A bite of Apple has seldom looked so tasty

SIMON AVERY — INVESTMENT REPORTER

From Thursday's Globe and Mail

Published Wednesday, Oct. 19, 2011 6:14PM EDT

Last updated Wednesday, Oct. 19, 2011 7:34PM EDT

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The investors who are selling Apple Inc. (AAPL-Q398.62-23.62-5.59%)shares following the company’s first quarterly earnings miss in more than six years may want to think again.

The shares lost 5.6 per cent on Wednesday, a day after the announcement. But while Apple certainly faces tough competition from the emerging Android mobile platform, its valuation has rarely been so tempting.

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The shares trade at just 14.5 trailing 12-month earnings. Since 1997, when the late Steve Jobs retook the helm of the company he co-founded, the shares have traded at this level, or slightly less, on only three occasions: during a short period following his return, during the bursting of the dot-com bubble at the end of 2000 and during the financial crisis of 2008. The median price-to-earnings multiple over this period was 34.3.

Apple shares now trade at about 11 times estimated 2012 earnings. Discounting the approximately $80-billion (U.S.) in cash and cash equivalents that Apple hoards, the PE multiple drops to about nine.

The average forward-looking PE among S&P 500 companies is about 11. Is Apple just average? Hardly. The company just posted a 54-per-cent jump in profit ($6.6-billion U.S.) on revenue that rose 39 per cent ($28.3-billion) for the three months ended Sept. 24.

The impressive results fell slightly short of the Street’s forecasts due to lower-than-expected sales of iPhones, iPads, and iPods. But management’s updated outlook for the current quarter exceeded analysts’ estimates, calling for record share profit of about $9.30 on record sales of about $37-billion.

The underlying numbers also tell a bullish tale, with return on common equity hitting 41.7 per cent last quarter, twice the median of 20.3 recorded over the last decade. Cash flow per share has sky rocketed to $11.24, compared with an average since 1990 of $1.25.

Some analysts warn that the shares are likely to be volatile in the short term, as investors react to the earnings miss, wait for data supporting the next leg of growth and adjust to the company’s new era without its visionary leader.

But they point to numerous trends that should support a higher share price, including red-hot growth in emerging markets. Sales of iPhones in the Asia Pacific region, for example, more than doubled year-over-year. The company says 15 per cent of revenue last quarter came from China.

“China and other emerging markets such as Brazil, India, and Indonesia could drive a multiyear product cycle for Apple, particularly with new lower-priced iPhone products such as the iPhone 4 and 3GS,” Michael Walkley, an analyst with Canaccord Genuity Corp., wrote in a report this week.

In addition, sales of Mac computers hit a record 4.9 million units last quarter, topping most analysts’ expectations. Demand also appears strong for the latest iPhone, with four million iPhones 4S units selling in the first three days following its release.

