Bank Finance India

Quote Gems :Dr. Norman Vincent Peale

2012-02-18T01:50:00.002+05:30

" Every problem has in it the seeds of its own solution.
If you don't have any problems,
you don't get any seeds. "

- Dr. Norman Vincent Peale

Management Tip of the Day: :Identify Your Distinctive Strengths

2012-02-17T03:13:00.006+05:30

To get a job or a promotion, you need to know your strengths. If you can't articulate them, you can't expect your boss or potential employer to either. Here's a four-step process to identifying what makes you great:

List your strengths. Include skills and knowledge you've acquired through experience and education as well as softer intrinsic strengths, such as insightfupathy.

Ask for input. Ask colleagues for honest feedback.

Revisit past feedback. Reread old performance reviews or think back on coaching from previous bosses.

Modify your list. Adjust your original list to reflect what you've learned. Make sure the strengths are specific so that they are credible and useful.

Today's Management Tip was adapted from "Five Steps to Assess Your Strengths" by Bill Barnett.

6 Deadly Financial Sins

2012-02-17T02:34:00.002+05:30

Source : SiliconIndia:16 feb 2012

To maintain finance, it’s good to know what you should do with your money but tips what you shouldn’t do will make you smarter financially. Here are six deadly financial sins – which you should never commit.

Co-signing a Loan

When you co-sign with your partner for a loan, it means you are agreeing to pay if the partner fails to pay. The lender may catch hold of you if your partner doesn’t make payments. Even if you are sure you could cover the payments, experts’ advice that you should step back and ask why you are being asked to co-sign. Is it because the borrower has a bad credit score and sketchy financial history? Or the borrower is looking forward to borrow a huge amount? Figure out the answers before you sign, rather drop the idea because it is no point of being accused because of your partner’s bad decision.

Buying Variable Annuities

You shouldn’t buy these variable annuities, especially in a retirement account. These annuities are too expensive but plain as simple as well. These variable annuities are a better deal for the agents rather than consumers. Relatively you should build your own investment accounts through low-cost exchange-traded funds or no-load mutual funds.

Designating a Minor as a Life Insurance Beneficiary

Life insurance benefits cannot be paid to minors. If you make such mistake then ultimately, a judge will oversee how the funds are distributed to your young ones. To make sure this doesn’t happen, you must set up a revocable living trust and make the trust the beneficiary of your life insurance. In this same trust, you can include the proceedings to be used by your minors.

Investing in a Long Term Bond Funds

Bond funds are never a good help for investors. In an individual bond you can hold the investment to maturity and be assured that you will get your principal back (in case you don’t fall into a default), but in a bond fund no finite maturity date is there, and most funds are actively traded.

Especially it is not good times to invest in long term bond funds, as interest rate are so low. Rate might rise in future, even if it’s not in 2012. When rates will raise, the longer the maturity of a bond, the bigger will be the decline in the bond’s price. The bond prices are inversely proportional to the yields it fetches. When yields rise, prices drop.

If you own an individual bond, you can at least make the decision to hold on until it matures, so that you can receive all your principal back. But a bond fund may sell bonds at those lower prices, locking in a principal loss.

Defaulting on Student Debt

Even if you fall into extreme financial hardship and file for bankruptcy, the student debt loan will not be exempted in bankruptcy. Falling into a default debt can lead you to have your wages garnisheed that is the borrower gets to take money out of your paycheck to make good on your debt.

If you have a student loan, no matter how financially stressed you are contact your borrower and let him know about your opinions. If the loan is from a government bank, then you have a variety of repayment plans which will reduce your monthly payments as well as student loan deferment and leniency during periods of economic difficulty.

Not having four essential documents

These four documents are a must for a responsible estate planner.

· A will

· A revocable living trust

· An advance directive - The advance directive is a document which includes your medical intervention if your are unable to express those wishes yourself, along with a durable power of attorney for health care in which you designate the person who will advocate on your behalf to make those wishes known.

· A durable power of attorney for financial matters which includes the incapacity clauses. This allows a person of your choice to step in anf make financial decision on your behalf if you can’t make them yourself.

Top 10 Celebrity Bankruptcies

2012-02-17T01:48:00.001+05:30

Source :Time : February 14, 2012

So … Where’d All That Money Go?

It’s an old story by now: An actor makes it big, starts raking in piles of money, spends it foolishly, goes into debt and winds up declaring bankruptcy.

It’s as much of a Hollywood ending today as a classic movie kiss. The latest celeb to go broke is actor Gary Busey, who filed for Chapter 7 bankruptcy last week. Papers show that he has less than $50,000 and debts of up to $1 million.

The 67-year-old Busey has appeared in dozens of films over the past several decades and was a regular in shows like “Gunsmoke” and “Walker, Texas Ranger.” But over the years, Busey mishandled his finances and now owes money he can’t pay to the IRS, the UCLA Medical Facility, Wells Fargo and others.

According to a statement by Busey’s manager, the bankruptcy follows “past unfortunate choices, associations, events and circumstances that visited themselves upon this great American icon.” Busey, of course, is just one in a long line of celebs who have managed their money so poorly that they’ve had to file for bankruptcy.

Here are 10 of the most notorious.

1 .MC Hammer

Forget Turtle and Johnny Drama. MC Hammer had an entourage for the ages: a 200-person crew that reportedly cost him $500,000 every month.

To be fair, who else was going to wash all of those Hammer pants? Not to mention there was probably a lot of housework to be done in Hammer’s $30 million mansion. Back in 1990, spending that much cash on a house might not have seemed so crazy.

According to Forbes, Hammer pulled in $33 million after his Diamond-selling album Please Hammer, Don’t Hurt ‘Em was released. It only took six years before he found himself in bankruptcy court claiming assets of $9.6 million compared to debts of $13.7 million.

He even owed $500,000 to NFL-star-turned-analyst Deion “Prime Time” Sanders. While Hammer has recovered to, among others things, help start a new search engine called WireDoo, the sting of his bankruptcy lives on.

In 2010, the most lopsided beef in rap history played out when Jay-Z joked about Hammer’s financial troubles on Kanye West’s song “So Appalled,” prompting Hammer to release a music video on YouTube featuring a Jay-Z lookalike running away from the Devil.

2 .Mike Tyson

Between 1985, when he made his professional debut at age 18, to his retirement two decades later, “Iron” Mike Tyson made somewhere between $300 million and $400 million. At the height of his career, a single fight was worth $30 million.

But during that time, Kid Dynamite bought mansions, cars and Bengal tigers. In late 2003, Tyson walked into a Las Vegas jewelry store and bought a $174,000 gold chain with 80 carats in diamonds. Eight months later, Tyson filed for bankruptcy.

The New York Times reported that he was $23 million in debt, owing the U.S. and British governments $17 million in taxes, three-quarters of a million dollars to seven law firms and $300,000 for limo services.

Tyson later appeared in a cameo in the hit comedy “The Hangover,” which parodied his high-flying lifestyle. But the former champ also appeared on “The View,” where he told the hosts he was living paycheck to paycheck but had found happiness with his third wife. “I’m totally destitute and broke,” Tyson said. “But I have an awesome life.”

3.Willie Nelson

American original Willie Nelson was a pioneer of the “outlaw country” movement of the 1960s and ’70s, but the ’80s saw the singer become a real outlaw — in the eyes of the IRS.

For much of the decade, Nelson funneled his income into a tax shelter later deemed illegal by the agency. His tax bill totaled $16.7 million and forced the government to seize his assets in 1990, including his Texas ranch. Nelson eventually helped settle the debt by releasing a compilation album The IRS Tapes: Who’ll Buy My Memories?, the revenue from which he shared with the feds.

