"Cricket Special"Nimbus asked to furnish bank guarantee, BCCI has strong case: HC

Observing that the Board of Control for Cricket In India (BCCI) had made a strong case against Nimbus Communications, which has defaulted in paying its dues to the cricketing body, the Bombay High Court directed the channel to furnish bank guarantee of Rs 305 crore, pending further hearing in the case.

The court directed Nimbus, which owns sports channels like Neo Sports and Neo Cricket, to furnish security by way of bank guarantee of Rs 305 crore within two weeks pending hearing of its dispute with BCCI. "There is merit in the contention of BCCI. They (BCCI) have made out a strong case that Nimbus has defaulted on payments and Rs 305 crore is due," a division bench of Justices D Y Chandrachud and M S Sanklecha said. The bench was hearing an appeal filed by Nimbus challenging an order passed by a single judge directing it to furnish guarantee pending hearing of its petition. Justice S J Vazifdar had on January 19 asked Nimbus to secure the amount earned by one of its sports channels as advertisement revenue which the BCCI is seeking to set off its dues following termination of the contract. Upholding the order of the single judge, the division bench on Monday said, "The single judge is justified in directing Nimbus to furnish guarantee. Nimbus has made a feeble attempt to not pay and not comply with the contractual agreement." BCCI claimed Rs 305 crore is due to be paid to it for the telecast of the England and West Indies series by Neo Sports. Raju Subramanium, counsel for BCCI, said the advertisement revenues collected by Neo Sports could be used to offset the obligations on Nimbus's behalf. Nimbus had signed a four-year deal with the BCCI in October 2009 for a whopping Rs 2,000 crore. But it had consistently defaulted in making payments to BCCI, prompting the latter to scrap the contract recently.

"Indian Budget 2012 Special": Exporters unlikely to get tax incentives

With the government hard pressed to reduce fiscal deficit, exporters are unlikely to get tax incentives in the Budget for 2012-13 to be presented by finance minister Pranab Mukherjee next month. "Finance ministry's fiscal room for manoeuvre has gone. They are in a tight fiscal situation, who is going to give you sops," a senior commerce ministry official said. In order to arrest deceleration in export growth, the Federation of Indian Export Organisations (Fieo) has urged the government to give complete exemption of excise duty on handmade carpets, reduction of excise duty on man-made fibres and service tax exemption on ECGC premium and on currency conversion for exports. The exporters are also demanding exemption of minimum alternative tax on special economic zones, key exporting hubs. From a peak of 82 per cent in July 2011, export growth has slipped to 44.25 per cent in August 2011, 36.36 per cent in September 2011, 10.8 per cent in October last year and 10.1 per cent in January.

Mukherjee, according to the official, may not provide tax incentives as his foremost priority would be to bridge the fiscal deficit, which is the gap between revenue and expenditure. During the current year, the fiscal deficit is expected to exceed the budget target of 4.6 per cent of the Gross Domestic Product (GDP), mainly on account of rising subsidy bill and poor realisation from sale of equity in state-owned companies. Commerce secretary Rahul Khullar has recently said that the country's exports are going to face difficulties during the coming months due to the global economic uncertainties. However, exporters too are not optimistic about announcement of fiscal incentives in the Budget. "Looking at the current revenue situation of the government, we are not expecting much in the Budget. It is not possible for the Finance Minister to extend fiscal benefits to us," Fieo Director General Ajay Sahai said. In the last Budget, the government had allowed exporters to do self-as customs authorities, a moved aimed at fastening the clearance of the cargo by customs authorities. The finance minister also allowed duty-free import of some inputs used in the manufacture of leather and textile products for export purpose.

Top Indian Companies by Revenue

1. Indian Oil India Oil & Gas Operations 68.83,

2. Reliance Industries India Oil & Gas Operations 58.90, 3. Bharat Petroleum India Oil & Gas Operations 34.10, 4. State Bank of India India Banking 32.40, 5. Hindustan Petroleum India Oil & Gas Operations 28.50, 6. Tata Motors India Consumer Durables 27.50, 7. Oil and Natural Gas Corporation India Oil & Gas Operations 26.90, 8. Tata Steel India Materials 26.05, 9. Coal India Limited India Oil & Gas Operations 13.43, 10. Hindalco Industries India Materials 12.73, 11. ICICI Bank India Banking 12.58, 12. NTPC Limited India Utilities 8.62, 13. Tata Consultancy Services India Software & Services 8.41, 14. Steel Authority of India India Materials 8.39, 15. Bharti Airtel India Telecommunications Services 7.27, 16. Larsen & Toubro Construction 7.87, 17. Essar Oil India Oil and gas 7.6, 18. Maruti Suzuki India Limited India Automotive 7.13, 19. Mangalore Refinery and Petrochemicals Limited India Refinery 6.19, 20. Bharat Heavy Electricals India Capital Goods 5.16, 21. Mahindra & Mahindra India Consumer Durables 5.13, 22. Wipro India Software & Services 5.00, 23. GAIL India Utilities 4.80, 24. CPCL India Oil & Gas 4.80, 25. Sterlite Industries India Optical 4.80, 26. Punjab National Bank India Banking 4.42, 27. Infosys Technologies India Software & Services 4.22, 28. Bank of Baroda India Banking 3.58, 29. HDFC Bank India Banking 3.85, 30. Canara Bank India Banking 3.82

"Sunday Special"Census of India Uttar Pradesh most populous, Lakshadweep least

With 200 million people, Uttar Pradesh continues to be the most populous state in the country

while the Lakshadweep has the least numbers at 64,429 people, according to the latest census data released. Sixteen percent of the total 1.20 billion Indians are living in the north Indian state of Uttar Pradesh, which now has more people than Brazil. Maharashtra is number two in the list with 112 million people. The combined population of Uttar Pradesh and Maharashtra - 312 million - is more than that of the US. The other three most populous states of India are Bihar with 103 million, West Bengal with 91 million and Andhra Pradesh with 84 million. The union territory of Lakshadweep is the least populated with 64,429 people followed by Daman and Diu (union territory) housing 242,911. The other three least populated regions are Dadra and Nagar Haveli (union territory) with 342,853, the Andaman and Nicobar Islands with 379,944, and Sikkim with 607,688 people. According to the provisional figures of Census 2011, the overall population has sharply increased in the last 10 years but the percentage decadal growth during 2001-2011 has slowed down 17.64 from 21.54 to percent in the previous decade. The percentage decadal growth rates of the six most populous states had also declined during 2001-2011 compared to 1991-2001. In Uttar Pradesh, it has come down to 20.09 percent from 25.85; in Maharashtra the figure dipped to 15.99 percent from 22.73; in Bihar to 25.07 percent from 28.62; West Bengal to 13.93 percent from 17.77; Andhra Pradesh to 11.1 percent from 14.59 and Madhya Pradesh to 20.3 percent from 24.26

"Sunday Special"Top B-School of India.

Indian Institute of Management, Ahmedabad (IIM A)

Ranked amongst the top most business schools in India and Asia. The institute offers four programmes in Management. The PGP - Post Graduate Program (equivalent to MBA), the FPM - Fellowship Program in Management(equivalent to Ph.D), the FDP - Faculty Development Program for Management teachers and Trainers and the MDP - Management Development Program - a refresher for middle and top level managers. Admission process for PGP and FPM of IIM Ahemedabad involves taking the Common Admission Test (CAT) followed by group discussion and interviews for short listed candidates. Indian Institute of Management, Bangalore (IIM B) IIM Bangalore offers two year full time PGP - Post Graduate Program in Management (equivalent to MBA) and a FPM - Fellowship Program in Management. Both these programs require the candidate to take CAT. The institute also offers part time non residential PGSM - Post Graduate Program in Software Enterprise Management. There is a separate entrance test for this program. This business school is ranked amongst the top three business schools in the country. ISB - Indian School of Business, Hyderabad Indian School of Business, Hyderabad is emerging as a preferred choice for MBA aspirants who want to pack in the program into a one year course. As it gradually builds up its permanent faculty base, the ISB has created a unique and sustainable visiting faculty model with some of the world's leading academicians from Wharton, Kellogg, Harvard, Stanford, Chicago, Duke and Texas among others. The school offers a one year Post Graduate Program in Management. S P Jain Institute of Management and Research Bharatiya Vidya Bhavan's S.P.Jain Institute of Management & Research (SPJIMR) grew rapidly in eminence from one of the top three B-schools in Mumbai in 1981 to one of the top ten B-schools in India by 1994-1995. Since then, it has continued to retain this position with ease during the last decade. Indian Institute of Management, Calcutta (IIM C) Kolkatta Ranked amongst the most prestigious business schools in India and Asia. The institute offers three full time programs. The PGDM - Post Graduate Program in Management (equivalent to MBA), the FPM - Fellowship Program in Management, the PGDCM - Post Graduate Diploma in Computer Aided Management. All three programs require the candidate to take CAT. The institute also offer part time PGDBM - Post Graduate Diploma in Business Management for managers with relevant work experience. In addition, MDP - Management Development Programs are held in regular intervals for middle and top level managers. Indian Institute of Management, Lucknow (IIM L) IIM Lucknow offers a two year full time residential PGP - Post Graduate Program in Management and a four year FPM program. Both these programs require a candidate to take CAT. The institute also has an interesting student exchange program where students of this B-School go to premier B-Schools the world over and do part of their education. Students and faculty from these internationally reputed B-Schools in turn visit IIM Lucknow. It is ranked amongst the top B-Schools in India. FMS - Faculty of Management Studies, University of Delhi FMS is amongst the top 10 B-Schools in the country and probably one of the two attached to a university amongst the top ten. The full time program of FMS started in 1967.There were 8 foreign offers including British American Tobacco (BAT), OLAM and QAI among others. Indian Institute of Management, Kozhikode (IIM K - Calicut) Established in 1996, The Indian Institute of Management Kozhikode, IIMK is the fifth Indian Institute of Management. Its academic programmes encompass a range of long term full time diploma programmes such as the Post Graduate Programme in Management, and a number of short duration executive education programmes. The institute also offers an "Interactive Distance Learning Programme".