India Top 10 Tourists Attractions

Wonders of the World and several UNESCO World Heritage Sites know India as their home.
In the land of monuments, temples, forts and palaces, there are no equal attractions. The ancient architectural artistry, detailed workmanship from centuries ago are gems of marvel. While all may not have the spectacular beauty of the world's favourite love monument, they are nonetheless majestic in their own right.
Agra Fort and Taj Mahal- Agra
Spectacular even by the highest standards, these magnificent monuments, especially the Taj Mahal, inscribed as UNESCO World Heritage Sites, have humbled many and left even more awe-inspired by their sheer beauty. The Agra Fort built by the Great Emperor Akbar is located by the west bank of India. The bastioned fortress built out of red sandstone is surrounded by a deep moat, once filled with the waters from Yamuna. The fort complex house several opulent palaces and reception rooms. There is smooth marriage of marbled palaces within the red sandstone fortress and this pleasing blend is certainly a visual treat. The Taj Mahal, the most famous love monument- a mausoleum for an emperor who loved his wife even beyond death. The marbled building is also one of the first monuments to break away from the traditional red sandstone building material which was favoured by previous Mughal rulers. This symbol of everlasting love is filled with great artistry and ornate details, with lavish interior to mark the great love the emperor had for his late wife. The reason for its birth and its opulence has silenced many in reverence for the ancient attraction.
Victoria Terminus- Mumbai
In a land filled with monuments with intricate carvings and exquisite artwork of South Asian origins, one stunning building stands proud with Victorian Gothic architecture. Another UNESCO World Heritage site, Victoria Terminus in the Agra region of India is an exquisite extravaganza of domes and arches. Built to commemorate Queen Victoria's golden jubilee, the station, now known as the Chhatrapati Shivaji Terminus, is the headquarters of the Central Railway. Stone carvings and sculptures found on windows, screens all around the building are amazing and attention grabbing. Stained glasses throughout are another sight to behold in this grand building.
Jama Masjid and Red Fort- Delhi
Jama Masjid of the Old Delhi is a spectacular sight of three imposing domed mosque with twin minarets guarding the central arch. Emperor Shah Jahan had constructed it on a natural mound in the 17th century, and it took more than 5 years to complete building this magnificent mosque. The Red Fort, which is the translation for its name, Lal Qila, is a grandiose monument as it had evolved and progressed with the different emperors' reign. First commissioned by Emperor Shah Jahan and completed nearly a decade later, with additional phases extended through the Mughal reign by subsequent rulers. Recognized as a poignant symbol of the country's nationhood, one historic moment within the grand walls, was the rising of the national flag when India first became independant in 1947.
Hampi Monuments
Said to be the most 'evocative ruins' of India, Hampi at Karnataka is a grandiose site, having been the last Hindu capital of the great Vijayanagar (City of Victory) kingdom. Enjoying its peak during the 16th century, with a flourishing trade from the spice and cotton trades, this city's location had natural defences in the form of rocky ridges and granite boulders. Bestowed with all beauty of a medieval city, the intricate palaces and temples of Dravidian architecture were renowned and admired by many from various parts of the world. Left to be looted after the conquest by the Deccan sultans, the remnants, in the Sacred and Royal Centres, of the great capital still continue to captivate visitors. Vitthala Temple, the grandest religious monument in the Sacred Centre is still mesmerizing with its exceptional sculptural details. At the Royal Centre, The Lotus Mahal with its Hindu and Islamic architectural influences and the famed Elephant stables with their imposing domes are some of the ancient gems from the past. An apt reminder of an ancient culture and city with its former glory, this sprawling site is another Indian addition to the list of UNESCO World Heritage Site.
Khajuraho and other marvellous temples
There are numerous groups of spectacular temples, from India, in the UNESCO list of World Heritage Sites. They are the Sun Temple in Konark, Mahabodhi Temple in Bihar, Pattadakal Hindu Temples and Jain sanctuary in Karnataka, the Chola Temples in Tamil Nadu, among others. All are peerless and have stood test of time, still looking as majestic as they did during their hey days. Khajuraho temples in Madhya Pradesh are another worthy addition to the acclaimed list. Built during the flourishing times of the Chandela Dynasty between the 9th and 10th centuries, the original group of 85 temples represents an artistic and cultural renaissance encouraged by the patronage of the generous rulers. Each temple can boast of its own exquisite sculptural embellishments and artistry. The most prominent of the temples is the Kandariya Mahadev Temple whose 30m spire towers over its counterparts in physical size and the harmonious juxtaposition of goddess and beasts with warriors and musicians on its ancient walls. Less credited but not any less significant are the Dilwara Jain Temples in Mount Abu, Delhi. The facade, the pillars and walls are filled with stunning sculptures and intricate carvings that will simply takes one's breath away, being surrounded by such surreal beauty.
Jantar Mantar- Jaipur
Rajput ruler Sawai Jai Singh II, an avid astronomer had built five observatories, known as Jantar Mantar (meaning instruments for calculation) across India. Among these, the Jantar Mantar in Jaipur, the largest of the observatories is proven to be best preserved. Noted as 'expression of the astronomical skills and cosmological concepts' by a 'scholarly prince' during the last years of the Mughal Empire, this 'realistic and logical (stone) landscape is an UNESCO World Heritage Site. Tours to this astronomical site will allow visitors to view close hand the intricate mechanism of the constructed instruments. The instruments, referred as yantras, include those measuring altitude of the sun (Ram Yantra), sundial to calculate Jaipur's time to the accuracy of 20 seconds (Laghu Samrat Yantra), among other gigantic structures, imposing and stealthily functioning.
Goan beaches
Stretches of pristine beaches with sun-baked sand and wonderful waves are legendary in the coastal state of Goa. Its location by the Bay of Bengal makes it a perfect travel destination for beach tourists. Distinct from other region of India, Goa's community is an infusion of European influence, largely result of the various colonial rules. It will not be uncommon to see people with different ancestry enjoying the same sun, sea and sand in Goa. The beach raves in North Goa are famed for serious partying while the quieter South Goa is preferred by those seeking solitude by the waves.
Varanasi Ghats
Varanasi, also known as Kasi by locals and Benares is located on the west bank of the sacred Ganges River. It is the quintessential Hindu holy city where thousands of devotees travel to congregate for various religious rites and prayers, one of the main rituals being the ablution of one to attain salvation. These religious ceremonies are conducted on the river banks which are stone steps- known as ghats- leading to the sacred river. With more than 90 ghats located on a long stretch by the river, the amazing structures nearby, which include towers, turrets and temples and large gathering of believers chanting and praying, it is never a dull moment at the ancient Varanasi Ghats.
Mamallapuram
With a rich past as a flourishing port-city in the 7th century, Mahabalipuram or also known as Mamallapuram is now a spectacular site of rock cut caves and monolithic shrines, mostly of rathas which are religious processional chariots. The classic examples of the ancient Pallava art are clearly displayed in each intricate Panch Ratha in the complex of stunning structures. Hindu deities and the protagonists of the epic Mahabhratha are beautifully brought to life in stone form. Be it foreign and secular visitors or Hindu believers who travel to this fascinating site, all on tour are inevitably enchanted by the craftsmanship and the scenes depicted.
Fatehpur Sikri near Agra
Akbar's Mughal capital for some ten years is a fine specimen of a walled city whose architecture is an intrinsic infusion of Hindu and Islamic styles. This blend is another evidence of Akbar's enlightened tolerance for all religions. The city grew from the initial lofty buildings and public housing constructed in honour of the famous Sufti saint, Salim Chishti who had blessed the emperor with the prediction of a son, the future emperor Jahangir. As the first Mughal planned city, it soon evolved into clearly defined private and public areas within the imperial complex. Built with the traditional red sandstone, there are many remarkable gazebos, palaces and pavilions within this 'City of Victory'. The Turkish Sultana's House whose dado panels and delicately sculpted walls give this ornate pavilion a wooden look, the Panch Mahal - a five-storeyed open sandstone pavilion, the Diwan-i-khas, a private hall with unique architectural styles and religious motifs and the renowned Jama Masjid, known to be one of the biggest mosques in India are fine examples of the uniform architectural designs of the highest quality from the Mughal civilization. Their astounding beauty and cultural significance had led them to be inscribed as an UNESCO World Heritage Site in 1986.
The list of India's attractions can be endless as it is truly a land of incredible beauty and history. The rich heritage left by the talented people of the past, has resulted in a treasure trove for the present population. It is a land brimming with wealth from centuries ago, now grappling with current times. One can be assured that with such a landmass, the historic gems will always remain part of the modern landscape in the future.

