Junk bonds: Easy money has been kind to risky companies and their lenders. Firms like Clearwire Communications and HCA found critical funding in 2010, while investors in their bonds have enjoyed stellar double-digit returns, with the Bank of America Merrill Lynch high yield index returning nearly 14 per cent by early December. So much money sloshing around the global financial system, however, also makes for outsized distortions and in 2011 could trigger a junk bond correction.

Trash bash

Business Standard

Finance directors may start giving finance ministers a run for their money. The woeful state of national balance sheets will push risk-averse investors into highly rated companies like Microsoft and other cash-rich issuers best positioned to withstand uncertain times. Corporate bonds could prove more attractive than even top-quality sovereigns.

Sovereignty

Four years ago, General Electric lived up to its reputation as a bellwether for the global economy. The maker of gas turbines and jet engines issued a profit warning that foreshadowed the financial calamity ahead. On Friday, the US conglomerate, which generates half of its sales abroad, revealed it merely fell five per cent short of revenue estimates in the fourth quarter of last year. That&rsquo;s hardly ideal for investors still pining for the $41 apiece GE shares once fetched (they&rsquo;re at $19 on Monday), but it should be reassuring for those worried about a retrenchment of global growth.

Armageddon, not

The European Central Bank&rsquo;s cheap money and the siren call of high yields are luring global investors into the European junk bond market. High-yield bond issuance is up nearly 70 per cent so far this year over the same period of 2011, according to Thomson Reuters data. It may seem odd given the uncertain future for the euro zone, but the ECB&rsquo;s move to flood the banking system with three-year loans has given investors confidence that a financial meltdown can be averted. The Federal Reserve&rsquo;s commitment to near-free funds is encouraging US investors to look to European debt for juicer returns. Some 63 per cent of high yield bonds sold by European companies in January were issued in dollars, according to Morgan Stanley.

Sailing into a storm

Sticking it to Uncle Sam should attract harsh punishment. But, the fines Citigroup and Bank of America (BofA) will pay &mdash; $158 million and $1 billion, respectively &mdash; to settle claims they defrauded the US government look easily handled. Citi has even admitted fraud in its dealings over home loan insurance. A ban from participating in the government&rsquo;s mortgage insurance programs would be a better deterrent. But, unfortunately, Washington needs big banks too much.

Too big to punish

Warren Buffett says he has at last identified someone to replace him when he&rsquo;s gone. Anointing a successor at Berkshire Hathaway is an important step in what will be one of the most significant corporate transitions since the torch was passed at Apple. Yet in his annual letter published on Saturday, Buffett demurred on saying exactly who. Given recent events, his &ldquo;trust me&rdquo; plan doesn&rsquo;t fly.

Name game

JPMorgan Chief Executive Jamie Dimon loves citing how much media companies spend on pay to deflect criticism of banker compensation. Now The New York Times has presented him with a golden opportunity to bring the topic up again when he hosts his firm&rsquo;s Investor Day on Tuesday. The Gray Lady is paying former boss Janet Robinson $4.5 million this year for a part-time consultancy gig. That looks egregious enough to raise eyebrows even on Wall Street.

Pay Porn

Sometimes, the world of finance is based on guesswork. Investigations into the alleged manipulation of the London interbank offered rate &mdash; known as Libor &mdash; have laid bare a flaw in the benchmark interest rate: banks can essentially make it up. That&rsquo;s unsettling, since their submissions help shape the value of some $360 trillion of loans and derivatives. A better approach would be to base Libor on real transactions.

Finger in the air

The Federal Reserve is one of the most powerful institutions in the world.

Time to govern

Golf and business often mix well. But Augusta National Golf Club, which hosts the famed Masters tournament, staunchly remains an all-boys club. That conflicts with the diversity aims of tournament sponsor IBM. The difficulty is particularly noticeable this year, given the gender of the technology company&rsquo;s new chief executive, Virginia Rometty.

Not only for Masters?

If General Electric were a superhero, GE Capital would be its kryptonite. The industrial giant has taken extraordinary measures to reduce its subsidiary&rsquo;s toxicity, but Moody&rsquo;s credit rating downgrades on Tuesday are a reminder that the conglomerate needs to wrap its finance arm in the only thing that will neutralise the threat of a market-run: deposits.

Lead casing

All is not lost for Vikram Pandit. While a majority of Citigroup shareholders voted against the chief executive&rsquo;s pay package at this week&rsquo;s annual meeting, there&rsquo;s still a way to incentivise him while also benefiting investors. General Electric, which faced similar unrest over pay last year, offers a good starting point.

Pay it forward

We need to talk about Deloitte. The Big Four accounting firm has popped up in yet another financial scandal. This time its consultants allegedly abetted Standard Chartered&rsquo;s financial transactions with Iran. Added to reports of shoddy work elsewhere, including its involvement in HSBC&rsquo;s money laundering mishap, it&rsquo;s hard to avoid the impression that something&rsquo;s not right at Deloitte.

