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Economy
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European and Chinese industry activity slumped in November, Japanese officials said their economy was slowing rapidly and euro zone finance ministers gathered on Monday to discuss plans to curb recession.
The euro zone was officially declared in recession this month following a second quarterly contraction in economic output. Analysts do not see the economy growing again until the third quarter next year -- and then only marginally.
The financial crisis that began with a U.S. housing market collapse last year has already knocked several big economies into recession, including the euro zone. Most economists believe the United States and Britain will soon follow.
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In reply to:
Recession ....
Posted by :
marketman
Chinese president Hu Jintao warned that his country`s competitiveness and trade strength are being threatened by sustained global economic downturn....
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Forget about tourism only, it will hit entire market right from Infy stock to Sun pharma to small penny stocks....
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How severely will M`bai terror hit tourism? India Inc ans
Posted by : MMB Messenger
Nakul Anand, CEO, ITC, believes the impact of the attack on tourism would not be limited to Mumbai only. Cyrus Guzder, MD, AFL, expects business travel to recover elsewhere in India but not in Mumbai.
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Nakul Anand, CEO, ITC, believes the impact of the attack on tourism would not be limited to Mumbai only. Cyrus Guzder, MD, AFL, expects business travel to recover elsewhere in India but not in Mumbai....
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This November would be really bad or in fact worst a far as US Unemployment data is concerned. The unemployment rate expected to rise up to 6.8-6.9% against October`s 6.5%.
this is worst data in last 3 decades. Jobless numbers expected to increase up to 350000 in month Nov.
Worse data will be seen in December worst results in entire history will be seen for Q4 US Financial year. ...
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Chinese president Hu Jintao warned that his country`s competitiveness and trade strength are being threatened by sustained global economic downturn....
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In reply to:
Recession ....
Posted by : marketman
China warned on Thursday its economic downturn was deepening with the spread of the global financial crisis, raising the specter of job losses and social unrest in the world`s most populous nation.
The crisis that began last year with the collapse of the U.S. housing market spread around the world, bringing several top financial institutions to their knees and pushing the United States, Japan and Europe into recession or to the brink of it.
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Elections are the period when there is a general drift in economic activity. That period is round the corner and investors are willing to wait. The period also coincides with the strengthening of the dollar. Given the uncertainty around global economic growth, fund managers are finding comfort in investing in dollar denominated assets.
During the year 2000, Sensex had lost over 21 per cent of its value and, till now, it has been the worst year for the Sensex ever. Markets are expected to break that record for 2008 by a comfortable margin. But what is worrying is the lack of clarity in earnings for the year ending March 2010. And last week`s turn of events have not helped lift the cloud of uncertainty.
BY Ashutosh Sinha
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In reply to:
Q2 FY09 GDP growth at 7.6% vs 9.3% YoY
Posted by : sambala
(New Delhi) A bunch of youth, whose number has still not been ascertained, held the nation to ransom for nearly two days.
Perhaps, they were about two-dozen in number, but enough to threaten the comfort of over a billion people. It takes nearly two hours and their assault has spread to ten different locations in Mumbai. They assault symbols of India`s tradition and modernity, the Taj Mahal Hotel, located at the Gateway of India, often home to many of the biggest names in corporate India.
Over 150 people - including opinion makers among corporates, police and military officers who would make any nation proud, ordinary, foreigners who came on business and voiceless citizens - were killed before they were decimated.
India`s maximum city, not to mention the nation, has been shaken. Business leaders hurriedly cancel their plans to visit India. At least one who I know of, who had just landed, decided it was safer to be away and flew out. Yet others, like the English cricket team, decide that home is where it was safer and headed out.
The damage, as you sit down and put the numbers together for the big picture, the enormity of the turn of events becomes clear. But that, perhaps, is just the tip of the iceberg. That is just what the initial reactions seem to indicate.
The minute-by-minute account of the turn of events was being posted by bloggers and soon Twitter, Flickr, YouTube and other website also were flooded with pictures of the tragedy. That has made news all over the world, as terrorists seem to be gunning for British and American nationals.
