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Rating agencies knew of stress at India's IL&FS, but gave good ratings

MUMBAI/NEW DELHI: Credit rating agencies for years assigned high ratings to India's Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating financial health, according to a special audit conducted by Grant Thornton India.

European banks set for more job cuts

HONG KONG: European banks are set to trim more jobs in Asian equities, industry insiders said, as global cost-cutting reaches peripheral businesses in a region where a drop in Chinese trading volumes and local competition have hit profits.