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MSI Unveils AMD Congo Chips based Wind 12 U230 Laptop

2009-11-28T00:47:00.000-08:00

AMD and Intel's rivalry today took a new turn, as Micro-Star International unveiled its newest offering, the Wind 12 U230, a thin and light laptop powered by two of AMD's Congo chip. The Congo series of processors is being seen as the company's answer to Intel's Consumer Ultra-Low Voltage, CULV, processors.
The two chips place inside the 12 inch laptop is the Athlon Neo MV40 and the Athlon Neo X2 L335, which are single and dual core microprocessors respectively.Read more:
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Dubai debt may be higher than $80bn: UBS

2009-11-28T00:42:00.000-08:00

the Persian Gulf emirate whose state-run companies are seeking to defer debt payments, may owe more than the $80 billion to $90 billion in liabilities assumed by investors, UBS AG analysts said."Perhaps Dubai's debt includes sizeable off-balance sheet liabilities that imply a total debt burden well above the $80 billion to $90 billion markets have estimated so far," Dubai- based real estate analyst Saud Masud wrote in a note. "This could imply that the debt issued by Dubai in recent weeks is insufficient to meet upcoming redemptions."Dubai, which has said it will raise as much as $20 billion selling bonds to repay borrowings, said on Nov. 25 that state- run Dubai World, with $59 billion of liabilities, would ask creditors for a "standstill" agreement as it negotiates to extend debt maturities.The request to delay debt repayment "came as a major shock" to investors, Masud and fellow UBS London-based analyst Reinhard Cluse told clients on a conference call today. Dubai World property unit Nakheel PJSC has $3.52 billion of Islamic bonds due Dec. 14. Dubai World may seek to negotiate all its liabilities as it reorganizes the business, Masud said."The Nakheel sukuk is the largest that has ever been issued," Cluse said on the conference call. "Markets will take some time to digest this blow."'Significant sweetener'Dubai accumulated $80 billion of debt by expanding in banking, real estate and transportation before credit markets seized up last year. The second biggest of seven sheikhdoms that make up the United Arab Emirates formed a fund to help reorganize state firms and sold $10 billion in bonds to the national central bank in February.It borrowed an additional $5 billion from Abu Dhabi government-controlled banks Nov. 25, half the $10 billion in bonds that Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum said he planned to raise by yearend.Nakheel bondholders could demand a "significant sweetener" to renegotiate the debt and look to determine which of the real estate unit's assets they may be able to claim, according to Masud.There is growing interest from Persian Gulf investment funds in acquiring properties owned by Dubai entities, including Nakheel, which may be forced to sell assets to reduce debt, said Michael Atwell, head of Middle East operations at real estate broker Cushman & Wakefield.'Still buzzing'"We can sense it, and we're hoping to have some transactions from several funds with buying requirements, some over $100 million," he said. Potential buyers may be seeking stable cash flow from buildings with long leases."The city is still buzzing. Dubai won't turn into a ghost town, but there'll be some big restructuring and reorganization, without a doubt."Seeking a repayment delay may indicate that Abu Dhabi, the U.A.E.'s largest sheikhdom, may not want to support Dubai further financially until the smaller emirate addresses internal problems at government-run companies, Masud said."This could be the realization that you cannot simply buy your way out of this crisis," Masud said.The request could also suggest that Abu Dhabi and Dubai have decided to seek to bolster long-term confidence in the market by forcing weaker parts of government businesses to take responsibility for bad decisions and could involve defaults at some Dubai firms, Masud said.Mortgage defaultsDubai property developers may be liable for an estimated $11 billion required to build 40,000 homes that they have started, said Masud in an interview yesterday. That amount represents the off-balance sheet cost, or "funding gap" required to complete and hand over the properties, on which investors are now defaulting, by the end of 2010.Nakheel's share of that funding gap is about $2 billion, estimated Masud. Around half of the investors in the 40,000 unfinished homes may default by the end of next year, he said.Mortgage defaults, which stand at about 3% of the total in the U.A.E., may increase fivefold to "the teens," Masud said on the call today.
more details www.marketmantra.in

This diwali, brighter for software majors

2009-10-17T02:50:00.001-07:00

Software hubs in Bangalore are bustling with enhanced activities this Diwali – distinctly
different from last year's subdued celebration after a series of bank collapses starting with Lehman Brothers in the US.
The mood among most firms is upbeat, "much better, with the worst behind us", they said.
For the HR Head of IT bellwether Infosys, Mohandas Pai "the mood is very positive. We have had a good quarter. We promised a salary hike to our employees from October 1 and that is already on the roll," he said.
Backed by an improved economic climate and slow easing of pricing pressure, India' second largest software exporter posted a net profit of Rs 1,540 crore for the second quarter, registering a growth of 7.5 per cent.
For Wipro Technologies, positive vibrations of the festival are manifesting itself in the market place.
"The positive vibes of the festive season have been reflected in the market sentiments and the workforce in general," Wipro Technologies CFO Manish Dugar said.
Last year, a series of bank failures in the US starting with Lehman Brothers and the resultant global economic downturn had had a profound impact on banking, financial services and insurance companies, which form a major part of clientele for IT firms.
In sync with Pai, Dugar describes the mood as "definitely upbeat and this festival season has been more positive compared to last year's Diwali."
Pai, who wishes to put behind the "worst period", says "this time last year, we were apprehensive about the market place, there was an air of uncertainty, which is not there now".
According to Dugar "in comparison between the situation last year and this year, we have seen an increase in the deal pipeline and the decision making at the customer's end has been quicker and the worst is behind us".
For Mohan Sitharam, Director People Function, MindTree Ltd, "the mood last time was low-key. People were apprehensive about what to expect next".
"However, we as a company, whether things were good or bad, have never taken a decision that has impacted our employees," he said.
"Now, of course", says Sitharam, "the ambiguity is behind us, the mood is much better and things are looking up".
The firms, however, are not planning any Diwali bashes for their employees as the feel "the festival is not a corporate but an individual affair".
As a global company, Dugar says, "the employees do celebrate festivals in their respective regions with family and friends like they do... http://marketmantra.in/it.asp

Gold, silver post gains on first day of Samvat 2066

2009-10-17T02:47:00.000-07:00

NEW DELHI: The Samvat year 2066 opened on a cheerful note with gold prices rising by Rs 50 to Rs 16,070 per ten gram on the bullion market here How to invest in goldFew tips to buy goldIs gold fund for you? Gold & silver jewellery today as stockists started their new accounts in the special trading session.
Traders, who made token transactions on the first day of the Samvat year after performing puja, mainly supported the precious metal to end with gains.
Retailers purchasing on the occasion, considered to be an auspicious day for making new purchases, aided the uptrend amid reports of a firming-up trend in international markets.
Gold in the global markets gained USD 2.20 to USD 1,052.80 an ounce and silver added 0.08 cents to USD 17.42 an ounce.
Standard gold and ornaments traded Rs 50 higher at Rs 16,070 and Rs 15,920 per ten gram respectively, while sovereign held unchanged at Rs 12,950 per piece of eight gram.
Silver ready closed Rs 25 higher at Rs 26,925 per kg on increased offtake by industrial units and silver coin makers to meet the current festive season demand. People use silver for special prayers and as gifts.
Also Read → Yellow metal sparkles, but price correction seen imminent → Gold buyers pause after festival shopping → Festival demand keeps gold sales up despite high prices → Gold prices dip on Dhanteras as demand falls
Silver weekly-based delivery shot up by Rs 175 to Rs 26,900 per kg. Silver coins were up by Rs 100 at Rs 32,900 for buying and Rs 33,000 for selling of 100 pieces.

