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Company of Heroes 2 up for pre-order on Steam

Written By Unknown on Minggu, 07 April 2013 | 23.55

Apr 06, 2013, 05.55 PM IST

Source: Tech2.com

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Company of Heroes 2 up for pre-order on Steam

Relic's next big gameCompany of Heroes 2is up for pre-ordering on digital distribution platform Steam. The game can be pre-ordered for $59.99...

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Company of Heroes 2 up for pre-order on Steam

Relic's next big gameCompany of Heroes 2is up for pre-ordering on digital distribution platform Steam. The game can be pre-ordered for $59.99...

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Relic's next big game—Company of Heroes 2—is up for pre-ordering on digital distribution platform Steam. The game can be pre-ordered for $59.99, which roughly converts to Rs 3,280. Pre-ordering the game gets you a bunch of bonuses, including a Theatre of War Mini Pack and some skins, such as the Winter Ambush skin and the Woronezh Front skin. The game will be out on June 25. Apart from the pre-order bonuses, buying it now also gets you the ability to get access to the game's beta.Theatre of War is a mini-campaign of sorts that lets players experience a new single player story from events happening in different parts of the world. concurrently to the events happening in the actual single-player campaign.Players will also get new multiplayer commanders, which will further help customise their armies. The German army gets the Joint Operations Doctrine, which specialises in artillery strikes and the Offensive Spearhead Doctrine for players who prefer using heavy armour and airstrikes to defeat opponents.

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Tags: Company of Heroes, Company of Heroes 2, Company of Heroes Sequel, CoH 2, Relic Entertainment, Sega, Relic, THQ, Gaming, Games, PC Gaming, PC Games, Strategy Games

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I am risk-averse banker: Tripathi, author, Shiva Trilogy

Amish Tripathi's decision to ditch his corporate career to take a shot of writing has given India its latest publishing poster boy. The author of the best-selling Shiva Trilogy is a man who managed to reinvent himself in his late 30s. Tripathi now gears up to woo the masses with his latest, the Oath of the Vayuputras. Shereen Bhan of CNBC-TV18 reports. 

Also read:  Bombay Talkies: An ode to 100 glorious years of Bollywood

The one big risk that this banker did take of putting pen to paper has reaped rich dividends. According to Amish's Chennai-based publisher Westland, his debut novel the Shiva Trilogy has become the fastest-selling book series in the history of Indian publishing with 1.5 million copies being sold within a short period of three years. It grossed over Rs 40 crore in sales. While Amish is the toast of the publishing world today, his start was the typical struggling-writer story albeit minus the real struggle of having to worry about putting food on the table.

Tripathi says, "I do not come from a wealthy family, so I cannot afford to be irresponsible. I need to be responsible as far as my career decisions are concerned. I resigned only once I realised that my royalty cheque is probably enough for me to meet my responsibilities. So I am a risk-averse banker."
Initially, his books were rejected by every single publisher.

"I stopped counting at 20. We must have sent it to almost every single publisher in India. I was told that apparently publishing is a very factious industry. If you put 10 publishers in one room you will get 11 opinions, but on my book there was rare unanimity."

Every single person thought there is no way this book can sell, because their assumption was that it is a religious book, and the youth are not really interested in religion. Tripathi was told that he should write love stories or something like that because that is what will sell. But this is the story he was committed to.

Now, Westland is laughing all the way to the bank. It has just signed up Amish for a whopping Rs 5 crore for his next series. This is the highest advance paid to an Indian author by an Indian publishing house so far.

It is easy extending the brand when it is a success, so the trilogy is now being marketed across different platforms to make more money and give it a longer shelf life. Amish has roped in friend and adman Sangram Surve to promote the book using music.



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FY13 revenue target met, fiscal deficit lower than 5.2%: FM

Finance minister P Chidambaram on Saturday said the fiscal deficit for 2012-13 will be better than 5.2 percent as tax-collection target of over Rs 10.38 lakh crore has been achieved.

