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Friday 2 November 2012

Thank God :-) HSBC suspends MF, insurance sales in India amid allegations of mis-selling

Concentration risk in debt, liquid funds?
mydigitalfc.com
The latest half-yearly period of April to September did not see any departure from the normal concentration levels of investors in the mutual fund industry, as per Association of Mutual Funds in India's (Amfi) latest quarterly update on scheme category ...
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HSBC suspends MF, insurance sales in India amid allegations of mis-selling and ...
Times of India
MUMBAI: HSBC, the word's third-largest bank, has stopped selling insurance and mutual fundproducts in India. Amid mounting allegations of mis-selling and certain sharp practices, the London headquarters of the British bank, which carried out a ...
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Technology sector funds worst performer last month
Economic Times
MUMBAI: Technology funds as a category appeared at the bottom of the performance charts with a loss of 4.38% in the last month ended November 1, says Value Research, a mutual fund tracking entity. All five schemes in this category put together manage ...
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Stock Mutual Fund Outflows Up But Advisers Not Bailing
Wall Street Journal
A mix of poor returns by star managers compared to their benchmarks and heightened market volatility is behind multiyear outflows in stock mutual funds, says Greggory Warren, a Morningstar analyst. But when compared to overall asset levels of other ...
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Wall Street Journal
Aberdeen Exits German Property Mutual Funds to Serve Big Clients
Bloomberg
Aberdeen Asset Management Plc (ADN), which is winding down its German property mutual fundsafter failing to meet investor redemption requests, plans to stop offering funds to individuals and focus on banks and insurers. Aberdeen's German unit raised ...
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ING MF changes mode of dividend reinvestment for some funds
Moneycontrol.com
ING MF changes mode of dividend reinvestment for some funds. ING Mutual Fundpursuant to the announcement of following Single Plan structure has announced changes in some schemes. Source: Moneycontrol.com. Share · Tweet · Share on Tumblr ...
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Moneycontrol.com
This week's Mutual Funds and ETF stories
MarketWatch
And sitting in a fast-food restaurant with those power-hungry power investors, Jaffe ran into onemutual-fund manager whose surprising attitude and outlook about the unpredictable circumstances hold two great lessons for individuals, regardless of ...
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NAVs surge as markets delivered good performance
Moneycontrol.com
Fri, Nov 02, 2012 at 09:55. NAVs surge as markets delivered good performance. Equity and Debt Mutual Funds ended in green recording very few decline as both the markets delivered good performance. Source: Moneycontrol.com. Share · Tweet · Share on ...
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Kingfisher Woes Show Need for Bankruptcy Law: Corporate India

Bye Bye Sandy, Airlines will Take Off again




Resume flights

Post-Sandy, Airlines to resume flights

Major US airlines moved to build up service in the New York area on Thursday, with the number of cancelled flights easing as LaGuardia Airport re-opened for business in the wake of Hurricane Sandy.

Airlines had canceled about 750 flights for Thursday as of late afternoon, according to flight-tracking service FlightAware.com. That was the lowest daily tally of halted flights since airlines began cutting their US flying on Sunday ahead of the storm.

Delta Air Lines expected to operate about half of its roughly 260 flights at LaGuardia on Thursday. At John F Kennedy International, Delta operations are near the normal schedule, said spokesman Morgan Durrant.

United Continental expected to have a more-or-less normal schedule of flights at Newark, New Jersey, where it is the dominant carrier, and JFK, according to spokesman Charles Hobart. We're looking to concentrate any cancellations required by airport conditions to the United Express regional operations, he added.

Meanwhile, American Airlines planned to build up to full schedules at LaGuardia and Newark. Spokesman Kent Powell said the AMR Corp unit added extra flights into JFK to assist customers that had been stranded by cancellations earlier in the week.

New York-based JetBlue Airways said it planned to operate 80 percent of its total flights on Thursday, ramping up to a full schedule by Saturday. US Airways began flights at JFK and Newark on Thursday and will resume service at LaGuardia on Friday, spokeswoman Michelle Mohr said.

US carriers, which have canceled nearly 20,000 flights from Sunday through Thursday, have lost millions in revenue in Sandy's wake, airline watchers said. The New York-area airport closures had a trickle-down effect as airlines were forced to cut flights in other major cities.





