Where From You Get Your Home Loan? Are You Insured? History of Money Struck by darkest Hour,Fall Sets in with Big Fear and Sub prime Crisis Exploded with the US Tagged Global Economy, Global Market and Globalisation in Turmoil!
Where From You Get Your Home Loan? Are You Insured? History of Money Struck by darkest Hour,Fall Sets in with Big Fear and Sub prime Crisis Exploded with the US Tagged Global Economy, Global Market and Globalisation in Turmoil!
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Subprime mortgage crisis - Wikipedia, the free encyclopedia
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New York Daily News | We're all sub-prime Melbourne Herald Sun, Australia - With economists predicting that Japan, Europe and the US will all soon be in recession, one thing's for certain, like it or not, we're all sub-prime now. ... Lehman's woes heighten worries about other firms |
iAfrica.com | Cut down in its prime iAfrica.com, South Africa - If you thought it was safe to venture out on the investment seas as the sub-prime crisis bottoms out, you haven't reckoned on the supra-prime crisis. ... Subprime crisis: A timeline Lehman Brothers a victim of US subprime crisis Subprime impact snowballs |
RBI slaps curbs on Lehman's India arms
Our Bureau
Mumbai, Sept. 16 The Reserve Bank of India has issued a notice placing restrictions on the activities of the Indian subsidiaries of Lehman Brothers.
The RBI said on Tuesday it was issuing the instructions "in public interest and in the interest of financial stability".
Lehman Brothers Capital Private Ltd, a non-banking financial company, would need the prior approval of the RBI before contracting any direct or indirect liability from any institution in or outside India or before making any foreign currency remittances.
The RBI also said that Lehman Brothers Fixed Income Securities Private Ltd, a primary dealer, cannot declare any interim dividend or remit any amount to its holding company or any other group company without its prior approval.
The RBI has also asked the primary dealer not to undertake transactions in government securities in the primary market.
According to the Website of the Securities & Exchange Commission, US, there are eight subsidiaries of Lehman Brothers in India.
http://www.thehindu
Where From You Get Your Home Loan?
Are You Insured?
History of Money Struck by darkest Hour!
Fall Sets in with Big Fear and Sub prime Crisis Exploded the US Tagged Global Economy, Global Market and Globalisation!
Gone are the days while anybody would get a home anywhere on this planet.
my niece Krishna told me once while she was reading in just class Nine in a Delhi public school, `We may not hope anything from the land! every piece of land is occupied!'
She opined,` We may not do anything in the Space either because it is also colonised!'
Krishna believed, `Hope lies under the deep where the destiny of Mankind rests'.
I really don`t know!
War against Terror have changed citizenship Act and Immigration Act worldwide. No one is a Citizen by Birth. You have to acquire citizenship. Half of the indigenous world population is stranded on the No Man`s land ejected out of life and livelihood!
It is very tough toe get a home in any part of our earth nowadays.
Explosion of US domestic Sub Prime crisis despite a boom in nuclear and weapon markets thanks to Indian Comrador Ruling Hegemony and Strategic Hindu Zionist White reliance, makes it tougher to get a home in poor third world countries further.
In India, every piece of land, urban, suburban, semi urban or rural is occupied by Realty Market. majority of the enslaved classes, castes and communities may not to afford a home nowadays.
In West Bengal, where I base for full seventeen years, I have not been able to get a piece of land or a home, just because as a professional my wages does not allow me to get one. But Housing Sector all over India is blooming by Foreign Investment and Big Global Players have just jumped in. Resurgence of Indian Middle Class banking on growing Plastic Money have led the Economy to be limited within the limits of Durable consumer Goods and Capital Goods. Thus, Sensex indices remain the heartbeats of Indian Economy. Every attempt is made to expand the Rural and retail consumer market. Universal education Agenda of Globalisation is being implemented with diverse multi level schooling system to create consumers after generation to generation without any real production. Indigenous production system and indigenous communities are meant for mass destruction, Agro Sector in India has been transformed into an infinite Killing Field! Inherited Industries from the British Colony like heavy Engineering, Jute, Tea and Cotton have become grave yards!
Fifty Six thousand factories are closed in West Bengal but the ruling Left runs on the super Highway of Marxist Capitalism!
Closed scores of Cotton and Jute Mill Campuses across Hugli River are destined for the Builders and Promoters only as every piece of land on the sides of BT Road, Jassore Road, Kona Expressway, EM Bypaas, Durgapur Expreesway, kalyani Highway, Belgharia Expressway is captured or booked already. Closed factories have opened spaces for Housing Complexes, Multiplexes, Retail chain. Industrialisation demands indiscriminate land acquisition and displacement and death of the indigenous communities in West Bengal. We know the updates of Singur and Nandigram!
We may not get a home in Luxury colonies. We just target the lower income housing. We may not have the deposit anywhere and we go to bank. Indian Banks are doing havoc with housing sector. construction sector is on growth.
On the other hand, Insurance sector being privatised, mandatory Insurance is quite in vogue. The Plastic Money circulated by Banking Sector feeds on Insurance!
Yes, this is the genetically modifies seed for Indian Sub prime Crisis, I am afraid!
Indian Banks dare not to touch the effluents but do everything for recovery against small customers!
Sub Prime Crisis is going to effect all those common people seeking Home Loans from the Banks! Never the less, Indian banks are very selective to handle its customer service and the Private sector banks have already made a name! Defence, Media, Police and Railway employees are always at run to get loan from Indian Banks!
Greed and fear factor has taken over the Market.
US tagged Indian economy may not be able to save the interests of the common people. neither it seems to be interested as it is trying its best to defend the MNCs, Builders and corporates!
Chines economy depends on its internal strength and is never tagged with USA. It is self sufficient as it has coined a different Globalisation unthinkable to third world countries. China is successful to save its indigenous production system while opening all avenues for the rest of the World in china.
Thus, china seems to take over with a Big jump!
