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New Delhi, Indian-Canadian billionaire Prem Watsa-backed <keyword id="20847043" type="General" weightage="20" keywordseo="fairfax-india" source="keywords">Fairfax India</keyword> on Wednesday announced its commitment to provide up to USD 200 million (about Rs 1,650 crore) liquidity support to IIFL Finance after the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> barred the non-bank lender to disburse gold loans. The RBI's embargo has raised liquidity concerns among the company's investors and lenders, Fairfax India Holdings Corporation said in a statement. In response to these concerns, Fairfax India has agreed to extend up to USD 200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any), it added. "We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI's compliance standards," said Fairfax India chairman <keyword id="20146567" type="General" weightage="20" keywordseo="prem-watsa" source="keywords">Prem Watsa</keyword>. Commenting on the development, IIFL Finance Managing Director Nirmal Jain said at this crucial juncture, Fairfax India's and Prem's generous offer to provide liquidity support is very timely and motivating. "We are committed to complying fully with RBI's directives and growing the business under the regulator's guidance on the strong foundation of compliance, risk management, and fair practices," Jain said. Earlier this week, the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> barred <keyword id="20849308" type="General" weightage="20" keywordseo="iifl-finance-ltd" source="keywords">IIFL Finance Ltd</keyword> from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. IIFL Finance offers a range of loans and mortgages. The latest directions from the RBI pertain to only the gold loan business. The RBI in a statement had said certain material supervisory concerns were observed in the gold loan portfolio of the company. The concerns include serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in loan-to-value ratio; significant disbursal and collection of the loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts.

Prem Watsa-backed Fairfax India commits up to $200 mn to IIFL Finance

<ul class="summary-list"><li>The "<keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword> of Canada" could profit hugely from <keyword id="6354356" type="UNKNOWN" weightage="60" keywordseo="Blackberry">BlackBerry</keyword>'s stock surge.</li><li><keyword id="6385037" type="PERSON" weightage="60" keywordseo="prem-watsa">Prem Watsa</keyword>'s <keyword id="1878137" type="ORGANIZATION" weightage="60" keywordseo="Fairfax-Financial">Fairfax Financial</keyword> owns BlackBerry stock and convertible bonds.</li><li>The firm's potential 16% stake was worth as much as $2 billion on Thursday.</li></ul>A billionaire investor hailed as the "Warren Buffett of Canada" stands to make a fortune on <a href="https://markets.businessinsider.com/stocks/bb-stock">BlackBerry</a> after an agonizing seven-year wait, thanks to day traders pumping its stock price higher this week.Prem Watsa is the founder and CEO of Fairfax Financial, an insurance conglomerate he modeled on Buffett's <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword>. Fairfax owns 46.7 million shares of BlackBerry as of March 31, giving it a 8% stake in the enterprise-software group. BlackBerry is its second-largest holding, accounting for 14% of its US stock portfolio.Fairfax also holds BlackBerry bonds that it can convert into 55 million shares at a cost of $6 a share. If it converts all of those bonds, it would have 102 million shares or more than 16% of BlackBerry's outstanding shares.Read more: <a href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-cash-apple-costco-chevron-chris-bloomstran-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Warren Buffett's Berkshire Hathaway has $140 billion in cash, yet it pulled billions out of Apple, Costco, and Chevron. Veteran investor Chris Bloomstran explains why the cash pile isn't excessive and the sales made sense.</a>Watsa, who sits on BlackBerry's board, disclosed on an earnings call in April that the bet cost him $10 a share. He tried to buy the entire company for $4.7 billion in 2013, but ended up leading a $1 billion investment in the business in November of that year.The Fairfax chief would have liked to sell at least some of his BlackBerry stake in January, when the meme-stock frenzy drove its stock price from under $7 to almost $29 at the peak. However, Fairfax was restricted by SEC rules from making a profit on its shares, as it had swapped an old batch of bonds for its current set last September.The "short-swing profit rule" requires insiders who own at least 10% of a company - and buy and sell its stock within a six-month period - to return any profits they make to the company. It's designed to prevent the use of inside information for short-term profiteering."There was no way, we checked it 10 times," Watsa replied when an analyst on the earnings call asked if he had sold any BlackBerry stock. "We had no option but to wait."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-corporate-taxes-rise-defensive-biden-aspiriant-2021-6" target="_blank" rel="noopener">The director of wealth management at a $12 billion firm shares 3 stocks set to thrive when corporate taxes rise - and says all of them have at least 15% upside from current levels</a>Now that the six-month window has passed, it would seem to make sense for Watsa to cash in some of his BlackBerry shares. The company's stock price climbed as high as $20 on Thursday - its steepest level in nine years excluding the January spike.Fairfax's 46.7 million shares would fetch over $900 million at that price. If the company converted all of its bonds, its 102 million shares would be worth over $2 billion. That would represent a roughly $1.2 billion profit for Watsa, based on his cost base of $10 a share and the $330 million cost to convert the bonds.The irony is that Watsa, a value investor who has stubbornly held BlackBerry for seven long years, might finally make some money on it because a bunch of day traders are wildly speculating on <keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword> for fun.

