Jackdavidson7888's blog

VK Singh ends ‘unforgettable’ term as Army Chief

After General VK Singh will formally hand over the reigns of the Indian army to Gen. Bikram Singh, ending an extraordinary 24 month term, in which the tensions between the civilian government and the military were drawn in sharp focus and great scruntiny to acquire equipment for the armed forces .

General VK Singh will lay a wreath at the Amar Jawan Jyoti at 10.50am, after which he inspected the guard of honor at Gate no 2 in South Block at 11am. He formally hand over the reigns of the Army for General Bikram Singh at 11.30am after having tea with his senior officers.

The general term that saw him take the unprecedented decision to take the civil government court over mix-up of his official date of birth, came to an end after the Supreme Court refused to intervene in the matter. Soon after there were reports of General VK Singh's alleged involvement in listening to install equipment in the Minister's office, it is claimed that it was strongly denied, and explored.

However, the army chief then hit headlines again when he accused a former army officer to offer him a bribe of Rs 14 crore to approve the contract for the acquistion of all-terrain trucks for the army. He accused the former army officer lt general Tejinder Singh of offering the bribe, the statement that is being investigated by the CBI, and led to further probe into the acquisition of Tatra trucks for the Indian army.

Tejinder Singh also hit case of defamation in the Army chief and accused him and four others to make false accusations in an official Army press release.

A letter written by the Army Chief to the Prime Minister pointing out shortages in the acquisition of defense equipment to the army and looking for more funds were also mysteriously leaked, creating a public and parliamentary turmoil. An Intelligence Bureau probes are the issue, even though the General had called it treason, and said the person who leaked the letter to the media should own up and sacrifice.

May 31, 2012 10:45:35 AM

Sensex weak; Tata Motors down over 10%

The BSE Sensex was trading weaker in the afternoon trade. Rate sensitives and below the main drag on the index.

The Sensex is down 75.43 points or 0.46% at 16363.15, and the Nifty down 26.50 points or 0.53% to 4963.60.

Sudarshan Sukhani of s2analytics.com said Nifty target of 5,100 remains intact, but also as a business one should ensure that their positions are protected. He has a breakeven target of 4,920 for Nifty Futures. "If the Nifty Futures closing down that today then my trading positions will be taken away," he added.

About 1009 shares have advanced, 1513 shares declined, and 902 shares are unchanged.

Top losers on the Sensex were Tata Motors at Rs 246.70 down 10.58%, BHEL at Rs 213.05 down 2.18%, DLF at Rs 185 down 1.65%, Sterlite Ind at Rs 95.80 down 1.49 % and ICICI Bank at Rs 828.45 down 1.25%.

The major index loser, Tata motors lose 11% on disappointing JLR profits. CLSA slashes JLR's EBIDTA margin expectations to 15.5% over FY13-14 from 18.5% previously. Morgan Stanley downgrades the stock to equal weight, while Quote parliament bottomline estimates by 13% in FY13.

In large gains today, JP Associates' bottomline could worsen 30% in high interest costs. Great day for a fact with DLF, HDIL and Parsvnath report numbers for today.

The rupee tumbles against the dollar due to the fall in risk appetite in Asian markets due to concerns about Spain. Merchants expect pressure on the rupee due to dollar demand from oil companies close to month end, weaker equities and a falling dollar.

Refinery major HPCL was trading at Rs 291.00 down 1.36% from its previous close of Rs 295.00.

However, Tech major Infosys was trading at Rs 2,439.50 up 1.35% from its previous close of Rs 2,406.95.

