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From
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Emerging India
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Hand-picked News For Busy NRIs & PIOs
Issue No. 118 Evening Edition IST
Corporate World . Politics . Investment Opportunities in India
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THIS ISSUE IS AT A PRICE,
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Headline News in this issue:
- B Ramalinga Raju can get a 7-year jail term
- Taliban very close to Wagah border
- Mumbai is burglary capital of India
- Delhi is crime capital of India
- NRIs remit record $14 b in Q2
- IcySpicy: TOM TO CRUISE INTO MUMBAI?
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SENSEX: 9,586.9 DOWN 54.8 % from 52-wk high
FOREX-Rs: USD 48.50 / EUR 65.52 / GBP 72.31
Do read Investment Advice for long-term investors in this issue.
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NRI.NewsIndia
Keeps me updated on India
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Satyam's chairman Ramalinga Raju resigns, admits fraud
B Ramalinga Raju can get a 7-year jail term
Shares of Satyam plunged by over 77% today
Satyam Computer on Wednesday plunged into a deep crisis, as B Ramalinga Raju resigned as its chairman after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.
The beleaguered IT giant, already under scanner over the aborted acquisition of firms promoted by the chairman's family, received a rude shock days ahead of its January 10 board meeting, with Raju stepping down along with his brother and Managing Director B Rama Raju.
"It was like riding a tiger, not knowing how to get off without being eaten," Ramalinga Raju said in a letter to Satyam's Board of directors, wherein he listed major financial wrong-doings over the years to inflate the profits.
Noting that every attempt to eliminate gaps in balance sheet, purely on account of inflated profits over several years, failed, Raju said: "I am now prepared to subject myself to the laws of the land and face consequences thereof."
http://timesofindia.indiatimes.com/Business/Satyams_chairman_Raju_quits/articleshow/3946088.cms
http://economictimes.indiatimes.com/articleshow/3948025.cms
Taliban closer to Wagah than Goa to Mumbai (TOI,Mum,07Jan09,Pg1)
Islamic Militia’s Terror Regime Is Almost At India’s Doorstep
New Delhi: Lahore is 48 km from Amritsar, closer than Kharghar is from south Mumbai. From Lahore, Islamabad is another 260 km and 160 km north-west from there is the tiny town of Buner. Beyond that, begins the state of ‘Talibanistan’. Its ever-expanding boundary is just 430 km from India’s Wagah border.
The wellsprings of terror that threaten most of the world—India in particular—are no longer located in the remote mountains of Pakistan or in the caves of Afghanistan. They are a six- to eight-hour drive from India’s border in a sedan on reasonably good roads.
Some seven years after the US drove out, the Taliban-Al Qaida from Afghanistan, the world’s most potent terror group, has not only recouped but could be within striking distance of forming their own state, seriously compromising the integrity of both Pakistan and Afghanistan.
Mumbai is burglary capital of India (TOI,Mum,07Jan09,Pg1)
Mumbai has witnessed more burglaries than other Indian metros in the last five years, police data has revealed. However, Delhi leads in serious crimes like murder, rape and vehicle theft.
Delhi mgmt student gangraped (TOI,Mum,07Jan09,Pg1)
A 21-year-old management student from Delhi was reportedly raped by ten youths in Noida on Monday.
For news in detail, visit The Times of India ePaper
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Eastern Union: NRIs remit record $14 b in Q2 (ET,Mum,07Jan09,Pg7)
THE global economic slowdown has not deterred Indians living abroad from remitting funds back home. In fact, official figures indicate that NRIs are sending even higher amounts to their families.
Remittances by NRIs — as reflected in the private transfers portion of the balance of payments — touched a record high during the July-September quarter at $14.2 billion, up 57% over the same period a year ago. Inflows through this route have grown at over 25% in five years. In 2007-08, annual remittances amounted to $41 billion.
For news in detail, visit The Economic Times ePaper
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IcySpicy
TOM TO CRUISE INTO MUMBAI? (BT,Mum,07Jan09,Pg1)
Hollywood hunk Tom Cruise is all set to visit Asia around mid January. And there’s hope for his female fan following in Mumbai as well. If the buzz is to be believed, then the actor will cruise into Mumbai for a day. The idea being to promote his new flick Valkyrie in which Cruise plays Colonel Claus von Stauffenberg who daringly plotted to eliminate the German dictator Adolf Hitler.
Cruise will be in Korea on January 17, and spend around three days in Seoul. A spokesperson from Fox Star Studios India – the company that is marketing and distributing the film — said, “We are currently in talks with our office in the US to work out his trip to Mumbai, but it’s not confirmed yet.”
If he comes, Cruise might be accompanied by director Bryan Singer who has made films like Superman Returns, X Men, X2: X-Men: United & The Usual Suspects in the past. Valkyrie, which released in the US on Christmas Day, is slated for release in India in February and co-stars Kenneth Branagh, Bill Nighy, Tom Wilkinson and Carice van Houten.
For news in detail, do visit Bombay Times ePaper
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END OF THE DAY STATUS OF THE STOCK MARKET:
Sensex came down by 7.3 % today. This fall can be attributed to the shocking news of major financial wrong-doings in Satyam Computers.
SENSEX: 9,586.9 (-7.3%) NIFTY: 2,920.4 (-6.2%)
DOWN..54.8 % from 21,26.77 the 52-week high of SENSEX
UP...........11.9 % from 12,514.02 the 52-week low of SENSEX
Investment & Wealth Creation Advice:
Please note that our advice is primarily for investors and not for speculators. You will therefore find that our advices do not change substantially from issue to issue. Investors typically invest with 12-60 month investment perspective.
We expect the Sensex to go up to some extent from this level in the next couple of weeks. However, we expect it to come down to 7000-8000 level in 2009.
Some of you may like to book profit or exit some stocks in the next couple of weeks as the market is expected to fall substantially in a couple of months.
Also, those who want to invest in realty in India should wait for some time as the flat and land prices are expected to come down substantially in the next 3-4 quarters.
Do consult your investment advisor before making any investment decisions.
Do not purchase shares of a good company at a wrong price. Also, do not purchase shares of a bad company even at a very low price.
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Disclaimer: Please make all your investments after taking expert advice. NRI.NewsIndia will not be responsible for losses, if any, incurred by you. Through NRI.NewsIndia, we are only making you aware of the investment opportunities in India at a broad level.
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