Saturday, 31 March 2012

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News Hour- 2G scam: Unitech seeks to restrain Telenor from any new India telecom joint venture

MUMBAI: Unitech Ltd said it has applied to a local court seeking to restrain Norway's Telenor from investing in any new telecoms venture in India that would compete with companies' existing joint venture.

Unitech, a property company, is also seeking an injunction against Telenor's plans to transfer the joint venture's business to a new company, it said in a statement on Friday, adding the move was aimed at protecting its investments in the telecom business.

Telenor owns 67.25 percent stake in the Indian telecoms joint venture, which operates under the Uninor brand, with the remainder held by Unitech.

The companies have been embroiled in a dispute after the JV's telecoms permits were ordered to be revoked by India's top court, which ruled last month all permits awarded in a scandal-tainted 2008 sale be quashed in early June.

Telenor, which had bought into the venture after the permits had been granted, has accused Unitech of "fraud and misrepresentation" and is seeking to migrate the joint venture business to a new company to seek licences in an auction.

Unitech is opposing Telenor's move. Both sides have appealed to India's Company Law Board, a quasi-judiciary body, which resumed hearing the case this week.

With 41 million subscribers as of February, Uninor ranks eighth in the Indian market which has 15 mobile operators.


Market Heatmap- 30 March 2012

On the sectoral front, all the BSE sectoral indices performed well with almost half of them posting gains of over two percentage points. The market breadth was strong and three stocks were seen advancing against every single decline. Find out more at :

Closing Summary- Market Synopsis- 30 March, 2012

Dalal Street today saw a positive trade that closed near the day’s high after Finance Minister Pranab Mukherjee said that the Government of India doesn't intend to levy any tax on the holders of Participatory Notes (P-Notes). He also said that a clarification on the matter would be issued by the Government in due course and that the Centre has no intention of harassing genuine overseas investors. At the end of session, the Sensex was at 17404, up 346 points while the Nifty shut at 5296, up 117 points. The broader market, which started on a promising note, also gained well towards the end of trade. The BSE Midcap and Smallcap indices closed up by over two percent each.
(Pic. Source-

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BMA Gyaan- What is Bond Swap?

Friday, 30 March 2012

Morning Summary- Market Synopsis- 30 March, 2012

Good Morning Everyone,
The key Indian stock indices have advanced in early minutes of trade, defying a worldwide negative bias. The Nifty started off trade above the 5200 level on first day of April Series contracts while Sensex too started with modest gains. The sentiments also got boosted by the announcement of a surprise Rs. 100bn OMO by the RBI. Currently, both the indices are trading with over one percent gains. Sectorally, all the 13 sectoral indices are seen trading in the green with Realty and Metals leading the list with gains of over one and a half percentage point. The market breadth is strong and four shares are seen advancing against every single decline.

(Pic. Source-

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News Hour- BRICS countries becoming rule makers: Chinese expert

BEIJING: BRICS countries are evolving from being 'followers' of the West to 'rule makers', a Chinese expert said on Thursday. But he warned that intra-BRICS trade will see tensions too.

"Given the current international situation, BRICS countries need to further strengthen cooperation, so as to cope with the various challenges and safeguard the interests of developing countries," Du Youkang wrote in China Daily.

Collaboration on global issues was conducive to international political and economic rebalancing in post-crisis era, he said in a commentary as leaders of Brazil, China, India, Russia and South Africa met in New Delhi.
The summit held "great importance", said Du, a professor in the Institute of international Studies of Fudan University.

"The international situation is undergoing profound and complicated changes: there is unrest in several regions, faltering economic growth in the developed world ... and the resurgence of trade protectionism, which poses challenges to the multilateral trading system.

"At the same time the BRICS countries have maintained their good growth momentum and raised their international status and influence."

Du said BRICS countries had played an increasingly important role in tackling global challenges, and had become a major force in easing global financial and economic crisis. 

Since 2010, more than 50 percent of global growth has come from BRICS, which he called the "global growth powerhouse".

But Du said that due to their similar stage of development, BRICS countries cannot avoid competition in acquiring investment, technology and markets, as well as frictions in trade and other areas.

"But BRICS countries are actively seeking mutual understanding and strengthening mutual trust and cohesion and are committed to building a BRICS partnership that consolidates global stability, security and prosperity."

In 2010, China surpassed Japan to become the world's second largest economy. Brazil was the world's sixth largest economy in 2011, and India and Russia are in the world's top 10, Du said.

