Merrill Lynch, in an agreement with prosecutors that let it avoid criminal charges over its role in the Enron debacle, has promised not to engage in business deals that it believes might be used to mislead investors.
Buoyed by the 'feel good factor' in the economy, investment banking firm DSP Merrill Lynch on wednesday raised India's GDP forecast for 2003-04 to 7.3 per cent from the earlier prediction of 6.7 per cent.
Valuations are not exactly cheap and there are global factors, which are probably not conducive to a very strong bull market rally
Education finance is a complex and dynamic sector. There are too many variables -- the course, the calibre of students, the universities, and the job prospects once the course is over, notes Tamal Bandyopadhyay.
Better supply management and check on hoarding should be able to prevent food price spikes
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
After two months of buying, foreign portfolio investors (FPIs) have turned net sellers in October by pulling out Rs 12,278 crore from Indian markets. As per depositories data, FPIs took out Rs 13,550 crore from equities but invested Rs 1,272 crore in the debt segment during October 1-29. The total net outflow stood at Rs 12,278 crore during the period under review.
DSPMCF is a little different as compared to the other small cap funds launched so far
His advice was to always start with small positions because we are bound to make mistakes; and remain humble because the markets can be merciless, remembers Debashis Basu.
UBS Wealth Management Americas, Bank of America's Merrill Lynch and Morgan Stanley all employ several retired Olympic athletes.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
2022 is shaping up as the year brimming with job opportunities for people who possess relevant skillsets. Therefore, it is crucial for fresh graduates and young professionals to enroll in relevant certification courses to add more feathers to their introductory portfolio
A summary of sports events and persons who made news on Thursday
Analysts at foreign brokerage Bank of America Merrill Lynch said the RBI will cut rates by 0.25 per cent in December, and follow it up with a 0.15 per cent in February.
Foreign brokerage Bank of America Merrill Lynch said they expect the headline inflation to rise to 3.3 per cent in May, but added that it is within the 2-6 per cent range which the government has set for the RBI.
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
Despite all the negative news, markets may not see a major correction or appreciation from the current levels.
According to a research note by Bank of America Merrill Lynch, while foreign institutional investors' holding in Sensex has gone up to the highest level in last eight years, while LIC and domestic MFs were net sellers.
Saurabh Agrawal, managing director and head, investment banking, has reason to feel pleased with his team at DSP Merrill Lynch -- his firm tops the M&A league table and should secure itself a reasonably good ranking in the debt and equity fund-raising sweepstakes by the time the year draws to a close.
According to the report, the December inflation will likely continue to peak off to 7.3 per cent.
'Just keep investing a steady amount every month irrespective of what the media says about the direction of the market,' advises Jyotivardhan Jaipuria, Managing Director, DSP Merrill Lynch, India.
A jury has convicted a former Enron Corp executive and four ex-Merrill Lynch & Co officials in the first criminal prosecution arising from the accounting fraud that led to the collapse of the energy trader.
The US market regulator Securities and Exchange Commission was doing what it could to stem the flow. It temporarily prohibited naked short-selling in the securities of major financial players including Freddie Mac and its sister firm Fannie Mae in July. But this didn't really help. It was only after global central banks pumped in unprecedented liquidity into global markets, that the storm was finally calmed.
Hillary Clinton was on Saturday "voluntary" quizzed by US federal prosecutors for three and a half hours as part of a probe that has hung over her White House bid for her use of a private email server as secretary of state.
Attorney general Andrew M Cuomo has also sued BofA's former CFO Joseph L Price. "Bank of America's management intentionally failed to disclose massive losses at Merrill so that shareholders would vote to approve the merger.
DSP Merrill Lynch aims to raise Rs 700-750 crore (Rs 7-7.50 billion) from its three new schemes, which will open on Tuesday.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Global fund managers are investing in China and other emerging markets rather than in Europe or Japan to cash in on the improving global economic sentiment, a Merrill Lynch survey said.
With a market share of 16.6 per cent in mergers and acquisitions and 14.2 per cent in fund raising through the equity route, the investment banking arm of the German financial behemoth has become the numero uno investment bank in the country.
If the government is to be the lender of last resort for financial companies, it has to demand more control over their daily business
Will a US recession tip the entire metals complex, including Gold Prices, sharply lower in 2008...? Add the falling dollar to rosy growth forecasts from China and what do you get? If you guessed higher commodity prices, you get a gold star. Yet among the big investment institutions, there's mixed opinion about what metals prices will do in 2008.
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
Growing business opportunities fuelled by a robust economy and an increasing number of private equity investors are prompting investment bankers to quit their jobs and turn entrepreneurs.
The former secretary of state has been experiencing a cough related to allergies.
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