The Economic super power, on the other hand is as miserable as India is, because it is also tagged with USA and Japanese Jumbo Companies depend on heavily on US market!
The Reserve Bank of India (RBI) stepped in this evening to check any potential adverse impact of the global financial turmoil on the Indian markets by announcing measures to ease the liquidity crunch and bolster the weakening rupee.
Tomorrow onwards, as an ad-hoc liquidity-injecting measure, the central bank will allow banks in dire need of funds to borrow more by relaxing the statutory liquidity ratio (SLR), or the amount banks must mandatory invest in government securities.
Although Indian overnight indexed swaps were mostly steady on Wednesday, helped by lower global oil prices and infusion of fresh liquidity by the central bank through its repo facility, Bankers in Mumbai discussed among themselves how to sort out their exposures on equity, debt and interest rate swaps to Lehman. They are taking legal opinions on whether a possible non-payment by Lehman could be construed as a "default" since Lehman India is a separate entity here. Both Lehman and Merrill's operations in India will see a substantial shakeout soon, and there's a possibility that BankAm may sell Merrill's India operations. Market regulator SEBI on Tuesday said it will allow trading in exchange traded interest rate futures by December-January, a move which will help banks and FIIs manage interest rate risks.India'
Whatever may be the projected Virtual reality of Shining India Sensex Economy tagged with US War Economy hard facts remain to challenge the Policy Makers! The Asian Development Bank (ADB) warned on Wednesday, Asia's high inflation problem is due to lax monetary policy rather than soaring food and energy prices, and the threat of "lasting damage" is real!
WTO fame Commerce and industry minister of India Kamal Nath said in New Delhi on Tuesday,`While the US financial crisis is unlikely to affect India's growth story, flow of foreign direct investment (FDI) may take a hit. "There will be a slow down due to the frenzy effect."The impact on FDI flow will be assessed in the next two-three weeks, the minister said. He, however, added that the FDI target of $40 billion was likely to be met.
Speaking at an interaction with special economic zone (SEZ) developers, organised by the export promotion council for EOUs and SEZs (EPCES), Mr Nath said while the US had been asking India to adopt best banking practices, it is their banks that have faltered. "Those who preached us best practices have not helped their own financial sector," he said. The minister said the amount of exposure of the banks going down is small in Asia and smaller in India. "A very small fraction of that (US economic turmoil) is in Asia. This shows that best practices have been adhered to in Asia," he added.
However, he said the economic turmoil in the US is causing concern to most of the global economies. "It still has to be assessed to what extent it will affect the economy in Europe," he said. It would also affect flow of FDI to India.
The US credit crisis worsened on Monday with Lehman Brothers going bankrupt and investment bank Merrill Lynch being bought by Bank of America.
Seated on the financial Atom Bomb right into the Heart Of new York,Indian Minister of state for Commerce and Industry Ashwani Kumar has claimed,`The current turmoil in the global financial markets is unlikely to have an adverse effect on India's healthy growth rate or on the huge investments it is attracting.'
Admitting the crisis might have slight impact on the functioning of the Indian economy, Kumar expressed confidence that fiscal management will insulate it to the maximum possible extent, asserting that the US and India would continue to be in a "very tight economic embrace."
The American economy is resilient and dynamic and current crisis could be just cyclic or temporary aberration, he told reporters. Kumar, who is here to deliver a series of lectures in Harvard University, said, money flows only to countries whose economies are resilient and give higher returns, with India fulfilling both qualifications.
The Indian economy is resilient, its economic fundamentals strong and it has 400 million strong middle class with huge purchasing power, he said. Besides, India is strengthening its infrastructure at huge cost.
The Chinese economy on the other hand, Kumar stressed, has reached a saturation point, while India will continue to be one of the principal destination.
Replying to a question, he also expressed hope that the Indo-US Nuclear Deal would clear the Senate by the time Prime Minister Manmohan Singh holds summit with President George Bush on Sept 25 in Washington.
He also praised the Bush administration for its "forceful diplomacy" and time interventions at critical stages during negotiations of Nuclear Suppliers Group (NSG).
Meanwhile,IT major Wipro Technologies and Gurgaon-based knowledge process outsourcing firm Copal Partners have expressed interest in bidding for the Indian back office business of Lehman Brothers Holdings, the US-based investment banking firm that filed for bankruptcy protection yesterday.
Lehman is expected to close its captive unit in Powai, a Mumbai suburb, by the end of this month. The unit's 1,200 employees, who work on equity research and analytics support for the mergers and acquisitions business, have been orally told to quit by September-end. They have also been informed that they will be paid only for this month, which will be treated as a severance package.
Investment banking sources said Wipro and Copal have been looking at buying opportunities in this space for some time. Though the Lehman BPO unit does not have an anchor client it may help them quickly scale up the business.
Wipro declined to comment and Rishi Khosla, co-founder and chief executive officer of Copal, could not be reached.
Copal Partners already has clients in industries such as investment banking, equity research, credit research, and strategy consultancy.
Unlike employees in Lehman's investment banking business, who have been receiving feelers from domestic banks, employees in the captive BPO are unlikely to find alternative jobs quickly because the IT and IT-enabled services industries have already begun downsizing, owing to the global financial crisis.
What is the Objective Cruel realism?
ICICI Bank today said it might need to make an additional provision of $28 million (Rs 188 crore) on its exposure to bonds issued by investment bank Lehman Brothers, which has filed for bankruptcy in the United States.
The country's second largest bank, which stands to lose the most among Indian lenders, is yet to decide if the investment would be marked to market for the second quarter.
Following an analyst report this morning, ICICI Bank issued a statement saying its UK subsidiary had an exposure of around $80 million to Lehman's senior bonds. It had already made provisions of $12 million on these bonds and a further $28 million worth of provisioning might be required if 50 per cent recovery is assumed, the bank said.
