Monday, December 20, 2010
Good entry point for Indian stocks?
The current quarter is set to become the worst in terms of performance for the Sensex index. Small cap stocks have performed even worse than the market. This appears to be a good entry point.
Sunday, December 19, 2010
Mackerel War: Iceland acts unilaterally. Tensions rise.
From the BBC:
8 December 2010 Last updated at 11:39 ET
Scottish fishermen claim Iceland's decision to increase its quota is "the height of irresponsibility"
Scottish fishermen have condemned a decision by Iceland to increase its mackerel quota unilaterally by nearly 17,000 tonnes next year.
The move is the latest twist in the so-called "mackerel wars" that have placed Iceland and the Faroe Islands at odds with the European Union and Norway.
Iceland has set a 2011 quota of 146,818 tonnes, up from 130,000 this year.
The Scottish Pelagic Fishermen's Association said the move could result in serious harm to the health of stock.
Talks aimed at resolving the row over mackerel quotas broke down earlier this month, with the Faroe Islands and Iceland at odds with the EU and Norway over catch levels for 2011.
The EU and Norway plan to catch up to 583,882 tonnes out of a recommended total allowable catch of nearly 650,000 tonnes.
Icelandic officials said the EU and Norway had "disregarded the legitimate interests" of the other coastal states.
"This move smacks of desperation and is sheer political posturing”
Ian Gatt
SPFA chief executive
Icelandic negotiator Tomas Heidar told the BBC Scotland news website his country's quota for 2011 ensured an unchanged share of 16%-17% for Iceland in mackerel fisheries next year.
He said the decision by the EU and Norway to take more than 90% of the total allowable catch recommended by scientists was "totally unjustified" and amounted to a decision to overfish mackerel next year.
He added: "The EU and Norway are not the sole owners of the mackerel stock and by taking almost all the recommended total allowable catch, they disregard the legitimate interests of the other two coastal states, Iceland and the Faroe Islands, as well as the interests of Russia."
'Damage stocks'
But both the Scottish Pelagic Fishermen's Association (SPFA) and Scottish Fisheries Secretary Richard Lochhead said they condemned Iceland's move.
SPFA chief executive Ian Gatt said the decision smacked of desperation and was "sheer political posturing".
He continued: "Considering that Iceland never even fished for the species prior to 2005, their decision to significantly increase even further an already grossly over-inflated quota is the height of irresponsibility and could do real damage to a stock that has been sustainably harvested and carefully looked after by the Scottish fleet."
Mr Lochhead said the decision by Iceland represented a "flagrant disregard" for fisheries conservation and international opinion.
He continued: "It is now more important than ever that the international community stands together and takes strong action before it is too late for one of Europe's biggest and most valuable stocks.
"We have a commitment from the EU Fisheries Commissioner Maria Damanaki to take strong action against Iceland - and the Faroes - and put in place the necessary tools to apply meaningful sanctions.
"The valuable mackerel fishery - worth £135m to the Scottish economy in 2009 - has been sustainably managed for the past 10 years by Scottish fishermen, as well as others across the EU and Norway."
He added: "Firm action is vital or the irresponsible practices of Iceland may lead to the demise of this fishery."
8 December 2010 Last updated at 11:39 ET
Scottish fishermen claim Iceland's decision to increase its quota is "the height of irresponsibility"
Scottish fishermen have condemned a decision by Iceland to increase its mackerel quota unilaterally by nearly 17,000 tonnes next year.
The move is the latest twist in the so-called "mackerel wars" that have placed Iceland and the Faroe Islands at odds with the European Union and Norway.
Iceland has set a 2011 quota of 146,818 tonnes, up from 130,000 this year.
The Scottish Pelagic Fishermen's Association said the move could result in serious harm to the health of stock.
Talks aimed at resolving the row over mackerel quotas broke down earlier this month, with the Faroe Islands and Iceland at odds with the EU and Norway over catch levels for 2011.
The EU and Norway plan to catch up to 583,882 tonnes out of a recommended total allowable catch of nearly 650,000 tonnes.
Icelandic officials said the EU and Norway had "disregarded the legitimate interests" of the other coastal states.
"This move smacks of desperation and is sheer political posturing”
Ian Gatt
SPFA chief executive
Icelandic negotiator Tomas Heidar told the BBC Scotland news website his country's quota for 2011 ensured an unchanged share of 16%-17% for Iceland in mackerel fisheries next year.
He said the decision by the EU and Norway to take more than 90% of the total allowable catch recommended by scientists was "totally unjustified" and amounted to a decision to overfish mackerel next year.