Institute of technology and science Ghaziabad (I.T.S Ghaziabad) is Rank among 25 B-School of India and top management institute in Ghaziabad Accredited Courses – ITS Group runs accredited professional courses which aim at improving skills of the students and transforming them into champions in every walk of life. Innovative Teaching Pedagogy – ITS is committed towards imparting quality education through Innovating Teaching Pedagogy which includes Case Study, Research oriented teaching, Group Tasks, Presentations, Management games, Simulation Exercises and Live Projects. Reputed Faculty - ITS Group boasts of its Intellectual Capital. ITS Group has more than 700 highly qualified and experienced faculty members in respective functional areas. ITS faculty members take active part in International conferences and Seminars. They contribute to academic research and Management development Programs. The rich experience of the faculty members act as a driving force for the students to achieve excellence. Top Rankings - The Institutes under ITS Group have received accolades from the academic world for imparting excellent education. ITS Group has been conferred upon "All India Excellence Award" on in four categories in the field of Management, Biotechnology, Physiotherapy, and Pharmacy by "Indian Achievers Podium". ITS – Management & IT Institute, Mohan Nagar Ranked amongst top 25 B-School of India and rated at par with IIM Kozhikode in overall score as per AIMA survey of best B-Schools.

"Saturday Special"Top airlines of the world

1.Qatar Airways

With its headquarters in Doha, Qatar Airways operates services across Africa, Central Asia, Europe, Far East, South Asia, Middle East, North and South America. One of the fastest growing airlines in the world, Qatar Airways is going through a major expansion phase. On June 22, 2011 the airline which employs more than 20,000 people was recognised as the world's best airline at the 2011 World Airline Awards. 2.Cathay Pacific Airways Cathay Pacific is the flag carrier of Hong Kong, with its head office and main office located at Hong Kong International Airport. In the year 2010, Cathay Pacific became the world's largest international cargo airline. The airline is a founding member of the One world alliance with its subsidiary, Dragonair, as an affiliate member. In the year 2009, Cathay Pacific was awarded the title Airline of the Year, by independent research consultancy firm Skytrax and is one of the seven airlines to be ranked a 5 star airline by the same. 3.Singapore Airlines The launch customer of Airbus A380, Singapore Airlines is the flag carrier airline of Singapore. It ranks amongst the top 15 carriers worldwide in terms of revenue passenger kilometres. On 15 December 2010, Singapore Airlines was announced by the International Air Transport Association as the world's second largest airline in the world by market capitalisation with a worth of 14 billion US dollars. 4.Thai Airways The largest airline of Thailand, Thai Airways primarily operates out of Suvarnabhumi Airport, from where it flies to 72 destinations in 35 countries, using a fleet of 92 aircraft. Thai plans to launch a regional carrier under the name Thai Smile in the middle of 2012 using new Airbus A320 aircraft. Thai Airways Thai airways has also received international recognition for excellence in its inflight hygiene measures by the World Health Organization (WHO). 5.Asiana Airlines Formerly Seoul airlines, Asiana Airlines is one of South Korea's two major airlines, along with Korean Air. A member of the Star Alliance, it offers 516 daily departures throughout Asia, Europe, North America and Oceania, operating 14 domestic and 85 international passenger routes. Asiana offers many unique features on board like a magic show, apart from its excellent food and also won the prestigious Airline of the year award by Skytrax for the year 2010. Air New Zealand Currently the only airline to circumnavigate the world, Air New Zealand is headquartered in a building called 'The Hub' located 20 kms from Auckland airport. New Zealand's national airline operates a long-haul fleet consisting of Boeing 747, Boeing 767, Boeing 777 and Airbus A320 aircraft on international routes. The carrier also utilises a fleet of Airbus A320 and Boeing 737 airliners for short-haul operations. 6. Qantas Airways Nicknamed 'The Flying Kangaroo' Qantas is based in Sydney. Besides being Australia's largest airline, Qantas which is an acronym for 'Queensland and Northern Territory Aerial Services', is the oldest continuously operated airline in the world. Qantas flies to 20 domestic destinations and 21 international destinations in 14 countries across Africa, the Americas, Asia, Europe and Oceania. 7.Emirates Airways Operating over 2,400 flights per week, Emirates also operates three of the world's ten longest non-stop commercial flights from Dubai to Los Angeles, San Francisco, Houston and Dallas. It is wholly owned by the government of Dubai. The airline ranks among the top 10 carriers the world over in terms of revenue and passenger kilometres. Emirates Airways operates a mixed fleet of Airbus and Boeing wide-body aircraft and is one of only nine airlines to operate an all-wide-body aircraft fleet, with the Boeing 777 being the centrepiece. 8.Etihad Airways Awarded the World's Leading Airline in 2009 and 2010 by the World Travel Awards, Etihad Airways is the flag carrier of the United Arab Emirates. The airlines operates more than 1,200 flights per week to over 82 destinations in nearly 52 countries. Etihad Airways is led by James Hogan who is the former CEO of Gulf Air, who was appointed as President and Chief Executive Officer on the 10 of September, 2006. 9.Malaysia Airlines Malaysia Airlines is the government owned flag carrier of Malaysia. It has two airline subsidiaries Firefly and MASwings. While Firefly operates scheduled flights from its two home bases Penang and Subang International Airport. Malaysia Airlines is one of the seven airlines to be ranked as a 5-star airline by the consultancy firm Skytrax. 10. Turkish Airlines As of 30 June, 2011, the flagship carrier of Turkey, Turkish Airlines has an estimated 18,188 employees and has been a member of the Star Alliance network. Other airline companies that are owned or co-owned by Turkish Airlines include AnadoluJet, North Cyprus Airlines, SunExpress and B&H Airlines.

The World's Most Reputable Companies

Rank with Global Reputation Pulse 1. Google (US) 78.62 2. Sony (Japan) 78.47 3. The Walt Disney Company (US) 77.97 4. BMW (Germany) 77.77 5.

Daimler/Mercedes-Benz (Germany) 76.83 6. Apple (US) 76.29 7. Nokia (Finland) 76.00 8. IKEA (Sweden) 75.60 9. Volkswagen (Germany) 75.55 10. Intel (US) 75.39 11. Microsoft (US) 74.47 12. Johnson & Johnson (US) 74.12 13. Panasonic (Japan) 73.67 14. Singapore Airlines (Singapore) 73.54 15. Philips Electronics (The Netherlands) 73.31 16. L'Oreal (France) 73.17 17. IBM (US) 73.03 18. Hewlett-Packard (US) 72.67 19. Barilla (Italy) 72.45 20. Nestle (Switzerland) 72.37 21. Ferrero (Italy) 72.36 22. Samsung Electronics (Korea) 71.62 23. FedEx (US) 70.84 24. Honda Motor (Japan) 70.82 25. The Coca-Cola Company (US) 70.40 26. Carlsberg (Denmark) 70.31 27. Procter & Gamble (US) 70.21 28. UPS (US) 70.07

