Pocket Money using stocks

KFA owes Bank of Scotland $21.6m: UK High Court

2012-03-12T20:29:00.000-07:00

Vijay Mallya-owned troubled Kingfisher Airlines owes Bank of Scotland USD 21.6 million in overdue lease payments for 10 ATR 72-500 aircraft, a UK High Court has ruled, paving the way for potential action by the bank to recover the outstanding sum.
According to flightglobal.com, Bank of Scotland had brought the action on behalf of a consortium of lenders against Kingfisher's parent company, United Breweries Holdings , which had guaranteed the airline's obligations.
In his January 13 judgement, Justice Eder said: "I am satisfied that the amounts claimed are due and owing and that therefore in those circumstances the claimants are entitled to summary judgement in the sum claimed, that is $21,589,972.56".
He said he saw "no other good reason" why the matter should not proceed to trial.
The judgement paves the way for a potential action in India, or elsewhere, as it enables Bank of Scotland to pursue United Breweries Holdings' assets to recover the outstanding sum, the report said.
Dependent on the location of those assets, interaction with the local jurisdiction may well be required. Bank of Scotland, as the security trustee for a group of syndicated lenders, funded KF Turbo Leasing, a special purpose vehicle incorporated in the Cayman Islands that purchased the ATR aircraft.
Each aircraft was leased then by KF Turbo leasing, for a term of 10 years beginning on the delivery of that aircraft, to Kingfisher, according to UK documents.
Both parties entered into the agreement on March 29, 2007. The cash-strapped airline is already neck deep in financial woes and has asked for government help to bail it out.

Greek Bailout Payment Set to Be Approved by Euro Ministers After Debt Deal

2012-03-12T06:07:00.004-07:00

Euro-area finance ministers seeking to step past the largest sovereign debt restructuring in history will attempt to gain a foothold this week as they grapple with implementing the latest Greek bailout.
Ministers from the 17 nations that share the euro will gather in Brussels today to sign off on the 130 billion-euro ($170 billion) second package for Greece after bondholders agreed last week to take a loss on the country’s debt. They’ll also focus on Spain’s budget-cutting efforts and Portugal’s aid program, underscoring their desire to prevent contagion.

The debt swap seeks to wipe more than 100 billion euros off Greece’s books and contain an economic collapse in the country as European overseers work to hold Greek leaders to their commitments. The difficulties the government in Athens will confront in meeting creditors’ demands have prompted speculation of still further assistance.
“Nobody can now exclude that Greece at a single moment may need a third bailout,” German Finance Minister Wolfgang Schaeuble was cited as saying in an interview published today in Belgian newspaper De Morgen. “I have all confidence that the measures that we have taken and that Greece must now implement - - no simple exercise -- will bring the country on the road to recovery.”

Euro, Stocks
European stocks and the euro dropped today before the finance minister meeting, which is due to begin at 5 p.m. The Stoxx Europe 600 Index (SXXP) retreated 0.4 percent, while the euro declined 0.2 percent to $1.3100 as of 9:18 a.m. in Berlin.

Read more at : http://www.bloomberg.com/news/2012-03-11/european-finance-ministers-set-to-approve-greek-aid-payout-examine-spain.html

Sensex ends 358 pts up; metals shine, MCX rises 26%

2012-03-09T03:52:00.002-08:00

The BSE Sensex staged excellent performance on Friday, trimming the major loss for the week as it had shed nearly 500 points in the previous three sessions. Successful completion of the debt swap deal by Greece with market participation at 95.7% helped the global markets to rally.
Short covering may be another reason that fuelled the rally. The BSE benchmark advanced 357.72 points or 2.09%, to close at 17,503.24 supported by 23 stocks. Meanwhile, the NSE benchmark gained 113.10 points or 2.17% at 5,333.55.
Rate sensitives saw huge buying interest ahead of monetary policy review (schedule to be announced on March 15) and even market experts see some action as industrial output dropped to 1.8% in December as against 5.9% in previous month. RBI governor D Subbarao too said they need to reduce bank's statutory liquidity ratio (SLR) going forward. "Number of preconditions need be met before SLR can be cut," he said.
Shares of Multi Commodity Exchange ( MCX )
closed at Rs 1297.05 on listing day, up 25.68% over issue price of Rs 1032 after hitting an intraday high of Rs 1,426 and low of Rs 1,282.10. In first one-hour session, equilibrium price for the stock was discovered at Rs 1,387 on the BSE.
Greece averted the immediate risk of an uncontrolled default, winning strong acceptance from its private creditors for a bond swap deal which will ease its massive public debt and clear the way for a new international bailout. European markets already priced in this news in last two sessions as they were flat while Asian markets like Nikkei, Shanghai, Hang Seng and Kospi ended 0.8-1.65% higher.
Back home, the BSE Metal Index outperformed other sectors, rising 4.7%. Tata Steel and Jindal Steel shot up nearly 7% while Sterlite Industries gained 4.66%. Coal India and Hindalco were up 2.5%.
The BSE Bankex and Capital Goods indices moved up 3.7%. SBI and ICICI Bank, country's largest lenders, rallied 6.22% and 3.8%, respectively while rival HDFC Bank gained 1.5%.

