Breaking News & Stocks

[yatishjain]

Reliance Communications Ltd on February 20, 2008 has announced a new umbrella brand "Reliance Globalcom" for all its Global initiatives. Reliance Globalcom brings under its fold a diverse portfolio of global communications business services, including Global Voice, Managed Network, Carrier Ethernet, and Fiber Capacity Businesses into a single group.

"In creating Reliance Globalcom, we are aligning our global communications strategies into a single vision to create one of the top five global communications Companies in the world," said Mr. Anil D Ambani, Chairman of Reliance Communications. "Reliance Globalcom, structured to serve the existing and emerging fast growing demands of our Global customers, would add significant value for the shareholders of India largest and most profitable Telecom enterprise".

Reliance Globalcom would target the fast growing potential in the Global Telecom arena with annual addressable revenue potential of $ 285 Bn (Rs 1,14,000 crore). With the consolidation of the Global Business, Reliance Globalcom will have annualized start-up revenues of US$ 1.32 Bn (Rs 5279 crore) and EBIDTA of US $ 334 Mn (Rs 1337 crore).

"Reliance Globalcom" will deliver a broad portfolio of data and voice services spanning across the Enterprise, Wholesale, Managed Services and Consumer segments by leveraging FLAG's global telecom infrastructure and Yipes expertise in the plug-n-play Ethernet technology. The voice services popularly known as Reliance India Call, Reliance Global call, Reliance Netcall and Reliance Passport will also come under the fold of "Reliance Globalcom".

Under this significant Consolidation to accelerate the growth of Global Business, Reliance Communications also announced the alignment of its subsidiaries. Yipes Enterprise Services Inc has changed its name to Reliance Globalcom Services Inc. and will now represent the Enterprise Division of the Company. The product portfolio of FLAG Telecom, world's largest undersea cable system, has been rebranded as "Reliance FLAG". Managed Services division of Reliance Globalcom would tap the exponential growth potential in the emerging areas of
Network Operating Center, Hosting & Storage Services, Call Center Solutions and Voice Portal amongst others.

Reliance Globalcom will have presence in over 50 countries including the top twenty financial centers in the world, including New York, London, Tokyo, Paris, Chicago, Toronto, Frankfurt, Seoul, Taipei, Hong Kong, Beijing, Shanghai, San Francisco, Los Angeles, Singapore, Rome and Milan. Reliance Globalcom would leverage the world class fully IP-enabled Global Infrastructure of Reliance Communications, and its subsidiaries, including 1,75,000 km of optic fibre and 20,000 km of Ethernet backbone in the US.

 

[rakeshmalik]

europe:market weak:FTSE 100 5,875.40 -91.50 -1.53 %

 

[rakeshmalik]

europe market weak : DAX 6,894.86 -107.43 CAC 40 4,816.25 -69.58 -1.42

 

[rakeshmalik]

europe : market down FTSE 100 5,854.90 -112.00 -1.88% DAX 6,889.39 -112.90 -1.50%

 

[rakeshmalik]

N-deal: US Senators set May deadlineNidhi Razdan
Wednesday, February 20, 2008 (New Delhi)
Time is slipping away for the Indo-US nuclear deal, as India remains locked in talks with the International Atomic Agency.

But visiting US Senators said on Wednesday that India could take till May to finish its negotiations. They reassured that if the draft reached the US Congress by the month of May, the Bush administration could still push the deal through.

The visiting Senators include Joe Biden, the Chairman of the important Senate Foreign Relations Committee and Senators John Kerry and Chuck Hagel.

The PM apparently made no comment on the May deadline but spoke of the ''dilemma'' faced by the UPA over the issue.

 

[rakeshmalik]

Stocks Fall After Weak Economic Reports
Wednesday February 20, 10:06 am ET
By Madlen Read, AP Business Writer
Stocks Fall As Investors Grow Uneasy About Rising Consumer Prices, Weak Housing Figures


NEW YORK (AP) -- Stocks fell early Wednesday as investors, already nervous about inflation given a return to record oil prices, pulled back after higher-than-expected upticks in consumer prices and unimpressive readings on home construction.
The Labor Department reported a 0.4 percent increase in the consumer price index, and a 0.3 percent increase in the core consumer price index, which strips out energy and food prices. Both jumps were slightly higher than economists surveyed by Thomson Financial/IFR anticipated, and raised concerns that the Federal Reserve might hesitate to lower rates again to lift the flagging economy.

Housing market data bolstered the argument that the economy is far from recovery. The Commerce Department said that in January, housing starts rose by 0.8 percent, but only after plunging by a downwardly revised 14.8 percent in December. Building permits, a more forward-looking indicator, fell by 3 percent.

Investors were also cautious ahead of the afternoon release of minutes from the Fed's last meeting. On Jan. 30, the central bank decided to lower key interest rates by a half-point to 3 percent, following an emergency three-quarter point cut the prior week.

