In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses
Mumbai: A Reserve Bank of India (RBI) panel has recommended banks should seek personal guarantee from promoters and adopt a "carrot-and-stick policy" while restructuring loans of corporates,
reports PTI.
"As stipulating personal guarantee will ensure promoters' skin in the game or commitment to the restructuring package, obtaining the personal guarantee of promoters be made a mandatory requirement in all cases of restructuring," the panel said in its report, on which it has invited comments of stakeholders by 21 August 2012.
The RBI had in January set up the panel to review the existing prudential guidelines on restructuring of advances by banks and financial institutions and suggest modifications taking into account the best international practices and accounting standards.
The panel, which is headed by RBI executive director B Mahapatra, said corporate guarantee should not be considered as a substitute for the promoters' personal guarantee.
In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses, the report said.
"The terms and conditions of restructuring should inherently contain the principle of 'carrot and stick', that is while restructuring being an incentive for viable accounts, it should also have disincentives
for non-adherence to the terms of restructuring and under-performance," it said.
The panel further said that conversion of debt into preference shares should be done only as a last resort. Also, conversion of debt into equity/preference shares should be restricted to a cap (say 10% of the restructured debt).
Conversion of debt into equity, it further said, should be done only in the case of listed companies.
The banks, according to the report, should disclose all recast loans on books, and from hereon keep a 5% provision for new standard loans recast, as against the existing norm of 2%.
These provisions, it added, could be implemented over a period of two years.
In view of the ongoing economic problems, ratings agency Crisil expects bad loans to rise to 3.2% of the total by March 2013. Banks usually refer bad loans, which are provided under a consortium arrangement, forCorporate Debt Restructuring (CDR). Crisil expects loan restructuring in India to rise to $37.5 billion, or 3.5% of total loans by March 2013.
Introducing Sunny Leone as "Besharam of the year 2012", an Indian Adult Products brand featuring Sunny Leone
Sunny Leone, One of the most talked hot sizzling Adult Film Star to debut in Bollywood in Pooja Bhatt's movie Jism 2, is twitted about her featuring website www.imbesharam.com as India's #1 Premium Adult Web-Store. Check out her Pics, Tweets and uncensored youtube HD video about @Imbesharam ( I am Besharam ) She tweeted @SunnyLeone says-'I M Besharam, you know you are too'
The Website Imbesharam has chosen Sunny Leone as "Besharam of the year 2012" and launched her raunchy, hot and sexy pics along with a chance to video chat with Sunny Leone. Also, the site says that you can find all the updates regarding Sunny Leone, her new videos, commercials, promos and freebies.
The Website claims that India's #1 Premium Adult Web-Store, serving 1.3 Bln Indians world wide. India launch on September 1,2012 World Wide Launch on Jan 1, 2013.
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'Besharam-Face of the Brand' OFFICIAL PROMO HD
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Video: Behind the Scenes during the Promo of IMbehsaram ( I am besharam ), Funny Bloopers by Sunny Besharam
The candidature of these candidates is provisional. In accordance with the Rules of the Examination, all these candidates have to apply again in the Detailed Application Form (DAF), which would be available on the website of the Union Public Service Commission www.upsc.gov.in. All the qualified candidates are advised to fill up the DAF and submit the same ONLINE for admission to the Civil Services (Main) Examination, 2012 to be held from 05.10.2012. The DAF will be available on the website of the Commission from 1st August, 2012 till 11.59 PM on 21/08/2012. Important instructions regarding filling up of the DAF and submitting the same ONLINE to the Commission would also be available on the website. The candidates who have been declared successful have to first get themselves registered on the relevant page of the website before filling up the ONLINE Detailed Application Form. The qualified candidates are further advised to refer to the Rules of the Civil Services Examination, 2012 published in the gazette of India (Extraordinary) of Department of Personnel and Training notification dated 04.2.2012, which is also available on the website of the Commission.
After submitting the DAF duly filled in ONLINE, the candidates are required to take out a print out of the finally submitted DAF separately and will have to send the printed copy of the DAF duly signed by the candidates alongwith all relevant documents including the prescribed fees, wherever applicable as enclosures addressed to the Under Secretary [CS(M)], Union Public Service Commission, Dholpur House, Shahjahan Road, New Delhi-110069, so as to reach the Commission's Office latest by 27/08/2012. The envelope containing the print out of the DAF submitted ONLINE should be superscribed “Application for Civil Services (Main) Examination, 2012”. It can also be delivered at Union Public Service Commission counter by hand till 27/08/2012 (5.00 P.M). It may be noted that mere submission of application form does not, ipso facto, confer on any right for admission to the Main Examination. The admission certificate alongwith the time table of the Main Examination will be issued to the eligible candidates 2-3 weeks before the commencement of the examination. Changes, if any, in the postal address after submission of the DAF may be communicated to the Commission at once.
