BUSINESS TYCOONS

Sensex Down For 8th Day; RBI Moves Seen

2011-05-04T19:18:00.000-07:00

The BSE Sensex slid for the eighth straight session, the longest losing spell in at least two-and-a-half years, closing 0.4 per cent lower on Wednesday

The 30-share BSE index dropped 0.35 per cent, or 65.33 points, to 18,469.36 points, with 19 of its components losing ground. The 50-share NSE index, or Nifty, slipped half a percent to 5,537.15. Two shares fell for each that gained on a volume of 567 million shares on the NSE, lower than the 90-day average daily volume of 645 million shares.

"At current levels, most negatives - other than a likely fuel price hike, if it happens - are in the price," said Arun Kejriwal, director of research firm KRIS. "The market may stay flat for a while and hover in a narrow band, until there is a solid trigger to lift it up."

High fuel and commodity prices will keep troublesome inflation levels elevated, while the RBI will raise interest rates more aggressively than economists expected just three months ago, a Reuters poll showed.

The central bank raised interest rates by a sharper-than-expected 50 basis points on Tuesday and said fighting inflation was its top priority, even at the expense of short-term growth.

Financials closed mixed, while IT companies declined on worries over peer Cognizant Technology Solutions Corp's slowing growth rate.

Top motorcycle maker Hero Honda dropped 3.5 per cent after it posted a 16.5 per cent fall in quarterly profit, its fourth consecutive quarterly decline, due to higher advertising spend during the cricket World Cup and rising input costs.

Foreign funds have been net buyers of more than $3 billion of Indian stocks since the start of March.

However, they have sold Indian equities in five out of the last six sessions to May 2, leading to concerns they were cautious about investing in Indian stocks, and that this could turn into a short-term trend.

Mortgage lender Housing Development Finance Corp and top private lender ICICI Bank slid 3.2 per cent and nearly 1 per cent, respectively.

Leading lender State Bank of India and private lender HDFC Bank gained 1.2 per cent each.

Leading software companies Tata Consultancy Services and Infosys Technologies and Wipro declined 0.1 per cent and 1.4 per cent, respectively.

Oil and Natural Gas Corp advanced 5.3 per cent after Bloomberg reported the energy explorer is in talks to acquire oil sands reserves in Canada and may increase its investments in Kazakhstan to help offset declining production.

An ONGC spokeswoman could not be reached for a comment by Reuters.

Auto stocks suffered a double whammy as they digested the interest rate increase, while already grappling with slowing sales growth.

Tata Motors, Maruti Suzuki, Bajaj Auto and Mahindra & Mahindra declined between 0.3 per cent and 4.7 per cent.

The MSCI world equity index and the Thomson Reuters global stock index were down 0.2 per cent each by 1021 GMT.

Stocks That Moved
# Thermax fell 4.2 per cent to 613.30 rupees after its managing director said the company's margins won't improve in fiscal 2012 but the capital goods maker would try to retain them.

# Sun Pharma Advanced Research Co Ltd gained 1.2 per cent to 84.15 rupees after the unit of Sun Pharmaceutical Industries said it had received approval from the US Food and Drug Administration for its cancer treatment Docefrez injection.

Top Three By Volume on NSE
# Unitech on 25.2 million shares

# Jaiprakash Associates on 20.4 million shares

# Suzlon Energy on 17.5 million shares

Continued Vigilance Needed On Al Qaeda Money

2011-05-04T19:07:00.000-07:00

Osama bin Laden's demise is unlikely to lead to an influx of terrorist funds into Western banks but the threat of retaliation means that banks need to remain extremely vigilant, according to regulatory experts. Industry figures believe the demise of the Al Qaeda chief has highlighted the importance of the sanctions and of the politically exposed persons (PEPs) regime.

Zia Ullah, a partner at Pannone in the UK, said that recent events should not prevent firms from continuing to screen bin Laden's name against EU and US sanctions lists. "People aren't going to stop screening the name because they won't want to have any link [in case] anything untoward happens," he told Thomson Reuters Accelus. Ullah said much would depend on whether bin Laden's name was taken off sanctions lists by the various government agencies, but he believed the name would remain intact.

"We have seen it with other entries, the identifier information changes to 'deceased' and that's it," he said.

Brian Dilley, head of KPMG's anti-money laundering practice, agreed and said that firms still needed to be extra-careful about the handling of suspect money. "In terms of his funds, they are likely to have been well-hidden already and not in any way associated with his name. His name is still on the official sanctions lists so firms will need to continue to search. I suspect the bin Laden name will remain on the list for some time to ensure that any movement of funds to his heirs from hidden sources are identified," he said.

Being Vigilant
Susannah Cogman, a partner at Herbert Smith, said firms needed to sit tight if they were in possession of frozen bin Laden money. "In the short term he remains on the sanctions lists, and if you have some of his assets frozen, keep them frozen. In the long term, something will clearly have to happen with his money - for example, if it falls to be inherited by someone who is not subject to sanctions. But I suspect in practice the political dimension will overtake this and hopefully any individual financial institution will not have too much head scratching to do about the disposal of his assets," she advised.

Duncan Aldred, a partner at CMS Cameron McKenna, said that firms needed to be looking more widely than bin Laden, particularly in light of the recent upheaval in the Middle East. He added that bin Laden's death had highlighted the wider importance of the PEPs regime.

"It highlights the fact that if you see the name [of Syrian president] Bashar al-Assad on something then you should be thinking 'What on earth is he doing moving those funds?'," he said.

The publicity surrounding the bin Laden situation had helped to illustrate exactly why the PEP regime had been put in place, he said. It had highlighted how successful people connected with such regimes could be in extracting funds the countries involved.

Lisa Osofsky, a regulatory adviser at risk consultancy Control Risks, pointed out that the terrorist leader had been caught through one of his accomplices and said that compliance staff and their colleagues should use this type of information to their advantage. She said that money laundering reporting officers had to be "quite broad" in terms of reading what was going on and should target some of those who were known to be bin Laden's confederates. She added that MLROs needed to cast their nets very widely in terms of who bin Laden had operated with, and should carry out the normal KYC checks while still treating him like a PEP with "extra, extra due diligence".

Osofsky, a former money laundering reporting officer at Goldman Sachs International in London, said it was well-known that bin Laden had come from a rich family and probably had some "amazing" fundraising capabilities. There might well, therefore, be a lot of money connected with the dead leader. Estimates have put bin Laden's fortune at up to 180 million pounds ($296 million), with much of the money likely to be hidden in secret bank accounts in the Middle East, Africa and South Asia.

"We know he has got lieutenants and that there are a lot of people out there doing his leg work. He managed to stay hidden because a lot of people were willing to help him over the years. These same people are willing to deal with the cash," Osofsky warned.

Ullah believed that there was unlikely to be an immediate influx of Al Qaeda money into the UK banking system following bin Laden's death; indeed, the opposite might be true.

"I don't think that any sensible or clever person involved in fundraising or funding would want to move money [now] as any significant money movement would alert the authorities and financial institutions. I think you are actually less likely to see movement in this period of time than normally. It would be highly suspicious and people's suspicions are more aroused at the moment than ordinarily," he explained.

Aldred agreed: "In a sense the silliest thing would be to move money that said bin Laden on it. The chances are that it won't say that so it therefore means that people have got to be extra-vigilant about stuff that doesn't have names on it because it is not just names that should make you suspicious; the general situation should as well."

Despite this both Aldred and Ullah agreed that firms needed to be especially watchful.

Aldred said that that bin Laden's death had "kicked up a hornet's nest", and that people needed to be aware of the consequences. Ullah said that banks needed to ensure that their anti-money laundering and counter-terrorist financing systems were "up to scratch".

"This would be the worst time possible to get implicated in any sort of funding issue or issue connected with terrorism so it's actually a time when [banks] need to be on their guard more than ever," he said. He added that he did not think that recent events would lead the UK'sFinancial Services Authority to change its regulatory agenda.

Cogman also agreed that the current political climate meant that firms needed to be constantly alert to sanctions and terrorism issues but said she did not anticipate that bin Laden's death would cause too many problems for firms.

"Would I expect to see a significant upsurge of suspicious activity as a result of his death? It's difficult to rule out entirely but I struggle to see how that would materialise in practice," Cogman noted.

Osofsky added that banks faced a difficult task in trying to identify suspected terrorist financing as both the 9/11 and London bombings demonstrated that small amounts of money could lead to huge losses of life. "The problem with any terrorist-related activity is that the amounts involved are tiny. It's hard for the banks but his death doesn't change anything," she said.

The Al Qaeda leader was killed following a raid on his Pakistani hideaway by US special forces on Sunday night. The 54-year-old was allegedly responsible for the New York atrocities on September 11, 2001, when thousands of civilians were killed following a devastating attack on the World Trade Centre.

Credit Unions Seek to Lift Small Biz Lending Cap

2011-04-30T18:40:00.000-07:00

Even as bank lending to small businesses decreased in the last three years, lending by credit unions increased. Now, credit unions want congress to loosen the limits on how much the nonprofit financial institutions can lend to businesses.

A bill introduced by Sen. Mark Udall (D-Colo.) on March 8 would let credit unions increase their small business lending, now capped at 12 percent of assets, to 27 percent.

Credit unions had about $39 billion in outstanding loans to small businesses last year, up from $24 billion in 2006, says Bill Hampel, chief economist at the trade group Credit Union National Association, citing data credit unions report to regulators. The equivalent lending by commercial banks peaked in 2008 at nearly $700 billion and declined to $626 billion in 2010, according to bank regulatory filings. (Both measure loans under $1 million, which the government uses as a proxy for lending to small businesses.)

About two-thirds of the nation's 7,000 credit unions don't do any business lending at all, Hampel says. Of those that do, about 350 are near the cap, meaning business loans constitute between 7.5 percent and 12.5 percent of their assets, he says. Even at 7.5 percent, a credit union will start "tapping the brakes" on business lending and might reach the cap in three years, he says.

Banks oppose lifting the limit, saying that business lending takes tax-exempt credit unions away from their nonprofit mission of serving members. "Credit unions were granted tax-free status to help them serve individuals of modest means, not to get into business and commercial lending," Camden Fine, head of the Independent Community Bankers of America trade group, wrote in a March 3 letter to congressional leaders.

Hampel says lending goes to businesses owned by credit union members, and the average loan size is about $200,000. The 12 percent limit was created in 1998, and it doesn't apply to about 100 credit unions that were major business lenders before then and were grandfathered in. In addition, loans under $50,000 and loans guaranteed by the Small Business Administration don't count toward the cap. Attempts to pass a version of the bill last year in the Small Business Jobs Act failed.

JAGNote by The Wall Street Journal

2011-04-30T18:39:00.001-07:00

Banks Rush to Improve Foreclosure Practices - Under orders from U.S. regulators, 14 financial institutions have until mid-June to lay out plans to clean up their mortgage-servicing operations-and another 60 days to make the changes.But progress is uneven. Rising Oil Prices Lift Total Profit - French oil major Total posted a 51% increase in net profit in the first quarter, boosted by higher commodity prices in spite of lower petroleum output owing to the continuing unrest in Libya. RIM Warns of Weak BlackBerry Sales - BlackBerry makerResearch In Motion cut its earnings guidance for its fiscal first quarter, blaming slower-than expected smartphone shipments. Shares plunged 11% in late trading.Daimler`s Profit Nearly Doubles - Germany`s Daimler reiterated its full-year earnings outlook after first-quarter net profit nearly doubled to $1.75 billion, fueled by booming demand for luxury cars, particularly in China, and a recovery in truck sales. Microsoft Net Up, but Windows Sales Down - Microsoft`s profit rose sharply, powered by sales of its Office software and Xbox system, though the company also saw declining sales of its flagship Windows software.NYSE Shareholders Say Talk to Nasdaq - NYSE Euronextshareholders urged the company to open merger discussions with rival Nasdaq OMX Group.Buffett`s Silence on Sokol to End - At the annual meeting of Berkshire Hathaway this weekend, Warren Buffett is expected to say he doesn`t condone the conduct of David Sokol, one of his former top lieutenants, in purchasing stock in a company that Berkshire eventually bid for. Chrysler to Repay Government Loans - Chrysler plans to take out bank loans and sell debt later this quarter to repay $6.6 billion in bailout loans from the U.S. and Canadian governments.Exxon, Shell Profits Soar On Higher Oil Prices - Exxon Mobil said first-quarter earnings surged 69% as it benefited from high oil prices, stronger refining margins and a jump in natural-gas production. Royal Dutch Shell and Occidental Petroleum also posted soaring profits.Three Top Builders Post Bigger Losses - Pulte, Meritage and Ryland report bigger losses and lower revenue as closings and prices remain weak

Statements From L.A. Mayor Villaraigosa and Council President Garcetti on Ratification of Pension and Healthcare Agreement by a Majority of Coalition

2011-04-27T19:43:00.000-07:00

Statements From L.A. Mayor Villaraigosa and Council President Garcetti on Ratification of Pension and Healthcare Agreement by a Majority of Coalition Employees

Los Angeles, Calif. /California Newswire/ — Mayor Antonio Villaraigosa and Council President Eric Garcetti issued the following statements today on the ratification of the pension and healthcare agreement by a majority of employees represented by the Coalition of LA City Unions:

Statement from Mayor Villaraigosa:

“States and cities across the country are grappling with burgeoning budget deficits and struggling to find solutions. Stalemate often stands in the way of resolution and core services are often cut without considering the long-term impact.

Here in Los Angeles, we have a different story to tell. Workers and city leaders have come together to negotiate a structural solution. Our compromise protects core services while saving hundreds of millions of taxpayer dollars. It provides workers with the economic stability of a guaranteed paycheck protected from furloughs, as well as the peace of mind that comes with health care they can count on when they retire.

I appreciate the willingness of our City employees to work with us to find long-term solutions and put posturing aside for the good of the people and the City of Los Angeles.”

Statement from Council President Garcetti:

“The City and the Coalition put politics aside and focused on problem solving to achieve structural reform, lower budget costs and increased service delivery from thousands of workers. As for the rest, we are moving forward immediately with furloughs and a retiree benefits freeze. We created clear alternatives to ensure the budget is balanced under any scenario and those plans are now being implemented.”

ABOUT THE EDITOR: Valerie Gotten (aka Valerie G) is an abstract painter, former movie stand-in, and volunteers for "green events" to help raise awareness about global warming, and help preserve california's wilderness and natural beauty.

The Next Hurdle For Indian IT

2011-04-18T09:29:00.001-07:00

India is fast becoming a global hub for back-office services as U.S. and European companies increasingly shift their information technology services, call-center operations and other business processes to it, either by opening their own units there or by outsourcing processes to Indian service providers.

What's fueling the stampede, of course, is the desire to gain access to the country's lower-cost, high-quality labor--in some technology areas, higher-quality labor--as well as global technological changes that make it possible to offshore white-collar activities that once had to stay close to home.

Infosys Technologies (nasdaq: INFY -news - people ), one of India's premier technology services companies, is based in Bangalore, ground zero in the offshoring ferment. Founded in 1981, it helps Fortune 500 companies design, build and maintain very large business-software applications, such as an integrated merchandising solution and a Web-based broker trading platform, and also provides IT-consulting services.

Infosys grew modestly during its first decade, finishing 1991 with $3.89 million in revenue. The liberalization of the Indian economy in 1991 spurred the growth of the company, which took the opportunity to globalize its operations. Its revenue exploded, to about $121 million by fiscal year 1998-99. Application-development costs in India were one-fifth of U.S. levels, so Western customers continued to jump on the offshoring bandwagon. By fiscal year 2002-03, the company's revenue stood at $754 million.

Yet the Indian IT-outsourcing market is already changing, and analysts point to some dark clouds on the sector's horizon. Giant IT services firms, such as Accenture (nyse: ACN - news - people ) and Electronic Data Systems (nyse: EDS - news - people ), and many global IT-consulting firms, such as Computer Sciences (nyse: CSC - news -people ), are opening their own software-development centers in India. So are large Western software-product companies, such as Microsoft(nasdaq: MSFT - news - people ) and Oracle (nasdaq: ORCL - news -people ). All these will compete with Indian companies for local talent.

Global IT-services firms also compete for work against Infosys and its Indian peers. Eventually, the software-product companies may even encroach on some service areas. At the same time, customers are squeezing IT vendors--including Indian technology firms--for price cuts across the board. Margins have fallen.

Narayana Murthy, the co-founder and chairman of Infosys, believes that his company is well positioned to compete with both Indian and Western challengers in the fast-growing market for offshore IT outsourcing. Offshoring isn't solely a matter of arbitraging low-cost labor, he argues. Providing low-cost, high-quality software-development services remotely requires well-developed processes for managing large-scale projects in distributed locations--capabilities that Indian technology services companies have honed during the past two decades.

In a conversation at the company's Bangalore headquarters with Jayant Sinha and Gautam Kumra, both principals in McKinsey's Delhi office, Murthy discussed these capabilities, the economic differences between Indian and Western IT services firms and the challenges facing Infosys.

McKinsey Quarterly: Western companies have long had the opportunity to move IT services offshore, but until recently only a few pioneers did. Now the climate has changed dramatically. From your perspective, what has put the bloom in the offshoring rose?

Narayana Murthy: While the pressure on Western corporations to leverage the power of technology has been mounting for years, it became acute in the late '90s, and there was a tremendous shortage of trained manpower to do the application-development work involved. Infosys and other Indian companies have the trained manpower and can do the work while giving greater value for money. That, I would say, is what's driving this.

But we also have had to work hard to create awareness among Western companies that we could do the work. In the early '90s, when we went to the United States to sell our services, most chief information officers didn't believe that an Indian company could build the large applications they needed. The CIOs were very nice to us, of course. They offered us coffee or tea, listened to what we had to say and then said, "Look, don't call us--we'll call you." We realized that there was a huge gap between, on the one hand, how prospective Western clients perceived Indian companies and, on the other, our own perception of our strengths.

Thanks to a concerted effort by our industry association--the National Association of Software and Service Companies--by individual companies in our industry and by the government of India, we mounted a campaign to enhance awareness among prospective clients in Western countries of our sector's value proposition. Western companies had a tremendous shortage of trained manpower, and we made them aware that we had a solution. That was how it took off. By 1999, about 185 Fortune 500 companies had started sourcing software from Indian companies. The fact that the revenues of India's technology services sector grew from about $160 million or so in 1991 to about $10 billion last year is a very clear indication that there is greater acceptance of our sector's value proposition.

Still, I would say that awareness among Fortune 500 CEOs of what Indian companies can offer has become even sharper since 2001, when the technology bubble burst and companies started trimming their IT budgets and looking for better value for their money.

Ratan Tata reveals why he did not get married

2011-04-18T09:21:00.000-07:00

Revealing one of the best kept secrets of his personal life, the bachelor industrialist Ratan Tata has said that he had fallen in love and had come seriously close to getting married as many as four times.

But in the hindsight, he thinks it was not a bad thing to remain unmarried and the situation would have been more complex had he got married, Tata said in an interview to CNN International's Talk Asia programme.

"When you asked whether I'd ever been in love, I came seriously close to getting married four times and each time it got close to there and I guess I backed off in fear of one reason or another," he said.

He replied in the affirmative when asked whether he had ever been in love. When asked how many times, he replied, "Seriously, four times."

Ratan Tata, 73, heads one of the country's biggest business empires which comprises nearly 100 firms with revenues totalling about $67 billion.

He is scheduled to retire in December, 2012 when he turns 75.

Asked to speak more about his love life, Tata said: "Well, you know one was probably the most serious was when I was working in the US and the only reason we didn't get married was that I came back to India and she was to follow me..."

"... and that was the year of the, if you like, the Indo-Chinese conflict and in true American fashion this conflict in the Himalayas, in the snowy, uninhabited part of the Himalayas was seen in the United States as a major war between India and China, and so she didn't come and finally got married in the US thereafter."

Asked why he never got married, Tata said: "Each of the occasions (the four times he was close to getting married, but did not) was different. But in hindsight, when I look at the people involved, it wasn't a bad thing what I did. I think it may have been more complex had the marriage taken place."

Asked whether any of the people he was in love with were still in the city, he replied in the affirmative, but declined to speak any further on the matter.

"Oh, well, because of the people that are here, and, of course, this may be aired in the US. . . So I'd be in trouble, whatever I do. So I think I'd better stop here," he added.

Speaking about the business environment in India, Tata said in the CNN International's Talk Asia interview that his group has succeeded in growing without indulging in things like kickbacks and bribes.

"I would say that we could have grown faster and could have prospered more as a group, but we have never, we have never in fact partaken in this kind of activity," he added.

Asked whether anyone in his company or any lobbyist did anything inappropriate or illegal, he added: "I can say with my hand to my heart that we have not in fact partaken in any clandestine activity. I am hopeful that the investigations that are underway will truthfully bring out the position and that the truth will be on the table before too long."

Speaking further about the corruption issue, he added: "I think what's happening now in terms of things being before the courts, I hope will put things in the right perspective. I hope that it doesn't become a nation of scandals and allegations as they are," he said.

"I think more importantly the media has to be more circumspect and be careful they don't malign or allege or convict people before they've had a fair trial," he added.

Asked whether it was hard to be an honest businessman in India, Tata said: "I think there are many honest businessmen, I think there are many that bend. I'm happy that I have not bent, not that I am dishonest, that I have not bent."

Besides the group's promoter company Tata Sons, Ratan Tata is chairman of major group companies like Tata Motors, Tata Steel, Tata Consultancy Services, Tata Power, Tata Global Beverages, Tata Chemicals, Indian Hotels and Tata Teleservices.

During his tenure, the group's revenues have grown nearly 12-fold, totalling $67.4 billion in 2009-10.

He also serves on the boards of Fiat SpA and Alcoa and is also on the international advisory boards of Mitsubishi Corporation, the American International Group, JP Morgan Chase, Rolls Royce, Temasek Holdings and the Monetary Authority of Singapore.

Cost cutting: Obama to tax rich Americans

2011-04-18T09:19:00.000-07:00

In a pathbreaking move, US President Barack Obama said he will not extend tax cuts for rich Americans.

Explaining that America cannot support the rich population with tax sops anymore, Obama said he would not renew the ten-year reduction for families make more than $250,000 a year and individuals making more than $200,000.

Middle class Americans will continue to enjoy tax benefits.

However, critics point out that rich Americans already pay a higher taxes when compared to rich citizens of other European nations.

Pointing to the huge deficit caused by the controversial policies, Obama said, "We are ready to give tax cuts to every American making $250,000 or less. For any income over this amount, the tax rates would go back to what they were under President Clinton."

"From our first days as a nation, we have put our faith in free markets and free enterprise as the engine of America's wealth and prosperity. More than citizens of any other country, we are rugged individualists, a self-reliant people with a healthy skepticism of too much government," he said.

Recounting America's downfall, Obama said the country's finances were in great shape till year 2000.

"We went from deficit to surplus. America was actually on track to becoming completely debt-free, and we were prepared for the retirement of the Baby Boomers. But after Democrats and Republicans committed to fiscal discipline during the 1990s, we lost our way in the decade that followed," he said.

The increased spend on two wars and an expensive prescription drug program and tax cuts for millionaires and billionaires have wrecked the nation's fiscal status, Obama said.

Tax cuts will force the nation to borrow an average of $500 billion every year over the next decade.

"When I took office, our projected deficit was more than $1 trillion. On top of that, we faced a terrible financial crisis and a recession that, like most recessions, led us to temporarily borrow even more. In this case, we took a series of emergency steps that saved millions of jobs, kept credit flowing, and provided working families extra money in their pockets. It was the right thing to do, but these steps were expensive, and added to our deficits in the short term," Obama said.

Obama said by the end of this decade, the interest we owe on our debt could rise to a whopping $1 trillion.

"As the Baby Boomers start to retire and health care costs continue to rise, the situation will get even worse. By 2025, the amount of taxes we currently pay will only be enough to finance our health care programs, Social security, and the interest we owe on our debt. That's it. Every other national priority - education, transportation, even national security will have to be paid for with borrowed money," Obama said.

Warning that rising debt will cost Americans their jobs and hit the economy, Obama said it will also prevent America from making the investments the nation needs to win the future.

"We won't be able to afford good schools, new research, or the repair of roads and bridges all the things that will create new jobs and businesses here in America. Businesses will be less likely to invest and open up shop in a country that seems unwilling or unable to balance its books. And if our creditors start worrying that we may be unable to pay back our debts, it could drive up interest rates for everyone who borrows money making it harder for businesses to expand and hire, or families to take out a mortgage,"

Obama announced a four-pronged strategy to put the nation on the growth path.

The first is to keep annual domestic spending low by building on the savings that both parties agreed to last week a step that will save America about $750 billion over twelve years, he said.

The second step is to find additional savings in the defence budget.

The third step is to further reduce health care spending in the budget.

And finally the fourth is to reduce spending in the tax code.
Taking the wealthiest Americans is the only way to prevent a tax hike on middle-class Americans, Obama said.
"My budget calls for limiting itemised deductions for the wealthiest 2 per cent of Americans a reform that would reduce the deficit by $320 billion over ten years," Obama said.
Obama said he is confident that these measure can reduce the deficit by $4 trillion over the next twelve years.
He explained that this cost cutting method would help save $2 trillion and will lower interest payments on the debt by $1 trillion.
"It calls for tax reform to cut about $1 trillion in spending from the tax code. And it achieves these goals while protecting the middle class, our commitment to seniors, and our investments in the future.
If the recovery speeds up and our economy grows faster than our current projections, we can make even greater progress," Obama said optimistically.

Kotak MF launches 370 Days FMP

2011-04-18T09:17:00.000-07:00

Kotak mutual fund launched a new scheme named as Kotak FMP Series 44. The scheme is a close ended debt scheme, having the time duration of 370 days from the date of allotment of units. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will open for subscription on 15th April 2011 and will close on 18th April 2011.
Exit and entry load charge will be nil for the scheme. The schemes performance will be standardized against Crisil Short Term Bond Index. The scheme offers both growth as well as dividend payout option. The minimum application amount is Rs. 5,000 under the scheme and in multiples of Rs. 10 thereafter. Mr Deepak Agrawal and Mr Abhishek Bisen be the Fund Manager for the scheme The fund looks for a minimum subscription amount of Rs. 1 crore under the scheme as collection.