PTI reports Shares of 16 Indian firms listed on the US bourses have suffered a loss of over $7 billion in just two days, amid the crisis which has gripped major investment banks in that country.
Country's largest private sector lender, ICICI Bank suffered the brunt of the meltdown, receiving a blow of about $2.58 billion in the market capitalisation of its American Depository Receipts.
ICICI Bank's ADRs listed on the New York Stock Exchange plunged over 15 per cent since Friday last week.
It settled at $25.2, down nearly 4 per cent at the close of trade last night.
IT firms including Satyam, Infosys and Patni Computers witnessed a sharp fall with their market cap dropping $968 million, $480 million and $91 million, respectively.
Vedanta Group firm Sterlite Industries' ADRs also declined over 10 per cent in two days witnessing a drop of $793 million in its market value, since Friday last week.
Meanwhile, Tata Communications (formerly known as VSNL) and Rediff.Com were the only exceptions to the melting markets and managed to stay afloat.
Tata Communications gained nearly 3 per cent in the past two days on the NYSE, while Rediff.Com had closed up 0.4 per cent on Tuesday on the Nasdaq.
Another private lender, HDFC Bank's ADRs also dropped sharply in the past two days loosing close to $884 million in market capitalisation.
It had settled at $81.25 on Tuesday falling 7.14 per cent from $87.5 on Friday last week.
In the past two day, ADRs of outsourcing firms Genpact, WNS (Holdings) and EXLService Holdings Inc also witnessed a drop of over 8 per cent, 2.39 per cent and 6.6 per cent, respectivley.
No one knows how markets will pan out over the next few weeks! Blue chip shares opened sharply lower Wednesday with the market still weighing the situation after the Federal Reserve bailed out insurance giant AIG: the Dow was off 1.78 percent and the Nasdaq slid 1.69. The dollar extended gains against the yen in Asian trade on Wednesday after the US Federal Reserve announced an unprecedented rescue package for troubled insurance giant AIG, dealers said.
Speculative buying in the real estate market in leading cities has declined to 5% from 30-40% earlier and genuine end-users account for nearly 80% of total property sale, a report on real estate by Ernst & Young and FICCI has said.
The report said, "The last three to four quarters have witnessed a significant shift in the buyers' profile with real estate prices reaching a level where speculators\
Speculators used to account for 30 to 40% of total sales earlier, according to the report released at a real estate summit.
Market fall continues on fear of global liquidity crunch. Japan, Australia and India pumped $33 billion into money markets on Wednesday as US government rescue of insurer AIG failed to soothe frayed nerves and ease a funding squeeze triggered by the crisis engulfing Wall Street. Across Asia, which has been largely shielded from the worst of the credit crisis, central banks were bracing for more market turmoil.
Singapore shares close 1.71 pc lower
Chinese shares close 2.9 pc lower
Hong Kong shares close down 3.6 pc
Asia greases money markets; AIG deal fails to soothe
Chinese shares close 2.9 per cent lower
London stocks open higher after AIG rescue
Lehman Brothers' bankruptcy is likely to cost Indian real estate dear. It may impact the financial major's existing investments worth $500 million in realty firms, including DLF and Unitech, besides drying up another $500-million worth of potential investment which was expected to flow into Unitech's Mumbai projects.
The news of Lehman's collapse brought the BSE realty index down by 7.65% on Monday, while the benchmark Sensex declined 3.35%. Both DLF and Unitech fell 7.5%.
Lehman's fall signals a deepening of credit crisis for Indian developers, who have lately been battling falling sales, rising cost of construction and tightening credit. It is expected that the US-based firm is likely to go for a fire sale of its assets.
The financial services major was very bullish on India and was among the active investors in Indian real estate. Early this year, it had leased out an office space in Mumbai paying Rs 1 crore per month as rental. This would divert a part of fresh funds seeking to invest in Indian realty.
This is because global fund houses have country-allocations
"Lehman's departure will impact future cash flows of real estate companies. In a market situation like today's, it will be all the more difficult for the firms to raise funds," says Karvy Stock Broking vice-president Ambareesh Baliga.
Lehman invested $200 million in DLF promoter group company DLF Assets last year and bought 50% stake in Unitech's Mumbai project for $175 million a few months ago. It had also invested $80 million in Bangalore-based SEZ Gandhi City and was likely to hike its share to $300 million.
Lehman's other investments include a 40% stake in an IT park project of Peninsula Land in Hyderabad for an initial investment of Rs 50 crore. It had also teamed up with Mumbai-based developer HDIL to bid for the redevelopment of Asia's largest slum Dharavi.
Wherever the developers had received fund, they are safe. But where the funds are yet to come, the developers could get stuck. Some analysts say a distress sale by Lehman will impact the valuation of existing projects.
DLF CFO Ramesh Sanka had earlier told ET that Lehman's sale of investments in DAL would not impact DAL's valuation. Unitech MD Sanjay Chandra said that his company had already received funds. So, the company won't get impacted by Lehman's bankruptcy.
Some industry executives say that FDI norms of a three-year lock-in period may prevent Lehman from making an immediate sale. But analysts argue that the lock-in period in case of bankruptcy may not hold.
High interest rate regime consequent to the monetary tightening measures initiated by the Reserve Bank along with subdued demand conditions and high raw materials prices have led to further moderation in growth momentum, says Dun & Bradstreet India in a research report.
GDP, for instance, grew merely by 7.92% (y-o-y) during Q1 FY09 as compared to 8.76% (y-o-y) during Q4 FY08. Industrial production too slowed down substantially and registered an average growth of 5.70% during April-July 2008 period from 9.78% during April-July '07.
Growth in industrial production as measured by the Index of Industrial Production also moderated to 7.06% during July 2008 vis-à-vis 8.28% during July 2007. "Although it is higher than the growth witnessed during the previous three months of the current fiscal, nevertheless, given the subdued demand conditions to some extent and high raw material prices, growth in industrial production is expected to remain moderate. We expect to have grown within the range during August 2008," the report says.