Number crunching

One of the 20th century&rsquo;s most influential American publishers, Arthur Ochs Sulzberger, died on Saturday. He was 86. The grandson of Adolph S Ochs who bought The New York Times more than a century ago, Sulzberger transformed what had been a struggling paper into a media empire. Upheaval in the news business, however, has forced his son Arthur Sulzberger, Jr to dismantle it. The elder Sulzberger&rsquo;s gravitas will be missed as his heir struggles to keep the paper a family affair.

Generational shift

The US central bank is running out of taboos to break. This week, Boston Federal Reserve President Eric Rosengren admitted that the latest quantitative easing broadside would debase the dollar. His counterpart in Minneapolis, Narayana Kocherlakota, traditionally on the hawkish side, said that an above-target inflation rate of 2.25 per cent would be tolerable.

No sacred cows

Money market funds are creating a new muddle in US regulation. The Securities and Exchange Commission couldn&rsquo;t agree this week to invite comment on possible reforms. Other watchdogs may take on the $2.4-trillion industry. But the episode shows America&rsquo;s system of regulation in an unflattering light.

Money market mess

The Congress on Thursday announced a 13-month-long political campaign, including padyatras, to raise issues such as the alleged attack on the Constitution as well as people's concerns over price rise and corruption.
The party also called for a major organisational overhaul based on accountability and capability starting immediately and running through the next year.
These decisions were taken at the extended Congress Working Committee meeting -- 'Nav Satyagraha Baithak' -- to mark 100 years of Mahatma Gandhi assuming the presidentship of the party at the Belgaum session.
Two resolutions were passed by the CWC -- one on Mahatma Gandhi and the other was a political one.
Top Congress leaders, including party chief Mallikarjun Kharge, former party chief Rahul Gandhi, general secretaries Jairam Ramesh and K C Venugopal, among others, were in Belagavi to attend the "historic" meeting.
Adressing reporters along with Congress general secretary in-charge (communications) Jairam Ramesh and 

Rahul Gandhi, Mallikarjuna Kharge

New Delhi [India], December 26: In a dynamic and competitive education sector, Two99 stands as a trusted growth partner, offering comprehensive and innovative marketing solutions that address the most pressing challenges faced by educational institutions. With a proven track record of delivering measurable results, Two99 specializes in enabling schools, universities, and edtech platforms to thrive through cutting-edge, AI-enabled strategies.

Two99: Transforming Education Marketing with Result-Driven, End-to-End Solutions 

New Delhi [India], December 26: The tech world is abuzz about AllThingsDev, a rapidly growing platform tailored to make discovering, subscribing, and integrating APIs easier than ever. With extensive collections that range from Artificial Intelligence  &amp;  Machine Learning to Business  &amp;  Productivity, Finance  &amp;  Payments, Cloud  &amp;  Infrastructure, and Communication  &amp;  Social, the platform has quickly positioned itself as a go-to resource for developers worldwide.

AllThingsDev (atd) Ushers in a New Era of API Discovery, Highlighting AI  &amp;  ML Innovations

New Delhi [India], December 26: SuperbWorldTrip sets a new benchmark in low-cost flight bookings through strategic collaborations with major airlines, state-of-the-art technology for easy bookings, and flexible departures to manage costs effectively. This unique strategy of flexible departures ensures maximum profits for the travellers using SuperbWorldTrip without compromising on comfort or on services. With affordability and accessibility at its core and with a host of exciting upgrades, SWT promises to redefine people's plan and their experience through their journeys. 

SuperbWorldTrip Comes with a New Identity and Unbeatable Prices

The condition of 92-year-old Singh is said to be critical

Manmohan Singh

These stocks, handpicked by top brokerages, offer a blend of value and growth

As 2024 draws to a close, Indian equity investors are navigating a volatile market. The benchmark S&P BSE Sensex has dropped nearly 9 per cent from its 52-week high in September, paring year-to-date returns to 8.6 per cent from a peak rally of 18.7 p

Markets Today LIVE: As markets in India and around the world reopen after the Christmas holiday, investors here are looking to ride the so-called Santa Clause rally driving Wall Street higher

The average daily trading volume (ADTV) for the futures and options segment climbed to a new record high of Rs 537 trillion in September, rising 7.2 per cent on a month-on-month basis. The ADTV for the cash segment, however, fell nearly 4 per cent to

The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals

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Shares of Vantage Knowledge Academy surged 4.98 per cent after the company announced plans to consider issuing bonus shares as well as interim dividend payment

Indian Share market, BSE, Stock market

Lupin stock has broken out of a triple bottom pattern on the daily chart. It has also crossed above its key moving average suggesting bullish sentiment

