Wednesday 30 May 2012

Romney clinch Republican presidential nomination

Mitt Romney has clinched the US Republican presidential nomination. He will face President Barack Obama in the November election.ABC Television on Tuesday declared the former Massachusetts governor the projected winner in the Texas primary. With this win puts him over the top, having secured more than the 1,144 delegates needed for the nomination.
Romney had been the presumptive nominee for weeks, since his closest rival, Rick Santorum, withdrew from the race.Romney will be officially nominated at the Republican National Convention in August.
Romney said on Tuesday that he is humbled to have won enough delegates to become the Republican nominee.
He said he is confident that Americans will unite as a country on November 6th. He said they will then begin the hard work of fulfilling the American promise of restoring the country to greatness.

Thursday 24 May 2012

Ahmadinejad to visit Beijing next month

Iranian President Mahmoud Ahmadinejad will visit Beijing next month, a spokesman for the Islamic republic’s embassy said Wednesday, amid an escalating crisis over Tehran’s nuclear programme.
Ahmadinejad will be in the Chinese capital for a meeting of the Shanghai Cooperation Organisation, a Central Asian grouping headed by Beijing and Moscow, said spokesman Mohammad Ali Ziaei.
“Yes, it has been confirmed. The exact date of arrival is not set, but for sure the president will be here on June 7,” the spokesman said, giving no further details.
Russian President Vladimir Putin will also attend the June 6-7 gathering, to be chaired by China’s President Hu Jintao.
Tehran insists that its nuclear programme is for peaceful use, but it faces a raft of sanctions from the United Nations, the United States and the European Union over suspicions that it is trying to develop atomic weapons. China, a close ally of Iran, has criticised the measures.
Ahmadinejad last visited China in 2010, when he attended the World Expo in Shanghai. Iran has observer status in the Shanghai Cooperation Organisation, which groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan and focuses on regional issues including anti-terrorism.

EU leaders set Greece growth plan

European Union leaders agreed on a initiative to help Greece achieve economic growth, but continue to insist the country carry out austerity measures.EU leaders met for 6 hours in an extraordinary summit held in Brussels, Belgium, on Wednesday.They confirmed they want Greece to stay in the eurozone but called on it to carry out austerity and respect its commitments for receiving an EU bailout.The leaders agreed for the first time on measures to help Greece achieve economic growth and job creation.They agreed to use EU subsidies designed to narrow inequalities among members.Summit comes as Greece prepares to hold fresh elections June 17th after attempts to form a coalition failed.
 European Council President Herman Van Rompuy said continuing vital reforms is the best guarantee for a more prosperous future in the euro area. He said EU leaders expect the next Greek government to make that choice.He also said the EU needs both financial stability and growth, and should not see the situation as a choice between the two.
The meeting discussed growth strategies for the region amid the reality that austerity is hurting the economies of heavily indebted countries.They agreed on measures such as boosting the lending capacity of the European Investment Bank.

Wednesday 23 May 2012


London School of Business & finance – British Embassy Seminar on Sports Management

London School of Business & Finance (LSBF) growing at rapid pace business schools in Europe with five global campuses in London, Birmingham, Manchester, Toronto and Singapore. The British Embassy India and London School of Business & Finance organised a seminar on Sports Management and networking event at the British High Commission on the 22nd May 2012 at the Conference Room, Shantipath, New Delhi 110 021. The participants of the Seminar from varied profession, shared their skills through networking with keynote speakers and members of the local business community, such as HR managers and executives from business, finance and marketing industries leaders.An opportunity to expand the network with LSBF professionals and other students and alumni.
Event keynote speakers from renowned organizations like :
Mr Berry Lowen Director UK Trade and Investment
Mr. Prashant Singh, Head of Marketing, Reebok India
Mr. Sunando Dhar, Senior Official, All India Football Federation (AIFF)
Mr. Anil Bhavnanki, Director of BPO, Pfizer
A Wall Street journalist  view of India and China were amusing on trade.
But lest we must not forget Indian market with potential for luxury products is niche market and in this global fiscal crisis India stands to ignite growth.Indian growth story works on bumpy road but within its latent value it prime mover for the rest of the world economy along with other Asian tigers.Most of business experts read between the lines of stock markets up and down which is strong ploy of speculators creating for their mentors to make money and ride on the artificial waves.Half the world does not know how the other half lives said a great man and in this era of rapid growth and development with an electric speed of innovation and creativity India too stands to gain with the collaboration of developed world in combating fiscal crisis in years ahead.
Speakers briefing their experience said unanimously there is a need of the global leaders.The pioneer  institutes and nation need to help for the building economy through the International professionals which can bring  prosperity for all.
Prominent speakers enunciated their experiential global management in their day to day affairs and each with unique experience inspired the participants.


London School of Business & finance – British Embassy Seminar on Sports Management

London School of Business & Finance (LSBF) growing at rapid pace business schools in Europe with five global campuses in London, Birmingham, Manchester, Toronto and Singapore. The British Embassy India and London School of Business & Finance organised a seminar on Sports Management and networking event at the British High Commission on the 22nd May 2012 at the Conference Room, Shantipath, New Delhi 110 021. The participants of the Seminar from varied profession, shared their skills through networking with keynote speakers and members of the local business community, such as HR managers and executives from business, finance and marketing industries leaders.An opportunity to expand the network with LSBF professionals and other students and alumni.
Event keynote speakers from renowned organizations like :
Mr Berry Lowen Director UK Trade and Investment
Mr. Prashant Singh, Head of Marketing, Reebok India
Mr. Sunando Dhar, Senior Official, All India Football Federation (AIFF)
Mr. Anil Bhavnanki, Director of BPO, Pfizer
A Wall Street journalist  view of India and China were amusing on trade.
But lest we must not forget Indian market with potential for luxury products is niche market and in this global fiscal crisis India stands to ignite growth.Indian growth story works on bumpy road but within its latent value it prime mover for the rest of the world economy along with other Asian tigers.Most of business experts read between the lines of stock markets up and down which is strong ploy of speculators creating for their mentors to make money and ride on the artificial waves.Half the world does not know how the other half lives said a great man and in this era of rapid growth and development with an electric speed of innovation and creativity India too stands to gain with the collaboration of developed world in combating fiscal crisis in years ahead.
Speakers briefing their experience said unanimously there is a need of the global leaders.The pioneer  institutes and nation need to help for the building economy through the International professionals which can bring  prosperity for all.
Prominent speakers enunciated their experiential global management in their day to day affairs and each with unique experience inspired the participants.

