An article on October 23 wrongly reported the outcome of a Hampshire county council cabinet meeting. Waste recycling centres will be spared and the use of school traffic controllers will be reviewed, not cut as wrongly stated.
Business
Hampshire county council cabinet meeting
Business
ICRA sees bank credit growth slowing to around 12% from over 16% on the back of regulatory measures, tighter funding- The Week
In the last couple of years, lenders saw a strong growth in credit. Generally, the loan growth was way ahead of deposit growth. But, with regulatory measures, it has slowed for commercial banks. On the other hand, non-banking finance companies (NBFCs) are also feeling the pinch as banks tighten the funding tap.
Over the last couple of years, there has been a massive surge in retail credit. But, the surge in unsecured lending hasn’t gone down well with the Reserve Bank of India, which tightened norms for such loans last year. That has had the intended impact.
ALSO READ: RBI takes action against four NBFCs for predatory pricing
Separately, earlier this year, the RBI released a draft circular proposing to tighten norms related to liquidity coverage ratio by increasing the run-off factor (banks would have to set aside more liquid assets to tide over potential spikes in deposit withdrawals). That could additionally weigh on credit growth, should they take effect from April 2025.
Credit rating agency ICRA estimates incremental bank credit to slow down to around Rs 19.0–20.5 lakh crore, up 12 per cent in the current financial year ending March 2025. In the previous financial year, bank credit grew 16.3 per cent to Rs 22.3 lakh crore.
NBFCs are likely to see a sharper slowdown in their assets under management this year, with the AUM growth at 16–18 per cent for the 2024–25 period from 25 per cent in 2023–24.
The Reserve Bank has taken regulatory action against several financial entities over the last few months, which is expected to push others to adjust their business practices and models. This will also have a bearing on near-term credit growth, noted ICRA.
It pointed out that the share of the retail segment and the NBFCs in the incremental credit flow of banks had already declined to 42.9 per cent in 12 months ending August 2024 from 48.9 per cent in the same period a year ago. As a sizeable portion of bank credit flow to the NBFCs is towards on-lending to the retail segments, overall credit to the retail segment may slow down in the next 12–18 months.
“As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will also compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others,” said AM Karthik, senior vice-president and co-group head of Financial Sector Ratings at ICRA.
Over the last few years, banks also saw a decline in their non-performing assets (NPAs). While the headline gross NPAs in percentages are still expected to remain under control, asset quality pressures are expected to rise in certain segments.
“Incrementally, the denominator is still growing. While we are expecting a slowdown in growth, 12-13 per cent is a good enough increase. Operating profitability for banks is still fairly decent. So they will have adequate resources to make provisions for write-offs. So, to that extent, the headline numbers may not see a marked spike up. But, you will see certain segments like unsecured or retail, and those segments are showing a spike,” said Karthik Srinivasan, group head of Financial Sector Ratings at ICRA.
In the last two years, the high credit growth in the retail segment has potentially resulted in overleveraging in some asset segments, ICRA noted, adding that slower credit growth can impair the refinancing ability of some of these borrowers, as the lenders become risk-averse. This tightening often results in weaker borrowers falling behind in their repayments schedule, in turn increasing the asset quality pressure for the lenders, it said.
High-yielding loans or marginal borrowers (like micro-loan borrowers or a notch better) segments are where signs of stress are, said ICRA officials.
“Today, what we are seeing is stress, which is present in the unsecured segment. We have to see whether this stress spills over to the secured assets segment where the borrower may be similar, so let us say, tractor, used passenger vehicles micro-LAP (loan against property), apart from the credit cards and unsecured loans,” said Anil Gupta, senior vice-president and co-group head of Financial Sector Ratings at ICRA.
The ratings agency expects the RBI to start cutting interest rates only from the February monetary policy committee meeting. It sees the MPC cutting the benchmark repo rate by 25 basis points in February and another 25 basis points in April.
ICRA officials feel that banks may not cut deposit rates immediately, even after a repo rate cut, as banks will try to shore up retail and small deposits in a way that recoups the loss on the LCR side.
Travel
When is the best time to visit Bali? A guide to the Indonesian island’s dry and rainy seasons
A HOLIDAY to the Indonesian island of Bali is considered a trip of a lifetime.
Thanks to its tranquil waters and idyllic beaches, this Indonesian island is considered a dream vacation. Here is your complete guide on the best time to visit this captivating destination.
Bali has long been the vacation of dreams, thanks to palm-fringed beaches, inviting ocean and stunning landscape.
