Oil Prices Fall Before US Inventory Data

Asian Markets Mostly Down

www.sgx.com

www.sgx.com, Singapore Exchange ("SGX") is seeking public comments on proposed amendments to its derivatives clearing rules in order to provide the flexibility to accommodate physically deliverable contracts with varying delivery mechanisms and re-novation processes.

Presently, the derivatives clearing rules provide for delivery matching, and the posting of performance deposits and contract value, as the conditions for re-novation.? As SGX anticipates new physically deliverable contracts which have different conditions for re-novation, the proposed amendments will ensure that such new contracts are catered for.

The details of the proposed amendments can be found in Appendix A.

The consultation paper, which explains the rationale and proposed amendments in detail, will be available on SGX's website at www.sgx.com from today.? Market participants and members of the public can give their feedback and suggestions on the above proposed amendments from today until 10 March 2010 via email and post/courier or fax:

Email:?? rules@sgx.com

Post/Courier:

Singapore Exchange Limited

2 Shenton Way

#19-00 SGX Centre 1

Singapore 068804.

Attn:

Samuel Lim

Regulatory Policy

Risk Management and Regulation

Fax:?? 6534 2207

Bank Of America Online

Bank Of America Online, Bank of America Online Glitch � It appears as if that some of Bank of America's clients are having difficulties accessing their accounts online today. And of course when a giant like Bank of America has technical difficulties the news quickly spread through Twitter or Google trend.BofA which normally uses Twitter to explain the cause of the malfunction and when they will solve the problem did not issue any statements today.

Instead they quickly resolved the matter and now the site is up and running.

Dubai World Debt Plan Approved By 99% Creditors

Ninety-nine percent of creditor banks for Dubai's troubled Dubai World conglomerate have agreed to its proposal to restructure more than 20 billion dollars of debt, the company said on Friday. Dubai World "has received formal agreement from over 99 percent by value and approximately 99 percent by number of its creditor banks to its restructuring proposal," it said in a statement.

"This overwhelming support means that the company is well positioned to close the restructuring in the coming weeks," it said.

Dubai, which borrowed heavily to fuel development, rocked global financial markets in late November when it said it might be forced to freeze debt payments by Dubai World, stoking fears of a state default over sovereign debt.

The Dubai government said on Friday that "approximately 24.9 billion dollars of liabilities" would be restructured under the agreement.

Dubai World had said on May 20 that it had reached agreement "in principle" with most of its bank lenders on restructuring.

Under the May agreement, the company will divide some of the debt into two tranches maturing in five and eight years respectively, while the government will convert aid to the company into equity.

The first tranche will bear 1.0 percent interest with no government shortfall guarantees. The second will also bear 1.0 percent interest, plus varying options of payment in kind and shortfall guarantees.

The government of Dubai and Dubai World had tabled this offer to bank lenders in March after three months of negotiations.

At the time, the government offered to inject 9.5 billion dollars into the Dubai World group and its most-troubled subsidiary, property giant developer Nakheel.

But the offer also stipulated that Nakheel become a separate entity, fully owned by the government.

Dubai World's total debt, including liabilities, is around 60 billion dollars. The emirate's debt is estimated at between 80 and 100 billion dollars, but some analysts say it could be as high as 170 billion dollars.

President To Distribute Cheques Among Boulton Traders

President To Distribute Cheques Among Boulton Traders, President Asif Ali Zardari will distribute cheques worth Rs750 millions among the arson-hit traders of Boulton Market on Friday. This was announced by the Karachi Chamber of Commerce and Industry (KCCI) Abdul Majid Memon, while speaking at a Geo program 'Aik Se Do;' on Thursday.He said that the committee established for the payment of claims had decided to pay claims worth Rs750 millions, under which 1450 traders will receive cheques from President Zardari at the Chief Minister House in Karachi.

