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Get out of herd mentality
Upon the advice of many people, I liquidated all my investments to book profits by June-end. I was waiting for markets to correct and now I am cursing all those who gave free advice to book profits. My money in a savings bank account is earning 3.5 per cent. Should I invest right now or wait until the bears take over? -Manjunath

Just imagine
Forty years ago, man landed on the Moon. Also in 1969, the Vietnam war ground on, high hippydom ruled Western youth culture, feminism was in its so-called second wave, and the collectivist kibbutz movement in Israel was at the peak of its post-war efficacy. In 1969, Ursula Le Guin was just gaining renown as a writer. In that year she turned 40, and published her best-known science fiction novel. In 2009 the author turned 80 and her book, still in print and now a classic, turned 40.

News of the day

Arvind Subramanian: Tax reforms for higher growth
Arvind Subramanian / New Delhi December 23, 2009, 0:13 IST
Management

Govt to transfer mgmt control of 3 sick units to RINL

In its efforts to revive ailing public sector units under the steel ministry, the government today decided to hand over management control of three sick units to steel major Rashtriya Ispat Nigam (RINL). - Govt hikes dearness pay for staff, pensioners by 5% - IVRCL Infrastructures bags orders worth Rs 557 cr - Gujarat expects Rs 100-cr business during Navratri fest - Orissa asks oil companies to open more LPG outlets - Govt rejects Goldman Sachs" proposal - Govt refers to CCEA Daimler"s proposal to buy Hero Group stake It also decided to wind up operations of Karanpura Development Co and Scott & Saxyby. The five ailing firms -- Orissa Mineral Development Corporation (OMDC), Bisra Stone Lime Co (BSLC), Karanpura Development Co (KDCL), Scott & Saxyby (SSL), Eastern Investments (EIL) -- are known as Bird Group of Companies. The management control of Orissa Mineral Development Corporation, Bisra Stone Lime Co and Eastern Investments would be given to RINL. Announcing the Cabinet decision, Information and Broadcasting Minister Ambika Soni said that the restructuring proposal envisages vesting management control of the three firms with RINL in a subsidiary-cum-holding structure in order to make these companies economically viable and sustainable. "The government loan and accrued interest thereon would be waived off. The commercially unviable companies would be wound up and their employees would be adjusted in other sister companies under the group or would be offered VRS," Soni said. The restructuring proposal includes converting Orissa Mineral Development Corp and BSLC into arms of Eastern Investments. EIL would be made a subsidiary of RINL.


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