Wednesday, 30 January 2013

Plane crash kills 22 in Kazakhstan - emergencies official


A passenger plane crashed in thick fog near Kazakhstan's commercial capital of Almaty on Tuesday, killing all 22 people on board, an emergency services official said.
The Canadian-built Bombardier Challenger CRJ-200 was en route from the city of Kokshetau in northern Kazakhstan to Almaty in the southeast when it crashed near the village of Kyzyl Tu, Deputy Almaty Mayor Maulen Mukashev said.
He told reporters near the scene that the plane belonged to private Kazakh airline SCAT, which operates extensive domestic services and some international flights.
"There was no fire, no explosion. The plane just plunged to the earth," Yuri Ilyin, deputy head of the city's emergencies department, told Reuters near the scene.
Ilyin put the death toll at 22.
Almaty and the surrounding area were veiled in thick fog on Tuesday.
"The preliminary cause of the accident is bad weather," Mukashev said. "Not a single part of the plane was left intact after it came down."
It was the second plane crash in the Central Asian country and former Soviet republic in just a over a month.
On December 25, a military transport airplane crashed in bad weather near the southern Kazakh city of Shymkent, killing all 27 people on board.
Prosecutors have said that a fatal combination of technical problems, bad weather and human errors caused that accident.

Inflation has gobbled up your savings in the bank


 Happy with your high bank deposit rates? Sorry, the inflation monster has quietly eaten it up. A consumer inflation rate of more than 10% and fixed deposit (FD) interest rate of 9% mean the returns on your bank deposits are actually negative. If you had set aside Rs. 10,000 in December 2011 in a bank FD that gave you an annual return of 9% and were planning to buy something that could cost Rs. 10,900 a year later, then probably you would have been disappointed.
During the intervening period, the retail price of the same good would have grown by over 10%, putting a spanner in the works. This is because "real" interest rates or earnings on assets adjusted against inflation are negative.
"Real interest rates tend to weaken when inflation remains high in the economy for a long duration," said Ananda Bhoumik, senior director- financial institutions, India Ratings & Research- a Fitch group company.
Consumer price inflation - a more realistic cost of living index because it captures shop-end prices - has shot up to a worrisome 10.56% last month.
Almost all everyday products and services - from food to footwear, movie tickets to medicines, restaurant meals to deodorants and lipsticks - have turned dearer in the past 12 months, pinching family budgets hard.
Experts recommend more diversified financial planning to keep returns ahead of inflation.
"Investors need to invest 50% of their investment into assets that beat inflation in the long term, such as equities and real estate," says Vishal Dhawan, founder of Plan Ahead Wealth Advisors.

How to manage money in your early twenties


Ok if you are reading this, it means you are young! Not sure how young, but let me assume that you are really young. It means you are still wondering who will pay for your higher education.

