Samsung to showcase Galaxy Player at CES in January

SOUTH KOREA based electronic giant Samsung Electronics Co. has announced to launch a new Android-based Galaxy Player that will be showcased in January' 2011 at Consumer Electronics Show (CES) in Las Vegas. Samsung's Galaxy Player, will be based on Galaxy S smartphone, without its mobile phone capabilities.
Samsung Galaxy Player will run Google's Android OS 2.2 Froyo, available in 8GB, 16GB or 32GB flash drives. It features also include SoundAlive audio enhancement technology, HD video playback, microSD card slot, a 1200mAh battery, Android Market and Samsung Apps access.
Samsung Galaxy Player will be 9. 9mm thick, weighs 121 grams with a 4-inch touch-screen LCD screen with WVGA resolution, a 3.2 megapixal rear camera with front facing camera for video calling. The device will also have Bluetooth 3.0 and built-in Wi-Fi, 1GHz Samsung Hummingbird processor, GPS.
The new product from Samsung, Galaxy Player will compete with Apple's iPod Touch. Korean based electronic giant has sold its 7-inch Galaxy Tab more than 1 million units worldwide within two months of first release. According to the reports, Samsung Galaxy will roll out in the market from April next year.
According to Samsung Hub, Samsung is also expected to show during the Consumer Electronics Show (CES) in Las Vegas in January 2011 other Android PMPs like YP-G50 and hopefully the recently certified YP-GB70.

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India launches its first aerostat radar

DURING THE Commonwealth Games 2010, an aerostat (helium balloon) stole the show. Now, Defence Research and Development Organisation (DRDO) has launched first aerostat radar and scientists have successfully tested the surveillance probe-on-balloon in Agra.

The indigenous aerostat is a giant helium-filled balloon tethered to the ground with long cables, carrying electro-optic and COMINT (communication intelligence) payloads and has night vision cameras and sound recorders, weighs around 300 kg.

The medium-sized 32-foot-long aerostat with a capacity of 2,000 cubic metres was under development for the past four years. DRDO has spent around Rs 70 crore on research and development of the device. It can survey areas up to 20 km away and with advanced cameras; its range can go beyond 100 kms.

Aerial Delivery Research Development Establishment designed and fabricated it at high-tech platform. The aerostat will be used for communication and surveillance. The platform integrates high-end technology, aerodynamics, balloon techniques, hydraulics and high-pressure cylinder technology.

The Indian army and Air Force till now relied on Israeli aerostats’ manufacturer Elta for the radars that are deployed along the country's western borders but it had not been performing well. In addition, the Indian version would be a cheaper option. The aerostat can carry out steering, scanning and tracking with high precision. The payload also contains a thermal-imaging camera for surveillance during night and in low visibility conditions.

The radars on aerostats can be operated in a 360-degree search mode and can stay afloat round-the-clock for four to five weeks at one go. On 25th December 2010, the scientists at Aerial Delivery Research and Development Establishment in Agra carried out surveillance all over Agra and intercepted a variety of communications by flying the aerostat up to an altitude of one km. The complete balloon system, ground-based command and control systems and the payloads were integrated for the three-day trial that culminated on 28th December successfully.

The electronic intelligence payload carries a communication intelligence system for capturing and analysing all types of communication in air.

It will help in surveillance along the Pakistan and China border; the forces are in the need of aerostats to plug the gaping security holes along India’s 7,500 km coastline, which is increasingly becoming vital from a strategic perspective. Trials had been completed and the aerostat is ready for induction.

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Blizzard delays $1 billion in U.S. holiday sales

A BLIZZARD in the Northeast this weekend postponed about $1 billion in holiday retail sales by keeping shoppers out of stores in the days after Christmas, research firm ShopperTrak said on Wednesday.

The snowstorm shut roads and canceled flights in New York City and created havoc across the Northeast, where shopper traffic was 11.2 percent below ShopperTrak's expectations for Sunday December 26 and off 13.9 percent on Monday December 27.

The firm said sales for the entire November and December holiday period are on track to be up 4 percent, helped by strong sales in November and December 23, a particularly heavy day for shopping before Christmas.

It expects consumers who stayed home because of the snowstorm will venture out and shop more in the coming days.

"While we do think there will be some retail strength later this week and into the weekend as folks begin to dig out, it will be interesting to see if levels recover in time to boost December sales and the overall holiday shopping season," ShopperTrak co-founder Bill Martin said in a statement.

Other analysts agreed that the blizzard, which dropped 20 inches of snow on Central Park in New York City and more in suburban areas, should only put a small dent into holiday season.

International Council of Shopping Centers chief economist Michael Niemira told Reuters the snowstorm could lower the December sales growth rate by 0.5 percentage point, though some purchases may show up in January.

Scott Bernhardt, the chief operating officer of Planalytics, put the hit at 0.25 percentage point, saying that people will eventually go to malls to redeem gift cards and exchange gifts, which they normally do on December 26 and the following days.

While the gift cards themselves don't generate new sales, customers often end up buying more items when they redeem gift cards or exchange gifts they didn't like.

Shares tracked by the Standard & Poor's Retail Index rose 0.4 percent on Wednesday, slightly better than a 0.3 percent increase for the wider stock market. The retail index is trading close to a 3-1/2 year high reached earlier in December on hopes a strong holiday season will add momentum to consumer spending into 2011 and propel an economic recovery.

Most analysts and research firms are expecting holiday retail sales to improve from 2009's sales.

The National Retail Federation sees holiday sales up 3.3 percent, compared with a 0.4 percent increase last year and a 3.9 percent fall in 2008 due to the financial crisis.

Online sales were up 13 percent to a record $30.8 billion for the November 1 to December 26 holiday period, data company comScore said later on Wednesday.

SALES OFF BEFORE BLIZZARD

U.S. retail sales fell 4. 1 percent in the week ending on Christmas Day, according to ShopperTrak, largely because December 26 fell on a Sunday this year and was not included in the week's sales.

December 26 was the third biggest shopping day a year ago. The day could be as low as 10th in sales this year, ShopperTrak said.

ShopperTrak said that the start of inclement weather in the Midwest, Northeast and South regions likely lowered spending for the week too.

ShopperTrak noted that December 23 was the season's biggest shopping day after Black Friday, the day after the U.S. Thanksgiving holiday in November and the unofficial beginning of the holiday spending rush.

Americans spent $7.86 billion on December 23, while Black Friday accounted for $10.69 billion in sales, ShopperTrak said.

Finance Minister Pranab Mukherjee to draft changes in direct tax laws

Finance minister Pranab Mukherjee is likely to introduce in the upcoming Budget some major changes in direct tax laws with huge tax arrears of about Rs 2,50,000 crore that could help in recovery of a significant portion of the arrears.Untill March 31, 2010 the total arrears were Rs 2,30,000 crore, and in the new fiscal year another Rs 20,000 crore has been added to this figure.The tax arrears have  almost doubled in the last 2 years to Rs 2.50 lakh crore, almost 66% of the total direct taxes collection of 2009-10.

The matter was discussed by finance minister in a pre Budget review meeting with officials of the Central Board of Direct Taxes last week.CBDT is working on the details to be incorporated in the Budget.

Proposed changes could include reducing the limits to approach Income Tax Settlement Commission.Other changes could include measures to improve settlement mechanism functioning of the direct tax laws,bringing all types of cases under the ITSC and giving a security of tenure to the members of the commission.Pranab Mukherjee acknowledged the role of the settlement commission in reducing litigation with taxpayers and its potential for reducing tax arrears.

To speed up  recovery process, IT department has circulated details of at least 550 high worth individuals and entities , who have willfully defaulted or have unpaid tax of Rs 25 crore and above.

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Mahindra and Mahindra to launch new pick-up truck

Mahindra & Mahindra  to launch a new pick up truck of above 1.2 tonne capacity in 2011, and is planning to increase prices in January With margins under pressure due to rising costs of raw materials.

 

One of the India’s largest vehicle maker Mahindra and Mahindra Ltd to launch a new pick - up truck in the first half of 2011.

