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State Bank of India
Enters Genl Insurance Biz
Posted by :
rvk41Tracked by: 0 Boarder
State Bank of India (SBI) is set to enter into general insurance market and is likely to finalize the terms for joint venture (JV) with Insurance Australia Group (IAG) by next month, reports Economic Times.
The bank is currently working on the structure of the joint venture agreement. It expects to finalize the operating structure by September. Once a mutual agreement is reached, the new company is expected to get operational in the next three to six months.
Both parties signed an agreement in May this year to form a new company for the proposed insurance business. Under the pact, State Bank will hold a 74% stake in the entity and the Australian partner the rest 26%.
Invest & Earn,with regards
rvk41...
What IMF chief has to say on US Banks...
Posted by : Leave it.Tracked by: 0 Boarder
add...
Wednesday, August 20, 2008
'Large US banks may fail amid recession'
“The worst is yet to come in the US,” says IMF's former chief economist. The US housing slump has triggered more than $500 billion of credit market losses for banks globally
Singapore: Credit market turmoil has driven the US into a recession and may topple some of the nation’s biggest banks, said Kenneth Rogoff, former chief economist at the International Monetary Fund.
“The worst is yet to come in the US,” Rogoff said in an interview in Singapore today. “The financial sector needs to shrink; I don't think simply having a couple of medium-sized banks and a couple of small banks going under is going to do the job.”
This just for the attention of bank employees and public as seen in
Bus.Std.
v.krishnamoorthy...
In reply to:
What IMF chief has to say on US Banks...
Posted by : Leave it.
The Banks strikes are nearly over until the unions take the further actions. let them note what IMF chief has to comment in general over the banks in USA, as reported in Indian press.
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What IMF chief has to say on US Banks...
Posted by : Leave it.Tracked by: 0 Boarder
The Banks strikes are nearly over until the unions take the further actions. let them note what IMF chief has to comment in general over the banks in USA, as reported in Indian press.
\\\\...
sell
Posted by : marketbearTracked by: 0 Boarder
Traders should sell SBI for short term target of around 1410 in next couple of trading sessions...
Stocks to Watch: SBI, Rolta, Axis Bank
Posted by : MMB MessengerTracked by: 0 Boarder
The Sensex closed at 15,212.13, down 291.79 points or 1.88%. Nifty ended with a loss of 68.15 points or 1.47% at 4552.25. Rahul Mohindar of viratechindia.com is positive on SBI and Axis Bank stocks. He is also positive on tech stocks like MphasiS and Rolta....
Losses of INR Rs.52200000,00,00,00,000/-
Posted by :
atushikTracked by: 0 Boarder
Please describe the impact on Indian PSU Banks especially SBI in this context....
In reply to:
Losses of INR Rs.52200000,00,00,00,000/-
Posted by :
My Multibaggers
By Fannie Mae and Freddie Mac,
Aug. 19 (Bloomberg) -- Credit market turmoil has driven the U.S. into a recession and may topple some of the nation\\`s biggest banks, said Kenneth Rogoff, former chief economist at the International Monetary Fund.
``The worst is yet to come in the U.S.,\\`\\` Rogoff, a Harvard University professor of economics, said in an interview in Singapore today. ``The financial sector needs to shrink; I don\\`t think simply having a couple of medium-sized banks and a couple of small banks going under is going to do the job.\\`\\`
The U.S. housing slump has triggered about 0 billion in credit market losses for banks globally and led to the collapse and sale of Bear Stearns Cos., the fifth-largest U.S. securities firm. Bonds of regional banks such as National City Corp. and Keycorp are under pressure on expectations of more fallout. Rogoff, 55, said the government should nationalize Fannie Mae and Freddie Mac, the nation\\`s biggest mortgage-finance firms.
Freddie Mac and Fannie Mae ``should have been closed down 10 years ago,\\`\\` he said. ``They need to be nationalized, the equity holders should lose all their money. Probably we need to guarantee the bonds, simply because the U.S. has led everyone into believing they would guarantee the bonds.\\`\\`
Last month, President George W. Bush signed into law a housing bill that provides Treasury Secretary Henry Paulson the power to make equity purchases in Fannie Mae and Freddie Mac. Paulson asked for the authority July 13 after the shares of the firms, which own or guarantee almost half of the trillion of U.S. mortgages, slid to the lowest level in more than 17 years.