The 'Warren Buffett of Canada' could score a $1 billion return on BlackBerry as retail investors target the meme stock

<ul><li><keyword id="5029493" type="UNKNOWN" weightage="20" keywordseo="Digit-Insurance">Digit Insurance</keyword> has partnered with <keyword id="156251" type="COMPANY" weightage="20" keywordseo="Karur-Vysya-Bank">Karur Vysya Bank</keyword> for bancassurance. </li><li>The <keyword id="3345735" type="PERSON" weightage="20" keywordseo="InsurTech">insurtech</keyword> <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> is backed by Canadian billionaire <keyword id="6385037" type="PERSON" weightage="20" keywordseo="prem-watsa">Prem Watsa</keyword>’s <keyword id="1880146" type="ORGANIZATION" weightage="20" keywordseo="Fairfax-Group">Fairfax group</keyword>. </li><li>The startup was also listed in the global Fintech 250 list by CB Insights, being the only Indian company to do so. </li></ul>Karur Vysya Bank (KVB) will sell insurance products from Digit Insurance, a company backed by Fairfax Holdings owned by the Canadian billionaire Prem Watsa. “Together, we are looking forward to delivering innovative products like the ones aimed for catering insurance needs of SMEs. We are sure that our customers will get the best attention from Digit in terms of pricing and settlements,” said P R Seshadri, MD &amp; CEO, Karur Vysya Bank. Many Indian banks have been venturing into bancassurance including the likes of State Bank of India and Axis Bank, diversifying their offerings to include insurance. Through this partnership, Digit Insurance and KVB will target the SMEs of India. KVB has 750 branches with a large presence in South India. “KVB has a strong customer base of Small &amp; Medium Enterprise (SME) customers and that is one segment which is hugely underinsured in India. Therefore, this tie-up will help us reach out to the SMEs in India with our innovative solutions that can also help such SMEs to cover for business interruption &amp; loss with a fixed benefit, beyond the regular coverage available in the market,” Kamesh Goyal, Chairman of Digit Insurance said. Digit Insurance, was founded by Goyal in 2016 and is backed by Canadian billionaire Prem Watsa’s Fairfax group. Watsa had pumped in $140 million into the insurtech startup. In May 2019, it was reported that Fairfax might invest more into the startup. The startup was also listed in the global Fintech 250 list by CB Insights, being the only Indian company to do so.

Canadian billionaire Prem Watsa backed firm ties up with Karur Vysya Bank for bancassurance