The asset allocation of scheme will be in such a way that the scheme’s objective of generating return will be meet but with a minimum exposure to risk, hence 100 per cent of assets will be allocated in debt, money market instruments and government securities with low to medium risk profile. Therefore, through investment in a portfolio of debt and money market instrument, the fund’s primary objective is to avoid interest rate volatility for generating the income.

The fund had also launched a similar scheme on 18th March 2011 named as Kotak FMP S – 42. The scheme is showing the positive return of 0.46 per cent during March 29, 2011 to April 13, 2011. The current NAV of the scheme is Rs. 10.0684 as on 13th April 2011 under dividend option of the scheme. Another scheme in same category, which commenced on 14th March 2011, named as Kotak FMP S – 40, is posting the positive return of 0.43 per cent during March 29, 2011 to April 13, 2011.

Proud to be an Indian - Business legends

2011-04-17T04:46:00.002-07:00

1. Lakshmi N Mittal (Rank 6)

With a wealth of $31.1 billion, ArcelorMittal chairman and CEO, Lakshmi Mittal pipped Mukesh Ambani to become the richest Indian and the 6th richest man in the world.

Last year, his total wealth was $28.7 billion.

Mittal founded Mittal Steel Company (formerly the LNM Group) in 1976. In 2006, the company merged with Arcelor to become the world's largest steelmaker.

2. Mukesh Ambani (Rank 9)

Reliance chairman Mukesh Ambani is the second richest Indian with a wealth of $27 billion.

Mukesh Ambani's fortune stood at $29 billion last year and he was the 4th richest man in the world.

Mukesh Ambani had been the richest Indian for three years from 2007 to 2010.

(World ranking in brackets)

3. Azim Premji (Rank 36)

Software czar Azim Premji, with a fortune of $16.8 billion is the third richest Indian. Premji's wealth has slipped from $17 billion.

Premji plans to set up a new endowment trust with a Rs 8,846 crore ($2 billion) to fund various educational initiatives.

4. Shashi & Ravi Ruia (Rank 42)
Brothers Shashi & Ravi Ruia, who head the Essar group are the fourth richest businessmen in India. Their net worth has risen from $13 billion last year to $15.8 billion.

5.Savitri Jindal & family (Rank 56)

Savitri Jindal is the richest woman in India Inc. The non-executive chair of O P Jindal Group, she took over the steel and power conglomerate founded by her late husband Om Prakash in 1952.

Her net worth rose to $13.2 billion from $12.2 billion in 2010.
6. Gautam Adani (Rank 81)
Chairman of the Adani Group, Gautam Adani's net worth has jumped to $10 billion from $4.8 billion last year to become the 6th richest Indian.

7. Kumar Mangalam Birla (Rank 97)

With a net worth of $9.2 billion, chairman of the Aditya Birla Group, Kumar Birla is the 7th richest person in India. His fortune has risen from $7.9 bilion last year.

8. Anil Ambani (Rank 103)
It has been a downfall for the chief of Reliance Anil Dhirubhai Ambani Group, Anil Ambani. He has fallen 4 places in the richest list with a net worth of $8.8 billion. Last year, his fortune was $13.7 billion.
9. Sunil Mittal & family (Rank 110)
With a fortune of $8.3 billion, chairman of Indian telecom giant Bharti Airtel, Sunil Mittal and family maintained their position this year as well.
Last year also, they were ranked the ninth richest in the country with a wealth of $7.8 billion.
10. Adi Godrej & family (Rank 130)
Chairman of the Godrej group, Adi Godrej is the tenth richest Indian with a new worth of $7.3 billion, up from last year's $5.2 bilion.
11. Kushal Pal Singh (Rank 130)
Chairman of DLF, Kushal Pal Singh was pushed out of the top 10 list this year. His net worth fell from $9 billion in 2010 to $7.3 billion.
12. Anil Agarwal (Rank 154)
Agarwal is founder-director and executive chairman of the UK-based Vedanta Resources corporation. He is the 12th richest Indian with a fortune of $6.4 billion, and the 154th richest man in the world.
Agarwal is also chairman of Sterlite and is a director of BALCO, HZL, and Vedanta Alumina Ltd.
13. Dilip Shanghvi (Rank 159)
Dilip Shanghvi, chairman of Sun Pharmaceuticals saw a rise in fortune to $6.1 billion from $4.6 billion last year.
14. Shiv Nadar (Rank 182)
Shiv Nadar, founder of HCL, saw his fortune zoom to $5.6 billion from $4.2 billion last year. He is the 14th wealthiest Indian and the world's 182nd richest man.
15. Malvinder & Shivinder Singh (Rank 265)
Former Ranbaxy CEO Malvinder Singh and his brother Shivinder Singh saw a rise in wealth to $4.1 billion from $3.2 billion last year.
16. Kalanithi Maran (Rank 310)
Media tycoon Kalanithi Maran heads Sun TV, India's biggest regional broadcaster. From $2.9 billion last year, Maran's wealth has risen to $3.5 billion.
17. Uday Kotak (Rank 347)
Uday Kotak, founder of the Kotak Mahindra Bank is ranked at 17 among the richest Indians. His fortune stood at $3.2 billion.
18. Micky Jagtiani (Rank 376)
Micky Jagtiani, CEO of the Landmark Group has a fortune of $3 billion. He has moved 3 places ahead compared to last year in the rich list.
19. Subhash Chandra & family (Rank 393)
Media baron and Chairman of Essel Group, Subhash Chandra,with a fortune of $2.9 billion, has moved one place ahead in the list.
20. Pankaj Patel (Rank 440)
Pankaj Patel, chairman and managing director of Cadila Healthcare, the fifth largest pharmaceutical company in India has a net worth of $2.6 billion.
21. Indu Jain (Rank 440)
Indu Jain is the second richest woman in India. Chairperson of Bennett & Coleman Ltd and a spiritualist, her fortune stands at $2.6 billion, lower than $2.8 billion last year.
22. G M Rao (Rank 440)
Founder chairman of the GMR Group, G M Rao's wealth has fallen to $2.6 billion from $3.2 billion last year.
23. Cyrus Poonawalla (Rank 512)
Cyrus Poonawalla is the founder of Serum Institute of India, fifth biggest vaccinemaker by volume in India. His net worth is $2.3 billion.
24. Rajan Raheja & family (Rank 540)
Rajan Raheja started off his innings in the construction business. After establishing himself in the realty market, Rajan Raheja Group diversified into manufacturing, financial services and media. His net worth stands at $2.2 billion.
25. Desh Bandhu Gupta (Rank 564)
Desh Bandhu Gupta established Lupin in1968. Based in Mumbai, it is one of the world's largest manufacturers of the anti-TB drugs. Gupta's fortune is pegged at $2.1 billion.
26. N R Narayana Murthy & family (Rank 595)
Infosys co-founder and mentor Narayana Murthy is the 26th richest Indian with a net worth of $2 billion.
Murthy has established the Catamaran Venture Fund with a total of $130 million dollars to invest in early stage companies. Murthy plans to invest in startups focussing on healthcare, education and nutrition.
27. Gautam Thapar (Rank 595)
Chairman and the chief executive officer of the Avantha Group, Gautam Thapar's net worth is estimated to be $2 billion.
28. Sudhir & Samir Mehta (Rank 595)
Brothers Sudhir & Samir Mehta run the pharmaceuticals and power company, Torrent group. Their net worth is pegged at $2 billion.
29. Aloke Lohia (Rank 595)
Indorama Ventures listed on the Stock Exchange of Thailand in February 2010 was established in 1995 by Aloke Lohia. Lohia's net worth is pegged at $2 billion.
Indorama group of companies was established in Indonesia by group patriarch ML Lohia. Today, his sons have established leading companies that are among the world's largest manufacturers of polyester.
30. Venugopal Dhoot (Rank 651)
Venugopal Dhoot is chairman of Videocon Corporation, which makes a wide range of electronic consumer goods. Venugopal Dhoot was instrumental in expanding Videocon Industries into a multi-billion dollar business conglomerate. His net worth stands at $1.9 billion.
31. Chandru Raheja (Rank 651)
A low-profile real estate entrepreneur, Chandru Raheja scaled up his small scale property firm into a major real estate group K. Raheja group. Shoppers Stop, Hypercity and In Orbit Malls are a part of the K.Raheja group. His fortune stands at $1.9 billion.
32. Nandan Nilekani & family (Rank 692)
Infosys co-founder Nandan Nilekani with a net worth of $1.8 billion is a part of India's richest list. He left Infosys in July 2009 to head the Unique Identification Authority of India (UIDAI).
33. Ajay Kalsi (Rank 736)
Ajay Kalsi is the CEO of Indus Gas Ltd, an oil & gas exploration and development company. His net worth is pegged at $1.7 billion.
34. Rahul Bajaj (Rank 782)
Rahul Bajaj took over the Bajaj Group in 1965. Under his leadership, Bajaj Auto grew to become one of India's top automobile companies. His fortune stands at $1.6 billion.
35. S Gopalakrishnan & family (Rank 782)
Infosys co-founder and CEO, S Gopalakrishnan is among the richest Indians with a wealth of $1.6 billion.
36. Brijmohan Lall Munjal (Rank 833)
Founder of The Hero Group, Brijmohan Lall Munjal's fortune is pegged at $1.5 billion.
Founder-chairman of Dr Reddy's Labs, K. Anji Reddy's wealth stands at $1.5 billion.
38. Vijay Mallya (Rank 879)
Vijay Mallya, Mallya took over as Chairman of United Breweries Group in 1984 from his father Vittal Mallya. The group has grown into a multi-national conglomerate of over sixty companies. Mallya has a fortune of $1.4 billion.
39. Ajay Piramal (Rank 879)
Ajay Piramal is the chairman of Piramal Enterprises Limited. Piramal nows heads the Rs 4,000-crore (Rs 40 billion) group, comprising Nicholas Piramal, the fourth-largest pharmaceutical company in India. His net worth stands at $1.4 billion.
40. Vikas Oberoi (Rank 879)
Real estate king Vikas Oberoi, heads Oberoi Constructions. His net worth is $1.4 billion. Morgan Stanley bought 10 per cent in Oberoi Constructions for $152 million in 2007.
41. Baba Kalyani (Rank 938)
Baba Kalyani is chairman and managing director of Bharat Forge, the world's second-largest forgings manufacturer. His net worth is pegged at $1.3 billion.
42. Rama Prasad Goenka (Rank 938)
Rama Prasad Goenka is the Chairman Emeritus of the RPG Group, a multi-sector industrial conglomerate. His net worth is $1.3 billion.
43. Keshub Mahindra (Rank 993)
Keshub Mahindra, chairman of Mahindra & Mahindra is also a well-known philanthropist. His fortune is pegged at $1.2 billion.
44. K Dinesh & family (Rank 993)
K Dinesh is one of the Infosys co-founders. He is currently the head of Quality, Information Systems and the Communication Design Group at Infosys. Dinesh is also the Chairman of Infosys Australia. His net worth is estimated to be $1.2 billion.
45. Rakesh Jhunjhunwala (Rank 993)
A well known, famous equity investor in India, Jhunjhunwala manages his own portfolio as a partner in his asset management firm, Rare Enterprises. His fortune is estimated to be to the tune of $1.2 billion.
46. Brij Bhushan Singal (Rank 993)
Brij Bhushan Singal is the chairman of Bhushan Steel. The company is among the largest steel producers in India. BSL currently exports to Europe, USA, Canada, Africa, China and the Middle East, in addition to the Asian markets. His net worth is pegged at $1.2 billion.
47. Yusuf Hamied & family (Rank 1057)
Yusuf Khwaja Hamied is chairman of Cipla, a company founded by his father Khwaja Abdul Hamied. His net worth is $1.1 billion.
48. S.D. Shibulal & family (Rank 1,057)
Shibulal, Chief Operating Officer of Infosys, is one of the co-founders and member of the Board of Directors of Infosys Technologies Limited.
He has over three decades of IT leadership experience and has played a pivotal role in building Infosys. His net worth is pegged at $1.1 billion.
49. Bhupendra Kumar Modi (Rank 1,057)
Bhupendra Kumar Modi is the chairman of Spice group. Modi has set up joint ventures in partnership with global companies such as Xerox Ltd, Alcatel Network Systems Ltd, Telstra Corporation, Telekom Malaysia. His net worth is $1.1 billion.
50. Mangal Prabhat Lodha (Rank 1,057)
Realty baron Mangal Prabhat Lodha founded Lodha Developers in 1980. The company has scaled up in terms of profit and projects in the last three years. His net worth is estimated to be $1.1 billion.
51. Ramesh Chandra (Rank 1,140)
Ramesh Chandra is the founder of the multi-billion dollar realty company Unitech. His net worth is $1 billion.
52. Anu Aga (Rank 1,140)
Anu Aga led Thermax Ltd, the Rs 3,246-crore energy and environment engineering major, as its chairperson from 1996-2004. Now, she devotes her time to social work. Her net worth is pegged at $1 billion.
53. Ashwin Dani (Rank 1,140)
Ashwin Dani started his career as a development chemist with BASF, Detroit and joined Asian Paints in 1968 as a senior executive.
He is currently the vice-chairman and managing director of Asian Paints. He is also the Vice President of the Federation of Indian Chambers of Commerce and Industry (FICCI). His fortune is $1 billion.
54. Harindarpal Banga (Rank 1,140)
Harindarpal Singh Banga serves as Vice Chairman Emeritus of Noble Group Limited. A Master Mariner, Banga has years of experience in the maritime and logistics industry. His net worth is pegged at $1 billion.
55. Mofatraj Munot (Rank 1,140)
Founder, promoter and chairman of Kalpataru Group, Mofatraj Munot has over 45 years of experience in the real estate space and property development. His fortune stands at $1 billion.

India's economic boom creates 55 billionaires!

2011-04-17T04:46:00.001-07:00

It is raining billionaires in India, despite the fact that a major chunk of the country's huge population still grapples with poverty. India now has a record number of 55 billionaires, according to the Forbes2011 world billionaires' list. India stands third after the United States and China in the number of billionaires.

The combined wealth of India's 55 richest is $246.5 billion, much higher than last year's total of $222.1 billion. It is also more than the combined GDPs of Pakistan and Sri Lanka!

For the first time in the Forbes list, there are more billionaires from the BRIC nations -- Brazil, Russia, India and China -- than from Europe. These nations together accounted for half of the world's 214 new billionaires, from 97 billionaires last year.

Eight Indians have dropped out of the list, including Shahid Balwa and Vinod Goenka, co-founders of DB Realty, linked in the 2G spectrum telecom scandal.

India has seven billionaires among the top 100 richest people in the world. There are 1,210 billionaires, in the Forbes' list with a combined wealth of $4.5 trillion, up from $3.6 trillion a year ago.

Warren Buffett in India - Proud to be an Indian

2011-04-17T04:43:00.000-07:00

Indian hospitality received a strong endorsement from the world's third richest man, Warren Buffett, who said he was treated much better in India than back in the United States.

"I am just overwhelmed by the welcome I have received from the moment we got here. They treat me much better in India than they do in the United States," said the chairman and CEO of Berkshire Hathaway Inc at a brief meeting with Karnataka Chief Minister B S Yeddyurappa early Wednesday morning.

"I want to transport all this... I believe in free trade," he said in a lighter vein.

"We had a great dinner last night... I met some very interesting people, had a great conversation. I couldn't feel more welcome and more delighted to be here," said Buffet, who is staying at Taj West End during his visit to the country.

"Better late than never," is what Warren Edward Buffett, also known by investors worldwide as the Sage of Omaha, has to say about making his first visit to India at the age of 81.

"This is my first trip to India and the first foot I placed on Indian soil was in Bengaluru... and it won't be the last," said Buffett.

"When I come back, I will be 100 in 2030," he joked, but quickly added that he planned to come back much before that and was hopeful of seeing business expand here by then.

"I do hope that I spend some money here," he told journalists, kicking off his visit with a lively media discussion late Tuesday evening.

Arriving directly for the press conference hosted by TaeguTec India after landing in a private jet from South Korea, he held forth on a host of issues - from regulation in Indian insurance to how one should approach investments in equity markets.

Just days before his visit, Berkshire Hathaway, his company, signed up as a corporate agent for Bajaj Allianz General Insurance, marking its entry into the Indian insurance sector.

"We want to be where the action is and the action is here," Buffett said.

"We are looking at large investment destinations and India fits into our scheme of things. I do not consider India part of the emerging countries... it is a big market.

I do not have any particular sector focus or have set aside a corpus to invest in India. I go for investments in companies which have sound management and in those companies which I understand pretty well," he said.

Buffett, who viewed a short presentation on investment opportunities in Karnataka and the Global Investors meet held in 2010, on Wednesday said he was impressed by the speed of implementation of the MoUs signed during the Investors Meet.

"It is very impressive," he said, lauding the efforts of the Karnataka government in facilitating the establishment of a Nestle food processing plant in a short timeframe of barely 10 months.

Yeddyurappa extended an invitation to Buffett to be the chief guest at the Global Investors Meet in 2012 during the nearly half-hour-long meeting.

The chief minister, attired in a formal suit, briefed Buffett about the investment opportunities in Karnataka, the progressive policies of the state government, the close to 400 MoUs signed at the Global Investors Meet and the speedy implementation of several of the projects.

"I invite you to invest in Karnataka in different sectors and assure you all the support and coordination from our government," Yeddyurappa told the legendary investor.

To a question as to what Karnataka needs to be doing to woo more investors, Buffett said, "You are doing the right thing."

Asked what his own assessment was on the impact of the Japanese crisis on the re-insurance sector, he said, "It is very early to assess that. "

"Much of the loss is uninsured... It is a wild guess at this point, but I would say that it will be probably be between half-a-billion and a billion dollars. To put that in perspective, Katrina (hurricane) cost us $3 billion and we are much larger."

"It is a significant amount of money, but it is not what I call a super catastrophe from the financial standpoint," he said, but added that it was a great tragedy from the human loss point of view.

Buffett also said he does not envisage his company doing insurance underwriting in the near future in India and will continue to be a corporate agent until regulatory issues are allowed.

On the issue of Ajit Jain, a senior executive of Indian origin in Berkshire who is tipped to succeed him at Berkshire Hathaway, Buffett was non-committal.

"Ajit Jain is a great person and he has made more money for Berkshire than I have... We have become close friends and he is an extraordinary person," is all he would say.

Buffett's primary mission to India over the next three days will be to meet a host of wealthy Indians and impress upon them to donate a part of their wealth to philanthropy under 'The Giving Pledge' campaign. Buffett will be meeting a galaxy of top Indian businessmen here tomorrow morning, under the aegis of the Confederation of Indian Industry.

He then flies to New Delhi on Thursday to meet other honchos, as well as Prime Minister Manmohan Singh, among others.

"Philanthropy is much tougher than running a business. We do not get an instant feedback on how we are functioning and whether we are on the right track... unlike in a business... It is much harder..." he said, urging it is high time one went out and helped those in need.

Buffett had pledged more than 90 per cent of his $50 billion personal wealth to the Melinda & Bill Gates Foundation, for a host of causes across the globe.

"I have more than what I need and there are lot of people around the world who will benefit from that money," he said.

And, then, it was a question he had to face. Being in Bengaluru and not talk on the outsourcing debate?

"I am (a) strong believer in trade and the world will be a better place if there is more trade. In the long term, the United States will surely stand to benefit if India prospers... and if China prospers," he said.

Products For Sale

2010-08-26T18:50:00.001-07:00

Dell Inspiron Mini 10 (S541039IN8)

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Micro Wave reaches your way

2010-08-26T09:34:00.000-07:00

Everything now in the hand of our's

Like we can do wat we want by where we are...

Microwave can be used while we are in travelling too...

Just look into it...

Although a bit heavy (14 lbs.) to lug around while walking, being able to heat up some lunch while picnicking on the beach, or warm up your coffee in your car, is a welcome bit of added comfort.

Tamil Nadu farmers advised to sell potato upon harvest

2010-08-22T19:10:00.001-07:00

The latest release from the Domestic Export Market Intelligence Centre functioning at Tamil Nadu Agricultural University advised the farmers in the state to sell the potato as soon as the harvesting gets over.

India: Second Largest Producer

Potato is the world's number one non-grain food commodity, which occupied 18.19 million hectares with a production of 314.14 million tonnes.

China is the world's largest producer, contributing 18 per cent of global production (57.06 million tonnes) followed by India (11 per cent), Russia (9 per cent), Ukraine (6 per cent), United States (6 per cent), Poland (3 per cent) and Belarus (3 per cent).

During 2008 India defeated Russia's position in potato production and became the world's second largest producer after China.

According to National Horticulture Research and Development Foundation (NHRDF), during 2009 India produced 32.73 million tonnes of potato from an area of 18.84 lakh hectares, which is 4 per cent higher than that of previous year in India.

Uttar Pradesh is the largest producer, contributing 42 per cent of production (13.6 million tonnes) followed by West Bengal (25 per cent), Punjab (5 per cent), Gujarat (5 per cent), Bihar (5 per cent), Madhya Pradesh (4 per cent) and Assam (3 per cent).
Harvesting Period Approaches In TN, Nilgiri Potato Superior Quality:

Potato is one of the major vegetables widely consumed throughout Tamil Nadu and it is grown only in the hilly regions of Dindigul, Nilgiris, Krishnagiri and Erode districts. Dindigul and Nilgiri districts together constituted about 95 percent of potato area in the state.

In Nilgiri district potato is cultivated in three seasons namely Irrigated seasons/ Neer bogam (Feb-April), Kar bogam (June-August) and Kadai bogam (August, September - November, December) which are Rain fed seasons and Neer bogam is one of the important seasons.

Potatoes can be stored in cold storage for about five to six months. In Mettupalayam, cold storage godowns are available. Potatoes come from other states like Karnataka and Uttar Pradesh and stored in cold storage only for seed purpose.

Peak period of storage is January to May and the stock is released during June-July. Potatoes grown in Nilgiri district are stored to a lesser extent only. Farmers are mainly following storage practices for seed purpose. Most of the farmers are not storing due to lack of awareness. The Potatoes from Nilgiri district fetch higher price than potatoes from other states because of superior quality and taste and preference.

Mettupalayam is one of the major trading centers in India. The Nilgiris Co-operative Marketing Society (NCMS) and about 100 private commission mandies are functioning in Mettupalayam. Nearly one third of potato is traded through Nilgiris Co-operative Marketing Society. Potatoes from Nilgiri and other districts are traded through both NCMS private mandies. The arrival of potato is high during the months of June to December. Peak arrival is during August and September.

Potato Likely To Ease After July:

Farmers are now harvesting the neer bogam sown potato. They have to take a decision whether to sell potato immediately on harvest or keep it stored for some time to get better prices.

To help them to take a right decision the NAIP - Domestic Export Market Intelligence Centre (DEMIC) functioning in Centre for Agricultural and Rural Development Studies (CARDS), Tamil Nadu Agricultural University had analyzed the 20 years prices of potato that prevailed during 1990-2010 in Nilgiris Co-Operative Marketing Society in Mettupalayam and made a study on the market scenario and price behavior.

Keeping in view the price analysis and opinion survey of the traders, it is expected that during the months of June-July, 2010 which is the main harvest period of irrigated potato, the prices are likely to be Rs.620-700 per bag (45kg). After July 2010, the prices are likely to decrease. Hence, farmers are advised to sell the nee bogam harvested potato in June, July itself for higher prices without going for storage.

Millionare in 16

2010-08-22T05:58:00.000-07:00

Christian Owens a legendary guy who creates a talented life by getting into business.
Iam really delighted to hear about the guy who makes plenty of creativity in his life.

Just hope to see his success in future course of time.

Peter Drucker

2009-06-27T05:47:00.000-07:00

A manager is responsible for the application and performance of knowledge.

Peter Drucker

Accept the fact that we have to treat almost anybody as a volunteer.

Peter Drucker

Business, that's easily defined - it's other people's money.

Peter Drucker

Checking the results of a decision against its expectations shows executives what their strengths are, where they need to improve, and where they lack knowledge or information.

Peter Drucker

Company cultures are like country cultures. Never try to change one. Try, instead, to work with what you've got.

Peter Drucker

Effective leadership is not about making speeches or being liked; leadership is defined by results not attributes.

Peter Drucker

Efficiency is doing things right; effectiveness is doing the right things.

Peter Drucker

Executives owe it to the organization and to their fellow workers not to tolerate nonperforming individuals in important jobs.

Peter Drucker

Few companies that installed computers to reduce the employment of clerks have realized their expectations... They now need more, and more expensive clerks even though they call them 'operators' or 'programmers.'

Peter Drucker

Follow effective action with quiet reflection. From the quiet reflection will come even more effective action.

Peter Drucker

Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.

Peter Drucker

Knowledge has to be improved, challenged, and increased constantly, or it vanishes.

Peter Drucker

Making good decisions is a crucial skill at every level.

Peter Drucker

Management by objective works - if you know the objectives. Ninety percent of the time you don't.

Peter Drucker

Management is doing things right; leadership is doing the right things.

Peter Drucker

Most discussions of decision making assume that only senior executives make decisions or that only senior executives' decisions matter. This is a dangerous mistake.

Peter Drucker

Most of what we call management consists of making it difficult for people to get their work done.

Peter Drucker

My greatest strength as a consultant is to be ignorant and ask a few questions.

Peter Drucker

Never mind your happiness; do your duty.

Peter Drucker

No institution can possibly survive if it needs geniuses or supermen to manage it. It must be organized in such a way as to be able to get along under a leadership composed of average human beings.