The Union Public Service Commission have a Facilitation Counter near the Examination Hall Building in its Campus. Candidates may obtain any information/clarification regarding their result of the above mentioned examination on all working days between 10.00 AM to 5.00 PM, in person or on Tel. No. 011-23385271, 011-23098543 or 011-23381125 from this Facilitation Counter. Candidates can also obtain information regarding their result by accessing Union Public Service Commission Website www.upsc.gov.in. The result of Roll Nos.253465 has been withheld.
Also Free download Song Here http://goo.gl/u42FP
Lyrics and meaning of Nimma Nimma song from London Olympics 2012 by A R Rahman and Jaspreet Jasz
Nimma Nimma Jogiya is a Desi Punjabi Bhangra track composed by AR Rahman. The song was part of medly played at London Olympics 2012 opening ceremony. The ceremony was directed by Danny Boyle.
Nimma Nimma is a full-on-Desi track which represents the Indian influence in UK. Nimma is sung and written by versatile vocalist Jaspreet Jasz who recently sung rap part of Dost Hain Hum Toh from AR Rahman musical Ek Deewana Tha.
Nimma Meaning:Nimma is Punjabi a word which means Little bit or Small.
Nimma Nimma Lyrics
Haisha… hoye nimma nimma
Haisha… hoye nimma nimma
Haisha… hoye nimma nimma Jogiya! [x2]
Nimma nimma hans de tu Jogiya
Kanni kach diyaan mundra tu paa
Haisha… oye nimma nimma
Haisha… oye nimma nimma
Je tu kar tere sang ik waar
Bas mainu miliya ae Rab tere naal
Nee tere nain sharabi (Haisha)
Nee tere gal gulabi (Haisha)
Tere ankhi jado tapeya kamaal
Nimma nimma hans de…
O nimma nimma
Oye nimma nimma
O nimma nimma… Jogiya
Haisha… Aye nimma nimma
Haisha… Aye nimma nimma
Haisha… Aye nimma nimma Jogiya!
Song Credits:
Music: AR Rahman
Lyrics: Jaspreet Jasz
Leading Vocals: Jaspreet Jasz
Backing Vocals: VJ, Nakash Aziz, Mohd. Salamat
Brass Section (Trumpet): Kishore Sodha
Additional Programming: Nakash Aziz
Mixing: Tony Joy, Sresh Permal, R. Nitish Kumar
Mastered by: R. Nitish Kumar
Produced by: KM Musiq
Apple in recent months has held negotiations with Twitter to explore investing hundreds of millions of dollars in the company, The New York Times reported on Friday, citing people briefed on the matter. The Wall Street Journal said such discussion were held over a year ago, citing a person familiar with the matter.
It is unclear if the two companies talked about a deal in the past and at what level such discussions were held, but there are no current, formal talks between the companies on an investment or acquisition, the sources said.
Both Apple and Twitter declined to comment.
The iPhone and iPad maker typically does not take equity stakes in companies and prefers to acquire technologies by buying up smaller startups that are lesser known. Twitter executives have said repeatedly they are in no rush to seek additional financing, either privately or on public markets, since they have "truckloads" of cash.
Apple has never delved deeply into the social media space dominated by Facebook, but it has dabbled in trying to make music more social by launching a social network on iTunes called Ping, which has not caught on.
Twitter, the Internet phenomenon with some 140 million users that allows people to "tweet" 140-character messages, is already well integrated into Apple smartphones and tablets. Apple customers can directly share their comments on Twitter when on their iPhones, iPads or Mac line of computers.
Twitter, the San Francisco-based startup that is viewed as the most significant candidate for the public markets following Facebook, is ramping up its efforts to generate revenue from the 400 million tweets that cross its networks daily.
( Reuters )
ECB pledges to do "whatever it takes" to save eurozone
Financial markets surged after European Central Bank President Mario Draghi said the bank will do "whatever it takes" to prevent the eurozone from breaking up. The statement signals that the ECB is prepared to intervene in bond markets to reduce borrowing costs in Spain and Italy.
