| PGI, GMCH docs to go on strike today
The idea behind installation of solar red lights is wonderful at the roundabouts of Sector 21-22, Sector 34-35 and other places. This has given some kind of relief to the commuters from the frequent traffic snarls. The network of slip roads too is a welcome step to streamline the flow of traffic. A lot more needs to be done to end traffic chaos on the City Beautiful roads. Beast of burden The other day, a horse buckled down under the weight of its cart overloaded with goods at the Modella intersection. Before passersby could rush to the animals help, the cart overturned, scattering the goods in the middle of the road. Thankfully, both horse and horsewala escaped unhurt. But horsewala went away scot-free as the cops chose not to take any action. Nothing serves to spur the police to take action against such beastly men.
Investors Should Step Back And Look at Shaken AIG
No wonder the stock plunged 12%. (It bounced modestly Tuesday, after Warren Buffett's public comments calmed some nerves in the insurance market). But at these panic-stricken levels, AIG looks interesting. Yes, we are in the midst of a global credit crunch and all financial stocks, including those in the more stable insurance industry, need to be viewed in that light. But you can get too caught up in the day-to-day noise on Wall Street. Sometimes it makes sense for an investor to take a step back and look at the bigger, longer term picture. AIG is one of the world's biggest insurance companies. Major investors recently include some very highly regarded money managers, including those at Growth Fund of America, Dodge & Cox, Davis Advisers and Legg Mason.
BHP Billiton shares tumble after hostile £75bn bid for rival Rio ...
Shares in BHP Billiton tumbled in London today, following its worst day on the Australian markets in two decades, as traders digested the implications of its hostile bid for rival Rio Tinto. BHP shares were down 4% at £15.27 in early afternoon trading in London, having touched £14.95, a fall of 6%. They had fared even worse in Sydney, where the price slumped 7.5%, or A$2.99, to A$36.66. The group, the world's largest miner, last night upped its offer to 3.4 of its shares for every Rio share, up from its rebuffed three-for-one bid. If the £75bn deal goes through, it would be one of the biggest takeovers in corporate history, but analysts are not convinced that BHP has raised its offer by enough. Some suggested that investors are selling BHP shares and buying Rio stock on the basis the bid will eventually be hiked to four-for-one.
Public sector funds have most asset growth
PUBLIC sector super funds have the highest asset returns but retail funds are the number one choice for Australians, a report shows. Still, the industry super funds body says its asset returns, which posted the sharpest decline in percentage terms compared with other types of superannuation, are higher than retail funds because it does not pay sales commissions to financial advisers. The Australian Prudential Regulation Authority (APRA)'s Superannuation Performance report, for the September quarter, showed public sector funds had the highest return on assets of 2.3 per cent compared with 2.2 per cent for corporate funds, 2.0 per cent for industry funds and 1.8 per cent for retail funds. The average rate of return on assets across the main super funds was two per cent in the September quarter, down from three per cent in the three months to June.
Minority Report: 12 months that changed Apple
There were others sour notes to the year, notably the ongoing investigation into Steve Jobs over stock options. Despite being exonerated of any wrong-doing by the Apple board, the investigation continues, terrifying investors and fans alike. Some early iPhone owners were outraged when Apple dropped the price of the device by $200 after just a couple of months. Meanwhile, users who hacked their iPhones to run them on networks other than AT&T found they were bricked and inactive after a firmware update. Apple left no doubt over their determination to ensure the device remained linked to its chosen telecoms partners. Naturally, there are lawsuits from irate users pending. There were two other key events that didn't make as many headlines as the product launches. The first was the announcement, starting with the iPhone, a version of OS X would be at the centre of all its devices.
RP rejects bids for 4-year Treasury bond
The Philippines rejected all bids for its 4-year Treasury bonds at a government auction on Tuesday due to high rates.
The Bureau of Treasury was meant to auction P7.5 billion ($183 million) worth of bonds but the average rate of bids was 6.184 percent, compared to 5.876 percent at the previous auction in December.
Banks tendered P12.42 billion worth of bids.
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