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Farm output shortfall to hit GDP, says Ficci
India"s economy is expected to grow between 5.2 per cent and 5.8 per cent in 2009-10, much lower than last year as the agriculture output is estimated to decline significantly because of drought in 276 districts of the country, an industry paper said.

Tantia Constructions to dilute 10% equity
Civil and core infrastructure development company Tantia Constructions is looking at diluting 10 per cent of its total equity to raise money for upcoming projects, according to market sources. The company is considering fund raising through secondary market transactions, though the exact quantum of cash to be realised through the stake offloading could not be ascertained.

News of the day

Bankers will remain bankers
We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that, following the Lehman bust in September 2008, evolved into a full-blown global financial crisis. It is a collection of thematic essays by the faculty of the Stern School of Business at New York University.
Management

Goldman Q2 profit surges 65% to $3.44 bn

Investment banking major Goldman Sachs today reported huge profit of $3.44 billion for the second quarter ended June, bolstered by stellar performance in trading operations. - Goldman Sachs expected to post profit in March-June quarter - Goldman Sachs loses grip on its doomsday machine - Goldman may lose millions in software theft - When one becomes two - Goldman Sachs to repay $10 bn in govt funds - Jonathan Weil: Banks trade TARP for bonuses, debauchery, jets">Jonathan Weil: Banks trade TARP for bonuses, debauchery, jets Goldman Sachs" profit surged 65 per cent to $3.44 billion for the three months ended June 26, 2009. In the year-ago period, the entity had a profit of $2.09 billion. Goldman Sachs, which recently returned bailout funds worth $10 billion to the Federal government, recorded second-quarter revenues to the tune of $13.76 billion. The company in a statement said it had revenues worth $9.42 billion in the comparable period. Goldman Sachs received help from the US government to tide over the one of the worst economic recessions in nearly 80 years. "Net revenues in trading and principal investments were $10.78 billion, 93 per cent higher than the second quarter of 2008 and 51 per cent higher than the first quarter of 2009," the statement said. Excluding preferred stock dividends of $717 million, profit for the second quarter stood at $2.72 billion. "While markets remain fragile and we recognise the challenges the broader economy faces, our second quarter results reflected the combination of improving financial market conditions and a deep and diverse client franchise," Goldman Sachs" Chairman and Chief Executive Lloyd C Blankfein said. "Our role as an intermediary focused on making markets for buyers and sellers helped drive our performance. We were also active as an underwriter of many significant debt and equity offerings for clients," Blankfein noted. The company shelled out $6.65 billion for compensation and benefits expenses in the second quarter. However, net revenues from the investment banking segment stood at $1.44 billion, about 15 per cent lower than the second quarter of 2008. The net revenues from financial advisory services dropped 54 per cent to $368 million against the year-ago period, primarily due to a significant decline in industry-wide completed mergers and acquisitions. Goldman Sachs would be paying a dividend of 35 cents per common share for stakeholders of record as on August 25, 2009.


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