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29.03.26 - 23:30
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RBI′s forced dollar unwind to keep rupee from sliding, bruise banks (Times of India)
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Until Friday, banks could run net open positions of up to 25% of their net worth. In practice, large lenders often accumulated sizeable long dollar bets, sometimes in excess of of $1 billion, on expectations of rupee depreciation. The new cap forces a rapid reversal. By April 10, 2026, banks must cut these exposures to $100 million. This compels them to sell dollars and buy rupees to close the gap....
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28.03.26 - 14:06
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The great care home cash grab: how private equity turned vulnerable elderly people into human ATMs (The Guardian)
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When did care homes come to be seen as recession-proof investments? And who pays the price?On a spring morning in 1987, a 30-year-old man named Robert Kilgour pulled up beside a row of foamy cherry trees in the town of Kirkcaldy, on Scotland's east coast, to visit an old hotel. The building was four storeys of blackened Victorian sandstone. Kilgour was a big man, a voluble Scot with a knack for storytelling. He already owned a hotel in Edinburgh but wanted to branch into property development and was planning to turn this old place, Station Court, into apartments. A few months after he completed the purchase, however, the Scottish government scrapped a grant for developers that he had been counting on. He had just sunk most of his personal savings into a useless building in a sodden, post-industrial town. He urgently needed a new idea.Care homes weren't so different from hotels, Kilgour thought. And the beauty was, their elderly residents were unlikely to get drunk, steal the soap dispensers or invite se...
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