The $99 tablet computer called Novo7 could be thecheapest tablet computer coming up in the market. Earlier report said that MIPS Technologies just released their $99 tablet computer which was said to be the first Android 4.0 tablet in the world.
The Novo7 as it was called would be the first Ice Cream Sandwich tablet in the world that will bring more exciting user experience and the most amazingAndroid tablet as it was described by Ainovo.
The new $99 tablet computer was said to have an outstanding battery life, has a 7-inch, 800×480-pixel display, 1 GHz XBurst processor and will support Wi-Fi and 3G connectivity.
The new XBurst chip was said to be so power-efficient that it makes the Novo7 quick and responsive. It also gives games realistic graphic experience and it runs smoother. It uses Vivante GC860 GPU graphics core and support for OpenGL ES2.0 and ES1.0, OpenVG1.1 operating frequency 444MHz, according to Ainovo.
The new tablet computer has a front camera and 2.0 megapixel back camera with amazing video experience. Below is the video explaining the full features and specifications of Novo7.
The Novo7 as it was called would be the first Ice Cream Sandwich tablet in the world that will bring more exciting user experience and the most amazingAndroid tablet as it was described by Ainovo.
The new $99 tablet computer was said to have an outstanding battery life, has a 7-inch, 800×480-pixel display, 1 GHz XBurst processor and will support Wi-Fi and 3G connectivity.
The new XBurst chip was said to be so power-efficient that it makes the Novo7 quick and responsive. It also gives games realistic graphic experience and it runs smoother. It uses Vivante GC860 GPU graphics core and support for OpenGL ES2.0 and ES1.0, OpenVG1.1 operating frequency 444MHz, according to Ainovo.
The new tablet computer has a front camera and 2.0 megapixel back camera with amazing video experience. Below is the video explaining the full features and specifications of Novo7.
Global - Economy and Market
Unemployment falls in most U.S. metro areas
Unemployment in October was down in 281 U.S. metropolitan areas, the Labor Department said. The number was the largest since April. The Conference Board's index of hiring prospects in the U.S. rose to 103.7 last month, from 102.4 in October. It was the highest reading in three years.
Many companies pay no state taxes: report
WASHINGTON - Many brand-name U.S. companies are using deductions, credits and other means to shave their state tax rates below zero percent, a study by a left-leaning think tank released on Wednesday found.
ECB to cut rates as focus on bond buys intensifies
FRANKFURT - The ECB is expected to cut rates and unveil a new package of bank aid on Thursday, with markets also watching for any hint it will intensify its bond buying support for the bloc's struggling periphery, setting the stage for a critical euro zone summit.
Fed to hold off on easing, finalize policy framework
WASHINGTON - The Federal Reserve looks set to hold off on easing monetary policy for a second meeting in a row as it gauges the impact of Europe's crisis on the U.S. economy and ponders additional transparency steps.
October consumer credit up for 2nd straight month
WASHINGTON - Consumer credit in October grew sharply for the second straight month, rising $7.65 billion after increasing a revised $6.88 billion in September, a Federal Reserve report showed on Wednesday.
India - Economy and Market
· India's Oct industrial output shrank by 7%
India's industrial output declined by 7% in October, dragged down by a fall in the capital goods sector, the first time it moved into negative territory since June 2009, The Times of India reported on Thursday, quoting an unnamed source.
"Initial estimates show that industrial production has shrunk by 7%. But with more data coming in, the decline may be around 5%," the newspaper quoted the source as saying.
· RBI unlikely to cut CRR on inflation woes: Gokarn
Reserve bank governor Subir Gokarn hinted that the RBI may not cut the cash reserve ratio since inflationary pressures are still high. Gokarn was speaking at a closed door meeting with bankers.
· Subsidy bill may go up by Rs 1 lakh cr in FY'12: Pranab
The government subsidy bill in the current fiscal is likely to go up by a massive Rs 1 lakh crore on account of higher outlays towards fertiliser, food and oil, Finance Minister Pranab Mukherjee said today.
· RBI guidelines on MFI sector a positive: CRISIL
"RBI's revision in provisioning norms and change in recognition of non-performing assets (to 90 days overdue from 180 days overdue) is unlikely to impact the profitability of the non-Andhra operations of Crisil-rated MFIs over the medium term," Crisil said in a study on the sector.
