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Wall St Week Ahead: After decent rally, perhaps time for a pause

Written By Unknown on Sabtu, 16 Februari 2013 | 08.10

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks could struggle to extend their seven-week winning streak as the quarterly earnings period draws to a close and the market bumps into strong technical resistance.

Many analysts say the market could spend the next few weeks consolidating gains that have lifted the benchmark Standard & Poor's 500 by 6.6 percent since the start of the year.

The S&P 500 ended up 0.1 percent for the week, recovering from a late sell-off on Friday after a Bloomberg report about slow February sales at Wal-Mart triggered a slide in the retailer's shares. It was the index's seventh week of gains.

Odds of a pullback are increasing, with the market in slightly overbought territory, said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

"I do suspect the closing of the earnings season will lead to at least a pause and possibly a pullback," Zaro said. The S&P 500 could shave 3 to 5 percent between now and early April, he said.

Fourth-quarter earnings have mostly beaten expectations. Year-over-year profit growth for S&P 500 companies is now estimated at 5.6 percent, up from a January 1 forecast for 2.9 percent growth, and 70 percent of companies are exceeding analyst profit expectations, above the 62 percent long-term average, according to Thomson Reuters data.

On Thursday, Wal-Mart, the world's largest retailer, is due to report results, unofficially closing out the earnings period. Investors will be keen to see its quarterly numbers, especially after the Friday's news report that rattled investors.

The S&P 500 has gained 4.3 percent since Alcoa


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Ahead of hearing, Einhorn reiterates case against Apple

Sat, Feb 16, 2013 at 05:36

APPLE-EINHORN:Ahead of hearing, Einhorn reiterates case against Apple

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Blackstone to invest Rs 450-500cr in Panchshil Realty

Written By Unknown on Jumat, 15 Februari 2013 | 08.10

Private equity giant, Blackstone is set to make another major transaction. This time in an IT special economic zone in Pune that belongs to Panchshil Developers. CNBC-TV18 has learnt that the transaction is expected in the range of Rs 450-500 crore, taking Blackstone's exposure to the Indian commercial realty sector to over USD 550 million. CNBC-TV18's Priyanka Ghosh reports.

Blackstone is picking up 49 percent stake in Eon Business Park, which is owned by Panchshil Developers in Pune. This investment is going to value the project at more than Rs 1,000 crore. It is a 4 million square feet development. It is not fully occupied but it does have some marquee IT and ITES tenants such as MphasiS, Vodafone and Tata Telecommunications.

Also Read: Blackstone, 2 others to buy biz park for $367m: Sources

This is the third large investment that Blackstone is making. So far as commercial real estate is concerned, in the last couple of years their first transaction was when they bought another IT project from Hubtown and DLF for Rs 810 crore. Then they bought Embassy developers last year, just about six months back and that was a large transaction worth Rs 1400 crore.

As far as commercial offices are concerned, with this transaction, Blackstone's total investment in India has ticked up to USD 550 million. With regards to investment strategy, they seem to be focusing on income generating assets that are partially occupied. Their strategy seems to be low risk and low return.



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How Sebi cracked the whip on Sahara

Sebi's actions on Wednesday evening have made things tougher for the Sahara Group. It has attached the bank accounts, demat accounts, and movable and immovable assets of the two Sahara Group companies. Now Sahara has been claiming that most of the money raised through optionally fully convertible debentures (OFCDs) has been refunded.

Also read: Sebi blow: Sahara left with very few options

CNBC-TV18's Sajeet Manghat and Archana Shukla delve into the Sebi orders for more on Sebi's rationale.

Market regulator Sebi has once again cracked the whip on Sahara and this time the sting is sharper, since Sebi is acting on the Supreme Court's orders. It has attached the assets of Sahara India Real Estate Corporation (SIRECL)and Sahara Housing Investment Corporation, including bank accounts, demat accounts, properties, movable assets and investments.

In its order, Sebi has also rejected the documents submitted by Sahara. It says the documents have not been furnished in the manner prescribed by Sebi Also that the documents are hopelessly mixed up, making it virtually impossible to correlate debenture holders with redemption vouchers.

Sebi has also ordered that all monies in accounts held by these two companies and 4 directors including Subrata Roy be deposited in a special bank account created by the market regulator for this purpose.

Responding to the attachment order Sahara said, "Sahara has filed interim application before the honourable Supreme Court inter alia praying that Sahara be permitted to furnish security through a credible financial institution instead, and in place of, the payment of the balance installments, since Sahara has already redeemed significant number of OFCD holders and any further payments to Sebi would amount to double payment."

