Thursday, September 29, 2011

Axis Bank rolls out lifetime fixed rate home loan

Axis Bank, a late entrant to home loans, has launched a lifetime fixed rate home loan at an interest rate of 11.75% for a 20-year tenure. This is the cheapest fixed rate loan available in the market and is 250 basis points lower than the fixed rate product being offered by the bank till now. Most banks charge 13-13.5% interest for fixed rate home loans.

Axis Bank is aiming to woo customers uneasy over rising interest rates. The Reserve Bank of India (RBI) has raised policy rates 12 times since March 2010. The repo rate, or the rate at which banks borrow from the central bank, has since gone up by 350 basis points.

"This is a pure fixed rate loan with no fine print. Customers would have the option of migrating to a floating rate product. However, it would come at a fee of up to 2%," said Jairam Sridharan, senior vice-president and head (consumer lending and payments) at Axis Bank. The bank runs a home loan portfolio of 20,000 crore of which a major proportion is floating rate loans.

Should borrowers bite Axis Bank's 11.75% fixed rate offer?

"I wouldn't recommend this product to any customer as we seem to have reached the peak of the high interest rate cycle," said Kartik Jhaveri, founder & director, Transcend India Private Limited. "It would be advisable for customers to pay half a per cent more and opt for a floating rate home loan product," Jhaveri added.

"Interest rates have to come down with the slowdown in global economya¦(which is) also looming over India. Locking into a fixed rate at this point is a no-no," says Suresh Sadagopan, certified financial planner, Ladder 7 Financial Advisories.

MOST CUSTOMERS PREPAY LOANS

Most customers prepay loans within 10 years. This loan comes with a 2% prepayment penalty. If a customer prepays the loan, she will end up on the losing side. Even if she locks into such a loan, she will be paying a higher interest cost," Sadagopan adds.

Banks do not charge a prepayment penalty on floating rate housing loans, especially if the borrowers pay off the dues from their own savings. Under 'Nishchint', Axis Bank will offer loans up to 85% for properties valued at up to 20 lakh and 80% for properties costing above 20 lakh, the lender said in a statement.

"The bank will charge a prepayment penalty of 2% on the outstanding amount," the statement added. Analysts are wary of the product as they are concerned about how the bank would raise resources for 20 years. Currently, no bank is marketing fixed rate home loan products aggressively.

Claire Danes sets up in 'Homeland'

It's "confusing" to talk about her character, CIA operations officer Carrie Mathison, because there's still so much to learn: Four episodes are left to shoot in Charlotte, and "these are not a casual four," says Danes, 32, who, sitting in the airy penthouse of the Hudson Hotel, has swapped Carrie's sensible pantsuits for something more akin to Danes' downtown homeland: black ice-pick-heeled stilettos and a sleeveless sheath from her "buddy," Narciso Rodriguez. "There's nothing casual about this show."
Thanks to a tip gleaned from a tense meeting with an Iraqi prisoner, Agent Mathison suspects that a recently rescued eight-year American POW, now heralded as a hero in his homeland, has turned al-Qaeda terrorist. Throw in a cheating military wife, a Saudi prince, high-end hookers — and a sexy, premium-cable patina — and you get a plot and a pace that's "cracky," Danes says. "We are dying to know what happens next. We're just begging for scraps — from the boom man, from the hair woman."questions with Claire Danes
If it sounds like 24— if 24 starred, say, Jackie Bauer — that's no accident: The executive producers of Homeland had a hand in the Fox hit. But where Jack's action was hugely hands-on, Carrie's conflict is partly in her head: This spy is secretly battling bipolar disorder. Which doesn't mean she's not packing, says Danes, a 24 virgin who took a field trip to Langley, Va., and dived into psychology books to prepare for the part. Still, Homeland makes "a real point of never showing a gun."
The small screen has been good to Danes, who won TV's triple crown — the Emmy, Golden Globe and Screen Actors Guild awards — for 2010's Temple Grandin, the HBO biopic about an animal scientist with autism who helped overhaul the livestock industry. And there's her cultishly adored mid-'90s role as introspective Angela in My So-Called Life.
Still, she initially flinched at the idea of returning to her series roots because of the time commitment involved. The Homeland script, however, proved "too seductive." Danes had been mired in a "real fallow period" after the success of Temple. "What do you do after that? Do you play the girlfriend?" Carrie's salty CIA agent was the first role to come along that was "really engaging."
After all, "I'm no longer an ingénue," Danes concedes. "I'm grown up" — with two homes, a Soho loft five blocks from where she was raised and a country house upstate, and a husband, the British Hugh Dancy, her Evening co-star and now, in a "dorky coincidence," fellow Showtime employee 
Likewise, her résumé is growing up: She plays the mom of a droll, Angela Chase-esque teenager in the recently wrapped indie film As Cool As I Am. She's not looking to play the part off-screen anytime soon, but "eventually, yes, I would like to be completely humiliated by my children."