"Due to the rapid development of BRICS countries, the global balance of power is undergoing changes in favour of developing countries.

"The rising weight, status and role of BRICS countries and other emerging economies in international affairs is obviously conducive to international political and economic rebalancing."

Market Heatmap- 29 March 2012

On the sectoral front, the indices closed mixed. Healthcare, Consumer Durables and Auto indices closed in green with gains of over half a percentage point each, whereas, Capital Goods, IT and Teck indices closed in red with losses of over a percentage point each. Further, the market breadth closed positive as four stocks were seen advancing for every three declines. Find out more at :

Closing Summary- Market Synopsis- 29 March, 2012

It was a fairly subdued F&O expiry session with slight intraday volatility. After a gap down opening, the Indian equity benchmarks turned choppy and remained in a narrow range till the first half. However, it managed to show some recovery towards the later part of the day, though the closing was still done with marginal losses. Amidst the fight between the bulls and the bears the midcap counters managed to close flat and the small-cap counters closed positive by over half a percentage point.
(Pic. Source-

News Hour- Kingfisher Airlines reaches out for funds again, bankers unmoved

Cash-starved Kingfisher Airlines has reached out to banks yet again with a request for working capital. In a fresh letter to banks, liquor baron Vijay Mallya's airline has asked for further funding to keep the airline afloat. Bankers, though are not keen to extend any further funding to the airline. 

In a meeting on February 17 with the consortium of banks that have lent to KFA, the airline had sought working capital of Rs 200 crore to fund its operations. But according to sources with direct knowledge of the development, only two banks have lent a total of `5 crore to the airline, while other banks have flatly refused to lend any further. 

A consortium of about 18 banks headed by State Bank of India have lent over Rs 7000 crore to KFA, and most of them have already classified their exposure to the company as a non-performing asset. "Most banks have independently taken a decision of classifying KFA as NPA in their books. There is no question of extending any further funding to the airline unless it starts paying back its dues or the promoters bring some cash to the table," said a senior official from a state-owned bank on the condition of anonymity. 

Industry estimates suggest that KFA needs about Rs 2,500 crore to fund its operations. But following stringent action by the IT department which has frozen the companies accounts; and with bankers taking a tough stand, the airline has sharply reduced the number of daily flights, threatened to lay off a large chunk of its employees and shut down operations in some domestic and all international routes. 

Lenders like ICICI Bank have also asked KFA to bring in more collateral for its loans, since the loans were originally backed by shares of KFA and Mallya's flagship liquor business, UB Spirits. The share prices of both these companies have fallen sharply in the recent past, as a result, bankers will not be able to derive any value from the collateral either. "There is no point selling the shares of KFA because nobody will pay for them. We have started providing aggressively for these exposures, and the only way out is if the promoter brings in more capital," said a senior banker.


News Hour- BRICS nations voice concern over pace of IMF reforms

NEW DELHI: The BRICS group of emerging market nations voiced concern about the slow pace of reforms within the IMF in a draft summit declaration that also called for a transparent process to select the next World Bank president. 
The leaders of the so-called BRICS nations - Brazil, Russia, India, China and South Africa - were meeting in the Indian capital Delhi on Thursday. 
Promised changes to give the emerging powers greater voting rights at the International Monetary Fund have yet to be ratified by the United States, adding to frustration over reform of the G7 and the U.N. Security Council, where India and Brazil have been angling for years for permanent seats. 
The draft statement, a copy of which was seen by Reuters, called on developed nations to avoid creating excess liquidity in the global financial system, a common complaint of developing nations whose economies have been buffeted by rapidly changing capital flows in recent years. 
The BRICS group so far has not come out in support of any of the three candidates hoping to replace US official Robert Zoellick at the head of the World Bank. 

The draft statement said the crisis over Iran's nuclear programme should be resolved diplomatically and should not be allowed to escalate. The draft declaration recognised the right of Iran to pursue peaceful nuclear energy. 
The five BRICS nations, who collectively account for nearly half the world's population and a fifth of economic output, were also expected to announce steps to bring their economies closer together, including linking their stock exchanges and plans for a joint development fund in the mould of the World Bank. 
The chairman of Russia's largest state development bank said Moscow and New Delhi will switch to trading in domestic currencies in three years. 
"With China it took us three years to (evolve) from initial conversations to trading in local currencies," chairman of VEB state bank Vladimir Dmitriev told reporters on the sidelines of the summit. 
"I think we will meet similar terms with India," he said.