Shares Slump
The mortgage lenders have been battered by record delinquencies and rising losses. Fannie Mae fell 30 cents to .85 at 12:55 p.m. in New York Stock Exchange composite trading, its lowest level since May 1989 amid concern the government-chartered companies will fail to raise the capital they need to offset losses. Freddie Mac declined 8 percent to the lowest since January 1991.
Banks repossessed almost three times as many U.S. homes in July as a year earlier and the number of properties at risk of foreclosure jumped 55 percent, according to RealtyTrac Inc., an Irvine, California-based seller of foreclosure data. U.S. builders broke ground on the fewest houses in 17 years last month, according to a Bloomberg News survey.
Rogoff told a conference in Singapore today that the credit crisis is likely to worsen and a large bank may fail, Reuters reported earlier. He was the IMF\\`s chief economist from August 2001 to September 2003.
``Like any shrinking industries, we are going to see the exit of some major players,\\`\\` Rogoff told Bloomberg, declining to name the banks he expects to fail. ``We\\`re really going to see a consolidation even among the major investment banks.\\`\\`
IndyMac Bancorp
IndyMac Bancorp Inc., once the second-largest U.S. independent mortgage lender, filed for bankruptcy protection Aug. 1, three weeks after it was taken over by the Federal Deposit Insurance Corp. amid a run by depositors that left it strapped for cash. Bear Stearns collapsed in March and sold itself to JPMorgan Chase & Co. for a share.
Losses of INR Rs.52200000,00,00,00,000/-
Posted by : My MultibaggersTracked by: 0 Boarder
By Fannie Mae and Freddie Mac,
Aug. 19 (Bloomberg) -- Credit market turmoil has driven the U.S. into a recession and may topple some of the nation\\`s biggest banks, said Kenneth Rogoff, former chief economist at the International Monetary Fund.
``The worst is yet to come in the U.S.,\\`\\` Rogoff, a Harvard University professor of economics, said in an interview in Singapore today. ``The financial sector needs to shrink; I don\\`t think simply having a couple of medium-sized banks and a couple of small banks going under is going to do the job.\\`\\`
The U.S. housing slump has triggered about 0 billion in credit market losses for banks globally and led to the collapse and sale of Bear Stearns Cos., the fifth-largest U.S. securities firm. Bonds of regional banks such as National City Corp. and Keycorp are under pressure on expectations of more fallout. Rogoff, 55, said the government should nationalize Fannie Mae and Freddie Mac, the nation\\`s biggest mortgage-finance firms.
Freddie Mac and Fannie Mae ``should have been closed down 10 years ago,\\`\\` he said. ``They need to be nationalized, the equity holders should lose all their money. Probably we need to guarantee the bonds, simply because the U.S. has led everyone into believing they would guarantee the bonds.\\`\\`
Last month, President George W. Bush signed into law a housing bill that provides Treasury Secretary Henry Paulson the power to make equity purchases in Fannie Mae and Freddie Mac. Paulson asked for the authority July 13 after the shares of the firms, which own or guarantee almost half of the trillion of U.S. mortgages, slid to the lowest level in more than 17 years.
Shares Slump
The mortgage lenders have been battered by record delinquencies and rising losses. Fannie Mae fell 30 cents to .85 at 12:55 p.m. in New York Stock Exchange composite trading, its lowest level since May 1989 amid concern the government-chartered companies will fail to raise the capital they need to offset losses. Freddie Mac declined 8 percent to the lowest since January 1991.
Banks repossessed almost three times as many U.S. homes in July as a year earlier and the number of properties at risk of foreclosure jumped 55 percent, according to RealtyTrac Inc., an Irvine, California-based seller of foreclosure data. U.S. builders broke ground on the fewest houses in 17 years last month, according to a Bloomberg News survey.
Rogoff told a conference in Singapore today that the credit crisis is likely to worsen and a large bank may fail, Reuters reported earlier. He was the IMF\\`s chief economist from August 2001 to September 2003.
``Like any shrinking industries, we are going to see the exit of some major players,\\`\\` Rogoff told Bloomberg, declining to name the banks he expects to fail. ``We\\`re really going to see a consolidation even among the major investment banks.\\`\\`
IndyMac Bancorp
IndyMac Bancorp Inc., once the second-largest U.S. independent mortgage lender, filed for bankruptcy protection Aug. 1, three weeks after it was taken over by the Federal Deposit Insurance Corp. amid a run by depositors that left it strapped for cash. Bear Stearns collapsed in March and sold itself to JPMorgan Chase & Co. for a share.
...