<div class="image-container float_right"><div class="image"><a href="http://www.youtube.com/watch?v=53zsdW33wTw">YouTube</a></div></div>The letters of intent have been signed - <a href="http://www.businessinsider.com/blackberry-offer-to-go-private-2013-9">Canadian firm Fairfax Financial has offered to buy BlackBerry for $9 a share</a> and take the company private.
That means the BlackBerry is now in the hands of Prem Watsa, a man known as the 'Warren Buffett of <keyword id="6356687" type="COUNTRY" weightage="60" keywordseo="canada">Canada</keyword>.'
Watsa has been Chairman and CEO of Fairfax Holdings since he founded the company in 1985, and he <a href="http://www.thestar.com/business/2012/01/23/prem_watsa_meet_the_man_behind_the_rim_shakeup.html">controls half the voting rights</a> of the company. That likely means he's amassed a great fortune - reports put it in the billions - but it's hard to pin down exactly how many billions because, as the Toronto Star put it in a 2009 profile, Watsa is <a href="http://www.thestar.com/business/2012/01/23/prem_watsa_meet_the_man_behind_the_rim_shakeup.html">"the richest, savviest guy you've never heard of."</a>
In short: Watsa does not care for fame.
Unfortunately for him, his story and track record are attention grabbers. Watsa was born in Hyderabad, India in 1950 and was orphaned as a boy. He shined in school despite his misfortune, and ended up studying chemical engineering at the Indian Institute of Technology. For business school he emigrated to Canada <a href="http://www.nasdaq.com/article/canadas-warren-buffett-from-india-inspired-prem-watsa-sells-in-review-cm248046">(with $8 in his pocket, say some reports)</a> and attended the University of Western Ontario.
When the time came, Watsa modeled his holding company after Warren Buffett's. He's a die-hard value investor and one of his kids is named after famed value man Ben Graham.
After founding Fairfax Watsa's own legend grew. He predicted the 1987 crash, Japan's crash in the 1990s, and the most recent global financial crisis - though he may have been a little early on that one <a href="http://www.financialpost.com/analysis/columnists/story.html?id=9c0066a6-8473-4615-9b48-d47d4e1846b6">(from the Financial Post):</a>
In 2007, Fairfax, Canada's largest property and casualty insurer, posted profits of US$1.095-billion compared with US$227.5-million in 2006. In 2008, as more bad news hit markets everywhere, Fairfax's profit soared to US$631.8-million in the first quarter.
Since then Watsa has warned about <a href="http://www.bloomberg.com/news/2012-04-27/watsa-who-models-buffett-sees-housing-bubble-corporate-canada.html">Canada's housing market</a> and won big on an investment in the <a href="http://www.gurufocus.com/news/212509/after-success-in-ireland-prem-watsa-eyes-national-bank-of-greece-investment">Bank of Ireland.</a>
Good stuff, but Watsa's still come up against some major headwinds in his career, and one of them has a name - Dan Loeb.
Back in 2006 a bunch of hedge funds were shorting Fairfax - Jim Chanos' Kynikos, Steve Cohen's SAC Capital, and Loeb's Third Point. Loeb was especially graphic about his feelings on Watsa in e-mails, and when Fairfax sued this group of hedge fund managers, Loeb's comments were made public.
Check this one out, <a href="http://www.reuters.com/article/2011/03/11/us-hedgefunds-fairfax-loeb-idUSTRE72A4NH20110311">from Reuters:</a>
"Prem Watsa bend over the hedge funds have something special for you," Loeb wrote in the June 25, 2006 email to Adam Sender, the founder of Exis Capital, whose hedge fund also was "shorting" Fairfax -- that is, looking to profit from a decline in its shares. A little later that day, in an email to a consultant who was doing research for some of the hedge funds wagering on Fairfax's fall, Loeb wrote: "die, Prem Die!"
Not the most professional thing to say about a fellow CEO, but it's more than likely Watsa's shaken off by now.
With BlackBerry, he has bigger fish to fry.

Meet Prem Watsa, The Blackberry Suitor Known As The Warren Buffett Of Canada

HYDERABAD: It's been barely a month since he took over as only the third <a href="http://timesofindia.indiatimes.com/topic/CEO">CEO</a> of tech giant<a href="http://timesofindia.indiatimes.com/topic/Microsoft">Microsoft</a> since it was set up 39 years ago, but <a href="http://timesofindia.indiatimes.com/topic/Satya-Nadella">Satya Nadella</a> already has <keyword id="10387" type="CITY" weightage="80" keywordseo="Microsoft">Microsoft</keyword>'s five-year plan chalked out: use software as a driving force to advance the company's devices and services. 
 In an exclusive interview with TOI — the first with an Indian newspaper or TV channel since his ascension to the post of <keyword id="5645" type="POSITION" weightage="60" keywordseo="CEO">CEO</keyword> in February — Nadella insisted that software is "one of the most valuable, malleable resources" of the organization and that his primary objective as Microsoft chief would be to deliver software-driven advanced innovations that would help enrich customer experience. "I want to see us remain convinced that software matters in the future," the Hyderabad-born 46-year-old said, reiterating his "incredible focus" on offering Microsoft customers what they really value and enable them to do more in work, life and play. 
 