Cigarette major ITC was trading at Rs 233.75 up 1.1% from its previous close of Rs 231.20.

http://voodoobunny.com/detail/link-247624.html
http://voodoobunny.com/detail/link-247083.html
http://azindex.info/detail.php?id=48227
http://aindex.info/detail.php?id=44433
http://aquawebdirectory.net/detail/link-6419.html
http://wqlj.com/detail/link-206888.htm
http://cleky.com/detail/link-54073.html
http://atomicdir.com/detail/link-38154.html
http://voodoobunny.com/detail/link-245468.html
http://directory.seoexecutive.com/detail.php?id=512123
http://directory.seoexecutive.com/detail.php?id=513029
http://tech4on.com/index.php?,audiologist,brooklyn&site=60780
http://azindex.info/detail.php?id=47934
http://polypat.org/detail.php?id=172472
http://directory.seoexecutive.com/detail.php?id=511597
http://tech4on.com/index.php?buy,like,for,facebook,page&site=87004
http://ukinternetdirectory.net/detail/smart-flow.com-175818.htm
http://sf-tech.com/detail/link-109800.html
http://voodoobunny.com/detail/link-246778.html
http://directory.seoexecutive.com/detail.php?id=510936
http://allwebdirectory.info/detail.php?id=66712
http://grdirectory.info/detail/link-8120.htm
http://aquawebdirectory.net/detail/link-6438.html
http://polypat.org/detail.php?id=172949
http://aquawebdirectory.net/detail/link-6347.html
http://directory.seoexecutive.com/detail.php?id=510595
http://cleky.com/detail/link-55768.html
http://polypat.org/detail.php?id=172626
http://atomicdir.com/detail/link-38393.html
http://azindex.info/detail.php?id=47988
http://directory.seoexecutive.com/detail.php?id=511878
http://linknom.com/detail/link-399087.html
http://atomicdir.com/detail/link-38304.html
http://domaining.in/detail/link-563017.html

May 30, 2012 3:20:30 PM

Petrol price hike: Govt says no rollback for now

New Delhi: Expressing his helplessness over here in the petrol prices, Oil Minister Jaipal Reddy on Friday said that the matter was beyond the control of the government and categorically stated that there would be a rollback now.

Speaking to the media in the national capital, the oil minister explained that the overall price was beyond government control, and said that the petrol price here, who has seen unprecedented protests from the Opposition and the allies, was for long-term gain.

Reddy told reporters: "I met with Minister Pranab Mukherjee today and we decided to consult governments too (over the steep here in fuel prices)." However, he added that the government look at the situation for several days.

Furthermore, he said, "You know about the problems caused by these two (petrol price here and rupee depreciation) massive developments ... We are in the ministry can not remain indifferent to your problems."

Understanding the need to find instant solution to this question, he said, "is a need for commentators and people appreciate the decision (petrol price here)."

Although he maintained that oil marketing companies should not suffer due to spiraling cost of oil in the international market, he stressed on the need to re-structure imposed on the state level.

Asked about the opposition to the price here from within his own party, Reddy said, "The Congress party is also a political party, and like all other political parties (he) did not want to advocate unpopular causes, even if they are no doubt cause."

"This is politics, not physics," he remarked.

"The government can not remain indifferent to the human feelings," he said during the noise to restore from within the Congress party and its allies, grew louder.

Oil companies to revise fuel prices on the 1st and 16th of each month on the basis of average international oil price and foreign exchange in the previous fortnight.

Gasoline prices, against which gasoline prices have been benchmarked, came down from USD 124 per barrel (which was the basis of Wednesday's steep here) to USD 117 a barrel.

Rupee has already returned from their under-56 levels to close at 55.37 to the dollar at the moment but is still lower than Rs 53.17 to a dollar that has been taken into account for the price here. If it is estimated a further, there will be scope for price cuts.

"I will take a view that trend is likely to be. I want to have a feel (of low oil first)," Reddy said. "Rupee has fallen steeply. We dont know when it will stop. So I would like to see (by the way)."

Asked about the timing of the price review that the oil companies avoided in the last day of the assembly elections in five states including Uttar Pradesh and announced it only after the government obtained a budget passed in the Parliament, he said, "Is there a good time to increase in price? There is a good time. "

Reddy said while the decision to increase the price it was "hard and disagreeable," the here was warranted because of the poor financial state blue-chip oil companies landed on.

Reddy said his ministry was seeking a meeting of the high-powered ministerial panel to decide on a price of diesel, domestic LPG and kerosene but no dates have been fixed yet.

The empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is not met in almost a year.