Geithner says criminal prosecution awaits those who rigged Libor
The U.S. government, investigating major banks, will aggressively pursue criminal prosecution of those who manipulated the London Interbank Offered Rate, Treasury Secretary Timothy Geithner told the Senate banking committee. Sen. Tim Johnson, D-S.D., wanted assurance that people who manipulated Libor will be prosecuted. "Absolutely," Geithner said.
Survey: Financial advisers' favorite ETF provider is Vanguard
In a survey by Cogent Research, 60% of financial advisers with more than $5 million in assets under management said their "most favored" provider of exchange-traded funds is Vanguard.
Analysis: Good times for refineries won't last long
With crude-oil prices falling and refined products still expensive at the pump, refiners are making a lot of money, but the bonanza is destined to end fairly quickly, according to The Economist. Demand for fuel in the developed world has peaked and is falling. "The respite that cheaper crude has given the refiners is unlikely to last, and more losses and closures are likely," the magazine notes.
Market Activity
ECB assurance on eurozone drives up Asian-Pacific markets
Asian-Pacific share markets gained Friday after European Central Bank President Mario Draghi promised to do anything necessary to keep the eurozone intact. South Korea's Kospi climbed 2.6%. Hong Kong's Hang Seng Index advanced 2%. Japan's Nikkei 225 and Australia's S&P/ASX 200 each rose 1.5%. Taiwan's Taiex added 2.2%. China's Shanghai Composite inched up 0.1%. India's Sensex was up 1.8% .
Facebook shares slide amid sharp drop in revenue growth
Facebook's stock price fell to a record low after the social network reported a severe decline in revenue growth and failed to suggest that the situation will improve. Shares dropped below $24 in frantic after-hours trading; the stock was $38 when Facebook went public in May.
Amazon posts 96% profit decline and 29% sales growth for Q2
Amazon's profit fell 96% in the second quarter compared with Q2 of 2011 because of heavy spending aimed at expansion. Sales increased 29%.
Economics
More distressed-home sales are expected in year's second half
Many areas of the U.S. are likely to see more sales of distressed homes this year. During the first half of 2012, foreclosure filings increased in nearly 60% of big cities, according to RealtyTrac. Homes in metro areas with at least 200,000 people that received a foreclosure notice increased 1.5% compared with the second half of 2011, the firm said.
Reduced orders indicate businesses are losing confidence
Businesses reduced orders for most types of durable manufactured goods last month, signaling lower confidence in the U.S. economy. Overall, orders increased 1.6% between May and June, but aircraft orders, traditionally volatile, accounted for most of the gain. With aircraft and transportation items excluded, orders decreased 1.1%.
Initial unemployment claims decline in U.S.
The U.S. Labor Department said first-time jobless claims decreased 35,000 last week, to 353,000. Economists polled by Bloomberg expected 380,000 claims.
China posts third month of declining industrial profit
Profit of China's industrial companies decreased in June for the third consecutive month, the National Bureau of Statistics said. In the first half of this year, earnings declined 2.2% compared with the same period last year.
Geopolitical/Regulatory
Breaking up big banks isn't the right answer, Dodd says
If the Dodd-Frank Act doesn't fix what's wrong with the U.S. financial system, the solution is to improve the law, not break up big banks, former Sen. Christopher Dodd said. "If the legislation doesn't work and doesn't do the job well, you change it," he said. "This isn't the Ten Commandments."
U.S. charges in Libor scandal reportedly extend past Barclays
Traders from several banks, beyond Barclays, are expected to be charged by U.S. prosecutors amid allegations of manipulation of the London Interbank Offered Rate, a source said. Prosecutors reportedly are giving most attention to executives who supervised the situation, rather than lower-ranking workers who merely were following instructions.
Banking-union plan will be ready in September, Barroso says
European Commission President Jose Manuel Barroso said intensive work is under way on a eurozone banking union, and a proposal should be ready in early September. The European Central Bank would be the primary supervisor, he said.
Peregrine's 20-year fraud signals regulatory incompetence
Despite regular audits, Peregrine Financial Group was able to conceal fraud for 20 years. Problems at MF Global Holdings weren't detected until the firm was on the verge of collapse. The U.S. Commodity Futures Trading Commission, which failed prevent either failure, is the principal regulator for the enormous and risky swaps market.
