Rates On Home Loans Up to Rs 25 Lakh May Ease

Interest rates on home loans up to Rs 25 lakh may ease in the near-term following the government’s decision to classify such loans as priority-sector advances.

“There will be an incentive for banks to provide these loans at competitive rates as it will help meet our priority sector (loan) targets. To that extent, interest rates on such loans may come down,” Union Bank of India Executive Director SC Kalia told Business Standard.

Some bankers are of the view the move will also help lenders meet their priority sector commitments as a large part of their housing loan portfolios comprise of loans under Rs 25 lakh. For instance, State Bank of India, the country’s largest lender, has said almost 80 per cent of the its home loans were below Rs 10 lakh.

The Budget proposes to classify housing loans up to Rs 25 lakh as priority-sector advances. So far, loans up to Rs 20 lakh were considered for priority-sector calculations.

The government has also proposed an interest subsidy of one per cent on loans up to Rs 15 lakh, in cases where the cost of the house did not exceed Rs 25 lakh. As of now, interest subvention is offered on home loans up to Rs 10 lakh, where the cost of house was under Rs 20 lakh.

Bankers said the move will lead to lower loan costs.

[Source]

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Negotiating Salary? Here's What You Should Know

An annual salary of Rs 30 lakh sounds fantastic, doesn’t it? Come placement time at top business schools and such astronomical salaries seem the norm. Average salaries are quoted in seven figures and the highest pay package is worth a crore. All this attracts students in droves to pursue management courses, their belief cemented by the fact that the money they invest in fees will be recouped in a couple of years. So why does it take most of them longer to repay the education loan? Simply because the actual salaries they take home are much less than those quoted to them.

Dushan Kapoor (name changed) was offered the post of an HR executive at an annual salary of Rs 2.75 lakh. He expected his take-home pay to be about Rs 20,000 after deducting tax and the Provident Fund contribution. However, his happiness was shortlived when he saw the salary break-up a few days later. “The company had included accommodation, telephone reimbursement and meal coupons in the package, which reduced my take-home pay to Rs 15,000 a month,” he says.

The salary you actually take home

Don’t be envious if you know someone who quotes his cost-to-company (CTC) as Rs 1 lakh a month. In all probability, he’s pocketing only Rs 70,000 (see Decoding your first salary slip). “ CTC is an expected income, but how much you get is subjective and is known at the end of the year. This is because a large chunk is the performance-linked bonus,” says Sunil Goel, CEO, Global Hunt, a headhunting firm.“The bonus usually comprises 10-20% of the CTC, but what you get in hand is 65-75% of the figure that was quoted,” says Kris Lakshmikanth, managing director at HR consultancy firm, The Headhunters India .

Delhi-based Kamal Singh (name changed) has recently got an offer of Rs 7.5 lakh a year through campus placement. “My annual variable pay is Rs 1.5 lakh,” she says. But does she have any clue about her take-home salary? “I am not very sure of that. I think there will be a tax outgo, but I don’t know if there are other deductions,” she admits.
Singh should check with her prospective employer as various factors included in the CTC are not given in monetary form. For instance, employers may provide health and life insurance covers to employees and show the premiums paid by them as a part of your total salary. Other factors that bloat your CTC are the expenses incurred on training you, subsidised meals provided in the cafeteria, transport facility, etc.

In the case of international job offers, there are other issues that you may have to deal with. Delhi-based Bhaskar Khanna got an offer of 50,000 dirham from a Dubai-based company, but he rejected it. “Initially, the offer seemed attractive, but when I enquired about the cost of living there, I found that the rental and transportation costs were too high. I would have barely managed to save anything,” says Kapoor. An international offer should also be evaluated in terms of the economic conditions and tax structure in that country.

What you may get if you stick around

Funds under some category heads can be availed of after a certain period of time. These include gratuity and retention bonus. The 4.81% contribution made towards gratuity is often included in the CTC, but you will only get it if you work with the same employer for at least five years. The retention bonus can sometimes be as high as 15% of the CTC. However, it is paid only after 2-3 years of working with the company.

