Call for more India nuclear tests |
Govt to consider fresh SEZ proposals on Sep 30
Satyam was India Inc's biggest fraud, it won't be the last!Washington has $9-trillion deficit staring in the face.Credit flow to MSMEs to double in five years, says PM
Troubled galaxy Destroyed Dreams, chapter 354
Palash Biswas
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Satyam was India Inc's biggest fraud, it won't be the last - 15 hours ago In its turn, the Serious Fraud Investigating Office (SFIO) of the Ministry of Company Affairs (MCA) got the mandate to investigate the Satyam case on ...Economic Times - 2 related articles »Early warning to prevent Satyam repeat: Khurshid - Business Standard - 32 related articles »Centre yet to assess magnitude of Satyam fraud - Economic Times - 3 related articles »Satyam fraud: Full text of Raju's letter to board
7 Jan 2009 ... Satyam fraud: Full text of Raju's letter to board .... Mr.Raju has bought disregard to entire IT Faternity and Satyam should be banned from ...
www.financialexpress.com/news/satyam-fraud.../407799/ - Cached - Similar -Satyam Scam - Ramalinga Raju's Satyam Fraud
The six-member Satyam Computer Services board is on a war-footing to find a strategic investor to buy out the fraud hit Indian software outsourcer, ...
satyamscam.in/ - Cached - Similar -The Hindu Business Line : Satyam fraud: More than accounting ...
12 Jan 2009 ... Satyam fraud: More than accounting skullduggery. Raghuvir Srinivasan. Is the Satyam scandal just about a promoter manipulating the financial ...
www.thehindubusinessline.com/.../2009011250310800.htm - Cached - Similar -Satyam fraud a blow to Indian capitalism - Money Matters ...
8 Jan 2009 ... Satyam fraud a blow to Indian capitalism, After years of vastly inflating profits, it turns out Satyam isn?ta rapid-growth bellwether of ...
www.livemint.com/.../Satyam-fraud-a-blow-to-Indian.html - Cached - Similar -The Hindu : Front Page : CID probe ordered into Satyam fraud
8 Jan 2009 ... Satyam chief admits to fraud, quits · Fraud investigation office to look into case · Ajmal is Pakistani, admits Islamabad after media report ...
www.thehindu.com/2009/01/08/.../2009010855740100.htm - Cached - Similar -Satyam fraud: Full text of Raju's letter to board - Express India
7 Jan 2009 ... Fraud by karan on 07 Jan 2009. Raju (B Ramalinga Raju) adds a new achievment in his life ...after creating a company like satyam the 4th ...
www.expressindia.com/latest.../Satyam-fraud...of.../407799/ - Cached - Similar -'Satyam fraud: Not a one man show' - Express India
9 Jan 2009 ... Satyam fraud has thrown open the question as to how safe the public money are in the hands of private corporate entities and even in Govt ...
www.expressindia.com/latest.../Satyam-fraud-Not.../408664/ - Cached - Similar -Nine Charged in Hyderabad in Satyam Fraud - BusinessWeek
7 Apr 2009 ... As elections loom, Price Waterhouse auditors, former chairman Raju, and others are accused of falsifying accounts and other crimes.
www.businessweek.com/globalbiz/.../gb2009047_927710.htm - Cached - Similar -SFIO submits Satyam fraud report to govt, say sources - India ...
NEW DELHI: The Serious Fraud Investigation Office is believed to have completed the investigation of the Satyam-fraud case and submitted its report to the ...
timesofindia.indiatimes.com/...Satyam-fraud.../4396926.cms - Cached - Similar -CBI probes hawala racket in Satyam fraud: Rediff Business News ...
CBI sources said involvement of hawala operators had surfaced during its probe in Satyam fraud since a lot of money was siphoned off from the company and ...
business.rediff.com/.../satyam-fraud-cbi-probes-hawala-racket.htm - Cached - Similar -
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SFIO to visit Satyam office to enquire into fund siphoningEconomic Times - Aug 26, 2009 The SFIO team, sources said, will be meeting officials of the Central Bureau of Investigation (CBI) which is also probing the Satyam fraud. ... Satyam was India Inc's biggest fraud, it won't be the lastEconomic Times - 15 hours ago In its turn, the Serious Fraud Investigating Office (SFIO) of the Ministry of Company Affairs (MCA) got the mandate to investigate the Satyam case on ... SFIO to Check Books of 350 Firms to Track Satyam Funds India Journal 'Satyam scam has scared small investors off stock markets'Economic Times - Aug 22, 2009 That is why it (Satyam fraud) happened." Elaborating, he said: "There are people who are directors of 15 companies. How can you be an independent director ... Centre yet to assess magnitude of Satyam fraudEconomic Times - Aug 21, 2009 HYDERABAD: The Centre is yet to assess the magnitude of the fraud at Satyam Computer Services and find concrete proof of fund diversion by its founder B ... Report awaited on Satyam-Maytas linkTimes of India - Aug 21, 2009 He, however, said investigations in the multi-crore Satyam fraud were almost over and only the ED and IRS report was awaited to conclude them. ... Early warning to prevent Satyam repeat: Khurshid Business Standard Investigations into Satyam fraud almost over: Khurshid Press Trust of India 'No major complaints from Satyam staff ' Daily News & Analysis Leading stockbroker under scannerBusiness Standard - Aug 23, 2009 The Satyam fraud, running into around Rs 7800-crore, came to light in January this year after Raju disclosed that he had falsified profits for years and ... Leading stock broker played important role in Satyam case Press Trust of India Satyam Probe Almost Over: Salman Khursheed CXOToday.com Satyam fraud: Law will take its own course, says KhurshidHindu - Aug 8, 2009 While the CBI has already filed a charge-sheet in the multi-crore Satyam scam that came to light early this year following Mr Raju's confession on having ... 'Maytas diverted Rs 1200 crore to Satyam' Economic Times 3 lakh shareholders file Rs4987cr suit against Satyam in SC Moneycontrol.com Govt asks SFIO to inspect money-siphoning angle in Satyam caseTimes of India - Aug 17, 2009 Serious Fraud Investigation Office (SFIO), which submitted a detailed report on the Rs 10000-crore Satyam fraud to the government in April, will soon begin ... SFIO will also trace Satyam money trail Indian Express Govt to set up specialised wing to scrutinise corporate claims Business Standard Yet, another SFIO probe into Satyam scam Moneycontrol.com SFIO in Satyam trailCalcutta Telegraph - Aug 23, 2009 23: The Serious Fraud Investigation Office (SFIO) will examine the balance sheets of over 350 companies and 800 bank accounts to track down the money ... Billionaire Ross Invests in Satyam After Losing Bid for ControlBloomberg - - 6 hours ago Satyam, at the centre of India's biggest corporate fraud, has more than doubled since Pune-based Tech Mahindra Ltd., a software provider, won the auction on ... |
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Call for more India nuclear tests | ||
India should conduct further nuclear tests to establish itself as a true nuclear power, the former head of India's main nuclear body has said. PK Iyengar told the BBC that he made it clear in 2002 that India's nuclear tests were inconclusive and ambiguous. His comments come as atomic scientist K Santhanam, who was associated with India's 1998 nuclear tests, said they were not as successful as claimed. This was dismissed by the government and former colleagues. The Indian tests led to similar tests by Pakistan, raising fears of a nuclear conflict between the two countries. Endorsement "If India wants to declare itself as a nuclear power and confirm to the military that you have all the means of designing a thermo-nuclear device which can go into a missile, which can be dropped from an aircraft or can be launched from a submarine, you need many more tests," Mr Iyengar, the former chairman of Atomic Energy Commission (AEC), told the BBC. Mr Iyengar also said that India's 1998 nuclear test was not a deterrent against China, though it was against Pakistan. "The Chinese are aware of it and that should be a worry for India," he said. Mr Iyengar's endorsement of Mr Santhanam came soon after the latter's claim was dismissed by the Indian government. On Wednesday, Mr Santhanam claimed that the "yield in the thermo-nuclear device test was much lower than what was claimed". He said one of the tests - on a hydrogen bomb - had not worked and that India would have to carry out more tests for a credible nuclear deterrent. Mr Santhanam is a respected Indian atomic scientist who was project director of the 1998 nuclear tests. His remarks on India's nuclear capabilities sparked protests from the government as well as some fellow scientists. The government swiftly dismissed the claim saying it was based on no scientific evidence. | ||
RSS will not interfere in internal matters of BJP: Bhagwat
Indian Express - 1 hour ago
Mohan Bhagwat said: ' We advise and support the BJP, but decisions in internal matters is theirs'. Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat said on Friday that the age group of 55 to 60 is the ideal for leaders of the Sangh Parivar, ...
