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Facebook shone, Alphabet rallied, Apple sank and Twitter tumbled on Thursday after a mixed bag of quarterly reports from top-tier technology companies that investors have relied on this year to power a stock market rally through the coronavirus pandemic.

Alphabet and Facebook both reported strong rises in advertising sales and some caution about the future. Facebook, which often is conservative with forecasts, said that pandemic-related uncertainty could make for a difficult 2021.

Facebook's stock fell 1%, while Alphabet surged 7%.

"These results are testament to the incredible strength of the Google franchise," said Nicholas Hyett, an equity analyst at Hargreaves Lansdown. "Where other marketing driven businesses are struggling as advertisers become more cost conscious, it seems some of the cash is in fact finding its way to the internet search giant."

Apple fell over 5% after its iPhone sales missed estimates, although its quarterly revenue and profit beat analysts' expectations. That wiped $100 billion from Apple's stock market value.

Twitter reported fewer new users than Wall Street expected, sending its shares 17% lower. If Twitter falls that much in Friday's trading session it will have been its deepest one-day drop since March, when fear related to the pandemic sent global stock markets into a deep selloff.

Amazon reported a record quarterly profit and forecast a jump in holiday sales, but its shares fell almost 2% after it forecast a jump in costs related to COVID-19.

The results come a day after the CEOs of Facebook, Google and Twitter testified before the Senate Commerce Committee, rebuffing accusations of anti-conservative bias and promising to aggressively defend their platforms from being used to sow chaos in next week's election.

Facebook's profit jumped in the recently-ended quarter as it benefitted from a rebounding online ad market despite a boycott.

The leading social network's profit jumped 29 per cent to $7.8 billion in the quarter on revenue that climbed to $21.2 billion as people continued to rely on the internet and social media to stay connected while staying safe from the pandemic.

Total revenue, which primarily consists of ad sales, rose to $21.47 billion from $17.65 billion in the third quarter ended September 30, beating analysts' estimates of $19.82 billion, according to IBES data from Refinitiv.

Organisers of a Facebook ad boycott vowed to continue their campaign, saying the company's top executives failed to offer meaningful action on curbing hateful content.

The company has been under especially strong pressure ahead of next week's US presidential election and is aiming to avoid a repeat of 2016, when Russia used its platforms to spread election-related misinformation.

Conservatives have accused Facebook and others of political bias as the platforms step up their oversight of content to clamp down on false or violent material. US President Donald Trump has threatened new regulatory measures which could impact the business models of platforms.

Also, Facebook Inc on Thursday warned of a tougher 2021 despite beating analysts` estimates for quarterly revenue as businesses adjusting to the global pandemic continued to rely on the company's digital ad tools.

The social media company said in its outlook that it faced "a significant amount of uncertainty," citing impending privacy changes by Apple and a possible reversal in the shift to online commerce prompted by the pandemic.

Meanwhile, Twitter Inc on Thursday added fewer users than Wall Street had expected and said expenses would accelerate in the current quarter, sending its shares tumbling 13 per cent. 
Shares of Twitter fell to $45.23 in after-market trading.

The San Francisco-based social media company said it had 187 million monetizable daily active users (mDAU) during the third quarter, missing consensus analyst expectations of 195.2 million users, according to IBES data from Refinitiv. The figure stood at 186 million in the previous quarter.

Costs and expenses grew 13 per cent from the same period last year to $880 million, as the company said it spent more on infrastructure-related expenses.

Twitter said it expected its costs and expenses to grow closer to 20 per cent year over year in the current quarter, an acceleration on the rate in the third.

Twitter said total revenue grew 14 per cent year-over-year to $936 million during the quarter ended September&nbsp;30, beating analyst estimates of $777.15 million.

Last year, Twitter suffered from technical glitches that hurt its ability to target ads, though the company has since rolled out fixes.

Ad revenue in the third quarter grew 15 per cent to $808 million from the same period a year ago, surpassing estimates of $645.95 million.

Twitter noted that many companies paused ad spending during the second quarter due to widespread protests after the death of George Floyd in May and said there could be a similar dynamic with the US election.

(with inputs from agencies)

Facebook shone, Alphabet rallied, Apple sank and Twitter tumbled on Thursday after a mixed bag of quarterly reports from top-tier technology companies that investors have relied on this year to power a stock market rally through the coronavirus pandemic.

Facebook shone, Alphabet rallied, Apple sank and Twitter tumbled on Thursday after a mixed bag of quarterly reports from top-tier technology companies that investors have relied on this year to power a stock market rally through the coronavirus pandemic. Alphabet and Facebook both reported strong rises in advertising sales and some caution about the future. Facebook, which often is conservative with forecasts, said that pandemic-related uncertainty could make for a difficult 2021. Facebook's stock fell 1%, while Alphabet surged 7%. "These results are testament to the incredible strength of the Google franchise," said Nicholas Hyett, an equity analyst at Hargreaves Lansdown. "Where other marketing driven businesses are struggling as advertisers become more cost conscious, it seems some of the cash is in fact finding its way to the internet search giant." Apple fell over 5% after its iPhone sales missed estimates, although its quarterly revenue and profit beat analysts' expectations. That wiped $100 billion from Apple's stock market value. Twitter reported fewer new users than Wall Street expected, sending its shares 17% lower. If Twitter falls that much in Friday's trading session it will have been its deepest one-day drop since March, when fear related to the pandemic sent global stock markets into a deep selloff. Amazon reported a record quarterly profit and forecast a jump in holiday sales, but its shares fell almost 2% after it forecast a jump in costs related to COVID-19. The results come a day after the CEOs of Facebook, Google and Twitter testified before the Senate Commerce Committee, rebuffing accusations of anti-conservative bias and promising to aggressively defend their platforms from being used to sow chaos in next week's election. Facebook's profit jumped in the recently-ended quarter as it benefitted from a rebounding online ad market despite a boycott. The leading social network's profit jumped 29 per cent to $7.8 billion in the quarter on revenue that climbed to $21.2 billion as people continued to rely on the internet and social media to stay connected while staying safe from the pandemic. Total revenue, which primarily consists of ad sales, rose to $21.47 billion from $17.65 billion in the third quarter ended September 30, beating analysts' estimates of $19.82 billion, according to IBES data from Refinitiv. Organisers of a Facebook ad boycott vowed to continue their campaign, saying the company's top executives failed to offer meaningful action on curbing hateful content. The company has been under especially strong pressure ahead of next week's US presidential election and is aiming to avoid a repeat of 2016, when Russia used its platforms to spread election-related misinformation. Conservatives have accused Facebook and others of political bias as the platforms step up their oversight of content to clamp down on false or violent material. US President Donald Trump has threatened new regulatory measures which could impact the business models of platforms. Also, Facebook Inc on Thursday warned of a tougher 2021 despite beating analysts` estimates for quarterly revenue as businesses adjusting to the global pandemic continued to rely on the company's digital ad tools. The social media company said in its outlook that it faced "a significant amount of uncertainty," citing impending privacy changes by Apple and a possible reversal in the shift to online commerce prompted by the pandemic. Meanwhile, Twitter Inc on Thursday added fewer users than Wall Street had expected and said expenses would accelerate in the current quarter, sending its shares tumbling 13 per cent. Shares of Twitter fell to $45.23 in after-market trading. The San Francisco-based social media company said it had 187 million monetizable daily active users (mDAU) during the third quarter, missing consensus analyst expectations of 195.2 million users, according to IBES data from Refinitiv. The figure stood at 186 million in the previous quarter. Costs and expenses grew 13 per cent from the same period last year to $880 million, as the company said it spent more on infrastructure-related expenses. Twitter said it expected its costs and expenses to grow closer to 20 per cent year over year in the current quarter, an acceleration on the rate in the third. Twitter said total revenue grew 14 per cent year-over-year to $936 million during the quarter ended September 30, beating analyst estimates of $777.15 million. Last year, Twitter suffered from technical glitches that hurt its ability to target ads, though the company has since rolled out fixes. Ad revenue in the third quarter grew 15 per cent to $808 million from the same period a year ago, surpassing estimates of $645.95 million. Twitter noted that many companies paused ad spending during the second quarter due to widespread protests after the death of George Floyd in May and said there could be a similar dynamic with the US election. (with inputs from agencies)

Facebook quarterly profit jumps despite ad boycott; Twitter shares drop

The 'Doing Business in India Report 2020' by the UK India Business Council (UKIBC) revealed that majority of UK organisations are finding it easier to do business in India.

World Business Watch: UKIBC: Doing business in India now easier for UK firms

India’s biggest carmaker company Maruti Suzuki, said that there is no immediate need for the government to cut taxes on cars to boost sales even as it warned of uncertainty in demand after December.