Back home in India too, Nadella aspires to see his "mobile first, cloud first" mantra accelerate future technology advancements. He acknowledges that the country, which boasts of a more than 6,000 employee-strong base, is a vital part of Microsoft's plans. "We are working with our partners to provide a wide range of Azure cloud offerings to accelerate economic growth and breakthrough cloud services in India," he said. 
 Nadella hailed Indian talent, saying, "... India is a tremendous source of technology talent, both at home and around the world, and that is something we can all take pride in." He also confessed to being moved by the flurry of congratulatory messages that have flooded his inbox. That includes mails from Shantanu Narayen (CEO, <keyword id="99699" type="CITY" weightage="40" keywordseo="Adobe">Adobe</keyword>), TK Kurien (CEO, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword>) and <a href="http://timesofindia.indiatimes.com/topic/Ajay-Banga">Ajay Banga</a> (CEO, <keyword id="6368201" type="CITY" weightage="40" keywordseo="MasterCard">Mastercard</keyword>) — all alumni of <keyword id="102356" type="ORGANIZATION" weightage="60" keywordseo="Hyderabad-Public-School">Hyderabad Public School</keyword>, like him. 
 
"I deeply appreciate all the support and encouragement I have received from people all across India," said Nadella. Though he spent only a few years of his childhood in Hyderabad, he asserted, "I will always be a Hyderabadi." 
 
Nadella, by his own admission a poetry fanatic, is currently hooked to the works of American poets <a href="http://timesofindia.indiatimes.com/topic/Walt-Whitman">Walt Whitman</a> and WH Auden. "I went through a phase of reading lots of Urdu poetry, thanks to the great transliterated versions that have become available," he said. But what can't stop haunting him are the final lines from <keyword id="1266000" type="POSITION" weightage="40" keywordseo="Romantic-poet">romantic poet</keyword> <keyword id="150109" type="PERSON" weightage="60" keywordseo="John-Keats">John Keats</keyword>' Ode On A Grecian Urn: "Beauty is truth, truth beauty — that is all ye know on earth, and all ye need to know'. 
 
The full interview 
 
Congratulations on your taking over as Microsoft CEO. How has the ride been so far? 
 I've been in the role for little over a month, and it has been incredible. I've been impressed by the passion and energy of Microsoft employees, and their willingness to commit to driving the company forward. I've worked in many areas of the company over 22 years, but there are some pieces of the business I'm getting to learn more about and it's been exciting to dig in deeper with those teams. Together with the leadership team, I'm focused on driving clarity and alignment on the strategy for our path forward with a laser focus on listening to customers and delivering our next waves of innovation. As a side note, I've to admit I was humbled by, and grateful for, the response in India to my appointment. I received congratulations and best wishes from so many people — not just <keyword id="343" type="ENTERTAINMENT" weightage="40" keywordseo="Friends">friends</keyword> and former colleagues, but many I had never met before. I deeply appreciate the encouragement from people across India. 
 
What's your priority number one as CEO? 
 
Microsoft is an amazing company that has changed the world. I firmly believe our best days are ahead of us. I want us to move faster and advance our innovations to deliver new value to customers. I've spent a lot of time with our leadership team talking about these opportunities and focusing on driving clarity and alignment on strategy, providing our teams with the resources and environment to do their best work, and removing internal barriers so our teams can deliver break through innovation faster. 
 
On Day 1 as CEO, you said your aim would be to take Microsoft towards a "mobile first, cloud first" world. How will you do that? 
 
Microsoft was built on productivity, now we're reimagining productivity for a mobile first, cloud first world. I'm focused on zeroing in on what we can uniquely deliver for customers that they really value - this will manifest itself in our cloud services and in the rich experiences we create on devices that enable customers do more in work, life and play. 
 
Microsoft seems to have lost its mojo. How do you get the momentum back? 
 Our industry doesn't value tradition, it only values innovation. Our 39-year history gives us a strong foundation and capabilities to build on, as an organization. Our quest is to continually renew ourselves, be persistent and push the limits on what is possible. I've been inspired as I've met with our product and R&amp;D teams and got <keyword id="154361" type="PERSON" weightage="40" keywordseo="feedback">feedback</keyword> from customers. We are on the brink of boundary-less innovation in this industry and, I'm focused on investing in areas where we can drive unique value for customers, and move faster. 
 
Where do you wish to see Microsoft five years down the line? 
 
I want to see us remain convinced that software matters in future. Software is one of the most valuable resources we have, which will be the driving force in advancing our devices and services and driving the next wave of innovations. Culturally, I'd like to see us be known as a learning organization. The ability in this industry to take new learnings, accrue it to what you've done in the past and make it relevant for the future is valuable — I'm energized when I think of the potential here in harnessing the collective brainpower and talent of our soon to be 130,000 employees. 
 
