NYSE Euronext and Qatar Holding

The move gives the company a foothold in an energy-rich Persian Gulf nation that is trying to bill itself as a regional economic center for the Middle Eastern market.

NYSE Euronext and Qatar Holding, the investment arm of the Qatar Investment Authority (QIA), said their partnership will give rise to Qatar Exchange, the successor of the Doha Securities Market (DSM).
Under the deal, NYSE Euronext is taking a 20 percent stake in the exchange, with the rest owned by the QIA, the state investment fund, through Qatar Holding.
All workers at DSM will be transferred to Qatar Exchange.
NYSE Euronext, the parent of the New York Stock Exchange, will provide the technology for the new exchange.
Stock exchanges in the Gulf region have outperformed many of their peers elsewhere in recent years, thanks in part to their fast-growing economies.
But the financial crisis has in the past few quarters also hit exchanges in the region, sapping a lot of trading volume and putting public listings on hold.
Still, the move would give NYSE exposure to one of the world's growth areas.
The investment and technology joint venture is part of the country's plans to compete with the financial-services sector in Dubai and Abu Dhabi.
"The start of this relationship between NYSE Euronext and the state of Qatar and Qatar Exchange will add a lot of value to us in terms of technology, in terms of developing the project and in going international," said Hussain al-Abdulla, board member executive of the QIA.


Source : business.maktoob.com/20090000005900/NYSE_Euronext_invests_$200mln_in_Qatar_bourse/Article.htm

Asian equity markets are predominantly in the green,Opening the week

Asian equity markets are predominantly in the green, opening the week by shrugging off the caution seen late on Friday with response to some better than expected economic data. With about 90 minutes to go in Tokyo trading, Nikkei225 is in rally-mode coming out of midday break, gaining about 1% to 9,880. Hang Seng and Taiwan are up 2.7% and 1.4% - outperforming on respective macro developments, while S&P/ASX and Kospi are up only 0.5%. Ahead of the US open, front-month S&Ps are lifted by 0.3% above $918, while benchmark yields remain contained below 3.80% ahead of the much-anticipated Fed decision this Wednesday.

Economic docket saw a strong industrial sector update from Japan, housing figures from UK, and 2nd tier data from Australia and New Zealand. Japan's Q2 BSI All Industry index improved on a Q/Q basis to -22.4 V -51.3 prior, and large manufacturers saw its best data since Q3 of 2008 at -13.2 - a sharp gain from the prior -66.0 and testament to the overall industrial/manufacturing sector improvement noted by both the Bank of Japan and Japan's government. April Tertiary Industry Index suggested that recovery may be at least a couple of months in the works, coming in 2.2% - the highest level since January 2006. Housing data from the UK were a disappointment, with June HPI contracting for the first time since January at -0.4% vs +2.4% seen in May. In Australia, May New Vehicle Sales saw its best increase since January 2005 at 5.4% v 1.7% prior, but New Zealand's credit card spending declined 2.4% in May vs 1.6% drop in April - evidence of local currency strength weighing on the overall economy as implied by local Prime Minister and Finance Minister in recent days.


For further details visit as : www.forexhound.com/article/Fundamentals/Daily_Reports/Market_Update_from_Trade_The_News/140986

MSCI status and accorded recognition as a full-fledged

There was little hoopla locally the other day, but there should have been: Israel’s economy was upgraded by Morgan Stanley Capital Index (MSCI) from “emerging market” status and accorded recognition as a full-fledged “developed market.”

This is no mean feat for a young country, a severely embattled one with few natural resources; one where virtually everything had to be started from scratch, often under the most adverse of conditions — including belligerence, boycotts and bad press.
The MSCI did more than pat Israel on the back. In the Tel Aviv Stock Exchange, this is regarded as breaking the glass ceiling. Israel has been admitted to play in the exclusive and prestigious top league.
To put the reclassification into context, we need to realize that when it takes effect, in May 2010, Israel will rank 18th among the 24 developed market members, with a similar market weight to Denmark and Belgium and greater than Norway, Ireland, New Zealand, Portugal and Greece.
Why was Israel thus honored? Plainly, because we are doing well. With $134.5 billion in stock-market value, the TASE outdid most of its counterparts globally during the present crisis.
We ought to congratulate ourselves on our tiny, beleaguered country’s achievements, welcome the recognition these achievements are receiving from objective international assessors, and do our utmost to justify the confidence we inspire.

