Back in 1997, a minor currency crisis in Thailand rattled a few regional market players. But the rest of the world ignored it ... at first. They said it wouldn't matter to the U.S. and would be just a blip on the radar screen.
But soon the decline in Thailand's currency, the baht, accelerated. It went from a gentle slide to a full-scale rout. Before long, currencies in the Philippines, Indonesia, and South Korea began to fall out of bed.
Then regional stock indices later crashed. Our Dow suffered what was then one of the largest point declines on record. And the International Monetary Fund was forced to step in and bail out several economies — to the tune of tens of billions of dollars.
It was a scary time. But compared to what is happening now, the 1997 crisis looks like a day at the beach. Right now ... in far-flung corners of the world as diverse as Iceland, Hungary, Argentina, India, and elsewhere ...
Currencies aren't just declining. They're crashing.
Stock markets aren't just falling. They're collapsing.
Foreign investors aren't just walking for the exits. They're running ... and trampling anyone in their paths.
You may not keep a chart of the Hungarian florint, that nation's currency, on your screen. You probably don't look at Argentina's Merval Index very often, if ever. And you may have never touched an Icelandic krona in your life.
Crisis in Hungary, Argentina, Iceland, oh my!
In Hungary, the currency has been plunging for weeks on end as global investors pare risk and withdraw funds from higher-risk emerging markets. The forint recently traded at 214 against the dollar, a huge decline from the 143 level back in July. In other words, one U.S. dollar buys many more forints than it did a few months ago.
That prompted a serious reaction from the Magyar Nemzeti Bank, Hungary's central bank this week. It jacked up the nation's benchmark rate to 11.5% — an increase of a full three percentage points — to defend the currency and stem the flight of capital.
Meanwhile, in Argentina, the country said it plans to seize $29 billion of private pension funds. This caused bond yields in the country to surge. The Merval stock index plunged 11% on Tuesday, then another 10% on Wednesday. It is down more than 55% on the year.
The government last raided pension fund investments to service its debt in 2001. But it didn't help. Argentina then defaulted in a move that sent shockwaves throughout the global capital markets.
As for Iceland, the market has all but collapsed. The country's three biggest banks have been nationalized. Its currency has lost more than half its value in the past two years. It's being forced to pursue a multi-billion dollar bailout from its Scandinavian neighbors and the IMF.
The most shocking of all: Its benchmark stock market gauge, the OMX ICEX 15 index, has plunged 89% year to date! To put that in perspective, if our Dow did the same thing this year, it would be trading around 1,460.
Back home here in India, we are too running into trouble. Overseas funds dumped a record $12 billion of Indian shares so far this year. Foreign exchange reserves have dwindled by $42 billion as the Indian rupee has imploded. It recently slumped from 39.20 against the dollar to 49.50 — a record low.
Bottom line: The credit virus is now spreading its sickness to the four corners of the world.
Iceland's stock market has all but collapsed as the credit virus spreads worldwide.
I remember till about a month back FM was quite confident about INDIAN MARKETS he used to address the press with the same statement again and again "We are insulated to credit crisis"
Presently hes not to be seen since last few days where we lost 10-20% in a matter of days.
The most recent comment of PM "yes credit crisis is hurting INDIA".
Well why all this when we have plunged,Why they were so confident a month back?
Try to find answers:)
Comments welcome.
Regards
Rish
Wednesday, October 29, 2008
Tuesday, October 28, 2008
>Few good INVESTMENTS
Hi Friends ,
Few Investment stocks which you can buy on Diwali muhurat trading as an
INVESTMENT.
1 RANBAXY
2.SUZLON
3.RELIANCE
4.L&T
5.BHARTI
Remember these are investments and should be held for atleast a year.
I expect good appreciation in these stocks in the next one year at least.
I purposely gave index stocks as that's where more action would be.
Keep this in mind put 20% in each stock.
Regards
Rish
Few Investment stocks which you can buy on Diwali muhurat trading as an
INVESTMENT.
1 RANBAXY
2.SUZLON
3.RELIANCE
4.L&T
5.BHARTI
Remember these are investments and should be held for atleast a year.
I expect good appreciation in these stocks in the next one year at least.
I purposely gave index stocks as that's where more action would be.
Keep this in mind put 20% in each stock.
Regards
Rish
Monday, October 27, 2008
>INSIDE TRADING 27-10-2008
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| S - Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
>Next Chairman of TATA Group
Shapoorji Mistry *is an Indian entrepreneur and construction
tycoon. With his *18.5% stake in Tata Sons*, he is the single largest
shareholder in India's largest private conglomerate Tata Group. He is also
the Chairman of the Shapoorji Pallonji Group through which he owns Shapoorji
Pallonji Construction Limited and Eureka Forbes Limited.
He is also the former Chairman of Associated Cement Companies. In 2007,
Forbes estim
ated his total fortune to be *worth US$ 5.9 billion*.Pallonji
gave up his Indian citizenship in 2007 to adopt *Irish citizenship*, making
him the richest Irish national in the world.
Nicknamed by his colleagues in Tata Group as the *Phantom of Bombay House*,
Pallonji, despite being one of the most successful businessmen in India, is
known for his *media-shyness *and rarely appears in public.