With you at the helm, the software industry here is hopeful of Microsoft's R&amp;D units in India (especially Microsoft's India Development Center, Hyderabad) getting a boost. Anything specific in mind for India? 
 
India has always been a vital part of Microsoft's plans. I think that only increases going forward. India is one of the few countries where Microsoft has the entire range of our operations — including basic R&amp;D and customer services. We have more than 6,000 employees, and over 10,000 partners in India, creating thousands of jobs and a vibrant technology ecosystem. Twenty of the top 20 companies in India use our technology. Five of the top five IT companies, five of the top five manufacturing companies, five of the top five banking organizations — across virtually every sector, Microsoft technology is helping support the economic infrastructure of India. I'm excited about the future technology advancements possible in India in this mobile first, cloud first world. 
 
The cloud is going to be a huge enabler of consumer services and entrepreneurial growth. We are working with our partners to provide a wide range of Azure cloud offerings to accelerate economic growth and breakthrough cloud services in India. I'm passionate about the work we do to support education and other societal goals across India. Microsoft has been running one of the largest not-for-profit education and skills programmes in India. Over the last two decades, our programmes have helped over 40 million students, teachers and budding Indian entrepreneurs. 
 
Your story is an inspiration to many. Some critics argue that your success highlights the unfortunate reality of Indian students who shine only when they give up on their country to work in the US. Your comments ... 
 
There are many examples of Indian students who have remained in India and built great companies and done great things. Truth is that India is a tremendous source of technology talent, both at home and around the world. That's something we can all take pride in. 
 
What or who has been your inspiration? 
 
My parents have been among my biggest inspirations — they gave me the freedom and confidence to pursue what I wanted to. Beyond that, my teachers, friends and colleagues played a critical role in both introducing me to new things and pushing me to raise my game each step of the way. <a href="http://timesofindia.indiatimes.com/topic/Bill-Gates">Bill Gates</a> has also been an inspiration — from his vision of how technology could unleash the potential of every human being, to the <keyword id="69295" type="UNKNOWN" weightage="40" keywordseo="Curiosity">curiosity</keyword> and intellectual rigour that he brings to every interaction. I've learned so much from Bill, and I am delighted to have the opportunity to work closely with him again as a <keyword id="605495" type="POSITION" weightage="40" keywordseo="technology-advisor">technology advisor</keyword> to me and the company. 
 
When you are not at work or, like you've confessed, signing up for online courses, what do you do? We know you like poetry. Any favourites? 
 
I do buy more books than I can read and sign up for more online courses than I can finish. My love of poetry has grown. Maybe it's my attention span that needs more work, but I do love the compression in poetry. I went through a phase of reading Urdu poetry, thanks to the great transliterated versions now available. Now I am into Whitman and WH Auden. My all-time favourite is Keats — Ode on a Grecian Urn. Who is not haunted by those final lines — Beauty is truth, truth beauty — that is all ye know on earth, and all ye need to know. 
 
How about cricket? Do you now get any time to play? Or even watch Tests? 
 I love the game. I was an <keyword id="244893" type="POSITION" weightage="40" keywordseo="ordinary-player">ordinary player</keyword>, but was lucky to play under some great captains and other solid players at school who went on to play a decent amount of First Class cricket. 
 
You were born and brought up in Hyderabad. What memories do you have of the city? 
 Cumulatively I spent five years in Hyderabad. But I will always be a Hyderabadi. It was a laid back place in the late 70s and early 80s when I was growing up there. One got to do what they wanted versus being in a <keyword id="37572" type="ENTERTAINMENT" weightage="40" keywordseo="rush">rush</keyword> to do what others were doing. I enjoyed that freedom. I have lots of friends from Hyderabad Public School with whom I am pretty close, both in Hyderabad and elsewhere. It was great to get emails from all the CEOs who happen to be HPS alumnus — Shantanu Narayen at Adobe, <keyword id="6385037" type="PERSON" weightage="40" keywordseo="Prem-Watsa">Prem Watsa</keyword> at Fairfax Holdings, TK Kurian at Wipro and <keyword id="44475" type="PERSON" weightage="40" keywordseo="Ajay-Banga">Ajay Banga</keyword> at Mastercard. It's surreal. 
 
What's that one message you would want to give young professionals? 
 