Dell Reports First Quarter Financial Results

  Dell Reports First Quarter Financial Results
  • Revenue of $14.4 billion
  • GAAP Earnings of $0.36 per share, non-GAAP earnings was $0.43 per share
  • Dell Enterprise Solutions and Services revenue grew 2 percent year over year to $4.5 billion

ROUND ROCK, Texas, May 22, 2012 – Dell announced its fiscal 2013 first quarter results today, continuing to show progress in its move to being a total enterprise services and solutions provider. Revenue for the quarter was $14.4 billion, with GAAP operating income of $824 million, and earnings of $0.36 per share.

“We’re committed to continuing our strategy to re-shape Dell’s business as an end-to-end IT provider,” said Michael Dell, chairman and CEO.  “We saw continued progress in our first quarter with the innovative IT solutions we’re providing – notably our latest Dell servers, storage, networking and services that deliver customers enhanced productivity.”
“We continued to shift the mix of our business during a challenging environment,” said Brian Gladden, Dell chief financial officer. “Our enterprise solutions and services businesses now account for 50 percent of our gross margin, and we’ll continue to make the necessary investments to maintain our progress.”
Results
  • Revenue in the quarter was $14.4 billion, a 4 percent decrease from the previous year.
  • GAAP earnings per share in the quarter was 36 cents, down 27 percent from the previous year; non-GAAP EPS was 43 cents, down 22 percent.
  • GAAPoperating income for the quarter was $824 million, or 5.7 percent of revenue. Non-GAAP operating income was $1 billion, or 7 percent of revenue.
  • Cash used in operations in the quarter was $138 million. For the past four quarters, Dell has generated $4.9 billion in cash flow. Dell ended the quarter with $17.2 billion in cash and investments.

Fiscal-Year 2013 First Quarter Highlights

                                                                 First Quarter                                             

(in millions)                                        FY13          FY12    Change                       

Revenue                                       $14,422     $15,017        (4)%


Operating Income (GAAP)                      $824        $1,212       (32)%                      
Net Income (GAAP)                               $635           $945       (33)%
EPS (GAAP)                                         $0.36          $0.49       (27)%

Operating Income (non-GAAP)             $1,010        $1,376       (27)%
Net Income (non-GAAP)                         $761        $1,050       (28)%
EPS (non-GAAP)                                   $0.43          $0.55       (22)%

 

Information about Dell’s use of non-GAAP financial information is provided under “Non-GAAP Financial Measures” below. Non-GAAP financial information excludes costs related primarily to the amortization of purchased intangibles, severance and facility-action costs, and acquisition-related charges. All comparisons in this press release are year over year unless otherwise noted.

Strategic Highlights:
  • Dell Enterprise Solutions and Services revenue grew 2 percent year over year to $4.5 billion and contributed half of Dell’s gross margin. The ESS revenue grew 5 percent excluding third-party storage.
  • Dell Services revenue was $2.1 billion, up 4 percent. Services backlog increased 9 percent to $15.4 billion.
  • Dell-owned storage grew 24 percent to $423 million.
  • Server and networking revenue grew 2 percent.

Business Units and Regions:
  • Large Enterprise revenuewas $4.4 billionin the quarter, a 3 percent decline. Operating income for the quarter was $402 million, or 9.1 percent of revenue.
  • Public revenue was $3.5 billion, a 4 percent decrease. Operating income for the quarter was $271 million, or 7.8 percent of revenue.
  • Small and Medium Business revenue grew 4 percent to $3.5 billion. Enterprise Solutions and Services revenue increased 17 percent, led by services revenue growth of 23 percent and servers and networking of 16 percent. SMB had $389 million in operating income, or 11.2 percent of revenue.
  • Consumer revenue was $3 billion, a 12 percent decline. Operating income was $32 million or 1.1 percent of revenue.
  • Asia-Pacific and Japan revenue was flat but China increased 9 percent. EMEA revenue was down 1 percent in the quarter. Americas was down 7 percent. Revenue in the BRIC countries increased 4 percent.


Company Outlook:
The company expects second quarter revenue to be in line with historical seasonal trends and be up 2-4 percent from first-quarter levels.

About Dell
Dell Inc. (NASDAQ: DELL) listens to customers and delivers worldwide innovative technology, business solutions and services they trust and value. For more information, visit www.dell.com. As previously announced, the first-quarter analyst call with Michael Dell, chairman and CEO; Brian Gladden, CFO; and, Steve Felice, Chief Commercial Officer, will be webcast live today at 4:00 CDT and archived at www.dell.com/investor.To monitor highlighted facts from the analyst call, follow on the Dell Investor Relations Twitter account at: http://twitter.com/dellsharesor hashtag#DellEarnings. To communicate directly with Dell, go to www.dell.com/dellshares.

Segment Realignment:
In the first quarter of Fiscal 2013, Dell made certain segment realignments in order to conform to the way Dell internally manages segment performance. These realignments affected all of Dell’s operating segments, but primarily consisted of the transfer of small office business customers from the Small and Medium Business segment to the Consumer Segment. Dell has recast prior period amounts to provide visibility and comparability. None of these changes impacts Dell’s previously reported consolidated net revenue, gross margin, operating income, net income, or earnings per share.