The singer, however, was able to keep his head up throughout, saying, “I had a lot of things I owned, I needed to get rid of,” he said. “I had a lot of people around and needed to back off and stop supporting half the world so I could stop and look at my situation. It’s given me time to take inventory.”

4.Walt Disney

Before he created the Magic Kingdom and built one of the largest movie production companies in the world, Walt Disney owned and operated an animation company called Laugh-O-Gram Studios.

Based in Kansas City, the company created animated fairy tales that were shown in local theaters. The Laugh-O-Grams became popular, leading Disney to seek a financial backer to support the endeavor.

But as luck would have it, the backing firm went broke and Laugh-O-Grams went bankrupt. While he tried to save his venture by living in his office and eating beans from a can, he eventually closed the studio.

Looking for a turn in fortune, Disney scrapped together enough money for a bus ticket and went to Hollywood, where he was able to make a very successful fresh start.

5.Larry King

The legendary talk-show host could have used his famous suspenders to hold up a wooden barrel. As any journalist will tell you, work in media doesn’t always pay the bills, and Larry King’s first gig in radio was no exception.

As a fledgling Miami radio announcer in the 1960s, King made no secret that he was “flying high,” despite the paltry salary that came along with the gig. But his money management troubles came to a head when he was arrested in 1971 and charged with grand larceny for allegedly stealing $5,000 from his business partner, Wall Street financier Louis Wolfson.

The charges were eventually dropped, but the dark mark on his career wasn’t, as he was fired from his radio jobs.

King wouldn’t hold a regular journalism job for more than four years, dropping him deeper into debt, to the tune of $352,000, and forcing him to declare bankruptcy in 1978.

That same year King was offered a late-night talk radio show in Washington, D.C., that eventually became his hugely successful eponymous CNN television show, which ran for 25 years.

6.Jerry Lee Lewis

Jerry Lee Lewis’s career is now in its seventh decade, so it’s no surprise that the “The Killer’s” career has had a few ups and downs. Lewis was kicked out of bible college for “playing the piano his own way,” but made it to Memphis just in time to get signed by the legendary owner of Sun Records Sam Phillips.

Soon after, Lewis released two smash singles — “Whole Lotta Shakin’ Goin’ On” and “Great Balls of Fire,” which helped launch rock n’ roll into the mainstream. However, Lewis’s scandalous marriage to his 13-year-old second cousin soon caused his career to all but collapse.

He returned to the charts in the 1960s, trading in rock n’ roll for country, but in 1988, he filed for bankruptcy, listing $3 million in medical, personal and tax debts

. But the music icon has rebounded once more, and at age 76, he’s still touring and is currently one of the subjects of the hit Broadway musical “Million Dollar Quartet.”

7.Anna Nicole Smith

The 27-year-old alleged golddigger thought her 90-year-old husband would leave her a hefty sum when he passed away in 1995 after their marriage of just over a year.

But when oil mogul J. Howard Marshall II bequeathed $0 to Anna Nicole Smith, Smith’s bank account read the same amount. She sued his $1.6 billion estate for a cut, claiming that Marshall had expressed his intention to set up a trust for her and alleging sabotage by Marshall’s son Pierce, who received the lion’s share of the money.

While the case was being fought, Smith was slapped with a judgment in a sexual harassment lawsuit by a former housekeeper. The judgment was based on perceived earnings from the estate, so Smith owed $850,000 in the case.

She was forced to declare bankruptcy in 1996, while continuing to fight for her $400 million portion of the Marshall estate.

But a series of legal flip-flops kept any money out of her hands, until her claim was finally rejected by the Supreme Court in 2011 – four years after her death.

8.Elton John

Perhaps it was the grand stage shows, extravagant parties and luxurious suits that led Elton John into financial distress. In 2002, the singer filed for bankruptcy after accruing debt at an astounding rate of $2 million a month.

With an estimated wealth near $265 million, five homes around the world and an extensive art collection, one would think that Sir Elton would have no problem saving money. But he has admitted to being an excessive spender.

In fact, before he filed for bankruptcy, the BBC reported that the singer’s credit card bills were averaging $400,000 a month.

That’s a whole lot of velour suits. Thankfully, Sir Elton got out of debt and has gone on to make many more millions — hopefully he’ll hold onto it this time.

9.Lawrence Taylor

During the 1980s, there were few linebackers in the NFL more feared than Lawrence Taylor. The 10-time Pro Bowler won two Super Bowls on the way to being inducted into the Pro Football Hall of Fame.

But like many pro-athletes, L.T. played hard off the field as well. “Crazy as it seems, there is a real relationship between wild, reckless abandon off the field and being that way on the field,” he said in 1987 near the height of his career.

Taylor claimed he could outdrink any other linebacker in the game and tested positive twice for cocaine use. Years after he retired, he claimed he would send prostitutes to the hotel rooms of opponents to tire them out before games.

While Taylor’s lifestyle didn’t come cheap (he once estimated that at his peak, he spent thousands of dollars a day on drugs), he didn’t help his cause with business decisions.

He started a company late in his career that was worth more than $10 million, then went bust. In 1997, he pled guilty to filing a false tax return in 1990. In 2009, Taylor filed for bankruptcy to avoid foreclosure on his home.

10.Gary Coleman

The late Gary Coleman, who was once the highest-paid actor on television for his role on “Diff’rent Strokes,” declared bankruptcy in 1999.

After a series of costly medical troubles and even costlier legal battles with his adoptive parents, the then 31-year-old claimed a $72,000 debt and filed for Chapter 7 bankruptcy. A decade prior, the actor reportedly boasted a $7 million fortune.

But he said he could “spread the blame” for his bankruptcy “from me to accountants to my adoptive parents, to agents to lawyers and back to me again.” The 4’8” star had difficulty landing steady jobs after his “Diff’rent Strokes” days, and after ongoing medical woes, passed away in 2010 at age 42.

Despite the considerable financial troubles he faced during the latter portion of his life, Coleman will always be remembered for uttering that iconic, million-dollar question: “Whatchoo talkin’ ’bout, Willis?”

Quote Gems,:Mukesh Ambani

2012-02-17T00:25:00.001+05:30

" I think that our fundamental belief is that for us growth is a way of life and we have to grow at all times. "

- Mukesh Ambani

Quote Gems :Oscar Wilde on Money

2012-02-16T03:21:00.000+05:30

When I was young I thought that money was the most important thing in life;
now that I am old I know that it is.

- Oscar Wilde

Young Successful Indian Entrepreneurs

2012-02-16T01:09:00.000+05:30

Source : SiliconIndia,Tuesday, 14 February 2012, 11:02 IST

Bangalore: The calendar for the past few years was not the best of the years when it came to Indian IPO market. However, few entrepreneurs excelled in taking their company to IPO. Below mentioned are few such entrepreneurs who created history in the IPO market since 2005.

1 .Sanjeev Bikhchandani

Sanjeev Bikhchandani founded Info Edge was one of the first Indian Internet company to go IPO in April 27, 2006. The company’s IPO was oversubscribed by over 54 times and received a total of about 29.15 crore bids for its offer of 53.23 lakh equity share of 10 each. Incorporated in May 1995, Info Edge owns internet properties Naukri, 99 acres and Jeevansathi.

Bikhchandani was the Chairman of the Internet and Mobile Association of India for 2008-09. He has also co-authored two books on job hunting and careers. He holds a PGDM degree in Management and Entrepreneurship from IIM, Ahmedabad. After his post graduation, Bikhchandani left his marketing job at HMM in 1990 to set up two companies, Indmark and Info Edge.

2 .Deep Kalra

The brain child of Deep Kalra, Makemytrip filed for US IPO in 2010 and managed to raise $70 million by selling five million shares at $14 each. Makemytrip was founded in April, 2000, and today the company has become one of the largest online travel and e-commerce business in India.