State oil companies now losing Rs 512 crore per day on selling diesel, domestic LPG and kerosene. Diesel currently sold at a loss of Rs 15.35 a liter, kerosene at Rs 32.98 per liter loss and oil companies are losing Rs 479 on sale for each 14.2 kg-domestic LPG cylinder.

The three companies have together lost Rs 138,541 crore in revenues in 2011-12. This year is projected to lose a record Rs 193,880 crore.

"They (PSU oil companies) are among global Fortune companies. They are our bluechip companies in the global level. We can not allow their image to be negatively affected by any cost," Reddy said.

"That's why oil marketing companies feel desperate (when bleed to sell fuel below cost). So we are doing," he said. "This decision is unpleasant and hard (but) it was taken by oil marketing companies."

But the government at this point can not take a view on forcing a price cut due to uncertainty about where international oil and rupee-dollar rate set, he said.

Reddy said the both Central and state government should cut taxes to reduce burden on the common man.

While the Centre wins Rs 14.78 from sale of every liter of gasoline, the governments pocket between Rs 12.20 to Rs 19.83 per liter.

Roughly 40 percent of the gasoline price is made up of central and state taxes.

He proposed a joint consultations between the states and center to reduce taxes on not only gasoline but also diesel.

May 26, 2012 11:53:49 AM

Air India Cancels 24 Flights

Mumbai - National carrier Air India Ltd. canceled 24 mostly foreign flights Monday as 300 of its pilots boycotted work, throwing schedules bad for the eighth day.

"It is still a stalemate [between the company and pilots] ... the aviation minister said that only talk to them [drivers] if they return to the work that they are not willing to do," a spokesman for the airline said.

The strike comes as a major setback for the airline's efforts to recover from his five-year run of losses, caused by demand Crunch, operating flights on less popular routes, multi-billion dollar plane orders and heavy wage bills.

Air India has a history of industrial unrest in various sections of its 31,000 strong workforce, mostly over wages and career progression issues. The latest protest began on May 7 by a group of pilots that the airline decided not to train to fly her soon acquired a Boeing 787 Dreamliner aircraft.

Air India ordered 27 Dreamliners, the first of which will probably be delivered next month. The aircraft will be deployed on overseas routes.

The company has a total of 1,500 pilots, more than 450 of which operate international flights. The company has over the last week canceled flights to Chicago, Toronto, New York and Hong Kong.

May 14, 2012 2:51:32 PM

JPMorgan $2 billion loss hits shares, credit, image

JPMorgan Chase & Co. lost $ 15 billion in market value and a notch in its credit ratings on Friday while a chorus of regulators and politicians have reacted to his surprise $ 2 billion trade loss from imposing a rigid oversight for the banking industry. The loss of one of Wall Street more
respected banks embarrassed chief executive Jamie Dimon, chief praised for directed his bank through the aftermath of the 2008 financial crisis without reporting a loss.

"We know we are sloppy. We know we were stupid. We know that there is bad judgment," Dimon said in an interview with NBC television to be aired on "Meet the Press" on Sunday.

He said that it was not clear whether the bank had broken any laws or violated any rules. "We had an audit, legal, risk, compliance, and some of our best people watching all of this."

The loss also invited regulatory scrutiny for a man who all but led the charge to limit it, criticizing the so-called Volcker rule to ban proprietary trading by large banks.

The New York Times reported that the Securities Exchange and Commission opened a preliminary investigation into JPMorgan's accounting practices and public disclosures concerning the business loss.

On Friday, Securities Exchange and Commission President Mary Schapiro told reporters: "It is safe to say that all the regulators are focusing on this."

The debacle raised new fears about big banks and prompted the Dallas Federal Reserve Bank President Richard Fisher, who called for the breakup of the five U.S. banks, saying he was worried about the big banks do not have adequate risk management.

The consequences spread through much of the banking sector, with shares of some of Wall Street leading names declining on Friday. Among others, Citigroup fell 4.2%, Goldman Sachs fell 3.9% and Bank of America slid 1.9%.

JPMorgan was far the best performer, however, falling 9.3% in a day when some 212 million of its shares traded, the volume in its history.

