www.infystocks.co.uk: 02/11/2008

5 November 2008

Obama the jet flighter

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Mr Obama was elected the first African American President of the United States today in a historic victory over Republican Senator John McCain. Ironically, after Obama's victory, experts estimate there will be no negative impact on outsourcing IT IN India. In fact, they are optimistic and see no immigration and stern steps against outsourcing industery.

Finance Minister P Chidambaram, welcomed obama as new supremo of United states . He said Obama's comments on outsourcing would not affect Indo-US economic relations. "I am convinced that the United States that India will strengthen in the future, a comment about subcontracting, etc. should not disturb us. Once it is in power, he will realize that in this interconnected world, countries have to work together and the United States is the largest economy and India is the largest free-market democracy have to work together and I think we'll win by the new administration. "

"I can not speak for the government but I can speak as a person and as a person, I think this election is a transformational change in the United States. A lot of ghosts in the United States have been exorcised by this election. It is a tribute to the United States as a young democracy, future-oriented change agent, a black American was elected. "

Ganesh Natrajan, Chairman, Nasscom, said Obama would do nothing that would jeopardize the success of these companies and come in the way current subcontracting. He saw no major or drastic cuts in IT budgets.

TV Mohandas Pai, Director and Head of Administration, Infosys, said: "It could mean a little more restrictions on visas - they already have comparable salaries and could be strengthened. It may mean less flexibility but overall it will be marginal. "

Girish Paranjpe, president of Wipro, said there should be no worries as the U.S. government is business-friendly, and that job creation in May in the United States does not minimize the jobs outsourced.

Venugopal Dhoot, CMD, Videocon, said Obama victory will be good for the Indian IT sector.

Phaneesh Murthy, CEO of iGate, said he sees no concern of the President aside at least for now.

However, in an outright contrary to industry experts views, market analyst Dipan Mehta continues to fear a decline in the IT sector. Senator Barack Obama was specifically against outsourcing during the election campaign.

Dipan Mehta, Member BSE and NSE said: "This is a sector that is facing the most challenges at the moment." He advised investors to be slightly underweight in this segment and buy the stock only when they are very attractive.

Impact on space and IT exports:

Speaking on Barack Obama victory, Ganesh Natrajan said he does not expect the victory of Obama to affect the constituency of ongoing work in space and saw no major or drastic cuts in IT budgets. He believes that the IT sector is very integral to the competitiveness of the county.

Natarajan is positive that nothing negative would happen to the industry of subcontractors. He said he sees 20% export growth for FY09.

Natarajan also said that we should not worry about immigration and strengthening the fight against outsourcing legislation. Rupee is expected to stabilize in the 42-45 per dollar range, said Natarajan. "The America of a new charter for the course of history itself, which will provide opportunities for all of us in India."

"There are many challenges before Obama regarding the revival of economic decline in the United States."

Natrajan believes that the IT and business services sectors in India are an integral part of the value chain of most American and European customers and considers it highly unlikely that any fee or any other measure Ban will be taken.

Girish Paranjpe, president of Wipro, said that the victory Obama May be a blessing in disguise for the Indian IT industry. He said that fears of protectionism strikes subcontracting May be exaggerated.

"From Barack Obama on his policy on globalization said quite categorically that he believes that globalization is irreversible and it is pointless to go back and this is the best thing to embrace the future. He was very open to about the opening of the visa regime and improve the way the bilateral trade happens. He was in favor of multilateral trade instead of a country to a trade. So, given all these things, I think that there is more anxiety than reality behind some feelings. "

Paranjpe sees the reduction of capital expenditure and consumer spending and said it would take a couple of shifts on his return. It considers the pain in coming quarters, which will be distributed worldwide. He feels budgets will be under pressure over the next six months and that, given the situation over the negotiations from customers is expected.

"I think people are reading too much into the elections. As long as we have a healthy and a pro-government, I do not think we should worry too much."

Commenting on the same Venugoal Dhoot said Videocon the promotion of industries in the United States will continue. He believes Obama would be useful for Indian companies in the United States in particular, the stabilization. "This is a very good time for India."

