Dubai deals dip 50%, but this developer's $1.4 billion bet rolls on

The Supreme Court confirmed the decision of the Bombay High Court regarding Yes Bank's AT1 bonds. This ruling impacts ₹8,415 crore in bonds written off during the bank's 2020 restructuring. The court noted that the administrator lacked the authority to write down these bonds. Bondholders had contested the write-off, citing mis-selling of the securities. Yes Bank is now obligated to repay the bonds along with accrued interest.

Fairfax Financial Holdings will acquire a 60.72% stake in IDBI Bank and reduce its ownership over 15 years. The Reserve Bank of India has allowed Fairfax to decrease its stake to 26% eventually. Fairfax has two years to decide the future of CSB Bank, including merger or sale options. The group aims to transform IDBI Bank into a comprehensive financial services entity.

Canadian billionaire Prem Watsa's bet on IDBI Bank is backed by faith in the Indian economy, he told Mohit Bhalla and Sruthijith KK in a phone interview. The government Wednesday approved the divestment of a majority stake in IDBI Bank to Watsa's Fairfax Financial Holdings. Watsa, 76, who was born near Hyderabad and studied at IIT-Madras, migrated to Canada in the 1970s. Started by him as an insurance company, Fairfax Financial now has assets of over $100 billion. Edited excerpts from the interview are in the copy.

Maharashtra Food and Drug Administration has implemented a ban on loose spices to combat adulteration. The ban comes after discovering harmful industrial dyes in local spice samples. Action will be taken against manufacturers who violate the compliance order issued by the FDA. The FDA will also regulate the storage of spices to ensure public health isn't jeopardized.

Prem Watsa, chairman of Fairfax Financial, has acquired a major stake in IDBI Bank, emphasizing India's economic growth potential. He believes that India will experience significant economic advancements over the next decade. Watsa expressed confidence in the bank's financial recovery and potential for expansion after overcoming past challenges. He assured that the focus will be on maintaining the lender's fiscal integrity and staff welfare.

Canara Bank and Indian Bank reported a total corporate loan pipeline of ₹1.10 lakh crore between them. The banks are experiencing steady credit demand from corporate clients amid rising bond yields. Canara Bank expects to maintain around 19% credit growth, while Indian Bank targets a 14-15% growth rate. Both banks highlighted the importance of improving deposit growth to narrow the credit-deposit gap.

India has the potential to leverage its cultural heritage and creative capabilities for economic growth in various sectors. Rajan Navani emphasized the collaboration required among industry and government to achieve this vision. The focus is on using artificial intelligence responsibly to improve creativity in the media landscape. Educational institutions play a role in fostering skills in emerging technologies and engaging audiences.