What a week it was! Two major events happened last week.
- Internationally Greek haircuit: European leaders clinched a deal that is hoped will end the two-year debt crisis, agreeing after a night of tense negotiations to have banks write down a 50 percent slice of Greece’s debts and to set up a $1.4 trillion rescue fund for other ailing economies in the region, including Italy, Spain and Portugal. Many details of the pact have yet to be worked out. Details at abcnews. It seems to be short term solution. The impact of the crisis was covered in last week roundup. You can read here.
- In India, RBI deregulated the saving interest rates: this means that banks are now free to set the rate they want instead of the 4% that was fixed for all banks earlier. Onemint explains it in simple terms. To know how interest is calculated on savings account Read Saving Bank Account:Do you know how interest is calculated and more
What is Greek haircut?
In simple financial terms haircut is a euphemism for disguising the effects of massive fiscal irresponsibility. ‘Taking a haircut’ refers to the practice of banks being forced to write down the value of debts they hold, owed by people who can’t pay, to avoid the collapse of the entire credit system.” For more technical definitions read The virtual linguist.
The world markets heaved a sigh of relief this week post the European Union summit and all the stock markets across the world ended in green. The performance of various markets is given below.
Image From EquityMaster
Indian market performance was as follows:
Image From Capital Mind.
On the day of Diwali, Deepak Shenoy reviewed his last year Predictions and made predictions for coming year such as : Prices will fluctuate, Inflation and then high rates will hurt Indian businesses, and we will see some big, but not crippling, defaults. Read here.
In this high inflation time, penny saved is penny earned. Interesting post on how just being aware of his Mobile and internet usage Lloyd Pinto saved money. How I reduced Rs 20000 from my annual expense with less than 8 hours of effort
Disillusionment of an investment banker from his job, Everyone worried about WIITFM- What is in it for me. The inside story on: valueresearchonline.com.
Billionaire CEO/investor/philanthropist/tax activist Warren Buffett, lends his voice, image and persona to “The Secret Millionaires Club,” a cartoon for children ages 6 to 11. A new episode features rapper Jay-Z. Says Warren Buffet “It’s too late when you get to be 40 or 50 to start learning the right habits.”:“We’re not trying to turn people into financial analysts or C.E.O.’s,” he said. “There’s no ideology attached to it, it’s practical lessons.”
KBC 5 got its first Rs. 5 crore winner as Sushil Kumar. A computer operator by profession, Sushil earns Rs. 6000 per month even after taking part-time tutions at home. He got married 5 months ago and believes his wife got him all the luck! The episode will be aired on November 2, 2011 on Sony Entertainment Television. To know who pays for the winnings you can Read here.
Links for all seasons:
- Outlook money,
- Weekly digital edition of Outlook money,
- Valueresearchonline.com,
- ET Wealth
Disclaimer: We are not a finance professionals, and these links are what we found good enough to share. Use it for general informational purposes only – you should not construe this as professional financial advice.
http://money.outlookindia.com/
2 responses to “Useful Financial Links for week of 28 Oct”
This is a wonderful post. This move will render the banking sector more competitive in India, which is required by any developing economy. But more than the technical part of this, the governance part of this model will be more critical. Interesting to see how this will work out in the future.
Your comment is great encouragement to us!. Yes all are waiting to see what happens. Will banks start charging
for free services is to be seen