World Business Watch: India's top carmaker Maruti Suzuki says no urgent need to cut taxes

US economy grew at a historic pace in the third quarter but the deep scars from the COVID-19 recession could take a year or more to heal.

World Business Watch: US economy rebounds at 33.1% in third quarter

Germany's anti-trust authority has launched an investigation into Amazon and Apple over possible anticompetitive behaviour, German Frankfurter Allgemeine Zeitung daily reported.

German watchdog launches new investigation into Amazon

The world economy is in desperate need of fiscal stimulus with investments drying up and economic activity slowing down again, however, countries have found a way to stave off an economic meltdown.

They are selling off gold reserves to strengthen their chequebook for the first time in a decade. Central banks have become net gold sellers combined together they have sold more gold than they bought. The logic is simple gold prices are at record highs, selling now means more money especially for countries reeling from the effects of the pandemic.

Turkey and Uzbekistan have done most of the selling. Turkey sold 22.3 tonnes of gold with its economy battered by the pandemic. Uzbekistan has sold 34.9 tonnes. It was largely in tune with the country's declared policy. Uzbekistan has been diversifying its reserves away from gold, overall central banks have sold 12 tonnes compared to their purchase of 141 tonnes last year.

Russia too joined in becoming a net seller for the first time in 13 years. Six countries however have continued their buying spree, chief among them are India, UAE and Qatar. The Reserve Bank of India bought 6.8 tonnes of gold and the UAE bought 7.4 tonnes with Qatar grabbing 6.2 tonnes.

India's gold demand plunged 30 per cent in the third quarter but it is expected to stage a recovery in Q4 especially with the ongoing festival season.&nbsp;

However, a slump could be around the corner. Traditionally, central banks have kept gold prices afloat, they have underpinned the stability of the gold bullion. A selling spree by these banks could trigger a collapse but experts feel this trend is temporary. Once the pandemic is under control, economies should be able to recover and central banks should return to being net buyers.

There is also the added cushion of rising investors' demand. Stock markets are too volatile right now. Oil is trading extremely low, so investors are looking at gold as a stable option. The surge in demand is expected to keep gold prices steady but the total gold supply has fallen 3 per cent this year with activity at mines remaining stalled by COVID-19 restrictions.

The great gold bailout is not a long-term solution. It will ultimately increase the pressure on central banks, the key, therefore, is not gold but a vaccine.

The world economy is in desperate need of fiscal stimulus with investments drying up and economic activity slowing down again, however, countries have found a way to stave off an economic meltdown.

The world economy is in desperate need of fiscal stimulus with investments drying up and economic activity slowing down again, however, countries have found a way to stave off an economic meltdown. They are selling off gold reserves to strengthen their chequebook for the first time in a decade. Central banks have become net gold sellers combined together they have sold more gold than they bought. The logic is simple gold prices are at record highs, selling now means more money especially for countries reeling from the effects of the pandemic. Turkey and Uzbekistan have done most of the selling. Turkey sold 22.3 tonnes of gold with its economy battered by the pandemic. Uzbekistan has sold 34.9 tonnes. It was largely in tune with the country's declared policy. Uzbekistan has been diversifying its reserves away from gold, overall central banks have sold 12 tonnes compared to their purchase of 141 tonnes last year. Russia too joined in becoming a net seller for the first time in 13 years. Six countries however have continued their buying spree, chief among them are India, UAE and Qatar. The Reserve Bank of India bought 6.8 tonnes of gold and the UAE bought 7.4 tonnes with Qatar grabbing 6.2 tonnes. India's gold demand plunged 30 per cent in the third quarter but it is expected to stage a recovery in Q4 especially with the ongoing festival season. However, a slump could be around the corner. Traditionally, central banks have kept gold prices afloat, they have underpinned the stability of the gold bullion. A selling spree by these banks could trigger a collapse but experts feel this trend is temporary. Once the pandemic is under control, economies should be able to recover and central banks should return to being net buyers. There is also the added cushion of rising investors' demand. Stock markets are too volatile right now. Oil is trading extremely low, so investors are looking at gold as a stable option. The surge in demand is expected to keep gold prices steady but the total gold supply has fallen 3 per cent this year with activity at mines remaining stalled by COVID-19 restrictions. The great gold bailout is not a long-term solution. It will ultimately increase the pressure on central banks, the key, therefore, is not gold but a vaccine.

Why countries are selling off gold reserves during pandemic

Boeing Co unveiled a fourth straight quarterly loss and deeper job cuts on Wednesday as the coronavirus pandemic and the lengthy grounding of its 737 MAX continued to hammer revenue.

Boeing deepens job cuts as twin crises extend losses

Volkswagen is recalling more than 218,000 Jetta in the US to fix a fuel leak problem that can cause fires.

Volkswagen Jettas to be recalled to fix fuel leak

British luxury car maker Aston Martin AML.L is testing investor appetite for risky assets days before the U.S. election with a 840-million-pound ($1.1 billion) junk bond sale, one of the largest deals of its kind in Europe this year.

Aston Martin tests skittish market with $1 billion junk bond sale

The stock market indices turned highly volatile in Thursday's noon deals but were off their early morning lows ahead of the expiry of October series derivative contracts.

The S&amp;P BSE Sensex was trading around 39,830 levels, down 80 points. The index hit an intra-day low of 39,524.

Meanwhile, the broader Nifty50 index hovered around the 11,700-mark. Kotak Mahindra Bank and Asian Paints (both up 2%) were the top Sensex gainers, followed by ICICI Bank and Reliance Industries (both up 1%).

On the other hand, Larsen &amp; Toubro slid 4 per cent after announcing its September quarter results.

(With inputs from agencies)

The stock market indices turned highly volatile in Thursday's noon deals but were off their early morning lows ahead of the expiry of October series derivative contracts.

The stock market indices turned highly volatile in Thursday's noon deals but were off their early morning lows ahead of the expiry of October series derivative contracts. The S&P BSE Sensex was trading around 39,830 levels, down 80 points. The index hit an intra-day low of 39,524. Meanwhile, the broader Nifty50 index hovered around the 11,700-mark. Kotak Mahindra Bank and Asian Paints (both up 2%) were the top Sensex gainers, followed by ICICI Bank and Reliance Industries (both up 1%). On the other hand, Larsen & Toubro slid 4 per cent after announcing its September quarter results. (With inputs from agencies)

Sensex, Nifty off day's low; PSU banks under-pressure

Around 200 airports across Europe and Britain are at risk of going bust within months due to the massive slump in air travel caused by the deadly coronavirus pandemic, the European airport's trade body warned on Tuesday.

The official body representing European airport operators, Airports Council International Europe (ACI Europe), said the 193 airports facing insolvency are mainly regional airports which serve local communities.

But combined they support more than a quarter of a million jobs and 12 billion euros ($15.6 billion) in gross domestic product.

"The threat of airport closure means Europe faces the prospect of the collapse of a significant part of its air transport system -- unless governments step up to provide the required support," said the trade association.

A number of European nations have moved to provide specific help for airlines in addition to support measures offered to all companies hit by pandemic-related restrictions.

ACI Europe's figures show airport passenger traffic was down 75 per cent in mid-October, which means airports -- like airlines -- have trouble covering operating costs.

The trade body called on European nations to shift to testing air passengers for coronavirus rather than imposing quarantines on travellers.

(With inputs from agencies)

Around 200 airports across Europe and Britain are at risk of going bust within months due to the massive slump in air travel caused by the deadly coronavirus pandemic, the European airport's trade body warned on Tuesday.

Around 200 airports across Europe and Britain are at risk of going bust within months due to the massive slump in air travel caused by the deadly coronavirus pandemic, the European airport's trade body warned on Tuesday. The official body representing European airport operators, Airports Council International Europe (ACI Europe), said the 193 airports facing insolvency are mainly regional airports which serve local communities. But combined they support more than a quarter of a million jobs and 12 billion euros ($15.6 billion) in gross domestic product. "The threat of airport closure means Europe faces the prospect of the collapse of a significant part of its air transport system -- unless governments step up to provide the required support," said the trade association. A number of European nations have moved to provide specific help for airlines in addition to support measures offered to all companies hit by pandemic-related restrictions. ACI Europe's figures show airport passenger traffic was down 75 per cent in mid-October, which means airports -- like airlines -- have trouble covering operating costs. The trade body called on European nations to shift to testing air passengers for coronavirus rather than imposing quarantines on travellers. (With inputs from agencies)

200 European airports risk going bankrupt due to collapse in air travel

Faced with sluggish sales to top export markets, virtually no foreign tourists, and decreasing restaurant sales due to COVID-19, Australian wineries are increasingly looking to locals to secure their livelihoods as coronavirus curbs ease.

With overseas holidays out of bounds, locals are hitting cellar doors - or the part of the winery where visitors can sample drinks - like never before, said vintners in the Hunter Valley wine region, 160 km (100 miles) north of Sydney.