Non-GAAP Financial Measures:
This press release includes information about non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively with non-GAAP gross margin and non-GAAP operating expenses, the “non-GAAP financial measures”), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles. In the following tables, Dell has provided a reconciliation of each historical non-GAAP financial measure to the most directly comparable GAAP financial measure under the heading “Reconciliation of Non-GAAP Financial Measures” and has presented a detailed discussion of its reasons for including the non-GAAP financial measures and the limitations associated with those measures under the heading “Use of Non-GAAP Financial Measures.” Dell encourages investors to review the reconciliation and the non-GAAP discussion in conjunction with Dell’s presentation of these non-GAAP financial measures.

Special Note on Forward Looking Statements:
Statements in this press release that relate to future results and events (including statements about Dell’s future financial and operating performance, trends relating to mix shift, macroeconomic uncertainty, organic and inorganic investments and success relating to strategic transformation, as well as the financial guidance with respect to cash flow from operations, net income and non-GAAP earnings per share) are forward-looking statements and are based on Dell’s current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “confidence,” “may,” “plan,” “potential,” “should,” “will” and “would,” or similar expressions. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including: intense competition; Dell’s reliance on third-party suppliers for product components, including reliance on several single-sourced or limited-sourced suppliers; Dell’s ability to achieve favorable pricing from its vendors; weak global economic conditions and instability in financial markets; Dell’s ability to manage effectively the change involved in implementing strategic initiatives; successful implementation of Dell’s acquisition strategy; Dell’s cost-efficiency measures; Dell’s ability to effectively manage periodic product and services transitions; Dell’s ability to deliver consistent quality products and services; Dell’s ability to generate substantial non-U.S. net revenue; Dell’s product, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell’s sales channel partners; access to the capital markets by Dell or its customers; weak economic conditions and additional regulation affecting our financial services activities; counterparty default; customer terminations of or pricing changes in services contracts, or Dell’s failure to perform as it anticipates at the time it enters into services contracts; loss of government contracts; Dell’s ability to obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; infrastructure disruptions; cyber attacks or other data security breaches; Dell’s ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; Dell’s ability to attract, retain, and motivate key personnel; Dell’s ability to maintain strong internal controls; changing environmental and safety laws; the effect of armed hostilities, terrorism, natural disasters, and public health issues; and other risks and uncertainties discussed in Dell’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for its fiscal year ended February 3, 2012. In particular, Dell’s expectations with regard to cash flow from operations, net income and non-GAAP earnings per sharefor the full fiscal year ending Feb. 1, 2013 assume, among other matters, that there is no significant decline in economic conditions generally or demand growth specifically, that macroeconomic uncertainties do not materialize into significant economic difficulties, no significant change in product mix patterns, and continued geographic customer demand trends. In particular, Dell’s expectations with regard to second quarter revenue amounts assume, among other matters, that there is no significant decline in economic conditions generally or demand growth specifically, that macroeconomic uncertainties do not materialize into significant economic difficulties, no significant change in product mix patterns, and continued geographic customer demand trends. Dell assumes no obligation to update its forward-looking statements.

Consolidated statements of income, financial position and cash flows and other financial data follow.
Dell is a trademark of Dell Inc. Dell disclaims any proprietary interest in the marks and names of others.