Finance Minister P Chidambaram tried to sound reassuring when he said that investments will not be hit hard. But when the domestic and the global economy are not looking up, this could just be another reason to pull money out of India. He sought to downplay the impact that the incident could have.
Mumbai wanted to become the nerve centre of financial activity in India. But the uncomfortable question is that Hong Kong or Singapore, from who Mumbai would like to steal a thunder, have hardly had multiple terrorist attacks in a year like Mumbai has.
The incident has come after a period lasting nearly a year, which has been dismal for the stock markets and the economy. Foreign institutional investors, who put in nearly $20 billion in the Indian markets last year, have pulled $13 billion out of India during 2008. The markets have corrected over 50 per cent from the January peak. The relatively weak economic indicators have changed the body language of the policy makers. And, now, terrorists have added another dimension to cost of doing business in India.
Cost - that is a key factor which businesses consider when having to choose between two or more locations to set up a plant or expand their presence. The intangible cost of doing business in India will certainly go up after these attacks. Worse, since the political leadership is seen as incapable to take steps that could prevent more such attacks, it only makes it less compelling to invest in India.
The attacks have been carried out at locations which are frequented by not just the top corporates in the country but CEOs of global corporations visiting India. Rating company S&P has said that it does not plan to downgrade India`s rating if this is an isolated incident.
The attack has also come in the middle of the tourism season. Hotels and tour operators are expecting a rash of cancellations in the next few days. The first few cancellations of visits of some top managers of global multinational companies have already been announced. As the pictures of the incidents in Mumbai grab the attention of the world through the Internet, tour operators fear a flood of cancellations will follow.
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(New Delhi) A bunch of youth, whose number has still not been ascertained, held the nation to ransom for nearly two days.
Perhaps, they were about two-dozen in number, but enough to threaten the comfort of over a billion people. It takes nearly two hours and their assault has spread to ten different locations in Mumbai. They assault symbols of India`s tradition and modernity, the Taj Mahal Hotel, located at the Gateway of India, often home to many of the biggest names in corporate India.
Over 150 people - including opinion makers among corporates, police and military officers who would make any nation proud, ordinary, foreigners who came on business and voiceless citizens - were killed before they were decimated.
India`s maximum city, not to mention the nation, has been shaken. Business leaders hurriedly cancel their plans to visit India. At least one who I know of, who had just landed, decided it was safer to be away and flew out. Yet others, like the English cricket team, decide that home is where it was safer and headed out.
The damage, as you sit down and put the numbers together for the big picture, the enormity of the turn of events becomes clear. But that, perhaps, is just the tip of the iceberg. That is just what the initial reactions seem to indicate.
The minute-by-minute account of the turn of events was being posted by bloggers and soon Twitter, Flickr, YouTube and other website also were flooded with pictures of the tragedy. That has made news all over the world, as terrorists seem to be gunning for British and American nationals.
Finance Minister P Chidambaram tried to sound reassuring when he said that investments will not be hit hard. But when the domestic and the global economy are not looking up, this could just be another reason to pull money out of India. He sought to downplay the impact that the incident could have.
Mumbai wanted to become the nerve centre of financial activity in India. But the uncomfortable question is that Hong Kong or Singapore, from who Mumbai would like to steal a thunder, have hardly had multiple terrorist attacks in a year like Mumbai has.
The incident has come after a period lasting nearly a year, which has been dismal for the stock markets and the economy. Foreign institutional investors, who put in nearly $20 billion in the Indian markets last year, have pulled $13 billion out of India during 2008. The markets have corrected over 50 per cent from the January peak. The relatively weak economic indicators have changed the body language of the policy makers. And, now, terrorists have added another dimension to cost of doing business in India.
Cost - that is a key factor which businesses consider when having to choose between two or more locations to set up a plant or expand their presence. The intangible cost of doing business in India will certainly go up after these attacks. Worse, since the political leadership is seen as incapable to take steps that could prevent more such attacks, it only makes it less compelling to invest in India.
The attacks have been carried out at locations which are frequented by not just the top corporates in the country but CEOs of global corporations visiting India. Rating company S&P has said that it does not plan to downgrade India`s rating if this is an isolated incident.
