Special gold schemes galore on Akshaya Tritiya

Come April 27, gold jewelers will make a killing as people across the spectrum will rush to buy gold on the auspicious occasion of Akshaya Tritiya.

To cash in on the rush, various jewelers and World Gold Council have chalked out plans to lure customers.

As part of the efforts, World Gold Council, along with various partners, has announced special promotional offers and launch of new collections on the day.

India Post and HDFC Bank have also introduced specific promotions, increasing the attraction to gold on the festival on April 27.

Ranging from jewellery to bars and medallions, WGC has ensured that endless options are available to consumers coupled with exciting offers to make this Akshaya Tritiya truly memorable.

WGC, a commercially-driven marketing organisation, is funded by the world’s leading gold mining companies.

WGC aims to promote the demand for gold in all its forms through marketing activities in major international markets.

Announcing special promotions, WGC said Indians regard Akshaya Tritiya as one of the most auspicious days in the year. Gold jewellery has a very deep rooted connection to Akshaya Tritiya so it is encouraging to provide consumers with additional options and offers on this day.

Akshaya Tritiya falls on the third day of the bright half of the lunar month of Vaisakha of the traditional Hindu calendar.

The Sanskrit word ‘Akshaya’ means one that never diminishes, and the day is believed to bring good luck and success. It is widely celebrated in all parts of India by different sections of the society irrespective of their religious faith and social grouping. The day is particularly considered auspicious for buying long-term assets like gold and silver, including ornaments made of the same; diamond and other precious stones; and the real estate. The legend states that any venture initiated on the auspicious day of Akshaya Tritiya shall continue to grow and bring prosperity.

The day is also traditionally celebrated as the birthday of the Hindu sage Parashurama, the sixth avatar of God Vishnu. With the mass media and marketing, this day has been taken over by marketeers to promote sales and bookings for gold jewellery, houses, consumer electronics.

imessenger

Significant Developments: Banks

KeyCorp Prices $1.65 Billion In Concurrent Offerings Of Common Shares and Convertible Preferred Stock
KeyCorp announced that it had priced two equity transactions totaling $1.65 billion. KeyCorp priced $1.0 billion or 85,106,383 common shares and $650 million or 6,500,000 shares of Non-Cumulative Perpetual Convertible Preferred Stock, Series A, with a liquidation preference of $100 per share. KeyCorp also granted the underwriters over-allotment options on both offerings. The offerings are being conducted concurrently as registered public offerings under the Securities Act of 1933, as amended. The common share offering was priced at $11.75 per share. KeyCorp estimates that the net proceeds from the sale of the common shares will be approximately $970,000,000 after deducting underwriting commissions (or $1,115,500,000 if the underwriters exercise their full over-allotment option), but before deductions for other transaction expenses. KeyCorp estimates that the net proceeds from the sale of the Series A Preferred Stock will be approximately $630,500,000 after deducting underwriting commissions (or $725,075,000 if the underwriters exercise their full over-allotment option), but before deductions for other transaction expenses. Citi is serving as the sole book-running manager for the offerings. KeyBanc Capital Markets Inc., UBS Securities LLC, Morgan Stanley & Co. Incorporated, and Merrill Lynch, Pierce, Fenner & Smith Incorporated are serving as joint lead managers.

BRE Bank S.A. Announces Details of its Share Capital Increase
BRE Bank S.A. announced that 4,900 its new shares with a nominal value of PLN 4.0 per share have been registered.

Banjo BPI S.A. Announces Capital Increase
Banco BPI S.A. announced a capital increase from EUR 760 million to EUR 900 million, under the exercise of options plan, through the issuance of 140,000,000 ordinary shares.

Kenya Commercial Bank Launches $85 Million Cash Call-Reuters
Reuters reported that Kenya Commercial Bank launched its 5.5 billion shillings ($85 million) rights issue, aiming to boost capital and fund expansion. The bank issued 221.7 million new shares and investors can take up one new share for every nine held.