BMA Gyaan- What is Market Dynamics?

Thursday, 29 March 2012

Morning Summary- Market Synopsis- 29 March, 2012

Good Morning Everyone,
As anticipated, the major Indian indices gave a gap down opening in the early morning session. The indices are currently hovering around the critical level with the advance-decline ratio in favour of the bears. Meanwhile, the midcap has slipped in red and is currently trading negative by over half a percentage point, whereas small-cap counters are trading flat. On the sectoral front, except for Consumer Durables index, all the other indices are trading negative. IT & Teck indices are leading the list of losers with losses of over one and half percentage points each. Further, the market breadth is negative as only three stocks are seen advancing for every four declines.


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News Hour- GAAR proposal disappointing, says Jim Rogers

NEW DELHI: Stating that bureacracy in India is the worst in the world, Jim Rogers, Chairman, Rogers Holdings told ET Now that he was disappointed with the General Anti-Avoidance Rules (GAAR) proposal announced by Finance Minister Pranab Mukherjee in the Union Budget 2012-13. 

Rogers is of the opinion that these regulations will discourage global investors. "I would prefer other markets than India if GAAR is implemented," he told ET Now. Rogers believes that India would develop faster if the markets are less regulated. 
Rogers maintains his view on commodities and expects oil to rise in the future. 

Finance Minister Pranab Mukherjee on Tuesday evening said he may modify some provisions of the GAAR prescribed in this year's budget, holding out hope that the government could adopt a lenient position on the issue of taxing short-term capital gains of Mauritius-based foreign institutional investors (FIIs). 

Earlier on Tuesday, finance ministry mandarins said the government had no intention of targeting participatory note (PN) trades, triggering a 205-point rise in the 30-share BSE Sensex. But experts said uncertainty will remain till an amendment is passed to specifically exclude PNs from the ambit of the relevant section of the income-tax law. 

The budget has spooked investors on two fronts. First, GAAR gives the tax authorities, among other things, the power to override the tax avoidance treaty between India and Mauritius to tax FIIs that invest through special purpose vehicles without setting up an office or permanent establishment in the tax haven. 

Second, FIIs fear that the move to tax overseas transfer of Indian assets could drag PN holders into the tax net because the underlying assets of PNs are Indian shares. 

A finance ministry official said the government did not have participatory notes in mind when it introduced a provision in the budget that makes it clear that deals involving Indian assets, such as Vodafone's acquisition of Hutchison Essar, will be subject to tax even if the transactions are struck overseas between foreign entities. 

"Distinction will be made between portfolio investment and FDI," said the official. 

A panel has been formed which will formulate procedures and also specify threshold for transactions," said the official. 


Market Heatmap- 28 March 2012

Sectorally, barring Healthcare and FMCG, all the other sectoral indices closed in the negative. Consumer Durables was the biggest loser losing over three percentage points. The market breadth was weak and four stocks were seen declining against every single advance. Find out more at :

Closing Summary- Market Synopsis- 28 March, 2012

The benchmark indices started off trade on a weak note, and continued to remain under  selling pressure till the end of the trade. The Sensex lost 136 points to close at 17122 while Nifty too lost 48 points and closed at 5195.
(Pic. Source-

News Hour- Pranab Mukherjee may rethink on gold excise duty

NEW DELHI: Finance minister Pranab Mukherjee will provide some relief to the jewellery industry that has been agitating against imposition of excise duty on gold ornaments. He has promised an "acceptable formulation" indicating that the government may not withdraw the levy altogether. 

Budget 2012-13 had proposed 1% excise duty on unbranded jewellery, increase in import duty and tax at source on cash jewellery purchases worth more than Rs 2 lakh. Jewellers, except those in Maharashtra and Gujarat, have called an indefinite strike against the proposal. The strike entered its 11th day on Tuesday. 

"I have no intention of causing any harassment...All state governments charge value added tax on gold jewellery. As there have been a lot of representations, I am considering it," Mukherjee said in his reply to the general discussion on the Budget for 2012-13 in the Lok Sabha. 

"I will come out with an acceptable formulation," he assured the house after some members raised the issue. The Central Board of Excise and Custom had earlier said that the effective excise duty on gold jewellery could be just Rs 90 per 10 gm and small goldsmiths will not face the hassle of registration for duty payment. 