Read more at : http://www.moneycontrol.com/news/local-markets/sensex-ends-358-pts-up-metals-shine_678437.html

Sensex trims losses; Jaiprakash Associates, R Power up 6%

2012-03-07T02:34:00.000-08:00

The BSE Sensex recouped its losses again, led by support from Infosys, HDFC Bank and ICICI Bank. L&T and SBI too recovered while Reliance Industries trimmed its losses to 2%.

The BSE benchmark fell just 11 points to 17,162.46 whereas the NSE benchmark gained 3 points at 5,225.55.

Among frontliners, Sterlite Industries, Sesa Goa, NTPC, Maruti Suzuki, Reliance Industries and BHEL were biggest losers, falling 2-4%.

However, Jaiprakash Associates shot up 6.75% after losing more than 7% in previous five sessions due to Bahujan Samaj Party lost election in Uttar Pradesh.

Reliance Power gained 6% on short covering. HCL Tech, Reliance Infrastructure, Bajaj Auto, Wipro, Tata Motors, DLF and HDFC Bank gained 1-2%.

State-run Bank of India fell 1% after Moody's downgraded the bank to D from D+, but kept outlook stable.

14:27 hours IST: Sensex drifts lower; Kingfisher tanks 5%

The BSE Sensex extended its losses amid choppy trade, weighed down by Reliance Industries, L&T and SBI. Other prominent losers were BHEL, ICICI Bank, ONGC and Bharti Airtel.

Liquor baron Vijay Mallya's Kingfisher Airlines crashed 5% after sources reclaimed that Income Tax department freezed 19 accounts of the company. IT department says TDS dues pending are over Rs 300 crore.

The BSE benchmark fell 134 points to 17,039.30 and the NSE benchmark was down 40 points to 5,182.90. Declining shares outnumbered advancing by 1079 to 362 on the BSE.

Sterlite Industries, Vedanta Group company, was the biggest loser among largecaps, falling 5%.
Index heavyweight Reliance Industries, state-run BHEL and country's top automaker Maruti Suzuki dropped 3-3.6%.

L&T, SBI, Bharti Airtel, ICICI Bank, ONGC, Tata Steel and NTPC were down 0.7-1.7%.
However, Infosys, HUL, Wipro, Bajaj Auto and Hero Motocorp gained 0.7-2%.
GAIL, Tata Steel, Reliance Infrastucture and L&T were most active shares on exchanges.

Read more on : http://www.moneycontrol.com/news/local-markets/sensex-trims-losses-jaiprakash-associates-r-power6_677637.html

INDIA: ITC : BUY

2012-03-06T21:32:00.000-08:00

INDIA: ITC : BUY
BSE: 500875 | NSE: ITC
CMP : INR 210 , SL : INR 205 , TGT : 215
INTRADAY

Market Outlook for 7-Mar

2012-03-06T21:28:00.000-08:00

The trend deciding level for the day is 17,331 / 5,270 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,534 – 17,895 / 5,334 – 5,446 levels. However, if NIFTY trades below 17,331 / 5,270 levels for the first half-an-hour of trade then it may correct up to 16,970 – 16,767 / 5,159 – 5,095 levels.

Choppy Sensex under pressure; ADAG stocks most active

2012-03-06T21:24:00.005-08:00

The BSE Sensex continued to fall amid choppy trade, weighed down by banks, metals, oil & gas, realty and capital goods stocks. The market looked cautious due to likely impact on growth reforms after Congress lost elections in Uttar Pradesh and limited options with Congress to induce aam adami via upcoming budget. Even falling rupee that raises import bill and upcoming monetary policy are other reasons that market is eyeing.

