Deloitte Consumer Spending Index Continues Downward

NEW YORK, June 9 /PRNewswire/ — The Deloitte Consumer Spending Index declined again in May, driven downward primarily by the housing market. The Index attempts to track consumer cash flow as an indicator of future consumer spending.

“The year over year pace of decline in real consumer spending appears to have stabilized, however, recovery is being delayed by a sharp increase in consumer savings, which has risen to 5.7 percent from zero a year ago,” said Carl Steidtmann, chief economist with Deloitte Research, a subsidiary of Deloitte Services LP, and author of the monthly Index. “However, the weakness in the Index was driven almost entirely by falling home prices, which are down nearly 14 percent over the past year, undermining small gains in real wages, a declining tax burden and current stabilization in new unemployment claims.”

The Index, comprising four components — tax burden, initial unemployment claims, real wages and real home prices — fell to 1.35 percent from an downwardly revised gain of 1.44 percent a month ago.

“The lack of improvement in the index suggests that consumers are still feeling the pressures of the economy,” said Stacy Janiak, vice chairman and U.S. Retail leader, Deloitte LLP. “Additionally, even when a recovery takes hold and spending strengthens, consumers will likely remain focused on value. Retailers should consider strategies that strike a connection with customers looking to keep expenditures down without trading down. That might mean expanding or reinventing a private label brand in a way that not only offers the right price point, but a certain amount of cache as well.”

Highlights of the Index include:

Tax Burden: The tax burden continues to fall with the weakening of the economy. The tax burden is at a level only seen on a few occasions over the past 50 years during brief periods following tax rebates. Continued decline is expected.

Initial Unemployment Claims: Claims appear to have stabilized for the moment and in recent weeks have come down. While still at very elevated levels, the future direction of claims remains uncertain given sizable layoffs that are expected from the auto and auto dealer sectors of the economy.

Real Wages: Real wage growth continues to post small gains due in large part to falling prices for energy. Real wages are up 4.3 percent from a year ago and on an annualized basis are up 8.0 percent over the last nine months as energy prices have given a big boost to consumer purchasing power.

Real Home Prices: Home prices continue to fall. Renewed efforts to forestall foreclosures coupled with a tax credit for home buyers may bring some stability to this market. The decline in home prices has made home buying much more affordable. What is lacking is mortgage financing and stable prices.

For more information about Deloitte’s Retail sector, please visit www.deloitte.com/us/retail.

About Deloitte

As used in this document, “Deloitte” means Deloitte LLP and Deloitte Services LP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

SOURCE Deloitte

The Conference Board Leading Economic Index(TM) (LEI) for the U.S. Improves Again

NEW YORK, June 18 /PRNewswire/ — The Conference Board Leading Economic Index(TM) (LEI) for the U.S. increased 1.2 percent in May, following a 1.1 percent increase in April, and a 0.3 percent decline in March.

Says Ken Goldstein, Economist at The Conference Board: “The leading economic index increased for the second consecutive month. The coincident economic index is still declining, but the declines are less intense. The recession is losing steam. Confidence is rebuilding and financial market volatility is abating. Even the housing market appears to be stabilizing. If these trends continue, expect a slow recovery beginning before the end of the year. However, employment will take longer to turn around.”

The Conference Board Coincident Economic Index(TM) (CEI) for the U.S. declined 0.2 percent in May, following a 0.3 percent decline in April, and a 0.7 percent drop in March. The Conference Board Lagging Economic Index(TM) (LAG) declined 0.2 percent in May, following a 0.8 percent decline in April and a 0.6 percent decrease in March.

* The Conference Board LEI for the U.S. increased sharply for the second consecutive month in May. In addition, the strengths among its components continued to exceed the weaknesses this month. Vendor performance, the interest rate spread, real money supply, stock prices, consumer expectations, and building permits contributed positively to the index, more than offsetting the negative contributions from weekly hours and initial unemployment claims. The index rose 1.2 percent (a 2.4 percent annual rate) between November 2008 and May 2009, the first time the index has increased over a six-month period since April 2007, and the strengths among the leading indicators have become balanced with the weaknesses during this period.