Your Provident Fund amount is the only payment that is guaranteed no matter how many years you work or with whom. While a 12% deduction from your basic salary towards Provident Fund is mandatory, companies have begun including the matching contribution to be made by them as a part of the CTC.

[Source]

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Health Insurance Premium

The health insurance industry, which had underwritten premium of over Rs 8,000 crore in 2009-10, is expected to expand manifold with an annual growth rate of 30 per cent for the next five years. The health segment contributed over 21 per cent to the total insurance sector premium in 2009-10.

In spite of the potential, high costs limit the access to quality healthcare in the private sector. Only 16 per cent of India’s population has any form of medical cover, that is, coverage for less than 183 million people out of over 1.2 billion.

The distribution of this coverage can be outlined as: Employer cover contributing to 14 per cent of the coverage share; voluntary insurance or for-profit schemes accounting for another 18 per cent; and community insurance schemes accounting for 38 per cent.

Mandatory health insurance schemes or government-run schemes and social insurance policies such as Employees State Insurance Scheme (ESIS) and Central Government Health Scheme (CGHS) contribute 30 per cent to the sector.

This scenario is changing with health insurance emerging as the preferred tool to finance the entire healthcare expenditure. The Insurance Regulatory and Development Authority (Irda) stipulates that 5 per cent of the business for insurance companies must be from the rural sector.

[Source]

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No New Deal In NFL Labor Talks - Deadline Extended

WASHINGTON – Let's make a deal?

Not quite.

There is still time, though.

The NFL and the players' union need to figure out a way to bridge major gaps on core issues if they're going to negotiate a new collective bargaining agreement. They gave themselves an extra week to try to do that, agreeing Friday to extend the deadline a second time.

The current labor deal had been set to run out Thursday night. But the sides used an initial 24-hour extension to discuss and vote on the lengthier delay. Now the league and union will take a break over the weekend to assess their positions, resume mediation Monday, then have until the end of next Friday to talk.

"We're obviously having a lot of dialogue," Commissioner Roger Goodell said Friday, the 11th day that he and NFL Players Association executive director DeMaurice Smith have spent time at the Federal Mediation and Conciliation Service. "We met for a lot of days. And we are going to meet for more."

If the seven-day extension can be viewed as the first true signal that owners and players might avoid a protracted legal skirmish and work stoppage, it nevertheless is rather clear they are not close to a new CBA.

"It's a challenge," NFL general counsel and lead labor negotiator Jeff Pash said. "We've got very serious issues. We've got significant differences."

Most significant: money.

One person with knowledge of the negotiations told The Associated Press that the NFLPA has not agreed to any major economic concessions — and that the NFL has not agreed to the union's long-held demand that the league completely open its books and share all financial information.

The person spoke on condition of anonymity because mediator George Cohen asked everyone involved not to comment publicly on the substance of the talks.

No one would say whether yet another extension would be possible if no new deal is reached by next Friday.

Goodell and Pash declined to discuss any substantive details of the bargaining when they spoke to reporters outside Cohen's office at about 3 p.m. Smith also avoided revealing specifics while addressing media on a sidewalk in front of the NFLPA's headquarters about three city blocks away.

Referring to next week's round of bargaining, Smith said: "We look forward to a deal coming out of that."

But when asked whether mediation helped rebuild trust between the sides after what had been months of public acrimony, Smith replied: "When you say something about 'trust' or when you raise issues about things like 'confidence' — none of those things are repaired quickly."

If the sides hadn't extended the CBA, the union was prepared to decertify Thursday, meaning it no longer would represent the players, who would be giving up their rights under labor law and instead take their chances in court under antitrust law. The NFLPA took that course in 1989, then eventually formed again.

The owners, meanwhile, could have locked out the players, raising the specter of games lost to a work stoppage for the first time since the players' strike in 1987.

"This is going to get resolved through negotiations, not through litigation," Goodell said. "So talking is better than litigating."