For more information about travelling to India visit our website:
http://wildplanettours.com
http://wildplanettours.com/tours/india

Article Source: http://EzineArticles.com/?expert=Ivana_Jelicic

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Corruption in India? Really?

In India, Fighting and Fasting Over Corruption: Choudhury

By Chandrahas Choudhury Aug 23, 2011 2:46 PM PT 0

For the past few months, Anna Hazare, the septuagenarian Indian social activist, has led his country's most prominent anti-corruption movement. Last weekend, it reached a crescendo when Hazare began an indefinite fast.

Hazare was protesting the Indian government's decision to introduce a watered-down version of a bill in Parliament that would give an independent body, called the Lokpol, the power to investigate political corruption at the highest levels of government. The Lokpal Bill would assign this power to a three-member group made up of current or former senior judges. 

For several months, Hazare has led a committee of  activists and intellectuals trying to stop the government from weakening the bill.  Team Anna, as it is popularly called, has proposed its own version of the bill that would give the Lokpal radical powers, extending to both the office of the prime minister and the judiciary.  (A summary of the opposing positions can be found here.)

Hazare's version has stimulated robust debate. Some commentators think it is a much-needed antidote to corruption; others think it gives the Lokpal draconian powers.

Representatives from Team Anna and the government met in June with the intention of thrashing out their differences and preparing a single version of the bill to present to Parliament in August. But they could not reach a compromise. Earlier, in March, Hazare had called off a planned hunger strike to protest corruption.  He said he'd take up the plan again if the government tabled its version of the bill, and so he has.

On Aug. 16, the day after India's 64th anniversary of independence, Hazare addressed demonstrators in two locations in New Delhi: Tihar Jail, where he was detained by the government for three days, and the grounds of Ramlila Maidan, the scene of many memorable political demonstrations over the decades.

The capital's citizens and visitors from far and wide -- many of whom had never attended a political protest before -- flocked to Ramlila Maidan to voice their agitation. They seemed moved by various factors: political disenchantment, a need for empowerment, nationalistic fervor, hero worship or just plain curiosity. With the month of Ramzan (the Muslim fasting season known elsewhere as Ramadan) coming to an end and the Hindu festival of Janmashtami soon arriving, the demonstrators were at times united in both protest and prayer.