Find something you are truly passionate about, and throw yourself into it fully. Life is too short to just go through the motions on something you are not truly passionate about. Stay curious, never stop learning.

Proud That India's ASource Of Global Tech Talent: Satya Nadella

<ul class="summary-list"><li>Growth stocks are more overvalued today than during the dot-com boom, Prem Watsa warned.</li><li>The "Canadian Warren Buffett" said tech stocks appear hugely overpriced relative to value stocks.</li></ul>A billionaire investor dubbed the "Canadian Warren Buffett" has warned technology stocks are more absurdly overpriced than during the dot-com bubble — and predicted they will suffer a dramatic decline."Valuations of value-oriented stocks versus growth stocks, particularly technology, have never been so extreme, exceeding even the extremes of the dot-com era in 2000," Prem Watsa said. "As the economy continues to normalize, we expect a reversion to the mean with value-oriented stocks coming to the fore."Watsa is the founder and CEO of Fairfax Financial, an insurance conglomerate with a billion-dollar stock portfolio that's often compared to Buffett's <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>. He issued his grim outlook for US growth stocks during a fourth-quarter earnings call on Friday, according to a transcript provided by Sentieo/AlphaSense.The value investor said on the call that his company's stock holdings remain deeply undervalued, but he expects that to change. He noted that Fairfax's portfolio doubled in value between 2000 and 2002, while the major US stock indices roughly halved during that period.The value investor also pointed out that despite the market's rally this year, Big Tech stocks like Amazon and Tesla are still down sharply from their peaks in 2021. Moreover, their smaller peers like Zoom and Shopify have regained even less ground."If history is any guide, there's more to come," Watsa said. "I will note for you that the Nasdaq dropped 50% in 2000 and then dropped another 50% in the next 2 years."Fairfax and Berkshire have several key holdings in common, including Bank of America, Chevron, and Occidental Petroleum. Watsa also shares Buffett's love of <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-stock-portfolio-concentration-apple-amex-coke-2021-5-1030461653">highly concentrated bets</a>: seven stocks including Blackberry accounted for nearly 90% of Fairfax's $4 billion portfolio at the end of December.Read more: <a href="https://markets.businessinsider.com/news/stocks/david-rosenberg-stocks-crypto-house-prices-inflation-recession-fed-portfolio-2023-2">We put 7 burning questions to top economist David Rosenberg. Here's what he said about the outlook for stocks and house prices, and the threat of a recession.</a>

The 'Canadian Warren Buffett' warns tech stocks are more overvalued than during the dot-com bubble - and predicts a painful selloff

<ul><li>Globally, <keyword id="70855" type="COMPANY" weightage="20" keywordseo="Travellers">travellers</keyword> with <keyword id="899721" type="PERSON" weightage="20" keywordseo="Thomas-Cook-UK">Thomas Cook UK</keyword> are stranded as the company declared bankruptcy.</li><li>However, <keyword id="164802" type="COMPANY" weightage="20" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword> is a separate entity from Thomas Cook UK after it was acquired by Prem Watsa’s Fairfax Financial Holdings in 2012.</li><li>The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019.</li></ul>The iconic British travel company Thomas Cook has shocked travellers around the world as it declared bankruptcy today. But Indian travellers with bookings from Thomas Cook India need not worry at all. Here’s why – Thomas Cook India is a completely separate entity from Thomas Cook UK, after it was acquired by Canada based Fairfax Financial Holdings in 2012. Fairfax Financial Holdings is run by Canadian billionaire Prem Watsa, and had bought 77% stake in Thomas Cook India, as Thomas Cook UK exited. “We believe that it is important that we clarify for the record that Thomas Cook (India) Limited is financially strong, profitable and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth,” said Madhavan Menon, Chairman &amp; Managing Director, Thomas Cook (India). The Indian entity has released its financial report to ensure travellers of its safety from all the financial crisis. “The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019. On a standalone basis, Thomas Cook India is debt-free upon pre-payment of ₹670 million debenture obligations ahead of schedule,” said the company’s statement. Thomas Cook UK left the travellers in for a rude shock, as it collapsed and declared bankruptcy. As many as 600,000 travellers across the world, stranded. One of the world’s oldest travel booking firms, Thomas Cook UK was struggling to get an additional $249 million in emergency funding on Sunday, which failed leading to the crisis.

