The Supreme Court has cancelled 122 licenses issued by then telecom minister A Raja to telecom companies, saying that they were granted in an arbitrary and unconstitutional manner. Raja had, in 2008, granted spectrum licenses to many companies at a price of Rs. 9,000 cr. which was strangely much lower than the 3G auctions which [...]

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Vodafone has won the case against the Income Tax department, with the Supreme Court ruling that the IT department has no jurisdiction to tax Vodafone. Vodafone had acquired Hutch a few years back for USD 11.2 billion, and the acquisition wasn’t in India; the owner of the Indian company was a Hong Kong company (Hutchison [...]

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Bespoke Investment Group has an interesting chart on the Baltic Dry Index (BDI). According to FT, the drop is due to an anticipated increase in the number of available ships through fresh deliveries. The fall has brought average Capesize charter rates down from $32,889 on December 12 to $13,386 on Wednesday, below many owners’ total [...]

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The government may defer the Direct Tax Code by a year, even though Pranab Mukherjee mentioned as recently as Dec 7 that he would bring it in force from April 2012. Dhirendra Kumar at Value Research expresses his concern about the delay – the second such one if the news is true – saying it [...]

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Subra debunks the myth that real estate prices can’t fall. I agree with him. Real estate prices have fallen big time in the past, and will continue to when there is a crisis. And there is a crisis going on right now. Only sellers in Parsvnath, says Moneycontrol.The stock is down 10% at the lower [...]

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After the BSE cancelled all futures trades in Mahurat trading on Diwali due to a rogue algo program, SEBI has decided to investigate high frequency trading for risk management. The stock market regulator, the Securities and Exchange Board of India (SEBI), said that it will do a thorough review of the risk management system in [...]

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The awesome Devangshu Datta writes about Behavioural Quirks: Very few investors have the self-awareness required to analyse their own performances as objectively. Even fewer possess the self-discipline to change bad methods. Yet, it often doesn’t take much in terms of time or trouble. All it really takes is the humility to admit that not all [...]

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MF Global has filed for bankruptcy as the European debt crisis claimed its first big profile victim in the broker-dealer space. The company, led by ex-Goldman Chief and ex-US-Senator Jon Corzine, went belly up after a series of bets on Euro debt went sour – largely the 50% haircut on Greek bonds as agreed recently. [...]

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I wake up way too early, following stringent baby-care regulation that parents should get little or no sleep, and find some time to write in. I’ve been in and out of news, as worldwide, investors and traders participate in the markets with a “WTF” expression. I watched the action in the last four days entirely [...]

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Markets all around the world are crashing. India was down 4% Indonesia: -9% Hang Seng: -5% CAC (France): -5% DAX (Germany): -5% FTSE (UK): –4.6% The US S&P 500 is down about 4% as I write. Gold is down 3% in USD The Rupee went to 49 to a US Dollar today First, we want [...]

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