world's largest corporations

1.Wal-Mart Stores Rank: 1 CEO: Michael T. Duke Employees: 2,100,000 Address: 702 S.W. Eighth St. Bentonville, Arkansas 72716 Country: U.S. Website: www.walmartstores.com Wal-Mart Stores maintains its perch atop the corporate ladder, taking the top spot on this year's Fortune's 500 and Global 500 lists, both for the second year in a row. A company that big makes big headlines, both good and bad. For example, Wal-Mart continues to receive credit for its role as a leader in corporate sustainability. The company launched its "Sustainability Index" in 2009 in an effort to assume accountability for its products' origins and to make that information transparent to customers. But Wal-mart has also been in the spotlight this year for a gender discrimination suit involving 1.5 million of its current and former female employees. The Supreme Court threw the case out on the grounds that the women couldn't pursue it as a single class, but the retail giant will likely have to face these claims in smaller groups in the months and years to come. And while Wal-Mart may be the biggest company in the world, it has suffered from a sales slump back home: U.S. same-store sales have declined for eight straight quarters 2.Royal Dutch Shell Rank: 2 (Previous rank: 2) CEO: Peter R. Voser Employees: 97,000 Address: Carel van Bylandtlaan 30 The Hague 2596 Country: Netherlands Website: www.shell.com Royal Dutch Shell's earnings were up 61% in 2010 from the previous year, with $20.5 billion in income for the year. And its stock has performed well (it's up 7.2% year-to-date). As access to oil gets tighter, Shell is looking to beef up its alternative energy assets. In 2010, it signed an agreement with a Brazilian biofuel company called Cosan that makes ethanol from sugarcane. Shell is also developing technology to build the first floating, liquefied natural gas plant, which should give the company an edge over the competition when it comes to accessing fuel in deep water. Indeed, deepwater energy will be critical for Shell, which signed off on new drilling projects in the Gulf of Mexico and off the coast of Brazil. 3. Exxon Mobil Rank: 3 (Previous rank: 3) CEO: Rex W. Tillerson Employees: 103,700 Address: 5959 Las Colinas Blvd. Irving, Texas 75039 Country: U.S. Website: www.exxonmobil.com Like all of the oil majors, ExxonMobil has had to weather a highly volatile year. Nevertheless, Exxon continues to perform well: the company's 2010 net earnings grew 57% from the previous year to $30.5 billion. To prepare for future volatility in the global energy market, Exxon is adjusting to growing demand for all different types of energy, CEO Rex Tillerson said during the company's annual shareholder meeting in May. Tillerson said that Exxon plans to put more of its money in alternative fuels, most notably natural gas. "Natural gas will be the fastest growing major energy source and will overtake coal as the second largest global energy source behind only oil," Tillerson said 4. BP

Rank: 4 (Previous rank: 4) CEO: Robert W. Dudley Employees: 79,700 Address: 1 St. James Sq. London SW1Y 4PD Country: Britain Website: www.bp.com Not even the past year's massive oil spill in the Gulf of Mexico can really sink BP. BP has said it would raise $30 billion to pay for the claims following the explosion of the Deepwater Horizon rig, and the company has shucked assets throughout the year to do so. BP's Arctic exploration deal with Russian company Rosneft was supposed to be the company's big comeback since the spill, but the deal has been blocked by one of BP's other Russian partners, TNK-BP, because of alleged competing interests. Still, BP likely has the capacity to raise the cash it needs to meet its $30 billion goal. Looking forward, the company has oil plays in the Middle East and oil sands development in Canada in the works. BP says it plans to launch a total of 32 new projects between 2010 and 2016

Constitution of India

The Constitution of India (Hindi: भारतीय संविधान, see names in other Indian languages) is the supreme law of India. It lays down the framework defining fundamental political principles, establishes the structure, procedures, powers and duties, government and spells out the fundamental rights, directive principles and duties of citizens. It is the longest written constitution of any sovereign country in the world, containing more than 444 articles in 24 parts, 12 schedules and 110 amendments,for a total of 117,369 words in the English language version. Besides the English version, there is an official Hindi translation.

Passed by the Constituent Assembly on 26 November 1949, it came into effect on 26 January 1950.The date 26 January was chosen to commemorate the declaration of independence of 1930. It declares the Union of India to be a sovereign, socialist, secular, democratic republic, assuring its citizens of justice, equality, and liberty and, endeavors to promote among them all, fraternity. The words "socialist", "secular", and "integrity" were added to the definition in 1976 by constitutional amendment.India celebrates the adoption of the constitution on 26 January each year as Republic Day.After coming into effect, the Constitution replaced the Government of India Act 1935 as the governing document of India.

Worlds' most optimistic market

India remains the world’s most optimistic market for the eighth consecutive quarter (or for two years in a row) with a one point consumer confidence index increase to 122. “The top spot globally reminds us of the inherent strength of the Indian economy, the savings mindset of the Indian consumer, and the positivity of consumer sentiment which has likely been helped by the recent cooling of inflationary pressure,” said Justin Sargent, Managing ...

Indonesia is second only to India with 117 points in the consumer index chart Philippines follows India and Indonesia at third sport in consumer confidence and spending intentions. “Political turmoil in the Middle East and doubts towards future oil demand, which is indispensible for the Saudi economy, and subsequent austerity measures has led to depressed consumer sentiments in Saudi Arabia,” said Arslan Ashraf, Managing Director, Nielsen Saudi Arabia. “However, through hefty stimulus packages, the Saudi government is making efforts to insulate the economy from these global and regional developments.” In Latin America, Brazil recorded the highest consumer confidence in the region with an index of 112—the fifth highest score of 56 countries measured. In China, the easing of food inflation over the past five months has significantly driven food prices down and adjustments to macro-economic policies have re-energized growth, particularly through more loans, which partly resulted in the four point confidence climb to an index of 108 Rising tensions in the Middle East and their impact on gasoline prices could compound global consumer concerns and spending plans. UAE is in 7th spot amongst the most optimistic markets Thailand with 104 points is the 8th most optimistic market. Australia with 103 points, in 9th position in terms of the consumer index scores is amongst the biggest quarterly gainers(+6) Global consumer confidence increased one index point last quarter to 89, according to fourth quarter 2011 findings from Nielsen. Malaysia with 101 points is ranked as the world’s 10th most optimistic market. In other parts of the world, confidence rose in nearly half (six of 14) of the Asia Pacific markets in the Nielsen survey, fell in five and remained flat in three—Malaysia, Singapore and Japan. Europe led confidence declines in 24 of the region’s 27 measured markets. Romania stood at number 10. In Spain, a favorable outlook for job prospects fell to 10 per cent in Q4—down from 25 percent the prior year. France is the seventh lowest amongst European countries in Consumer Confidence and Spending Intentions Consumer confidence fell to a new low in Italy. Even good/excellent employment sentiment fell ten points year-on-year to eight per cent last quarter. South-Korea at 46 points is among those who have seen a dip in consumer confidence Croatia is among the nine countries that recorded a six-year confidence low last quarter Greece saw a steep decline in consumer confidence last quarter (-10). Job prospects continue to be bleak for recession-hit Greece. Portugal is among the most pessimistic markets with a 36-point fall Hungary was the world’s most pessimistic market at 30 index points. "In Hungary, a perfect storm of factors is contributing to low and declining consumer confidence,” said Judit SzalokyToth, Managing Director, Nielsen Hungary. “Rising taxes and unpredictable government regulations coupled with declining disposable income has fueled insecurity and pessimism among consumers."

'The world's 50 most innovative companies' list published by Fast Company.

No points for guessing this one. Apple has been ranked as the most innovative company in the world. "iPads dominate the tablet market; Apple is winning in greater China; and new CEO Tim Cook is reportedly bringing a more humane leadership style. Until someone outplays Apple, it’s the starter," Fast Company said.

India-based Narayana Hrudayalaya (No.36) and RedBus (No.48) have been ranked among 'The world's 50 most innovative companies' list compiled by US business magazine, Fast Company. "Narayana Hrudayalaya is Walmart meets Mother Teresa," Fast Company said. According to the magazine, the list is a “guide to the businesses that matter most, the ones whose innovations are having an impact across their industries and our culture.” Both Narayana Hrudayala and RedBus are based in Bengaluru. This choice may get many 'Likes'. Mark Zuckerberg-led social networking site ranks at No,2. But, there's a flip side. "We assign Facebook a few demerits for its habit of overreaching into users’ privacy, apologizing, and then only slightly rolling back the offending policy," Fast Company said. "Since returning to the big office last spring, CEO Larry Page has created an executive brain trust--and now they’re transforming Google from a single product into a diversified web power," says Fast Company about the third-ranked Google. Amazon grabbed the No.4 spot after "Kindle Fire grabbed the No. 2 tablet slot; the rapid expansion of Quidsi from diapers and drugstore goods to pet supplies, toys, and groceries; and the expansion of Amazon’s streaming-video service to include CBS and Fox programming". Square's (No.5) tiny product is changing the way people do business. According to Fast Company, it is a "simple credit-card reader that looks like a business-card holder with a headphone jack. Plug it into an iPhone, though, and anyone could accept credit-card payments." At 6 is mcroblg srvce Twtr! With more than 300 million users as of 2011, the online social networking service and microblogging service is generating more than 300 million 'tweets' per day. The Occupy Movement has been ranked at No.7. The protest movement that spread across US and Europe is primarily directed against economic and social inequality. It began on September 17, 2011 - and still continues. In China, Tencent dominates the internet messenger market. "It makes $1bn a quarter, much of it through virtual-goods sales, and is now the world’s third-largest publicly traded Internet company," according to Fast Company. California-based company, Life Technologies is ranked at No.9 on the list. Fast Company’s view: "The $3.6bn company introduced 2,000 products since 2009 and has incentive to work fast: It expects the market for its biowares to hit $30bn by 2015." At No. 10 is Solar City

, based in California, USA. Fast Company’s view: “Rather than just make panels, it is a full-service operation - designing, installing, financing, and maintaining every system. That’s how to ease new customers into an unfamiliar technology."