You have just graduated and are wondering whether your parents can / should pay for your higher education. If you think it is their duty, you are wrong. If you think they are doing you a favor, you are right.
Here are some tips to handle money:
1. Paying for college education: College education really helps, and you should go. In fact it makes sense to do a good MBA (I mean in the top 10 MBA schools of India – or even Ivy League if you can afford it). However expect your parents to pay only for a portion of the costs. It is amazingly good to pay for your education, books, etc. In life you will NEVER ever regret this piece of advice. Sure, if your parents cannot afford it, you will be FORCED to find ways to fund it. Even if your parents can afford, it will give you a great feeling of paying partly for your own education.
2. Become financially independent: The aim to try to earn an income to meet your own expenses is a brilliant move. The earlier you can do it the better. Remember Warren Buffet was 11 when he started looking for business opportunities? So no age is too early to start, and no age too late to start. Living within your own income (not depending on parents) is also a great feeling. The younger you are the better.
3. Start saving and investing: Savings make your money go, investments make your money go faster. So earn, save and invest. Once you see your money making money you will enjoy the process of investing. When your money makes money you also do not like to blow it away on things that you do not need.
4. Do not buy junk: If you have already been earning and buying unnecessary things, you surely understand what I mean. Just look around if you have things that you have not used for 3 months (6 months if you insist) ask yourself ‘do you really need it?’. If the answer is NO, gift it away, throw it away, get rid of the junk. However, remember the lesson ‘Do not buy junk’. Warren Buffet said: ” If you buy things you do not need soon you will have to sell the things that you need”.
5. Talk money while you are dating: Know the other person’s attitude towards earning, saving, spending and investing. Just too many young people get hitched without knowing the other person’s attitude towards money. Being on the same page as far as budgeting, saving, investing helps. Needless to say I am seeing vicious fights among dating and married couples. Sadly India does not have enough financial behavior data – so we have no clue about how many marriages end in divorce because of money matters alone. Be warned.
6. Avoid credit card debt: If you cannot afford something, hey you cannot afford it that is all. If you are spending everything on the cc and are unable to pay off in FULL at the end of the period, simple, you are in a debt trap and you will need a GIFT to pull you out of the shit. Unless you are Obama, you cannot print money.
7. Make a budget and stick to it: This is really a tough job and it requires a lot of discipline to do it. However if you want to improve at anything – running, fitness or money management, budgeting, recording and comparing the actual with the budgeted is ABSOLUTELY essential. You must do it. Worth the effort. Honestly.
8. Do not rush into a relationship like marriage if you have problems having a conversation regarding money.
9. Do not quit your job without a job on your hand: It is not easy to find a job when you do not have a job. However unhappy you are at your current job, and however frustrated, do not leave your current job. Many people are unhappy or sad with their jobs. However if you have a house to run, an EMI to pay, a promise to keep, find a job first. The quitting can wait.

Tuesday, 29 January 2013

Brazil detains band, club owners after deadly nightclub fire


 Brazilian police investigating a nightclub fire that killed 231 people detained on Monday the owners of the club and two band members whose pyrotechnics show authorities say triggered the blaze.
No charges were filed against the four men, but prosecutors said they could be held for up to five days as police press them for clues as to how the fire early Sunday morning could have caused so many deaths.
Stunned residents in the southern city of Santa Maria attended a marathon of funerals beginning in the pre-dawn hours. After sunset, thousands joined a procession through the streets of the city, dressed in white and wearing black arm bands.
Some mourners demanded answers about the safety measures at the nightclub, where hundreds were trapped after the ceiling became engulfed in flames.