Sasfin Holdings Limited Cancels Special Share Allotment to Circle Capital Ventures (Pty) Limited
Sasfin Holdings Limited announced that the Company had entered into an agreement in terms of which it would allot and issue 9,630,000 new Company ordinary shares to Circle Circle Capital Ventures (Pty) Limited (Circle Capital) as a specific issue of shares for cash at a subscription price of ZAR 51.40 per share. The parties have now agreed that, in light of turbulence in the global credit and equity markets, it is not possible to conclude a transaction on appropriate terms acceptable to Sasfin, Circle Capital and Circle Capital's funders, and therefore the transaction will not be implemented.

Indusind Bank Ltd. Completes Allotment Of Global Depository Receipts
Indusind Bank Ltd. announced that it has concluded the issue of Global Depository Receipts (GDRs) numbering 3,51,92,064 issued at approximately $1.47 each. Each GDR would be represented by one equity share of the Company of the face value of INR10, fully paid.

Fortis N.V. Accelerates the Execution of its Solvency Plan
Fortis N.V. announced that it will accelerate its solvency plan. It has decided to launch a capital increase of EUR 1.5 billion by means of an accelerated bookbuilding offering on June 26, 2008. The Company also decided not to distribute an interim 2008 dividend, and intends to pay the full year 2008 dividend in shares. Fortis NV paid an interim dividend of EUR 0.70 per share for 2007.

Westpac Banking Corporation Increases Estimate for Planned Issue-WSJ
The Wall Street Journal reported that Westpac Banking Corporation has increased the amount it expects to raise from its planned issue of stapled preference shares to around AUD950 million (USD911 million). The Company had previously said it would raise around AUD600 million. The Company stated that the distributions are expected to be paid quarterly based on the 90-day bank-bill rate, plus the margin of 2.4% per annum.

Westpac Banking Corporation Increases Estimate for Planned Issue-WSJ
The Wall Street Journal reported that Westpac Banking Corporation has increased the amount it expects to raise from its planned issue of stapled preference shares to around AUD950 million (USD911 million). The Company had previously said it would raise around AUD600 million. The Company stated that the distributions are expected to be paid quarterly based on the 90-day bank-bill rate, plus the margin of 2.4% per annum.

Fortis N.V. Completes Accelerated Bookbuilding Offering
Fortis N.V. announced that it has completed its previously announced accelerated bookbuilding offering and has accordingly placed 150,000,000 new shares at a price of EUR 10 per share for a total amount of EUR 1.5 billion. Settlement of the offering is expected to take place on or around July 2, 2008.


Bank of Cyprus Public Company Ltd To List New Shares
Bank of Cyprus Public Company Ltd announced that on July 1, 2008, 7,186,618 new common shares will begin trading on the Cyprus Stock Exchange and Athens Stock Exchange, due to the Company's dividend reinvestment plan.

National Bank of Greece Increases Share Capital
National Bank of Greece announced a share capital increase of EUR 1,939,850 with the issue of 387,970 new common registered shares of a par value of EUR 5 per share. Following the completion of the share capital increase, the Company's share capital amounts to EUR 2,490,771,345 and is divided into 496,654,269 common shares of a par value of EUR 5 per share and 25,000,000 preferred shares of a par value of EUR 0.30 per share.

National Bank of Greece Increases Share Capital
National Bank of Greece announced a share capital increase of EUR 1,939,850 with the issue of 387,970 new common registered shares of a par value of EUR 5 per share. Following the completion of the share capital increase, the Company's share capital amounts to EUR 2,490,771,345 and is divided into 496,654,269 common shares of a par value of EUR 5 per share and 25,000,000 preferred shares of a par value of EUR 0.30 per share.

Western Alliance Bancorporation Announces Private Placement Of Common Stock
Western Alliance Bancorporation announced that it has completed a private placement of 3.8 million shares of common stock to a limited number of accredited investors. The issue was priced after the close of business on June 24 at $7.94 per share for an aggregate offering price of $30.2 million.

