Monthly Archives: July 2013

Still strong Indian demand for gold loans keeping banks interested

"Despite the recent imposition of new restrictions by the Reserve Bank of India on the provision of gold loans, banks and non-banking financial corporations, report continued growth in the sector. And, citizen demand for such loans has two institutions cozying up afresh, by filing applications to open up new centres. India's largest pure play gold mortgage player Muthoot Finance has applied for a banking licence and maintains it can easily launch a commercial lending business with over 2,000 branches. While Muthoot Finance aims to cater to the small towns and villages, IndusInd bank will instead focus on the metros and will cater to self employed individuals." Continue reading →

Continue ReadingStill strong Indian demand for gold loans keeping banks interested

Ex-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

"A federal judge Wednesday ordered former Goldman Sachs board member Rajat Gupta to pay a $13.9 million penalty related to insider trading. The SEC’s case against Gupta concerns alleged civil violations stemming from his communications with former Galleon hedge fund tycoon Raj Rajaratnam. In a parallel criminal case, a New York jury in June 2012 convicted Gupta of spilling boardroom secrets to Rajaratnam. In addition to his spot on the Goldman Sachs board, Gupta had been head of the renowned consultancy McKinsey & Co and a director of Procter & Gamble, making him one of the most successful Indian immigrants in the United States." Continue reading →

Continue ReadingEx-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

$92 quadrillion: PayPal accidentally makes man a quadrillionaire

"Since the brief blunder, Reynolds, who works at the PR firm he co-founded with his wife (Reynolds Ink), says he has had some time to think about what he would have done with $92 quadrillion. The first thing he would have spent the money on was not a sports car, a vacation home, or even an early retirement. 'I’d want to pay down the US’ national debt. That’s been really bugging me,' Reynolds says." Continue reading →

Continue Reading$92 quadrillion: PayPal accidentally makes man a quadrillionaire

Indian government again urges Indians not to buy gold

"India's Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange. Stating that there is a long time attachment to gold in India, the minister asked, '... can we for sometime moderate the demand for gold?' Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold." Continue reading →

Continue ReadingIndian government again urges Indians not to buy gold

Swiss top the tables for household savings

"Switzerland tops a list compiled by Handelsblatt for money saved on average by average households. The Swiss put aside 17.5 percent of gross income into savings last year. This may not be entirely surprising given that incomes in the mountain country are three to four times as high as in most European countries. Switzerland’s unemployment rate of 2.9 percent in June compares with an average in the European Union of 12.1 percent in May, according to Eurostat. The report highlights a growing divide between wealthy northern countries and poorer countries in southern Europe. In Greece, the rate was negative 6.4 percent as citizens dug into existing reserves." Continue reading →

Continue ReadingSwiss top the tables for household savings

10 things Social Security won’t tell you: The truth about the agency’s bottom line

"About a third of workers in their 50s expect Social Security benefits to be their primary source of income in retirement. The Social Security Administration itself has said that unless something is done to reform the system, it will have to reduce benefit payments to retirees within the next few decades. Less talked about, perhaps, is the concern that the program is having a hard time paying its bills today. In 2010, the Social Security Administration began collecting less revenue in taxes than it needs to cover benefit payments, forcing the agency to tap its $2.7 trillion trust fund sooner than some had expected." Continue reading →

Continue Reading10 things Social Security won’t tell you: The truth about the agency’s bottom line

10 things baby boomers won’t tell you: The aging Me generation is still putting itself first

"Boomers are expected to live longer than any previous generation. At the same time, many haven’t saved nearly enough for retirement. More than 44% of early boomers (defined as those born between 1948 and 1954) and 43% of late boomers (born between 1955 and 1964) may not be able to afford basic living expenses in retirement. [..] Nearly one in six people ages 45 to 64 say that paying for their kid’s college tuition got in the way of saving for their own retirement. That’s not surprising, given that the typical middle-income family will spend more than $230,000 to raise a child from birth to age 18, up 23% (in today’s dollars) since 1960." Continue reading →

Continue Reading10 things baby boomers won’t tell you: The aging Me generation is still putting itself first

Jeffrey Tucker: Is There A Viable Alternative To College?

"We are going to see the emergence of more credible one- and two-year alternatives to college. These programs will combine real work experience with rigorous learning and cost a small fraction of college. It can’t work for some professions like law and medicine, mainly because of government controls and guild-like admissions certifications. But in fields like technology, design, and business, this seems like a great idea. Sound good? I know of two such programs now. These programs smash the paradigm that’s been around since after the Second World War. They are the grass growing up in the sidewalk cracks." Continue reading →

Continue ReadingJeffrey Tucker: Is There A Viable Alternative To College?

Bill Bonner: The war on the young

"Rules, regulations, restrictions - he doesn't recall voting for a single one. Instead, they were imposed upon him. So were the costs of today's omni-eternal state with claims - in the US alone -- on (according to Niall Ferguson) some $238 trillion of future output. Dear reader, between the time when we grew up and today the world has changed. It has been taken over by zombies, desperate to drain the future so they can enjoy it now. Old people get their benefits. Their laws. Their privileges. They get to have things more or less as they want them. And the young? Take it or leave it. No wonder so many are trying to leave." Continue reading →

Continue ReadingBill Bonner: The war on the young

Fearful Indian schoolchildren refuse free school meals after 22 die, dozens sickened

"India’s state governments run the world’s largest school feeding programme involving 120 million children. Bihar is one of India’s most populated and poorest states. Educators see the scheme as a way to increase school attendance, in a country where almost half of all young children are undernourished. But children often suffer from food poisoning due to poor hygiene in kitchens and occasionally sub-standard food. Authorities have instructed all teachers and cooks in the state to first taste the free lunch before serving to the children. 'We will have to make parents believe that mid-day meals provide nutrition and are not meant to kill students,' said Lakshmanan." Continue reading →

Continue ReadingFearful Indian schoolchildren refuse free school meals after 22 die, dozens sickened