"Why the regulations? Why pay taxes? What is the government doing?" read a banner carried by university students who had lost friends in the fire.
The tragedy comes as Brazil prepares to host the 2014 World Cup soccer tournament and 2016 Olympics, putting its safety standards and emergency response capabilities in the international spotlight.
President Dilma Rousseff, who cut short a visit to Chile to fly to the scene of the disaster on Sunday, called for a minute of silence before addressing a meeting of newly elected mayors in the capital, Brasilia.
"The pain I saw in Santa Maria was indescribable," Rousseff said. "Faced with this tragedy, it is our duty to make sure it never happens again."
Most of the dead were suffocated by toxic fumes that rapidly filled the Kiss nightclub after the band set off a flare at about 2:30 a.m. on Sunday, authorities said.
The club's operating license was under review for renewal after expiring last year. Witnesses said bouncers initially blocked the only functioning exit because they believed fleeing customers were trying to skip out on their bar tabs.
Tarso Genro, governor of the prosperous southern state of Rio Grande do Sul where the disaster occurred, said authorities had shifted their focus from rescue and taking care of the wounded to investigating the scene.
"We're going to find out who was responsible," he vowed.
The death toll was revised down to 231 from 233 as officials said some names had been counted twice. By Monday night, 129 people were still hospitalized, 76 of them in serious condition, according to state health services.
Mourning throughout Brazil was mixed with frustration at a culture of lax regulation blamed for putting lives at risk.
"So many young ones with all of their lives ahead of them," Brazilian soccer legend Pele wrote on Twitter. "The government has to make a priority of event security in this country!"
SAFETY ENFORCEMENT UNEVEN
Relatives and friends of the dead demanded accountability, signaling the start of a wave of police probes, lawsuits and recriminations that could drag on for months or even years.
Based on testimony from more than 20 witnesses, investigators are now certain that the band's pyrotechnics show triggered the blaze, police official Sandro Meinerz said.
"I really didn't like those fireworks. The smell made me nauseous," the band's guitarist, Rodrigo Lemos Martins, told television network Globo in a joint interview with the drummer. "But we were just hired by the band, so it was the owners who were in charge."
The band's accordion player, Danilo Jaques, 30, was among those killed, but the other five members survived. The band's vocalist and production engineer were detained by police investigating who was responsible for firing the flare, according to Brazilian media.
It seems certain others will share the blame for Brazil's second-deadliest fire ever. The use of a flare inside the club was a clear breach of safety regulations, fire officials said.
Some details may never be known. Meinerz said the club owner told authorities that the club's internal video surveillance system had stopped working three months ago.
Clubs and restaurants in Brazil are generally subject to a web of overlapping safety regulations, but enforcement is uneven and owners sometimes pay bribes to continue operating.
The investigation of the Kiss fire could drag on for years. After a similar fire at an Argentine nightclub in 2004 killed 194 people, more than six years passed before a court found members of a band criminally responsible for starting the blaze and causing the deaths.
That tragedy also provoked a massive backlash against politicians and led to the removal of the mayor of Buenos Aires.
Civil lawsuits stemming from the Brazil fire are likely to be directed at the government because the owners of the nightclub probably don't have much money, said Claudio Castello de Campos, a Brazilian lawyer who has handled big cases including the crash of a TAM Airlines jet in Sao Paulo in 2007.
Castello de Campos disputed some statements by local officials that the Kiss nightclub could have continued operating legally while it waited for its license to be renewed. "If the license was expired, that's an irregular situation," he said.
Valdeci Oliveira, a legislator in Rio Grande do Sul state, said he and his colleagues would seek to ban pyrotechnics displays in closed spaces such as nightclubs.
"It won't bring anybody back, but we're going to introduce the bill," Oliveira said on his Twitter feed.
The Brazil fire is the worst to hit an entertainment venue since a fire on Christmas Day in 2000 engulfed a mall in Luoyang, China, killing 309 people.