“As far as our average sale is concerned, that has doubled (in recent months),” said Bruce Tyrrell, managing director of Tyrrell’s Wines, adding they adapted their wine tasting service to comply with social distancing rules.

It comes as exports to China, which buys 40% of Australia’s wine exports, have been hit by worsening diplomatic relations during the coronavirus pandemic.

Meanwhile, top Australian winemakers have reported profit slumps in the United States as they have had to heavily discount products to compete in a market where supply is outstripping coronavirus-hit demand.

Australian wine exports declined 1% to A$2.84 billion ($2.02 billion) in the twelve months to June after several years of rapid growth, according to government-backed industry body Wine Australia.

This was led by a sharp slowdown in Australia’s sales to China over the same period - up only 0.7% versus the previous year’s 18% growth - while exports to the United States fell 0.4%.

Local appetite for wine meanwhile has risen sharply, with domestic sales up 7.1% to A$4.9 billion for the year to August, according to market researcher IRI.

Colin Peterson, director of Petersons Wines, said cellar door sales and China exports both dived during the shutdowns of early 2020, but now customers were “sick of being locked up so our sales are going up”.

“I don’t think it will make up for what we lost in that 12 week period but we’re certainly well on the way to getting back to where we were,” he said.

Savannah Peterson, the winemaker at Savannah Estate Wines, said her cellar door had seen a 200% spike in sales since lockdowns in the region eased in mid-2020.

“It’s really good to be able to support in our own backyard and give all of those producers as much of our support as we can,” said local tourist Ben Sweeten during a visit to Savannah Estate Wines.

Faced with sluggish sales to top export markets, virtually no foreign tourists, and decreasing restaurant sales due to COVID-19, Australian wineries are increasingly looking to locals to secure their livelihoods as coronavirus curbs ease.

Faced with sluggish sales to top export markets, virtually no foreign tourists, and decreasing restaurant sales due to COVID-19, Australian wineries are increasingly looking to locals to secure their livelihoods as coronavirus curbs ease. With overseas holidays out of bounds, locals are hitting cellar doors - or the part of the winery where visitors can sample drinks - like never before, said vintners in the Hunter Valley wine region, 160 km (100 miles) north of Sydney. “As far as our average sale is concerned, that has doubled (in recent months),” said Bruce Tyrrell, managing director of Tyrrell’s Wines, adding they adapted their wine tasting service to comply with social distancing rules. It comes as exports to China, which buys 40% of Australia’s wine exports, have been hit by worsening diplomatic relations during the coronavirus pandemic. Meanwhile, top Australian winemakers have reported profit slumps in the United States as they have had to heavily discount products to compete in a market where supply is outstripping coronavirus-hit demand. Australian wine exports declined 1% to A$2.84 billion ($2.02 billion) in the twelve months to June after several years of rapid growth, according to government-backed industry body Wine Australia. This was led by a sharp slowdown in Australia’s sales to China over the same period - up only 0.7% versus the previous year’s 18% growth - while exports to the United States fell 0.4%. Local appetite for wine meanwhile has risen sharply, with domestic sales up 7.1% to A$4.9 billion for the year to August, according to market researcher IRI. Colin Peterson, director of Petersons Wines, said cellar door sales and China exports both dived during the shutdowns of early 2020, but now customers were “sick of being locked up so our sales are going up”. “I don’t think it will make up for what we lost in that 12 week period but we’re certainly well on the way to getting back to where we were,” he said. Savannah Peterson, the winemaker at Savannah Estate Wines, said her cellar door had seen a 200% spike in sales since lockdowns in the region eased in mid-2020. “It’s really good to be able to support in our own backyard and give all of those producers as much of our support as we can,” said local tourist Ben Sweeten during a visit to Savannah Estate Wines.

Australian winemakers look past China, US woes and toast the home market

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares.

The sale puts another stamp on China’s importance as a digital powerhouse. But it also shows how the tech world is fracturing.

The company could be worth more than many global banks after its share sale, yet its business is highly concentrated in just one country: China. Instead of listing in New York, as many other Chinese internet companies have done, Ant is going public in Hong Kong and Shanghai.

Here’s what to know about the company and its initial public offering.

Ant is Jack Ma’s second tech giant

Around the turn of the millennium, the internet was a lawless frontier, not least in China. Online shopping was a gamble. Buying and selling took place largely between strangers. Nobody could be sure they weren’t being defrauded.

Alibaba, the Chinese e-commerce group, had an idea for cultivating trust. In 2003, it created a service called Alipay that held on to payments until buyers confirmed that they were satisfied with their purchases. If the items were fake or never arrived, the money was refunded.

Alipay helped Alibaba’s bazaars take off. Jack Ma, Alibaba’s co-founder, spun the service out in 2011 as a separate company, setting off a tiff with Yahoo, which was then a major Alibaba investor.

Today, Alibaba owns a one-third stake in Ant. Ma is Ant’s controlling shareholder, although he is not part of its management.

Ant’s executive chairman, Eric Jing, and chief executive, Simon Hu, both worked for years in Alibaba’s orbit. Ant has 16,660 employees.

Life is different with Alipay

When people across China want to pay for something, they don’t reach for their wallets. They grab their phones.

With Alipay and another smartphone app, the social platform WeChat, exchanging money is a matter of scanning a QR code — at an in-person cashier, during checkout at an online store or face-to-face with a friend. Shops and restaurants still accept cash, though often begrudgingly.

Over time, Alipay has come to host other services, too. People in China use it to shop on credit — no plastic card required. They take out small loans, invest their savings and buy health and life insurance. Fees from those businesses accounted for more than half of Ant’s revenue last year.

The app is a big deal in China

Alipay has more than 730 million monthly users, more than twice the U.S. population. By comparison, PayPal has 346 million active accounts.

Ant handled more than $17 trillion in digital payments in mainland China during the 12 months that ended in June. PayPal says its total payment volume in 2019 was $712 billion. Ant also enabled around $300 billion in credit to consumers and small businesses.

When the company goes public, it could be valued around $310 billion. That would make it worth about as much as JPMorgan Chase, and much more than Citigroup and Goldman Sachs.

Alipay is no slouch technologically, either. Ant says its systems processed 459,000 payments a second at the peak of a Chinese shopping holiday last year. Visa, by contrast, says it can handle 65,000 transactions a second.

Ant is huge not only because China’s population is huge. Its growth was also helped by the fact that China had previously been so far behind in digital finance. Few people had credit cards. The big government-run banks were slow to modernize.

But how much bigger can it get?

Around 95% of Ant’s revenue last year came from mainland China. The company has invested in Paytm, an Indian payment app, and acquired EyeVerify, a startup in Kansas City, Missouri, that makes biometric authentication technology. But for now at least, Alipay seems unlikely to implant itself so deeply in another country’s financial system.

Even in China, the government is wary about fast-growing financial products. The Communist Party has clamped down on lending fraud and questionable investment schemes. Regulators have also criticized Ant for not adequately protecting users’ personal data.

The fact that Ant has survived for so long in China under regulatory pressure means it will probably continue working around whatever the authorities throw at it, said Kevin Kwek, an analyst with the research firm Bernstein.

“If you’re going to sell anything to consumers that’s financial services, the regulators have to scrutinize it,” he said. “I don’t think they’re trying to find ways to kill Ant.”

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares. The sale puts another stamp on China’s importance as a digital powerhouse.