Peter Drucker

People who don't take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year.

Peter Drucker

Plans are only good intentions unless they immediately degenerate into hard work.

Peter Drucker

Rank does not confer privilege or give power. It imposes responsibility.

Peter Drucker

So much of what we call management consists in making it difficult for people to work.

Peter Drucker

Suppliers and especially manufacturers have market power because they have information about a product or a service that the customer does not and cannot have, and does not need if he can trust the brand. This explains the profitability of brands.

Peter Drucker

Teaching is the only major occupation of man for which we have not yet developed tools that make an average person capable of competence and performance. In teaching we rely on the "naturals," the ones who somehow know how to teach.

Peter Drucker

The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.

Peter Drucker

The best way to predict the future is to create it.

Peter Drucker

The computer is a moron.

Peter Drucker

The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.

Peter Drucker

The most efficient way to produce anything is to bring together under one management as many as possible of the activities needed to turn out the product.

Peter Drucker

The most important thing in communication is hearing what isn't said.

Peter Drucker

The new information technology... Internet and e-mail... have practically eliminated the physical costs of communications.

Peter Drucker

The only thing we know about the future is that it will be different.

Peter Drucker

The productivity of work is not the responsibility of the worker but of the manager.

Peter Drucker

The purpose of a business is to create a customer.

Peter Drucker

There is nothing so useless as doing efficiently that which should not be done at all.

Peter Drucker

Time is the scarcest resource and unless it is managed nothing else can be managed.

Peter Drucker

Today knowledge has power. It controls access to opportunity and advancement.

Peter Drucker

Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window.

Peter Drucker

Unless commitment is made, there are only promises and hopes... but no plans.

Peter Drucker

We can say with certainty - or 90% probability - that the new industries that are about to be born will have nothing to do with information.

Peter Drucker

We now accept the fact that learning is a lifelong process of keeping abreast of change. And the most pressing task is to teach people how to learn.

Peter Drucker

When a subject becomes totally obsolete we make it a required course.

Peter Drucker

Quotes which are famous - peale

2009-06-07T18:36:00.000-07:00

Action is a great restorer and builder of confidence. Inaction is not only the result, but the cause, of fear. Perhaps the action you take will be successful; perhaps different action or adjustments will have to follow. But any action is better than no action at all.
Norman Vincent Peale

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Any fact facing us is not as important as our attitude toward it, for that determines our success or failure. The way you think about a fact may defeat you before you ever do anything about it. You are overcome by the fact because you think you are.
Norman Vincent Peale

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Be interesting, be enthusiastic... and don't talk too much.
Norman Vincent Peale

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Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.
Norman Vincent Peale

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Change your thoughts and you change your world.
Norman Vincent Peale

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Change yourself and your work will seem different.
Norman Vincent Peale

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Christmas waves a magic wand over this world, and behold, everything is softer and more beautiful.

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Don't take tomorrow to bed with you.
Norman Vincent Peale

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Drop the idea that you are Atlas carrying the world on your shoulders. The world would go on even without you. Don't take yourself so seriously.
Norman Vincent Peale

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Empty pockets never held anyone back. Only empty heads and empty hearts can do that.
Norman Vincent Peale

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Every problem has in it the seeds of its own solution. If you don't have any problems, you don't get any seeds.
Norman Vincent Peale

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Formulate and stamp indelibly on your mind a mental picture of yourself as succeeding. Hold this picture tenaciously. Never permit it to fade. Your mind will seek to develop the picture... Do not build up obstacles in your imagination.
Norman Vincent Peale

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Four things for success: work and pray, think and believe.
Norman Vincent Peale

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Getting people to like you is merely the other side of liking them.
Norman Vincent Peale

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If you have zest and enthusiasm you attract zest and enthusiasm. Life does give back in kind.
Norman Vincent Peale

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If you paint in your mind a picture of bright and happy expectations, you put yourself into a condition conducive to your goal.
Norman Vincent Peale

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If you put off everything till you're sure of it, you'll never get anything done.
Norman Vincent Peale

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Imagination is the true magic carpet.
Norman Vincent Peale

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It is of practical value to learn to like yourself. Since you must spend so much time with yourself you might as well get some satisfaction out of the relationship.
Norman Vincent Peale

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It's always too early to quit.
Norman Vincent Peale

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ICICI

2009-06-01T22:16:00.000-07:00

Icici securitites is one of the leading share securities stock broker in india,

This is one of the division of ICICI bank.

Its giving good support to the online customers to trade in the market,

But it might little costlier than any other brokerage but in quality of the work it is the one leading of the market.

So most probably they will get more customers in future due to foreign exchange trading like overseas and commodities.

Indian Share Market

2009-06-01T22:12:00.000-07:00

Mostly today trading in share market for India will be negative, as after strong opening of market and going down to it.

Its because market moved up nearly 25% within 1 month of it.

so most probably this week might be profit booking in the share market.

so we can possible expect the market to go down nearly 5 to 8% of it.

most of the asian market today are mixed.

So possibly indian market will bear negative side of the trade.

General Motors

2009-06-01T22:07:00.000-07:00

General Motors files bankrupt to US economy.

Thus president of USA planning to give aid for GM inorder to recover their losses,

Most probably this can help GM to groom in their business. It might lead to lose the name also in the market due to loss of fame and name of GM.

GM is one the leading giant motor company which books bankrupt in US economy is very sad news for their share holders.

Due to this news, share loses more than 50% of their value in the market.

Thus it gives bad news to the investors of the company.

Hopefully expect the company will groom in their part of it.

Business mistakes and Errors

2009-06-01T21:48:00.000-07:00

Everyone is business struggling to survive.

mainly the giant companies like

1. Lehmann Brothers,

2. AIG,

3. now in the list is GM,

Theses companies are stuggling to survive and books huge losses.

Now most of these are Bankrupt,

Even in some case which happens in India is SATYAM, The big scam in the history of indian Business.

Lack of management, Wisdom, Control, Power, Tackability, everything brings the business in the depth of losses.

Most of these companies books losses and lose their identity in the market of business.

Napoleon Hill - The Master Of Success

2009-05-27T18:55:00.000-07:00

Napoleon Hill
(1883-1970)
Founder of The Science Of Success

"Whatever your mind can conceive and believe it can achieve." - Napoleon Hill

American born Napoleon Hill is considered to have influenced more people into success than any other person in history. He has been perhaps the most influential man in the area of personal success technique development, primarily through his classic book Think and Grow Rich which has helped million of the people and has been important in the life of many successful people such as W. Clement Stone and Og Mandino.

Napoleon Hill was born into poverty in 1883 in a one-room cabin on the Pound River in Wise County, Virginia. At the age of 10 his mother died, and two years later his father remarried. He became a very rebellious boy, but grew up to be an incredible man. He began his writing career at age 13 as a "mountain reporter" for small town newspapers and went on to become America's most beloved motivational author. Fighting against all class of great disadvantages and pressures, he dedicated more than 25 years of his life to define the reasons by which so many people fail to achieve true financial success and happiness in their life.

During this time he achieved great success as an attorney and journalist. His early career as a reporter helped finance his way through law school. He was given an assignment to write a series of success stories of famous men, and his big break came when he was asked to interview steel-magnate Andrew Carnegie. Mr. Carnegie commissioned Hill to interview over 500 millionaires to find a success formula that could be used by the average person. These included Thomas Edison, Alexander Graham Bell, Henry Ford, Elmer Gates, Charles M. Schwab, Theodore Roosevelt, William Wrigley Jr, John Wanamaker, WIlliam Jennings Bryan, George Eastman, Woodrow Wilson, William H. Taft, John D. Rockefeller, F. W. Woolworth, Jennings Randolph, among others.

He became an advisor to Andrew Carnegie, and with Carnegie's help he formulated a philosophy of success, drawing on the thoughts and experience of a multitude of rags-to-riches tycoons. It took Hill over 20 years to produce his book, a classic in the Personal Development field called Think and Grow Rich. This book has sold over 7 million copies and has helped thousands achieve success. The secret to success is very simple but you'll have to read the book to find out what it is!

Napoleon Hill passed away in November 1970 after a long and successful career writing, teaching, and lecturing about the principles of success. His work stands as a monument to individual achievement and is the cornerstone of modern motivation. His book, Think and Grow Rich, is the all time best-seller in the field.

In recent years The Napoleon Hill Foundation has published his bestselling writings worldwide, giving him immense influence around the globe.

* * * * * * *

Here are some interesting observations by one of the greatest gurus on achieving success, Napoleon Hill:

"Before us lie two paths -- honesty and dishonesty. The shortsighted embark on the dishonest path; the wise on the honest. For the wise know the truth; in helping others we help ourselves; and in hurting others we hurt ourselves. Character overshadows money, and trust rises above fame. Honesty is still the best policy.

"Understand this law and you will then know, beyond room for the slightest doubt, that you are constantly punishing yourself for every wrong you commit and rewarding yourself for every act of constructive conduct in which you indulge."

"Cherish your visions and your dreams as they are the children of your soul, the blueprints of your ultimate achievements."

"Effort only fully releases its reward after a person refuses to quit."

"Every adversity, every failure, every heartache carries with it the seed on an equal or greater benefit."

"Hold a picture of yourself long and steadily enough in your mind's eye, and you will be drawn toward it."

"If you do not conquer self, you will be conquered by self."

"One must marry one's feelings to one's beliefs and ideas. That is probably the only way to achieve a measure of harmony in one's life."

"The ladder of success is never crowded at the top."

"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those which fail."

"Until you have learned to be tolerant with those who do not always agree with you; until you have cultivated the habit of saying some kind word of those whom you do not admire; until you have formed the habit of looking for the good instead of the bad there is in others, you will be neither successful nor happy."

"War grows out of the desire of the individual to gain advantage at the expense of his fellow man."

"When defeat comes, accept it as a signal that your plans are not sound, rebuild those plans, and set sail once more toward your coveted goal."

"You must get involved to have an impact. No one is impressed with the won-lost record of the referee."

"I have proved, times too numerous to enumerate, to my own satisfaction at least, that every human brain is both a broadcasting and a receiving station for vibrations of thought frequency.

"If this theory should turn out to be a fact, and methods of reasonable control should be established, imagine the part it would play in the gathering, classifying and organising of knowledge. The possibility, much less the probability, of such a reality, staggers the mind of man!"

"The sixth sense is that portion of the subconscious mind which has been referred to as the creative imagination. It has also been referred to as the 'receiving set' through which ideas, plans and thoughts flash into the mind. The flashes are sometimes called hunches or inspirations.

"The sixth sense defies description! It cannot be described to a person who has not mastered the other principles of this philosophy, because such a person has no knowledge and no experience with which the sixth sense may be compared. Understanding the sixth sense comes only by meditation through mind development from within.

"After you have mastered the principles described in this book, you will be prepared to accept as truth a statement which may, otherwise, be incredible to you, namely:

"Through the aid of the sixth sense, you will be warned of impending dangers in time to avoid them and notified of opportunities in time to embrace them.

"There comes to your aid and to do your bidding, with the development of the sixth sense, a 'guardian angel' who will open to you at all times the door to the temple of wisdom."

-- Napoleon Hill

Mini Biography:

Napoleon Hill Biography : American Author
Famous for : Being one of the first writers of the self improvement movement. Hill's "Think and Grow Rich" is a motivational book that was first published in 1937 and continues to be published and sold in large numbers today.
Hill details : Born - 26th of October, 1883 Virginia, USA / Died 8th of November, 1970 United States of America

Napoleon Hill was one of the original founders of the personal-success literature movement and the author of the best-selling book Think and Grow Rich. Hill considered all his works part of his "Philosophy of Achievement" and his mantra, "what the mind of man can conceive and believe, it can achieve" became the foundation for his works.

Napoleon Hill was born on October 26, 1883 in the rural town of Pound in Wise County, Virginia. By the age of twelve, both his parents were dead and by the time Hill was thirteen he was writing for local mountain newspapers to help save money for school. Although he entered law school for a short time, Hill eventually had to drop out due to lack of funds.

Hill returned to writing and, as part of a series of articles assigned to him, he went to interview Andrew Carnegie, a very wealthy and powerful man. During the interview, Carnegie disclosed his belief that any man could achieve great success by following a simple formula. Carnegie then commissioned Hill to interview 500 successful people in order to discover this formula and publish it. There was no money paid to Hill for this project, just the challenge of finding the secret to success.

During his research, Hill interviewed numerous influential people including Thomas Edison, Henry Ford, John D. Rockefeller, Theodore Roosevelt and Woodrow Wilson. It took him over twenty years to interview all of the people on his list. As a result of his research, however, Hill became an advisor to Carnegie and they published The Law of Success by means of the Philosophy of Achievement in 1928. Originally published as a study course, it eventually became a lengthy home-study course that included seventeen volumes of the "Mental Dynamite" series.

During his time with Carnegie, Napoleon Hill became the editor and publisher of the Hill's Golden Rule magazine, published a book called The Ladder to Success and also served as an unpaid advisor to President Franklin Roosevelt from 1933 to 1936.

In 1937 Hill broke down the basics of the Philosophy of Achievement and published his work in the book Think and Grow Rich. This became Hill's most famous work and has sold over 30 million copies. Two years later, in 1939, Hill published How to Sell Your Way through Life, another best-selling book on personal achievement.

By 1953 Napoleon Hill was working closely with W. Clement Stone teaching Stone's own "Philosophy of Personal Achievement". Hill began focusing more on the idea that "thoughts are things" and that an individual can manifest his or her success simply by sharing ideas and finding like-minded individuals. Hill also wrote about the importance of the "Golden Rule" of giving and the understanding the difference between giving and exchanging with the community.

Throughout his life, Hill was open about his Christian faith and believed that his religion played a very important supporting role in his beliefs about success. Faith, in fact, always played a major role in Hill's philosophies of achievement. Napoleon Hill died on November 8, 1970. His last book, You Can Work Your Own Miracles, was published after his death.

Hill Quotes:

We are what we are, because of the vibrations of thought which we pick up and register, through the stimuli of our daily environment.
Napoleon Hill - Think and Grow Rich - Thinking - Influence - Self Help

When defeat comes, accept it as a signal that your plans are not sound, rebuild those plans, and set sail once more toward your coveted goal.
Napoleon Hill - Defeat - Attitude - Failure - Planning - Goals - Motivational

Strong, deeply rooted desire is the starting point of all achievement.
Napoleon Hill - Goals - Motivational - Desire - Achievement

Whatever the mind of man can conceive and believe, it can achieve. Thoughts are things! And powerful things at that, when mixed with definiteness of purpose, and burning desire, can be translated into riches.
Napoleon Hill - Thinking - Self Help - Goals - Motivational - Desire - Achievement - Mind - Belief - Power - Rich - Purpose

Before success in any man's life he is sure to meet with much temporary defeat and, perhaps, some failure. When defeat overtakes a man, the easiest and most logical thing to do is to quit. That is exactly what the majority of men do.
Napoleon Hill - Success - Failure - Quitting - Defeat

I know that I have the ability to achieve the object of my Definite Purpose in life, therefore, I demand of myself persistent, continuous action toward its attainment, and I here and now promise to render such action.
Napoleon Hill - Think and Grow Rich - Self Help - Goals - Achievement - Belief - Action - Determination - Persistent - Now

Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.
Napoleon Hill - Think and Grow Rich - Motivational - Action - Now - Inspirational - Work

Cherish your visions and your dreams as they are the children of your soul, the blueprints of your ultimate achievements.
Napoleon Hill - Planning - Goals - Desire - Achievement - Inspirational - Vision - Soul

Henry Ford

2009-05-27T18:51:00.000-07:00

Henry Ford Biography :

Ford Motor Company Founder
Famous for :

Maker of the Model T Ford car, Businessman and American Philanthropist
Ford details :

Born - July 30, 1863 United States Died - April 7, 1947

Mini Biography:

Henry Ford was an inventor, philanthropist and successful American businessman. Ford was the founder of the still popular Ford Motor Company which had its first success with the Model T Ford car that was released in 1908. Henry Ford revolutionized the way cars were designed and built, introducing assembly line factories for producing mass amounts of vehicles that led to lower prices for consumers and an explosion in car ownership throughout the United States.

Henry Ford was born on July 30, 1863 in Dearborn, Michigan, United States, in what was then known as Springwells Township. Ford's parents were Irish immigrants and the family lived on a farm, with Henry Ford being the eldest of six children. The family had a comfortable upbringing on the farm with a decent income, but even as a young person, Ford believed there was too much work and not enough income living from the land.

"It was life on the farm that drove me into devising ways and means to better transportation. I was born on July 30, 1863, on a farm at Dearborn, Michigan, and my earliest recollection is that, considering the results, there was too much work on the place." Henry Ford Quote

Ford began his career as an apprentice machinist in 1879, then returned to his family farm in 1882 before starting work with the Westinghouse company to service their steam engines. Ford then went to work at the Edison Illuminating Company where he became chief engineer in 1893.

Henry Ford had always enjoyed mechanical things and was always trying to improve or create more useful machinery. In 1893 he created his first gasoline driven buggy or Quadricycle that was completely self propelled. He then started the Detroit Automobile Company with several other investors to improve on his design, but the company went bankrupt soon after. Ford then started the Henry Ford Company, which he also left, before eventually starting the Ford Motor Company in 1903.

The Ford Motor Company released the successful Model T car in 1908. Generally cars were built one at a time and were only accessible to the very wealthy, but Ford continued to improve the way the cars were manufactured. In 1913 the cars were being mass produced by one of the first moving assembly lines. In 1918, half of the total amount of cars in the United States were Model T's, 15 million cars were sold, and production of the Model T was finally stopped in 1927.

Ford also had interests in politics but was never successful as a politician, and unsuccessfully ran for Senate as a Democrat. He also had strong views on labor and how the workforce should be treated. He paid his workers more money for less working days and made the 5 day 40 hour working week a normal part of working life.

Henry Ford created the Ford Foundation in 1936 to promote human welfare through research grants, educational grants and development.

In 1947, at the age 83 Henry Ford died of a cerebral hemorrhage and was buried in the Ford Cemetery in Detroit.

Ford's Quote:

If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.
Henry Ford - Money - Knowledge - Life - Skill -

Nobody can think straight who does not work. Idleness warps the mind.
Henry Ford - Work - Laziness

If there is any one secret of success, it lies in the ability to get the other person's point of view and see things from that person's angle as well as from your own.
Henry Ford - Success -

It has been my observation that most people get ahead during the time that others waste time.
Henry Ford - Action - Time

A market is never saturated with a good product, but it is very quickly saturated with a bad one.
Henry Ford - Marketing -

Failure is the opportunity to begin again, more intelligently.
Henry Ford - Failure - Opportunity

RATAN TATA

2009-05-18T18:44:00.000-07:00

Name : Ratan Tata

Birth Name : Ratan Naval Tata

Date of Birth : December 28, 1937

Place of Birth : Bombay (Mumbai), India

Occupation : Businessman

Nationality : Indian

Trivia :

On January 10, 2008, Ratan Tata launched 3 models of the one-lakh-rupee (US $ 25,000) 'peoples car', officially called the "TATA Nano".

Mini biogarphy:
Ratan Tata, actually Ratan Naval Tata, was born on December 28, 1937, in Mumbai. He is the present Chairman of the Tata Group, India's largest conglomerate established by earlier generations of his family. Ratan Tata was born into the wealthy and famous Tata family of Mumbai. He was born to Soonoo & Naval Hormusji Tata, a Gujarati-speaking Parsi family. Ratan is the the great grandson of Tata group founder Jamsetji Tata. Ratan's childhood was troubled, his parents separating in the mid-1940s, when he was about seven and his younger brother Jimmy was five. Ratan Tata's mother moved out and both Ratan and his brother were raised by their grandmother Lady Navajbai. He was schooled at the Campion School in Mumbai. In 1962, after graduating from Cornell University with a degree in Architecture and Structural Engineering, Ratan joined the family business. Ratan turned down a job offer from IBM, following the advice of J.R.D. Tata, and entered the family business.

Ratan Tata joined the Tata Group in December 1962, when he was sent to Jamshedpur to work at Tata Steel. He worked on the floor along with other blue-collar employees, shovelling limestone and handling the blast furnaces. In 1971, Ratan was appointed the Director-in-Charge of The National Radio & Electronics Company Limited (Nelco), a company that was in dire financial difficulty. Ratan Tata suggested that the company invest in developing high-technology products, rather than in consumer electronics. J.R.D. was reluctant due to the historical financial performance of Nelco which had never even paid regular dividends. Further, Nelco had 2% market share in the consumer electronics market and a loss margin of 40% of sales when Ratan took over. Nonetheless, J. R. D. followed Ratan's suggestions.

From 1972 to 1975, Nelco eventually grew to have a market share of 20%, and recovered its losses. In 1975 however, India's Prime Minister Indira Gandhi declared a state of emergency, which led to an economic recession. This was followed by union problems in 1977, so even after demand improved, production did not keep up. Finally, the Tatas confronted the unions and, following a strike, a lockout was imposed for seven months. Ratan continued to believe in the fundamental soundness of Nelco, but the venture did not survive.

In 1977, Ratan Tata was entrusted with Empress Mills, a textile mill controlled by the Tatas. When he took charge of the company, it was one of the few sick units in the Tata group. Ratan managed to turn it around and even declared a dividend. However, competition from less labour-intensive enterprises had made a number of companies unviable, including those like the Empress which had large labour contingents and had spent too little on modernisation. On Ratan Tata's insistence, some investment was made, but it did not suffice. As the market for coarse and medium cotton cloth (which was all that the Empress produced) turned adverse, the Empress began to accumulate heavier losses. Bombay House, the Tata headquarters, was unwilling to divert funds from other group companies into an undertaking which would need to be nursed for a long time. So, some Tata directors, chiefly Nani Palkhivala, took the line that the Tatas should liquidate the mill, which was finally closed down in 1986. Ratan was severely disappointed with the decision, and in a later interview with the Hindustan Times would claim that the Empress had needed just Rs 50 lakhs to turn it around. In 1981, Ratan Tata was named Chairman of Tata Industries, the Group's other holding company, where he became responsible for transforming it into the Group's strategy think-tank and a promoter of new ventures in high-technology businesses. In 1991, he took over as group chairman from J.R.D. Tata, pushing out the old guard and ushering in younger managers. Since then, he has been instrumental in reshaping the fortunes of the Tata Group, which today has the largest market capitalization of any business house on the Indian Stock Market.

Under Ratan Tata's guidance, Tata Consultancy Services went public and Tata Motors was listed on the New York Stock Exchange. His dream was to manufacture a car costing Rs 100,000 (1998: approx. US$2,200; today US$2,482). In 1998, Tata Motors introduced his brainchild, the Tata Indica. On January 31st, 2007, under Ratan Tata's chairmanship, Tata Sons successfully acquired Corus Group, an Anglo-Dutch steel and aluminium producer. With the acquisition, Ratan Tata became a celebrated personality in Indian corporate business culture. The merger created the fifth largest steel producing entity in the world.

On December 28, 2007, Ratan Tata turned 70 and achieved yet another milestone in fulfiling his dream for Tata Motors as he launched the one lakh rupee 'peoples car,' officially the TATA Nano, on January 10, 2008 at Auto Expo in New Delhi, India. Three models of the Nano were announced, and Ratan Tata delivered on his committment to developing a car costing only 1 lakh rupees, adding that "a promise is a promise," referring to his earlier promise to deliver this car at the said cost.

Ratan Tata was honoured by the Government of India with the Padma Bhushan on 26th January 2000, on the occasion of the 50th Republic Day of India. He serves in senior capacities in various organisations in India and he is a member of the Prime Minister's Council on Trade and Industry. In March 2006 Tata was honoured by Cornell University as the 26th Robert S. Hatfield Fellow in Economic Education, considered the highest honor the university awards to distinguished individuals from the corporate sector.

Ratan Tata's foreign affiliations include membership of the international advisory boards of the Mitsubishi Corporation, the American International Group, JP Morgan Chase and Booz Allen Hamilton. He is also a member of the board of trustees of the RAND Corporation, and of his alma maters: Cornell University and the University of Southern California. He also serves as a board member on the Republic of South Africa's International Investment Council and is a Asia-Pacific advisory committee member for the New York Stock Exchange. Tata is on the board of governors of the East-West Center, the advisory board of RAND's Center for Asia Pacific Policy and serves on the programme board of the Bill & Melinda Gates Foundation's India AIDS initiative. In February 2004, Ratan Tata was conferred the title of honorary economic advisor to Hangzhou city in the Zhejiang province of China.

He recently received an honorary doctorate from the London School of Economics and listed among the 25 most powerful people in business named by Fortune magazine in November 2007.

Ratan Tata became the Chairman of the Tata Group in 1981 after serving as Chairman in charge of the Nelco division of the group. Tata is India's largest conglomerate and includes the brands Tata Motors, Tata Steel, Tata Power, Indian Hotels, as well as other brands labeled under the Tata name.

Ratan Tata was born on December 28, 1937 in Mumbai, India in one of the richest families in the country. His great grandfather, Jamsedji Tata, was the founder of the Tata group and passed the power and inheritance down to his family. Ratan Tata grew up in a broken household, however, after his parents split in the mid-1940s and he and his brother were raised by their grandmother, Lady Navajbai.

Tata was a good student and studied hard at the Campion School in Mumbai followed by studies in architecture and structural engineering at Cornell University. He graduated with his bachelors degree in 1962 and joined the Tata Group in December of that same year. Tata's first job with the Group involved working with the Tata Steel division where he worked with the blue-collar employees shoveling stone and working with the furnaces.

Although this original job was physically difficult, it helped Ratan Tata gain a better understanding and appreciation for the business and he gradually began taking on more responsibility. In 1971, Tata became Director-in-Charge of the National Radio & Electronics Company Limited (Nelco) in order to help its struggling finances. Ratan Tata helped build a better consumer electronics division but the economic recession and union strikes prevented his vision from taking hold.