India is the world's biggest consumer of the yellow metal, with an annual consumption of over 900 tonnes. The country imported gold worth $46 billion last fiscal, nearly equivalent to its current account deficit, prompting policymakers to call for measures to curb its import. 

On the demand for reducing import duty on gold that was hiked from 2% to 4% in the budget, Mukherjee said, "I know it (gold) is part of our culture" but added that the import of 'dead asset' results in wastage of precious foreign exchange. He also promised to reconsider a package for sericulture farmers.


BMA Gyaan- Understanding A Company's Corporate Structure

Wednesday, 28 March 2012

Morning Summary- Market Synopsis- 28 March, 2012

Good Morning Everyone,
The frontline Indian equity benchmarks lost ground in early minutes of trade as market players remain jittery over the impact of the proposed GAAR tax regulations on FII investments through Mauritius and via Participatory Notes (PNs). The weakness in the Indian market is also in line with the fall in other Asian markets which are trading mostly lower today.Currently, Sensex is seen trading at 17175 with a loss of 82 points while Nifty is trading with a loss of 29 points at 5214 levels. Sectorally, most of the sectoral indices are seen trading with marginal losses. Metals and Capital Goods are the biggest losers with over one percent loss while Healthcare and Capital Goods are trading in the positive territory with gains of close to half a percentage point. The market breadth is weak and nearly five stocks are seen advancing against every eight declines.

(Pic. Source-

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News Hour- US sees huge business potential in emerging Indian cities

NEW DELHI: The US today said it has asked its companies to explore business and partnership opportunities in emerging Indian cities, which hold huge economic potential. 

US Commerce Secretary John Bryson, who is in the country on a five-day official visit, said in the next 20 years, 68 cities in India would have population of over 1 million people each. 

"Total yearly income of urban households in India is expected to reach USD 4 trillion in 2030. So, India's emerging regions and cities are now at the top of the list of our Growth in Emerging Metropolitan Sectors (GEMS) initiative," Bryson said here at an IACC function. 

GEMS has been launched by the US to look around the cities in the world that have huge potential for growth and business. 

"We are strongly encouraging businesses across the US to consider the full spectrum of opportunities and partnerships through out India and not just in four metros (Delhi, Mumbai, Kolkata and Chennai)," he said. 

Bryson, who will visit Jaipur tomorrow, said that close working of businesses and governments of both the countries can help support India's path towards inclusive growth. 

"I will continue to spread the word that India's success and India's future are not solely defined by Delhi or Mumbai alone, just like America's success and America's future are not defined by New York, Washington," he said.


Market Heatmap- 27 March 2012

On the sectoral front, except for Power index, all the other indices closed in green. Consumer Durables index closed as the maximum gainer with gains of over two percentage point. Further, the market breadth closed negative as only three stocks were seen advancing for every four declines.Find out more at :

Closing Summary- Market Synopsis- 27 March, 2012

The main Indian stock indices managed to reverse the previous day’s losses and ended the day with handsome gains. Yesterday’s sharp fall had come amid fears that FIIs from Mauritius and investments made through PNs will be taxed from 1st April when the proposed GAAR comes into effect. However, the same perked the sentiment today in the afternoon trade after a Finance Ministry official was quoted as saying that the Government will not target Participatory Notes (PNs) across the board under the new GAAR regulations. The mixed flow of news resulted in the highly volatile day and this led the midcap and the small-cap counters to close weak.
(Pic. Source-

News Hour- TRAI rules against telcos over fees

NEW DELHI (Reuters) - The Telecom Regulatory Authority of India (:TRAITRAInull) plans to recommend that carriers be denied a refund of their licence fees if they lose or surrender permits, in a further blow to companies whose licences are set to be revoked after a court order.
The Supreme Court has ordered the withdrawal of 122 zonal telecoms licences awarded to eight carriers in a scandal-tainted 2008 sale. It has asked the government to reoffer the licences and radio spectrum via an open auction.
Norway's state-backed Telenor is one of the eight carriers affected, but market leaders such as Bharti Airtel and UK-based Vodafone are poised to benefit from that ruling.
Under current rules, one-time entry fees paid by operators when winning licences are "non-refundable". Some of the affected operators had suggested fees be refunded, or that they be offset against any payment due as a result of the upcoming auction.
In draft proposals released on Monday, the TRAI said it plans to recommend to the government that the entry fee remains non-refundable.
The government last year asked the regulator to give its proposals on an "exit policy" for carriers that want to quit operations.
The regulator said on Monday it would recommend to the government there was no need for a separate "exit policy" and to continue with rules that allow a telecom licensee to surrender licences by giving notice of at least 60 days.
The regulator's recommendations are not binding on the government.