"In line with D&B expectations, GDP growth moderated to around 8% during Q1 FY09," said Kaushal Sampat, COO, Dun & Bradstreet India. "The oderation in growth is significant, especially when compared with the 9.24% growth during Q1 FY08. Additionally, the moderation in growth of Gross Fixed Capital Formation to 8.96% in Q1 FY09 is indicative of a slowdown in investment activity, and would have a bearing on industrial production in the future. Going forward, given the high interest rates and low consumer demand, industrial production is expected to remain subdued."
Sampat added, "Although moderation in international crude oil and edible oil prices have provided some respite to surging inflation in the last few weeks, headline inflation continues to be double digit and thus remains an overriding concern for policy makers. With growth in money supply and bank credit still above RBI's target rates, we expect further monetary tightening."
Central banks pumped billions into money markets for a second day on Tuesday as efforts intensified to stop the demise of Lehman Brothers turning the year-old credit crunch into a credit freeze.
A day after Lehman Brothers filed for bankruptcy and Merrill Lynch, another Wall Street titan once considered invincible, was sold, central banks in Europe and Japan provided a desperately needed 160 billion dollars in liquidity.
Total injections since the weekend are now approaching 300 billion dollars.
With insurance giant AIG scrambling to prevent its own collapse -- showing that the end of Lehmans is not the end of the crisis -- the money is needed to keep banks lending to each other and therefore to firms and individuals.
The Bank of Korea warned that foreign funds would keep flowing out of the domestic bond market. India added an extra money market operation to improve banks' access to funds while Taiwan made lending easier by lowering the ratio of time deposits banks must keep in reserve.
A commentary from a Chinese academic in the official newspaper of China's ruling Communist Party, went as far as to suggest that the global financial system was ruptured beyond repair.
"The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States," Shi Jianxun, a professor at Shanghai's Tongji University said in the overseas edition of The People's Daily.
Asian stocks and the dollar initially rallied on news that the global financial system would be spared the collapse of an insurance giant that operates in 130 countries. But shares gave up their early gains and cash remained tight in money markets with no end in sight to the 13-month old credit crisis.
Overnight dollar funds changed hands at rates as high as 8.5 percent in Asia, much above the Federal Reserve's 2 percent target rate, dealers in Singapore said.
Lending between banks nearly seized up this week after the global credit crisis pushed Lehman Brothers to seek bankruptcy protection, Merrill Lynch into the arms of Bank of America and insurer American International Group Inc to the brink of collapse, all during one tumultuous weekend.
"There is mistrust among Japanese lenders towards foreign borrowers because there is no clear policy about which US financial institutions are rescued and which aren't," said a deputy general treasury manager at a Japanese bank.
Australia's central bank supplied the banking system with extra cash for the third day running, more than doubling the previous day's injection to A$4.285 billion ($3.4 billion), which was nearly twice the market's estimated cash need.
Bank of Japan pumped 3 trillion yen ($28.58 billion) into the market in two moves, matching a record from March 31, after overnight rates jumped above 0.7 percent, 20 basis points higher than the central bank's target rate.
The Bank of Japan kept its benchmark rate unchanged just as the Fed did on Tuesday.
The Federal Reserve, which supplied an $85 billion bridge loan to rescue AIG, disappointed investors who had bet that it would follow its injection of emergency funds with an interest rate cut.
By staying pat, the Fed would leave the European Central Bank little choice but to keep pumping cash into the euro zone money market too, said Suresh Ramanathan, head of currency and rates strategy at CIMB Investment Bank.
"For the Fed itself, yesterday's non easing will mean another round of dollar shortage hitting European money markets, forcing the ECB to continue with its liquidity injection," he said.
The Manila-based lender on Tuesday jacked up its 2008 inflation forecast for developing Asia to 7.8 per cent from the 5.1 per cent it predicted in April. Meanwhile it trimmed its economic growth forecast for the region to 7.5 per cent from 7.6 per cent.
"External food and oil price shocks explain less than 30 per cent of Asia's CPI (consumer price index) inflation, while excess aggregate demand and inflationary expectations account for about 60 per cent," said a study by ADB economists Juthathip Jongwanich and Park Donghyun.
The ADB study said the spike in commodity prices has given the region's policymakers "an excuse for not raising interest rates." The bank warned that "monetary policy accommodative of the food and oil price shocks" will only reinforce the problem.
"This truly frightening prospect gives the region's central banks every reason to wake up to the importance of subduing inflation before it becomes entrenched and inflicts lasting damage on the economy."
The ADB study said loose monetary policy that encouraged excessive demand was the result of governments' priority to get their economies back on their feet after the 1997 Asian financial crisis.
The region did recover swiftly in the past decade in a regime of low inflation, but the study said this may have "lulled monetary authorities into complacency.
"However, it is important not to exaggerate those risks," the study said. "The loss of output due to anti-inflationary tightening will somewhat dent the region's growth but is unlikely to push the region into recession.
"Central banks may come to rue not acting today as a rare missed opportunity to fight inflation at a manageable cost," it added.
The Lehman effect
17 Sep, 2008, 0000 hrs IST, ET Bureau
http://economictime
India's outsourcing story has become the unintended victim of the collapse of some of the most venerable Wall Street firms such as Lehman Brothers and Merrill Lynch since the subprime crisis began to unravel. India can no longer claim that BPO/KPO operations will escape unscathed from troubles of the US financial sector.
Already, hundreds of jobs have been lost following the downsizing of operations and closing down of back offices in India — the toll of the collapse of Lehman is reportedly about 2,200 jobs. Several other global financial services companies too have been forced to cut the strength of the back office operations in India, laying off people across various functions as their incomes were hurt by the crash of the stock markets.