Mahindra & Mahindra , Arun Malhotra , senior vice-president of sales and customer care said “We are working on a lot of models. There will be a pick up on a completely new platform. It will be  near the top end of our commercial vehicle pickup range, with a payload capability of over 1 tonne.” Mahindra currently has five pickups in its commercial vehicles division starting with the Gio, Maxximo, and three wheelers Alfa and Champion models, and Maxx.

Sales of Mahindra & Mahindra utility vehicles increased to 56,639 units in the September quarter from 55,280 a year earlier, boosting the  sales by 15% to Rs5,311 crore.

Company is also planning to revise prices across all the segments including heavy commercial vehicles of all its models in January. The prices of rubber and steel components have rose up, this has forced company do a price revision, said company official.

Earlier  Hyundai Motors and General Motors have decided to increase prices across models upto 2.5%. The country’s largest car maker, Maruti Suzuki , had said  that it will hike prices of its vehicles soon to offset rising material costs .

Rising prices of consumer goods and services

PRICES IN India have continued to rise, especially of consumer goods and services. Prices of consumers’ goods are likely to rise further over the next six months, according to the Associated Chamber of Commerce and Industry of India (ASSOCHAM).

Over 80 percent of the business leaders, who participated in the survey, expected higher prices especially of consumer durables, consumer non-durables, intermediate goods, capital goods and services and infrastructure.

It is said that while private sectors firms remained upbeat about the price rise of their products, the public sector firms were not so optimistic about the same in near future. It is also expected that the various strategies will not help to check inflationary pressure during the first half of the present fiscal (20010-11).

The reasons for this rise are core and non-core factors. The basic core factor to push the prices to high level is petrol and diesel. The only way to control these prices, in the short period, is by lowering down the liquidity, which can be done by increasing the interest rates. But once the interest rate become higher, the liquidity comes down, and people buy less.

Lesser is the demand, lower become the prices. This is one side of the story. Lower demand also has an effect on employment, and thus on growth prospects. In fact, it is a dilemma in the sense that higher interest rates affect both demand and supply, and, therefore, the Government has to find an optimal mix of demand and supply situations in the country.

2010 Roundup: Top Initial Public Offerings (IPO's) in this year

THIS DECADE saw the rise and fall of many investment opportunities in the Indian financial sector. The dramatic rise of the Sensex from the 5,000 to 20,000 mark brought India in the league of extraordinary investment options. It was a decade which saw more than 400 companies raising over Rs 2 lakh crore through the IPO route.
The IPO offering also raised an astounding amount of Rs 69,192 crore which is three and a half times higher against 2009's Rs.19,567 crore and 53 per cent even higher than 2007's Rs.45,142 crore.
However, year 2011 also has a a lot of expectations pinned upon it as industry estimates claim that over Rs. 90,000 crore can be raised from over 100 public offerings which also includes government divestments, IPO's and follow-on offers from the private sector companies. Given below is the list of IPO's who have made a considerable impact in the Indian financial sector.
Coal India:- Coal India's IPO was undoubtedly the largest IPO which single handedly accounted for 22 per cent of the year's total mobilisation. Although a disinvestment from the government, the Ipo managed to raise Rs.15,199 crore.
NMDC:- The NMDC IPO was also seen as the next big disinvestment from the government. Although it did later on issue an FPO (Follow-on Public Offer) to meet its disinvestment target, retail investors have not shown any keen interest of late. The NMDC IPO managed to raise Rs 9,930 crore through its IPO.
NTPC:- The largest power generating company in India raised Rs 8,480 crore. Another disinvestment option, it did not issue fresh lot of shares but instead sold the existing shares of the promoters. The money generated from the offering was forwarded to the government's treasury and not the company.
Power Grid:- The Power Grid IPO raised Rs.7,442 crore through the 84.2 crore shares it sold. Out of the shares, 50 per cent shares were freshly issued shares while the remaining 50 per cent was disinvested by the government.
Rural Electrification Corporation (REC):- The REC IPO issued 15.6 crore equity shares with a price tag of Rs. 90 to Rs. 105. The IPO which went on sale in 2008 had 39 lakh equity shares reserved for its employees had raised Rs. 3,530 crore.
Jaypee Infratech:- Japyee Infratech's IPO was the largest private sector issue which raised Rs.2,262 crore. Part of the Jaypee group, the company purpose was to develop, operate and maintain the Yamuna Expressway in Uttar Pradesh that connects Noida and Agra.

Citibank caught in Rs 400 crore fraud orcshestrated by manager

A RELATIONSHIP manager from Citibank's Gurgaon branch was accused of engineering a fraud worth Rs 400 crore. The accused Shiv Raj Puri from the DLF-II branch has now aroused fear amongst officials about his possible escape from the country for which the police have already issued Look Out Circular (LOC) notice against him and has also alerted the ministry of home affairs and ministry of civil aviation.

A police official, who was also involved in the look out notice told media persons that the details, along with the photograph of Puri, have been sent to all airports across the country with help of the Bureau of Civil Aviation Security. In case he tries to flee the country, he will be apprehended at the airports.

As per the police reports, Puri had been employed with Citibank for over 10 years and was a permanent employee, who used to deal with account holders. In order to swindle money from the bank, Puri had opened three accounts by the names of his relatives and made other customers deposit money into those accounts by using fake Security and Exchange Board of India (SEBI) documents which promised higher rate of returns. The police, however, is also looking into the role played by his relatives and other employees of the bank.

The investigating officer further added that the details are lying with the bank and police has initiated the process to look for them. Also, the statement of those, who have invested the money is important and a team has been set up to get information.

Banking on the potential of wind energy

TODAY, WE live in an environment full of machines and gadgets, but at the same time all these developments have led to deterioration of our environment. Humans owe a lot to the world and it is their duty and responsibility to save the earth in whatever way feasible- and we are at a stage where if we do not prioritise our duties towards our planet earth- then the situation will definitely go out of hands.

Amid growing concern for the environmental degradation, the policy makers across the world have been forced to think about option of renewable energy resources to meet the demands. In such a case, wind is commercially and operationally the most viable renewable energy resource, and accordingly, has emerged as one of the largest source in terms of the renewable energy sector in the recent times.

According to latest data, wind power is growing at the rate of 30% annually, and is widely used in Europe, Asia, and the United States. Apart from being environment friendly, it also the cheapest source of electrical energy.

From an Indian perspective, the trend in the recent times has been encouraging and a major transformation has been witnessed in renewable energy sector, especially wind power. Not only is wind energy seen as a cheap and safe mode of generating power, but at the same time, it enables to ring in a higher growth trajectory. Today, in India, a number of large companies, including some foreign ones, are putting up wind farms in the country with Tamil Nadu and Maharashtra emerging as the preferred location.

Right since its inception in 1990s, the government adopted a market-oriented strategy which has led to the successful commercial development of the technology. Today India is a major player in wind power, and stands fifth with regards to total installed capacity behind USA, China, Germany and Spain.

The Indian wind energy sector has a potential of around 48500 MW at 50 m above ground level, and as of March 31, 2010, the installed capacity of the wind sector in the country has been around 11807.00 MW. So far, wind farms have been installed in 11 states wherein more than 95% of installed capacity belongs to Private Sector in seven states.

The Central Ministry and several State Nodal Agencies have stood up to the task to encourage growth of Wind Energy Sector through financial incentives and policy support, and quite evidently India has emerged as a major player in the global wind energy market. However, a lot still needs to be done, as the potential is far from exhausted.

Apart from government and big organisations working towards this cause, more effort needs to be put in towards a larger participation of the common man- as a majority of people, hardly know, or care, about these much-touted events and development. In order to make our earth a safe place to live, and preserve it for our future generations, we definitely need to redefine the values and principles that underlie our relationship with the Earth.

India has a great untapped potential for wind energy. The need of the hour is to urgently realise the country's full wind energy potential and reap the benefits- that will not only help preserve our planet earth but help our booming economy as well.