Tata was eventually moved to Empress Mills in 1977, a struggling textile mill within the Tata Group. Ratan Tata renewed the vision for the mill but the larger Tata Group was not in agreement with his advice. Instead, the mill was shut down and liquidated in 1986, to Tata's disappointment, and he was moved to the Tata Industries, another holding company.

With Tata Industries, Ratan Tata was able to transform the management and vision of the division and bring in significantly larger dividends. This renewed financial success helped bring the Tata Group to the New York Stock Exchange and gave the company even more international power and prestige. Ratan Tata continued to acquire different industries for the Tata Group, eventually purchasing the steel an aluminum producer, Corus Group as well as Jaguar and Land Rover brands from the Ford Company.

Ratan Tata lives a very private life in Mumbai, India.

Quotes:

One hundred years from now, I expect the Tatas to be much bigger than it is now. More importantly, I hope the Group comes to be regarded as being the best in India.. best in the manner in which we operate, best in the products we deliver, and best in our value systems and ethics. Having said that, I hope that a hundred years from now we will spread our wings far beyond India.
Ratan Tata - India - Best - Products - Ethics - Growth - Inspirational

I am proud of my country. But we need to unite to make a unified India, free of communalism and casteism. We need to build India into a land of equal opportunity for all. We can be a truly great nation if we set our sights high and deliver to the people the fruits of continued growth, prosperity and equal opportunity.
Ratan Tata - India - Growth - Proud - Opportunity - Great - Wealth

The country is now universally recognised as a nation on the move and takes its place amongst the successful economies in the region. The future potential is enormous but the country's destiny is in our hands. The time has come to move from small increments to bold, large initiatives. The time has come to stretch the envelope and set goals which were earlier not seen to be possible. The time has come for performance to be measured and for allocated funds of the government to reach the people for whom they were intended.
Ratan Tata - India - Growth - Inspirational - Wealth - Success - Economy - Goals - Potential - Government

Lakshmi Niwas Mittal

2009-05-11T18:32:00.000-07:00

Born: June 15, 1950
Achievement: World's largest steel maker and the third richest man in the world.

Lakshmi Mittal has become something of a cult figure in the global steel industry. His company Mittal Steel is the largest steel maker in the world. After the recent merger between Mittal Steel and Arcelor which raged a big debate throughout the Europe, Laxmi Mittal current controls 10% of the total steel production and the combined entity that has come into force post-merger is three times the size of its nearest competitors.

Lakshmi Niwas Mittal was born on June 15, 1950 at Sadulpur, in Churu district of Rajasthan, in a poor family. The extended family of 20 lived on bare concrete floors, slept on rope beds and cooked on an open fire in the brickyard in a house built by his grandfather. Laxmi Mittal belongs to Marwari Aggarwal caste and his grandfather worked for the Tarachand Ghanshyam Das firm, one of the leading Marwari industrial firms of pre-independence India.

The family later on moved to Kolkata where his father Mohan Mittal became a partner in a steel company. Lakshmi Mittal graduated from St. Xaviers in Kolkata with a commerce degree in 1969. He began his career working in the family's steelmaking business in India and in 1976, Lakshmi Mittal founded Mittal Steel Company. He split from his father and two younger brothers in 1994 and took the international arm, with interests in Indonesia and Trinidad and Tobago, while the rest of the family kept the domestic Indian business. In the last few years Mittal Steel has made a number of acquisitions, buying up a network of steel producers in former communist countries including Kazakhstan, Romania and Ukraine, and pushing into the U.S. in 2004 with the $4.5 billion purchase of International Steel Group. Today, Mittal Steel is the only truly global steel producer in the world with operations on 14 countries, spanning 4 continents.

Lakshmi Mittal is also known for his opulence. In 2003, he acquired the Kensington mansion, said to be the world's most expensive home, from Formula One racing's Bernie Ecclestone for £70 million ($128 million). His daughter Vanisha's $50 million wedding bash is touted as the most expensive wedding of the 20th century.

In March 2006, Lakshmi Mittal was listed as the third wealthiest person in the world after Bill Gates and Warren Buffet by Forbes Magazine.

Information

Lakshmi Mittal Biography (Lakshmi Narayan Mittal or Lakshmi Niwas Mittal) : Mittal Steel Company
Famous for : The controversial "Garbagegate" scandal in Britain and being the 3rd richest man in the world in 2005. Mittal paid $128 for his Kensington Palace Gardens residence in London (nicknamed the Taj Mittal), which was the most expensive home in the world at the time.
Mittal details : Born - 15th of June, 1950 Rajasthan, India / Lives - United Kingdom

Lakshmi Mittal heads the multi national steel company Mittal Steel that his father Mohan began. Mittal has grown the family business into one of the largest steel companies in the world, with steel making facilities in fourteen countries and employing more than 150,000 people. The Indian born, British based steel magnate was the third richest man in the world in 2005 according to the Forbes business magazine. Lakshmi Mittal saw his estimated wealth increase by $US18.8 billion in 12 months, due to surging steel prices and when he merged his Ispat International with Ohio-based International Steel Group. Mittal reportedly paid $US128 million for a twelve bedroom residence in Kensington Palace Gardens, London.

Quotes

Everyone experiences tough times, it is a measure of your determination and dedication how you deal with them and how you can come through them.
Lakshmi Mittal - Challenges - Commitment - Problems

Hard work certainly goes a long way. These days a lot of people work hard, so you have to make sure you work even harder and really dedicate yourself to what you are doing and setting out to achieve.
Lakshmi Mittal - Commitment - Work

Always think outside the box and embrace opportunities that appear, wherever they might be.
Lakshmi Mittal - Opportunities - Thinking

When people can see which direction the leaders are going in it becomes easier to motivate them.
Lakshmi Mittal - Leadership - Motivational

Bill Gates

2009-05-09T18:16:00.000-07:00

William (Bill) H. Gates is chairman of Microsoft Corporation, the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft had revenues of US$51.12 billion for the fiscal year ending June 2007, and employs more than 78,000 people in 105 countries and regions.

On June 15, 2006, Microsoft announced that effective July 2008 Gates will transition out of a day-to-day role in the company to spend more time on his global health and education work at the Bill & Melinda Gates Foundation. After July 2008 Gates will continue to serve as Microsoft’s chairman and an advisor on key development projects. The two-year transition process is to ensure that there is a smooth and orderly transfer of Gates’ daily responsibilities. Effective June 2006, Ray Ozzie has assumed Gates’ previous title as chief software architect and is working side by side with Gates on all technical architecture and product oversight responsibilities at Microsoft. Craig Mundie has assumed the new title of chief research and strategy officer at Microsoft and is working closely with Gates to assume his responsibility for the company’s research and incubation efforts.

Born on Oct. 28, 1955, Gates grew up in Seattle with his two sisters. Their father, William H. Gates II, is a Seattle attorney. Their late mother, Mary Gates, was a schoolteacher, University of Washington regent, and chairwoman of United Way International.

Gates attended public elementary school and the private Lakeside School. There, he discovered his interest in software and began programming computers at age 13.

In 1973, Gates entered Harvard University as a freshman, where he lived down the hall from Steve Ballmer, now Microsoft's chief executive officer. While at Harvard, Gates developed a version of the programming language BASIC for the first microcomputer - the MITS Altair.

In his junior year, Gates left Harvard to devote his energies to Microsoft, a company he had begun in 1975 with his childhood friend Paul Allen. Guided by a belief that the computer would be a valuable tool on every office desktop and in every home, they began developing software for personal computers. Gates' foresight and his vision for personal computing have been central to the success of Microsoft and the software industry.

Under Gates' leadership, Microsoft's mission has been to continually advance and improve software technology, and to make it easier, more cost-effective and more enjoyable for people to use computers. The company is committed to a long-term view, reflected in its investment of approximately $7.1 billion on research and development in the 2007 fiscal year.

In 1999, Gates wrote Business @ the Speed of Thought, a book that shows how computer technology can solve business problems in fundamentally new ways. The book was published in 25 languages and is available in more than 60 countries. Business @ the Speed of Thought has received wide critical acclaim, and was listed on the best-seller lists of the New York Times, USA Today, the Wall Street Journal and Amazon.com. Gates' previous book, The Road Ahead, published in 1995, held the No. 1 spot on the New York Times' bestseller list for seven weeks.

Gates has donated the proceeds of both books to non-profit organizations that support the use of technology in education and skills development.

In addition to his love of computers and software, Gates founded Corbis, which is developing one of the world's largest resources of visual information - a comprehensive digital archive of art and photography from public and private collections around the globe. He is also a member of the board of directors of Berkshire Hathaway Inc., which invests in companies engaged in diverse business activities.

Philanthropy is also important to Gates. He and his wife, Melinda, have endowed a foundation with more than $28.8 billion (as of January 2005) to support philanthropic initiatives in the areas of global health and learning, with the hope that in the 21st century, advances in these critical areas will be available for all people. The Bill and Melinda Gates Foundation has committed more than $3.6 billion to organizations working in global health; more than $2 billion to improve learning opportunities, including the Gates Library Initiative to bring computers, Internet Access and training to public libraries in low-income communities in the United States and Canada; more than $477 million to community projects in the Pacific Northwest; and more than $488 million to special projects and annual giving campaigns.

Gates was married on Jan. 1, 1994, to Melinda French Gates. They have three children. Gates is an avid reader, and enjoys playing golf and bridge.

Top row: Steve Wood (left), Bob Wallace, Jim Lane. Middle row: Bob O'Rear, Bob Greenberg, Marc McDonald, Gordon Letwin. Bottom row: Bill Gates, Andrea Lewis, Marla Wood, Paul Allen. December 7, 1978.

Bill Gates Biography (William Henry Gates III): Microsoft Founder
Famous for : Being the richest man in the world, a cofounder of the software company Microsoft, and for being one of the world's most generous philanthropists.
Gates details : Born - USA October 28, 1955 Lives - United States of America
More Gates : Buffett Gives to Gates Foundation - Person of the Year 2005 - Melinda Gates - Richest Man in the World

Information

Bill Gates is one of the most influential people in the world. He is cofounder of one of the most recognized brands in the computer industry with nearly every desk top computer using at least one software program from Microsoft. According to the Forbes magazine, Bill Gates is the richest man in the world and has held the number one position for many years.

Gates was born and grew up in Seattle, Washington USA. His father, William H. Gates II was a Seattle attorney and his mother, Mary Maxwell Gates was a school teacher and chairperson of the United Way charity. Gates and his two sisters had a comfortable upbringing, with Gates being able to attend the exclusive secondary "Lakeside School".

Bill Gates started studying at Harvard University in 1973 where he met up with Paul Allen. Gates and Allen worked on a version of the programming language BASIC, that was the basis for the MITS Altair (the first microcomputer available). He did not go on to graduate from Harvard University as he left in his junior year to start what was to become the largest computer software company in the world; Microsoft Corporation.

Bill Gates and the Microsoft Corporation
"To enable people and businesses throughout the world to realize their full potential." Microsoft Mission Statement
After dropping out of Harvard Bill Gates and his partner Paul Allen set about revolutionizing the computer industry. Gates believed there should be a computer on every office desk and in every home.

In 1975 the company Micro-soft was formed, which was an abbreviation of microcomputer software. It soon became simply "Microsoft"® and went on to completely change the way people use computers.

Microsoft helped to make the computer easier to use with its developed and purchased software, and made it a commercial success. The success of Microsoft began with the MS-DOS computer operating system that Gates licensed to IBM. Gates also set about protecting the royalties that he could acquire from computer software by aggressively fighting against all forms of software piracy, effectively creating the retail software market that now exists today. This move was quite controversial at the time as it was the freedom of sharing that produced much innovation and advances in the newly forming software industry. But it was this stand against software piracy, that was to be central in the great commercial success that Microsoft went on to achieve.

Bill gates retired as Microsoft CEO in 2008.

Bill Gates Criticism
With his great success in the computer software industry also came many criticisms. With his ambitious and aggressive business philosophy, Gates or his Microsoft lawyers have been in and out of courtrooms fighting legal battles almost since Microsoft began.

The Microsoft monopoly sets about completely dominating every market it enters through either acquisition, aggressive business tactics or a combination of them. Many of the largest technology companies have fought legally against the actions of Microsoft, including Apple Computer, Netscape, Opera, WordPerfect, and sun Microsystems.

Bill Gates Net Worth
With an estimated wealth of $53 billion in 2006, Bill Gates is the richest man in the world and he should be starting to get used to the number spot as he has been there from the mid-ninties up until now. The famous investor Warren Buffett is gaining on Gates though with an estimated $46 billion in 2006.

Microsoft hasn't just made Bill Gates very wealthy though. According to the Forbes business magazine in 2004 Paul Allen, Microsoft cofounder was the 5th richest man in the world with an estimated $21 billion. While Bill Gates' long time friend and Microsoft CEO, Steve Ballmer was the 19th richest man in the world at $12.4 billion.

Bill Gates Philanthropy
Being the richest man in the world has also enabled Gates to create one of the world's largest charitable foundations. The Bill and Melinda Gates Foundation has an endowment of more than $28 billion, with donations totaling more than $1 billion every year. The foundation was formed in 2000 after merging the "Gates Learning Foundation" and "William H. Gates Foundation". Their aim is to "bring innovations in health and learning to the global community".

Bill Gates continues to play a very active role in the workings of the Microsoft Company, but has handed the position of CEO over to Steve Ballmer. Gates now holds the positions of "Chairman" and "Chief Software Architect". He has started that he plans to take on fewer responsibilities at Microsoft and will eventually devote all his time to the Bill & Melinda Gates Foundation.

In 2006, the second richest man in the world, Warren Buffett pledged to give much of his vast fortune to the Bill and Melinda Gates Foundation.

Bill Gates Receives a KBE
In March 2005 William H. Gates received an "honorary" knighthood from the queen of England. Gates was bestowed with the KBE Order (Knight Commander of the Most Excellent Order of the British Empire) for his services in reducing poverty and improving health in the developing countries of the world.
After the privately held ceremony in Buckingham Palace with Her Majesty Queen Elizabeth II, Gates commented on the recognition..
"I am humbled and delighted. I am particularly pleased that this honor helps recognize the real heroes our foundation (Bill and Melinda Gates Foundation) supports to improve health in poor countries. Their incredible work is helping ensure that one day all people, no matter where they are born, will have the same opportunity for a healthy life, and I'm grateful to share this honor with them."

The KBE Order of the British Empire is the second highest Order given out, but it is only an honorary knighthood as only citizens that are British or a part of the Commonwealth receive the full Order. This means that Gates does not become Sir Bill Gates.

Bill Gates lives near Lake Washington with his wife Melinda French Gates and their three children. Interests of Gates include reading, golf and playing bridge.

Quotes

Like almost everyone who uses e-mail, I receive a ton of spam every day. Much of it offers to help me get out of debt or get rich quick. It would be funny if it weren't so exciting.
Bill Gates - Internet - Funny - Rich

Is the rich world aware of how four billion of the six billion live? If we were aware, we would want to help out, we'd want to get involved.
Bill Gates - Philanthropy - Life - Rich - Helping

Information technology and business are becoming inextricably interwoven. I don't think anybody can talk meaningfully about one without the talking about the other.
Bill Gates - Internet - Technology - Business

Your most unhappy customers are your greatest source of learning.
Bill Gates - Customers - Learning

I think it's fair to say that personal computers have become the most empowering tool we've ever created. They're tools of communication, they're tools of creativity, and they can be shaped by their user.
Bill Gates - Internet - Technology - Products

The Internet will help achieve "friction free capitalism" by putting buyer and seller in direct contact and providing more information to both about each other.
Bill Gates - Internet - Capitalism - Customers

It's pretty incredible to look back 30 years to when Microsoft was starting and realize how work has been transformed. We're finally getting close to what I call the digital workstyle.
Bill Gates - Technology - Improvement - Change

Paper is no longer a big part of my day. I get 90% of my news online, and when I go to a meeting and want to jot things down, I bring my Tablet PC. It's fully synchronized with my office machine so I have all the files I need.
Bill Gates - Internet - Technology

Microsoft has had its success by doing low-cost products and constantly improving those products and we've really redefined the IT industry to be something that's about a tool for individuals.
Bill Gates - Products - Technology - Improvement - Success

We are always saying to ourself.. we have to innovate. We got to come up with that breakthrough. In fact, the way software works.. so long as you are using your existing software.. you don't pay us anything at all. So we're only paid for breakthroughs.
Bill Gates - Products - Technology - Customers - Innovative

Bill Gates is the richest man in the world and has been for many years now. Most of his impressive net worth has come from founding the software company Microsoft. The man with the most money in the world is also the most generous philanthropist in the world with his "Bill & Melinda Gates Foundation".

Below is a table of the Net Worth of Bill Gates according to the Forbes Magazine.

Richest in the world

2008 Bill Gates Richer than Warren Buffett - After losing the number one position to Warren Buffett earlier in 2008 on the Forbes world rich list, Bill Gates has overtaken his friend on the Richest Americans list compiled by Forbes. It still isn't clear if Bill Gates is again the richest man in the world as the Mexican billionaire Carlos Slim Helu's net worth wasn't measured by Forbes on the recent US rich list review.
2008 Warren Buffett is the Richest Man in the World - Warren Buffett finally knocked Bill Gates out of first position to become the richest man in the world in 2008 on the world rich list.
2008 - World Position 3
Net Worth - $56 billion / Age - 52
2007 - World Position 1
Net Worth - $56 billion / Age - 51
2006 - World Position 1
Net Worth - $53 billion / Age - 50
2005 - World Position 1
Net Worth - $46.5 billion / Age - 49
2004 - World Position 1
Net Worth - $46.6 billion / Age - 48
2003 - World Position 1
Net Worth - $40.7 billion / Age - 47
2002 - World Position 1
Net Worth - $52.8 billion / Age - 46
2001 - World Position 1
Net Worth - $58.7 billion / Age - 45
2000 - World Position 1
Net Worth - $60 billion / Age - 44
1999 - World Position 1
Net Worth - $90 billion / Age - 43
1998 - World Position 1
Net Worth - $51 billion / Age - 42
1997 - World Position 2
Net Worth - $36.4 billion / Age - 41
1996 - World Position 1
Net Worth - $18.5 billion / Age - 40

Warren Buffet

2009-05-07T18:51:00.000-07:00

Warren Buffett is Born
Warren Edward Buffett was born on August 30, 1930 to his father Howard, a stockbroker-turned-Congressman. The only boy, he was the second of three children, and displayed an amazing aptitude for both money and business at a very early age. Acquaintances recount his uncanny ability to calculate columns of numbers off the top of his head - a feat Warren still amazes business colleagues with today.
At only six years old, Buffett purchased 6-packs of Coca Cola from his grandfather's grocery store for twenty five cents and resold each of the bottles for a nickel, pocketing a five cent profit. While other children his age were playing hopscotch and jacks, Warren was making money. Five years later, Buffett took his step into the world of high finance. At eleven years old, he purchased three shares of Cities Service Preferred at $38 per share for both himself and his older sister, Doris. Shortly after buying the stock, it fell to just over $27 per share. A frightened but resilient Warren held his shares until they rebounded to $40. He promptly sold them - a mistake he would soon come to regret. Cities Service shot up to $200. The experience taught him one of the basic lessons of investing: patience is a virtue.

Warren Buffett's Education
In 1947, a seventeen year old Warren Buffett graduated from High School. It was never his intention to go to college; he had already made $5,000 delivering newspapers (this is equal to $42,610.81 in 2000). His father had other plans, and urged his son to attend the Wharton Business School at the University of Pennsylvania. Buffett stayed two years, complaining that he knew more than his professors. When Howard was defeated in the 1948 Congressional race, Warren returned home to Omaha and transferred to the University of Nebraska-Lincoln. Working full-time, he managed to graduate in only three years.
Warren Buffett approached graduate studies with the same resistance he displayed a few years earlier. He was finally persuaded to apply to Harvard Business School, which, in the worst admission decision in history, rejected him as "too young". Slighted, Warren applied to Columbia where famed investors Ben Graham and David Dodd taught - an experience that would forever change his life.

Ben Graham - Buffett's Mentor
Ben Graham had become well known during the 1920's. At a time when the rest of the world was approaching the investment arena as a giant game of roulette, he searched for stocks that were so inexpensive they were almost completely devoid of risk. One of his best known calls was the Northern Pipe Line, an oil transportation company managed by the Rockefellers. The stock was trading at $65 a share, but after studying the balance sheet, Graham realized that the company had bond holdings worth $95 for every share. The value investor tried to convince management to sell the portfolio, but they refused. Shortly thereafter, he waged a proxy war and secured a spot on the Board of Directors. The company sold its bonds and paid a dividend in the amount of $70 per share.
When he was 40 years old, Ben Graham published Security Analysis, one of the greatest works ever penned on the stock market. At the time, it was risky; investing in equities had become a joke (the Dow Jones had fallen from 381.17 to 41.22 over the course of three to four short years following the crash of 1929). It was around this time that Graham came up with the principle of "intrinsic" business value - a measure of a business's true worth that was completely and totally independent of the stock price. Using intrinsic value, investors could decide what a company was worth and make investment decisions accordingly. His subsequent book, The Intelligent Investor, which Warren celebrates as "the greatest book on investing ever written", introduced the world to Mr. Market - the best investment analogy in history.

Through his simple yet profound investment principles, Ben Graham became an idyllic figure to the twenty-one year old Warren Buffett. Reading an old edition of Who's Who, Warren discovered his mentor was the Chairman of a small, unknown insurance company named GEICO. He hopped a train to Washington D.C. one Saturday morning to find the headquarters. When he got there, the doors were locked. Not to be stopped, Buffett relentlessly pounded on the door until a janitor came to open it for him. He asked if there was anyone in the building. As luck (or fate) would have it, there was. It turns out that there was a man still working on the sixth floor. Warren was escorted up to meet him and immediately began asking him questions about the company and its business practices; a conversation that stretched on for four hours. The man was none other than Lorimer Davidson, the Financial Vice President. The experience would be something that stayed with Buffett for the rest of his life. He eventually acquired the entire GEICO company through his corporation, Berkshire Hathaway.
Flying through his graduate studies at Columbia, Warren Buffett was the only student ever to earn an A+ in one of Graham's classes. Disappointingly. both Ben Graham and Warren's father advised him not to work on Wall Street after he graduated. Absolutely determined, Buffett offered to work for the Graham partnership for free. Ben turned him down. He preferred to hold his spots for Jews who were not hired at Gentile firms at the time. Warren was crushed.

Warren Buffett Returns Home
Returning home, he took a job at his father's brokerage house and began seeing a girl by the name of Susie Thompson. The relationship eventually turned serious and in April of 1952 the two were married. They rented out a three-room apartment for $65 a month; it was run-down and served as home to several mice. It was here their daughter, also named Susie, was born. In order to save money, they made a bed for her in a dresser drawer.
During these initial years, Warren's investments were predominately limited to a Texaco station and some real estate, but neither were successful. It was also during this time he began teaching night classes at the University of Omaha (something that wouldn't have been possible several months before. In an effort to conquer his intense fear of public speaking, Warren took a course by Dale Carnegie). Thankfully, things changed. Ben Graham called one day, inviting the young stockbroker to come to work for him. Warren was finally given the opportunity he had long awaited.

Warren Buffett Goes to Work for Ben Graham
The couple took a house in the suburbs of New York. Buffett spent his days analyzing S&P reports, searching for investment opportunities. It was during this time that the difference between the Graham and Buffett philosophies began to emerge. Warren became interested in how a company worked - what made it superior to competitors. Ben simply wanted numbers whereas Warren was predominately interested in a company's management as a major factor when deciding to invest, Graham looked only at the balance sheet and income statement; he could care less about corporate leadership. Between 1950 and 1956, Warren built his personal capital up to $140,000 from a mere $9,800. With this war chest, he set his sights back on Omaha and began planning his next move.
On May 1, 1956, Warren Buffett rounded up seven limited partners which included his Sister Doris and Aunt Alice, raising $105,000 in the process. He put in $100 himself, officially creating the Buffett Associates, Ltd. Before the end of the year, he was managing around $300,000 in capital. Small, to say the least, but he had much bigger plans for that pool of money. He purchased a house for $31,500, affectionately nicknamed "Buffett's Folly", and managed his partnerships originally from the bedroom, and later, a small office. By this time, his life had begun to take shape; he had three children, a beautiful wife, and a very successful business.

Over the course of the next five years, the Buffett partnerships racked up an impressive 251.0% profit, while the Dow was up only 74.3%. A somewhat-celebrity in his hometown, Warren never gave stock tips despite constant requests from friends and strangers alike. By 1962, the partnership had capital in excess of $7.2 million, of which a cool $1 million was Buffett's personal stake (he didn't charge a fee for the partnership - rather Warren was entitled to 1/4 of the profits above 4%). He also had more than 90 limited partners across the United States. In one decisive move, he melded the partnerships into a single entity called "Buffett Partnerships Ltd.", upped the minimum investment to $100,000, and opened an office in Kiewit Plaza on Farnam street.

In 1962, a man by the name of Charlie Munger moved back to his childhood home of Omaha from California. Though somewhat snobbish, Munger was brilliant in every sense of the word. He had attended Harvard Law School without a Bachelor's Degree. Introduced by mutual friends, Buffett and Charlie were immediately drawn together, providing the roots for a friendship and business collaboration that would last for the next forty years.

Ten years after its founding, the Buffett Partnership assets were up more than 1,156% compared to the Dow's 122.9%. Acting as lord over assets that had ballooned to $44 million dollars, Warren and Susie's personal stake was $6,849,936. Mr. Buffett, as they say, had arrived.

Wisely enough, just as his persona of success was beginning to be firmly established, Warren Buffett closed the partnership to new accounts. The Vietnam war raged full force on the other side of the world and the stock market was being driven up by those who hadn't been around during the depression. All while voicing his concern for rising stock prices, the partnership pulled its biggest coup in 1968, recording a 59.0% gain in value, catapulting to over $104 million in assets.