International Monetary Fund Plans $ hundred b Fund To Counter Climate Impact

International Monetary Fund is planning a 100 billion dollar fund to help countries mitigate the effects of climate change, the agency’s head said. “The new growth model will be low carbon,” Dominique Strauss-Kahn, managing director of the IMF, told political and business leaders meeting at the World Economic Forum in the Swiss ski resort of Davos this weekend. Efforts to deal with climate change could not be blocked “just because we cannot meet the financing needs,” he said. Developing countries do not have the funds for these adaptation measures, and developed countries’ ability to pay is also limited as they are now weighed down by debt after funds were used to deal with the financial crisis.It was therefore necessary to “think out of the box” on the issue of funding, the IMF chief said.

“We’ll have to find innovative ways to finance it,” Strauss-Khan said on Saturday.

“We’re going to provide some ideas, built around a Green Fund devoted to finance 100 billion dollars (72 billion euros) a year which is the figure currently accepted for addressing the problem based on the capitalisation coming from central banks, backed by special drawing rights issued by the fund,” he said.

Special drawing rights are an international reserve asset created by the IMF in 1969 as a supplement to member states’ official reserves. They can be exchanged for common currencies.

The IMF said on its website that it would issue a paper detailing ideas on how the fund would be financed.

The United Nations has said that governments should invest in the green sector as they try to create new jobs in the wake of the economic crisis, as it would also help move towards a greener society.

Azim Premji, who chairs India’s Wipro corporation noted that the issues of tackling climate change and reducing poverty could be addressed together.

“To me, if you combine these two challenges, they present an opportunity. The key is to look at the very fundamental fact that the developing world has still to build most of its energy infrastructure (and) physical infrastructure, and to buy most of its consumer goods,” he said in remarks published on the WEF’s website.

“This very simple fact — that the developing world does not have these things — is the great opportunity for tackling climate change and ecological sustainability.”

Jamie Drummond, Executive Director of campaign group ONE which was co-founded by U2 singer Bono, said the IMF’s move for a green fund was a “significant and positive development which, if approved in its most positive form, could seriously help catalyse the financing of a transition to low-carbon economic growth in developing countries.”

However, the advocacy group said that large sums of financing are still needed on top of the IMF fund to help poor countries deal with the effects of climate change immediately.

“As the fund would give concessional loans this does not replace the need for significant additional grant financing to help the poorest countries adapt right now to the impacts of climate change,” said the group.

The IMF’s plans must be “urgently analysed … and then the solutions must be urgently implemented,” it said.

In an 11th-hour deal, the Copenhagen Accord emerged out of the UN’s global summit on climate change in December.

The accord calls for limiting warming to two degrees Celsius (3.6 degrees Fahrenheit), the threshold set by many climate scientists.

It also commits rich countries to paying out around 30 billion dollars in total over the next three years, and 100 billion dollars annually by 2020, to help poor nations fight climate change and cope with its consequences. Countries are being asked to indicate by Sunday if they will endorse the deal.

Asian Stocks Drop Over Greek Crisis, India Rate Hike

HONG KONG: Asian stock markets fell Monday as worries about Greece’s debt crisis and India’s sudden interest rate hike rattled investors. Major indexes were down as much as 2 percent after selling hit U.S. and European markets on Friday. Oil prices fell toward $80 a barrel, while the euro slid further against the dollar.

Anxiety over Greece’s ability to pay its massive debts has weighed on investors in recent months. Other countries that use the euro currency have shown a reluctance to come to Greece’s aid, with Germany’s chancellor saying Sunday financial help shouldn’t be up for discussion at this week’s European summit.

Also weighing on investors was an unexpected decision by India’s central bank to raise interest rates. The Reserve Bank of India hiked key lending rates late Friday by a quarter-percentage point in an attempt to cool high inflation amid a faster-than-expected economic rebound.

Hong Kong’s Hang Seng index fell 406.00 points, or 1.9 percent, to 20,964.82 and South Korea’s main benchmark lost 18.44, or 1.1 percent, to 1,667.67.