The statement goes on to say that Sahara's total liability is not likely to exceed Rs 5,120 crores and this amount has already been deposited with Sebi.

However, Sebi's order argues that Sahara acted contrary to the affidavit filed by the companies in January 2012.

Sahara's arm SIRECL raised Rs 19,400 crore, of which it invested Rs 17,051 crore s in various projects. Sahara's undertaking to the Supreme Court also said that it owes only Rs 270 crore as redemptions in FY13.

Sebi argues that this was done by Sahara to get a favourable interim order from the apex court by assuring it that no large refund needs to be undertaken in the immediate future.

Sahara went on to say that SIRECL raised money through three bond issues; Adode bonds, Nirman bonds and Real Estate bonds and that as of May 2012, there was Rs 8,384 crores outstanding on the Adobe bonds, Rs  1,520 crores outstanding on the Nirman bonds and Rs 7,093 crores outstanding on the Real Estate bonds.

However, Sebi believes this argument does not hold water. Mainly because neither the Adobe bonds, or the real estate bonds allow for premature redemptions. So Sahara's companies could not have redeemed or refunded Rs 15,000 crore worth of bonds.

Sebi also argues that Sahara could not have made any refund after the August 31, 2012 because the Supreme Court order directed Sahara to transfer the refund money plus 15 percent interest to Sebi, and not the investors. 

It appears that for now, Sahara is out in the cold. 



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Actor Steve Martin is first-time dad at age 67

Written By Unknown on Kamis, 14 Februari 2013 | 08.10

LOS ANGELES (Reuters) - Actor, writer and comedian Steve Martin has become a dad for the first time at age 67 - and managed to keep it secret from the media for more than a month.

Martin and his second wife, Anne Stringfield, 41, "are new parents and recently welcomed a child," a spokeswoman for the actor said on Wednesday.

The spokeswoman gave no details, including the sex of the child or the date of birth. But the New York Post cited unidentified sources as saying the baby arrived in December.

The multi-talented Martin, whose career as a writer and performer dates back more than 45 years, has played a father in movies such as "Parenthood," Cheaper by the Dozen," and "Father of the Bride."

Martin, who has hosted the Oscars ceremony three times, married Stringfield, a former writer at the New Yorker magazine, in 2007. His eight-year marriage to British actress Victoria Tennant ended in divorce in 1994.

(Reporting by Eric Kelsey: Editing by Jill Serjeant and Peter Cooney)



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Nadal pulls out of Brazil doubles

By Andrew Downie

SAO PAULO (Reuters) - Former world number one Rafa Nadal withdrew suddenly from the doubles at the Brazil Open on Wednesday because of what organisers said was a desire to preserve his strength for the singles competition.

The 26-year-old Spaniard, who returned to action at the Chile Open last week after a left knee condition had sidelined him for seven months, was down to play both singles and doubles in Sao Paulo.

However, he was already complaining of lingering pains before making his doubles debut alongside Argentine David Nalbandian in a 6-3 3-6 11-9 victory over Spaniards Pablo Andujar and Guillermo Garcia Lopez on Tuesday night.

Just moments before he and Nalbandian were due to play Horacio Zeballos and Oliver Marach on Wednesday, the pair withdrew.

Nadal is still expected to play in the singles tournament and is scheduled to make his first appearance on Thursday night against Brazilian Joao Souza, the world number 140.

If all goes well, the seven-times French Open champion will head to another clay court tournament in Mexico as part of his preparations for the defence of his Roland Garros title in May.



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Conte amazed to leave Celtic "hell" with handsome win

Written By Unknown on Rabu, 13 Februari 2013 | 08.10

GLASGOW (Reuters) - Juventus coach Antonio Conte has suffered much in recent months but coming away from the "hell" of a noisy and fervent Celtic Park with a 3-0 win in their Champions League last 16 first leg felt like an enormous relief.

The Italian champions, who again lead Serie A despite a recent wobble, were dominated by Celtic in the first half as the Scots besieged the Juve goal and harried every player as they were roared on by almost 60,000 passionate fans.

Juve took a third-minute lead through Alessandro Matri before weathering the storm to wrap up the win and their highly probable passage to the quarter-finals through Claudio Marchisio and Mirko Vucinic in the second half.

Conte, banned for 10 months in August for failing to report match-fixing at ex-club Siena before having his sanction slashed to four months in October, knows the second leg in Turin on March 6 should only be a formality but gave credit to Celtic.

