Despite revamped proposals, Nippon Steel deal on track to be blocked, letter shows

18 December 2024, 2:16 am 1 minute

Despite a steady stream of meetings and calls with U.S. officials, and three revamped proposals to assuage national security concerns, Nippon Steel has failed to garner approval from a powerful panel reviewing its $14.9 billion bid for U.S. Steel, a letter seen by Reuters shows.

Why it matters

The letter, sent Saturday, sets the stage for U.S. President Joe Biden, who has long opposed the deal, to block it. The Committee on Foreign Investment in the United States (CFIUS), which reviews deals for national security risks, has a Dec. 23 deadline to approve the deal, extend the review, or recommend Biden scuttle it. If the agencies that make up the panel remain at loggerheads, as the letter states, they will refer the matter to Biden to take action.

Article Tags

Topics of Interest: Business & FinanceDeals

Type: Reuters Best

Sectors: Business & Finance

Regions: Americas

Countries: United States

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

https://aiearth.us/banking/despite-revamped-proposals-nippon-steel-deal-on-track-to-be-blocked-letter-shows-3/

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SBI hikes its base rate BPLR Benchmark Prime Lending Rate on loan EMI will go up

State Bank of India (SBI) has announced an increase in its loan-related base rate and benchmark prime lending rate (BPLR). This increase will be effective from March 15, 2023. SBI has increased its bet rate by 0.70. With this, the base rate of the bank has increased to 10.10%, which till now was 9.40%. Apart from this, the bank has also increased its Benchmark Prime Lending Rate (BPLR) to 14.85%, which till now was 14.15%. Due to this, EMI of BPLR and base rate related loans will become expensive. Actually, both of these are the old benchmarks of the bank, on the basis of which the bank used to give loans to people.

Now instead it is given on the basis of External Benchmark Based Lending Rate (EBLR) or Repo Rate Linked Rate (RRLR). However, these rates are still applicable on loans which have already been given on Base Rate and BPLR.

What is Benchmark Prime Lending Rate (BPLR)

what is base rate

According to the information given on the website of Kotak Mahindra Bank, “Base rate is the minimum interest rate at which Indian banks can give loans. They are not allowed to give any loan below this rate. The average cost of obtaining funds plays an important role in determining the base rate. As per RBI policies, banks have to review the base rate every quarter. In place of MCLR was introduced.

https://aiearth.us/banking/sbi-hikes-its-base-rate-bplr-benchmark-prime-lending-rate-on-loan-emi-will-go-up-15/

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