Software majors such as TCS, Infosys, Wipro and Satyam that earn a significant portion of their revenues from the banking, financial services and insurance (BFSI) sector would need to be prepared for loss of business. Needless to say, the loss of several well-paying jobs would dampen demand in some product-segments as well as the real estate, which is already suffering due to sluggish sales. Indian companies which have partnered these institutions for business collaborations or funds would have to be prepared for a change in partners and even stake sale by the distressed institutions.
However, that is not to say the collapse of the financial sector would make the outlook for India and its market more gloomy. There have been a few positive developments over the past couple of weeks. For instance, the industrial production for July 2008 looks healthier, rising 7.1% over the same month last year.
In particular, the robust growth of the capital goods sector (albeit over a low base in July 2007) and consumer durables (perhaps in anticipation of the festival season demand) are definitely encouraging. The decline in global commodity prices, particularly crude oil now inching close $90 a barrel, should spell good news for inflation control. Besides, the first quarter GDP growth at 7.9%, although slowest in three years, reflects that the fundamentals of the economy is still very strong. That should inspire confidence in the performance of our stock markets.
Wall Street's acid test
16 Sep, 2008, 0135 hrs IST, ET Bureau
http://economictime
Is this the financial apocalypse the world has been dreading since the subprime crisis first hit the global economy more than a year ago? Or is there more to come? That's the question uppermost on most minds as nothing the US administration does, including the once-unthinkable nationalisation of two big financial institutions, Fannie Mae and Freddie Mac, seems able to stem the slide.
If only we could be sure this is indeed apocalypse then maybe we could hope the worst is behind us and expect things to improve. Unfortunately the world has no such luxury — instead there is mind-numbing uncertainty about how many more financial giants may finally go down (and drag economies down with them) as the crisis unravels. Monday's announcements by Lehman Brothers Holdings, once the bluest of investment banks, that it would file for Chapter 11 bankruptcy protection, and by Bank of America that it had agreed to buy Merrill Lynch in an all-stock deal worth $50 billion only add to the sense of foreboding.
It remains to be seen whether the sale of Merrill and the controlled demise of Lehman will be enough to finally turn the tide in the financial crisis that has crippled Wall Street. Reports that American International Group, (AIG) the largest US insurer by assets and Washington Mutual, the largest S&L institution are also seeking Fed support suggest it might not.
There is also the danger that the winding down of the 158-year-old investment bank could expose other banks to losses on Lehman's assets, risking more bank failures even as the Federal Deposit Insurance Corporation exhausts its reserves, raising the spectre of a repeat of the savings and loan meltdown. The only difference is that this time the rest of the world is hitched on to the US economy in a way that was not the case earlier.
Inevitably the ripple effects are being felt in markets round the world. The sensex dropped more than 5% in the first 15 minutes of trading (the market finally closed 470 points down at 13,531) and the rupee fell to 46.08 as US financial woes added to fear psychosis created by bomb attacks in the Capital on Saturday. Fortunately many Asian markets were closed, else the carnage might have been much worse. How events will finally pan out is hard to predict but they are bound to hit the broader US economy and the world, including India, pretty hard.
Economic times reports:Indian policymakers will now have to face up to the challenge of slowing capital flows, which could slide further after the latest developments on Wall Street. The turmoil in the global financial and credit markets had led to capital flowing out at a faster pace.
Between April and July this year, foreign portfolio investors have taken out close to $4.5billion, going by RBI data. According to SEBI figures, foreign investors have pulled out close to $400 million in August and September so far. For the full year, foreign portfolio investors have sold stocks worth over $7 billion.
The slowdown in capital flows this fiscal is in sharp contrast to the scenario over a year ago when the Indian central bank was struggling to manage inflows. The new RBI governor D Subbarao now has the challenge of stemming outflows unlike his predecessor, YV Reddy who had to manage the copious flow of capital for a good part of his tenure.
http://economictime
In the financial capital of India,mumbai, Call it a repercussion of the credit turmoil in the US or the unabated negative trend the market has taken, the banking sector continues to remain in the grips of the bears.
The rupee rose more than 1 per cent in volatile trade on Wednesday, boosted by the Reserve Bank of India's (RBI) move to keep selling dollars and lift deposit rates for non-resident Indians, but stock market losses remained a weight.
In New york, Stocks skidded again Wednesday, with anxieties about the financial system still running high even after the government bailed out the insurer American International Group Inc. The Dow Jones industrial average dropped about 200 points.The Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the company. Wall Street had feared that the insurer, which has lost billions in the risky business of insuring against bond defaults, would follow the investment bank Lehman Brothers Holdings Inc. into bankruptcy.
Anatomy of a global credit crisis
17 Sep, 2008, 0208 hrs IST,Sugata Ghosh, ET Bureau
http://economictime
17 Sep, 2008, 0636 hrs IST,Aditya Puri,
17 Sep, 2008, 0151 hrs IST,Narayan Ramachandran,
http://economictime
Also Read
? Thinning capital inflows spark new challenges
? History repeats for JP Morgan
? IFRS: Are Indian banks ready?
? The immediate fallout of the US crisis
In contrast to the balance sheet recession in the Anglo-Saxon economies, India is going through a classic cyclical slowdown. By and large, balance sheets in India are not impaired (both corporates and households) and companies have in-built operating leverage that will come into play when the cycle turns. And turn it will, sooner or later.
ICICI Bank: Wall Street woes
http://www.business
THE COMPASS
Shobhana Subramanian & Varun Sharma / Mumbai September 17, 2008, 4:52 IST
http://www.business
Government today said it has acquired 2,000 hectares of land to develop a special economic zone (SEZ) for renewable energy in Nagpur, which would become operational within 2-3 years.
"2,000 hectares of land has been acquired for the Renewable Energy SEZ in Maharashtra and it would become operational in 2-3 years time," Union Minister for New and Renewable Energy Vilas Muttemwar told reporters here.