Kalra is the member of the Executive Council of NASSCOM and chairs the NASSCOM Internet Working Group. He holds a Bachelor’s degree in Economics from St. Stephen’s College, Delhi and a PGDM degree from IIM, Ahmedabad. In 1995, Kalra quit his job of a banker to join AMF Bowling. He managed to open about 200 lanes, most of them in small centers. With some money in his bank, he decided to quit his job and start a new venture, Makemytrip.com.

3 .S. Giridharan

The founder of Chennai based Edserve Softsystems, S. Giridharan took his dream company to IPO in February 2009. Esserve Softsystems is a fourth generation education company that uses technology to synchronize manpower demand and supply in number and skills right from development to deployment.

Under his leadership, the company succeeded in raising 20 crore through IPO. He also serves as the Chairman, CEO and President of SRM Radiant Infotech and has been the principal IT consultant for Seshasayee Paper & Boards for over nine years. The 46 year Giridharan has graduated in Electronics and Communication Engineering from PSG College of Technology from BITS, Pilani. He invented a permanent solution to combat and prevent piracy in feature films, and was accredited and accepted by South Indian Film Chamber of Commerce in 2003 as a feasible solution to prevent piracy in films. He heads EdServe Softsystems and strategizes the business, branding, and also the technology systems for effective delivery of services in scale, quality and spread.

4 .Vikram Akula

Who thought that a microfinance company has the ingredients to go IPO, but Vikram Akula succeeded in taking SKS Microfinance for IPO. SKS Microfinance is a non-banking finance company that is regulated by the Reserve Bank of India. It went IPO in August 2010 and was oversubscribed over 20.38 times in the qualified institutional buyer category due to its assets quality and uniqueness of its issue enticed the investors.

Akula is the founder and former chairperson of SKS Microfinance. He is the author of A Fistful of Rice, My Unexpected Quest to End Poverty Through Profitability, that were published by Harvard Business Press. He has several awards to his credit.

5 .Pramod Bhasin

Genpact was founded by Pravin Bhasin in 1997 and took the company to a whooping $600 million IPO in May 2007. But later in 2011, he quit as the CEO of the company. Prior to this, he has worked in GE. He was most recently the head of GE Capital in India and in Asia, having earlier worked with GE Capital’s Corporate and Finance Group in Stamford. Bhasin is a Chartered Accountant from Thomson McLintock & Co, and holds a Bachelor of Commerce degree from Delhi University.

6 .Anand Deshpande

Anand Deshpande founded Persistent Systems in 1990 as a technology company specializing in software product development services. The company went IPO in 2010 and planned to use the proceedings of the IPO to fund the expansion of its existing development facilities and to procure hardware.

Deshpande earned a Bachelor’s Degree in Technology in Computer Science and Engineering from IIT, Kharagpur. He also earned a Doctorate in Computer Science from the Indiana Univeristy. Deshpande has worked at HP Laboratories as a Member of the technical staff.

7 .Hanuman Tripathi

Hanuman Tripathi founded Infrasoft Technologies in 1994 and the company also owns the e-cards portal 123greettings.com. The company went IPO in 2010. Tripathi is the Core Founder and Group Managing Director of Infrasoft Technologies. With an experience of over 28 years in the banking software and telecom industry, he has worked with several global scale companies with rapid career advancement.

When he conceptualized Infrasoft, he brought all the partners and investors together to found the organization. Tripathi is a Science graduate with a Post Graduation in Business Management from Jamnalal Bajaj Institute of Management Studies, Mumbai. He also holds a Post Graduation degree in Marketing Management from Bhavan’s Management School, Mumbai.

8 .D. Ravi Kumar

D. Ravi Kumar, a first generation entrepreneur, founded Acropetal Technologies in 2001 and has taken the company single handedly to the current status. The company is recognized as one of the global leader in Information Technology outsourcing services. Under his leadership, the company went IPO in 2011 and launched a program ‘Attraversiamo’ to cross over from a Pure Play services into a business technology solutions company.

A deeply passionate person in his work to the cause of under privileged children, Kumar is a keen learner. He started his career working at the R&D and production units of BOSCH and subsequently at ITC. With over 20 years of experience, he has demonstrated sharp financial expertise in managing and leading the business several acquisitions. Kumar holds a Mechanical Engineering degree from the University of Bangalore and has pursued advanced executive management program from Harvard.

Management Tip of the Day: In Tough Situations, Unplug and Wait

2012-02-15T02:10:00.001+05:30

" When a project or meeting gets difficult, it can be tempting to power through to try to get it over with.

But it's better to do the same you might do for a slow-moving computer: shut it off and wait a minute

Give yourself the opportunity to regain your composure. In a meeting that's going nowhere?

Take a break. Not making headway on that proposal you need to write?

Take a walk. During the break, don't think of new strategies or arguments. By taking yourself out of the situation, you allow your brain to rest so that when you return—with a fresh perspective and a calm mind—

you are more likely to find a new solution. "

From "Restore Yourself to Your Factory Default Settings" by Peter Bregman.

Source : HBR

Quote Gems -Leo Buscaglia

2012-02-14T23:46:00.001+05:30

"Love is always bestowed as a gift – freely,
willingly and without expectation.
We don’t love to be loved; we love to love."

-Leo Buscaglia

Dr. Felice Leonardo Buscaglia Ph.D. (31 March 1924 - 11 June 1998) was a professor of Italian descent at the University of Southern California,

Facebook's story: From dorm room to Nasdaq

2012-02-12T17:47:00.000+05:30

Source :indiaTimes , posted ON 12 Feb 2012 AT 12:53:42

SAN FRANCISCO: Facebook filed to raise $5 billion in an initial public offering. Here are a few highlights of its meteoric rise, several of which were chronicled in David Fincher's seminal Oscar-winning 2010 movie, "The Social Network":

October 28, 2003
Mark Zuckerberg, a Harvard psychology sophomore, writes "Facemash," a website that asked users to judge students' attractiveness based on their dorm-directory photos. The authorities -- and many students -- were not amused.

February 4, 2004
Zuckerberg launches Thefacebook.com, a social network that allows users to create basic profiles including personal information and photos.

February 10, 2004
Harvard students Cameron Winklevoss, Tyler Winklevoss and Divya Narenya send Zuckerberg a cease-and-desist letter, accusing Zuckerberg of independently developing thefacebook.com while he was hired to work on their social networking project, HarvardConnection.

June 2004
Peter Thiel, PayPal co-founder and venture capitalist, invests $500,000 in Facebook.

May 26, 2005
Accel Partners, the venture capital firm headed by investor Jim Breyer, invests $12.7 million in Facebook, valuing the company at roughly $100 million.

October 24, 2007
Microsoft Corp announces that it purchased a 1.6 per cent share of Facebook for $240 million, giving the company a total implied value of around $15 billion.

April 7, 2008
Facebook settles with the founders of "ConnectU", the Winklevoss twins and Divya Narendra, for a purported $65 million, according to promotional material later published by ConnectU's lawyers.

May 26, 2009
Russian investor Yuri Milner's Digital Sky Technologies invests $200 million for a 1.96 percent stake, bringing Facebook's value down to $10 billion.

June 3, 2010
Zuckerberg sweats profusely as he takes questions about Facebook's privacy policy while onstage at the All Things Digital conference. The episode, which the Twittering classes dubbed a "Nixon Moment," renewed questions about Zuckerberg's viability as the CEO of a company rumored to go public soon.

June 30, 2010
In one of the more bizarre twists in Facebook's history, New York businessman Paul D. Ceglia files suit against Zuckerberg, claiming he had struck a deal with the founder in 2003 for half of Facebook's revenue and rightfully owned 84 per cent of the company. Three successive lawyers withdrew from his legal team within a period of four months in late 2011. The litigation remains ongoing.

