Thursday, January 8, 2009

Business / Finance News !!!

Sensex shed more than half its value in 2008, its worst performance ever – headed for below 2,000 by end of 2010


Sensex saw the biggest bear market ever in the history of the entire world. The Bombay Stock Exchange Sensitive Index shed more than half its value in 2008, its worst performance ever.

The index fell 52.5 per cent, or 10,640 points, as foreign funds dumped emerging-market assets, including Indian equities.

FII outflows may accelerate in the first two quarters of 2009 as Indian stocks'' valuations becomes less attractive due to deflation and lack of corporate earnings. Indian economy is burdened with massive public and private debt – far worse than the US economy. The trade deficit is also severe. The global depression and debt-servicing burden can make India the worst economy in the world in 2009 in spite of crash in the oil prices.

Among the 13 sectoral indices, realty fell the most (82.13 per cent), followed by metals (73.95 per cent), consumer durables (72.49 per cent) and capital goods (65.02 per cent).

India’s massive problem lies in uncontrolled borrowing as a percentage of annual income by the Indian native citizens. The real estate cannot see bottom at this moment. People are literally bankrupt.

Technology News In India !!!

A robot on moon in 2012 and a spacecraft to Mars in 2013, many Indian astronauts in space by 2015 – India unveils its space ambition


ISRO plans to send an Indian astronaut in space onboard a Russian mission in 2013 and follow it up with two Indian astronauts on a seven-day mission on an indigenously developed rocket in 2015.

Indian space scientists now plan to conquer new frontiers by sending a robot on moon in 2012 and a spacecraft to Mars the following year, which will also see an Indian astronaut in space.

Indian Space Research Organization (ISRO) has lined up a slew of missions, which also include landing a spacecraft on an asteroid and sending a probe to fly past a comet.

ISRO also plan to launch a sequel to Chandrayaan-I, which will entail landing a rover robot on moon by 2012. The lunar rover will be built in collaboration with Russia. The Chandrayaan II project is slated to land a small rover on the moon's surface and collect and analyze samples.

ISRO, Indian Space Research Organization is now proud of its achievements. A commercial satellite built by the organization for the European satellite operator, Eutelsat, was successfully launched from French Guiana in South America.

Business News In India !!!

Satyam faces lawsuit in US



Ramalinga Raju.

First Published : 08 Jan 2009 10:31:00 AM IST
Last Updated : 08 Jan 2009 02:35:01 PM IST
WASHINGTON: A US law firm has filed class action law suit against Satyam Computer Services Ltd. in a New York court on behalf of those who purchased the Indian company's American Depository Receipts over the last five years.The complaint by the law firm of Izard Nobel LLP in the District Court for the Southern District of New York charges the fallen Indian outsourcer and certain of its executives of violating federal securities laws by issuing materially false and misleading statements.After Wednesday's admission by the Company's CEO B. Ramalinga Raju of a "multi-year" fraud in which Satyam's financial accounts and disclosures were systematically falsified, "the Company's ADRs fell $8.42, or 90 percent, prior to the opening of the New York Stock Exchange," it noted.Trading in Satyam Computer Services Ltd was halted on the New York Stock Exchange ahead of the market's open Wednesday.The stock exchange said its regulators were evaluating news related to India's fourth-largest software company, with its shares halted until further notice.The New York Times citing analysts said the revelations by the company's founder "could cause a major shake-up in India's enormous outsourcing industry and may force many large companies to investigate and perhaps revamp their back offices."This development is going to have a major impact on Satyam's business with its clients," it cited analysts with Religare Hichens Harrison as saying. In the short term "we will see lot of Satyam's clients migrating to competition like Infosys, TCS and Wipro," they said.Satyam serves as the back office for some of the largest banks, manufacturers, health care and media companies in the world, handling everything from computer systems to customer service. Clients have included General Electric, General Motors, Nestlé and the United States government.In some cases, Satyam is even responsible for clients' finances and accounting, the Times noted.In a commentary titled "Satyam's Feet of Clay" the Wall Street Journal said: "Voting with your feet isn't the best way to enforce strict corporate governance. Yet for shareholders in many of India's family-controlled companies, it is the only option."Noting that investors fled Satyam Computer Services in December after it planned to buy two property companies part-owned by its founders, the Journal said: "Wednesday's disclosure that the deals were a last-gasp attempt to plug a hole in the firm's finances, inflated for years by Chairman Ramalinga Raju, underlined how right they were to be scared.""The affair -- dubbed India's Enron -- spotlights India's corporate governance," wrote commentatator Mohammed Hadi. "That Mr. Raju tried spending $1.6 billion on firms unrelated to Satyam's business and in which he had an interest, without shareholder approval, shows what he thought investors would tolerate."Governance watchers aren't hopeful that the new level of scrutiny will endure, but legal changes would help, he said citing the example of Hong Kong which has made it mandatory to count proxy votes on shareholder resolutions at annual meetings.What did Raju in? Ego or Greed?