Suresh Mahadevan, UBS Securities feels that the market is likely to remain nervous till Budget. He said that the market is now focussed on economic recovery and earnings momentum.

"Till Budget, the market may remain worsen. The other thing to watch out is global issues like crude which is also not working out in our favour. So a combination of all this could mean some kind of near-term weakness but I wouldn't worry about anything so fundamental or anything at this point," he elaborates.

The BSE benchmark was down 92 points to 17,081.18 and the NSE benchmark declined 29 points to 5,193.15.
Index heavyweights and oil & gas producers Reliance Industries and ONGC were down 1.2% & 0.6%, respectively.

SBI, country's largest lender and HDFC Bank, biggest private sector lender by market cap, fell 1% each while rival ICICI Bank declined 0.55%.

Read more at : http://www.moneycontrol.com/news/local-markets/choppy-sensex-under-pressure-adag-stocks-most-active_677486.html

Five Leadership Lessons From James T. Kirk

2012-03-06T08:56:00.000-08:00

Captain James T. Kirk is one of the most famous Captains in the history of Starfleet. There’s a good reason for that. He saved the planet Earth several times, stopped the Doomsday Machine, helped negotiate peace with the Klingon Empire, kept the balance of power between the Federation and the Romulan Empire, and even managed to fight Nazis. On his five-year mission commanding the U.S.S. Enterprise, as well as subsequent commands, James T. Kirk was a quintessential leader, who led his crew into the unknown and continued to succeed time and time again.

Kirk’s success was no fluke, either. His style of command demonstrates a keen understanding of leadership and how to maintain a team that succeeds time and time again, regardless of the dangers faced.

Here are five of the key leadership lessons that you can take away from Captain Kirk
as you pilot your own organization into unknown futures.

1. Never Stop Learning
“You know the greatest danger facing us is ourselves, an irrational fear of the unknown. But there’s no such thing as the unknown– only things temporarily hidden, temporarily not understood.”
Captain Kirk may have a reputation as a suave ladies man, but don’t let that exterior cool fool you. Kirk’s reputation at the Academy was that of a “walking stack of books,” in the words of his former first officer,

Gary Mitchell. And a passion for learning helped him through several missions. Perhaps the best demonstration of this is in the episode “Arena,” where Kirk is forced to fight a Gorn Captain in single combat by advanced beings. Using his own knowledge and materials at hand, Kirk is able to build a rudimentary shotgun, which he uses to defeat the Gorn.

If you think about it, there’s no need for a 23rd Century Starship Captain to know how to mix and prepare gunpowder if the occasion called for it. After all, Starfleet officers fight with phasers and photon torpedoes. To them, gunpowder is obsolete. But the same drive for knowledge that drove Kirk to the stars also caused him to learn that bit of information, and it paid off several years later.

In the same way, no matter what your organization does, it helps to never stop learning. The more knowledge you have, the more creative you can be. The more you’re able to do, the more solutions you have for problems at your disposal. Sure, you might never have to face down a reptilian alien on a desert planet, but you never know what the future holds. Knowledge is your best key to overcoming whatever obstacles are in your way.

2. Have Advisors With Different Worldviews
“One of the advantages of being a captain, Doctor, is being able to ask for advice without necessarily having to take it.”
Kirk’s closest two advisors are Commander Spock, a Vulcan committed to a philosophy of logic, and Dr. Leonard McCoy, a human driven by compassion and scientific curiosity. Both Spock and McCoy are frequently at odds with each other, recommended different courses of action and bringing very different types of arguments to bear in defense of those points of view. Kirk sometimes goes with one, or the other, or sometimes takes their advice as a springboard to developing an entirely different course of action.

However, the very fact that Kirk has advisors who have a different worldview not only from each other, but also from himself, is a clear demonstration of Kirk’s confidence in himself as a leader. Weak leaders surround themselves with yes men who are afraid to argue with them. That fosters an organizational culture that stifles creativity and innovation, and leaves members of the organization afraid to speak up. That can leave the organization unable to solve problems or change course. Historically, this has led to some serious disasters, such as Star Wars Episode I: The Phantom Menace.

Organizations that allow for differences of opinion are better at developing innovation, better at solving problems, and better at avoiding groupthink. We all need a McCoy and a Spock in our lives and organizations.