* The Conference Board CEI for the U.S. continued to decrease in May, amid further declines in industrial production and employment. The six-month change in the index stands at -3.3 percent (a -6.4 percent annual rate) in the period through May, down from -2.3 percent (a -4.5 percent annual rate) during the previous six months. In May, the lagging economic index for the U.S. fell by the same amount as the coincident economic index, and the coincident-to-lagging ratio remained unchanged, as a result. Meanwhile, real GDP fell at a 5.7 percent annual rate in the first quarter of the year, following a contraction of 6.3 percent in the fourth quarter of 2008.

* The Conference Board LEI for the U.S., which had been on a general downtrend since reaching a peak in July 2007, has risen sharply in the past two months amid widespread strengths among its components. With these large and extensive increases, the six-month change in the index has become positive for the first time in two years. The Conference Board CEI for the U.S., a measure of current economic activity, remains on a decreasing trend but its pace of decline has stabilized in recent months. All in all, the behavior of the composite indexes continues to suggest that the recession that began in December 2007 will likely ease in the near term.

LEADING INDICATORS

Seven of the ten indicators that make up The Conference Board LEI for the U.S. increased in May. The positive contributors – beginning with the largest positive contributor – were index of supplier deliveries (vendor performance), interest rate spread, stock prices, real money supply*, index of consumer expectations, building permits, and manufacturers’ new orders for nondefense capital goods*. The negative contributors – beginning with the largest negative contributor – were average weekly manufacturing hours, average weekly initial claims for unemployment insurance (inverted), and manufacturers’ new orders for consumer goods and materials*.

The Conference Board LEI for the U.S. now stands at 100.2 (2004=100). Based on revised data, this index increased 1.1 percent in April and decreased 0.3 percent in March. During the six-month span through May, the leading economic index increased 1.2 percent, with five out of ten components advancing (diffusion index, six-month span equals 50 percent).

COINCIDENT INDICATORS

Two of the four indicators that make up The Conference Board CEI for the U.S. increased in May. The positive contributors to the index – beginning with the largest positive contributor – were personal income less transfer payments* and manufacturing and trade sales*. The negative contributors – beginning with the largest negative contributor – were industrial production and employment.

The Conference Board CEI for the U.S. now stands at 100.7 (2004=100). This index decreased 0.3 percent in April and decreased 0.7 percent in March. During the six-month period through May, the coincident economic index decreased 3.3 percent, with none of the four components advancing (diffusion index, six-month span equals 0.0 percent).

LAGGING INDICATORS

The Conference Board LAG for the U.S. stands at 112.0 (2004=100) in May, with none of the seven components advancing. The negative contributors – beginning with the largest negative contributor – were average duration of unemployment (inverted), commercial and industrial loans outstanding*, change in labor cost per unit of output*, and change in CPI for services. The ratio of manufacturing and trade inventories to sales*, average prime rate charged by banks, and ratio of consumer installment credit to personal income* held steady in May. Based on revised data, the lagging economic index decreased 0.8 percent in April and decreased 0.6 percent in March.

DATA AVAILABILITY AND NOTES

The data series used to compute The Conference Board Leading Economic Index(TM) (LEI) for the U.S., The Conference Board Coincident Economic Index(TM) (CEI) for the U.S. and The Conference Board Lagging Economic Index(TM) (LAG) for the U.S. and reported in the tables in this release are those available “as of” 12 Noon on June 17, 2009. Some series are estimated as noted below.

* Series in The Conference Board LEI for the U.S. based on our estimates are manufacturers’ new orders for consumer goods and materials, manufacturers’ new orders for nondefense capital goods, and the personal consumption expenditure used to deflate the money supply. Series in The Conference Board CEI for the U.S. that are based on our estimates are personal income less transfer payments and manufacturing and trade sales. Series in The Conference Board LAG for the U.S. that are based on our estimates are inventories to sales ratio, consumer installment credit to income ratio, change in labor cost per unit of output, and the personal consumption expenditure used to deflate commercial and industrial loans outstanding.

The procedure used to estimate the current month’s personal consumption expenditure deflator (used in the calculation of real money supply and commercial and industrial loans outstanding) now incorporates the current month’s consumer price index when it is available before the release of The Conference Board LEI for the U.S.