Financial Products
ProShares launches 2 ETFs focused on Australian dollar
ProShares introduced two leveraged exchange-traded funds offering long and short exposure to the Australian dollar. The ProShares Ultra Australian Dollar ETF delivers 200% of the performance of the Australian dollar against the U.S. dollar. The ProShares Ultra Short Australian Dollar ETF provides 200% of the inverse of the Australian dollar against the U.S. dollar.
Ethics
Madoff trustee seeks approval to release more funds to victims
Irving Picard, the trustee liquidating the business of convicted swindler Bernard Madoff, asked a U.S. judge for permission to release an additional $1.5 billion to $2.4 billion to Madoff's victims. Picard estimated that he has recovered $9.1 billion, but legal disputes prevented him from distributing more than $1.1 billion.
Nomura's plan for global expansion is undercut by scandal
The loss of two key executives caught up in an insider trading scandal could be a major setback for Nomura Holdings. Japan's biggest investment bank had been working to develop a global presence. The departures come when outside investors and many within the firm are expressing dissatisfaction with Nomura's performance.
The Android-based gaming console OUYA has found a gaming parter in OnLive. OnLive delivers games to a multitude of devices through its cloud-based system and is opening up its library to OUYA's platform. OUYA has proved itself quite the Kickstarter hit (funding so far has piled up to a little over $5.57 million) even as a preproduction concept--in fact it only just released images of what its console will actually look like when it becomes available in 2013 for $99. With its controller and console, OUYA looked poised to take advantage of a whole slew of apps and games made for the Android smartphones and tablets. Access to OnLive's library of on-demand games (from 80 publishers) adds a nice extra selection to that buffet.
Apple Buys Fingerprint Sensor Maker AuthenTec, Which Perfected Tech In Hospitals And Prisons
Apple plans to acquire biometric hardware maker AuthenTec for $356 million, Reuters reports.The Florida company makes semiconductor-based fingerprint scanners that use radio waves to ID living tissue behind whorls of dry, worn, or scabbed skin. (It can also differentiate between a dead digit and alive one.)
Dale Setlack, co-founder and then-CTO of AuthenTec was on our Fast 50 list in 2004. He toldFast Company that it was only through extensive testing of existing fingerprint scanning technology at emergency rooms and prisons that he achieved the breakthrough in his product design:
In August 2011, AuthenTec's fingerprint readers were part of a fingerprint-enabled NFC payment transaction, which the company claims was a first for the U.S.
While Apple may be interested in AuthenTec for its fingerprint scanners and its payment applications, it could also have uses in mind for another piece of AuthenTec hardware called TrueNav. TrueNav, which AuthenTec describes as a "next generation solution for fluid on screen graphic and menu navigation" is a low-power tech that tracks finger movements on a touch screen.
Authentec's clients have included Motorola, Nokia, Lenovo, LG, and others. In mid-July, the company signed a deal with Samsung to provide VPN security for Android smartphones and tablets.
Pebble Inspires Another Smartwatch Kickstarter
Pebble has company. A new smartwatch called Strata has been hoisted onto Kickstarter by its maker, MetaWatch. Strata is compatible with Android and iOS 6 and will launch in September this year if all goes well. (That was Pebble's shipping deadline too, but the company announced this week that it is pushing that back.) It's the latest of MetaWatch's experiments in wrist accessories--earlier models were made while MetaWatch was a part of Fossil. The main reason Strata is getting rolling then is that iOS 6 allows an iPhone to beam text messages over bluetooth to other devices (and potentially the Strata), watchmaker Bill Geiser told The Verge. Pebble's incredible success on Kickstarter influenced MetaWatch's decision to ask the Internet to contribute to Strata's development, Geiser admitted. But while it's true that Pebble's success has served as a model for other smartwatch makers, it was earlier trials by people like Geiser and MetaWatch that got Pebble rolling in the first place.
Motorola Android Phones Banned In Germany For Violating Microsoft IP
Yet another patent battle has ended badly for one side in Germany: A Mannheim court has just banned Motorola's Android phones because they use file protocols that are protected under Microsoft's patents on FAT file storage systems. Microsoft has released a statement praising the decision and noting it has precedent...and that Microsoft will continue to pursue Motorola where it can. Microsoft has been pressing many makers of Android devices to license its technology, instead of going directly after Google itself, which designed the Android OS. As of this year's successful buy-out, Motorola Mobility is now part of Google--with a core value of technology and patents worth over $5 billion.
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