Euro Near 2-Year Low : because of production shrank in France and Italy

Euro Near 2-Year Low : because of production shrank in France and Italy

The euro declined to within 0.4 percent of its lowest level in two years, before reports forecast to show industrial production shrank in France and Italy as Europe’s debt crisis undermines growth.

The 17-nation currency was 0.4 percent from a one-month low against the yen after European Union Economic and Monetary Affairs Commissioner Olli Rehn said Spain will have to take additional measures soon to meet budget targets. The dollar strengthened versus most of its 16 major peers as Asian stocks declined. The Australian and New Zealand currencies dropped after data showed growth in exports and imports slowed in China.

“The euro is going to stay quite weak, particularly against the U.S. dollar and the yen,” said Joseph Capurso, a strategist in Sydney at Commonwealth Bank of Australia (CBA), the nation’s biggest lender. “The euro zone is still in recession and it’s probably getting even deeper.”

The euro lost 0.2 percent to $1.2286 as of 1:03 p.m. in Tokyo after sliding to as low as $1.2251 yesterday, the weakest since July 2010. The shared currency fell 0.3 percent to 97.69 yen from 97.95 yesterday, when it touched 97.43, the lowest since June 5.

The dollar was little changed at 79.51 yen. The so-called Aussie dropped 0.4 percent to $1.0165, while the New Zealand currency weakened 0.4 percent to 79.34 U.S. cents.

The MSCI Asia Pacific Index (MXAP) of shares declined 0.4 percent.

Production Reports

Industrial production in France probably dropped 1 percent in May from the previous month, when it climbed 1.5 percent, according to the median estimate in a Bloomberg News survey before Paris-based national statistics office Insee releases the report today.

A separate poll showed industrial output in Italy may have fallen 0.6 percent in the same period after weakening 1.9 percent in April. The figures are also due today. Production in the euro area probably stalled in May after two straight months of decline, economists in another forecast before the data is reported on July 12.

European Central Bank President Mario Draghi signaled the bank may consider another interest-rate cut if the economic outlook warrants it, when he addressed lawmakers in Brussels yesterday. The ECB lowered the main refinancing rate to a record 0.75 percent and cut the deposit rate to zero on July 5.

The possibility of additional reductions “is going to keep downward pressure on euro,” CBA’s Capurso said. “There’s a good chance over the next few months euro could get down to the lows we saw around $1.18.” The currency touched a then four- year low of $1.1877 in June 2010, according to data compiled by Bloomberg.

Spanish Yields

Rehn said it’s “essential” that Spain meet its fiscal targets, speaking to reporters at a briefing after a meeting of euro-area finance ministers in Brussels, which included discussions on measures for the nation’s lenders adopted by heads of government at a summit last month.

Ten-year yields in Spain, which requested as much as 100 billion euros ($123 billion) of European aid last month for its banks, climbed 11 basis points to 7.06 percent yesterday.

Thirty billion euros will be lent by the end of July with the goal of eventually using the euro-area bailout fund to recapitalize banks directly instead of saddling the Spanish government with the debts, Luxembourg Prime Minister Jean-Claude Juncker said today after the finance ministers’ meeting.

The euro has declined 2.3 percent in the past month, the worst performance among the 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. New Zealand’s dollar was the biggest gainer, rising 3.1 percent in the same period. The Aussie advanced 2.6 percent.

The South Pacific currencies weakened after a report from the customs bureau showed China’s overseas shipments rose 11.3 percent in June from a year earlier, after increasing 15.3 percent the prior month. Imports grew by 6.3 percent, compared with a 12.7 percent gain in May.

China is Australia’s biggest trading partner and New Zealand’s second-largest export destination.

To contact the reporters on this story: Kristine Aquino in Singapore at kaquino1@bloomberg.net; Mariko Ishikawa in Tokyo at mishikawa9@bloomberg.net

‘The Daily Show’ Calls Out Gov. Christie Over Differing Stances On Gambling And Marijuana

Jon Stewart Points Out The Hypocritical Stance Of New Jersey Governor Chris Christie
The Daily Show is one of my favorite things to watch.

