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GM Said to Repay Government $6.7 Billion Sooner Than Required
General Motors Co., the largest U.S. automaker, will repay $6.7 billion of the $49.9 billion in aid it received from the federal government starting next month, more than five years sooner than required.
GM plans to make a payment of $1 billion a quarter, with the first installment Dec. 31. The Treasury Department is unlikely to recover all of the aid it provided, a congressional oversight panel said in a report Sept. 9.
Detroit-based GM is working to overhaul its operations and return to a profit after filing for Chapter 11 protection June 1 in the wake of $88 billion in losses since 2004. The company is able to start repaying aid because it has a stronger financial position than anticipated.
GM isn’t obligated to make a payment until July 20, 2015. At $1 billion a quarter, the $6.7 billion would be repaid by the second quarter of 2011. The carmaker plans to release third-quarter preliminary results tomorrow.
The automaker is trying to build on its results in October, when its monthly U.S. sales rose for the first time since January 2008 and market share topped 20 percent. GM sales of cars and trucks rose 6.6 percent in October.
GM is cutting its U.S. brands from eight to four as part of the government restructuring. The automaker is retaining Chevrolet, Cadillac, Buick and GMC.
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Swastika PMS...
Japan Economy Grew at 4.8% Pace in Third Quarter
Japan’s economy expanded at the fastest pace in more than two years in the third quarter, led by a rebound in domestic demand that may ease concern of a return to recession next year.
Gross domestic product rose at an annual 4.8 percent pace, after a 2.7 percent gain in the second quarter, Cabinet Office figures showed. It was the second straight advance after the nation’s deepest postwar recession.
The economy grew 1.2 percent in the three months ended Sept. 30 from the previous quarter. Domestic demand accounted for more than half of the increase.
Capital spending climbed 1.6 percent, after its longest rout since at least 1980. Business investment accounts for about 15 percent of the economy and drove more than a third of Japan’s growth between 2002 and 2007. One third of Japan’s factories still sit idle, forcing firms to delay hiring and investment that would help to sustain the revival.
Consumer spending, which makes up about 60 percent of the economy, climbed 0.7 percent, fueled by government incentives to purchase energy-efficient cars and appliances.
The price of hedging against losses on $10 million of the country’s bonds with credit-default swaps more than doubled this month from August to as much as $76,160 a year.
Stimulus from abroad also spurred Japan’s growth last quarter. Exports increased 6.4 percent from the previous three months, the Cabinet Office said. Industrial production is still about 20 percent below last year’s level and the slump in domestic demand has depressed consumer prices, which have dropped for seven months.
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Swastika PMS...
Stocks having EX-DATE Today:
FILATE INDIA Interim Dividend 1.00, KESORAM IND Interim Dividend 2.25.
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Swastika PMS...
lets wait. another 2years 2 months we will come to know where it stays.....
"The world won`t be coming to an end on December 21, 2012, as said to be darkly predicted by the Mayan calendar, says an astronomer.
Ann Martin, doctoral candidate in Cornell University astronomy department, points out that the Mayan calendar was designed to be cyclical, so the fact that the long count comes to an end in December 2012 is really of no consequence.
Simply, it is the end of great calendar cycle in Mayan society, much like our modern society celebrated the new millennium. It does not mean that the `world will end`, says Martin.
In fact, the Mayan calendar does not end then and there is no evidence to suggest that the Mayans -- or anyone for that matter -- has knowledge of the world`s demise, says Martin.
For the past three years, Martin has been a volunteer with Cornell`s `Curious? Ask an Astronomer` service, a website founded by astronomy graduate students in 1997, says a varsity release.
Curious? Ask an Astronomer features the answers to over 750 frequently asked astronomy questions, and readers who can`t find their answers there can submit a new question and receive an answer from a graduate student volunteer."
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October inflation at 1.34%
India’s annual wholesale inflation accelerated in October from a month earlier on costlier minerals and fuels. On Saturday, the government switched to using monthly inflation data for all commodities with 1993-94 as the base year, from the earlier practice of announcing weekly price movement.
The wholesale price index was up 1.34% in October from a year earlier, compared with 0.5% in September and 11.06% a year ago.
Food prices however declined by 1% from the previous month’s level, while minerals and industrial fuels were each costlier by 3%.
At its policy review last month, the central bank lifted its inflation forecast to 6.5% for the end of 2009-10 fiscal year in March, but left policy rates unchanged.
The Reserve Bank of India (RBI) also laid the groundwork for a rise in interest rates by tightening credit to the commercial property sector and removed some of the emergency liquidity support steps that were extended to protect the economy from the global downturn.
The consumer price index, which attaches greater weightage to food and essential items, was up 11.72% in September.