RSS chief snubs Shourie Hindustan Times
BJP should put house in order: RSS Press Trust of India
Garrido 'has forensic awareness'
BBC News - 3 hours ago
Criminal psychologist Dr David Holmes has examined the telephone interview given by alleged kidnapper Phillip Garrido from prison to the KCRA-TV station in California.
Kidnapped California Girl Found 18 Years Later New York Times
Kennedy's Catholicism source of comfort, conflict
The Associated Press - - 2 hours ago
BOSTON - Sen. Edward Kennedy was raised from birth to cherish his Catholicism, and it became both a source of comfort and conflict throughout his life.
Huge crowds bid farewell to Edward Kennedy Times Online
Super monitor for markets in the offing
28 Aug 2009, 0039 hrs IST, Anto Antony, ET Bureau
NEW DELHI: The finance ministry is considering a proposal to give statutory powers to the high-level co-ordination committee on capital markets
(HLCC), a move that could transform it into a super regulator, creating the ground for a single regulator for the entire financial services sector in the likes of the UK’s Financial Services Authority (FSA).
Finance minister Pranab Mukherjee is expected to discuss the proposal with Reserve Bank of India (RBI) governor Duvvuri Subbarao next month, said a finance ministry official who asked not to be named. Currently, the HLCC is a non-statutory body comprising representatives of all financial regulators.
“The high-level co-ordination committee can be eventually turned into an agency that can ensure compliance across markets. Giving statutory powers to the HLCC is the first step towards this. The finance minister will discuss with the central bank governor on how this can be taken forward,” the official said.
The UK, Japan and Ireland are among countries which have an umbrella regulator which supervises all sectors. The US, on the other hand, has multiple regulators overseeing different parts of the financial services market.
A clearer picture of HLCC’s mandate and how it will be transform into a super regulator is expected to emerge through discussions between the finance minister and the RBI governor. Various financial sector regulators — Reserve Bank of India, finance ministry, Securities and Exchange Board of India, Insurance Regulatory Development Authority and Pension
Fund Regulatory Development Authority— meet under the HLCC to debate and sort out any divergence in policy issues. Under the current arrangement, different regulators are overseeing competing products — Unit-Linked Insurance Plans and the mutual funds, for instance — which creates policy complication. Once HLCC gets statutory powers, regulation of competing products from different regulatory jurisdictions will become less complicated
“As of now, the industry has to deal with many regulators. With this umbrella body in place a consistent and holistic view will emerge on the regulatory front which will help to take Indian financial markets to the next level,” said Naresh Makhijani, executive director of KPMG.
Though Reserve Bank of India (RBI) had suggested the idea of HLCC getting statutory status earlier also, the finance ministry had taken the stand that any move towards a single regulator for the financial sector was premature. But the thinking within the finance ministry seems to have changed now. “With consensus emerging between RBI and finance ministry, work can be started towards forming an overhead regulator. Lot of groundwork needs to be done before we can put in place a regulator of that scale,” commenting on the development, an RBI official said.
The Raghuram Rajan committee had suggested constitution of a Financial Sector Oversight Agency, a statutory body comprising chiefs of existing regulatory bodies and answerable to Financial Development Council chaired by the finance minister.
Finance minister Pranab Mukherjee is expected to discuss the proposal with Reserve Bank of India (RBI) governor Duvvuri Subbarao next month, said a finance ministry official who asked not to be named. Currently, the HLCC is a non-statutory body comprising representatives of all financial regulators.
“The high-level co-ordination committee can be eventually turned into an agency that can ensure compliance across markets. Giving statutory powers to the HLCC is the first step towards this. The finance minister will discuss with the central bank governor on how this can be taken forward,” the official said.
The UK, Japan and Ireland are among countries which have an umbrella regulator which supervises all sectors. The US, on the other hand, has multiple regulators overseeing different parts of the financial services market.
A clearer picture of HLCC’s mandate and how it will be transform into a super regulator is expected to emerge through discussions between the finance minister and the RBI governor. Various financial sector regulators — Reserve Bank of India, finance ministry, Securities and Exchange Board of India, Insurance Regulatory Development Authority and Pension
Fund Regulatory Development Authority— meet under the HLCC to debate and sort out any divergence in policy issues. Under the current arrangement, different regulators are overseeing competing products — Unit-Linked Insurance Plans and the mutual funds, for instance — which creates policy complication. Once HLCC gets statutory powers, regulation of competing products from different regulatory jurisdictions will become less complicated
“As of now, the industry has to deal with many regulators. With this umbrella body in place a consistent and holistic view will emerge on the regulatory front which will help to take Indian financial markets to the next level,” said Naresh Makhijani, executive director of KPMG.
Though Reserve Bank of India (RBI) had suggested the idea of HLCC getting statutory status earlier also, the finance ministry had taken the stand that any move towards a single regulator for the financial sector was premature. But the thinking within the finance ministry seems to have changed now. “With consensus emerging between RBI and finance ministry, work can be started towards forming an overhead regulator. Lot of groundwork needs to be done before we can put in place a regulator of that scale,” commenting on the development, an RBI official said.
The Raghuram Rajan committee had suggested constitution of a Financial Sector Oversight Agency, a statutory body comprising chiefs of existing regulatory bodies and answerable to Financial Development Council chaired by the finance minister.
Govt to consider fresh SEZ proposals on Sep 30
The Board of Approval, the apex body which clears Special Economic Zone projects, will meet next month to approve fresh proposals.
The Reserve Bank of India (RBI) has held on to its 6% growth target despite a weak monsoon on the grounds that the economic impact of the
drought would not be as bad as expected. However, the poor rains would push up food prices in the short-term and add to inflationary pressures. Finance Minister Pranab Mukherjee today projected a 15-20 per cent fall in summer crop output, and said economy in the next fiscal could
grow over 8 per cent if no further adverse situation emerges.
He also said despite a deficient monsoon, Indian economy will register "some reasonable growth of over 6 per cent" in the current financial year.
"From the picture of sowing, one can easily estimate that there is a likelihood of a shortfall (of kharif crop output) to the extent of 15-20 per cent," Mukherjee said at a FICCI conference here. He, however, also said that the exact quantum of the shortfall will be known only when harvesting starts.
Admitting that there is a situation of drought in the country, he said so far 252 districts in 10 states have been declared drought-affected.
Replying to a query whether economy could grow over 8 per cent next fiscal, he said, "There is a possibility (of over 8 per cent growth) if there is no further adverse situation over which we have no control."
On the fiscal front, Mukherjee said it was government's endeavour to ensure that paucity of resources does not hamper private investment and that the government has spread out its borrowing to prevent any crowding out of the corporate sector.
He said it was necessary to make a "temporary deviation" from the fiscal discipline to provide the required stimulus to the economy hit by upsurge in fuel prices and global meltdown.
RBI has stuck to its growth target even after close to a dozen research reports by banks and broking houses have scaled down their growth forecasts for the fiscal based on the failure of the rains in large parts of India. “One needs to recognise the progress on effective diversification of Indian agriculture towards horticulture, livestock and fisheries and their rising share in total output of the agricultural sector” RBI said in its annual report which was released here on Thursday. The central bank added that cereals, pulses and oilseeds grown during kharif account for only 20% of total agri output.