Source : www.timesleader.com/opinion/Israel_economy_matures_06-22-2009.html

SAP AG, whose new software sales plunged 33 percent from oracle

SAP AG, whose new software sales plunged 33 percent last quarter, is struggling to wrest orders from Oracle Corp. as more customers like Jeff Kuckenbaker opt for the U.S. company's software and services to run businesses.
Kuckenbaker, who manages technology at Star Trac, an Irvine, California-based fitness-equipment company with four million clients in 75 countries, picked Oracle over SAP last month to tie its diverse computers into a seamless network.
"Oracle demonstrated the best ability to address our globalization, working in multiple languages and currencies," said Kuckenbaker, the vice president for information systems. Oracle's range of products let him link operations "without having to be in the business of software integration."
SAP, the world's biggest maker of business-management software that tracks purchases and handles payroll, is losing market share to No. 2 Oracle. Corporations are reining in spending and seeking to buy more software from one company to get a better price. Oracle Chief Executive Officer Larry Ellison has been the most acquisitive in the industry to expand his offerings. SAP CEO Leo Apotheker has made few deals, preferring to lean on internal development.
SAP is "clearly losing market share," said Adam Wood, a Paris-based analyst at Exane BNP Paribas who rates SAP "underperform." "Because of the acquisitions Oracle has made recently, it's left them with a bigger product range for their existing customers."


For further details visit as : www.dailyherald.com/story/?id=302001

Ingushetia has been wounded in an assassination attempt

The president of the southern Russian republic of Ingushetia has been wounded in an assassination attempt.
Yunus-Bek Yevkurov has been taken to hospital and his condition is unclear. Three bodyguards are reported to have been killed.
An explosion hit their convoy near the city of Nazran, officials say. No group has said it carried out the attack.
Ingushetia, which neighbours Chechnya, has seen an increase in violence in recent years.
Monday's attack is the third to hit the republic in as many weeks.
The North Caucasus region, which also includes Dagestan, Chechnya and Ingushetia, is regarded as a major security challenge for the Kremlin.


For further details visit as : news.bbc.co.uk/2/hi/uk_news/8112109.stm

Obama visits Grand Junction as part of his health-care reform effort

If President Obama visits Grand Junction as part of his health-care reform effort, he’ll hear praises of the system set up 35 years ago in the Grand Valley, but he also is likely to hear it wouldn’t be easily replicated elsewhere.

U.S. Rep. John Salazar, D-Colo., invited Obama to visit Grand Junction after the town’s system caught the eye of researchers from Dartmouth and The New Yorker magazine, which noted its low costs seemed to run counter to national trends. Sen. Michael Bennet, D-Colo., has patterned legislation after some of the practices pioneered in the Grand Valley.
Replicating the system dominated by nonprofits such as Rocky Mountain Health Plans, St. Mary’s Hospital, Marillac Clinic and several other organizations would be difficult on several levels, said John Hopkins, chairman of Rocky Mountain Health Plans.
Besides that, Rocky Mountain Health Plans might find itself out of business if the federal government presses ahead with a single-payer system for health care, or even a public option, said Dr. James Schroeder, a Grand Junction practitioner.
If he has the chance to speak with Obama, Hopkins said the emphasis on collaboration in the health-care field has made all the difference in Grand Junction.
“The thing that keeps it all together is the collaboration component,” Hopkins said.
Reform is needed, said Schroeder, who said the best thing the president could do is do less.
The federal government has been distorting the health-care market since the 1950s, when it made health-insurance premiums nontaxable, Schroeder said.
Establishing Medicare and Medicaid in the 1960s increased federal activity in health care but without saving money, he said. Costs for the federal programs were off by 300 percent.


Source : www.gjsentinel.com/hp/content/news/stories/2009/06/21/062209_1A_Docs_talk.html

New Mexico Governor Bill Richardson broke ground on Friday

PHOENIX (Reuters) - New Mexico Governor Bill Richardson broke ground on Friday on construction of Spaceport America, the world's first facility built specifically for space-bound commercial customers and fee-paying passengers.

The $198 million project, which is being funded by the New Mexico state government, is located on a remote high-desert range near the town of Truth or Consequences.
British tycoon Richard Branson's space tours firm, Virgin Galactic, will use the facility to propel tourists into suborbital space at a cost of $200,000 a ride.
"After all of the hard work to get this project off the ground, it is gratifying to see Spaceport America finally become a reality," Richardson said.
"This groundbreaking ceremony is an important step toward our goal of being at the forefront of a vibrant new, commercial space industry."
Construction will begin with a runway at the site, followed by a terminal and hangar facility later in the year, Spaceport America said.
Virgin Galactic is investing more than $300 million in developing a new space launch system that will operate from the site after it opens.
The spaceship hitches a ride up to around 50,000 feet attached to a specially designed carrier aircraft. When released from the aircraft, it is designed to hurtle into suborbital space powered by a rocket.