Don’t worry travellers, your bookings at Thomas Cook India won't be affected as it is debt-free

<ul><li>The IPO offer ranges between ₹193-195 per share.</li><li>The IPO subscription will be open until November 26.</li><li>The bank hopes to raise ₹410 crores through the public listing. </li></ul>CSB Bank, which was formerly known as <keyword id="6676099" type="UNKNOWN" weightage="20" keywordseo="Catholic-Syrian-Bank">Catholic Syrian Bank</keyword>, has opened its IPO for subscription today. The IPO subscription will be open until November 26. The IPO offer ranges between ₹193-195 per share, and the bank hopes to raise ₹410 crores through the public listing. Ahead of the IPO, CBS Bank had also raised ₹184.36 crore via an allotment of 94.54 lakh shares to 24 anchor investors. According to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/csb-bank-opens-today-heres-what-you-need-to-know/articleshow/72177400.cms">reports</a>, the promoter’s shareholding in the company will come down to 49.7% from 50.1%. "While CSB Bank has a long operating history as a traditional bank, it is currently focusing on implementation of strategic changes in its business model to function efficiently as a full service new age private sector bank backed by its new marquee investor, Canadian billionaire Prem Watsa's Fairfax India Holdings Corporation," <a href="https://www.livemint.com/market/commodities/csb-bank-catholic-syrian-bank-ipo-listing-allotment-date-subscription-recommendations-11574390795820.html">HDFC Securities said</a>. Gold loans are a major part of CSB’s business, and made up for 33.17% of its total advances as of September 2019. CSB Bank is one of the oldest private sector banks in India. It has a strong base in Kerala along with presence in Tamil Nadu, Karnataka, and Maharashtra. It has a total of 414 branches across 16 states and over 1.3 million customers with a focus on SME, retail, and NRI customers. In June 2019, the bank changed its name from Catholic Syrian Bank to CSB Bank. “We are in the process of rebranding ourselves to CSB Bank Limited to address region and community related perceptual issues associated with our previous brand name,” the bank said on its website.

CSB Bank hopes to raise ₹410 crores as it opens its IPO

<ul><li><keyword id="87184" type="COMPANY" weightage="20" keywordseo="Thomas-Cook">Thomas Cook</keyword> reported a consolidated revenue growth of 6% to ₹17 billion from ₹16 billion.</li><li>Its standalone revenue from operations decreased by 5% to ₹5.3 billion from ₹5.6 billion.</li></ul><keyword id="164802" type="COMPANY" weightage="20" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword>’s second quarter consolidated revenue and profits grew, but its standalone revenue from operations fell. The company’s consolidated revenues grew by 6% to ₹17 billion from ₹16 billion in the same quarter last year. However, its standalone revenue from operations decreased by 5% to ₹5.3 billion from ₹5.6 billion. Its travel services were hit due to multiple reasons. “This has been a challenging quarter for the travel industry with the collapse of <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> leading to a surge in airfares, as well as the negative impact on customers and to the entire Indian travel industry caused by the closure of Cox &amp; Kings,” said Madhavan Menon, Chairman and Managing Director, Thomas Cook (India). The company’s business faced many global headwinds too. “The geopolitical unrest in Hong Kong and the Middle East, haze and heat in parts of South East Asia etc. impacted parts of our outbound and DMS businesses. Also, being a fairly recent event - we continue to monitor the impact at a retail level, of the closure of Thomas Cook UK,” said Madhavan Menon, Chairman and Managing Director, Thomas Cook (India). The iconic British travel company Thomas Cook shocked travellers around the world as it declared bankruptcy in September. However, Thomas Cook India is a completely separate entity from Thomas Cook UK, as it was acquired by Canada-based Fairfax Financial Holdings in 2012. Fairfax Financial Holdings is run by Canadian billionaire Prem Watsa. It had bought 77% stake in Thomas Cook India, as Thomas Cook UK exited.