“Since the presentation of the policy statement, while the extent of rainfall deficiency associated with south west monsoon has increased, the IIP figures for June show `09 show significant recovery in industrial output” the central bank said in its annual report. The central bank has also said that index of industrial production has also showed an improvement.
Another positive is that the central bank expects capital flows to India to increase because of better medium-term growth and faster recovery prospects even as capital flows to overall emerging markets decline during the year. “Early indications for the first quarter of 2009-10 suggest that NRI deposits, FII portfolio inflows and inward FDI flows have generally been strong, as against the net capital outflows witnessed in the last two quarters of 2008-09” RBI said.
While optimistic on growth, RBI has warned that price pressures are already being felt with the wholesale price index moving up by 4 percentage points over the March `09 levels. Although inflation as measured by the year on year movement of the wholesale price index is still negative, RBI has said that is a statistical phenomenon with the base effect running out in October `09. the central bank also appears to be concerned over the high level of consumer price inflation for agriculture workers which is around 13%.
"The Board of Approval chaired by Commerce Secretary Rahul Khullar will take up fresh proposals for setting up SEZs on September 30," a senior Commerce Ministry official said.
Senior officials from different ministries, including Finance, Home Affairs and Defence, would be attending the meeting, the official said.
The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam Chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.
Exports worth Rs 99,689 crore were made from SEZs during 2008-09, a growth of about 50 per cent over the previous year. Exports in the first quarter of this fiscal was about Rs 39,411 crore.
The government expects the exports to touch Rs 1,10,000 crore in the current fiscal.
So far, 577 formal approvals have been given for setting up SEZs, of which about 325 have been notified.
The tax-free enclaves have attracted foreign direct investment of over Rs 10,900 crore in the last three years.
The Board of Approval, the apex body which clears Special Economic Zone projects, will meet next month to approve fresh proposals.
He also said despite a deficient monsoon, Indian economy will register "some reasonable growth of over 6 per cent" in the current financial year.
"From the picture of sowing, one can easily estimate that there is a likelihood of a shortfall (of kharif crop output) to the extent of 15-20 per cent," Mukherjee said at a FICCI conference here. He, however, also said that the exact quantum of the shortfall will be known only when harvesting starts.
Admitting that there is a situation of drought in the country, he said so far 252 districts in 10 states have been declared drought-affected.
Replying to a query whether economy could grow over 8 per cent next fiscal, he said, "There is a possibility (of over 8 per cent growth) if there is no further adverse situation over which we have no control."
On the fiscal front, Mukherjee said it was government's endeavour to ensure that paucity of resources does not hamper private investment and that the government has spread out its borrowing to prevent any crowding out of the corporate sector.
He said it was necessary to make a "temporary deviation" from the fiscal discipline to provide the required stimulus to the economy hit by upsurge in fuel prices and global meltdown.
RBI has stuck to its growth target even after close to a dozen research reports by banks and broking houses have scaled down their growth forecasts for the fiscal based on the failure of the rains in large parts of India. “One needs to recognise the progress on effective diversification of Indian agriculture towards horticulture, livestock and fisheries and their rising share in total output of the agricultural sector” RBI said in its annual report which was released here on Thursday. The central bank added that cereals, pulses and oilseeds grown during kharif account for only 20% of total agri output.
“Since the presentation of the policy statement, while the extent of rainfall deficiency associated with south west monsoon has increased, the IIP figures for June show `09 show significant recovery in industrial output” the central bank said in its annual report. The central bank has also said that index of industrial production has also showed an improvement.
Another positive is that the central bank expects capital flows to India to increase because of better medium-term growth and faster recovery prospects even as capital flows to overall emerging markets decline during the year. “Early indications for the first quarter of 2009-10 suggest that NRI deposits, FII portfolio inflows and inward FDI flows have generally been strong, as against the net capital outflows witnessed in the last two quarters of 2008-09” RBI said.
While optimistic on growth, RBI has warned that price pressures are already being felt with the wholesale price index moving up by 4 percentage points over the March `09 levels. Although inflation as measured by the year on year movement of the wholesale price index is still negative, RBI has said that is a statistical phenomenon with the base effect running out in October `09. the central bank also appears to be concerned over the high level of consumer price inflation for agriculture workers which is around 13%.
"The Board of Approval chaired by Commerce Secretary Rahul Khullar will take up fresh proposals for setting up SEZs on September 30," a senior Commerce Ministry official said.
Senior officials from different ministries, including Finance, Home Affairs and Defence, would be attending the meeting, the official said.
The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam Chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.
Exports worth Rs 99,689 crore were made from SEZs during 2008-09, a growth of about 50 per cent over the previous year. Exports in the first quarter of this fiscal was about Rs 39,411 crore.
The government expects the exports to touch Rs 1,10,000 crore in the current fiscal.
So far, 577 formal approvals have been given for setting up SEZs, of which about 325 have been notified.
The tax-free enclaves have attracted foreign direct investment of over Rs 10,900 crore in the last three years.
India's poor monsoon rains will improve slightly in their final month but will still end the June-September season about 20 percent below
normal, a top official said, making this year's rainfall the worst since 1972.
Weak and uneven monsoon rains have ravaged India's rice crop and hit the sugarcane, soybean and groundnut crops as well as disrupting the flow of water into the main reservoirs, which are vital for hydropower generation and winter irrigation.
"We expect at least 4-5 percent improvement in the seasonal rainfall deficit for the entire season from the current level," Ajit Tyagi, director general of the India Meteorological Department, told Reuters on Friday.
India last suffered a monsoon failure in 2002, when rainfall was 19.2 percent below average through the season, and July rains were 54.2 percent below normal. India's crop output in 2002/03 fell 18 percent.
This year, June rainfall was the worst in over 80 years, while July saw a 5 percent deficit. August began with an exceptionally dry two weeks, followed by near-normal rains in the later part of the month.
From the start of June to Aug. 26, rains were 25 percent below normal, data showed on Thursday.
"In 2002, the seasonal rainfall deficit was 19 percent. The only difference is that this year's July rainfall was relatively better than 2002," Tyagi said.
Weak and uneven monsoon rains have ravaged India's rice crop and hit the sugarcane, soybean and groundnut crops as well as disrupting the flow of water into the main reservoirs, which are vital for hydropower generation and winter irrigation.
"We expect at least 4-5 percent improvement in the seasonal rainfall deficit for the entire season from the current level," Ajit Tyagi, director general of the India Meteorological Department, told Reuters on Friday.
India last suffered a monsoon failure in 2002, when rainfall was 19.2 percent below average through the season, and July rains were 54.2 percent below normal. India's crop output in 2002/03 fell 18 percent.
This year, June rainfall was the worst in over 80 years, while July saw a 5 percent deficit. August began with an exceptionally dry two weeks, followed by near-normal rains in the later part of the month.
From the start of June to Aug. 26, rains were 25 percent below normal, data showed on Thursday.
"In 2002, the seasonal rainfall deficit was 19 percent. The only difference is that this year's July rainfall was relatively better than 2002," Tyagi said.
Credit flow to MSMEs to double in five years, says PM
The government is committed to doubling credit flow to micro, small and medium enterprises, which employ 6 crore persons and contribute
45 per cent to India's manufactured goods, Prime Minister Manmohan Singh said on Friday.
"Credit is the lifeline of any business. The government is committed to double the flow of credit to MSMEs in five years," Singh said after giving away national awards to entrepreneurs in the sector here.
The Prime Minister, who reviewed the performance and difficulties of the sector with the industry representatives on Wednesday, said public sector banks increased lending to MSMEs by 25 per cent in 2008-09.
According to estimates, MSMEs are given credit of about Rs 1,50,000 crore by PSU banks per annum. There are 2.60 crore units in the sector which contribute 40 per cent to exports.
The Prime Minister has issued directions for constitution of a task force to look into the difficulties of MSMEs and recommend steps within next three months.
He said recent global economic slowdown has had an adverse impact on the growth of Indian economy. "Micro, small and medium enterprises have also not remained unaffected," he said, adding the government has been alive to the concerns.
The two stimulus packages the government announced in coordination with RBI have been of some help to the MSMEs, he added.