RBI's recent guidelines have created a new category of non-banking financial companies (NBFCs) called NBFC-MFIs. The guidelines also highlight the need for transparency in interest rates, and address issues on multiple lending and coercive recovery.
· CCEA clears Rs 6,500 cr FDI proposals of two power entities
PTI 7 Dec 2011, 22:36
Govt approved the proposals of two power sector entities for bringing in foreign direct investment worth Rs 6,500 crore.
· FDI in retail: Govt approves Rs 8,750-cr financial package for West Bengal
NEW DELHI: After heeding to West Bengal Chief Minister Mamata Banerjee's demand on FDI in retail, the Centre today gifted her with a special package of Rs 8,750 crore for development of backward region of the state.
The proposal of the Planning Commission, which was being sought by Banerjee for long, was cleared by the Union Cabinet this evening.
· Govt apprehensive about decontrol of urea fertiliser: Jena
Govt expressed apprehensions over freeing of urea sector saying that retail prices of decontrolled fertilisers have sharply risen.
· Salt export may see uptrend this season
Export orders are expected to increase with demand coming from China and South Asian countries.
· Nepal to allow car imports from India by authorised manufacturers
Nepal would end discrimination against car imports from the country and allow imports on the basis of self-certification by Indian government.
Technology News –
· Tech firms iGate Patni, MindTree may hire less and reduce pay hikes; attrition to come down
While companies say the double-digit wage inflation seen in 2011 will continue, consultancy firm Mercer expects wage hikes to be moderate.
· Cognizant to develop online applications for Telefonica UK
Cognizant said it has been roped in by communications firm Telefonica UK to develop and manage the company's online applications.
· Wipro to invest about Rs 800 cr in West Bengal; would create 15,000 jobs
Premji also proposed a public-private partnership with the state government for providing e-services towards ensuring e-governance.
· HCL Infosystems bags order for border check posts in Maharashtra
HCL Infosystems has bagged a project to implement automation, computerisation and integration solutions.
· Google India gets Income-Tax Dept notice for not revealing correct revenues
MUMBAI: Around the same time Telecom Minister Kapil Sibal was planning to pull up Google, the Income-Tax Department was giving the final touches to a tax demand on the Indian arm of the global search engine company.
· Google India Pvt Ltd, according to the tax office, has not offered its entire income for taxation and the profit and loss account filed by the company "does not give complete picture of the businesses".
· Aadhaar numbers to be delivered electronically to clear backlog
The government on Wednesday said there is some backlog in delivering 'Aadhaar' unique identity cards and steps have been taken.
· Heineken links with Facebook in digital drive
LONDON - Brewing giant Heineken is linking with social networking website Facebook to boost its global digital marketing, with the first fruits of the partnership being an online campaign aimed at making responsible drinking cool.
· California proposes rules to spur clean car growth
REUTERS - California's powerful air quality regulator on Wednesday proposed sweeping new rules to reduce greenhouse gas emissions from vehicles, including putting 1.4 million electric, plug-in and hydrogen cars on the state's roads by 2025.
· Olympus board signals to quit, battle looms with ex-CEO
TOKYO - Olympus Corp's board signalled plans to quit over a $1.7 billion accounting fraud, but will likely pick a team of potential successors, triggering a battle for control of the Japanese firm with the former CEO who blew the whistle on the scandal.
· Samsung's Nov TV sales hit record, confident of meeting 2011 target
SEOUL - Samsung Electronics Co , the world's top TV brand, said on Thursday its television sales hit a record 5.7 million units in November, helped by strong U.S. sales during the long Thanksgiving weekend.
· Govt may auction surrendered BSNL broadband spectrum
NEW DELHI - The government has "in principle" accepted a proposal from state-run Bharat Sanchar Nigam Ltd to surrender wireless broadband spectrum in several telecoms zones and will look at auctioning it to other players, the telecoms secretary said.
· RIM forced to change name of software
BlackBerry-maker Research In Motion has been forced to change the name of its new operating system from BBX after the company lost a trademark ruling.