IBM's iNotes challenge MS, Google offerings

2009-10-17T02:46:00.001-07:00

BANGALORE: Google is not the only company making ‘waves’ on the world wide web. Two weeks ago, IBM quietly launched its new hosted email services Google's speedier search engineCan Google challenge MS in OS warExploring Internet Explorer 8
iNotes for small and medium businesses, challenging arch rival Microsoft’s ‘Exchange’ and Google’s web mail service, priced at $3 per user per month along with 1 GB of hosted storage.
In many ways, iNotes’ launch reflects the growing popularity of software applications including email offered as an online service among recession-hit enterprises who are able to save the upfront licensing costs apart from the usual worries of support and maintenance.
So what’s unique about yet another webmail service?
Also Read → Facebook sees ad potential bigger than Google search → Google sparks e-books fight with Kindle → Google to launch editions platform → Web inventor confesses slashes were "a mistake"
Many will agree that at $3 per user, IBM’s iNotes is bound to create some pressure on similar offerings from Google and Microsoft. But that’s not really why iNotes is important for IBM, especially if you consider that Google offers a basic business email service with much better storage capacity at around $4. iNotes offers additional storage in chunks of 100 GB that can be distributed between a group of users. However, many smaller companies would hope that IBM starts offering smaller chinks of storage. However, the additional 100 GB of storage comes at around $2,400. IBM also adds that iNotes comes along with a security software from Tivoli, and the customers will not need to buy a separate security software license. For many traditional IBM Lotus users, who have always complained about the Lotus and Domino interfaces being ‘not so cool’, iNotes will be a refreshing experience. iNotes adds the missing ‘zing’ in IBM’s Lotus Notes portfolio with much simpler interface, sharper access and without any nagging advertising messages we are normally bound to find while using some other webmail services.
One of the better features of iNotes is its integration with your office address book. The feature also offers ‘auto complete’ option, and you don’t really have to type the entire email address. For business users, reliability is the most sought after feature, no matter what price it comes. And IBM seems to be addressing those concerned with outages of Gmail during past few months. Meanwhile, there’s an entire collaboration suite that can be bundled with iNotes at extra subscription fee. Online screen-sharing, Lotus Engage, Lotus Connections are among other collaborative tools that can be bundled with iNotes for an extra fee of around $30 per user per month. As for the initial response, Lotus Live iNotes is not an entirely new product, since it came from a Hong Kong-based company Outblaze acquired by IBM last year, which still has almost 18 million users. Lotus Live iNotes is surely worth trying for small businesses because of its affordability and other features, but it’s a highly competitive market out there and both Google and Microsoft will ensure that they keep potential users and customers busy with choices.

Report: The Future State of India's Economic Growth

2009-10-17T02:39:00.000-07:00

India’s economy grew 6.1% last quarter, igniting hopes that its economy is emerging from the global financial crisis.
However, an unusually dry monsoon season is threatening to stop this rebound before it even starts.
You see, about one-fifth of India’s GDP comes from its agriculture sector… and that sector is dependent on monsoon rain.
But, this year, that rain hasn’t come. Rainfall has been 29% below average this summer.
Will India’s economy be able to continue its rebound without the rain?
This free report shows exactly how detrimental this drought will be for the Indian economic growth – and tells you if now is the time to invest in India.

Full Story: Access to the remainder of our free investor report on Indian growth is reserved for Money Morning subscribers, who receive in-depth news and expert investment advice every day, free of charge. To join and get our FREE India growth report, simply sign up below. more details www.marketmantra.in

Stock picks for Mahurat trading

2009-10-17T02:37:00.001-07:00

MUMBAI: Anand Rathi Securities has handpicked long term positive stocks where investors to place their bets for token buying during Muhurat trading. The brokerage has advised investors to buy and then continue to accumulate the same stocks at any correction or declines. "These are long term Buy and Hold stocks, so don't panic if any decline in prices happens, rather as we mentioned above, you can accumulate or add more of them at lower prices. We are confident of long term positive outlook of these stocks," said DD Sharma, senior vice president-retail at Anand Rathi Securities. more details www.marketmantra.in

Stock markets to conduct Muhurat trading on Diwali

2009-10-17T02:35:00.000-07:00

MUMBAI: Stock and futures commodities markets will hold Muhurat trading today to mark the beginning of new Samvat 2066.

Top 10 Diwali Stocks Cashing in on your money Know about stock arbitrage Better returns: Book capital losses Plan long term portfolioThe special trading will be held between 1815 hrs and 1925 hrs after Lakshmi Puja at 1600 hrs at the Bombay Stock Exchange and the National Stock Exchange. The Multi-Commodity Exchange and the National Commodity and Derivatives Exchange will hold the Muharat trading between 1815 hrs and 1925 hrs. For Delhi and Mumbai bullions and oil and pepper markets it is business as usual on Diwali. However, other wholesale commodity markets will remain closed on account of Diwali. Stock, commodities and futures markets will remain closed on Monday on account of 'Bhaiya Dhooj'.

Make your Diwali bonus last till christmas!

2009-10-17T02:34:00.001-07:00

FESTIVE season is here again.
And it is that time of the year when you would normally expect a sudden spike in your bank balance, thanks to a fat bonus from your company. Well, this year may be different. The slowdown has ensured that your company might not splurge this diwali (read: not give away a fat sum as bonus)!
Nonetheless, if you get a neat little sum as diwali bonus, what do you intend to do? Blow it up? Put it in a Fixed Deposit? Or simply keep it in the cupboard?
Certified financial planner Gaurav Mashruwala, finds that the majority of people blow up their bonus. "They feel it is free cash they have got," he says. Through the years, and with the entry of multinational companies and an international work culture, the emphasis on Diwali bonus has lessened and year end appraisal driven bonus has increased. Nonetheless, a large part of India still thrives on a substantial Diwali bonus culture.
wealth suggests three ways to make your bonus stay with you for a long time. 1. Spend but don't splurgeEarlier, Diwali was a time for big household purchases. To top that, money was spent on holidaying. Today, shopping has become an all round the year recreational activity. If you need a washing machine you will not wait till Dhanteras to buy it.However, the joy of Diwali is still very strong. With so many great offers on consumer durables and household products it makes sense to buy at Diwali time. Of course there are some necessary purchases like crackers, clothes and sweetmeats.
Do spend and enjoy Diwali. But take care not to burn up the entire bonus. There's a lot more you can do with it.
See video: My monthly expenses double in Diwali!
2. Investments for the wiseDiwali bonus means you have a lump sum amount at hand. It is not often that one has a lump sum to invest. You can invest the money in good quality stocks or in high growth mutual funds. Mashruwala advices, "According to me, it's best to save the entire bonus. If that is not possible then make a compromise. Also if you have outstanding loans, pay that first."
Be wise and invest some part of it.
Read: Investing in equities
3. Tax planning for DiwaliYour Diwali bonus is taxable. Basically, your bonus is taxable in the year of receipt if it has not been taxed earlier on due basis. It forms part of ‘income from salaries’ in tax computation/statement of income. So, do account for it in your taxable income.
It will also make sense to put away some of the bonus into tax saving instruments. It will help you start your tax planning early so that you do not make rushed and imprudent decisions at the end of the year.
Read: Section 80 C tax saving instruments
The author, Shalini Amarmani, is a freelancer.
Photograph: Vipurva Parekh
Disclaimer: While we have made efforts to ensure the accuracy of our content (consisting of articles and information), neither this website nor the author shall be held responsible for any losses/ incidents suffered by people accessing, using or is supplied with the content. Read

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Domestic oilseeds, edible oil settle higher

