| Rupee down as weak stocks raise outflow fears
MUMBAI (Reuters) - The rupee weakened to its lowest in more than a week on Monday after weak Asian stock markets raised concerns of capital outflows from local equities in the near-term. The partially convertible rupee ended at 39.36/37 per dollar, off an early low of 39.42 -- its lowest since Nov. 2, according to Reuters data. It ended at 39.325/335 on Thursday. The currency market was closed on Friday for a local holiday. "Stocks were a big mover in today's market. There is growing fear that there could be a bout of foreign fund outflows in the coming weeks," a private bank trader, said. Asian stocks fell on Monday with Tokyo's Nikkei easing more than 2 percent, as a sharp rise in the yen and a tumble on Wall street triggered a sell-off across the board. India's main stock index fell for a sixth straight session on Monday, weighed down by weak world markets and U.S.
China sets $200 billion investment fund
BEIJING -- China has announced the first strategic plans for its new $200 billion investment fund, saying two-thirds of its funds will be invested in Chinese state banks and it will avoid buying into foreign oil, airline or telephone companies. .
3-year scorecard: Tax-saving schemes post 48% return
If you had invested in tax-planning funds three years ago, you would have seen that the average performer among them has given you about 48 per cent. Not a small feat, considering that banking funds, which constitute the top-performing segment, have delivered just a shade better – 50 per cent or so during this period. While their modest sizes indicate that not everybody in the investor fraternity has appreciated the category, tax-planning funds are actually quite diversified. Their portfolios are considerably broad-based, often made up of stocks from across the market-cap range. What makes these funds so unique, and we have stressed on this point time and again, is that an investor needs to stay locked in for three years. Clearly, even the most uninspiring fund manager should be able to utilise a three-year stretch prudently.
Barrick is a Favorite Gold Stock Among Pro Investors
If there is one group of investors that loves it when everyone else is frightened, it's the gold bugs. Investors traditionally turn to precious metals when the stock and bond markets are volatile, and this period is no exception, as gold is now trading beyond $800 an ounce for the first time since 1980 and is approaching its all-time high of $850 an ounce. Some analysts have even speculated that gold will hit $1,000 an ounce on the dollar's continued weakness, since a weak dollar makes it cheaper to hold the metal. .
Talking 'bout their generation
Four years ago David Blood retired as CEO of Goldman Sachs Asset Management. Having seen extreme poverty as a child in Brazil, where his father was an auto executive, Blood was looking for a second act that was about more than making money. He and Al Gore started Generation Investment Management with a lofty goal; "To encourage businesses around the world to be more responsible, ethical, and sustainable." Based in London, Generation combines traditional securities analysis with thematic research into issues such as climate change, water, global poverty, and HIV/AIDS. "Sustainability, defined as environment, social, governance, and ethics, matters to business," Blood says. "It's not only about risk management or cost, but about revenue, profit, and competitive positioning." The firm invests in about 30 to 50 companies, with a bias toward the long term.
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