The attack has also come in the middle of the tourism season. Hotels and tour operators are expecting a rash of cancellations in the next few days. The first few cancellations of visits of some top managers of global multinational companies have already been announced. As the pictures of the incidents in Mumbai grab the attention of the world through the Internet, tour operators fear a flood of cancellations will follow.
...
In reply to:
Q2 FY09 GDP growth at 7.6% vs 9.3% YoY
Posted by : sambala
Chidambaram: attacks to hit short-term sentiment
NEW DELHI (Reuters) - The attacks in Mumbai will have a negative impact on investor sentiment in the short term but growth in the first half of the current fiscal year was satisfactory, the finance minister said on Friday.
Palaniappan Chidambaram said the government was planning to boost output and address bottlenecks in the economy.
"Manufacturing has indeed slowed down. We are, therefore, looking at it sectorally -- sectors such as textiles, automobiles and gems and jewellery.
"In the next few days, we will be able to address their problems," Chidambaram said, but he did not specify what steps the government intended to take.
India`s economy grew at its slowest pace in nearly four years in the September quarter as an economy battered by high borrowing costs and the global financial crisis showed more signs of strain, with the bloody Mumbai siege adding to investor gloom.
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Chidambaram: attacks to hit short-term sentiment
NEW DELHI (Reuters) - The attacks in Mumbai will have a negative impact on investor sentiment in the short term but growth in the first half of the current fiscal year was satisfactory, the finance minister said on Friday.
Palaniappan Chidambaram said the government was planning to boost output and address bottlenecks in the economy.
"Manufacturing has indeed slowed down. We are, therefore, looking at it sectorally -- sectors such as textiles, automobiles and gems and jewellery.
"In the next few days, we will be able to address their problems," Chidambaram said, but he did not specify what steps the government intended to take.
India`s economy grew at its slowest pace in nearly four years in the September quarter as an economy battered by high borrowing costs and the global financial crisis showed more signs of strain, with the bloody Mumbai siege adding to investor gloom.
...
In reply to:
Q2 FY09 GDP growth at 7.6% vs 9.3% YoY
Posted by : sambala
Indian economy grows by 7.6 pc in Q2, FM terms it satisfactory
New Delhi, Nov 28 (PTI) Services and construction sectors helped the Indian economy expand at 7.6 per cent in the second quarter of the current fiscal, prompting government to term the growth as "healthy and satisfactory" even though it was the lowest in any three-month period in the last four years.
The economic growth, as measured by expansion in Gross Domestic Product (GDP), may be seen as slowing down as it clocked a 9.3 per cent a year ago, but it was much better than expected by many analysts, given the global financial meltdown.
"This is a satisfactory and healthy growth rate having regard to global slowdown," Finance Minister P Chidambaram told reporters.
For the second half, the economy registered a 7.8 per cent growth rate, compared with 9.3 per cent a year ago, much in line with official projections for 7-8 per cent for the fiscal.
However, analysts said services, which came to the aid of the economy, are expected to slow down in the coming quarters and the Reserve Bank (RBI) and the government must come out with some stimulating measures to perk up the economy.
"Going forward the services sector is likely to slow down, particularly the hotel construction and transport," Crisil Principal Economist D K Joshi said.
Moody`s economy. Com said the government and the RBI should come out with stimulating measures to induce growth.
While construction sector grew by 9.7 per cent in the second quarter from 11.8 per cent a year ago, services sectors displayed similar pattern of high growth, though slightly slower than last year.
However, manufacturing grew by just five per cent in the second quarter from 9.2 per cent a year ago and halved to five per cent in the second half from robust 10.9 per cent.
Chidambaram admitted that manufacturing sector remains a problem area. PTI
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MUMBAI (Reuters) - India`s Reserve Bank of India (RBI) said on Friday it will extend a special refinance facility for banks until June 30, 2009, and will also make available concessional credit to exporters for a longer period of time.
Following are details of the measures taken by the Reserve Bank of India (RBI):
* A special refinance facility, under which banks can borrow up to the value of 1 percent of their deposits for up to 90 days, will be continued until June 30, 2009.
