The World’s Richest People............

The World’s 200 Richest People

By Matthew G. Miller and Peter Newcomb - Nov 8, 2012 8:53 PM GMT+0530

Bloomberg Markets Magazine

Carlos Slim's $77.5 billion fortune makes him the world's richest person.

They make flip-flops and pet food. They sell miniskirts and motorcars. They mine iron ore and distribute soda. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.

Bloomberg Markets’ inaugural list of the world’s richest people, in the magazine’s December 2012 issue, showcases the billionaires who pull the levers on the global economy. We took a snapshot of Bloomberg’s exclusive daily wealth ranking, the Bloomberg Billionaires Index, to identify the megarich and quantify their fortunes this year through Oct. 5.

The ranking shows who’s on top (America Movil SAB Chairman Emeritus Carlos Slim, with a net worth of $77.5 billion), who’s faltering (Facebook Inc. Chief Executive Officer Mark Zuckerberg, who's down $6.8 billion since Jan. 1) and who’s just wealthy enough to make our top 200 (SAS Institute Inc. co-founder John Sall, who's worth $5.8 billion).

Bill Gates and Warren Buffett, both in the top five, are household names. Yet nobody racked up billions faster than relatively unknown No. 3, Amancio Ortega of Spain. The 76-year-old founded Inditex SA, the world’s largest clothing retailer, which is known for its more than 1,600 trendy Zara stores. He made more than $18 billion from the start of the year through Oct. 5 -- or about $66 million a day. That windfall was more than enough for the Spanish tycoon to eclipse Buffett -- who’s now No. 4, with $48.4 billion as of Oct. 5.

Ortega’s ascent coincides with an overall rise in retail stocks. Low cotton costs, cheap credit and demand for reasonably priced goods have driven shares of Wal-Mart Stores Inc. and Inditex to records. Nine of the world’s 25 wealthiest people are retail moguls. Among them are Ikea founder Ingvar Kamprad, four members of the Walton family that controls Wal-Mart and Stefan Persson, the largest shareholder in Swedish clothing giant Hennes & Mauritz AB.

Bloomberg News unmasked more than 30 hidden billionaires this year. Brazil’s Dirce Navarro de Camargo inherited her late husband’s industrial conglomerate, Camargo Correa SA, in 1994. Elaine Tettemer Marshall controls 15 percent of Koch Industries Inc., the second-largest closely held company in the U.S. With fortunes of about $12 billion each, both women remain billions shy of Gina Rinehart, the richest woman in the Asia-Pacific region. She's squabbling with her children over the family’s $19.1 billion minerals empire.

Bloomberg News also revealed Zong Qinghou as mainland China’s richest man, who had a net worth of $20.1 billion on Oct. 5. The once poor soda seller today commands the Hangzhou Wahaha Group Co. beverage empire. With soft drinks producing hard cash, wealth creation is booming in China -- and beyond.

Figures and percentages as of Oct. 5; ages as of Dec. 1. Learn about our methodology. 

1. Carlos Slim 

Net worth: $77.5 billion

YTD change: + $15.6 billion / + 25.3%

Source of wealth: America Movil

Industry: Telecommunications

Citizenship: Mexico

Age: 72

2. Bill Gates 

Net worth: $64.4 billion

YTD change: + $8.7 billion / + 15.7%

Source of wealth: Microsoft

Industry: Technology

Citizenship: U.S.

Age: 57

3. Amancio Ortega 

Net worth: $53.6 billion

YTD change: + $18.4 billion / + 52.1%

Source of wealth: Inditex

Industry: Retail

Citizenship: Spain

Age: 76 

4. Warren Buffett

Net worth: $48.4 billion

YTD change: + $5.7 billion / + 13.2%

Source of wealth: Berkshire Hathaway

Industry: Finance

Citizenship: U.S.

Age: 82

5. Ingvar Kamprad

Net worth: $41.8 billion

YTD change: + $5.0 billion / + 13.7% 

Source of wealth: IKEA

Industry: Retail

Citizenship: Sweden

Age: 86

6. Charles Koch   

Net worth: $38.6 billion

YTD change: + $4.8 billion / + 14.1%

Source of wealth: Koch Industries

Industry: Diversified

Citizenship: U.S.

Age: 77

7. David Koch

Net worth: $38.6 billion

YTD change: + $4.8 billion / + 14.1%

Source of wealth: Koch Industries

Industry: Diversified

Citizenship: U.S.