"As always there will be some savings (on expenditure) So what does it mean ... if we reach the revenue target an if there are some savings, the fiscal deficit will be bette than 5.2 percent that I have projected," Chidambaram said. He, however, did not "hazard a guess" on the actual fiscal deficit number for 2012-13.

On revenue collections, Chidambaram said while there wa a slippage on direct taxes front, the indirect tax mop up has exceeded the revised estimates. "The indirect-tax collection was excess over the target. In direct taxes, there was a shortfall. But overall, we have achieved the target of over Rs 10.38 lakh crore," he said, adding that the revenue growth in 2012-13 was 16.7 percent.

He said this revenue growth is "commendable" in the "difficult year" of 2012-13 when the economic growth is expected to be 5 per cent or a shade above it. The revised estimates was to collect over Rs 5.65 lakh crore from direct taxes and Rs 4.69 lakh crore from indirect taxes.

Total expenditure was pegged at Rs 14.30 lakh crore. With savings in expenditure, the fiscal deficit is expected to be lower than 5.2 percent as projected in revised estimates. As per government's fiscal consolidation road map, the gap between revenue and expenditure is to be brought down to 4.8 percent by 2013-14 and 3 percent by 2016-17.

The finance minister also exuded confidence that the revenue target for 2013-14 financial year would be achieved as the GDP growth is likely to be over 6 percent.

"Revenue target of 2013-14 is achievable ... because we believe GDP will grow by 6 per cent or above 6 percent," he said. When asked about the results of the over one lakh letters sent by income-tax department to non-filers, Chidambaram said he was happy that the approach was paying dividends.

"I think our non-adversarial and tax-payer friendly approach is paying off. These very kind and loving letters are paying off and people are filing returns. I am telling my officers this is the approach to take ... Tell them (non-filer or stop filers) we have the information about you, why don't you file your return. It is paying dividend," a smiling finance minister said.

Detailing the results of I-T letters, he said the number of e-returns filed in 2012-13 have increased by over 50 lakh to more than 2.14 crore against the previous fiscal. To a query on the record high current account deficit
(CAD) in the October-December quarter of 2012-13, he said the final numbers for the financial year would be more tolerable.

He further said exports would have to be increased and unnecessary imports needs to the curbed to bring down the CAD. The CAD, which reflects the gap between outflow and inflow of foreign currency, touched a historic high of 6.7 percent in the third quarter on account of higher imports of oil and gold and slowdown in exports.

"The fourth quarter data, whatever RBI has been able to capture, will be much smaller and number for the whole year will be more acceptable, more tolerable. If you are surprised by the largeness of the third quarter data, perhaps you will be surprised by the smallness of the annual figure," he said. He further said gold imports are taking place because of inflation. "We have to contain inflation," Chidambaram said.

Asked about Vodafone tax dispute , he said the amendments to the I-T Act would be moved in Parliament after a way to resolve the issue is found. He said it is unlikely that the amendments would be moved in the ongoing Budget Session. The British telecom major, facing a Rs 11,200-crore tax demand, has sought conciliation with the Indian government.

"The Union Cabinet will take a final decision whether to go for conciliation," he said.



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China's big banks 'faking' micro loans: Study

China's big banks are not delivering on their promise to lend more to the smallest firms and are instead "faking" their micro loans, a researcher said on Saturday, suggesting a government drive to increase micro-lending is struggling.

Also read: China output offsetting slower growth elsewhere: HSBC

Ba Shusong, a researcher from the Development Research Center, a think-tank that advises China's cabinet, said the biggest Chinese banks are still setting tough collateral standards for small firms, who often cannot meet the demands.

This leaves 60 percent of small Chinese firms without bank financing, Ba said, citing a study that he led on funding conditions for small and micro-sized firms. China wants to increase financing for its small businesses and has ordered its state-controlled banks to step up lending to them to avoid a repeat of a 2011 cash crunch, which some analysts had worried could destabilise the banking system.