Thursday 17 May 2012

The insolvent United States banking system: lessons from J.P. Morgan Chase

Why the banks must be nationalized

Horace Campbell

2012-05-17, Issue 585

http://pambazuka.org/en/category/features/82237

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As central bankers from China to Venezuela and from Argentina to Japan are seeking ways to exit from the contagion of the speculative trading of US bankers, progressive forces must renew the call for the nationalization of the big banks, which are supposed to be too big to fail.
Since September 15, 2008 the United States economy has been like a ticking time bomb with the unregulated activities of the banks the fuse that is slowly burning. This fuse has affected the international banking system and while citizens of the United States are focused on an electoral contest, the issues of the future of the U.S banking system, the future of the dollar and the future of the Euro are bringing home the reality of the capitalist depression. Two weeks ago, Paul Krugman released a book entitled, End this Depression Now. This book sought to galvanize action by the US government to stimulate the economy based on the twentieth century Keynesian ideas of stimulating growth. Increasingly, it is becoming clearer that far more drastic political measures will be needed if the international financial system is to be protected from the gambling of the top bankers in the United States. Wealth creation and a new economic system are needed to meet the needs of human beings.
This reality was brought home last Thursday, May 10, when it was revealed the J. P Morgan Chase, the largest bank in the United States had been involved in the most risky type of speculative trading that was not supposed to be undertaken by a federally insured depository institution. The nature of the speculative trading is still covered up by the media but from what has been coming out there were bets placed by a derivative trader who was placing US$100billion bets that the US economy would recover. One report called the operation ’trades in the synthetic derivatives hedging business.’
Whether this is the real cause of the attention to JP Morgan Chase will only come to light when the media and the representatives of the people call for the removal of Jamie Dimon, the CEO of this bank and takes over the bank. While the information on the $3 billion loss is as opaque as the business world of the financial system, the nature of the risk that was being undertaken is reserved exclusively for the big banks and offers multi- million dollar profits in this ether world that is called financial capitalism.
JPMorgan Chase is currently one of the biggest banks in the world supposedly with $2.1 trillion in assets and more than 239,000 employees. I used the word ‘supposedly’ because JP Morgan Chase was one of the recipients of more than$26 billion of Troubled Asset Relief Program (TARP) funds after the collapse of Lehman Brothers and the American International Group (AIG) in September 2008. Troubled Assets was the term coined by the US government to hide from the world the state of the insolvency of the US banking system where the big banks had overextended themselves in the housing bubble issuing what was then called mortgage backed securities. These banks are still mired in the toxic mess from the orgy of speculation of that era and JP Morgan compounded its own risky position by taking over the bad bank, Washington Mutual.
The Bank JP Morgan Chase grew bigger and riskier after absorbing two of the failed banks at the center of the MBS debacle. JPS acquired Bears Stearns and Washington Mutual. Hence on top of its own involvement in the casino economy, JP Morgan Chase had taken on two failed banks in an attempt to save the US financial system.
The Tarp instrument was the means through which the US government had ‘bailed out the banks and investment houses in 2008. JP Morgan Chase was involved in the same credit default swaps (CDS) that was at the core of the gambling that brought down the system in 2008. The speculative activities of the Banks have increased since 2008 and now the press is seeking to lay the blame on one derivatives trader in London. According to the media, speculation by a derivatives trader in London has produced a $2 billion trading loss for JP Morgan Chase. It is still not clear the extent of the loss but we know that it is in the same category as the losses at MF Global last year. These losses add to the scandal after scandal and are supposed to be on par with the other debacles of 2008 when two major Wall Street institutions, Bear Stearns and then Lehman Brothers went bankrupt. This year the progressive forces must renew the call for the nationalization of the big banks which are supposed to be too big to fail.
THE ARROGANCE OF THE BIG BANKS
The rise and impending collapse of J P Morgan Chase is a cautionary tale about the fortunes (or currently misfortunes ) of the US banking system. Older readers will remember the name Chase Manhattan Bank and the era when David Rockefeller and this bank stood at the apex of US capitalism. Today Chase Manhattan no longer exists and has been absorbed through the mergers and acquisitions of the years of neo-liberal capitalism. Then there was the other major US capitalist whose fortunes were made when there were the most brutal forms of exploitation of workers. This was the banker and industrialist, John Pierpont Morgan. The career of JP Morgan was symbolic of the merger of industrial and bank capital to create financial capitalism at the turn of the twentieth century. Today at the start of the 21st century JP Morgan Chase is the result of the combination of several large U.S. banking companies over the last decade including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, the predecessors of the current banking behemoth include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.
JP Morgan Chase is a textbook case of what happened to US banks during the era of neo-liberalism when the Glass Steagall Act was repealed separating investment banking from federally insured deposit banks. Much attention has been paid to the two poster children of the new casino type operators who claim to be bankers, Jamie Dimon of JP Morgan Chase and Lloyd Blankfein of Goldman Sachs. These two are just at the top of the massive political structure that squeezes the mass of the citizens of the world for the top 1 per cent. In the book ‘13 Bankers: The Wall Street Takeover and the Next Financial Meltdown’, the authors Simon Johnson and James Kwak have detailed the evolution of the neo-liberal world that was spun by these bankers. According to Johnson and Kwak, the bankers created new money machines with new schemes such as securitization, high yield debt, arbitrage trading and derivatives. On top of these serial innovations we now have a new one called value at risk. Later we will be told what is synthetic derivatives hedging business. These “serial innovations created the new money machines that fueled the rapid, massive growth in the size, profitability and wealth of the financial sector over the last three decades.”
It is the accrued power of these bankers that now threatens the global system of capitalism. After the tremors of the financial markets in 2008 these same banks that called for deregulation called for bail outs because they were too big to fail. For a while, there had been word of the depth of the hole in other banks and we are still waiting for the information on Bank of America which is still under wraps with Wikileaks. Only two months ago, the Federal Reserve completed a “stress test” of the 19 largest US banks, which gave all of them a green light in terms of solvency and approved increased dividends or stock buybacks for 15 of the 19 banks. This exposure of JP Morgan exposes the fraud of the so called stress tests.
Although the banking system was propped up and we are informed in the media that these banks recently passed ‘stress tests,’ the news about the risky bets of JP Morgan is a stark reminder that the time bomb is ticking. Since that fateful week in September 2008, far from resolving the crisis of the US financial system, the bailout of Wall Street that had been orchestrated by the Federal government has resulted in a further centralization of financial assets in a handful of giant institutions that dominate American society. The further centralization now means that five of the 13 banks—JP Morgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs — held $8.5 trillion in assets at the end of 2011. The big five have increased their viselike grip on the US economy over the past five years: in 2006, their financial holdings amounted to 43 percent of US gross domestic product. By the end of 2011, that figure had risen to 56 percent.
JP MORGAN AT THE FOREFRONT OF OPPOSING REGULATION