October 10, 2010
Columbia Pictures releases " The Social Network," a film about Facebook's beginning, directed by David Fincher and written by Aaron Sorkin.

January 2, 2011
Facebook raises $500 million from Goldman Sachs and Digital Sky Technologies in a deal that valued the company at $50 billion.

January 2011
Goldman controversially markets as much as $1.5 billion worth of Facebook shares to its private investors, but withdraws the offer from American clients on January 18 following intense media coverage and scrutiny from the US Securities and Exchange Commission. The offer was withdrawn because of accusations that it ran afoul of regulations prohibiting share-placement sponsors from aggressively promoting a deal to potential investors.

November 29, 2011
Facebook agrees to settle Federal Trade Commission charges that it deceived users on what information it would keep private. The incident underscored how user concerns about privacy were spurring top-level government scrutiny of Silicon Valley.

January 25, 2012
Trading of Facebook shares is halted on the secondary market as rumors of an impending IPO gain steam.

February 1, 2012
Facebook files its Form S-1 with the Securities and Exchange Commission seeking to raise $5 billion in a highly anticipated IPO. Reuters

Are Successful People Nice?

2012-02-12T13:38:00.001+05:30

Source :HBR:Art markman :9 feb 2012

Since Daniel Goleman's Emotional Intelligence, we've recognized the importance of tuning into social and emotional factors in the workplace. But many popular depictions of the workplace don't show any evidence of that sensitivity. Mad Men, Wall Street, and others impress that in business, only the strong survive.

But emotional intelligence implies that successful leaders should be nice. And while being nice may have social benefits, does it pay?

The key is in how agreeable you are. Timothy Judge, Beth Livingston, and Charlice Hurst examined this trait in a paper[PDF] in the Journal of Personality and Social Psychology this year. By way of background, conventional personality research defines agreeableness as two related qualities: (1) the extent to which you value getting along with others, and (2) the degree to which you are willing to be critical of others.

Using earnings data, the researchers found that men who rank high in agreeableness make substantially less than men who are less agreeable. Across studies, this difference was as high as $10,000 per year. Conversely, women's earnings were less affected. There was only a small earnings difference between women high and low in agreeableness, and it was often not statistically reliable.

So, why do these results differ for men and women? And why do nice guys finish last?

There is a stereotype that when men lead, they make decisions without concern for what other people think. Indeed, a final study in this same paper asked people to evaluate potential leadership candidates. Agreeable men were rated least attractive as potential leaders.

And as for nice guys (and to a lesser extent, nice women) finishing last, let's recall the two related qualities of agreeableness. Concerning a value for getting along, career advancement requires a willingness to ruffle feathers from time to time. Good leaders need to be able to tell people things that they do not want to hear. And honestly, putting yourself forward for a promotion means putting yourself before others.

Career success also involves being critical. While some managers may want to surround themselves with people who obediently agree, most want those who will find the flaws in a plan before it is implemented. Less agreeable people are prone to give this kind of criticism.

Of course, this is not license to be a jerk at work. The data also suggest that people lacking agreeableness are more likely to lose their jobs than agreeable ones. There is a big difference between being disagreeable and being unpleasant.

So, what can you do, whether you're more agreeable or not?

First, get to know yourself. There are plenty of quizzes out there to measure the "Big Five" personality dimensions. Find one, take it, and get an objective sense of how agreeable you are.

If you are more agreeable, go out of your way to find the flaws in plans that you hear. Put aside your personal relationships and think about what can go wrong. It helps to imagine that the idea is going to be implemented by another company, to help separate the people from the ideas. Next, find ways to express your concerns. People can be upset with you for a day if they recognize the long-term value of your advice. Express your concerns with empathy, but directly. Try practicing giving negative feedback with a friend first, before doing it for real.

If you are more disagreeable, balance criticism with empathy. Remember that it is difficult to hear criticism of your ideas and your performance. You can be firm while still recognizing the impact of your message. If you think you're developing a reputation for being unsympathetic, practice giving bad news to a friend. Find out which parts of your delivery are causing people to bristle. A strong leader can guide without being mean.

Nice or not, without a doubt you can still be a great leader — you just have to adjust your strategy.

Quote Gems :Warren Buffett

2012-02-11T02:33:00.004+05:30

I always knew I was going to be rich. I don't think I ever doubted it for a minute.

- Warren Buffett

7 Secrets of Self-Made Multimillionaires

2012-02-09T02:19:00.002+05:30

Source :GRANT CARDONE :Entrepreneur: February 2, 2012

First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.

This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.

No. 1: Decide to Be a Multimillionaire -- You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"

No. 2: Get Rid of Poverty Thinking - There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking.

No. 3: Treat it Like a Duty - Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.

No. 4: Surround Yourself with Multimillionaires - I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?

No. 5: Work Like a Millionaire - Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.

No. 6: Shift Focus from Spending to Investing - The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income - The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.
Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich -- it's American.

How to Build a Fan-Worthy Facebook Page

2012-02-09T02:06:00.002+05:30

Source : STARR HALL :Entrepreneur: February 6, 2012

As Facebook continues to enhance its fan page options, businesses are not only struggling to keep up with the changes, but they also are still trying to figure out how to brand and market their pages. Because of some of the changes, strategies you used just last month to increase your "likes" and interactions with fans may not be as effective.

Here are a few quick branding fixes that will make it easier for prospects to find you, as well as some tips on getting more fans--or what I prefer to call interested prospects.

No.1 - Brand the URL. If your fan page URL is still set with a bunch of numbers, you are making it harder for prospects to find you and missing out on a branding opportunity. Facebook recently lifted the requirement that you get 25 "likes" before you can name your fan page URL. Now, all you need to do is go to www.facebook.com/username and set your name in the URL, which is great for branding purposes and easy link referrals. For example, instead of www.facebook.com/1283743hreu818, my link is now www.Facebook.com/StarrHalldotcom.

No.2 - Name your page appropriately. Once you reach 100 friends, you cannot change the title of your page, so make sure you choose wisely from the start. Your brand name is the ideal title to make it easy for people to find your page when they search. You still can change the title if you have less than 100 likes by going to edit page, selecting Basic Information from the menu at left, changing the text in the Name field, and saving your edits.

No. 3 - Take prospects to a welcome tab, not your wall. When you send people to your fan page and have them land on your Wall, your posts probably won't be enough to entice them to "like" you. Posts are just you talking. Even if you're giving valuable information, prospects need a reason to be your fan. Instead of having them land on your Wall, set up a welcome tab. A welcome tab can include a greeting and an enticement, such as an e-book or video series, to encourage visitors to become fans. Such sites as woobox.com offer free trials and step-by-step tutorials to help you customize your page, including tabs.

No. 4 - Engage potential fans. You need to offer something that will engage people. For instance, you can use Facebook applications to create a poll or launch a game. These can be located on your welcome tab. Wildfireapp.com, for instance, provides a free trial so you can navigate its engagement applications. If you decide to use its programs, services start at $5 and go up from there, depending on which tools you use. SocialUps, a company that specializes in creating games for fan pages, starts at $300. One of SocialUps' most recent game apps was launched at www.facebook.com/vitalyte, a fan page for Vitalyte Nutrition Products that was started three months ago and now has nearly 100,000 followers. The downside of some gaming applications is that they can gain access to your page and randomly post messages.

No. 5 - Check market insights. Is Facebook Advertising for You? Recent enhancements to fan page analytics make it easier to know your prospects, including their sex, age and where they live. Also, you can see which posts they like best and follow a viral report showing if they did something on your page that their friends could see. Such viral activity extends your reach to friends of friends. However, this option only allows you to see that your fans are talking about you to other people; it doesn't share information about whom they're sharing with.