News Hour- Government considering 10% stake sale in NALCO: Junior Finance Minister

NEW DELHI: The government is actively considering a 10 per cent stake sale in state-run National Aluminium Co Ltd ( NALCO) as part of its asset sale programme, Junior Finance Minister S.S. Palanimanickam told lawmakers in parliament on Tuesday.
The government is targetting Rs 30,000 crore from stake sales in public sector undertakings in 2012-13, even as it missed the target for the current fiscal by a wide margin.
"In 2011-12, as against a target of Rs 40,000 crore, the government will raise about Rs 14,000 crore from disinvestment. For 2012-13, I propose to raise Rs 30,000 crore through disinvestment," Finance Minister Pranab Mukherjee said in his Budget speech. 

He said the government is committed to maintaining at least 51 per cent ownership and management control in the Central Public Sector Enterprises (CPSEs). 

"While we are committed to enhancing people's ownership of CPSEs, at least 51 per cent ownership and management control will remain with the Government," he said. 

The CPSEs are being given a level playing field vis-a-vis the private sector with regard to practices like buy-backs and listing at stock exchange, he said. 

The government could manage to raise only Rs 14,000 crore in the current fiscal through stake sale in CPSEs, against the budgeted Rs 40,000 crore. 

Uncertain global economic climate, mainly due to fallout of euro-zone crisis, has adversely affected financial markets, which has slowed down PSU disinvestment.

(Source- economictimes.indiatimescom)

BMA Gyaan- What is Bailout?

Tuesday, 27 March 2012

Morning Summary- Market Synopsis- 27 March, 2012

Good Morning Everyone,
As anticipated, the frontline Indian equity benchmarks gave a gap up opening in the early morning trade on the back of a world-wide rally in risky assets. However, the positivity and the strength of the overall market is falling weak to sustain the Indian market at higher levels and indices are sliding down. The midcap and the small-cap counters have also slipped down and are currently trading slightly positive. On the sectoral front, the indices are trading in mixed. Realty, Consumer Durables and FMCG indices are leading the list of gainers with gains of nearly a percentage point each, whereas, Oil&Gas & auto indices are leading the list of losers with losses of less than half a percentage point each. Further the market breadth is neutral.

(Pic. Source-

BMA Words of Wisdom by Victor Kiam

News Hour- GAIL, Oil India show interest in buying Mukesh Ambani's pipeline business RGTIL

Mukesh Ambani's closely held company, Reliance Gas Transport Infrastructure Ltd (RGTIL) is up for sale and PSU companies GAIL and Oil India have shown interest in buying the company, sources with direct knowledge said. 

Mukesh Ambani may seek a valuation close to Rs 10,000 crores for the pipeline business. JPMorgan, Citi and SBI Caps have been appointed for the sale of RGTIL. 

Mukesh Ambani wants to sell the gas pipeline business as the low gas output from the KG Basin is unable to justify large investments in these pipelines.RGTIL operates the Rs 15,000 crore East-West gas pipeline (EWPL) that connects Kakinada to industrial hubs of Karnataka, Maharashtra and Gujarat. 

RGTIL was granted the license to build two pipelines connecting Kakinada-Vizianagaram-Srikakulam and Kakinada-Ennore-Nellore-Chennai in 2007, but the company has not gone ahead with the projects due to unavailability of gas. 

GAIL and Oil India sources have confirmed their interest in buying RGTIL but are not sure about the valuation expectation of the promoters. RGTIL spokesperson said, "We will not comment on market speculation." 


Market Heatmap- 26 March 2012

On the sectoral front, all of the 13 BSE sectoral indices ended in the negative terrain with Realty, Power, Banking, Metal and PSU losing over 2% each. The overall market breadth was negative and one stock was seen advancing against every four declines. Find out more at : 

Closing Summary- Market Synopsis- 26 March, 2012

The benchmark indices started on a depressed note and lost over half a percentage point during the first hour of trade. The fall was triggered by reports that the General Anti- Avoidance Rules (GAAR), proposed in the Union Budget 2012-13 could affect the FII investments reducing their exposure to the equity markets in India. GAAR gives power to the country's income tax department to deny tax benefits if it believes an investment route has been chosen solely for the purpose of avoiding capital gains tax. FIIs are concerned that the rule may also apply to participatory notes. Sensex closed at 17053 with a loss of 309 points while Nifty closed at 5184 with a loss of 94 points. The secondary indices too lost steam and slipped deeper into red to register day’s lows. 
(Pic. Source-

News Hour- Families give National Savings Certificates at weddings instead of gold due to strike

RAMPUR (UP): Amid the ongoing nationwide strike by bullion dealers, families here are exchanging savings certificates instead of gold jewellery at weddings. 