Southwest Bancorp, Inc. Announces Pricing Of $30 Million Trust Preferred Securities Offering
Southwest Bancorp, Inc. announced that on June 26, 2008, the Company priced $30.0 million aggregate liquidation amount of 10.50% Trust Preferred Securities to be issued by Southwest Capital Trust II, a statutory trust formed under the laws of the State of Delaware (the Trust), representing preferred beneficial interests in the Trust (the Trust Preferred Securities) in a firm commitment underwritten public offering at $25.00 per Trust Preferred Security. The Trust has also granted the underwriters a 30-day option to purchase up to an additional $4.5 million, aggregate liquidation amount of the Trust Preferred Securities to cover over-allotments, if any. The offering is scheduled to close on July 2, 2008. Each Trust Preferred Security will pay cash distributions at the annual rate of 10.50% of the stated liquidation amount of $25.00 per security, payable quarterly in arrears beginning September 15, 2008. The stated liquidation amount will be distributed to the holders on September 15, 2038. The managing underwriters (the Underwriters) of the offering are Stifel, Nicolaus & Company, Incorporated, Howe Barnes Hoefer & Arnett, Inc., Sterne, Agee & Leach, Inc., and Morgan Keegan and Company, Inc.

Komercijalna Banka AD Skopje Announces Placement of Capital Increase
Komercijalna Banka AD Skopje announced that it has decided to issue 471,000 shares with a nominal value of MKD 6,515 or a total of MKD 3,068,565,000.

PT Bank Victoria International Tbk Revises Rights Issue Schedule
PT Bank Victoria International Tbk announced that it has revised the subscription and payment period of its rights issue to be July 11 to August 25, 2008. It was previously announced on May 28, 2008 that its subscription and payment period will be from July 11 to 17, 2008 to shareholders of record on July 9, 2008.

BofI Holding, Inc. Announces Private Placement of Convertible Preferred Stock
BofI Holding, Inc. announced a private placement of its newly formed Series B - 8% Cumulative Convertible Nonparticipating Perpetual Preferred Stock (the "Series B Preferred"). The Series B Preferred has a liquidation preference of $1,000.00, an 8% dividend rate and is immediately convertible into shares of B of I common stock at a fixed conversion price of $9.00 per share. The net proceeds of the offering will be used for general corporate purposes, including additional capital funding to support asset growth at the Bank. The first $3.8 million of the Series B Preferred offering was closed through today, the end of B of I's fiscal year. The transaction will consist of several closing dates, generally expected to be complete by July 31, 2008.

Capitol Bancorp Announces Pricing Of $33.5 Million Of Trust Preferred Securities
Capitol Bancorp announced that on June 30, 2008, the Corporation priced $33,500,000 aggregate liquidation amount of 10.5% Trust Preferred Securities to be issued by Capitol Trust XII, a statutory trust formed under the laws of the State of Delaware (the Trust), representing preferred beneficial interests in the Trust (the Trust Preferred Securities) in an underwritten public offering at $10 per Trust Preferred Security. The Trust has also granted the underwriters a 30-day option to purchase up to 502,500 of Trust Preferred Securities to cover over-allotments, if any. The offering is scheduled to close on July 7, 2008.

Standard Chartered PLC Announces Additional Listing
Standard Chartered PLC announced that application has been made to The UK Listing Authority and The London Stock Exchange for a block listing of 100,000 ordinary shares of $0.50 each under the International Sharesave Scheme, to trade on The London Stock Exchange and to be admitted to The Official List upon issuance. The shares shall rank pari passu with the existing issued shares of the Company. The shares are expected to be admitted to The Official List and to trading on The London Stock Exchange on July 4, 2008.
Reuters

Goldman reports $1.8 billion profit

NEW YORK (Fortune) -- Goldman Sachs reported a much stronger-than-expected first-quarter profit Monday, bouncing back from its worst quarter as a public company.
Goldman (GS, Fortune 500) also set plans to raise $5 billion through a sale of stock, saying it wants to become the first big bank to repay the federal loans extended during last fall's financial sector meltdown.
In reporting its results a day earlier than expected, New York-based Goldman said it earned $1.81 billion, or $3.39 a share, for the quarter ended March 31. Analysts surveyed by Thomson Financial were looking for a profit of $1.64 a share.
Goldman shares, which have surged more than 70% during the past month, continued rising late Monday, gaining about 4.7% for the day. Shares were down slightly in after-hours trading.