Read more at : http://www.forbes.com/sites/alexknapp/2012/03/05/five-leadership-lessons-from-james-t-kirk/

Goldman’s Secret Greece Loan Reveals Sinners

2012-03-06T08:31:00.002-08:00

Greece’s secret loan from Goldman Sachs Group Inc. (GS) was a costly mistake from the start.
On the day the 2001 deal was struck, the government owed the bank about 600 million euros ($793 million) more than the 2.8 billion euros it borrowed, said Spyros Papanicolaou, who took over the country’s debt-management agency in 2005. By then, the price of the transaction, a derivative that disguised the loan and that Goldman Sachs persuaded Greece not to test with competitors, had almost doubled to 5.1 billion euros, he said.

Papanicolaou and his predecessor, Christoforos Sardelis, revealing details for the first time of a contract that helped Greece mask its growing sovereign debt to meet European Union requirements, said the country didn’t understand what it was buying and was ill-equipped to judge the risks or costs.

“The Goldman Sachs deal is a very sexy story between two sinners,” Sardelis, who oversaw the swap as head of Greece’s Public Debt Management Agency from 1999 through 2004, said in an interview.
Goldman Sachs’s instant gain on the transaction illustrates the dangers to clients who engage in complex, tailored trades that lack comparable market prices and whose fees aren’t disclosed. Harvard University, Alabama’s Jefferson County and the German city of Pforzheim all have found themselves on the losing end of the one-of-a-kind private deals typically pitched to them by securities firms as means to improve their finances.

Goldman Sachs DNA

“Like the municipalities,
Greece is just another example of a poorly governed client that got taken apart,” Satyajit Das, a risk consultant and author of “Extreme Money: Masters of the Universe and the Cult of Risk,” said in a phone interview. “These trades are structured not to be unwound, and Goldman is ruthless about ensuring that its interests aren’t compromised -- it’s part of the DNA of that organization.”
A gain of 600 million euros represents about 12 percent of the $6.35 billion in revenue Goldman Sachs reported for trading and principal investments in 2001, a business segment that includes the bank’s fixed-income, currencies and commodities division, which arranged the trade and posted record sales that year. The unit, then run by Lloyd C. Blankfein, 57, now the New York-based bank’s chairman and chief executive officer, also went on to post record quarterly revenue the following year.

Read more at : http://www.bloomberg.com/news/2012-03-06/goldman-secret-greece-loan-shows-two-sinners-as-client-unravels.html

Lehman Says It Exits Bankruptcy, to Pay Creditors

2012-03-06T08:27:00.003-08:00

Lehman Brothers Holdings Inc. (LEHMQ), which filed the biggest bankruptcy in U.S. history in 2008, said it was exiting bankruptcy and would make its first payment to creditors on April 17.

The defunct investment bank has about $18 billion of cash available, it has said. In theory, it could give creditors $12 billion to $14.7 billion initially, depending on how much cash it needs to keep in reserve for disputed claims, it has told a judge in U.S. Bankruptcy Court in Manhattan. Today’s statement from Lehman didn’t specify the size of the distribution.

The failed energy trader Enron Corp.’s investors were paid 53 cents on the dollar, while Lehman’s $65 billion liquidation plan would give the average creditor less than 18 cents in the next few years, according to court documents.

The bankruptcy case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

http://www.bloomberg.com/news/2012-03-06/lehman-amends-archstone-suit-against-bofa-after-zell-bids-1-5-billion.html

Investors Holding 20% of Greek Debt for Swap

2012-03-06T07:45:00.001-08:00

The private investors that so far declared their participation in Greece’s debt restructuring hold about 20 percent of the bonds involved in a swap required for an international bailout.

The 12 members of the creditors’ steering committee that said yesterday they would join in the exchange have debt with a face value of at least 40 billion euros ($53 billion), compared with the 206 billion euros of Greek bonds in private hands, according to data compiled by Bloomberg from company reports.

European officials are pressing investors to swallow the writedowns to avert even greater losses. The participating firms include some of Greece’s biggest creditors, including National Bank of Greece SA, Alpha Bank SA (ALPHA), BNP Paribas SA (BNP) and Commerzbank AG. (CBK) The goal of the swap, which runs through March 8, is to reduce by 53.5 percent the total of privately held Greek debt, helping avert an uncontrolled default that could roil markets and spur contagion to states such as Portugal.
“It’s in the interest of the private creditors as well as the international stability,” French European Affairs Minister Jean Leonetti said today in an interview in Paris. “All private creditors know it’s better to lose a little to win a lot rather than lose a lot later and win nothing. It’s better to lose 107 billion and win after in a more stable market.”