Phaneesh Murthy, CEO of iGate, said he sees no concern of the U.S. president aside at least for now. "President Obama talk has changed over the last two-three months, as he stopped to talk about any subcontracting and began to speak much more to try to create these types of U.S. jobs that do can not be outsourced. "

Murthy believes North America will continue to be the most important position in the market, even for the Indian IT industry growth in 2009. "About 65% of Indian industry comes from North America. It is the market that responds more quickly to pressure and innovative solutions, and the market rewards people for taking risks. It is paying. "

Impact on employment in India:

Dhoot said the Democrat victory would not reduce the use of Indians as the U.S. requires Indian brains. He hoped that Obama control of the recession using methods described in the election campaign.

Paranjpe said there should be no worries as the U.S. government is pro-business and job creation in May in the United States does not minimize the jobs outsourced.

Natrajan believes that Barack Obama has a great chance to make a difference and that difference is positive. He said that President-elect would focus on creating jobs in America that does not necessarily mean reduction outsource jobs.

Sterling saw stay current low against dollar

The survey of 56 analysts, taken Oct. 31-Nov. 4 before Barack Obama won the U.S. presidential election, showed they expect sterling to $ 1.59 in one month, $ 1.60 in three months, slightly down from $ 1.58 in six months , And returned $ 1.60 in 12 months.
This is considerably lower than last month, forecasts, which saw the cable to $ 1.70 within twelve months.
Last month saw a sharp decline of about 10 per cent in the cable to a six-year low of less than $ 1.53, well below the forecast of $ 1.75 from last month's poll, and is far from the levels of the Company over $ 2.10 just a year ago.
Twenty-five of 56 forecasters see sterling below $ 1.60 within one year compared with only seven of 55 in the prediction poll last month, most of them downgrading their views in all the horizons of time surveyed.
The forecast for the month of survey ranged from $ 1.38 to $ 1.89 in a year, down from last month forecast that were collected before major central banks cut interest rates in a coordinated movement to strengthen the global economic slowdown.
"We expect cable to suffer even more after the UK economy has entered a recession and the BOE will be forced to cut rates aggressively in the months to come," stated Roberto Mialich at UniCredit MIB, which see the pound to $ 1.57 a month.
UniCredit is the first place to one month's change forecasts so far this year.
The economy of Britain was battered by a global economic slowdown that began a year ago with the mortgage problems in the United States and many economists say the country is now in the throes of recession that will last for one year or more.
The British economy fell 0.5 percent in the third quarter, after standing in the second, and a slew of recent data suggest it has fallen again in the fourth. A recession is usually defined as two consecutive periods of negative growth.
The British finance minister Alistair Darling said last week the country is heading into recession while the European Commission said this week that the economy would shrink by one percent in 2009.
In an attempt to revive the struggling economy of the Bank of England is considered by the lower rates by 50 basis points on Thursday, and possibly by as much as 100 points.
"It is generally accepted that more aggressive rate cut by the BOE could seriously diminish the attractiveness of the pound sterling in UK / US yield differentials narrow," said Kenneth Broux at Lloyds TSB.
The Federal Reserve has cut rates over the past year to revitalize the largest economy, but the BOE has been chosen as it has grappled with inflation running at more than double its target of two percent.
The book received little better against the euro - the pound sterling fell to a level of 81.95 pence after negative fourth quarter GDP figures were released in October - despite the 15-nation bloc itself even on the brink of recession.
Cross rates calculated by Reuters shows one euro worth 80.0 pence in six months and 79.2 pence in a year. In the last month's poll, the euro was estimated at 78.8 pence in the six months and 78.1 pence in a year.
The volatility of the pound sterling to one month's annualized basis against the dollar decline has been observed in the coming weeks to 13 percent this month from 25.3 percent in October.