With the results, Goldman (GS, Fortune 500) bounced back decisively from the last quarter of 2008, when it posted its only quarterly loss since becoming a public company in 1999.
The firm said the latest quarter's gains were driven by big profits in its fixed income business, where revenue surged to $6.56 billion - 34% above the previous record.
"Given the difficult market conditions, we are pleased with this quarter's performance," said CEO Lloyd Blankfein in a statement.
In addition to the record fixed income revenue, which Goldman said was driven by "strong performance in interest rate products, commodities and credit products," Goldman also posted $7.15 billion in trading and principal investment revenue.
But Goldman's principal investments lost $1.41 billion during the quarter, reflecting losses on real estate and a stake in a Chinese bank.
Revenue in Goldman's financial advisory and investment banking businesses declined by 21% and 30% from a year ago, as dealmaking declined, while revenue in its asset management business fell 29%, reflecting the plunge in stock prices over the past year.
Goldman's results come on the heels of last week's announcement from Wells Fargo (WFC, Fortune 500) that its first-quarter earnings would be much stronger-than-expected, and just ahead of reports scheduled later this week from JPMorgan Chase (JPM, Fortune 500) and Citigroup (C, Fortune 500.
Goldman's numbers aren't strictly comparable with the results of its fiscal 2008 first quarter, because the first quarter marks the first full period since Goldman and rival Morgan Stanley (MS, Fortune 500) became bank holding companies. They made that shift last fall, in a bid to ease investor concerns about their access to funding.
As a result of their changed status, both firms committed to report their financial results on a calendar-year basis -- a departure from their previous practice of using a fiscal year that ended in November.
Looking to pay back TARP
Goldman received $10 billion in funding from the Treasury Department last year as part of the government's Troubled Asset Relief Program, or TARP.
While Goldman will still need the approval of regulators at Treasury and the Federal Reserve to repay the TARP money , Monday's announcement is the strongest indication yet of how eager Goldman is to return the funds.
The bank had previously indicated its desire to repay funds but had otherwise avoided making definitive statements about when it would do so.
Goldman's co-president, Gary Cohn, said at a conference last month that he didn't expect any banks to repay TARP funds until after they report first-quarter earnings and regulators have revealed the results of the stress tests they are conducting on big banking companies.
But that changed with Monday's announcement.
"After the completion of the stress assessment, if permitted by our supervisors and if supported by the results of the stress assessment, Goldman Sachs would like to use the capital raised plus additional resources to redeem all of the TARP capital," the company said in a statement about the stock offering.

Raju family may claim Rs 2,000 cr from Satyam

The potential acquirer of Satyam Computer Services may have a new problem to deal with as NDTV has learnt that the Raju family is preparing to make a claim from the new investor in Satyam.
Sources suggest that the Raju family may demand nearly Rs 2000 crore from Satyam. Ramalinga Raju had claimed in his letter on January 7 that the family had invested Rs 1230 crore in the company to support the inflated figures and pay for the salaries of Satyam employees.
Funds invested by the promoters in various group companies are also on the radar. In addition, some of the assets of the company are believed to have been transferred into private companies, which the family now wants back in its hands.
The uncertainty surrounding the claim from the Raju family has already got the potential investors worried. BK Modi, chairman, Spice Group, being one who opted out citing lack of transparency in the entire process. “There can be risks that are undisclosed, coming through the CBI inquiry, which is yet not known. That is something further to what is known. These risks naturally everyone will have to take into account,” said Modi. When NDTV contacted Raju's lawyer, Bharat Kumar and he said: "I don't know anything about this. I cannot comment on this."
The winner of the bid will be announced on Monday but given the risks that are involved and the twists and turns that the Satyam saga has seen, the last may not have been heard on this issue.