Tuesday, September 27, 2011

Fight over Rajinikanth's biopic rights


The face-off over Rajinikanth biopic has taken a turn for the worse. To counter the film being made on the South superstar by producer Atul Agnihotri without their consent, Rajini's family is now planning to go ahead with their own biopic on the actor.
In fact, Rajini's daughter Soundarya has been urgently trying to reach Atul to no avail. "I've tried to contact Atul Agnihotri, but I haven't got any response.
We have not authorised anyone to do a biopic on my father. We reserve our rights on this matter," she says, adding that she is still open to discussing the matter with the producer.
Interestingly, in a recent interview Atul reportedly said, "There is a huge responsibility involved in making a film on Rajinikanth. We need his approval and contribution.
Making a film on him will be an enriching experience for us."
His apparent reluctance to resolve the matter with the family, therefore, is surprising. When contacted, both Atul as well as the film's director Lloyd Baptista were unavailable for comment.
After striking gold with 'Bodyguard', starring brother in law Salman Khan and Kareena Kapoor, actor turned producer Agnihotri will now work on the biopic.
The idea to make a Rajinikanth biopic came from Agnihotri's friend, ad filmmaker Lloyd Ba Pista, who will direct the film.

In partnership with Bharti Airtel RIM launches BlackBerry Curve smartphone priced at Rs 19,990


In partnership with Bharti Airtel RIM launches BlackBerry Curve smartphone priced at Rs 19,990.
Research In Motion has finally revealed the most anticipated the next generation BlackBerry Curve smartphone priced at Rs. 19,990 in India today.
"The BlackBerry Curve series has been extremely popular in India and we are excited to launch the all new BlackBerry Curve 9360. This next generation BlackBerry Curve features a stunning new design along with a significant performance upgrade and an unmatched mobile social experience. It provides an ideal upgrade path for our existing Curve customers as well as the millions of feature phone users in the Indian market.” said Frenny Bawa, managing director, India at RIM.
The phone is quite stylish and designed with a comfortable and easy keyboard for fast, accurate typing and an intuitive optical trackpad for easy one-handed use.
The phone also aprons GPS and Wi-Fi support, as well as a 5 mega pixel camera with flash and video recording so that memories can be captured and instantly shared on social networks. Also the microSD/SDHC slot supports up to 32 GB memory cards for additional media storage.
To support the new BlackBerry 7 operating system, the new BlackBerry Curve 9360 smartphone features an upgraded processor, display and memory.It also comes with built-in support for NFC (Near Field Communications).
Also, in another development, RIM has partnered with Bharti Airtel to introduce the phone in India.
Now Airtel’s postpaid customers in India can avail special offers upon purchasing the BlackBerry Curve 9360 smartphone. As part of this offer, first time users of BlackBerry services can sign up for an exciting trial offer from Airtel that promises the Rs.299 BlackBerry plan free for a period of 2 months as well as special prices for local calls at 20p and 5p SMS to any one BlackBerry customer of choice for 1 year.
"We are confident these offers will deliver a compelling proposition for our high value customers looking to leverage their mobile devices for everything from exchanging messages, checking their emails, catching the latest in entertainment or staying connected with friends and family on social networks,” said N Rajaram, chief marketing officer, consumer business, Bharti Airtel.