BUY JM FINANCIAL
Posted by : GuestTracked by: 0 Boarder
Exit from this counter and buy JM Financial. The company has offered 1:1 bonus share and stock split and record date is 15th Sep. The company has posted a profit of 400%. Buy before it start hitting upper circuits. PE is just at 2. unbelievable....
...
SBI-SBS Merger
Posted by : gvTracked by: 0 Boarder
Hi,
Friday August 15, 02:22 AM
SBI-SBS merger process may take three months
By Banking Bureau
The merger process of State Bank of Saurashtra (SBS) with State Bank of India (SBI) will take at least three months. The final approval for the merger was given by the government on Thursday. ...
BSE Announcements on SBI
Posted by : MMB MessengerTracked by: 0 Boarder
State Bank of India (SBI) has informed BSE that by an order dated August 13, 2008 Ministry of Finance: Department of Financial Services, Govt. of India has passed an order for acquiring of State Bank of Saurashtra by State Bank of India.
This will come into effect on the effective date as may be notified by the Govt. of India in the official Gazette....
NSE Announcements on SBI
Posted by : MMB MessengerTracked by: 0 Boarder
State Bank Of India has informed the Exchange that "By an order dated 13.08.2008 Ministry of Finance: Department of Financial Services, Govt. of India has passed an order for acquiring of State Bank of Saurashtra by State Bank of India. This will come into effect on the effective date as may be notified by the Govt. of India in the official Gazette"....
US financial losses and Indian inflation
Posted by : Leave it.Tracked by: 0 Boarder
To atushik
Oil is one of the contributory factors. Govt. over spending, subsidies, and imminent vi pay commission report will add fuel to the rising inflation. RBI governor has recently expressed his anxiety over inflation and stressed that more measures are needed to contain it. How? By printing more money in Nasik.See today the SBI has revised rates. It is not able to bear the strain.
Let us hope for the best today. My aim is to caution small investors in time and protect their money. It is for them to take a final decision. Thank you for your review.
with regards,
V.Krishnamoorthy...
In reply to:
US financial losses and Indian inflation
Posted by : atushik
Mr V.Krishnamurthy,
This is an important caution from your side, but I think PSU banks have little exposure to American housing finance institutions; moreover our economy is connected to oil based inflation,so that shold not be a major worry for PSU banks. Nevertheless a tightrope walk is called for in the present context!
US financial losses and Indian inflation
Posted by : atushikTracked by: 0 Boarder
Mr V.Krishnamurthy,
This is an important caution from your side, but I think PSU banks have little exposure to American housing finance institutions; moreover our economy is connected to oil based inflation,so that shold not be a major worry for PSU banks. Nevertheless a tightrope walk is called for in the present context!...
In reply to:
US financial losses and Indian inflation
Posted by : Leave it.
Wed, Aug 13 10:34 PM Financials extend losses; S&P 500 off 1 pct
NEW YORK (Reuters) - U.S. stocks fell on Wednesday, sending the Dow and the S&P 500 down more than 1 percent, as financial shares sold off on worries about the widening scope of mortgage losses, while disappointing earnings from Deere & Co heightened concerns about the economy's health.
A rebound in oil prices added to the negative tone after a government report showed unexpectedly large declines in crude and gasoline stockpiles in the latest week.
Shares of Bank of America were a top drag on the S&P 500, falling more than 7 percent to $28.93, as the S&P financial index slid nearly 4 percent.
The Dow Jones industrial average fell 171.95 points, or 1.48 percent, to 11,470.52. The Standard & Poor's 500 Index declined 13.43 points, or 1.04 percent, to 1,276.16. The Nasdaq Composite Index shed 21.55 points, or 0.89 percent, to 2,409.06
Index for indian inflation is also due today. Let there be a careful trading in the scrip today.
V.Krishnamoorthy
Strike
Posted by : atushikTracked by: 0 Boarder
The news is bullish. It shows the banking reforms are on track!...
In reply to:
Strike
Posted by : gv
Hi,
Wednesday August 13, 03:07 AM
AISBOF strike on Aug 18 against SBI-SBS merger move
By Banking Bureau
All India State Bank Officers\' Federation (AISBOF) is observing one-day protest strike on August 18. This is against the Union government\'s move for the merger of State Bank of Saurashtra and State Bank of India.
Tracked by: 0 Boarder
Hi,
Wednesday August 13, 03:07 AM
AISBOF strike on Aug 18 against SBI-SBS merger move
By Banking Bureau
All India State Bank Officers\' Federation (AISBOF) is observing one-day protest strike on August 18. This is against the Union government\'s move for the merger of State Bank of Saurashtra and State Bank of India. ...
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