Best companies to work for in India

IN Business Today's 11th listing of the Best Companies to Work for, TCS emerges winner. No.1: Tata Consultancy Services, India's largest IT exporter with 2,26,000 employees, has topped the Business Today-Indicus survey of 'India's Best Companies to Work for' for the first time.

No.2: For nearly three decades, Infosys had been used to one-way communication with employees through 'town hall' meetings and InfyTV, an internal network. Last year, it realised that would just not do; employees wanted two-way communication. And so it delved into the doctrine of Eric Berne, a psychiatrist who came up with the 'parentadult-child' theory that explains how people articulate their character through behaviour. No.3: IT giant Wipro lost out to its rival during recession but the company is slowly pulling itself back into the race. No.4: IBM believes that a sense of purpose drives an organisation more than money, says Chandrasekhar Sripada, the HR Head. So, while its employees will not bust industry salary charts, there is no shortage of opportunities and diversity. And then there is the pride No.5: Googlers, as the employees are called, joke that they gain weight after joining the company. They would, given the sumptuous meals - on the house - Google provides. But Google India is also about the mind, and the 'breakout rooms' - rooms where Googlers go to 'think' - cater to just that. No.6: Reliance Communications puts its money where its mouth is, sponsoring a good idea from an employee from start to finish. It also allows employees to move across functions. Its tablet PC has not exactly killed the iPad, but to its credit the company took just six weeks to put it in the market. Its campus in Navi Mumbai has 10 food courts, an upmarket gymnasium, a lake and a temple. No.7: Microsoft India's appeal does not end with flexible hours. It helps - even encourages - employees to develop skills which may have nothing to do with their work. No.8: Accenture has taken to reverse mentoring, in which young employees teach the older ones a thing or two. Accenture has two of the unique practices. One is an adoption leave policy, on the lines of maternity leave. The second allows an employee to donate 'hours of work' to a colleague who needs to be on extended leave because of an emergency. And every employee has a career counsellor. No.9: HCL is one of the pioneers in the Indian IT market, started its business in 1976. The company believes in empowering and engaging the individuals to learn, and grow. The employees are encouraged to think, bring forth new ideas and innovate. No.10: L&T has a problem. According to M.S. Krishnamoorthy, the company's VP (Human Resources), it has strong rivals in electrical and automation, from where it can poach good talent. "But in engineering and construction and heavy engineering, few do the kind of work we do. Business Today, in its 11th listing of the Best Companies to Work for, compiled the results of an Indicus Analytics survey spanning 6,176 employees - 12 per cent of them women - across 4,436 companies in 323 towns and cities. This year, the surveyors sought employees' views on their companies' whistleblower policies, sexual harassment policies, and adherence to 'green' principles while doing business. The insights gained from the responses have resulted in one of the most comprehensive reports of what the Indian employee thinks of her company. This year's survey was conducted by Indicus Analytics from September 6 to November 14, 2011, with an online questionnaire, any employee of any company could answer. Data authenticity was ensured in two ways. The questionnaire was designed to include built-in verifications that rejected responses with contradictory/incomplete information. Verification was also carried out of about 15 per cent of the accepted responses. Rejection was below 10 per cent. For the overall rankings, respondents were asked to rank five companies - across industries - that they felt were the best to work in. Next, they were asked to rank the top three companies among these five on each of five specified parameters: career growth prospects, financial compensation, work-life balance, performance evaluation, and other HR practices. The same approach was used to rank companies within sectors, the only difference being that respondents could rank five companies only within their sector, and then rank the top three across the five parameters.

Batsmen who scaled 10000 in ODIs

Kumar Sangakkara, on reaching the personal score of 11 against Australia at Adelaide, became the tenth man to enter the elite club of men with 10,000 runs in ODI cricket. In fact, four of the master batsmen, Sachin Tendulkar, Ricky Ponting, Mahela Jayawardene and Kumar Sangakkara, are a part of the ongoing Commonwealth Bank Series.

This doesn't come as a surprise for anyone. Master Blaster Sachin Tendulkar is in fact the top run getter in the history of ODIs and Test match cricket. Sachin became the first man to cross the 10k mark during his knock of 139 against Australia in 2000-01. The little master has since then piled up insurmountable runs and uncountable records against his name! Ponting scaled the 10k mark during Australia's group encounter against South Africa in the 2007 World Cup in the Caribbean Islands. The skipper contributed 91 runs to his team's mammoth total of 377 as Australia won the high-scoring game by a convincing margin of 83 runs. Sanath Jayasuriya loved to hammer India and therefore it is no surprise that his 10,000th run in ODI cricket too came against his favorite opposition. Jayasuriya, during his crucial knock of 66 in the Indian Oil Cup final, crossed the 10k in ODI cricket at the Premadasa Stadium in Colombo. Former skipper Inzamam-ul-Haq may physically look bit unfit for the faster version of the game, but has been one of the few greats from the neighboring country. In fact, Inzamam became only the second player ever, after Sachin Tendulkar, to cross the 10,000 run barrier in ODI cricket. He reached the five figure mark during his match-winning knock of 41 in the ICC Champions Trophy match at Edgbatson in 2004. Undoubtedly amongst the best South African batsmen ever, Kallis is the only man from his country to cross the 10k barrier in ODI cricket. Kallis achieved the prestigious feat during his match-winning knock of 60 against Australia at the SCG 2009. Former skipper Sourav Ganguly became the second Indian batsmen and fourth overall to join the elite 10k club in ODI cricket. Sri Lanka has been Ganguly's favorite opposition in OIDs and his personal milestone too came against the islanders during his half-century knock in the 4th match of the Indian Oil cup in 2005. Yes, the man who was once labeled as Mr. Misfit for ODI cricket went on to register more than 10,000 runs in the 50-over format of the game. In fact, he became only the third Indian, after Sachin Tendulkar and former skipper Sourav Ganguly to scale Mount 10k. Dravid achieved the peak during his steady knock of 66 against Sri Lanka, when the skipper, along with MS Dhoni guided India to a series-leveling victory in 2007 The legendary batsman from West Indies, Brian Lara became the fifth batsmen after Sachin Tendulkar, Inzamam-ul-Haq, Sanath Jayasuriya and Sourav Ganguly to cross 10,000 run mark in ODI cricket. He reached the personal milestone during his steady knock of 44 against Pakistan in a must win game at Karachi. Windies however lost the match and the series 3-1. Sri Lanka's present skipper Mahela Jayawardene became only the second Sri Lankan batsmen to enter the elite club of batsmen with 10,000 runs in ODI cricket. Chasing 258 for victory against Pakistan in the 3rd ODI in November last year, Jayawardene couldn't play an impressive role but achieved the personal milestone in his 355th ODI game as the batsmen crossed the individual score of 13. Playing his 315th ODI match, Sangakkara became the tenth batsmen and third Sri Lankan to join the elite club of 10,000

or more runs in the 50-over format of the game. He scaled the milestone on reaching the personal score of 11 against Australia in the 6th ODI of the ongoing Commonwealth Bank series.

"Sunday special" Indian cos invested $26 bn in US

Indian companies have invested more than USD 26 billion in the US in the last five years and the IT companies employ more than one lakh people in that country, New Delhi's top diplomat in Washington has said. "Indian companies are now contributing strongly to local State economies in the US with a presence in 43 states and having invested over USD 26 billion in the last five years in several key areas of the economy, in manufacturing as also in services," the Indian Ambassador to the US. India's IT industry has in particular been a strong player in establishing value based mutually beneficial partnerships, Rao said in her address to Harvard's Kennedy School of Government, India-South Asia Programme. As per our estimates, Indian IT companies employ over 100,000 people in the US and the Indian IT industry supports over 280,000 jobs indirectly out of which about 200,000 are with US residents.

The steady growth of the Indian economy has not only helped improve the living standards of own people, but has also opened up new opportunities to expand mutually beneficial economic and commercial ties with the US. Two-way trade in goods and services continues to grow steadily reaching over USD 100 billion last year. The US businesses are becoming strong partners in India's economic growth story; and Indian businesses are creating value, wealth and jobs in the United States. In order to continue on the high growth trajectory, India will need to invest more than USD 1 trillion in the coming years in building a world class infrastructure that could cater to the demands of a billion plus population and ensure the availability of clean sources of energy, including nuclear energy, to fuel such growth. Noting that the Civil Nuclear Initiative that has become a symbol of India-US transformed relationship and was welcomed by both sides; she said there are immense opportunities for US companies in this sector and Indian and US companies are already engaged in a discussion to take cooperation forward in this crucial sector.