Age: 72

8. Larry Ellison

Net worth: $37.2 billion

YTD change: $4.2 billion / + 12.8%

Source of wealth: Oracle

Industry: Technology

Citizenship: U.S.

Age: 68

9. Christy Walton 

Net worth: $30.5 billion

YTD change: + $5.4 billion / + 21.4%

Source of wealth: Wal-Mart Stores

Industry: Retail

Citizenship: U.S.

Age: 57

10. Jim Walton

Net worth: $29.3 billion

YTD change: + $5.8 billion / + 24.7%

Source of wealth: Wal-Mart Stores

Industry: Retail

Citizenship: U.S.

Age: 64

11. Rob Walton

Net worth: $28.7 billion

YTD change: + $5.7 billion / + 24.7%

Source of wealth: Wal-Mart Stores

Industry: Retail

Citizenship: U.S.

Age: 68

12. Alice Walton

Net worth: $28.2 billion

YTD change: + $5.6 billion / + 25.0%

Source of wealth: Wal-Mart Stores

Industry: Retail

Citizenship: U.S.

Age: 63

13. Li Ka-shing   

Net worth: $27.0 billion

YTD change: + $4.8 billion / + 21.8%

Source of wealth: Cheung Kong Holdings

Industry: Diversified

Citizenship: Hong Kong

Age: 84

14. Mukesh Ambani

Net worth: $26.0 billion

YTD change: + $4.7 billion / + 21.8%

Source of wealth: Reliance Industries

Industry: Energy

Citizenship: India

Age: 55

15. Liliane Bettencourt

Net worth: $24.7 billion

YTD change: + $4.5 billion / + 22.1%

Source of wealth: L’Oreal

Industry: Manufacturing

Citizenship: France

Age: 90

16. Stefan Persson

Net worth: $24.7 billion

YTD change: + $2.9 billion / + 13.1% 

Source of wealth: Hennes & Mauritz

Industry: Retail

Citizenship: Sweden

Age: 65

17. Jeff Bezos

Net worth: $24.2 billion

YTD change: + $7.6 / + 45.5%

Source of wealth: Amazon.com

Industry: Technology

Citizenship: U.S.

Age: 48

18. Bernard Arnault

Net worth: $24.1 billion

YTD change: + $3.4 billion / + 16.4%

Source of wealth: LVMH Moet Hennessy Louis Vuitton

Industry: Retail

Citizenship: France

Age: 63

19. Larry Page

Net worth: $23.0 billion

YTD change: + $3.1 billion / + 15.9%

Source of wealth: Google

Industry: Technology

Citizenship: U.S.

Age: 39

20. Alwaleed bin Talal Al Saud

Net worth: $22.9 billion

YTD change: + $5.6 billion / + 32.0%

Source of wealth: Kingdom Holding

Industry: Diversified

Citizenship: Saudi Arabia

Age: 57

...................http://www.bloomberg.com/news/2012-11-01/the-world-s-200-richest-people.html

·                     To contact the editor responsible for this story: Matthew G. Miller in New York at mmiller144@bloomberg.net

Twitter mistakes counted.....

Twitter mistakenly resets passwords of large number of users

BOSTON | Thu Nov 8, 2012 11:41pm IST

(Reuters) - Twitter said that it mistakenly reset the passwords of "a large number" of its more than 140 million active users while conducting routine security screening to identify accounts that may have been compromised.

"In instances when we believe an account may have been compromised, we reset the password and send an email letting the account owner know this has happened," Twitter said in its blog on Thursday. "In this case, we unintentionally reset passwords of a larger number of accounts, beyond those that we believed to have been compromised."

Carolyn Penner, a spokeswoman for the social-networking site, declined to say how many Twitter accounts were affected by the error. She said that there had not been a security breach.

(Reporting By Jim Finkle; Editing by Bernard Orr)

http://in.reuters.com/article/2012/11/08/twitter-passwords-idINDEE8A70EA20121108

RPL- Reliance...RTI..Any thing stored..???????????

Sebi has also been asked to give details of the file notings that led to the notification of the consent order mechanism

N Sundaresha Subramanian / New Delhi Nov 09, 2012, 00:34 IST

The Right to Information (RTI) movement, which has shaken up the government, has begun to knock on the doors of corporate India. In a significant move, the Central Information Commission (CIC), the apex body under the RTI Act, 2005, has directed the Securities and Exchange Board of India (Sebi) to share the details of several entities that were involved in the Reliance Petroleum (RPL) insider trading case in 2007.