SOURCE The Conference Board

The Depth of the Global Recession Impact Has Permanently Changed the Rules of the Game for Corporates, Ernst & Young Study Finds

88% of global companies say their operating model has been altered by recession

NEW YORK, June 15 /PRNewswire/ — The impact of the economic downturn has clearly been significant, however not all companies are equally affected by the recession, according to a study of executives at 570 leading global companies released today by Ernst & Young LLP. The comparisons with a similar study in January also reveal that while the white heat of the crisis has passed, the majority of companies are still focused on survival. However, a significant minority are looking to take advantage of the situation to pursue new opportunities.

The study — Opportunities in adversity: accelerating the change, (available at http://www.ey.com/opportunities-in-adversity) — finds nearly half of those surveyed (43%) said that their operating model had been permanently altered by the events of the last 18 months. A further 45% said there had been a temporary impact. Similarly 56% of the executives said that their risk management processes had been permanently altered, 33% temporarily. For 45% the regulatory framework for business had also fundamentally changed.

Other alterations to their business model — price sensitivity, profitability, competitive sensitivity and economic stability were viewed by respondents as more temporary although a significant minority — above 20% in each case — viewed the changes here as permanent as well.

“The impact of the market changes has clearly been significant and some business models have changed radically,” said Michael Rogers, Principal, Transaction Advisory Services, Ernst & Young LLP. “Company management is being forced to review their methods of organization due to a range of macro influences such as challenges from diversification, globalization, and (de)regulation. Businesses that emerge strengthened from the current crisis will be those that reshape intelligently, not those tempted to move quickly to extract additional value.”

It is still really tough out there

Ernst & Young LLP carried out a similar study five months ago. The corporates we talked to then, and the thousands of companies we have discussed the research with since, are still seeing huge competition on price. Companies are still seeing significant numbers of bankruptcies and competitors withdrawing from their sector, but there was also an increase in those organizations reporting new entrants in their sector.

The overall mood is still somber. Although 64% of executives said they had been able to make cost reductions, 31% said they had improved revenues and more than a third said the environment was more positive in terms of making strategic acquisitions. A majority of executives had seen deterioration in revenues (58%) and profitability (56%). Only 20% had seen an improvement in investor confidence, and a similar low number saw any improvement in accessing affordable capital or credit.

“Perverse as it may seem, a period of crisis can provide an opportunity to drive change more rapidly and effectively than a period of prosperity,” noted Rogers of Ernst & Young LLP. “Company leaders are finding ways to take advantage of this economic climate. This survey shows 25% of companies are actively planning for growth, 34% are seeking strategic alliances and 36% plan to enter new geographies.”

Are we past the worst?

A slight shift in emphasis from the responses from January gives some credence to the thinking that the worst ravages of the recession are behind us. At the time of the last study 82% said the focus of their business was on restructuring their business to deal with the recession and 74% were looking merely at survival of the present operations.

Those figures have declined to 74% and 65% – still remarkably high – but in conjunction with the fact that the proportion of companies who said that they were “taking advantage of the recession to pursue new market operations” had increased from 59% to 69% – suggest there are some more companies out there bargain basement hunting.

Cash is actually tighter

Back in January over a quarter of executives said cash was not an issue. That proportion has slipped to 18%. Respondents also highlighted an increase in communications to lenders and rating agencies. There was however less talk of companies disposing of assets purely to raise cash.

“Working capital is the lifeblood of a company, and the ability to manage it becomes even more important in a downturn due to falling revenue and restricted access to funds,” said Kevin Cole, Americas Accounts & Business Development Leader, Ernst & Young LLP. “Companies need to secure their position by identifying and resolving critical issues quickly to protect against value erosion, or to be well placed to take advantage of opportunities.”

How have companies responded in the short term?

Over the last year 86% of executives said they had accelerated cost reduction programs, 52% had speeded up their restructuring plans and 38% had pushed the button on a “significant employee reduction program.” When asked about their key drivers in the short term there was increased scrutiny on profitability (73%), pricing strategy (55%) and their relationship with customers (52%). Internally it was no surprise that 38% had seen more investment in risk.

What’s next in the longer term?

In terms of looking post-recession, executives were pretty evenly split between expanding into new geographies, increased use of strategic alliances, acquisitions and speed to market and divesting non-core business. “Companies that maintain a sustainable business model through the current downturn will not only survive the downturn, but will emerge stronger and in the best position to take advantage of new growth opportunities as the economy improves,” said Cole of Ernst & Young LLP.