"Everyone right now talks about financing for small and micro sized firms," Ba said. "There is a portion of big banks who are faking their lending to small and micro-sized firms," he told a forum in Boao in southern China, without further details.

The study that surveyed 1,000 small and micro-sized Chinese firms across a dozen sectors showed only 40 percent of companies have loans from banks right now. And despite China's central bank cutting interest rates twice by a total of 50 basis points last year to spur a domestic economy trapped in its worst downturn in 13 years, the study said 66 percent of firms have not seen their funding costs fall.

Instead, 40 percent of firms said they pay interest rates of over 10 percent, while the rest have financing costs of between 6 percent and 10 percent. A third of companies said financing costs are their biggest cost

China's one-year benchmark interest rate, targeted by the People's Bank of China when it changes monetary policy, stands at 6 percent. "The lack of appropriate collateral is one of the basic sources of financial difficulty for small and micro businesses," the study said.

Banks often demand companies to stump up property as a collateral or a guarantee before they get a loan, it said, even though the survey showed 83 percent of businesses do not own their own factory space. The study recommended that banks expand their pool of acceptable collateral to include orders, warehouse warrants, equity and intellectual property.

Though modest in size, small businesses punch above their weight in China, accounting for three of every four jobs and 60 percent of the nation's output. But they are often turned away by banks who favour big, state-owned companies.

Small businesses took a beating in 2011 when a succession of rate hikes by China's central bank slowed the Chinese economy and dramatically raised their borrowing costs in the kerb market to over 30 percent for some.



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Blackstone heading to Texas to firm up Dell strategy

Blackstone Group will visit Dell Inc's headquarters on Monday to begin an in-depth analysis of the company, sources said, a strong sign the buyout firm is proceeding with an offer that could upset founder Michael Dell's USD 24.4 billion buyout bid. Blackstone and billionaire investor Carl Icahn separately made preliminary proposals in late March that, if finalized, could be superior to the offer on the table from Michael Dell and private equity firm Silver Lake Partners LP.

Also read: Dell concerned with Blackstone buyout offer : Sources

The outcome of the auction would determine the future of Dell as well as chief executive Michael Dell, who founded the company in a dorm room in 1984 and turned it into the world's No 3 personal computer maker.

In its first step toward firming up a bid, Blackstone is working closely with Michael Dell in putting together a new business plan and actively talking to him about staying on in his current role as CEO, two people familiar with the matter said.

If Michael Dell gets on board with Blackstone's still-developing strategy for Dell, he would be Blackstone's preferred choice running the new company, the sources said. But the buyout firm also is putting an alternative executive plan in place.

Blackstone has hired an executive consulting firm that has reached out to about half a dozen high profile industry executives to help evaluate Dell's businesses and provide advice around strategy, the sources said.

The New York-based private equity firm and its consultant are also talking to a few of the executives for potentially running Dell, while some others are being considered for board positions, the sources said.

The executives that have been contacted by the executive reference firm include Cisco Systems Inc director Michael Capellas, former IBM Corp services head Michael Daniels, Oracle Corp President Mark Hurd and Hewlett-Packard Co's PC boss Todd Bradley, the sources said.

Hurd, who sources previously have said was being pursued for a CEO job, has said he is happy at Oracle. Representatives for Capellas and Daniels did not return calls seeking comment. Bradley said in an email he was not contacted for a CEO position.

The leading external candidate for the Dell CEO job is Capellas, who has been in extensive discussions with Blackstone in recent weeks brainstorming on strategy for Dell and evaluating the industry, the sources said.

Capellas, best known as CEO and Chairman of PC maker Compaq, that he sold to Hewlett-Packard in 2002 for $25 billion, has been spotted entering and leaving Blackstone's Park Avenue headquarters several times over the past few weeks.

In recent years, Capellas served as Chairman and CEO of VCE, a collaboration between EMC Corp , Cisco and VMware Inc . He no longer holds those posts.

"No one knows who will ultimately sign on yet," one of the sources said. "(Blackstone) is exploring options with those people."