2009-10-17T02:33:00.001-07:00

Domestic oilseeds and edible oil futures closed with modest gain Friday on account of firm international market. Mustard seed settled sharply higher followed by soy oil and soy bean. Technically inspired buying underpins prices to catapult higher.
Palm oil prices shrugged off early losses and closed higher, garnered support to the domestic oilseeds and edible oil prices. Most active January contract closed the session at MYR 2178.00 [+67.00] a tonne.
November soy oil at National Commodity Derivatives Exchange [NCDEX] closed higher at Rs 444.60 [+10.60] 10 kg with 107180 lots traded. The December contract settled up at Rs 447.95 [+11.30] per 10 kg. November contract at National Board of Trade [NBOT] closed higher at Rs 442.30 [+8.70] per 10 kg. The same contract at Multi Commodity Exchange of India [MCX] settled higher at Rs. 444.80 [+11.35] per 10 kg with 2297 lots traded.
The November soybean contract on NCDEX finished higher at Rs 2093.00 [+18.50] per 100 kg with 59920 lots traded. The market traded in a range of Rs 2076-2095 a quintal.
MUSTARD SEED
Mustard seed futures closed higher in unison with soy complex futures. Most active mustard seed November 2009 contract closed at Rs 562.90 [+15.25] per 20 kg with 66030 lots traded.
The Mustard seed futures on Hapur exchange closed higher at Rs 528.00 [+3.30] per 20 kg.
CASTOR SEED
Castors seed futures closed the session higher on buying support. Technically inspired buying supported the castor seed prices to catapult higher across the domestic counters.
The most active November contract finished at Rs 2727.00 [+42.50] per 100 kg. December contract at RBOT closed up at Rs 2730.00 [+37.00] per 100 kg.

ACME to raise Rs 1,000 cr thru public issue

2009-10-17T02:32:00.000-07:00

Diwali, the festival of lights, is also an auspicious time for the Indian families to buy gold. Indians have since ages been in the awe of the yellow metal. Record amounts worth of gold is bought on the auspicious days of Dhanteras and Diwali.
Gold serves an important objective in the traditional Indian families. It is used as a store of value of money. It is also used as gifts being given to the children at the time of their marriage. It is also used in form of jewellery.
All these uses are very well known. Of late, there have been discussions about gold as an investment. It has caught fancy of many investors across the world in the last few years. Investors like Jim Rogers have also talked a lot about gold as an important investment. Gold ETFs have been gaining popularity and growing in size. Dollar’s decline is considered to be good news for investment in gold.
Let us see if investment in gold really makes sense. Should it be a part of one’s portfolio?
To begin with, gold is not like the popular asset classes – equity, bonds or real estate that generate economic output in form of profits (and dividends) by companies or interest income or rental income. Investor in gold cannot get dividends like company shares, nor does one get interest income like bonds. So what does gold give us? Why should we invest in gold? Should we invest at all?
Well, to answer the last question first – yes, there is a case for investing in gold. Having answered that question, we will now consider the first two questions.
The reasons why gold makes a very important investment option are as under:
• A store of value of money: We already mentioned about this in the initial part of the article. Historically, gold has served as a store of value for its chemical properties. Unlike most other metals, gold does not lose its chemical properties either through corrosion, rust, etc. It does not lose its shine also through oxidisation, which causes silver to turn black over a period. In short, over a period of time, gold does not lose its purity.
• It is also not available in abundance unlike something like iron or copper or aluminium.
• The gold was used to control the amount of currency that any government could put into circulation. Thus, it was a fantastic protection against the purchasing power of money. Of course, now with the removal of this gold standard, there are questions regarding the ability of gold to protect purchasing power.
• The most important reason why gold should be a part of one’s investment portfolio can be explained through the theory of asset allocation. Asset allocation recommends that one’s money should be spread across different investment options, which have low degree of correlation. That means, if the price of two investment options do not move in the same way over short periods of time, these options are ideal candidates to be a part of the same portfolio. Such a quality or different price movement between two different options reduces the fluctuations of the total portfolio. Gold has historically exhibited different price movement compared to stocks, bonds and real estate. That single reason is enough for one to consider putting some amount of money in gold.
- Amit Trivedi
The author is proprietor of Karmayog Knowledge Academy. He can be reached at karmayog.knowledge@gmail.com
For more Views by Experts click here
4 Secrets to Retire Rich : Discover how to invest for a much richer retirement. Free report... www.InvestmentU.com/RetireRicher
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Tags: Amit Trivedi, gold, Dhanteras , Gold ETFs
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Should Gold become a part of your portfolio

2009-10-17T02:30:00.000-07:00

Understand the Trading Basics Guide to Day Trading Trading in shares conjures of image of big money in quick time. Initial Public Offering (IPOs) mean

2009-10-17T02:29:00.002-07:00

The US stocks fell, pulling benchmark indices down from a one-year high, as General Electric and Bank Of America reported disappointing results. Consumer confidence for the month of September was below economists' estimates. The dollar also rose for the first time in five days and treasuries gained.
US stocks however managed to close the week in positive territory, up about 1% or greater. The Dow Jones industrial average settled above the 10,000-level twice this week, reaching its highest close in a year.
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The Dow was down 67.03 points, or 0.7%, to 9,995.91. The S&P 500 index fell 8.88 points, or 0.8%, to 1,087.68, and the Nasdaq Composite Index fell 16.49 points, or 0.8%, to 2,156.80.
Crude oil climbed to a one-year high at USD 78.67 to a barrel as increasing US industrial production bolstered optimism that the economic recovery will accelerate. Oil was up for a seventh day after a Federal Reserve report showed a 0.7% increase in output at factories, mines and utilities last month.
Crude futures climbed 9.4% this week, the most in almost two months, after the department of energy said US Gasoline inventories fell by 5.23 million barrels last week, the biggest drop in a year.
The dollar advanced from almost a 14-month low against the euro after some investors bet that the currency's four-day decline to that level was overstated. The US currency was headed for a second straight weekly drop versus the euro on speculation the Federal Reserve will follow other central banks in boosting interest rates. The dollar index climbed 0.2% to 75.6. The index was on course for a second weekly drop and is down 7% in 2009.
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Tags: US markets, Wall Street, Nasdaq, S&P 500, Dow, General Electric, Bank Of America, BoA, dollar, Crude , Federal Reserve
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Shares Market

2009-10-17T02:29:00.001-07:00

Understand the Trading Basics Guide to Day Trading Trading in shares conjures of image of big money in quick time. Initial Public Offering (IPOs) means the first sale of stock from private company to the public. The Company releases its stock for sale on a public market.And getting a piece of hot IPO is not all that easy. So an investor is well advised to keep an eye on the upcoming IPOs or IPO calendar to be able to grab those high yielding issues.
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If that were so, then would everyone not be a millionaire? Read on, to learn to invest smart and get good returns.Investing in mutual funds has become increasingly popular among investors:Several advantages are offered by mutual funds over investing in individual stocks. Mutual fund shareholders have to pay the transactional costs, which is divided among various shareholders who deal in mutual funds.Mutual funds professionals need to apply their work experience, dedicate their time for research investment options for mutual funds. However, mutual funds are risk-free. If the mutual fund invests primarily in stocks, it is usually subject to the same risks as the stock market.
Tata Infrastructure (Equity: Diversified), Kotak Opportunities (Equity: Diversified), UTI Infrastructure (Equity: Diversified), Magnum Contra (Equity: Diversified),HDFC prudence (Hybrid: Equity-oriented), Magnum Balanced (Hybrid: Equity-oriented), Relience Growth (Equity: Diversified) are popular mutual funds in India.
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Normally, people save with NSC, FDs etc for their retirement. Rarely, people invest in equities as that is a risky proposition. Hence the need for www.sharesmarket.in to scientifically guide you, step-by-step, invest in Stock Market with assurance. We cover all the financial instruments- IPO, Mutual Fund, Derivatives or Equities- for you. Inflation constantly whittles down your savings. You must account for inflation to maintain and preferably jack up your purchasing power.Sound Investing is required to cover our retirement period. Hence, there is an urgent need to invest judiciously so that we get a steady income for self and family post retirement.