It also told the regulator to share details of the investigation reports and proceedings on the consent application filed by Reliance Industries (RIL) in this case.

The directions came on an appeal by Arun Kumar Agarwal, a Bangalore-based lawyer. Earlier, the Sebi’s Chief Public Information Officer (CPIO) had refused to share these details with Agarwal under RTI on the grounds that investigations and quasi-judicial proceedings were pending.

But the commission said, “After carefully considering the facts of the case and the submissions made before us, we are inclined to agree to the demand of the appellant that the disclosure of this information would serve a larger public interest,” in an order dated November 6. It added, “We direct the CPIO to provide the first two items of information to the appellant within 10 working days of receiving this order.”
The commission also directed the market regulator to give details of the file notings and other proceedings that led to the notification of the consent order mechanism in 2007. 

Nifty may SKYROCKET to 6000!!!!

Thu, Nov 08, 2012 at 08:33

Nifty may skyrocket to 6000 this Diwali

Diwali will be really auspicious for the Indian market this year. The market will win over the evil called 'risk' and rejoice its victory with good returns. Market experts, told moneycontrol.com, that the Nifty would be anywhere between 5,850 and 6,000 by this Diwali. Measuring from the current level, 5,760, it is a decent return. 

Moneycontrol Bureau 

It may have been gloom and doom in the stock market for much of this year so far, but market experts are betting on some fireworks in the run up to Diwali. The positive outlook could stem from the gains over the last one-and-a-half months and the market being able to hold on to most of those. One can argue that the situation, on the ground, has not changed much: the issues weighing on the world economy and financial markets are yet to be resolved. But the mood has definitely changed for the better. 

Market experts, Moneycontrol.com spoke to, expect the Nifty to be anywhere between 5,850 and 6,000 on Muhurat trading day, Tuesday. The upper end of the band may look a bit ambitious, considering there are only three sessions to go for Muhurat trading. But as veteran brokers point out, positive sentiment is one of the essential building blocks of any rally.

Market veteran Deven Choksey of KRChoksey said the market is on a take off mode. 

About a month back, even independent market analyst Ambareesh Baliga was looking at over 6,000 level for the Nifty by Diwali. However, he has revised his target to over 5,850 by Diwali. "We are clearly in an upward trajectory and 6,000 plus target should be achieved later this month," he said. 

Meanwhile, Kartik Mehta, Sushil Finance said the rally in the market is likely to continue. "The Nifty is likely to touch 5,900-6,000 by Diwali. However, he also warned that the market may cool off by November 22, as most of the liquidity will be taken off table and euphoria around the US elections will be over. Winter session, which will start from November 22, is also likely to be a spoiler for the market," he added. 

On a cautious note, Rajesh Tambe of Suresh Rathi Securities said that Diwali will not be a big event and the market would remain unchanged. He does not expect any major rallies in the Sensex and the Nifty this Diwali. According to him, the Sensex may trade in 200-300 range by Diwali. 

Dipen Shah, Kotak Securities sees the Sensex in the range of 2%, up or down, 18,524.37-19,280.45 and the Nifty in 5,644.9- 5,875.30 range. 

Following are the targets that experts are betting on:

Market expert	Target for Nifty	Target for Sensex
Deven Choksey, KRChoksey	5,900	19,000-19,500
Sudip Bandyopadhyay, Destimoney Sec	6,000	20,500
Madhumita Ghosh, Unicon Financial	5,850	20,100
Varun Goel, Karvy Stock Broking	5,800	19,000-19,500
Aditya Damani, MLR Securities	5,850	19,200
Samir Gilani of MAPE Securities	5,900-6,000	-
Kartik Mehta, Sushil Finance	5,900-6,000	-
Ambareesh Baliga	5,850+	-
Dipen Shah, Kotak Securities	5,645- 5,875	18,524-19,280

Wall Street BIGGEST sell-off

Why the Wall Street saw its biggest sell-off in 2012

NDTV | Updated On: November 08, 2012 11:09 (IST)

Hours after President Obama defeated Republican challenger Mitt Romney in a cliffhanger election, the Wall Street saw its sharpest sell-off of the year. The Dow Jones industrial average plunged 313 points or 2.4 percent to 12,933. It was the worst day for stocks this year. Both the Dow and the S&P 500 closed at their lowest levels since early August.