In a move that is likely to put further pressure on the US Congress, India is putting finishing touches on a civil nuclear agreement with Russia during Russian Foreign Minister Sergei Lavrov's visit to India on October 20.
Centre announces Rs 2,518 cr debt relief to farmers in Kerala
Centre has announced a debt relief of Rs 2518.12 crore to the farmers in Kerala during the current year.
Out of the amount, the farmers who failed to repay their loans in the district will get Rs 239 crore, an official release said today.
First, Bear Stearns, Freddie and Fannie, now Merrill Lynch and Lehman Brothers, and possibly the American insurance giant AIG soon to come. American finance is having a great fall. The President's men are trying to put it together again. And, on occasion, the Sheikhs' men have ridden to the rescue too. Who could have guessed that the departing, lasting legacy of George W Bush's conservative administration would be the divvying up of the icons of American financial capitalism between Uncle Sam and foreign, mostly autocratic, governments?
M J Antony / New Delhi September 17, 2008, 3:30 IST
http://www.business
The more the Supreme Court writes, the more the land owners seem to lose.
Every political or economic question leaves an impression on the courts. The present concern is land acquisition for private companies. So the number and size of judgments on this problem seem to be getting bigger. In last week's judgment of 130 pages, Sooraram vs Dist Collector, the Supreme Court dealt elaborately with ticklish subjects like the meaning of 'public purpose', the extent of sovereign power to take over private property and the validity of the procedure for acquisition when the land is meant to be given to a private corporation.
INDUSTRY & ECONOMY
http://www.thehindu
PETROLEUM: Are LPG variant cars losing cost advantage?
LUKEWARM OFFTAKE. New Delhi, Sept. 16 Car makers' efforts to boost the sale of liquefied petroleum gas (LPG) variants may just become more challenging, with the LPG price rising nearly in the same proportion as that of petrol. Auto ...
AUTOMOBILE COMPONENTS: Mamata softens stand on ancillary units in Singur
Kolkata, Sept. 16 The future of the Tata Motors small car project in Singur continues to remain uncertain even as Trinamool Congress leader Ms Mamata Banerjee conceded on Tuesday that she would have no objection to ancillary units being set ...
STEEL: Fall in industrial metal prices to help steel, construction industry
Base metals under pressure on Lehman collapse. Mumbai, Sept. 16 The fall in prices of industrial metals such as copper, zinc, aluminium, lead and nickel is likely to benefit steel, construction, electrical equipment, cable and battery ...
POWER: India-France nuclear ties may get a boost
Both countries likely to sign pact in civilian nuke energy. The Indo-French nuclear cooperation would get a shot in the arm when the Prime Minister, Dr Manmohan Singh, goes to France at the end of this month for a bilateral meeting, with both ...
ECONOMY: 'States will submit joint memo to finance panel'
General demands will be listed out, says Kerala Minister. Kochi, Sept. 16 The Kerala Finance Minister, Dr T.M. Thomas Issac, has said that a joint memorandum by various States listing general demands will be submitted to the 13th Union Finance ...
PETROLEUM: Deora rules out any fuel price cut now
'Will be considered if Indian crude basket goes below $67'. New Delhi, Sept. 16 Fuel consumers may have to wait for some time before there is any cut in retail selling prices of these ...
REAL ESTATE & CONSTRUCTION: 'Cluster model' to redevelop Mumbai's old buildings
State to constitute committee of experts to identify them. The Maharashtra Government has decided to further facilitate the 'cluster model' of redevelopment for the 19,000-old and dilapidated buildings in ...
BANKING AND FINANCE: Govt plans fisheries varsity
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COAL: Regional clean coal partnership
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MINERALS: Iron ore exporting cos to go in for a higher price from importers
To cushion the impact of export levy and spurt in freight cost. New Delhi, Sept. 16 The major companies exporting iron ore from the country, MMTC and the National Mineral Development Corporation (NMDC), would go in for a higher realisation from ...
URBAN DEVELOPMENT: Vizag corpn to float bonds soon
Visakhapatnam, Sept. 16 The Greater Visakhapatnam Municipal Corporation is getting ready to float bonds worth Rs 100 crore by the end of the month to finance some of its projects taken under the Jawaharlal Nehru National Urban Renewal ...
TAXATION: HC sets aside CST assessment orders for not allowing personal hearing of assessee
Chennai, Sept. 16 Two Central sales tax assessment orders of the Commercial Tax Officer (CTO), Srirangam Assessment Circle, in respect of a Tiruchi steel unit, were set aside by the Madurai Bench of Madras High Court as the CTO had refused ...
DISINVESTMENT: Andrew Yule to complete jt venture divestment by March
Plans re-launch of packet tea brands. Kolkata, Sept. 16 Andrew Yule and Co Ltd, a central PSU, hopes to complete divestment of its belting joint venture, Phoenix Yule Ltd, and power utility, DPSC Ltd, by March, 2009. The disinvestment process is ...
TRADE & LABOUR UNIONS: Trade union moots scrapping income ceiling on bonus
Visakhapatnam, Sept. 16 The Indian National Trade Union Congress (INTUC) wants the Union Government to amend the Bonus Act to remove the income ceiling and is hopeful of a positive response from the Government in a few months, before the ...
SCIENCE & TECHNOLOGY: 'Work on to transmit data via quantum mechanics'
Hyderabad, Sept. 16 Scientists across the world are working on developing a system to transmit information in a secure way by using quantum mechanics, according to Prof Claude Cohen-Tannoudji, the 1997 Nobel Laureate in ...
ECONOMY: 'Indian SEZ schemes offer best competitive package'
The Union Commerce and Industry Minister, Mr Kamal Nath, today said that as India is one of the engines of the global economy and emerging as a major investor destination, India's special economic zone (SEZ) schemes offer the ...