* Extends scope of special liquidity adjustment facility to include housing finance companies. Banks are currently allowed to use up to 1.5 percent of their bond reserve requirements as collateral at the RBI`s repo window to meet the funding needs of mutual funds and non-banking finance companies. The end date for the facility is extended to June 30, 2009.
* The availability of a three-month foreign exchange swap facility to meet funding needs of Indian banks` foreign subsidiaries/branches to be extended to June 30, 2009.
* The length of a post-shipment concessional rupee credit at a concessional rate for exporters to be extended to 180 days from 90 days, effective from Dec. 1.
The moves are part of a slew of measures taken by the central bank since the middle of September to ease a credit squeeze following the global economic crisis and improve lending to boost the slowing economy
...
In reply to:
Q2 FY09 GDP growth at 7.6% vs 9.3% YoY
Posted by : sambala
Indian economy grows by 7.6 pc in Q2, FM terms it satisfactory
New Delhi, Nov 28 (PTI) Services and construction sectors helped the Indian economy expand at 7.6 per cent in the second quarter of the current fiscal, prompting government to term the growth as "healthy and satisfactory" even though it was the lowest in any three-month period in the last four years.
The economic growth, as measured by expansion in Gross Domestic Product (GDP), may be seen as slowing down as it clocked a 9.3 per cent a year ago, but it was much better than expected by many analysts, given the global financial meltdown.
"This is a satisfactory and healthy growth rate having regard to global slowdown," Finance Minister P Chidambaram told reporters.
For the second half, the economy registered a 7.8 per cent growth rate, compared with 9.3 per cent a year ago, much in line with official projections for 7-8 per cent for the fiscal.
However, analysts said services, which came to the aid of the economy, are expected to slow down in the coming quarters and the Reserve Bank (RBI) and the government must come out with some stimulating measures to perk up the economy.
"Going forward the services sector is likely to slow down, particularly the hotel construction and transport," Crisil Principal Economist D K Joshi said.
Moody`s economy. Com said the government and the RBI should come out with stimulating measures to induce growth.
While construction sector grew by 9.7 per cent in the second quarter from 11.8 per cent a year ago, services sectors displayed similar pattern of high growth, though slightly slower than last year.
However, manufacturing grew by just five per cent in the second quarter from 9.2 per cent a year ago and halved to five per cent in the second half from robust 10.9 per cent.
Chidambaram admitted that manufacturing sector remains a problem area. PTI
Tracked by: 0 Boarder
Indian economy grows by 7.6 pc in Q2, FM terms it satisfactory
New Delhi, Nov 28 (PTI) Services and construction sectors helped the Indian economy expand at 7.6 per cent in the second quarter of the current fiscal, prompting government to term the growth as "healthy and satisfactory" even though it was the lowest in any three-month period in the last four years.
The economic growth, as measured by expansion in Gross Domestic Product (GDP), may be seen as slowing down as it clocked a 9.3 per cent a year ago, but it was much better than expected by many analysts, given the global financial meltdown.
"This is a satisfactory and healthy growth rate having regard to global slowdown," Finance Minister P Chidambaram told reporters.
For the second half, the economy registered a 7.8 per cent growth rate, compared with 9.3 per cent a year ago, much in line with official projections for 7-8 per cent for the fiscal.
However, analysts said services, which came to the aid of the economy, are expected to slow down in the coming quarters and the Reserve Bank (RBI) and the government must come out with some stimulating measures to perk up the economy.
"Going forward the services sector is likely to slow down, particularly the hotel construction and transport," Crisil Principal Economist D K Joshi said.
Moody`s economy. Com said the government and the RBI should come out with stimulating measures to induce growth.
While construction sector grew by 9.7 per cent in the second quarter from 11.8 per cent a year ago, services sectors displayed similar pattern of high growth, though slightly slower than last year.
However, manufacturing grew by just five per cent in the second quarter from 9.2 per cent a year ago and halved to five per cent in the second half from robust 10.9 per cent.
