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Mumbai: The Reserve Bank of India (RBI) will impose more regulatory curbs on unsecured lending if banks and finance companies do not mend their ways, it said in the Trends and Progress of Banking report published Thursday. The banking regulator also directed boards of lending entities to fix unsecured exposure levels prudently to prevent systemic risks. ET Year-end Special Reads Corporate Kalesh: Top family disputes of India Inc in 2024 The world of business lost these eminent people in 2024 Fast, faster, fastest: How 2024 put more speed into your shopping The report also highlighted that banks’ profitability rose for the sixth consecutive year and gross bad loans were at a 13-year low in FY24. Still, the RBI expressed concerns over interconnectedness between lending entities and private credit firms, high attrition among private banks, liberal underwriting standards for top-up loans, and rising cyber frauds. At the same time, it advised banks to fix the KYC gaps and closely monitor gold loans and hinted that it would issue directive to prohibit banks from charging pre-payment penalties on floating rate loans taken by small entrepreneurs. Although banks and finance companies have the discretion to set limits on unsecured exposures, “some entities have fixed very high ceilings, which need to be continuously monitored”, the RBI report said. The regulator's worries stem from the fact that even after it raised risk weightage on unsecured loans in November 2023, unsecured loans still constitute one-fourth of commercial banks' books at the end of March 2024. 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Justifying its stance, RBI said that even though credit growth has dipped, "delinquency levels and leverage warrant enhanced vigil". On top-up loans, the RBI pointed out that lenders often sanction extra facilities to borrowers with minimal processes and due diligence, generously underwrite loans, follow inadequate fund end-use monitoring, and deviate from loan-to-value (LTV) ratios and risk weights. "The RBI will assess the need, if any, for additional regulatory interventions to mitigate the identified risks in cases of other top-up loans," said the regulator. The central bank also warned about malpractices in the digital lending scape wherein "unscrupulous players in digital lending space, who falsely claim association with RE. Enhanced monitoring and transparency are required." To mitigate this risk, the RBI is in the process of setting up a repository of Digital Lending Apps. On the interlinkage between banks, NBFCs and private credit, the RBI said: "Strong interrelationship between them could give rise to systemic concerns along with the possibility of regulatory arbitrage to circumvent regulations." The regulator said close monitoring "is warranted as their reach expands beyond mid-sized corporate borrowers". The RBI said in its last October policy that it would restrict banks from charging prepayment penalties on floating rate loans of small businessmen to "safeguard customers' interest". At present, banks are not permitted to charge prepayment penalty to individual borrowers for purposes other than business. The RBI expressed concerns over high attrition in banks and finance companies, stating that “high attrition poses significant operational risks, including disruption in customer services and loss of institutional knowledge”. KYC GAPS It also directed banks to fix certain gaps in know-your-customer, or KYC processes. "Accounts getting frozen and lack of proactive customer assistance have caused operational inefficiencies and customer grievances," the regulator said. The RBI advised banks to closely monitor gold loan portfolios as it continues to observe irregularities in lending processes. Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )Stock indexes drifted to a mixed finish on Wall Street as some heavyweight technology and communications sector stocks offset gains elsewhere in the market. The S&P 500 slipped less than 0.1% Thursday, its first loss after three straight gains. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite fell 0.1%. Gains by retailers and health care stocks helped temper the losses. Trading volume was lighter than usual as U.S. markets reopened following the Christmas holiday. The Labor Department reported that U.S. applications for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. Treasury yields fell in the bond market. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks wavered on Wall Street in afternoon trading Thursday, as gains in tech companies and retailers helped temper losses elsewhere in the market. The S&P 500 was up less than 0.1% after drifting between small gains and losses. The benchmark index is coming off a three-day winning streak. The Dow Jones Industrial Average was up 10 points, or less than 0.1%, as of 3:20 p.m. Eastern time. The Nasdaq composite was up 0.1%. Trading volume was lighter than usual as U.S. markets reopened after the Christmas holiday. Chip company Broadcom rose 2.5%, Micron Technology was up 1.3% and Adobe gained 0.8%. While tech stocks overall were in the green, some heavyweights were a drag on the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, slipped 0.1%. Meta Platforms fell 0.5%, Amazon was down 0.4%, and Netflix gave up 0.7%. Tesla was among the biggest decliners in the S&P 500, down 1.4%. Health care stocks helped lift the market. CVS Health rose 1.4% and Walgreens Boots Alliance rose 3.9% for the biggest gain among S&P 500 stocks. Several retailers also gained ground. Target rose 3.1%, Ross Stores added 1.8%, Best Buy was up 2.5% and Dollar Tree gained 3.6%. Traders are watching to see whether retailers have a strong holiday season. The day after Christmas traditionally ranks among the top 10 biggest shopping days of the year, as consumers go online or rush to stores to cash in gift cards and raid bargain bins. U.S.