“The bottom line is, that in both good and bad economic conditions, successful organizations are those that have clarity around their proposition, strategic direction and brand positioning,” said Donna Campbell, Americas Advisory Performance Improvement Leader, Ernst & Young LLP. “A successful company also has an effective management information capability that is aligned with the business strategy to enable agility in responding to market or other environmental changes.”

There was a range of views from our respondents with a quarter saying the worst was now behind us and 42% saying that some signs of life in the global economy are evident or will be by the end of the year but a strong minority of 21% saw no recovery before the second half of 2010 at the earliest. There are some sectors that are more optimistic than others – Telecoms, Power, Oil & Gas in particular – but others see a longer downturn, notably Asset Management and Real Estate and Construction. Respondents in Europe were more negative than in Asia or the Americas.

About this report

The Ernst & Young “Opportunities in adversity” survey, conducted by the Economist Intelligence Unit, was based on polls conducted in June 2009 with 569 C-suite and board level executives at global companies across multiple industry sectors with a global revenue turnover in excess of US$1 billion.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 135,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit www.ey.com

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity.

This news release has been issued by Ernst & Young LLP, a client-serving member firm of Ernst & Young Global Limited located in the U.S.

SOURCE Ernst & Young LLP

Committee for Economic Development Announces Summit to Address Sustainability of America’s Economic Policies

Peter G. Peterson to Welcome Nation’s Top Economic Thinkers to First Annual CED Summit

WASHINGTON, June 12 /PRNewswire-USNewswire/ — The Committee for Economic Development (CED) today announced that it will hold its first summit on the sustainability of America’s economic policies on Tuesday, June 23, 2009 at the Waldorf Astoria Hotel in New York City. CED will bring together some of the most well-respected economists and thinkers in America to discuss the sustainability of our country’s economic policies, the roots of the current economic crisis and how to ensure long-term economic growth for the global economy.

“Are America’s Economic Policies Sustainable? A Business Leaders’ Summit on Our Future” will feature keynote speaker Gillian Tett, Global Markets Editor for the Financial Times and author of Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe; Joseph Kasputys, Founder and Chairman, IHS Global Insight; William H. Donaldson, Chairman, Donaldson Enterprises, and former Chairman, U.S. Securities and Exchange Commission; William J. McDonough, Vice Chairman and Special Advisor to the Chairman, Merrill Lynch, and former President of the New York Federal Reserve Bank; and Robert D. Hormats, Vice President, Goldman Sachs (International). Peter G. Peterson, former U.S. Secretary of Commerce, co-founder of the Blackstone Group and Founder of the Peter G. Peterson Foundation will deliver the welcoming address.

Facing the most challenging recession since the 1930s, the Obama Administration has taken unprecedented steps to spur economic recovery. From the auto industry to banking and finance, the federal government is more directly involved in the economy than at any time since World War II.

Are these policies sustainable? Will our economy begin to see improvement over the summer? Or will even more government assistance be needed to pull us out of this recession by 2010?

“The Committee for Economic Development has always been committed to supporting policies that foster long-term economic growth for America. We need to have restored trust and confidence in our corporations, their leaders, and especially our financial-services sector,” said Charles E.M. Kolb, CED President. “We believe that a summit bringing together some of the top executives from a wide range of fields to discuss, analyze and critique our country’s economic policies will elevate the level of discussion and create new or alternative solutions to certain issues that are still unresolved by the federal government,” Mr. Kolb said.

About CED

CED is a non-profit, non-partisan organization of more than 200 business leaders and university presidents. Since 1942, its research and policy programs have addressed many of the nation’s most pressing economic and social issues, including education reform, workforce competitiveness, campaign finance, health care, and global trade and finance. CED promotes policies to produce increased productivity and living standards, greater and more equal opportunity for every citizen, and an improved quality of life for all.

