Business, International

US bank Wachovia in talks for buyout

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Wachovio

US economy is going with its worst era. After Washington Mutual (WaMu) seized by the US government and put in the pocket of JP Morgan Chase, it wrote a new chapter of biggest bank failure in US history.

it seems next in the line is Wachovia Corp., USA’s 6th largest bank, by assets, was hunting for a merger partner as reported by Reuters. The Wall Street Journal reported that Wachovia had entered preliminary merger talks with Citigroup, Banco Santander SA and Wells Fargo & Co, citing a person familiar with the situation. Bank executives are expected to be in New York this weekend for talks, it said.

Wachovia was estimated about $21.6 billion after the Friday’s market close, Reuters data show. It’s stock price dropped to $8.90 from the regular trading close of $10. Currently, New York-based CitiGroup, Banco Santander of Spain and San Francisco-based Wells Fargo are in line up to bid for Wachovia. Market value estimated for Citigroup’s was $109.7 billion, Santander’s was $99.8 billion and Wells Fargo’s was $123.4 billion, the data show.

These talks are early, however, and no deal may emerge from them. But it appears that Wachovia is seeking out potential alternatives should the financial rescue package being debated in Washington is not quickly passed, or fails to provide enough help.

Takeovers can wipe out bank stakeholders if they occur after regulators seize the company. Similar had happened to Seattle-based Washington Mutual Inc., the nation’s biggest thrift and now the largest bank failure in history. JPMorgan Chase & Co. paid $1.9 billion for deposits and branches of WaMu, leaving the company with about $28 billion in debt according to Bloomberg data and little means to pay it off.

WaMu was taken over by regulators yesterday after customers of the Seattle-based lender withdrew $16.7 billion from accounts since September 15.

According to the latest reports, Wachovia Corp. suitors may wait to let regulator seize the bank, resulting best assets in their pocket and leave rest with government to sort out.

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Google

Google Project 10 to the 100th

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On the 10th anniversary, Google has launched a new project name Project 10100. 

Project 10100 (pronounced “Project 10 to the 100th”) is a call for ideas to change the world by helping as many people as possible.

In this project anyone can participate by sending their ideas which can help the maximum people. Last date for submission of ideas is October 20, 2008. Idea can also be submitted in the form of 30-second video.

After all the idea submissions, Google will post a selection of 100 ideas and open them for voting from the public to choose the 20 semi-finalists. Later, an advisory board will short-list up to five final ideas.

Google has committed $10 million to bring the final ideas in to reality projects, but there final goal goal is to help as many people as possible. Thats why their tag line is

“May those who help the most win.”

Google has set some rules like some categories and criterias which are

Categories

  • Community: How can we help connect people, build communities and protect unique cultures?
  • Opportunity: How can we help people better provide for themselves and their families?
  • Energy: How can we help move the world towards safe, clean, inexpensive energy?
  • Environment: How can we help promote a cleaner and more sustainable global ecosystem?
  • Health: How can we help individuals lead longer, healthier lives?
  • Education: How can we help more people get more access to better education?
  • Shelter: How can we help ensure that everyone has a safe place to live?
  • Everything else: Sometimes the best ideas don’t fit into any category at all.

    •  

    Criteria

    • Reach: How many people would this idea affect?
    • Depth: How deeply are people impacted? How urgent is the need?
    • Attainability: Can this idea be implemented within a year or two?
    • Efficiency: How simple and cost-effective is your idea?
    • Longevity: How long will the idea’s impact last?

    You can submit your ideas here

    http://www.project10tothe100.com/intl/EN_GB/submit_your_idea.html

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    Google, iPhone, Mobile

    Apple iPhone 3G vs Google Android G1

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    I don’t think after gathering the following information, I require to explain anything further. Both Apple iPhone 3G and Google Android G1 are launched few time back and would be missing some software features and applications if compared to the applications on other developed handhelds and smartphones. But if you ask me, these software features can be added later anytime by upgrading the firmware. What really matters is the hardware which according to me Apple iPhone has better than the G1. But, Google Android is only focusing only on the OS for which device needs to be developed by the mobile manufacturers.

    Features

    Google Android G1

    Apple iPhone 3G

    Processor

    Qualcomm 400 MHz

    ARM 620 MHz

    (under-clocked to 412 MHz)

    Memory (RAM)

    192 MB

    128 MB SDRAM

    Storage (ROM)

    1 GB

    8 GB or 16 GB

    Dimensions (H x W x D)

    117.7 x 55.7 x 17.1 mm

    4.60 x 2.16 x 0.62 in

    115.5 x 62.1 x 12.3 mm

    4.50 x 2.40 x 0.48 in

    Weight

    158 grams, 5.57 ounces

    133 grams. 4.7 ounces

    Screen

    Non-multi touch 3.2” 480×320, un-specified ppi

    Multi touch 3.5”

    480×320, 163 ppi

    Input

    Sliding keyboard, Trackball, 6 Buttons, Touch-screen

    Home Button,

    Multi-touch screen

    Expansion ports

    microSD Card Slot, ExtUSB (USB + Audio)

    Headphones, Dock connector (USB + Power)

    Wireless

    WiFi 802.11 b/g,

    Limited Bluetooth 2.0 EDR

    WiFi 802.11 b/g,

    Limited Bluetooth 2.0 EDR

    Mobile Network

    Quad Band GSM/EDGE

    UMTS + 3G

    Quad Band GSM/EDGE

    UMTS + 3G

    Camera

    Fixed focus 3.2 MP

    Fixed focus 2.0 MP

    Others

    Motion Sensor, Digital Compass, GPS

    Motion Sensor, Assisted GPS

    Software features

    Fully supported Cut & Paste

    Pinch zooming
    Business, International

    Another US banking ship sinked

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    A Washington Mutual in Naperville, Illinois
    Image via Wikipedia

    After Lehman Brothers and Merrill Lynch, next is Washington Mutual (WaMu). Where is US economy going? Once the most strong, fastest growing and stable economy of the world is now collapsing in top speed.

    Wall Street Journal wrote

    “In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. and struck a deal to sell the bulk of its operations to J.P. Morgan Chase & Co. Federal regulators said WaMu has suffered an exodus of $16.7 billion in deposits since Sept. 15, leaving the Seattle thrift “with insufficient liquidity to meet its obligations.” As a result, WaMu was in “an unsafe and unsound condition to transact business,” according to the Office of Thrift Supervision.”

    JP Morgan has came up as saviour for the second US banking major, earlier this year JP Morgan also aquired the investment bank Bear Sterns. This is 13th major banking failure in US this year which raises question on the US economy in the near future. As the US elections are also near, next forming government will need to look seriously in the future operations of US banks and financial institutes.

    Just another blog!