Association OF Mr.Pallonji Mistry with TATA Group is since more than 50
years back. His father Mr.Shapoorji Mistry had acquired 12.5 % stake of TATA
Sons, the key holding company of TATA Group from Mr. J R D Tata by buying
out solicitor FE Dinshaw's estate which was equal to 12.5% of Tata Son
And when J R D Tata tooke over the group Mr.Shapoorji had taken the
advantage of group's uncertanity and bought out other Tata family members
stake and increased it to 16.5%.
*Today, Pallonji owns 18.35% of Tata Sons, while Ratan Tata himself owns
less than a per cent.*
When TCS went public, Pallonji was the biggest beneficiary, netting more
than even the Tata companies.
He's always been a silent stakeholder, choosing instead to focus on the
international expansion of his own construction group, The Shapoorji
Pallonji Group and the domestic expansion of Eureka Forbes. The Group has
now diversified into textile and IT parks but Pallonji is as reclusive as
ever. He admits, "I prefer to be in the background, and I always have been.
But when it is a must, as I said when I became the Chairman of ACC, I had to
be before the press and so I was there. But if left to me, I would rather be
on my own."
In spite of being one of the richest Indians and Chairman of the Shapoorji
Pallonji Group, Pallonji Mistry is a man who rarely appears in public and is
often described as being media shy. His employees call him the man with no
faults, his friends describe him as humble and within the Tata Group he is
known as the Phantom of Bombay House.
In 2007, he gave up his Indian citizenship to become an Irish citizen.His
son-in-law Noel Tata is the CEO of the retail arm of the Tata Group. Noel
Tata is also the half-brother of Ratan Tata.
His son Mr.Cyrus Mistry is, 40 years old has recently joined the board of
TATA Sons in 2006.*The possiblity of next chairman of TATA Group is of his
son Mr. Cyrus Mistry or his son-in-law Mr.Noel Tata*.
*Any one out of Mr.Cyrus Mistry, Son of Mr.Pallonji Mistry and Mr.Noel Tata,
Son-in-law of Mr.Pallonji Mistry are the Next chairman of TATA Group.
Source:- http://myjourneytobillionaireclub.blogspot.com/2008/10/pallonji-shapoorji-mistry.html
tycoon. With his *18.5% stake in Tata Sons*, he is the single largest
shareholder in India's largest private conglomerate Tata Group. He is also
the Chairman of the Shapoorji Pallonji Group through which he owns Shapoorji
Pallonji Construction Limited and Eureka Forbes Limited.
He is also the former Chairman of Associated Cement Companies. In 2007,
Forbes estim
ated his total fortune to be *worth US$ 5.9 billion*.Pallonjigave up his Indian citizenship in 2007 to adopt *Irish citizenship*, making
him the richest Irish national in the world.
Nicknamed by his colleagues in Tata Group as the *Phantom of Bombay House*,
Pallonji, despite being one of the most successful businessmen in India, is
known for his *media-shyness *and rarely appears in public.
Association OF Mr.Pallonji Mistry with TATA Group is since more than 50
years back. His father Mr.Shapoorji Mistry had acquired 12.5 % stake of TATA
Sons, the key holding company of TATA Group from Mr. J R D Tata by buying
out solicitor FE Dinshaw's estate which was equal to 12.5% of Tata Son
And when J R D Tata tooke over the group Mr.Shapoorji had taken the
advantage of group's uncertanity and bought out other Tata family members
stake and increased it to 16.5%.
*Today, Pallonji owns 18.35% of Tata Sons, while Ratan Tata himself owns
less than a per cent.*
When TCS went public, Pallonji was the biggest beneficiary, netting more
than even the Tata companies.
He's always been a silent stakeholder, choosing instead to focus on the
international expansion of his own construction group, The Shapoorji
Pallonji Group and the domestic expansion of Eureka Forbes. The Group has
now diversified into textile and IT parks but Pallonji is as reclusive as
ever. He admits, "I prefer to be in the background, and I always have been.
But when it is a must, as I said when I became the Chairman of ACC, I had to
be before the press and so I was there. But if left to me, I would rather be
on my own."
In spite of being one of the richest Indians and Chairman of the Shapoorji
Pallonji Group, Pallonji Mistry is a man who rarely appears in public and is
often described as being media shy. His employees call him the man with no
faults, his friends describe him as humble and within the Tata Group he is
known as the Phantom of Bombay House.
In 2007, he gave up his Indian citizenship to become an Irish citizen.His
son-in-law Noel Tata is the CEO of the retail arm of the Tata Group. Noel
Tata is also the half-brother of Ratan Tata.
His son Mr.Cyrus Mistry is, 40 years old has recently joined the board of
TATA Sons in 2006.*The possiblity of next chairman of TATA Group is of his
son Mr. Cyrus Mistry or his son-in-law Mr.Noel Tata*.
*Any one out of Mr.Cyrus Mistry, Son of Mr.Pallonji Mistry and Mr.Noel Tata,
Son-in-law of Mr.Pallonji Mistry are the Next chairman of TATA Group.
Source:- http://
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