Intex to launch Android phone for Rs 5,500

ANDROID PHONES have created quite a stir in the Indian markets. The latest to join the bandwagon is Intex which will be releasing its first set of Android phones in February 2011 and it will also be the cheapest android phone available in India for a price tag of Rs 5,500. The phone which is slated for a release during the first week of February is seen as a contender for Micromax's Andro A60 which was launched earlier this month. Micromax's Andro A60 which is priced at Rs 6,999 will be a tough competitor when Intex releases its phone.

Intex's android will run on Android 2.2 (Froyo), complete with a 3. 2MP camera, 2.8 inch resistive full-touch screen, Wi-Fi and GPS. However, the company is also planning to launch four more models in the same range. The Intex V Show projector phones will also support office applications, which is seen as a blessing for working professionals.

As the word spread, Sudhir Kumar, Assistant General Manager of the Telecom Division of Intex said that the company will launch an Android 2.2 phone in the first week of February and it will priced at around Rs 5,500 and people who want to watch movies, videos, picture galleries and even read e-books on their mobile phones will also find some interesting applications in the new model.

Apple sued over apps privacy issue, Google may be next

TWO SEPARATE groups of iPhone and iPad users have sued Apple Inc alleging that certain software applications were passing personal user information to third-party advertisers without consent.

In the lawsuits seeking class action, filed in a federal court in California, the plaintiffs sought a ban on passing of user information without consent and monetary compensation, according to case documents.

At some point, both cases may be consolidated into one by the judges presiding over the cases, said Majed Nachawati, a partner at law firm Fears& Nachawati, one of the attorneys for the complainants.

Along with Apple, makers of popular apps such as Textplus4, Paper Toss, Weather Channel, Dictionary.com, Talking Tom Cat and Pumpkin Maker were also named co-defendants in the lawsuits filed on December 23.

The lawsuits follow a December 18 report in the Wall Street Journal that said smartphones apps may be sharing personal data "widely and regularly," and that iPhone apps transmitted more data than apps on phones using Google's Android operating system.

"We are also looking at Google's Android platform and a lawsuit against them has not been ruled out," Nachawati said.

Concerns about user privacy have emerged with the rapid growth of smartphones that spawn apps, and social networking websites such as Twitter and Facebook.

The Unique Device ID that Apple assigns to its devices has become an attractive feature for third-party advertisers looking for a way to reliably track mobile device users' online activities, one of the lawsuits said.

"None of the defendants adequately informed plaintiffs of their practices, and none of the defendants obtained plaintiffs' consent to do so," one lawsuit alleged.

NO MAJOR THREAT

In April, Apple amended its developer agreement to ban apps from sending data to third parties except for information directly necessary for the functionality of the apps.

However, the lawsuits allege that Apple has taken no steps to actually implement its revised developer agreement or enforce it in any meaningful way due to criticism from advertising networks.

Apple could not be immediately reached for a comment.

Global Equities Research analyst Trip Chowdhry said the lawsuits would have little impact on investors.

"If this were a major issue, all web browsers would have to shut down and there would not be any advertising on the Internet," Chowdhry said.

Apple shares were up 74 cents at $325.42 in afternoon trade on Tuesday on Nasdaq. They touched an all-time high of $326.66 earlier in the session, as investors were unperturbed by the lawsuits.

ThinkEquity analyst Rajesh Ghai said although there is scope for social media companies to tighten their policies to prevent the leakage of sensitive personal information, he did not expect the current lawsuits to have any impact on Apple in the long term.

Last month, Facebook said some of its applications violated the social networking company's policies against sharing user information and had promised to fix the problem.

Earlier this year, microblogging service Twitter agreed to settle with the U.S. Federal Trade Commission over charges that it put its customers' privacy at risk by failing to safeguard their personal information.

On December 16, the U.S. Commerce Department's Internet Policy Task Force said in a report that the department should have its own privacy office and develop voluntary, enforceable codes of conduct for data companies and advertisers that track people on the Internet.

The cases are in re: Freeman et al v. Apple Inc et al, No. 5:10-cv-05881-HRL and the other case is in re: Lalo v. Apple Inc et al, No. 5:10-cv-05878-PSG, filed in the U.S. District Court for the Northern District of California, San Jose division.

Federal-Mogul recalls parts in some Chrysler vehicles

FEDERAL-MOGUL Corp is recalling 22,689 replacement control arm assemblies in certain older model Chrysler vehicles after it found a fault that could cause vehicles to crash.

Michigan based Federal-Mogul Corp is an innovative and diversified $5.3 billion global supplier of quality products, trusted brands and creative solutions to manufacturers of automotive, light commercial, heavy-duty and off-highway vehicles.

The Michigan-based auto parts supplier said a part of the assembly, a ball stud, could wear through the assembly housing, causing the driver to lose steering control, said a notice filed with the U.S. National Highway Traffic Safety Administration.

The control arm assembly is the main link between the vehicle frame and the wheels and allows the wheels to go up and down independently of the chassis.

While more than 22,000 assemblies have been recalled, Federal-Mogul said it was not sure how many vehicles are affected by the recall.

Federal-Mogul spokesman Jim Burke said the number of these parts in each vehicle depends on the type of suspension, but usually is one or two per wheel.

The recall affects six Chrysler vehicles from the model years 1995 to 2006. It includes the Chrysler Sebring convertible and the Chrysler Sebring sedan for the model years 1996 to 2006.

Oil Trades 26 Month High at $91 ahead of US inventory data

US oil prices surged to a 26 month high of $91.88 a barrel , as forecasts for warmer weather in the US Northeast offset expectations for a further drawdown in crude stocks in the world's largest oil user driven by unusually cold weather, rising appetite for risk assets and signals from OPEC it would not arrest the rally.NYMEX crude for February delivery slipped 12 cents to $91.37 a barrel ,while Brent crude fell 14 cents to $94.24.

Oil also found support from heavy US holiday travel, which boosted retail gasoline demand by 4.6 percent last week. US gasoline futures rose 0.57 cents to $2.4101 a gallon.

Crude inventories in the world's biggest economy were pegged to have fallen 2.9 million barrels, while gasoline stocks were seen up 1.5 million barrels.Cool weather has boosted the needs, which includes heating oil and diesel fuel, and US stocks were expected to have fallen 500,000 barrels last week.

US Energy Information Administration (EIA) will issue its weekly inventory data report  on thursday, delayed by a day due to the Christmas holiday.

Evidence of growing bullish sentiment was provided by a record high of net long crude oil positions on the New York Mercantile Exchange in the week to Dec 21.Technicals point to oil prices consolidating between $90.12 and $91.50.

Amul hikes milk prices by Rs 2

After vegetables, now milk prices will also pinch consumers,largest milk producer Amul, on Tuesday announced a pan-India hike in milk prices by Rs 2 per litre.This is the third time in the year when the milk prices have been hiked.

Gujarat Cooperative Milk Marketing Federation managing director RS Sodhi said "We have increased prices of our various brands by Rs 1 to Rs 2, which will come in to effect from December 30 in Gujarat and Delhi and by January 3 in other parts of the country . He furthur added "Prices of our Gold and Shakti brand will be hiked by Rs 2 per litre and Tazza and Slim and Trim by Rs 1.

After the hike, price of Amul Gold will be Rs 34 per litre in Mumbai, Delhi, Kolkata and in few districts of Gujarat, and prices of its Shakti brand shall be Rs 30, Taaza Rs 25 per litre and Slim and Trim Rs 23 per litre.In Mumbai, the prices of our Taaza brand shall only be increased by Re 1 per litre, as the price of Gold is already ruling at Rs 34 per lt.

In Kolkata the prices of Gold will be hiked by Rs 2 and Re 1 of Taaza brand respectively from January 3.

Amul hikes milk prices by Rs 2

After vegetables, now milk prices will also pinch consumers,largest milk producer Amul, on Tuesday announced a pan-India hike in milk prices by Rs 2 per litre.This is the third time in the year when the milk prices have been hiked.

Gujarat Cooperative Milk Marketing Federation managing director RS Sodhi said "We have increased prices of our various brands by Rs 1 to Rs 2, which will come in to effect from December 30 in Gujarat and Delhi and by January 3 in other parts of the country . He furthur added "Prices of our Gold and Shakti brand will be hiked by Rs 2 per litre and Tazza and Slim and Trim by Rs 1.