PETROLEUM: Airline body seeks DGFT nod to import turbine fuel
New Delhi, Sept 16 In a move that will allow airlines to get aviation turbine fuel (ATF) at lower prices, the Federation of Indian Airlines has approached the Directorate-
INFRASTRUCTURE: 'Global crisis may not impact infrastructure growth'
Hyderabad, Sept. 16 The global financial crisis, which resulted in the collapse of giants such as Lehman Brothers, may not have an immediate impact on the Indian infrastructure sector, according to experts at the infrastructure summit ...
EVENTS: Industrial expo in Hyderabd from tomorrow
Hyderabad, Sept. 16 The Micro, Small and Medium Enterprises Development Institute (MSME-DI), in association with the Andhra Pradesh Department of Industries and Commerce, is organising a four-day National Industrial ...
REAL ESTATE & CONSTRUCTION: Pan Atlantic invests $10 m more in Sobha Developers' SPV
Bangalore, Sept 16 The Dubai-based Pan Atlantic LLC has invested an additional $10 million to increase its stake by 30 per cent to 70 per cent in the special purpose vehicle floated by Sobha Developers for its residential project in ...
CEMENT: Cost pressure to ease for cement manufacturers
Falling coal price to improve operating margins. The recent fall in coal prices may bring some relief to the margins of cement companies, compared to the preceding quarters. Having taken cues from falling oil prices, global coal prices have ...
BPOs manage to ward off sub-prime crisis
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FM: subprime crisis to hit India - The Financial Express
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What is sub prime crisis? - Yahoo! Answers India
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Can India prevent a subprime crisis?- T T Ram Mohan-Columnists ...
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Implications of the Sub Prime crisis for India
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Sub-prime crisis and credit risk measurement: lessons learnt
has been the sub-prime crisis and the unforeseen ripple. effects in markets in distant parts of ... on sub-prime crisis reflects the current challenges in ...
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First Tennessee's Swafford speaks to Memphis CCIM about subprime ... Charlotte Business Journal, NC - ... First Tennessee Bank, spoke to the Memphis Metro CCIM chapter this morning about the past, present and future of the nation's subprime lending crisis. ... |
US' sneeze brings Taiwan's cold Taipei Times, Taiwan - This clearly shows how the transference of US financial risk to other countries has allowed the sub-prime crisis to spread and cause connected and ... |
Washington Post | Global Subprime Fallout From Lehman, Fannie/Freddie [Housing Tracker] Seeking Alpha, NY - 15) "We have been more or less insulated from the subprime crisis. Prima facie, the crisis in the US may not have any impact on India. ... Lehman Bros. can't survive latest crisis Press Roundup Lehman files for bankruptcy, plans to sell units |
Second leg of subprime crisis underway - S.Korea Reuters - "The second leg of the subprime crisis has begun," said Jun Kwang-woo, the head of South Korea's Financial Services Commission told reporters. ... |
한겨레 | [Column] US financial crisis exposes the failures of the ... 한겨레, South Korea - When will the end of this subprime loan crisis begin? Will the demise of these two Wall Street giants lead to an unraveling of the subprime crisis? ... |
Wall Street Crisis Pressures State Businesses Hartford Courant, United States - Much of that dissipated in Monday's sell-off of securities in financial services firms tied to the subprime crisis and the housing downturn — not only the ... |
Subprime crisis lawsuits hit unprecedented levels Insurance Daily, UK - by David Masters America's subprime mortgage crisis has reached an unprecedented level according to a report released this week. ... |
Sify | Crunch time: RBI steps in to soothe frayed nerves Economic Times, India - Once the currency market stabilises, this could prompt many NRIs to park more deposits with banks in India -- something that RBI is banking on to increase ... RBI steps in to arrest fall in rupee Fed acted correctly on Lehman, AIG: O(x)us Invt RBI in process of holding parleys with FIMMDA |
Sify | Market slips after firm start, Ranbaxy tumbles NDTV.com, India - The move will increase dollar supply and lower banks' borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can ... Sensex provisionally ends up 0.14 percent Wall Street rattled by financial mess |
UPDATE 1-Indian cash rates end lower after cbank steps Reuters India, India - The Reserve Bank of India said on Tuesday to alleviate the pressures and ensure liquidity in the money market it would conduct a second money market ... |
Moneycontrol. | RBI acts to ease "transient pressures" Reuters India, India - To alleviate the pressures and ensure liquidity in the money market it announced a second money market operation every day between 4:00 and 4:30 pm ... UPDATE 1-India cbank acts to ease "transient pressures" RBI steps in to cool financial markets RBI defends rupee; boosts liquidity |
Rupee Rebounds From Two-Year Low as India Says It'll Intervene Bloomberg - ``The rupee is likely to recover part of its losses because it's a certainty now that the central bank will supply dollars in the spot market,'' said ... Companies, banks cash in on Re slide ANALYSIS-Dollar funding crunch adds to Asian currency woes RBI may hike rates by 100 bps by Mar '09: Barclays Cap |
Reuters | Asia greases money markets, AIG deal fails to soothe Reuters - The Bank of Korea warned that foreign funds would keep flowing out of the domestic bond market. India added an extra money market operation to improve ...AIG |
Market fall continues on fear of global liquidity crunch Economic Times, India - Unless foreign players pump in money it's very difficult to hold the markets higher. Given the global scenario, Indian equities are likely to remain under ... |
Hindu Business Line | Rupee crashes by 90 paise Hindu Business Line, India - However, dollar selling by public sector banks, perhaps on behalf of the Reserve Bank of India, supported the rupee to some extent, said forex dealers. ... |
Indian bankers see little impact of Lehman collapse but stock ... Thaindian.com, Thailand - The Reserve Bank of India (RBI) has sprung regularly to the rupee''s defense, buying it in the currency market and exacerbating a shortage of local currency ...LEH |
India copper weak on financial market worries Reuters India, India - MUMBAI, Sept 16 (Reuters) - Indian copper futures extended losses on Tuesday as investors continued to pull money out of risky assets fearing a slowdown in ... |
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Strategies to Resurrect Rural Credit Delivery System in India
9 Jul 2007 ... Downloadable! The RFIs operating in Maharashtra have not only shown slower growth in their loan advances and other operational indicators ...