JP Dimon is the CEO of JP Morgan Chase. He has been the most active among the bankers in manipulating the system playing both sides of the political game and arguing against the regulation of the banks. Jamie Dimon was paid over US $23 million last year and now it is coming out that it is the accounting scams that produced the paper profits that enabled the big bonuses for Dimon and the traders who were urged to make riskier bets. Dimon has been the most active in the press and in his visits to the Obama White House. He has argued for the ‘markets’ to take their course when his bank has been in operation in a world that is beyond the reach of markets. While the world of these bankers is beyond the ‘market’ these are the financiers who promote the myth that the development of a generalized market (the least regulated possible) and democracy are complimentary to one another. The same bankers who argue that the economic sphere and the political sphere are separate and that the market does not need the state are the same bankers who are expending billions to lobby so that the limited regulations proposed by the Dodd-Frank legislation of 2010 are not affected. The Dodd-Frank legislation included one particular clause called the Volcker rule that was supposed to ban proprietary trading by the lords of the universe.
Jamie Dimon has been described by Barack Obama as one of the smartest bankers in the United States. Obama was simply exposing the subservience of the federal government to the bankers who are the same group pouring millions into both campaigns. The bankers are ensuring that whichever party wins in November, the US banking system will be protected. Barack Obama timidly called for regulating JP Morgan while actively engaging the soliciting of funds from one of the most notorious ‘private equity’ firms in New York. The close relationship between the private equity firms and the bankers constitute the power of the top one per cent and the US government acts to serve this one per cent. After the big scare of 2008 there was fear internationally that there would be a run on the dollar. It was this fear that induced the members of the US government to pass the Dodd-Frank Legislation to prevent the obscene conflict of interest of the banks and investment houses. The expedient which was supposed to prevent the conflict of interest was the Volcker rule, named after the former Treasury Secretary of an era before financialization. The rule placed trading restrictions on financial institutions. In the 2010 legislation, the Volcker rule separates investment banking, private equity and proprietary trading (hedge fund) sections of financial institutions from their consumer lending arms. Banks are not allowed to simultaneously enter into an advisory and creditor role with clients, such as with private equity firms. The Volcker rule aims to minimize conflicts of interest between banks and their clients through separating the various types of business practices financial institutions engage in.
JP Dimon has been the leader in opposing the Volcker rule because his organization has been at the forefront of the practice where a hedge fund is operating inside a commercial bank. Commercial banks are federally insured and are different from investment banks. Under the rules of the so called market, bankers are not supposed to take deposits from customers and then use the same deposits to make speculative bets. This was not supposed to happen but when the banks became huge money machines, they operated above the law. This is how a bank such as JP Morgan controls assets that are worth 20 per cent of the GDP of the USA.
BANKS MUST BE NATIONALIZED
Jamie Dimon sits on the Board of the Federal Reserve of New York. This is the most important position of the US financial system because this is the reserve system that holds the foreign reserves of 60 per cent of the economies of the world. JP Morgan Chase is a particularly critical financial institution, since in addition to its vast holdings; it serves as one of the two main clearing banks in New York City, along with Bank of New York Mellon, handling financial transactions for all other banks. Any challenge to its solvency immediately puts a question mark over the whole financial system. Central bankers all over the world are following with interest the call for Jamie Dimon to be removed from the Board of the Federal Reserve of New York because of conflicts of interest. The Federal Reserve Bank of New York carries out foreign exchange-related activities on behalf of the Federal Reserve System and the U.S. Treasury. In this capacity, the bank monitors and analyzes global financial market developments, manages the U.S. foreign currency reserves, and from time to time intervenes in the foreign exchange market. The bank also executes foreign exchange transactions on behalf of customers.
Tim Geithner now Treasury Secretary was the former President of the Federal Reserve Board of New York. It was under Geithner when billions were handed over to the bankers after 2008. Then Geithner was trying to save the US financial system so that foreigners will not pull their reserves out of the dollar. As Treasury Secretary, Geithner was reported to have had secret meetings with Jamie Dimon in March this year when news first surfaced of the synthetic trades.
Elizabeth Warren, now running for a Senate seat in Massachusetts, has called for the resignation of Jamie Dimon from the Federal Reserve Board of New York. Every citizen will understand that there is a conflict of interest between sitting on a board that is supposed to regulate the operations of JP Morgan Chase. But conflict of interest has never been a problem for the US capitalists. They changed the rules to suit themselves. However, this was before the era when other societies had alternatives. From China to Venezuela and from Argentina to Japan, central bankers are seeking ways to exit from the contagion of the speculative trading of US bankers.
Last year the world was exposed to the realities of the insolvency of the US financial system when there was the debate on the debt ceiling. Now it has been revealed that the debt ceiling will have to be raised again. This is sending shudders down the spine of financial institutions around the world.
The political struggles over the future of the US financial system are maturing. In order to pre-empt utter disaster the President of the Federal Reserve Bank of Dallas has called for the big banks to be broken up. The big banks continue to act on the assumption that the US dollar will be the reserve currency of international trade, especially now that the Euro is in disarray. These big banks are of the view that the US government will continue the devaluation of the US dollar without a response from the rest of the world. It is this understanding which has influenced the bankers to believe that the US government will intervene to bail them out when they make speculative bets that the US economy will improve. Many refuse to accept that this is a depression.
Sober elements understand that the banks must be broken up and this was stated explicitly in the annual report of the Federal Reserve Bank of Dallas. The letter from the head of the Dallas Federal Reserve is entitled, Choosing the Road to Prosperity Why We Must End Too Big to Fail—Now. In this letter, Richard Fisher from the Dallas Federal Reserve argues that the situation of the bf banks is a disaster in waiting. Fisher would force the big banks to reorganize and get much smaller. And he would require “harsh and non-negotiable consequences” for any bank that ends in trouble and seeks government aid, including removal of its leaders, replacement of its board, voiding all compensation and bonus contracts and clawing back any bonus compensation for the two previous years.
It is now understood by these sober elements in the USA that the Big Banks may be not only too big to fail, but also too big to save.
The politicians in the USA are compromised and refuse to see the reality. It is the task of the progressive forces to keep the discussions on the JP Morgan losses on the table in order to educate the people on the nature of the depression. The major media houses such as the New York Times are attempting to manage this story saying that this $3-4 billion loss is a drop in the bucket. From the financial papers there is the buzz that one’s loss is another person’s gain. This is cold comfort to the poor all over the world who are suffering in the midst of this depression. In 2008 the government socialized the losses while the profits were privatized. The bailout was one of the biggest transfers of wealth from the poor of the world to the rich. These bankers now need another bail out and the US government will have to increase the debt ceiling.
For the moment the Occupy Wall Street Movement has made it impossible for the government to bail out the banks again. However, far from bailing out the bankers, speculators such as Corzine of MF Global and Jamie Dimon should be prosecuted. It is not enough to say that what JP Morgan was doing was inappropriate from a federally insured depository institution. It is time for the people to call for these banks to be taken over and the big bankers removed.
It is now time for audacity and more audacity. Nationalization and political education at the moment is more important than the elections. Bankers like JP Morgan profit from war and these forces want another big war so that the capitalists can recover. The peace and justice forces must be more vigilant. The JP Morgan Chase debacle heightens the desperation of the top one per cent in the USA.
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* Horace Campbell is Professor of African American Studies and Political Science at Syracuse University.