"It has been a very important victory but also one where we suffered. Celtic are a great team when they play at home," Conte told Italy's Sky television.

"I didn't play in a hell like this many times," added the former Juve midfielder, who was in the team when they won their second European Cup in 1996.

"My lads have been superb, it was not easy to play in this atmosphere. We've managed a great result which proves this team has top technical and human values.

"Celtic are not, as a name, among the very best in Europe but it is not an accident that Barcelona lost here in Glasgow and that they eliminated Benfica (in the group stage) who are top of the Portuguese league."

The furious pace of the first half and a number of player spats added to the electric atmosphere but Celtic manager Neil Lennon felt his side could have had at least two penalties with Stephan Lichtsteiner grappling with Gary Hooper at corners.

"I'd like to ask the referee is the game different in Spain and Italy? Every time my player moved in the area it was a foul," he asked of Spanish referee Alberto Undiano Mallenco. (Writing by Mark Meadows in London; Editing by Peter Rutherford)



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Chelsea's Frank Lampard signs new deal: writing children's books

LONDON (Reuters) - English soccer player Frank Lampard is using his experiences on the field and at home with his own family to carve out a new career - writing children's books.

The 34-year-old midfielder, whose contract with London club Chelsea expires in June, has signed a deal with publisher Little, Brown Books for Young Readers to write five books for children aged 5 and over.

The first book in the series of "Frankie's Magic Football" about a schoolboy called Frankie, his football-loving friends, and pet dog Max will be called "Frankie versus the Pirate Pillagers" and released in June 2013.

Lampard said in a statement on Tuesday that he first had the idea for the books when reading to his own children at home.

"Sport and reading are two essentials for us at home, so I decided to make up my own football stories and adventures," said the England international, who joined Chelsea in 2001 and is the Premier League club's second highest goal-scorer.

"The characters are loosely based on friends and team mates I've played with over the years."

Two more titles, "Frankie versus the Rowdy Romans" and "Frankie versus the Mummy's Menace," are scheduled for 2013, and two more are slated for early 2014, according to The Bookseller, a book industry publication.

Lampard has two daughters with his former fiancee, Spanish model Elen Rivas, and is currently engaged to British TV presenter Christine Bleakley.

The publishing deal was handled by Neil Blair and Zoe King, who also represent "Harry Potter" author J.K. Rowling. (Reporting by Belinda Goldsmith; Editing by Jill Serjeant and Mohammad Zargham)



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Dogs begin march to fame in New York dog show

Written By Unknown on Selasa, 12 Februari 2013 | 08.10

By Jonathan Allen

NEW YORK (Reuters) - Hundreds of America's best-kept and well-behaved dogs paraded before judges and an adoring public on Monday in the 137th annual Westminster Kennel Club Dog Show, where Labrador lovers longed for an upset victory for Best of Show.

Judges were picking the best in the hound, toy, non-sporting and herding groups on Monday. The best of the sporting, working and terrier groups were to be picked on Tuesday evening, before the winner of each of the seven groups goes forward to compete for Best in Show.

In all, more than 2,700 dogs were due to compete over two days, including at least 50 Labrador retrievers in the sporting group whose owners are hoping to make history and bring home the top prize.

Among the 100-plus breeds competing on Monday were papillons, dainty toy dogs known for their floppy butterfly-like ears.

Each dog was brought into the ring by a handler who periodically fed them nibbles of chicken meat or liver - known as 'bait' in dog show circles - and teased at their coats with combs and brushes.

One by one, they cantered about in a small circle before being lifted onto a table to be inspected and palpated by the judge.

"You judge against the standard," said Burton Yamada, who judged Westminster's Best in Show in 2004, as he watched from the crowded sidelines. "If it says it should have round eyes and they have almond eyes then that's a fault. The standard might say alert. Well, what's alert?"

The American Kennel Club sets the standard, and the process reminded Yamada of his work in missile engineering, which also requires following tight specifications, he said.

"The rest of it is how they move, expression, if they're up that day," Yamada said.

All 19 papillons had been called back to the ring for a final trot and appraisal by judge Peter Green, who called forward InVolo The King Of Pop, also known as Jackson, as the best in breed.

Jackson's owner, 22-year-old Gia Garofalo of Washington Township in New Jersey, chose to handle her dog herself, although many owners hire professional handlers who can command many thousands of dollars in fees and tips in the case of a victory.

She posed with the dog and the judge for a picture, which the photographer took with the help of a squeeze squawking carrot toy.