For further details visit as : www.reuters.com/article/scienceNews/idUSTRE55I5NK20090619

The U.S. Government is concerned about Green Dam

The U.S. pressure comes as Chinese Web surfers are lobbying the communist government to scrap its plan to require the Internet-filtering Green Dam Youth Escort software on personal computers. It is to be pre-installed or included on a compact disc with all PCs sold in China starting July 1.

American diplomats met Friday with officials of China's ministries of commerce and information technology to express concern and seek more information about the system, the U.S. Embassy in Beijing said.
"The U.S. is concerned about actions that seek to restrict access to the Internet as well as restrictions on the internationally recognized right to freedom of expression," the embassy said in a statement.
"The U.S. Government is concerned about Green Dam both in terms of its potential impact on trade and the serious technical issues raised by use of the software," it said. "We have asked the Chinese to engage in a dialogue on how to address these concerns."
Chinese officials say the Internet filtering as an effort to block access to violent and pornographic material. But Internet users have ridiculed the system and some are circulating petitions appealing to the government to scrap it.
China, which has the world's largest population of Internet users at more than 298 million, also has one of the world's tightest controls over the Internet. The government bans online pornography and this year launched a nationwide crackdown that led to the closing of more than 1,900 Web sites.


Source : www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/06/21/financial/f222242D91.DTL&type=business

Ahmadinejad during the election campaign accused him on television of corruption

TEHRAN (Reuters) - A daughter of former Iranian president Akbar Hashemi Rafsanjani, arival of President Mahmoud Ahmadinejad, has been released from detention, state television said on Monday.

Iran's English-language Press TV had reported that Faezeh Rafsanjani and four other relatives of the former president were detained during an unauthorized protest in Tehran on Saturday. The four other relatives were freed earlier.
"Rafsanjani's daughter released after brief arrest," Press TV said in a headline without giving details.
Last week, the semi-official Fars News Agency said Faezeh and her brother Mehdi had been barred from leaving Iran.
Faezeh addressed supporters of defeated presidential candidate Mirhossein Mousavi last Tuesday when they gathered near the state television building in Tehran in defiance of a ban on opposition protests.
Her father, who remains a powerful figure in Iran, supported Mousavi in the June 12 election. Official results showed Ahmadinejad won by a landslide but Mousavi says the vote was rigged, a charge the authorities reject.
Rafsanjani reacted furiously when Ahmadinejad during the election campaign accused him on television of corruption, publicly urging Iran's Supreme Leader Ayatollah Ali Khamenei to rein in the president.


For further details visit as : www.reuters.com/article/worldNews/idUSTRE55L0D520090622

The long term agenda for the mutual fund industry in mind

The Securities and Exchange Board of India`s (SEBI`s) decision to do away with entry load on fund schemes has drawn mixed reactions from the industry with some expressing concern over the new norms, while others felt it would bring more transparency in the system.

Sandesh Kirkire, CEO of Kotak Mutual Fund and a member of managing committee of the Association of Mutual Funds in India (AMFI), felt that fundamentally there is no problem with the SEBI guideline.
``It`s a good initiative to let the customer decide what he wants to pay. But the guideline says that there should be two separate cheques of which one would be towards payment of distributor`s commission. At a time when the industry is under-penetrated, it is important to keep the process easy to increase penetration,`` Kirkire added.
Ajay Srinivasan, chief executive, financial services, Aditya Birla Group said, ``This is a matter that the industry needs to discuss and decide on, keeping the long term agenda for the mutual fund industry in mind. This will not only bring greater flow of funds into the mainstream economy, but will also give the individual investor the opportunity to create wealth.``
``However, to achieve a multiple increase in retail penetration, there is a cost of expansion. With the recent announcement, the question we need to ask ourselves is how we will achieve this market expansion now. An entry load does help to part fund this ambition,`` Srinivasan added.
Speaking on condition of anonymity, an industry official said, ``The MF industry is unhappy over the SEBI move to do away with entry load on fund schemes. Abolishing entry load could slow the growth of the industry since a part of the entry load was used for activities like investor education, marketing, sales, research, etc.``
``It would be a major internal hurdle in the short-term for all mutual funds. We expect a re-jig in terms of exit load for mutual funds,`` said Waqar Naqvi, CEO of Taurus Mutual Fund.