Here's why the Wall Street fell sharply:

1. Fiscal cliff: If a deal to reduce the fiscal deficit isn't reached by January 1, tax increases and government spending cuts to the tune of $800 billion automatically take effect. This could push the economy back into recession.Divided polity: The government's overall composition has barely changed. The Republican Party retained control of the U.S. House of Representatives, while the Senate remained under Democratic control.Double dip recession: The possibility of a recession has not faded entirely. Some economists say such a withdrawal of fiscal stimulus has the potential to throw the world's biggest economy back into recession.Possible ratings downgrade: Fitch Ratings said that the U.S. government's top 'AAA' rating would be at risk if Congress and the president did not immediately forge an agreement to avoid the fiscal cliff. The government's failure to come up with a plan to reduce the deficit led Standard & Poor's to cut its rating of long-term U.S. Treasury securities last year from a sterling AAA to AA+. It was the first-ever downgrade of U.S. government debt.Concerns over more regulations: Energy companies and bank stocks took some of the biggest losses. Banks figure to face tougher regulation in a second Obama term than they would have under Romney. Coal companies, which had hoped that a Romney administration would loosen mine safety and pollution rules that make it more costly for them to operate, were the biggest losers.Heavyweights underperform: Apple shares fell nearly 4 per cent contributing to the Nasdaq's decline. The slump puts the stock of the world's most valuable publicly traded company in bear market territory.Europe crisis refuses to fade away: The 27-country European Union said unemployment could remain high for years. The European Commission, the executive arm of the EU, said that it expects the region's economic output to shrink 0.3 percent this year. 
   (With inputs from agencies)
   
   
   http://profit.ndtv.com/news/cheat-sheet/article-why-the-wall-street-saw-its-biggest-sell-off-in-2012-313050?pfrom=home-latest

SOON...NEW BANKING LICENSES TO CORPORATES !!!!!

Deficit not to exceed 5.3%, says Mayaram GURGAON, NOV 8: 

The Finance Ministry hopes that the National Investment Board and new banking licences will soon see the light. At the same time, it has reassured to keep the fiscal deficit within the revised target of 5.3 per cent. Economic Affairs Secretary, Arvind Mayaram, said that the proposal for setting up NIB is likely to be placed before the Cabinet within next 2-3 weeks.

Talking to reporters on the sidelines of the World Economic Forum on India, he also hoped that new banking licences will be awarded soon.The National Investment Board (NIB), as proposed by the Finance Ministry, envisages an Empowered Standing Committee of the Cabinet under the Chairmanship of the Prime Minister.The proposed board, once approved, aims to facilitate and ensure time-bound grant of various licences, permissions and approval as a mechanism. This will be triggered in case of the failure of the concerned ministries/department to act in time to take decisions.The Finance Ministry is trying to find a way out for granting new banking licences even when the Banking Law (Amendment) Bill is pending in Parliament. The Reserve Bank of India has said that it is waiting for the passage of this bill before giving new licences.

Fiscal deficit Mayaram also said that he was confident of achieving the Rs 30,000 crore disinvestment target set for this fiscal. With or without disinvestment, fiscal deficit will not cross the target of 5.3 per cent at the end of the fiscal, he added.The Government's plans for additional borrowings are also likely to be firmed up in January or February, Mayaram confirmed, while saying, “We will assess our needs for borrowing in January-February.’’The Government is reportedly likely to borrow as much as Rs 25,000 crore to be able to check the fiscal deficit at 5.3 per cent of GDP, which was revised from the budgeted target of 5.1 per cent.Referring to the upcoming 2G spectrum auction, Mayaram said that the Government will ease the current External Commercial Borrowings cap, which will help reduce the costs for telecom companies and enable them to pay the spectrum fee in one lumpsum at lower interest rates, instead of in installments at higher rates.

aesha.datta@thehindu.co.inhttp://www.thehindubusinessline.com/industry-and-economy/economy/govt-to-push-nib-new-banking-licences/article4077075.ece?homepage=true

Renewable Energy...HUGE POTENTIAL ..UNTAPPED...

I AM VERY BULLISH ON THIS SECTOR...NOW GETTING ATTENTION...HUGE POTENTIAL UNTAPPED...BUY..BUY NOW..KEEP ON INVESTING...(KOI)........