Japanese markets were closed for a national holiday.

Elsewhere, Shanghai’s benchmark lost 0.1 percent, Australia’s market was off 0.7 percent and India’s Sensex dropped 0.8 percent.

Oil prices were down in Asia, with benchmark crude for April delivery falling 56 cents to $80.12 a barrel.

In currencies, the euro was trading lower at $1.3515 from $1.3525 after diving on Friday. The dollar edged down to 90.43 yen from 90.53 yen.

Friday on Wall Street, The Dow fell 37.19, or 0.3 percent, to 10,741.98.

The Standard & Poor’s 500 index fell 5.93, or 0.5 percent, to 1,159.90.

Chartered Accountant

Chartered Accountant, Hi, i am not sure whether to become a chartered accountant. the real question is do you need to become a chartered accoutant to sign company accounts? or do you just need to know what you are doing to sign accounts in uk?

Afghan Trade Team To Import Pakistan-Made Diesel Engine

Pakistan will play their first one-day international match of the five matches series against England here today.

Pakistan has selected for the national side gigantic left-arm seamer Mohammad Irfan. Although his exact height has not yet been verified, he is undoubtedly very tall indeed and the awkward bounce he will generate – allied to the left-arm trajectory – could prove challenging for an England line-up.

Andrew Strauss and Jonathan Trott have returned to the English side for the one-dayers.

Asad Shafiq is likely to remain a reserve batsman, and while Fawad Alam froze under pressure in the Twenty20s, he showed in Pakistan’s warm-up against Somerset that, given time at the crease, he can be an effective limited-overs batsman and will probably be retained. Given his greater experience at the top of the order, Mohammad Hafeez could also be preferred to Shahzaib Hasan.

Stocks Slipped Two Pc During The Week

Stocks Slipped Two Pc During The Week, Volatility remained at the forefront this week, driven by the spillover effects of the regional markets' sell off and mixed corporate results. The benchmark-100 index was seen near the level of 9,600 points. Local investors sought to offload holdings and their cause was supported by below expectation results of PPL. The upcoming monetary policy statement also affected the level of activity, which was concentrated in LOTPTA and FFBL (both announced their full year results in the outgoing week).

The index slipped 2 percent (164 points) Week on Week to close at 9,614 points, with average daily volumes falling by 27 percent to 167 million shares.

The week started on a dismal note with PPL posting lower than expected earnings. This raised concerns about other major corporate results such as FFBL, FFC, LOTPTA and LUCK. Though FFBL, LUCK and LOTPTA all posted above expectation earnings, they were unable to turnaround the general market sentiment.

Companies, foreigners and mutual funds emerged as net sellers during the week of US$13.6mn, US$1.3mn and US$2.5mn respectively.

In contrast, Banks and NBFCs were the net buyers of US$11.7mn and US$1.3mn. On the other hand, KSE-30 index closed the week at 10,056 points with a loss of 228 points. Market experts said renewed buying could be seen ahead of monetary policy statement.

Toyota Recall Models List

Epic Google

The Electronic Privacy Information Center (EPIC), a privacy watchdog and public interest research group, is calling foul on Buzz, Google’s recently launched social networking service. The group has filed a complaint with the FTC outlining several major grievances.



Shortly after Google launched Buzz last week, a number of users expressed dismay over the service’s loose handling of user privacy. It automatically makes the user’s Gmail address book into a public Buzz contact list, a move that is of questionable value to users and subjects some to the risk of exposing sensitive information to the wrong people.

In response to the negative outcry, Google has taken a number of steps to fix the most serious issues as quickly as possible. The company issued a public apology and transformed the auto-follow mechanism into an auto-suggest feature. They have also added a configuration panel that can be used to completely disable the service.

The complaint filed by EPIC indicates that the group is unsatisfied with the changes. It wants the service to be disabled by default and made available on an opt-in basis. Further, they also insist that the user’s e-mail address book should not be used by the service.