Travellers go there to soak up the culture and immerse themselves in the laid back Indonesian way of life.
Known for it’s tranquil setting, Bali is a hotspot for holidaymakers from all over the world.
Whether globetrotters want to relax on an idyllic shore or head out for an adventure, Bali is the place to be.
More on idyllic destinations
Best time to visit Bali
If you are thinking of visiting Bali, the best time of year to go there is between the months of May and August.
This is because the weather is more settled and the heat is more bearable at this time of year.
Although August is the coolest month of the year, holiday-goers need not worry about missing out on sun.
Temperatures still can peak at a maximum of 29C and have an average low of 24C.
Dry season in Bali
Travellers wanting to hit the dry season on the famous Indonesian island will be happy to know that there are seven months of the year when there is no rain.
Sunbathers can expect clear skies and hot weather between April and October, with the average temperature being in the low 30s.
However, this time of year tends to attract an influx of tourists.
It’s a great time for snorkelling and water sports, plus those wanting more adventure can take on one of the hiking trails.
Please note, it can be more expensive to book flights, accommodation and activities during these months.
Rainy season in Bali
The rainy season not only brings wet weather, but is also very hot and humid.
There are five months of the year when the island it hit by heavy rainfall and those are from November to April.
During this time, downpours tend to hit the island in the morning and afternoon.
There might be a few days when it rains non-stop, but this isn’t common.
Something to also be aware of are tropical cyclones during this time.
These are very heavy rain and strong winds that the island experiences.
These tropical cyclones tend to hit between January and mid-April.
Cheapest time to visit Bali
If you’re thinking of doing Bali on a budget, the best time to go is to avoid peak season.
More expensive times to go there are June to August and late December to early January.
Holidaymakers are advised to travel during low season, for a more affordable vacation.
Visiting Bali in February, March, September, October, November and early December can save travellers a lot of money.
This is because the price of flights and accommodations during these months can be cheaper.
Bali weather by month
Here we look at the temperatures you can expect each month in Bali:
- January 29C – 23C
- February 30C – 22C
- March 30C – 23C
- April 32C – 22C
- May 33C – 23C
- June 31C – 22C
- July 31C – 22C
- August 31C – 22C
- September 31C – 22C
- October 31C – 23C
- November 31C – 23C
- December 30C – 23C
Business
How to give a good speech
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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
There are many ways to give a terrible speech. The chief executive who pulls out a sheaf of densely written text and robotically reads it aloud. The management consultant whose every word competes with a jargon-filled tangle of meaningless diagrams and bullet points. The best man who manages to embarrass the bride and outrage her mother with his scurrilous tales.
The strange thing is that we all know this. We’ve all sat in audiences watching speakers commit these familiar crimes against rhetoric. We all know that there are much better ways to give a talk. So why do we keep doing it so badly?
The answer is we’re afraid. Jerry Seinfeld joked that people would rather be in the casket at a funeral than giving the eulogy, and while it’s a myth that people are more afraid of public speaking than they are of death, fear of public speaking is very common.
It’s this ubiquitous anxiety about speaking in public that — ironically — leads so many people to speak so badly. The chief executive is worried that an ad-libbed line will end their career. The management consultant is afraid of losing the thread or running out of things to say. The best man is terrified that people won’t laugh at his jokes. The unspoken question that frames the speech preparation isn’t “what do I want to say?” but “how do I get out of this in one piece?”.
Being asked to give a 20-minute speech is viewed by many people as an ordeal to be survived, and the central task is to safely fill 20 minutes with words, neither running out of material nor forgetting your lines. If this is how people see the challenge, no wonder their instinct is to get the scriptwriter in, or to fire up the PowerPoint clip-art and start searching for inspirational quotations; or, in the case of the panicky best man, to think of the most inappropriate story they can.
The art of good public speaking is often to say less, giving each idea time to breathe, and time to be absorbed by the audience. But the anxiety of the speaker pushes in the other direction, more facts, more notes, more words, all in the service of ensuring they don’t dry up on stage.
It’s true that speaking in public is difficult, even risky. But the best way to view it is as an opportunity to define yourself and your ideas. If you are being handed a microphone and placed at the centre of an audience’s attention for 20 minutes, you’re much more likely to flourish if you aim to seize that opportunity. Everyone is watching; you’re there for a reason. So . . . what is it that you really want to say?
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If you’re the best man at a wedding, there shouldn’t be much doubt: “My friend can be a real idiot sometimes, but I love him and we all wish the couple every happiness together”.