Executives from the private equity firm and its consultants will head to the Round Rock, Texas, Dell's headquarters on Monday, to kick off the due diligence that is expected to last about four weeks, people close to the matter said.

"What Blackstone is trying to do is develop a smarter structure that provides more options than what Michael Dell and Silver Lake seem to be doing," another said, adding that the firm is trying to figure out a different way for Dell going forward.

All the sources asked not to be named because the discussions are confidential. Spokesmen for Blackstone and Silver Lake declined to comment. A spokesman for Michael Dell was not available for comment.

Blackstone's team leaders for the bid include Dell's former head of strategy, Dave Johnson, currently a senior managing director at Blackstone. In the past, Johnson and Michael Dell have not seen eye-to-eye over a strategy that would take Dell forward, the sources said.

Johnson is working with Chinh Chu, one of Blackstone's most experienced partners, who has been carrying out transactions for the firm since 1990.

Michael Dell and Silver Lake envision Dell as an integrated company, with the No. 3 PC-maker continuing to focus on a diverse offering that includes enterprise software, servers, PCs and financial services.

Johnson's strategy, if Blackstone acquires Dell, would be to focus the company on enterprise software and accelerate the effort to bring together all the acquisitions made in this space, a source close to Johnson said.

In addition, under Johnson's plan, the company would exit its finance business, the source said, adding that Johnson also wants to make the company less Texas-centric and more global to attract more talented employees.

During Johnson's three years at Dell, he oversaw an aggressive acquisition strategy with some 18 to 20 deals, including the 2009 purchase of Perot Systems Corp, which catapulted Dell into the technology services market alongside IBM and HP.

But one of the sources cautioned that the due diligence process is still in the early stages, and that Blackstone is just starting to put together a business plan.



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Bear attack: Nearly 30% BSE stocks trading below 2008 lows

Riken Mehta
Moneycontrol.com

This is turning out to be a nasty bear phase; in fact worse than the meltdown during the global financial crisis of 2008.

According to data analysed by moneycontrol.com, 697 out of 2400 actively traded stocks on the BSE are trading below the lows seen in late 2008. Back then, most of the stocks managed to recoup a good chunk of the losses as the market rallied dramatically. Two events changed sentiment for the better; one was the UPA coalition returning to power without the support of the Left parties, and the other was the stimulus package that helped sustained the growth momentum in the economy.

Today, the situation is equally bad if not worse. The economy has stalled, corporate earnings are weak, and political turmoil is holding the government back from taking any major reform measures.

But the key difference between 2008 and now is that many of the problems are company-specific, than having to do with the broader economy. In many of the midcaps and small caps which have fallen 50-80 percent, investors are more worried about accounting policies and corporate governance standards than the earnings growth rate.

For full list, Click on the attachment


Index Below 2008 Lows Total Scrips
Sensex 1 30
Nifty 2 50
BSE 100 9 100
BSE 200 17 200
BSE 500 63 500
MIDCAP 20 249
SMLCAP 75 514
 

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China keen on investing USD 3bn in new Mumbai metro project

The Chinese government is ready to pump in upto USD 3 billion into a proposed metro project connecting Colaba in south Mumbai to Santacruz in the northern fringe of the megapolis, a top government official said on Saturday.

The Chinese are also keen on participating in other infrastructure projects apart from those in the agriculture sector in the country, the official said. "We are keen to bring our technology for the new metro project in Mumbai. We are also ready invest in technology upgrade for the textiles sector, infrastructure and agriculture projects in the country," Chinese Consul-General in Mumbai Liu Youfa told PTI.

He said they are "willing to invest USD 3 billion in the metro project through foreign investments along with latest technology." The feasibility study on the proposed Colaba-SEEPZ (Santacruz Electronic Export Processing Zone at Andheri) metro project is ready and the Maharashtra government is looking for technology and funding for the venture.

Liu claimed China was already providing magnetic and bullet-train technology to over 30 countries. Indian Merchants Chamber president Niranjan Hiranandani, who was also present at the event, said the industry body will do everything to help attract Chinese investment into the infrastructure projects in Mumbai.