"Credit is the lifeline of any business. The government is committed to double the flow of credit to MSMEs in five years," Singh said after giving away national awards to entrepreneurs in the sector here.
The Prime Minister, who reviewed the performance and difficulties of the sector with the industry representatives on Wednesday, said public sector banks increased lending to MSMEs by 25 per cent in 2008-09.
According to estimates, MSMEs are given credit of about Rs 1,50,000 crore by PSU banks per annum. There are 2.60 crore units in the sector which contribute 40 per cent to exports.
The Prime Minister has issued directions for constitution of a task force to look into the difficulties of MSMEs and recommend steps within next three months.
He said recent global economic slowdown has had an adverse impact on the growth of Indian economy. "Micro, small and medium enterprises have also not remained unaffected," he said, adding the government has been alive to the concerns.
The two stimulus packages the government announced in coordination with RBI have been of some help to the MSMEs, he added.
US stocks edge higher after consumer spending boost
US stocks posted a modest rise Friday after data showed rising consumer spending, key to driving growth back in the recession struck
nation.
The blue-chip Dow Jones Industrial Average
added 2.41 points (0.03 percent) to 9,583.04 after ending higher for the eighth straight session a day earlier and extending its longest winning streak in 28 months.
The tech-heavy Nasdaq composite was buoyant, climbing 18.64 points (0.92 percent) to 2,046.37 and the Standard & Poor's 500 index, a broad measure of the market, added 2.86 points (0.28 percent) to 1,033.84.
Just before the opening bell, the Commerce Department reported that consumer spending rose for the third consecutive month in July while incomes were virtually flat, suggesting demand picking up amid the long recession.
Consumer spending drives two-thirds of US economic activity.
"The good news is the stock market is holding steady as traders continue to contemplate whether we are long overdue for a pullback, as well as when the economy will finally inch itself out of its current hole," said Frederic Dickson, chief market strategist for DA Davidson & Co.
Joseph Hargett of Schaeffer's Investment Research said strength in commodities was also responsible for the positive bias, with rising crude and metals prices providing lift in overseas trading despite a plunge in the Chinese markets.
"The stock market continues to focus on the positives and almost ignore the negatives," said Wells Fargo Advisors chief market strategist Al Goldman.
"There is a pullback out there but for the moment, momentum says stocks are going higher."
The blue-chip Dow Jones Industrial Average
The tech-heavy Nasdaq composite was buoyant, climbing 18.64 points (0.92 percent) to 2,046.37 and the Standard & Poor's 500 index, a broad measure of the market, added 2.86 points (0.28 percent) to 1,033.84.
Just before the opening bell, the Commerce Department reported that consumer spending rose for the third consecutive month in July while incomes were virtually flat, suggesting demand picking up amid the long recession.
Consumer spending drives two-thirds of US economic activity.
"The good news is the stock market is holding steady as traders continue to contemplate whether we are long overdue for a pullback, as well as when the economy will finally inch itself out of its current hole," said Frederic Dickson, chief market strategist for DA Davidson & Co.
Joseph Hargett of Schaeffer's Investment Research said strength in commodities was also responsible for the positive bias, with rising crude and metals prices providing lift in overseas trading despite a plunge in the Chinese markets.
"The stock market continues to focus on the positives and almost ignore the negatives," said Wells Fargo Advisors chief market strategist Al Goldman.
"There is a pullback out there but for the moment, momentum says stocks are going higher."
Over 90,000 jobs at risk in German car industry: Study
More than 90,000 jobs are in danger in Germany's automobile industry as the government's "cash-for-clunkers" scheme comes to an end, a
report showed on Friday.
The study, by Roland Berger consultancy, said that the very successful programme, which gives people 2,500 euros off a new car if they scrap their old one, has only deferred problems for the industry until next year.
The scheme has brought "some relief in 2009 to the makers of economy and midsize cars but the incentives will only push the sales problem forward into 2010, unless the real economy takes off again," the study said.
"In Germany alone, more than 90,000 jobs are at risk in the country's automotive industry."
Last month, the government said it would not extend the programme, which has been copied in Britain and the United States, once the five billion euros (seven billion dollars) set aside has been used up.
It has already been extended once and figures on the website of the government agency managing the programme show that fewer than 100,000 applications out of an original two million can still be made.
The study, by Roland Berger consultancy, said that the very successful programme, which gives people 2,500 euros off a new car if they scrap their old one, has only deferred problems for the industry until next year.
The scheme has brought "some relief in 2009 to the makers of economy and midsize cars but the incentives will only push the sales problem forward into 2010, unless the real economy takes off again," the study said.
"In Germany alone, more than 90,000 jobs are at risk in the country's automotive industry."
Last month, the government said it would not extend the programme, which has been copied in Britain and the United States, once the five billion euros (seven billion dollars) set aside has been used up.
It has already been extended once and figures on the website of the government agency managing the programme show that fewer than 100,000 applications out of an original two million can still be made.
New scheme a leg up for tea exporters
28 Aug 2009, 0329 hrs IST, ET Bureau
The foreign trade policy announced by Union commerce minister Anand Sharma on Thursday brought much cheer to the tea industry. One of the key
announcements in the trade policy is bringing tea under the Vishesh Krishi Upaj Yojana (VKUY) scheme, which will help increase the competitiveness of Indian tea in the global market.
Under the VKUY scheme, export of tea will be eligible for duty scrip equivalent to 5% of FOB value. Incidentally, the VKUY scheme was first introduced by former commerce minister Kamal Nath on August 31, 2004, as part of the special focus initiative for agriculture in the foreign trade policy.
“This has come as a major relief as this incentive will offset the high transport cost that is critical for the tea sector. Teas have to be brought to the warehouse from remote areas. This will make Indian tea competitive compared to those produced in Kenya and Sri Lanka,” said Mr Aditya Khaitan, managing director of McLeod Russel India Ltd.
The trade policy has also reduced the minimum value addition under advance authorisation scheme for tea exports from the existing 100% to 50%.
An advance authorisation is issued to allow duty-free import of inputs, which are physically incorporated in the export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts and others which are consumed or utilised in the course of their use to obtain the export product, may also be allowed under the scheme.
“This step is also aimed at increasing the competitiveness of Indian tea at a time when exports are down due to the global meltdown,” said a senior official of Indian Tea Association. Incidentally, India is likely to miss the 200 million kg exports in the current fiscal as enquiries from Russia and UK are much less compared to the previous year.
The foreign trade policy has also announced that the DTA (domestic tariff area) sale limit of instant tea by EOU units be increased from 30% to 50%.
A senior official of Goodricke Group Ltd, which runs an instant tea plant at Aibheel said: “This is a welcome step for those who owns instant tea units. They will now be able to sell more instant tea in the Indian market. Typically, the volume of instant tea that canbe sold in the domestic market will be calculated on the FOB value of exports for the last three years.”
Under the VKUY scheme, export of tea will be eligible for duty scrip equivalent to 5% of FOB value. Incidentally, the VKUY scheme was first introduced by former commerce minister Kamal Nath on August 31, 2004, as part of the special focus initiative for agriculture in the foreign trade policy.
“This has come as a major relief as this incentive will offset the high transport cost that is critical for the tea sector. Teas have to be brought to the warehouse from remote areas. This will make Indian tea competitive compared to those produced in Kenya and Sri Lanka,” said Mr Aditya Khaitan, managing director of McLeod Russel India Ltd.
The trade policy has also reduced the minimum value addition under advance authorisation scheme for tea exports from the existing 100% to 50%.
An advance authorisation is issued to allow duty-free import of inputs, which are physically incorporated in the export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts and others which are consumed or utilised in the course of their use to obtain the export product, may also be allowed under the scheme.
“This step is also aimed at increasing the competitiveness of Indian tea at a time when exports are down due to the global meltdown,” said a senior official of Indian Tea Association. Incidentally, India is likely to miss the 200 million kg exports in the current fiscal as enquiries from Russia and UK are much less compared to the previous year.