Sterling saw stay current low against dollar

The survey of 56 analysts, taken Oct. 31-Nov. 4 before Barack Obama won the U.S. presidential election, showed they expect sterling to $ 1.59 in one month, $ 1.60 in three months, slightly down from $ 1.58 in six months , And returned $ 1.60 in 12 months.
This is considerably lower than last month, forecasts, which saw the cable to $ 1.70 within twelve months.
Last month saw a sharp decline of about 10 per cent in the cable to a six-year low of less than $ 1.53, well below the forecast of $ 1.75 from last month's poll, and is far from the levels of the Company over $ 2.10 just a year ago.
Twenty-five of 56 forecasters see sterling below $ 1.60 within one year compared with only seven of 55 in the prediction poll last month, most of them downgrading their views in all the horizons of time surveyed.
The forecast for the month of survey ranged from $ 1.38 to $ 1.89 in a year, down from last month forecast that were collected before major central banks cut interest rates in a coordinated movement to strengthen the global economic slowdown.
"We expect cable to suffer even more after the UK economy has entered a recession and the BOE will be forced to cut rates aggressively in the months to come," stated Roberto Mialich at UniCredit MIB, which see the pound to $ 1.57 a month.
UniCredit is the first place to one month's change forecasts so far this year.
The economy of Britain was battered by a global economic slowdown that began a year ago with the mortgage problems in the United States and many economists say the country is now in the throes of recession that will last for one year or more.
The British economy fell 0.5 percent in the third quarter, after standing in the second, and a slew of recent data suggest it has fallen again in the fourth. A recession is usually defined as two consecutive periods of negative growth.
The British finance minister Alistair Darling said last week the country is heading into recession while the European Commission said this week that the economy would shrink by one percent in 2009.
In an attempt to revive the struggling economy of the Bank of England is considered by the lower rates by 50 basis points on Thursday, and possibly by as much as 100 points.
"It is generally accepted that more aggressive rate cut by the BOE could seriously diminish the attractiveness of the pound sterling in UK / US yield differentials narrow," said Kenneth Broux at Lloyds TSB.
The Federal Reserve has cut rates over the past year to revitalize the largest economy, but the BOE has been chosen as it has grappled with inflation running at more than double its target of two percent.
The book received little better against the euro - the pound sterling fell to a level of 81.95 pence after negative fourth quarter GDP figures were released in October - despite the 15-nation bloc itself even on the brink of recession.
Cross rates calculated by Reuters shows one euro worth 80.0 pence in six months and 79.2 pence in a year. In the last month's poll, the euro was estimated at 78.8 pence in the six months and 78.1 pence in a year.
The volatility of the pound sterling to one month's annualized basis against the dollar decline has been observed in the coming weeks to 13 percent this month from 25.3 percent in October.

iBeer vs iPint: it hard breaststroke

iBeer is one of those applications for iPhone and iPod touch that have absolutely no interest, and is therefore totally indispensable: it is as its name indicates a simulator half, displaying on the screen of the iPhone and iPod touch a refreshing lager. Better still, thanks to the accelerometer can be the brew, shake (and create foam), drinking (virtually, alas) or activate a "rot". The great class.

Although sold 2.39 euros, application, developed by Hottrix, is a great success - unfortunately, it drew the attention of brewer Coors, who proposed iPint, a clone of iBeer, but free!

Hottrix Apple called the removal of the concurrent application, which was obtained ... but only in the USA! The rest of the world can enjoy a free beer on its iPhone.

The developer has decided to lodge a complaint against Coors, and seeks damages of $ 12.5 million (!) For copyright infringement ... The worst is that the history of beer could make the fortune of Hottrix! Like what, beer is not a big flop: it can also be enriched.

Consumption

Consumption
Retail sales rose in September from 11.6% a year and 1.8% over the month. This indicator shows that consumption of Poles remained buoyant, which is a weight to support the economy.

Growth in 2009
As we noted recently (see article lpj 13 October) the government is beginning to admit that the rate of growth in 2009, as incorporated in the budget (4.8%) will not be held because of the economic crisis affecting already many partners of Poland.
The Ministry of Economy has revised its estimate to 4%, even though many observers consider that this figure remains difficult to reach.

Accelerated depreciation of the zloty in October
The zloty, which had appreciated so strong for months against the euro (from 3.8 PLN / euro 3.20 on July 28) against a backdrop of strong growth and high interest rates has depreciated sharply in October 3.84pln/euro to October 27, a depreciation of 20% in 3 months. It seems that this phenomenon is explained by risk aversion on the part of international investors away from emerging countries to reposition itself on the dollar or yen. The same phenomenon has occurred for example in Brazil or the real rose from 2.4 to 1 euro in September to 3.2 or 33% depreciation before they resume in recent days to 2.7. The Polish Minister of Economy seeks to reassure markets by explaining that economic fundamentals were good and that access weakness was temporary.

Employment
The unemployment rate rose in September to below 9% with a rate of 8.9%.
Polish 1,377,000 jobseekers are currently a decline of nearly 400,000 in one year. However, this trend should be reversed given the predictable returns of migrants and plans to reduce activity of export-oriented industries.