"We need to work on two-way investment which will reduce the trade deficit on Indian side and create more jobs," Liu said. The trade between the two Asian giants stood at USD 73.9 billion in 2011 and dropped marginally to USD 70 billion in 2012 due to economic slowdown, he said.

The Consul General, an economist by training, spoke on further developing relations between India and China. "Together, the two countries comprise 37 percent of the world's population. If we both come together, nobody can stop our growth. However, if one of us focuses individually on growth, it's going to hinder the other," Liu said and called for for more bilateral trade and investment.



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Right to food or right to re-election? UPA's empty gun

R Jagannathan
Firstpost.com

One of the big theme-songs of the UPA has been to convert every good intention into a fundamental right. Hence, we have the right to information (RTI), the right to food (the Food Security Bill), the right to identity (Aadhaar UID), the right to work (NREGA), the right to education (RTE) and, now, even the right to housing (National Right to Homestead Bill.

In mid-March, the Union cabinet cleared the right to food law even over the objections of Agriculture Minister Sharad Pawar and the finance minister . It is effectively sending the message that rights need have no connection to reality or the responsibility to deliver. Put another way, the Congress party's rights-and-entitlement based legislation are probably more linked to its right to be -re-elected, not the rights contained in the laws.

The reason why none of the rights-based laws are working, or will work, as intended is simple: a right cannot be delivered on the basis of laws alone for it addresses only one side of the equation the demand for a public service or good; it has to be enabled through governance and reforms on the supply side, which includes the ability of the state to fund it.

Even more so, no right can be delivered if it is not continuously monitored for compliance and consistently improved. Or else, it can be abused and become a wrong.

Take the case of the anti-rape ordinance. Women activists are insisting on this provision or that (based on the Verma Committee report), but let us be clear that not even half the intent will be delivered. What we will have is a tough law without any supporting infrastructure. The law will become yet another instrument to harass people, both women and men, and will deliver very little justice. The government is happy to legislate all kinds of things and fool people into believing that it has done its duty.

You can't deliver better safety for women in public places without police reform. You can't prevent marital rape or child abuse by relatives without rethinking social education, gender sensitisation, providing support for better parenting and schooling, and focusing on the right development inputs for bringing up boys, not to speak of creating an infrastructure for counselling and support for both genders, victims and victimisers.

The bald point is this: more than law, more than rights, what we need is to focus on implementation, on nurturing individual and collective responsibility as the other side of the rights equation.

A quick look at how the wave of legislated rights has worked (or rather not worked) tells us why these initiatives are sinking in the sands.

RTI: The Right to Information Act, one of the UPA's much-celebrated early legislations, is now meandering into meaninglessness. Even as the demand for RTI-based information soars, the bureaucracy has managed to erect a wall by allowing almost every query to go into appeal, and by delays that can't be remedied.

The reason why the RTI gets too many queries is simple: the bureaucracy treats even basic information that every citizen is entitled to as state secrets. RTI will work the minute all public data especially data relating to a citizen's personal information needs like status of applications for birth and death certificates, ration cards, etc are available to all through websites. Once this supply side problem is licked, the RTI will not be abused for personal information.

The courts have also latched on to the RTI as an avenue of employment for retired judges. The Supreme Court has said that all information commissioners must work in benches of two , with one being a former high court or Supreme Court judge. There is a problem in finding enough judges of calibre for the huge needs of central and state information commissions. Now, of course, the RTI will run into a wall: not enough judges, another supply side problem.

Right to Work (NREGA): What has NREGA, which gives every rural household the right to 100 days of paid employment at a certain inflation-indexed minimum wage, achieved?

First, it has pushed up wages in general, forcing farmers to mechanise more, thus reducing the available pool of rural jobs. It has also priced women out of regular work on farms and driven them to NREGA. And worse, NREGA is largely work that is useless. Very little assets have been created under it.

