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US Treasury says to buy up to $250 billion in bank stakes; says maximum purchase amount will be $25 billion per institution, sets Nov 14 deadline for bank participation; stock futures jump to session highs.
ET.....
In reply to:
US stocks: Bank capital plan lifts futures, Citi jumps
Posted by :
latikav
NEW YORK: US stock index futures pointed to a sharply higher open for a second day on Tuesday as as a plan by Washington to inject $250 billion o
f capital in major US banks spurred investors to wade back into equities.
More signs of a thaw in the credit markets, with the cost of lending between banks easing, added to the positive tone. That came a day after Wall Street roared back from its worst week ever with one of its best single days ever.
The US Treasury Department is poised to announce that it will buy stakes in the largest US banks, including Bank of America Corp, Wells Fargo, Citigroup and Goldman Sachs.
"The amount of liquidity that`s being pumped into the system is going to push off the problems for another day," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.
"I think there will be at least some confidence that the market can hold here, and there will be people looking for some of the companies that can make it in this type of environment, that have been beaten up."
S&P 500 futures SPc1 jumped 29.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 climbed 233 points and Nasdaq 100 NDc1 futures gained 33.25 points.
Announcements by top offiicals are expected from Washington beginning about 8:05 am (1205 GMT).
Washington`s plan to take stakes in major banks mirrors steps already taken by Britain and announced by other governments around the world, including Germany and France, to stabilize the financial system and restore confidence after recent market turmoil.
The Financial Select Sector SPDR XLF.A , an exchange-traded fund which tracks the performance of stocks in the Standard & Poor`s 500 financials group, jumped more than 4 per cent before the opening bell.
Shares of Citigroup jumped 14.6 per cent to $18.05 before the bell, Bank of America Corp climbed 6 per cent to $24.15, while shares of Wells Fargo - which is buying Wachovia Corp, one of the casualties of the credit crisis - rose 1.5 per cent to $30.87.
JPMorgan Chase & Co gained nearly 4 per cent to $43.50. Goldman Sachs shares advanced 9 per cent to $121, as Morgan Stanley shares added 17.3 per cent to $21.23. Bank of New York Mellon Corp shares were unchanged.
Washington`s rescue for banks will be carried out over a period based on the relative strength and weakness of the banks` balance sheets and loan portfolios, people familiar with the scheme said.
Other media reports indicated that State Street Corp and Merrill Lynch, would also receive a capital injection. Merrill is being bought by Bank of America,
Similar plans in Europe helped restore some confidence and helped propel stock markets higher, with Japan`s Nikkei .N225 up more than 14 per cent overnight and European stocks up more than 5 per cent on Tuesday.
Additionally, the interbank cost of borrowing three-month dollars had its biggest fall since March on Tuesday and three-month euro rates the biggest fall this year, adding to hopes that credit markets will unfreeze.
On Monday, the Dow Jones industrial average .DJI rose 936.42 points, or 11.08 per cent, to 9,387.61, its biggest one-day point gain ever and its biggest percentage gain since March 15, 1933.
ET...................
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NEW YORK: US stock index futures pointed to a sharply higher open for a second day on Tuesday as as a plan by Washington to inject $250 billion o
f capital in major US banks spurred investors to wade back into equities.
More signs of a thaw in the credit markets, with the cost of lending between banks easing, added to the positive tone. That came a day after Wall Street roared back from its worst week ever with one of its best single days ever.
The US Treasury Department is poised to announce that it will buy stakes in the largest US banks, including Bank of America Corp, Wells Fargo, Citigroup and Goldman Sachs.
"The amount of liquidity that`s being pumped into the system is going to push off the problems for another day," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.
"I think there will be at least some confidence that the market can hold here, and there will be people looking for some of the companies that can make it in this type of environment, that have been beaten up."
S&P 500 futures SPc1 jumped 29.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 climbed 233 points and Nasdaq 100 NDc1 futures gained 33.25 points.
Announcements by top offiicals are expected from Washington beginning about 8:05 am (1205 GMT).
Washington`s plan to take stakes in major banks mirrors steps already taken by Britain and announced by other governments around the world, including Germany and France, to stabilize the financial system and restore confidence after recent market turmoil.