High inflation
Contrary to what is happening in Western Europe, with inflation ebbs, the latest figures published in Poland shows that the rate of inflation is 4.3% year on year, against 4% in August 2008. Even excluding energy remains above the rate in August (2.9% vs 2.7%)

Industrial Production
Industrial production grew by 7% in September against a decline of 2.7% in August. This increase is very important, even if the number of calendar days in August was unfavorable.
This increase of 17% from one month to another shows that the Polish economy is not (yet) impacted by the effects of financial crisis.

The election of Barack Obama to the American presidency opens up more cordial relations between Paris and Washington on the international stage under

The election of Barack Obama to the American presidency opens up more cordial relations between Paris and Washington on the international stage under George W. Bush, but subjects already sticking point, especially Afghanistan.

French leaders, President Nicolas Sarkozy in the lead, quickly welcomed Wednesday the next occupant of the White House, assuring their willingness to cooperate closely on global issues.

Mr Sarkozy, whose country provides up to the end of 2008 the European Union presidency, hailed the "great hope" embodied by this election. He stressed that "France and Europe will draw new energy to work with America to preserve peace and prosperity of the world."

The president elected in France enjoys a favorable image in an overwhelming majority of the population and the political class, contrasting with the low enthusiasm for his Republican rival John McCain and enduring unpopularity of the incumbent, George W. Bush.

Relations traditionally sawtooth between France and the United States has plunged with the war in Iraq triggered by Washington in 2003, which France tried in vain to resist.

Crispée until the very end of the mandate of President Jacques Chirac, these relations have experienced an upturn with the May 2007 election of Nicolas Sarkozy, openly pro-American more than its predecessor.

"The rapprochement between Paris and Washington was under way before Obama, but with this new American presidency can go further," said Catherine Durandin, the Institute for International and Strategic Relations (IRIS) in Paris.

Mr. Obama has shown in his speeches that "it is no longer in unilateralism, but is aware of a world with several poles, closer to the French designs, is she.

The subjects on which Paris and Washington should seek to give their violins are still many, even if the controversy over Iraq has now subsided.

Foreign Minister Bernard Kouchner suggested Wednesday that Afghanistan, where Mr. Obama wants the Europeans commit more troops, would be an "interesting discussion", ie likely harsh in terms not diplomatic.

"I do not think there will be a military solution in Afghanistan," he added, calling on Washington promoting a strategy where "we can move power, the responsibility to Afghans."

American side, Antony Blinken, advisor for international affairs of the future vice-chairman Joseph Biden, expressed confidence in the possibility for a new beginning between the United States and France, between the USA and Europe ".

But "it will not be easy," he nevertheless recognized Wednesday on French radio Europe 1, referring in particular Afghanistan.

For Chervalier Benedict, a lecturer at Sciences-Po Paris and a specialist in the United States, "there is no naively optimistic to expect from Obama, who will defend American interests as much as another. But there will be a different perception of the world. "

Paris could be in Washington listened more attentively on environmental issues, or expanding the G8 to major emerging countries (India, Brazil ...), two subjects dear to Mr Sarkozy.

The bad surprise could come from a desire for Mr. Obama "to give particular importance to Germany" within Europe, said Mr. Chervalier recalling that Berlin had been entitled to more respect than Paris during his European tour in July.

The title of the steel group has reported sales of 35.2 billion in the third quarter, up 38%.

The title of the steel group has reported sales of 35.2 billion in the third quarter, up 38%.

The world's largest steel producer issued a turnover of 35.2 billion dollars, representing a net increase of 38% over the same period in 2007, but below market expectations. Ebitda margin appears to 8.6 billion dollars, which represents a jump of 76% compared with 2007. If Lakshmi Mittal, the leader of the group, spoke in a press release of quarterly results solid, it was not enough to convince the Paris Bourse since taking the title head of the largest declines in the CAC 40. At around 12.40 pm and the action ArcelorMittal traded at 20.60 euros, a net fall of 14.45%, especially as the group reduced its objectives of the fourth quarter.

Cuts forecast

Indeed, in terms of prospects, ArcelorMittal table on a gross operating surplus of between 2.5 billion and three billion, far less than the EBITDA margin generated in the third quarter. The mining group also reiterates its wish to move in a saving policy, and seeks "a reduction of $ 10 billion of its short-term debts," says the release.