Jon Stewart puts things so simply.

See how he points out the hypocritical stance of New Jersey Gov. Christie in the areas of marijuana and gambling.

New in TCS : gets whopping 1860% dividend from TCS America International Corporation

MUMBAI: TCS, India's largest computer software firm and the group's main holding firm, received a massive dividend in 2011-12 from its wholly owned subsidiary, TCS America International Corporation.

The wholly owned subsidiary with a puny paid-up capital of Rs 1.02 crore, declared one of the largest dividend payouts by Indian corporates of 1860%, worth Rs 1,900 crore.

While the dividend would have been higher than most Indian companies' payouts, TCS America International is a fairly large company by Indian standards, earning more money than group firms such as Tata Global Beverages, Titan Industries and others.

TCS America, set up in 2004, declared a dividend of 280% of the net profits, a company official said. It had to dip into its reserves partially to make the bulge-bracket payment.


"Distribution of dividend from a subsidiary is based on various factors including the reserves available, the current financial performance and the expected future investment and expenditure requirements of each subsidiary," the company spokesperson said.

Tata Consultancy Services or TCS, the parent, acknowledged the surge in its dividend income in its recent annual report.

It was based on their "undistributed earnings and future investment plans," the report said.

TCS received Rs 2,428 crore in financial year 2012 as dividend income against Rs 39.27 crore in financial year 2011, a 6,082% spurt over the previous year's dividend payout.

Very few group companies or subsidiaries can match TCS America in revenue and profitability. In financial year 2011-12, it reported a 35% growth in revenues to Rs 20,051 crore compared with Rs 14,883 crore reported in 2011.

The growth is significant as the subsidiary grew at a faster clip than its parent.

The unconsolidated growth in revenues of the parent was at 33% and consolidated revenues grew by 30%.

"The differences in growth rates between Tata America International Corporation and TCS Ltd (the parent) is due to relatively different levels of fluctuation of major currencies like the US dollar, pound sterling and euro against the Indian Rupee," the spokesperson explained.

As Tata America International Corporation is TCS Ltd's wholly owned subsidiary in the US, its revenues are in US dollars, whereas TCS earns revenues in a number of currencies which include US dollar, pound sterling, euro as well as other currencies.

This has an impact on the respective growth rates, they added. TCS operates through a number of subsidiaries in various local markets, but none compare in scale and size to Tata America International.

Tata America International Corporation is the wholly-owned TCS subsidiary for the US market and represents the company in that market.

For computer software firms such as TCS, setting up subsidiaries registered in the markets they serve is more relevant now than before.

"Planning availability of resources at onsite locations has assumed greater significance amidst high visa rejection rates.

While higher local hiring for onsite projects and lower onsite utilisation have margin implications, the bigger concern is any antagonistic regulation that could emanate out of impending decisions on recent allegations of visa fraud or populist moves in the US election year," said Ashish Chopra, of Motilal Oswal Securities in a research report dated 13 June.

"The scenario should logically call for support in some form from the Government of India (GoI). Not only has that been elusive, the body-shop tag conferred upon top Indian IT companies by the income-tax department falls only a step short of US Senator Charles Schumer's chop-shop claims," Chopra wrote.

stock market : Sensex up 439 points,todays latest news for stock

Stock markets closed on Friday with the biggest single-day gain of 439 points in 2012 as investors, richer by Rs 1.17 lakh crore, cheered clarity on tax-avoidance rules and upbeat global market sentiments.

Sensex, which rose for the fourth straight day, opened higher with the Finance Ministry announcing the draft GAAR guidelines late last night.

Sentiments improved further as foreign inflows poured in after global investment bank Morgan Stanley upgraded India markets to “equal-weight” from the long-standing “under—weight” status.

The bullish sentiment was further supported by news that meeting of EU leaders have come up with a plan for a single financial supervisory mechanism for the debt-ridden region.

The BSE benchmark index settled at 17,429.98 — a level last seen in April 19 -- higher by 439.22 points or 2.59 per cent. The gauge surpassed its previous biggest single-day gain of 434 points on June 6.

