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With financial crisis deepening in the UK, the government today announced an assistance of over 200 billion pound to the financial institutions to ensure stability in the system and provide short-term liquidity.
After consultation with the Bank of England and the Financial Services Authority, the UK Treasury today announced that it is bringing forward specific and comprehensive measures to ensure the stability of the financial system and to protect ordinary savers, depositors, businesses and borrowers.
Under the proposed initiatives, the Bank of England would take all actions necessary to ensure that the banking system has access to sufficient liquidity in the short term and at least 200 billion pound would be made available to banks under the special liquidity scheme, the HM Treasury statement said.
The major UK banks and the largest building society have confirmed their participation in the government-supported recapitalisation scheme. The institutions include Abbey, Barclays, HBOS, HSBC Bank Plc, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered.
These institutions have committed to the government that they would increase their total Tier I capital by an aggregate of 25 billion pound, while the individual increases would vary from institution to institution.
Until markets stabilise, the Bank would continue to conduct auctions to lend sterling for three months and also US dollars for one week, against extended collateral. It would review the size and frequency of those operations as necessary.
*after USA now UK and Europe on economy disaster.
Market will seee another Dive very soon....
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Launching a shrill attack on Pakistan`s inability to rein in terrorism, Democrat Barack Obama on Wednesday repeatedly clashed with his Republican rival John McCain over the issue and stumped him on Bush administration`s ‘failed’ policies on Iraq and economy, to go up 2-0 ahead of the November US Presidential poll.
"We will kill bin Laden. We will crush al-Qaeda, that has to be our biggest national security priority," 47-year-old Obama said during the testy 90-minute debate, clearly showing his determination to act on his promise of hot pursuit of militants in Pakistan, a stand often criticised by McCain and that raised hackles in Islamabad.
"If we have Osama bin Laden in our sights and the Pakistani Government is unable or unwilling to take them out, then I think that we have to act and we will take them out," the Illinois said.
Obama, who scripted history by becoming the first Black American to be the Presidential nominee, tried to tie his republican rival to President George W Bush`s ‘failed’ policies, while McCain pushed his image as a ‘consistent reformer’ at the standoff at Belmont University in Nashville, Tennessee.
I E news
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India is ready to pump more cash into jittery financial markets, the finance minister said on Wednesday, after stocks slumped to a two-year trough and the rupee fell to its lowest in more than six years. ...
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yes
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It is seems that we should have to get the advantage of lower price of 20ML and give good rewards on long term...
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SQL Star Planning to cut down employees salary by 15% as they are on loss this year .
Unknown source...
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SQL Star Int`l sales up by 52%
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MMB Messenger
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Citigroup To Sell India Back Office Operation To Tata Consultancy Services For $505 Mln - Source.
-R M India-...
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The BSE Sensex fell more than 4 percent early after overseas markets plunged and as concerns grew foreign funds would hasten their withdrawal on fears of a looming global recession.
market is on high alert as UsA and Asian market and American looming economy even after 700 Bln package is still stand still will bring another termoin in USa as well in Asia. India will be in the same cadre and will show another lower range is Sensex as well as Nifty.
Watch closely....
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* India`s chief economic advisor Virmani says crisis won`t end in 6 mos (Mint)
* IMF says India also vulnerable to global turmoil (ET)
* Foreign cos may be allowed to buy stocks from market (ET)
* Govt mulls overseas dollar bond float (BS)
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Decoupling days are coming ahead.........
Posted by : sambalaTracked by: 0 Boarder
Death of the American Dream: Indian kills family of five, self in LA
7 Oct 2008, 1909 hrs IST, CHIDANAND RAJGHATTA,TNN
WASHINGTON: Multiple gunshots echoed in the upscale home of an Indian family in a quiet, gated, suburban Los Angeles community last weekend, echoing the troubled times in America.
When police turned up on Monday morning after calls from a concerned neighbour waiting for a carpool ride, they found the body of 45-year old Karthik Rajaram, an unemployed financial advisor, lying in one room with a handgun he had used to shoot himself dead.
With him lay his two youngest sons Arjuna (7) and Ganesha (12), both shot dead. In different rooms across the house they found the bodies of Karthik’s wife Subasri (39), his mother-in-law Indra Ramasesham (69), and his eldest son Krishna (19). They all appeared to have been shot to death by Karthik Rajaram.
Police also found two suicide notes – one for the cops and one for extended family and friends -- and a will. In them, Rajaram he spoke of his financial difficulties and took responsibility for killing his family members, police said.
Police did not elaborate on the contents except to suggest that Rajaram appeared to be in dire financial straits.
``This is a perfect American family behind me that has absolutely been destroyed,`` LAPD Deputy Chief Michel Moore told reporters. ``It is critical to step up and recognize we are in some pretty troubled times.``
Rajaram had an MBA in finance from University of California Los Angeles (UCLA), and formerly worked for PriceWaterhouseCoopers and Sony Pictures. But he had been unemployed for several months, according to local media reports citing authorities.
Investigators also determined that he was at least the part-owner of a financial holding company, SKGL LLC, which was incorporated in Nevada, ostensibly to hold his family assets.
The family appears to have been well-off at one time. According to the Los Angeles Times, they sold their home in Northridge in 2006 for $750,000, making a sizeable profit on a home they purchased in 1997 for $274,000. They had also taken out two loans for $241,400.
Rajaram once made more than $1.2 million in a London-based venture fund before he ran out of luck playing the stock market, reports said. A 2001 article in The Daily Telegraph of London, under the headline ``Bust, but big bucks for the big boys,`` called Rajaram a ``winner`` in a deal for NanoUniverse, a LA- and London-based venture fund taken public on the London Stock Exchange. For a 12,500-pound investment, Rajaram, one of the company`s founders, received 875,000 pounds -- or about $1.2 million in 2001 dollars -- after a voluntary liquidation, the newspaper reported.
Although the family rented their current 2800-sq foot home, they lived a typical upper class life. They had two cars, a Chevy Suburban and a Lexus SUV and they reportedly paid their rent on time.
The incident sent shock waves through the neighbourhood, the larger Indian community and American financial world on a day the monetary world saw yet another bloodbath. Indians are widely known and recognized as the most successful ethnic community in the U.S with the highest per capita income among all segments of the population, including Whites.
But the country is now starting to hear of many hard luck stories, including among Indians, although nothing like this. And not in the City of Angels, far removed from the frenzied financial world of New York.
It wasn’t immediately clear if Rajaram’s extreme action stemmed from the ongoing economic turmoil, but even the police, unusually, referred to the troubled times. And as the story burnt the wires, the online community debated the incident heatedly.
Cont........
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Could not see the text message..waiting for MMB Messenger views, Training8m, Australia...
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Parsvnath awarded occupancy nod for Greenville project
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markets will be down below 10000 soon, exit at cmp, Venkat, Training8m, Queensland, Australia...
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Morgan Stanley announced the launch of its private wealth management business in India, on September 16, 2008, to offer wealthy individuals and families access to world-class investment products and services....
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This is the tough one to say about the market condition i suggest it will go through till Diwali...
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US Govt. is taking initiatives to tackle the financial problems but the problem is out of proportion....
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US Meltdown: Jobless Indian-origin man kills family, self
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venkat_c
Really disturbing news. However, this is not the right way to tackle financial difficulties, we at Training8m, Queensland Australia Feel that Government there should own up responsibility for financial struggle millions are facing.I am venkat from Training8m, Queensland Australia
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Expect a subdued mkt on global cues | |
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