CONTACT: Morgan Broman of CED, +1-202-296-5860, ext. 14, morgan.broman@ced.org

SOURCE The Committee for Economic Development

Committee Releases Coates’ Recommendations on Mutual Funds and Other Collective Investments

CAMBRIDGE, Mass., June 10, /PRNewswire/ — The Committee on Capital Markets Regulation (”Committee”), an independent and nonpartisan research organization dedicated to improving the regulation of U.S. capital markets, released a set of recommendations today made by Professor John C. Coates of Harvard Law School. His recommendations and accompanying study focus on tax and regulatory reforms for the domestic mutual fund industry. The Committee has taken no position on these recommendations.

In 2007, U.S. mutual funds held more stock in U.S. companies than did either individuals or any other type of financial institution for the first time. Given the increasing importance of U.S. mutual funds for individuals and the global economy, several changes are needed to ensure the industry’s continued growth and long-term stability.

Most Americans invest through mutual funds and U.S. tax policy imposes unjustified burdens on these most cost effective, safest, and highly regulated investment vehicles. Further, although the U.S. mutual fund industry continues to be the world’s largest, its growth-rate now lags behind domestic and foreign competitors.

Professor Coates’ comparison of U.S. and E.U. tax and securities laws governing mutual funds reveals key features of the U.S. regime that are anti-competitive.

Harvard Professor Hal S. Scott, the Committee’s President and Director, said: “Compared to E.U. counterparts, U.S. mutual funds are taxed less favorably and regulated less intelligently.” He added that “the 70-year-old structure of U.S. regulation, unlike the more modernized E.U. system, makes the success of U.S. mutual funds dependent on the resources, responsiveness, and flexibility of an under-funded, under-resourced, and out-dated SEC.”

Finally, Professor Coates’ study demonstrates that despite tight regulatory constraints in the E.U., competitive pressures have forced supervisors in the E.U. to be more flexible in adopting implementing regulations–unlike their SEC counterparts for whom flexibility is curtailed by both regulatory structure and historical practice.

Professor Coates seeks to correct U.S. taxation of mutual funds by bringing it into line with the tax regime for collective investments in other developed nations. Specifically, he recommends that Congress:

* permit investors owning less than 2% of a U.S. mutual fund’s shares(1) to defer capital gains tax until they sell their fund shares–making it possible for U.S. funds to market themselves directly to foreign investors.(2)
* allow U.S. mutual fund investors to realize capital losses in the same manner and at the same time as they realize capital gains– re-stimulating investors to invest in U.S. rather than foreign mutual funds; and to
* permit U.S. investors to invest in foreign funds in countries that only impose tax on investors when profits and dividends are distributed without incurring any additional U.S. taxes or penalty. This measure would make it practical for U.S. investors to invest directly in foreign funds.

Professor Coates finds that from a regulatory standpoint, the U.S. mutual fund industry has two main problems. First, the Investment Company Act imposes such stringent restrictions and requirements, without clear benefit to investors, that future growth and innovation in the industry depends on the responsiveness, resources, and flexibility of the Investment Management Division (IMD) of the SEC. Second, the IMD’s budget and staff depend on the SEC, which in turn depends on Congress. Unfortunately, the IMD’s resources have not kept pace with the growth of the U.S. fund industry, nor do they come close to matching the funding and resources of the SEC’s counterparts in the E.U.

Professor Coates makes four specific recommendations for regulatory reform. The first is aimed at Congress and the remainder are directed to either Congress or the SEC.

* create a dedicated off-budget funding mechanism for the IMD, such as a fee-based revenue source drawn from the fund industry, which might require spinning it off into a separate entity.(3) This would give the IMD the ability to make long-term investments, such as adding top-level economists, risk analysts and experienced business personnel to its current staff, which consists almost exclusively of lawyers.
* review exemptive applications with the same cost/benefit principles that guide regulation generally. Provided the organization is equipped with a broader array of staff specialists proficient in cost-benefit analysis, the IMD’s supervisory capacity will inevitably improve.
* grant automatic approval of exemptive requests upon filing, where precedent exists, as certified by counsel in good standing, in order to free up IMD resources for other regulatory and supervisory tasks.
* extend mutual recognition from broker-dealers to mutual funds and eliminate the effective current ban on cross-border fund competition. This final measure holds long-term potential for improving the administrative efficiency of the IMD and enhancing cross-border competition, with attendant benefits for U.S. investors.

The Committee is a non-partisan group of independent U.S. business, financial, investor and corporate governance, legal, accounting and academic leaders. It was formed in the fall of 2006 to study and report on ways to improve the regulation of the U.S. capital markets.