As many as 29 out of the 30-share Sensex ended higher with gains led by Jindal Steel that rose 8.74 per cent, followed by Tata Power,ICICI Bank, Bhel and Sterlite which rose in the 5—6 per cent range.

In the broader market, nearly 1,870 stocks rose with investor wealth going up from Rs 60.35 lakh crore to Rs 61.52 lakh crore.

The 50-share National Stock Exchange index Nifty spurted by 129.75 points, or 2.52 per cent to 5,278.90 on fund-based buying in capital goods, power and banking stocks.

The Sensex has gained nearly 550 points in the last four days coinciding with Prime Minister Manmohan Singh himself taking over charge of finance portfolio and signalling speedy revival of the slowing economic growth.

Meanwhile, the rupee rebounded by 91 paise to trade at 55.89 against the US dollar on hopes that the government steps will check the currency’s slide, also aiding market sentiment.

Airlines in trouble : 5 biggest worries for Kingfisher Airlines,airline needs to worry

About 80 engineers have quit beleaguered Kingfisher Airlines during the past four months due to non-payment of salaries by the near-bankrupt carrier, sources said.

"Some 60-80 engineers have already quit the carrier in the last 4-5 months, as they could not sustain non-payment of salaries. And more are planning to do so," airline sources said.

Some more engineers are in the process of bidding good-bye to the carrier, they said, adding that "if the trend continues, the airline may face severe shortage of engineers".

Here are five reasons the airline needs to worry:

1. The airline is now at the bottom of the market pie with its share nose-diving to a mere 5.2 per cent in May from as high as 20 per cent last year on account of a truncated flight schedule.

2. The airline, which has not posted profit since its inception in May 2005, made a loss of Rs 1,151.5 crore in the March quarter, has debt of over Rs 7,500 crore and an equal amount of accumulated losses. The Bangalore-based carrier, which has also been defaulting on tax payments as well as bills to its vendors, has been seeking fresh bank funds since last December apart from trying to raise overseas funds unsuccessfully.

3. The airline’s shares have plummeted more than 80 per cent since the beginning of 2011, shrinking the airline's market value to just under $100 million.

4. India's plans to allow foreign airlines to invest up to 49 per cent in local carriers, which Kingfisher has lobbied hard for, has not yet to be approved, adding to its funding crisis.

Mallya has repeatedly insisted that several domestic and international investors are interested in his company, and for months the names of many foreign airlines and local tycoons have been reported as prospective "White Knights", but so far there has been much talk and no money.

5. Kingfisher needs at least $500 million immediately to keep flying, according to the Centre for Asia Pacific Aviation.

If Kingfisher fails to turn the airline around, its lenders would be left to pick over the carcass in a country that does not have a formal bankruptcy process.

European aircraft maker Airbus has already accommodated Kingfisher by pushing its aircraft deliveries back in the queue.

The company would lose orders for 92 planes with a combined list price of $12 billion if Kingfisher is unable to pay up. It would also see Kingfisher's fleet enter the second-hand market.

Facebook changes users' email address,now Whats new in facebook....

MENLO PARK: Facebook has changed your email address. At least that's how many felt after a quiet but vast change in the way the company displays users' contact information.



Facebook replaced the email address users chose when they signed up and changed it to a facebook.com address. The Facebook email accounts allow users to communicate with outside email addresses via Facebook.

The changes were first pointed out by bloggers over the weekend and publicized by media outlets Monday, leading to gripes from users, usually on their Facebook pages.

The company said in a statement in April that it was "updating addresses on Facebook to make them consistent across our site."

Facebook spokeswoman Jillian Stefanki said the site is also rolling out a setting that allows people to decide which email addresses to show on their pages.

"Ever since the launch of timeline, people have had the ability to control what posts they want to show or hide on their own timelines, and today we're extending that to other information they post, starting with the Facebook address," Stefanki said in an email late Monday.