He added: "The EU and Norway are not the sole owners of the mackerel stock and by taking almost all the recommended total allowable catch, they disregard the legitimate interests of the other two coastal states, Iceland and the Faroe Islands, as well as the interests of Russia."
'Damage stocks'
But both the Scottish Pelagic Fishermen's Association (SPFA) and Scottish Fisheries Secretary Richard Lochhead said they condemned Iceland's move.
SPFA chief executive Ian Gatt said the decision smacked of desperation and was "sheer political posturing".
He continued: "Considering that Iceland never even fished for the species prior to 2005, their decision to significantly increase even further an already grossly over-inflated quota is the height of irresponsibility and could do real damage to a stock that has been sustainably harvested and carefully looked after by the Scottish fleet."
Mr Lochhead said the decision by Iceland represented a "flagrant disregard" for fisheries conservation and international opinion.
He continued: "It is now more important than ever that the international community stands together and takes strong action before it is too late for one of Europe's biggest and most valuable stocks.
"We have a commitment from the EU Fisheries Commissioner Maria Damanaki to take strong action against Iceland - and the Faroes - and put in place the necessary tools to apply meaningful sanctions.
"The valuable mackerel fishery - worth £135m to the Scottish economy in 2009 - has been sustainably managed for the past 10 years by Scottish fishermen, as well as others across the EU and Norway."
He added: "Firm action is vital or the irresponsible practices of Iceland may lead to the demise of this fishery."
Wednesday, December 15, 2010
Factoid: India customs duty receipts up 64% so far this fiscal year
Trade is apparently booming, particularly imports.
Tuesday, December 14, 2010
Irish take money out of banks. Home safe sales up 80%
Ireland: Safe Sales Soar as Worried Bank Customers Keep Money at Home
December 14th, 2010
Via: Independent:
SAFE sales are soaring as more and more worried bank customers stash their cash at home.
AIB said last month that the amount of money on deposit at the bank has fallen by €13bn since the start of the year — although it blamed most of the reduction on withdrawals by companies and financial institutions.
Another reason for the increased use of home security safes is a growing fear of burglaries because of the recession.
The AllSafes.ie company, one of the largest suppliers in the country, said its sales of home safes had increased by 80pc over the past three months compared with the same period last year.
December 14th, 2010
Via: Independent:
SAFE sales are soaring as more and more worried bank customers stash their cash at home.
AIB said last month that the amount of money on deposit at the bank has fallen by €13bn since the start of the year — although it blamed most of the reduction on withdrawals by companies and financial institutions.
Another reason for the increased use of home security safes is a growing fear of burglaries because of the recession.
The AllSafes.ie company, one of the largest suppliers in the country, said its sales of home safes had increased by 80pc over the past three months compared with the same period last year.
Quote of the Day: "Let them eat asparagus!"
From today's New York Times:
Judge Hudson, who was appointed by President George W. Bush, commented during the October hearing that the federal government’s position would give Congress “boundless” authority to force Americans “to buy an automobile, to join a gym, to eat asparagus.”
Judge Hudson, who was appointed by President George W. Bush, commented during the October hearing that the federal government’s position would give Congress “boundless” authority to force Americans “to buy an automobile, to join a gym, to eat asparagus.”
Friday, December 10, 2010
Obama Weighs Tax Overhaul in Bid to Address Debt
Obama has instructed Treasury to study the tax code to see if rates could be lowered, simplified to generate more revenue. This is a positive development since although our corporate rate is 35%, the typical company pays 9% by going through complicated and expensive contortions. A simplification would benefit everyone, particularly small businesses.
Tuesday, December 7, 2010
US bank assets/GDP only 82%, much lower than Europe
Significance: No further banking crisis in US.
Bank assets as a percentage of GDP
Luxembourg 2,461
Ireland 872
Switzerland 723
Denmark 477
Iceland 458
Netherlands 432
United Kingdom 389
Belgium 380
Sweden 340
France 338
Austria 299
Spain 251
Germany 246
Finland 205
Australia 205
Portugal 188
Canada 157
Italy 151
Greece 141
(For comparison, total banking assets in the U.S. are equal to approximately 82 percent of GDP.)
Bank assets as a percentage of GDP
Luxembourg 2,461
Ireland 872
Switzerland 723
Denmark 477
Iceland 458
Netherlands 432
United Kingdom 389
Belgium 380
Sweden 340
France 338
Austria 299
Spain 251
Germany 246
Finland 205
Australia 205
Portugal 188
Canada 157
Italy 151
Greece 141
(For comparison, total banking assets in the U.S. are equal to approximately 82 percent of GDP.)
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