EPIC isn’t the only group that is concerned about Buzz. In a statement issued Tuesday, the Electronic Frontier Foundation (EFF) responded to Google’s latest improvements to Buzz’s privacy model. The EFF praised Google for taking a step in the right direction, but agrees with EPIC’s view that the service still needs to be made opt-in.

The EFF takes the opportunity to look at the bigger picture and the reasons why Google failed so spectacularly to address these problems before launching Buzz. According to reports from the BBC, Google piloted the service internally, but neglected to test it with regular users. They underestimated the confusion that would be caused by the privacy settings and failed to anticipate some of the real-world problems that arose from the design decisions that were made with the auto-follow feature.

The EFF points out that Google recklessly abused information entrusted to it by users―their address books―to gain a competitive advantage in a market where it is entering late and facing off against popular competitors. This raises serious questions of trust.

“These problems arose because Google attempted to overcome its market disadvantage in competing with Twitter and Facebook by making a secondary use of your information,” wrote Kurt Opsahl of the EFF in a statement. “Next week Google will face a federal judge and ask for approval of the Google Books settlement. EFF has raised privacy concerns, including the possibility that Google might make secondary uses of the Books information. Buzz’s disastrous product launch highlights the danger posed by this possibility, and showcases the need for firm enforceable commitments to protecting user privacy.”

Google is increasingly targeted with criticism over its privacy practices. The company, which aspires to make the world’s data “universally accessible,” is accused of retaining too much and oversharing without permission. The company lags its competitors in committing to shorter search retention times, and its log anonymization practices have also been criticized.

The fiasco with Buzz heightens the risk that Google’s do-no-evil image will continue to be tarnished by privacy fears. Google is clearly cognizant of that fact and has gone out of its way to be responsive to user feedback in the aftermath of the launch. It remains unclear, however, if Google will bend to the privacy groups and make Buzz an opt-in service.

Bank Of india Recruitment 2010

Bank Of india Recruitment 2010, Uco bank, bank of india, uco bank recruitment 2010, bank  of india recruitment, uko bank,Bank of India has published recruitment notification for the posts of Clerical Cadre. Candidates require general qualification and maximum age limit is 28 years. Detailed information about Bank of India 2010 notification, job details and application forms format is given below.About Bank of India:

Bank of India is the 4th largest Bank after SBI, PNB and Central Bank of India. It is a state-owned commercial bank which is headquartered in Mumbai. Bank of India was founded on 7th September, 1906, and was nationalized in the year 1969. It has 3216 branches, including 27 branches outside India. Bank of India is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services.Online applications are invited from qualified applicants for Bank of India recruitment 2010 of 2467 posts in Clerical Cadre from the eligible candidates for Bank of India Recruitment 2010 Programme of BOI 2467 Clerk Vacancies. Candidate must be passed with 50% marks in the aggregate, either in the Higher Secondary School (HSC) Examination or Standard XII under the 10+2+3 pattern or Standard XI under the 11+4 pattern or its equivalent of recognized Educational Board, acceptable to the Bank or A degree from UGC recognized University (Graduation level). The application fee for General and OBC candidates is Rs.250/-(No Fee for SC/ST/EXS). Application fee has to be paid in any of Bank of India Branches by computer-generated challan.

Name of the Post- Clerical Cadre (Clerk)

Vacancies – 2467 posts (SC-332, ST-627, OBC-435, and GEN-1073) in various states

Age Limit- 18 to 28 years

Pay-Scale- Basic Pay in Time Scale of Rs.7200 � Rs.19300 + DA, HRA, CCA, Conveyance Allowance, Gratuity, Pension, LFC, Medical Aid etc. as per the Industry Level Settlement & Other facilities as per Bank's Rules.