The foreign trade policy has also announced that the DTA (domestic tariff area) sale limit of instant tea by EOU units be increased from 30% to 50%.
A senior official of Goodricke Group Ltd, which runs an instant tea plant at Aibheel said: “This is a welcome step for those who owns instant tea units. They will now be able to sell more instant tea in the Indian market. Typically, the volume of instant tea that canbe sold in the domestic market will be calculated on the FOB value of exports for the last three years.”
FTP disappoints ailing textile industry
28 Aug 2009, 0327 hrs IST, ET Bureau
The ailing domestic textile industry is disappointed with the Foreign Trade Policy as it does not contain specific measures for the industry, though
the general incentives would benefit the textile industry also.
The Foreign Trade Policy (2009-2014) announced by the ministry of commerce has introduced an export promotion capital goods (EPCG) scheme at zero duty. The scheme is available till march 2011 and would help technological upgradation of some of the major exports sectors such as engineering & Electronics, textiles and handcrafts.
The initiative, however, failed to impress the textile exporters. “The zero duty under EPCG Scheme for textile and apparel will not benefit small and medium exporters as it excludes current beneficiaries under the Technological Upgradation Fund Scheme (TUFS)” said Rakesh Vaid, chairman, Apparel Export Promotion Council (AEPC).
According to the policy statement, although the zero duty EPCG scheme will be available for engineering and electronic products, basic chemicals and pharmaceuticals, apparels and textiles, handicrafts and leather products, it will exclude exporters who have availed the TUFS scheme of the ministry of textiles.
The industry was also unhappy that the duty drawback rates had not been raised. “The clauses under the FTP policy for textile sector is too little and too late. ... The duty drawback rates have not been increased. Just extending it would not solve the problems of the industry,” said Deepak Seth, chairman of House of Pearls, a multinational apparel manufacturing conglomerate.
The handicrafts industry was largely satisfied with the policy and expects it to help enough to arrest the declining trend of handicrafts export.
The Foreign Trade Policy (2009-2014) announced by the ministry of commerce has introduced an export promotion capital goods (EPCG) scheme at zero duty. The scheme is available till march 2011 and would help technological upgradation of some of the major exports sectors such as engineering & Electronics, textiles and handcrafts.
The initiative, however, failed to impress the textile exporters. “The zero duty under EPCG Scheme for textile and apparel will not benefit small and medium exporters as it excludes current beneficiaries under the Technological Upgradation Fund Scheme (TUFS)” said Rakesh Vaid, chairman, Apparel Export Promotion Council (AEPC).
According to the policy statement, although the zero duty EPCG scheme will be available for engineering and electronic products, basic chemicals and pharmaceuticals, apparels and textiles, handicrafts and leather products, it will exclude exporters who have availed the TUFS scheme of the ministry of textiles.
The industry was also unhappy that the duty drawback rates had not been raised. “The clauses under the FTP policy for textile sector is too little and too late. ... The duty drawback rates have not been increased. Just extending it would not solve the problems of the industry,” said Deepak Seth, chairman of House of Pearls, a multinational apparel manufacturing conglomerate.
The handicrafts industry was largely satisfied with the policy and expects it to help enough to arrest the declining trend of handicrafts export.
Exporters given relief from paperwork
28 Aug 2009, 0320 hrs IST, ET Bureau
Exporters, saddled with high transaction costs and time-consuming paper work, have been given some relief in this year’s Foreign Trade Policy. The
government has offered reduced fees towards licensing charges and a total exemption in fees for exporters when they avail incentives under certain export development schemes, measures that can help lower transactions costs.
A road map for various e-filing initiatives, which will finally lead to paperless exchange of information between the directorate general of foreign trade and various other agencies, including Customs, have also been put in place.
All authorisations and licence applications will now attract lower fee, even as it gave a total exemption of fees for exporters’ availing the developmental schemes.
The maximum applicable fee in case of manual application for authorisation and licensing has been reduced to Rs 1 lakh from the existing Rs 1.5 lakh. Applications made in electronic format (Electronic Data Interchange— EDI) will now attract a fee of only Rs 50,000 against Rs 75,000 earlier.
Exporters will also now get a full exemption of their fees for availing benefits under the various developmental schemes — Assistance to States for Developing Export Infrastructure and Allied Activities (ASIDE), Market Access Initiative (MAI), Market Development Assistance (MDA), and Towns of Export Excellence (TEE). These schemes are defined under chapter 3 of the Foreign Trade Policy, and are designed to develop the exports sector.
The government will also enable electronic message exchange between customs and the directorate general of foreign trade (DGFT) for these companies availing benefits beginning December 31, 2009. This will enable faster clearances for exporters and save them the hassle of physically filing documents.
The commerce ministry is also promoting the use of electronic systems with initiatives like EDI ports, electronic message exchange between Customs and the Directorate General of Foreign Trade. For EDI ports the double verification of shipping bills by customs for DGFT schemes will also be dispensed with from December 2009.
A road map for various e-filing initiatives, which will finally lead to paperless exchange of information between the directorate general of foreign trade and various other agencies, including Customs, have also been put in place.
All authorisations and licence applications will now attract lower fee, even as it gave a total exemption of fees for exporters’ availing the developmental schemes.
The maximum applicable fee in case of manual application for authorisation and licensing has been reduced to Rs 1 lakh from the existing Rs 1.5 lakh. Applications made in electronic format (Electronic Data Interchange— EDI) will now attract a fee of only Rs 50,000 against Rs 75,000 earlier.
Exporters will also now get a full exemption of their fees for availing benefits under the various developmental schemes — Assistance to States for Developing Export Infrastructure and Allied Activities (ASIDE), Market Access Initiative (MAI), Market Development Assistance (MDA), and Towns of Export Excellence (TEE). These schemes are defined under chapter 3 of the Foreign Trade Policy, and are designed to develop the exports sector.
The government will also enable electronic message exchange between customs and the directorate general of foreign trade (DGFT) for these companies availing benefits beginning December 31, 2009. This will enable faster clearances for exporters and save them the hassle of physically filing documents.
The commerce ministry is also promoting the use of electronic systems with initiatives like EDI ports, electronic message exchange between Customs and the Directorate General of Foreign Trade. For EDI ports the double verification of shipping bills by customs for DGFT schemes will also be dispensed with from December 2009.
Advani was at centre of ‘Cash for Vote’: Jaswant Singh
Zeenews Bureau
New Delhi: In a startling revelation, a news magazine has uncovered that BJP Leader of Opposition in Lok Sabha L K Advani was involved in staging the “Cash for Vote” drama in the House, as per ousted BJP leader Jaswant Singh.
"Do you know this whole wretched thing of money for votes is a classic example of wrong decision making and it's extremely troubling that he did not stand up and say no. Advaniji was at the centre of this whole drama," he told the magazine.
Singh was referring to the episode in the Lok Sabha during the Trust Vote in July last year when three BJP MPs displayed bundles of currency notes totalling Rs one crore claiming they were being offered as bribe to support the government.
Singh said the facts were clear and he stumbled on to the whole thing when a very strange looking fellow was brought to his house by Sudheendra Kulkarni, a former aide of Advani.
When Singh was asked by reporters whether he was seeking revenge from the leader who did not stand by him, Jaswant replied in the negative, stating that he actually pitied the man who went to such an extent in his lust for power.
"It's a great sense of pity. Here was a man who has consumed by an ambition to be Prime Minister, and that desire made him commit so many mistakes,” he added.
Vinod Mehta, while speaking with a news channel, remarked that BJP’s Sudheenda Kulkarni- who recently resigned from BJP- was the mastermind of the entire episode that unravelled during Trust Vote at the end of a discussion on Indo-US nuclear deal.
Interestingly, when he was questioned by the media about his involvement, Kulkarni had pointed the finger at some other BJP leader without naming him, thus conceding the involvement of the party but washing his own hands off the entire episode.
Jaswant’s charge that Advani told MPs to display money in Parliament comes at a time when the former is hit by controversies because of his book on Jinnah and has been sacked from the primary membership of the party on account of the same.