Monday, September 26, 2011

Facebook changes: Fact and fiction

Facebook has made a lot of modifications to its network and is planning a lot more. But, as often happens when the social network makes major changes, users are confused about what is and isn’t changing. Here’s a breakdown of what’s new, what’s in the cards, and a couple of busted myths:
News feed and ticker: The News Feed is now more curated, with stories that Facebook deems relevant pinned to the top, recent stories of import further down the page and all the “Julie commented on John’s post” or “John just earned the blue ribbon in Farmville” updates relegated to a real-time feed that runs along the right side of your homepage. Users will also be able to do more than “like” things on their news feeds and friends’ walls. Developers will have all verbs and nouns to choose from in the future. Now you theoretically could do anything from the fairly basic (watch a movie) to the off-beat(high-five a kitten?) through the network.

The Timeline: Pretty much everything Facebook users see and do will change in some way. Your profile, for example, is going to become a personal history, scrapbook, autobiography and news center.
Called the Timeline, the new profile will likely encourage people to put up content that predates their time on the social network. You’ll be able to guide visitors to your profile through your life via an actual timeline on the right side of the page, so they can quickly click to the days of your misspent youth or just see what you’ve been up to since you got your last job. The further back you go, the more content Facebook will hide from the main timeline.
Apps: Users also will be able to add apps that publish content to users’ Timelines automatically. Right now, apps ask users if they want to publish information to their wall before each post, such as when a user reaches a new milestone in a game. Now, Facebook will publish stories with a single permission agreement — for example, users using Spotify will agree to hook their account to the service once, and it will post to their walls every time a track changes.
Some apps, such as The Washington Post’s Social Reader, or Hulu will let you consume news and media content right from Facebook and tell your friends what items you’re reading, watching, or listening.
Is Facebook going to charge a fee?: No. Facebook isn’t going to charge a fee and likely never will. Restating what the company has said since it began, a post to the company’s main page definitively denied the rumor, saying: “We have no plans to charge for Facebook. It's free and always will be.”
Likes and comments: Another viral status that’s been going around is the assertion that users have no control over the sharing settings for their own likes and comments.
“Please do me a favor. Hover your cursor over my name here, wait for the box to load and then hover over the "Subscribed" link. Then uncheck the ‘Comments and likes’ choice”...Then repost if you don't want your EVERY MOVE posted on the right column for everyone to see,” the statuses read.”
Likes and comments on Facebook posts are tied to the privacy of the original post, according to Facebook’s settings. So while it’s true that unsubscribing from someone’s “comments and likes” will keep those posts from showing up in your ticker, users should know that the privacy of those actions is dependent on the root post.

Sunday, September 25, 2011

Sony Music to acquire music publishing rights for Sony/ATV JV


NEW DELHI: Sony Music plans to invest heavily in acquiring songs and music publishing rights to expand the Indian business and revenue of its recently formed joint venture with the US-basedSony/ATV Music Publishing. 

After signing the strategic JV for setting up the India operations of Sony/ATV, Sony Music is now looking at investing in publishing rights acquisitions to grow the business in India and drive its revenues, a top official said. 

Sony/ATV Music Publishing, co-owned by Sony and trusts formed by late Michael Jackson, is among the world's largest holder of music publishing companies and owns or administers copyrights by famous artistes from the likes of Beatles and Bob Dylan to Shakira and Lady Gaga. 

According to the just completed structure of the JV, the business revenues in India will report into the Sony Music India business and the earnings from International repertoire will be reported back to Sony ATV UK

The overseas earnings from Sony Music India's repertoire will however be reported into Sony Music India. 