"It's awesome because we're owners and handlers. It's a thrill," Garofalo said before hurrying away, Jackson tucked under her arm.

LAB EXPERIMENT

The Labrador retriever has for years been America's most popular breed, just not with Westminster judges. Wire fox terriers, for example, have won Best in Show more than a dozen times.

This year, two newly recognized breeds have been approved to appear in the show: the treeing Walker coonhound, a tall, flappy-eared descendant of the foxhound; and the Russell terrier, the subject of some controversy stemming from the differing taxonomic habits of kennel clubs in the United Kingdom, United States and Australia.

For the first time, the show is being held in two venues. Judges were deciding the best in breeds at exhibition halls on piers on the Hudson River. The winners will then head to the show's regular venue at Madison Square Garden, where best in group judging will take place on Monday and Tuesday nights before culminating in the Best in Show event, to be judged by Michael Dougherty of Escondido, California.

This year's dogs come from all 50 states, organizers said, with the majority from New York and California. There are more than 100 foreign entries, including dogs from Brazil, Germany, Croatia and Japan.

The 2012 show was won by Palacegarden Malachy, a male Pekingese, who, as is traditional, has since retired. (Editing by Daniel Trotta, Bernard Orr)



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Barclays CEO set to cut jobs, costs in overhaul plan

By Steve Slater

LONDON (Reuters) - Barclays' new boss is expected to shrink his investment banking and European operations and stop activities that could damage the troubled British bank's reputation as part of a revival plan to be unveiled on Tuesday.

Chief Executive Antony Jenkins, a retail banker who was picked at the end of August to run the bank after a string of problems, is expected to tell investors he will cut some business lines and axe about 2,000 investment bank jobs to slash up to 2 billion pounds of annual costs.

He will also promise profound change in standards and culture, criticised as too lax after a $450 million fine for rigging Libor, the mis-selling of products to millions of customers and investigations into whether Barclays provided enough disclosure in fundraisings from Middle East investors.

"The key challenge is how does Barclays improve return on equity at the same time as reducing the risk profile of the group," said Gary Greenwood, analyst at Shore Capital.

"Barclays may well be a smaller business. The issue is whether management can shrink the group's capital requirements while maintaining or growing profit."

Jenkins, 51, will unveil his grand plan shortly after the bank releases 2012 results, which will show the scars of regulator fines and provisions for mis-selling, offsetting a decent underlying performance in its core UK banking business.

He expects "Project Transform" will take five to 10 years to rebuild his bank, and has told staff they should leave if they do not want to sign up to the new standards.

Jenkins will keep Barclays' investment bank, which contributes more than half of group earnings, but could cut its assets and pull back from areas like equities and advisory business in Asia. Up to 10 percent of its 23,300 staff could go, and Jenkins is expected to cut pay across the unit.

Costs across the group are expected to be cut by between 1 billion and 2 billion pounds, or 5-10 percent of its 19 billion pound cost base, analysts estimate.

Barclays has said it will close a profitable but controversial tax advisory business as part of the attempt to clean up. It could also retreat from areas like the trading of agricultural commodities.

The bank's capital strength will be under scrutiny as tougher new UK and global regulations loom, but Barclays could reduce any increase in its risk-weighted assets by some 50 billion pounds by taking mitigating action, according to Andrew Lim, analyst at Espirito Santo.

Barclays will report a 2012 adjusted pretax profit of 7.1 billion pounds, up 27 percent from 2011, according to the average of 18 analysts polled by Thomson Reuters. Including mis-selling provisions, its pretax profit would be 4.7 billion pounds, near flat on its comparable basis figure for 2011.

Its annual statutory pretax profit, which includes those provisions and also movement in the value of its own debt, will plunge two-thirds from 2011 to 1.9 billion pounds, according to the average of 10 analysts' forecasts. (Reporting by Steve Slater; Editing by Peter Graff)



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Two get police custody for conspiracy to bribe IT officials