The next year, Warren went much further than closing the fund to new accounts; he liquidated the partnership. In May 1969, he informed his partners that he was "unable to find any bargains in the current market". Buffett spent the remainder of the year liquidating the portfolio, with the exception of two companies - Berkshire and Diversified Retailing. The shares of Berkshire were distributed among the partners with a letter from Warren informing them that he would, in some capacity, be involved in the business, but was under no obligation to them in the future. Warren was clear in his intention to hold onto his own stake in the company (he owned 29% of the Berkshire Hathaway stock) but his intentions weren't revealed.

Warren Buffett Gains Control of Berkshire Hathaway
Buffett's role at Berkshire Hathaway had actually been somewhat defined years earlier. On May 10, 1965, after accumulating 49% of the common stock, Warren named himself Director. Terrible management had run the company nearly into the ground, and he was certain with a bit of tweaking, it could be run better. Immediately Mr. Buffett made Ken Chace President of the company, giving him complete autonomy over the organization. Although he refused to award stock options on the basis that it was unfair to shareholders, Warren agreed to cosign a loan for $18,000 for his new President to purchase 1,000 shares of the company's stock.
Two years later, in 1967, Warren asked National Indemnity's founder and controlling shareholder Jack Ringwalt to his office. Asked what he thought the company was worth, Ringwalt told Buffett at least $50 per share, a $17 premium above its then-trading price of $33. Warren offered to buy the whole company on the spot - a move that cost him $8.6 million dollars. That same year, Berkshire paid out a dividend of 10 cents on its outstanding stock. It never happened again; Warren said he "must have been in the bathroom when the dividend was declared".

In 1970, Buffett named himself Chairman of the Board of Berkshire Hathaway and for the first time, wrote the letter to the shareholders (Ken Chace had been responsible for the task in the past). That same year, the Chairman's capital allocation began to display his prudence; textile profits were a pitiful $45,000, while insurance and banking each brought in $2.1 and $2.6 million dollars. The paltry cash brought in from the struggling looms in New Bedford, Massachusetts had provided the stream of capital necessary to start building Berkshire.

A year or so later, Warren Buffett was offered the chance to buy a company by the name of See's Candy. The gourmet chocolate maker sold its own brand of candies to its customers at a premium to regular confectionary treats. The balance sheet reflected what Californians already knew - they were more than willing to pay a bit "extra" for the special "See's" taste. The businessman decided Berkshire would be willing to purchase the company for $25 million in cash. See's owners were holding out for $30 million, but soon conceded. It was the biggest investment Berkshire or Buffett had ever made.

Following several investments and an SEC investigation (after causing a merger to fail, Warren and Munger offered to buy the stock of Wesco, the target company, at the inflated price simply because they thought it was "the right thing to do". Not surprisingly, the government didn't believe them), Buffett began to see Berkshire's net worth climb. From 1965 to 1975, the company's book value rose from $20 per share to around $95. It was also during this period that Warren made his final purchases of Berkshire stock (when the partnership dolled out the shares, he owned 29%. Years later, he had invested more than $15.4 million dollars into the company at an average cost of $32.45 per share). This brought his ownership to over 43% of the stock with Susie holding another 3%. His entire fortune was placed into Berkshire. With no personal holdings, the company had become his sole investment vehicle.

In 1976, Buffett once again became involved with GEICO. The company had recently reported amazingly high losses and its stock was pummeled down to $2 per share. Warren wisely realized that the basic business was still in tact; most of the problem were caused by an inept management. Over the next few years, Berkshire built up its position in this ailing insurer and reaped millions in profits. Benjamin Graham, who still held his fortune in the company, died in in September of the same year, shortly before the turnaround. Years later, the insurance giant would become a fully owned subsidiary of Berkshire.

Changes in Warren Buffett's Personal Life
It was shortly thereafter one of the most profound and upsetting events in Buffett's life took place. At forty-five, Susan Buffett left her husband - in form. Although she remained married to Warren, the humanitarian / singer secured an apartment in San Francisco and, insisting she wanted to live on her own, moved there. Warren was absolutely devastated; throughout his life, Susie had been "the sunshine and rain in my [his] garden". The two remained close, speaking every day, taking their annual two-week New York trip, and meeting the kids at their California Beach house for Christmas get-togethers. The transition was hard for the businessman, but he eventually grew somewhat accustomed to the new arrangement. Susie called several women in the Omaha area and insisted they go to dinner and a movie with her husband; eventually, she set Warren up with Astrid Menks, a waitress. Within the year, she moved in with Buffett, all with Susie's blessing.

Warren Buffett Wants Two Nickels to Rub Together
By the late '70s, the his reputation had grown to the point that the rumor Warren Buffett was buying a stock was enough to shoot its price up 10%. Berkshire Hathaway's stock was trading at more than $290 a share, and Buffett's personal wealth was almost $140 million. The irony was that Warren never sold a single share of his company, meaning his entire available cash was the $50,000 salary he received. During this time, he made a comment to a broker, "Everything I got is tied up in Berkshire. I'd like a few nickels outside."
This prompted Warren to start investing for his personal life. According to Roger Lowenstein's "Buffett", Warren was far more speculative with his own investments. At one point he bought copper futures which was unadulterated speculation. In a short time, he had made $3 million dollars. When prompted to invest in real estate by a friend, he responded "Why should I buy real estate when the stock market is so easy?"

Berkshire Hathaway Announces Charitable Giving Program
Later, Buffett once again showed his tendency of bucking the popular trend. In 1981, the decade of greed, Berkshire announced a new charity plan which was thought up by Munger and approved by Warren. The plan called for each shareholder to designate charities which would receive $2 for each Berkshire share the stockholder owned. This was in response to a common practice on Wall Street of the CEO choosing who received the company's hand-outs (often they would go to the executive's schools, churches, and organizations). The plan was a huge success and over the years the amount was upped for each share. Eventually, the Berkshire shareholders were giving millions of dollars away each year, all to their own causes. The program was eventually discontinued after associates at one of Berkshire's subsidiaries, The Pampered Chef, experienced discrimination because of the controversal pro-choice charities Buffett chose to allocate his pro-rated portion of the charitable contribution pool. Another important event around this time was the stock price which hit $750 per share in 1982. Most of the gains could be attributed to Berkshire's stock portfolio which was now valued at over $1.3 billion dollars.

Warren Buffett Buys Nebraska Furniture Mart, Scott Fetzer and an Airplane for Berkshire Hathaway
For all the fine businesses Berkshire had managed collect, one of the best was about to come under its stable. In 1983, Warren Buffett walked into Nebraska Furniture Mart, the multi-million dollar furniture retailer built from scratch by Rose Blumpkin. Speaking to Mrs. B, as local residents called her, Buffett asked if she would be interested in selling the store to Berkshire Hathaway. Blumpkin's answer was a simple "yes", to which she responded she would part for "$60 million". The deal was sealed on a handshake and one page contract was drawn up. The Russian-born immigrant merely folded the check without looking at it when she received it days later.

Scott & Fetzer was another great addition to the Berkshire family. The company itself had been the target of a hostile takeover when an LPO was launched by Ralph Schey, the Chairman. The year was 1984 and Ivan Boesky soon launched a counter offer for $60 a share (the original tender offer stood at $50 a share - $5 above market value). The maker of Kirby vacuum cleaners and World Book encyclopedia, S&F was panicking. Buffett, who had owned a quarter of a million shares, dropped a message to the company asking them to call if they were interested in a merger. The phone rang almost immediately. Berkshire offered $60 per share in cold, hard, cash. When the deal was wrapped up less than a week later, Berkshire Hathaway had a new $315 million dollar cash-generating powerhouse to add to its collection. The small stream of cash that was taken out of the struggling textile mill had built one of the most powerful companies in the world. Far more impressive things were to be done in the next decade. Berkshire would see its share price climb from $2,600 to as high as $80,000 in the 1990's.

In 1986, Buffett bought a used Falcon aircraft for $850,000. As he had become increasingly recognizable, it was no longer comfortable for him to fly commercially. The idea of the luxury was hard for him to adjust to, but he loved the jet immensely. The passion for jets eventually, in part, led him to purchase Executive Jet in the 90's.

The 80's went on with Berkshire increasing in value as if on cue, the only bump in the road being the crash of 1987. Warren, who wasn't upset about the market correction, calmly checked the price of his company and went back to work. It was representative of how he viewed stocks and businesses in general. This was one of "Mr. Market's" temporary aberrations. It was quite a strong one; fully one-fourth of Berkshire's market cap was wiped out. Unfazed, Warren plowed on.

I'll Take a Coke
A year later, in 1988, he started buying up Coca-Cola stock like an addict. His old neighbor, now the President of Coca-Cola, noticed someone was loading up on shares and became concerned. After researching the transactions, he noticed the trades were being placed from the Midwest. He immediately thought of Buffett, whom he called. Warren confessed to being the culprit and requested they don't speak of it until he was legally required to disclose his holdings at the 5% threshold. Within a few months, Berkshire owned 7% of the company, or $1.02 billion dollars worth of the stock. Within three years, Buffett's Coca-Cola stock would be worth more than the entire value of Berkshire when he made the investment.

Warren Buffett's Money and Reputation On the Line During the Solomon Scandal
By 1989, Berkshire Hathaway was trading at $8,000 a share. Buffett was now, personally, worth more than $3.8 billion dollars. Within the next ten years, he would be worth ten times that amount. Before that would happen, there were much darker times ahead (read The Solomon Scandal).

Warren Buffet at the Turn of the Millennium
During the remainder of the 1990's, the stock catapulted as high as $80,000 per share. Even with this astronomical feat, as the dot-com frenzy began to take hold, Warren Buffett was accused of "losing his touch". In 1999, when Berkshire reported a net increase of 0.5% per share, several newspapers ran stories about the demise of the Oracle. Confident that the technology bubble would burst, Warren Buffett continued to do what he did best: allocate capital into great businesses that were selling below intrinsic value. His efforts did not go unrewarded. When the markets finally did come to their senses, Warren Buffett was once again a star. Berkshire's stock recovered to its previous levels after falling to around $45,000 per share, and the man from Omaha was once again seen as an investment icon.

Ambien

2009-05-02T18:33:00.000-07:00

Ambien is a sedative, also called a hypnotic. It affects chemicals in your brain that may become unbalanced and cause sleep problems (insomnia).

Ambien is used for the short-term treatment of insomnia (difficulty falling or staying asleep). This medication causes relaxation to help you fall asleep.

Ambien may also be used for purposes other than those listed in this medication guide.

Important information about Ambien
Ambien may cause a severe allergic reaction. Stop taking it and get emergency medical help if you have any of these signs of an allergic reaction: hives; difficulty breathing; swelling of your face, lips, tongue, or throat. Ambien will make you fall asleep. Never take this medication during your normal waking hours, unless you have a full 7 to 8 hours to dedicate to sleeping.

Some people using this medicine have engaged in activity such as driving, eating, or making phone calls and later having no memory of the activity. If this happens to you, stop taking Ambien and talk with your doctor about another treatment for your sleep disorder.

Ambien can cause side effects that may impair your thinking or reactions. You may still feel sleepy the morning after taking the medication. Until you know how this medication will affect you during waking hours, be careful if you drive, operate machinery, pilot an airplane, or do anything that requires you to be awake and alert. Do not drink alcohol while you are taking this medication. It can increase some of the side effects of Ambien, including drowsiness. This medication may be habit-forming and should be used only by the person it was prescribed for. Ambien should never be shared with another person, especially someone who has a history of drug abuse or addiction. Keep the medication in a secure place where others cannot get to it.

It is dangerous to try and purchase Ambien on the Internet or from vendors outside of the United States. Medications distributed from Internet sales may contain dangerous ingredients, or may not be distributed by a licensed pharmacy. Samples of this medication purchased on the Internet have been found to contain haloperidol (Haldol), a potent antipsychotic drug with dangerous side effects. For more information, contact the U.S. Food and Drug Administration (FDA) or visit www.fda.gov/buyonlineguide.
Important information about Ambien
Ambien may cause a severe allergic reaction. Stop taking it and get emergency medical help if you have any of these signs of an allergic reaction: hives; difficulty breathing; swelling of your face, lips, tongue, or throat. Ambien will make you fall asleep. Never take this medication during your normal waking hours, unless you have a full 7 to 8 hours to dedicate to sleeping.

Some people using this medicine have engaged in activity such as driving, eating, or making phone calls and later having no memory of the activity. If this happens to you, stop taking Ambien and talk with your doctor about another treatment for your sleep disorder.

Ambien can cause side effects that may impair your thinking or reactions. You may still feel sleepy the morning after taking the medication. Until you know how this medication will affect you during waking hours, be careful if you drive, operate machinery, pilot an airplane, or do anything that requires you to be awake and alert. Do not drink alcohol while you are taking this medication. It can increase some of the side effects of Ambien, including drowsiness. This medication may be habit-forming and should be used only by the person it was prescribed for. Ambien should never be shared with another person, especially someone who has a history of drug abuse or addiction. Keep the medication in a secure place where others cannot get to it.

It is dangerous to try and purchase Ambien on the Internet or from vendors outside of the United States. Medications distributed from Internet sales may contain dangerous ingredients, or may not be distributed by a licensed pharmacy. Samples of this medication purchased on the Internet have been found to contain haloperidol (Haldol), a potent antipsychotic drug with dangerous side effects. For more information, contact the U.S. Food and Drug Administration (FDA) or visit www.fda.gov/buyonlineguide.

What should I discuss with my healthcare provider before taking Ambien?
Ambien will make you fall asleep. Never take this medication during your normal waking hours, unless you have a full 7 to 8 hours to dedicate to sleeping.

Some people using this medicine have engaged in activity such as driving, eating, or making phone calls and later having no memory of the activity. If this happens to you, stop taking Ambien and talk with your doctor about another treatment for your sleep disorder.

Do not use this medication if you are allergic to zolpidem. Ambien tablets may contain lactose. Use caution if you are sensitive to lactose.

Before taking this medication, tell your doctor if you are allergic to any drugs, or if you have:

kidney disease;
liver disease;
lung disease such as asthma, bronchitis, emphysema, or chronic obstructive pulmonary disease (COPD);

sleep apnea (breathing stops during sleep);

myasthenia gravis;

a history of depression, mental illness, or suicidal thoughts; or

a history of drug or alcohol addiction.

If you have any of these conditions, you may need a dose adjustment or special tests to safely take Ambien.

FDA pregnancy category C. This medication may be harmful to an unborn baby. Tell your doctor if you are pregnant or plan to become pregnant during treatment. This medication can pass into breast milk and may harm a nursing baby. Do not use this medication without telling your doctor if you are breast-feeding a baby.

The sedative effects of Ambien may be stronger in older adults. Accidental falls are common in elderly patients who take sedatives. Use caution to avoid falling or accidental injury while you are taking Ambien.

Do not give this medicine to anyone younger than 18 years of age.
It is dangerous to try and purchase Ambien on the Internet or from vendors outside of the United States. Medications distributed from Internet sales may contain dangerous ingredients, or may not be distributed by a licensed pharmacy. Samples of this medication purchased on the Internet have been found to contain haloperidol (Haldol), a potent antipsychotic drug with dangerous side effects. For more information, contact the U.S. Food and Drug Administration (FDA) or visit www.fda.gov/buyonlineguide.

What should I discuss with my healthcare provider before taking Ambien?

Ambien will make you fall asleep. Never take this medication during your normal waking hours, unless you have a full 7 to 8 hours to dedicate to sleeping.

Some people using this medicine have engaged in activity such as driving, eating, or making phone calls and later having no memory of the activity. If this happens to you, stop taking Ambien and talk with your doctor about another treatment for your sleep disorder.

Do not use this medication if you are allergic to zolpidem. Ambien tablets may contain lactose. Use caution if you are sensitive to lactose.

Before taking this medication, tell your doctor if you are allergic to any drugs, or if you have:

>kidney disease;
>liver disease;
>lung disease such as asthma, bronchitis, emphysema, or chronic obstructive pulmonary disease (COPD);

>sleep apnea (breathing stops during sleep);

>myasthenia gravis;

>a history of depression, mental illness, or suicidal thoughts; or

>a history of drug or alcohol addiction.

If you have any of these conditions, you may need a dose adjustment or special tests to safely take Ambien.

FDA pregnancy category C. This medication may be harmful to an unborn baby. Tell your doctor if you are pregnant or plan to become pregnant during treatment. This medication can pass into breast milk and may harm a nursing baby. Do not use this medication without telling your doctor if you are breast-feeding a baby.

The sedative effects of Ambien may be stronger in older adults. Accidental falls are common in elderly patients who take sedatives. Use caution to avoid falling or accidental injury while you are taking Ambien.

Do not give this medicine to anyone younger than 18 years of age.
It is dangerous to try and purchase Ambien on the Internet or from vendors outside of the United States. Medications distributed from Internet sales may contain dangerous ingredients, or may not be distributed by a licensed pharmacy. Samples of this medication purchased on the Internet have been found to contain haloperidol (Haldol), a potent antipsychotic drug with dangerous side effects. For more information, contact the U.S. Food and Drug Administration (FDA) or visit www.fda.gov/buyonlineguide.

How should I take Ambien?
Take Ambien exactly as it was prescribed for you. Do not take the medication in larger amounts, or take it for longer than recommended by your doctor. Follow the directions on your prescription label.

Ambien comes with patient instructions for safe and effective use. Follow these directions carefully. Ask your doctor or pharmacist if you have any questions.

Take Ambien only if you are able to get a full night's sleep before you must be active again. Never take this medication during your normal waking hours, unless you have a full 7 to 8 hours to dedicate to sleeping.

Take this medication with a full glass of water. Avoid taking Ambien CR with or just after a meal or it may take longer for you to fall asleep. Ambien is for short-term use only. Tell your doctor if your insomnia symptoms do not improve, or if they get worse after using this medication for 7 to 10 nights in a row. Do not take Ambien for longer than 4 or 5 weeks without your doctor's advice.

You may have withdrawal symptoms if you stop taking this medication after taking it over several days in a row. Do not stop taking this medication suddenly without first talking to your doctor. You may need to use less and less before you stop the medication completely.

Withdrawal symptoms include behavior changes, stomach pain, muscle cramps, nausea, vomiting, sweating, anxiety, panic, tremors, and seizure (convulsions). Insomnia symptoms may also return after you stop taking this medication. These symptoms may seem to be even worse than before you started taking the medication. Call your doctor if you still have worsened insomnia after the first few nights without taking Ambien.

Do not crush, chew, or break an extended-release tablet. Swallow the pill whole. It is specially made to release medicine slowly in the body. Breaking the pill would cause too much of the drug to be released at one time. Store this medication at room temperature away from moisture and heat.

What happens if I miss a dose?
Since Ambien is usually taken as needed, you may not be on a dosing schedule. Never take this medication if you do not have a full 7 to 8 hours to sleep before being active again. Do not take extra medicine to make up a missed dose.

What happens if I overdose?
Seek emergency medical attention if you think you have used too much of this medicine. An overdose of Ambien can be fatal when it is taken together with other medications that can cause drowsiness.
Symptoms of a Ambien overdose may include sleepiness, confusion, shallow breathing, feeling light-headed, fainting, or coma.

What should I avoid while taking Ambien?
Ambien can cause side effects that may impair your thinking or reactions. You may still feel sleepy the morning after taking the medication. Until you know how this medication will affect you during waking hours, be careful if you drive, operate machinery, pilot an airplane, or do anything that requires you to be awake and alert.

Avoid taking Ambien during travel, such as to sleep on an airplane. You may be awakened before the effects of the medication have worn off. Amnesia (forgetfulness) is more common if you do not get a full 7 to 8 hours of sleep after taking Ambien.

Do not drink alcohol while you are taking Ambien. It can increase some of the side effects of Ambien, including drowsiness.

Ambien side effects
Ambien may cause a severe allergic reaction. Stop taking Ambien and get emergency medical help if you have any of these signs of an allergic reaction: hives; difficulty breathing; swelling of your face, lips, tongue, or throat. Stop using Ambien and call your doctor at once if you have any of these serious side effects:

>depressed mood, thoughts of hurting yourself;

>unusual thoughts, risk-taking behavior, decreased inhibitions, no fear of danger;

>anxiety, aggression, feeling restless or agitated;

>hallucinations, confusion, loss of personality.

Less serious Ambien side effects may include:

>daytime drowsiness, dizziness, weakness, feeling "drugged" or light-headed;

>lack of coordination;

>amnesia, forgetfulness;

>vivid or abnormal dreams;

>nausea, constipation;

>stuffy nose, sore throat;

>headache, muscle pain; or

>blurred vision.

This is not a complete list of side effects and others may occur. Tell your doctor about any unusual or bothersome side effect.

What other drugs will affect Ambien?
You may need a lower dose of Ambien if you take other medicines that make you sleepy (such as cold medicine, pain medication, muscle relaxants, and medicine for depression or anxiety). Tell your doctor if you are currently taking any of these medications.

Before taking Ambien, tell your doctor about all other medications you use, especially:

chlorpromazine (Thorazine);

itraconazole (Sporanox), ketoconazole (Nizoral);

rifampin (Rifadin, Rimactane, Rifater);

antidepressants such as imipramine (Janimine, Tofranil) or sertraline (Zoloft); or

This list is not complete and there may be other drugs that can interact with Ambien. Tell your doctor about all the prescription and over-the-counter medications you use. This includes vitamins, minerals, herbal products, and drugs prescribed by other doctors. Do not start using a new medication without telling your doctor.

Where can I get more information?
Your pharmacist can provide more information about Ambien.
What does my medication look like?
Zolpidem is available with a prescription under the brand name Ambien. Other brand or generic formulations of this medication may also be available. Ask your pharmacist any questions you have about this medication, especially if it is new to you.

Ambien 5 mg - pink, capsule-shaped, film-coated tablets

Ambien 10 mg - white, capsule-shaped, film-coated tablets

Ambien CR 6.25 mg - pink round controlled release tablets

Remember, keep this and all other medicines out of the reach of children, never share your medicines with others, and use this medication only for the indication prescribed.
Every effort has been made to ensure that the information provided by Cerner Multum, Inc. ('Multum') is accurate, up-to-date, and complete, but no guarantee is made to that effect. Drug information contained herein may be time sensitive. Multum information has been compiled for use by healthcare practitioners and consumers in the United States and therefore Multum does not warrant that uses outside of the United States are appropriate, unless specifically indicated otherwise. Multum's drug information does not endorse drgs, diagnose patients or recommend therapy. Multum's drug information is an informational resource designed to assist licensed healthcare practitioners in caring for their patients and/or to serve consumers viewing this service as a supplement to, and not a substitute for, the expertise, skill, knowledge and judgment of healthcare practitioners. The absence of a warning for a given drug or drug combination in no way should be construed to indicate that the drug or drug combination is safe, effective or appropriate for any given patient. Multum does not assume any responsibility for any aspect of healthcare administered with the aid of information Multum provides. The information contained herein is not intended to cover all possible uses, directions, precautions, warnings, drug interactions, allergic reactions, or adverse effects. If you have questions about the drugs you are taking, check with your doctor, nurse or pharmacist.

Adderall

2009-05-01T18:41:00.000-07:00

Adderall is a central nervous system stimulant. It affects chemicals in the
brain and nerves that contribute to hyperactivity and impulse control.

Adderall is used to treat narcolepsy and attention deficit hyperactivity
disorder (ADHD).

Adderall may also be used for other purposes not listed
in this medication guide.

Important information about
Adderall
Do not take Adderall if you have used an MAO inhibitor
such as isocarboxazid (Marplan), tranylcypromine (Parnate), phenelzine (Nardil),
rasagiline (Azilect), or selegiline (Eldepryl, Emsam) within the past 14 days.
Serious, life-threatening side effects can occur if you take Adderall before the
MAO inhibitor has cleared from your body. Do not use this medication if you are
allergic to amphetamine and dextroamphetamine, or if you have hardened arteries
(arteriosclerosis), heart disease, moderate to severe high blood pressure
(hypertension), overactive thyroid, glaucoma, severe anxiety or agitation, or a
history of drug or alcohol addiction. Some stimulants have caused sudden death
in children and adolescents with serious heart problems or congenital heart
defects. Before taking Adderall, tell your doctor if you have any type of heart
problems.

Long-term use of this medicine can slow a child's growth. Tell
your doctor if the child using Adderall is not growing or gaining weight
properly.

Adderall is a drug of abuse and may be habit-forming. Keep
track of how many pills have been used from each new bottle of this medicine.
You should be aware if any person in the household is using this medicine
improperly or without a prescription. Using this medication improperly can cause
death or serious side effects on the heart.

Before taking
Adderall
Do not take Adderall if you have used an MAO inhibitor
such as isocarboxazid (Marplan), tranylcypromine (Parnate), phenelzine (Nardil),
rasagiline (Azilect), or selegiline (Eldepryl, Emsam) within the past 14 days.
Serious, life-threatening side effects can occur if you take Adderall before the
MAO inhibitor has cleared from your body.

Do not use Adderall if you are
allergic to amphetamine and dextroamphetamine or if you have:

>heart
disease or moderate to severe high blood pressure (hypertension);

>arteriosclerosis (hardening of the arteries);

>overactive
thyroid;

>glaucoma;

>severe anxiety, tension, or
agitation; or

>if you have a history of drug or alcohol addiction.

Some stimulants have caused sudden death in children and adolescents
with serious heart problems or congenital heart defects.

Before using
Adderall, tell your doctor if you are allergic to any drugs, or if you have:

>a congenital heart defect;

>high blood pressure;

>heart failure, heart rhythm disorder, or recent heart attack;

>a personal or family history of mental illness, psychotic disorder,
bipolar illness, depression, or suicide attempt;

>epilepsy or other
seizure disorder; or

>tics (muscle twitches) or Tourette's syndrome.

If you have any of these conditions, you may need a dose adjustment or
special tests to safely take Adderall.