After the hike, price of Amul-Gold will be Rs 34 per litre in Mumbai, Delhi, Kolkata and in few districts of Gujarat, and prices of its Shakti brand shall be Rs 30, Taaza Rs 25 per litre and Slim and Trim Rs 23 per litre.In Mumbai, the prices of our Taaza brand shall only be increased by Re 1 per litre, as the price of Gold is already ruling at Rs 34 per lt.

In Kolkata the prices of Gold will be hiked by Rs 2 and Re 1 of Taaza brand respectively from January 3.

Citibank Gurgaon hits scam of 400cr

A case of possible fraud was reported at Citibank DLF-II branch, Gurgaon and is reportedly estimated at Gurgaon is caught in an estimated 400 crore fraud by staff at its retail banking unit in Gurgaon, involving funds from wealthy individuals and corporate clients.Citibank has intimated the Reserve Bank of India and Sebi about the fraud.

The scam was engineered as per the reports, by none other than an employee Shiv Raj Puri who was working as a Relationship Manager for the past 7-8 years, and is alleged to forged the letterhead of the bank to offer a scheme claimed to have been approved by Citibank to clients that could yield high returns in a short span.Puri has also been charged with producing forged circulars from the Securities and Exchange Board of India (Sebi) to indulge people into investing in a non-existent scheme and making people believe that the scheme was only available in that particular branch.The people at Citibank involved in the process were supposedly paid bribes by those brokers.

Citibank fraud was discovered early this month when a customer told a relationship manager that he had invested in a Citibank scheme that promised high returns in a short period, whereas no such scheme existed.Citibank immediately reported the matter to all the relevant and law enforcement authorities.

Hyundai to set up diesel engine plant in Gujarat

India's second largest carmaker Hyundai Motors,world's fourth-largest carmaker, Hyundai Motor Company ( HMC )), has shown interest in setting up a manufacturing unit in Gujarat.The company's two car manufacturing plants are allready located in Chennai.

Hyundai Motor Company will spend Rs 400 crore over the next three years to build the 1.5 lakh diesel engine plant, hoping to cater to the rising requirements from domestic market.The plant is expected to go on stream by 2013-14.Hyundai Motors is also looking for a third car plant in India to meet the growing demand.The company has already increased the allocation to the domestic market to 65% for calendar year 2011, up from the 3.56 lakh cars sold in India, aggregating 60% of its total year production.

HW Park, MD, Hyundai Motor India said, plant's location, however, is not finalised ,"While we are channelising more production to India and cutting down exports, the new diesel engines would be fitted into our existing and future cars as local customers are gradually preferring diesel over petrol ,".

Hyundai also plans to roll out its new small car from the Chennai plant. The small car will be the smallest model from Hyundai's global line-up and India would be one of its lead markets.

FCC set to back Internet traffic rules

U.S. COMMUNICATIONS regulators were poised to adopt Internet traffic rules on Tuesday that would allow providers to ration access to their networks.
Federal Communications Commission members Michael Copps and Mignon Clyburn issued statements on Monday saying they would support the proposal laid out by FCC Chairman Julius Genachowski early this month despite some misgivings.
The rules would ban high-speed Internet providers like Comcast Corp and Verizon Communications from blocking lawful traffic, while recognizing the need to manage network congestion and perhaps charge based on Internet usage.
The rules, to be somewhat looser for wireless Internet, could help cable companies in competition with plans by Microsoft Corp, Google Inc and Amazon.com to deliver competing video content over the same Internet lines the cable companies run to customers' homes.
"We're adopting a framework that will increase certainty for businesses, investors, and entrepreneurs. We're taking an approach that will help foster a cycle of massive investment, innovation and consumer demand both at the edge and in the core of our broadband networks," Genachowski said in excerpts of a statement he is due to deliver on Tuesday.
Charging consumers more for data-intensive tasks like downloading videos could tip the economics of Internet-delivered television back toward cable. The FCC said it would monitor usage-based pricing for abuses.
"Without regulation, rates could go up and up and up and emerging providers like Netflix and Hulu could have problems attracting users," said Daniel Ernst, an analyst at Hudson Square Research.
Level 3 Communications, a company that helps Netflix Inc stream videos online, has already accused Comcast of charging it unfair fees to deliver content to Comcast subscribers.
The FCC's ability to regulate the Internet has been in doubt since an appeals court in April said the agency lacked the authority to stop Comcast from blocking bandwidth-hogging applications.
LITIGATION RISK
Court challenges are also expected over this latest rule-making effort, although senior FCC officials have said they will invoke new legal arguments not employed in the Comcast case.
Public interest groups were skeptical of the protections for consumers under the traffic rules.
"These rules appear to be flush with giant loopholes," said Craig Aaron, managing director of Free Press, who accused Genachowski of favoring the endorsement of industry over the public interest.
Copps had wanted the FCC to reclassify Internet traffic under tougher rules applying to telephone service, while Clyburn has said she is uneasy about giving wireless Internet providers more freedom to manage their networks than wireline services.
"While I cannot vote wholeheartedly to approve the item, I will not block it by voting against it," Copps said in a statement on Monday.
Clyburn said in a separate statement that the rules, "while not as strong as they could be, will nonetheless protect consumers as they explore, learn, and innovate online."
Support from Copps and Clyburn, both Democrats, would give Genachowski the votes he needs to overcome expected opposition from the agency's two Republicans.
"Nothing is broken and needs fixing," Commissioner Robert McDowell wrote in Monday's Wall Street Journal, adding "Ample laws to protect consumers already exist. "
"REASONABLY" MANAGE
Senior FCC officials said the "open" Internet order, to be considered Tuesday at a public FCC meeting, will give both landline and mobile broadband services the flexibility to "reasonably" manage their networks.
They told a briefing for reporters that the order would institute a no-blocking policy for landline Internet providers that covers all lawful content, applications, services and devices.
Landline services would also be prohibited from discriminating against bandwidth-heavy content. The FCC officials said this provision would help prevent paid prioritization of content, where Internet providers charge websites more to reach users quickly.
The rules for wireless carriers, reflecting limited bandwidth and a more recent technology, only ban the blocking of access to websites, or competing voice and video applications.
At stake is how quickly handheld devices, like Research in Motion Ltd's BlackBerry and Apple Inc's iPhone, can receive videos and other data-heavy content.

Skype outage strands 20 million users globally

THE TECHNICAL snag with VoIP player Skype which affected its free services across the globe on Wednesday morning is being blamed on the Supernodes. Its inaccessibility came into light when users across Asia, Europe and the United States started posting complaints. As per reports, nearly 20 million people were affected.
Peter Parkes, who is Skype's official blogger posted an apology on the company's behalf saying that some of the computers, which they call Supernodes due to some problem which affected accessibility to some versions of Skype. This is the second time in this year where the low cost calling service was affected with a major snag and had more adverse affects since its 2 day outage which took place in 2007. The company tried to pacify its apparently irritated users by reaching out to them via blogs and popular micro blogging as well as social networking sites.
The posts read, some of you may have problems signing in to Skype — we're investigating, and we're sorry for the disruption to your conversations and the company's engineers and site operations team are working non-stop to get things back to normal — thanks for your continued patience.
Although the company has not revealed the actual cause that left millions of users stranded, it is believed that its engineers are creating new “ mega- supernodes” which will help in stabilising the situation and help in return things to normal.

