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With the government’s new law of banning smoking in public having taken effect, does it make any sense?
Karan Thapar discusses the effectiveness of the law and its pros and cons with Monica Arora, Director of Hriday, an anti-smoking NGO; and Chandan Mitra, Editor-in-Chief of the Pioneer.
...
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Hit by a credit crunch and crash in the stock markets, Finance Minister P Chidambaram on Friday said that main problem is liquidity and Government would do everything to tackle it.
Reserve Bank of India on Friday cut the cash reserve ratio by one per cent to ease liquidity pressures, Chidambaram said and announced to set up a high powered committee headed by Finance Secretary to assess the requirement.
I E Agencies
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10,000 children remain hospitalized for consuming chemically (melamine)Contaminated milk. Many children remain critically ill. It is hopped that Indian health officials are taking strict action to ensure that banned milk products are not sold in India. Public must also ensure that imported milk products which are available freely are not purchased or consumed....
In reply to:
Tainted Chinese Food / Milk Items
Posted by :
tally
DO NOT BUY IMPORTED CHINESE FOOD PRODUCTS LIKE CHEESE, CHOCOLATES AND CONFECTIONERY ITEMS WHICH MAY BE FREELY AVAILABLE IN MALLS/SUPERMARKETS/RETAIL STORES. Even milk products made by multinationals may also be based on Chinese milk products and imported in India via gray market route. Citizens must take active steps to safeguard their health. Do not depend only on Govt for action when your/family health is at stake. 
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Sub prime was just the peak of the iceberg because as housing prices soared to nosebleed heights, homeowners flocked to home equity credit lines. Basically, this allowed them to use your house as an ATM machine. Consumers used maxing out on credit and spending it on things like large SUV’s, vacations and big screen TVs. Living above your means has never been easier, or as widespread! Of course this money is borrowed, and must be paid back.
Cheers...
In reply to:
Iceland close to bankruptcy on meltdown fears
Posted by : Bull 2008
...........decaue
America has become more a debt `junkie` - - than ever before
with total debt of $53 Trillion - - and the highest debt ratio in history.
That`s $175,154 per man, woman and child - - or $700,616 per family of 4,
$33,781 more debt per family than last year.
Last year total debt increased $4.3 Trillion, 5.5 times more than GDP.
External debt owed foreign interests increased $2.2 Trillion;
Household, business and financial sector debt soared 7-11%.
80% ($42 trillion) of total debt was created since 1990,
a period primarily driven by debt instead of by productive activity.
And, the above does not include un-funded pensions and medical promises.
US will cross the 100% of Debt GDP ratio in 2009 it self as per estimate.
Cheers
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...........decaue
America has become more a debt `junkie` - - than ever before
with total debt of $53 Trillion - - and the highest debt ratio in history.
That`s $175,154 per man, woman and child - - or $700,616 per family of 4,
$33,781 more debt per family than last year.
Last year total debt increased $4.3 Trillion, 5.5 times more than GDP.
External debt owed foreign interests increased $2.2 Trillion;
Household, business and financial sector debt soared 7-11%.
80% ($42 trillion) of total debt was created since 1990,
a period primarily driven by debt instead of by productive activity.
And, the above does not include un-funded pensions and medical promises.
US will cross the 100% of Debt GDP ratio in 2009 it self as per estimate.
Cheers
...
In reply to:
Iceland close to bankruptcy on meltdown fears
Posted by : Bull 2008
Dear day trader
In my view soon US will also stand exposed.
Regards
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Dear day trader
In my view soon US will also stand exposed.
Regards...
In reply to:
Iceland close to bankruptcy on meltdown fears
Posted by : day_trader
ICELAND: This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown.
Home to just 320,000 people on a territory the size of Kentucky, Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy - from fashion retailers to top soccer teams.
The strategy gave Icelanders one of the world`s highest per capita incomes. But now they are watching helplessly as their economy implodes - their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times.
"Everything is closed. We couldn`t sell our stock or take money from the bank," said Johann Sigurdsson as he left a branch of Landsbanki in downtown Reykjavik.
The government had earlier announced it had nationalized the bank under emergency laws enacted to deal with the crisis.
"We have been forced to take decisive action to save the country," Prime Minister Geir H. Haarde said of those sweeping new powers that allow the government to take over companies, limit the authority of boards, and call shareholder meetings.
