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Monthly Archives: November 2012

Household investments in gold are not irrational

Posted on November 28, 2012 by monikahalan
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Expense Account, Mint

Gold is fantastic. Gold is a problem. Depending on who you are, you will choose one of these statements. For Indian households gold has emerged as the investment destination of choice. After declining over the first half of calendar year 2012, third quarter data shows an uptick in demand despite high prices and a higher customs duty. Not only is gold demand up, but that for coins and bars is growing faster than that for jewellery. Coins and bars demand grew 12% over the third quarter of 2012 over 2011 (for calendar year), while that of jewellery grew 7%. Coins, bars and exchang-traded funds are investment vehicles while jewellery is more of a traditional store of wealth for women.

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Posted in Uncategorized | Tagged Budget 2013-14, capital account, deficit, gold, money box, monika, Personal Finance, Smart Money | Leave a reply

‘You’re not a loser, the scheme is for you’

Posted on November 21, 2012 by monikahalan
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Expense Account, Mint

I’m between meetings and while away time at a Barista near IIT. The book I have open is less interesting than the conversation I shamelessly eavesdrop on. Didn’t have to try very hard as the two men who sat less than two feet away are locked up in a world of their own. One seems to be the person with the scheme. The other sounds like the person who will go and sell that scheme. Twenty minutes of hearing high energy hectoring, approach lines, counter questions and a very basic but effective sales pitch and I reluctantly leave the free theatre. These men are obviously practicing a pyramid scheme and person one is prepping person two. The thread that runs through person one’s rant at person two and then of person two to the victim he calls on the phone is this: you’re a loser if you carry on with your low-level life as it is now. You want the big bucks? The good life? To be in the fast lane? Then you need to jump into this scheme. It is only for you. I am your special friend. There is a small window of opportunity open. It will shut. Remember that person? How useless he used to be? Well, now he’s in Mumbai. Drinks everyday at five star bars. And you can’t even afford this coffee you drink that I bought you. Hurry up and sign on.

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Posted in Expense Account | Tagged financial planning, Mint, MLM, money, money box, monika, Personal Finance, ponzi | Leave a reply

Banks vs retail investors

Posted on November 7, 2012 by monikahalan
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Expense Account, Mint

The Hongkong and Shanghai Banking Corp. Ltd (HSBC) has been in the news in the past week for all the wrong reasons. Globally, the bank has been under pressure not just for mis-selling in the UK but also for allegedly violating the US anti-money laundering laws. Its third quarter results have a provisioning of another $800 million to account for the over $1.5 billion hit the bank may take for the alleged money laundering. The bank has already provisioned another $353 million, taking the total in penalties and compensation to about $1.8 billion on account of mis-selling the payment protection insurance (PPI) in the UK. The mis-selling issue has now chased the bank to India and recent newspaper reports say that the bank has been instructed by the London headquarters to stop selling mutual funds (MFs) and insurance products till it revamps its sales practices. The story said that a “culture audit” found instances of mis-selling. The bank denied the report to say that the revamp of wealth management was work-in-progress and no sales have been suspended.

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Posted in Expense Account | Tagged #investing, banks, monika, Personal Finance, predatory capitalism, RBI, Saving | Leave a reply
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