Lehman Brothers Bankrupcy - the Indian impact
Wednesday, September 17, 2008
Lehman Brothers, the world’s fourth-largest investment bank was a leading global
financial-services firm until this September 2008. On September 14th 2008 Lehman announced it would file for Chapter 11 bankruptcy protection.
On September 10, 2008, Lehman announced a loss of $3.9 billion and their intent to sell off a majority stake in their investment-management business and its stock price dropped another 40 percent on September 11, 2008. This happen to be a big blow
to the US markets, the Dow Jones closed down 500 points on September 15, the largest drop since the days following the attacks on September 11, 2001.In India the impact was multifold, on its own employees, on various projects which Lehman has been investing and the centiments of the markets.
Lehman currently employs about 2,500 people in India. The mood in their office at Ceejay House and back office at Hiranandani Gardens in Powai is very grim. employees have been asked to wait for 72 hours before a decision from the headquarters is communicated. But most have already made up their minds. Most of them qualify for firms such as PricewaterhouseCoopers, JP Morgan and Deloitte
The development has already lead to a loss of nearly Rs 2,000 crore for Indian companies in which Lehman had made equity investments. Even some reality developers feels the heat. ICICI Bank will lose around Rs.375 Crore as ICICI Bank UK Plc holds 57 million euro of senior bonds of Lehman Brothers Inc
The Indian markets experienced the ripple effects of the Lehman collapse, the mood is so bad that there are simply no genuine buyers in the markets. On 15th Sept The Bombay Stock Exchange (BSE) benchmark Sensex fell by 772.62 points and the Nifty of the National Stock Exchange also dipped below 4,000-mark by falling 242.40 points.
The ray of hope:As of 18th September 2008 there is news that Barclays has agreed to acquire Lehman Brothers' North American investment banking, and fixed income and equities sales, trading and research operations, including approximately 10,000 employees.
posted by Rishil Babu @ 7:47 PM,
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Apple's iphone now in India - the inside details
Saturday, August 09, 2008
Apple's iPhone is all set to hit the Indian market this August, although i am not a very big iPhone fan but still i am exited with the fact that the Indian mobile market would have some exiting times ahead. This would be also the best time for consumers buying new phones. Here are some details i thought of sharing...
iPhone would be officially available in India through private telecom operators Bharti Airtel and Vodafone Essar from August 22. As India does not have apple stores as yet the handsets would be gradually available on mobile stores starting from the metros.IPhone is embedded with 3G features and is faster than the existing mobile phones. The phone also has in-built GPS system, that facilitates as a navigation and positioning tool. The price of the handset is still a hush hush, however as Indian operators may not subsidies the handset, which is a case in US as operators the iPhone could be priced somewhere around $499 or Rs 20,000 initially.
Ok, now to answer some obvious questions on iphone
How do i get a iPhone ?
Vodaphone has a pre-booking option on its website and so does Airtel on its website. Check it out as they may have some exclusive introductory offers for Indian consumers.
How can i get a legal unlocked iPhone in India ?
Well Apple has tied up with Orange to market its iPhone in France and Orange France is forced by French law to unlock any mobile handsets they sell. So once the unlocked iPhone hits the shelves of France, you may see it making its way to India via FedEx and DHL
Indian dealers would also updating themselves to learn methods of unlocking the iPhone, as its only a matter to time.
Would i buy a iPhone in August? Well a nope.. not yet because of three factors.
a)The competions is preparing itself to handle the Indian iphone mania. Nokia is all set to launch a number of new model and at very competative prices.
b)Tough competions would mean the prices of the iPhone has to come down drastically if not immediately.
c)3G is yet to happen in India, till that happens an upgraded version might be in the market
Well, if you are an iPhone fan go ahead and take the plunge and give me your feedback
Sources: Labnol and Phonesreview
An update as of 14th August : The Indian iphone pricing issued by news sources are as follows :
Apple iPhone 8Gb - 31000Rs
Apple iPhone 16Gb - 37000-38000Rs
Now this pricing seems to be really high when compared to the iPhones sold in US because it just costs 200$ for a 8Gb iPhone and in India it comes to around 720 USD.
posted by Rishil Babu @ 9:36 PM,
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