Facebook fan pages are quickly turning into Facebook websites and interactive business tools. With access to millions of prospects, it's important to brand your page well, make it easy to find and keep the content up-to-date and engaging.

The Top 10 Business Plan Mistakes

2012-02-09T01:46:00.001+05:30

Source :Tim Berry :Entrepreneur:Jan 2012

1. Misunderstanding the purpose: It’s the planning that matters, not just the document. You engage in planning your business because planning becomes management. Planning is a process of setting goals and establishing specific measures of progress, then tracking your progress and following up with course corrections. The plan itself is just the first step; it is reviewed and revised often. Don’t even print it unless you absolutely have to. Leave it on a digital network instead.

2. Doing it in one big push; do it in pieces and steps. The plan is a set of connected modules, like blocks. Start anywhere and get going. Do the part that interests you most, or the part that provides the most immediate benefit. That might be strategy, concepts, target markets, business offerings, projections, mantra, vision, whatever. . . just get going.

3. Finishing your plan. If your plan is done, then your business is done. That most recent version is just a snapshot of what the plan was then. It should always be alive and changing to reflect changing assumptions.

4. Hiding your plan from your team. It’s a management tool. Use common sense about what you share with everybody on your team, keeping some information, such as individual salaries, confidential. But do share the goals and measurements, using the planning to build team spirit and peer collaboration. That doesn’t mean sharing the plan with outsiders, except when you have to, such as when you’re seeking capital.

5. Confusing cash with profits. There's a huge difference between the two. Waiting for customers to pay can cripple your financial situation without affecting your profits. Loading your inventory absorbs money without changing profits. Profits are an accounting concept; cash is money in the bank. You don't pay your bills with profits.

6. Diluting your priorities. A plan that stresses three or four priorities is a plan with focus and power. People can understand three or four main points. A plan that lists 20 priorities doesn't really have any.

7. Overvaluing the business idea. What gives an idea value isn’t the idea itself but the business that's built on it. It takes employees showing up every morning, phone calls being answered, products being built, ordered and shipped, services being rendered, and customers paying their bills to make an idea a business. Either write a business plan that shows you building a business around that great idea, or forget it. An idea alone does not a great business make.

8. Fudging the details in the first 12 months. By details, I mean your financials, milestones, responsibilities and deadlines. Cash flow is most important, but you also need lots of details when it comes to assigning tasks to people, setting dates, and specifying what's supposed to happen and who's supposed to make it happen. These details really matter. A business plan is wasted without them.

9. Sweating the details for the later years. This is about planning, not accounting. As important as monthly details are in the beginning, they become a waste of time later on. How can you project monthly cash flow three years from now when your sales forecast is so uncertain? Sure, you can plan in five, 10 or even 20-year horizons in the major conceptual text, but you can't plan in monthly detail past the first year. Nobody expects it, and nobody believes it.

10. Making absurd forecasts. Nobody believes absurdly high “hockey stick” sales projections. And forecasting unusually high profitability usually means you don’t have a realistic understanding of expenses.

RBI asks banks to refund unclaimed deposits of Rs 1,700 cr

2012-02-09T01:00:00.001+05:30

Source :Sangita Mehta, ET Bureau Feb 7, 2012, 07.36PM IST

MUMBAI: The Reserve Bank of India (RBI) has directed banks to disclose the list of unclaimed and inoperative deposit account holders, in a bid to help some claimant trace their deposits.

The RBI has told banks to disclose on its website names of the account holders and their address. In case the accounts are not in the name of individuals,

RBI has said that the bank should provide the names of individuals authorised to operate the accounts.

Over the last few decades, the unclaimed amount spread over 1.03 crore bank accounts, has risen to Rs 1,700 crore with India's largest bank, SBI and its associates topping the list with unclaimed deposits of 279.7 crore

The list should provide a 'find' option which would enable public to search the list of accounts by name of the account holder. The list will includes names of depositors who have not operated their account for the last ten years.

At the same time RBI has said that banks should not disclose details about the account number, its type and the name of the branch on its website.

It may be recalled that finance ministry, in September 2011 had directed PSU banks to disclose names of inoperative account holders on their website in an attempt to bring about great transparency. however bank management resisted this move. Indian Banks' Association had written to the finance ministry that the move could be violation to Banking Regulations Act whereby they are not allowed to disclose the details of customers.

In this case RBI has put the onus on banks to ensure that the claimants of the deposits are genuine. Banks are also required to inform public on its website about the process that they will have to follow to make a claim on deposit. RBI has said that banks will be required to complete the process by the end June 2012.

Quote Gems: Mahatma Gandhi

2012-02-09T00:02:00.001+05:30

You must be the change you want to see in the world.

- Mahatma Gandhi

Positive Intelligence

2012-02-08T01:27:00.001+05:30

Source :HBR: :Shawn Achor:Jan-Feb 2012

Artwork: Yue Minjun, Laughing Painter, 2003, oil on canvas, 70 x 50 cm

In July 2010 Burt’s Bees, a personal-care products company, was undergoing enormous change as it began a global expansion into 19 new countries. In this kind of high-pressure situation, many leaders pester their deputies with frequent meetings or flood their in-boxes with urgent demands. In doing so, managers jack up everyone’s anxiety level, which activates the portion of the brain that processes threats—the amygdala—and steals resources from the prefrontal cortex, which is responsible for effective problem solving.

Burt’s Bees’s then-CEO, John Replogle, took a different tack. Each day, he’d send out an e-mail praising a team member for work related to the global rollout. He’d interrupt his own presentations on the launch to remind his managers to talk with their teams about the company’s values. He asked me to facilitate a three-hour session with employees on happiness in the midst of the expansion effort. As one member of the senior team told me a year later, Replogle’s emphasis on fostering positive leadership kept his managers engaged and cohesive as they successfully made the transition to a global company.

That outcome shouldn’t surprise us. Research shows that when people work with a positive mind-set, performance on nearly every level—productivity, creativity, engagement—improves. Yet happiness is perhaps the most misunderstood driver of performance. For one, most people believe that success precedes happiness. “Once I get a promotion, I’ll be happy,” they think. Or, “Once I hit my sales target, I’ll feel great.” But because success is a moving target—as soon as you hit your target, you raise it again—the happiness that results from success is fleeting.

In fact, it works the other way around: People who cultivate a positive mind-set perform better in the face of challenge. I call this the “happiness advantage”—every business outcome shows improvement when the brain is positive. I’ve observed this effect in my role as a researcher and lecturer in 48 countries on the connection between employee happiness and success. And I’m not alone: In a meta-analysis of 225 academic studies, researchers Sonja Lyubomirsky, Laura King, and Ed Diener found strong evidence of directional causality between life satisfaction and successful business outcomes.

Another common misconception is that our genetics, our environment, or a combination of the two determines how happy we are. To be sure, both factors have an impact. But one’s general sense of well-being is surprisingly malleable. The habits you cultivate, the way you interact with coworkers, how you think about stress—all these can be managed to increase your happiness and your chances of success.

Develop New Habits

Training your brain to be positive is not so different from training your muscles at the gym. Recent research on neuroplasticity—the ability of the brain to change even in adulthood—reveals that as you develop new habits, you rewire the brain.

Engaging in one brief positive exercise every day for as little as three weeks can have a lasting impact, my research suggests. For instance, in December 2008, just before the worst tax season in decades, I worked with tax managers at KPMG in New York and New Jersey to see if I could help them become happier. (I am an optimistic person, clearly.)

I asked them to choose one of five activities that correlate with positive change:

Jot down three things they were grateful for.

Write a positive message to someone in their social support network.

Meditate at their desk for two minutes.

Exercise for 10 minutes.

