| Akamai shares rise on analyst's report
Shares of Akamai Technologies Inc. rose today after a Pacific Crest analyst said Akamai is delivering content for Apple Inc.'s new online movie rental service. Shares of Cambridge-based Akamai, which provides services and technologies for distribution and storage of digital media, added $1.05, or 4.1 percent, to $26.93 in midday trading on the Nasdaq Stock Market. In the past year, the stock has traded between $25.13 and $59.69. In a client note, Pacific Crest analyst Chad Bartley said that Akamai had refuted rumors that it lost business from Apple, but worries continued that the company might not provide delivery for future iTunes services. But an analysis of network traffic data gleaned from renting a movie from Apple's new iTunes movie rental service showed Akamai is in fact delivering content for it, he said.
TMB ties up with broking firm
Tamilnad Mercantile Bank (TMB) has entered into a partnership with Religare Enterprises Ltd, a stock broking firm and part of Ranbaxy group, to provide a range of financial services to its customers including online trading of securities. As part of its ongoing efforts to expand its partners in bancinvest channel, Religare would leverage its tie-up with TMB to penetrate into tier-II and III towns in Tamilnadu where the equity cult was yet to make an impact, said S Amarnath, regional head, Religare Enterprises. Moreover, the broking firm would have trained staff to work closely with the bank to provide the support required for servicing customers. The company offered a range of financial services including trading in equities, commodities, insurance broking, wealth advisory and portfolio management services to high net-worth individuals and NRIs.
BSE, NSE to challenge world's top stock exchanges
The age-old saying from the Bible has assumed great symbolic significance in today's global economic scenario. The erstwhile meek (sleeping economies) have woken up and are catching up with powerful competitors (developed countries) and are already showing the potential to overtake them. Nothing illustrates this better than the rise of the equity cult in emerging markets like India, China and Brazil. While these markets have been growing for a year now, '07 may turn out to be an inflexion point in their catch-up race. Take India, for instance. In '07, BSE broke into the league of the world's top 10 most valuable stock exchanges by market capitalisation. The world's leading bourses can no longer take their numero uno position for granted.
But why are we talking about global ranking of stock exchanges in a year-end edition of Investor's Guide? Because as the Indian market gets bigger, its visibility in the global investor's community improves, thus opening new sources of capital.
Is Gulf property in bubble trouble?
But at Dubai Marina, a $10 billion Emaar development offering 'exclusive waterfront property and . . . watertight investments,' signs of speculation, the bane of the developers, can clearly be seen. The towers of the Dubai Marina offer residential capacity for 150,000 people, and all of the finished blocks have been sold. 'But if you go there at night, you'll only see about 15 percent of the lights on in the apartments,' observes Ronald Hinchey, resident partner of estate agents Cluttons. 'This suggests that the majority of the apartments have not been bought by people who intend to live in them, a worrying sign for developers who will rely on a healthy secondary and rental market to sustain interest in their projects.' When speculators can buy offplan several months before a development is ready, and then sell close to launch for a premium of 15-20 percent, they have little need to worry about whether they'll find an end user to rent the property to when possession is taken.
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