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Inflation cuts into the value of the money we save by constantly eroding the purchasing value. Hence, the need to find means to offset the inflation.The best possible way to nullify inflation is to invest in shares, debentures, bonds, Bullion market, or real estate. The important points to understand:
• Savings is the difference between Income and Expenditure • You must save for a rainy day • Savings have no 'form' and must be protected from Inflation • When you invest your savings it has morphed into Risk Capital • Risk Capital can be eroded • Risk can be minimized by choosing to invest in low risk investments • The risk associated with each investment changes with time, and must be monitored carefully

Sensex to hit 21000 before next Diwali

2009-10-17T02:27:00.000-07:00

Sensex to hit 21000 before next Diwali?
Published on Fri, Oct 16, 2009 at 20:01 , Updated at Sat, Oct 17, 2009 at 09:43 Source : CNBC-TV18
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In a discussion with CNBC-TV18, market experts Dipan Mehta and Ajit Dayal of Quantum Advisors spoke on the year that was — from last Diwali to this one. And how they see markets, stocks and sectors panning out from hereon.
Sensex at 21000?
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“Last Diwali, the market was like at around 8,000 levels, so we have doubled in the last one year,” said Dayal. “Next Diwali, probably, the market will go up to about 21,000 or so by June-July 2010 in our view.” Dayal added that even as he was underweight on banking, a positive credit policy by the Reserve Bank of India (RBI) in October could trigger a fresh run-up in those stocks ahead. He was also positive on the aviation sector with a caveat: “A lot depends on the prices of aviation turbine fuel (ATF) and other stuff but the fundamentals of the sector look good only because the companies are buying less airplanes right now and demand could pick up.”
“The markets have run up considerably and valuations are getting stretched,” said a visibly cautious Dipan Mehta, member of the Bombay Stock Exchange (BSE). “Unless we see a sharp uptick in earnings, it’s going to be extremely difficult to justify the markets trading at significantly higher levels than this.”
Much of the liquidity in the system was being absorbed by fund raising by Indian companies, he said, and added that investors must be cautious at current levels: “Genuine long-term money and deep-pocket investors are at least staying on the sidelines because the valuations are such that there is hardly any margin of safety at this point of time

LINK Exchange

2008-10-08T05:00:00.000-07:00

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Malicious rumours, short-selling hit ICICI Bank shares

2008-09-24T03:25:00.000-07:00

New Delhi, September 19, 2008: Leading private sector lender ICICI Bank, which has lost its position as the country's most valued bank to state-run SBI, today said that "malicious rumours" are being spread to hammer down its share price.
"We are seeing malicious rumours completely without any basis at all and done in a consistent manner ... So clearly there is something much beyond just banking in this," ICICI Bank chief K V Kamath told to a private TV channel.
"We are clearly seeing concerted short-selling activities... We do not know who is responsible for this," he added.
ICICI Bank's share price has plummeted by nearly 15 per cent or more than Rs 100 per share in the past ten days.
Yesterday, ICICI Bank's market value dipped below that of public sector major SBI. Its market capitalisation has dipped to near Rs 64,000 crore, against close to Rs 1,00,000 crore for the public sector banking major SBI.
The bank had said in a statement earlier in the week that rumours were being spread that some of the top management of the bank were selling their shares. "These rumours are baseless and irresponsible, and no shares have been sold by members of top management of the bank during the current year," it added.
However, the impact of the collapse of iconic Lehman Brothers will be felt on the ICICI Bank as its UK subsidiary had an exposure of about Rs 375 crore in bonds of the US-based investment banker.

India to grow 8% despite global turmoil: D&B

2008-09-24T03:24:00.002-07:00

September 18, 2008: India is expected to post an economic growth rate of eight per cent in the current fiscal despite the ongoing turmoil in the global financial markets, research firm Dun & Bradstreet said on Thursday.
"We are maintaining our forecast of eight per cent growth for the current financial year despite the dwindling global economic scenario," Dun & Bradstreet India Chief Operating Officer Kaushal Sampat said.
The global credit crisis might have slight impact on the Indian economy, but there would not be any significant impact as the financial institutions in the country were insulated, and regulators should be given credit for this, Sampat added.
"In line with D&B expectations, GDP growth moderated to around 8 per cent during the first quarter of FY09. The moderation in growth is significant, especially when compared to the 9.24 per cent growth in the first quarter of FY08," Sampat said.
Going forward, given the high interest rates and low consumer demand, industrial production was expected to remain subdued, Sampat added.
D&B in its September economy forecast said that given the subdued demand conditions and high raw material prices, industrial production should remain moderate. "We expect IIP to have grown within the 6-7 per cent range during August this year," the report said.
Regarding Inflation, D&B said the Wholesale Price Index during September this year is likely to average between 12 to 12.20 per cent.
Sampat further said given the measures the Reserve Bank had taken and the declining crude oil prices, inflation was expected to moderate.
"Inflation is likely to come off its double-digit mark from early next year," Sampat added.
The moderation in inflation in the past three weeks could partly be attributed to the decline in international prices of crude and edible oils following the improved supply conditions, the report said.
"Although moderation in international crude and edible oil prices have provided some respite from surging inflation in the past few weeks, headline inflation continues to be double-digit. With growth in money supply and bank credit still above RBI's target rates, we expect further monetary tightening," Sampat added.
The 15-91 days treasury bill yields is expected to remain in 8.70-8.90 range for September this year, the report added.
During September, rupee is expected to be in the range of 45.20-45.50 to a dollar, with strengthening of the US currency and a sustained demand for the same, D&B said.
Rupee has weakened and breached the 45/dollar mark. It has depreciated by almost 8 per cent to 45.77/dollar on September 12 as compared to 42.37/dollar on August 1.

Inflation inches up to 12.14%

2008-09-24T03:24:00.001-07:00

New Delhi, September 18, 2008: Inflation rose moderately to 12.14 per cent for the first week of September due to increase in rates of some food items, prompting analysts to say that RBI may resort to some tough measures next month to regulate flow of money as pressure of price rise has not eased.
However, the Finance Ministry described the inflation rate as 'stable'.
The rate of price rise has gone up by 0.04 per cent for the week ended September 6 from 12.10 per cent a week earlier despite a fall in global crude prices.
"Inflation on year-on-year basis remained stable at 12.14 per cent for the week ended September 6 compared to 12.10 per cent reported a week earlier and 12.63 per cent for the week ending August 9, 2008," the Finance Ministry said here today.
Prices of food and vegetables were up six per cent, while wheat and urad rose by three per cent.
Some minerals like fire clay shot up by 37 per cent.
However, on a week-on-week basis, inflation of 30-essential items rose to 7.72 per cent for the week from 7.52 a week earlier, the Finance Ministry said, adding rice, wheat, moong, masoor, gram, urad, potatoes and salt turned dearer in the current week.
Even though inflation had fallen for in previous three weeks, Finance Minister P Chidambaram kept his fingers crossed earlier in the day.
"Do not count your chickens before they are hatched. Keep your fingers crossed like I do. I keep my fingers crossed," he said hours before inflation figure was released.
Yes Bank Chief Economist Shubhada Rao said inflationary pressures are still there in the economy and RBI might tighten money supply in its mid-term review next month.
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US gold prices post biggest 1-day gain ever