Read more at : http://www.bloomberg.com/news/2012-03-05/twelve-banks-commit-to-greek-debt-swap-plan-as-deadline-for-approval-looms.html

Peugeot to Sell Shares at 42% Discount

2012-03-06T04:01:00.003-08:00

PSA Peugeot Citroen (UG), Europe’s second-biggest carmaker, plans to sell shares in a 1 billion- euro (1.32 billion) capital increase at a 42 percent discount.

Shareholders, who will have the right to buy 16 shares for every 31 they already own, will pay 8.27 euros per share, the Paris-based carmaker said in an e-mailed statement today. That compares with a closing price of 14.21 euros yesterday.

General Motors Co. (GM) and Peugeot announced last week a broad alliance that will include joint purchasing and vehicle development in an effort to revitalize their European operations. GM will buy 7 percent of the French carmaker as part of the partnership.

“This money will be directed to our strategic projects with GM,” Chief Financial Officer Jean-Baptiste de Chatillon said on a conference call with journalists today. “The money will allow us to accelerate this strategy.”

Peugeot
declined as much as 95 cents, or 6.7 percent, to 13.26 euros and was down 5.5 percent to 13.43 euros as of 11:40 a.m. in Paris trading. The shares have gained 12 percent this year, valuing the French carmaker at 3.14 billion euros.

“The share price never falls down to the offer price,” said Philippe Houchois, a UBS AG automotive analyst in London. “In theory, the price should be 12.30 euros, but a lot will happen in the next two weeks. Peugeot’s shares will eventually stabilize if everything remains constant.”

Read more at : http://www.bloomberg.com/news/2012-03-06/peugeot-seeks-to-raise-1-3b-in-rights-offer.html

NovaGold Resources – New Drill Results at Galore Creek – NG

2012-03-06T03:16:00.002-08:00

NovaGold Resources Inc. (NYSE : NG) is pleased to announce results from a 10,000 meter resource infill drilling program on the 50%-owned Galore Creek property located in the Territory of the Tahltan Nation in North Western British Columbia, Canada.

The Galore Creek property is held by a partnership owned equally by wholly-owned subsidiaries of NG and Teck Resources Limited and managed by Galore Creek Mining Corporation . NG announced the results of the Pre-Feasibility study on the Galore Creek project (the “Pre-Feasibility Study”) by news release dated July 27, 2011.

The 2011 campaign confirmed previous drill results produced by GCMC as well as the potential for substantial extension of chalcopyrite and bornite mineralization beyond the current limits of the 528Mt Reserve Pits provided for in the Pre-Feasibility Study.

During
the second half of 2011, GCMC completed a series of exploration holes, designated as GC11-0819 to 0836, to test for upgrading and possible extensions of mineralization within the South Gold Lens and Bountiful areas of the Central Pit. The objectives of the program were twofold:

1) To complete the drilling required to potentially support an upgrading of the Inferred resources to a Measured and Indicated classification within a +700Mt “Enhanced Plan” Pit that was identified during Pre-Feasibility; and

2) To complete the drilling required to prepare a new resource estimate to support future Feasibility-level mine planning and design.

Read more: http://thestockmarketwatch.com/stock-market-news/recent-events/business-news/novagold-resources-new-drill-results-at-galore-creek-ng/22122#ixzz1oKmxqb00

Gold Prices Continue to Slide

2012-03-06T03:12:00.002-08:00

After retreating sharply last week, the gold prices continued to fall as the sell off pressure continued in the bullion market. The continued reversal in gold price is attributed to weak economic data emerging from Europe, China and the U.S.

Gold for April delivery lost $5.90, or 0.3%, closing at $1,703.90 an ounce on the Comex division of the New York Mercantile Exchange.

Last week, gold prices plummeted by over 4% after Fed’s chairman Ben Bernanke testimony to lawmakers. In his remark, Bernanke stop short of hinting at another round of quantitative easing.
Morgan Stanley said in a research note on Monday that negative real interest rates and accommodative monetary policy were and remain the key drivers of investment demand and Bernanke’s testimony last week did nothing to remove this benefit. Morgan Stanley said that under these circumstances, QE3 would have been icing on the cake for the monetary easing trade, but not the fundamental driver of bullish investor positioning.