For other talks, the point may be less obvious. But there has to be one. Many executive speeches are excruciating because the CEO is determined to avoid saying anything of interest, while management consultancy is cursed by the need to give presentations regardless of whether there are any ideas to present. No less an authority than Eminem put his finger on the problem, rapping “Nowadays, everybody wanna talk like they got something to say/ But nothing comes out when they move their lips/ Just a bunch of gibberish.”
People who talk when they’ve nothing to say are an annoyance, but then there are those who do have something important to say, yet duck their opportunity to say it. That is less of an annoyance than a tragedy.
I was recently leading a seminar about public speaking, when one woman asked me how she should deal with speaking to reluctant audiences. She worked in health and safety, she explained, and people only attended talks about health and safety because they were compulsory. She seemed self-effacing and glum.
“Do you think health and safety is important?” I asked her. Yes, she did. “Do you think that if people understood your ideas better, it might prevent an awful accident?” Yes. Well, I suggested, perhaps that might be a starting point.
She might build her talk around the message, “The simplest-seeming details could save your life.” But not necessarily. Another good talk about health and safety could emphasise that when you pay attention to safety, you raise your game more generally: “health and safety doesn’t just save lives, it saves money.”
Or maybe there’s a different angle altogether. I’m not a health and safety expert, after all. But most people, I would hope, have at least one interesting thing they might want to share with the world. If you have one, start there.
In his book TED Talks, Chris Anderson (the head of TED, the conference that has become synonymous with compelling public speaking) emphasises the “throughline” — the thread that should connect everything in the speech, every story, every joke, every slide and every rousing call to action.
The throughline is the most important idea in public speaking. A good speaker mixes things up, varying tone and pace and subject-matter — but the one thing they should never mix up is their audience. That means linking everything, from tear-jerking anecdotes to statistical analysis, to the throughline. More fundamentally, it means knowing what the throughline is.
It isn’t easy to speak compellingly in front of an audience, but our fear of the occasion does us more harm than good. It’s best not to prepare in a defensive crouch. Instead, start with having something to say. Then say it.
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Business
Disappointing earnings by HUL drags FMCG stocks sharply lower- The Week
Fast-moving consumer goods companies saw a sharp sell-off on Thursday, as earnings of Hindustan Unilever (HUL), the largest in the segment in the country, left investors disappointed.
HUL closed 5.8 per cent lower at Rs 2,502.95 on the BSE, a day after the maker of Surf detergent and Bru coffee reported a 4 per cent year-on-year drop in standalone second-quarter net profit. Its revenue also rose only 2 per cent, with company officials stressing moderating growth in urban markets. Earlier, Nestle India and Tata Consumer Products too had pointed to consumer spending woes in urban areas.
Against this backdrop, investors seemed to have lost some appetite for FMCG companies. On Thursday, Dabur, Godrej Consumer, Nestle, Hatsun, Colgate Palmolive, Varun Beverages, Marico, Emami and Heritage Foods among others declined 2-5 per cent. The BSE Sensex ended flattish, down 17 points or 0.02 per cent.
HUL has declined a little over 15 per cent over the past one month, compared with a 5.7 per cent decline in the Sensex.
ALSO READ: After Nestle India, Hindustan Unilever points to urban demand pressures hurting growth
“While rural market is seeing a gradual recovery, moderation in urban (also voiced by Nestle and Tata Consumer) has come as a negative surprise,” noted Mehul Desai of JM Financial Institutional Securities.
HUL, in particular, saw volumes de-grow in low-single digits in foods and refreshments as well as personal care segments.
“Demand environment is unlikely to see acceleration as gradual recovery in rural is offset by moderation seen in urban market (primarily in large cities),” said Desai.
In the backdrop of the weak growth in the July-September quarter earnings, analysts have cut their earnings estimates for HUL by 2 per cent to 4 per cent. However, not all is negative, said some analysts.
“The portfolio (home care, and beauty and wellbeing) that represents three-fifth of the sales and two-thirds of the EBIT (earnings before interest and taxes) is in good health, with topline growth in a high single-digit and margin expansion,” noted Nitin Gupta of Emkay Global Financial Services.
The recent correction in the stock factors in the near-term slowdown, he said.
Naveen Trivedi of Motilal Oswal Financial Services also pointed to the 7-8 per cent underlying growth in the core home care, beauty and wellbeing portfolio and opined out that with macro improvements, HUL can see “volume acceleration” in the ensuing quarters. The price hikes that the company is taking to offset inflation in certain segments, should also support revenue growth, he added.
Business
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