The understanding is that they would redeem their 'pawned' certificates by giving jewellery of the same amount once the agitation ends. 

Bullion traders in various parts of the country are on strike since March 17 to protest budgetary proposals of doubling import duty on gold and imposition of excise duty on unbranded jewellery. 

"We pinned up National Savings Certificates ( NSC) to the garlands on our children at their wedding, as there is no gold jewellery available due to the strike. 

"We have promised to exchange gold jewellery of the same amount, once the strike ends," said Raees Bhai from Ajeetpur, whose son tied the knot with the daughter of Puttan Bhai. 

"We even went to the houses of these jewellery shop owners, who have downed shutters due to the strike, to buy jewellery but were returned empty handed," Puttan Bhai said. 

Meanwhile, Dilip Goel, vice-president of Uttar Pradesh Udyog Vyapar Pratinidhi Mandal alleged that the "Finance Minister Pranab Mukherjee or say as to the Congress government has proposed the hike in customs and excise duty for vilification of the non-branded bullion dealers". 

However post-budget, speaking on the hike in customs duty and imposition of excise duty, Finance Minister Pranab Mukherjee had said, "I did it deliberately". 

He had explained that in two consecutive years about $ 90 billion of precious foreign exchange was used in importing gold making it the second biggest item of import after oil. 

BMA Gyaan- What is Direct Tax?

Monday, 26 March 2012

Morning Summary- Market Synopsis- 26 March, 2012

Good Morning Everyone,
The key Indian stock indices lost ground in the morning session, with the Nifty hovering close to the 5200 level, after breaching the level on an intraday basis while Sensex losing more than 200 points. The undercurrent is subdued as most Asian markets are struggling for direction. All the sectoral indices are trading in the negative with Realty losing over two percentage points. The market breadth is weak and nearly one stock is seen advancing against every two declines. 

(Pic. Source-

BMA Words of Wisdom by Walt Disney

Sunday, 25 March 2012

News Hour- Apple's devoted shareholders get rich, see stock as safety net

NEW YORK: When Anton Marinovich turned 18, his grandmother gave him $1,000 with strict instructions to invest in the stock market. He chose Apple Inc. 

Seventeen years later, his investment is worth more than $240,000 and will bring him over $1,000 a quarter through the company's new dividend plan. 

"It's pretty bananas," Marinovich said. "I always hear about all these people here in Silicon Valley falling into huge luck, but I never thought it would happen to me," said Marinovich, who is the director of sales at Equilar, a Redwood City, California-based executive compensation consultant. 

Watching Apple shares soar more than 77 percent over the past 12 months has been a wild ride for people like Marinovich, who are firmly planted in the cult of Apple. Between him and his fiancee they own two iPhones, two MacBooks an iPad and 400 shares of Apple. 

Many loyalists bought stock years ago when shares languished at double-digit prices. The held on to it out of a love for the company and its products. Now, they are being richly rewarded by a share price of around $600 and a rich dividend payout from Apple's cash pile of nearly $100 billion. 

Nearly two dozen individual Apple shareholders interviewed by Reuters say they are not going on crazy spending sprees or vacations to Fiji, de spite the huge windfall they could get by cashing out. Practically none of them said they plan to sell, a loyalty that gives some of their financial planners heartburn. That's not to say they aren't treating themselves, or breathing a little easier. 

Marinovich said the comfort of his Apple investment cushion means more freedom in his spending habits. He recently bought himself a $2,000 Omega watch and is shopping for a new Audi to replace his Volkswagen Jetta. 

Retiree Pat Harshbarger, 79, has seen her $13,800 investment in Apple rise to $46,000. That paper wealth has made the former nurse comfortable enough to consider taking a few more trips to Maine to visit family and one to Las Vegas, where she and her husband want to try their hand at the slot machines, she said. 