Take two minutes to describe in a journal the most meaningful experience of the past 24 hours.

The participants performed their activity every day for three weeks. Several days after the training concluded, we evaluated both the participants and a control group to determine their general sense of well-being. How engaged were they? Were they depressed? On every metric, the experimental group’s scores were significantly higher than the control group’s. When we tested both groups again, four months later, the experimental group still showed significantly higher scores in optimism and life satisfaction. In fact, participants’ mean score on the life satisfaction scale—a metric widely accepted to be one of the greatest predictors of productivity and happiness at work—moved from 22.96 on a 35-point scale before the training to 27.23 four months later, a significant increase. Just one quick exercise a day kept these tax managers happier for months after the training program had ended. Happiness had become habitual.

Quote Gems :Swami Vivekananda

2012-02-08T00:45:00.000+05:30

Take up one idea.
Make that one idea your life;
think of it; dream of it;
live on that idea.
Let the brain, muscles, nerves, every part of your body be full of that idea, and just leave any other idea alone.
This is the way to success, and this is the way great spiritual giants are produced.

~ Swami Vivekananda

Banks with 2G loans to claim losses from government

2012-02-05T20:10:00.002+05:30

Source :ET:3 FEB, 2012, 05.26AM IST, ET BUREAU

MUMBAI: Top state-run banks led by State Bank of India and Punjab National Bank, with more than 6,000 crore loan exposure to telecom companies, will claim from the government the fees these companies paid as the licences were pledged with them.

This will protect them any losses since depending on companies to repay debt may be fruitless as their operations are under threat beyond the four-month deadline set by the Supreme Court, said top lenders who did not want to be identified.

Leading private lenders such as ICICI Bank and HDFC Bank said their loans will not be affected by the ruling. It is not clear whether the government would honour public sector banks' requests, or will stand legal scrutiny.

"While we expect them to explore all possibilities, and the situation remains fluid, on the face of it some of these smaller operators will be faced with the choice to either close operations or re-bid for licences,'' Fitch Ratings said in a press release. "It is unclear whether some players will have the stomach or resources to invest more to defend businesses which are still in start-up mode.''

Theoretically, licence is the main security against which banks have lent them money and if the licence is revoked, banks have little security to claim their loans. If the account becomes a loss asset, banks will have no tangible security to recover their funds.

SBI, which controls one-fifth of the market share, has given close to 1,100 crore in loans and another 3,400 crore in the form guarantees to companies which had received 2G licences while PNB has given loan of 508 crore. Among other banks, Corporation Bank has lent 146 crore to companies with 2G while IDBI has an exposure of 800 crore to telecom companies with 2G and 3G. Indian Bank officials said that their exposure is 39 crore to companies with 2G licence.

Some believe that companies such as Norway's Telenor that have huge stake and reputation will work to salvage the situation.

"Most of the telcos are large players therefore it is unlikely that they will create NPAs for banks since they have committed huge capital,'' said Hemindra Hazari, head of research institutional equities at Nirmal Bang.
"Since large foreign players are involved, they would not like to jeopardise their credit rating."

SBI waives service fee on SME loans under CGT scheme

2012-02-05T20:05:00.000+05:30

Source :ET :5 Feb, 2012, 11.18AM IST, PTI

MUMBAI: Country's largest lender, State Bank of India, has decided to waive guarantees and annual service fees for loans to small and medium businesses guaranteed under the Credit Guarantee Fund Trust scheme.

To improve credit flow to the SME sector, the government-appointed Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) acts as a guarantor to loans up to Rs 1 crore. CGTMSE charges the above-mentioned twin fees to borrowers.

"The fees are basically a kind of insurance premium. To help clients we have now decided to pay up to the Trust from our books," managing director for national banking, A Krishna Kumar, told PTI here. The decision was taken two weeks ago.

The Trust, which came into being four years ago, charges a guarantee fee ranging from 1 to 1.5 per cent of the loan amount while the annual service fee ranges from 0.50-0.75 per cent.
Kumar parried a question on the financial implication of the move on the bank's balancesheet, but said this is a long-term arrangement, not a short-term move to lure customers.

Explaining the rationale, Kumar said the presence of such a commission clause dissuades "good borrowers" who feel it is unnecessary to take the extra burden in loan servicing.
Additionally, paying up the fees from the bank's own books will act as a "psychological deterrent" to the bank's staff, who can become complacent as the Trust stands guarantor to such loans, Kumar said.

If a loan turns bad, CGTMSE pays back 75 per cent for the principal to the lending bank and an additional up to 15 per cent depending on the case, Kumar said.

இப்போது இந்தியர்கள் 'முகம் பார்ப்பதே' பேஸ்புக்கில்தான்!

2012-02-05T00:15:00.004+05:30

ஆதாரம் :ஒன்இந்தியா :சனிக்கிழமை, பிப்ரவரி 4, 2012, 12:30

நியூயார்க்: சமூக இணையதளமான ஃபேஸ்புக்கைப் பயன்படுத்துபவர்களின் எண்ணிக்கை இந்தியாவில் கடந்த ஆண்டில் மட்டும் இரு மடங்காக உயர்ந்துள்ளதாக கணக்கெடுப்பில் தெரியவந்துள்ளது.

இன்றைக்கு ஒருவர் முகத்தை ஒருவர் நேரில் பார்க்கிறார்களோ இல்லையோ... பல முறை பேஸ்புக்கில் பார்த்துக் கொள்கிறார்கள்.

இன்றைய இளைஞர்கள் கண்ணாடியில் முகத்தைப் பார்ப்பதைவிட பேஸ்புக்கில் பார்ப்பதே அதிகம் என்று கிண்டலடிக்கும் அளவு facebook addiction அதிகரித்துவிட்டது.

ஒவ்வொரு மாதமும் ஃபேஸ்புக்கைப் பயன்படுத்துபவர்களின் எண்ணிக்கையை வைத்து கணக்கெடுப்பு நடத்தப்படுகிறது.

அதன்படி கடந்த ஆண்டில் இந்தியாவில் மட்டும் ஃபேஸ்புக் பயன்பாடு 132 சதவீதம் அதிகரித்துள்ளது. இது பிரேசிலில் 268 சதவீதமாக உள்ளது.சீனாவில் சமூக இணையதளங்களைப் பயன்படுத்துவதற்கு அதிகக் கட்டுப்பாடுகள் உள்ளதால் அங்கு இதனைப் பயன்படுத்துவர்களின் எண்ணிக்கை மிகக் குறைவு.

ஃபேஸ்புக்கின் பங்குகளை அமெரிக்க பங்கு வர்த்தகத்தில் வெளிவிட முடிவு செய்துள்ளது குறிப்பிடத்தக்கது.

2G scam: Swamy's petition to make Chidambaram co-accused dismissed

2012-02-04T13:53:00.002+05:30

Source :TNN | Feb 4, 2012, 01.40PM IST

NEW DELHI: A Delhi court on Saturday dismissed Janata Party president Subramanian Swamy's plea to prosecute home minister P Chidambaram in the 2G case.

Reacting to the verdict, Subramanian Swamysaid he was 'surprised' by the court's decision, but would now appeal against the decision in the high court.

Swamy had moved the court seeking to make Chidambaram as co-accused in the 2G spectrum scam alleging he was as culpable as former telecom minister A Raja in determining the prices of scarce spectrum and in allowing the dilution of shares.

The Supreme Court on Thursday had refused to direct CBI to investigate the alleged role of Chidambaram leaving it to the special court trying the 2G case.

A bench of justices G S Singhvi and A K Ganguly, which asked the lower court not to get influenced by its decision, had also refused to direct CBI to "investigate Chidambaram".

The special judge, on January 21, had reserved the order for February 4 on the plea of Swamy.