As part of business transaction contracts Sony Music is negotiating for the Sony/ATV business, the publisher may get 8 per cent of retail price on digital sales. 

"However, the rates and revenue shares will be same for Indian and international works when used overseas," said Shridhar Subramaniam, President, Sony India & Middle East. 

Subramaniam said that Sony Music India will start collecting mechanical royalties on physical and digital sales, performance income from live and broadcast and also develop synchronisation Income when songs are synched to movies, TV shows or commercials. 

Similarly Sony ATV will do the same with Sony Music India's assets in the global markets. 

Sony/ATV's Senior Vice President, International, Guy Henderson said there were significant revenue opportunities for Indian songs worldwide. 

He said that Sony/ATV would offer Indian artistes a great platform with its global administration and sales network. 

The New York-based music publishing firm Sony/ATV last week announced an exclusive joint venture with Sony Music Entertainment for foraying into the Indian market. 

Sony Music India is one of India's largest music companies with significant interests in Hindi and Tamil soundtracks as also in pop and international music. 

Sony/ATV is now focusing on Asian and Latin regions. It is estimated that music publishing in India will become a Rs 500 crore market in 3-4 years time. The recorded music market in the subcontinent in comparison will be about Rs 1,300 crore in size.

Hat in the Ring

WhenNarendra Modithrew his hat into the ring to become India's next prime minister, he never bargained for the fact that he would stumble on a skull cap. The now famous "cap incident" was a rare instance of spontaneity in a carefully choreographed Sadbhavna fast in Ahmedabad, when the Gujarat Chief Minister, in a gesture of spare-me-the-honour, rejected the cap offered by Maulana Hazrat Sufi Imam Sahi Sayeed Mehendi Husain. For a leader desperate to reach out to the Muslims of Gujarat and to Indians at large, that moment preserved by cameras was heavy with meaning, especially so when Modi displays a penchant for wearing a variety of colourful headgear that display the country's ethnic diversity. The three-day amity fast was designed by India's most popular state administrator as a Gandhian short-cut to gain political acceptability needed for a national leader-and to announce his own ticket for the top job in 2014. The queue of BJPstalwarts, all as ambitious as Modi but with less credentials, was a sign of his rising clout as frontrunner. But when the curtain dropped on the drama, did Modi look merely desperate-an impatient player overdoing the part?
The question became inevitable as the noise accompanying the self-canonisation in Ahmedabad was in stark contrast to the silence in Patna.Nitish Kumar, the Chief Minister of Bihar, shares only one passion with Modi: development. When Modi hard-sells his own mythology as a 21st century Sardar Patel who deserves a space larger than Gujarat, Nitish quietly waits in the wings, biding his time, patiently sure of himself. When Modi performs his way into front pages and onto prime time television, intimidating his colleagues in BJP and allies in NDA, Nitish takes backstage in Patna and refuses to supply the mandatory soundbites. If the flamboyance in Ahmedabad was divisive, the silence in Patna was reassuring. When the show was over and Modi had his lemonade, one man stood between him and his unhidden prime ministerial ambition: Nitish Kumar.
Nitish Kumar
Nitish Kumar meets Muslim supporters in Patna.
What is it that makes Modi, unarguably the most popular leader on the Right, a polarising figure in spite of his commendable achievement in bridging the communal divide in post-2002 Gujarat? Why is it that he is still a haunted man, forever struggling for acceptability beyond Gujarat? In opinion polls conducted by india today and even other publications, Modi consistently maintains his lead as India's best chief minister and the best possible prime minister in a non-upa government, but he still cannot take a break from the project of makeover: he is always a work in progress. Modi is trapped in his own image as an uncompromising Hindutva leader. That may be fine with the faithful but in India the gold standard of a right-wing prime minister was set by Atal Bihari Vajpayee, the abiding embodiment of inclusive leadership. Modi is still the proverbial hardliner, and hardline can get you success, not final success. Then, there is the legal labyrinth of riot-related cases which he continues to navigate, and it is unlikely that he or anyone knows till when. Modi has his rebuttal ready for the harrumphers. "When I took over, many felt I was too inexperienced to lead the government but today the same people say I have proved myself. So opinion can change over a period of time. But there is a vested interest group in India with intellectual ability that opposed Sardar Patel, Morarji Desai, Atalji, Advaniji and now me. So the belief that I am a polarising figure is not justified," .