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares. The sale puts another stamp on China’s importance as a digital powerhouse. But it also shows how the tech world is fracturing. The company could be worth more than many global banks after its share sale, yet its business is highly concentrated in just one country: China. Instead of listing in New York, as many other Chinese internet companies have done, Ant is going public in Hong Kong and Shanghai. Here’s what to know about the company and its initial public offering. Ant is Jack Ma’s second tech giant Around the turn of the millennium, the internet was a lawless frontier, not least in China. Online shopping was a gamble. Buying and selling took place largely between strangers. Nobody could be sure they weren’t being defrauded. Alibaba, the Chinese e-commerce group, had an idea for cultivating trust. In 2003, it created a service called Alipay that held on to payments until buyers confirmed that they were satisfied with their purchases. If the items were fake or never arrived, the money was refunded. Alipay helped Alibaba’s bazaars take off. Jack Ma, Alibaba’s co-founder, spun the service out in 2011 as a separate company, setting off a tiff with Yahoo, which was then a major Alibaba investor. Today, Alibaba owns a one-third stake in Ant. Ma is Ant’s controlling shareholder, although he is not part of its management. Ant’s executive chairman, Eric Jing, and chief executive, Simon Hu, both worked for years in Alibaba’s orbit. Ant has 16,660 employees. Life is different with Alipay When people across China want to pay for something, they don’t reach for their wallets. They grab their phones. With Alipay and another smartphone app, the social platform WeChat, exchanging money is a matter of scanning a QR code — at an in-person cashier, during checkout at an online store or face-to-face with a friend. Shops and restaurants still accept cash, though often begrudgingly. Over time, Alipay has come to host other services, too. People in China use it to shop on credit — no plastic card required. They take out small loans, invest their savings and buy health and life insurance. Fees from those businesses accounted for more than half of Ant’s revenue last year. The app is a big deal in China Alipay has more than 730 million monthly users, more than twice the U.S. population. By comparison, PayPal has 346 million active accounts. Ant handled more than $17 trillion in digital payments in mainland China during the 12 months that ended in June. PayPal says its total payment volume in 2019 was $712 billion. Ant also enabled around $300 billion in credit to consumers and small businesses. When the company goes public, it could be valued around $310 billion. That would make it worth about as much as JPMorgan Chase, and much more than Citigroup and Goldman Sachs. Alipay is no slouch technologically, either. Ant says its systems processed 459,000 payments a second at the peak of a Chinese shopping holiday last year. Visa, by contrast, says it can handle 65,000 transactions a second. Ant is huge not only because China’s population is huge. Its growth was also helped by the fact that China had previously been so far behind in digital finance. Few people had credit cards. The big government-run banks were slow to modernize. But how much bigger can it get? Around 95% of Ant’s revenue last year came from mainland China. The company has invested in Paytm, an Indian payment app, and acquired EyeVerify, a startup in Kansas City, Missouri, that makes biometric authentication technology. But for now at least, Alipay seems unlikely to implant itself so deeply in another country’s financial system. Even in China, the government is wary about fast-growing financial products. The Communist Party has clamped down on lending fraud and questionable investment schemes. Regulators have also criticized Ant for not adequately protecting users’ personal data. The fact that Ant has survived for so long in China under regulatory pressure means it will probably continue working around whatever the authorities throw at it, said Kevin Kwek, an analyst with the research firm Bernstein. “If you’re going to sell anything to consumers that’s financial services, the regulators have to scrutinize it,” he said. “I don’t think they’re trying to find ways to kill Ant.”

All about Ant group, the next Big Tech IPO

The financial crisis was in full swing when Donald Trump traveled to Chicago in late September 2008 to mark the near-completion of his 92-floor skyscraper.

The fortunes of big companies, small businesses, and millions of Americans — including the Trumps — were in peril. But the family patriarch was jubilant as he stood on the terrace of his gleaming glass tower.

“We’re in love with the building,” Trump gushed. “We’re very, very happy with what’s happened with respect to this building and how fast we put it up.”

He and his family hoped the Trump International Hotel &amp;amp; Tower would cement their company’s reputation as one of the world’s marquee developers of luxury real estate.

Instead, the skyscraper became another disappointment in a portfolio filled with them. Construction lagged. Condos proved hard to sell. Retail space sat vacantly.

Yet for Trump and his company, the Chicago experience also turned out to be something else: the latest example of his ability to strong-arm major financial institutions and exploit the tax code to cushion the blow of his repeated business failures.

The president’s federal income tax records, obtained by The New York Times, show for the first time that, since 2010, his lenders have forgiven about $287 million in debt that he failed to repay. The vast majority was related to the Chicago project.

How Trump found trouble in Chicago and maneuvered his way out of it, is a case study in doing business the Trump way.

When the project encountered problems, he tried to walk away from his huge debts. For most individuals or businesses, that would have been a recipe for ruin. But tax-return data, other records and interviews show that rather than warring with a notoriously litigious and headline-seeking client, lenders cut Trump slack — exactly what he seemed to have been counting on.

Big banks and hedge funds gave him years of extra time to repay his debts. Even after Trump sued his largest lender, accusing it of preying on him, the bank agreed to lend him another $99 million — more than twice as much as was previously known — so that he could pay back what he still owed the bank on the defaulted Chicago loan, records show.

Ultimately, Trump’s lenders forgave much of what he owed.

Those forgiven debts are now part of a broader investigation of Trump’s business by the New York attorney general. They normally would have generated a big tax bill, since the Internal Revenue Service treats canceled debts as income. Yet as has often happened in his long career, Trump appears to have paid almost no federal income tax on that money, in part because of large losses in his other businesses, The Times’ analysis of his tax records found.

Alan Garten, the Trump Organization’s chief legal officer, said the company and Trump appropriately accounted for and paid all taxes due on the forgiven debts.

“These were all arm’s-length transactions that were voluntarily entered into between sophisticated parties many years ago in the aftermath of the 2008 global financial crisis and the resulting collapse of the real estate markets,” Garten said.

On television back in those heady Chicago days, the future president was playing a wildly successful real estate developer, and the shimmering new skyscraper became part of that mystique.

It was the biggest thing Trump ever built. It was also the last.

The Money Behind the Project

Since at least the 1990s, Trump had dreamed of erecting a skyscraper in the Windy City. “I had hoped to build something fantastic in Chicago for some time,” Trump would later write in the Chicago Tribune.

He selected a riverside plot that was home to the squat, seven-floor Sun-Times building. In 2001, he unveiled plans for what would be the tallest high-rise built in the United States since the 110-story Sears Tower was completed in Chicago in 1973.

The Trump International Hotel &amp;amp; Tower would include 486 condominium units, 339 hotel rooms, restaurants, a bar, two parking garages, a health club, a spa, and tens of thousands of square feet in retail space and conference facilities.

The condos, some priced at more than $4 million, would have sweeping views of Chicago and Lake Michigan. Rooms in the hotel, occupying lower floors of the building, would be for sale, too. Trump’s company would make money from selling the units (and parking spaces) and operating the building.

To pay for the construction, Trump arranged for two of his LLCs, 401 North Wabash Venture — named for the project’s address — and its parent company, 401 Mezz Venture, to borrow more than $700 million.

Trump went to his longtime lender, Deutsche Bank, for the bulk of the money. Since 1998, he had borrowed hundreds of millions of dollars from the German bank. It had been so eager to establish a foothold in the United States that it had overlooked his history of defaults.

This time, Trump assured Deutsche Bank officials, including Justin Kennedy, the son of now-retired Supreme Court Justice Anthony Kennedy, that the Chicago development was a guaranteed moneymaker. In a sign of the Trump family’s commitment to the project, Trump told his bankers that his daughter Ivanka would be in charge. (Trump also appointed the 2004 winner of “The Apprentice” as the development’s “president.”)

Deutsche Bank agreed to lend $640 million to 401 North Wabash Venture. Trump agreed to personally guarantee $40 million of the loan. If his LLC were to default, Deutsche Bank could collect that money directly from Trump.

Trump also went to Fortress Investment Group, a hedge fund and private equity company, for $130 million. This was a so-called mezzanine loan, which meant that it would be repaid only after the Deutsche Bank debt had been satisfied. Because of the greater risk, the Fortress loan came with a double-digit interest rate. The agreement with Fortress also required Trump’s 401 Mezz Venture to pay a $49 million “exit fee” when it repaid the loan.

If Trump defaulted, his lenders could seize the building.

Deutsche Bank and Fortress both planned to chop up the loans and sell at least some of the pieces. Deutsche Bank sold them mostly to American, European and Asian banks, Fortress mostly to private equity and hedge funds, including Dune Capital Management, which had recently been co-founded by Steven Mnuchin, the future Treasury secretary.

The loans were due in May 2008. By then, the proceeds from selling condos, hotel units and parking spaces were projected to generate enough cash for Trump to repay what he owed.

Using a thick black pen, Trump signed the loan agreements Feb. 4, 2005. A month later, construction began.

Lenders Come Calling

Work on the project went more slowly than planned, and the residential portion was still under construction as the loans came due.

With the financial crisis enveloping the world, finding buyers for multimillion-dollar apartments suddenly became much harder. In the spring of 2008, Trump asked Deutsche Bank to delay the loan’s due date. The bank gave him an extra six months.

In mid-September, the crisis crescendoed with the bankruptcy of Lehman Bros. Financial markets went haywire. The economy was on the precipice of depression.

About a week later, Trump showed up in Chicago for the ceremony to mark the skyscraper’s near-completion.

After addressing the small crowd, Trump and three of his adult children — Ivanka, Donald Jr. and Eric — placed their hands in wet cement rectangles to commemorate the day. “I don’t want to tell you what that feels like,” Donald Trump cracked before waving his cement-caked hands for the cameras.

At that point, at least 159 units in the building were still unsold, and many more were under contract but hadn’t closed, according to New York court records. That meant hundreds of millions of dollars that Trump and his family had counted on to repay Deutsche Bank and Fortress hadn’t yet materialized. And the loans were due in barely six weeks.

Trump sought another extension. This time, Deutsche Bank said no.

Trump’s company still owed Deutsche Bank about $334 million in principal and interest, and Fortress $130 million, not including interest and fees.