Fitch Ratings cut JPMorgan's debt ratings a notch and put all the ratings of the bank and its subsidiaries on a negative ratings watch.

While Fitch has seen the size of the loss as manageable, "the magnitude of the loss and ongoing nature of these positions involve a lack of liquidity," the ratings agency said.

"Fitch believes the potential reputational risk and risk governance issues raised in JPM is no longer consistent with a 'AA-' rating," he said.

Standard & Poor join JPMorgan and its banking units on a negative outlook, but affirmed its current ratings.

In a conference call disclosing the problem on Thursday, Dimon said the $ 2 million in losses could raise an additional $ 1 billion, and recognized them linked to London-based credit trader Bruno Iksil. Nicknamed the 'London Whale,' Iksil accumulated the outsized position that hedge funds to bet against.

The Federal Reserve Bank of New York, meanwhile, was aware of JPMorgan's large commercial loss and is currently monitoring the situation, according to a source close to the situation.

The Fed, which is JPMorgan chief regulator, aims to ensure banks are sufficiently capitalized to withstand such a commercial mistakes, not to avoid them, the source said.

'Stakes are too high'
The exact nature of the business loss is still unclear, but sources said a host of asset managers, arbitrageurs and hedge funds were on the other side of the bet, seeing it as a good value and effective way to secure parts of their portfolio.

Blue Mountain, a hedge fund with offices in New York and London, was among those on the other side of JPMorgan's business, according to two people familiar with the situation.

Dimon must be swept away by investors for more details about what exactly went wrong when he hosts the bank annual shareholder meeting on Tuesday in Tampa, Florida.

A national union Friday urged shareholders to approve a stockholder resolution calling for an independent board chairman at JPMorgan. Dimon currently holds the chairman and CEO titles.

"The stakes are too high to let Jamie Dimon unsupervised," said Gerald McEntee, president of the American Federation of State, County & Municipal Employees, which sponsored the proposal. "Dimon has denied that the 'London Whale' made a risky bet, and now that this has turned out to be a fish story, shareholders need to step in"

Dimon had parlayed his bank reputation as a white horse during the financial crisis in a position as the de facto representative fighting against excessive post-crisis regulation.

"What concerns me is risk management, size, extent," said Dallas Federal Reserve Bank Fisher's response to a question about JPMorgan's trading loss. "At what point will you get to the point that you do not know what was going on below you? This is the point where you have too big."

The merchant at the center of the storm, Iksil, who graduated in engineering from the Ecole Centrale in Paris in 1991, was not available for comment. The Frenchman, and the Chief Investment Office (CIO) where he works, are known to rival credit traders to take extremely large positions.

Friends, colleagues and fellow traders to describe a modest man, far from the Brash image normally associated with traders staking a huge bet on a fast moving financial markets, including derivatives.

"He's a really beautiful in its entirety. A quiet in its entirety. He is not arrogant businessman, he is quite the opposite. He is very charming," one former colleague at JPMorgan said in Iksil, which he said he married "a couple of kids."

JPMorgan characterized the expensive commercial strategy that led to the loss as a hedge, rather than as proprietary trading, or a bet with the bank own money. But that line has been difficult for regulators and experts define as they seek to craft the Volcker rule.

One friend and former JPMorgan colleague said Iksil and the team did not carry out proprietary trading in disguise, and that the unity of activities have been known at the highest levels of the bank.

"The CIO does not prop trading, we should be clear on that ... It involves taking positions in the form of investments, trades, credit-default swaps, or the other, with the aim of rebalancing the risks of JPMorgan's balance.

"The information comes from the very top of the bank and I do not even think that the CIO team members at Bruno's level is given the full picture," the former colleague said.

Iksil was brought into the CIO unit to head the credit desk, asset class previously not covered, a person who worked in the unit said. He built a large credit positions on a number of years through trades that were controlled by management and the loss is now probably the result of a combination of these trades go wrong, the person said.