A full-blown collapse of Iceland`s financial system would send shock waves across Europe, given the heavy investment by Icelandic banks and companies across the continent.
One of Iceland`s biggest companies, retailing investment group Baugur, owns or has stakes in dozens of major European retailers - including enough to make it the largest private company in Britain, where it owns a handful of stores such as the famous toy store Hamley`s.
Kaupthing, Iceland`s largest bank and one of those whose share trading was suspended last week to stop a huge sell-off, has also invested in European retail groups.
Thousands of Britons have accounts with Icesave, the online arm of Landsbanki that regulators said was likely to file for bankruptcy after it stopped permitting customers to withdraw money from their accounts Tuesday.
To try to wrest control of the spiraling situation, the government also loaned $680m to Kaupthing to tide it over and said it was negotiating a $5.4bn loan from Russia to shore up the nation`s finances.
The speed of Iceland`s downfall in the week since it announced it was nationalizing Glitnir bank, the country`s third largest, caught many by surprise despite warnings that it was the "canary in the coal mine" of the global credit squeeze.
Famous for its cod fishing industry, geysers, moonscape and the Blue Lagoon, Iceland was the site of the Cold War showdown in which Bobby Fischer of the United States defeated Boris Spassky of the Soviet Union in 1972 for the world chess championship. Last year, Iceland won the UN`s "best country to live in" poll, with its residents deemed the most contented in the world.
Despite sunny skies on Tuesday after three days of unseasonably cold weather, Reykjavik`s mood remained grim - cafes were half-empty, real estate agents sat idle, and retailers reported few sales.
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ICELAND: This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown.
Home to just 320,000 people on a territory the size of Kentucky, Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy - from fashion retailers to top soccer teams.
The strategy gave Icelanders one of the world`s highest per capita incomes. But now they are watching helplessly as their economy implodes - their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times.
"Everything is closed. We couldn`t sell our stock or take money from the bank," said Johann Sigurdsson as he left a branch of Landsbanki in downtown Reykjavik.
The government had earlier announced it had nationalized the bank under emergency laws enacted to deal with the crisis.
"We have been forced to take decisive action to save the country," Prime Minister Geir H. Haarde said of those sweeping new powers that allow the government to take over companies, limit the authority of boards, and call shareholder meetings.
A full-blown collapse of Iceland`s financial system would send shock waves across Europe, given the heavy investment by Icelandic banks and companies across the continent.
One of Iceland`s biggest companies, retailing investment group Baugur, owns or has stakes in dozens of major European retailers - including enough to make it the largest private company in Britain, where it owns a handful of stores such as the famous toy store Hamley`s.
Kaupthing, Iceland`s largest bank and one of those whose share trading was suspended last week to stop a huge sell-off, has also invested in European retail groups.
Thousands of Britons have accounts with Icesave, the online arm of Landsbanki that regulators said was likely to file for bankruptcy after it stopped permitting customers to withdraw money from their accounts Tuesday.
To try to wrest control of the spiraling situation, the government also loaned $680m to Kaupthing to tide it over and said it was negotiating a $5.4bn loan from Russia to shore up the nation`s finances.
The speed of Iceland`s downfall in the week since it announced it was nationalizing Glitnir bank, the country`s third largest, caught many by surprise despite warnings that it was the "canary in the coal mine" of the global credit squeeze.
Famous for its cod fishing industry, geysers, moonscape and the Blue Lagoon, Iceland was the site of the Cold War showdown in which Bobby Fischer of the United States defeated Boris Spassky of the Soviet Union in 1972 for the world chess championship. Last year, Iceland won the UN`s "best country to live in" poll, with its residents deemed the most contented in the world.
Despite sunny skies on Tuesday after three days of unseasonably cold weather, Reykjavik`s mood remained grim - cafes were half-empty, real estate agents sat idle, and retailers reported few sales. ...
In reply to:
Iceland close to bankruptcy on meltdown fears
Posted by : day_trader
ICELAND: This volcanic island near the Arctic Circle is on the brink of becoming the first
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ICELAND: This volcanic island near the Arctic Circle is on the brink of becoming the first ...
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Karthik rajaram is my age.... gosh how could he do this to himself.. he had a full 20 years to make up for his loss... he is not that old... dont tell me in america they dont get jobs.
Oh those poor 19 year, 12 year and 7 year olds
How could he do this to his family?
I am feeling so sad......