The Financial Select Sector SPDR XLF.A , an exchange-traded fund which tracks the performance of stocks in the Standard & Poor`s 500 financials group, jumped more than 4 per cent before the opening bell.
Shares of Citigroup jumped 14.6 per cent to $18.05 before the bell, Bank of America Corp climbed 6 per cent to $24.15, while shares of Wells Fargo - which is buying Wachovia Corp, one of the casualties of the credit crisis - rose 1.5 per cent to $30.87.
JPMorgan Chase & Co gained nearly 4 per cent to $43.50. Goldman Sachs shares advanced 9 per cent to $121, as Morgan Stanley shares added 17.3 per cent to $21.23. Bank of New York Mellon Corp shares were unchanged.
Washington`s rescue for banks will be carried out over a period based on the relative strength and weakness of the banks` balance sheets and loan portfolios, people familiar with the scheme said.
Other media reports indicated that State Street Corp and Merrill Lynch, would also receive a capital injection. Merrill is being bought by Bank of America,
Similar plans in Europe helped restore some confidence and helped propel stock markets higher, with Japan`s Nikkei .N225 up more than 14 per cent overnight and European stocks up more than 5 per cent on Tuesday.
Additionally, the interbank cost of borrowing three-month dollars had its biggest fall since March on Tuesday and three-month euro rates the biggest fall this year, adding to hopes that credit markets will unfreeze.
On Monday, the Dow Jones industrial average .DJI rose 936.42 points, or 11.08 per cent, to 9,387.61, its biggest one-day point gain ever and its biggest percentage gain since March 15, 1933.
ET...................
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kalpana rushes out.kvk to media,f.m. rushes?rush hour....
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this smoke ferrets out rats out of the hole.no smoke screen exposes rats in hidden hole.need fire fighters and smoke generators to expose the miss deeds....
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wat about agri lands diverted to SEZ`S IN NINDIA.....
In reply to:
WISE STEP NEEDED
Posted by : zoombusiness
India has demanded an immediate stop to diversion of food crops, particularly corn in the United States, for producing biofuels to check a rise in food prices in the short term-ET
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MUMBAI: The transfer of nuclear technology from the United States to India, a prolonged painstaking debate that has changed political equations in the country, may not be required 20 years from now.
Nuclear Power Corporation of India Ltd (NPCIL), the only entity authorised to generate nuclear power in India, is aiming at an 80% indigenisation of the technology that the country will be sourcing a couple of weeks from now.
S K Jain, chairman and managing director, NPCIL, said, “We have a dream of reaching 80% localisation of equipment and technology in 20 years from now.”
He said that NPCIL would initiate the process of setting up the first pair of reactors under the government’s XIth Five-Year Plan. This will be based on imported technology — the reactors and other equipment will be sourced from suppliers abroad.
Jain said the next pair of reactors would come in another four to five years and the process would continue thereafter. “Every subsequent step of importing will bring some percentage of indigenisation and eventually in 20 years, 80% indigenisation will be reached,” he said.
This means that in addition to taking up construction and installation work at the plant site, NPCIL is likely to manufacture the equipment it is currently planning to import.
Jain said the localisation process takes time as two pairs of reactors cannot be initiated simultaneously at the same site even if the company has the funds to install them. NPCIL is planning to source ten 1,000-mw reactors from companies in the US, the UK, France and Russia. “We are talking to GE and Westinghouse of the US, Areva in France and Rossatom of Russia. A final decision is yet to be taken,” said Jain.
The company will also be sourcing fuel, especially uranium, from these countries. “Though our current uranium reserves are sufficient to take our capacity to 10,000 mw indigenously, we cannot exploit them as there are a lot of environmental issues that need to be addressed,” said Jain.
He said a committee at the ministerial level has been formed to look into the uranium supply issue and a positive development is expected soon.
India has a three-stage nuclear power programme. The first stage involves the use of indigenous uranium in pressurised heavy water reactors (PHWRs) to produce fissile plutonium in addition to nuclear power. (A fissile substance has the ability to sustain a chain reaction and fuel nuclear reactors).