"Sunday special" The Euro Zone Crisis affect on U.S.

The Euro crisis affects U.S. Economy by different ways

1) Trade. There are two ways that a European catastrophe could hurt American exports. First, it could shrink our customer base in Europe. Europe buys 22 percent of our exports, according to the Bureau of Economic Analysis. If Greece and other countries implode, causing a severe recession in Europe, orders for American products and services would fall. Second, the crisis could shrink the United States customer base around the world. As investors become more concerned about the stability of the euro zone, they will stop investing in the euro. When there is less demand for euros, the value of the euro gets cheaper. By comparison, the dollar gets more expensive. That makes American-made products more expensive, so American products become less attractive to customers worldwide. 2) The stock market. European stock markets and American stock markets are strongly correlated, as shown by indices for both in the chart below: DESCRIPTION Of course, this chart doesn’t show what’s cause and what’s effect. A statistical analysis by economists at Deutsche Bank, however, has found that American markets seemed to drive European markets from the onset of the financial crisis in 2007 to March 2010, and since then the reverse has been true: movements in the European markets seemed to be leading movements in American ones. Additionally, many American companies depend on revenue from Europe, as you might have guessed from the export numbers noted above. Deutsche Bank analysts estimate that about 15 to 20 percent of corporate revenues of companies in the Standard & Poor’s 500-stock index are generated by Europe. For companies in the materials, energy and tech sectors, the share earned in Europe is even higher. When these companies do badly, and their shares drop, the pain is felt much more broadly in the United States. Declines in the stock market mean less valuable portfolios for Americans across the country, causing consumers to feel poorer and be less willing to spend money. This is known as the wealth effect. We saw it when housing values first plunged, leading Americans to realize they weren’t as rich as they thought they were. 3) Debt exposure and a contagious credit crisis. This is the biggest worry, since global financial markets are deeply interconnected. Europeans owe lots of money to one another — and to other countries — as you can see in this debt graphic. For example, American banks own a lot of French debt, and French banks own a lot of Italian debt. If Italy defaults, French banks are in trouble. If those French banks then default, American banks are likewise compromised. With these banks insolvent (or at the very least illiquid), it becomes harder for American companies and consumers to borrow. The contagion can also spread rapidly because once one country falls, investors get antsy about the fate of their investments in similarly indebted countries. So investors start selling off those assets en masse too, creating a self-fulfilling prophecy and causing those countries to implode. And so the domino effect continues. Even just worrying about these types of scenarios can seriously damage financial markets, because people stop lending if they suspect someone major somewhere won’t be able to pay the debt back. Already banks are tightening their lending standards for borrowers who have significant exposure to Europe, according to the Federal Reserve’s latest Senior Loan Officer Opinion Survey on Bank Lending Practices. Part of the reason the global Great Recession began (and was so devastating) was that healthy credit markets are crucial to the functioning of any economy. If there is a broad tightening of credit, economic activity seizes up as well.

Merged or defunct banks

* Arbuthnot & Co
* Bank of Bombay (now part of the State Bank of India)
* Bank of Calcutta (now part of the State Bank of India)
* Bank of Chettinad
* Bank of Madras (now part of the State Bank of India)
* Binny & Co
* Bank of Madura (now part of ICICI Bank)
* Lord Krishna Bank (now part of Centurion Bank of Punjab)
* Global Trust Bank (now part of Oriental Bank of Commerce)
* Centurion Bank of Punjab (now part of HDFC Bank)

"Saturday Special" Effect of euro debt crisis on India

As I sit here in leafy Surrey, just outside London, gazing over my garden pond to the fields beyond, it would be easy to imagine that this rural milieu is a reflection of the universe at large. Alas, of course, this is not the case. The UK and several other major Western economies are still wrestling with the aftermath of the 2008 credit crisis. Confidence remains desperately low, particularly within financial services, but also in public sectors, where much-needed spending limitations are contributing to current unemployment and spreading uncertainty regarding the future. Pressure on household spending is causing havoc on the high street too and many major retail brands have shut their doors. House prices, the bedrock of middle-class financial security, are stagnant at best and probably falling in real terms, in most places outside London's Grade A areas, which are propped up by foreign buyers. Many banks have been effectively nationalised and owe their continued existence to those hard-pressed taxpayers. The reversal in asset prices and the ongoing constrictions in bank lending have contributed to an extremely low level of money supply growth. To add insult to injury, the debt crisis, which has already engulfed the sovereign states of Ireland, Portugal and Greece now appears likely to affect other Eurozone economies in a significant way, starting with relative weaklings such as Spain and Italy and raising concerns of another wave of bank problems even before the 2008 issues are close to being overcome. BUYING BACK GREEK BONDS

The stronger economic powers within Europe are struggling to reach an agreement on how to cauterise the Greek problem, but there are bound to be significant losses and the need for ongoing financial help in the form of some type of support mechanism, which allows Greece to continue to fund vital services at a fraction of the open market rate. The German and French governments appear to have come together around the principle of buying back Greek bonds at a discount, a process which would probably cause an orderly, selective default. This could be good news in the short term for larger states such as Italy and Spain, which might be able to continue to borrow in bond markets at reasonable rates. STAGFLATION? However, let us step away from these albeit serious technical issues and consider the bigger picture. We have here a set of (erstwhile) leading economies which are suffering from a major debt hangover and which, despite extraordinarily low interest rates (UK 10-year bonds yield around 3 per cent, money market rates are hovering around 0.5 per cent), remain desperately short of demand. At the same time, inflation remains uncomfortably high in many countries (nearly 5 per cent in the UK). Causes include currency movements, global food and energy shortages and supply disruptions, with speculative premiums stoking prices further. It feels like stagflation and it represents a terrible tax on living standards. To the extent that this could be described as demand-pull inflation, the incremental demand is coming not from mature Western economies, but from Brazil, Russia, India and China (BRIC) and other emerging economies. Meanwhile, the US has its own much-debated debt problems to contend with. But the root causes are the same — too much overhanging debt and too little growth to service it. Let us now cast our eyes towards India. One would certainly not suggest that it is without its own problems — supply-chain dislocations, state and local government corruption concerns, a stock market down 10 per cent year-to-date, compared to a flat UK market and a buoyant 5-10 per cent return so far for the various US indices. Yet, in India, the problems are of a very different and arguably healthier hue. CYCLICAL SLOWDOWN GDP growth is slowing, but from a breakneck 9.3 per cent in last year's June quarter to just under 8 per cent now. Inflation stood at a worryingly high 9.74 per cent in the latest quarter and it would be no surprise to see continued rate increases slowing the economy further and bringing inflation to heel. In other words, we are dealing with a typical cyclical, managed slowdown in an economy where demand has outstripped supply in a number of areas. What impact are we seeing from the Western economies' problems? India's foreign trade account is hovering around a negative $10 billion per month, but that is no worse than several years ago and it is hard to detect a deteriorating pattern. Foreign direct investment flows are higher for April and May than for the same months last year, and they actually seem to have picked up. Foreign indirect investment flows do appear to have come down near term, which has clearly contributed to the recent stock market weakness. Yet this number set is highly volatile — flat in March, up by $3.7 billion in April, negative $1.7 billion in May. In short, there is little hard evidence to suggest any major economic slowdown, driven by trade or investment flows, although foreign portfolio investors appear to have taken some money off the table as a safety shot ahead of the widely predicted monetary tightening. To conclude, in the face of a near perfect economic hurricane in the West, India seems to be barrelling along on a better trajectory. The linkages of the past, when such markets were seen as warrant plays on the more mature economies, appear to be weakening .

Economic Crisis

When you hear the word “crisis,” the first thing that may come to your mind is the economy. The rise and fall of the economy has a significant effect on the condition of every nation. If the economic conditions are good, then investors will have more confidence in the company’s ability to grow while the economic climate is good. If the climate is negative then investors may not be confident enough to invest, resulting to the fall of its market share.