2008-09-24T03:23:00.000-07:00

New York, September 18, 2008: Gold prices exploded on Wednesday — posting the biggest one-day gain ever in dollar terms — as fears of more credit market turmoil unnerved investors and triggered a flood of safe-haven buying.
Gold for December delivery rose as much as $90.40, or 11.6 per cent, to $870.90 an ounce in after-hours trading on the New York Mercantile Exchange after jumping $70 to settle at $850.50 in the regular session. That was the biggest one-day price jump ever; gold's previous single-day record was a $64 gain on Jan. 29, 1980.
The huge rally came after the government moved overnight to rescue troubled insurer American International Group Inc. with an $85 million bailout loan. The Federal Reserve stepped in after AIG, teetering on collapse from losses tied to the subprime crisis and the credit crisis, failed to find adequate capital in the private sector. The emergency measure came a day after Lehman Brothers Holdings Inc., a 158-year-old investment bank, filed for bankruptcy after failing to find a buyer.
Fearing more tightening of credit markets, investors reacted swiftly and began dumping stocks and socking money into gold, silver and other safe-haven commodities. Gold is especially attractive during times of crisis because the metal is known for holding its value.
Jon Nadler, analyst with Kitco Bullion Dealers Montreal, said buying accelerated as rumours spread across trading floors that another financial firm may be in trouble.
"The psychology right now has everyone asking, 'Who's next?," Nadler said. "If another big bank falls, we could see an implosion and that has people very worried." A weaker dollar also boosted gold prices. A falling greenback encourages investors to shift funds into hard assets like gold and other commodities that are bought as hedges against inflation and weakness in the US currency.
Prior to the rally, gold had fallen 25 percent since surging to record levels above $1,000 an ounce in March.
"The same market participants who got out of gold are coming back in now. This is the start of an upward move," said Carlos Sanchez, analyst with CPM Group in New York, who predicted prices could climb back to $1,000 by year's end.
Silver prices also jumped. The December contract soared $1.158 to settle at $11.675 an ounce. December copper, however, fell 4.65 cents to settle at $3.0425 a pound.

'Global financial crisis will not impact Indian growth'http://www.marketmantra.in

2008-09-24T03:22:00.000-07:00

September 17, 2008: The current turmoil in the global financial markets is unlikely to have an adverse effect on India's healthy growth rate or on the huge investments it is attracting, Indian Minister of state for Commerce and Industry Ashwani Kumar has said.
Admitting the crisis might have slight impact on the functioning of the Indian economy, Kumar expressed confidence that fiscal management will insulate it to the maximum possible extent, asserting that the US and India would continue to be in a "very tight economic embrace."
The American economy is resilient and dynamic and current crisis could be just cyclic or temporary aberration, he told reporters.
Kumar, who is here to deliver a series of lectures in Harvard University, said, money flows only to countries whose economies are resilient and give higher returns, with India fulfilling both qualifications.
The Indian economy is resilient, its economic fundamentals strong and it has 400 million strong middle class with huge purchasing power, he said. Besides, India is strengthening its infrastructure at huge cost.
The Chinese economy on the other hand, Kumar stressed, has reached a saturation point, while India will continue to be one of the principal destination.
Replying to a question, he also expressed hope that the Indo-US Nuclear Deal would clear the Senate by the time Prime Minister Manmohan Singh holds summit with President George Bush on Sept 25 in Washington.
He also praised the Bush administration for its "forceful diplomacy" and time interventions at critical stages during negotiations of Nuclear Suppliers Group.

RBI nod for new kinds of foreign currency bonds

2008-09-24T03:20:00.000-07:00

Mumbai, September 23, 2008: The Reserve Bank today allowed Indian companies to issue bonds denominated in foreign currencies to overseas subscribers, which could later be converted into shares of another company of the issuer group.
The RBI today operationalised the scheme for such papers called Foreign Currency Exchangable Bonds (FCEB), a notification for which was issued by the Finance Ministry way back in February this year.
As per the notification, only a group company would issue such bonds which holds stake in the firm whose equity is to be given to subscriber at a later date.
Also the 'Offered' Company, whose equity would be given in exchange of bonds, have to be a listed company and eligible for receiving FDI, overseas borrowing and foreign currency convertible bonds.
However, the companies which have been restrained from accessing the securities market by the SEBI would not be allowed to issue FCEB.
The issuing company, the notification said, can use the proceeds of FCEB in the overseas market in joint ventures and wholly-owned subsidiary abroad directly. It may also be invested in the promoter group company, it added.
However, promoter group would not be permitted to utilise the proceeds in the capital market or real estate in India.

Etisalat close to picking up over 40% stake in Swan

2008-09-24T03:19:00.001-07:00

New Delhi, September 23, 2008: UAE's leading telecom operator Etisalat is understood be in the final stages of inking a deal with Swan Telecom for picking up over 40 per cent stake in the firm.
According to sources close to the development, Etisalat is likely to sign a deal with Swan Telecom, which had recently bagged start-up GSM spectrum in many circles including Delhi, to acquire over 40 per cent stake in the telecom firm.
Etisalat has been scouting for an Indian partner for quiet some time now and was reportedly in talks with other players including Spice Communication and Videocon-backed Datacom.
Promoted by Dynamix Balwa Group of companies with interest in hospitality and real estate, Swan Telecom was in news for its reported association with Anil Ambani group company RCOM, which was said to hold 9.9 per cent stake in it at the time of applying for licence last year.
RCOM officials, however, had said the company does not hold stake in Swan telecom anymore.
Swan Telecom had received licence for rolling out operations in 13 circles.
Etisalat, which operates in 16 countries across Asia, the Middle East and Africa has a presence in India, through its data services subsidiary Technologia in Bangalore.

FM's move to hike FDI in insurance sector flayed

2008-09-24T03:18:00.002-07:00

Madurai, September 23, 2008: Criticising the Centre's move to increase the cap on Foreign Direct Investment (FDI) in the insurance industry, the South Zone Insurance Employees Union has asked the government to ensure that it remained under the public sector.
The 32nd Conference of the union here yesterday criticised the Union Finance Ministry's move to increase the FDI from 26 per cent to 49 per cent, saying such a measure would only benefit multinational companies.
It also demanded that the four major public sector insurance companies be merged into one entity to face the competition from private players.
The conference condemned the Indo-US nuclear deal and said it would affect the sovereignty of the country.

denies reports of it approaching SC

2008-09-24T03:18:00.001-07:00

New Delhi, September 23, 2008: The Indian Oil Corporation today said it has not approached the Supreme Court on the issue of Centre's notification governing prices of petroleum products.
Debunking media reports that the Supreme Court had clubbed its petition with a similar matter, IOC said in a statement that it has "not filed any such petition raising the issue of whether the Union Government notification governing prices of petroleum products can be construed as law".
IOC said it is the market leader in the oil and gas industry and such wrong and misleading reports can cause alarm among shareholders.

SBI says no plans to purchase Lehman's India assets

2008-09-24T03:17:00.002-07:00

Mumbai, September 23, 2008: Country's largest lender, State Bank of India today scotched rumours that it will be among the several lenders that would purchase US Investment bank Lehman's Indian assets.
"SBI does not have any interests in purchasing Lehman's assets in India. There are no such proposals at present," a top SBI official told PTI here.
Other banks, including Standard Chartered, were not forthcoming saying that they do not comment on speculations.
"We do not comment on such reports," StanChart's India Head, Neeraj Swaroop said.
Media reports today said that SBI, StanChart, Barclays and BNP Paribas were in discussions with Lehman Brothers to buy Lehman's Indian business.
Reports had said that a clear picture on the issue will emerge in a week.
Lehman Brothers, the fourth largest seccuities firm in US, filed for bankruptcy last week after it posted massive losses and failed to survive the global financial crisis.
Following the collapse of Lehman in US, Barclays had agreed to buy some parts of Lehman's assets for $1.75-billion.
Barclays and BNP Paribas were not available for comments.