Brazil detains band, club owners after deadly nightclub fire


 Brazilian police investigating a nightclub fire that killed 231 people detained on Monday the owners of the club and two band members whose pyrotechnics show authorities say triggered the blaze.
No charges were filed against the four men, but prosecutors said they could be held for up to five days as police press them for clues as to how the fire early Sunday morning could have caused so many deaths.
Stunned residents in the southern city of Santa Maria attended a marathon of funerals beginning in the pre-dawn hours. After sunset, thousands joined a procession through the streets of the city, dressed in white and wearing black arm bands.
Some mourners demanded answers about the safety measures at the nightclub, where hundreds were trapped after the ceiling became engulfed in flames.
"Why the regulations? Why pay taxes? What is the government doing?" read a banner carried by university students who had lost friends in the fire.
The tragedy comes as Brazil prepares to host the 2014 World Cup soccer tournament and 2016 Olympics, putting its safety standards and emergency response capabilities in the international spotlight.
President Dilma Rousseff, who cut short a visit to Chile to fly to the scene of the disaster on Sunday, called for a minute of silence before addressing a meeting of newly elected mayors in the capital, Brasilia.
"The pain I saw in Santa Maria was indescribable," Rousseff said. "Faced with this tragedy, it is our duty to make sure it never happens again."
Most of the dead were suffocated by toxic fumes that rapidly filled the Kiss nightclub after the band set off a flare at about 2:30 a.m. on Sunday, authorities said.
The club's operating license was under review for renewal after expiring last year. Witnesses said bouncers initially blocked the only functioning exit because they believed fleeing customers were trying to skip out on their bar tabs.
Tarso Genro, governor of the prosperous southern state of Rio Grande do Sul where the disaster occurred, said authorities had shifted their focus from rescue and taking care of the wounded to investigating the scene.
"We're going to find out who was responsible," he vowed.
The death toll was revised down to 231 from 233 as officials said some names had been counted twice. By Monday night, 129 people were still hospitalized, 76 of them in serious condition, according to state health services.
Mourning throughout Brazil was mixed with frustration at a culture of lax regulation blamed for putting lives at risk.
"So many young ones with all of their lives ahead of them," Brazilian soccer legend Pele wrote on Twitter. "The government has to make a priority of event security in this country!"
SAFETY ENFORCEMENT UNEVEN
Relatives and friends of the dead demanded accountability, signaling the start of a wave of police probes, lawsuits and recriminations that could drag on for months or even years.
Based on testimony from more than 20 witnesses, investigators are now certain that the band's pyrotechnics show triggered the blaze, police official Sandro Meinerz said.
"I really didn't like those fireworks. The smell made me nauseous," the band's guitarist, Rodrigo Lemos Martins, told television network Globo in a joint interview with the drummer. "But we were just hired by the band, so it was the owners who were in charge."
The band's accordion player, Danilo Jaques, 30, was among those killed, but the other five members survived. The band's vocalist and production engineer were detained by police investigating who was responsible for firing the flare, according to Brazilian media.
It seems certain others will share the blame for Brazil's second-deadliest fire ever. The use of a flare inside the club was a clear breach of safety regulations, fire officials said.
Some details may never be known. Meinerz said the club owner told authorities that the club's internal video surveillance system had stopped working three months ago.
Clubs and restaurants in Brazil are generally subject to a web of overlapping safety regulations, but enforcement is uneven and owners sometimes pay bribes to continue operating.
The investigation of the Kiss fire could drag on for years. After a similar fire at an Argentine nightclub in 2004 killed 194 people, more than six years passed before a court found members of a band criminally responsible for starting the blaze and causing the deaths.
That tragedy also provoked a massive backlash against politicians and led to the removal of the mayor of Buenos Aires.
Civil lawsuits stemming from the Brazil fire are likely to be directed at the government because the owners of the nightclub probably don't have much money, said Claudio Castello de Campos, a Brazilian lawyer who has handled big cases including the crash of a TAM Airlines jet in Sao Paulo in 2007.
Castello de Campos disputed some statements by local officials that the Kiss nightclub could have continued operating legally while it waited for its license to be renewed. "If the license was expired, that's an irregular situation," he said.
Valdeci Oliveira, a legislator in Rio Grande do Sul state, said he and his colleagues would seek to ban pyrotechnics displays in closed spaces such as nightclubs.
"It won't bring anybody back, but we're going to introduce the bill," Oliveira said on his Twitter feed.
The Brazil fire is the worst to hit an entertainment venue since a fire on Christmas Day in 2000 engulfed a mall in Luoyang, China, killing 309 people.

Investing in Platinum


Indian investors always had a fascination towards precious metals and stones owing to their hedging ability against the rising inflation and economic uncertainties. While investing in gold and silver has been going on, another investment avenue that is blooming since past few years is the ‘noble metal’ or platinum.

Although platinum has a very short financial trading history associated with it compared to other precious metals, it is slowly becoming one of the favorite investment platform for Indian investors as well. Investing in platinum not only helps in diversifying investment portfolio, but also in providing a smart long term investment strategy.
Platinum is available in the physical form as collectable coins while financial options are available globally including active trade in the National Spot exchange in India.