Global Financial crisis

Phase one on 9 August 2007 began with the seizure in the banking system precipitated by BNP Paribas announcing that it was ceasing activity in three hedge funds that specialised in US mortgage debt. This was the moment it became clear that there were tens of trillions of dollars worth of dodgy derivatives swilling round which were worth a lot less than the bankers had previously imagined. Nobody knew how big the losses were or how great the exposure of individual banks actually was, so trust evaporated overnight and banks stopped doing business with each other. It took a year for the financial crisis to come to a head but it did so on 15 September 2008 when the US government allowed the investment bank Lehman Brothers to go bankrupt. Up to that point, it had been assumed that governments would always step in to bail out any bank that got into serious trouble: the US had done so by finding a buyer for Bear Stearns while the UK had nationalised Northern Rock. When Lehman Brothers went down, the notion that all banks were "too big to fail" no longer held true, with the result that every bank was deemed to be risky. Within a month, the threat of a domino effect through the global financial system forced western governments to inject vast sums of capital into their banks to prevent them collapsing. The banks were rescued in the nick of time, but it was too late to prevent the global economy from going into freefall. Credit flows to the private sector were choked off at the same time as consumer and business confidence collapsed. All this came after a period when high oil prices had persuaded central banks that the priority was to keep interest rates high as a bulwark against inflation rather than to cut them in anticipation of the financial crisis spreading to the real economy. The winter of 2008-09 saw co-ordinated action by the newly formed G20 group of developed and developing nations in an attempt to prevent recession turning into a slump. Interest rates were cut to the bone, fiscal stimulus packages of varying sizes announced, and electronic money created through quantitative easing. At the London G20 summit on 2 April 2009, world leaders committed themselves to a $5tn (£3tn) fiscal expansion, an extra $1.1tn of resources to help the International Monetary Fund and other global institutions boost jobs and growth, and to reform of the banks. From this point, when the global economy was on the turn, international co-operation started to disintegrate as individual countries pursued their own agendas. 9 May 2010 marked the point at which the focus of concern switched from the private sector to the public sector. By the time the IMF and the European Union announced they would provide financial help to Greece, the issue was no longer the solvency of banks but the solvency of governments. Budget deficits had ballooned during the recession, mainly as a result of lower tax receipts and higher non-discretionary welfare spending, but also because of the fiscal packages announced in the winter of 2008-09. Greece had unique problems as it covered up the dire state of its public finances and had difficulties in collecting taxes, but other countries started to become nervous about the size of their budget deficits. Austerity became the new watchword, affecting policy decisions in the UK, the eurozone and, most recently in the US, the country that stuck with expansionary fiscal policy the longest. The morphing of a private debt crisis into a sovereign debt crisis was complete when the rating agency, S&P, waited for Wall Street to shut up shop for the weekend before announcing that America's debt would no longer be classed as top-notch triple A. This could hardly have come at a worse time, and not just because last week saw the biggest sell-off in stock markets since late 2008. Policymakers are confronted with a slowing global economy and a systemic crisis in one of its component parts, Europe. To the extent that they are united, they are united in stupidity, wedded to blanket austerity that will make matters worse not better. And they have yet to tackle the issue that lay behind the 2007 crisis in the first place, the imbalances between the big creditor nations such as China and Germany, and big debtors like the US. In the circumstances, it is hard to be wildly optimistic about how events will play out. Markets are bound to remain highly jittery, although it seems unlikely that American bond yields will rocket as a result of the S&P downgrade. Japan lost its triple A rating long ago and has national debt well in excess of 200% of GDP but its bond yields remain extremely low. The reason for that is simple: Japan's growth prospects are poor. So are America's, which is why bond yields will remain low in what is still, for the time being, the world's biggest economy. The dressing down given to Washington by Beijing following the S&P announcement was, however, telling. Growth rates of close to 10% mean that the moment China overtakes the US is getting closer all the time, and the communists in the east now feel bold enough to tell the capitalists in the west how to run their economies. Whatever it means for financial markets this week, 5 August 2011

will be remembered as the day when US hegemony was lost. All this is terrible news for Barack Obama. He has not delivered economic recovery. The US is drowning in negative equity and foreclosed homes. No president since Roosevelt has won an election with unemployment as high as it is today. Fiscal policy will be tightened over the coming months as tax breaks expire and public spending is cut. The Federal Reserve only has the blunt instrument of QE with which to stimulate the economy, and will only be able to deploy it after a softening up process for the markets that will take several months. On top of that, Obama will now be branded as the president who presided over the national humiliation of a debt downgrade. He looks more like Jimmy Carter than FDR. Not that the Europeans should get too smug about this, because what we are witnessing is not just the decline of the US but the decline of the west. One response to last week's meltdown was the announcement of talks between the G7 – the US, the UK, Germany, Italy, France, Canada and Japan – but while this would have been appropriate 20 years ago it is not going to calm markets today. Holding a G7 meeting without China today is like expecting the League of Nations without the US to tackle totalitarianism in the 1930s. There is no happy ending to this story. At best there will be a long period of weak growth and high unemployment as individuals and banks pay down the excessive levels of debt accumulated in the bubble years. At worst, the global economy will be plunged back into recession next year as the US goes backwards and the euro comes apart at the seams. The second, gloomier scenario, looks a lot more likely now than it did a week ago. Why? Because there is no international co-operation. There are plans for austerity but no plans for growth. Even countries that could borrow money for fiscal stimulus packages reluctant to do so. Europe lacks the political will to force the pace of integration necessary to avoid disintegration of the single currency. Commodity prices are coming down, but that is the only good news. We are less than halfway through the crisis that began on 9 August 2007. That crisis has just entered a dangerous new phase.

Your future in top finance companies in India

The top finance companies are playing a key role in the huge growth of the economy of India. The sector of finance is passing through a rapid phase of alteration. The sustenance of the growth of economy

is the primary factor for the development of the India's financial sector. List of Top Finance Companies of India SBI Capital Markets Limited : It is one among the oldest organizations in the capital markets sector of India. It was established in the year 1986 as an ancillary of SBI.It ranks second in Asia's Project Advisory services. The company is a traiblazer in privatization and securitisation. The companies subsidiaries are SBICAPs Ventures Ltd., SBICAP Trustee Co.Ltd. And many others. Bajaj Capital Limited: The company offers best investment advisory and financial planning. It provides institutional investors, NRIs, corporate houses, individual investors , high network clients with investment advisory and financial planning services. It is also the largest provider of finance products offered by public and private organizations,several government bodies,investment products like bonds,mutual funds,general insurance etc. IDBI Bank: The Managing Director and Chairman of the bank is Shri R. M. Malla.It offers the services like personal banking,corporate banking,MSME finance,NRI services and much more.Browse the site to know more. UTI Mutual Fund: The company offers best investment advisory and financial planning. It is recognised as India's most trusted financial advisor. DSP Meriyll Lynch Limited : It is the key player of equity and debt securities in India. It renders financial advises to many corporations and institutions. It also offers a wide array of wealth management and investor services along with customized advices related to financial matters. This company is the pioneer to form research facility to research in financial products and services,improvements and innovations. The company also has its hand in the Government securities and holds an eminent position in the market of equity and debt in India. Birla Global Finance Limited : It is a subsidiary of Aditya Birla Nuvo Ltd. Their motto is to be the first choice of the customers as a major provider of financial services through technology and value creation. The primary activities of the company are Corporate Finance and Capital Market. Aditya Birla Nuvo has also formed alliane with Sun Life Financial of Canada which has given rise to the following financial services companies like Birla Sun Life Insurance Co Ltd., Birla Sun Life Distribution Co. and many others. Housing Development Finance Corporation : This company offers the best financial solutions and guidance for home loans,property related services,loans for NRIs etc. in India. The one stop destination for comprehensive information on personal finance is HDFC. The company has a wide network in India and abroad. HDFC overseas offices are in Singapore,Kuwait,Qatar,Saudi Arabia and many others. PNB Housing Finance Limited : This is completely owned by PNB and offers premium solutions to relieve the borrowers. This subsidiary of the PNB has recorded a growth a 73% and is a leading finance company of India. The Home Loan Life Insurance Plan of this company in association with TATA AIG offers the lowest premium in compare to others. The chart for loans of 5 lacs and tenure of 15 years is just premium. It renders other services like Deposit schemes,Loan schemes and many others. ICICI Group : ICICI offers a wide spectrum of financial products and services in India. The company provides solutions for all needs like Instant Banking,Online Trading,Insta Insure,ICICI Bank imobile etc. The company keeps up the financial profile healthy and diversify earnings across geographies and businesses. The company's philosophy is to deliver high class financial services for all the cross sections of the society. Their products are Mutual Fund,Private Equity Practice,Securities,Life Insurance etc. LIC Finance Limited : It is the leading player in the finance sector of India being the biggest Housing Finance Company of India. The function of the company is to provide finance to individuals for repair or construction or renovation of the old or new apartment or house. It also offers finance on the existing property for personal or business matters. The company has 14 back offices,6 regional offices and 126 units of marketing in India. L & T Finance Limited: This company was established in the year 1994 by the Larsen and Turbo group and now it is a significant name in the financial sector. The company offers schemes like funds for automobiles, funds for Agricultural Instruments,secured loans,funds for automobiles and many others. It offers loans for a long tenure and the loans are given in exchange of valuable items.