NABARD sanctions Rs 3.20bn loan for Andhra

2008-09-24T03:17:00.001-07:00

Hyderabad, September 23, 2008: The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan assistance of Rs 3.20 billion for various projects to be taken up Andhra Pradesh.
In a meeting held recently at Goa, the NABARD sanctioned the loans for taking up 224 road, seven bridge and seven lift irrigation projects under Rural Infrastructure Development Fund (RIDF), a release said here today.
The sanctioned projects would be implemented in five districts of Guntur, Khammam, Krishna, Nalgonda and West Godavari.
With this, the total sanctions to the state under RIDF during the current year stood at Rs 810.73 crore.

Arun Ramanathan is new Finance Secretary

2008-09-24T03:16:00.002-07:00

New Delhi, September 23, 2008: Financial Services Secretary Arun Ramanathan was today appointed as the Finance Secretary, the post which fell vacant after D Subbarao moved to the RBI as the Governor.
"The Appointment Committee of the Cabinet has approved the appointment of Arun Ramanathan as Finance Secretary," an official statement said today.
Ramanathan, 59, will also continue to hold the post of Financial Services Secretary.
Ramanathan, who belongs to the 1973-batch of IAS, Tamil Nadu cadre, moved to the Centre in June 2007, when he was appointed as Secretary, Ministry of Chemicals and Fertilisers.
His appointment comes at a time when the US financial crisis is causing ripples in many other areas of the world and inflation in India is over 12 per cent mark.
Ramanathan had replaced Vinod Rai in Financial Services Department in January this year after Rai took over as the Comptroller General of India.

Inflation will return to single digits this fiscal: Ahluwalia

2008-09-24T03:16:00.001-07:00

New York, September 24, 2008: The government has said inflation will return to single digits by the end of the current fiscal and asserted it was not in favour of taking excessive harsh measures to rein in the problem as it will have a harmful impact on the economy.
Talking to reporters accompanying Prime Minister Manmohan Singh on his US visit, the deputy chairperson of the Planning Commission Montek Singh Ahluwalia said that the trend of constant rising inflation in India was disappearing.
Maintaining that the financial meltdown in the US has not had a direct impact on India, Ahluwalia said the country had an ample stock of foreign exchange reserves to deal with the temporary meltdown in financial markets.
"The direct impact has been negligible," he said. He also said that the financial turmoil is not likely to settle quickly and may only end by next year.
"A turnaround in financial markets cannot be expected by the 2009 end," he said.
From India's point of view, however, it will be foolish to think that it will not face any economic uncertainties in the future if the turmoil in the financial markets continue, Ahluwalia said.
On the sensitive issue of land acquisition in states for setting up industries, Ahluwalia said state government must create a credible mechanism for purchase of land by industrialists.

India Inc shocked over remarks by Fernandes

2008-09-24T03:15:00.000-07:00

New Delhi, September 24, 2008: Industry has reacted with shock and horror over remarks by Labour Minister Oscar Fernandes that lynching of a CEO in Noida should serve as a warning to managements.
"I am shocked over the minister's comments," FICCI President Rajeev Chadrashekar said reacting to Fernandes' remarks that "simmering discontent among the workers" was a reason behind the killing of the CEO of Italian company Graziano Transmissioni L K Chaudhury in Greater Noida yesterday.
"Nobody has the blanket permit to take law and order into their hands, even going to the extent of murdering a person. Such acts need to be strongly condemned," ASSOCHAM Secretary General D S Rawat said.
Infosys co-chairman Nandan Nilekani said the murder cannot be condoned. He said, "passing on the buck" and "giving a different spin" is totally not on.
"There is nothing in the world that can justify lynching of any person and no dispute can be settled by murdering an adversary," CII Northern Region Head Salil Singhal said.
Fernandes in controversial remark said, "This should serve as a warning for the managements. It is my appeal to the managements that the workers should be dealt with compassion." The Minister said, "there are disparities in the wages of permanent employees and contract workers. The workers should not be pushed so hard that they resort to whatever happened in Noida."

Lehman reopens as Barclays Capital; 10,000 jobs offered

2008-09-24T03:14:00.002-07:00

New York, September 24, 2008: Lehman Brothers' North American operations, which were acquired by global financial services major Barclays, has reopened under the new ownership and over 10,000 employees have been offered jobs in the combined entity.
These actions follow the Bankruptcy Court for Southern District of New York's approval for Barclays acquisition of Lehman Brothers' North America operations which include fixed income and equity sales, trading and research, prime services, investment banking, principal investing and private investment management businesses.
The integration process for the combined businesses began immediately after the court's decision, Barclays said in a statement last night.
However, the process is still continuing, thus Lehman's sales and trading business was not able to conduct business yesterday, while the capital markets and trading businesses would become fully functional shortly, it added.
"Employment offers have been made to all employees of the Lehman Brothers businesses that have been acquired by Barclays Capital, including Lehman Brothers Private Investment Management business, transferring to Barclays Wealth, the wealth management arm of Barclays PLC," the statement said.
The combined firm will use the name Barclays Capital while the financial major has also purchased rights to use Lehman Brothers name and will consider opportunities to do so.
"Barclays-Lehman Brothers partnership is now a reality. With all that our combined firm has to offer, we have a great business to tell our clients about. We have been delighted by the enthusiastic response of the senior Lehman Brothers executives to whom we have offered leadership positions in our combined firm," Barclays PLC President Bob Diamond said.
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New spectrum charges to be announced by next month

2008-09-24T03:14:00.001-07:00

Telecom Minister A Raja on Tuesday said new spectrum charges, which will be a one-time charge for the radio wave beyond 6.2 MHz, would be announced by the end of October.
He said that the Telecom Ministry is in discussions with Finance Ministry and GSM operators to work out new charges for additional spectrum beyond 6.2 MHz.
The minister also said his ministry is also talking to finance ministry on the issue of relaxing borrowing norms for aspiring 3G spectrum bidders.
COAI and AUSPI have written to the finance ministry for easing ECB norms to enable prospective 3G bidders to access funds, cost effectively.
On the Blackberry issue, Raja said, "While a solution is still being worked out, the services cannot be denied to the customers."

Warren Buffett to invest $5 billion in Goldman Sachs

2008-09-24T03:13:00.002-07:00

Goldman Sachs announced that it had reached an agreement to sell $5 billion of perpetual preferred stock to Berkshire Hathaway in a private offering. The preferred stock has a dividend of 10% and is callable at any time at a 10%premium.
In conjunction with this offering, Berkshire Hathaway will also receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, which are exercisable at any time for a five year term.
In addition, Goldman Sachs will raise $2.5bn of equity in a public offering.
The US meltdown: Complete Coverage
"We are pleased that given our longstanding relationship, Warren Buffett, arguably the world's most admired and successful investor, has decided to make such a significant investment in Goldman Sachs. We view it as a strong validation of our client franchise and future prospects," said Lloyd C Blankfein, chairman and CEO of The Goldman Sachs Group. "This investment will further bolster our strong capitalization and liquidity position."
"Goldman Sachs is an exceptional institution," said Warren Buffett, chairman and CEO of Berkshire Hathaway, Inc. "It has an unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance."
The US Federal Reserve had allowed Goldman Sachs and Morgan Stanley to undertake commercial banking on Sunday.
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Anil questions oilmin's late entry in gas row

