Higher quarterly results, helped by strong demand for its namesake luxury brand, were posted by Michael Kors Holdings Ltd. The above-expected results sent shares of the designer apparel and accessory company up 23 percent.

The company also said it expects a fourth-quarter profit of 10 cents to 12 cents a share. According to Thomson Reuters I/B/E/S, analysts were looking for 11 cents a share and the company was able to post a third-quarter profit of $39 million, or 20 cents a share while revenue rose 68 percent to $373.6 million.

Third-quarter comparable sales grew 38 percent, driven by higher sales in the luxury leather accessory business such as handbags and small leather goods, according to the company.

Tags: accessory company, designer apparel, luxury leather accessory, Michael Kors, small leather goods

On Wednesday, Asian markets eased in low volume with many market players away for year-end holidays. On the other hand, oil kept gains from the previous day on worries about possible supply disruptions after Iran threatened to stop the flow of oil from the Gulf.

“More people want to bring their positions to neutral ahead of the new year’s holidays than look for bargain hunting, and that’s keeping prices depressed in low volumes,” said Tetsuro Ii, the president of Commons Asset Management in Tokyo.

“The only way Iran would actually close Hormuz is when it is attacked and war breaks, but such a possibility appears low as no country would want to take the risk when growth worldwide was likely to slow down,” said Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory Co.

Tags: Asian markets, Asset Management, consulting firm

On Wednesday, Bank of America Corp’s Countrywide Financial unit agreed o pay a record $335 million to settle civil charges that it discriminated against minority homebuyers, which is an historic settlement for the Obama administration in the wake of the subprime mortgage morass.

The settlement covers conduct between 2004 and 2008 and involved a range of alleged wrongdoing, including charging African-Americans and Hispanics higher interest rates and fees than non-minorities.

“The victims had no idea they were being victimized. They were thrilled to have gotten a loan and realize the American dream,” Thomas Perez, head of the Justice Department’s civil rights division, told reporters. “This is discrimination with a smile.”

Tags: Bank of America, interest rates, minority homebuyers

On Friday, over 240 domestic and foreign firms are taking part in an international eco-friendly technology expo opened in eastern China.

The three-day event takes place in Nanjing, the capital of Jiangsu province.

From in.finance.yahoo.com:

The three-day event in Nanjing, the capital of Jiangsu province, will also see a series of symposiums on metal and air pollution, solid waste disposal and development of the eco-friendly technology industry, Xinhuanet.com reported.

China has pledged to invest three trillion yuan ($470 billion) in environment-friendly technologies during its 12th five-year plan period (2011-2015).

The sector is believed to maintain an annual growth rate of 15 to 20 percent during the plan period, while its total output value is expected to reach 4.9 trillion yuan.

Tags: air pollution, technology expo, waste disposal

The new chief of the IT business and CEO of Wipro, T K Kurien, will get an annual salary package of up to Rs 10 crore.

According to the appointment terms of Kurien, salary is in the range of minimum of Rs 3 crore to a maximum of Rs 10 crore a year.

From in.finance.yahoo.com:

Kurien’s is one of the highest salary packages in the IT industry.

According to TCS’ Annual Report 2009-10, company CEO and Managing Director S Ramadorai received Rs 3.61 crore in salary, benefits and perks and commission for the period between April 1, 2009 and October 5, 2009.

Infosys CEO and MD S Gopalakrishnan received Rs 1.01 crore during the fiscal 2009-10, says the company’’s annual report.

Kurien will get 12 months salary as severance benefits in case his services are terminated. This benefit will be calculated on the basis on the last drawn salary before the termination.

“If the company terminates the agreement, the company will communicate the same in writing to the CEO and the CEO will be eligible for severance benefits as follows: 12 months last drawn salary,” the filing said.

Salary for this purpose includes basic pay, benefits and allowances and variable pay, it added.

The package details were revealed by Wipro in a filing to the Bombay Stock Exchange.

Tags: IT business, IT industry, salary package, T K Kurien, Wipro

If motivation has been one thing eluding you for one reason or the other, there is good news for you. This blog, which is a compilation of inspiring quotations by eminent personalities of the world, will surely help you see the brighter side of life.

All men dream, but not equally. Those who dream by night in the dusty recesses of their minds, wake in the day to find that it was vanity: but the dreamers of the day are dangerous men, for they may act on their dreams with open eyes, to make them possible. – T. E. Lawrence

Dreams pass into the reality of action. From the actions stems the dream again; and this interdependence produces the highest form of living. – Anais Nin

I have always been amazed at the way an ordinary observer lends so much more credence and attaches so much more importance to waking events than to those occurring in dreams… Man… is above all the plaything of his memory. – Andre Breton

If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with success unexpected in common hours. – Henry David Thoreau

No one should negotiate their dreams. Dreams must be free to fly high. No government, no legislature, has a right to limit your dreams. You should never agree to surrender your dreams. – Jesse Jackson

So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable. – Christopher Reeve

We all dream; we do not understand our dreams, yet we act as if nothing strange goes on in our sleep minds, strange at least by comparison with the logical, purposeful doings of our minds when we are awake. – Erich Fromm

Tags: dreams, inspiring quotations, motivation, quotations