Seventy-one years old Stan Merkin, a retired Dell and IBM programmer whose portfolio has gained about $100,000 just by buying Apple since late last year, said he will buy another 50 shares if the stock hits $650. "What I have made in Apple gives me comfort about how I can live in retirement," he said. 

Many loyal Apple shareholders see the stock as a "safety net" for their futures, one they believe only goes up. 

"I am a firm believer in the company," said Marinovich's 31-year-old brother Erik M arinovich, who also bought 50 shares of Apple with money from his grandmother. The investment is now worth $60,000 more than he paid. "I am going to stay in this until retirement."  


For Apple lovers in their 30s and 40s, those who bore the brunt of both the dot-com crash and financial meltdown, holding Apple feels a responsible move. 

Nate Landau, 38, lived at the edge of the dot-com boom and bust. He has worked at eight different companies, mostly in the technology sector, since 1996. He still remembers the night his father brought home the Amiga 1000, Apple's first computer, when he was 10 years old. 

"I just remember using Mac Paint and really being blown away," said Landau, who once insisted a new employer provide him with a Mac even though the rest of the company had PCs. "I see Apple as my rainy day fund," said Landau, who is now managing director of Internet publisher Food Republic. His investment of $15,000 in Apple stock 12 years ago is now worth $60,000 even though he sold 200 of his 300 shares. 

Kristi Faulkner recalls a similar experience when she saw her first Mac Classic in a high school art classroom in Grand Prairie, Texas. "It had this little, tiny four by six screen and it was the coolest art tool I had ever seen," said Faulkner, who with her two daughters currently own two Mac desktops, three MacBooks, two iPhones and countless iPods, iTouches and nanos. 

Faulkner, now 44, is president of Womenkind, a marketing agency that targets women. She still feels a strong connection to Apple, one that extends to her stock. "Apple made computers accessible to me as a girl and as an artist," she said. "If it dives tomorrow, I am not selling." 

That kind of emotional attachment makes financial advisers more than a little nervous. When Faulkner signed up with a financial adviser a year ago, all of her savings was invested in Apple and Internet search giant Google. 

"She told me to sell it and I said, 'are you kidding'," Faulkner said. She did trim back from 250 to 155 shares in Apple, but still made m o re than $82,500 off Apple since 2005. 

Financial advisers regularly warn Apple groupies to get out of owning so much Apple, before they regret it. 

"My broker is constantly calling me to tell me to sell it," said Jeff Gonzalez, a 31-year-old advertising director whose portfolio has gained more than $16,500 from the 31 shares of Apple he bought in 2005. "Every week I call him up and say 'Look you are wrong, it's gone up again'." 

"Nothing is going to make me sell," Gonzalez said. Even Apple lovers who are in the financial business have a hard time staying objective. 

Matt Reiner, a 25-year-old financial adviser whose investment in 40 shares of Apple has gained about $11,000, knows he should get out while the going is good. "I know there is so much euphoria around Apple, but it's very hard to sell a stock which seemingly has its products in everyone's hands," he said. 


News Hour- Three candidates Jim Young Kim, Jose Antonio Ocampo & Ngozi Okonjo-Iweala in race for World Bank chief

WASHINGTON: The World Bank has received three nominations for the post of its presidency, including the US President Barack Obama's pick Jim Young Kim

The other two nominations received by the World Bank are Jose Antonio Ocampo, a Colombian national and Professor at Columbia University in New York and Ngozi Okonjo-Iweala, Nigerian Finance Minister. 

Yesterday was the last day of submitting the nominations. In a statement, the World Bank said its Executive Directors will conduct formal interviews of the three candidates in Washington, in the coming weeks. 

Expectations are the president would be selected by consensus by the 2012 Spring Meetings. 

Since its inception in 1944, the World Bank has always been headed by an American national. 

But this time emerging nations including the BRICS bloc are seeking a transparent and merit-based selection process. 

The new president would replace Robert Zoellick, who has headed the World Bank since July 2007. 


Thomas Alva Edison one of the most prolific inventors of practical electrical devices in history

Thomas Alva Edison was the most prolific inventor in American history. He amassed a record 1,093 patents covering key innovations and minor improvements in wide range of fields, including telecommunications, electric power, sound recording, motion pictures, primary and storage batteries, and mining and cement technology. As important, he broadened the notion of invention to encompass what we now call innovation-invention, research, development, and commercialization-and invented the industrial research laboratory. Edison's role as an innovator is evident not only in his two major laboratories at Menlo Park and West Orange in New Jersey but in more than 300 companies formed worldwide to manufacture and market his inventions, many of which carried the Edison name, including some 200 Edison illuminating companies. 