India 4th in market potential for renewable energy: E&YPTI

NEW DELHI, NOV 7: 

India has emerged as the fourth most attractive place globally in terms of its market potential for renewable energy after China, the US and Germany, a Ernst & Young report says.According to the latest study by Ernst & Young—UBM India, India was ranked fourth on the renewable attractiveness index, while it was placed in the second position on the solar index and third on the wind index.Others in the top 10 include, the UK (5th), followed by France and Italy in the sixth place (6th), Canada (8th), Japan (9th) and Brazil (10th).India has been consistently ranked among the top five countries globally in terms of its market potential for renewable energy, as per the report.

With power generation from renewable sources on the rise in India, share of renewable energy in country’s total energy mix rose from 7.8 per cent in FY08 to 12.1 per cent in FY12.“India’s growing rate of urbanisation, rising per capita energy consumption and widening access to energy, are expected to significantly increase its total demand for energy,” Ernst & Young Partner & National Leader — Cleantech Sanjay Chakrabarti said and added renewable energy is expected to play a vital role not only from an environment angle but also from energy security perspective.India had around 26 GW of installed renewable energy capacity as on August 31, 2012 and plans to more than triple its renewable energy capacity in the next 10 years, driven mainly by wind and solar. The report further added that investments in clean energy in India have increased by 54 per cent year-on-year (y-o-y), representing the highest growth rate across any significant global economy, to reach $10.2 billion in 2011. The wind energy sector attracted investments amounting to $4.6 billion, while the solar energy sector witnessed investments of $4.2 billion.

http://www.thehindubusinessline.com/industry-and-economy/india-4th-in-market-potential-for-renewable-energy-ey/article4074300.ece

USA Fiscal position will worsen...JIM ROGERS..

7 NOV, 2012, 11.24AM IST, ET BUREAU & AGENCIES 

US election results: Fiscal position will worsen, economy headed for slowdown, says Jim Rogers

The US fiscal cliff position will worsen going ahead, said Jim Rogers of Rogers Holdings to ET Now post the re-election on US President Barack Obama. According to Rogers, Obama will continue with his current policies, there will be more deficit spending which will make things worse for the US economy.
While Rogers is of the opinion that global markets have already discounted the possibility of a US fiscal crisis, he advised investors to buy metals and agriculture related commodities. "America is going to have a slowdown in 2013-14, there will be fewer jobs, more unemployment and turmoil in oil and currency markets," Rogers said.

Even though the US government is likely to come up with a 'quick' fix for the problem of fiscal cliff, Rogers feels that it will only make things worse.Asked about the possibility of a further downgrade of the US economy, Rogers said, "If you haven't already downgraded America in your mind, do so now." TheFederal Reserve will print more money, which is not good or the global economy, he said. "You should be worried, I am worried," he added.
Rogers sees gold prices going much higher over the next decade and advised buying more commodities. Even though he is short on US government bonds, has a long view on dollar right now.US President Barack Obama swept to re-election Tuesday, creating history again by defying the undertow of a slow economic recovery and high unemployment to beat Republican foe Mitt Romney.
Obama became only the second Democrat to win a second four-year White House term since World War II, when television networks projected he would win the bellwether state of Ohio where he had staged a pitched battle with Romney.

http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/us-election-results-fiscal-position-will-worsen-economy-headed-for-slowdown-says-jim-rogers/articleshow/17126214.cms

CONGRATS OBAMA...

BARACK OBAMA RE-ELECTED...AS PRESIDENT....ONCE AGAIN HEARTFELT CONGRATULATIONS, Mr President.....

Shree Renuka- Upside Capped!!!!

I AM BETTING HEAVILY ON THE SUGAR SECTOR...ESPECIALLY ON THE SMALL CAPS...SIMPLE 100% RISE IS ASSURED... ---------------------------- Analysis: Shree Renuka- Upside Capped

While better sugar realizations bode well for the company, the high debt still remains a concern