Myths About the European Debt Crisis

Europe consumed more than a fifth of America’s exports last year, yet U.S. markets seem to be ignoring Europe’s current economic turmoil. Much of Europe is heading into a recession, Euro-zone unemployment is at record highs, and Europe’s largest banks are struggling. With European governments imposing austerity budgets, a looming credit squeeze, and many countries facing shrinking tax revenues and overwhelming debt burdens, it is hard to see when growth will return. To understand how Europe poses a risk to the U.S. economy, it is important to dispose of some of the myths that surround Europe’s debt crisis. Germans are more fiscally responsible. To ensure fiscal discipline, the Maastricht Treaty restricts the amount of public debt that countries in the European Union can assume to 60% of their gross domestic product. Yet Germany has violated this limit every year since 2003. That has not stopped German politicians from bragging about German fiscal discipline. A few months ago Bavaria’s Christian Social Union party, a key member of German Chancellor Angela Merkel’s governing coalition, almost derailed Germany’s contribution to a European bailout fund because Bavarians do not abide debt. “We are not prepared to accept zero debt here and total debt elsewhere,” declared CSU party leader Horst Seehofer, to a standing ovation. But three years earlier the Free State of Bavaria secretly took a $2.4 billion bailout from the U.S. Federal Reserve, and a 94% Bavarian government-owned bank, Bayerische Landesbank, took another $10 billion secret bailout from the Fed, according to data uncovered by Bloomberg News. In fact, many other German and European banks secretly received $500 billion in secret bailouts from U.S. taxpayers during the same period, according to Bloomberg, all on top of the $50 billion they got from the U.S. government’s TARP bailout of AIG. American bailouts of European (including German) banks continue. The Fed is quietly extending currency swap lines via the European Central Bank, thereby funneling billions of more U.S. dollars to European banks whose identities remain undisclosed thanks to ECB privacy rules. The ECB has also increased its own bailouts for 523 banks to €489 billion ($640 billion), in the form of three-year, 1%-interest loans The European Union respects democracy. Because so many Europeans feared that larger countries would dominate the EU, the Treaty on European Union promised more than half a billion people that “every citizen shall have the right to participate in the democratic life of the Union,” that “decisions shall be taken as openly and as closely as possible to the citizen,” and that the “functioning of the Union shall be founded on representative democracy.” Despite that, Germany proposed that Greece’s receipt of a second bailout be conditioned on Greece surrendering its tax and spending sovereignty to a Euro-commissioner. Greece’s revenues were “to be used first and foremost for debt service,” and “only any remaining revenue may be used to finance” government activities, such as national defense or the judicial system. And in place of decisions made by democratically elected leaders, the Euro-commissioner would have “a veto right against budget decisions not in line with the set budgetary targets and the rule giving priority to debt service.” Germany backed down after France and other countries objected, but the assault on democracy and self-determination in the EU is not dead. In December, European Council President Herman Van Rompuy secretly proposed that EU countries that did not meet strict fiscal rules should be subjected to “intrusive control of national budgetary policies by the EU” as well as “political sanctions such as the temporary suspension of voting rights.” And of course both Greece and Italy voluntarily surrendered their governments to unelected ECB “technocrats,” because their embattled political parties had lost credibility with other European governments as well as their own citizens.

top scams in India

1. Fraudulent CWG: The Commonwealth Games scam Discrepancies in tenders and alleged misappropriation amounting to about Rs 8,000 crore. Urban Development Ministry directed the Delhi Development Authority DDA to freeze the company’s Rs183 crores guarantee 2. Satyam’s corporate scandal: Satyam Computers , the fourth largest IT Company of India with 53,000 employees was charged in manipulating the balance sheet by illegal means. Satyam’s operating margin wasn’t the 24 percent as shown in its accounts audited by PricewaterhouseCoopers , but just 3 percent. Satyam had nothing close to the reported 5,360 crore ($1.1 billion) cash pile on its balance sheet. The real amount was just a measly $78 million. On January 9, 2009, Chairman Ramalinga Raju surrendered to the police and confessed for the 7,100 crore fraud case. 3. The Harshad Mehta scam: Harshad and his associates triggered a securities scam diverting funds to the tune of Rs4000 crore (Rs 40 billion) from the banks to stockbrokers between April 1991 to May 1992. A Special Court also sentenced Sudhir Mehta, Harshad Mehta’s brother, and six others, including four bank officials, to rigorous imprisonment (RI) ranging from 1 year to 10 years on the charge of duping State Bank of India to the tune of Rs 600 crore (Rs 6 billion) 4. The 950 Crores Fodder Scam : Animal Husbandry Department of Government of Bihar in which irregularities of nearly Rs 950 crores (US $ 210 million) were detected. The scam was unearthed in 1996 during the regime of chief minister Lalu Prasad Yadav , but it goes back to 1980s and is believed to have started during tenure of Jagannath Mishra Lalu had ordered probe into these massive irregularities in accounts by constituting a committee. 5. The great Capital Market fraud of 1990s: C.R Bhansali plundered and looted the trust and money of people which resulted in a loss of over Rs 1,200 crore (Rs 12 billion). C R Bhansali first launched the finance company CRB Capital Markets, followed by CRB Mutual Fund and CRB Share Custodial Services. CRB Capital Markets raised a whopping 176 crore in three years. In 1994, CRB Mutual Funds raised 230 crore and 180 crore came via fixed deposits. Bhansali also succeeded in raising about Rs 900 crore from the markets. 6. Bofors scam 7. Spectrum Raja 8. Ketan Parekh A chartered accountant he used to run a family business, NH Securities. He targetted smaller exchanges like the Allahabad Stock Exchange and the Calcutta Stock Exchange, and bought shares in fictitious names. His dealings revolved around shares of ten companies like Himachal Futuristic, Global Tele-Systems, SSI Ltd, DSQ Software, Zee Telefilms , Silverline, Pentamedia Graphics and Satyam Computer (K-10 scrips). Ketan borrowed Rs 250 crore from Global Trust Bank to fuel his ambitions. Ketan alongwith his associates also managed to get Rs 1,000 crore from the Madhavpura Mercantile Co-operative Bank. According to RBI regulations, a broker is allowed a loan of only Rs 15 crore (Rs 150 million). There was evidence of price rigging in the scrips of Global Trust Bank, Zee Telefilms, HFCL, Lupin Laboratories, Aftek Infosys and Padmini Polymer. 9. Cobbler scam Sohin Daya, son of a former Sheriff of Mumbai, was the main accused in the multi-crore shoes scam. Daya of Dawood Shoes, Rafique Tejani of Metro Shoes, and Kishore Signapurkar of Milano Shoes were arrested for creating several leather co-operative societies which did not exist. They availed loans of crores of rupees on behalf of these fictitious societies. The scam was exposed in 1995. Officials of the Maharashtra State Finance Corporation, Citibank, Bank of Oman, Dena Bank, Development Credit Bank, Saraswat Co-operative Bank, and Bank of Bahrain and Kuwait were also charge sheeted. 10. Dinesh Dalmia Dinesh Dalmia was the managing director of DSQ Software Limited when the Central Bureau of Investigation arrested him for his involvement in a stocks scam of Rs 595 crore (Rs 5.95 billion). Dalmia’s group included DSQ Holdings Ltd, Hulda Properties and Trades Ltd, and Powerflow Holding and Trading Pvt Ltd. Dalmia resorted to illegal ways to make money through the partly paid shares of DSQ Software Ltd, in the name of New Vision Investment Ltd, UK, and unallotted shares in the name of Dinesh Dalmia Technology Trust. Investigation showed that 1.30 crore (13 million) shares of DSQ Software Ltd had not been listed on any stock exchange. 11. Abdul Karim Telgi He paid for his own education at Sarvodaya Vidyalaya by selling fruits and vegetables on trains. The fake stamp racket involving Abdul Karim Telgi was exposed in 2000. The loss is estimated to be Rs 171.33 crore (Rs 1.71 billion), it was initially pegged to be Rs 30,000 crore (Rs 300 bilion). Telgi’s networked spread across 13 states involving 176 offices, 1,000 employees and 123 bank accounts in 18 cities. 12. Virendra Rastogi Virendra Rastogi chief executive of RBG Resources was charged with for deceiving banks worldwide of an estimated $1 billion. He was also involved in the duty-drawback scam to the tune of Rs 43 crore (Rs 430 milion) in India. The CBI said that five companies, whose directors were the four Rastogi brothers — Subash, Virender, Ravinde and Narinder — exported bicycle parts during 1995-96 to Russia and Hong Kong by heavily over invoicing the value of goods for claiming excess duty draw back from customs. 14. Uday Goyal :: Plantation firms’ scam Since few firms in mid-90s were subject to no guidelines, the plantation companies during that time also got away with profit protrusions. The plantation firms projected themselves as a part of IPO and assured massive returns. The investors were lured and the companies accrued profits from fake campaigns of around Rs 8000 crores plus. Uday Goyal, managing director of Arrow Global Agrotech Ltd, was yet another fraudster who cheated investors promising high returns through plantations. Goyal conned investors to the tune of over Rs 210 crore (Rs 2.10 billion). Over 43,300 persons had fallen into Goyal’s trap. 15. Sanjay Agarwal :: Home Trade scam

Home Trade had created waves with celebrity endorsements. He swindled Rs 600 crore (Rs 6 billion) from more than 25 cooperative banks. The government securities (gilt) scam of 2001 was exposed when the Reserve Bank of India checked the acounts of some cooperative banks following unusual activities in the gilt market. the Public Provident Fund (PPF) was affected. A sum of about Rs 92 crore (Rs 920 million) was missing from the Seamen’s Provident Fund. Sanjay Agarwal, Ketan Sheth (a broker), Nandkishore Trivedi and Baluchan Rai (a Hong Kong-based Non-Resident Indian) were behind the Home Trade scam. Initiated in 2000, Home trade invested rs 24 crore in promotional campaigns to attract investors. The scam affected 8 co-operative banks that lost Rs.82 Crore in EPF scheme.