The CIO firm had grown rapidly in the last five years and was given unrestricted access to trade in a whole range of financial products, the only exception being goods, they added. The CIO is run by New York-based Women's Drew, who is chief Investment Officer.

Credit market traders said other banks have similar functions to JPMorgan's CIO. The French bank, Citigroup, Deutsche Bank and UBS all cited examples of a great treasure functions that hedge credit exposures in similar ways.

"The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $ 2 million more difficult to do today," U.S. Representative Barney Frank said in a statement.

The Democratic co-authored the 2010 Dodd-Frank financial reform law designed to avoid a repetition of the recent credit crisis.

May 12, 2012 12:08:30 PM

Web Exclusive: What's in store for the Rupee?

In a move to increase the Indian currency, the RBI asked the exporters to convert 50% of their foreign exchange holdings in rupees. It was this move expected and what is the way forward for the INR? Check out the views of top research houses across the country.

Shubhada Rao, Chief Economist, YES Bank

RBI intervention was not a surprise considering the speculation in spot and forward markets. At the same time, the central bank will do everything in his power to keep the forex it holds. So, going beyond intervention, the RBI can buy oil bonds or IMD / Rib type deposits may be considered in case of extreme stress. Another option is pressing on gold imports. Given the constant surveillance, I think that the idea of the Rupee beyond 55 seems farfetched.

AK Prabhakar, Senior Vice President (Equity Research), Anand Rathi

Today's recovery in the rupee may be called as a pullback. We strongly feel that it will touch 56-57 levels against the dollar in the near term. The foreign fund outflow and delaying GAAR of the year does not really solve the purpose. Given the weakness in the rupee, I feel that there is more downside risk to the equity markets. The Nifty may slip to 4500 levels if the INR was a slide to 54 levels. As for specific companies / sectors, the rupee-dollar equation will prove beneficial to the pharmaceutical companies and textile companies for their export-oriented nature. Importers will be impacted negatively.

Kishor Ostwal, cmd, CNI Research

With the Rupee out of control, the Government and the RBI had to do something to stop the freefall. Considering that they never saw such a rapid fall earlier, the RBI intervention comes as a temporary relief. After the price rigging reports of guar gum came to the attention, the speculation in the genre markets got moved to the currency segment. I do not be surprised if the Rupee slips to 54.34 (the previous low) and does not rule out the possibility of 57 levels as well.

Arun Kejriwal, founder, Kejriwal Research and Investment Services

The RBI acted as a regulator to stop the freefall of our currency, which is a good step. However, we must remember that almost all currencies across the globe are in a bad state. So, if the global crisis continues, the Rupee will come under further pressure Dollar is a reserve currency by which all go to. What concerns the most is the growing gap in the balance of trade (Bot) payment, which continues to weigh on the Indian economy.

Atul Shah, Head-Commodities, Emkay Global Financial Services

The RBI intervention seems to have a temporary impact on the Rupee movement. This is a political issue, and government should do something about it. Total depreciation in the rupee will impact goods.

May 10, 2012 1:23:05 PM

100 Air India pilots report sick, govt cancels international flights

New Delhi: Old Air India pilots threaten to strike work, but the government can not be prepared to play ball this time. The pilots threatened to go on strike from Monday night, minutes after their talks with the airline management and aviation ministry failed in the matter of training for the Boeing-787 Dreamliner.

The ministry, toughening its stand, warned that it will be locked international flights from the company if the strike balls of snow and will take strict action against the agitating pilots.

Sources in the 500-strong AI pilots union, Indian Pilots Guild (IPG), said about 100 pilots had reported sick from 9pm on Monday and the number can be proud to 250 by Tuesday. Flights have already started receiving affected.

This confusion could cripple AI's international operations just before the peak summer holiday season, which begins this weekend.

AI canceled Monday night Tuesday morning Mumbai-Newark, Delhi-Toronto and Delhi-Chicago flight. Among longhauls, only Delhi-New York is expected to operate early on Tuesday morning.

"Instead of delaying flights of 2-2 hours which is very irksome, we decided to cancel flights as a 45 old AI pilots have reported sick from 11pm on Monday," said sources.