Charles Nedoss, senior market analyst as Olympus Futures, Chicago said that Gold and silver have been left in precarious technical positions. “I don’t think the lows are here yet” for gold, and silver “has outpaced gold on its way up and it is doing the same thing on its way down,” added Nedoss.
Gold ETFs also fell sharply on Monday, with the SPDR Gold Trust (ETF) (NYSE: GLD) ending the day 0.43% lower at $165.65 on volume of 2.85 million.

Silver for May delivery dropped 87 cents, or 2.5%, closing the day at $33.69 an ounce.
In a note to its clients, German bank, Commerbank, wrote “There is additional scope for correction” in precious metals as managers who had flocked to gold earlier leave the trade, but the correction is likely to be temporary”.

Meanwhile,
on Monday other commodities and investments considered riskier also fell as world’s biggest commodities purchaser, China, lowered its economic growth target even as data on business activities in the euro zone contacted further.

April platinum fell $29.10 settling at $1,662.60 an ounce, while Sister metal palladium, for June delivery tanked $5.60 to settle at $706.95 an ounce
China revised its growth target to 7.5% from 8% as the country premier stated inflation and overall weak global economic will slow down business activities in China. The country now intends to focus on internal demand and consumption.

Commenting on China’s impact over the commodities prices, Jon Nadler, senior metal analyst at Kitco metals said that “Proving for the nth time that what happens in China is a pivotal impact factor to the commodities’ space, the most recent development in that country sent base and precious metals prices, along with most global equity markets, lower overnight”. He also added that “The first forecast for lower economic growth in eight years for that country derailed many an asset as the new trading week commenced. Gold and silver were clearly not immune to the negative news.”

Read more: http://thestockmarketwatch.com/stock-market-news/recent-events/business-news/gold-prices-continue-to-slide/22174#ixzz1oKm6YReO

Thousands of Layoffs On the cards, as Yahoo Plans Major Restructuring (YHOO)

2012-03-06T02:45:00.003-08:00

Yahoo’s (NASDAQ: YHOO) CEO, Scott Thompson, who took over the reins just two months ago, is expected to announce some major turnaround plans for struggling internet company.

According to the technology blog, All Things D, the restructure plan might also include thousands of layoffs.
The move to downsize the workforce could be well announced any time soon, probably early in this month. The ailing internet company recently hired the Boston Consulting Group to focus on the cuts to its products group. Cuts may also include departments like research, marketing and public relations and other areas that Thompson does not regard as essential to the Company. At the end of 2011, Yahoo had 14, 100 employees.

In an email statement, Yahoo said “As we have indicated, our leadership is engaged in a process that will generate significant strategic change at Yahoo, but final decisions have not yet been made at this point. Beyond that, we will not comment”.

Meanwhile,
commenting over the layoffs, BGC partner analyst, Colin Gillis said that the widespread talks of layoffs at Yahoo, which has been attempting a turnaround for some while now, has demoralized staff and led to departures of key talent.

Earlier, during his first quarterly earnings call with analysts, Thompson signaled his intensions by saying that said he would focus on striking the right balance between the needs of users and advertisers, media and technology, thoughtfulness and speed, investment in those products that generate revenue for Yahoo today and the ones it’s banking will generate revenue in the future.

Read more at : http://thestockmarketwatch.com/stock-market-news/recent-events/business-news/thousands-of-layoffs-on-the-cards-as-yahoo-plans-major-restructuring-yhoo/22175

United Airlines Service Affected due to Technical Glitches (UAL)

2012-03-06T02:42:00.003-08:00

United Airlines struggled with service problems including flight delays, faulty kiosks and jammed phone lines this weekend as it tried to sort out technical glitches during its combination of the United and Continental Airlines reservation systems.

On Saturday, the airline adopted the reservation platform of the former Continental Airlines after the companies merged to form the world’s largest carrier, now called as United Airlines. The airline is owned by United Continental Holdings Inc (NYSE: UAL).

However, in spite spending months preparing for the change which included training for about 15,000 employees on the new software — United revealed on Sunday that technical issues had flared up at airports across the system, resulting delays.

Spokeswoman Megan McCarthy said
the airline faced problem particularly with check-in kiosks. As a result, passengers had to line up for the service agents, instead.