This indomitable faith in himself is not totally misplaced, for he is still the BJP's best bet for 2014. A Modi showcased as India's best administrator with a mass base, and communication skills to match, will be a formidable force. His strength is Gujarat, as much as it is his curse. He now wants a bigger gallery to mount his bestselling portrait as a clean ruler and a development fanatic. Gujarat is the development model that industry moguls continue to toast and The Economist writes about. Under Modi's stewardship, the state has become an economic powerhouse whose growth rate is higher than the country's. Gujarat generates 16 per cent of India's industrial output and 22 per cent of its exports. From infrastructure to agriculture, from education to green technology, Gujarat has taken huge strides, showing the rest of India what focused leadership can achieve.
Modi and Nitish in Ludhiana during an election rally in 2009.
Modi and Nitish in Ludhiana during an election rally in 2009.
Says industrialist and president of the Gujarat Chamber of Commerce and Industry Mahendra Patel: "Modi's greatest asset is his missionary spirit, which has forced the bureaucracy and industry to act. His development model has a trickle-down effect to the lowest levels." A tough administrator, he refused to slow down the drive against farmers indulging in theft to draw ground water for irrigation on the eve of the 2007 polls despite pressure from BJP MLAs. He has become an apostle of participative development. "If you look at India's past 40 years, you will find that ruling parties tailored their budget with a view to strengthen vote banks. They created models that made people dependent on Government. But in Gujarat, we rejected the vote-bank based model and created a new model," he says.
As an organiser and a campaigner who can play with the mass mind, he now wants to sell the slogan "Sab ka saath, sab ka vikas" to a wider audience. And within the BJP, in spite of the charioteer-in-chief Advani's refusal to retire from the roadshow, no one is more qualified to do so. As a senior BJP leader tells, "Ultimately, who else is there?" Publicly, though, party leaders maintain that it is too early for the party to choose a prime ministerial candidate. Arun Jaitley, in the run-up to the 2009 elections, had queered the pitch by endorsing Modi's name for prime ministership in 2014. Today the opposition leader in the Rajya Sabha, who is himself emerging as a national leader worthy of the top job, says the focus is on putting the BJP house in order. "The elections are still three years away," he adds. Party president Nitin Gadkari too says no decision has been taken yet to project anybody as the prime minister candidate for 2014. "We have not decided on Narendrabhai's name. His fast was not to become the prime minister. It is to clear the misunderstanding about Gujarat," he says.
He admits that there are problems in endorsing Modi's name because of the 2002 riots taint. "He cannot do much about it" but the party is making efforts to focus more on his development agenda, administrative skills and dynamic leadership, he says. "If Modi can prove that he can defeat Congress by a decisive margin in the Assembly elections, it will become a little easier for him," Gadkari says. But he is categorical about the possibility of Nitish as usurper: "He may be a key ally but remains an outsider. No worker in the party will campaign for him." Will allies accept Modi? "Ultimately votes count. If we get more votes, allies will automatically come. BJP reaching 165-170 seats is important. And when you go to war, you go with your best General. Modi is the best General that the party has," says a senior party leader.