NTV news : Japan's NTV Selling HD Clips live Ads for consumer

NTV news : Japan's NTV Selling HD Clips live Ads for consumer

TOKYO – NTV (Nippon Television Network) is linking with stock photo and video company Amana Holdings to create high-definition clips from its old programs to sell for use in online advertising.

why need to this,

Because of Japan’s complicated and restrictive laws regarding performance copyright, the venture will initially concentrate on ‘talent-free’ clips featuring shots of nature and scenery.

The first set of clips will come from a program showing scenery from Europe that was broadcast on NTV’s broadcast satellite channel BS Nippon Corp.

after done this task , benefits,

smartphones, tablets and other mobile devices is expected to drive growth in the high-definition video market.

For more information...visit


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Brent falls below $120 on China data, Euro zone worries

SINGAPORE - Brent crude fell below $120 on Monday as growing worries about the global economy from Europe to China, the world's No. 2 oil consumer, reinforced concerns about slowing demand for petroleum.

But the slide in crude prices was stemmed by lingering concerns that western sanctions could further disrupt Iranian oil exports.

Front-month Brent crude slipped $1.28 to $119.93 a barrel by 3:31 a.m. Eastern Time, after settling at $121.21 a barrel on Friday. U.S. oil slipped 79 cents to $102.05 a barrel after settling at $102.83.

"The weaker-than-expected Chinese data appears to be the key driver of the market right now," said Tetsu Emori, a Tokyo-based commodities fund manager at Astmax Investments.

Data showed that China's economy grew at the slowest pace in nearly three years in the first quarter, raising fears that the downward drift will extend into the second quarter and dampen oil demand.

China's implied oil demand rose moderately in March over a year earlier, but stood at a five-month low on a daily basis, as refineries scaled back runs to the lowest level since October on maintenance and poor refining margins.

A stronger dollar and a jump in the cost of insuring Spanish debt against default to a record high on Friday also renewed worries about the eurozone debt crisis.

A U.S. survey showed consumer sentiment had slipped in early April as higher gasoline prices hit household budgets.

Libyan oil exports to total 1.29 million bpd in May

Libyan crude oil exports are expected to amount to 40 million barrels in May, or 1.29 million barrels per day (bpd), a senior official at Libya's state-owned National Oil Corporation (NOC)said on Monday.

NOC plans to sell 30 million barrels, while firms that receive oil for investing in Libyan production are expected to take 10 million barrels.

The May exports are on par with April's, also expected to be 40 million barrels, or 1.33 million bpd when divided over a smaller number of days in the month. NOC is selling a greater share in April at 34 million barrels, however, while firms with an equity interest are taking 6 million barrels.

The restart date of Libya's largest refinery, Ras Lanuf, is still uncertain, awaiting higher production by NOC subsidiary Agoco from the Sarir and Messla fields, which currently account for 200,000 bpd out of Agoco's total output level of 324,000 bpd.

Total Libyan crude oil production is averaging 1.484 million bpd, according to the official.

Libyan oil exports to total 1.29 million bpd in May

Libyan crude oil exports are expected to amount to 40 million barrels in May, or 1.29 million barrels per day (bpd), a senior official at Libya's state-owned National Oil Corporation (NOC)said on Monday.

NOC plans to sell 30 million barrels, while firms that receive oil for investing in Libyan production are expected to take 10 million barrels.

The May exports are on par with April's, also expected to be 40 million barrels, or 1.33 million bpd when divided over a smaller number of days in the month. NOC is selling a greater share in April at 34 million barrels, however, while firms with an equity interest are taking 6 million barrels.

The restart date of Libya's largest refinery, Ras Lanuf, is still uncertain, awaiting higher production by NOC subsidiary Agoco from the Sarir and Messla fields, which currently account for 200,000 bpd out of Agoco's total output level of 324,000 bpd.

Total Libyan crude oil production is averaging 1.484 million bpd, according to the official.

Maersk shipping magnate Mc-Kinney Moller dies

COPENHAGEN (Reuters) - Danish oil and shipping group A.P. Moller-Maersk said on Monday partner and shipowner Maersk Mc-Kinney Moller died on April 16.