For more information about the Committee, please visit: www.capmktsreg.org/.

(1) The reason for the 2% cap is to ensure that mutual funds are not effectively controlled or established by individuals for the purpose of deferring capital gain tax.

(2) This recommendation is substantially similar to the effect of a bi-partisan-sponsored bill in the 110th Congress – H.R. 2796, the Generate Retirement Ownership Through Long-Term Holding Act of 2005 (”the GROWTH Act”).

(3) The Committee has previously recommended that the SEC be consolidated with other financial regulators. If consolidation were to take place, this new entity would be part of the new consolidated agency, e.g. U.S. Financial Services Authority (USFSA), rather than part of the SEC.

SOURCE Committee on Capital Markets Regulation

IIFL-Auerbach Grayson: Mutual Decision to End Partnership

MUMBAI, June 8 /PRNewswire-FirstCall/ — After nearly one and a half years of association, IIFL and Auerbach Grayson have mutually decided to part ways. The partnership will terminate with effect from 10th of June, 2009.

In line with the goal to build a direct presence in US, IIFL has recently hired Anindya Chatterjee to head its efforts in the US. Anindya brings more than fifteen years of capital markets experience to IIFL. Prior to joining IIFL, Anindya has held senior roles as Managing Director at Jefferies & Co, where he headed Emerging Asian (China & India) equity research, as Strategist and Economist focused on Non-Japan Asia for Bear Stearns & Company in Hong Kong, IDEA INC. in New York, and NatWest Markets in Singapore. He also was the Head of Research at ANZ Investment Bank in India.

IIFL is the institutional equities division of India Infoline Ltd. In less than two years, IIFL has already won recognition from a number of clients as a house with top-quality, incisive and timely research. IIFL’s client roster includes leading foreign and domestic institutional investors. India Infoline is a listed multi-services financial services company with a market capitalization of about US$1 billion. IIFL currently has offshore offices at New York, Dubai and Singapore.

About IIFL

IIFL is a premier institutional equities house with activities spanning investment banking, equity research and private equity. Headquartered in the financial hub of Mumbai, India; IIFL has overseas offices in Singapore, Dubai and New York. With a team of 25 research analysts, IIFL provides in-depth analysis of India with plans to extend its presence to other Asia Pacific markets.

IIFL is a part of the India Infoline group, comprising the holding company, India Infoline Ltd (NSE: INDIAINFO, BSE: 532636) and it’s subsidiaries, which is one of the leading players in the Indian financial services space. India Infoline offers advice and execution platform for the entire gamut of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoI bonds and other small savings instruments. It owns and manages the website, http://www.indiainfoline.com, which is one of India’s leading online destinations for personal finance, stock markets, economy and business.

India Infoline has recently been awarded the ‘Best Broker, India’ by FinanceAsia and the ‘Most improved brokerage, India’ in the AsiaMoney polls. India Infoline has also won the ‘Fastest Growing Large Broking House’ award by Dun & Bradstreet. A forerunner in the field of equity research, India Infoline’s research is acknowledged by none other than Forbes as ‘Best of the Web’ and ‘…a must read for investors in Asia’. India Infoline’s research is available not just over the Internet but also on international wire services like Bloomberg, Thomson First Call and Internet Securities where it is amongst one of the most read Indian brokers.

A network of 1,361 business locations spread over 428 cities and towns across India facilitates the smooth acquisition and servicing of a large customer base. All our offices are connected with the corporate office in Mumbai with cutting edge networking technology. The group caters to a customer base of about a million customers, over a variety of mediums viz. online, over the phone and at our branches.

India Infoline refers to India Infoline Ltd and its group companies.

For further information, please contact:
Anindya Chatterjee, IIFL Inc
28 West, 44th Street,
16th floor,
New York – NY 10036
Tel: +1-646-248-0525
Fax: +1-646-429-1495
Email: anindya@iiflcap.com
Harshad Apte, India Infoline Ltd.