The General must first win the war within. Modi has hardly been on talking terms with Gadkari ever since rss pracharak Sanjay Joshi was reinducted into the party to strengthen BJP in Uttar Pradesh against the Gujarat strongman's wishes. His weight-reducing bariatric surgery was a well-timed excuse for the party boss to avoid the photo-op with Modi during the Sadbhavna mission. Sushma Swaraj, who made it to Ahmedabad, was visibly uncomfortable in the company of the man who she thinks is responsible for her stint in the wilderness after her defeat from Bellary in 1999. Party insiders feel that Modi agreed to give a Rajya Sabha berth to Smriti Irani only to counter Swaraj. Apart from Advani, Jaitley is the only central leader with whom Modi enjoys a good rapport, though Jaitley himself has prime ministerial ambitions. The rss is already working on a succession plan for Gujarat as Modi is convinced that he deserves an office higher than the one he occupies now. The new generation, swayed by the political zeitgeist, is sceptical about the Modi brand. "While the youth of the country may be on a warpath against corruption, demanding an honest administration, they are also looking for a more inclusive social structure. In this day and age, Modi may never be able to wish away the 2002 blot. It is there to stay. The party will have to do better than a Modi," says a young BJP leader.
That is why Modi's desperation is Nitish's hope. Parties like TDP, Biju Janata Dal and agp-traditionally anti-Congress but wary of alienating minority support in BJP's company-would be happy embracing NDA if Nitish Kumar is at the helm. Apart from his proven record in winning Muslim votes, he is winning, like Modi, in the politics of development as well. As an administrator, he has addressed critical areas ranging from restoration of law and order to health, educational services and building roads. As a leader, he has pushed targeted social welfare schemes. According to his acolytes, if Nitish can make Bihar a functional state, he has the potential to change India too on behalf of NDA. Nitish's biggest disadvantage, though, is his electoral base. He may have the credibility and character to become a national leader, but JD-U, with only 20 members in 543-memberLok Sabha, is not a political force beyond Bihar. Though he has a good political chemistry with leaders like Naveen Patnaik, no regional satrap has come forward to propose his leadership.
The biggest roadblock for him will be Modi himself. With less than six months' age difference-the elder of the two, Modi, turned 61 only last week-the two can neutralise each other. There is no love lost between the two. The relationship worsened on May 10, 2009 when Modi, during an NDA rally at Ludhiana, clasped Nitish Kumar's hand and forcibly raised it as a show of solidarity. Many considered it as Modi's revenge because Nitish had earlier scuttled Modi's plans for campaigning in Bihar for the Lok Sabha elections. Senior jd-u leaders seeking anonymity maintain that Nitish is mentally prepared to pull the plug on the alliance if Modi is named the BJP's prime ministerial candidate. With 117 jd-u MLAs in the 243-member Bihar assembly-besides a handful of Independent supporters-he thinks he can afford to take the risk. (BJP is his ally in Bihar.) Nitish has succeeded in keeping Bihar offlimits for Modi.
Since taking over as Bihar Chief Minister in November 2005, Nitish has put his foot down on Modi campaigning in the state. Nitish does not even mention Modi's name on public platforms, and considers the Gujarat chief minister as a communal leader unacceptable to his inclusive brand of politics. In June 2010, Nitish raged against advertisements carrying a picture of them together at Ludhiana which were placed in Bihar newspapers by Modi supporters. The advertisements had boasted about Gujarat's flood-relief aid to Bihar. Nitish took no time to withdraw his dinner invitation to BJP top brass then present in Patna for BJP's national executive meet. He not only refused to attend the BJP rally held at the conclusion of the meet but also returned the Rs 5 crore given by the Gujarat government. Besides derailing the BJP's national executive meet, Nitish almost rocked the alliance. He knows that BJP cannot afford to lose someone like him who continues to be wooed by the Congress. He now hopes to keep Delhi inaccessible to his rival, though, , he is characteristically diplomatic: "The BJP is yet to officially declare anyone as its prime ministerial candidate. We can express our opinion only after an announcement is made." 
The opinion is unlikely to please Modi. Come 2014 and it will be a clash between the socialist and the saffronite in the opposition for the highest political position. It will be a battle to behold.


 
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