Business
State Pension Fund Recovers $211.75 Million from $423.5 Million Homeplus Investment
The NPS initially invested in Homeplus through a fund in 2015, which included 582.6 billion won in redeemable convertible preferred stock (RCPS). This investment was made during the acquisition of the retail chain by the private equity firm MBK Partners.
RCPS is a type of financial instrument that allows investors to receive fixed dividends, with the option to convert their shares into ordinary stock. It also permits the issuing company to buy back the shares at a predetermined price or date, as reported by Yonhap news agency.
To date, the NPS has retrieved 313.1 billion won through refinancing and dividends related to the RCPS. The NPS has confirmed that it has not agreed to any modifications regarding the issuance terms of the RCPS, which remain unchanged since the original investment. The organization is committed to recovering the remaining portion of its investment.
Homeplus initiated the rehabilitation process this week after a Seoul court approved MBK Partners’ request. This decision followed downgrades to the company’s rating by several local credit agencies.
Some suppliers have paused or are contemplating suspending their deliveries to Homeplus, which was forced to seek court-led rehabilitation amid signs of liquidity issues. While many businesses continue to supply products to Homeplus, as there is no definitive evidence of an immediate liquidity crisis, some vendors are exercising caution due to fears that Homeplus may struggle to fulfill payment obligations for received goods. Notably, LG Electronics has halted shipments to Homeplus due to increasing financial risks, while Samsung Electronics is reportedly considering similar actions.
Mumbai: The Reserve Bank of India (RBI) has decided to close its special forex swap facility for fresh FCNR deposits early.
The facility will now close on August 31, the RBI said on Friday.
The central bank said the decision was taken after receiving an encouraging response. The facility has attracted $52.3 billion through fresh foreign currency deposits.
Banks can continue to undertake swaps with the RBI against FCNR deposits raised under the facility until September 11.
Meanwhile, the schemes for External Commercial Borrowings and Overseas Foreign Currency Borrowings will remain open until December 31, 2026.
The RBI launched the special US dollar-rupee forex swap facility on June 8. It allowed banks to raise fresh three-to-five-year FCNR deposits.
Banks could then swap these deposits with the RBI at a concessional rate. The facility effectively covered the entire hedging cost for banks.
The strong response to the scheme led the RBI to bring the facility to an early close.
Moodbidri: A dream that began in the rural area of Niddodi in Moodbidri has now gained national recognition. Leksa Lighting Technologies Pvt. Ltd., founded by Ronald Sylvan D’Souza, has been recognised as one of India’s Top 100 MSME companies.
The prestigious national recognition was presented by the MSME Udyog Foundation at a ceremony held in New Delhi on August 8, 2026.
Ronald Sylvan D’Souza started his entrepreneurial journey from a humble background. Through hard work, discipline and continuous efforts, he built Leksa Lighting Technologies into a recognised lighting technology company.
The company has focused on quality, technological innovation and indigenous manufacturing. Research and development have also played an important role in its growth.
Leksa Lighting has adopted Japanese work practices to improve its manufacturing and operational standards. The company has also worked towards developing quality lighting solutions in India.
What began as a dream in rural Karnataka has now reached different parts of the country. The company is also making its presence felt in international markets.
Speaking about the recognition, Ronald Sylvan D’Souza said the award was not an individual achievement. He credited the entire Leksa team, customers, business partners, family members and everyone who supported the company.
He said he was proud and happy to see a dream that began in Niddodi and Moodbidri receive recognition at the national level.
READ MORE:Rare Otter Spotted in Paddy Field at Paddam, Udupi
The achievement highlights the potential of rural entrepreneurs. It also shows that determination, discipline and consistent hard work can help a business from a rural area achieve success on a national platform.
Leksa Lighting Technologies’ journey stands as an example of how a local dream can grow into a nationally recognised enterprise.
New Delhi: Buying a new vehicle is set to become more expensive from August 1, adding to the financial burden on consumers. Several automobile manufacturers have announced a price hike due to rising production costs.
The increase is mainly driven by higher prices of raw materials and components. The cost of steel, aluminium, rubber, plastic, electronic chips, batteries, and spare parts has gone up in recent months. Global market changes caused by ongoing conflicts and inflation have also increased manufacturing expenses.
As a result, vehicle companies have decided to raise the prices of new models. Customers planning to purchase a new vehicle are likely to pay more from August 1.
The price hike is also expected to affect the travel and transport industry. Travel agencies and tour operators say buying new cars, SUVs, and other passenger vehicles will become more expensive.
Operators have already been facing higher expenses due to increased fuel prices and toll charges. With the additional cost of new vehicles, many travel agencies are preparing to revise their rental charges.
READ MORE:Bhava Sangama Devotional and Patriotic Song Competition Concludes in Mangaluru
The Karnataka Travels Association has indicated that travel fares may be increased to manage the rising operating costs. Passengers may have to pay more for each trip if the revised rates are implemented.
Meanwhile, several automobile manufacturers have already published details of the upcoming price increase on their official websites. Consumers planning to buy a new vehicle may consider making their purchase before the revised prices come into effect on August 1.
Kodagu MLA Visits Athlete Poovamma’s Residence in Mangaluru
Kuwait Returnee Dies of Heart Attack at Bengaluru Airport
Asian Games Gold Medallist M.R. Poovamma Felicitated by Dakshina Kannada Administration
Meet Bubu and Dudu: The Adorable Cartoon Couple Captivating Hearts Around the Globe!
“Hidden Love” Spin-Off “The First Frost” Now Streaming on Netflix