75, Nirlon Complex,
Off: W.E.Highway, Goregaon (East),
Mumbai – 400065
Tel: +91-22-4249-9300
Fax: +91-98676-86233
Email: harshad@indiainfoline.com

SOURCE India Infoline Ltd

Do You Pay Taxes? Tax.com is for You

FALLS CHURCH, VA UNITED STATES

New website is sponsored by Tax Analysts, the global provider of tax news and analysis

FALLS CHURCH, Va., June 3 /PRNewswire-USNewswire/ — “Major tax increases are in America’s future” to address surging budget deficits, and the only questions are whether they will come before or after the 2012 presidential elections and whether Obama or a Republican successor will enact them, Martin Sullivan writes today at the new website, Tax.com.

Along with hard-hitting blogs by Sullivan and other tax experts, Tax.com provides recent news about tax policy in Washington and the states, tax advice for average Americans, and even tax forms from the IRS.

Tax.com is for you — whether you’re a CPA, a small business owner, a homemaker, or a student. For a tax professional, it brings you relevant and provocative opinions on today’s tax issues and provides a forum to discuss the practical impact of tax policy decisions. For the citizen taxpayer, it offers useful information on the tax implications of life events and on how to minimize your tax burden — all in a way that keeps you entertained as well as educated.

Do you want to know what taxes Congress may raise to finance health care reform? Are you interested in the taxes that states are raising to balance their budgets? Do you want a peak at the tax returns of recent Presidents, including Barack Obama? If there’s a conversation taking place on the latest developments in tax policy, you’ll find it on Tax.com.

Tax.com is part of Tax Analysts, the global provider of tax news and analysis for the last 40 years. Tax Analysts publishes Tax Notes, Tax Notes Today, State Tax Notes, State Tax Today, Tax Notes International, and Worldwide Tax Daily, and it offers research products for tax professionals.

Along with Sullivan, a leading economist and contributing editor for Tax Analysts, bloggers include Joseph Thorndike, a noted tax historian and another contributing editor, as well as the organization’s president and publisher, Chris Bergin.

To join the conversation, please go to www.tax.com.

CONTACT:
Wendy Lewis, 703 533-4404
Wendy_Lewis@tax.org

Lawrence Haas, 202 257-9592
larry@larryhaasonline.com

SOURCE Tax Analysts

The Mattress Wallet – New Financial Tool

Financial comfort in an uncertain economy

SEATTLE, June 12 /PRNewswire/ — As the global economic crisis continues, investors are looking for the next sure thing. It’s well known that the safest place to put your hard earned money is in a mattress. But a mattress can be very difficult to carry around and sometimes your loved ones throw them away. The Mattress Wallet, introduced today, addresses these issues.

The Mattress Wallet provides savvy investors with a secure and comfortable place to put their money. The Mattress Wallet measures approximately 3.5″ x 4″ when folded, the same size as a standard wallet and is well-suited for international currencies as well as U.S. dollars. No detail has been overlooked down to the ubiquitous warning tag that should not be removed under penalty of law. Its cream-colored quilting features a subtle paisley pattern, bordered with fine satin trim that conforms to the shape of your body. No box spring wallet is required.

Debt is a critical part of most American’s financial planning, which is why The Mattress Wallet can hold at least 8 credit cards. The interior pockets are made of waterproof latex with satin detail and come with a supply of Mattress Wallet Deposit Slips. The Mattress Wallet packaging includes plenty of money-wise advice including, comparison graphs – The Mattress Wallet vs. The Stock Market, The Mattress Wallet vs. Traditional Ponzi Scheme. It also includes other sound investing parables such as “The money you put in, is the money you take out.” Phil Converse, J.D., President of Balanced Accounts Company and a Mattress Wallet enthusiast, notes, “I consider this to be a quick and easy fix to at least one aspect of the financial crisis. Maybe two.”

Available exclusively at www.themattresswallet.com, The Mattress Wallet sells for $19.95 plus shipping and can be mailed anywhere in the world.

Media contacts:
Limelight Partners
Charlotte Wayte
charlotte@limelightpartners.com
206.261.4963

Mary Douglas
mary@limelightpartners.com
425.454.1552

SOURCE The Mattress Wallet

Aberdeen Global Income Fund, Inc. Announces Payment of Monthly Distribution

PHILADELPHIA, June 12 /PRNewswire-FirstCall/ — Aberdeen Global Income Fund, Inc. (NYSE Amex: FCO) (the “Fund”), a closed-end bond fund, today announced that it paid on June 12, 2009, a monthly distribution of US 7.0 cents per share to all shareholders of record as of May 29, 2009. For the 12 months to May 31, 2009, the Fund has paid total distributions amounting to US $1.59 per share.

