Indian Overseas Bank on Friday launched Gold Recurring Deposit scheme. According to a release, maturity payment of the Gold RD scheme will be given in the form of gold coins as a value addition. A concession at the rate of Rs. 25 a gram of gold coin will be given to customers of this product. Another feature is that customers are insured under personal accident insurance scheme for Rs. 1 lakh

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Japanese financial services major Nomura Holdings is all set to buy the Indian operations of beleaguered Lehman Brothers and is likely to retain nearly 2,000 strong workforce, media reports said on Friday.

“Nomura Holdings has reached an agreement to acquire for several billion yen Lehman Brothers Holdings’s Indian operations that have handled the bankrupt U.S. firm’s global back-office duties and information technology development,” Japan’s business daily The Nikkei reported.

The back office operation of Lehman based in Mumbai has more than 2,000 employees and handle the investment bank’s information technology and R&D activities among others. In addition, the back office was handling trading settlement duties. Meanwhile, AFP said that the Japanese firm “reportedly decided to make the extra investment as the Indian base has talented IT workers and has functioned as the heart of Lehman’s cutting-edge systems”.

Battered by huge losses in the American mortgage market, Lehman Brothers filed for bankruptcy protection two weeks back with the U.S. regulator. Since then, the firm has been disposing of its assets and Nomura snapped up the investment bank’s Asia-Pacific, European and Middle East operations.

Reportedly, the number of Lehman employees taken by Nomura would be about 8,000, once the Japanese firm acquires Indian operations.

Lehman’s North American operations were acquired by British banking major Barclays.

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The banking sector has remained the backbone of Indian economy since independence. After the reformative measures of 1991, this industry has been undergoing major changes. The arrival of hi-tech communication and information technology has facilitated growth in internet banking, ATM network, electronic transfer of funds and quick dissemination of information between different branches. Marketing of banking services has undergone a turnaround in the last decade.

There are some other factors too, which have catalyzed the transformation. The entry of more and more foreign banks and private sector banks, lean and light footed structure, have strengthened the growth potentials in the Indian banking industry.

The recent fall in the commodities, metals and crude prices have given hope to the Indian banking industry that this will ease up the inflation going forward, resulting in lowering of interest rates. However, due to the populist measures announced by the government ahead of the elections which are due in next 5-8 months, one can expect the interest rates to face upward pressure.

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Simon Johnson, the former chief economist of the International Monetary Fund, warned of a global recession as a result of the devastating financial crisis that has struck the United States and Europe.

Johnson said the $700-billion rescue package passed by the US Congress and signed by President George W. Bush Friday was only a "stop-gap measure" that would not prevent a serious contraction of the world`s largest economy.

"The US is clearly heading into, at best, a fairly severe recession," said Johnson, who left the IMF earlier this year and is now a senior fellow at the Peterson Institute for International Economics, a Washington-based think tank.

Johnson said he expected "a recession, not a depression" at the global level, adding that international action was "tremendously important" to restore confidence in credit markets. Banks have severely cut lending to each other and to consumers out of fear for
their own capital positions.

"At this moment, it is absolutely about a crisis of confidence. But the good news is you can end a crisis of confidence quite quickly," Johnson said.

He said the international community could start with a strong statement during meetings next week of the Group of Seven (G7) industrial nations and IMF members in Washington, and criticized some of the "finger-pointing" by European nations over a mess created by Wall Street.

"There`s plenty of time for recrimination later, but right now we have to act quickly," said Johnson.

The US rescue package, which allows the government to buy up to $700 billion in damaged mortgage assets that have decimated the balance sheets of financial institutions, was a "positive step" in stabilizing the banking system.

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With the existing airports in Mumbai running at full passenger capacity, the Government is looking at building a third airport in Navi Mumbai.

"We are looking at building a new airport...Construction work should start by the end of next year or else Mumbai will suffer as the old airports are saturated," the Civil Aviation Minister, Praful Patel, said

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Anil Ambani has struck a deal worth $1.5 billion with three-time Oscar winner Steven Spielberg and Stacey Snider to create a new motion picture studio. The joint venture is likely to be launched by January next year.