FDA pregnancy category C. This
medication may be harmful to an unborn baby. It could also cause premature
birth, low birth weight, or withdrawal symptoms in a newborn if the mother takes
Adderall during pregnancy. Tell your doctor if you are pregnant or plan to
become pregnant during treatment. Amphetamine and dextroamphetamine can pass
into breast milk and may harm a nursing baby. Do not use Adderall without
telling your doctor if you are breast-feeding a baby.

Long-term use of
Adderall can slow a child's growth. Tell your doctor if the child using Adderall
is not growing or gaining weight properly.

How should I take
Adderall?
Take this medication exactly as it was prescribed for
you. Do not take the medication in larger amounts, or take it for longer than
recommended by your doctor. Follow the directions on your prescription label.

Your doctor may occasionally change your dose to make sure you get the
best results from Adderall.

Take this medication with a full glass of
water. Do not crush, chew, break, or open an Adderall extended-release capsule.
Swallow the pill whole. It is specially made to release medicine slowly in the
body. Breaking or opening the pill would cause too much of the drug to be
released at one time.

To be sure Adderall is helping your condition,
your doctor will need to see you on a regular basis. Do not miss any scheduled
visits to your doctor.

This medication can cause you to have unusual
results with certain medical tests. Tell any doctor who treats you that you are
using Adderall.

Store Adderall at room temperature away from moisture,
heat, and light. Adderall is a drug of abuse and may be habit-forming. Keep
track of how many pills have been used from each new bottle of this medicine.
You should be aware if any person in the household is using this medicine
improperly or without a prescription. Using Adderall improperly can cause death
or serious side effects on the heart.

What happens if I miss a
dose?
Take the missed dose as soon as you remember. If it is almost
time for your next dose, or if it is already evening, skip the missed dose and
take the medicine the next morning. Taking this medicine late in the day can
cause sleep problems. Do not take extra medicine to make up the missed dose.

What happens if I overdose?
Seek emergency medical
attention if you think you have used too much of this medicine. An overdose of
Adderall can be fatal.

Overdose symptoms may include restlessness,
tremor, muscle twitches, rapid breathing, confusion, hallucinations, panic,
aggressiveness, unexplained muscle pain or tenderness, muscle weakness, fever or
flu symptoms, and dark colored urine. These symptoms may be followed by
depression and tiredness. Other overdose symptoms include nausea, vomiting,
diarrhea, stomach pain, uneven heartbeats, feeling light-headed, fainting,
seizure (convulsions), or coma.

What should I avoid while taking
Adderall?
Adderall can cause side effects that may impair your
thinking or reactions. Be careful if you drive or do anything that requires you
to be awake and alert.

Do not take Adderall late in the day. A dose
taken too late in the day can cause sleep problems (insomnia).

Avoid
drinking fruit juices or taking vitamin C at the same time you take Adderall.
These can make your body absorb less of the medicine.

Adderall
side effects
Get emergency medical help if you have any of these
signs of an allergic reaction: hives; difficulty breathing; swelling of your
face, lips, tongue, or throat.

Stop using Adderall and call your doctor
at once if you have any of these serious side effects:

>fast,
pounding, or uneven heartbeats;

>feeling light-headed, fainting;

>increased blood pressure (severe headache, blurred vision, trouble
concentrating, chest pain, numbness, seizure); or

>tremor,
restlessness, hallucinations, unusual behavior, or motor tics (muscle twitches).

Less serious Adderall side effects may include:

>headache or
dizziness;

>sleep problems (insomnia);

>dry mouth or an
unpleasant taste in your mouth;

>diarrhea, constipation;

>loss of appetite, weight loss; or

>loss of interest in
sex, impotence, or difficulty having an orgasm.

This is not a complete
list of side effects and others may occur. Call your doctor for medical advice
about side effects. You may report side effects to FDA at 1-800-FDA-1088.

Before taking Adderall, tell your doctor if you are using any of the
following drugs:

What other drugs will affect Adderall?

Before taking Adderall, tell your doctor if you are using any of the
following drugs:

blood pressure medications;

a diuretic
(water pill);

cold or allergy medicines (antihistamines);

acetazolamide (Diamox);

chlorpromazine (Thorazine);

ethosuximide (Zarontin);

guanethidine (Ismelin);

haloperidol (Haldol);

lithium (Eskalith, Lithobid);

methenamine (Hiprex, Mandelamine, Urex);

phenytoin (Dilantin),
phenobarbital (Luminal, Solfoton);

propoxyphene (Darvon, Darvocet);

reserpine;

sodium bicarbonate (Alka-Seltzer); or

antidepressants such as amitriptyline (Elavil), amoxapine (Ascendin),
clomipramine (Anafranil), desipramine (Norpramin), imipramine (Tofranil), or
nortriptyline (Pamelor).

This list is not complete and there may be
other drugs that can interact with Adderall. Tell your doctor about all the
prescription and over-the-counter medications you use. This includes vitamins,
minerals, herbal products, and drugs prescribed by other doctors. Do not start
using a new medication without telling your doctor.

Where can I get more
information?
Your pharmacist can provide more information about Adderall.

Remember, keep this and all other medicines out of the reach of
children, never share your medicines with others, and use Adderall only for the
indication prescribed
Every effort has been made to ensure that the
information provided by Cerner Multum, Inc. ('Multum') is accurate, up-to-date,
and complete, but no guarantee is made to that effect. Drug information
contained herein may be time sensitive. Multum information has been compiled for
use by healthcare practitioners and consumers in the United States and therefore
Multum does not warrant that uses outside of the United States are appropriate,
unless specifically indicated otherwise. Multum's drug information does not
endorse drugs, diagnose patients or recommend therapy. Multum's drug information
is an informational resource designed to assist licensed healthcare
practitioners in caring for their patients and/or to serve consumers viewing
this service as a supplement to, and not a substitute for, the expertise, skill,
knowledge and judgment of healthcare practitioners. The absence of a warning for
a given drug or drug combination in no way should be construed to indicate that
the drug or drug combination is safe, effective or appropriate for any given
patient. Multum does not assume any responsibility for any aspect of healthcare
administered with the aid of information Multum provides. The information
contained herein is not intended to cover all possible uses, directions,
precautions, warnings, drug interactions, allergic reactions, or adverse
effects. If you have questions about the drugs you are taking, check with your
doctor, nurse or pharmacist.

Top Drug lists

2009-05-01T18:35:00.000-07:00

These are some of the top Drug list in Pharma divisions.

Adderall
Ambien
Amitriptyline
Amoxicillin
Ativan
Cephalexin
Clonidine
Cymbalta
Diazepam Flexeril
Gabapentin
Hydrochlorothiazide
Klonopin
Lexapro
Lipitor
Lisinopril
Lorazepam
Lyrica
Metformin Methadone
Methocarbamol
Metoprolol
Morphine
Neurontin
Naproxen
Norvasc
Oxycodone
OxyContin
Percocet Phentermine
Seroquel
Skelaxin
Soma
Tramadol
Trazodone
Valium
Vicodin
Xanax
Zoloft

2009-05-01T17:55:00.001-07:00

Pharmaceutical business view

2009-04-30T18:39:00.000-07:00

There are so many people running pharma division in India, largely they are exporting to foreign countries. There is heavy demand and supply for Pharma.
Everyone getting the money ease of any other business.

Just in simple manner some of them doing with the amount of Rs.50Lakhs, or else some may build up with Rs.10 crores according to their needs.

Without single penny of money, you can also earn.

Just you need to get touch with those marketing people requirement of medicines, according to marketing people needs, just we need to arrange from manufacturer for the commission basis.

So without money, you can earn.

Just you need to get the contacts.

For contacts also, we will assist you.

But please reply us, so that we can be able to assist you.

Regards,

Pharmascoil

SAP program to excel your carrear

2009-04-30T18:38:00.000-07:00

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2009-04-29T18:52:00.001-07:00

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U.S. Stocks Advance as DreamWorks, Time Warner Top Estimates

2009-04-29T10:28:00.001-07:00

By Jeff Kearns

April 29 (Bloomberg) -- U.S. stocks rose, driving the Standard & Poor’s 500 Index toward a three-month high, as companies beating profit forecasts outnumbered those that trailed by 10-to-1 and investors speculated bank losses peaked.

DreamWorks Animation SKG Inc. surged 24 percent and Time Warner Inc. added 3.5 percent after topping estimates, joining 19 other S&P 500 companies that exceeded projections today. Citigroup Inc. and Bank of America Corp. advanced more than 5.1 percent after Fox-Pitt Kelton Cochran Caronia Waller upgraded its rating on banks for the first time since 2004, saying non- performing assets will peak at the end of 2009.

The S&P 500 rose 2 percent to 871.85 at 12:49 p.m. in New York as all 10 industry groups gained after government data showed consumer spending increased the most in two years. The Dow Jones Industrial Average rallied 143.37 points, or 1.8 percent to 8,160.32. Stocks in Europe and Asia climbed.

“We had some decent earnings,” said David Heupel, who helps manage $60 billion at Thrivent Financial in Minneapolis. “As we get more of that, investors will get more comfortable with the concept of a bottom being put in on the economy.”

Consumer spending, which accounts for about 70 percent of the economy, climbed at a 2.2 percent annual pace last quarter, the Commerce Department said today. The report also showed that the economy contracted again in the first quarter. Gross domestic product dropped at a 6.1 percent annual pace, more than forecast, after contracting at a 6.3 percent rate in the last three months of 2008.

‘Shrek,’ ‘Madagascar’

DreamWorks climbed 24 percent to $23.60. The maker of “Shrek” movies reported first-quarter profit excluding some items of 68 cents a share, beating the average analyst estimate by 49 percent, on theatrical and home-video sales from “Madagascar: Escape 2 Africa.” Goldman Sachs Group Inc. boosted its rating on the shares to “buy” from “neutral.”

Time Warner reported first-quarter profit excluding some items of 45 cents a share, beating the average estimate in a Bloomberg survey by 5 cents. Shares of the media company climbed 3.5 percent to $22.52.

Bank of America, the country’s biggest lender by assets, gained 5.1 percent to $8.57. Citigroup, the third-largest, added 6.2 percent to $3.07. Fox-Pitt increased its rating on U.S. banks to “marketweight” from “underweight.” Financial stocks rallied 4 percent for the biggest gain among 10 industries in the S&P 500.

“The market is saying it’s a possibility that banks will earn money and those profits will build up their balance sheets,” said Robert Lutts, who oversees $400 million as chief investment officer at Cabot Money Management Inc. in Salem, Massachusetts. “Write-offs are coming to an end.”

Swine-Flu Concern

U.S. stocks dropped yesterday for a second day as concern banks need more capital and the swine-flue outbreak will thwart an economic recovery overshadowed a bigger-than-expected jump in consumer confidence. U.S. health officials today confirmed the country’s first swine flu death.

The S&P 500 has rallied 29 percent since March 9 as companies from American Express Co. to Ford Motor Co. posted better-than-estimated earnings and investors speculated U.S. Treasury Secretary Timothy Geithner’s plan to finance the purchase of as much as $1 trillion in illiquid assets from banks will help to pull the global economy out of a recession.

While 69 percent of the 248 companies in the S&P 500 that have reported results since April 7 beat analysts’ estimates, they posted a 31 percent drop in net profit on average, according to Bloomberg data. The first three months of 2009 are poised to mark the seventh straight quarter of falling profits, the longest stretch since at least the Great Depression.

Fed Rate Decision

The Federal Reserve Open Market Committee is scheduled to announce its interest-rate decision at 2:15 p.m.

E*Trade Financial Corp. tumbled 33 percent to $1.66, the steepest slide in the S&P 500. The fourth-largest online brokerage by client assets said it may sell shares to brace its balance sheet for further losses on bad loans. More stock may dilute the value of existing equity.

Goodyear Tire & Rubber Co. and Hess Corp. climbed after posting smaller-than-expected losses. Goodyear, the largest U.S. tiremaker, added 10 percent to $11.53 after saying it cut jobs and production. Hess, the fifth-biggest U.S. oil producer, gained 4.5 percent to $57.35.

Sources: Bloomberg

H-1B visa curbs to force more local hiring in US: TCS

2009-04-27T19:30:00.000-07:00

India's largest software exporter Tata Consultancy Services is brainstorming to figure a way out of the HIB visa trap and may be forced to raise the count of its overseas employees especially Americans.

If US legislators have their say, TCS chief financial officer S Mahalingam admitted in an exclusive chat with NDTV Profit that the company will be forced to hire more overseas employees if new bill is passed.

More overseas employees would mean more pressure on the bottomline of the IT companies who earn more than 60 per cent of their revenues from the US and are already bruised with clients demanding price cuts on contracts.

Thus, the very fundamental business model of cost arbitrage is challenged.

"There will be more changes in manpower strategy as well as changes in business model to counter H1B visa norms,” he said.

Indian IT companies are hoping the H1B visa legislation is softer in its final version not just the Indian companies even multinationals are hoping for the same as it will give them a cost control lever.

It is time for some serious lobbying for the Indian IT industry
while the US lawmakers debate the bill.

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2009-04-27T19:05:00.001-07:00

Warren Buffet Speech

2009-04-27T18:47:00.000-07:00

Legendary man speech about the share market and stock portfolio

Warren Buffet - Stock Market Leader of the world.

Weekly Technical Analysis

2009-04-15T00:55:00.000-07:00

Weekly Technical Analysis
13 Apr 2009
- By Vivek Patil, India's foremost expert in Elliot Wave Analysis

Top Stories of the Week
Sensex crosses 10470, in a 5th straight gaining week. Exports dip 18% in Mar'09.
India's IIP contracts 1.2% in Feb'09 against 9.5% growth last year.
Inflation drops to 30-year low at 0.26%
Bulk deposit rates crash following surplus liquidity.
Enthusiastic response seen for booking Tata's Nano.
Sensex up 34% from lows, watch for profit-booking after 5 weeks of gains
Recently I have been arguing that “Triple Combination from Jan’08 has most likely ended in 14 months at 8867 on 20th Mar’09 … A faster move above 10470 and thereafter above 10945, along with higher bottom higher top is, however, still awaited to confirm the end of the corrective … End of any bear phase usually sees complete retracement of an entire last pattern, and that too, in about less than 50% time of the pattern … A move above 10470 would achieve that requirement because the 3rd corrective had consumed 47 days, and we are close to confirmation of faster retracement in 17 days, which is indeed less than 50% time.”The 3-day truncated week saw Sensex sending additional confirmation by crossing 10470, also hitting a high at 10932 and closing 4.4% higher. Realty Index outperformed with a gain of nearly 14%. Small-Cap Index also did better, finishing as much as 10% higher. Stock-wise, Reliance Indl. Infra. proved a major gainer, up 158%, while Akruti City continued losing more, down 14% for the week.Last week’s higher close generated a consecutive 5th week of gain for the Sensex. Note that ever since Jan’2008, five had been maximum number of weekly gains. (The last such stretch was recorded from 18th Mar to 5th May’2008, within the move from 14677 to 17735). Going by this time observation, along with the fact that the Sensex is now testing its 6-month highs near 11K mark, we may adopt a cautious approach during the coming week if the Sensex fails to trade above last week’s high of 10932.Under these conditions, investors may have to go in for some kind of hedging on their investments.Trading above 10932, however, can maintain the positive bias for higher targets of 11200-400 on the Sensex.While faster move above 10470 has been achieved, we still wait for higher bottom higher top formation on the long term closing charts, for the final confirmation that the Triple Combination since Jan’2008 is over.Remember, as I said last time, once we have all these technical confirmations in place “even a catastrophic event may only result in a dip that creates a higher bottom, and would be an opportunity to buy, though at a higher level, perhaps at 50% or 61.8% correction level to the current rally.”Five weeks ago, based on the wave-structure for Dow, I had argued that “Dow will not break its recent lows for about a month. This had already prompted me to postpone the time zone for occurrence of catastrophe. The possibility of such an event is, however, not totally eliminated, as it is a matter of history, seen at the end of previous two bear cycles.”Earlier I assumed the end of Triple Combination since Jan’2008, finishing with a small Terminal at 8867 (20th Mar’09).With higher bottom still to be formed for confirmation, we may be into the next upward wave, “b” wave, which could correct the 14-month long Triple Combination by as much as 50%. This would target about 14500 over a period 1 year or more. Within this up wave, Index may stop at about 11000, and then at 12500, before 14500 is achieved. During the coming year, therefore, investors may take their calls accordingly. From hereon, the first indication of weakness needs creation of a DOWN day, where both high and low of a day is lower than the previous day. As can also be seen within the move from the most recent low of 8047, each segment of rally lasted for exactly five UP days on the Daily chart. In its latest segment of rally post- 9520, Sensex has now completed the 3rd stretch on 5 UP days. Will it then correct for couple of days from here ?We may, therefore, watch if the Index can trade above Thursday’s high of 10932, and breaks the low at 10655 in order to create a DOWN day as required to generate weakness. The initial guess, in such a case, would allow a 2-day kind of correction. However, correction lasting for more than two days can lead to a deeper cut testing about 10590 / 10200 or lower. As per 8-year cycle, we saw three bear phases unfolding during the life-time of the Sensex so far. These three phases are as follows :1. 1992 : Index dropped 57% from 4546 (Apr’92) to 1980 (Mar’93).2. 2000 : Index dropped 58% from 6150 (Feb’00) to 2595 (Sep’01).3. 2008 : Index dropped 63% from 21206 (Jan’08) to 7697 (Oct’08) [so far].A study of these three bear phases throws up an interesting list of similar parameters :1. Sensex lost about 60%.2. It took 13 to 16 months to achieve lowest point of the phase.3. There were 4 to 5 sell-offs.4. There was a particular group of stocks that performed at the tops, “Old Economy” during ‘1992, “New Economy” during ‘2000 and “Property” during ‘2008.5. Cycle heroes faced difficult times for 5-10 years. 6. Stock market Scam.7. Scam related to cycle performing sector, “old economy” during ‘1992, “new economy” during ‘2000 and “property” during ‘2008.8. The scam-tainted bull was taken to jail, Harshad, Ketan, Raju.9. The phase ended with a higher bottom higher top with faster retracement of the last falling segment.10. The lowest level of the phase was hit after a catastrophic event unfolded, “Bombay Bomb Blast”, “WTC collapse”, ????.Of this, the last parameter is still awaited to get unfolded. Students of Technical Analysis may note that “history repeats” is one of the three basic pillars of Technical Analysis.While wondering when such an event takes place, I had explained how to deal with the situation wherein bottom is made without the occurrence of a catastrophic event. I had argued that, “we may, look for higher bottom higher top formation with faster retracement of the last falling segment to make any judgment against the history.”As per the parameters for the 8-year cycle, Sensex has a habit of moving closer to the bottom after 4 to 5 sell offs. The 5th sell-off remained limited to 8047 due to high public readiness to take benefit out of it, and absence of catastrophic event required to push it lower.Earlier I showed that the bear phase since Jan’2008 was a Triple Combination. I had said, “Triple Combination can occur only as the largest leg of a Triangle (or Terminal). Therefore, the fall from ‘Jan highs is likely to be the “a” or first leg of the larger Triangle.”A Triangle always has exactly five legs, to be marked as a-b-c-d-e. Once “a” of Triangle is over, configuring as a Triple Combination, “b” leg should move higher to about 50% of “a” leg. Of the four retracing legs of a Triangle, 3 out of 4 should retrace at least 50% of their respective previous legs. On confirmation, as explained above, the current up-move will be labeled as the “b” leg of such Triangle.Since “a” leg would have consumed about 14-15 months since Jan’08, the entire Triangle, consisting of five legs, could consume 5 years.The suspected 5-year Triangle would be 2nd wave within 5th. This 5th wave could be forming as a Terminal. Terminal confirms if the Sensex drops below the 2-4 line on one higher degree. One may see the last chart of this Report (Yearly chart), which shows the 2-4 line and its value. Remember, Terminal development usually violates the 2-4 line.From the channel perspective, the upper limits for any bear market rally were shown to be closer to the Purple lines shown on the Weekly chart below. Note that the latest highs have broken above the middle channel line.The Index is now testing the upper channel at about 11200 for the coming week, where we may watch for resistance, if any.Earlier I also argued that Previous bear markets (as per 8-year cycle), during 1992-93 and later during 2000-03, had seen 4 to 5 sell-offs. Smart investors may please note this fact, and may risk their capital in a staggered manner until our bullish confirmations, like faster retracement of falling segment or higher top higher bottom formation, are in place.The yearly channel, which I used earlier to project 20000 level for Sensex during ‘2007, was broken when the Sensex moved below 17200. Break of this long-term channel weighed in favor of the larger bear phase as per 8-year cycle, and Index lost 62% from highs. The 8-Year Cycle and its implicationsThe Sensex is assumed to be under a larger 8-year cycle ever since its birth. As shown on the chart below, '1984 was the beginning of 8-year long bull-run till '1992. In my Super-Cycle Degree count, shown on ASA Long-Term chart under a separate paragraph, I have, in fact, taken ‘1984 as the beginning point for the most dynamic 3rd wave. The next two important turning points occurred exactly 8 years thereafter, in '1992 and '2000. Both these turning points were marked by stock market scams, because of which the leaders of the rally had extremely difficult time later. For example, ACC, the leading stock of '1992 bull market, remained below its highs till end of '2004. Similarly, the IT stocks, which were leaders of '2000 rally, lost as much as 90% of their top valuations by the year '2003, and most are below their top levels even today.Last year, we were sitting on this very important cycle, which therefore, threw up similar possibilities. Remember, every 8 years, market does see a deep cut in valuations. In the previous 8-year cycle top during ‘1992-93, Sensex lost 56% from 4546 to 1980. In the next cycle top, the cut was almost 58% from 6150 in ‘2000 to 2594 in ‘2001. Time-wise, ‘1992 cycle completed the bear phase in 12-16 months, while the ‘2000 cycle took 19 months only to hit the low, which was then followed by 19 months of base formation before bull phase could begin again.I had, accordingly, targeted sub-10k levels for Sensex price-wise, and a minimum of 13 months into bear phase time-wise. Though the price targets have been achieved, the time targets are yet to be achieved. Remember, in technical analysis, both time and price forecasts must be achieved. Long-term investors should, therefore, wait till then. As long as Sensex keeps on making lower highs, the bear phase continues.Besides price \ time damage, I have been mentioning scam as a usual occurrence after 8-year cycle top. In the current cycle, this may have, or will unfold further in the Global financial markets. The size of the figures will, therefore, be much larger than the earlier ones, and so will be the number of people involved in it. Furthermore, the history shows that the bull always goes to jail. (Raju did).Another parameter that leads to the actual lowest value of the bear cycle is the catastrophic event. Such event would be a terrible disaster or accident, especially the one that leads to a great loss of life. The last two cycles had seen terrorist activities, serial blast in Mumbai during ‘1993 and WTC tower collapse during ‘2001. These events happen suddenly, without any warning, and their catastrophic proportions are not known even while they are happening. During ‘1993, one blast would have been normal, but 13 serially proved catastrophic. During ‘2001, 1st hit could have been an accident, but two in succession was catastrophic.These events led to such desperation that the lows created thereafter were never ever broken again, Sensex low of 1980 during ‘1993 and 2584 during ‘2001.Ironically, therefore, such events did, and will provide the best of the investment opportunity to an investor, who is able to take it when it comes. If so, we could be on watch, from now till whenever it occurs. With recent accounting scam from Satyam, one more parameter of bear market has unfolded as was argued for. The last remaining parameter would the catastrophic event, which we are waiting for. At 7700, having seen the required 62% cut from high of 21206.
Alternative scenarios for SensexAs far as larger wave scenario is concerned, I have been explaining two alternatives : The first one assumes that a large Triple Combination corrective, beginning Sep'1994 got over in Oct'2005 at 7656. The last corrective within this Complex Corrective phase formed as a "Non-Limiting" Running Triangle, the breakout from which has already happened. This has been my preferred scenario for many years. (Remember, Non-limiting Triangles, as the name suggests, do not impose any limit on the post-pattern behavior).This scenario also combines well with the traditional channeling technique. Sensex followed a parallel channel for 11 long years from Apr'1992 to May'2003. As I had shown, if one projects the width of this channel on upper side, such a projection also gave 20000 as the “minimum” target. The forecast was achieved. As per the alternative bearish scenario, a Diametric had been developing into Sensex' 5th leg of impulse. In this alternative, the 4th wave ended at May'2003 low near 2904. The 5th leg, being a non-extended wave of the Impulse, should not have gone much beyond 61.8% ratio to the 3rd, which projected a maximum of 13300. In this argument, the 5th wave was assumed to be the "non-extended" leg within the 3rd which began at 259 in Nov'1984 as shown below. (in an Impulse pattern, only one directional leg can be the extended leg.) As per this wave-structure, the 3rd (of the 3rd) was shown to be the extended leg, which achieved exactly 261.8% ratio to the 1st on log scale. The 2nd was exactly 61.8% of 1st value-wise, and 161.8% time-wise. The 4th was 38.2% of 3rd value-wise, and 261.8% time-wise, as shown below. There are good ratios present within different waves, as explained on the chart, to support this scenario. However, the Sensex sustaining well above 13300 thereafter, may lead to a "Double Extension" scenario by this alternative, wherein both 3rd as well as 5th would be extended waves. The development into 5th wave was read as a "Diametric" formation, as marked above. It was explained that the well-channeled Complex Corrective legs, with a subsequent correction of less than 61.8%, led to the suspicion of a "Diametric" formation. (Remember, channeled moves indicate complex correctives, which should normally get retraced more than 61.8%, except within a new pattern called "Diametric"). Diametric formation has 7 legs, marked as a-b-c-d-e-f-g. It is called "Diametric" because it combines two Triangular patterns, one initially contracting up to the "d" leg, followed by an Expanding one, thereafter. The contraction point is the "d" leg, and the legs on either sides of it tend to be equal. Accordingly, "c" and "e" were equal in "log scale", both showing about 60% gains. Similarly, "g" would be equal to "a", both showing about 115% gain. This Diametric could be taken as the 1st of the 5th (5th, which, due to its corrective structure on one lower degree, could be developing as a Terminal wave). This 1st leg Diametric appears to have ended at 'Jan'08, and we may be looking at the 2nd wave, which, due to its violent beginning, could be forming as a Triangle..
The "Double Extension" scenario was also shown on ASA Adjusted Long-term Index chart. I've created this chart combining Index figures compiled by a British advisor (from '1938 to '1945), RBI Index figures ('1945 to '1969), F.E Index ('1969 to '1980) and Sensex (thereafter till date). The chart shows the Super-Cycle-Degree count that I had been presenting since many years ago. The labeling shows that the market is into the 5th of the SC-degree 3rd wave. This 5th leg (within SC degree 3rd) may have begun either from 2904 (May'2003) or from 7656 (Oct'05). If a "Double Extension" unfolds, Sensex could be projected to achieve even 50000+. Break of 2-4 line, however, would confirm the Terminal development inside the 5th, and would therefore, restrict the upsides to much lower levels, though higher than 21206.

