Washington: US President Barack Obama on Saturday called on the US Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan underscored the need for such regulation. "We've got to finish the job of implementing this reform and putting these rules in place," Obama said in a weekly radio address that accused some on Wall Street of causing the 2007-2009 economic...
06:14 PM, May 20, 2012
New York: Investors are bracing for Facebook's Wall Street debut on Friday after the world's No.1 online social network raised about $16 billion in one of the biggest initial public offerings in US history. Valued at $104 billion, Facebook is larger than Starbucks Corp and Hewlett-Packard combined, sparking intense speculation on how much higher its valuation will rise once shares start trading. "A 15 to 20 per cent pop is...
01:01 PM, May 18, 2012
Be careful. Very careful. "Bad management theories are destroying good management practices". That is what Sumantra Ghoshal, one of the most respected voices in the world on what management ought to be like, argued in a path breaking paper by the same name. It was published shortly after he died in 2004 and continues to hold resonance even today. It was written when a wave of devastating corporate scandals had...
01:46 PM, May 12, 2012
New Delhi: There is a strong possibility that you won't be able to indulge in your favourite internet activities like shopping and surfing due to a hacking group - Anonymous - which has threatened to shut down the net on Saturday. "Operation Global Blackout 2012 looks to shut down the Internet for a whole day tomorrow (Saturday) by disabling its core DNS servers, making websites inaccessible," said Interpol's Secretary General,...
09:14 PM, Mar 30, 2012
New York: As spring approaches, Occupy Wall Street protesters who mostly hibernated all winter are beginning to stir with plans for renewed demonstrations six months after the movement was born. The global protests against corporate excess and economic inequality are generally thought to have begun September 17 when tents sprang up in a small granite plaza in lower Manhattan. The movement has lost steam in recent months, with media attention...
08:59 AM, Mar 19, 2012
New York: The S&P 500 closed above 1,400 for the first time since the 2008 financial crisis on Thursday as stocks resumed the upward climb that has produced a steady stream of gains this year. The benchmark index is up for six of the past seven sessions and is on target for its best week since early February. Financial stocks, which have dragged lately, led the day with the S&P...
09:20 AM, Mar 16, 2012
London/Hong Kong: JP Morgan CEO Jamie Dimon warned employees not to seek advantage from competitors' 'alleged issues' after a former Goldman Sachs banker sparked a firestorm by charging that Goldman managing directors viewed clients as 'muppets'. Dimon's memo, awaiting Asia employees in their e-mail inboxes on Thursday morning and a copy of which was seen by Reuters, also implored staff to focus on their own bank's standards amid the furore...
08:06 AM, Mar 16, 2012
Los Angeles: One-time financial powerhouse Lehman Brothers emerged from bankruptcy on Tuesday and is now a liquidating company whose main business in the coming years will be paying back its creditors and investors. Lehman, whose September 2008 collapse is often regarded as the height of the financial crisis, will start distributing what it expects to be a total of about $65 billion to creditors on April 17, it said in...
08:00 AM, Mar 07, 2012
Washington: Eminent Indian-American attorney Preet Bharara has made it to the cover of the prestigious Time magazine for his crusade against Wall Street corruption and irregularities including insider trading. "This man is busting Wall Street" - Bharar's picture appeared in the latest edition of Time on Thursday, the day on which he announced to have taken action against one of the oldest Swiss banks for having evaded American taxes and...
04:03 PM, Feb 03, 2012
San Francisco: Facebook plans to file documents as early as Wednesday for a highly anticipated IPO that will value the world's largest social network at between $75 billion and $100 billion, the Wall Street Journal cited unidentified sources as saying on Friday. Morgan Stanley is a strong front-runner to be the lead underwriter on what would be one of the largest initial public offerings in US history, the Journal cited...
10:05 AM, Jan 28, 2012
I think it's a sign of the times that protest movements like the Arab Spring, Occupy Wall Street (OWS), the American Tea Party, and the anti-corruption movement in India have predominantly been non-violent, although they have led to some violent reactions from governments. This is not always the case. Often, when people protest during economically hard times, they'd be out with their pitchforks; drag business owners from their homes and...
12:27 PM, Jan 10, 2012
Mumbai: The Sensex staged nice performance on the first day of last week of the year 2011, shooting up over 200 points amid low volumes. Telecom, technology, banks, FMCG and capital goods were major sectors that led the rally. Positive macro data and congress move from the US too lifted the confidence of Indian equities on Monday. The Sensex tried to hit the 16000 mark but all its attempts failed....
09:06 AM, Dec 26, 2011
Pankaj Ghemawat, the author, is the Anselmo Rubiralta Professor of Global Strategy at IESE Business School in Spain. Earlier, he taught at the Harvard Business School. Before making any prognostication on what will happen to Occupy Wall Street, we have to remember that it's not an isolated movement. In Spain, you have Indignados, or the angry ones, protesting in public squares since May. In Israel, there are major demonstrations against...
08:38 AM, Dec 24, 2011
Washington: Police in several US cities confronted Occupy protests aimed and shutting down port facilities as part of a nationwide day of protest in the aftermath of efforts to clear demonstrators against corporate greed from public parks. Several arrests were made, while ports reported only minor hindrances on Monday in protest against efforts by cities across the country - including New York, Boston and Oakland - to clear the Occupy...
11:39 AM, Dec 13, 2011
New York: Pakistani officials gave the go-ahead to a NATO air strike that killed 24 Pakistani troops, unaware that their own forces were in the area, the Wall Street Journal reported on Friday quoting US officials. Last weekend's cross-border attack has caused public outrage in Pakistan, where the government has pulled out of next week's international conference on Afghanistan and threatened to end support for the US-led war there if...
03:02 PM, Dec 02, 2011
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