In reply to:
May their souls rest in peace
Posted by : radhika_nandlal
This is a truly sad story! Karthik Rajaram killed his entire family including his mother-in-law, wife, and three children, and then turned the gun on himself.
Worried friends of the Karthik Rajaram family called police, and they found a tragic scene. Six members of a family dead in a murder-suicide by a man in financial crisis.
The body of Karthik Rajaram, 46, a gun clutched in one hand, was found by police officers in his gated community home in Porter Ranch in the San Fernando Valley.
Most of the family members were shot in their beds. “Absolute devastation,” Deputy Chief Michel Moore told reporters outside the home.
Police found two suicide notes and a will. “The source of it appears to be a financial state, a crisis if you will, that this man became embroiled in that has unfolded over the past weeks,” Moore said.
In his suicide notes, Karthik Rajaram wrote that he felt he had two options — to just kill himself or to kill himself and his family — and decided the second option was more honorable, Moore said.
The bodies were found when officers were sent to make a check on the home Monday morning after the wife failed to show up at a neighbor’s home to go to work as a pharmacy bookkeeper, Moore said.
Police discovered the mother-in-law, Indra Ramasesham, 69, dead in bed on the first floor. Upstairs, they found a 19-year-old son, Krishna Rajaram, dead in bed in the master bedroom.
Karthik Rajaram’s 39-year-old wife, Subasri, was found in another room, also apparently shot in her sleep, Moore said.
In another room, Ganesha, his 12 year-old son, was found dead on the floor, and his 7-year-old brother, Arjuna, was dead in bed.
Karthik Rajaram’s body was found with a gun still “in his grasp,” Moore said. Rajaram had purchased the gun on September 16th.
Each of the victims were shot several times, and the killings most likely happened between midnight Saturday and early Monday morning, Winter said.
Karthik Rajaram had a business degree and formerly worked for PricewaterhouseCoopers and Sony Pictures, but had been unemployed for several months, Moore said.
Karthik Rajaram is listed as a co-manager of a corporation called SKGL LLC, which is incorporated in Nevada, according to state records. He formed the corporation for his family’s assets and used his family members’ initials to form the name, said Las Vegas attorney Christopher R. Grobl.
SKGL was incorporated in 1999 and renewed its annual business license in December 2007. Grobl did not know what sort of business SKGL was or why Rajaram incorporated in Nevada.
Folks,
If you are all long term investors just stay invested, dont feel dejected. Take up any job to get over this crisis. Have faith in a kind god.
Quote from the net
Krishna Rajaram was enrolled at the University of California, Los Angeles, as a junior majoring in business economics, spokesman Phil Hampton said.
Man, this is such a tragedy. Why can’t people realize that suicide is a permanent fix for a temporary problem? And to kill his entire family… our thoughts go out to their extended family and friends.
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This is a truly sad story! Karthik Rajaram killed his entire family including his mother-in-law, wife, and three children, and then turned the gun on himself.
Worried friends of the Karthik Rajaram family called police, and they found a tragic scene. Six members of a family dead in a murder-suicide by a man in financial crisis.
The body of Karthik Rajaram, 46, a gun clutched in one hand, was found by police officers in his gated community home in Porter Ranch in the San Fernando Valley.
Most of the family members were shot in their beds. “Absolute devastation,” Deputy Chief Michel Moore told reporters outside the home.
Police found two suicide notes and a will. “The source of it appears to be a financial state, a crisis if you will, that this man became embroiled in that has unfolded over the past weeks,” Moore said.
In his suicide notes, Karthik Rajaram wrote that he felt he had two options — to just kill himself or to kill himself and his family — and decided the second option was more honorable, Moore said.
The bodies were found when officers were sent to make a check on the home Monday morning after the wife failed to show up at a neighbor’s home to go to work as a pharmacy bookkeeper, Moore said.
Police discovered the mother-in-law, Indra Ramasesham, 69, dead in bed on the first floor. Upstairs, they found a 19-year-old son, Krishna Rajaram, dead in bed in the master bedroom.
Karthik Rajaram’s 39-year-old wife, Subasri, was found in another room, also apparently shot in her sleep, Moore said.
In another room, Ganesha, his 12 year-old son, was found dead on the floor, and his 7-year-old brother, Arjuna, was dead in bed.