Lakshmi Mittal said to be "optimistic on the outlook for industry growth over the medium term" but acknowledges that "it is appropriate to pause on the growth strategy of the group until the economic situation stabilizes. " Because of the economic slowdown, marked by a decline in demand, the world's largest steel producer wants to adjust its offer. The group has already begun reducing its production in late October.
French

Wall Street opens down: Dow Jones -1.19%, Nasdaq -1.14%

Wall Street opens down: Dow Jones -1.19%, Nasdaq -1.14%
WThe New York Stock Exchange opened lower Wednesday, following the election of Barack Obama to the presidency of the United States, while investors already are turning to the economic challenges to face: the Dow Jones lost 1.19% and the Nasdaq 1.14%.

Supporters of Obama celebrate his historic victory in the world

The streets of Berlin with those in Jakarta on Wednesday the world celebrated the historic victory of Democrat Barack Obama to the U.S. presidential election, which enshrines the assumption of the first Black in the White House.
Supporters of President-elect Barack Obama in Chicago on November 4 2008 Magnify

In Berlin, around 05:00 local when "the big news is coming, some have melted into tears in a crowd chanting the campaign slogan of President-elect:" Yes we can! " ( "Yes we can!").

The madness reached its peak when Barack Obama launched from Chicago where he addressed his supporters: "A wall fell in Berlin!"

"This is totally unbelievable, it's surreal," said Dilia Baille, 28, a student in New York.

"Yes we can!" Also in London after a night of anxiety before the television screens, hundreds of Americans gathered in a bar in central London have left burst their joy at the announcement of the victory of M . Obama.

The crowd overwhelmingly Democrat has taken the campaign slogan of the Democratic candidate, before his supporters from falling into the arms of each other.

"It's extraordinary," said Philip Kong, a native of Massachusetts. "An enormous amount of work has borne fruit. It has redrawn the political map American," he added.

Gathered at Circle of Fine Arts Palace in central Madrid, and wearing T-shirts representing the stylized portrait of the first black president elected in the United States, the Democrats have supporters in the jubilation greeted the announcement of results.

"Obama is thunder, there was no one like him, chanting supporters Democrats, as the Democratic candidate's victory became clear.

In the Middle East, the Iraqis had, without effusions, their optimism on a forthcoming departure of U.S. troops. "The majority of voters showed they wanted the withdrawal of U.S. forces from Iraq and we want the same thing," said Maitham Mohammad, a student of 19 years.

"It's good that the Bush era is over, we would not have supported a Republican for another four years," added Hassan Awaida, taxi driver in Baghdad.

Saudi tourists interviewed in a mall in Dubai said: "I think his father (was) a Muslim. This will surely a difference. There must be a change of policy towards Arabs and Muslims".

In Gaza paralyzed by the Israeli blockade, Amer Zaharneh wants, like many Palestinians, be convinced that Barack Obama will take them to a more flexible than his predecessor: "I am sure he will be a million times better than George Bush. "

The origins "Muslim" or "Near Eastern" rumors that have lent to Barack Obama back emphatically.

Maher Al-Khidr, owner of a supermarket in Gaza, said "hope it will be better than Bush regarding the Palestinian cause because he is Muslim or African origin".

In Jakarta, former classmates of Barack Obama in Indonesia welcomed the victory of "Barry", which had announced that day would become a U.S. president.

"We are so proud of him!", 40 years after he suffered the same school benches. A Menteng school, classes were suspended Wednesday morning to allow 250 students to follow live the "election night". "Obama won! Obama won!," They chanted after the announcement of initial results.

In Hanoi, a former nurse soldier John McCain, a prisoner of the communist forces during the Vietnam War, considers that "it is better if the Americans vote for someone who loves peace ... Apparently, Obama likes more peace ".

In Africa, Kogelo, the Kenyan village of the paternal grandmother of Barack Obama, supporters applauded the arrival of a black president as head of the United States.

Hugs, cries of victory were heard in the audience who had watched on a giant screen during the night the U.S. election night Kogelo, a village in western Kenya located some sixty kilometers from the city of Kisumu, was a AFP journalist.

"Senator Obama is our new president. God has answered our prayers", commented a pastor in mid-sang together a choir.

"This victory makes us really well", launched in the assembly, Roselyne Ayaro, brandishing a portrait of Barack Obama.

"I am so happy. I did not sleep the night," exclaimed jubilant in Joseph Otieno, a resident of the village.

In Liberia, in Monrovia, residents celebrated the election of Mr. Obama Cries of "Great Africa!" ( "Africa is great"), "Viva Obama!" tambourine on in buckets.