Global airline passenger traffic growth slows: IATA
Economic Times
"The fact that airlines are making any money at all with weak markets and high fuel prices is a tribute to their strong business performance," IATA chief executive Tony Tyler said in the statement, before adding: "It's a tough year." He stressed ...
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Japan Airlines profit soars but China spat weighs
Economic Times
TOKYO: Japan Airlines on Friday raised its full-year profit forecast to $1.74 billion as the carrier, which only exited bankruptcy last year, released its first results since re-listing on Tokyo's stock market. The airline -- whose collapse was one of ...
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Post-Sandy, Airlines to resume flights
Indian Express
Major US airlines moved to build up service in the New York area on Thursday, with the number of cancelled flights easing as LaGuardia Airport re-opened for business in the wake of Hurricane Sandy.Airlines had canceled about 750 flights for Thursday ...
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Kingfisher Airlines' employees get second installment of their salaries
Economic Times
NEW DELHI: Employees of cash-strapped Kingfisher Airlines received a second installment of salaries as part of a deal between the company management, who promised to clear four months' payment dues by December, and employees, who, in turn, ...
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Economic Times
Hong Kong-based firm Bravia Capital eyes investment opportunities in India's ...
Economic Times
MUMBAI: Hong Kong-based investment firm Bravia Capital is eyeing investment opportunities in Indian airline companies despite a negative sentiment pervading the aviation market. The firm that has made investments in air transport and logistics ...
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Economic Times
DIAL asks Kingfisher Airlines to vacate international business lounge at T3
Economic Times
NEW DELHI: Kingfisher troubles don't seem to end. After Airports Authority of India (AAI) asking it to vacate hangars at Chennai and Kolkata, the GMR-run Delhi airport has asked it to give up the huge business lounge it has on the international side of ...
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Economic Times
Virgin throws down challenge
Sydney Morning Herald
What's more, through some fancy footwork early this year Borghetti rejigged Virgin's ownership structure to enable more foreign investors and airlines to buy in. Virgin retained its rights as an Australian airline even though nearly two-thirds of its ...
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Sydney Morning Herald
Jet Airways beats street as Q2 loss narrows sharply
Times of India
Jet, which posted its first quarterly profit in 18 months last quarter, has benefited from a shutdown at rival Kingfisher Airlines(KING.NS) which has eased over capacity and allowed other airlines to increase their fares in India's competitive airline ...
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United Airlines takes delivery of second 787 Dreamliner
Chicago Tribune
(Reuters) - United Airlines said on Thursday it had taken delivery of its second 787 Dreamliner jet from Boeing , following a delay by the aircraft maker, and that another three 787s due to arrive this year could also be delayed. United is the first U ...
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Singapore Air Posts Lower-Than-Estimated Profit on Cargo Slump
Bloomberg
Operating profit at the main airline unit fell 5.6 percent to S$84 million in the second quarter. The engineering division's earnings fell 5.9 to S$32 million, while regional carrier SilkAir boosted profit 46 percent to S$19 million. The figures were ...
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Would Major IT Companies honour all campus offers ? Due to Global Recession in IT Industry all Major IT Companies Like Infosys, TCS, Wipro, Micosoft, Yahoo are considering Deferment of Joining dates of All Campus Recruits.


 Due to Global Recession in IT Industry all Major IT Companies Like Infosys, TCS, Wipro, Micosoft, Yahoo are considering Deferment of Joining dates of All Campus Recruits. 




Falling margins and an unplanned salary increase have pushed Infosys to embark on a major austerity drive. The details are not clear yet, but it certainly includes a freeze on business class air travel and deferment of joining dates of 17,000 campus recruits.

The IT major's CEO, S D Shibulal, has sent a mail to employees saying that the company's expenditure for the year had risen too high on account of its Lodestone acquisition and salary increase. The mail goes on to say that the cost-cutting measures would be implemented in a phased manner.

A company spokesperson said, "In a tough business environment, Infosys has decided to take certain cost optimization measures. These are necessary for the company to continue making strategic investments and afford the rollout of the compensation increase."

The joining dates for campus recruits have been deferred for three months from the date of joining that was communicated to them previously. Several people tweeted that their joining dates had been extended to February; some said April.

The Infosys spokesperson said the company would honour all campus offers. The company has introduced an online training programme to keep these new hires engaged till they formally start work. "The completion of this training will not only give these recruits a headstart in their career with Infosys, but also reduce their planned six months training programme at our Mysore campus by up to two months," the spokesperson said.

Anticipating a bevy of queries from thousands of campus recruits for specifics around the deferred joining dates, Infosys has set up an exclusive online chat line. "This will help us address additional queries from them and also help them gather details about our online training programme. This will be in addition to our personal communication and addressing queries through emails," the company said.

There's also a freeze on long-haul business class air travel by its senior executives, including the CEO. "Business class is a privilege available to senior leaders in the company for long haul travel. In our drive to optimize travel costs, the senior leadership has decided to lead by example and forgo this privilege," the company said.

Infosys's operating margin has been dropping consistently for several quarters now. In the quarter ended December 2011, it had a 31.2% operating margin, but this was down at 26.34% in the last quarter. The September quarter alone saw a surprisingly sharp fall of 166 basis points. The salary increase of 6% announced last month, which many believe was done under pressure because rivals had given increments earlier in the year, will increase margin pressures in the coming quarters. Infosys normally announces salary increases in April, but this year it did not do so citing uncertain business conditions.

By Capt Shekhar Gupta
              Maani Sharma [ MBA Aviation ]



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