Sources: ICICI Direct.

Satyam employees rejoice Tech Mahindra buy

2009-04-13T09:27:00.000-07:00

While everyone was jockeying to buy Satyam, 48,000 employees were left guessing, but with Tech Mahindra emerging the winner, employees at Satyam are breathing a sigh of relief.
According to Sujit, a Satyam employee: "Finally the uncertainties are gone and the air is clear now. We are really happy."
Some employees say that they have even been getting messages from their Tech Mahindra counterparts. "We have been getting messages saying welcome aboard," said Vikram, another Satyam employee.
One cannot miss the visibly happy and relieved faces of Satyamites in Hyderabad. While Cognizant and L&T were favorites among Satyam employees but they hope that similar synergies and business projects with Tech Mahindra will ensure that there are no job losses.
The Satyam boards meanwhile is not sticking their neck out on protecting jobs. They have left it to the new owners to decide.
Employees say they stood by the company in its worse times and they only hope things get better going forward. The big question on their minds now is whether the new owners will retain the brand ‘Satyam’.

Sources: Ndtv

Bank keeps interest rates at 0.5%

2009-04-09T09:38:00.000-07:00

The Bank of England has kept interest rates on hold at 0.5%, in a widely expected move following a number of rate cuts in recent months.
Rates remain at an all-time low after six cuts since October last year, when interest rates stood at 5%.
The Bank is also continuing with quantitative easing, or creating money to help boost lending. It has so far injected £26.4bn into the system.
The Bank and the government are trying to ease the economy out of recession.
New policies
As well as keeping rates on hold, the Bank's Monetary Policy Committee also voted to continue with "the programme, announced on 5 March, of asset purchases totalling £75bn financed by the issuance of central bank reserves".

With rates already so low, the Bank has been forced to look at other policies to boost the economy.
This is why it introduced quantitative easing - buying assets such as government and corporate bonds to increase the supply of money in the economy, in the hope that banks will eventually find it easier to lend to companies and individuals.
John Cridland, CBI deputy director general, said: "It is too early to judge quite how quickly this will begin to affect the broader economy.
"But the first tentative signs of the impact on gilt yields, corporate spreads and commercial paper issue have been encouraging."
Savers versus borrowers
That may soon begin to flow through to businesses and homeowners, according to Michael Coogan from the Council for Mortgage Lenders.

"There are a number of institutions who are going to make significant commitments to lend money to both to businesses and for home ownership," he told BBC News.
"But what we have also got is a market where there is a large number of lenders who are not as active, such as building societies and specialist lenders."
While low rates are good news for some mortgage holders, they are not so welcome for savers, who have seen the returns paid on their deposits slashed.
"Whilst savers will be pleased that rates have not been cut any further, this will do nothing to help those who have seen the income they earn on their savings diminish sharply in recent months," said Adrian Coles, director-general of the Building Societies Association.
He added: "Leaving Bank Rate on hold allows the impact on the wider economy of the recent rate cuts and the decision to start quantitative easing to be assessed. It will take some time before the effectiveness of these policies becomes more clear."
Producer prices ease
The latest interest rate decision came shortly after economic data showed exporters were benefiting from a weaker pound.
UK's goods trade gap with countries outside the European Union narrowed by more than expected to £3.964bn in February from £5.631bn the month before.
Exports were up 12.8% and imports were down 5.4%, as the weak pound made UK goods cheaper abroad.

Sources: BBC and Bank of England

Satyam Computer buyers wary about price tag

2009-04-09T09:15:00.000-07:00

Bangalore: Fraud-hit Satyam Computer Services' search for a white knight could end on Monday, but bidders face an uphill task to put a price tag on the Indian company due to uncertainty about its finances and liabilities. The government-appointed board meets on Monday to receive bids from suitors.
On the same day, it could announce a buyer of a 51 per cent stake in the outsourcing company that had to scramble to raise funding to meet short-term needs this year.
Three months ago, Satyam's founder and chairman shocked investors by saying profits had been overstated for years, and putting in doubt the survival of the company once ranked as India's fourth largest outsourcing firm.
The government quickly stepped in and sacked the board as it sought to limit damage from India's biggest corporate scandal.
Satyam's board met in Mumbai on Thursday, in a move analysts said could be to finalise the procedures for Monday.
Chairman Kiran Karnik told Reuters the due diligence by suitors of Satyam was still going on. Indian engineering conglomerate Larsen & Toubro, which has a small software services unit, mid-sized outsourcer Tech Mahindra and US private equity firm WL Ross & Co are among the suitors.
Larsen & Toubro, which has built up a stake of about 12 per cent in Satyam, is seen by many analysts as a front-runner.
"For now, our advice could be skewed to a price lower than the current market price, but at the end of the day we want to win. So there can be some room left to go higher," said an investment banker, who did not want to be named as he was not authorised to speak to the media. Indian media have reported IT services provider Cognizant Technology Solutions has joined the race.
A spokesman for the US company declined to comment to Reuters on market speculation. New York-listed Satyam's market value has plunged to around $600 million from $7 billion in May.
The stock ended at Rs 47.15 (90 US cents) on Thursday, down more than 90 per cent from its last year's high of Rs 544.
Analysts said Satyam looks attractive due to its long list of marquee clients and due to the plunge in market value. However, they are unsure how to value the company due to uncertainty about its accounts and legal liabilities arising from the lawsuits filed in the United States by its shareholders.
Indian media has reported more than 40 clients of Satyam have left the company since the revelation of the $1 billion-plus fraud, but Satyam has declined comment.
No intensive bidding
Tarun Sisodia, head of research at Anand Rathi Financial Services in Mumbai, did not expect bids to top 60 rupees a share. "I don't think the bidding will be intensive. If anything, the market would be disappointed by the outcome of the bidding," he said. "Bidders will be extremely cautious in going overboard given the lack of information."
In October, Satyam had said it had around 53,000 employees and more than 600 clients including General Electric, Cisco Systems, and Qantas Airways.
Investment banking sources with knowledge of the proceedings said bids would be finalised only after due diligence was completed.
The inspection by bidders is being done through access to data containing "certain non-public information", and Satyam's management will provide an overview of operations and strategy.
Forrester said in a report last week while the sale would allay fears about Satyam's survival, clients would still face uncertainty about the acquired outsourcer's direction, service offerings and client relationship.
"Another uncertainty is the risk that the deal falls apart and Satyam goes back to square one," Sudin Apte, country head of the market research firm, wrote in the report.
On Tuesday, India's federal crime bureau filed charges against nine people including Satyam's founder, former chief financial offer, former managing director and two former external auditers.
All of them are being held in jail. Satyam has not reported earnings since reporting July-September in October as its accounts are being restated.

sources: ibn

India may see 7% rise in pay: Hay Group

2009-04-06T18:57:00.000-07:00

India is likely to witness a moderate salary increase of 7.25 per cent this year after registering years of double-digit growth as recession is affecting the pay, benefit and job prospects for employees, global human resource consultancy firm Hay Group has said.
"Overall, the picture for India has deteriorated...Now, with large numbers of organisations freezing pay, and predictions overall of median pay inflation of around 7.25 per cent after years of double-digit growth, there is evidence that organisations are having to tighten their belts," Hay Group said in a report.
The report further said "the biggest concern for Indian companies is still the attraction and retention of talent as opposed to managing downsizing."
This means that Indian organisations would continue to invest in competitive salaries for high performing and high potential employees, but will also need to get more creative in developing a work culture and leadership style that enables them to become employers of choice without having to resort to the check-book, Hay Group said.
Fast-growth economies with high wage inflation – such as India and China, which have seen double-digit wage growth for some years –- are now predicting salary increases of less than half of 2007 levels.
In India and China, the firms that are freezing pay are more likely to be local operations of multinational companies.
However, if the freeze continues for another year, then companies owned by foreign firms in India and China will see a significant weakening of their market positioning compared with state-owned enterprises and indigenous companies.
Regarding the public sector companies in India, Hay Group said "pay in the public sector remains relatively modest, even after these changes (even after implementing pay reviews), but increases of this magnitude will clearly skew Indian pay market data for some time to come."
Across the globe, salary freezes have become very common with employees in 36 per cent of companies facing salary freezes and 27 per cent of organisations are decreasing their staffing levels, the survey said adding that "many organisations which a year ago were having trouble filling vacancies are now having to resort to job cuts."
The survey, which covered 2,000 organisations from 88 countries across six continents, said "executive pay is likely to rise even less than that of their employees – and in practice many executives will receive significantly less than in previous years, as bonus pay-outs drop and the value of share-based payments is hit by stock market falls."

(NDTV sources)

Nokia plan to cut jobs to reduce cost

2009-03-17T18:31:00.000-07:00

Nokia, the worlds largest maker of phones, on tuesday said that they are going to cut 1700 jobs, approximately 3% of its work force, as demand continues to sag.

700 workers in espoo, finland might be laid off and the rest will be in asia, europe & north america. The layoffs are to take place in Nokia's devices and market divisions, which produce, market phones and in a unit responsible for long time corporate strategy.

It is the biggest job cut, since the economic slowdown of last year. They plan to reduce operating expenses aproximately 700 million euros, by the end 2010. That comes around 11% (approx) of their expenses.

Nokia announced the austerity measures on Jan. 22 as the company revealed plans to freeze salaries, hiring and nonessential travel and to offer severance packages to as many as 1,000 employees.

In another cost-cutting move, the company stopped designing phones for the Japanese market.

FILM

2009-03-17T18:23:00.000-07:00

Cast:
Neil Nitin Mukesh, Mugdha Godse

Director:
Madhur Bhandarkar
Banner:
Percept Picture Company

madhur bhandarkar direction film to be released soon.

pooja done for the starting work of the film.

Bill Discounting

2008-11-07T18:02:00.000-08:00

Business activities across borders are done through letter of credit. Letter of credit is an instrument issued in the favor of the seller by the buyer bank assuring that payment will be made after certain timer frame depending upon the terms and conditions agreed, it could be either at sight, 30 days from the Bill of Lading or 120 days from the date of bill of lading. Now when the seller receives the letter of credit through bank, seller prepares documents and presents the same to the bank.

The most important element in the same is the bill of exchange which is used to negotiate a letter of credit. Seller discounts that bill of exchange with the bank and gets money. Discounting bill terminology is used for this purpose. Now it is seller’s bank responsibility to send documents and bill of exchange to buyer’s bank for onward forwarding to the buyer for the acceptance and the buyer finally, accepts bill of exchange drawn by the seller on buyer’s bank because he has opened that LC. Buyers bank than get that signed bill of exchange from the buyer as guarantee and release payment to the sellers bank and waits for the time span will buyer will pay the bank against that bill of exchange.

Restructuring to unlock value for all shareholders: Vedanta

2008-09-09T10:01:00.000-07:00

Vedanta Resources will create three commodity focus groups. The company will demerge alumina, energy business of Sterlite Industries. The company has announced USD 9.8 billion aluminium capex programme and aims to raise aluminium smelting capacity by 2.6 million tonnes per annum by 2012.

Vedanta will also transfer 79.4% stake in Konkola Copper Mines to Sterlite, he added. Sterlite shareholders will get seven shares of Malco for four shares held in Sterlite. On the other hand, Malco shareholders will get one Sterlite share for every 51 held. The scheme will be effective from April 1 2009, he said.

Anil Agarwal, Chairman said that Asarco buy will be closed by year-end. He said, "We are looking to invest Rs 115,000 crore for which we have already invested Rs 40,000 crore. We have Rs 30,000 crore in cash and we are going to invest Rs 75,000 crore further in three years’ time. We will have 1 million tonne of copper, 1 million tonne of zinc and 26 lakh tonne of aluminium. We have also kept a provision to acquire Asarco for USD 2.6 billion.”

Tarun Jain, CFO, Vedanta Resources has said that some part of Bharat Aluminium Company Limited (BALCO) option has been considered by valuers and there are no plans for raising equity in Sterlite Aluminium

Lotus India AMC does not expect mkt rally to last long

2008-09-08T10:47:00.000-07:00

Ajay Bagga, CEO, Lotus India AMC, said the underlying economics or fundamentals are still quite rocky. “I don’t expect this rally to last too long. It is a relief rally globally, and could take us higher. The fundamentals need to be worked out and that will take time. The credit and liquidity contraction that is happening can’t be whished away and that will take time to go away.”

Sanjeev Agarwal, Head-Equity, Globe Capital Markets, said this market is working as per technical levels. "We may see little sideways action in coming weeks before the markets actually forms newer lows. We will retain our bearish stance unless the market crosses 4,650. Currently, the market is seeing a bounceback from 3,800. So, one leg down is still left. In the last 10-15 days, there has been a lot of selling by FIIs. After a strong lull, we are seeing renewed vigour coming into selling. The markets are completely in favour of a bearish set up. Right now, one should be very careful about any longs. Safer players may look at buying puts and the more adventurous ones can go for selling Nifty shorts."

Lenovo launches ThinkPad for SMBs in India

2008-09-06T02:12:00.001-07:00

Leading computer manufacturer Lenovo today (September 5) launched a new series of notebook computers from its ThinkPad stable for Small and Medium Business (SMBs). The series includes three new notebooks -- ThinkPad SL 300, SL 400 and SL 500, along with unique software tools and new levels of service and support.

"The SMB segment is one of the fastest growing segments in India and we want to cash in on the opportunity with the ThinkPad SL series. The launch of ThinkPad is an integral part of Lenovo's overall strategy of getting closer to customers in India," Lenovo India Managing Director Amar Babu told reporters.

The notebook also features WiFi, ethernet and optional Bluetooth technologies, Speakers, microphones and an optional webcam, which provide excellent support for internet voice and video conferencing. A study reveals that Indian SMBs spent USD 6.6 billion on information technology in 2007-08, which is around 30 per cent of the total amount spend on IT in India. The SMB PC market is worth 3-million units.

Subbarao takes charge as RBI governor

2008-09-06T02:12:00.000-07:00

D Subbarao on Friday (Sept 5) took charge as the governor of Reserve Bank of India (RBI) from Y V Reddy and set for himself the immediate task of containing inflation, which is hovering above the 12 per cent mark despite moderation in the past two weeks.

"The immediate priority for me as the Governor of RBI will be to manage inflation and anchor inflationary expectations," Subbarao said.

He said the priority in short-to-medium term will be to pursue financial sector reforms in the context of financial and price stability.

Inflation eased to 12.34 per cent during the week ended August 23 due to fall in food prices from 12.40 per cent a week earlier.

However, the RBI yesterday indicated that there will be no softening of its hawkish monetary stance to contain inflation as volatile food and energy prices remain a challenge.

"It is critical at the prevailing juncture to demonstrate on a continuing basis a determination to act decisively, effectively and swiftly to curb any signs of adverse developments in regard to inflation expectations," the RBI had said in its report on Currency and Finance.

The RBI has been tightening money supply to contain inflation. It raised short-term lending rate Repo five times and the mandatory requirement for banks to keep cash with the central bank 13 times since January 2007.

Subbarao, who relinquished the post of Finance Secretary, also appreciated the role of Reddy as his predecessor. Reddy had earlier this week said that he will settle down in Hyderabad and may take up the job of teaching.

PM: Inflation a major concern

2008-09-06T02:11:00.000-07:00

Prime Minister Manmohan Singh today (September 5) said rising prices have emerged as a major concern for the government and stepping up productivity is the only way to ensure that economic growth is not inflationary.

Government has taken several measures to moderate rising prices and at the same time tried to ensure that inflation control measures did not hurt the growth momentum in the last four years, Singh said after laying the foundation stone for the Rs 1,750-crore expansion and modernisation of the Salem Steel Plant.

"In the Eleventh Five Year Plan period, we expect the economy to grow at around nine per cent. To ensure that growth process is not inflationary, we must step up productivity and increase output," Singh said.

In order to ensure non-inflationary growth, the country must step production in all sectors, he said, adding that India still has a long way to go in creating infrastructure for modernising the country. Congress President and UPA Chairperson Sonia Gandhi, along with several central ministers, was also present on the occasion.

Lauding the role of public sector Steel Authority of India Limited (SAIL) in the country's economic growth, Gandhi said the PSUs would continue to occupy a crucial position in areas like steel, power, gas and telecommunication. The UPA government is committed to empower the PSUs, she added.

Inflation & IIP Numbers going to be out Today

2008-07-10T18:56:00.000-07:00

Today is a crucial friday, where both Inflation & IIP numbers going to be out.
Where markets can trumble due to large pressure in Inflation & IIP numbers,

"Monsoon situation seems to be as the meteorological dept has predicted. The IMD has forecast normal monsoon. As of now the expectation of the monsoon has been encouraging," said Rakesh Mohan, Deputy Governor, RBI.

IIP numbers can fall to 6.5 & Inflation expected to 11.7%

Thus markets face heavy resistance in near market.

Inflation is troublesome worries which give large amount of resistance in IIP numbers to sustain previous levels..

Thus its been trouble for coming weeks...

Federal Reserve leaves key rate unchanged at 2%

2008-06-25T19:15:00.000-07:00

The Federal Reserve, navigating treacherous economic waters, decided to leave a key interest rate unchanged, bringing an end to a string of consecutive rate cuts aimed at keeping the country out of a deep recession.
The central bank announced that it was keeping the federal funds rate, the interest rate that banks charge each
other, at 2 per cent, marking the first time in 10 months that the central bank has failed to reduce interest rates at one of its regular meetings.
The Fed is confronted with the twin perils of a possible recession and rising inflation pressures, stemming from this year's surge in oil and food prices.
In a brief statement explaining the decision, Fed Chairman Ben Bernanke and his colleagues cited both the threats to growth and rising inflation pressures as problems confronting the economy at the moment.
The statement said that the downside risks to growth "appear to have diminished somewhat" while adding that "the
upside risks to inflation and inflation expectations have increased."
The Fed action was approved on a 9-1 vote with Richard Fisher, president of the Fed's regional bank in Dallas casting a dissenting vote. Fisher preferred an immediate increase in interest rates to fight inflation.

NDTV REPORT SAYS RBI hikes key rates by 50 bps; loans may become dearer

2008-06-24T18:18:00.000-07:00

Challenged by unrelenting inflationary pressures, Reserve Bank on Tuesday announced stringent measures of hiking mandatory cash reserve of the banks and its short-term lending rate to them to suck up an estimated Rs 20,000 crore.
According to analysts the move could make loans dearer for housing, car and personal expenses as also to the industry.
Announcement of hiking cash reserve ratio by 50 basis points and the short-term lending (repo) rate by a similar margin comes close on the heels of RBI Governor Y V Reddy discussing with Prime Minister Manmohan Singh and Finance Minister P Chidambaram the prevailing inflation scenario.Reflecting the Finance Ministry's view that monetary policy would be the first line of defence against inflation that has surged to a 13-year high of 11.05 per cent, the RBI after intense consultation today pronounced the new measures, part of which would be effected in installments.Inflationary pressures
In a precursor to raising the CRR from 8.25 per cent to 8.75 per cent in two installments beginning July 5 and the repo rate from 8.0 per cent to 8.5 per cent with immediate effect, Reddy had said on Monday that the apex bank would do every thing to ease the inflationary pressures.Expressing concern over rising inflation, RBI said, "Besides oil prices there are some underlying inflationary pressures impacting inflation in India."The Reserve Bank said the move is "somewhat painful" but timely contraction of money supply has to be viewed in the context of new reality of high and volatile energy prices, which is not a temporary phenomenon any longer.India's growth momentum
Justifying the move, the central bank said, "It is important to ensure that generalised instability does not develop and erodes the hard earned gains in terms of both outcomes and positive sentiments on India's growth momentum."
RBI's decision will have an impact on interest rates on various loans as is evident from bankers' reactions. Commenting on the impact of RBI's step, PNB Chairman K C Chakrabarty said prime lending rate could go up by 50 basis points. "All the loans linked to PLR like consumer loans, home loans, personal loans are bound to go up. At the same time, deposit rates would also be increased."HDFC Managing Director Keki Mistry said," if the cost of funding goes up, we will pass on costs to our borrowers." However, IBA Chairman MBN Rao said banks would wait for sometime before increasing home loans.Quantum of rate increase by banks
According to United Bank CMD P K Gupta, banks may have to go in for a hike in interest rates even before the monetary policy, scheduled for next month. However, the quantum of increase will be decided after assessing the situation and the need of the individual bank.
UCO Bank CMD S K Goel said it does not mean increase in rates across the board. "We can adjust our short-term loans by half a per cent."
According to Indian Bank Chairman M S Sundara Rajan, "We have to look at the PLR next. The bank is likely to take a decision on first week of July. Accordingly, deposit rates would also be hiked."Industry chambers fear RBI's step may also harm India's economic growth, particularly manufacturing sector. Ficci said the move would affect the manufacturing sector, which is already facing slackening due to high interest rates. This would also affect overall rate of growth of the economy.
Assocham President Sachin Jindal said despite India Inc asking RBI not to raise the repo and CRR, the apex bank has done it, giving adequate hints interest rates would increase.
Measures seem to have been taken to contain pressures on inflation but India has no option but live with it, he said.Announcing the decision, RBI said, "At this juncture, the overriding priority for monetary policy is to eschew any further intensification of inflationary pressures and to firmly anchor inflation expectations."Managing aggregate demand
RBI further said moderating and managing aggregate demand is a critical element of this approach, so that pressures on prices are not intensified.
The central bank also pointed out that fiscal pressures are emerging due to the possibility of enhanced subsidies on account of food, fertiliser and fuel oil as well as for financing deferred liabilities relating to farm loan waivers.
These have implications for additional pressures on aggregate demand and potential spillover in external sector.
RBI had earlier raised short-term lending rate by 25 basis points to 8 per cent on June 11. This is the second move to tighten money supply ahead of RBI's quarterly review of the monetary policy, scheduled for July 29.

CRR - REPO HIKED BY RBI DUE TO CONTROL INFLATION

2008-06-24T18:07:00.000-07:00

RBI moves strongly to fight against rising inflation. It has hiked the Cash Reserve Ratio, or CRR, which is the portion of deposits that banks need to keep as cash with the central bank, by a steep 50 basis points.
This hike will take effect in two stages. First, a 25 basis point hike on July 5, and another 25 basis point hike on July 19. By July 19, CRR will stand at 8.75%.
It has also hiked the repo rate by 50 basis points, which will be effective immediately.
The central bank said there has been a turnaround in production of durables. "Consumption demand seems to be reviving."

The rise in non-oil imports reflects domestic demand pressure, it said. "Aggregate demand pressures are strongly in evidence. The priority now is to eschew the build-up in inflation pressures."

Advance tax figures signal India Inc is in good health

2008-06-23T09:36:00.000-07:00

After a string of bad news on the economic front starting with spiraling fuel prices to a double digit rate of inflation, finally there seems to be something for the Finance Minister P Chidambaram to cheer about.
The advance tax payments for the first quarter of 2008-09 are up 27 per cent to Rs 20,700 crore in spite of interest rate pressure.
The banking sector is doing well with ICICI Bank paying in Rs 340 crore and SBI's advance tax increasing 31.8 per cent to Rs 663 crore.
With crude prices reaching for the sky, the upstream oil companies are cashing in with ONGC paying the highest advance tax at Rs 1342 crore and GAIL paying Rs 335 crore.
But all is not well in India Inc just as ONGC is raking in the moolah those who depend on coal and oil are a worried lot.
"No doubt that high oil prices will hit the growth. It is hard to ascertain how much but some sectors will be hit harder," said Prasad Menon, MD, Tata Power.
The metal and mining companies have also put up a good show like Tata Steel which has benefited from a price hike at Corus paying Rs 356 crore in taxes and the National Mineral Development Corporation posting a figure of Rs 400 crore.
But with the Sensex losing over 10 per cent this quarter, the market watchers say the going will get tougher.
All eyes are now focused on the quarterly earnings season, which will send out a clearer signal on the health of corporate India.