In the second stage, by reprocessing the spent nuclear fuel and using the recovered plutonium in fast breeder reactors, the non-fissile depleted uranium, with another radioactive substance thorium, can be made to breed additional fissile nuclear fuel, plutonium and uranium-233. In the third stage, thorium and uranium 233-based nuclear reactors can be made to generate nuclear power.
DNA.....
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MUMBAI: The Reserve Bank on Tuesday decided to inject Rs 20,000 crore through short-term lending route to help the mutual funds meet their liquidity needs and overcome redemption pressure.
"RBI has decided to conduct a special 14-day repo at nine per cent per annum for Rs 20,000 crore today with a view to enabling banks to meet the liquidity requirement of mutual funds," the central bank said in a release.
The decision will help the mutual fund industry to meet redemption pressure following the credit crisis in the financial sector.
Finance Minister P Chidambaram, while welcoming the decision by RBI, said it was taken in view of the liquidity stress being faced by some mutual funds.
Assets under managements of mutual funds was Rs 4.83 lakh crore at the end of September compared to Rs 5.44 lakh crore at the end of August, according to AMFI data.
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The Reserve Bank of India Governor Duvuri Subbarao will meet Prime Minister Manmohan Singh this evening to discuss the liquidity crunch in India and steps being taken to address it.
RBI Governor has returned to Mumbai. The Governor is scheduled to meet the Prime Minister later this evening,” Finance Minister P Chidambaram said in a statement here. Subbarao was in Washington to attend the annual general meeting of the International Monetary Fund and the World Bank.
After consultation with Securities and Exchange Board of India this morning, RBI has announced a special 14 day repo, a facility for banks to borrow from the central bank, to commercial banks at 9 per cent for Rs 20,000 crore in order to enable the banks to meet the liquidity requirements of mutual funds.
“Government welcomes this announcement,” Chidambaram said. Government has been informed by the mutual fund industry that against their borrowing from the banks they will give as security, mainly, Certificate of Deposits of the banks themselves, he added.
The US and the European capital markets closed on a strong note last night while the East Asian markets have opened on a bright note this morning. It appears that the measures announced by various governments and central banks have not only infused greater liquidity into the markets but also helped restore confidence to a significant degree, Chidambaram said.
“I hope that the same sense of optimism and confidence will be visible in the Indian markets too,” he said.
Last night, it was brought to the notice of the government that some mutual funds faced some stress in liquidity in meeting redemption requirements in respect of debt instruments and money market instruments.
Indian Banks Association is in touch with the banks as well as the mutual fund industry to decide on an appropriate rate at which the banks will on-lend to the mutual funds, he added.
-BS ...
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Sensex to surge more 400 points but it is on snail race. Market is wating for buyers as sellers are still holding market at present level. But market will kick as soon as trend change. we expect market to cross 12000 soon....
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* Chidambaram says to detail more steps to infuse liquidity shortly (NW18)
* Chidambaram says RBI, SEBI in consultation on plan to up liquidity (NW18)
* Trade minister says liquidity crunch to hurt investments in India (NW18)
* Pakistan may extend price curb on its stocks to prevent more fall (DNA)
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The Mumbai police on Monday formed a special cell to investigate a complaint by ICICI Bank, which claimed that it was a victim of \"economic terrorism\", a police official said here.
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Making a special offer or a concession to a group is contrary to ethics ofbusiness and violate the fundamental right to equality guarenteed by the constitution. As a customer of GM I feel cheated. Special offers to businesses based on volume is a fair business practice....
In reply to:
GM India announces special offer for Government employees
Posted by : MMB Messenger
As a part of its ongoing centenary celebrations, General Motors India today introduced a limited-period, special offer package for all Central and State Government employees.
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As a part of its ongoing centenary celebrations, General Motors India today introduced a limited-period, special offer package for all Central and State Government employees.
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Though I am not satisfied with the services of ICICI but it looks certainly agree that rumors were maliciously spread...
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Udayan's Market Outlook
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Markets to open on positive note | |
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| Udayan Mukherjee, Stocks Editor, TV18 | ||
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