Trump went on the offensive. In a letter to Deutsche Bank on Nov. 4, he accused it of helping ignite the financial crisis. This was important, because Trump went on to claim that the crisis constituted a “force majeure” — an act of God, like a natural disaster — that entitled him to extra time to repay the loans.

A few days later, Trump and his companies sued Deutsche Bank and Fortress, along with the other banks and hedge funds that had purchased pieces of the loans.

The suit accused Deutsche Bank of engaging in “predatory lending practices” against Trump. He sought $3 billion in damages.

Deutsche Bank soon filed its own lawsuit, accusing its longtime client of being a habitual deadbeat and demanding immediate repayment of the now-defaulted loans.

Inside Deutsche Bank, angry executives and lawyers vowed to never again do business with Trump, according to senior executives.

With the litigation pending (the parties soon entered into a series of “standstill agreements” that paused hostilities), the Trump family kept trying to find buyers for the condos.

“As it nears completion, it’s time for you to take your place in the one-of-a-kind Trump lifestyle this building offers,” Ivanka Trump said in an April 2009 sales video. “And you can be living it, right here, very soon.”

Turning Unpaid Debt Into Canceled Debt

Why didn’t the lenders seize the building?

Going to court to take over the unfinished skyscraper promised to be a costly, yearlong process, especially given Trump’s reputation for using the legal system to drag out fights and grind down opponents. It seemed simpler to resolve the dispute.

On July 28, 2010, lawyers for Trump, Deutsche Bank and Fortress notified the court that they had reached a private settlement. The terms weren’t disclosed.

But Trump’s federal tax returns, as well as loan documents filed in Cook County, Illinois, provide clues to what happened: Trump was let off the hook for about $270 million. It was the type of generous financial break that few American companies or individuals could ever expect to receive, especially without filing for bankruptcy protection.

Before Trump defaulted, Fortress had expected to receive more than $300 million from his company: the $130 million in principal and roughly $185 million in anticipated interest and fees.

But Fortress and its partners — including Mnuchin’s Dune Capital, as well as Cerberus Capital Management, whose co-chief executive, Stephen Feinberg, would become a major Trump fundraiser and go on to lead a White House advisory panel — quickly realized they wouldn’t ever collect that full amount.

Ultimately, Fortress settled for $48 million, which Trump wired to the firm in March 2012, according to people familiar with the deal.

The forgiven debts showed up in Trump’s tax returns. For 2010, Trump’s 401 Mezz Venture reported about $181 million in canceled debts. Two years later, DJT Holdings, an umbrella company that the Chicago project had been folded into, reported that another $105 million of debt had been forgiven. Most of that appears to reflect the unpaid Fortress sum.

In many ways, it repeated a pattern that had played out more than a decade earlier at Trump’s Atlantic City casinos: a cycle of defaulting on debts and then persuading already-burned lenders to cut him a break.

The Last $99 Million

Trump’s companies got a pass on the money they owed on the Deutsche Bank loan, too.

The 2010 settlement gave Trump a couple of years to sell hotel units, condos and parking spaces to repay that loan, according to Steven Schlesinger, a lawyer who represented the Trump Organization in the Chicago litigation.

By 2012, the Trump Organization had drummed up about $235 million to repay the financial institutions to whom Deutsche Bank had sold pieces of the original loan. They included banks and asset managers in the United States, Germany, Ireland, and China, according to court records.

But Trump still owed $99 million, according to people familiar with the debt. Where would he come up with that money?

Although Deutsche Bank had vowed to do no more business with Trump, his son-in-law, Jared Kushner, introduced him to his personal wealth manager at the bank, Rosemary Vrablic. Vrablic, with the support of her superiors, soon agreed to restart the relationship with Trump.

In 2012, Vrablic’s division made two loans secured by the Chicago skyscraper: one for nearly $54 million, another for $45 million, according to loan documents filed with the Cook County Recorder of Deeds. Trump agreed to personally guarantee the new loans, according to several people familiar with the deal.

The funds were used to immediately repay the $99 million that Trump still owed on the original Chicago loan, the people said. In other words, one wing of Deutsche Bank was providing Trump the money to repay another division of the same bank.

The following spring, the Trump Organization repaid $54 million, according to a person briefed on the matter and Cook County records. That left $45 million outstanding. But in 2014, Deutsche Bank agreed to lend another $24 million on the property and to extend the due date until 2024, records show. Trump now owed the bank $69 million. By May 2016, he had repaid the $24 million.

At that time, the Chicago loans were only one element of the relationship between Deutsche Bank and Trump. Vrablic’s team also lent Trump’s company $125 million for work on his Doral golf resort in Florida and up to $170 million to transform the Old Post Office building in Washington into a luxury hotel. Trump personally guaranteed those loans, too.

The guarantees were advantageous for him. Because they counted as investments in his business for tax purposes, the guarantees increased the amount of losses he could use to avoid income taxes in the future. Trump’s federal tax returns show that he has personally guaranteed the repayment of $421 million in debts.

Most of that is on loans from Deutsche Bank. At the end of 2018, Trump and his companies owed the bank $330 million.

Whittling Down Tax Bills

The IRS requires taxpayers to treat forgiven debts as income when calculating what they owe in federal taxes. The New York attorney general, Letitia James, is investigating whether Trump followed the law.

The tax records reviewed by The Times show that while Trump accounted for $287 million of income from his canceled debts, he managed to avoid paying income taxes on nearly all of it.

Trump reported $40 million of forgiven debt as income in 2010. But losses from his businesses — including $30.8 million in red ink on the Chicago project — meant he had no taxable income that year.

Trump avoided immediate income taxes on another $104.8 million of the forgiven loans in a way that could increase his taxes later. He would generally have been entitled to write off the total amount he spent on a building over a number of years, a process known as depreciation. Instead, he agreed to reduce those eventual write-offs by $104.8 million, an alternative allowed in tax law.

For the other $141 million, Trump took advantage of a law, passed after the 2008 financial crisis, that allowed income from canceled debts to be deferred for five years and then spread out over the next five. Each year from 2014 through 2018, Trump declared $28.2 million of canceled debt income.

As it turned out, though, losses in other parts of his business wiped out most of his federal tax bill on that income. He paid nothing for 2014; $641,931 for 2015; and, after credits, only $750 a year for 2016 and 2017. It isn’t clear how much he paid for 2018.

Loans Coming Due

Like Trump’s other properties, the Trump International Hotel &amp;amp; Tower in Chicago has benefited in some ways from its connection to the president.

Last year, for example, an aviation company that was lobbying the Trump administration for contracting work held an event there. Trump attended an October 2019 lunch fundraiser at the hotel, which generated about $100,000 in revenue for his company, The Washington Post reported.

But the skyscraper’s fortunes have withered. Most of its retail space has never been occupied, The Real Deal reported last year. Its revenue declined from $67 million in 2014 to $50 million in 2018, while profits plunged from $16.3 million to $1.8 million over the same period.

The problems intensified in 2020, as the coronavirus forced restaurants, including Trump’s in Chicago, to close. The Trump family sought financial relief from Deutsche Bank among others.

The bank offered to let Trump’s companies pause interest payments on their loans. The Trump Organization decided the bank’s proposal was insufficiently generous and turned it down.

The loans come due in 2023 and 2024.

The financial crisis was in full swing when Donald Trump traveled to Chicago in late September 2008 to mark the near-completion of his 92-floor skyscraper. The fortunes of big companies, small businesses, and millions of Americans — including the Trumps — were in peril.

