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GIC Housing Finance to disburse Rs 750-cr housing loans
With demand for real estate picking up, General Insurance Corporation of India (GIC) Housing Finance is targetting disbursal of Rs 750 crore housing loans this year, a top official of the institution has said.

Markets end lower amid volatility
The Indian markets opened weak, on the back of negative US and Asian cues. There were feeble attempts at a comeback, with the markets crossing over into the green in the first hour of trade and again around noon, only to retrace immediately thereafter. The afternoon session was volatile, albeit in the red, as the indices unsuccessfully attempted to claw back above the dotted line.

News of the day

FinMin keen on ONGC, Indian Oil FPOs
The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), but follow-on public offers (FPOs) in the two bluechip public sector units (PSUs) are unlikely, as unresolved issues are affecting valuations. Disinvestment Secretary Sunil Mitra last month wrote to his counterpart in the petroleum ministry, R S Pandey, seeking comments on “public offerings from the government’s shareholding” in ONGC and IOC. The petroleum ministry is of the view that raising funds from the capital market was not prudent till issues like fuel pricing and subsidies were resolved, which were affecting share prices of ONGC and IOC, sources in the know said.
Public Relations

BofA, UBS, JPMorgan sued

Bank of America Corp, UBS AG, JPMorgan Chase & Co and other banks were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks. - David Reilly: Bondholders take revenge on fee-hungry bankers">David Reilly: Bondholders take revenge on fee-hungry bankers - Citi, Bank of America managers averaged $18 mn pay in 2008 - BofA, JPMorgan reduce fees on overdrafts - UBS tax net snares clients of Credit Suisse, Julius Baer, LGT - Jonathan Weil: Putting the SEC in a spot">Jonathan Weil: Putting the SEC in a spot - Ann Woolner: UBS whistleblower gets rewarded with prison time">Ann Woolner: UBS whistleblower gets rewarded with prison time The lawsuit, filed by the Sacramento Municipal Utility District, is based on federal and state antitrust claims. It alleges Charlotte, North Carolina-based Bank of America and more than a dozen other banks conspired to pre-select winners of municipal derivative auctions, coordinated their pricing, and accepted kickbacks disguised as fees from co-conspirators. The allegations resemble those made by a US grand jury in New York last month, according to the lawsuit filed on November 12 in federal court in Sacramento.


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