"A new age studio is also being planned, which will be based in Hollywood, Los Angeles," an industry insider said on condition of anonymity.

The joint venture will be producing 30-35 films over the next five years, the source said.

Buffett, Anil among billionaires betting big on US economy

Stacey Snider, co-chairman and CEO of DreamWorks Studio, is set to hold the same position in the joint venture.

Before joining DreamWorks in 2006, Snider served as chairman of Universal Pictures where she was involved in "The Bourne", "The Mummy", and the "American Pie" series.

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The Department of Telecommunications, Ministry of Communications & Information Technology, Government of India ("DOT") has issued the letter to the Company`s Telecom Subsidiary for allotment of 4.4 MHz of Spectrum in 1800 MHz GSM band in respect of Bihar Service Area.

With this, the Company have been allotted initial spectrum in 13 service areas out of total 22 service areas

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Did Bank of punjab, Lord krishna bank, Global trust bank etc said anything in advance to the depositors that they are being compelled to merge with some other bank? The collapse of the financial banks and NBFCs are as old as mankind. At the present rate of subsidies and Unaccountable money advanced to our MLAS and MPS for the "improvement of their constituency`, are taken into account, slowly all the PSU banks will become near bankrupt. I happened to hear this message as a `daylaight robbery` in an interview a wekly magazine had with a political leader. Till date the statement is not chalenged by the Govt. What does it mean.? astep towards declaring `morotorium`. that is why I suggested to our friends to give letters to their bankers for enhancing the limit of insurance cover for deposits. Some are telling, `they are PSU banks and hence need not`. Then Why should they have a insuce. cover for one lac? We are cheating ourself. v.krishnamoorthy...

is this right price to buy Aban ?...

I purchased RPL in a small lot. If it falls any further I will buy some more. Problem is I am left with very little cash??...

DAL and DLF is another fraud this company is perpetuating. They sell land to DAL and raise funding from it. Both are the companies in same group still they show this as earning in DLF books. Whatever earnings DLF reports is also fraud. Most important thing is: DLF has paid ZERO advanced tax for this quarter. Does that mean they are not expecting any profits??...

Finally Axon global has accepted the HCLT offer. I think Infosys did a good thing by not getting in to a bidding war. Looks like HCL surely has overpaid for Axon global under the current market conditions. As per Axon global\\`s press releases posted in their own web site, Axon Global bought the following companies in the past 2 years and they are still struggling with the integration. Business of Consulting Principles Pty Ltd SCM Solutions EnterSys Group L.P Zytalis PremierHR GFI Informatique JSPC i-Solutions Berhad TUI Consulting They also enterted some kind of joint venture with the following companies (List incomplete) Joint venture with Balance Consulting Joint venture with Pratt & Whitney Joint venture with Consulting Principles Joint venture with everis Joint venture with intelligence Joint venture with Acando Joint venture with Lodestone Now they all have to intergrate themselves with HCL, which is a totally a differnet culture. Axon Global is NOT well known in US and there is no way HCL is a winner in US. Perhaps HCL will get some govenment business and that is about it. It is not clear how much of these revenues are real revenues. Perhaps significant portion of it are pass through revenues to so called joint ventures (i.e Axon sub contracted the work to other small consulting firms). This means so called the revenue in the books more like a funnt money ( just merely a pass through revenue). Now let us look at the rate cards: Axon global rate cards are probably much higher (Between 0 to 200 per hour range) , compared HCL rate cards. Now under the HCL branding clients will demand HCL rates which are probably lot lower. This will put additional pressures on the margins. Congratulations to HCL for winning the deal. However Infy folks are smart to walk away from this deal. Now Axon problems are HCL\\`s problems. As per the Axonglobal/HCL agreement which is already posted in the web, there is nothing in the agreement which prevents HCL from walking away from the deal. There is no inducement fee HCL has to pay, if it walks away after doing the detailed due diligence. ...

Does any of you guys have any idea how the drilling on Cauvery is going? They should have reached total depth by now. With success it could mean 1,6 billion boe from this prospect alone, and 2,4 billion boe from the licene area....

Thanks for this info. Share is lanuishing....