The company's shares rose over 6 percent as analysts said Mc-Kinney Moller's death could lead to a stock split or demergers.

shipping magnate

Mc-Kinney Moller, born on July 13 in 1913, died at the age of 98, having made his last public appearance at the group's annual general meeting last Thursday.

As the traditional main attraction at the AGM, Moller spoke briefly to shareholders and signed autographs but looked frail as he joked there were too few female photographers present.

An analyst said the group, founded in 1904, could now face change. "It could be a stock split or a demerger of for instance Danske Bank or Dansk Super market," Alm. Brand analyst Jesper Christensen said.

Moller-Maersk owns a 20 percent stake in Danske Bank as well as an interest in Dansk Supermarked Group, its website shows.

Maersk Mc-Kinney Moller, son and grandson of the founders of the A.P. Moller-Maersk group, Arnold Peter Moller and his father, Peter Maersk Moller, took over the leadership of the group when his father died in 1965.

He handed over the daily management of the group to Jess Soderberg in 1993, and the chairmanship to Michael Pram Rasmussen in 2003. Soderberg was replaced by Carlsberg Chief Executive Nils Smedegaard Andersen in 2007, while Rasmussen remains chairman.

Moller, however, remained active in the decision making and activities of the group, frequently going to the Copenhagen headquarters and travelling around the world to represent Denmark's largest privately owned enterprise himself.

A 2.5 billion crowns Moller donation resulted in a new Copenhagen opera house in January 2005.

The Maersk group owns the container shipping company Maersk Line, and is also involved in oil and gas exploration, mainly in the North Sea, but also in many other parts of the world, as well as supermarket chains, industrial firms, shipyards and a container terminal operator.

The group employs about 117,000 people in 130 countries.

Moller, born in Copenhagen in 1913 to an Irish-American mother, was known for only rarely giving interviews. Moller married childhood girlfriend Emma in 1940 and together they raised three daughters.

Shares in A.P. Moller-Maersk initially traded up over 6 percent following the announcement, but were up 3.0 percent at 42.520 Danish crowns per share at 0958 GMT, against a 1.3 percent rise in the Copenhagen stock exchange's benchmark index

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DE Shaw, PAG back Haitong's $1.8 billion offer: IFR

HONG KONG (Reuters) - Pan-Asia private equity firm PAG and asset manager DE Shaw & Co Ltd are among 11 cornerstone investors that pledged to buy almost one-third of the up to $1.8 billion Hong Kong offer by Haitong Securities Co Ltd's <600837.SS>, IFR reported on Monday.

The outcome of Haitong's deal will be closely monitored by investors, bankers and a growing list of companies hoping to raise funds in Asia's top IPO destination.

The share sale would the biggest public offering in Asia Pacific so far in 2012 and the largest in Hong Kong since the $1.9 billion New China Life Insurance Co Ltd <601336.SS> <1336.HK> dual listing in the city and Shanghai in December.

PAG, headed by former TPG Capital dealmaker Weijian Shan, agreed to buy $300 million worth of shares in the deal, said IFR, a Thomson Reuters publication, citing two sources with direct knowledge of the plans.

Haitong is offering 1.229 billion new shares at an indicative range of HK$10.48-HK$11.18, IFR added. At the top end of the range, the deal would be worth HK$13.74 billion ($1.77 billion).

Other cornerstone investors include New York-based DE Shaw, Japan's SBI Holdings <8473.T> and Dah Sing Bank <2356.HK>, committing a combined $580 million.

Cornerstones back many Asian listings, committing to buy large, guaranteed stakes and agreeing to a lock-up period during which they will not sell their shares. Anchor investors have fewer restrictions on when they can sell the stock.

Haitong had scrapped a deal in December to raise up to $1.7 billion citing turmoil in global markets.

At the time the company had $222 million in pledges from two cornerstone investors, private equity firm Warburg Pincus LLC and Japan's Chuo Mitsui Trust & Banking Co, a unit of Sumitomo Mitsui Trust Holdings Inc <8309.T>.

The current offer is set to be launched on Tuesday and priced on Friday, sources said last week.