Written By Unknown on Senin, 11 Februari 2013 | 08.10

Indore, Feb 10 (PTI) A special CBI court today remanded two persons in police custody till February 13 for their alleged role in a conspiracy to bribe Income-Tax officials for transferring the PAN of an industrial group to the department's Mumbai office. CBI has filed a case in this connection under section 120-B (criminal conspiracy) of Indian Penal Code and Anti-Corruption Act against accused A K Agrawal and Nagesh. The duo were produced at the residence of special CBI court judge Anupam Shrivastava, as it was Sunday. The investigating agency requested the court for the custody of city-based tax consultant Mahesh Agrawal, currently undergoing treatment at a local hospital, for his alleged role in the conspiracy. The judge will personally visit the hospital tomorrow to take stock of Agrawal's health. Agrawal allegedly hatched a criminal conspiracy, apparently at the behest of the industrial group, to bribe sleuths in order to transfer the income tax related files and PAN of the firm from Indore to Mumbai office of Income Tax. According to sources, the "deal" was struck for Rs 20 lakh, however, the CBI foiled the plan and arrested the two accused in this connection. PTI HWP/AS NSK HU SRE


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Rajnath condoles loss of lives in Allahabad stampede

Mon, Feb 11, 2013 at 00:32

Rajnath condoles loss of lives in Allahabad stampede

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Rajnath condoles loss of lives in Allahabad stampede

Rajnath condoles loss of lives in Allahabad stampede

Like this story, share it with millions of investors on M3

Rajnath condoles loss of lives in Allahabad stampede

Rajnath condoles loss of lives in Allahabad stampede

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New Delhi, Feb 10 (PTI) BJP President Rajnath Singh today condoled the loss of lives in the stampede at Allahabad Railway station and urged Railway Minister Pawan Kumar Bansal and Uttar Pradesh Chief Minister Akhilesh Yadav to strengthen the arrangements in the city during the Maha Kumbh. Singh also sought immediate help and relief for the injured and adequate compensation to the kin of the victims. The BJP chief talked to the Railway Minister and Uttar Pradesh Chief Minister and enquired about the relief and rehabilitation efforts. At least 20 persons were killed and scores of others injured tonight in a stampede at Allahabad railway station teeming with thousands of pilgrims returning after a holy dip at the 'Maha Kumbh'. PTI SKC PMS

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18


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Swiss authorities cannot open graft cases against Zardari:Naek

Written By Unknown on Minggu, 10 Februari 2013 | 08.10

From Rezaul H Laskar Islamabad, Feb 9 (PTI) Swiss authorities have informed the Pakistan government that they cannot open graft cases against President Asif Ali Zardari in line with an order from the Supreme Court, Law Minister Farooq Naek said today. The Swiss authorities had conveyed their position in an official letter sent to the Pakistan government this week, Naek was quoted as saying by TV news channels. Information Minister Qamar Zaman Kaira, a close aide of Zardari, said the decision of the Swiss authorities had endorsed the stance adopted by the Pakistan government. Giving in to pressure from the Supreme Court, the Pakistan government had sent a letter seeking the reopening of the graft cases to the Swiss authorities last November. However, the letter had made it clear that the cases could be revived with the condition that the President enjoyed immunity under the Constitution and Pakistani and international laws. The standoff between the government and the apex court over approaching the Swiss authorities over the graft cases had cost former premier Yousuf Raza Gilani his job last year. The court disqualified Gilani after convicting him for contempt for refusing to revive the cases. Gilani's successor Raja Pervez Ashraf agreed to implement the apex court's orders in November after he was charged with contempt. The Supreme Court has been pressuring the Pakistan People's Party-led government to revive the graft cases against Zardari since December 2009, when it struck down a graft amnesty issued by former military ruler Pervez Musharraf. The National Reconciliation Ordinance, which was part of a secret deal between Musharraf and slain former premier Benazir Bhutto, benefited Zardari and over 8,000 others. Soon after the NRO was promulgated, former Attorney General Malik Qayyum had asked Swiss authorities to close the graft cases against Zardari. PTI RHL ZH


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Russian opposition leader put under house arrest

MOSCOW (Reuters) - Prominent Russian opposition leader Sergei Udaltsov, charged with plotting mass disorder in protests last year, was placed under house arrest by a Moscow court on Saturday.

The leftist was among several opposition figures charged with riots and violence against police during a protest against President Vladimir Putin last May on the eve of his inauguration for a third presidential term.

The Federal Investigative Committee, which answers only to Putin, had barred Udaltsov from travelling freely but said on Friday that he was not complying with that.

The court put Udaltsov under house arrest until April 6.

The shaven-headed Udaltsov has been repeatedly detained during opposition protests, in what his supporters say is a tactic intended to hamper his activism.

On Thursday, another opposition activist was arrested over the May protests. That brought to 12 the total number of people detained and awaiting trial. One person has already been convicted over the May unrest. (Reporting by Nikolai Isayev and Maria Kiselyova; Editing by Matthew Tostevin)



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