Early Life

Edison was born in 1847 in the canal town of Milan, Ohio, the last of seven children. His mother, Nancy, had been a school teacher; his father, Samuel, was a Canadian political firebrand who was exiled from his country. The family moved to Port Huron, Michigan, when Thomas was seven. He attended school briefly but was principally educated at home by his mother and in his father's library.
In 1859 Edison began working on a local branch of the Grand Trunk Railroad, selling newspapers, magazines, and candy. At one point he printed a newspaper on the train, and he also conducted chemical experiments in a baggage-car laboratory. By 1862 he had learned enough telegraphy to be employed as an operator in a local office.
From 1863 to 1867 he traveled through the Midwest as an itinerant telegrapher. During these years he read widely, studied and experimented with telegraph technology, and generally acquainted himself with electrical science.

Early Inventive Career

In 1868 Edison became an independent inventor in Boston. Moving to New York the next year, he undertook inventive work for major telegraph companies. With money from those contracts he established a series of manufacturing shops in Newark, New Jersey, where he also employed experimental machinists to assist in his inventive work.
Edison soon acquired a reputation as a first-rank inventor. His work included stock tickers, fire alarms, methods of sending simultaneous messages on one wire, and an electrochemical telegraph to send messages by automatic machinery. The crowning achievement of this period was the quadruplex telegraph, which sent two messages simultaneously in each direction on one wire.
The problems of interfering signals in multiple telegraphy and high speed in automatic transmission forced Edison to extend his study of electromagnetism and chemistry. As a result, he introduced electrical and chemical laboratories into his experimental machine shops.
Near the end of 1875, observations of strange sparks in telegraph instruments led Edison into a public scientific controversy over what he called "etheric force," which only later was understood to be radio waves.

Menlo Park

In 1876, Edison created a freestanding industrial research facility incorporating both a machine shop and laboratories. Here in Menlo Park, on the rail line between New York City and Philadelphia, he developed three of his greatest inventions.
Urged by Western Union to develop a telephone that could compete with Alexander Graham Bell's, Edison invented a transmitter in which a button of compressed carbon changed its resistance as it was vibrated by the sound of the user's voice, a new principle that was used in telephones for the next century.
While working on the telephone in the summer of 1877, Edison discovered a method of recording sound, and in the late fall he unveiled the phonograph. This astounding instrument brought him world fame as the "Wizard of Menlo Park" and the "inventor of the age."
Finally, beginning in the fall of 1878, Edison devoted thirty months to developing a complete system of incandescent electric lighting. During his lamp experiments, he noticed an electrical phenomenon that became known as the "Edison effect," the basis for vacuum-tube electronics.
He left Menlo Park in 1881 to establish factories and offices in New York and elsewhere. Over the next five years he manufactured, improved, and installed his electrical system around the world.

West Orange Laboratory

In 1887, Edison built an industrial research laboratory in West Orange, New Jersey, that remained unsurpassed until the twentieth century. For four years it was the primary research facility for the Edison lighting companies, and Edison spent most of his time on that work. In 1888 and 1889, he concentrated for several months on a new version of the phonograph that recorded on wax cylinders.
Edison worked with William Dickson from 1888 till 1893 on a motion picture camera. Although Edison had always had experimental assistants, this was the clearest instance of a co-invention for which Edison received sole credit.
In 1887 Edison also returned to experiments on the electromagnetic separation and concentration of low-grade iron and gold ores, work he had begun in 1879. During the 1890's he built a full-scale plant in northern New Jersey to process iron ore. This venture was Edison's most notable commercial failure.

Later Years

After the mining failure, Edison adapted some of the machinery to process Portland cement. A roasting kiln he developed became an industry standard. Edison cement was used for buildings, dams, and even Yankee Stadium.
In the early years of the automobile industry there were hopes for an electric vehicle, and Edison spent the first decade of the twentieth century trying to develop a suitable storage battery. Although gas power won out, Edison's battery was used extensively in industry.
In World War I the federal government asked Edison to head the Naval Consulting Board, which examined inventions submitted for military use. Edison worked on several problems, including submarine detectors and gun location techniques.
By the time of his death in 1931, Edison had received 1,093 U.S. patents, a total still untouched by any other inventor. Even more important, he created a model for modern industrial research.