Ujjval Jauhari / Mumbai Nov 07, 2012, 20:07 IST Shree Renuka September’12 quarter performance on standalone Basis was a mixed Bag. While the Higher Sugar realizations in the Domestic markets boosted the Sugar revenues and its share also increased 53.2% in the year ago quarter to 84.3% in September’12 quarter the other segments as power, co generation and Trading sales saw declining revenues and profitability and hence the revenues from domestic operations could increase marginal 2.4% y-o-y to Rs 1154.4 Crore. The growth would have been better but for decline in trading sales volumes due to lower exports from India.  The smaller Power segment and Industrial Alcohol segment too saw declining sales. Sugar Volumes and realizations drive growth As the Production estimates for sugar year 2012-13 (October-September) by Indian Sugar Mills Association (ISMA) were reduced from initial 26 Million tonnes to 23.0 MT in the back of lower rainfall in key sugar producing states of Maharashtra and Karnataka, the domestic sugar prices went north. The domestic prices saw an upside from around Rs 29 a Kg to Rs 36.3 a kg during the September’12 quarter. Thus average realizations for Shree Renuka increased from Rs 30 a Kg in the year ago quarter to Rs 32.50 a Kg in September quarter. It also sold higher volumes i.e 3 lakh tons of sugar during the September’12 quarter against 2 Lakh tonnes in the year ago quarter. Thus the Sugar segment sales zoomed up to Rs 973.1 crore up almost 69% year on year. Other segments dip Amongst other segments the trading volumes decline from Rs 417 crore in September’11 quarter to Rs 106 crore in September’12 quarter. However this was understandable looking at good demand and realizations in the country leading to lower exports. The distillery sales too declined 32.7% to 25,101 kilo litre with average realizations marginally down to Rs 29 a litre. Power sales too declined 63.2% to 7 million kilo watt Hours. Domestic Sugar sales push profitability With better Sugar realizations the EBIT margins for the segment increased to 9.4% from year ago’s 2.8%. Power segment however reported a loss of Rs 20 crore basically due to higher fuel costs (coal). In absence of Bagasse (the waste left after crushing sugar cane), company had to use coal for power production that pushed up costs. Industrial alcohol seeing marginally lower realizations too saw subdued margins. However the Larger Sugar segment that saw better margins in turn boosted overall margins. EBIDTA at Rs 102.4 crore increased 97.3% y-o-y. However Interest costs more than doubled to Rs 146.50 crore eating away the profits and Net Profits just stood at Rs 7.7 crore. Outlook Sugar prices still remain better than last year and are expected to stabilize at currently levels of Rs. 33.0 per kg as crushing season has started. Further, absence of sugar exports from India on account of lower domestic sugar production is expected to benefit Shree Renuka Sugars’ refinery operations, which are expected to run at full capacity over the next 2-3 quarters observes a Prime Broking report. Though Consolidated are yet to be declared, the analysts at Edelweiss observe that Brazilian subsidiaries have improved operating performance during the quarter on account of higher crushing. Total of 4.6 MT of cane was crushed during the quarter by RDB and VDI which is 139% higher than the previous quarter and 27% higher than same quarter last year. They believe that financial performance is likely to improve owing to higher realization in standalone busines and better operational performance in Brazil. But debt concerns still persist. Based on 6xFY13E EV/EBITDA, they have a target price of Rs 28 and maintain ‘HOLD’, while they await consolidated numbers for Q2FY13. Consensus Target price for the Stock as per Bloomberg stands at Rs 33.40 for stock trading at Rs 32.10 levels. http://www.businessstandard.com/india/news/analysis-shree-renukaupside-capped/195008/on

Europe's economies worsening... Impact Stock Markets ?

6 Nov, 2012, 06.19PM IST, The writer has posted comments on this article Reuters
Gloomy reports show Europe's economies worsening
LONDON: The fourth quarter has so far brought no improvement in the fortunes of most of Europe's economies, which now risk shrinking more than previously expected, gloomy data showed on Tuesday.  Purchasing managers indexes (PMIs), which gauge the activity of thousands of companies worldwide, showed euro zone businesses endured their worst month in October since June 2009, with little hope of a turnaround coming soon.
The euro zone relies heavily on Germany, its largest economy, to generate growth.  Business activity there shrank at faster pace last month and new data show industrial orders in September plummeted at a far faster rate than expected. PMI compiler Markit said its latest survey was consistent with the euro zone economy shrinking at a quarterly rate of around 0.5 percent.  If the PMIs fail to improve for November and December, the euro zone economy could easily face a hefty contraction in the fourth quarter rather than the stagnation projected by economists polled by Reuters two weeks ago.
"Given the stabilisation in financial markets, and in consumer sentiment indicators in some countries, we thought perhaps you would see some stabilisation in the PMIs as well," said Janet Henry, chief European economist at HSBC.  "What's disappointing about the Q4 data is the weakness reflected in the core euro zone indicators -- the French and German PMIs."  German industrial orders data for September only added to the sense of gloom with a 3.3 percent month-on-month decline, far worse than the 0.5 percent consensus fall in a Reuters poll of 38 economists.  While the data series is notoriously volatile, it bodes poorly for industrial production data due on Wednesday.