The magazine quotes Jaswant as saying, “To me it is a matter of great sadness…” that Advani has failed as a leader.
“Advani said they had two choices. They could take the money to the Speaker or the House. But Advani told the MPs to display money in Parliament.”
Jaswant said he was not consulted on the matter but was ‘extremely saddened’ when it came to his knowledge.
Citing the example of the army where leaders take responsibility, he said there were numerous examples when Advani would either keep quite or transfer responsibility to somebody else on occasions that troubled him and where he is likely to come under fire. "That is not the trait of a leader."
Updated on Friday, August 28, 2009, 20:03 IST Tags:Jaswant, Advani, Cash for Vote, BJP
Zeenews BureauNew Delhi: In a startling revelation, a news magazine has uncovered that BJP Leader of Opposition in Lok Sabha L K Advani was involved in staging the “Cash for Vote” drama in the House, as per ousted BJP leader Jaswant Singh.
"Do you know this whole wretched thing of money for votes is a classic example of wrong decision making and it's extremely troubling that he did not stand up and say no. Advaniji was at the centre of this whole drama," he told the magazine.
Singh said the facts were clear and he stumbled on to the whole thing when a very strange looking fellow was brought to his house by Sudheendra Kulkarni, a former aide of Advani.
When Singh was asked by reporters whether he was seeking revenge from the leader who did not stand by him, Jaswant replied in the negative, stating that he actually pitied the man who went to such an extent in his lust for power.
"It's a great sense of pity. Here was a man who has consumed by an ambition to be Prime Minister, and that desire made him commit so many mistakes,” he added.
Vinod Mehta, while speaking with a news channel, remarked that BJP’s Sudheenda Kulkarni- who recently resigned from BJP- was the mastermind of the entire episode that unravelled during Trust Vote at the end of a discussion on Indo-US nuclear deal.
Interestingly, when he was questioned by the media about his involvement, Kulkarni had pointed the finger at some other BJP leader without naming him, thus conceding the involvement of the party but washing his own hands off the entire episode.
Jaswant’s charge that Advani told MPs to display money in Parliament comes at a time when the former is hit by controversies because of his book on Jinnah and has been sacked from the primary membership of the party on account of the same.
The magazine quotes Jaswant as saying, “To me it is a matter of great sadness…” that Advani has failed as a leader. “Advani said they had two choices. They could take the money to the Speaker or the House. But Advani told the MPs to display money in Parliament.”
Jaswant said he was not consulted on the matter but was ‘extremely saddened’ when it came to his knowledge.
Citing the example of the army where leaders take responsibility, he said there were numerous examples when Advani would either keep quite or transfer responsibility to somebody else on occasions that troubled him and where he is likely to come under fire. "That is not the trait of a leader."
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A beleaguered BJP leader Lal Kishan Advani may be forced to resign with mounting evidence now surfacing that he was aware of the deal to swap terrorists for hostages in the 1999 Kandahar hijack episode.
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Washington has $9-trillion deficit staring in the face
28 Aug 2009, 1656 hrs IST, New York Times
28 Aug 2009, 1656 hrs IST, New York Times
Ten years ago, Washington was worried about the budget outlook, and there were forecasts of dire outcomes. And so it is today.
The 26/11 terror strikes in South Mumbai, the Mecca of corporate India, coupled with the infamous Satyam saga at the beginning of this year were the other catalysts that have woken up India Inc. from its growth slumber and take notice of systemic faults. There are cracks in the wall and a whole new breed of forensic experts, detectives and lawyers are now out there to fill the gaps. Move over Frank Abagnale Jr. (the infamous US impostor and the inspiration behind Catch Me If You Can), Nick Leeson and Charles Ponzi (father of the Ponzi scheme). Even Wall Street fund operator Bernie Madoff's defrauding investors to the tune of $65 billion looks distant compared to the enemy within. The overstating of financial accounts by former Satyam chairman and promoter Ramalinga Raju has sent shockwaves across India Inc. and zapped the rest of the world. He has admitted to overstating the IT firm's cash reserves to the tune of $1.5 billion and the tech-savvy Raju family made full use of technology to conceal the fraud. In its turn, the Serious Fraud Investigating Office (SFIO) of the Ministry of Company Affairs (MCA) got the mandate to investigate the Satyam case on January 13 this year. "It's the most difficult case we have received till date and nearly 30-35 people worked on it daily for almost 24 hours for 90 days at a stretch before submitting the report to MCA on April 13," admits SK Sharma, Jt. Director , SFIO. "It took time and resources to crack Satyam as the Rajus used technology to the hilt." Sharma doesn't stop there. He points to a spike in promoter-related frauds corroborated by many others. "Promoters mostly put public or the bank's money into projects and try to jack up its cost...they use the margin for personal gains," he claims. Forensic experts couldn't agree more. "Windowdressing of accounts is where the big play happens because if the company's share price can be jacked up, so will its valuations, and promoters and the top management benefit the most," says Deepankar Sanwalka, Executive Director, Advisory Head-Forensic Services, KPMG, who now heads a team of 350 people having started out solo 14 years ago. In the value pie, Sanwalka claims that window-dressing of accounts contributes to as much as 50% of the total frauds committed in the country. Downturns usually see a spike in frauds. Why? Because of three conditions that a downturn presents, explains criminologist Dr Donald Cressey. The perpetrators experience incentive or pressure to engage in misconduct; there is an opportunity to commit frauds; and perpetrators are often able to rationalise or justify their actions. For some, desperate times call for desperate measures. Conspiracy theories on delayed launch of iPhone in India 28 Aug 2009, 0516 hrs IST, Abhimanyu Radhakrishnan, ET Bureau This is the first time in three years that I’ve gone without a shiny new (test/demo) iPhone beyond Independence day. The first one of course didn’t launch in India but I managed to get my hands on one anyway. I got to review the iPhone 3G on the 18th of August last year, but we knew well in advance, exactly on what day it would launch. This time around, although “sometime in August” was the official word from Apple and its partnering telecom operators, there’s been absolutely no sign of the new iPhone 3GS till now. This could either be a routine delay or possibly a sensational goof-up . Even though it’s 90% more likely to be the former, it’s infinitely more exciting to speculate about the latter, so lets get some conspiracy theories going: Apple is still to get its India act together: Sometime in December last year, Apple decided to restructure its India ops, moving it from South East Asia to EMEA (Europe, Middle East, Africa) so Apple’s India head would now report into London rather than Singapore. In June however, Apple India’s Country Manager, Alok Sharma put in his papers. Apple’s only statement since then: “Tom Preising is Apple’s new acting country sales manager for India responsible for the day-to-day operations in the region. Apple continues to invest in India as a growing market for the company.” It could be, that in the absence of a full time country head, Apple EMEA just doesn’t have the bandwidth to concentrate on India at the moment. Apple and Vodafone/Airtel are falling out: I’m among the many people who believe that a key reason that the iPhone 3G was such a miserable flop in India was that Airtel and Vodafone didn’t seem particularly interested in selling it aggressively. Neither bothered to offer a handset subsidy or even an unlimited data/GPRS scheme with the iPhone, thus rendering it unaffordable to nearly everyone. Moreover, they’re both working on competing Application Platforms that will be direct rivals to Apple’s iTunes AppStore. The Government got in the way: Remember how RIM was told its Blackberry was ‘illegal’ , nearly four years after it began selling in India? Well, our “powers that be” can have strange changes of heart and maybe there’s an Apple-hater somewhere in those corridors. For instance, a couple of years ago, the iPod Touch didn’t launch in India On the same day as the rest of the new iPod line-up . When I asked some Apple sources, they let slip that every different kind of wireless spec needs DoT (Department of Telecom) approval and sometimes the paperwork can just get indefinitely delayed. This time around, the iPhone 3GS, has a different radio (according to the world’s most authoritative electronics component site isuppli.com, it has a single Broadcom chip that handles WiFi, Bluetooth and ‘gasp’ even possibly FM! The iPhone 3G had separate WiFi and Bluetooth components!) and it could just be that red tape has played spoilsport. It’s likely that by the time this column is printed, Apple will have announced the launch date, but if that doesn’t happen then we’ll know for sure that something’s gone wrong! AIG's stock rises, and many wonder why 28 Aug 2009, 1641 hrs IST, New York Times NEW YORK: It may have been written off as a hopeless case less than a year ago, "Who would want to buy a stock that's still 80 percent owned by the government?" wondered William T. Fitzpatrick, an equity analyst at Optique Capital. Shares ended the day at $47.84, a gain of 27 percent from the previous close of $37.69. Yes, the company has named a new chief executive, who comes from a solid background at MetLife, and yes, he has said that AIG will pay back the government for its bailout sooner rather than later. The giant insurer has been moving ahead to change the names of key business units and working to disentangle its bewildering corporate structure. It even reported a profit in its latest quarter. But none of that really