Toyota settles suit over California crash for $10 million

TOYOTA HAS agreed to pay $10 million to settle legal claims from the family of a California state trooper and three relatives whose fatal car wreck helped spark the automaker's wide-ranging safety recall, lawyers said on Thursday.
The family's lawsuit, filed in March in San Diego Superior Court, was part of a wave of product-liability and wrongful-death actions brought against Toyota Motor Corp and subsidiaries over complaints of sudden, unintended acceleration in its vehicles.
But the fiery August 28, 2009, crash near San Diego of a Lexus ES 350 sedan driven by off-duty California Highway Patrol Officer Mark Saylor drew intense media attention and renewed government scrutiny of safety problems leading to the recall of over 6.5 million Toyota vehicles in the United States.
Those recalls in 2009 and 2010 were ordered by Toyota for repairs of ill-fitting floor mats that can jam the accelerator and for gas pedals that did not spring back as designed.
The amount of the Saylor settlement had been kept confidential since it was reached in September. But ruling in favor of the media and others, the judge on Monday ordered the sum made public, and two lawyers connected with the case revealed the amount to Reuters before a non-redacted version of the settlement documents could be filed in court.
The National Highway Traffic Safety Administration is investigating reports that as many as 89 crash deaths since 2000 may be linked to sudden, unintended acceleration in Toyotas and the company's luxury-line Lexus vehicles.
But the circumstances of the Saylor crash stood out, even to Toyota President Akio Toyoda, grandson of the founder of the Japanese automaker, who extended his condolences to the Saylor family in an apology he delivered to a congressional hearing in February.
According to the lawsuit, Saylor was driving his wife, their 13-year-old daughter and his brother-in-law on a family outing when their car "began to accelerate on its own" and sped out of control despite Saylor's attempts "to apply the brakes and otherwise do everything possible to stop" the car.
CHILLING CALL FOR HELP CAUGHT ON TAPE
The vehicle reached speeds of up to 120 miles per hour before it struck another vehicle, plowed through a fence, hit a berm and flew through the air, then rolled several times into a field and burst into flames.
The family's final moments before impact were captured in the recording of a frantic 911-emergency cell phone call placed by Saylor's brother-in-law, Christopher Lastrella, in which he is heard telling the dispatcher, "Our accelerator is stuck ... We're in trouble ... there is no brakes."
Others in the car are heard saying, "hold on" and "pray" as the call ended.
San Diego County Sheriff's investigators concluded the crash likely was caused by the gas pedal becoming stuck in an all-weather rubber floor mat designed for a larger vehicle but placed by the Lexus dealership in the sedan loaned to Saylor.
But the accident report said "other avenues of unintended acceleration could not be explored," mechanical or electrical, due to catastrophic damage to the vehicle.
The report also revealed that another driver who had been loaned the same car a few days earlier told investigators the vehicle raced out of control on him when the gas pedal jammed in the floor mat, which he managed to free after placing the gear shift into neutral.
He complained to a dealership receptionist when he returned the car, the receptionist told investigators she alerted the detail specialist on duty, but the detailer claimed never to have received such a complaint, the report said.
Attorney John Gomez, representing plaintiffs in the Saylor case, said the settlement allows them to press ahead with claims against the San Diego dealer, Bob Baker Lexus, which was a defendant in the original suit but not a party to the agreement.
A lawyer for Baker, Larry Willis, also confirmed the $10 million settlement amount and added that Toyota did not admit liability as part of the agreement.
Toyota has declined to comment on the terms of the settlement, but said Baker "wants the amount publicized in an apparent effort to shift the focus away from his dealership as he continues to litigate this case with the families."
Gomez said the plaintiffs regard the dealership as the "overwhelmingly responsible party," adding, "we'll ask for a lot more than $10 million against Bob Baker."

First seaplane service launched in India

Making history in aviation industry in India, Pawan Hans Helicopters Ltd the country's first commercial seaplane — a Marylyn Cessna aircraft.It promises to connect most of the Andaman & Nicobar islands through these seaplanes. PHHL plans to extend the service to Lakshadweep and Goa.

Mr. Praful Patel launched the first seaplane service in the country at the Juhu aerodrome and named it “Jal Hans”. The launch of the seaplane service promises to open up new ways for tourists wanting to visit islands that don’t have an airport.

Mr Praful Patel, Minister for Civil Aviation, said the public sector chopper firm to look at the option of forming subsidiaries and getting partners from various parts of the globe for operating sea plane services.

Cessna seaplane

Cessna seaplane can ferry passengers and their baggage to distances within 250 km in about an hour and can land on most calm waters.It can also land using the wheels configuration.To facilitate the operation of seaplane services, one speed boat and one stand boat will also be available.

The Cessna 208A seaplane, which has capacity of eight passengers and two pilots, is Canada made and costs around Rs. 8 crore.

iGate may acquire 63% stake in Patni Computers

Patni brothers are looking to sell their 46% stake, while private equity firm General Atlantic plans to sell its roughly 17% holding. Patni is  a mid-sized Indian IT services firm,  also listed in New York, provides technology outsourcing services to industries such as insurance, telecom, utilities and retail.

A consortium of private equity firms Apax Partners and iGate Corp being the lead bidder at Rs 525 to Rs 530 a share,  is likely to buy 63%  of Patni Computer Systems in a deal valued at about $915 million and an announcement about the deal may be made this week, according to various reports. The value of the deal could be around $1 billion.The deal will be backed by Apex Partners. iGate will make an open offer to acquire further 20% of the Indian IT firm.

Prosecutors to sue Ernst & Young over Lehman collapse

PROSECUTORS IN New York are set to file civil fraud charges against accounting firm Ernst & Young LLC over the collapse of Lehman Brothers Holdings Inc, the Wall Street Journal said, citing people familiar with the matter.

The suit, led by Andrew Cuomo, could come as early as this week and may seek to impose fines and other penalties, the paper said.

No one at Ernst & Young was available for comment outside regular U.S. business hours. Andrew Cuomo's office could not be reached for comment.

The lawsuit stems from Lehman's use of a controversial accounting technique called Repo 105, the paper said.

Lehman's court-appointed examiner, Anton Valukas, has said that the use of Repo 105, which dated back to 2001 and was used without telling investors or regulators, gave the appearance that Lehman was reducing its overall leverage levels in 2008 when it was not.

Lehman used Repo 105 to temporarily remove $50 billion of assets from its balance sheet in 2008, according to his report released in March.

On September 15, 2008 Lehman Brothers filed for Chapter 11 bankruptcy protection which is invariably the largest bankruptcy filing in the history of the United States financial market's history with the organisation holding more than $600 billion in assets.

Top 10 car recalls 2010

YEAR 2010 will be remembered as the worst year for automobile industry. A number of leading car makers including Toyota, Honda, GM, BMW, Hyundai, Nissan, Ford, Chevrolet recalled lakhs of vehicles because of various defects and safety problems.

Toyota: World's one of the biggest automaker Toyota recalled maximum cars in this list in 2010. Toyota recalls included models like Avalon, Camry, Corolla, Highlander, Prius, Sienna, etc.

Honda: One of the leading automobile maker and Japan based Honda recalled cars due to the brake fluid issue that included models like Accord, Civic and Element models.

Chevrolet: General Motors (GM) recalled models like Avalanche, Camaro, Cobalt, Colorado, Equinox, Impala, Silverado, Traverse, etc.

Nissan: Japanese car maker Nissan Motor Company, Ltd recalled cars that included models like Sentra, Rogue, Armada, Versa, Pathfinder, Frontier, Xterra, etc.

Chrysler: The United States based automobile manufacturer Chrysler recalled models like Chrysler Town and Country, Chrysler 300, Chrysler Sebring.

Ford: American automobile manufacturer Ford Motor Company recalled in 2010 models that included Edge, Fusion, Escape, Ranger, etc.

Hyundai: Korean automaker Hyundai Motor Company recalled Sonata and Tucson models due to a problem with a faulty steering.

BMW: German automobile maker BMW recalled models including BMW 745i/Li, 750i/Li, 760i/Li; BMW Alpina B7, BMW 645i, 650i, BMW 545i, 550i, Rolls Royce Phantom, etc.

Mazda: Japanese automotive manufacturer Mazda Motor Corporation recalled Mazda 3 and Mazda 5 Sedan models due to a problem involving power steering.

Mitsubishi: The sixth largest automaker in Japan and the seventeenth largest in the world by vehicle production, Mitsubishi Motors Corporation recalled Endeavour and Lancer models.