Sources: NDTV

The story behind CBI’s Satyam investigation

A voluminous 65,000 page chargesheet in the Satyam case was produced in the CBI court in Hyderabad on Tuesday and it was filed in a record 45 days since the CBI took over the case from the CID.
The chargesheet also consists of 1532 documents as evidence with 433 witness statements.
Sources say that CBI could meet the deadline due to the presence of the multidisciplinary team which examined the various parts of the case.
So while SEBI focussed on the capital markets and the issue of insider trading amounting to Rs 700 crore, SFIO focussed on inflation of accounts and the fraudulent methods used by the management.
More than 7000 fake invoices were recovered and evidence of loans arranged for the Raju's family through 327 companies were also gathered. So what did it take to come out with such a voluminous chargesheet within 90 days?
The core investigating team comprised of 11 officers from CBI, 14 officers who formed the multidisciplinary team, 10 junior officers worked on gathering the evidence and and 4 public prosecutors to help with the legal issues.
And ever since the scam broke out, these officers have worked for 16 hours a day sacrificing their weekly offs and public holidays.
But there were a few surprises too in the chargesheet. Contrary to common belief, there was no mention of siphoning of funds to the Maytas companies owned by the promoter family something that the Raju family has been maintaining since the fraud came to light on January 7. "We have filed the chargesheet and the investigations are going on. But as and when facts come out we would file supplementary chargesheets," said VV Laxminarayana, DIG, CBI. With the chargesheet done, the next task before the agency would be to ensure strict sentences against the accused. While there is no evidence of siphoning of funds which could have invited a more harsh sentence for Satyam’s former chairman Raju, CBI maintains that the charge under section 467 of the IPC dealing with forgery of valuable securities alone could give Raju life in prison while the other charges could give him a measly 2-7 years in jail once the charges are proved in court.
NDTV sources

CHANGELING

Director: Clint Eastwood
Cast: Angelina Jolie
Changeling directed by Clint Eastwood, and set in 1928, is the compelling story of Christine Collins, a telephone company supervisor and single mother, played by Angelina Jolie, who returns from work one day to find that her nine-year-old son has vanished. Despite repeated and tireless efforts on her part to find him, she remains unsuccessful but still unwilling to give up her search, until five months later the Los Angeles Police Department announces that they've found the kid. Only problem is, the boy identified and returned to her is not her son, she insists.
Starting out as a 'lone-woman-versus-the-corrupt-system drama', Changeling metamorphoses into something of a psychological thriller along the way. There are courtroom showdowns, grisly flashbacks and more tearful reunions. Not only does all of this dilute the film's most solid themes of wronged innocence and unaccountable power, it also makes Changeling an exceedingly long movie to watch. The most crippling blow, however, comes in the form of Angelina Jolie's disappointing performance as the distressed mother. Jolie is too restrained, too collected even in the film's more dramatic portions, and is never convincing when she's meant to convey panic or horror over her situation.
Nevertheless, there's an inherent nobility in Changeling, invested by the film's director Clint Eastwood, who shoots the film with warmth and dignity, and recreates Los Angeles of the 20s and 30s with undeniable accuracy. Despite its many flaws, you can recognise immediately why Changeling is still such a worthy watch -- because it's a film that stresses the importance and need for hope, for courage under fire.
I'm going with three out of five for Changeling, it may be unfocused in its plot, but its message is loud and clear. Watch it because it's one of those films that you won't easily get out of your head.

Soros says it: US economy in 'lasting slowdown'

New York: The US economy is in for "a lasting slowdown" and won't recover this year, while "the banking system as a whole is basically insolvent," billionaire investor George Soros told Reuters Financial Television on Monday.
While nationalisation of banks is "out of the question," he said stress tests being conducted by the US Treasury could be a precursor to a more successful recapitalization. But he warned about the danger of watering down mark-to-market accounting rules, saying this creates conditions for prolonging the life of US 'zombie' banks.
Soros also said the US dollar is under pressure and may eventually be replaced as a world reserve currency, possibly by the IMF's Special Drawing Rights, a synthetic currency basket comprising dollars, euros, yen and sterling.
China recently proposed greater use of Special Drawing Rights, possibly as an eventual global reserve currency. "In the long run, having an international accounting unit other than the dollar may be to our advantage," Soros said. He added that the system that has allowed the United States to spend more than it earns has to be reformed.
"That is coming to an end and it will not be allowed to recur. There will have to be some change." While a global recovery is possible in 2010, Soros said the timing will ultimately depend on the depth of the recession. China, he said, will be the first country to emerge from recession, probably this year, and will spearhead global growth in 2010.
He said world policy-makers are "actually beginning to catch up" with the crisis and efforts to fix structural problems in the financial system. The system was "fundamentally flawed, and there is no returning to where we came from," he said.
In Europe, he said the crisis provides an incentive for countries that use the Euro to remain inside the monetary union, though countries on the periphery still face serious problems. Soros said the Euro has been "a tremendous advantage" to countries that use it, adding there's "no question of a weaker country dropping out."
While additional resources for the International Monetary Fund will help it stabilize struggling Eastern Europe, he said the Baltic states still face "serious problems" and Ukraine is not far from default. Widespread use of credit default swaps has worsened the risks for Europe, he said, though he added that Germany, the euro zone's biggest economy, is becoming more open to offering help.
"Germany, which has been the most reserved about being the deep pocket of the rest of Europe, has recognized that it too has a responsibility toward the new member states," he said.
Germany has been one of the most reluctant major economies to meet U.S. calls for more fiscal stimulus spending to boost the global economy and fight the financial crisis.