Subramanian swamy pettition dismissed

2012-02-04T13:41:00.001+05:30

source : Bloomberg :1.38 pm ist

Subramanian swamy pettition dismissed

RBI asks lenders to submit exposure to firms in 2G case

2012-02-03T01:50:00.000+05:30

Source : FC : Manju AB: Feb 02 2012 , Mumbai

Rs 10,000 cr deployed in licence acquisition

RBI has started a process of assessing banks' exposure to telecom companies. It has asked all banks to submit their individual exposure to the sector, in particular, to companies whose licences were cancelled.

A senior RBI official told Financial Chronicle that banks funded about Rs 10,000 crore to various companies to acquire licences. Banks have also funded their roll-out of telecom services as well as setting up of infrastructure.

“Total banks’ exposure would be around Rs 10,000 crore. We are still assessing the situation to identify the full impact this verdict on banks. If the licences are cancelled, the money will flow back to the banks’ books. The guarantees were given for getting licences and if these do not exist, government will have to give back the money that these companies paid,” said the central banker.

Most of the funding was done by public sector banks while participation of private sector lenders was smaller. The sanctioned limits were much higher but it was not drawn down by the companies. State Bank of India (SBI) has the largest exposure among the public sector banks. The bank has a direct exposure of Rs 1,100 crore and a non-fund exposure of Rs 3,000 crore (guarantees offered to the government by the companies to acquire licences). Santosh Nayar, deputy managing director and group head-corporate accounts, said both their direct and non-direct exposure is expected to flow back into bank's books as the government pays back the companies both the licence fee and guarantees. "To that extent, there is no impact on the bank's books."

The second-largest exposure is by IDBI Bank that has given Idea about Rs 800 crore and S Tel Rs 120 crore.

Punjab National Bank (PNB), the only bank which put up its funding details on its website on Thursday, said it has a total exposure Rs 508 crore, lend towards direct roll-out of 2G services. It has not lent for licence and non-fund exposure. Canara Bank has about Rs 250 crore exposure to Tata Teleservices while Corporation Bank has a Rs 146 crore exposure to Videocon Industries.

In response to a query from Financial Chronicle, a spokesperson for ICICI Bank said, "ICICI Bank does not have any exposure at risk on account of this."

Ajai Kumar, chairman and managing director of Corporation Bank, told this newspaper that the banks lend in good faith for a good business proposition. "Our exposure is only to Videocon Industries. We also got corporate guarantees from the company. We will have to assess implications of the ruling on our exposure.”

Bankers say most of the lending was collateral lending wherein a Trust and Retention Account was created by all lenders in the consortium. And the lenders had the first charge on the revenues that would be accrued to these companies and first share in the assets. This was the first time the 2G licences were allotted to companies and even if companies lacked experience it was believed that they would be able to effectively roll out the plan proposed, and payments would be made.

"We are looking at how things will pan out in the next few months. Future of those companies is not yet known. But we are hopeful that we will be able to recover outstanding loan,” said a senior PNB official.

Other banks such as Bank of India have no exposure to the companies for acquiring the licences. But a senior BoI official said, “We have given a loan of Rs 676 crore loans to Idea Cellular and Tata Teleservices for developing the telecom infrastructure.” The total telecom exposure of all the banks is Rs 90,970 crore as on January 31, 2012.

(With inputs from Shruti Verma Khare in New Delhi)

List of 122 cancelled 2G licenses;What should subscribers do

2012-02-03T01:11:00.003+05:30

Source :One India :Thursday, February 2, 2012, 15:23

New Delhi, Feb 2: In a major setback for many telecom companies, the Supreme Court on Thursday, Feb 2 finally pronounced its judgement on the cancellation of the 2G licenses and has ordered that all 122 2G licenses granted to 11 telecom firms post Jan 10, 2008 have been quashed. These telecom companies will have to seek fresh recommendations. The 2G licenses will have to now be auctioned as is the norm.

Here is the list which contains the names of the telecom companies which have been hit by the apex court verdict:

Service area - Name of the Operator

1. Jammu & Kashmir - Tata Teleservices ltd.
2. Assam - Tata Teleservices Ltd.
3. North East - Tata Teleservices Ltd.
4. Assam - Idea Cellular Ltd.
5. Punjab - Idea Cellular Ltd.
6. Karnataka - Idea Cellular Ltd.
7. Jammu & Kashmir - Idea Cellular Ltd.
8. North East - Idea Cellular Ltd.
9. Kolkata - Idea Cellular Ltd.
10. West Bengal - Idea Cellular Ltd.
11. Orissa - Idea Cellular Ltd.
12. Tamil Nadu (including Chennai) - Idea Cellular Ltd.
13. Delhi - Spice Communications Ltd.
14. Andhra Pradesh - Spice Communications Ltd.
15. Haryana - Spice Communications Ltd.
16. Maharashtra - Spice Communications Ltd.
17. Andhra Pradesh - Swan Telecom Pvt. Ltd.
18. Gujarat - Swan Telecom Pvt. Ltd.
19. Haryana - Swan Telecom Nt. Ltd.
20. Karnataka - Swan Telecom Pvt. Ltd.
21. Kerala - Swan Telecom Pvt. Ltd.
22. Maharashtra - Swan Telecom Pvt. Ltd.
23. Punjab - Swan Telecom Pvt. Ltd.
24. Rajasthan - Swan Telecom Pvt. Ltd.
25. Tamil Nadu (including - Chennai) - Swan Telecom Pvt. Ltd.
26. Uttar Pradesh (East) - Swan Telecom Pvt. Ltd.
27. Uttar Pradesh (West) - Swan Telecom Pvt. Ltd.
28. Delhi - Swan Telecom Pvt. Ltd.
29. Mumbai - Swan Telecom Pvt. Ltd.
30. Orissa - S Tel Ltd.
31. Assam - S Tel Ltd.
32. Jammu & Kashmir - S Tel Ltd.
33. North East - S Tel Ltd.
34. Bihar - S Tel Ltd.
35. Himachal Pradesh - S Tel Ltd.
36. Andhra Pradesh - Datacom Solutions Pvt, Ltd.
37. Assam - Datacom Solutions Pvt. Ltd.
38. Bihar - Datacom Solutions Pvt. Ltd.
39. Gujarat - Datacom Solutions Pvt. Ltd.
40. Haryana - Datacom Solutions Pvt. Ltd.
41. Himachal Pradesh - Datacom Solutions Pvt. Ltd.
42. Jammu & Kashmir - Datacom Solutions Pvt, Ltd.
43. Karnataka - Datacom Solutions Pvt, Ltd.
44. Kerala - Datacom Solutions Pvt. Ltd.
45. Kolkata - Datacom Solutions Pvt. Ltd.
46. Madhya Pradesh - Datacom Solutions Pvt. Ltd.
47. Maharashtra - Datacom Solutions Pvt. Ltd.
48. North East - Datacom Solutions Pvt. Ltd.
49. Orissa - Datacom Solutions Pvt. Ltd.
50. Rajasthan - Datacom Solutions Pvt. Ltd..
51. Tamilnadu (including Chennai) - Datacom Solutions Pvt. Ltd.
52. Uttar Pradesh (East) - Datacom Solutions Pvt. Ltd.
53. Uttar Pradesh (West) - Datacom Solutions Pvt. Ltd.
54. West Bengal - Datacom Solutions Pvt. Ltd.
55. Delhi - Datacom Solutions Pvt. Ltd.
56. Mumba i - Datacom Solutions Pvt. Ltd.
57. Bihar - Loop Telecom Private Ltd.
58. Gujarat - Loop Telecom Private Ltd.
59. Himachal Pradesh - Loop Telecom Private Ltd.
60. Kerala - Loop Telecom Private Ltd.
61. Kolkata - Loop Telecom Private Ltd.
62. Punjab - Loop Telecom Private Ltd.
63. Rajasthan - Loop Telecom Private Ltd.
64. Uttar Pradesh (East) - Loop Telecom Private Ltd.
65. Uttar Pradesh (West) - Loop Telecom Private Ltd.
66. West Bengal - Loop Telecom Private Ltd.
67. Andhra Pradesh - Loop Telecom Private Ltd.
68. Delhi - Loop Telecom Private Ltd.
69. Haryana - Loop Telecom Private Ltd.
70. Karnataka - Loop Telecom Private Ltd.
71. Maharashtra - Loop Telecom Private Ltd.
72. Orissa - Loop Telecom Private Ltd.
73. Tamil Nadu (including Chennai) - Loop Telecom Private Ltd.
74. Assam - Loop Telecom Private Ltd.
75. Jammu & Kashmir - Loop Telecom Private Ltd.
76. Madhya Pradesh - Loop Telecom Private Ltd.
77. North East - Loop Telecom Private Ltd.
78. Bihar - Allianz Infratech (P) Ltd.
79. Haryana - Adonis Projects Pvt. Ltd.
80. Madhya Pradesh - Allianz lnfratech (P) Ltd.
81. Himachal Pradesh - Adonis Projects Pvt. Ltd.
82. Punjab - Adonis Projects Pvt. Ltd.
83. Rajasthan - Adonis Projects Pvt. Ltd.
84. Uttar Pradesh (West) - Adonis Projects Pvt. Ltd.
85. Andhra Pradesh - Aska Projects Ltd.
86. Kerala - Aska Projects Ltd.
87. Bihar - Nahan Properties Pvt. Ltd.
88. Uttar Pradesh (East.) - Nahan Properties Pvt. Ltd.
89. Gujarat - Volga Properties Pvt ltd.
90. Madhya Pradesh - Volga Properties Pvt Ltd.
91. Maharashtra - Volga Properties Pvt Ltd.
92. Jammu & Kashmir - Adonis Projects Pvt. Ltd.
93. Karnataka - Aska Projects Ltd.
94. Kolkata - Azure Properties Ltd.
95. Delhi - Hudson Properties Ltd.
96. Assam - Nahan Properties Pvt. Ltd.
97. North East - Nahan Properties Pvt. Ltd.
98. Orissa - Nahan Properties Pvt. Ltd.
99. West Bengal - Nahan Properties Pvt. Ltd.
100. Tamil Nadu (including Chennai) Unitech Builders & Estates Pvt. Ltd..
101. Mumbai - Unitech Infrastructures Pvt. Ltd.
102. Madhya Pradesh - Shyam Telelink Limited
103. Mumbai - Shyani Telelink Limited
104. Bihar - Shyani Telelink Limited
105. Gujarat - Shyani Telelink Limited
106. Himachal Pradesh - Shyani Telelink Limited
107. Kerala - Shyam Telelink Limited
108. Kolkata - Shyam Telelink Limited
109. Punjab - Shyam Telelink Limited
110. Uttar Pradesh (East) - Shyam Telelink Limited
111. Uttar Pradesh (West) - Shyam Telelink Limited
112. West Bengal - Shyam Telelink Limited
113. Andhra Pradesh - Shyam Telelink Limited
114. Delhi - Shyam Telelink Limited
115. Haryana - Shyam Telelink Limited
116. Karnataka - Shyam Telelink Limited
117. Maharashtra - Shyam Telelink Limited
118. Orissa - Shyam Telelink Limited
119. Tamil Nadu (including Chennai) - Shyam Telelink Limited
120. Assam - Shyam Telelink Limited.
121. Jammu & Kashmir - Shyam Telelink limited
122. North East - Shyam Telelink limited