“We did have some issues with our kiosks and at times that slowed the check-in process,” added McCarthy. Nonetheless, he also said that the airline’s performance had improved by Sunday afternoon.

Read more at : http://thestockmarketwatch.com/stock-market-news/recent-events/business-news/united-airlines-service-affected-due-to-technical-glitches-ual/22176

U.K. Home Prices Fall 0.5% on Economy Concerns

2012-03-06T02:28:00.001-08:00

U.K. house prices fell in February for a third month in four, as economic uncertainty weighed on demand for housing, Halifax said.

Prices (UKHB3MYR) dropped 0.5 percent from January to an average 160,118 pounds ($253,400), the mortgage unit of Lloyds Banking Group Plc (LLOY) said in a statement in London today. From a year earlier, values were down 1.6 percent.

While inflation is cooling, a recovery in consumer confidence is being kept in check by rising unemployment and concern about the impact of Europe’s debt crisis on Britain’s economy. Still, surveys this month indicate that the U.K. economy (UKGRABIQ) returned to growth in the first quarter after a 0.2 percent contraction in the last three months of 2011.

Recent economic statistics
have been “encouraging, suggesting that the U.K. may avoid slipping back into recession,” Halifax economist Martin Ellis said in the statement. “These developments are positive for the housing market outlook. Significant uncertainties, however, persist and the prospects for house prices during 2012 will, to a large extent, depend on events in the euro zone.”

In the three months through February, values were 1.1 percent lower compared with the previous quarter, Halifax said. From a year earlier, prices in the three-month period were down 1.9 percent.

Read more at : http://www.bloomberg.com/news/2012-03-06/u-k-february-house-prices-fall-0-5-on-month-halifax-says.html

AIA Shares Decline After $6 Billion AIG Sale

2012-03-06T02:25:00.004-08:00

AIA Group Ltd. (1299), the third-largest Asia-based insurer by market value, fell the most in more than five months after American International Group Inc. (AIG) sold $6 billion worth of its shares to help repay a government bailout.

AIA declined 8.4 percent to HK$26.75, the most since Sept. 22 and outstripping the 2.2 percent fall in the city’s benchmark Hang Seng Index. New York-based AIG sold 1.72 billion shares of the Hong Kong-based insurer at HK$27.15 each to institutional investors yesterday and ceased to be AIA’s controlling shareholder, AIA said in an e-mailed statement today.

The sale reduces uncertainty about when and how AIG will exit its remaining holdings of the Asian insurer after it sold a majority stake via its initial public offering in October 2010 to help repay the $182.3 billion bailout. The shares declined today after the sale was priced at the lower end of a target range and 7 percent below AIA’s closing price on March 2.

“AIG’s stake in AIA has been an overhang since the day when AIA went public, given its enormous size,” said Wang Lei, who helps manage about $40 billion of assets as co-fund manager of Thornburg International Value Fund in Santa Fe, New Mexico.

The AIA stock, offered at HK$27.15 to HK$27.50, was the largest share sale globally excluding rights issues this year, according to data compiled by Bloomberg. Companies and their shareholders raised more than $58 billion from initial public offerings and secondary share offerings globally this year, according to the data.

Read more at : http://www.bloomberg.com/news/2012-03-06/aia-shares-decline-after-6-billion-aig-sale.html

Sweden to Raise Borrowing as Recession Looms

2012-03-06T02:18:00.003-08:00

Sweden raised its estimate for the government’s borrowing need in 2012 as the largest Nordic economy struggles to avert a recession amid growing unemployment.

The National Debt Office increased its estimate for sales of nominal bonds this year to 50 billion kronor ($7.5 billion) from the 35 billion kronor predicted in October, according to a statement published today in Stockholm. The agency also said it expects to issue 53 billion kronor in nominal bonds in 2013, 20 billion kronor more than estimated in October.

“Weak domestic demand and weak demand in our key export markets are reducing growth prospects this year and unemployment is rising,” the agency said. “This affects central government finances through reduced tax revenues and increased labor market expenditure.”

The largest Nordic economy shrank 1.1 percent in the fourth quarter, its first contraction since 2009, as the European debt crisis weighed on exports and companies cut jobs. Unemployment (SWUERATE) will average 7.7 percent this year, up from 7.5 percent last year, the central bank predicted last month as it cut interest rates for a second consecutive meeting.