Reliance tops in creation of wealth: study

ACCORDING TO the study conducted by Motilal Oswal Financial Services, Reliance Industries Limited (RIL) spearheaded by Mukesh Ambani, has topped the list of the most successful wealth creators from FY05 to FY10 followed by ONGC and NMDC close behind. The study reported that Reliance has been largest wealth creator for last 4 studies continuously, making it one of the most successful and prosperous enterprises running in India today.

India`s top 100 wealth creating companies created over Rs 26,000 billion of wealth in the last 5 years. Reliance Industries contributed Rs 2,600 billion to the pool.

RIL’s share price has grown at a compounded annual rate of 37.1% over the past five years. It is being followed closely by realty firm Unitech and Hero Honda.

With consistency in wealth generation, valuation of share prices and generally high level of goodwill that is attached to Reliance, it can be predicted that it will be able to manage a successful stride in the next few years as well. The current firm trend in crude prices is likely to ensure no major change in the above equation of standing for some more time to come.

2010 Top 10 cars in India

INDIA IS being recognised as emerging auto market in the current years and is the fifth largest commercial vehicle manufacturer in the world. India is the fourth largest car market in Asia after Japan, South Korea and Thailand, has recently crossed the 1 million mark.
India is also a huge market in small car segment as it covers about 80% of market share in the Indian car market. In 2010 many international car makers including Toyota Motors, Nissan Motors, Chevrolet, Volkswagen, etc. launched small cars and mid size cars for the Indian roads.
Etios: Japanese car maker Toyota Motors launched the entry-level sedan Etios. The Etios is powered by a newly developed 1.5 liter 16 valve DOHC engine that produces 90 hp and has a torque of 132 Nm.
New Skoda Fabia: The new Skoda Fabia comes with 1.6 MPI, 1.2 TDI CR and 1.2 MPI engine. The car has Dual Front Airbags, ABS (Antilock Brake Syatem), EBC, height and reach adjustable steering wheel.
Nissan Micra: Nissan Motor Company launched Nissan Micra features a 1.2L three-cylinder petrol engine that delivers maximum power of 76 bhp @ 6000 rpm and 104Nm torque @ 4000 rpm.
Chevrolet Beat: World largest auto manufacturer, General Motors' Chevrolet Beat is powered by a 1.2 liter 4 cylinder engine which would produce 70 bhp, 5-speed manual gearbox.
Volkswagen Polo: Volkswagen (VW) launched Volkswagen Polo equipped with a 1.2 litre engine which produces an output of 74 bhp @ 5400 rpm and a Torque of 110NM @ 3750 rpm.
Hyundai Verna Transform: Hyndai Motors' Hyundai Verna Transform has 1599cc VTVT, 5 Speed Manual transmission, Max Power: 103.2 ps @ 5500 rpm, Max Torque: 14.9 kgm @ 3000 rpm.
Ford Figo: Ford has launched the Ford Figo in India, powered by 1.2 Duratec engines, with SEFI technology, 70 bhp at 6,250 rpm and a torque of 102 Nm at 4000 rpm.
Indica V2 Turbomax: Tata Motors launched this car and the Tata Indica V2 Turbomax has new 71 PS BS4 turbo diesel engine, maximum torque of 135 Nm @2500rpm, ARAI certified mileage of 19 kmpl.
New Wagon R: Top selling car from Maruti Udyog Ltd., WagonR come with a major re-haul and an all-new attitude. The car features a 1.1L In-line 4 engine capable of producing 64 bhp and 84 Nm of torque.
Alto K10: Maruti Udyog Ltd.'s new Alto K10 is loaded with a 1.0L, 998cc, 3-Cylinders, 12-Valve KB10 petrol engine and a maximum torque of 90Nm at 3500 rpm.

Walmart Christmas Deals and offers

CHRISTMAS FESTIVAL, which is on December 25 has every one excited. Christmas, a universal celebration, is also famous for the exchanging of gifts. On this day people exchange Xmas gifts including X-Mas Cakes, Stars, Lanterns, Fresh Flowers, Chocolates, Christmas Hampers, Santa Soft Toys, Decoratives, etc. with loved ones.
It is expected that the December 23 is likely to be the second busiest shopping day of the year. Many retailers such as Walmart, Toys R Us, Target, Sears, etc. have announced that stores will remain open late on Christmas eve for the last minute Christmas deals.

Walmart has offered last minute online special to its shoppers for the Christmas with free shipping to home. The retailer is offering Kodak EasyShare C183 Black 14MP Digital Camera with 3x Optical Zoom, 3.0" LCD Display for $59, Philips 19" LCD 720p 60Hz for $149, Sylvania 7" Dual-Screen Portable DVD Player for $88.86, Toshiba Satellite Black 15.6" Laptop for $398, Garmin Forerunner 305 GPS Receiver With Heart Rate Monitor for $128.

In the festive season of Christmas, Walmart is also offering items to tempt your family and children including Nintendo DS Lite with choice of colour from $129, Mrs. Fields Snowman Tin with 48 Cookies for $19, Call of Duty: Black Ops (Xbox 360) for $49.96, Sterling Silver Channel-Set CZ Hoop Earrings for $39, Mattel Dora Links Doll for $14.88, FurReal Friends Furry Frenzies Scoot & Scurry City Play Set for $15, 24" Huffy Girls' Cranbrook Cruiser Bike, Burgundy for $74.

More On >>> Christmas Gift Ideas , Christmas Deals

People to shop online than going church on Christmas Day

An estimated 4.8 million people will  shop online on Christmas Day, get out their credit cards, and buy products,according to the trade body IMRG which represents online retailers.This is 9% increase on last year and compares with an estimated 4.5 million people who attend an Anglican, Catholic, Methodist, Baptist or Pentecostal church services on Christmas Day.

It will be for the first time that more people likely to shop than worshiping on December 25, proving how the internet has rendered the Sunday Trading Laws obsolete. It is also  demonstration of how many consumers spend their lives with almost immediate access to the internet, with either a mobile phone, laptop or computer or even camera able to surf the web at the touch of a button.

It is expected that the hundreds and thousands of so-called tablet computers such as the Apple iPad and Samsung Galaxy which will be given as presents this year will result in many people unwrapping them and immediately going online to buy applications, games or films to watch on these small touch-screen computers.

IMRG  also said that on Christmas Day itself £153 million would be expected to spent, with a further £300 million spent on Boxing Day.

More On >>> Christmas Gift Ideas , Christmas Deals

Christmas 2010: Last minute Christmas shopping boosts sales across U.S.

MORE LAST- minute shoppers flocked to stores this year on the final Saturday before Christmas than last year, but spending is expected to be even higher late this week.

U.S. retail sales on Saturday were up 15.1 percent from last year to $7.58 billion as many people wrapped up their gift buying, research firm ShopperTrak said on Tuesday. This year also benefited from its comparison to the weekend in 2009 when a blizzard hammered the East Coast.

That storm contributed to a 16.5 percent drop to $6.58 billion in so-called "Super Saturday" spending in 2009. This year's totals were below the $7.87 billion Americans spent for the day in 2008, said ShopperTrak, which analyzes the retail industry.

Yet with less than a week to go until Christmas, many shoppers are still procrastinating. Some eleventh-hour gift seekers will even be out on Christmas Eve - about 23 million, according to a separate survey on Tuesday from the International Council of Shopping Centers.

"Now that we are down to the wire, consumers have stepped up their shopping pace, as well as their purchases," ICSC chief economist Michael Niemira said in a statement. "All and all, retail shopping trends are shaping up to be very favorable for holiday sales, as well as December sales performance, for retailers."

Consumer spending makes up about 70 percent of the U.S. economy and analysts have said they expected the 2010 holiday season to show the biggest sales gains since 2007.

December 23 is likely to be the year's second biggest day in sales and third biggest in foot traffic, said ShopperTrak founder Bill Martin.

"Black Friday," the day after Thanksgiving that traditionally kicks off the holiday shopping season, saw $10.69 billion in sales, according to ShopperTrak, making it the biggest shopping day so far this year. It is called "Black Friday" because retailers hope it will put their accounts solidly in the black through strong sales.

Saturday's foot traffic was up 10.1 percent compared with last year, ShopperTrak said.