What one should also consider is whether NREGA has contributed (among other factors) to destroying the economy's real job creating potential substantially. The last decade has seen jobless growth . Between 2004-05 and 2009-10, the economy created all of 2 million jobs despite high growth. In the previous five-year period, when there was no NREGA, the economy created 92 million jobs despite slower growth. Why?

The real problem with NREGA is that it creates useless work. Rural Development Minister Jairam Ramesh was himself quoted as questioning the utility of NREGA work. The Indian Express quoted him from an interview to Yuvadesh, an e-magazine of the Youth Congress, thus: "Kitna mazdoori aap karoge? Kitna gaddha khodoge? Kitne talaab ka punarnirman karoge? Kitna vriksharopan karoge? To ek seema bhi hoti hai na (How much work will you do? How many ditches will you dig? How many ponds will you rebuild? How much forestation will you do? There has to be a limit). We will have to see in one-two years whether 100 days (of work) will continue."

KS Gopal, a former member of the Central Employment Guarantee Council, was quoted by Business Standard as saying that NREGA's problem is not a "demand problem but a supply problem. It is not that the NREGA worker's demands for work are not being registered. It is that work is not being provided. Merely issuing fiats from Delhi won't help."

One would have thought that this is elementary: before you guarantee work, you have to build your pipeline of worthwhile jobs. Right to Work has to follow the creation of the conditions for work, not the other way around. If this does not exist, why not call NREGA an unemployment allowance and be done with it?

Right to Education: The Supreme Court has upheld the Right to Education Act (RTE) inasmuch as it applies to private schools, but the RTE is, once again, an effort to create demand for education without enhancing supply of the right quantity and quality.

The RTE tries to force private schools to take on 25 percent more students from the poorer and disadvantaged sections. Good thought, but private schools account for only 7-10 percent of the total, and the real problem is the 90 percent of the population that wants schools and will still need to go to poor-quality government schools. The RTE tries to shift the burden of the state to the private sector without fixing the 90 percent that needs to be fixed.

Abhijit Banerjee, an MIT professor who has worked on real-life issues faced by governments in addressing poverty, has nothing but abuse for the scheme. At a recent seminar in Kolkata, he said the programme lacked sense, reports Business Standard . "It is simply for the teachers, by the teachers, and of the teachers. It ensures the livelihood of school teachers." The real issue was the right to learn, and that needs a different approach from the RTE.

He said: "Before 2009, the education level was flat. But there has been a perceptible decline after the RTE came into force. In RTE, there is a lot of emphasis on the teacher-student ratio, the teacher's salary and physical infrastructure. Studies have shown no correlation between these factors and improvement in learning. On the other hand, it may force many schools to shut, as they cannot afford high salaries or huge infrastructure."

Once again, rights created out of thin air are not the answer to any social issue. Banerjee is saying the RTE will end up closing schools instead of expanding their capability. Once again, a supply problem.

We can same the same about the next few rights that are coming up.

The Right to Food will ruin the market for grain and distort food economics as it involves buying grain at Rs 12-15 a kg and selling it at Rs 1-3 a kg. The bulk of the subsidies will go to keep rice, wheat and coarse grains farmers in business when demand is moving away to proteins milk, vegetables, fruits, eggs, etc.

Supplies of protein foods, the main drivers of food inflation in the recent past, are not rising commensurately. The right to food will thus be addressing a hunger problem that is either not there or may exist only in pockets of India.

As Firstpost noted in an earlier report , "The National Sample Survey (NSS, 66th Round) on Perceived Adequacy of Food Consumption in Indian Households shows that the proportion of rural households saying they are getting two square meals a day throughout the year has increased from 94.5 percent to 98.9 percent between 1993-94 and 2009-10. The proportion of urban households saying the same increased from 98.1 percent to 99.6 percent."

If acute hunger is reducing, why have a national food security law?

The Right to Housing, being dreamt up by Jairam Ramesh even when NREGA remains messed up, will guarantee 10 cents of land (one-hundredth of an acre) to the rural homeless. Where is he going to rustle up the needed land, and who will pay for it?

