Finance
India, UK finance ministers agree to make further progress on FTA
“At a gathering with Indian Finance Minister Nirmala Sitharaman, each side agreed to make additional progress on the UK-India Free Commerce Settlement and deepen bilateral financial and monetary ties,” the Treasury division mentioned in an announcement.
“They agreed to make swift progress on organising the subsequent UK-India Financial and Monetary Dialogue,” it mentioned.
Hunt, on his first worldwide go to as UK Chancellor, additionally met with enterprise leaders in Bengaluru and visited the places of work of tech multinational Wipro which employs over 4,000 folks within the UK.
“Assembly fellow Finance Ministers nose to nose is a superb alternative to make actual progress on the important thing world financial problems with our time,” mentioned Hunt.
“I first visited India 38 years in the past, and it has been fascinating to see how a lot the nation has modified on this time – there are constructive classes to be learnt from their profitable fast growth.
“It has been nice to listen to from Indian expertise enterprise leaders right here in Bengaluru how they’re pushing the nation’s financial system ahead, and I look ahead to additional collaboration between India and the UK as we proceed to commerce and create jobs – delivering on the federal government’s plan to develop the financial system,” he mentioned. The Chancellor, alongside Financial institution of England Governor Andrew Bailey, attended a gathering of G7 Finance Ministers and Central Financial institution Governors on Thursday. They had been joined just about by Ukrainian Finance Minister Serhiy Marchenko.
“Their assertion despatched a robust message of condemnation for Russia’s conflict of aggression towards Ukraine, introduced a rise of monetary assist for the Ukrainian authorities to a complete of USD 39 billion in 2023 and dedicated to proceed supporting susceptible nations hardest hit by the financial affect of the conflict,” the Treasury mentioned.
On Friday, the UK introduced a contemporary wave of internationally coordinated sanctions and commerce measures, to “additional limit Russia’s functionality to wage conflict in Ukraine each now and sooner or later”.
On the first G20 Finance Ministers and Central Financial institution Governors assembly below the Indian Presidency, Hunt condemned “Russia’s brutal acts” within the strongest phrases, emphasising that securing peace was an important motion for world development.
Based on the UK authorities, the senior Cupboard minister additionally underscored the necessity for bilateral official collectors and personal sector to urgently assist handle low and middle-income nation debt vulnerabilities in growing nations.
The minister emphasised the significance of multilateral growth banks boosting lending from their present stability sheets and referred to as on the G20 to fulfil its pledge to channel USD 100 billion of IMF Particular Drawing Rights in assist of growing nations.
“The Indian Presidency issued a Chair’s assertion on the finish of the assembly which highlighted, amongst different issues, the continued must battle inflation, and the significance of supply-side insurance policies, particularly those who improve labour provide, enhance development and alleviate worth pressures.
“There was additionally G20 consensus, together with China, on the necessity for swift decision of present debt restructuring circumstances and to work on the impacts of meals and power insecurity on the worldwide financial system,” the Treasury mentioned.
Whereas in Bengaluru, the UK Chancellor can be mentioned to have had “productive bilateral conferences” with US Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell, French Minister of Financial system and Finance Bruno Le Maire and Kristalina Georgieva, Managing Director of the Worldwide Financial Fund (IMF). He additionally met with Australian Treasurer Jim Chalmers.
Whereas talking on the conferences, the Chancellor is alleged to have set out the UK authorities’s intention to guard essentially the most susceptible from cost-of-living pressures, while sustaining fiscal sustainability with debt falling and never including to inflationary stress.
He added that the upcoming Spring Funds of the Rishi Sunak-led authorities on March 15 will “drive financial development, specializing in expertise, enterprise and infrastructure funding and analysis and innovation, in addition to reviewing rules of the UK’s key development industries”.
Truist raised the firm’s price target on PNC Financial (PNC) to $216 from $215 and keeps a Hold rating on the shares as part of a broader research note updating the firm’s models after the second day of big bank earnings. The main drivers of the firm’s upside revision for the company are higher revenues than previously incorporated – both net interest income and fees income – partially offset by higher expenses and the tax rate, the analyst tells investors in a research note.
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American Honda Finance Corporation (AHFC) reached an agreement with the Consumer Financial Protection Bureau (CFPB) to settle the regulator’s allegations that the company reported inaccurate information that was then added to consumers’ credit reports.
The CFPB alleged that the company violated the Fair Credit Reporting Act (FCRA) by furnishing false and harmful information that ended up on borrowers’ credit reports, continuing doing so after determining that several types of information were inaccurate, failing to investigate disputes about information it provided to credit reporting companies, and failing to send the results of investigations to those companies and consumers, when required, the regulator said in a Friday (Jan. 17) press release.
AHFC is the auto financing arm of American Honda Motor Co. and the sole authorized distributor of Honda and Acura vehicles in the United States. The inaccurate information it provided affected the credit reports of 300,000 borrowers, according to the release.
“Honda Finance used sloppy practices that smeared the credit reports of hundreds of thousands of its customers,” CFPB Director Rohit Chopra said in the release. “False accusations on a credit report can have serious implications for Americans seeking a job, housing or a loan.”
The CFPB’s order resolving these charges requires AHFC to take steps to correct its prior erroneous reporting, pay $10.3 million in redress to harmed consumers and pay a $2.5 million penalty to the regulator’s victims relief fund.
Reached by PYMNTS, AHFC said in an emailed statement: “AHFC has not admitted any wrongdoing but resolved this matter to better focus on its customers. AHFC will continue its efforts to provide the best possible financing experience for its customers.”
This news came on the same day that consumer reporting agency Equifax agreed to a settlement and consent order that will resolve CFPB allegations that it failed to take steps to ensure the accuracy of its credit reports. That consent order requires the company to pay a $15 million civil penalty.
In November 2023, the CFPB ordered Toyota Motor Credit to pay a $60 million fine for engaging in illegal lending practices and credit reporting misconduct that knowingly tarnished consumers’ credit reports with false information.
In July 2022, the regulator ordered Hyundai to pay more than $19 million for providing inaccurate information to credit reporting companies and failing to take proper steps to deal with inaccurate information after it was identified.
NEW YORK, January 17, 2025–(BUSINESS WIRE)–KKR Real Estate Finance Trust Inc. (“KREF”) (NYSE: KREF) announced today that it plans to release its financial results for the fourth quarter 2024 on Monday, February 3, 2025, after the closing of trading on the New York Stock Exchange.
A conference call to discuss KREF’s financial results will be held on Tuesday, February 4, 2025 at 9:00 a.m. ET. The conference call may be accessed by dialing (844) 784-1730 (U.S. callers) or +1 (412) 380-7410 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of KREF’s website at http://www.kkrreit.com/investor-relations/events-and-presentations. A slide presentation containing supplemental information may also be accessed through this website in advance of the call.
A replay of the live broadcast will be available on KREF’s website or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), pass code 4697062, beginning approximately two hours after the broadcast.
About KKR Real Estate Finance Trust Inc.
KKR Real Estate Finance Trust Inc. is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250117176772/en/
Contacts
Investor Relations:
Jack Switala
(212) 763-9048
kref-ir@kkr.com
Media:
Miles Radcliffe-Trenner
Tel: (212) 750-8300
media@kkr.com
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