(SOURCES : cnn-ibn)

Death toll rises to 8 as 2 more blasts rock Assam

Guwahati: Four bomb blasts rocked Assam on Monday just a day ahead of Prime Minister Manmohan Singh’s visit to the state.
The four blasts took place in Guwahati, in Dhekiajuli near Tezpur, Mancachar in Dhubri and Udalguri district.
Seven people were killed and 32 others injured in the blast which took place at 1400 hours IST in Guwahati, police said. The bomb was planted in a motorcycle at a parking area near Maligaon Chariali in Guwahati.
Several vehicles and two-wheelers caught fire immediately after the explosion with fire-tenders arriving shortly afterwards.
One of the victims was a student of the Maligaon Primary School. The students were coming out of the school when the bomb exploded.

Two of the dead were identified as Mousum Khatun and Bhupen Kumar.
Complete chaos prevailed in the area with people protesting over repeated blasts in the city. Some protestors even attacked the police and their vehicles. Traffic was thrown out of gear with hundreds of vehicles stranded.
Nine of the injured were admitted to nearby Sanjivani Hospital, two in the adjacent North-East Frontier Railway Headquarters hospital and the rest were sent to Gauhati Medical College and Hospital.
In the second blast at Dhekiajuli, six people were injured when the blast ripped through a crowded marketplace.
One person died in the third blast at Mancachar in Dhubri on the India-Bangladesh border. As per initial reports the fourth blast in Udalguri was a grenade blast outside a police station.
Authorities suspect the hand of United Liberation Front of Asom (ULFA) rebels behind the blast. The banned outfit has had a history of setting off blasts on the eve of their founding day which is on April 7.
The blast site was cordoned off by the security forces suspecting that there could be more bombs.
Meanwhile, Home Secretary has spoken to Assam Chief Secretary following the blasts and has advised him to strengthen security arrangements in Guwahati and other areas.
Manmohan Singh is scheduled to visit Dibrugarh on Tuesday.

(sources CNN-ibn)

Prominence to Nano irks Gujarat diamond workers

While India Inc and Gujarati middle class celebrated the shifting of the Nano from West Bengal to Gujarat, unorganised labour in the state is upset with the Modi government for laying out the red carpet for the little car.
“The Nano project has come to Gujarat. The state government laid out the red carpet for it. If we were given even 50 per cent of that support the diamond industry would be back on its feet,” said a diamond worker.
The state's 10 lakh diamond workers come from Saurashtra, a region the BJP swept in the 2007 assembly elections after a booming economy had replaced hindutva as Modi's election trump card.
Then came the recession, diamond exports crashed and the highly skilled men were offered work by the government under the NREG. It hurt their asmita.
“The Nano was an external creation, brought in as if an organic growth. The diamond industry is a local creation. People in the diamond industry are saying how is the Nano car preferred to what has been organically created. Nano will be the first threat to Modi,” said Shiv Vishwanathan, social scientist, Ambani Institute, Ahmedabad,
So, will Nano envy become the rallying point for those feeling the heat of recession and for opposition parties looking to stop the seemingly unstoppable chief minister?

(NDTV Sources and Report)