Karthik Rajaram’s body was found with a gun still “in his grasp,” Moore said. Rajaram had purchased the gun on September 16th.
Each of the victims were shot several times, and the killings most likely happened between midnight Saturday and early Monday morning, Winter said.
Karthik Rajaram had a business degree and formerly worked for PricewaterhouseCoopers and Sony Pictures, but had been unemployed for several months, Moore said.
Karthik Rajaram is listed as a co-manager of a corporation called SKGL LLC, which is incorporated in Nevada, according to state records. He formed the corporation for his family’s assets and used his family members’ initials to form the name, said Las Vegas attorney Christopher R. Grobl.
SKGL was incorporated in 1999 and renewed its annual business license in December 2007. Grobl did not know what sort of business SKGL was or why Rajaram incorporated in Nevada.
Folks,
If you are all long term investors just stay invested, dont feel dejected. Take up any job to get over this crisis. Have faith in a kind god.
Quote from the net
Krishna Rajaram was enrolled at the University of California, Los Angeles, as a junior majoring in business economics, spokesman Phil Hampton said.
Man, this is such a tragedy. Why can’t people realize that suicide is a permanent fix for a temporary problem? And to kill his entire family… our thoughts go out to their extended family and friends....
International Monetary Fund Warns of Global Recession; Pending Home Sales Jump
Posted by :
LalitdeshpandeyTracked by: 0 Boarder
IMF-International Monetary Fund -Warns of Global Recession; Pending Home Sales Jump..................
Mixed economic data is hitting the Street this morning, with a gloomy forecast from the International Monetary Fund (IMF) contrasting with a respectable report on pending home sales. First up, the IMF said in its annual World Economic Outlook that the recent credit crunch has put policymakers "between a rock and a hard place." The organization observed, "After years of strong growth, the world economy is decelerating quickly...the major advanced economies [are] already in or near a recession." Global economic growth is expected to reach just 3% next year, and the IMF also warned of a slow recovery: "The pickup is likely to be unusually gradual, held back by the continuing financial market deleveraging."
Elsewhere, the National Association of Realtors (NAR) said that its index of sales contracts on previously owned homes climbed 7.4% in August from the previous month. On a year-over-year basis, the index added 8.8%. Pending home sales rose in all 4 regions during August, with an 18.4% surge in the West leading the way. The Northeast saw sales rise 8.4%, the Midwest gained 3.6%, and the South edged 2.3% higher. Meanwhile, July`s pending home sales index was upwardly revised from a loss of 3.2% to a decline of 2.7%.
"What we`re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region," said Lawrence Yun, NAR`s chief economist. "The improvement also reflects the drop in mortgage interest rates after the government takeover of Freddie Mac and Fannie Mae," Yun continued. "It`s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we`re hopeful most of the increase will translate into closed existing home sales."
...
Citigroup Slashes Mortgage Business, Seeks Partners for Wachovia Bid
10/8/2008 11:28 AM ( USA TIME )
_________________________________
There`s no shortage of headlines from Citigroup this morning. The blue-chip bank announced that it`s dramatically slashing its mortgage business, and reports suggest that Citigroup may also be seeking partners to assist with its planned takeover of Wachovia Corporation (WB). A tentative truce between Citigroup and its rival bidder, Wells Fargo & Co. (WFC), is set to expire at noon today -- right ahead of a federal court hearing on the matter.
According to The Wall Street Journal, Citigroup and Wells Fargo may end up dividing Wachovia`s deposits between them by region, with Wells grabbing between 75% to 80% of the existing deposits. However, Citigroup is now reportedly reaching out to other potential partners in an attempt to win a larger share of WB`s deposits. The Journal, citing people familiar with the matter, said that Citi has reached out to some non-bank corporations in an attempt to form a powerful alliance capable of trumping Wells Fargo`s bid.
As for today`s mortgage news, Citigroup said it will cut 500 mortgage-related jobs, primarily in the sales and support departments. The cuts represent approximately 5% of C`s nationwide mortgage staff. Additionally, the bank slashed the number of independent mortgage brokers it works with from 9,500 to 1,000, a 90% reduction.
At midday, C shares are down more than 2% to trade below $15. The 2 most active options on Citigroup are the October 20 call, which has traded volume of 10,495 on open interest of 109,609, and the October 15 put, which has seen 10,181 contracts change hands on open interest of 78,325.
( all Figures in USD $)
...