Option of Nuclear Power open:PM

by sagarmedia on May 17, 2012
Strongly favouring nuclear power, PM Manmohan Singh has said there would be no compromise on safety of atomic plants and it would be harmful to close the additional source of energy.
“It would be harmful for the country to pass an ordinance on denial of nuclear power,” Singh said replying to supplementaries during Question Hour in the Lok Sabha on Wednesday.He was replying to question by Anant Geete (Shiv Sena) on whether India would do a re-think on nuclear power in the post-Fukushima scenario in which Germany and Japan have announced that they would give up atomic energy.”We must keep the option of having nuclear power as an additional source of energy open,” Singh said.He said there would be no compromise on the safety of nuclear power plants.
Singh said after the Fukushima accident of March 2011, he had ordered a complete review of all the 20 operating nuclear power reactors across the country and none of them has reported any incident.”Our view is that when it comes to safety, there will be no compromise,” the Prime Minister said.

Volkswagen Motorsport: The all new Petrol Race Polo for Polo R Cup 2012

 
TSI Technology makes Race Polo faster and more powerful.The line-up of the 20 drivers for the upcoming season announced.
May 17, 2012, Delhi – Volkswagen Motorsport today launched the all new TSI Race Polo for Polo R Cup 2012. The line-up of 20 young drivers who will compete for the championship this year was also announced. After two successful seasons, Polo R Cup 2012 will witness a raft of changes, the most significant one being the shift from diesel to petrol engine for the Race Polo. The first race will be flagged-off on July 07, 2012 at the Kari Motor Speedway in Coimbatore. Besides Coimbatore other rounds will take place in MMRT, Chennai and one round of the season will be hosted at the world class Formula 1 race track in Noida, the Buddh International Circuit.
 
In its third edition, Polo R Cup will see changes which will make this season stronger, faster and more exciting. This year’s Race Polo has been introduced with a petrol engine shifting from diesel engines used in the last two seasons. The new petrol car will help the young drivers enhance their skills with a more powerful car. The TSI Race Polo has a 1.4 litre, direct injection, 4 cylinder engine which produces 180 hp (132Kw) @ 6200 rpm. It’s a two wheel drive with maximum torque of 250 Nm @ 2000-4500 rpm. Doing away with a manual gearbox, the Race Polo 2012 is upgraded with a Direct Shift Gearbox (DSG)
 
This year, participants are slotted under 3 categories: Junior, Pro and Master. Drivers aged between 16 to 26 years and with experience limited to 8 races or less in the last 5 years (in a National Championship) will be part of Junior Category. Drivers aged between 16 to 26 years with experience of more than 8 races will be a part of the Pro Category. Master category will comprise of drivers who are 26 years or above at the time of registration. There is a change in prize money and fee structure as well. Prize money for the race winners are INR 50,000, INR 40,000 and INR 30,000 for 1st, 2nd and 3rd positions respectively. Fee for Junior and Pro categories is INR 7 lakhs while Master category participants’ fee is INR 14 lakhs for the entire season. Each driver has an option to refinance the fee by using their Race Polo bonnet to display their respective sponsorship branding.
 
“We are delighted to present the new TSI Race Polo 2012 along with the 20 promising drivers today. With the immense success of the inaugural Indian GP, India is establishing itself as a motorsport hub and we are happy to play our role in promoting the same. Volkswagen is committed to developing motorsport in India along with the young talent through our Polo R Cup program. We had an excellent season last year and we are looking forward to the upcoming season”, Dr. John Chacko, Volkswagen Group Chief Representative India, President and Managing Director, Volkswagen India Private Limited, said.
 
“After two successful seasons of Polo R Cup, we are looking forward to this year’s championship with a brand new car. It is a strategic decision for us to shift from diesel to petrol as we want to offer our drivers a more powerful racing machine. Polo R Cup program has set benchmarks in Indian motorsports by being focussed on professionalism, technology and safety. It has grown stronger year on year and has cemented its place on the Indian motorsport map”, said Prithviraj Siddappa, Head, of Motorsport, Volkswagen India
 
The line-up of 20 drivers selected for JK Tyre Volkswagen Polo R Cup 2012:
 
Sr.No
Name
City
Category
Previous Participation in Polo R Cup
1
Abdullah Alisha
Chennai
Pro
2010 and 2011
2
Sourav Bandyopadhyay
Mumbai
Pro
2010 and 2011
3
Arpit Dev
Pune
Junior
-
4
Mihir dharkar
Mumbai
Pro
2011
5
Deigo Duez (JK TYRE)
Mexico
Pro
-
6
Anthony George
Kothamangalam
Pro
2010
7
Avdumber Hede
Goa
Pro
2011
8
Tabish Khan    
Delhi
Junior
-
9
Ajay Kini
Bangalore
Pro
2011
10
A. Sandeep Kumar
Chennai
Pro
2011
11
Yatin Magu
Delhi
Junior
-
12
Angad Singh Matharoo
Chandigarh
Pro
2011
13
Rahil Noorani
Mumbai
Pro
2011
14
Hanoosh S
Hyderabad
Junior
-
15
Munjal Savla
Mumbai
Pro
2010 and 2011
16
Siddharth Sharma
Delhi
Junior
-
17
Prashanth Tharani Singh
Chennai
Pro
-
18
Niranjan Todkari
Aurangabad
Pro
-
19
Donovan Vaz
Goa
Pro
2011
20
Ameya Walwalkar
Mumbai
Master
-
 
Comparison between TDI and TSI:
 
Version
TDI
TSI
Engine type
1.6L R4 common Rail diesel engine  
1.4L, 4-cylinder inline turbo (Turbo + supercharger)
Fuel Supply System
Common Rail
Direct Injection
Max. Power output
95 Kw (130 HPS) @ 4400 rpm
132 Kw (180 HPS) @ 6200 rpm
Max. Torque
250 Nm @ 1500-2500 rpm
250 Nm @ 2000-4500 rpm
Transmission
6- Speed manual gearbox
6 Speed automatic – sequential  DQ  250
Differential
Open differential
Limited Slip, Differential
Clutch
Racing single dry clutch
Wet Dual Clutch
Gearbox Control
Manual floor shifter
Paddle Shift on Steering Wheel
Brake
Uprated braking sys w/o ABS
Uprated braking sys with ABS
Weight w/ driver and fluids
1,175 Kgs
1,195 Kgs
Fuel Tank
45 lts
45 lts
Fuel
Standard diesel
Standard 97 Oct
Exhaust
Catalytic Convertor
Catalytic Convertor
 
Calendar for JK Tyre Volkswagen Polo R Cup 2012:
 
·         Fitness Camp                 June 04-05, 2012        Lonavala         Della Adventure
·         Round 1                         July 06-08, 2012         Coimbatore     KMS
·         Round 2                         July 27-29, 2012         Coimbatore     KMS
·         Round 3                         Aug 24-26, 2012         Chennai           MMRT
·         Round 4                         Sep 14-16, 2012         Chennai           MMRT
·         Round 5                         Oct 12-14, 2012          Chennai           MMRT
·         Round 6                         Nov 30-Dec 02           Noida               JPSI   
 
Motor sports enthusiasts interested in getting further information can log on to the website, www.polocup.in. This website displays information about Polo R Cup format, race updates and driver profiles. Follow Polo R Cup on www.facebook.com/vwpolocupIndia
 
About Volkswagen Motorsport
In more than 40 years of motorsport history Volkswagen has been setting standards primarily in three areas: The brand celebrated exploits in touring car racing, formula racing and rally racing.

