Government may announce bail out package for beleaguered IT giant, Satyam Computer services for salary payout and to avoid large scale lay-offs. The company has 53,000 employees engaged in its various operations and their future is hanging in dark following revelation of largest ever corporate fraud in Indian history by its Chairman, Mr. R. Raju and other executives.
 

On Monday, one of the Democratic source informed that Julius Genachowski, a technology executive and former classmate from Harvard Law School, has been chosen by Barack Obama, the new President of U. S. to lead the Federal Communications Commission.

The profile of Genachowski is quite impressive as the man served as chief counsel for former FCC Chairman Reed Hundt, the chairman under former President Bill Clinton, and held various positions at IAC/InterActiveCorp (IACI. O), as well as other technology posts.

With the aim to bring to the PlayStation Network video service, MTVN’s collection of shows to the PS3 and PSP networks, SCEA and MTV Networks (MTVN) have joined hands.

It should be noted here that U. S. telecommunications regulation and policy is overseen by the FCC and regulation of telephone and cable companies; oversight of concentration of ownership of radio, television outlets, and auctioning public airwaves are all included in its reach.

After starting better this morning after a firmer overnight session the USD ends mixed as technical two-way action and thin conditions continue to dominate near-term. Traders note that some price action was "unexplainable" today, such as a fast 80 point rally shortly after the London fix in EURO which immediately fell back but the damage was done; the 1.3400 handle traded and that is important to the chart-watchers after the low prints at 1.3289 traded early in the day.

Rate two-way but falls through stops to make double-bottom at monthly support; rally back over the 1.3400 handle quickly suggests the bears are losing control from above the market and the dip may have been a technical correction.

Super-fast correction after making lows was a "drive-by" traders say. Cross-liquidation continues. Rally back as official bids absorb offers under the 1.3350 area. Sovereign offers seen into the highs last week traders say but those may be covering into the dip this morning.

Rate falls back to start on follow-on selling; cross spreaders still pressuring EURO/GBP spread. Spillover from EURO likely but action still technical. Stops noted under 1.5100 and 1.5050 area; more likely under the 1.4980 area.

Rate recovers from lows in early New York to trade back above the 1.5000 area. Stops above the market likely now in the 1.5180 area or above as late traders place risk close-in. Bears took a stand above the 1.5250 area last week; likely they will be back again so look for two-way action near-term.