European debt crisis

The European sovereign debt crisis is an ongoing financial crisis that made it difficult or impossible for some countries of the Euro area to re-finance their government debts without aid of third parties. From late 2009, fears of sovereign debt crisis developed among investors concerning rising government debt levels around the world together with a wave of downgrading of government debt of some European states. Concerns intensified in early 2010 and thereafter, leading Europe's Finance Ministers on 9 May 2010 to approve a rescue package worth €750 billion aimed at ensuring financial stability across Europe by creating the European Financial Stability Facility (EFSF).In October 2011 eurozone leaders agreed on another package of measures designed to prevent the collapse of member economies. This included an agreement with banks to accept a 50% write-off of Greek debt owed to private creditors, increasing the EFSF to about €1 trillion, and requiring European banks to achieve 9% capitalisation. To restore confidence in Europe, EU leaders also suggested to create a common fiscal union across the eurozone with strict and enforceable rules embedded in the EU treaties.

The Eurozone Financial Crisis

The depth and breath of the current global financial crisis is unprecedented in post-war economic history. It has several features incommon with similar financial-stress driven crisis episodes. It was preceded by relatively long period of rapid credit growth, low risk premiums, abundant availability of liquidity, strong leveraging, soaring asset prices and the development of bubbles in the real estate sector. Stretched leveraged positions and maturity mismatches rendered financial institutions very vulnerable to corrections in asset markets, deteriorating loan performance and disturbances in the wholesale funding markets. Such episodes have happened before and the examples are abundant (e.g. Japan and the Nordic countries in the early 1990s, the Asian crisis in the late-1990s). But the key difference between these earlier episodes and the current crisis is its global dimension. When the crisis broke in the late summer of 2007, uncertainty among banks about the creditworthiness of their counterparts evaporated as they had heavily invested in often very complex and opaque and overpriced financial products. As a result, the interbank market virtually closed and risk premiums on interbank loans soared. Banks faced a serious liquidity problem, as they experienced major difficulties to rollover their short-term debt. At that stage, policymakers still perceived the crisis primarily as a liquidity problem. Concerns over the solvency of individual financial institutions also emerged, but systemic collapse was deemed unlikely. It was also widely believed that the European economy, unlike the US economy, would be largely immune to the financial turbulence. This belief was fed by perceptions that the real economy, though slowing,was thriving on strong fundamentals such as rapid export growth and sound financial positions of households and businesses These perceptions dramatically changed in September 2008, associated with the rescue of Fannie Mae and Freddy Mac, the bankruptcy of Lehman Brothers and fears of the insurance giant AIG (which was eventually bailed out) taking down major US and EU financial institutions in it wake. Panic broke in stock markets, market valuations of financial institutions evaporated, investors rushed for the few safe havens that were seen to be left (e.g. sovereign bonds), and complete meltdown of the financial system became a genuine threat. The crisis thus began to feed onto itself, with banks forced to restrain credit, economic activity plummeting, loan books deteriorating, banks cutting down credit further, and so on. The downturn in asset markets snowballed rapidly across the world. As trade credit became scarce and expensive, world trade plummeted and industrial firms saw their sales drop and inventories pile up. Confidence of both consumers and businesses fell to unprecedented low

List of largest U.S. bank failures

Washington Mutual Seattle Washington 2008 $307 billion
Continental Illinois National Bank and Trust Chicago Illinois 1984 $40.0 billion
First Republic Bank Dallas Texas 1988 $32.5 billion
IndyMac Pasadena California 2008 $32 billion
American Savings and Loan Stockton California 1988 $30.2 billion
Colonial Bank Montgomery Alabama 2009 $25 billion
Bank of New England Boston Massachusetts 1991 $21.7 billion
MCorp Dallas Texas 1989 $18.5 billion
FBOP Corp banking subsidiaries Oak Park Illinois 2009 $18.4 billion
Gibraltar Savings and Loan Simi Valley California 1989 $15.1 billion
First City National Bank Houston Texas 1988 $13.0 billion
Guaranty Bank Austin Texas 2009 $13.0 billion
Downey Savings and Loan Newport Beach California 2008 $12.8 billion
BankUnited FSB Coral Gables Florida 2009 $12.8 billion
HomeFed Bank San Diego California 1992 $12.2 billion
AmTrust Bank Cleveland Ohio 2009 $12.0 billion
WesternBank Mayaguez Puerto Rico 2010 $11.9 billion
United Commercial Bank San Francisco California 2009 $11.2 billion
Southeast Bank Miami Florida 1991 $11.0 billion
Goldome Buffalo New York 1991 $9.9 billion
California National Bank Los Angeles California 2009 $7.8 billion
Corus Bank Chicago Illinois 2009 $7.0 billion
First Federal Bank of California Santa Monica California 2009 $6.1 billion
R-G Premier Bank of Puerto Rico Hato Rey Puerto Rico 2010 $5.9 billion
Franklin Bank Houston Texas 2008 $5.1 billion
Silverton Bank Atlanta Georgia 2009 $4.1 billion
Imperial Capital Bank La Jolla California 2009 $4.0 billion
PFF Bank & Trust Pomona California 2008 $3.7 billion
La Jolla Bank La Jolla California 2010 $3.6 billion
Frontier Bank Everett Washington 2010 $3.5 billion
Amcore Bank Rockford Illinois 2010 $3.4 billion
First National Bank of Nevada Reno Nevada 2008 $3.4 billion
Riverside National Bank of Florida Fort Pierce Florida 2010 $3.4 billion
Midwest Bank and Trust Company Elmwood Park Illinois 2010 $3.2 billion
TierOne Bank Lincoln Nebraska 2010 $2.8 billion
Irwin Union Bank and Trust Colorado. Columbus Indiana 2009 $2.7 billion
Orion Bank Naples Florida 2009 $2.7 billion
EuroBank San Juan Puerto Rico 2010 $2.6 billion
ANB Financial Bentonville Arkansas 2008 $2.1 billion
First Regional Bank Los Angeles California 2010 $2.1 billion
ShoreBank Chicago Illinois 2010 $2.1 billion
Silver State Bank Henderson Nevada 2008 $2.0 billion
New Frontier Bank Greeley Colorado 2009 $2.0 billion
Georgian Bank Atlanta Georgia 2009 $2.0 billion
Vineyard Bank Rancho Cucamonga California 2009 $1.9 billion
Peoples First Community Bank Panama City Florida 2009 $1.8 billion
County Bank Merced California 2009 $1.7 billion
CenTrust Bank Miami Florida 1990 $1.7 billion
Hillcrest Bank Overland Park Kansas 2010 $1.6 billion
Advanta Bank Corp Draper Utah 2010 $1.6 billion
CF Bancorp Port Huron Michigan 2010 $1.6 billion
Mutual Bank Harvey Illinois 2009 $1.6 billion
Community Bank of Nevada Las Vegas Nevada 2009 $1.5 billion
First Bank of Beverly Hills Calabasas California 2009 $1.5 billion
Temecula Valley Bank Temecula California 2009 $1.5 billion
New South Federal Savings Bank Irondale Alabama 2009 $1.5 billion
Horizon Bank Bellingham Washington 2010 $1.3 billion
United States National Bank San Diego California 1973 $1.3 billion
Premier Bank Jefferson City Missouri 2010 $1.2 billion
Broadway Bank Chicago Illinois 2010 $1.2 billion
Security Bank of Bibb County Macon Georgia 2009 $1.2 billion
Charter Bank Santa Fe New Mexico 2010 $1.2 billion
Alliance Bank Culver City California 2009 $1.1 billion
City Bank Lynnwood Washington 2010 $1.1 billion
Columbia River Bank The Dalles Oregon 2010 $1.1 billion
Community Bank and Trust Cornelia Georgia 2010 $1.1 billion
Integrity Bank
Affinity Bank
Appalachian Community Bank