The brand’s history in motorsport started in 1966, in formula racing. Formula V – “V” stood for Volkswagen – became an important career step for drivers like Keke Rosberg or Niki Lauda. With 58 hp and the robust technology of the Beetle it offered favourably priced entry and high-quality racing for young drivers. Later, one-make cups like Formula König powered by Volkswagen and Formula Volkswagen built upon this line and consistently followed through on the one-make cup idea with standard chassis. In 2008 Formula ADAC powered by Volkswagen started to continue this tradition.
In comparison with other manufacturers Volkswagen set the pace on the formula stage as well. Between 1979 and 1994 Volkswagen, as a Formula 3 engine manufacturer, won 55 international titles, including seven in Germany. Since September 2007 Volkswagen has been competing in the Formula 3 Euro Series, since 2008 in the German Formula 3 Cup and since 2009 in the British Formula 3, and with success: 2009 saw the title wins in the ­German and British Championships, and 2010 in all three series. At the prestigious Formula 3 finale in Macau in ­November 2009 and 2010 Edoardo Mortara celebrated wins “powered by Volkswagen”.

Successes in rally sport
While the first off-road excursions date back all the way to the 1970s, Volkswagen has been systematically promoting young talent since 1980. For half a decade, the Golf Rally Cup offered optimum opportunities to young drivers. Concurrently, Volkswagen in the 1986 World Rally Championship clinched the title win in Group A with the Golf and driver Kenneth Eriksson. In cross-country rally sport the brand achieved its first big exploit by winning the 1980 Dakar Rally. From 2009 to 2011 Volkswagen became the first manufacturer to win the legendary rallye with a car powered by a Diesel engine.
 
Attractive one-make cups in touring car racing
In more than three decades Volkswagen has shaped the touring car scene as well. The Scirocco Cup, as the first one-make cup from 1976 onwards, produced a subsequent Formula 1 driver, Manfred Winkelhock. It was followed by the Golf Cup and the Lupo/Polo Cup from which numerous talented drivers managed to ascend to higher-level series. Currently, the Scirocco R-Cup is causing a sensation.

Wednesday 16 May 2012

KENYA AIRWAYS TO START DIRECT FLIGHTS TO NEW DELHI

Image
May 16, 2012 New Delhi:…. Kenya Airways has announced its commencement of flights to the Indian Capital city, New Delhi starting May 16th 2012. The much anticipated service marks Kenya Airways’ 57th global destination and 2nd in India.
The launch of this new route highlights KQ’s efforts to provide seamless travel and accessibility to travelers from Africa to Indian subcontinent and vice versa.
Kenya Airways will fly to New Delhi four times a week on a Boeing 767-300 as per the schedule below:
Flight No
From
Day of week
Orig
Dest
A/C
Dep
Arr
KQ  220
15 May 2012
Tue, Thur, Sat, Sun
NBO
DEL
763
13:50
23:20
KQ  221
16 May 2012
Mon, Wed, Fri, Sun
DEL
NBO
763
00:50
05:30
The new route highlights Kenya Airways ambitious growth plans to expand its network as part of its 10 year growth strategy. “New Delhi is the second city after Mumbai that we will be flying to India, we intend to open four more destinations in the sub continent as part of our 10 year expansion strategy,” said Dr. Titus Naikuni, Kenya Airways Group Managing Director & Chief Executive Officer.
Dr. Naikuni noted that the destination has great business prospects as New Delhi is one of the largest cities in India, and the most preferred city in terms of information technology, investments, healthcare and government relations.    
India’s economic growth has averaged around 7% each year since 1997, making it one of the world’s largest emerging markets. According to industry forecasts, traffic flows between sub-Saharan Africa and India are expected to grow at a rate of 7.1% per annum over the next decade.
Kenya Airways remains the fastest growing airline in the continent and is pursuing a network expansion strategy that targets to link all African countries with the world, making it the airline of choice for travelers in the continent.
lndia has been aggressively promoting trade with Africa as it seeks to gain access to the continent’s emerging markets. The new route to Delhi seeks to expand and promote the bilateral and commercial relations between India and the African region
India is Kenya’s sixth largest trading partner, with a vast business presence in the country. Recently, Kenya-India relations have improved buoyed by increasing bilateral trade that hit US $4.8 billion in 2010/2011.
Recently the airline announced a right issue offer to be launched on March 30th. The company hopes to raise Kshs20.7 billion from its shareholders.
Proceeds from the rights issue are projected to fund implementation of an ambitious 10-year expansion plan dubbed Project Mawingu; which would see the airline increase it number of destinations from the current 56 to 115 destinations by the year 2021.
ENDS……/
About Kenya Airways
Kenya Airways, a member of the SkyTeam Alliance, is the leading African airline flying to over 56 destinations worldwide, 45 of which are in Africa and carries over three million passengers annually. Kenya Airways is also a major employer with a workforce of over 4,200 employees. It continues to modernize its 34 aircraft fleet being one of the most modern in Africa. The on-board service is renowned and the lie-flat business class seat on the wide-body aircraft is consistently voted among the world’s top 10. Most recently it has scooped top awards at the Africa Investor (Ai) Tourism Investor Awards and was declared the Business Airline of the Year in Africa. Kenya Airways takes pride for being in the fore front of connecting Africa to the world and the World to Africa through its hub Jomo Kenyatta International Airport.