In the first hour of trading, the Dow Jones industrial average fell 64.15, or 0.52 percent, to 12,273.07.

Broader stock indicators also declined. The Standard & Poor's 500 index fell 7.11, or 0.53 percent, to 1,341.67, and the Nasdaq composite index fell 4.69, or 0.20 percent, to 2,301.51.

Bond prices fell. The yield on the 10-year Treasury note, which moves opposite its price, rose to 3.92 percent from 3.87 percent late Tuesday. The dollar was higher against most major currencies as gold prices fell.

As oil closed above $100 for the first time Tuesday, prompting stocks to give up sizable gains to finish mixed. On Wednesday, light, sweet crude oil on the New York Mercantile Exchange fell $1.28 to $98.73 a barrel.

Wall Street remains worried that inflation could accelerate at the same time the economy suffers under tough credit conditions. The phenomenon of slowing growth and surging prices is known as stagflation.

On Wednesday, the Financial Times reported that KKR Financial Holdings LLC, a listed affiliate of U.S. private equity group Kohlberg Kravis Roberts & Co., has delayed repayment of billions of dollars of commercial paper for the second time. Commercial paper are short-term bonds companies sell to quickly raise cash; demand for commercial paper began drying up last year, choking the credit markets.

KKR Financial fell 75 cents, or 5.2 percent, to $13.77.

While some banks have weathered the credit storm relatively unscathed -- Netherlands-based bank ING Groep NV reported an 18 percent gain in fourth-quarter net profit Wednesday -- most have seen significant losses. BNP Paribas SA confirmed that fourth-quarter net profit dropped 42 percent after its credit-related investments shed about 1.2 billion euros, or $1.76 billion, in value.

In other earnings news, Hewlett-Packard Co. late Tuesday posted a 38 percent surge in fiscal first-quarter profit thanks to an increase in computer sales. Hewlett-Packard shares rose $2.65, or 6 percent, to $46.60.

Meanwhile, a $20 billion deal to combine Delta Air Lines Inc. and Northwest Airlines Corp. is in danger, according to two people close to the discussions, because of an impasse among pilot negotiators over how to determine seniority for the 12,000 pilots involved. Delta fell 49 cents, or 2.3 percent, to $16.28, while Northwest declined 42 cents, or 2.5 percent, to $16.55.

Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to 79.3 million shares.

The Russell 2000 index of smaller companies fell 3.99, or 0.57 percent, to 698.35.

Overseas, Japan's Nikkei stock average closed down 3.25 percent. In afternoon trading, Britain's FTSE 100 dropped 1.84 percent, Germany's DAX index lost 1.70 percent, and France's CAC-40 fell 1.45 percent.

 

[rakeshmalik]

asian markets in green :nikkei+255 hang sang+261.so good news.

 

[rakeshmalik]

AP
Stocks Reverse Losses to Finish Higher
Wednesday February 20, 6:13 pm ET
By Tim Paradis, AP Business Writer
Stocks Rise As Investors Dismiss Some Concern About Inflation; Oil Settles at Fresh Record


NEW YORK (AP) -- Stocks came off early losses to finish higher Wednesday as investors set aside some concerns about the economy after finding reassurance that tA rebound in hard-hit stocks of financial companies helped fuel the session's turnaround, while an upbeat forecast from Hewlett Packard Co. pulled technology issues higher and record prices for oil gave a boost to energy stocks.

Stocks began the day lower amid concern about a rise in consumer prices and lackluster readings on home construction. But observers said the economic figures ultimately didn't prove all that surprising given a recent run-up in oil prices and the well-documented woes of the housing sector.

Investors had already begun to check some of their concerns when minutes from the Fed's meetings last month indicated the central bank didn't seem to be extremely worried about inflation. The apparent lack of urgent concern that lower interest rates would foment a rise in prices was perhaps welcome given the latest readings on consumer prices and the rise in oil.

The absence of big surprises from the Fed minutes underscored the notion that policymakers will first address the flagging economy and turn later to inflation. Some bargain hunters waded into the markets to snap up stocks from beaten down sectors like the financials.

Thomas J. Lee, equities analyst at JPMorgan, said the Fed's deliberations indicate the central bank could quickly step in to address inflation should that become necessary but that shoring up the economy would remain its immediate concern.

"It's a very different Fed. It's not a Greenspan Fed. Gradualism is out," Lee said.

The Fed lowered key interest rates by a half-point to 3 percent on Jan. 30, following an emergency three-quarter point cut the prior week.

The Dow Jones industrial average rose 90.04, or 0.73 percent, to 12,427.26 after at one point being down nearly 110 points.

Broader stock indicators also moved higher. The Standard & Poor's 500 index advanced 11.25, or 0.83 percent, to 1,360.03, and the Nasdaq composite index rose 20.90, or 0.91 percent, to 2,327.10.

