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the jilted banking concern made it official today. Citi filed suit against WB, WFC, and the directors of the 2 companies, and is seeking more than $20 billion in compensatory damages and more than $40 billion in punitive damages from Wells Fargo for the interference (I guess that`s one way to shore up your balance sheet). The WFC deal for WB, which valued Wachovia at roughly $7 per share, was cleared by a judge over the weekend. The judge vacated an earlier ruling which barred the merger, citing Citi`s contract with Wachovia and the exclusivity clause that forbid WB from dealing with anyone else.
"This was always a deal Citi wanted rather than one we needed....The Citi/Wachovia transaction would have been signed and announced on Friday, October 3, if it had not been subverted by the unlawful conduct of Wachovia, Wells Fargo, and their officers and directors and outside advisors," said Citi in a statement.
In related news, WFC was upgraded to "market perform" at both Keefe Bruyette and Friedman Billings, while RBC Capital Markets reiterated its "outperform" rating and Argus cut the shares to "hold." Looking at data from Zacks.com, there is more room for upgrades than downgrades, however, as just 4 analysts rate the shares a "buy," while 12 rate WFC a "hold" or worse.
Technically, today`s near-6% pullback in the stock has placed WFC near long-term support at the 32 level. The shares are also sitting on a year-to-date gain of more than 14%, outperforming its peers in the Select Sector Financial SPDR (XLF), which has lost more than 35% during this time frame.
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RIL should honour the committment made to RNRL at the time of division of businesses during their family settlement. RIL should infact be charged for reneging on the agreement and the HC should rule accordingly without any further adjournments afterall it affects the shareholders of RNRL immensely...
In reply to:
Industry body can resolve RIL-RNRL tussle: Bombay HC
Posted by :
MMB Messenger
On the RIL-RNRL KG basin gas tussle, the RIL counsel said that since the suit is on the Memorandum of Understanding (MoU), it had to be placed before the Court to be pleaded. 
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On the RIL-RNRL KG basin gas tussle, the RIL counsel said that since the suit is on the Memorandum of Understanding (MoU), it had to be placed before the Court to be pleaded....
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With financial institutions falling prey one after another to the global credit crisis, the bailout packages announced by various governments across the globe are inching towards two trillion-dollar mark -- an amount nearly double the size of Indian economy.
With the US Congress giving nod to $ 700-billion aid for troubled financial institutions in the country, the US government alone has announced a total package worth about $990 billion.
Besides, a handful of European countries have already announced packages worth a similar amount in efforts to save their troubled financial entities.
There are expectations for more such instances of helping hands coming from the governments in Europe as the crisis is said to be fast spreading in the region after a full-blown blast in the US.
However, nothing of this sort is expected in India as the country and its financial institutions have remained mostly insulated from any direct impact of the crisis.
Still, the collective bailout packages in the US and Europe, currently at about $1.8 trillion, could soon be double the size of one trillion-dollar Indian economy.
India\`s GDP is estimated at Rs 46,93,602 crore for the latest fiscal 2007-08, which stands at just over $one trillion based on the current exchange rate of about Rs 46.8 to a dollar.
From America to Europe, the deepening financial turmoil has seen the fall of big names, especially in the banking industry, such as the bankruptcy of Lehman Brothers, firesale of Merrill Lynch to Bank of America and the extension of $ 85 billion lifeline to AIG.
-PTI/ BS...
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whether this kind of political ( decision ) precedent to be digested?
no this is not certainly appreciable but instead it should be nibbed in the bud other wise entire society will be put into trouble. just because mamatha wanted to get political mileage crores of rupess and lakhs of rupees and beliefs confidence conscience should not be put at stake and the resistance put up by the mamata must be satisfying someone elseand for cheap political advantage and to get into dirty politics and for extraneous considerations. it is purely politician who politicise the matter and not the businessman; ...
In reply to:
Tata Motors to pull out of Singur: WB govt srcs
Posted by : MMB Messenger
Tata Motors to pull out of Singur, reports CNBC-TV18, quoting sources in the West Bengal government.
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Mamata made 26 days fasting against the aquisition. The CM assured that the land would be aquired only after disscussing with her to stop the fasting. But when she was at nurshing home, Govt aquired the land with the party cadares and police by extreme force (lathis, firing etc.). Every opposition leaders including Medha Patekar was resticted to enter in Singur. Till then agitation was going on with increasing mass support. Even in last Panchayet Election, the ruling party has been washed out in Singur....
In reply to:
Tata ends Singur saga: India Inc reacts
Posted by :
amol_k2210
This is a sad day for India. A bunch of politicians decide to wake up for the cause of the farmers after Tata and their ancillaries have poured in 1500 cr. in to the project. What as Mamta doing all this time when the land got alloted to Tata in the first place.
Politics in India sucks..
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Mr Tata refused to coment on prosess of the land aquisition at Singur. But the problem lies there. The land was aquired with police and CPM caders Lathis and firing. Even Medha Patekar resticted to enter in Singur during aquisition (You can get many TV Channel clippings of that time). The CPM led WEST BENGAL GOVT took the project to make double benefit. Although there was a huge vested land in Singur, they only choosed the high productive cultivation land owned by the oppotion supporters. And till now, the agitation was peaseful, but with increasing mass support. Now their demand is to make the original project in that land(600 acers), to return 300 acers to the agitating farmers and make the anciliary project and the housing complex on the above said vested land in SINGUR. ...