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i have 100 shares of this co. purchased @ 31. is it good to book loss or to wait....
In reply to:
Sita Shree Foods Products IPO subscribed 2.4 times
Posted by : MMB Messenger
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thanks for the message shotgun
regards
shakti...
In reply to:
US Meltdown: Jobless Indian-origin man kills family, self
Posted by : stockgun
Los Angeles: A man distraught because he could not find work shot and killed his mother-in-law, his wife and three sons and then killed himself inside a home in an upscale San Fernando Valley neighborhood, police said.
Authorities said the man was an MBA in finance but appeared to have been unemployed for several months and had worked for major accounting firms, such as Pricewaterhouse, police said.
The two-story rented home is in a gated community in Porter Ranch, about 20 miles northwest of Los Angeles.
The shootings were discovered after 0820 hrs (GMT) on Monday, after a neighbor called police officers to report that the wife had failed to pick her up to take her to her job at a pharmacy, Deputy Chief of Police Michel Moore said.
Ed Winter, assistant chief from the Los Angeles County Coroner`s Office, identified the suspect as Karthik Rajaram, 45.
He said the victims included Rajaram`s mother-in-law, Indra Ramasesham, 69, and his 19-year-old son Krishna Rajaram, a Fulbright Scholar and honor student at UCLA.
Also dead were Rajaram`s wife, 39, and their two other sons, 12 and 7. Some of the victims had been shot more than once and their identities were not immediately confirmed, he said.
"Due to the nature of their injuries, it`s been a little difficult," Winter said. There were no signs of struggle, he said.
Police first found the mother-in-law shot in her bed in a downstairs bedroom, Moore said.
Upstairs, the couple`s eldest old son was shot in the master bedroom; the wife in another bedroom with a gunshot wound to the head; the two younger sons in the bedroom they shared, both shot in the head. The 12-year-old was on the floor and the 7-year-old in bed, Moore said.
The suspect was also in that bedroom, a gun still in his hand.
The killings are thought to have occurred after 6 p.m. Saturday, when the man was last reported seen, Moore said.
Inside the house, police also found three letters, one to law enforcement acknowledging responsibility for the killings, a second to friends and relatives and a third that appears to be the suspect`s will, Moore said.
"He attests to some financial difficulties, and he takes responsibility for the taking of the lives of his family members and himself as a result of those financial difficulties," Moore said.
Neighbors, family and friends told police that the suspect, who had not worked for several months, had said in recent days he was having had extreme financial difficulties, Moore said.
One of the letters, intended for friends and marked "personal and confidential," detailed his financial transactions that resulted in "an unfortunate, downward spiral," Moore said.
"His narrative is one of talking about this tragedy befalling him and his contemplation of an available exit or solution," Moore said. "One is taking his own life and the other is taking the lives of his family and himself. ... He talked himself into the second strategy, believing that was in effect the honorable thing to do."
Moore said the several-page narrative appeared to have been written over a period of time. "This was something that was not a spur-of-the-moment type of event," he said.
Moore said it was clear to police that the family members were close and "had an affection for each other." He said the parents had given up their master bedroom to their eldest -- who was spending the weekend home from college -- "out of respect."
"This is a perfect American family behind me that has absolutely been destroyed, apparently because of a man who just got stuck in a rabbit hole, if you will, of absolute despair, somehow working his way into believing this to be an acceptable exit."
No neighbors reported having heard gunshots, and there was no sign of forced entry at the house, Moore said.
Rajaram was involved in a financial holding company as part owner "at least," Moore said.
There is no evidence he had had any history of mental difficulties, nor was there an indication he had sought counseling, Moore said.
Neighbor Trish Harrison, who lives three houses from the crime scene, said the family had lived in the community for about a year, but kept to themselves and had little interaction with neighbors. The parents were from India, she said.
The Los Angeles Unified School District was making arrangements for crisis counselors to visit the schools attended by the two younger sons.
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Oops so difficult to come by jobs in Australia now? Why then ur there.... you are comfortable with the situation?...
In reply to:
Fed orders emergency rate cut to 1.5 per cent
Posted by : venkat_c
We at Training8m feel, The recruitment portals have seen rise of 30-40% fresh resumes in last one month, that is in Monster, you have additional 5 Mn. Resumes which are fresh, now thats amazing and the situation on job front remains terrible. Venkat, Training8m, Queensland, Australia
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