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Archive for the ‘News’ Category

Fall From IntraDay High

Posted by Manish Agrawal on Monday, 15 December, 2008

Check out the companies that have fallen off sharply from their Intraday Highs. You can also see how the Sensex, Nifty, or any other index stocks have performed today

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Force India team up with McLaren-Mercedes

Posted by Yogesh on Monday, 10 November, 2008

SILVERSTONE, England, Nov 10 (Reuters) – Force India hope to be challenging for Formula One race wins by 2010 after announcing a five-year partnership with McLaren and Mercedes on Monday.

The deal, presented to factory employees by principal Vijay Mallya and McLaren’s Martin Whitmarsh, will see the team use the same engines and gearbox as those in world champion Lewis Hamilton’s McLaren.

The team also plan to use a KERS (Kinetic Energy Recovery System) developed by Mercedes and McLaren and will have access to McLaren’s network of suppliers as well as operational support. Read the rest of this entry »

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Serial bomb blasts rip Assam, 61 feared killed

Posted by Yogesh on Thursday, 30 October, 2008

New Delhi: At least 61 people have been killed and 300 others injured in 11 bomb blasts which rocked Guwahati and some other cities of Assam on Thursday morning.

In Guwahati the blasts took place on Dispur Road, Pan Bazaar, Ganeshguri and Fancy Bazaar.

More bombs exploded in Barpeta, Kokrajhar and Bongaigoan districts. The bomb at Ganeshguri was planted in a car and took place about 100 meters from Assam Chief Minister Tarun Gogoi’s official residence. Read the rest of this entry »

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Fed, major central banks slash rates in coordinated easing

Posted by Yogesh on Thursday, 9 October, 2008

WASHINGTON (MarketWatch) — The U.S. Federal Reserve and other major central banks moved in concert Wednesday to slash key interest rates as part of an ongoing effort to quell financial turmoil that has threatened to flatten the international economy.

In moves announced simultaneously before the opening of U.S. markets, the Fed cut its key lending rate by half a percentage point, to 1.5%.

The European Central Bank trimmed its key rate to 3.75% from 4.25%, and the Bank of England cut its benchmark rate to 4.5% from 5%. The Bank of Japan sat out the move but issued a statement backing the action. Read the rest of this entry »

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Britain Announces Huge Bank Bailout

Posted by Yogesh on Thursday, 9 October, 2008

LONDON — Britain on Wednesday announced a rescue package for its beleaguered banks, which the prime minister described as more extensive than America’s bailout plan and which could leave the country’s top lenders partly owned by the government.

Britain’s government offered banks like Royal Bank of Scotland, Barclays and HSBC Holdings up to £50 billion, or $87 billion, to shore up their capital in exchange for preference shares. It will also provide a guarantee of about £250 billion to help banks refinance debt and the Bank of England will double the amount it lends to banks under the special liquidity scheme to £200 billion.

“This is not a time for outdated thinking,” Prime Minister Gordon Brown said Wednesday. “We had to do more than just buy up assets.” Read the rest of this entry »

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India hopes to attract over $4 bln in green energy

Posted by Yogesh on Tuesday, 7 October, 2008

NEW DELHI (Reuters) – India is hoping to attract investments of more than $4 billion in renewable energy over the next 5-7 years, as it prepares to unveil a new biofuels policy within a month, the renewable energy minister said.

Domestic and foreign companies such as India’s Tata group and Reliance Industries as well as state-run utilities are among hundreds of companies vying for a stake in India’s emerging green energy sector.

Another 150 companies are also keen to set up biofuel processing plants, Vilas Muttemwar told Reuters in an interview. Read the rest of this entry »

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House Approves Bailout For Financial Markets

Posted by Yogesh on Friday, 3 October, 2008

The House approved a revised $700 billion financial rescue package, ending a weeklong battle over a controversial measure after lawmakers came under pressure to head off a growing financial crisis.

Bailout Approved
Bailout Approved

The plan, which was already approved by the Senate, would allow the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions.