Read more at : http://www.bloomberg.com/news/2012-03-05/sweden-to-raise-borrowing-as-recession-looms-unemployment-grows.html

European Stocks Decline on Economic Concerns

2012-03-06T02:16:00.003-08:00

European (SXXP) stocks fell before a report that may confirm a contraction in the euro-area economy and as investors weighed Greece’s chances of avoiding default by getting private creditors to accept a debt swap. U.S. index futures and Asian shares also dropped.

PSA Peugeot Citroen tumbled 6.1 percent after announcing plans to raise 1 billion euros ($1.32 billion) in a rights offer and saying it won’t pay a dividend for 2011. Cable & Wireless Worldwide Plc (CW/) retreated 6.6 percent after a newspaper report speculating that a potential bidder won’t make an offer for the company. Nyrstar NV, the largest producer of refined zinc, paced commodity shares lower.

The Stoxx Europe 600 (SXXP) Index declined 1.3 percent to 262.20 at 9:39 a.m. in London. The benchmark gauge slid yesterday as data showed euro-area manufacturing and services shrank more than estimated, and China cut its economic-growth forecast. The measure has still advanced 7.2 percent so far in 2012. Futures on the Standard & Poor’s 500 Index expiring this month lost 0.8 percent. The MSCI Asia Pacific Index slipped 1.2 percent.

Read more at :
http://www.bloomberg.com/news/2012-03-06/european-stock-futures-drop-as-greek-debt-deadline-nears-peugeot-may-drop.html

Sensex falls 200 pts; SP set to form UP govt

2012-03-06T02:10:00.006-08:00

The market extended its fall in late trade as the Samajwadi Party has crossed the half-way mark in the 2012 Uttar Pradesh Assembly Elections and looks all set to form the next government in the state without support from Congress or any other party.
While the party has already won 42 seats, it is leading in 173 other seats, taking the total number to 215 as per the tally at around 2.55 pm.
The BSE Sensex tanked 210 points or 1.2% to 17,153 dragged down by 25 stocks. Meanwhile, the NSE Nifty lost 61.7 points or 1.2% to 5,218.65.

Read more at :
http://www.moneycontrol.com/news/local-markets/sensex-falls-200-pts-sp-set-to-form-up-govt_677074.html

UP Polls: Mulayam set to be CM as SP reaches majority

2012-03-06T01:38:00.001-08:00

The Samajwadi Party has crossed the half-way mark in the 2012 Uttar Pradesh Assembly Elections and looks all set to form the next government in the state. While the party has already won 31 seats, it is leading in 183 other seats, taking the total number to 214 as per the tally at around 2.40 pm.

Confident of the victory, party's star campaigner Akhilesh Yadav has thanked the people of Uttar Pradesh and has assured that they would improve the law and order in the state.

He has said that the "credit for the victory goes to the hard work by leaders and workers".

The Samajwadi Party leader has also said that Mulayam Singh Yadav will be the Chief Minister of Uttar Pradesh.

Mulayam Singh, meanwhile, has given the credit for the win to Akhilesh Yadav and the people of the state, saying, "Akhilesh's hard work has shown results.

Brent crude holds above $123, oil creeps toward top of Asia's worry list

2012-03-06T01:36:00.001-08:00

Brent crude held above $123 in volatile trade on Tuesday which saw prices fall on worries about demand from slowing economies in China and Europe, but fears of a disruption in Iranian supplies held up the market.

Investors are worried that oil consumption will suffer as the euro zone maybe facing its second recession in three years, and that demand from China may be hit by a cut in its 2012 growth target to an eight-year low of 7.5 per cent.

INDIA: SJVN : BUY

2012-03-06T01:06:00.001-08:00

INDIA: SJVN : BUY
BSE: 533206 | NSE: SJVN
CMP : INR 19.35 , SL : INR 18.0 , TGT : 22.0

TARGET IN 3 WEEKS.

Just for the benefit of the forum, i take the quantiy for INR 5000 as investement for any of the calls.

INDIA: Jaiprakash Associates : SELL (Futures)

2012-03-05T22:47:00.001-08:00

INDIA: Jaiprakash Associates : SELL (Futures)
BSE: 532532 | NSE: JPASSOCIAT
CMP : INR 69.2, SL : INR 71 , TGT : 67
TARGET IN 1 WEEK.