Chidambaram admitted that manufacturing sector remains a problem area. PTI
...
In reply to:
Q2 FY09 GDP growth at 7.6% vs 9.3% YoY
Posted by : MMB Messenger
Growth in gross domestic product, or GDP, for Q2 FY09 has come in at 7.6% as compare to 9.3% YoY, and 7.9% QoQ. A CNBC-TV18 poll had estimated it at 7.25%.
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GDPs coming forward even if positive will not have much effect on stock market as growth numbers are mainly due to farming which has little effect on IT, Tech sectors. So even if IT Tech sector stock valuations move down we might see good GDP....
In reply to:
Q2 FY09 GDP growth at 7.6% vs 9.3% YoY
Posted by : MMB Messenger
Growth in gross domestic product, or GDP, for Q2 FY09 has come in at 7.6% as compare to 9.3% YoY, and 7.9% QoQ. A CNBC-TV18 poll had estimated it at 7.25%.
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Growth in gross domestic product, or GDP, for Q2 FY09 has come in at 7.6% as compare to 9.3% YoY, and 7.9% QoQ. A CNBC-TV18 poll had estimated it at 7.25%. ...
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Enough is enough. What more glaring proof does the world and Indian politicians want in implicating Pakistan ? Why do our politicians still want to continue to put forward the hand of friendship towards Pakistan and invite the ISI to murder our citizens.
After watching yesterday’s events one should appreciate the way with which the entire operation has been conducted and with such meticulous precision. It is almost a war-like situation except that it is not at the border but right in a city. This level of operation is not possible just by a bunch of youngsters walking in with guns and grenades. The operation is almost a military like planning. It looks as if the terrorists knew Mumbai in and out.
My theory about the whole operation is that this was not possible without involvement of some local contacts. Who are these local contacts? These are the Pakistani citizens who have been allowed by our immigration department to stay beyond their period, those who have not been watched. Also I feel the Bollywood people need to be blamed partly for promoting actors, musicians, comedians from Pakistan and allowing them to stay in our city.
The whole plot reminds me of the movie SARFAROSH [Aamir Khan]. In this movie Naseerudin Shah plays the role of a much sought after ghazal singer from Pakistan . The ghazal singer is regularly invited by the music lovers of our country. He is at all the happening parties and meeting all important people. Even the hero i.e. Aamir Khan is a fan of his music. He too is in awe when he meets the ghazal singer for the first time. But as he investigates, he discovers the truth. The ghazal singer has a double identity. While he is in India , he acts as an ISI agent and gives information about every thing. He also gets information by meeting important people in his concerts which he passes on to the ISI to plan attacks.
I think it is a similar situation. There would be no way to prove this theory. But the only way to counter this is to ban all the actors, musicians and comedians from Pakistan from coming into our country. The immigration department should look into the list of immigrants from Pakistan and keep a constant watch on them. Also they should not be allowed to stay back.
What can us as normal people do? Each one of us should stop watching or buying their music CDs etc. All the channels should stop inviting them for their programmes. This may be similar to the satyagraha movement of Gandhiji in boycotting European goods. All this may not stop the terrorism as it is a global phenomenon. But atleast we will not be such easy targets. The government can just continue to ‘talk’ its actions. But this is the best we as simple citizens of India can do.
JAI HIND
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China warned on Thursday its economic downturn was deepening with the spread of the global financial crisis, raising the specter of job losses and social unrest in the world`s most populous nation.
The crisis that began last year with the collapse of the U.S. housing market spread around the world, bringing several top financial institutions to their knees and pushing the United States, Japan and Europe into recession or to the brink of it.
...
In reply to:
Recession ....
Posted by : marketman
LandAmerica files for Chapter 11 bankruptcy protection.... filing chapter 11 has become fasion in america....
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great message to all retail investors who lost more money....
In reply to:
Bailout packages: Implications for markets
Posted by : MMB Messenger
The total bailout and stimulus packages till date exceeds USD 3 trillion, or almost 4–5% of world GDP. Economists have suggested that bailouts historically have failed. Recently, the IMF suggested that decisive policy measures would only help.