That willingness to continue meeting with Cohen indicates neither side was ready to make the drastic move of shutting down a league that rakes in $9 billion a year and is more popular than ever. The past two Super Bowls rank No. 1 and No. 2 among most-watched TV programs in U.S. history.

Cohen said that since he began mediating talks Feb. 18, he has been able to encourage the sides "to fully, frankly and candidly talk to each other" and that they are having "constructive discussion."

The key issues all along have been:

• How to divide revenues, including what cut team owners should get up front to help cover costs such as stadium construction and improvement. Under the old deal, owners received about $1 billion off the top. They entered these negotiations seeking to add another $1 billion to that.

• A rookie wage scale, and where money saved by teams under that system would go.

• The owners' push to expand the regular season from 16 games to 18 while reducing the preseason by two games.

• Benefits for retired players.

During the seven-day extension, no player transactions will be allowed, and players' health insurance coverage will remain in place.

"It's time for us really to dig — to dig deep — and try to find solutions," Pash said, "and try to be creative and try to compromise in a way that will work for everybody."

He said team owners could participate in mediation next week, a step that could point to discussions reaching a critical stage.

Goodell dismissed the notion that the NFL became more willing to negotiate after Tuesday's decision by U.S. District Court judge David Doty that sided with the union in a case about whether the league can have access to about $4 billion from TV contracts. The union accused the NFL of improperly negotiating deals to have money available in event of a lockout, and Doty — who has jurisdiction over NFL labor matters under the old CBA — agreed.

Asked whether there is any truth to the idea that Doty's decision got the league back to the table, Goodell said: "No. We've been at the table."

And they'll be back at the table next week.

"The fact that we're continuing this dialogue," Goodell said, "is a positive sign."

___

AP Pro Football Writer Barry Wilner and AP Sports Writer Joseph White in Washington contributed to this story.

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Libyan Crisis Can Hurt Us, Says Infosys

The unrest in Libya could hurt Infosys a few quarters down the line because the crisis could cause oil prices to climb and thereby put discretionary spending on hold.

Speaking on this issue to Business Line, Mr Chandra Shekar Kakal, Senior Vice-President and Global Head, Enterprise Solutions, and Executive Council Member at Infosys Technologies said, “It is too early to say what impact it will have. But if the issue is not resolved soon, it could impact us two to three quarters down the line.”

His fears are shared internationally. This month, Fidelity Management & Research Co. said the ongoing developments in the region can affect the global financial markets in a variety of ways, particularly through their influence on crude oil prices.

The Libyan furore apart, Mr Kakal said that it was heartening to see that enterprises were so upbeat. “The uncertainty is over and transformation deals are continuing. Enterprises have started their discretionary spending. Ten to twelve quarters ago, we saw the recession. Two quarters ago we saw a pent-up surge in demand. Now, we have reached a steady state.”

He said consulting and packaged software accounted for around 26 per cent of Infosys' business and that the business has grown in the last three quarters.

“In fact, the enterprise business, which was established in 1999, has been steadily growing over the last decade. We have helped with customer transformation and have taken market share away from legacy players.”

New initiatives

Talking about new initiatives, Mr Kakal said that mobility was the new thing. Infosys has already delivered solutions to SAP and now wants to develop solutions revolving around smart phones and the iPad for enterprises.

“Three quarters from now, we should have more scenarios,” he said, and added that the Libyan crisis could not have any impact upon this because, oil crisis or no oil crisis, mobile computing is important for enterprises.

[Source]

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Oil Price Rise To Have Serious Policy Implications

The Finance Minister, Mr Pranab Mukherjee, has apprehended rising oil prices following political turmoil in the Middle East will have serious policy implications but expressed optimism of dealing with the situation.

For a nation which imports two-thirds of its crude oil requirement through imports, spurt in rates may spell bad news as the Government will have to make a tough choice between shelling out more subsidy and passing the rise to consumers.

“...fragility of recovery of world economy, uncertainty created because of political unrest in Middle East and North Africa have serious implications for Indian policymakers,” Mr Pranab Mukherjee told reporters after addressing the RBI board here.