2008-09-24T03:13:00.001-07:00

Mumbai, September 24, 2008: Claiming that government would lose over Rs 400 billion due to Mukesh Ambani-led RIL's oil and gas venture, Anil Ambani on Tuesday questioned oil ministry's 11th hour intervention in the court to help a private player. "It is anyone's guess what prompted the ministry's belated intervention," Anil Ambani said at the AGM of group company Reliance Natural Resources Limited.
Stating that the petroleum ministry did not think it fit to intervene in the two years since the litigation between his company and RIL began in Mumbai High Court, he expressed surprise over ministry's intervention now, which he felt was to help a private player while "scrupulously keeps away when it comes to protecting the rights of a Navratna such as NTPC." Debunking the perception that higher gas prices would benefit the government in the form of increased profit share, he said, "...based on capex numbers, as reported, it is estimated that government may not get more than Rs 1,000 crore in first five years,while RIL gets more than Rs 20,000 crore during the same period..."
Also, Anil Ambani-controlled Reliance Natural Resources (RNRL) plans to enter cement manufacturing and shipping activities with an investment of Rs 12,000 crore.
"We will invest Rs 10,000 crore in cement business and Rs 2,000 crore in shipping," RNRL vice-chairman Anil Singhvi said on the sidelines of the company's annual general meeting on Tuesday. "Our foray into cement and shipping will take 3-4 years period," Singhvi said. RNRL chairman Anil Ambani had said that "we are actively considering entering into cement manufacturing with 20-million tonnes capacity". However Anil Ambani owned Reliance Power Ltd will complete funding for two so-called ultra-mega power projects this year. Reliance is "likely to achieve'' financial closure for the Sasan thermal power project "by the end of this year,'' chairman Anil Ambani said.
Funding for the Krishnapatnam project is expected later this year, he said. The company has qualified to bid for a third ultra-mega power project at Tilaiya in the eastern state of Jharkhand, Ambani said. Each of these 4,000 megawatt, coal-fired projects requires an investment of as much as Rs 20,000 crore ($4.4 billion), he said.

India's most and least corrupt states

2008-09-24T03:11:00.001-07:00

India has a dubious distinction when it comes to corruption as indicated by Transparency International. In the Global Corruption Index, a survey of 180 nations conducted by TI (a Berlin-based anti-graft watchdog), India came down from 72nd to 85th.
China, on its part, has led a group of nations which have marched ahead of India with an improved image, according to the latest survey by TI.
India's integrity score this year is 3.4, down from 3.5 in 2007, says the survey. Its score in 2006 was 3.3. Till last year, India shared the slot with China.
Now find out which are India's most and least corrupt states. A survey conducted by Transparency International-India and the Centre for Media Studies in New Delhi has for the first time released the list of India's most and least corrupt states.
The survey puts India's states into four categories: Alarmingly Corrupt; Very Highly Corrupt; Highly Corrupt; and Moderately Corrupt.
Bihar
The survey says that there are four states in the 'Alarmingly Corrupt' category, led by Bihar.
Bihar is the 12th largest Indian state in terms of area and the third largest when it comes to population. Biharis are far behind other Indian in human and economic development terms, (source, Wikipedia) thus fuelling corruption and migration.
The survey is a part of efforts by Transparency International - India to reduce corruption by promoting and supporting transparent and ethical practices in the government sector.
It had randomly selected a sample of 22,728 BPL (below poverty line that is poorest) households from all across the country and they were surveyed to ascertain which were the most unhappy and extorted lot and in which state.

JLR loss could affect performance: Tata Motors

2008-09-24T03:10:00.000-07:00

Tata Motors on Tuesday said it could be affected in future by the financial performance of Jaguar Land Rover, which incurred a loss of US$383 million between January and June this year.
"The financial performance of the company, including its profit margins and its operating ratios, may be affected in the future by the performance of Jaguar Land Rover," the company said in the prospectus for its proposed rights issue.
The company is raising Rs 4,145.81 crore through a rights issue to part fund the acquisition of JLR, which it completed in June this year for a consideration of $2.3 billion.
Tata Motors said JLR had incurred a loss of $383 million during January-June this year although its earnings before interest and taxes of $625 million during the period.
It also said any disruption of supply and transmission agreements entered into with Ford and other third parties for critical components and other services could have a material impact on the operations and financial positions of JLR.
Tata Motors and Ford had entered into long-term technology sharing for powertrain for JLR and engine supplies, besides other transitional agreements such as wholesale credit support to JLR dealers by Ford Motor Credit for up to 12 months. The financials of the two iconic brands may "materially differ" from the unaudited summarised statements of assets and liabilities as on December 31,2007.
The Indian auto major has said that the financial statements of JLR have been prepared on the basis of US GAAP according to which "all tangible and intangible assets and liabilities should be revalued at fair value in the opening balance sheet after the acquisition".
"This process has not yet been completed for JLR and therefore the financial statements of JLR going forward may materially differ," the prospectus said.
The company also said future pension expenses at JLR operations, based on actuarial assumptions, may prove costlier than the currently anticipated and the market value of assets in JLR's pension plans could decline.
In 2007, as part of the sale process, Ford entered into agreements with the trustees of the Jaguar Pension Plan (JPP), Jaguar Executive Pension Plan (JEPP) and the Land Rover Pension Scheme (LRPS), under which Ford agreed to contribute towards the deficits of the UK Pension Plans. Prior to this, the estimated deficits as on October 31, 2007, amounted £120 million for JPP, £9 million for JEPP and £115 million for LRPS.
However, as per the agreement reached between Ford and the trustees, Ford contributed a total of £301.5 million into the three UK pension plans prior to the acquisition.
Tata Motors said that the deficits in the UK Pension Plans may have changed since October 31, 2007 given market volatility and potential changes in the valuation factors.
No formal funding valuations have been carried out since then, either by the company, JLR or by the trustees, it said, adding the next formal funding valuations are scheduled for April 2009.
"In the event that the actuarially determined liabilities exceed the plans' assets at the time JLR would have to agree on new contributions with the trustees to fund the deficit over such period of time as is agreed," it said.
Higher contributions could have an adverse effect on the financial position of JLR, it added.