The financial crisis was in full swing when Donald Trump traveled to Chicago in late September 2008 to mark the near-completion of his 92-floor skyscraper. The fortunes of big companies, small businesses, and millions of Americans — including the Trumps — were in peril. But the family patriarch was jubilant as he stood on the terrace of his gleaming glass tower. “We’re in love with the building,” Trump gushed. “We’re very, very happy with what’s happened with respect to this building and how fast we put it up.” He and his family hoped the Trump International Hotel &amp; Tower would cement their company’s reputation as one of the world’s marquee developers of luxury real estate. Instead, the skyscraper became another disappointment in a portfolio filled with them. Construction lagged. Condos proved hard to sell. Retail space sat vacantly. Yet for Trump and his company, the Chicago experience also turned out to be something else: the latest example of his ability to strong-arm major financial institutions and exploit the tax code to cushion the blow of his repeated business failures. The president’s federal income tax records, obtained by The New York Times, show for the first time that, since 2010, his lenders have forgiven about $287 million in debt that he failed to repay. The vast majority was related to the Chicago project. How Trump found trouble in Chicago and maneuvered his way out of it, is a case study in doing business the Trump way. When the project encountered problems, he tried to walk away from his huge debts. For most individuals or businesses, that would have been a recipe for ruin. But tax-return data, other records and interviews show that rather than warring with a notoriously litigious and headline-seeking client, lenders cut Trump slack — exactly what he seemed to have been counting on. Big banks and hedge funds gave him years of extra time to repay his debts. Even after Trump sued his largest lender, accusing it of preying on him, the bank agreed to lend him another $99 million — more than twice as much as was previously known — so that he could pay back what he still owed the bank on the defaulted Chicago loan, records show. Ultimately, Trump’s lenders forgave much of what he owed. Those forgiven debts are now part of a broader investigation of Trump’s business by the New York attorney general. They normally would have generated a big tax bill, since the Internal Revenue Service treats canceled debts as income. Yet as has often happened in his long career, Trump appears to have paid almost no federal income tax on that money, in part because of large losses in his other businesses, The Times’ analysis of his tax records found. Alan Garten, the Trump Organization’s chief legal officer, said the company and Trump appropriately accounted for and paid all taxes due on the forgiven debts. “These were all arm’s-length transactions that were voluntarily entered into between sophisticated parties many years ago in the aftermath of the 2008 global financial crisis and the resulting collapse of the real estate markets,” Garten said. On television back in those heady Chicago days, the future president was playing a wildly successful real estate developer, and the shimmering new skyscraper became part of that mystique. It was the biggest thing Trump ever built. It was also the last. The Money Behind the Project Since at least the 1990s, Trump had dreamed of erecting a skyscraper in the Windy City. “I had hoped to build something fantastic in Chicago for some time,” Trump would later write in the Chicago Tribune. He selected a riverside plot that was home to the squat, seven-floor Sun-Times building. In 2001, he unveiled plans for what would be the tallest high-rise built in the United States since the 110-story Sears Tower was completed in Chicago in 1973. The Trump International Hotel &amp; Tower would include 486 condominium units, 339 hotel rooms, restaurants, a bar, two parking garages, a health club, a spa, and tens of thousands of square feet in retail space and conference facilities. The condos, some priced at more than $4 million, would have sweeping views of Chicago and Lake Michigan. Rooms in the hotel, occupying lower floors of the building, would be for sale, too. Trump’s company would make money from selling the units (and parking spaces) and operating the building. To pay for the construction, Trump arranged for two of his LLCs, 401 North Wabash Venture — named for the project’s address — and its parent company, 401 Mezz Venture, to borrow more than $700 million. Trump went to his longtime lender, Deutsche Bank, for the bulk of the money. Since 1998, he had borrowed hundreds of millions of dollars from the German bank. It had been so eager to establish a foothold in the United States that it had overlooked his history of defaults. This time, Trump assured Deutsche Bank officials, including Justin Kennedy, the son of now-retired Supreme Court Justice Anthony Kennedy, that the Chicago development was a guaranteed moneymaker. In a sign of the Trump family’s commitment to the project, Trump told his bankers that his daughter Ivanka would be in charge. (Trump also appointed the 2004 winner of “The Apprentice” as the development’s “president.”) Deutsche Bank agreed to lend $640 million to 401 North Wabash Venture. Trump agreed to personally guarantee $40 million of the loan. If his LLC were to default, Deutsche Bank could collect that money directly from Trump. Trump also went to Fortress Investment Group, a hedge fund and private equity company, for $130 million. This was a so-called mezzanine loan, which meant that it would be repaid only after the Deutsche Bank debt had been satisfied. Because of the greater risk, the Fortress loan came with a double-digit interest rate. The agreement with Fortress also required Trump’s 401 Mezz Venture to pay a $49 million “exit fee” when it repaid the loan. If Trump defaulted, his lenders could seize the building. Deutsche Bank and Fortress both planned to chop up the loans and sell at least some of the pieces. Deutsche Bank sold them mostly to American, European and Asian banks, Fortress mostly to private equity and hedge funds, including Dune Capital Management, which had recently been co-founded by Steven Mnuchin, the future Treasury secretary. The loans were due in May 2008. By then, the proceeds from selling condos, hotel units and parking spaces were projected to generate enough cash for Trump to repay what he owed. Using a thick black pen, Trump signed the loan agreements Feb. 4, 2005. A month later, construction began. Lenders Come Calling Work on the project went more slowly than planned, and the residential portion was still under construction as the loans came due. With the financial crisis enveloping the world, finding buyers for multimillion-dollar apartments suddenly became much harder. In the spring of 2008, Trump asked Deutsche Bank to delay the loan’s due date. The bank gave him an extra six months. In mid-September, the crisis crescendoed with the bankruptcy of Lehman Bros. Financial markets went haywire. The economy was on the precipice of depression. About a week later, Trump showed up in Chicago for the ceremony to mark the skyscraper’s near-completion. After addressing the small crowd, Trump and three of his adult children — Ivanka, Donald Jr. and Eric — placed their hands in wet cement rectangles to commemorate the day. “I don’t want to tell you what that feels like,” Donald Trump cracked before waving his cement-caked hands for the cameras. At that point, at least 159 units in the building were still unsold, and many more were under contract but hadn’t closed, according to New York court records. That meant hundreds of millions of dollars that Trump and his family had counted on to repay Deutsche Bank and Fortress hadn’t yet materialized. And the loans were due in barely six weeks. Trump sought another extension. This time, Deutsche Bank said no. Trump’s company still owed Deutsche Bank about $334 million in principal and interest, and Fortress $130 million, not including interest and fees. Trump went on the offensive. In a letter to Deutsche Bank on Nov. 4, he accused it of helping ignite the financial crisis. This was important, because Trump went on to claim that the crisis constituted a “force majeure” — an act of God, like a natural disaster — that entitled him to extra time to repay the loans. A few days later, Trump and his companies sued Deutsche Bank and Fortress, along with the other banks and hedge funds that had purchased pieces of the loans. The suit accused Deutsche Bank of engaging in “predatory lending practices” against Trump. He sought $3 billion in damages. Deutsche Bank soon filed its own lawsuit, accusing its longtime client of being a habitual deadbeat and demanding immediate repayment of the now-defaulted loans. Inside Deutsche Bank, angry executives and lawyers vowed to never again do business with Trump, according to senior executives. With the litigation pending (the parties soon entered into a series of “standstill agreements” that paused hostilities), the Trump family kept trying to find buyers for the condos. “As it nears completion, it’s time for you to take your place in the one-of-a-kind Trump lifestyle this building offers,” Ivanka Trump said in an April 2009 sales video. “And you can be living it, right here, very soon.” Turning Unpaid Debt Into Canceled Debt Why didn’t the lenders seize the building? Going to court to take over the unfinished skyscraper promised to be a costly, yearlong process, especially given Trump’s reputation for using the legal system to drag out fights and grind down opponents. It seemed simpler to resolve the dispute. On July 28, 2010, lawyers for Trump, Deutsche Bank and Fortress notified the court that they had reached a private settlement. The terms weren’t disclosed. But Trump’s federal tax returns, as well as loan documents filed in Cook County, Illinois, provide clues to what happened: Trump was let off the hook for about $270 million. It was the type of generous financial break that few American companies or individuals could ever expect to receive, especially without filing for bankruptcy protection. Before Trump defaulted, Fortress had expected to receive more than $300 million from his company: the $130 million in principal and roughly $185 million in anticipated interest and fees. But Fortress and its partners — including Mnuchin’s Dune Capital, as well as Cerberus Capital Management, whose co-chief executive, Stephen Feinberg, would become a major Trump fundraiser and go on to lead a White House advisory panel — quickly realized they wouldn’t ever collect that full amount. Ultimately, Fortress settled for $48 million, which Trump wired to the firm in March 2012, according to people familiar with the deal. The forgiven debts showed up in Trump’s tax returns. For 2010, Trump’s 401 Mezz Venture reported about $181 million in canceled debts. Two years later, DJT Holdings, an umbrella company that the Chicago project had been folded into, reported that another $105 million of debt had been forgiven. Most of that appears to reflect the unpaid Fortress sum. In many ways, it repeated a pattern that had played out more than a decade earlier at Trump’s Atlantic City casinos: a cycle of defaulting on debts and then persuading already-burned lenders to cut him a break. The Last $99 Million Trump’s companies got a pass on the money they owed on the Deutsche Bank loan, too. The 2010 settlement gave Trump a couple of years to sell hotel units, condos and parking spaces to repay that loan, according to Steven Schlesinger, a lawyer who represented the Trump Organization in the Chicago litigation. By 2012, the Trump Organization had drummed up about $235 million to repay the financial institutions to whom Deutsche Bank had sold pieces of the original loan. They included banks and asset managers in the United States, Germany, Ireland, and China, according to court records. But Trump still owed $99 million, according to people familiar with the debt. Where would he come up with that money? Although Deutsche Bank had vowed to do no more business with Trump, his son-in-law, Jared Kushner, introduced him to his personal wealth manager at the bank, Rosemary Vrablic. Vrablic, with the support of her superiors, soon agreed to restart the relationship with Trump. In 2012, Vrablic’s division made two loans secured by the Chicago skyscraper: one for nearly $54 million, another for $45 million, according to loan documents filed with the Cook County Recorder of Deeds. Trump agreed to personally guarantee the new loans, according to several people familiar with the deal. The funds were used to immediately repay the $99 million that Trump still owed on the original Chicago loan, the people said. In other words, one wing of Deutsche Bank was providing Trump the money to repay another division of the same bank. The following spring, the Trump Organization repaid $54 million, according to a person briefed on the matter and Cook County records. That left $45 million outstanding. But in 2014, Deutsche Bank agreed to lend another $24 million on the property and to extend the due date until 2024, records show. Trump now owed the bank $69 million. By May 2016, he had repaid the $24 million. At that time, the Chicago loans were only one element of the relationship between Deutsche Bank and Trump. Vrablic’s team also lent Trump’s company $125 million for work on his Doral golf resort in Florida and up to $170 million to transform the Old Post Office building in Washington into a luxury hotel. Trump personally guaranteed those loans, too. The guarantees were advantageous for him. Because they counted as investments in his business for tax purposes, the guarantees increased the amount of losses he could use to avoid income taxes in the future. Trump’s federal tax returns show that he has personally guaranteed the repayment of $421 million in debts. Most of that is on loans from Deutsche Bank. At the end of 2018, Trump and his companies owed the bank $330 million. Whittling Down Tax Bills The IRS requires taxpayers to treat forgiven debts as income when calculating what they owe in federal taxes. The New York attorney general, Letitia James, is investigating whether Trump followed the law. The tax records reviewed by The Times show that while Trump accounted for $287 million of income from his canceled debts, he managed to avoid paying income taxes on nearly all of it. Trump reported $40 million of forgiven debt as income in 2010. But losses from his businesses — including $30.8 million in red ink on the Chicago project — meant he had no taxable income that year. Trump avoided immediate income taxes on another $104.8 million of the forgiven loans in a way that could increase his taxes later. He would generally have been entitled to write off the total amount he spent on a building over a number of years, a process known as depreciation. Instead, he agreed to reduce those eventual write-offs by $104.8 million, an alternative allowed in tax law. For the other $141 million, Trump took advantage of a law, passed after the 2008 financial crisis, that allowed income from canceled debts to be deferred for five years and then spread out over the next five. Each year from 2014 through 2018, Trump declared $28.2 million of canceled debt income. As it turned out, though, losses in other parts of his business wiped out most of his federal tax bill on that income. He paid nothing for 2014; $641,931 for 2015; and, after credits, only $750 a year for 2016 and 2017. It isn’t clear how much he paid for 2018. Loans Coming Due Like Trump’s other properties, the Trump International Hotel &amp; Tower in Chicago has benefited in some ways from its connection to the president. Last year, for example, an aviation company that was lobbying the Trump administration for contracting work held an event there. Trump attended an October 2019 lunch fundraiser at the hotel, which generated about $100,000 in revenue for his company, The Washington Post reported. But the skyscraper’s fortunes have withered. Most of its retail space has never been occupied, The Real Deal reported last year. Its revenue declined from $67 million in 2014 to $50 million in 2018, while profits plunged from $16.3 million to $1.8 million over the same period. The problems intensified in 2020, as the coronavirus forced restaurants, including Trump’s in Chicago, to close. The Trump family sought financial relief from Deutsche Bank among others. The bank offered to let Trump’s companies pause interest payments on their loans. The Trump Organization decided the bank’s proposal was insufficiently generous and turned it down. The loans come due in 2023 and 2024.