Bond prices fell. The yield on the 10-year Treasury note, which moves opposite its price, rose to 3.89 percent from 3.87 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude oil rose 73 cents to settle at a record $100.74 a barrel on the New York Mercantile Exchange. Oil closed above $100 for the first time Tuesday, derailing a stock market rally and touching off Wall Street's latest inflation concerns. Chevron Corp. rose $1.51 to $86.34 Wednesday, while Exxon Mobil Corp. rose $1.09 to $88.10.

Economic news initially sent stocks lower. The Labor Department reported a 0.4 percent increase in the consumer price index, and a 0.3 percent increase in the core consumer price index, which strips out often-volatile energy and food prices. The rises came in slightly higher than economists surveyed by Thomson Financial/IFR had anticipated.

Investors have at times shown concern that inflation could accelerate at the same time the economy suffers under tough credit conditions. The phenomenon of slowing growth and surging prices is known as stagflation.

The housing figures for a time also weighed on investors. The Commerce Department reported that housing starts rose by 0.8 percent in January, but only after plunging by a downwardly revised 14.8 percent in December. Building permits, a more forward-looking indicator, fell by 3 percent.

By the afternoon, stocks turned positive after big names in the financial sector began to rebound and as HP extended its advance.

"The earnings picture has actually been pretty good," Lee said. "HP had a solid beat, and pretty decent guidance."

Hewlett-Packard late Tuesday posted a 38 percent surge in its fiscal first-quarter profit following an increase in computer sales. The company, one of the 30 stocks that comprise the Dow Jones industrial average, raised its profit forecast for the year. H-P shares rose $3.49, or 7.9 percent, to $47.44.

Lehman Brothers Holdings Inc. rose $1.82, or 3.4 percent, to $55.39, while Morgan Stanley rose $2.06, or 5 percent, to $43.55 after hitting a fresh 52-week low in the session.

The day's gains didn't signal Wall Street had jettisoned all of its unease, however.

"The Fed identified that the consumer is in somewhat tough straits," said John O'Donoghue, co-head of equities at Cowen & Co. And while the rate cuts made last month in response to the tight credit markets came as a relief at the time, "the credit markets are still very stressed out, if not shut," he said.

In other corporate news, a unit of Kohlberg Kravis Roberts & Co., one of the world's largest private-equity firms, said it has for the second time delayed payment on millions in loans and begun discussions with creditors about restructuring its debt. KKR Financial Holdings LLC, which invests in corporate debt and mortgages, fell 28 cents to $14.25.

Drug maker Pfizer Inc. said it would buy biopharmaceutical company Encysive Pharmaceuticals Inc. for about $195 million to strengthen its portfolio in products treating high blood pressure. Encysive surged $1.19, or 110 percent, to $2.27, while Pfizer rose 10 cents to $22.47.

Advancing issues outnumbered decliners by about 3-to-2 on the New York Stock Exchange, where consolidated volume came to 3.75 billion shares compared with 3.5 billion shares traded Tuesday.

The Russell 2000 index of smaller companies rose 7.68, or 1.09 percent, to 710.02.

Overseas, Japan's Nikkei stock average closed down 3.25 percent. Britain's FTSE 100 closed down 1.23 percent, Germany's DAX index lost 1.47 percent, and France's CAC-40 fell 1.49 percent.

he Federal Reserve remains committed to stoking growth before worrying about inflation.

 

[rakeshmalik]

AP
Oil Pushes Past $101 on Fed View
Wednesday February 20, 5:19 pm ET
By John Wilen, AP Business Writer
Oil Jumps Past $101 a Barrel on View That the Fed, Seeing Weaker Growth, Will Slash Rates


NEW YORK (AP) -- Oil futures rallied again Wednesday, pushing briefly past $101 a barrel after the Federal Reserve lowered its forecast for economic growth this year, convincing energy investors that the central bank will slash interest rates further. At the pump, meanwhile, gas prices rose another 2 cents overnight.The Fed said damage from the housing slump and problems in the credit markets will slow economic growth to between 1.3 percent and 2 percent this year, down from a previous forecast for GDP growth of between 1.8 percent and 2.5 percent.

Oil investors can interpret such news in one of two ways: Selling on concerns that the economy, and thus demand for oil, is cooling; or buying on the prospect that interest rates will fall, weakening the dollar and feeding new buying of oil futures. On Wednesday, they definitively chose the latter view.

"The Fed was ... the catalyst to get us going here," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.

The contract for March delivery of light sweet crude, which was expiring later Wednesday, rose 73 cents to settle at a record $100.74 on the New York Mercantile Exchange after earlier rising as high as $101.32, a new trading record. On Tuesday, the contract jumped $4.51 a barrel.