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SSRN-Strategies to Resurrect Rural Credit Delivery System in India by Deepak Shah. ... In brief, the focus of rural credit delivery system should be on ...
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Taxation System in India - tax structure - India tax reforms laws ...
Taxation System in India. India has a well-developed tax structure with clearly .... Domestic corporations are granted credit on foreign tax paid by them, ...
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BANGLAPEDIA: Informal Credit
In course of time, the cash credit system, though limited, started to evolve ... The Dutch east india company's debt to Kasimbazar merchants, computed with ...
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Making Money Spending Money: CIBIL-TransUnion Credit Scoring ...
CIBIL-TransUnion Credit Scoring System Launched in India ... Credit score is new system in India, launched on Thursday, November 29, jointly by Credit ...
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The Hindu : `Choice-based credit system helpful in meeting demand ...
A choice-based credit system — a fast-evolving system of delivering degree ... A key issue in India was how higher education related to employment needs. ...
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Strategies to Resurrect Rural Credit Delivery System in India ...
Strategies to Resurrect Rural Credit Delivery System in India. Shah, Deepak (2007): Strategies to Resurrect Rural Credit Delivery System in India. ...
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Microfinance Gateway: Site Content: Rural Financial System in ...
Rural Financial System in India : Directed Credit & Subsidized Interest Policy Need Fresh Look. Patel, A. & Kalkoti, G. Publication Date: 2007 ...
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Do we have a credit rating system in INDIA? - Yahoo! Answers India
1 Yahoo! Answers - Do we have a credit rating system in INDIA? – Discover the answer for this question and Earn more points for the best answer on Yahoo!
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Business Analyst Credit Risk Management System in India : TechJobs ...
Vinirma Consulting Pvt Ltd looking for Business Analyst Credit Risk Management System to work in India.
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Home Loans, Housing Loans, Home Loans in India - HDFC.com
STATE BANK OF INDIA :: INDIA's LARGEST BANK
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Home Loans India: Housing Loans, Home Insurance, Housing Finance ...
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Home Loans in India
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India Property Loans. Cheap home loans, NRI loans, home finance ...
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NRIs can easily get home loans in India - The Financial Express
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Home Loans India. Apply for a home loan online | HSBC Bank India
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EMI nightmare: Home loan set to go up again - Express India
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ApnaLoan: Car Home Personal Loans & Credit Cards in India
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India set to ride consumer credit boom, growth seen at 24%
India set to ride consumer credit boom, growth seen at 24%. The Economic Times: September 01, 2004. A global equity research report by Morgan Stanley has ...
www.ibef.org/artdisplay.aspx?cat_id=60&art_id=3446 - 37k - Cached - Similar pages - Note this The Hindu Business Line : Credit boom, but where are the profits?
29 Nov 2005 ... Money & Banking - Credit Market Credit boom, but where are the profits? ... Banks in India 2004-05 published by the Reserve Bank of India, ...
www.thehindubusinessline.com/2005/11/29/stories/2005112902011100.htm - 26k - Cached - Similar pages - Note this The Hindu : Open Page : Consumer credit boom and its pitfalls
YOUR EDITORIAL "Consumer credit: boon or bane?" (The Hindu, December 31) was ... And even if the boom continues in India, not all companies will do well. ...
www.hindu.com/op/2005/01/25/stories/2005012500111700.htm - 19k - Cached - Similar pages - Note this Editorial & Publication : Journal (Issue 73) : Balancing India's ...
Balancing India's credit boom. Chetan Modi. "The Indian banking system may need to double its capital base over the next five years" ...
https://www.theasianbanker.com/A556C5/Journals.nsf/($All)/26481EC8CA28FD8D482573780026638... - 32k - Cached - Similar pages - Note this Is another interest rate hike justified?
What is relevant for identifying a credit boom is not the trend in the level of ... The Reserve Bank of India has increased the policy rate four times since ...
www.rediff.com/money/2006/jul/22guest2.htm - 28k - Cached - Similar pages - Note this BBC NEWS | Business | India escapes global credit crunch - for now
20 Sep 2007 ... Unless there is a huge global slowdown the credit boom in India is set to continue for a very long time. Akhilesh Tilotia, Parks Financial ...
news.bbc.co.uk/1/hi/business/6993609.stm - 58k - Cached - Similar pages - Note this EDITORIAL: The coming credit boom. | Economic Times (New Delhi ...
EDITORIAL: The coming credit boom. from Economic Times (New Delhi, India) in Business provided by Find Articles.
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Using the aforementioned IMF criteria of identifying a Credit Boom in India, the current credit expansion can be defined as a credit boom. ...
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EDITORIAL: The coming credit boom. Publication: The Economic Times (New Delhi, India) (via Knight Ridder/Tribune Business News). Publication Date: 17-AUG-05 ...
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EDITORIAL: The coming credit boom. ...find Economic Times (New Delhi, India) articles. Aug. 17--CONDITIONS IDEAL TO RAMP UP DEBT: Belying the consensus that ...
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Indian Money Market: Market Structure, Covered Parity and Term ...
in the Indian money market despite a plethora of interest rates of ... A well defined yield curve does not exist in the Indian money market because domestic ...
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Crunch time: RBI steps in to soothe frayed nerves - |
Money & The Money Market In India, 1100-1700 (themes In Indian ...
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The Hindu Business Line : Templeton India Money Market Account: Invest
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The Hindu Business Line : Templeton India Money Market Account: Invest
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GLOBAL INTEGRATION OF INDIA'S MONEY MARKET: INTEREST RATE PARITY ...
the World, by focussing on the degree of integration of the Indian money market with. global markets. Frenkel (1992) in his review of Capital Mobility ...
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