Panasonic unveils its new range of Smart VIERA


 
Panasonic unveils its new range of Smart VIERA:
 Targets 15% of the flat-panel TVs market of India Expands the smart TV portfolio by 30 new models of LEDs, LCDs and Plasma line-up   
Plans Investment of Rs.210 crores in the flat panel television category for marketing and promotions
New wave of applications and features on its VIERA Connect platform 
Youth icon, Ranbir Kapoor unveils the new range of  SMART Viera TV in India
 New Delhi, May 15, 2012: Panasonic, the global leader in innovation and technology, today announced its new range of SMART VIERA flat panel televisions centered on five pillars of- quality picture, networking, easy operation, design and eco-friendliness. These models ranging from 24 to 55 inches are priced between Rs. 13,990 to Rs. 3, 20,000. With the latest series of smart VIERA TVs, home theatre systems and DVD players launched today, Panasonic further strengthens its product portfolio and aims at bringing new entertainment experiences for customers’ right into their living room.    With select VIERA Connect models, Panasonic also introduced a new range of smart applications which allow consumers to interact with their Smart VIERA TVs:     ü  Swipe & Share lets the consumers share private contents via VIERA remote App. Now one can enjoy photos, music and movies on VIERA and Smartphone anytime and can even display the same web pages on VIERA and smart phone with ease  ü  Browse & Share app enables the browser to support HTML5 pages, so that consumers can browse the internet much like a PC. Unlike a PC, though the large screen allows the whole family or a group of friends to comfortably view a wide variety of content  ü  Watch & Chat app enables you to stay in touch with your friends through Twitter or Facebook timeline which gets displayed on the side screen while watching TV. Now the sports fan can watch live games while upping the excitement by chatting with friends as the game unfolds. One can either use their smart phone or a Bluetooth compatible keyboard as a remote control for writing text     Besides 3D content and internet connectivity, Smart VIERA comes with a bundle of features for a unique television viewing experience:  ü  Super High Speed 1,600Hz Backlight Scanning for LED TVs  ü  High efficiency LED backlight to reduce power consumption  ü  Wide viewing angle – IPS LED Panel  ü  Ultra fast Neo Plasma panel for sharp and crisp  ü  Built in Wi-Fi     Announcing the launch, Mr. Daizo Ito, President, Panasonic India stated, “India has been one of the most important countries and potential growth area, owing to the vibrant energy and high potential in the country and Panasonic continues to bring latest innovation in technology and solutions customized to consumer lifestyles here. We are also reaching out to the deeper pockets with our wide range of products through widened distribution and channel network. With the new range of flat panel televisions and home theatre systems, Panasonic is reiterating its commitment to the Indian market.”     Talking about the new marketing strategy for Viera flat panels, Mr. Manish Sharma, Managing Director, Consumer Product Division, Panasonic India said, “Panasonic is betting on flat panel televisions that bring in over 40 per cent of revenue and our range LED, LCD & Plasma TVs branded as SMART VIERA is the first engine growth driver for Panasonic’s business. Primarily targeted at the tech savvy generation of consumer, we will be making an investment of Rs. 210 crores towards marketing and promotions for this segment this year.” He further added, “With the latest introduction in existing line-up of SMART VIERA, we are aiming to capture 15% market share in flat panel category in India this year.”     Gracing the occasion, Panasonic Viera brand ambassador and leading Bollywood actor, Ranbir Kapoor said, “Proud to be associated with Panasonic for the fourth consecutive year, I have always enjoyed being part of the VIERA brand as this campaign delivers a message that I personally believe in. I am really thrilled about the new VIERA Connect apps that enable you to stay in touch with your friends while watching TV. It is a pleasure to endorse the brand which connects with the sentiments of people and understands the ever evolving requirements of consumers.”     Panasonic Smart VIERA range of TV’s equipped with futuristic technologies such as IPTV applications enable consumers to connect with the entire world in the smartest possible manner. It lets you save electricity and conserve the environment, without any hassle. The new models combine eco sensibility with superior product performance and enhanced networking functionality in a slim profile and extremely attractive design.     At Panasonic, designers and engineers constantly endeavor to ensure that each evolution of product is better than its previous version by following stringent process to develop products that are more energy efficient and long lasting.     Panasonic Corporate Vision  Panasonic has a vision to become the No. 1 Green Innovation Company in the electronics industry by 2018 (fiscal 2019), when Panasonic will celebrate its 100th anniversary. Panasonic aspires for global excellence as a Green Innovation Company and encompasses two goals: Green Life Innovation to realize green lifestyles to enrich people’s lives and Green Business Innovation to bring forth innovation in our business styles.  Panasonic’s green commitment and the 100th anniversary vision have greatly contributed to the company to be listed on the Dow Jones Sustainability World Index (DJSI World), one of the highly-recognized global indexes for socially responsible investment (SRI), for six years in a row. Panasonic was named as 2011 Global 100 Most Sustainable Corporations in the World.  The Panasonic ‘eco ideas’ annual report at (http://panasonic.net/eco/) shares data on the group’s initiatives in this direction.     About Panasonic Corporation  Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products for three business fields, consumer, components & devices, and solutions. Based in Osaka, Japan, the company recorded consolidated net sales of 7.85 trillion yen for the year ended March 31, 2012. It aims to become the No. 1 Green Innovation Company in the Electronics Industry by the 100th year of its founding in 2018.The company’s shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company’s website at http://panasonic.net/< About Panasonic India Panasonic makes available in India its wide range of consumer electronics and home appliances like LCD & Plasma TVs, DVD players, home theatre systems, cameras, camcorders, car audio systems, air conditioners, washing machines, refrigerators, microwave ovens, automatic cookers, vacuum cleaners and the like. The Company has a workforce of about 12,650 in India and estimated to do a turnover of Rs 10,000 crore in FY 2012. For more information on the company and the Panasonic brand in India, please visit http://panasonic.co.in.

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