Though he refrained from describing the volatility in crude oil prices as “explosive”, the Minister said it was “deepening the uncertainty” in the global economic recovery.

His comments come at a time when international crude prices have soared above $116 per barrel on account of the political unrest in parts of Middle East and North Africa, including Libya, a major oil exporter and OPEC member.

For 2011-12, the Finance Ministry has estimated Rs 23,640 crore in oil subsidy, lower than Rs 38,386 crore for the current fiscal. The Government will be required to shell out more money in case the prices rise continues.

India’s oil imports grew by 7.8 per cent to $7.85 billion in January, taking the import bill during April-January, 2010-11 to $79.95 billion.

The Finance Minister, however, exuded the confidence that the Government in consultations with the Reserve Bank of India (RBI) will be able to deal with the challenging situation arising out of oil crisis coupled with fragile global economic recovery.

“I shall assure you, in consultation with RBI, as we have overcome the financial crisis from the mid-1980s, I am confident that we will be able to face the challenges,” Mr Pranab Mukherjee said.

Although some advanced economies like the US are on recovery path, many Euro Zone countries including Ireland, Spain and Portugal are facing sovereign debt crisis.

“There is a problem of whether the sovereign debt crisis... (in some countries of) Euro Zone would confine within the countries or it will have its adverse impact in rest of the Europe,” he said.

Fast economic recovery in European Union is of great significance for India as the 27-nation bloc accounts for about one-third of its exports, besides source of substantial foreign direct investment.

[Source]

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Actor David Arquette Hospitalized After Head-On Car Collision

Actor David Arquette has been hospitalized after a head-on car collision in West Hollywood.

According to TMZ, the 39-year-old, who was driving a silver Cadillac, swerved into an oncoming vehicle after the car in front of him stopped suddenly.he actor was seen lying on a patch of roadside grass next to a pair of vehicles with damage on their front bumpers and airbags deployed.

He was stretchered into an ambulance but a spokesperson has since said he is "fine".n fact, the actor was doing so well that he was even able to send a tweet from his hospital bed.

"Remember to wear your seatbelt-wish I was," the Daily Mail quoted him as Tweeting.

"I got into a car accident but I'm fine. Luckily I have dragon's blood running through my veins. Haha Thank you for all your concern," he added.

Arquette is understood to have been en route to Burbank airport where he was set to board a private jet to Las Vegas.

He was expected to attend the opening of candy store Sugar Factory at the Paris Hotel, which is being hosted by Kim Kardashian. (ANI)

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Interest Rates On ICICI Bank Fixed Deposits

ICICI pleased to inform you that with effect from January 6, 2011, interest rates on ICICI Bank Fixed Deposits have been revised upwards by 25 to 50 basis points^#.

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Life Insurance - Life Insurance Policy Providers India

Life insurance is purchased in order for your dependents to be looked after financially in case of your death. If you are single and have no dependents, it would probably be wise not to waste your money on life insurance, and use it to enjoy your time alive. However, if you do have dependents, life insurance is a very wise investment. The death of a spouse or parent can have devastating economic effects on a family. While many people think that only the top earner of the house hold needs to purchase life insurance, this is usually not the case. Even if a spouse is unemployed, there life is worth a lot in terms of housekeeping, cooking, taking the kids to school and doing the family bills.

It is expected that an unemployed spouse contributes at least the equivalent of a full time job. Even in this short list, you can see how the death of even an unemployed individual could hit the household financially; therefore everyone in the family should be covered by life insurance. People also tend to overlook the option of purchasing disability and long term life insurance. If you become disabled in the future or have to live in a nursing home, you cannot count on social security to fully cover you that is if you even qualify.

By being covered by these, you are insuring yourself financial ease as you reach old age. Even if you never have to live in a care home, or become disabled, it is much wiser to spend the extra money, even if it is only to breathe a little easier. So whether you are looking to purchase new life insurance, or update your old plan, these are all important options to consider which many people over look.

chalk out which one is best suited for you and your family from the policies made available by different insurance companies. Look into your age, condition of health, income, health habits, marital status, number of children and lifestyle.