For further details visit as : www.myiris.com/newsCentre/newsPopup.php?fileR=20090622102516173&dir=2009/06/22&secID=livenews

The Oregon Department of Consumer and Business Services

The Oregon Department of Consumer and Business Services has taken an enforcement action against Brian D. Hayden of Louisville, Ky., revoking his license.

According to DCBS's enforcement order, Hayden was licensed in Oregon as a nonresident individual insurance producer from January 2006 until November 2008, when his license expired. His last recorded residence and business address was located in Louisville, Ky. Oregon law permits the DCBS director to take any authorized enforcement action against a person who has applied for a license or is licensed in Oregon as an insurance producer if another state insurance regulator canceled, revoked, suspended, or refused to renew, the person's license in that state as an insurance producer, adjuster or consultant.
On Oct. 20, 2008, the insurance regulator for the State of Ohio issued an order, revoking Hayden's Ohio nonresident insurance producer license because "on or about Oct. 19, 2007, Hayden's Pennsylvania insurance license was surrendered for cause and he was ordered to
ceased and desist all insurance activity due to his unfair insurance practices including forgery." And on Dec. 23, 2008, the insurance regulator for the State of Kentucky revoked Hayden's Kentucky resident insurance producer license because, among other things, he had forged a person's name an application for insurance.

For further details visit as : www.claimsjournal.com/news/west/2009/06/22/101581.htm

Australia's political leaders have traded furious accusations in parliament

SYDNEY (AFP) — Australia's political leaders have traded furious accusations in parliament over a scandal that could cost both of them their jobs, as an email at the centre of the row was reported as a fake.

Opposition leader Malcolm Turnbull repeated his claim that Treasurer Wayne Swan had lied over the so-called "Utegate" affair, prompting an angry rebuttal from Prime Minister Kevin Rudd.
Turnbull says Rudd and Swan helped a car-dealer friend seeking government funds, basing his claim on an email printed in weekend newspapers which supposedly came from the Treasury.
But public broadcaster ABC, without citing sources, reported that the email was a fake and a senior Treasury official whose testimony prompted the row was being interviewed by police.
Police told AFP they were conducting investigations as a result of a referral from the attorney-general's department, but would not give further comment.
If the email is a forgery, it will torpedo Turnbull's argument and give weight to the prime minister's repeated calls for the opposition leader to quit.
On Monday, Rudd dismissed the correspondence as a forgery and claimed that Turnbull's "fingerprints are all over this email, and he knows it."
"This fraudulent email was the rock on which the leader of the opposition has constructed his case against me and the Treasurer," Rudd said.
"This rock has now disintegrated into sand... these facts demonstrate beyond all reasonable doubt that the leader of the opposition has been fundamentally untruthful with the Australian people."


For further details visit as : www.google.com/hostednews/afp/article/ALeqM5glTfrlV5_Flr2x9kEKr7WfrteZ2g

The funding commitment is part of a massive budget-balancing

SACRAMENTO -- California voters said no, but Democratic lawmakers are pushing to do it anyhow.

The issue involves billions of dollars and a ballot measure so important to schools that the California Teachers Association spent more than $7 million in a failed attempt to pass Proposition 1B.
One month after the initiative died, Democrats are proposing to pay schools the same $7.9 billion that was the heart of the measure and to begin payments the same year, 2011-12.
The funding commitment is part of a massive budget-balancing plan crafted by a joint legislative conference committee and scheduled to be voted on this week by the Senate and Assembly.
Sen. Mimi Walters, R-Laguna Niguel, said the proposal to commit $7.9 billion to schools directly contradicts the people's will.
"The voters have spoken and we need to listen," Walters said.
"Unfortunately, the majority party in Sacramento isn't listening."
Democrats counter that a lawsuit already has been filed by the California Federation of Teachers over the disputed $7.9 billion and, if the state loses, it could be forced to begin payments much sooner than the proposed 2011-12.
"The state is still at risk for owing the entire [amount] immediately," said Senate President Pro Tem Darrell Steinberg, D-Sacramento. "So what the conference committee action allows is for an easy payment plan."
Democrats also argue that 1B was rejected for reasons other than school funding -- voters were angry that the Legislature hadn't solved the state's budget crisis, and they didn't like that 1B would take effect only if Proposition 1A were passed to extend some newly imposed taxes for up to two years.