Falling rates tend to weaken the dollar, and crude futures offer a hedge against a falling dollar. Also, oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling. In the moments after the Fed released its forecast, oil prices spiked sharply higher.

"This is unbelievable," Flynn said.

Earlier, crude prices fluctuated in part due to low trading volumes. Trading in the expiring March contract was about 10 percent of the level of trading in April crude oil, which will become the front-month contract on Thursday. When volumes are low, price moves can be exaggerated. April crude settled unchanged at $99.70 a barrel after rising as high as $100.86 earlier.

Oil prices are still within the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.

Two new economic reports Wednesday suggested the economy is cooling. The Labor Department said its Consumer Price Index, a measure of inflation, rose by 0.4 percent last month, more than economists expected. The Commerce Department, meanwhile, said construction of new homes and apartments rose by 0.8 percent in January, but that applications for building permits, an indicator of future activity, fell by 3 percent.

The reports come a week after the Energy Department, the Organization of Petroleum Exporting Countries and the International Energy Agency all lowered their oil demand growth forecasts for this year.

But the prospect that the Fed will reduce rates proved too strong, feeding a new buying frenzy, analysts said.

"This is all about momentum and driving (prices) higher right now," Flynn said.

Despite the return of $100 oil, and now $101 oil, there are concerns that high oil prices -- and the higher gasoline and heating oil prices they spawn -- are sowing the seeds of their own destruction by contributing to the economic slowdown.

"The price gains raise questions about their sustainability in the face of eroding fundamental strength," said Antoine Halff, an analyst a Newedge USA LLC in a research note.

At the pump, gas prices rose 2.1 cents to a national average of $3.053 a gallon Wednesday, according to AAA and the Oil Price Information Service. In it weekly survey, the Energy Department said regular gasoline rose 8.2 cents last week to an average of $3.042 a gallon. Retail gas prices, which typically lag the futures market, are following oil higher. Analysts and the Energy Department expect prices to peak this spring well above last May's record $3.227 a gallon.

Other energy futures fell Wednesday. March gasoline slipped 1.79 cents to settle at $2.5852 a gallon on the Nymex, while March heating oil fell 0.68 cent to settle at $2.7546 a gallon. March natural gas fell 1.2 cents to settle at $8.965 per 1,000 cubic feet.

In London, April Brent crude fell 14 cents to settle at $98.42 a barrel on the ICE Futures exchange.

 

[rakeshmalik]

The Huffington Post
Welcome | February 21, 2008 February 21, 2008 Home Politics Media Business Entertainment Living More on HuffPost... Politics HuffPolitics OffTheBus Fundrace Media Eat The Press Business Entertainment Living CareerBuilder All Blogs All News 23/6 23/6 Home > The News > Richest Man In India Buil... Site Web

Altamount Road, antilia, antillia, billionaires, Celebrity Excess, Celebrity Homes, Famous Families, Most Expensive Home, Most Expensive House, Mukesh Ambani, Perkins & Will
Richest Man In India Builds $1 Billion House
Huffington Post | January 29, 2008 05:35 PM


--------------------------------------------------------------------------------

Read More: Altamount Road, Antilia, Antillia, Billionaires, Celebrity Excess, Celebrity Homes, Famous Families, Most Expensive Home, Most Expensive House, Mukesh Ambani, Perkins & Will, Breaking News
What would you do if your net worth were $22 billion? If you were Indian businessman Mukesh Ambani, you might build yourself the world's most expensive home. As designed by Chicago architecture firm Perkins + Will, the in-progress glass-tower is estimated at $1 billion and is known to feature, at the least, a health club, multiple "safe" rooms, 3 helipads, 168 parking spaces and require 600 servants to maintain, and physically, the structure stands at 27 stories, or 570 feet tall.

According to the Mumbai Mirror, the tower will also contain:

Floor for car maintenance Sources said the Ambanis would prefer to have all their cars serviced and maintained at an in-house service centre. This centre will be set up on the seventh floor.
Entertainment floor
The eighth floor will have an entertainment centre comprising a mini-theatre with a seating capacity of 50.

Balconies with gardens
The rooftop of the mini-theatre will serve as a garden, and immediately above that, three more balconies with terrace gardens will be independent floors.

The 'health' floors
While the ninth floor will a 'refuge' floor -- meant to be used for rescue in emergencies -- two floors above that will be set aside for 'health.' One of these will have facilities for athletics and a swimming pool, while the other will have a health club complete with the latest gym equipment.

Family
The four floors at the top, that will provide a view of the Arabian Sea and a superb view of the city's skyline, will be for Mukesh, his wife Neeta, their three children and Mukesh's mother Kokilaben.

Air space floor
According to the plan, two floors above the family's residence will be set aside as maintenance areas, and on top of that will be an "air space floor," which will act as a control room for helicopters landing on the helipad above.