced connectivity to customers of Airtel Kenya and access to new, high-speed data services,” Nokia said in a statement.

“We are in the midst of rolling out our network to enhance coverage along with modernisation of our data network that will help us deliver improved, high-speed data services to our customers,” said Airtel Kenya CEO P D Sarma.

He added that this will allow customers seamless coverage enhancing their browsing experience further.

Under the contract, Nokia is supplying Airtel Kenya telecom gears for both indoor and outdoor coverage, including base stations and radio access products.

The improved network will provide higher data speeds using additional 4G spectrum bands and provide access to secure, high-speed and reliable data services, the statement said.

Nokia Head of CEWA Market Unit Rajiv Aggarwal said, “This is an exciting deal in an exciting market. We are proud to supply Airtel Kenya with our comprehensive AirScale portfolio and support the operator with its efforts to deliver the best possible connectivity experiences to end users in Kenya.”

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‘Economy likely to enter into technical recession for first time in history’: RBI

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In yet another setback for the struggling Indian economy, the Reserve Bank of India has projected that the economy is likely to enter into a technical recession for the first time in history at the end of the first half of 2020-21.

India has already witnessed a worrying decline of 23.9 per cent in the GDP for April-June quarter which was a result of nationwide lockdown induced due to the coronavirus pandemic.

However, before the pandemic too, the World Bank had projected India’s economy to grow a mere 4.5 per cent.

The RBI also said that the NSO estimates for the second quarter expected at the end of November 2020 will formally bear out the extent of improvement that occurred in the quarter gone by.

This decline in economy is an eyebrow-raiser for the nation as in the economic terms, when the GDP growth rate is negative for two consecutive quarters or more, it is termed recession.

Perhaps, the Reserve Bank has said that the economy will break out of contraction of the six months gone by and return to positive growth in the October-December quarter of 2020-21.

“With the momentum of September having been sustained, there is optimism that the revival of economic activity is stronger than the mere satiation of pent-up demand released by unlocks and the rebuilding of inventories. If this upturn is sustained in the ensuing two months, there is a strong likelihood that the Indian economy will break out of contraction of the six months gone by and return to positive growth in the third quarter (Q3) of 2020-21,” it said.

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Bezos sells more than $3 billion of Amazon shares

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Amazon Founder and CEO Jeff Bezos this week has sold more than $3 billion worth of shares in his company, according to new filings with the US Securities and Exchange Commission (SEC).

This marks a significant jump from last year when Bezos sold $2.8 billion worth of shares, CNBC reported on Wednesday.

According to Forbes, Bezos now owns a 10.6 per cent stake in the e-commerce and cloud computing colossus Amazon.

This is the third time this year that the world’s richest person has sold Amazon shares worth billions of dollars. In August, he had sold Amazon shares worth $3.1 billion. Prior to that, he had offloaded shares worth $4.1 billion in February earlier this year.

The latest stock sales are part of a predetermined plan in accordance with insider trading laws, according to the filings with the SEC.

According to a Forbes report on Wednesday, the Amazon CEO remains the world’s richest person with an estimated net worth of $189.6 billion.

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