| HSBC to set up brokerage in UAE equity markets
The company, to be called HSBC Middle East Securities, will offer UAE domestic market brokerage services to both institutional and retail investors. The company is expected to begin trading for institutions by the end of 2007, and to offer retail brokerage services in 2008. Emirates Securities and Commodities Authority (ESCA), the regulator for the UAE's securities markets, recently granted HSBC authorisation to establish the brokerage company. The authorisation is subject to the various legal and infrastructural requirements meeting the approval of ESCA, as well ADSM and DFM. With this approval, HSBC is poised to become the first global bank on the UAE's exchanges. HSBC already buys and sells UAE shares on behalf of Western institutions through third party brokers. In addition, HSBC is a sub-custodian on both ADSM and DFM, and this service will continue to be provided by the bank's specialist sub-custody operation.
Citigroup, GM Slide; Xerox Rises
As Citigroup and General Motors helped push the Dow Jones Industrial Average to its lowest close since mid-August, investors turned to EchoStar Communications amid the prospect of the satellite-TV provider's being purchased. "Goldman predicting additional steep subprime write-downs for big U.S. brokerages, including Citigroup, and Chinese officials telling their domestic banks to freeze lending through year end raised deep concerns about the sustainability of global growth," said Robbert van Batenburg, head of trading research at Louis Capital Markets. "As a result, there was broad selling, with financials bearing much of the brunt. But commodities and industrials that had been holding ... .
Hip-Hop Rumors: Bump J FREE!?! Jim Jones' Reality Show? Mike Jones ...
Apparently the UK writers weren't all happy about the way things where handled, but I think that Def Jam was on point. In this era, a cell phone can = a leak. Here is what somebody said:
It was so deep, you were officially not allowed to actually leave your seat while they played tracks - not even to go to the toilet. Then you had to hand your lyric sheets back into the door goons like it was school assembly or summin. Why are American's so over the top? I mean, is there any need? All phones and everything were also confiscated...
BACK TOGETHER – EDDIE AND TRACEY
Well, not exactly. They just decided to issue a joint press statement on why they aren't together.
Bill Gates - You Asked The Questions
I've just emerged from the Microsoft machine, shaken but unscathed. I've interviewed Bill Gates three or four times over a 12 year period, and each time I come out impressed by the sheer professionalism of the Microsoft PR operation but wondering whether we've been successfully spun. This time we tried a new tactic - getting BBC viewers, listeners and readers to ask the questions. We had thousands, covering every aspect of Bill Gates and Microsoft - past, present and future. Over two hundred were seeking jobs, one gentleman was proposing himself as the next CEO of Microsoft, and another wondered whether the secrets of Windows software had been recovered from a crashed UFO. We did not ask that one, but managed to get through around fifteen questions during our allotted fifteen minutes.
Courtside View: Former C's take divergent paths
The NBA careers of Ryan Gomes and Gerald Green began together the night of the 2005 draft when the Celtics called their names about two hours apart. Since then, they have remained together through two years in Boston and a blockbuster trade to Minnesota. Yet, as they have been linked in laundry and service time, their fortunes have often diverged. Gomes, the four-year starter at Providence College, slipped to No. 50 in the draft and has been proving ever since that his skills, smarts and classiness were underrated at draft time. Green, the high school phenom pegged to go as high as third that night before the Celtics took him at No. 18, has remained tagged with elusive potential despite the running, jumping and shooting ability that made all the scouts drool. In Boston for the first time on Friday since the deal, their futures both include the uncertainty of free agency this summer.
Stay diversified in retirement if nest egg not needed immediately
A 60-year-old California reader recently asked if she should purchase staggered-maturity Treasury or inflation-protected bonds for her portfolio, which is now invested mostly in index and retirement-target-date mutual funds.
Although she's retired, she indicated she has sufficient other income for the next 15 to 20 years and won't need to touch her investment portfolio until then.
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L U D H I A N A S T O R I E S
The exemption, applicable on setting up of new units and for the expansion of existing ones, is applicable in designated areas of the Focal Point and the industrial estates. It comes as a major relief for entrepreneurs who had to obtain clearances from at least 12 departments. The director of factories, Punjab, said this was decided during the 39th meeting of the SCA-cum-SAC, wherein units falling in the designated areas would be exempted from obtaining the clearance for the site. The condition to obtain the SAC clearance was imposed about two years ago. Despite repeated requests by the industry the government had not withdrawn it. As a result, the existing units that wanted to expand were particularly in a tight spot. Setting up of a new unit meant obtaining approvals from at least 12 departments, including the forest and the electricity.
Overview: Fed fails to boost US equities
A second aggressive rate cut in just over a week on Wednesday from the Federal Reserve failed to help Wall Street stocks, while the dollar came under pressure and gold set a record high. The Fed cut both the Fed funds and discount rates by 50 basis points, to 3 per cent and 3.5 per cent respectively. That came after last week's inter-meeting 75bp reduction in the funds rate. .
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