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Daily_Markets_Eco_8Dec2011.doc
When your career is falling apart, you're in trouble with the law, and the only time you make news these days is when you're in rehab, when you're in court, or when you show up late to your community service stint at the city morgue, there's only one thing left to do: Pose for Playboy! That's the strategy 25-year-old beleaguered actress Lindsay Lohan announced she'd be going with after the fabled adult mag offered her $1 million to strip down in front of the camera a few months back.
And while the world will have to wait until the magazine releases its January/February issue on December 15 and Lohan debuts her spread that day on "The Ellen DeGeneres Show" — a pic of the cover was leaked online earlier today. As for those "tasteful" photos Lindsay's mom Dina promised, well, so far the one we've seen has the "Mean Girls" actress straddling a bunny chair with its ears covering her breasts. Not quite the definition of tasteful.
Though many may see the publicity stunt as pathetic, the starlet is actually in good company, following in the naked footsteps of successful actresses Drew Barrymore, Joan Collins, Charlize Theron, Sharon Stone, and Lohan's idol Marilyn Monroe (never mind the part where the icon died of an overdose at age 36).
Will the photo spread rejuvenate Lohan's career? Hard to say. If not, there's always Penthouse …
Betting against equities – the market – is always difficult. First, the market isn't designed to go down. Companies provide those goods and services for one reason – to turn a profit, and hopefully, such activity can be recognized with a rising stock price. Second, our economic stewards and political leaders (wisdom?) use the stock market as a vehicle that validates all that they do. Fixing a crisis is one thing, but fixing a crisis and having the Dow confirm such actions with a 600 point move is even better.
Call this headline risk to any short position because market participants are likely to shoot first and ask questions later on any rumor. When was the last time you heard some elected official say "run for the hills"? There is always the hope that they can fix the problem. For example, this week alone, we have US Treasury Secretary, Tim Geithner, in Europe for "important" meetings. That's 3 days of headlines telling us Europe's problems will be fixed.
Nonetheless, here we find a market hoping for a Santa Claus rally just like they were hoping for the traditional Thanksgiving lift that showed up about a week late. How did that work out for you? Thanksgiving week was the worst Thanksgiving week since 1932. Oh well.
So why I am a bearish? I have 4 reasons.
Read the full article at
Please note that the yield on the 10 year benchmark bond fell from 8.80% to 8.50% in a span of two weeks primarily on account of –
· FII limit auction for gilts and corporate bonds now totaling to USD 10 billion.
· RBI undertaking larger bond purchase auction under open market operation (OMO). Yields dropped further from 8.69% when RBI Deputy Governor commented that that the central bank would continue to conduct open market operations (OMO)/ bond purchases to tide over the ongoing liquidity crisis in the banking industry.
View - With growth ( 6.9 percent in Q3 of 2011) & inflation (Primary Articles Inflation at 7.74% vs 9.08% (WoW) & Food Inflation at 8% vs 9.01% (WoW)) showing a down trend, the markets are expecting an easing of monetary policy in the near future (1st half of 2012) which will be positive for bonds. However, fiscal deficit & the government's borrowing program are weighing on the fixed income markets. Fixed income markets are looking attractive in medium term as RBI is expected to relax its monetary stance in near future.
Find below CP/CD yields -
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· RBI undertaking larger bond purchase auction under open market operation (OMO). Yields dropped further from 8.69% when RBI Deputy Governor commented that that the central bank would continue to conduct open market operations (OMO)/ bond purchases to tide over the ongoing liquidity crisis in the banking industry.
View - With growth ( 6.9 percent in Q3 of 2011) & inflation (Primary Articles Inflation at 7.74% vs 9.08% (WoW) & Food Inflation at 8% vs 9.01% (WoW)) showing a down trend, the markets are expecting an easing of monetary policy in the near future (1st half of 2012) which will be positive for bonds. However, fiscal deficit & the government's borrowing program are weighing on the fixed income markets. Fixed income markets are looking attractive in medium term as RBI is expected to relax its monetary stance in near future.