"This will add to concerns within financial markets that the global trade cycle is weakening, and certainly suggests momentum going into the fourth quarter is fairly weak," said Nick Matthews, European economist at Nomura.  British industrial output also fell more sharply than expected in September, data showed on Tuesday, reinforcing fears an incipient recovery will struggle to gather pace.  Britain's services PMIs were released on Monday, and suggested the same.

BRIGHT SPOTS?

Markit's Eurozone Composite PMI fell in October to 45.7 from 46.1 in September, down slightly from a preliminary reading of 45.8 two weeks ago and marking its ninth consecutive month below the 50 mark dividing growth from contraction.  The survey will do little to alter the view of a majority of economists that the European Central Bank will trim interest rates to a new record low of 0.5 percent, although probably early next year rather than this Thursday.  "Sentiment is still being hit hard as companies worry about the dual impact of weak domestic demand and a slowing global economy," said Rob Dobson, senior economist at PMI compiler Markit.
http://economictimes.indiatimes.com/news/international-business/gloomy-reports-show-europes-economies-worsening/articleshow/17116225.cms

M&M Target achieved, November 5, 2012 8:16 PM

Sales man to NMC Healthcare- BR Shetty--one of the richest Indians in the UAE

4 NOV, 2012, 07.21AM IST, ISHANI DUTTAGUPTA,ET BUREAU 

BR Shetty, owner of 2 floors in Burj Khalifa, wants to bring NMC hospital chain to India

In India, BR Shetty is famous as the man who owns all the apartments on the 100th and 140th floors of Dubai's iconic Burj Khalifa, which he is said to have acquired for a whopping $25 million. Besides such big investments in real estate in the UAE and India, Shetty's NMC Healthcare, which is the largest health care services group in the Gulf region, will be running a chain of super-speciality hospitals in India, if things go according to plan."For me the business plan would be to make affordable health care available to a large number of people in India, especially in Tier-II and Tier-III cities. To begin with, we would be looking at cities such as Bangalore, Chennai, Coimbatore, Pune and Jaipur. We would like to set up health care facilities that run as centres of excellence in various fields such as oncology and cardiology," says Shetty, founder, managing director and chief executive officer of NMC Healthcare, which became the first big player from the Gulf to raise money on the London Stock Exchange earlier this year.

India Prescription

While he is awaiting the board's approval for his planned foray into India's health care sector, industry experts believe that part of the $187 million raised through the London IPO will go towards funding his India plans. "I am also talking to some specialists in Chennai and will be funding cancer research in India. This is part of my corporate social responsibility outreach towards my country of origin," says Shetty, who belongs to the Bunt community of Karnataka. Shetty who has received India's top honours — Padma Shri and Pravasi Bharatiya Samman — hopes that in five years his company can create a 3,000-bed hospital infrastructure in India. While NMC Healthcare would run all the hospitals under its umbrella brand name in India, the group is open to acquiring sick medical facilities and turning them around into multi-speciality operations. Shetty has also shown interest in setting up a hospital-cum-medical college in Manipur.

Salesman to Billionaire

His journey from a pharmaceutical salesman in Abu Dhabi — where he went about four decades ago in search of a better life — to one of the richest Indians in the UAE with a net worth of around $2 billion, is one of Indian entrepreneurship. 
Though a trained pharmacist, he couldn't get a job at any government hospital in the UAE because his Indian qualifications were not acceptable. Instead, Shetty started the New Medical Centre group of companies focused on pharmacies and health care in 1975. While the clientele was initially largely non-resident Indians, employees of American companies later provided the numbers for NMC hospitals, which include a wide range of facilities from primary to super-speciality in Dubai, Abu Dhabi, Al Ain and Sharjah. The business model of the group includes a large pharmaceutical distribution network and pharmacies to support the hospitals.

"Besides India, I also plan to expand health care facilities in the Middle East and North Africa, having acquired two hospitals in Egypt. I am also looking at expanding in Qatar and Abu Dhabi," says Shetty.
http://economictimes.indiatimes.com/news/nri/nris-in-news/br-shetty-owner-of-2-floors-in-burj-khalifa-wants-to-bring-nmc-hospital-chain-to-india/articleshow/17078287.c