Inflation to dent hiring prospects in India

2008-06-23T05:40:00.000-07:00

Surging inflation is expected to dent the hiring prospects in India, the country rated as the most optimistic nation for employment globally, industry experts say.
"Due to rising inflation there would be negative impact on financial sector, manufacturing sector and the overall job market," global staffing services firm Manpower India Managing Director Naresh Malhan said.
Moreover, any hike in salaries would not be that much beneficial for employees as the increase would largely be eroded by the rising prices of commonly used items, experts say.
"The country is projected to witness an average increase in salary bills of around 12-13 per cent," global HR services firm HayGroup's Practice Leader Mark Thompson said, adding "if inflation is taken into account, this still represents quite a reduction in the cost of labour in real terms compared to last year."
The wholesale price-based inflation spurted to 11.05 per cent for the week ended June 7. Inflation has risen rapidly by 441 basis points since January 2008.
Manpower in its latest employment outlook survey had rated India as the most optimistic nation for hiring in the world.
Thompson added "high oil prices are here to stay, there will be a big impact on economic growth throughout the world at least until we can adjust to the new regime and adapt to using less oil-based products."
Industry experts believe high crude oil prices and rising inflation levels would reduce growth rates in the country and therefore would lead to less hiring than would otherwise be the case.
The continuous rise in inflation has forced the banks to increase interest rates which analyst feel could further add to cost factor. Most of the banks have the prime lending rates pegged at around 13 per cent.
After peaking at $139.89 per barrel level, oil prices at the New York Mercantile Exchange eased somewhat and were hovering around $134 a barrel.
The global economic slowdown had also a negative impact on hiring prospects. But experts term it as a lesser evil when compared with crude oil prices and inflation.
Though the US is a significant trading partner of India, much of the growth in the country comes from the home market, and this will continue to grow. Furthermore, during recession, the field of business process outsourcing, will be a more compelling for US companies to reduce their costs by exporting work to the sub continent.
Hence, concerns regarding US recession might not be all that bad for India, as economists hold the view that any slowdown in the US economy would reduce India's growth by no more than 1 per cent.

Nifty ends below 4300; CG, power, realty, midcaps worst hit

2008-06-23T05:35:00.001-07:00

Markets remained under black clouds; Sensex, Nifty and rate sensitive sectors' indices got beaten down severely. Bears have attacked on capital goods, metal, power, realty, auto, and select oil, pharma and banking stocks. Midcap and small cap stocks were real culprits of the day, which worsened markets breadth in today's session.
Markets had opened sharply lower and witnessed heavy selling pressure since then. In the afternoon session, it shown major recovery of 350 points in Sensex and 100 points in Nifty, but could not able to sustain that for long and again slipped into deep red.
Fall in US markets on Friday was one of the reasons. There is a possibility of rate hike by RBI following higher inflation numbers of 11.05% touched in last week; especially CRR and repo rate. Banks are also likely to raise lending rates. Experts believe that economic growth may see some slowdown and expect rate hike of 50 bps in CRR and 25 bps in repo rate. They also expect that companies may witneses some margin pressure in near term due to risen commodities prices and inflation likely to remain around 11% for few weeks.
The Sensex has recovered nearly 130 points from day's low of 14,163.45 and closed at 14,293.32, down 277.97 points or 1.91%. The Nifty has broken another psychological mark and slipped below 4300 level. It has recovered nearly 41 points from day's low of 4225.50 and ended at 4266.40, down 81.15 points or 1.87%.
Amongst frontliners, Jaiprakash Associates was down -7.95%, Hindalco -7.83%, Unitech -7.20%, Tata Communication -6.80%, L&T -6.53% and Maruti Suzuki -5.43% while ONGC jumped 2.36%, HDFC 1.42%, Wipro 1.14%, Infosys 1.09% and HCL Tech 1.60%.
Today is the day of midcaps and small cap stocks, due to which markets breadth remained very weak through the day. About 512 shares have advanced while 2334 shares declined. Nearly 281 shares remained unchanged. Midcap Index lost 3.60% or 217.20 points to settle at 5,815.23. Small Cap Index plunged 3.53% or 261.36 points at 7,136.30.
Amongst midcap stocks, SREI Infra, UB Holdings, Prakash Ind, Akruti City, HEG, Anant Raj Ind, Sobha Developer, Alstom Projects, Wockhardt, National Fert and Essar Shipping fell over 8%.
In the small cap segment, Apar Ind, Kolte-Patil, Arihant Found, HTMT Global Sol, C and C Const, Welspun India, Lok Housing, Swaraj Mazda, Panchmahal Stee, McDowell Holdg, Sunil HitechEng and English Ind Cla have plunged over 9%.
Capital Goods Index fell 5.29% or 602.78 points at 10,797.01 led by selling in Alstom Projects, Walchandnagar, Greaves Cotton, Punj Lloyd, L&T and BHEL.
Metal stocks like Hindalco, Hind Zinc, NALCO, Jindal Steel, SAIL, Sterlite Ind and Tata Steel have lost shine. Index slid by 671.73 points or 4.62% at 13,856.33.
Power Index slipped 101.86 points or 4.01% at 2,437.98 due to selling in Reliance Power, Suzlon Energy, GVK Power, Tata Power, GMR Infra, Reliance Infra and Torrent Power.
Real estate stocks have tumbled like a pack of card, which includes Akruti City, Anant Raj Ind, Sobha Developers, Unitech, HDIL, Omaxe and DLF. Index fell 195.89 points or 3.64% at 5,187.92.
Pharma Index lost 105.16 points or 2.43% at 4,220.24 on the back of selling in Wockhardt, Ranbaxy Labs, Matrix Labs, Aurobindo Pharma, Pfizer, Sun Pharma and Dr Reddy's Labs.
Bankex also got hammered a lot, crashed by 174.20 points or 2.56% at 6,630.58. Selling pressure has seen in Bank of India, IOB, Allahabad Bank, Bank of Baroda, Kotak Mahindra, Union Bank, SBI, PNB and ICICI Bank.
Oil & Gas Index fell 2.63% or 247.79 points at 9,172.10 due to selling in Essar Oil, Reliance Ind, Petronet LNG, IOC, HPCL and GAIL. Reliance Industries was the main dragger, slipped below Rs 2000 and hit a low of 1,984.05. The stock lost 3.55% or Rs 74.4 to close at 2,022.20. However, ONGC, Cairn India and BPCL were gainers.
FMCG stocks like United Breweries, Dabur India, United Spirits, Godrej Consumer, Britannia and ITC have ended in red. Index plunged 1.41% at 2,202.65.
However, only BSE IT Index gained 0.68% to end at 4,233.42 due to buying in HCL Tech, Wipro, Patni Computer, Infosys, Satyam and Tech Mahindra.
Total turnover traded by the markets stood at Rs 83165.66 crore. This includes Rs 11229.27 crore from NSE Cash segment, Rs 66917.33 crore from NSE F&O and the balance Rs 5019.06 crore from BSE cash segment.
Most active counters on the bourses were Reliance Industries, L&T, Ranbaxy Labs, Bharti Airtel and Reliance Petroleum.
On the global front, Asian markets ended in negative terrain following weak US cues. Nikkei was down -0.6%, Shanghai Composite -2.5%, Hang Seng -0.13%, Kospi -0.89%, Straits Times -0.75% and Taiwan Weighted -0.33%. European markets were trading marginally in green, at the time of writing market report. FTSE 100 was up 0.53%, CAC 0.3% and DAX 0.4%.
Markets Snapshot Markets slide on back of weak global cues from US market, rising crude prices Nifty closes below 4,300 for 1st time since Aug 24, '07 Sensex ends down 278 pts at 14293.3; recovers nearly 130 pts from days low Nifty ends down 81 pts at 4266.4; recovers nearly 40 pts from days low Nifty takes support at 4225; faces resistance at 4320 during the day Sell-off witnessed in broader marets; CNX Midcap Index down 4%, BSE Small-cap Index down 3.5% RIL ends down down 3.5% at 2025.7; slips below 2000 during the day Cap Goods under pressure; index down 5.3%; L&T down 6.5%, ABB down 4%, BHEL down 3.2% Index losers; HIndalco down 8%, Unitech down 7.2%, Tata Comm down 6.8%, Suzlon down 6.5% Index gainers; ONGC, HDFC up nearly 2%, HCL Tech up 1.5%, Wipro, Infy, Satyam up nearly 1% Losers; GHCL down 10%, BOI down 9.3%, Rel Cap down 9%, Ibulls Fin down 8%, JP Associates down 7.5% NSE Advanve Decline at 1:10 Total market turnover at Rs 83165 cr Vs Rs 85088 cr on Friday F&O turnover at Rs 66917 cr Vs Rs 58533 cr on Friday

Nifty ends below 4300; CG, power, realty, midcaps worst hit

2008-06-23T05:35:00.000-07:00

Inflation today shot up to a 13-year high of 11.05%

2008-06-20T00:57:00.000-07:00

Inflation today shot up to a 13-year high of 11.05 per cent fuelled by rise in prices of petrol, diesel and cooking gas. The rise in petrol, diesel and cooking gas prices announced by the government on June 4 put the pressure on price line pushing the inflation by week ending June 7, up from 8.75 per cent in the preceding week.On a week-to-week basis, petrol prices were up by 11 per cent, while aviation fuel were up 14 per cent. The cooking gas prices were up by 20% and high speed diesel by 10 per cent.Markets TankWithin minutes of the release of the government data, sensitive BSE index of stock markets tanked about 350 points, reflecting the nervousness of the investors about the efficacy of the measures being taken by the Finance Ministry and the Reserve Bank of India.The bankers are now expecting a tightening of monetary policies in the wake of higher inflation numbers. Axis Bank expects further monetary tightening, while UCO Bank sees RBI taking stern measures to cool prices. Some bankers also expect the RBI to act before its before its scheduled July meet on monetary policy. BNP Paribas expects a CRR hike even before the central bank’s July meet. Industry players in the interest-sensitive sectors are also alarmed at the sharp spike in inflation numbers, as the RBI may hike interest rates to cool prices. Leading automaker Maruti described the current situation as “out of control”. Real estate player Omaxe sees growth hit due to higher lending rates.Besides fuel prices, rise in prices of food products particularly edible oil and manufactured goods added to the pressure on price line and woes of the government.But analysts say that the inflation could moderate on a fall in food prices, led by a good monsoon. The inflation could cool to 6-6.5% by year end, Kotak Securities told NDTV. However, it warned that the government may raise fuel prices if global crude remains high.The inflation numbers in our country come in with a lag of around two weeks. The June 5 hike in fuel prices majorly accounted for the sharp rise in inflation numbers as the fuel prices were reflected in the figures for the first time since they were raised.

ARCELOR - MITTAL

2008-06-15T19:14:00.000-07:00

Aditya Mittal, CFO and Member of the Group’s management board, ArcelorMittal said the company is looking for acquisitions in steel and mining. Mittal added that the India plant is on track and will begin operations in 2012. Mittal added that ArcelorMittal is not looking for acquisitions in North Asia.
He is disappointed with the progress on the ONGC JV. According to him, “Steel prices have stabilized and the upmove will depend on demand. Industrial demand has not slowed down and growth continues to be strong. The focus is on organic growth.”

RCOM - MTN DEAL

2008-06-15T19:11:00.000-07:00

MTN officials some of them are coming to India, to solve the issue of Reliance.
They want to confirm before the acquistion of RCOM,

They are coming here to rectify it & also the process of their acqusition with RCOM.

LAKSHMI NIWAS MITTAL

2008-06-15T18:10:00.000-07:00

Born: June 15, 1950

Achievement: World's largest steel maker and the third richest man in the world.

Lakshmi Mittal has become something of a cult figure in the global steel industry. His company Mittal Steel is the largest steel maker in the world. After the recent merger between Mittal Steel and Arcelor which raged a big debate throughout the Europe, Laxmi Mittal current controls 10% of the total steel production and the combined entity that has come into force post-merger is three times the size of its nearest competitors.
Lakshmi Niwas Mittal was born on June 15, 1950 at Sadulpur, in Churu district of Rajasthan, in a poor family. The extended family of 20 lived on bare concrete floors, slept on rope beds and cooked on an open fire in the brickyard in a house built by his grandfather. Laxmi Mittal belongs to Marwari Aggarwal caste and his grandfather worked for the Tarachand Ghanshyam Das firm, one of the leading Marwari industrial firms of pre-independence India.
The family later on moved to Kolkata where his father Mohan Mittal became a partner in a steel company. Lakshmi Mittal graduated from St. Xaviers in Kolkata with a commerce degree in 1969. He began his career working in the family's steelmaking business in India and in 1976, Lakshmi Mittal founded Mittal Steel Company. He split from his father and two younger brothers in 1994 and took the international arm, with interests in Indonesia and Trinidad and Tobago, while the rest of the family kept the domestic Indian business. In the last few years Mittal Steel has made a number of acquisitions, buying up a network of steel producers in former communist countries including Kazakhstan, Romania and Ukraine, and pushing into the U.S. in 2004 with the $4.5 billion purchase of International Steel Group. Today, Mittal Steel is the only truly global steel producer in the world with operations on 14 countries, spanning 4 continents.
Lakshmi Mittal is also known for his opulence. In 2003, he acquired the Kensington mansion, said to be the world's most expensive home, from Formula One racing's Bernie Ecclestone for £70 million ($128 million). His daughter Vanisha's $50 million wedding bash is touted as the most expensive wedding of the 20th century.
In March 2006, Lakshmi Mittal was listed as the third wealthiest person in the world after Bill Gates and Warren Buffet by Forbes Magazine.

ANIL D. AMBANI

2008-06-14T18:02:00.000-07:00

Anil Ambani:

Born: 4th June 1959

Achievement:

He is the Chairman for ADAG(Anil Dhirubhai Ambani Group) and also chosen as the 'CEO of the Year 2004' in the Platts Global Energy Awards and MTV Youth Icon of the Year' in September 2003

Before splitting of Reliaance group, Anil Ambani held the post of Vice Chairman & M.D. of RIL.

He did bachelors of science from the Mumbai University & MBA, The Wharton School at the University of Pennsylvania.

Anil Ambani joined Reliance in 1983 as Co-Chief Executive Officer. He pioneered India Inc's forays into overseas capital markets with international public offerings of global depository receipts, convertibles and bonds. Starting from 1991, he led Reliance in its efforts to raise, around US$2 billion from overseas financial markets. In January 1997, the 100-year Yankee bond issue was launched under his stewardship

After Reliance group split into Mukesh & Anil Ambani, Anil become the Chairman for all listed Group companies of ADAG, which includes Reliance Communications, Reliance Capital, Reliance Energy, Reliance Natural Resources Limited & Reliance Power.

Anil Ambai was elected as an independent member Rajya Sabha MP in June 2004. But he resigned voluntarily on March 25, 2006.

Anil Ambani has won several awards and honours. Major among these include: 'CEO of the Year 2004' in the Platts Global Energy Awards, 'MTV Youth Icon of the Year' in September 2003, 'The Entrepreneur of the Decade Award' by the Bombay Management Association, and 'Businessman of the Year Award' by leading Business Magazine, Business India in 1997.

Mukesh D. Ambani

2008-06-13T18:22:00.000-07:00

Mukesh D. Ambani- Chairman & Managing Director

Shri Mukesh D. Ambani is a Chemical Engineer from the University of Bombay and pursued MBA from Stanford University, USA. He is the son of Shri Dhirubhai H. Ambani, Founder Chairman of the Company. Shri Ambani joined Reliance in 1981 and initiated Reliance’s backward integration from textiles into polyester fibres and further into petrochemicals, petroleum refining and oil and gas exploration and production. In this process, he directed the creation of several new world-class manufacturing facilities involving diverse technologies that have raised Reliance’s petrochemicals manufacturing capacities from less than a million tonnes to about twenty million tonnes per year.
Shri Ambani directed and led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India, with a current capacity of 660,000 barrels per day (33 million tonnes per year) integrated with petrochemicals, power generation, port and related infrastructure.
Shri Ambani had set up one of the largest and most complex information and communications technology initiative in the world in the form of Reliance Infocomm Limited (now Reliance Communications Limited).
Shri Ambani is also steering Reliance’s initiatives in a world scale, offshore, deep water oil and gas exploration and production program, setting up of a second petroleum refinery at Jamnagar, development of infrastructure facilities and implementation of a pan-India organized retail network spanning multiple formats and supply chain infrastructure.

Shri Ambani’s accolades include:

* Bestowed the US-India Business Council (USIBC) ‘Global Vision’ 2007 Award for Leadership in 2007.
* Invited to be a member of the World Business Council for Sustainable Development (WBCSD). He is the only Indian CEO to be a Council Member of WBCSD.
* Conferred ‘ET Business Leader of the Year’ Award by The Economic Times (India) in the year 2006.
* Conferred the Degree Honoris Causa, Honorary Doctorate by the Maharaja Sayajirao University in 2007.
* Conferred the India Business Leadership Award by CNBC-TV18 in 2007.
* Received the first NDTV-Profit ‘Global Indian Leader Award’ from Hon’ble Prime Minister of India, Shri Manmohan Singh in New Delhi in the year 2006.
* Had the distinction and honour of being the cochair at the World Economic Forum in Davos, Switzerland.
* Ranked 42nd among the ‘World’s Most Respected Business Leaders’ and second among the four Indian CEOs featured in a survey conducted by Pricewaterhouse Coopers and published in Financial Times, London, in November, 2004.
* Conferred the World Communication Award for the ‘Most Influential Person’ in Telecommunications by Total Telecom, in October, 2004.
* Conferred the ‘Asia Society Leadership Award’ by the Asia Society, Washington D.C., USA, in May, 2004.
Shri Ambani is a member of the Prime Minister’s Council on Trade and Industry, Government of India and the Board of Governors of the National Council of Applied Economic Research, New Delhi. He is a member of the Indo-US CEOs Forum, the International Advisory Board of Citigroup, International Advisory Board of the National Board of Kuwait and McKinsey Advisory Council.
He is the Chairman, Board of Governors of the Indian Institute of Management, Bangalore and a member of the Advisory Council of the Indian Institute of Technology, Mumbai. He is also a member of the Advisory Council for the Graduate School of Business of the Stanford University.
Shri Ambani is the Chairman of Reliance Petroleum Limited and Reliance Retail Limited and a Director of Reliance Europe Limited, and Pratham India Education Initiative.

INFLATION - 8.75%

2008-06-13T17:52:00.000-07:00

Inflation for the week-ended May 31 is at 8.75% versus 8.24%.

Inflation for the week-ended April 5 has been revised to 7.71% versus 7.14% earlier. The Wholesale Price Index, or WPI, for all commodities is up 0.6% at 231.1. The WPI for manufactured products is up 0.7% while that of primary articles is up 0.9%.

Inflation is at seven year high, which might reach double digit in next few weeks.

Most of the analyst suggest CRR hike is the possible way to curb inflation.

So most of the analyst expects CRR hike might be the next step for RBI to curb inflation.

Petrol price hike also tends to increase inflation for the next data of inflation on June 20th 2008.
So in near term CRR hike will erode inflation.

Most of them suggest within September it might comes to nearby 6%

Inflation is 8.75% for may 31st 2008:

The WPI for manufactured products was up by 0.7 per cent, while for primary articles it was up by 0.9 per cent.

RCOM - RIL

2008-06-13T17:40:00.000-07:00

Reliance Industries has objected to the proposed deal of Reliance Communications (RCOM) with South Africa-based MTN.

RIL says it has the first right of refusal on any deal involving Reliance Communications.

Reliance Communications officials said the objection of Reliance will not delay talks with MTN. They added that Reliance's objections are legally and factually untenable.

ADAG group says that RIL move is anti-consumer, anti-investor & also its against the principle of Dhirubhai, Father of them.

Tax consultant Vinay Singh said family agreements are legally enforceable.

ADAG spokesperson said, "RIL's claim is legally and factually untenable, baseless and misconceived."

Asserting that RCOM's negotiations with MTN group for amalgamation were going well and that Mukesh group's "mala fide" attempt would not derail the process, the spokesperson said that ADAG has received this evening from MTN the communication made by RIL, which he dubbed as "an attempt borne out of mounting despair and frustration.

Wipro forays into semiconductor business

2008-06-12T19:10:00.000-07:00

IT major Wipro is entering the semiconductor territory, which is largely uncharted especially for a player from its sector.
Sudip Nandy, head of telecom and engineering business wants to carve out a new play for Wipro as a manufacturer.
From television to set top boxes, the company will have it all in its kitty.
It is executing a pilot set-top box project that has been prototyped in North America, part assembled in Netherlands and Japan, manufactured in Korea and being sold in Africa.
The project is a pilot of 200 - 500 set top boxes to start with before it can be scaled up and it has forged partnership with local Korean manufacturers for the same. The projects will be on revenue share model, which means Wipro makes more money if the product sales more and vice versa.
Wipro clearly has big ambitions in semiconductors space. It has now pulled out of its much touted Motorola Joint venture as well and wants to develop mobile equipments on its own.
Sudip Nandy however has a tough job up his sleeves, given the semiconductor space is dominated largely by player like Intel and back home there are 200 chip companies offering niche services. The big daddies like Reliance is also gearing up for this space and Nandy says it is the end to end capability of Wipro from software to products, that will give it the competitive edge.

Lehman - Quarterly Loss tends to replace their COO & CFO.

2008-06-12T18:56:00.000-07:00

Lehman appoints there new COO & CFO after they reports loss of $3billion quarterly loss.

Existing chief financial officer, Erin Callan, and Existing chief operating officer, Joseph Gregory; replaced by Herbert "Bart" McDade will take over as president and COO and Ian Lowitt will succeed Callan in the CFO position.

RELIANCE INDUSTRIES LTD - AGM

2008-06-12T18:40:00.000-07:00

Mr. Mukesh Ambani, Chairman & MD of RIL states that refinery in Jamnagar & gas production starts later this year & also he said that they will commence it before what they planned.

“Reliance is creating history. Two major deepwater fields are poised to come on stream with a combined capacity of about 5,50,000 barrels of oil equivalent per day. This is about 40% of India's current indigenous production. At current prices of crude oil of 135 dollars per barrel, they imply a saving of Rs 114000 cr in energy imports by India," said Mukesh Ambani, CMD, Reliance Industries.

Mukesh Ambani states that high crude prices is due to high speculation driven in the global market and he states Reliance Industries hasn't gained from it.

"Our performance stems from integrated nature of our operations. Integration is at the core of our evolution and growth. In addition, gas sales which commence this year with be at a price equivalent of $25.2 per barrel as compared to current market price of $135 per barrel of crude oil,” he added.

Reliance want to build the partnership with global companies for synergies and also to grow bigger in retail business..

“We are growing through partnerships with select world-class players like Marks & Spencer, Pearle and Vornado.These are partnerships that we have announced so far. In a larger context, Reliance Retail has forged partnerships that extend over a wider landscape, one that includes our customers and stakeholders,” he stated.

He also said that the export which have grown at 49% compunded over last 5 yrs. He said that they are pursuing greenfield investment & also acquistion in polyester business.
The new refinery at Jamnagar will add nine lakh tonne per annum to polypropylene capacity, he added.

He also said thet they will remain committed to long-term potential of petroleum retail business and leverage retail opportunity via majority stake in Gulf Africa Petro. There are also eight new discoveries across four offshore basins during the year, he added.

Index of Industrial Production

2008-06-12T18:31:00.000-07:00

April IIP data comes out at 7% vs 11.3% YoY. March IIP revises to 3.9% vs 3% earlier.
April Manufacturing growth came at 7.5% vs 12.4% YoY.
IIP data which is postive sign on numbers but it doesn't seems growth is moving up.

The demand for resources like coal and minerals surged and the sector grew by 8.6 per cent. Consumer goods also grew as Indian bought more television sets and household goods.

BUSINESS TYCOONS

Sensex Down For 8th Day; RBI Moves Seen

The BSE Sensex slid for the eighth straight session, the longest losing spell in at least two-and-a-half years, closing 0.4 per cent lower on Wednesday

Continued Vigilance Needed On Al Qaeda Money

Credit Unions Seek to Lift Small Biz Lending Cap

JAGNote by The Wall Street Journal

Statements From L.A. Mayor Villaraigosa and Council President Garcetti on Ratification of Pension and Healthcare Agreement by a Majority of Coalition

Statements From L.A. Mayor Villaraigosa and Council President Garcetti on Ratification of Pension and Healthcare Agreement by a Majority of Coalition Employees

The Next Hurdle For Indian IT

Ratan Tata reveals why he did not get married

Cost cutting: Obama to tax rich Americans

Kotak MF launches 370 Days FMP

Proud to be an Indian - Business legends

India's economic boom creates 55 billionaires!

Warren Buffett in India - Proud to be an Indian

Products For Sale

Micro Wave reaches your way

Tamil Nadu farmers advised to sell potato upon harvest

Millionare in 16

Peter Drucker

Quotes which are famous - peale

ICICI

Indian Share Market

General Motors

Business mistakes and Errors

Napoleon Hill - The Master Of Success

Henry Ford

RATAN TATA

Lakshmi Niwas Mittal

Bill Gates

Warren Buffet

Ambien

Adderall

Top Drug lists

Advertisement

Pharmaceutical business view

SAP program to excel your carrear

Earn Money in home

U.S. Stocks Advance as DreamWorks, Time Warner Top Estimates

H-1B visa curbs to force more local hiring in US: TCS

Adwork

Warren Buffet Speech

Weekly Technical Analysis

Satyam employees rejoice Tech Mahindra buy

Bank keeps interest rates at 0.5%

Satyam Computer buyers wary about price tag

India may see 7% rise in pay: Hay Group

Nokia plan to cut jobs to reduce cost

FILM

Bill Discounting

Restructuring to unlock value for all shareholders: Vedanta

Lotus India AMC does not expect mkt rally to last long

Lenovo launches ThinkPad for SMBs in India

Subbarao takes charge as RBI governor

PM: Inflation a major concern

Inflation & IIP Numbers going to be out Today

Federal Reserve leaves key rate unchanged at 2%

NDTV REPORT SAYS RBI hikes key rates by 50 bps; loans may become dearer

CRR - REPO HIKED BY RBI DUE TO CONTROL INFLATION

Advance tax figures signal India Inc is in good health

Inflation to dent hiring prospects in India

Nifty ends below 4300; CG, power, realty, midcaps worst hit

Nifty ends below 4300; CG, power, realty, midcaps worst hit

Inflation today shot up to a 13-year high of 11.05%

ARCELOR - MITTAL

RCOM - MTN DEAL

LAKSHMI NIWAS MITTAL

ANIL D. AMBANI

Mukesh D. Ambani

INFLATION - 8.75%

RCOM - RIL

Wipro forays into semiconductor business

Lehman - Quarterly Loss tends to replace their COO & CFO.

RELIANCE INDUSTRIES LTD - AGM

Index of Industrial Production