Nearly three quarters of Americans completed their shopping by the end of Super Saturday, according to the ICSC. The previous week, 56.6 percent had finished their holiday shopping.

The Saturday shopping binge boosted sales for the entire week, which rose 4.2 percent from a year ago, according to an ICSC-Goldman Sachs weekly chain store sales index.

As usual, the spending will not end on Christmas, the ICSC also found. Nineteen percent of consumers plan to go shopping the day after, and 47 percent said they would be out the week between Christmas 2010 and 2010 New Year's.

Read More >> Christmas 2010, 2010 Christmas

Nokia offers X5, N8 mobile phones as Christmas deals

NOKIA, THE Finnish mobile phone giant is ready with another incredible offer for their UK customers on the eve of Christmas. Nokia has come up with a mid-range smart phone Nokia X5, which falls under the X series of mobile phones.

Nokia is offering Nokia X5 on affordable contract deals to the mobile phone customers in UK on the eve of Christmas.

Nokia X5 contract deal offers a 5MP (mega pixel) camera, with a full QWERTY Keypad Phones to its users along features like Carl Zeiss optics, 4X Digital zoom and LED.Nokia X5 Contract Deal supports the prominent IM’s and email services and allows access to the major social networking sites like Face book, Twitter, My Space and Hi5.

Nokia has also announced via its official blog, that US based buyers can head over to the US Nokia website and add the Nokia N8 to the shopping list.The will also be required to enter the promotional code 'noknow2010' to get the $50 discount off on the original price tag of $449.

Nokia has also announced that its much-awaited Nokia E7 handset will not be available until early 2011, many Nokia fans can look towards the Nokia N8 as a replacement. Nokia N8 features a much-praised 12-megapixel camera with Xenon flash and a generous sized sensor. For $399 you also get a device that features HDMI out, 3-5-inch touchscreen display, pentaband 3G antenna, quadband GSM/EDGE WiFi, Bluetooth and GPS.

Finally, Nokia has promised to continue to offer upgrades for the Nokia N8 throughout 2011. This comes as great news as the Symbian^3 OS is expected to receive major upgrades that include up to 50 new features.

Gift ideas for Christmas festival this year

CHRISTMAS, THE most auspicious and holistic Christian festival of the year will be observed across the globe on December 25. Christmas is celebrated to honour the birth of Jesus Christ all around the world. It is believed that Jesus Christ was sent to this world to save humanity.

During the Christmas festival, there is a tradition of exchange of gifts amongst the entire family, friends, near and dear ones such as greeting cards, Christmas trees, lights, gadgets, toys, etc. along with best wishes.

Christmas is a great time for shopping for every one with all outlets offering huge discounts all over the world. This year on the Christmas, retailers from across the globe are offering gifts for every one.

Video games, which are a popular item among people of all ages, can be a great gift idea for Christmas. The Xbox 360, Playstation 3 (PS3) and the Nintendo Wii is top on the list of gift items. Among the Electronics gift items, Ipod Touch, Kindle, GPS, Blue-ray Players, LCD HDTV are also the very popular Christmas gifts this year.

One who wishes to exchange gifts this year on Christmas, can pick jewelry gifts such as rings, necklaces, bracelets, silver and gold. Watches for men, women and kid's are also very popular among gift items. Cell phones, Girly Movies, Gift Cards, Makeup & Lotion, Barbie, etc. can be very popular Christmas gift items among the girls during Christmas festival.

Retail stocks could stand out in Santa Claus rally

 

THIS YEAR'S miracle won't be limited to 34th Street. It will spill onto Wall Street as well. The recent agreement to extend the Bush-era tax cuts will help lift the markets in the final weeks of December, analysts say, with retail stocks expected to be among the top beneficiaries.

Late-year advances, known as "Santa Claus rallies" because of their proximity to Christmas, occur on a seasonal jump in bullish sentiment, as well as window dressing -- a strategy used by fund managers to improve the appearance of their funds by chasing strong performers.

It helps that stocks are already on an uptrend, with the Standard & Poor's 500 Index trading at two-year highs.Increased sentiment "is not totally uncommon at this time of year," said William Delwiche, an investment strategist at Robert W. Baird & Co in Nashville. "Year-end and holidays tend to make people cheerful and optimistic about the new year."

The gains, which can be amplified by the period's light trading volume, have helped make December an historically strong month.According to Thomson Reuters Datastream, the S&P 500 has gained an average of 1.5 percent in December since 1975, the third-best month behind April and November. The index is up 5 percent so far this month.

"Santa Claus rallies don't come on specific catalysts so much as an intangible sense out there, and this year that sense is strong and to the upside," said Joseph Greco, managing director at Meridian Equity Partners in New York.

"The tax deal gave us a huge shot in the arm, we're seeing consistent strength in retailers, and it's possible that we could get a move of 2.5 (percent) to 3 percent up from here," Greco said.

NICE COMEBACK FOR THE CONSUMER

Sentiment on retail stocks has been bullish lately, thanks to encouraging reads on consumer spending in the holiday shopping season. Analysts said the tax deal is adding to that positive bias.

"For the first time in several years, the consumer is back in play, especially if the tax deal comes through the way it has been proposed," said Timothy Harder, chief investment officer at Peak Capital Investment Services in Denver, which has about $600 million in assets under management. "As that becomes more certain, companies that target consumers will see that benefit."

While Santa Claus rallies unofficially run in the final week of the year, some retailers have already racked up strong gains. Abercrombie & Fitch has surged 11.3 percent in December so far, while luxury retailer Saks Inc is up 6.8 percent.

Despite an expected positive end to the year, issues may resurface in January as traders return from vacation and trading volume increases.

"We'll see Santa in December, but then comes the 'January effect' when institutions and managers either take money off the table or really get involved," Meridian's Greco said.According to Datastream, January is historically the fourth-best month of the year."I'm hopeful that once they get a read on how bullish things are, that'll stimulate them to keep things going."

Best Buy over estimates holiday shoppers' appetite

SHOPPERS IGNORED Best Buy Co Inc's promotion of pricey 3D televisions and other high-end gadgets this holiday season as they chased bargains elsewhere, hammering the company's profits.

The top electronics chain, seen as a bellwether in consumer electronics, surprised investors by reporting a drop in quarterly sales at existing stores and lower-than-expected earnings on Tuesday as demand for top-of-the-line televisions plunged. Its shares tumbled 14.8 percent.

The dismal report also pressured the shares of competitors such as RadioShack Corp and GameStop Corp, television manufacturers such as Sony Corp and television components makers such as Corning Inc, and raised concerns about holiday demand for gadgets.

"The newer technologies, like 3D and IPTV (Internet Protocol TV), which we assort more broadly than anyone, have been slower to take hold," Best Buy Chief Executive Brian Dunn said on a conference call.

The lackluster showing also cast a shadow over the strength of the recovery in the consumer-driven U.S. economy, in contrast to better-than-expected November retail sales reported by the U.S. Commerce Department on Tuesday. Shoppers told Reuters this week they were buying more, but focusing on simpler merchandise such as sweaters.

But later on Tuesday, the Federal Reserve said the U.S. economic recovery was still too feeble to cut unemployment, highlighting the fragile nature of the economy.

"Best Buy did not go deep enough discounting in TVs on Black Friday, likely the result of their desire to protect gross margins. We believe the mass merchants, particularly Target , were the incremental share gainers this year," Janney Capital markets analyst David Strasser said.

Cliff Draughn, president & chief investment officer at Excelsia Investment Advisors in Savannah, Georgia, said: "So the consumer this Christmas may be buying more and boosting a little bit in the retail side. The big ticket items, like the flat-screen TVs, the stereo systems it's not there. They can't afford those types of items.

"The television that sold for $5,000 three years ago sells for $1,500 today -- how many people need four flat-screen televisions in their apartment?"
Best Buy said it is now changing tack, promoting lower-priced 32-inch TVs in December and making price adjustments in its computer section after realizing "the consumer is definitely showing propensity at the low end."

"I think the U.S. consumer is carefully considering his or her wallet and what they are going to buy for their holiday gift-giving," Dunn told Reuters in an interview, adding he expects sales volumes to be "enormous" in the 10 days before and after Christmas.