explains the recent gains. Speculation swirls daily that some deal may be in the works, that short sellers are being squeezed out of their positions, or that the company's former chief executive, Maurice R. Greenberg, may be poised to make a comeback in the role of consultant. The new chief executive, Robert Benmosche, has been fueling some of the interest, as he talks about seeking advice from Greenberg and slowing the breakup of AIG so it is not a fire sale. Fitzpatrick said he thought the likelier explanation for the increased share price was that speculators looking to profit from a distressed stock had pounced on AIG. "The risk appetite has returned to the marketplace," he said. "People don't want to get 5 percent back. They want to get the money back that they lost over the last year." They look at a cratered stock like AIG and think, "This is the place to do it," he said. Taxpayers may take some comfort from the rise in AIG's stock, which means better returns on their involuntary investment. Even though the government owns most of AIG, however, the soaring value of its shares does not come close to matching the vast amount of credit it extended through the Federal Reserve and the Treasury. Roughly $180 billion was marshaled to keep AIG afloat last fall and winter. The entire market value of AIG's stock is just $6.4 billion, even at the current price. Also, the stock is concentrated in a few hands, meaning that a small number of investors can cause a big move in the stock price. The number of shares was reduced by a 20-for-1 reverse split in June. The government has the biggest stake in AIG, and the biggest common shareholder is Greenberg and a group of entities he controls. Estate planning a must to avoid inheritance of loss 28 Aug 2009, 1109 hrs IST, ET Bureau
MUMBAI: Notwithstanding recent financial setbacks, most people claim they are better off financially than they were five years ago. That was the “It is interesting to note that most people haven’t heard of the concept of estate planning. Even those who are aware of it, haven’t taken it seriously,’’ says the expert, asking not to be named. “However, it is going to be a serious issue as people get richer,’’ he adds. “We don’t get too many queries on estate planning. We have been trying to spread awareness of the concept, but it is yet to catch up. Mostly, estate planning is limited to drafting a will or setting up a trust,’’ says Kartik Jhaveri, director, Transcend Consulting. “Even those who have gone about doing estate plan do it in a superficial manner,’’ he adds. Financial advisors say they address the issue in a roundabout fashion. “We address the issue indirectly. We try to address the issue through financial planning,’’ says Jhaveri. “When you talk about estate planning, most people find it difficult grasp it. So we normally talk about different financial planning concepts like retirement planning along with a bit of estate planning,’’ says another wealth manager. But isn’t it a bit ironic in a nation where siblings fighting over inheritance is common? Why doesn’t a person want to draw up a plan to make sure that the inheritance is passed on to the rightful person in an orderly manner? “It is absolutely a must. When you have children and their children and you want to pass on your wealth smoothly, you should seriously look into estate planning,’’ says Jhaveri. Investment consultants say the problem arises from the lack of awareness about what goes behind the process of estate planning. “Most people go for a superficial division of business or assets, which may not be backed by proper valuation of assets or they don’t even get into details,’’ says an investment consultant. “That is why even if there is some plan, it doesn’t succeed always,’’ he adds. So, how does one take a baby step towards estate planning? Jhaveri says it would be a great idea if people start the process with proper nominations for all their investments. “Find relevant papers and make proper nominations. If you want to go a step further, draw up a will to make sure that everything goes smoothly. If you have any doubts about the execution of the will, it is a better idea to set up a trust to make sure your wishes are fulfilled,’’ he says. However, he adds that the trouble with most people is that they tend to take action “post the event’’ . If this was a mini estate planning exercise, what exactly would it involve? Investment experts say though the basic idea remains the same, the process is done in an exhaustive manner. Jhaveri says, for example, a detailed process of valuation of movable and immovable assets are taken to ascertain the true value of the wealth. “Then you can think of how to distribute it—through a will or a power of attorney or any other,’’ he adds. Passing It On Estate planning not yet popular in India Most people limit it to drawing up a will Some set up a trust to execute the will It is important to pass on the inheritance to the rightful heir It helps avoid future trouble |
India | Updated 9 minutes ago |
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Hizbul Mujahideen commander gets lifer Press Trust of India India to probe security of China-made telecoms: MinisterEconomic Times - 1 hour ago NEW DELHI: India is to investigate whether its use of Chinese-made telecom equipment in sensitive border and insurgency-hit areas could jeopardise national security, a minister said Friday. Indian Army sees no threat from Chinese build-up along border Hindustan Times Military denies skirmishes with China Daily News & Analysis Devil's Advocate: Brajesh Mishra on Vajpayee vs AdvaniIBNLive.com - 5 hours ago NDA'S DARKEST SECRET: Advani was aware of Jaswant's Kandahar trip and there was no dissent, says Mishra. ibnlive.com is on mobile now. Advani was at centre of cash-for-vote drama in LS Press Trust of India Advani was at centre of cash-for-vote drama: Jaswant All India Radio BJP seeks white paper on economic situation of HaryanaPress Trust of India - 1 hour ago Chandigarh, Aug 28 (PTI) BJP today accused Chief Minister Bhupinder Singh Hooda of misleading people through "false advertisements" on the state's economy, and dared the Congress government to issue a white paper on the development works carried out ... No Room for Development of Patna Airport; Says AAI OfficialPatna Daily - 12 hours ago Airport Authority of India (AAI), during a meeting with Chief Minister Nitish Kumar in Patna on Thursday, ruled out the possibility of the expansion of Patna's Jai Prakash Narain International Airport saying there was not enough space for further ... Mayhem on Bihar tracks Calcutta Telegraph AAI explores airport at Bihta near Patna Press Trust of India Passenger aircraft with wrong code creates security scareTimes of India - 18 hours ago NEW DELHI: Maintaining a vigil against any attempt by a terrorist outfit to use planes as missiles akin to the 9/11 strikes in US, IAF scrambled two MiG-29 fighter jets to intercept an "unidentified aircraft'' over Amritsar after it entered Indian ... Plane alarm Calcutta Telegraph Air France jet strays, creates scare Hindustan Times JK HC throws ball in state govt court in Shopian casePress Trust of India - 55 minutes ago Srinagar, Aug 28 (PTI) Jammu and Kashmir High Court today threw the ball in the state government's court over transfer of the double rape-cum-murder of two women in Shopian to CBI saying it was up to the administration to take a decision. Shopian: HC reserves order, CBI unwilling to take up case Indian Express Bangalore: Techie Jumps to Death in Wipro CampusDaijiworld.com - 21 minutes ago Bangalore, Aug 28: A software engineer of IT major Wipro Technologies, reportedly committed suicide in the campus of the company located in Electronic City here, on Wednesday August 26, days before his service with the company was to end. Techie jumps to death from fifth floor Express Buzz Wipro techie 'falls to death' Calcutta Telegraph NCP backs third front to hurt Cong at pollsTimes of India - 14 hours ago MUMBAI: With the Congress turning the heat on the NCP and forcing it to concede more seats for the upcoming assembly elections, the latter is using the newly-formed third front to put pressure on the Congress. Vedic churn in Bengal politicsCalcutta Telegraph - 17 hours ago Calcutta, Aug. 27: The Vedic Village episode has quietly begun to churn Bengal politics, exposing players in the CPM, the Trinamul Congress and the real estate business behind the questionable land acquisition in the area. Vedic fire: resort official held for land grab Expressindia.com Project manager of Vedic Village held Press Trust of India Quota for women in panchayats to be raised to 50%Times of India - 18 hours ago NEW DELHI: The country seems set to have an army of women politicians. UPA-2 may have failed to deliver on its promise of 33% reservation for women in legislatures within 100 days but it has kept its word on empowerment at the grassroots with the Union ... Gender parity in panchayats now Economic Times Pakistan to examine fresh 26/11 evidenceSify - 1 hour ago Islamabad: Holding that 'certain procedures' had to be followed, Pakistan has said it would examine the fresh evidence submitted by India on the basis of which Interpol had issued a red corner notice against Jamaat-ud Dawa (JuD) chief Hafiz Saeed, ... India could have avoided Mumbai attack: Malik Press Trust of India Judicial inquiry ordered into fake encounter in ManipurPress Trust of India - 4 hours ago Imphal, Aug 28 (PTI) A judicial inquiry was today ordered into the alleged fake encounter of a youth in Manipur last month even as an organisation spearheading public protests against the killing said it would intensify its stir. Call to intensify Manipur protest Calcutta Telegraph Cong objects to BSP holding party executive at CM's residenceSamayLive - - 2 hours ago Lucknow: Taking exception to the BSP's national executive held recently at Uttar Pradesh Chief Minister Mayawati's official residence, the UPCC's media cell today said it will soon ask the Governor BL Joshi to seek an explanation from her for doing so. Maya says curtains down on money-minting birthday bash Expressindia.com No cash gift on Maya b'day now Times of India |
Kennedy's Catholicism source of comfort, conflict
The Associated Press - - 2 hours ago
BOSTON - Sen. Edward Kennedy was raised from birth to cherish his Catholicism, and it became both a source of comfort and conflict throughout his life.
