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India needs to create 'bad bank' quickly - Arvind Subramanian

NEW DELHI India's finance ministry on Wednesday backed a call by the Reserve Bank of India to set up an institution similar to a "bad bank," saying urgency was needed to address troubled loans weighing on the banking sector that were hobbling investment and growth.

India's bankers sceptical over RBI proposal on bad loans

MUMBAI/NEW DELHI Indian bankers on Wednesday poured scepticism on a proposal by the RBI to set up new private or state companies to buy up bad debt from lenders, warning that the plan would add more complexity and delay restructuring.

Switzerland's ABB hit by $100 million South Korean fraud

ZURICH Swiss engineering group ABB revealed the discovery of what it called a "sophisticated criminal scheme" in its South Korean subsidiary on Wednesday, which it expects will result in a $100 million pre-tax charge.

Airbus seeks new talks with European nations over A400M costs

PARIS Airbus called for new talks with European governments to ease "heavy penalties" for delays to its A400M military aircraft on Wednesday, after taking a fresh 1.2-billion-euro ($1.3 billion) charge in the latest blow to Europe's largest defence project.

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