Platinum Vs Gold: 
Less than a decade ago platinum prices were exponentially high and were nearly 150% the price of gold. With an extended bull run in gold coupled with increasing global recession in platinum manufacturing countries as well as industrial sectors, platinum prices have come down to nearly the same level as gold.  As of first week of November, platinum was trading at Rs. 3,256 per gram compared to Rs. 3,134 per gram for gold. According to industry experts as well as financial analysts, platinum is expected to rally around these levels for the next few months till economic recovery is back on track. The existing low prices of platinum however offer great investment opportunities to the smart investor to jump on the investment bandwagon.
Platinum Vs Diamonds:
Platinum and diamonds have always been on the radar of the rich and famous. With Gold prices reaching astronomical highs, more and more Indian investors are now looking at diamonds and platinum as an equally lucrative investment opportunity. Diamonds are available in physical form and not every investor is aware of the cut and clarity in the absence of hallmarked diamonds which are few and far in between. Platinum on the other hand has no such problems and can be traded on NSEL in electronic form while physical delivery is controlled by Platinum guild India.
Investment Opportunities in Platinum: 
With the rising popularity and the bright future of platinum as an investment vehicle, the National Spot Exchange (NSEL) e-Platinum launched e-platinum trading platform under its e-Series products in April 2012. 
E-Platinum:
The e-platinum platform has been slowly gaining popularity amongst the investors. It opens up opportunity for the investors to buy units of Platinum electronically in the multiples of 1 gram with the option to sell, retain or take physical delivery through the platform.  Just like e-gold and e-silver, e-platinum also allows investors to avail physical delivery of Platinum in various denominations usually in granules form imported from London platinum and palladium market (LPPM) approved suppliers. As of now physical delivery of platinum is limited to Delhi, Mumbai, Jaipur and Hyderabad but more cities are being added periodically by NSEL.
Bars and Coins: 
For those who want to store the metal in its physical form, Platinum bars, coins and bullions are available across various centers including nationalized and private banks as well as authorized dealers. Physical delivery of platinum is available in various weights including 1 gram to 100 grams with a purity of 99.95%. Since physical buying of platinum is still in its nascent stage in India, individuals must check with their vendors for authenticity certificates and buyback deductions.
Platinum Futures Contract: 
Platinum can also be invested in the Futures market as Multi Commodity Exchange (MCX) allows buying facilities for Platinum Futures Contract (1 gram). Since futures market is highly volatile and has inherent risks attached, such investment avenues are only recommended for the advanced traders and investors.
Future Outlook for Platinum: 
Even though platinum prices may appear bearish for now, the price of platinum is expected to rise in the near future as platinum jewelry markets get more evolved. In fact The Mineral Exploration and Development Report in its 12th Five Year Plan Period has projected that platinum demand in India will reach 80 tons by the year 2017. Also with the increase on strength of the automobile industry globally, platinum may well retain its high financial strength and offer a perfect investment tool for the serious investors.
Analysts and financial experts may have a different outlook on the short term prospects of platinum but most agree that with the low costs of the metal, this is a perfect time to invest in e-Platinum in demat form which emulates the price of physical platinum in the precious metal market.

The worst mistakes wedding guests can make


There’s a lot of pressure on the bride and groom come their big day; the nerves of saying their vows in front of loved ones, the speeches and the first dance. But had anyone given a second thought about the wedding guests? While much of the day hangs in the balance of the bride and groom’s actions, there is many a mistake to be made by the wedding guests. Here are the top 10 most common wedding guest mistakes to be avoided.


The wrong attire:
A hat to rival the mother of the bride’s, a skimpy dress in church, or worse, a white dress; there are just so many fashion faux pas to be made at a wedding. If you know the colour scheme of the wedding party, for example, if the bridesmaids are all in lilac, then the biggest mistake would be to wear the same colour. It creates confusion as to who is in the wedding party and it seems like you’re just trying to prove a point. There are so many colours in the rainbow, so don’t be a copycat.  

Getting too merry

Everyone knows that weddings are all about the champagne toasts and the booze-fuelled reception, but pushing the boat out too far and drinking more than your fair share (especially if the bride and groom have allocated a certain number of bottles per table) is not only bad manners, but also runs the risk of lowering the tone of the day by acting like a drunken idiot. Unsurprisingly, dancing on tables or flashing the bar staff are not considered appropriate wedding guest conduct.

Arriving empty handed
The happy couple and their families are kindly paying for you to enjoy a delicious meal and enjoy a fun party, so the least you can do as a wedding guest is bring a gift for the bride and groom. Not everyone can afford a hefty honeymoon donation, but it is considered good etiquette not to turn up empty handed to any party – be it a birthday or baby shower. Even if you just bring a card, it’s not worth the awkwardness when you have nothing to present the blushing bride when she greets you.

Heckling

Wedding speeches can be dangerous territory, especially if certain wedding guests have had one too many glasses of champers. While the best man, groom and father of the bride speeches are all intended to be interactive to an extent (laughter usually cuts it) they sometimes create a window of opportunity for the less eloquent of wedding guests to heckle the speechmaker and create an embarrassing atmosphere for all. Keep quiet and enjoy the puns.