You must always keep in mind that if you don’t need it, avoids it. No need to insure. Ask yourself how much your family is depending on your salary. If your family can’t do without your earning, you really need life insurance, otherwise no need to worry. It is difficult to say for how much money should you insure. Yes, it depends on your family’s lifestyle and debts. Generally, people keep it at between five and ten times of your annual salary.

It is recommended that if you're under 40 and don't have a family history of life threatening illness, try Term Insurance. It offers death benefit but no cash value. Otherwise, always go for the Whole Life Insurance, as it offers both death benefit and cash value. However, it is much more expensive than the former. As Term Insurance safeguards the policyholder only for a specified time period, it is appropriate for military and young families. It is cheaper than other policy types, but it has no savings feature.

It is also necessary to calculate your total insurance needs by examining the needs at various stages of your surviving family, and purchase insurance to cover the gaps. Don’t forget to review your life insurance plan periodically. You need to be alert when your financial responsibilities undergo a significant change. Be open to talk about the insurance plan with your spouse and let he/she understand the gaps the current insurance are going to fill.

Some points are also needed to keep in mind while buying insurance. Make your check payable to the insurance company, but not to the agent. And do not forget to get a receipt. Even if you have purchased a policy, have a think and rethink for around ten days. You can always ask for a cancellation and change for an appropriate one with full refund. In case an agent or company contacts you and wants you to cancel your current policy to buy a new one, always contact the original agent or company before making any decisions. And it is up to you whether you try for an expensive one or the cheaper one. But do not forget to gather maximum information.

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Jane Russell, star of '40s and '50s films, dies (AP)

She was the voluptuous pin-up girl who set a million male hearts to pounding during World War II, the favorite movie star of a generation of young men long before she'd made a movie more than a handful of them had ever seen.

Such was the stunning beauty of Jane Russell, and the marketing skills of the man who discovered her, the eccentric billionaire Howard Hughes.

Russell, surrounded by family members, died Monday at her home in the central coast city of Santa Maria. Her death from respiratory failure came 70 years after Hughes had put her on the path to stardom with his controversial Western "The Outlaw." She was 89.

Although she had all but abandoned Hollywood after the 1960s for a quieter life, her daughter-in-law Etta Waterfield said Russell remained active until just a few weeks ago when her health began to fail. Until then, she was active with her church, charities that were close to her heart and as a member of a singing group that made occasional appearances around Santa Maria.

"She always said 'I'm going to die in the saddle, I'm not going to sit at home and become an old woman,'" Waterfield told The Associated Press on Monday. "And that's exactly what she did, she died in the saddle."

It was an apt metaphor for a stunningly beautiful woman who first made her mark as the scandalously sexy and provocatively dressed (for the time) pal of Billy the Kid, in a Western that Hughes fought for years with censors to get into wide release.

As the billionaire battled to bring the picture to audiences, his publicity mill promoted Russell relentlessly, grinding out photos of her in low-cut costumes, swimsuits and other outfits that became favorite pinups of World War II GIs.

To contain her ample bust, the designer of the "Spruce Goose" airplane used his engineering skills to make Russell a special push-up bra (one she said she never wore). He also bought the ailing RKO film studio and signed her to a 20-year contract that paid her $1,000 a week.

By the time she made her third film, the rollicking comedy-western "The Paleface," in which she played tough- but-sexy Calamity Jane to Bob Hope's cowardly dentist sidekick, she was a star.

She went on to appear in a series of potboilers for RKO, including "His Kind of Woman" (with Robert Mitchum), "Double Dynamite" (Frank Sinatra, Groucho Marx), "The Las Vegas Story" (Victor Mature) and "Macao" (Mitchum again).

Although her sultry, sensual look and her hourglass figure made her the subject of numerous nightclub jokes, unlike Marilyn Monroe, Rita Hayworth and other pinup queens of the era, Russell was untouched by scandal in her personal life.