-listed shares in Honda and Nissan rose 4.2% and 15.9%, respectively. The Japanese automakers announced earlier this week that the two companies are in talks to combine. Traders got a labor market update. U.S. applications for unemployment benefits held steady last week , though continuing claims rose to the highest level in three years, the Labor Department reported. Treasury yields turned mostly lower in the bond market. The yield on the 10-year Treasury fell to 4.58% from 4.59% late Tuesday. Major European markets were closed, as well as Hong Kong, Australia, New Zealand and Indonesia. Trading was expected to be subdued this week with a thin slate of economic data on the calendar. Still, U.S. markets have historically gotten a boost at year’s end despite lower trading volumes. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Even so, the U.S. market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up roughly 26% so far this year and remains near its most recent all-time high it set earlier this month — its latest of 57 record highs this year. Wall Street has several economic reports to look forward to next week, including updates on pending home sales and home prices, a report on U.S. construction spending and snapshots of manufacturing activity. ___ AP Business Writers Elaine Kurtenbach and Matt Ott contributed. Alex Veiga, The Associated Press
The Kano State chapter of the All Progressives Congress has described as laughable Senator Rabiu Kwankwaso’s claim that he would significantly reduce the party’s votes in Kano during the 2027 elections. Kwankwaso, a former governor of Kano State, is the leader of the Kwankwasiyya Movement and the ruling New Nigeria People’s Party in Kano. In a statement on Thursday, the Kano APC Chairman, Abdullahi Abbas, called on Kwankwaso to stop “daydreaming” and instead focus on reclaiming his membership in the NNPP. Abbas characterised Kwankwaso as a “political refugee,” accusing him of clinging to Kano State, Governor Abba Yusuf, “like a leech” in a futile bid to regain relevance. “Our teeming supporters in the APC have no cause to worry about Kwankwaso, who has been booted out of the NNPP due to his cluelessness and self-centredness. We expect Kwankwaso to keep wondering why he has become a wanderer in the political terrain,” Abbas said. “He ran away from the APC because he couldn’t fit into our progressive ideals. His over-bloated ego and domineering posture forced him to abandon the PDP, and he has now become a political refugee because the NNPP refused to accommodate him.” Related News Yusuf mourns death of Jigawa gov's son Stop daydreaming, face reality, APC blasts Kwankwaso Kwankwaso vows to reduce APC’s influence in Kano Abbas further assured APC supporters that the party would not tolerate a repeat of what he described as “vote manipulation and allocation” during the 2023 elections, which he claimed created a false impression of the NNPP’s strength in Kano. “The APC is already waiting in the wings to not only reclaim Kano State but also save the people from the undue influence of Kwankwaso, who rules from his Miller Road castle,” he added. The statement was in reaction to Kwankwaso’s remarks during a recent meeting at his residence in Kano, where he claimed to have received former councillors and senior special advisers from the administration of Dr. Abdullahi Ganduje. Reflecting on the 2023 elections, Kwankwaso said, “Despite being a new political platform and starting our campaign late, we achieved this remarkable feat.” He noted that the NNPP’s efforts sidelined the Peoples Democratic Party, which struggled to secure just 15,000 votes in Kano. “Now, it’s our turn to diminish APC’s influence. We will work tirelessly to ensure their votes are reduced to less than 15,000 in Kano come 2027,” Kwankwaso declared.143 Entertainment is under intense scrutiny following allegations of sexual misconduct involving their CEO and MADEIN member Gaeun. According to a report by Koreaboo , the agency’s public denial of the claims, combined with actions like disabling comments on social media platforms, has sparked widespread criticism from fans and netizens, many of whom are rallying for accountability and justice. The controversy reportedly began earlier this month when fans noticed unusual activity on Gaeun’s Instagram. She wiped her account clean and unfollowed the agency’s CEO, raising suspicions. Around the same time, JTBC’s Scandal Supervisor aired a report alleging that a girl group member had evidence of being sexually assaulted by her agency’s CEO. While the report did not name the victim or group, fans identified footage used in the broadcast as related to MADEIN. Gaeun’s announcement of a hiatus for health reasons on 11 November only added to the concern. Matters came to a head on 22 November when MADEIN’s official account on X (formerly Twitter) issued a statement acknowledging the connection to their group but vehemently denying the allegations. In their statement, 143 Entertainment declared: “First and foremost, we wish to clarify that there was no sexual harassment or any other form of sexual contact involving abuse of power between the mentioned member and the company CEO. The reported claims are entirely false. Additionally, regarding the hotel incident involving the member, we would like to clarify that it was in the company of acquaintances. The broadcasted information was based on statements from individuals unrelated to the member, who provided inaccurate accounts. We want to emphasize once again that the issue is baseless and completely unfounded.” However, many fans found the agency’s response unconvincing. The decision to disable comments on Instagram, TikTok, and YouTube was widely interpreted as an attempt to suppress discussions and avoid accountability. As one fan remarked on X, “Disabling comments just proves they don’t want the truth out. It’s a cowardly move.” Another voiced frustration over the broader issues at play, stating, “This is probably just the tip of the iceberg in K-pop. CEOs like this know how to hide their tracks or intimidate their idols into silence.” Adding to the outrage is Gaeun’s young age—she is only 19 years old. One netizen expressed their shock, saying, “She’s younger than me. These creepy old men preying on helpless girls need to face justice.” Fans have called for a boycott of MADEIN, hoping to pressure the company into greater transparency and systemic change. The ongoing backlash against 143 Entertainment highlights troubling dynamics in the K-pop industry, where exploitation and power imbalances are often shrouded in secrecy. Fans remain vocal on X, keeping the conversation alive and amplifying demands for a safer and more ethical environment for idols.