New Delhi, Feb 2: Thursday (Feb 2) morning came with a shocking news for 122 telecom companies whose 2G licenses would be cancelled soon. The Supreme Court pronounced its verdict which said that telecom companies will have to seek fresh recommendations. The 2G licenses will now have to be auctioned as is the norm.

However, aam-admi (general people) seem confused over the verdict as it was not clear that the subscribers of those telecom companies would be affected or not.

Here are some suggestions for those subscribers:

The subscribers will be contacted by their operators.
The companies may issue necessary directives for their customers. Subscribers can easily opt for a different operator as Mobile Number Portability has already been started in India.
However, customers less than 90 days old, can not go for portability.

The above mentioned suggestions have been given citing the statement of TRAI chairman JS Sharma who on Thursday stated, "As far as the cancelled licences are concerned, together they hold less than 5% of the total base . In terms of numbers they may be big but in terms of percentages, it’s small."

Suze Orman On Finding Hidden Money

2012-01-31T00:32:00.002+05:30

Source :Forbes:

30 JAN 2012 @ 10:20AM

“I believe that every single person in the United States of America is entitled to have a good life, meaning they have a place they can call their own, can retire one day and have the money to send their children to college,” financial expert Suze Orman said recently in aninterview with FORBES. “They can live a respectful life. Every one of us deserves that.”

Now Orman has taken her best-selling book The Money Class and translated those financial lessons into a new weekly show, America’s Money Class with Suze Orman, on OWN. The network and ForbesWoman partnered up to provide a preview of each episode before it airs. Tonight, Orman reveals how to uncover lost money, how to turn old gold into cash, tactics for lottery winnings and when to get your dream car. Here’s a closer look.

Finding Hidden Money

Think it’s impossible or a scam to make money with the click of a mouse? It might be your lucky day. On websites like missingmoney.com and unclaimed.orgyou can find lost treasures. In fact, one member of the audience discovered that Orman was owed a few thousand dollars that she’d never claimed.

“It’s far better finding money than losing it!” says Orman. She explains that if you move on from a workplace or an address, someone who owes you money may not be able to find you (or want to). After a period of time, the claim gets turned over to the state. Search your name and state in the database, and if you’re owed money, you’ll receive a check in a few weeks. Here’s proof: three members of the audience recovered a combined $70,000 in lost funds.

Turning Gold Into Cash

Orman says you can earn money by selling gold jewelry and accessories that you no longer want. However, you have to be smart and realistic about what it’s worth. Michael Gusky, owner of gold buyer GoldFellow, says the purity of the gold determines its worth. The higher the carat count, the more pure it is. Thus, a 24-carat gold chain is worth more than a 12-carat chain.

One way to figure out the purity of your gold, says Gusky, is to hover a magnet over it. If it’s attracted to the magnet, it is lower quality. Oftentimes there’s an inscription in the jewelry that will tell you how many carats it has, but Gusky warns that untrustworthy jewelers may inflate the number.

Winning The Lottery

Ever been so lucky as to wonder what to do with your lottery winnings? Two women in the audience asked Orman for her suggestions. One 57-year-old retired school principal had $400,000 in earnings and owed $320,000, with a 5% interest rate, on her home. Orman advised that she pay off the mortgage. Considering the current market, the interest she would earn on the money wouldn’t be that impressive. Plus, she’d be free of the $2,200 monthly mortgage payment. “How would you feel as a woman owning that house outright?” Orman asks.

Getting Your Dream Car

Are you longing for an expensive piece of jewelry, flashy sports car or fancy gadget that you’re not sure is a reasonable splurge? Orman talks to one woman who dreams of purchasing a brand new BMW but doesn’t want to be financially irresponsible. The woman is 62, with monthly expenses covered by a secure pension and $600,000 in savings. All her life she worked hard and saved, saved, saved. “I’ve worked so long,” she says, “and what have I worked for?”

Orman’s advice? Buy it. “If you can afford it, and if that is something that you really want at that age, then why the heck not?” She further counsels that she sell her current car and pay for the BMW in cash.