Market, BSE, NSE, NIfty, Stock Market, investment

China Monday backed Panama President Jose Raul Mulino's assertion of his country's sovereignty over the Panama Canal against US President-elect Donald Trump's threat to regain control of it if the central American country doesn't stop charging "exorbitant prices" to US ships and naval vessels.
The 82-km Panama Canal cuts across the central American nation and is the main link between the Atlantic and Pacific oceans.
If shipping rates are not lowered "we will demand that the Panama Canal be returned to us, in full, quickly and without question, Trump told a crowd of supporters in Arizona on Sunday.
His remarks prompted a quick rebuke from Mulino, who said, "every square metre" of the canal and surrounding area belongs to his country.
Panama's sovereignty and independence were non-negotiable, BBC quoted Mulino as saying.
Asked for her comments at a media briefing here, Chinese Foreign Ministry spokesperson Mao Ning referred to Mulino's assertion of Panama's sovereignty.
The Panama

Donald Trump

Two individuals, including a former employee of Deloitte India, on Monday settled with capital markets regulator Sebi a case pertaining to the alleged violation of insider trading rules by paying Rs 74 lakh towards settlement fee.
Nimai Parekh and Rahil Dalal (applicants) had proposed to settle the matter by neither "admitting nor denying the findings of fact and conclusions of law", Sebi said.
"In exercise of the powers...and in terms of the settlement regulations, it is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicants," Sebi's whole-time member Kamlesh C Varshney said in the settlement order.
Sebi conducted an investigation in the scrips of HDFC Ltd and HDFC Bank Ltd, so as to ascertain whether any suspected entities on the basis of information relating to amalgamation/merger, had traded in the scrips, and thereby violated PIT (Prohibition of Insider Trading) rules.
The investigation period was taken from Novemb

SEBI

Kalyani Investment Company, one of the promoter group entity of Bharat Forge, has settled a case with Sebi about the alleged violation of disclosure norms after paying Rs 1.12 crore towards the settlement fee.
Kalyani Investment Company Ltd (KICL), a listed entity, is part of the over USD 2.5 billion Kalyani Group.
The order came after the applicant (Kalyani Investment Company) proposed to settle the instant proceedings initiated against it, without "admitting or denying the facts and conclusions of law", under the Sebi's settlement regulations.
"In view of the acceptance of the settlement terms and the receipt of the settlement amount, the adjudication proceedings initiated against the applicant (Kalyani Investment Company) vide show cause notice (SCN) dated March 19, 2024, is disposed of," Sebi's adjudicating officer Amit Kapoor said in the settlement order on Friday.
The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against the applicant for th

Kotian, currently playing in the Vijay Hazare Trophy in Hyderabad, is expected to fly out to Australia on Tuesday

Tanush Kotian

Former India cricketer Vinod Kambli has been admitted to a hospital here due to deterioration in his health.
The 52-year-old was brought to the hospital by one of his fans who also owns the hospital in Bhiwandi's Kalher area in Thane district and his condition is said to be stable, even though the exact reasons for his hospitalisation could not be ascertained.
Kambli was admitted to the hospital on Saturday.
Kambli, who played 17 Tests and 104 ODIs for India between 1993-2000, had recently attended the inauguration of legendary coach Ramakant Achrekar's memorial at the Shivaji Park here.
The former India cricketer, who has been struggling with health-related issues for quite some time, appeared frail in the function which was also attended by his long-time friend Sachin Tendulkar.

Vinod Kambli

This initiative aims to prepare India's workforce for the quantum revolution, positioning the nation as a global leader

quantum technology

REER represents the inflation-adjusted, trade-weighted average value of a currency against its trading partners

Rs, Rupee, Indian Currency

The meeting was chaired by the Prime Minister and attended by Finance Minister Nirmala Sitharaman, Chief Economic Adviser V Anantha Nageswaran, and NITI Aayog officials

Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman during a discussion with economists in New Delhi on Tuesday | Photo: PTI

Nano urea sales dropped by a steep 43.2 per cent in FY24 from the previous year, despite production capacity rising by almost 59 per cent in that period

fertiliser, farmer

India has become most populous nation. But with fertility rate slowing, there are concerns that it may grow old before getting rich. The second part of the series explores demographic challenges

Agnes T Crane

Agnes T Crane

Page 2 - Agnes T Crane

Trash bash

Sovereignty

Armageddon, not

Sailing into a storm

Too big to punish

Name game

Pay Porn

Finger in the air

Time to govern

Not only for Masters?

Lead casing

Pay it forward

Number crunching

Generational shift

No sacred cows

Money market mess

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Cong announces 13-month campaign on 'attack on Constitution', price rise

Two99: Transforming Education Marketing with Result-Driven, End-to-End Solutions

AllThingsDev (atd) Ushers in a New Era of API Discovery, Highlighting AI & ML Innovations

SuperbWorldTrip Comes with a New Identity and Unbeatable Prices

Manmohan Singh admitted to hospital, condition critical, say reports

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