The policy of the Fund’s Board of Directors is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax accounting rules, the amount of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. dollar and the currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year. Therefore the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund’s fiscal year, October 31. However, under the Investment Company Act of 1940, the Fund may be required to indicate the sources of certain distributions to shareholders.

The Fund estimates that the distributions for the fiscal year commencing November 1, 2008, including the distribution paid on June 12, 2009, are comprised of 90% net investment income and 10% return of paid-in-capital. This estimated distribution composition may vary from month to month because it may be materially impacted by future realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.

In January 2010, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2009 calendar year.

The Fund is managed by Aberdeen Asset Management Asia Limited and advised by Aberdeen Asset Management Limited. The Fund’s shares trade on the NYSE AMEX under the symbol “FCO”.

If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com

www.aberdeeninvestments.com

Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Limited are registered investment advisers under the Investment Advisers Act of 1940.

SOURCE Aberdeen Global Income Fund, Inc.

NIA Supports Peter Schiff for Senate

FORT LEE, N.J., June 09 /PRNewswire-USNewswire/ — The National Inflation Association today released the following statement to its http://inflation.us members:

“The National Inflation Association is not a political organization, but it is our belief that we must support Peter Schiff and encourage him to run for Senate in the State of Connecticut.

The U.S. is on a path towards hyperinflation that will wipe out the wealth of all Americans who don’t prepare now. The Obama administration along with Congress have adopted a policy of endless bailouts and stimulus plans that won’t ever produce an economic recovery, but will instead lead to a currency crisis and a worthless U.S. Dollar.

Today in Congress, Ron Paul is the only man who supports a true free market economy and a sound currency that is backed by gold. We need Peter Schiff to join Ron Paul in Washington and help spread the message that we can’t solve an economic crisis that was created by too much government spending and debt; by spending more, increasing the size of government and expanding the national debt.

Peter Schiff understands that if our government does not reverse course immediately and drastically cut government spending, eliminate Wall Street bailouts, and let the free market work for itself; hyperinflation will be unavoidable and the U.S. will become the next Zimbabwe.

Peter Schiff is our only hope to achieve real change in Washington. President Obama campaigned for change, but instead took Bush’s mistakes and multiplied them. Bush passed a wasteful $200 billion stimulus plan, so Obama wasted $800 billion on his own stimulus plan. Bush had a budget deficit of nearly $500 billion, now Obama’s budget deficit this year will likely surpass $2 trillion.

Both the Democrats and Republicans are responsible for getting us to a point where it is impossible to pay back our $11.4 trillion national debt. Sure, the U.S. has a GDP of $14 trillion, but more than 70% of it is consumer spending. Our largest exports, besides U.S. Treasuries, are scrap metal and paper we send back to China so that they can produce more junk for us to consume with the money they lend us.

Up until today, the U.S. Treasury has been able to pay back its old debt plus interest by issuing larger amounts of new debt to an increasing supply of foreign lenders. Peter Schiff equates this to a ponnzi scheme and believes the U.S. will either default on its debt or monetize it by having the Federal Reserve print trillions of dollars out of thin air, which will destroy the savings of hundreds of millions of Americans.

We must allow the current recession to run its course and rebuild a real economy from the ground floor. In order for the U.S. to once again prosper, Americans need to save their money and produce real things to export to the rest of the world. However, we can’t achieve this until we have a sound currency that is backed by gold; and we will never have a sound currency without people like Peter Schiff in Washington.”

Please spread the word about NIA and have your friends subscribe for free at http://inflation.us

About us:

The National Inflation Association is an organization that is dedicated to preparing Americans for hyperinflation. The NIA offers free membership at http://www.inflation.us and provides its members with articles about the economy and inflation, news stories, important charts not shown by the mainstream media; YouTube videos featuring Jim Rogers, Marc Faber, Ron Paul, Peter Schiff, and others; and profiles of gold, silver, and agriculture companies that we believe could prosper in an inflationary environment.

SOURCE National Inflation Association