US stocks, which had rallied earlier on hopes of approval, began paring their gains after the measure was passed.

If it works, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession.

After the House rejected the initial measure on Monday, the Senate revised the bill, adding billions of dollars ot tax breaks to sweeten the package, and approved it Wednesday night.

In efforts to appease GOP opponents, the revised measure includes raising the limit on federal insurance for bank deposits from $100,000 to $250,000.

The bill also extends several tax breaks popular with businesses, provisions that are favorites for most Republicans.

It would keep the alternative minimum tax from hitting 20 million middle-income Americans, which appeals to lawmakers in both parties.

And it would provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.

A Republican member of the House Financial Services Committee told CNBC shortly before the vote that he believed there were enough votes in the House to pass the bill.

“We feel like we do” have enough ‘yes’ votes,” Rep. Adam Putnam of Florida said. “(House) Speaker (Nancy) Pelosi has said she will not bring the bill to the floor if it doesn’t appear they have the votes to pass it.”

He said both Democratic and Republican leaders had been talking to their members to line up the votes.

He said public comments had indicated a number of lawmakers who had voted against the bill on Monday had been persuaded to vote for it by new data or changes that had been made to the bill.

“I’m optimistic about today,” House Minority Leader John Boehner told reporters earlier. “We’re not going to take anything for granted. We’re going to continue to talk to our members. But it’s time to act on behalf of the American people. It’s about their savings. It’s about their jobs.”

Earlier, the US reported its biggest monthly job loss in 5 1/2 years, coming on top of a pile of economic data pointing to an approaching recession. Data showed the U.S. services sector holding up.

“The data has been horrible all week long. It absolutely does put pressure on them to get this rescue act passed,” said Fred Dickson, market strategist at D.A. Davidson in Lake Oswego, Oregon. “It’s a bill with risks, but it’s a plan and the market needs a plan.”

Source CNBC

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In ’08, stampedes have killed 360, blasts 156

Posted by Yogesh on Wednesday, 1 October, 2008

NEW DELHI: Stampedes are bigger killers in India than bomb blasts that so dramatically capture our mindspace. In 2008 alone so far, over 360 people lost their life in major stampedes compared to 156 killed by bomb blasts.

This year is not an aberration. Data collated for the last nearly nine years shows that while 875 people have lost their lives in stampedes that were big enough to make the national press, 766 have been killed by terror bombs.

The actual number killed in stampedes may be even higher. What we have collated is based on press reports, since no centralized data base exists for such incidents, unlike with terror attacks. It is also clear that single bomb blasts rarely kill people in the kind of large numbers that are associated with stampedes. Read the rest of this entry »

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80 killed in temple stampede near Jodhpur

Posted by Yogesh on Tuesday, 30 September, 2008

Chamunda Devi temple stampede

Bystanders help stampede victims at Chamunda Devi temple. (TimesNow)

JODHPUR: At least 80 people have been killed and more than 100 people injured in a major stampede in the Chamunda Devi temple at the start of Navaratra festival on Tuesday, according to police officials.
According to TV reports, rumours of a bomb in Mehrangarh near Jodhpur area led to the stampede.

More than 30 bodies were brought to Mahatma Gandhi Hospital and at least 10 to Mathura Das Hospital here, Divisional Commissioner Kiran Soni Gupta said.

The devotees in huge number, especially women, had gathered at the temple from early Tuesday morning in view of the Navratra festival starting from Tuesday.

The toll is feared to go up. Source Times of India

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Bailout in chaos, WaMu is largest US bank failure

Posted by Manish Agrawal on Friday, 26 September, 2008

A rescue for the US financial system unraveled on Thursday amid accusations Republican presidential candidate John McCain scuppered the deal, and Washington Mutual was closed by US authorities and its assets sold in America’s biggest ever bank failure.

As negotiations over an unprecedented $700 billion bailout to restore credit markets degenerated into chaos, the largest US savings and loan bank was taken over by authorities and its deposits auctioned off. US stock futures fell by more than 1 percent. Read the rest of this entry »

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