All the rights being legislated by the UPA under Congress tutelage point to one truth: there is a big market for bad ideas. Or is it that these Rights are intended as a cover to ensure that one family has the Right to Rule forever?

The writer is editor-in-chief, digital and publishing, Network18 Group



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Budget to give blueprint for growth:Obama

Asserting that half a million jobs have been created this year and 6.5 million new ones in the last three years, the US President Barack Obama on Saturday said his annual budget to be sent to the Congress next week would be a fiscally responsible blue print for the middle-class jobs and growth.

"If we want to keep rebuilding this economy on a stronger,sturdier foundation for growth - growth that creates good, middle-class jobs - we need to make smarter choices. "This week, I'll send the budget to Congress that will help do just that - a fiscally-responsible blueprint for middle-class jobs and growth," Obama said in his weekly radio and web address to the nation. Noting that for years, an argument in Washington has raged between reducing the country's deficits at all costs, and making the investments needed to grow the economy, Obama said his budget puts that argument to rest. "Because we don't have to choose between these goals - we can do both.

After all, as we saw in the 1990s, nothing reduces deficits faster than a growing economy," he said. "My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families - but through the balanced approach that the American people prefer, and the investments that a growing economy demands," he said. "Now, the truth is, our deficits are already shrinking. That's a fact. I've already signed more than USD 2.5 trillion in deficit reduction into law, and my budget will reduce our deficits by nearly USD 2 trillion more, without harming the recovery. That surpasses the goal of USD 4 trillion in deficit reduction that many economists believe will stabilise our finances," Obama added.



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Judge approves BofA $2.43-bn settlement over Merrill

Bank of America Corp on Friday won a federal judge's approval for a USD 2.43-billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch & Co.

The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by US District Judge Kevin Castel in Manhattan.

Castel called the settlement "fair, reasonable and adequate," and said it culminated an "extraordinarily hard-fought litigation."

Bank of America had agreed to buy Merrill in an all-stock deal initially valued at USD 50 billion on September 15, 2008, the same day that Lehman Brothers Holdings Inc went bankrupt.

But Merrill ended up losing USD 15.84 billion in that year's fourth quarter, even as it awarded USD 3.62 billion of bonuses to employees. Bank of America ultimately obtained a federal bailout, since repaid, to absorb Merrill.

Shareholders including the state teachers retirement system of Ohio and the teachers retirement system of Texas said Merrill's mounting losses and bonus plans should have been disclosed before investors voted on the merger in December 2008.

The accord with the second-largest US bank was announced in September, and won preliminary court approval in December.

"We are very proud of this result," Max Berger, a lawyer for the plaintiffs, said at the hearing.

Bank of America denied the plaintiffs' allegations, but chief executive Brian Moynihan has said the settlement would remove uncertainty for the Charlotte, North Carolina-based bank.

Daniel Kramer, a lawyer for the bank, declined to comment at the hearing. A spokeswoman, Jessica Oppenheim, did not immediately respond to requests for comment after the hearing.

Since buying mortgage lender Countrywide Financial Corp in July 2008 and Merrill six months later, Bank of America has incurred more than USD 40 billion of extra costs for litigation, writedowns and mortgage buybacks, analysts have said.

The company still faces a variety of litigation over its mortgage operations, which have shrunk significantly in size, and over its underwriting of mortgage securities.

Bank of America is among 17 banks and lenders facing lawsuits by the Federal Housing Finance Agency over losses suffered by Fannie Mae and Freddie Mac on mortgage securities.

The FHFA has sued Bank of America over USD 57.5 billion of securities, more than any other bank, that Fannie Mae and Freddie Mac bought, and which were sponsored or underwritten by Bank of America, Countrywide or Merrill.

Bank of America shares closed up 3 cents at USD 11.97 on the New York Stock Exchange on Friday.

Castel also awarded three law firms representing the plaintiffs about USD 160.5 million, including USD 152.4 million in fees."The lawyers did a very fine job of keeping their eye on the job," he said.



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