AP Sports SummaryBrief at 3:50 p.m. ESTVictor Wembanyama went to a park in New York City and played 1-on-1 with fans on Saturday. He even lost a couple of games. Not in basketball, though. Wemby was playing chess. Before the San Antonio Spurs left New York for a flight to Minnesota, Wembanyama put out the call on social media: “Who wants to meet me at the SW corner of Washington Square park to play chess? Im there,” Wembanyama wrote. It was 9:36 a.m. People began showing up almost immediately. Washington Square Park is a known spot for chess in New York — Bobby Fischer among others have famously played there, and it's been a spot used for multiple movie scenes featuring the game. Wembanyama was there for an hour in the rain, from about 10-11 a.m. He played four games, winning two and losing two before departing to catch the Spurs' flight. Wembanyama had been trying to get somewhere to play chess for the bulk of the team's time in New York — the Spurs played the Knicks on Christmas and won at Brooklyn on Friday night. The schedule never aligned, until Saturday morning. And even with bad weather, he bundled up to make it happen. He posed for photos with a couple of dozen people who showed up, braving a morning of cold rain to play chess with one of the NBA's biggest stars. “We need an NBA players only Chess tournament, proceeds go to the charity of choice of the winner,” he wrote on social media after his chess trip was over. Wembanyama is averaging 25.2 points and 10.1 rebounds this season, his second in the NBA after winning rookie of the year last season. AP NBA: https://apnews.com/hub/NBA
LONDON — Pet Shop Boys and Paloma Faith were among the major honorees at the 2024 Artist & Manager Awards, which also saw the creative teams behind Yungblud and British dance duo Chase & Status pick up prizes in recognition of their clients’ commercial success. Held at London’s Bloomsbury Big Top on Thursday (Nov. 21), the annual awards show organized by U.K. trade bodies the Featured Artists Coalition (FAC) and Music Managers Forum (MMF) is one of the few industry events that exclusively celebrates the achievements of both artists and their managers. One of the night’s biggest prizes was the artist and manager partnership award, collected by the Pet Shop Boys and their long-time manager Angela Becker , who has represented the dance pop duo since 2009. “At a time when we needed it, [Angela] brought into our lives good advice, organization, honesty and strategy to help us carry out some of our strange, spontaneous and willful ideas, and make them into a reality,” singer Neil Tennant told the audience of industry executives, artist managers, entrepreneurs, and invited guests. “She has helped us flourish in those 16 years and we love her for that.” Tennant was joined onstage by his musical partner Chris Lowe and Becker. “Learning the language of your client’s hopes and fears will open doors to profound impact, ensuring that their work echoes in the hearts of audiences long after,” Becker responded, adding: “I am continually elevated and inspired by the pursuit of new ways to communicate Pet Shop Boys’ vision.” This year’s icon award was presented to Faith, whose sixth studio album, The Glorification of Sadness , reached No. 2 on the Official U.K. Album Chart in February and who organizers praised for being “political, strong, a true individual, and a brilliant songwriter and artist.” “Being named an icon is truly an honor and one I certainly don’t feel when I’m at school drop-off and pick-up with yesterday night’s gig makeup halfway down my face and wearing a dirty grey tracksuit,” joked Faith, collecting the award from her long-time manager and “partner-in-crime” Innis Ferguson at Lateral Management. “Innis is the person who allowed me to become more than a singer. She and the company [Lateral Management] are the reason why I’m winning the award because they don’t just view me as a music artist. They view me as whatever I want to be, whenever I want to be it,” said Faith, who recently published a best-selling book and has previously featured in an acclaimed, fly-on-the-wall BBC documentary. Faith went on to urge other artists to speak out about social and political issues. “It’s a waste of a platform not to be politically engaged and not use your voice for good,” she told the audience. “Throughout history, musicians have always spoken out about social issues. It should be part of all our work to continue to do that job. It’s our duty. Please do not squander your influence on superficial things alone when you can make the world better.” Other prizes given out at the ceremony included the fan champion award, which went to Yungblud, Tommas Arnby , Adam Wood and the management team at Special Projects Music, in recognition of their “innovative and hands-on approach to building and nurturing Yungblud’s fanbase.” “I will do everything for my community, everything is for them. We work every day to try and make them feel safe, to try and make them feel heard and to try and make them feel seen,” said Yungblud, real name Dominic Harrison, in a video acceptance speech filmed in California. Accepting the award in London on his behalf were two of his biggest fans, Corey and Kenya. British dance duo Chase & Status and their manager Sophie Kennard (Frame Artists) triumphed in the artist and manager team of the year category. “Management is really a thankless job,” said the band’s Will Kennard . “All artists are a total nightmare and managers have to deal with them day-in and day-out on so many different levels. What they do is really quite heroic, and they don’t really get the recognition they deserve,” he said paying tribute to his “incredible, irreplaceable” manager. Riverman Management founders Alex Weston and Dave McLean were awarded the prestigious title of managers’ manager in tribute to their successful three-decade long career, which began in the early 1990s when they promoted some of the first U.K. shows by Nirvana , Green Day , Pearl Jam and Soundgarden . The company’s artist management roster now includes Friedberg , Dea Matrona , Tom Fleming and Placebo , who the firm has represented since 1995. “Over the years, with the introduction of technology and with the continuously increasing and expanding workloads, [artist] management has become a job that I sometimes question why any sane person would enter or continue to [do],” said Weston, accepting the managers’ manager award from FAC board director and former member of The Fall , Brix Smith . “What other job on this planet requires us to have so much wide-ranging knowledge, so many skills and so much responsibility and time invested?” she went on to say. “But we do it because we are 100% committed and passionate about each of the artists we take on and truly believe, against all the odds, we can break them and their music. They are the future of our industry and put their faith and trust in us to help them achieve those ambitions,” said Weston before offering a note of caution to major labels: “Sometimes it’s worth remembering that managers need support too.” Other winners on the night included British funk group Cymande , who took home the originator award, and Grammy-nominated Scottish musician Sophie , who died in 2021 at age 34. With the blessing of her family, who were present at the awards ceremony, Sophie was posthumously given the pioneer award. Later in the evening, electronic music producer Barry Can’t Swim (real name Joshua Mainnie) received the breakthrough artist award, while Victoria de Juniac was named breakthrough manager in recognition of her work with Irish singer-songwriter Cian Ducrot . The ceremony was hosted by BBC Radio 1Xtra DJ Remi Burgz and featured live performances from Moonchild Sanelly , BEKA and Hana Lili . Here’s the full list of winners at the 2024 Artist & Manager Awards: Artist & Manager Partnership: Pet Shop Boys & Angela Becker (Becker Brown) Artist & Manager Team of the Year: Chase & Status & Sophie Kennard (Frame Artists) Icon: Paloma Faith Managers’ Manager: Riverman Management Pioneer: SOPHIE (posthumous award) Originator: Cymande Fan Champion: Yungblud & Special Projects Music Breakthrough Artist: Barry Can’t Swim Breakthrough Manager: Victoria de Juniac (VictoriaBDJ Management) Secret Weapon: Hope James (Atlas Artists) Writer / Producer Manager: Ant Hippsley (Milk & Honey) Team Achievement: Finesse ForevaJosh Allen’s Bills offensive line gifted him an ‘MVP’ chain — even though he hasn’t won award yetThe Israeli Justice Ministry made the announcement in a message late on Thursday, saying the investigation would focus on the findings of a recent report by the Uvda investigative programme into Sara Netanyahu. The programme uncovered a trove of WhatsApp messages in which Mrs Netanyahu appears to instruct a former aide to organise protests against political opponents and to intimidate Hadas Klein, a key witness in the trial. The announcement did not mention Mrs Netanyahu by name and the Justice Ministry declined further comment. Earlier on Thursday, Mr Netanyahu blasted the Uvda report as “lies”. It is the latest in a long line of legal troubles for the Netanyahus, highlighted by the PM’s ongoing corruption trial. Mr Netanyahu is charged with fraud, breach of trust and accepting bribes in a series of cases alleging he exchanged favours with powerful media moguls and wealthy associates. He denies the charges and says he is the victim of a “witch hunt” by overzealous prosecutors, police and the media.
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