How Trump maneuvered his way out of trouble in Chicago

Harley-Davidson exited the world's largest two-wheeler market, India, last month and recently announced a plan to develop and sell a range of premium motorcycles under its brand name in the country along with Hero MotoCorp.

Harley-Davidson ties up with Hero MotoCorp

German airline Lufthansa expects a very slow demand recovery in the face of the resurgent COVID-19 pandemic and now hopes to reach roughly half of its pre-crisis capacity over the course of next year, a board member told Reuters.

Lufthansa braces for very slow recovery in passenger demand

Indian stock market indices witnessed a sharp slide in the afternoon deals on Wednesday owing to sell-off in financial stocks.&nbsp;

The S&amp;P BSE Sensex tanked over 500 points or 1.3 per cent to 39,957 levels while NSE's Nifty was trading nearly a per cent lower at 11,782 points. Nifty Bank was quoting nearly 2 per cent lower at 24,327 levels.&nbsp;

The Nifty Bank and Fin Services indices were also down 1.4 per cent and 1.6 per cent, respectively. Meanwhile, broader markets continued to outperform the benchmarks during the day.&nbsp;

Meanwhile, the Indian rupee is trading at the day's low at 73.77, amid selling seen in the domestic equity market.

It opened flat at 73.70 per dollar against Tuesday's close of 73.71.

(With inputs from agencies)

Indian stock market indices witnessed a sharp slide in the afternoon deals on Wednesday owing to sell-off in financial stocks. The S&P BSE Sensex tanked over 500 points or 1.

Indian stock market indices witnessed a sharp slide in the afternoon deals on Wednesday owing to sell-off in financial stocks. The S&P BSE Sensex tanked over 500 points or 1.3 per cent to 39,957 levels while NSE's Nifty was trading nearly a per cent lower at 11,782 points. Nifty Bank was quoting nearly 2 per cent lower at 24,327 levels. The Nifty Bank and Fin Services indices were also down 1.4 per cent and 1.6 per cent, respectively. Meanwhile, broader markets continued to outperform the benchmarks during the day. Meanwhile, the Indian rupee is trading at the day's low at 73.77, amid selling seen in the domestic equity market. It opened flat at 73.70 per dollar against Tuesday's close of 73.71. (With inputs from agencies)

Sensex slips 500 points, Nifty below 11,800 as financials drag

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report.

Big US technology companies like Facebook, Google and Microsoft have been blamed for neglecting to pay a considerable lot of taxes in small and poor nations where governments are attempting to give even essential medical care or instruction to their residents. 
 
The aid charity said its research showed that the developing nations with the highest "tax gaps" from Google, Facebook and Microsoft are India, Indonesia, Brazil, Nigeria and Bangladesh.

ActionAid is a global federation working for anti-poverty and anti-injustice projects around the world.

As per the research of ActionAid International, the huge amount lost from the 'tax gap' could have been used to pay for more than 700,000 new teachers or 850,000 primary school teachers.

“Little is known about how much tax these companies are currently paying in developing countries, as they are still not required to publicly disclose this information,” ActionAid said.&nbsp;

“This research shows, however, that billions could be at stake in the long-overdue reform of international corporate taxation – enough to transform underfunded health and education systems in some of the world’s poorest countries.”

(With inputs from agencies)

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report.

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report. Big US technology companies like Facebook, Google and Microsoft have been blamed for neglecting to pay a considerable lot of taxes in small and poor nations where governments are attempting to give even essential medical care or instruction to their residents. The aid charity said its research showed that the developing nations with the highest "tax gaps" from Google, Facebook and Microsoft are India, Indonesia, Brazil, Nigeria and Bangladesh. ActionAid is a global federation working for anti-poverty and anti-injustice projects around the world. As per the research of ActionAid International, the huge amount lost from the 'tax gap' could have been used to pay for more than 700,000 new teachers or 850,000 primary school teachers. “Little is known about how much tax these companies are currently paying in developing countries, as they are still not required to publicly disclose this information,” ActionAid said. “This research shows, however, that billions could be at stake in the long-overdue reform of international corporate taxation – enough to transform underfunded health and education systems in some of the world’s poorest countries.” (With inputs from agencies)

Facebook, Google and Microsoft avoiding $3bn in tax in poorer nations

German business morale fell for the first time in six months in October, weighed down by companies' concerns about rising coronavirus infection rates that are making them more cautious about the coming months, a survey showed on Monday.

German business morale falls on virus angst as rebound fades

British aero-engine maker Rolls-Royce Holdings Plc plans to temporarily close factories, reduce working hours and cut benefits as part of new cost-cutting measures, the Financial Times reported on Monday.

Rolls-Royce to temporarily close factories, cut benefits - FT

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/vaccine-tycoon-overtakes-jack-ma-to-become-chinas-richest-asias-second-wealthiest-329880" hreflang="en">Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest</a> 
 
“It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT.

Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said.

Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record!

Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/jack-ma-summon-petitioners-lawyer-seeks-stay-on-disposal-of-uc-browsers-assets-in-india-316258" hreflang="en">Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India</a>

Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees.

Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares.&nbsp;

Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history. According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City. Also read: Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT. Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said. Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record! Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand. Also read: Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees. Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares. Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Ant Group's IPO listing will be the largest in history, claims Jack Ma

ANA Holdings Inc plans to cut about 3,500 jobs in three years as Japan's largest airline operator braces for its biggest-ever annual loss due to a plunge in demand driven by the coronavirus pandemic, the Yomiuri daily reported.

Japan's ANA to cut 3,500 jobs in 3 years as it anticipates prolonged virus woes

Shares in Samsung Electronics Co Ltd and affiliates rose on Monday after the death a day earlier of Chairman Lee Kun-hee sparked hopes for restructuring and stake sales, analysts said.

Samsung affiliates' shares rise after Lee's death sparks hopes of shake-up

Amid surging virus cases and lack of clarity on the US stimulus package, investors dumped big private banking names, putting pressure on benchmark indices on Monday.

BSE Sensex slipped over 650 points, or 1.6 per cent, to 40,021 levels and the Nifty50 index hovered around 11,700-mark. Bajaj Auto (down 6 per cent), RIL (down 4 per cent), and SBI and ICICI Banks (down over 3 per cent each) were the top Sensex drags.

Meanwhile, Indian rupee ended 25 paise lower at 73.85 per dollar, amid selling seen in the domestic equity market.

It opened 17 paise lower at 73.77 per dollar against Friday's close of 73.60 and traded in the range of 73.69-73.88.

(With inputs from agencies)

Amid surging virus cases and lack of clarity on the US stimulus package, investors dumped big private banking names, putting pressure on benchmark indices on Monday.

Amid surging virus cases and lack of clarity on the US stimulus package, investors dumped big private banking names, putting pressure on benchmark indices on Monday. BSE Sensex slipped over 650 points, or 1.6 per cent, to 40,021 levels and the Nifty50 index hovered around 11,700-mark. Bajaj Auto (down 6 per cent), RIL (down 4 per cent), and SBI and ICICI Banks (down over 3 per cent each) were the top Sensex drags. Meanwhile, Indian rupee ended 25 paise lower at 73.85 per dollar, amid selling seen in the domestic equity market. It opened 17 paise lower at 73.77 per dollar against Friday's close of 73.60 and traded in the range of 73.69-73.88. (With inputs from agencies)

Sensex slips below 40,000-mark, tanks 650 points

A Singapore arbitration panel has put on hold Future Group`s $3.38 billion asset sale to Reliance Industries&nbsp;, an interim win for Amazon.com Inc&nbsp;which had alleged the deal between the Indian firms breached some existing agreements.

Amazon received an emergency order to halt the companies from proceeding with the deal until an arbitration tribunal is formed, a source with direct knowledge of the matter told Reuters.

Amazon last year bought a 49% stake in Future Coupons Ltd, which owns a 7.3% stake in Future Retail. In August,

Mukesh Ambani`s Reliance decided to buy retail, wholesale and some other businesses of the Future Group in a deal valued at $3.38 billion, including debt.

But Amazon`s investment came with contractual rights that include a right of first refusal and a non-compete-like pact, media had reported, and Amazon later started arbitration proceedings in Singapore.

"It`s a comprehensive victory for Amazon," a source with direct knowledge of the decision said. "They`ve won an injunction to stop the deal."

Two sources familiar with the matter said that the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court.

In a statement, Amazon said it welcomed the award of the emergency arbitrator.

"We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process," Amazon added.

Future Group and Reliance were not immediately reachable for comment.

A Singapore arbitration panel has put on hold Future Group`s $3.38 billion asset sale to Reliance Industries , an interim win for Amazon.com Inc which had alleged the deal between the Indian firms breached some existing agreements.

A Singapore arbitration panel has put on hold Future Group`s $3.38 billion asset sale to Reliance Industries , an interim win for Amazon.com Inc which had alleged the deal between the Indian firms breached some existing agreements. Amazon received an emergency order to halt the companies from proceeding with the deal until an arbitration tribunal is formed, a source with direct knowledge of the matter told Reuters. Amazon last year bought a 49% stake in Future Coupons Ltd, which owns a 7.3% stake in Future Retail. In August, Mukesh Ambani`s Reliance decided to buy retail, wholesale and some other businesses of the Future Group in a deal valued at $3.38 billion, including debt. But Amazon`s investment came with contractual rights that include a right of first refusal and a non-compete-like pact, media had reported, and Amazon later started arbitration proceedings in Singapore. "It`s a comprehensive victory for Amazon," a source with direct knowledge of the decision said. "They`ve won an injunction to stop the deal." Two sources familiar with the matter said that the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court. In a statement, Amazon said it welcomed the award of the emergency arbitrator. "We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process," Amazon added. Future Group and Reliance were not immediately reachable for comment.

Amazon wins arbitration order against Future's deal with Reliance

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not.

The Department of Financial Services came out with operational guidelines in the backdrop of the Supreme Court's direction to implement the interest waiver scheme, which is likely to cost the exchequer Rs 6,500 crore.

The apex court on October 14 directed the Centre to implement "as soon as possible" interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme in view of the COVID-19 pandemic saying the common man's Diwali is in the government's hands.

As per the guidelines, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.

"Borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs 2 crore (aggregate of all facilities with lending institutions) as on February 29 shall be eligible for the scheme," it said.

As per the eligibility criteria mentioned in the guidelines, the accounts should be standard as on February 29 which means that it should not be Non-Performing Asset (NPA).

Housing loan, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.

As per the scheme, the lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers in respective accounts for the said period irrespective of whether the borrower fully or partially availed the moratorium on repayment of loan announced by the RBI on March 27, 2020.

The scheme is also applicable on those who have not availed the moratorium scheme and continued with the repayment of loans.

The lending institutions after crediting the amount will claim the reimbursement from the central government.

Hearing the matter on October 14, the Supreme Court observed that it was concerned about how the benefit of interest waiver would be given to borrowers and said the Centre has taken a "welcome decision" by taking note of the plight of the common man, but authorities have not issued any order in this regard.

"Something concrete has to be done," a bench headed by Justice Ashok Bhushan had said, adding, "Benefits of waivers to borrowers up to Rs 2 crore must be implemented as soon as possible."

The top court, which posted the matter for hearing on November 2, told the advocates appearing for the Centre and banks that "Diwali is in your hand".

The Centre recently told the apex court that going any further than the fiscal policy decisions already taken, such as waiver of compound interest charged on loans of up to Rs 2 crore for six months moratorium period, may be "detrimental" to the overall economic scenario, the national economy and banks may not take "inevitable financial constraints".

The top court is hearing a batch of petitions which have raised issues concerning the six-month loan moratorium period announced due to the COVID-19 pandemic.

The bench, also comprising Justices R S Reddy and M R Shah, said when authorities have decided something then it has to be implemented.

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not.

In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not. The Department of Financial Services came out with operational guidelines in the backdrop of the Supreme Court's direction to implement the interest waiver scheme, which is likely to cost the exchequer Rs 6,500 crore. The apex court on October 14 directed the Centre to implement "as soon as possible" interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme in view of the COVID-19 pandemic saying the common man's Diwali is in the government's hands. As per the guidelines, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020. "Borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs 2 crore (aggregate of all facilities with lending institutions) as on February 29 shall be eligible for the scheme," it said. As per the eligibility criteria mentioned in the guidelines, the accounts should be standard as on February 29 which means that it should not be Non-Performing Asset (NPA). Housing loan, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme. As per the scheme, the lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers in respective accounts for the said period irrespective of whether the borrower fully or partially availed the moratorium on repayment of loan announced by the RBI on March 27, 2020. The scheme is also applicable on those who have not availed the moratorium scheme and continued with the repayment of loans. The lending institutions after crediting the amount will claim the reimbursement from the central government. Hearing the matter on October 14, the Supreme Court observed that it was concerned about how the benefit of interest waiver would be given to borrowers and said the Centre has taken a "welcome decision" by taking note of the plight of the common man, but authorities have not issued any order in this regard. "Something concrete has to be done," a bench headed by Justice Ashok Bhushan had said, adding, "Benefits of waivers to borrowers up to Rs 2 crore must be implemented as soon as possible." The top court, which posted the matter for hearing on November 2, told the advocates appearing for the Centre and banks that "Diwali is in your hand". The Centre recently told the apex court that going any further than the fiscal policy decisions already taken, such as waiver of compound interest charged on loans of up to Rs 2 crore for six months moratorium period, may be "detrimental" to the overall economic scenario, the national economy and banks may not take "inevitable financial constraints". The top court is hearing a batch of petitions which have raised issues concerning the six-month loan moratorium period announced due to the COVID-19 pandemic. The bench, also comprising Justices R S Reddy and M R Shah, said when authorities have decided something then it has to be implemented.

Diwali gift to borrowers: Government waives off interest on interest for loans up to Rs 2 crore