Find below CP/CD yields -
Issuer
|
Instrument
|
Rating
|
3 months
|
6 months
|
12 months
|
PSU Bank CD's
|
CD
|
P1+
|
9.25%-9.30%
|
9.45% - 9.50%
|
9.60%-9.65%
|
Private Bank CD's
|
CD
|
P1+
|
9.35%-9.40%
|
9.55% - 9.60%
|
9.65%-9.70%
|
NBFC
|
CP
|
P1+
|
9.50%-9.55%
|
9.80%-9.85%
|
9.85%-9.90%
|
NBFC - High yielding
|
CP
|
P1+
|
10.30% - 12.25%
|
10.90%-12.30%
|
11.30%-12.40%
|
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Global - Economy and Market
· U.S. employment indicator reaches 3-year high
The Conference Board's index of hiring prospects in the U.S. rose to 103.7 last month, from 102.4 in October. It was the highest reading in three years.
· Geithner to see Sarkozy, urge decisive euro action
PARIS - U.S. Treasury Secretary Timothy Geithner meets French President Nicolas Sarkozy in Paris on Wednesday to press for decisive steps towards resolving Europe's deepening debt crisis as the region's leaders prepare for a crucial summit this week.
· Euro zone economy edges up in Q3, but heading for slump
BRUSSELS - The euro zone's economy barely grew in the third quarter, the EU said on Tuesday, with collapsing business confidence and slowing industry pointing to a recession and likely giving the European Central Bank ground for an interest rate cut this week.
· Euro zone leaders may raise esm, efsf capacity limit
REUTERS - Euro zone leaders may decide on Friday to raise the combined lending limit of their temporary and permanent bailout funds to boost the firewall which they hope will contain the spread of the sovereign debt crisis, euro zone officials said.
BRUSSELS - The threat of a credit downgrade to the euro zone's top economies leaves the bloc's EFSF bailout fund dangerously exposed, piling yet more pressure on the European Central Bank to step in as lender of last resort.
India - Economy and Market
· Distress in core India industries drives reform hopes
India's power, telecoms and aviation sectors, core to sustaining the country's growth, are in various states of crisis. That may prove a good thing, if it forces government to act. Regulations in all three industries have kept prices low and brought power, cellphone service and even air travel to millions of Indians for the first time. The same policies have left many operators battered by losses, debt, and plunging share prices.
· Companies approach banks for recast of over Rs 28,000 cr debt in Q2
NEW DELHI: The economic slowdown has started taking a toll on the banking sector, with a large number of companies approaching banks for restructuring of debt totalling about Rs 28,890 crore in July-September, 2011.
· Big borrowers of India Inc default on Rs 47,000 crore loans
NEW DELHI: Large borrowers, who took loans of Rs 10 crore or more, have defaulted on payments to the tune of Rs 47,000 crore, with banks not even pursuing cases to recover over half the amount.
Data available with the finance ministry shows that least 700 defaulters who had borrowed Rs 10 crore or more from public sector banks and cumulatively owe over Rs 26,000 crore have gone scot free despite not clearing their dues. In another 3,400 cases where loans are of the order of Rs 1 crore or more, the lenders have moved courts and tribunals to recover Rs 21,400 crore.
· India most disappointing among BRIC nations: Goldman's O'Neill
India's record on productivity, FDI and reform has been the most disappointing, the chairman of Goldman Sachs Asset Management Jim O'Neill said.
· Indian shares set to open up; retailers watched
NEW DELHI, Dec 7 (Reuters) - Indian shares should open higher on Wednesday on hopes the rupee's pullback from a slide will encourage foreign fund inflows, traders said. However, investors will be cautious due to the government's inability to implement key policy reforms. Retailers will be in focus ahead of Finance Minister Pranab Mukherjee's speech in parliament about the government's stand on retail reform, which was put on hold amid widespread criticism.
Technology News –
· Wipro consolidating services into single business operations unit
Wipro is combining information systems, global delivery and business application to streamline delivery and bring in greater automation at the backend.
· Zensar partners Google to offer apps to retail, other sectors
NEW DELHI: Software services firm Zensar today said it has partnered with Internet search giant Google to provide the latter's enterprise solutions suite 'Google Apps' in Asia Pacific ( APAC) region to retail and manufacturing firms
· Nasscom maintains growth forecast of 16-18% for IT industry
NEW DELHI: Software industry body Nasscom today maintained its growth projection of 16-18 per cent for the sector in this fiscal, notwithstanding concerns over economic uncertainty in global markets.