Thomas Cook India’s business is hit by bankruptcies, political unrest and heat waves

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">ReutersDefense attorney Marc Kasowitz speaks to reporters after a jury found the New York and New Jersey Port Authority negligent in the 1993 bombing of the World Trade Center, in New York October 26, 2005.</div></div></div>On Wednesday the New York Times <a href="http://www.nytimes.com/2016/10/13/us/politics/donald-trump-women.html?hp&amp;action=click&amp;pgtype=Homepage&amp;clickSource=story-heading&amp;module=first-column-region&amp;region=top-news&amp;WT.nav=top-news">published the accounts of two women</a> who claim to have been sexually assaulted by GOP Presidential candidate, Donald Trump.Shortly thereafter, the Trump campaign sent the NYT<a href="https://twitter.com/christinawilkie/status/786421841279627264"> a cease and desist letter demanding the paper take down the story</a>, claiming that it is defamatory.The letter is signed by famed trial attorney Marc E. Kasowitz of the firm Kasowitz, Benson, Torres &amp; Friedman, and he's got a fascinating history on Wall Street.One of the things Kasowitz is known for, is going after investors who have short positions - as in they are betting against - in company shares. In finance, that can either make you a hero or a whiner, depending on who you ask.Here are two noteworthy examples for you. His firm represented Fairfax Financial, the massive Canadian investment holding company founded by <a href="http://www.forbes.com/sites/gurufocus/2016/08/03/concerned-canadian-buffett-increases-hedges-even-as-stock-losses-climb/">"Canada's Warren Buffett,"</a> billionaire Prem Watsa, in 2006.Watsa accused a number of American hedge funds superstars - Dan Loeb of Third Point Partners, Jim Chanos of Kynikos Associates, Steve Cohen of SAC Capital (now Point 72), - of bringing down his company's stock by spreading misinformation to journalists and engaging in an <a href="http://www.businessinsider.com/dan-loeb-fairfax-embarrassing-emails-adam-sender-2011-3">"organized a campaign to drive down the prices of Fairfax's shares."</a>Fairfax sought $6 billion in damages. And while the suit did result in the publication of <a href="http://www.reuters.com/article/us-hedgefunds-fairfax-loeb-idUSTRE72A4NH20110311">some pretty embarrassing e-mails for Dan Loeb,</a> that was about the worst that came of it for the short sellers. The lawsuit was dismissed in 2011.Kasowitz also represented Canadian pharmaceutical firm Biovail back in 2007. Biovail was the precursor to Wall Street's disaster stock, Valeant Pharmaceuticals.Biovail, just like Fairfax, was accusing a group of short sellers of colluding in order to bring down the company's stock. In this case, Kasowitz didn't lose the case, <a href="http://blogs.wsj.com/law/2007/03/23/biovail-says-bye-bye-to-kasowitz-benson/">his firm was fired.</a>What happened there was a little bit complicated. According to reporting from the Wall Street Journal, Biovail shareholders sued the company in 2003. During those proceedings, Biovail's attorneys subpoenaed documents from Banc of America Securities. However, the parties signed an agreement saying the documents <a href="http://blogs.wsj.com/law/2007/01/26/judge-biovail-obviously-violated-protective-order/">would only be used in that action.</a>But that's not what happened. Kasowitz's firm used the documents for its suit against short sellers years later. When it was called out on it, the firm claimed it had no knowledge of that agreement. In 2007, Biovail then fired Kasowitz's firm.In non-Wall Street news, Kasowitz also defended The Port Authority of New York and New Jersey in a negligence suit surrounding the 1993 bombing of the World Trade Center.<a href="http://www.nytimes.com/2005/10/27/nyregion/port-authority-found-negligent-in-1993-bombing.html?_r=0">From the NYT:</a>In a verdict that could prove costly for the Port Authority, the six-member jury in State Supreme Court unanimously found that the agency did not heed warnings that the underground garage was vulnerable to terrorist attack and should be closed to public parking. This failure, the jury said, was "a substantial factor" in allowing the bombing to occur.None of this is to say that Kasowitz isn't well respected. He won a case defending MBIA, one of the world's largest monoline insurers, when 18 major banks tried to overturn the company's corporate restructuring after the financial crisis, for example. And he's been celebrated in some legal circles. The National <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">Law</keyword> Journal called him a <a href="http://www.kasowitz.com/marc-e-kasowitz/">"Litigation Trailblazer," among others. </a>But on Wall Street, people can get sensitive about short selling. There are many who see it as fundamental to free and well functioning markets. So the guy who sues short sellers is always going to be the guy who sues short sellers, no matter what else he does. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/wells-fargo-ceo-john-stumpf-leave-fire-200-million-elizabeth-warren-2016-9">Wells Fargo CEO John Stumpf could walk away with $200 million </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R2NDM0NjE6FZDMui53DIyMx0ZH11jzEI" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Don’t worry travellers, your bookings at Thomas Cook India won't be affected as it is debt-free

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