I have got nothing against family companies, but there must be real equity, that is all I say. It cannot be based on influence or political friendships. It has to be based on real equity backing their dreams.
Historically, in India, the strange fact was that the equity owner was not taking as much hit as the lender. Therefore, if we restore the first principle of economics, that first the equity owner needs to take the hit and then the lender, we will get a good solution.
We are going to push the question of equity again and again until the Legislature makes it as much of a priority as whatever they are planning to do with the tax system.
There are some very good measures in there, both for the equity investors and the bondholders. The share buyback and the (phone lines) income trust are much bigger than what I was expecting. They had to reduce their debt, and they are going to do that.
The only thing that can take yields down is a total retreat in equity prices.
The 27-week inflow streak into Japan equity funds ended this week as accounting irregularities at an Internet company and a systems failure on the Tokyo Stock Exchange shook investor confidence.
We feel that the blockbuster sale of RMA to NCO Group is an indication of transactions to come as private equity looks toward a sale as a way to profit from investments made a number of years ago.
Seasonally adjusted net mortgage lending fell back to around the recent trend in January and the level of approvals, in particular for equity withdrawal, held up well in what is traditionally a slow month.
Sentiment is still dollar negative, and it will take some very decent equity news to turn this around. The market needs something to hang its hat on.
What you're seeing right now is that private equity investors, corporations as well as institutional equity investors are all picking and choosing through equity assets,