· Facebook acquires mobile application firm Gowalla
NEW YORK: Social networking website Facebook has acquired mobile application firm Gowalla for an undisclosed amount.
The Gowalla application allows people to share their location and favorite places with friends.
· Belkin to increase Indian channel partners to 30,000
KOLKATA: Belkin, a US-based provider of interconnectivity solutions across computing and consumer electronic devices, is planning to increase its channel partners in India from 17,000 to 30,000 by September next year, targeting over 60 percent growth in its sales revenue.
"We are extremely bullish about the growth in 2012 in India. We are eyeing 60 percent year-on-year revenue growth in the year starting from October 2011 to September, 2012," Belkin India Private Limited managing director Mohit Anand told reporters after announcing the launch of wired and wireless keyboards and mouse range here Tuesday.
· Online uproar as India seeks social media screening
NEW DELHI - India has urged social network companies including Facebook, Twitter and Google to remove offensive material, unleashing a storm of criticism from Internet users complaining of censorship in the world's largest democracy.
· McAfee cuts 3 percent of workforce
REUTERS - Security software maker McAfee laid off about 250 workers, equivalent to 3 percent of its workforce, in a bid to focus on core businesses and improve efficiency in a market led by rival Symantec.
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Daily_Markets_Eco_7Dec2011.doc
Global - Economy and Market
S&P warns of broad euro zone downgrade over debt crisis
NEW YORK - Standard & Poor's on Monday warned it may carry out an unprecedented mass downgrade on the credit ratings of euro zone countries if EU leaders fail to reach an agreement on how to solve the region's debt crisis in a summit later this week.
U.S. will avoid euro zone contagion - top investors
The United States faces only limited fallout from the euro zone debt crisis and the struggling European economy, a situation that bodes well for U.S. equity markets in 2012, top U.S. money managers said on Monday.
Hedge fund managers and institutional investors at the Reuters 2012 Investment Outlook Summit in New York said the chances for a recession in the world's largest economy look very low and Europe's struggles will be no more than a headwind.
"We've been able to segregate U.S. economic activity from European economic activity. I don't know how we've done it, but we've done it," said Tom Sowanick, chief investment officer at OmniVest LLC in Princeton, New Jersey.
However, Growth in the U.S. service sector eased last month, and new orders for factory goods fell in October, tempering recent optimism that the U.S. economy may be poised for a more vigorous rebound.
China slowdown spreading, HSBC services PMI shows
BEIJING - China's services sector cooled in November to its weakest growth in three months, an HSBC purchasing managers' index showed on Monday, the latest data portraying an economy slowing quickly and in need of policy support.
India - Economy and Market
Some states may miss fiscal consolidation target: ICRA
"The moderating macroeconomic outlook is likely to have a considerable bearing on the pace of revenue growth in the near-term, even as the ability of the states to curtail the growth of committed expenditures is likely to be limited," the rating agency said, adding it will be challenging to stick to the fiscal consolidation target in this environment.
It also said some states may find it challenging to report revenue surpluses this fiscal. As per the fiscal targets set by the 13th Finance Commission, 19 out of the 28 states are required to eliminate their revenue deficits and curtail their financing gaps (defined as revenue balance plus capital receipts less capital outlay and net lending) to 3% of gross state domestic product (GSDP) this fiscal.
Purchasing managers index hits 3-month high: HSBC
The manufacturing and services sector index, as measured by HSBC India Composite Index, rose sharply to a three-month high in November to 52.3 from 50.3 in the previous month, even though the private sector output rose only modestly, says the HSBC Purchasing Managers Index.
"The HSBC India Composite Index, which covers both the manufacturing and service sectors, posted 52.3, up from 50.3 in October, to a three-month high. The seasonally adjusted business activity index posted 53.2 in November, above the 50.0 no-change threshold that separates growth from contraction.
Retail reforms on hold; shares slide
India has put a plan to open up its retail industry to foreign supermarkets on hold, a senior government source told Reuters on December 4. The first major economic reform since Prime Minister Manmohan Singh's graft-riddled term was reelected in 2009 has been met with fierce opposition from some who say it will destroy the livelihood of millions of small traders. New Delhi continues to disappoint foreign direct investors, with domestic politics seemingly relentless in its refusal to allow major economic reforms.