Dreamliner training put on hold

The latest strike threat comes from the heartburn caused between the old AI pilots after the Supreme Court supported the management decision to send pilots of the former Indian Airlines for training in the Dreamliner. IPG was laying exclusive claim to this plane, saying the same was ordered by former AI - a claim rejected by the apex court.

The aviation ministry, which had just a few weeks got a mammoth Rs 42,000 crore bailout for debt-ridden AI, is fuming at this "completely unjustified" strike. "After the SC order, a former AI drivers are not allowed to worry about on the subject of an old AI pilots to be sent for training in the Dreamliner in equal numbers. About 22 pilots of AI (international) reported ill minutes after the meeting ended. We are not subject passengers uncertainty this time and close the international activities of the AI. This is not like some would behave after a ton of taxpayers' money is used to save the airline, "a senior official said.

Civil aviation minister Ajit Singh on Tuesday dubbed the protest of Air India pilots "illegal". "There are some ways to even go on strike. The pilots may have complaints, but they spoke to the management, I have, other well-wishers," he said.

An IPG member said they were looking to secure his future as the B-787 was ordered for his career progression. "If half of these aircraft to go to AI pilots, then our career progression takes stuck. We have prepared a draft that assured our interests, but neither the management nor the ministry accepted it," the source said.

Sources said the 'enmity' between AI and AI pilots reached such levels that the AI flight was supposed to fly to Singapore last week with AI pilots (who was there for training in the Dreamliner) has been canceled to ensure that the latter did not get there!

May 8, 2012 11:21:05 AM

Tatas among 10 best cos for leadership in Asia

Tata Group is the only Indian entity that managed to find a place in the list of ten best companies for leadership in Asia, according to a study by management consultancy Hay Group giant.

The Tata Group is at the fifth position among ten best companies for leadership in Asia is a list, which was topped by a Samsung Group, followed by Toyota Motors and Unilever in the second and third position, respectively.

The study said that innovation was the prime factor that made Tata Group to find a place among the names in Asia. The group Nano project was mentioned as a remarkable breakthrough in the study.

"Leading Asian companies are not strangers to innovation, the key theme of this year's study. Top 10 companies Samsung and Tata, for example, are both notable for recent advances products such as the Galaxy Tab tablet computer and the Nano ultra low-cost family car," the study noted.

Others in the top 10 in Asia are: Nestle, IBM Corp., Sony Corp., Procter & Gamble, Coca-Cola and Petronas.

"... Asia Best Companies for Leadership is best in celebrating innovation and recognizing the discretionary effort that helps to happen. At these firms, try new ideas and receive credit for achievement is doubly likely to happen than at peer companies," Hay Group said.

Among the world's most leading companies, General Electric is at the top, followed by Procter & Gamble, IBM, Microsoft and Coca-Cola.

The study found that the best companies for leadership to create a climate for innovation. In addition, 90% of Asian companies to report their leaders regularly celebrates innovation, compared to only 59% peer companies. In addition to 71% of Asian companies would be better forego short term profits to invest in innovation.

Further, employees in 81% of the Asian top 10 companies regularly discuss customers' future needs and negative feedback and issues seen as opportunities for 77% of Asian companies are better.

However, the study also reveals that leadership could still be held Asian companies back.

"Even in the top 10 Asian companies, you are five times more likely to need formal authority to lead than in the global top 20 company, where almost all expected to drive. Moving away from 'directive' leadership more delegated decision-making leads to better engagement and motivation , which in turn helps to drive innovation, "the study noted.

The study includes responses from nearly 7,000 individuals at more than 2,300 organizations across 103 countries.

May 6, 2012 9:01:44 PM

Falling rupee, GAAR concern make Sensex lose 320 points

Key benchmark indices, on Friday, closed at its lowest level in more than three months following concerns about depreciating rupee and the government is considering a revision of the double taxation prevention treaty with Mauritius, triggered a sell-off.

Weakness in European markets also played spoilsport and led to aggravate the slide with capital goods, banking and metal stocks figuring among the worst performers. The BSE Sensex lost 320 points and the Nifty lost nIf 101 points.