In reply to:
Tata Motors to pull out of Singur: WB govt srcs
Posted by : MMB Messenger
Tata Motors to pull out of Singur, reports CNBC-TV18, quoting sources in the West Bengal government.
Tracked by: 1 Boarder
This is the wisest decision taken by Ratan Tata as I firmly believe that he would have been blackmailed at a later stage, even if he had decided to set up the plant in West Bengal. Mamata has only carried on the legacy of the former Chief Minister Jyoti Basu who was an architect of destruction of the industrialisation of West Bengal. I would rather prefer to warn the industrial barons who are planning to set up shop in the state....
In reply to:
Tata Motors to pull out of Singur: WB govt srcs
Posted by : MMB Messenger
Tata Motors to pull out of Singur, reports CNBC-TV18, quoting sources in the West Bengal government.
Tracked by: 0 Boarder
Really bad for india .. I\\\\`m not saying farmers were wrong or govt was wrong .. I will say its pure politics .. no one was cared about farmers, first govt killed them and then mamta leveraged it to the level where industry itself is closed....
In reply to:
Tata ends Singur saga: India Inc reacts
Posted by : MMB Messenger
It's finally official. Tata Motors' Nano will not roll out of singur. After a one-hour meeting with the West Bengal Chief Minister, Chairman Ratan Tata said a decision had been taken to move the project out of the state. He blamed the decision on the agitation faced by the company in the state, and the threat to employee and vendor safety.
Tracked by: 1 Boarder
Boo Hooo to MB and her supporters....In return of the 300 acres of land she has lost a significant oppurtunity to create jobs, improve the economy, move towards industrialization, faith of people to do better as a CM in Bengal, future oppurtunities of any other industry setting foot in West Bengal...and much much more...It is a catastrophe that such leaders are in the power and get elected despite thier senseless behaviour......
In reply to:
Tata Motors to pull out of Singur: WB govt srcs
Posted by : MMB Messenger
Tata Motors to pull out of Singur, reports CNBC-TV18, quoting sources in the West Bengal government.
Tracked by: 1 Boarder
Boo Hooo to MB and her supporters....In return of the 300 acres of land she has lost a significant oppurtunity to create jobs, improve the economy, move towards industrialization, faith of people to do better as a CM in Bengal, future oppurtunities of any other industry setting foot in West Bengal...and much much more...It is a catastrophe that such leaders are in the power and get elected despite thier senseless behaviour......
In reply to:
Tata Motors to pull out of Singur: WB govt srcs
Posted by : MMB Messenger
Tata Motors to pull out of Singur, reports CNBC-TV18, quoting sources in the West Bengal government.
Tracked by: 0 Boarder
It just beats us as to why the Government of Bengal gave a go ahead to Tatas to start work on the site if all the land had not been acquired fully to satisfaction of the farmers. And why did the Tatas start the work at all in the first place if some farmers were discontent about the farm lands being given from the beginning of the project?
We cannot force farmers to part with the land. But we should have a way to compensate them adequately before the project is started.
It is a lesson for all the state governments and industries.
The referendum held by farmers for a SEZ by Reliance in Maharashtra is a good way to start any project.
...
In reply to:
Tata ends Singur saga: India Inc reacts
Posted by : MMB Messenger
It's finally official. Tata Motors' Nano will not roll out of singur. After a one-hour meeting with the West Bengal Chief Minister, Chairman Ratan Tata said a decision had been taken to move the project out of the state. He blamed the decision on the agitation faced by the company in the state, and the threat to employee and vendor safety.
Tracked by: 0 Boarder
The Key person behind the Game is Bajaj brothers. They have the plan to release small car and more over they are worried about their NANO business. If NANO is successful in the market , Bajaj market will crash. There are some proof , Bajaj brothers and Mamtha have major hands in this activity.
Mamtha is not really bothered about the farmer . If so , she might worried about the direct and indirect employment of the farmer. Her objective is to stop the work because she has taken lots of money from other people. WB government has to enquire this issue with the help of CBI. She should be thrown out of WB.....
In reply to:
Tata ends Singur saga: India Inc reacts
Posted by : MMB Messenger
It's finally official. Tata Motors' Nano will not roll out of singur. After a one-hour meeting with the West Bengal Chief Minister, Chairman Ratan Tata said a decision had been taken to move the project out of the state. He blamed the decision on the agitation faced by the company in the state, and the threat to employee and vendor safety.
Tracked by: 0 Boarder
Thumbs up to Tata for pulling out of singur. This is a great dicision and good lession for dirty politicians....
In reply to:
Tata ends Singur saga: India Inc reacts
Posted by : MMB Messenger
It's finally official. Tata Motors' Nano will not roll out of singur. After a one-hour meeting with the West Bengal Chief Minister, Chairman Ratan Tata said a decision had been taken to move the project out of the state. He blamed the decision on the agitation faced by the company in the state, and the threat to employee and vendor safety.
Tracked by: 0 Boarder
This is a sad day for India. A bunch of politicians decide to wake up for the cause of the farmers after Tata and their ancillaries have poured in 1500 cr. in to the project. What as Mamta doing all this time when the land got alloted to Tata in the first place.
Politics in India sucks.....
In reply to:
Tata ends Singur saga: India Inc reacts
Posted by : MMB Messenger
It's finally official. Tata Motors' Nano will not roll out of singur. After a one-hour meeting with the West Bengal Chief Minister, Chairman Ratan Tata said a decision had been taken to move the project out of the state. He blamed the decision on the agitation faced by the company in the state, and the threat to employee and vendor safety.
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