India's economy runs twin fiscal and current account deficits. It needs inflows of foreign capital both to fuel economic growth and to finance shortfalls on the current account which stands at 3 percent of GDP. In 2010 India was the only BRIC country to see a decline in foreign direct investment. The combined inflows from FDI and institutional investors declined from $16 billion in the first quarter of this year to only $4 billion in the second quarter. This drop-off is putting pressure on the rupee which hit an all-time low against the U.S. dollar last month. The weakness of the rupee in turn fuels domestic inflation which is already above 10 percent.
Welfare payments: Why Jharkhand's initiatives are relevant for all of India
Jharkhand is readying to use UID to ensure NREGS payments reach only the true beneficiaries. This is the first big test of the UID proposition
FinMin wants FDI in airlines within SEBI framework
The Finance Ministry is understood to have given the green signal to the proposal to allow 26 per cent FDI by foreign airlines in the private carriers, many of them facing a cash crunch, with a rider that such investments should not violate Sebi's takeover code.
No plan to decontrol diesel pricing, says govt
The government has no plans to decontrol diesel pricing but wants consumer to "get used" to changes in petrol rates being effected every fortnight.
"There is no immediate plan to decontrol diesel or LPG as they have cascading effect (on general prices)," Minister of State for Petroleum and Natural Gas R P N Singh told reporters here.
India Inc raised $2.47 billion in October through ECBs, FCCBs
Around 80 companies raised around $2.07 billion for various projects through the automatic route in October which does not require approval from the Reserve Bank of India (RBI) or the government.
Another $404 million was raised through the approval route, according to the RBI data.
Indian shares falter on profit-taking; retailers drag
Uncertainty over foreign investments in retail sector plagues
Technology News –
RIL plans to offer 4G services on Rs 3500 tablets
RIL is the only company to have pan-India spectrum to offer wireless broadband services on the 4G technology platform having paid Rs 13,000 crore for these airwaves
The RIL services is based on fourth generation, or 4G, technology which offers faster internet access compared to third generation (3G) services. RIL plans to launch tablets at around Rs 3,500 and bundle it with data offering as low as 1 GB at Rs 10, a tenth of the current 3G prices.
Slump in HP business, higher tax rate to hit growth
Sustained weakness relating to the company's biggest client Hewlett Packard, or HP, continues to drag down MphasiS. Business from the HP channel has declined by eight percentage points to 62% over the past five quarters. HP has been struggling to renew large multi-year contracts and the failure to renew the deals is likely to create pricing and volume pressure on MphasiS' profitability.
US optical networking firm expands Bangalore research facility
BANGALORE: Infinera Corp, a leading US provider of optical networking systems to telecom carriers, Monday announced it is expanding its research and development facility in this tech hub.
Wipro leading IT service provider in Saudi Arabia
Global software major Wipro has emerged as a leading IT service provider in Saudi Arabia with a commanding position in the kingdom, the IT bellwether said on Monday.
Entering the region a decade ago in partnership with Dal Al Riyadh in Al Khobar, the company consolidated its presence by forming a joint venture with the well-diversified group to form Wipro Arabia Ltd for serving a large number of clients across the kingdom.
E-Commerce spurt spawns new services
Services like logistics, delivery & payment collections and referral services, which are often complementary to online transactions, have become crucial for the e-commerce industry as portals jostle for more clicks in a crowded space.
Start-ups are moving in to provide these services exclusively focusing on this burgeoning space. It is a nascent sector but may see traction shortly.
SAP splashes out in cloud-computing business on fear of losing ground to Oracle
FRANKFURT: SAP's $3.4 billion takeover of SuccessFactors will help it keep up with peers in the frenzied race for cloud-computing business, even if the price it paid is very high at first glance, analysts said on Monday.
"We believe SuccessFactors could be a very good strategic fit for SAP in the cloud sector and we prefer the decision to grow externally in this booming area," DZ Bank analyst Oliver Finger said.
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Daily_Markets_Eco_6Dec2011.doc