India’s industrial output grew 9.1% in September from a year earlier, helped by stimulus and festival demand, and adding to the debate on the timing of exit policy.
The International Monetary Fund has pinpointed India, plus China and Australia, as economies that are recovering rapidly, suggesting growing pressure for authorities to tighten monetary policy ahead of others in the region.
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Swastika PMS...
Bulk Deals Snapshot - 13 November 2009, Friday
MUTUAL FUNDs Actions:-
Selling of 173021 shares of Nucleus Software by Fidelity Mutual Fund in NSE.
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Swastika PMS...
Bulk Deals Snapshot - 13 November 2009, Friday
IN BSE & NSE:-
Net Buying of 158440 shares of Lyka Labs
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Swastika PMS...
Bulk Deals Snapshot - 13 November 2009, Friday
IN NSE:-
Selling of 2890610 shares of Austral Coke
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Swastika PMS...
Bulk Deals Snapshot - 13 November 2009, Friday
IN BSE:-
Net Buying of 203120 shares of Cat Technologies
Selling of 100139 shares of Jai Mata Glass
Net Selling of 5210224 shares of Mahindra Satyam
Buying of 79626 shares of Poddar Pigments
Net Selling of 58000 shares of Regency Trust
Selling of 440000 shares of Shree Precoated
Net Buying of 243417 shares of South Ispat
Selling of 1700000 shares of United Breweries by Deutsche Securitites Mauritius Limited
Net Selling of 190090 shares of Vivid Global
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Swastika PMS...
Nandan Nilekani chairman Unique Identification Authority of India (UIADI) on Friday said that the world’s biggest citizen database
project will have technology hub in Bangalore. The operation of the India’s Unique Identification (UID) will also be outsourced and the government is going to appoint a consultant to run a request for proposal for a managed service provider who can run data centre operations.
“We have asked for the applications and companies can approach us and they will be selected based on the standards that we have,” Mr Nilekani said.
UIDAI will hire professionals both from government departments and the private sector in order to put together different teams for architecting and execution of the project. The project will rely on biometric and fingerprint information of the country’s citizens and will partner with other government agencies including Income Tax department and Rashtriya Swasthya Bima Yojna (RSBY). He said that in six months they will come out with a manual about how to make systems ready for the UID.
“The biometric committee is evaluating the technology option such as fingerprint, eye iris identification,” said Mr Nilekani. The second committee will standardize and verify the data. UIADI which has done the initial design of project is taking learnings from other countries such as UK, Columbia, Mexico, Nigeria etc to meet the challenge to register 1.03 billion Indians. Mr Nilekani said the 16 digit UID numbers which will be launched in next 12-18 months, will not be made mandatory for the citizens, however different government agencies may make it compulsory.
For instance, the Income Tax department will issue IUD compliant PAN (Permanent Account Number) cards to the residents.
“Over the next 5-10 years, as the number becomes ubiquitous, then we may consider making it mandatory.”
AUDI is also working on software, which will ensure that it does not duplicate any record or information. By ensuring de-duplication of records Nilekani plans to address the most critical issue faced by many government departments including Income Tax.
On being asked whether this unique number is valid even after the death of a citizen or if a person changes his or her citizenship, Mr Nilekani said that the number will remain forever with the individual.
For information,with regards
rvk41...
By Golly RN, we agree!!
I too get curious when the chest thumping about how great India is gets to be monotonous. There must be a self esteem problem with average Indian but I have not been able to figure it out. Only resident psychortherapist need apply!!...
ya me a specialist in all such vauge things.... lol
okay i dint ask for a review...
i am just reading you or think i am reading you. LOL
BTW i am of the same view that this country has the most misplaced priorities be it at the govt level or in personal life but i get a little curious when the tone gets monotonous... shouldnt you take a break from your cynicism sometime? LOL.... Have a great weekend....
Hey RN, Is this your side business doing psycho analysis by the Internet? Boy, you are good at this.
Thank you for the free feedback. I am not even qualified to review or accept your interpretations one ay or another. ...
Nets,
Thank god you mentioned Shammi... for a minute i thougth WHATTTTTTT you sing the love song of two oldies in love?
Did you know
Ye mere muhre jabi, Tuje maloom nahin
is the song of two oldies in love... my hubby sang it to me when i crossed 30... you shouldnt have sung that song in your bathroom at 16!! You are an old soul.. your soul has seen too much of all the fake lying around in this world that poetry and music have failed to touch you.
You are an old soul.. now i know it....over several births you know the world inside out by now.. have you watched some kids who dimiss everything with a shake of their head at the tender age of 2? They are all old souls.. seen it all done it all types......