Following Best Buy's disappointing earnings, Reuters analyst John Kozey does not like Best Buy as an investment and says shares could fall further in the near term.
"Best Buy is a stock to be traded, not invested in the long run," Kozey said.

BLEEDING MARKET SHARE

In its second holiday season after the bankruptcy of archrival Circuit City, Best Buy faces stiff competition from online retailer Amazon.com Inc and discounters such as WalMart Stores Inc and Target Corp.

Best Buy also said its U.S. market share fell 1.1 percentage points in the quarter on weaker-than-expected sales of TVs, laptops and video games. It blamed some of those losses on a decision to shift away from promoting lower-priced goods, then seeing shoppers gravitate to those brands anyway.
For fiscal 2011, Best Buy cut its profit per share forecast to about $3.20 to $3.40 a prior view of $3.55 to $3.70.

In the fiscal third quarter that ended November 27, net profit was $217 million, or 54 cents a share, compared with $227 million, or 53 cents a share, a year earlier. Analysts on average had forecast 61 cents a share, according to Thomson Reuters I/B/E/S.

Sales fell 1 percent to $11.89 billion, missing analysts' average estimate of $12.45 billion. Domestic comparable-store sales declined 5 percent.
Best Buy shares closed down $6.18 at $35.52 on the New York Stock Exchange.

US Senate nears key vote on Obama tax package

THE DEMOCRATIC-led Congress moved on Monday toward grudging approval of President Barack Obama's deal with Republicans to extend expiring tax cuts, even for the wealthiest Americans.

Backers were expected to muster on Monday the needed 60 votes in the 100-member Senate to clear a procedural hurdle, before passage on Tuesday or Wednesday.

The bill would then go to the House of Representatives for likely passage -- despite complaints from many Democrats that Obama conceded too much to Republicans.

The No. 2 Democrat in the Senate, Dick Durbin, said Democrats should "eat their spinach" and accept a deal because their influence will plummet when the new Congress convenes next month.

Republicans won control of the House and made gains in the Senate in November 2 congressional elections.

"It is the only stimulus we can bring to this economy," Durbin said on CNN's "State of the Union" program on Sunday.

Proponents note that the $856 billion package also extends jobless benefits and provides other tax breaks aimed at lower-income families, and would renew a wide array of subsidies and breaks for businesses and renewable energy.
The deal would extend all tax cuts passed under the Republican administration of President George W. Bush, including those for wealthier Americans, that are set to expire on January 1.

Democrats had hoped to allow tax rates to rise for the wealthiest 2 percent of U.S. households to avoid increasing the country's record-high deficit.
Democrats are particularly angry that Obama agreed to what they see as an excessively generous inheritance tax exemption on wealthy estates.

But Representative Chris Van Hollen, a member of the House Democratic leadership, said, "We're not going to hold this thing up at the end of the day."
Van Hollen, appearing on "Fox News Sunday," indicated that Democrats would like to get a separate vote on the inheritance tax, a provision that he said would cost $25 billion for just 6,600 people.

"That doesn't help the economy," Van Hollen said. "It hurts the deficit."
White House adviser David Axelrod said he believed the House would approve the package without significant changes.

"We believe that when it comes back to the House that we will get a vote and it will prevail there," Axelrod said on CNN.

The Senate began debate on Thursday on a slightly reworked version of the president's plan, adding, for example, incentives for renewable energy.
Democratic Representative Jerrold Nadler, appearing on CBS's "Face the Nation," likened Republicans to political thugs in blocking an extension of tax cuts for the middle income unless they are also renewed for the rich.

"I think the alternative is to say we're not going to submit to that blackmail and let the president and the Democrats go to the people, who the polls show want the upper-end tax cuts not to continue but want the middle-class tax cuts, and say, don't submit to the blackmail," Nadler said.

IIM Lucknow launches Manfest 2011

IIM Lucknow today announced the launch of its 24^th Annual International Business Conclave, Manfest 2011 with the unveiling of the event’s website. This edition of Manfest is based on the theme “Renaissance 2030: Shape the Change” and aims to create new paradigms of thought that foresee our lives, our society, our economy, two decades from now. Manfest 2011 will be held from January 21-23 in the IIM Lucknow campus.

A flagship management event called TAS Zeus will offer a prestigious TAS shortlist to the winners aside from whopping prize money of INR 1 Lakh. Innovation seems to be the key driving force as Manfest readies to launch Treatise, its International Debate event on the hugely popular social networking site, Facebook.

BizQuiz 2011 partnered by SBI  promises to be a humdinger if last year’s event is any indication. The Next CEO, Call for Arms, Strategos and Finathlon complete the flagship management events ably supported by a host of industry and domain specific competitions for B-school students. Online events such as Treatise and Dayitva have extended Manfest’s reach to International participants from Stanford to Singapore.

The Leaders Express vertical at Manfest this year is all set to host two very relevant conclaves - Arthashaatra, the Finance Leadership Summit and Srujan, The Creative Arts and Media Conclave. Not to mention, the avant garde Corporate Luncheon, talk series and Gravitas - the Manfest publication that will feature original articles from the likes of Kiran Mazumdar Shaw and Vikram Pandit. Some of the personalities gracing Manfest this year are Dr. J. J. Irani, Dr. Mallika Sarabhai, Prahlad Kakkar, Rahul Bose, Abhigyan Prakash, A. P. Kurien, and H. K. Dua amongst others.

Social Responsibility is a crucial element in the path to sustainable living and transformational social change. As a responsible B-school, IIM Lucknow places a lot of stress on this. Under its CSR Initiatives, Manfest launched a new flagship CSR event called Yajna - The CSR Challenge that will get NGOs, Corporates and students to work together in solving critical social problems of the day in as many as 6 Indian cities - Delhi, Mumbai, Kolkata, Lucknow, Bangalore and Pune. Ably complementing Yajna are The Prerna Social Entrepreneurship Awards, Lucknow City 10km Awareness run and Dayitva - the online CSR Strategy game.

Says Manfest coordinator Abhishek Kumar, “Manfest has matured to the point where we want to utilize this platform to create critical value - be it through competitions, conclaves or social initiatives”

All this serious business is, however, not without its share of fun as Manfest becomes the first B-school in the country to host an International Rock Act.  This will be the first performance of the band in the country. This will be backed by an exhilarating Bollywood Nite featuring a leading playback singer, a scintillating cultural performance courtesy SPIC MACAY, and lots of other entertainment events.

All in All, Manfest 2011 promises to be a roller coaster ride of competition, discussion, knowledge creation and entertainment!

Reliance Communication rolls out 3G

Reliance Communications on Monday formally launched 3G services in four circles, Delhi, Mumbai, Kolkata and Chandigarh and expects to launch the premium service across all 13 telecom circles for which it holds licenses by the end of this fiscal year.

With the launch of 3G services, Reliance Communications becomes the first operator to offer 3G services to customers in top  metros Delhi, Mumbai and Kolkata while first Tata Teleservices begin 3G services in other circles recently.

Reliance Communications president Mahesh told reporters at the launch that there would be no separate data charges and that customers will be offered bundled prepaid and postpaid plans.All the 2G and SMS tariffs will remain unchanged. The tariffs will be simple and will have daily sachet packs along with daily, weekly and monthly subscription rates for mobile TV.The charges for 3G will be affordable.But  RCom will not have video call facilities as of now as it is yet to get a formal security clearance from telecom department.

The 3G mobile broadband data pricing for 7.2 Mpbs speed has been fixed at Rs  2,599 and Reliance 3G 21 Mbps speed at Rs  4,499.For post-paid zero MB to 50 MB, the usage rate is 10p/ 10kb and above at 1p/ 10kb per month.There are small validity data packs of 25 MB for one day at Rs  20 and 125 MB oneweek packs for Rs  98, monthly plans for 100MB at Rs  100, 1GB for Rs  649 and 10GB at Rs  1,499 and 21GB at Rs  2,100.The pre- paid charges are Rs  299 data for 200 MB and Rs  699 data for 500 MB.