In both New Delhi locations, Hazare said that if his team's version of the bill did not pass by Aug. 30, he would lead protestors directly to the  homes of Members of Parliament (MPs).

On Aug. 23, the Indian Express reported Hazare as saying:

Now, 25 to 30 people are sitting on dharnas in front of MPs' residences. If the government does not pass the Bill by August 30, we have to intensify the protest. Protesters in thousands should gherao [surround] the residences of MPs then.

In an essay in the publication Tehelka, Shoma Chaudhury scathingly criticized the government's pusillanimity and disconnection from the Indian public. Chaudhury acknowledged that there were many flaws in Hazare's movement, but she argued that the government sparked the crisis:

In a curious way then, what the Hazare campaign has really shown up about this government is a condition almost unprecedented in Indian public life: a complete and debilitating loss of politics in its political leadership.
Politics in urban India has come to mean a dirty word. But in truth, the loss of politics is among the worst calamities that can befall a society. The art of politics is the ability to understand human nature; come up with big ideas; read a situation astutely; anticipate events; manage situations; steer through minefields; build bridges; take widely diverse people and views along; be game for both soothing words and firm action; play both statesman and strategist. Display leadership.
... At a time, then, when the country needed agile leaders with great heart and intuition, India seems to be landed with a reign of the tin men: no heart, just uni-dimensional cold-blooded intellect, clumsy actions, unnecessary polarities and a growing sense of crisis.

US economic problems & India

You are here: Home » Business » We are better prepared, says Govt We are better prepared, says Govt New Delhi, Aug 8, (DHNS and PTI): Admitting that US economic problems could have some impact on Indian economy, Finance Minister Pranab Mukherjee, on Monday, said that India’s fundamentals are strong and the government is ready to address any concern that may arise. “We would focus on encouraging greater domestic consumption and give impetus to the drivers of domestic growth,” Mukherjee told reporters while reacting to economic situation in US. Mukherjee’s confidence was reflected in a sharp bounceback of Indian shares on Monday, as the stock markets plunged by over 500 points before witnessing some recovery. The Finance Minister also said that the government will put some of the long stalled reforms measures in fast track to help stimulate local consumption. “India is better position than other nations to meet the challenge posed by the developments in the US and the euro zone”, he said adding that India could see faster and greater FII inflows unlike after 2008 meltdown, in view of the higher returns that global investors could get here. The recent developments in the US and the euro zone have injected certain uncertainty in global markets. Though there could be “some impact” on capital and trade flows “but as India’s growth story is strong we could see FIIs viewing India as an attractive investment destination even if there is any temporary outflow”, he said. The finance minister said softening of global commodity prices, especially oil, will help check inflationary pressures. Meanwhile, Chief Economic Advisor Kaushik basu termed the slump in the stock market as a “panic reaction”, affirming that the country’s growth story remains intact, with now policy intervention required. “Right now, we don’t need any special measures. Should the need arise, the government and the central bank are in a position to step in. But barring the immediate reaction to what is happening now, the India story remains robust,” Basu said. Though the downgrade of the US sovereign rating is a matter of concern, Basu said there was no need for alarm and people should not overreact to the development, adding that the American economy has been facing difficulties for the past many months and hence, the stock market has already factored in the troubles in the US. If there is a slowdown in the US economy, “which is possible”, he said Indian exports could suffer, as the US is one of the country’s largest trading partners, but the the impact would be short run. He further said there are signs of the tectonic plates of the global economy shifting toward the eastern part of the world. “In the next months and in the medium to long run, there will be global capital in search of safe haven. India can become the safe haven that a lot of global capital will be seeking,” Basu added. Basu said the S&P downgrade could lead to an increase in borrowing costs in the US and could impact its economic growth going forward. The crisis in the global economy following downgrading of US sovereign rating has a silver lining for the Indian economy, grappling with high inflation. As prices of global commodities, mainly crude oil, have started coming down, the pressure on inflation would ease, Basu added.India imports 75 per cent of its crude oil requirements and the volatility in its prices have been fuelling inflation, which was 9.44 per cent in June. Weakening of crude oil prices will help moderating the price rise. On Monday, The Deputy Chairman of the Planning Commission Montek Singh Ahluwalia mentioned that the Indian economy is mostly driven by domestic factors and markets here will stabilise in the short-run, despite the recent meltdown due to US downgrade. “The high growth of Indian economy is largely driven by internal factors. I feel the market will stabilise in the short-run. I don’t expect to see a big negative impact but we have to watch the situation,” Ahluwalia said. “The impact on India depends on what happens in the world. If there is financial instability, there will be some impact,” he added. Ahluwalia said that if there is financial instability globally, it will affect the Indian economy to some extent.