For further details visit as : www.fresnobee.com/local/story/1486342.html

US-India Business Council in New York City

Anand Sharma, Minister of Commerce and Industry, released a report 'India-US Economic Relations: The Next Decade' by Confederation of Indian Industry (CII) at a session jointly organized by CII, The Asia Society, and US-India Business Council in New York City.

The session was held to coincide with the CII CEOs' annual mission to USA, led by Venu Srinivasan, President, CII, and Chairman, TVS Motor Company Ltd. Minister Sharma congratulated CII on this effort that clearly showcases the need for partnership on many fronts and indicated the importance of a successful completion of the Doha trade negotiations.
This report entitled has been prepared in the context of new governments in both countries and examines the potential of bilateral economic engagement over a time horizon of ten years. Stating that the historic civilian nuclear agreement marks the beginning of a new era in the bilateral relationship, the report asserts that given the right conditions, merchandise trade could rise to US$320 bn by 2018, an eight-time increase from US$42 billion in 2007-08.
The CII report points out that although US has been India's largest partner for trade, investment and technology since India's independence, the two countries must now work towards strengthening commercial ties.
A new vision for platform-jump in economic engagement between India and US would include shift from high-technology trade to frontier technology, trade in goods and services, and investments as well as collaboration on clean energy and climate change, including nuclear energy, knowledge sectors, education and research, building infrastructure in India, and healthcare.
India intends to import 24 reactors in the next 11-15 years, and could create as many as 20,000 new jobs directly and indirectly in USA from nuclear trade. For stepping up technology interface, the report recommends regulatory capacity building, improving the business environment, examining non-tariff barriers, and greater cooperation in defense trade.


For further details visit as : www.indiainfoline.com/news/innernews.asp?storyId=105492&lmn=1

Test cricket remains the pinnacle of the sport

LONDON (AFP) — Sri Lanka captain Kumar Sangakkara put aside the hype over Twenty20 on Monday and declared that Test cricket remains the pinnacle of the sport.

"I think Twenty20 should enhance Test cricket; Tests should have prime importance," said Sangakkara after his team lost by eight wickets to Pakistan in the World Twenty20 final at Lord's.
The 16-day tournament has been widely hailed as a success with most matches at the Lord's, Trent Bridge and Oval venues sold out.
"If you ask players around the world, every single player will admit Test cricket is the real test," added Sangakkara.
"At the end of the day not many people will go around saying you scored 2,000 runs in Twenty20 cricket but they will talk of you if you score 10,000 runs in Test cricket.
"That is the final ambition of all cricketers and if you are a good cricketer you can play any format of the game.
"We as Sri Lankans would love to play 10 to 12 Test matches a year, we would like to see that day come very soon."
Sangakkara said he had no excuses after his side suffered fresh one-day misery after losing Sunday's final.
The comprehensive eight-wicket defeat followed the team's 50-over World Cup final loss two years ago to Australia in Barbados.
Sri Lanka had enjoyed an unbeaten run to the final, a sequence of wins which included a victory over Pakistan.
But on Sunday they lost early wickets - including player of the tournament Tillekaratne Dilshan for a duck - as they slumped to 32 for four after Sangakkara won the toss, with paceman Abdur Razzaq taking three for 20.


For further details visit as : www.google.com/hostednews/afp/article/ALeqM5ipV-TNod53VU6kdyIxaLO5ECItsA

Rebranding of Satyam Computer Services

The long-awaited rebranding of Satyam Computer Services by its new owner Tech Mahindra (TechM) has been officially unveiled. The new brand, Mahindra Satyam, is a hybrid brand drawing on both Satyam and Tech Mahindra, and will be shown to a select audience initially.

"This rebranding exercise symbolises an amalgamation of the Mahindra Group's values with Satyam's fabled expertise, even as it retains that part of Satyam's identity which signifies commitment, purpose and proficiency of the organisation and its people," says Anand Mahindra, vice-chairman and managing director, Mahindra Group.
"With this synergistic approach, Mahindra Satyam will learn from the best management practices of the Mahindra Group, while focusing on nurturing Satyam's innate skills and capabilities," said Vineet Nayyar, executive vice-chairman, Satyam board.
Senior executives at Satyam, TechM and Mahindra and Mahindra have been working on the rebranding exercise with select external advisors, ever since TechM emerged as the winner in an auction to acquire Satyam about two months ago.
The rebranding will leverage both Satyam and Mahindra brands. While TechM doesn't want to continue with the Satyam brand in its present form, it wants to leverage the strengths of the tainted firm.


For further details visit as : www.televisionpoint.com/news2009/newsfullstory.php?id=1245672747