During her Hollywood career she was married to star UCLA and pro football quarterback Bob Waterfield.

"The Outlaw," although it established her reputation, was beset with trouble from the beginning. It took two years to make, according to its theatrical trailer, and director Howard Hawks, one of Hollywood's most eminent and autocratic filmmakers, became so rankled under producer Hughes' constant suggestions that he walked out.

"Hughes directed the whole picture — for nine bloody months!" Russell said in 1999.

It had scattered brief runs beginning in 1943, earning scathing reviews. The Los Angeles Times called it "one of the weirdest Western pictures that ever unreeled before the public."

Russell's only other notable film was "Gentlemen Prefer Blondes," a 1953 musical based on the novel by Anita Loos that cast her opposite Monroe.

She followed that up with the 1954 musical "The French Line," which — like "Gentlemen Prefer Blondes" — had her cavorting on an ocean liner. The film was shot in 3-D, and the promotional campaign for it proclaimed "J.R. in 3D. Need we say more?"

In 1955, she made the sequel "Gentlemen Marry Brunettes" (without Monroe) and starred in the Westerns "The Tall Men," with Clark Gable, and "Foxfire," with Jeff Chandler. But by the 1960s, her film career had faded.

"Why did I quit movies?" she remarked in 1999. "Because I was getting too old! You couldn't go on acting in those years if you were an actress over 30."

She continued to appear in nightclubs, television and musical theater, including a stint on Broadway in Stephen Sondheim's "Company." She formed a singing group with Connie Haines and Beryl Davis, and they recorded gospel songs.

For many years she served as TV spokeswoman for Playtex bras, and in the 1980s she made a few guest appearances in the TV series "The Yellow Rose."

She was born Ernestine Jane Geraldine Russell on June 21, 1921, in Bemidji, Minn., and the family later moved to Los Angeles' San Fernando Valley. Her mother was a lay preacher, and she encouraged the family to build a chapel in their back yard.

Despite her mother's Christian teachings, young Jane had a wild side. She wrote in her 1985 autobiography, "My Paths and Detours," that during high school she had a back-alley abortion, which may have rendered her unable to bear children.

Her early ambition was to design clothes and houses, but that was postponed until her later years. While working as a receptionist, she was spotted by a movie agent who submitted her photos to Hughes.

The producer was famous for dating his discoveries, as well as numerous other Hollywood actresses, but his contact with Russell remained strictly business. Her engagement and 1943 marriage to Waterfield assured that.

She was the leader of the Hollywood Christian Group, a cluster of film people who gathered for Bible study and good works. After experiencing problems in adopting her three children, she founded World Adoption International Agency, which has helped facilitate adoptions of more than 40,000 children from overseas.

She made hundreds of appearances for WAIF and served on the board for 40 years.

As she related in "My Path and Detours," her life was marked by heartache. Her 24-year marriage to Waterfield ended in bitter divorce in 1968. They had adopted two boys and a girl.

That year she married actor Roger Barrett; three months later he died of a heart attack. In 1978 she married developer John Peoples, and they lived in Sedona, Ariz., and later, Santa Barbara. He died in 1999 of heart failure.

Over the years, Russell was also beset by alcoholism. She was able to rebound from troubles by relying on lessons she learned from her Bible-preaching mother.

"Without faith, I never would have made it," she commented a few months after her third husband's death. "I don't know how people can survive all the disasters in their lives if they don't have any faith, if they don't know the Lord loves them and cares about them and has another plan."

Survivors include her children, Thomas K. Waterfield, Tracy Foundas and Robert "Buck" Waterfield, six grandchildren and 10 great-grandchildren.

A public funeral is scheduled March 12 at 11 a.m. at Pacific Christian Church in Santa Maria.

In lieu of flowers, the family asks that donations be made in her name to either the Care Net Pregnancy and Resource Center of Santa Maria or the Court Appointed Special Advocates of Santa Barbara County.

Source:- http://oscars.movies.yahoo.com/news/2650-jane-russell-star-of-40s-and-50s-films-dies-ap

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