Huge crowds bid farewell to Edward Kennedy Times Online
US kidnap survivor 'doing great'
BBC News - 9 minutes ago
A woman freed in California 18 years after being kidnapped at the age of 11 is said to have had a happy reunion with her mother. Jaycee Lee Dugard was found living in her alleged kidnapper's home in a suburb of San Francisco after her abduction 200 ...
Phillip Garrido's website reveals his beliefs Photo: Reuters Telegraph.co.uk
Japan Poised for Historic Political Shift in Predicted Election ...
Voice of America - - 25 minutes ago
More than half a century of all but uncontested political leadership in Japan appears set to end this weekend, as voters elect new parliamentary representatives.
Looming Election Could Strengthen Japan's Climate Policy New York Times
Dutch girl, 13, blocked from global solo sail
Reuters India - - 1 hour ago
UTRECHT, Netherlands (Reuters) - A 13-year-old Dutch girl's attempt to become the youngest person to sail solo around the globe was blocked on Friday by a court which placed her under state supervision for two months.
Court Rules No Solo Sailing for Dutch Sailor Girl Voice of America
Lockerbie bomber's release linked with trade talks, says Gaddafi's son
guardian.co.uk - 3 hours ago
A television picture showing Abdelbaset al-Megrahi, the convicted Lockerbie bomber, meeting with the Libyan leader, Muammar Gaddafi.
US warned Scotland bomber could get hero's welcome The Associated Press
Complaints of Afghan election fraud pour in
Reuters - - 2 hours ago
KABUL (Reuters) - Afghanistan's Electoral Complaints Commission has received more than 2000 complaints of fraud or abuse in last week's disputed presidential election, with 270 now listed as serious enough to affect the result, ...
Quick Declaration in Afghan Presidential Election Unlikely Voice of America
Q+A-China's response to Dalai Lama's Taiwan visit
Reuters India - 6 hours ago
BEIJING (Reuters) - Taiwan's president, trying to salvage his reputation after a deadly typhoon, is treading a delicate path as an upcoming visit by the Dalai Lama threatens to rock warming relations with China.
Ban Ki-moon: Palestinian unity crucial to Mideast peace talks
Ha'aretz - 2 hours ago
By DPA It is "crucial" for Palestinians to show unity in order to proceed with negotiations with Israel, UN Secretary General Ban Ki-moon said Friday in Vienna.
Britain pledges $1 billion to help Pakistan
Reuters - - 7 minutes ago
LONDON, Aug 28 (Reuters) - Britain will committ 665 million pounds ($1.08 billion) in aid to help Pakistan stabilise its violent border areas and tackle the underlying causes of extremism, Prime Minister Gordon Brown said on Friday.
Pakistan's leader in No 10 talks BBC News
Police say slain model's car showed evidence of a struggle
Los Angeles Times - - 10 hours ago
Buena Park investigators found blood and hair in Jasmine Fiore's Mercedes-Benz, indicating that she and her ex-husband, Ryan Jenkins, had fought violently in the vehicle.
Video: Police: Violent Struggle Before Model's Murder
The Associated Press 
Pakistan Taliban claim suicide attack
AFP - 6 hours ago
PESHAWAR, Pakistan - The Pakistan Taliban on Friday claimed responsibility for a suicide attack near the Afghan border that killed 22 policemen, saying it was their first retaliation for their leader's death.
Pak violence kills 50, suicide attack at checkpost Times of India
Two Koreas to restart family reunions as tensions ease
AFP - 8 hours ago
SEOUL - South and North Korea agreed Friday to restart a reunion programme for families divided by their 1950-53 war, the latest sign of easing tensions after more than a year of hostility.
Korean family reunion talks begin BBC News
Myanmar fighting forces up to 30000 to flee to China
Reuters - - 25 minutes ago
BEIJING (Reuters) - Fresh fighting has erupted between Myanmar forces and an armed ethnic group in the remote northeast, forcing tens of thousands to flee across the border into China, activists and state media said on Friday.
Thousands flee Burma as army clashes with Kokang militias guardian.co.uk
Activists seek tough UN climate pact in 100 days
Reuters - - 2 hours ago
OSLO, Aug 28 (Reuters) - Activists launched what they called the world's biggest campaign to combat global warming on Friday, urging governments to agree a tough UN climate pact at talks in Copenhagen ...
TckTckTck: It's not too late to build a safer world guardian.co.uk
Zawahiri urges Pakistanis to join Jihad
Rediff - 48 minutes ago
Ayman al-Zawahiri, the second-in-command in the Al Qaeda [ Images ], has urged the citizens of Pakistan to join a Jihad to thwart 'America's attempts to divide Pakistan'.
Iranian President Calls for Prosecution of Opposition Leaders
Voice of America - 55 minutes ago
By VOA News Iranian President Mahmoud Ahmadinejad has called for the prosecution of the opposition leaders who led the unrest that followed his re-election in June.
Ahmadinejad: Punish protest leaders Aljazeera.net
Canada names new envoy to Washington
The Associated Press - - 48 minutes ago
TORONTO - Canada's prime minister has named a provincial premier from a leftist opposition party as the country's new ambassador to the United States.
Iraqis Mourn Death of Shi'ite Leader
Voice of America - 10 minutes ago
By VOA News Thousands of Iraqis took to the streets of Baghdad Friday amid tight security to mourn the death of Shi'ite leader Abdul Aziz al-Hakim.
Video: Car bombs hit Iraqi troops before Shiite funeral
The Associated Press Curbs on nuclear scientist lifted
BBC News - 4 hours ago
A court in Pakistan has lifted the final restrictions on controversial nuclear scientist Dr Abdul Qadeer Khan, allowing him total freedom of movement.
Pakistani court: Lift curbs on nuclear scientist The Associated Press
Saudi Royal Survives Attack Claimed By Qaeda
New York Times - - 3 hours ago
By REUTERS RIYADH (Reuters) - A senior member of Saudi Arabia's royal family who is in charge of the kingdom's anti-terrorism campaign has survived a suicide attack by an al Qaeda-linked group.
King Abdullah's nephew injured in Saudi suicide bombing Telegraph.co.uk
Saudi prince vows to fight terrorism after attack The Associated Press
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