With this market collapse, which is for 3rd straight trading session, the Sensex and Nifty has already broken his key support levels of 17,000 and 5,100 respectively, and analysts see this as a decisive downward move of the market. They now fear a steep fall. The BSE Sensex closed 16,831 and Nifty at 5,087.

Index heavy Reliance Industries (RIL) declined nearly two percent on the news that the government is levying penalty on the company. Banks stocks have declined faced selling pressure after Macquarie in a report said the RBI guidelines to meet Basel III regulations could lead to equity dilution in the banks of approximately $ 30-35 billion over the next five years.

Auto stocks fell for the third day in a row after a tepid sales growth reported most auto companies to April, while capital goods stocks fell, with Bhel hit 52-week low. The market edge lower in early trading and then extended losses hitting fresh intraday low in morning trade. It cut losses after hitting fresh intraday low in late trade.

Saying the development, Kotak Securities' Dipen Shah said: "... he was concerned about taxability of foreign investors (GAAR), the depreciation of the rupee in the last few days as well as the weak global market."

The BSE Mid-Cap index lost 2.15 percent and the BSE Small-Cap index declined 1.81 percent. The market breadth was quite weak with as many as 2,070 shares on BSE fell and 744 shares rose for a total of 100 stocks remained unchanged.

European markets edge lower ahead of key U.S. employment report. The key benchmark indices in United Kingdom, Germany and France were down between 0.21 to 0.8 per cent. Most Asian shares fell for the second consecutive day Friday.

Key benchmark indices in Indonesia, Hong Kong, Singapore and South Korea fell between 0.17 to 0.77 per cent, while indices in China and Taiwan rose 0.49, and 0.54 percent respectively. Trading in U.S. index futures indicated the Dow could fall 7 points at the opening bell on Friday.

May 4, 2012 10:32:08 PM

India has decided in-principle to allow FDI from Pak: Sharma

The government today said that it has in principle decided to allow foreign direct investment in Pakistan and the move was expected to improve trade battle between the two countries.

When asked whether government has decided in principle to allow FDI of Pakistan, Trade and Industry Minister Anand Sharma, in a written reply to the Rajya Sabha said "yes."

However, he said, that no foreign direct investment (FDI) targets were set.

"The move is expected to improve the commercial engagement with bilateral trade between India and Pakistan," Sharma added.

He said during discussions, both sides agreed on the desirability of promoting bilateral investment and removing impediments to such investments.

"A greater degree of bilateral investment could enhance exports from India to Pakistan. Exports in sectors such as agriculture products, chemicals, textiles, auto components could be improved by bilateral investment," Sharma said.

To another question, Minister of State for Trade and Industry Jyotiraditya Scindia, said the question of permission FDI from Pakistan was then examined through inter-ministerial consultations.

"After consultations, the Ministry of Finance was asked to take measures to appropriately amend the relevant Foreign Exchange Management Act (FEMA) Regulations," Scindia said.

He said the proposal intends to allow placement of the neighboring country through the government approval route, "ie, after examination by the Foreign Investment Promotion Board (FIPB), where relevant considerations, including security considerations, are taken into account."

Currently, FDI in Pakistan is not allowed.

At present, the bilateral trade between the countries were U.S. $ 2.7 billion.

May 2, 2012 5:39:19 PM

Jackdavidson7888's blog

05/31/2012

VK Singh ends ‘unforgettable’ term as Army Chief

05/30/2012

Sensex weak; Tata Motors down over 10%

05/26/2012

Petrol price hike: Govt says no rollback for now

05/14/2012

Air India Cancels 24 Flights

05/12/2012

JPMorgan $2 billion loss hits shares, credit, image

05/10/2012

Web Exclusive: What's in store for the Rupee?

05/08/2012

100 Air India pilots report sick, govt cancels international flights

05/06/2012

Tatas among 10 best cos for leadership in Asia

05/04/2012

Falling rupee, GAAR concern make Sensex lose 320 points

05/02/2012

India has decided in-principle to allow FDI from Pak: Sharma

Jackdavidson7888

Search