Global finance: Of crooks and buffoons

2008-09-24T03:09:00.000-07:00

The recent events in the financial markets across the globe have left most people completely flummoxed. What makes the developments in the United States financial markets over the past fortnight extremely painful is the fact that it has comprehensively exploded our collective belief in the ability of the US to regulate its gargantuan financial markets by itself.
At this point in time experts have come to a view that this is by far the worst financial crisis to have visited the US since the Great Depression of the 1930s.
Consider this:
Experts predict that this financial crisis will result in a loss of at least $1 trillion and could probably end up at a far higher figure of $2 trillion! The resultant crisis, when it is full blown, is expected to severely hit the financial and banking sectors.
The worrying part is that experts predict that this crisis will last several years leading to a severe and persistent liquidity and credit crunch.
Contrary to the popular belief that the losses are limited only to sub-prime assets, the fact of the matter is that this crisis is spreading from sub-prime to prime mortgages, home equity loans, to commercial real estate, to unsecured consumer credit (credit cards, student loans, auto loans), to leveraged loans that financed reckless debt-laden leveraged buyouts, to municipal bonds, to industrial and commercial loans, to corporate bonds, to the derivative markets whose risk are indeterminate at any point in time and where counterparty risk -- and the collapse of many counterparties -- could well lead to a systemic collapse of all markets.
In short, the financial crisis is not limited to merely the sub-prime mortgages. In fact, this crisis is a result of an 'entire sub-prime financial system.'
And that to me is a crucial issue and central to this piece at hand.
The shortcomings of the US regulation
In fact, it is not the failure of the US financial markets that has caught analysts by surprise. It is the failure of the US regulatory mechanism, touted as infallible and followed as a model by regulators across the globe, which has caught analysts by surprise.
It is often remarked that Kolkata's rasgullahs will not contain Kolkata within them! Likewise, there is hardly anything Federal about the US Federal Reserve mechanism.
It may be recalled that the Federal Reserve system was formed in 1913 by an act of the Congress to serve as the central bank of the US. Interestingly, the Fed Reserve system consists of a seven-member board of governors and twelve Reserve Banks located in major cities throughout the United States.
In effect, the US Federal Reserve system is a cartel of these twelve major banks. I have in one of my previous columns -- Who cares for the dollar? Not the Fed, surely! -- pointed out that the ownership of these twelve banks remains a secret even to this day. And to this extent the working of the US Fed as a government agency suspect.
The seven-member board of governors is appointed by the US President and confirmed by the Senate to serve 14-year terms of office. Further, in making appointments, the President is directed by law to select a 'fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country.'
These aspects of selection are intended to ensure representation of regional interests and the interests of various sectors of the public.
The primary responsibility of the seven board members is the formulation of monetary policy. The members constitute a majority of the 12-member Federal Open Market Committee (FOMC), the group that makes the key decisions affecting the cost and availability of money and credit in the economy. The decision of this group makes or breaks fortunes across the globe.
The other five members of the FOMC are Reserve Bank presidents of the twelve banks that form a part of the syndicate, one of whom necessarily is the president of the Federal Reserve Bank of New York.
This is where things begin to get interesting.
A bit of search on the Internet about the president and CEO of the now bankrupt financial giant Lehman Brothers Richard Fuld throws up something quite surprising.
Readers may be startled to know that Fuld was (he resigned last week) on the board of governors at the Federal Reserve Bank of New York as the elected representative of the 'member banks to represent the public.' This is akin to an Indian industrialist sitting on the board of the Securities Exchange Board of India!
If the distinction between the regulator and the regulated gets blurred, such disasters are bound to happen.
But where are the Chinese Walls?
Obviously, that makes the claim of independence in the functioning of the US Federal system quite hollow. Remember, one of the five outsiders in the FOMC is the president of the Federal Reserve Bank of New York with a lot of influence!
And it is not the US Fed alone that is at fault. Rather this -- collusion between the regulator and the regulated -- seems to be a pandemic amongst the regulators in the US.
Experts have been repeatedly pointing to the prevalence of collusion between the players and the market regulator by tolerating massive 'creative accounting' and other forms of 'window dressing of the balance sheet.' Obviously, this is to prevent firms from recognising and reporting their true losses.
This obfuscation of truth by the regulators is with an avowed objective of avoiding a financial meltdown. But in the process most of these earnings reports are not worth the paper they are written on.
Further, most financial institutions, thanks to the lax supervision by regulators are manipulating the value of illiquid assets without any fear totally disregarding accounting standards. It is as if fudging is almost being encouraged.
Auditors, especially the bigger ones, do not seem to have great track records on such issues. So, if the management, the regulators and the auditors -- the key players in any financial oversee mechanism -- collude, there is very little that can one can do.
With the auditors, regulators and the regulated having a convergence of purpose, it does not take a seer to say that the global system is not in very respectable hands.
Further, contrary to the belief that the financial markets have become more transparent, they have actually become opaque. One of the reasons put forth by experts for this is the development of new financial instruments, notably exotic derivative instruments which are both hard to value and price.
Many of these instruments are illiquid and are purchased over the counter rather than at an exchange. The value of such OTC derivatives, which involves banks as one of the parties to the transaction, exceeds $600 trillions � yes, $600 trillion -- as on date!
And the response to all this skulduggery in the financial markets is to unleash newer accounting standards and issue fresh disclosure norms. Cancer cannot be cured by applying pain balms. Neither can there be a substitute for ethics and discipline.
Consequently, there is very little information about such instruments, their ultimate beneficiaries, the exact nature of risk they hedge and its possible negative impact on the beneficiary. All these issues are waiting to explode.
And they will, shortly.
When these instruments mature, the events of the last few days will seem like a mere trailer of a horror movie. The main movie will be much scarier and far more painful.
To conclude, the US financial system -- and, by extension, the global financial system -- is a creation of bad laws, regulators who are out of sync with the developments (especially in case of creation of newer instruments) in the markets, auditors who even before you wink are ready to sign on the dotted line and some corporates with lax ethics.
In short, the global financial architecture and the regulatory mechanism that goes with it are entirely dominated by crooks.
Strangely this was accepted by the others, especially in countries in India, as infallible and as a model worth emulating reducing us to the level of buffoons. In effect, global finance is a cross between crooks and buffoons. www.marketmantra.in

The Google Android phone is here!

2008-09-24T03:08:00.001-07:00

On Tuesday, T-Mobile and Google announced the first-ever handset with Google's new Android operating system.
Called the T-Mobile G1, it has both full touch-screen functionality, a QWERTY keyboard, a trackball for one-handed navigation, plus access to mobile Web applications like Google Maps Street View, Gmail, YouTube, and more.
The G1 is available for pre-order now in the US in limited quantities fot T-Mobile registered users.
It will be available in retail stores from October 22, for $179 with a two-year voice and data agreement.
It will be available in the UK beginning November and across Europe in early 2009. Image: Google In this file photo, former Indian President APJ Abdul Kalam talks with students of the Manobikash Kendra Rehabilitation and Research Institute for the Handicapped during an interactive function in Kolkata. Photograph: STRDEL/AFP/Getty Images.

Chat with Pranav Sanghavi

2008-09-24T03:07:00.001-07:00

The Sensex opened higher on Wednesday.
Global meltdown resulting from US sub prime crisis has taken its toll not only on the Indian markets but exchanges across the world.
In such volatile times, what strategy should you adopt? Which stocks to buy, sell and hold?
To clear your doubts, speak to stock market expert Pranav Sanghavi, director, Jitendra Harjivandas Securities (P) Ltd, on September 24 between 4 pm and 5 pm.

Investments, inflation & financial planning

2008-09-24T03:05:00.000-07:00

Global financial markets are in turmoil and India too is facing the heat. How and where do you invest your hard-earned money in such an environment? Should you still bet on stocks, mutual funds or should you move to safe havens like gold and bank fixed deposits? How good or bad will be your real estate bet today?
How do you go about investing your money when interest rates are moving up and stock markets are as volatile as they are this year?Which is the best place to put your hard-earned money now?
Get money management tips on your mobile!
Which asset class can give you the best returns if you have an investment horizon of more than five years? What should be an ideal mix of assets to put your money now? What are the other avenues that you can use to get decent returns as well as beat inflation? Should you change your investment strategy now?
Other Get Ahead featuresGlobal meltdown: How the cookie will crumble Best off-season vacation deals Test yourself with this FREE mock CAT!Yoga poses for hypothyroidism Rohit Bal's royal Mughal range Manish Malhotra's Victorian indulgence Tips to protect your WiFi and Internet connectionSimply put, Which are the best investment avenues, themes that you should get into in 2008?
How much money should you invest every month in a mutual fund? Should it depend on your monthly income or should it depend on the target that you want to achieve within a specified time?
Financial planning specialist Vetapalem Sridhar will answer all these queries and more in a chat on Wednesday, September 24, between 3.30 pm and 4.30 pm IST. Join us then. About Vetapalem Sridhar Vetapalem Sridhar is a financial planning specialist based in Pune. He advises clients on financial planning and investments.
(Due to circumstances beyond our control, date and time of chat may change).

India: 2 soldiers killed in Kashmir clash USA

2008-09-24T03:03:00.000-07:00

SRINAGAR, India (AP) — Two soldiers were killed in a clash with Islamic militants on India's border with Pakistan in Kashmir, the Indian army said Tuesday, accusing the Pakistani military of providing covering fire for the gunmen. Indian forces also killed four suspected militants in two other separate clashes inside Indian controlled territory, officials said. The border clash took place Monday and soldiers were...SRINAGAR, India (AP) — Two soldiers were killed in a clash with Islamic militants on India's border with Pakistan in Kashmir, the Indian army said Tuesday, accusing the Pakistani military of providing covering fire for the gunmen. Indian forces also killed four suspected militants in two other separate clashes inside Indian controlled territory, officials said. The border clash took place Monday and soldiers were...
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