Source : http://www.expressbuzz.com/edition/story.aspx?Title=Satyam+faces+lawsuit+in+US&artid=rTT0jgwlvNw=&SectionID=XT7e3Zkr/lw=&MainSectionID=XT7e3Zkr/lw=&SEO=SATHYAM,+RAMALINGA+RAJU&SectionName=HFdYSiSIflu29kcfsoAfeg==

Sports News !!! - Added Daily , Check Daily !!!

Kolkatans welcomed football legend Diego Armando Maradona to the city


Thousands of torches and lamps dispelled the darkness of the night, as Kolkatans welcomed football legend Diego Armando Maradona to the city in a carnival atmosphere early Saturday.

Accompanied by girlfriend Veronica, the Argentinian soccer genius touched down at the Netaji Subhas Chandra Bose International Airport at 1.25 a.m. on a two-day trip to the city, as 50,000 people lined the roads and uncountable more sat glued to their television sets to catch the first glimpse of the football wizard on their home turf. The diminutive new Argentina soccer coach, in great spirits despite the fatigue of a 48-hour flight, was welcomed at the tarmac by West Bengal sports minister Subhas Chakraborty and the organizers with flowers. From the airport, Maradona and Vernonica were put into a specially designed bus that had transparent windows to enable the soccer buffs have a momentary glance of the player, whose heroic performance enabled Argentina win the World Cup in 1986.

Chennai Hot News !!! Read Daily

Prime Minister Manmohan Singh was expected to signal some authoritative message across to the NRIs during his inaugural address at the sevent edition of the much-hyped Pravasi Bharatiya Divas at the Chennai Trade Centre at Nandambakkam.
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Instead, the Prime Minister chose to deal in generalistic cliches, saying that terrorism could not cow down India.

If this was a message to the terrorists, then it was misplaced: As they understand only the language of the bullets.

If this was the message to the Indians and the NRIs, then again it was misplaced: The Mumbai terror attack lest than two months ago almost brought the country to a halt.

The Prime Minister who had, just the other day, pointed accusing fingers at Pakistan by name for its involvement in terror activities, also chose to deal in middling pronouns and vague euphemisms when talking about the triggers for the terror attacks.

Manmohan Singhsaid that India would not allow forces of terrorism and extremism to destablise the nation’s polity, economy and society and would work with international community to ensure that there were no safe havens and launching pads for terrorists.

The Prime Minister said the gruesome terror attacks in Mumbai were a grim reminder of the grave threat posed by extremism and terrorism to India’s pluralistic and liberal traditions.

‘There are many who would not like to see India succeed. But we have shown, over and over again, that we will not allow the forces of
terrorism and extremism to destabilise our polity, economy and society’, he said and added that the government had taken several steps to strengthen national security and to promote national cohesion.

‘We will continue to work with the international community to ensure
that there are no safe havens and launching pads for terrorists’, the Prime Minister said.

On the global financial meltdown, he said despite the economic downturn, the fundamentals of India’s economy continued to remain strong. ‘We expect to achieve a growth rate of about seven per cent this year, which will be among the highest in the world’.

‘Much of India’s growth is internally driven and we can maintain a strong pace of growth in the coming years’, he added.

Stating that India was actively involved in meetings of G-20 countries, which were deliberating on creation of a new global financial architecture, the Prime Minister said ‘we need to ensure that any new architecture that emerges is suited to the new challenges and vulnerabilities facing the world economy and reflective of the changes that have taken place in the economic structure’.

Strongly denouncing the Israeli attack in Gaza, he said, ‘India has strongly condemned these incidents and it is our hope that the international community would get together and help restore peace in the region as soon as possible’.

Announcing a slew of concessions to Non-Resident Indians, Manmohan Singh said that qualified professionals holding Overseas Indian Citizenship (OCI) cards would be allowed to practice their professions in India.

Speaking at the convention, Union Minister for Overseas Indian Affairs Vayalar Ravi said, ‘the focus of the meeting is to raise the level of discourse across the economic, social and cultural space.

To create conditions, partnerships and institutions that will best enable India to connect with its diaspora comprehensively is central to all our programmes and activities’.

Vice President of Surinam, the Indian origin Ramadiesn Sardjoe, Chief Minister M Karunanidhi, K V Kamath, president, Confederation of Indian Industry also spoke on the occasion.

Among those who were present included Vice President of Mauritius Angidi Chettiyar, former Fiji Prime Minister Mahendra Choudhary, Union External Affairs Minister Pranab Mukherjee, State Ministers and senior leaders of the Tamilnadu Congress Committee.

The seventh edition of Pravasi Bharatiya Divas is attended by 1500 delegates from over 110 countries.

Sunday, October 14, 2007

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