Important Dates:

* Challan available from: 16/07/2010

* Submission of On-line application commencing on: 16/07/2010

* Last date for submission of On-line application: 05/08/2010

* Payment of Application Fee (Other than SC/ST/PWD/EXS): 16/07/2010 � 05/08/2010

* Tentative Date of Written Examination: 26/09/2010[SUNDAY]

* Relevant Date for Age, Qualification & Eligibility: 30/06/2010

How to apply?

For application purpose, Candidate should have a valid e-mail id. First of all, candidate should visit the official website of the Bank of India (www.bankofindia.co.in) and take out Pre-printed Challan. The candidate should make the payment of fees in any of the Bank of India branches on or before 05.08.2010 (A/c. No. 012221110000003). You will get a Unique Transaction Code No. when the payment of fees is made. Now, again visit the official website (www.bankofindia.co.in) under the caption "Recruitment & Career" and should fill up the application form. Application should be saved and after verification submitted by click on 'submit' button.

Application should be printed and photo affixed on that, to be kept ready for submission to us at the time of interview at the Interview Venue. For future reference and use, you should note / remember your password. In case of more than one application by the same candidate, application submitted last, will be taken as authentic / conclusive (all other applications will be treated as null and void).

Get information about BOI Careers 2010, Bank of India Important Dates, BOI jobs, How To Apply for Bank of India Recruitment 2010, Challan, Notification and Bank of India online Application Form from the official website of the Bank of India at www.bankofindia.com.

http://www.apknews.com/wp-content/uploads/2010/07/Bank-Of-india-Recruitment-2010.jpg

Switzerland Most Competitive Economy Of World

Switzerland remains the world’s most competitive economy, while India dropped two places to 51, according to the World Economic Forum’s annual rankings issued on Thursday. The United States has fallen from second to fourth after losing the top spot last year. Sweden, in second spot, and Singapore in third leapfrogged the United States in the WEF’s Global Competitiveness Report 2010/2011. Last year the Asian city-state ranked third and Sweden fourth. There were no newcomers in the WEF’s top 10, although Germany climbed to fifth from seventh. The WEF said America slipped in the ranking due to a build-up in U.S. macroeconomic imbalances, a weakening of the country’s public and private institutions and concerns about the state of its financial markets.

The report said a lack of macroeconomic stability continues to be America’s greatest area of weakness, with repeated fiscal deficits leading to burgeoning public indebtedness.

It also said that U.S. business leaders show less trust in politicians and the government’s ability to maintain an arm’s-length relationship with the private sector.

The WEF bases its assessment on a dozen drivers of competitiveness, including institutions, infrastructure, health and education, market size and the macroeconomic environment.

The report also factors in a survey among business leaders, assessing the government’s efficiency and transparency.

Switzerland retained first place thanks to its high capacity for innovation and sophisticated business culture.

Nordic countries continued to do well in the WEF’s league table, with Finland and Denmark joining Sweden in the top 10.

China moved up two places to 27th and was the most competitive of the major emerging economies.

Toyota Seeing Sales Hit from Recall

Pak To Offer $1 Bln Debt, Sell Assets

Pakistan may offer as much as $1 billion of bonds and resume selling state assets in the coming months, Finance Minister Shaukat Tarin said, as the government forecasts a widening budget deficit amid rising war costs.

"We have made all the arrangements and we will conduct roadshows in the next couple of months," Tarin said in an interview in Singapore. The government may sell about $500 million each of euro-denominated and Islamic bonds, totaling no more than $1 billion, he said.

The country will try to sell state assets in the fiscal year starting in July after pausing for the past two years because of market conditions, he said after meeting investors to update them on Pakistan's economy.

Pakistan's budget deficit may widen to 5.3 percent of gross domestic product against a target of 4.9 percent in the year ending June 30 because of higher spending, including the cost of fighting militants in tribal areas, Tarin said. The country was forced to turn to the International Monetary Fund for a bailout to avert defaulting on its debt in 2008.

The cost of protecting against Pakistan defaulting on its bonds will probably fall from current levels as the government begins to market more debt, Tarin said.

Pakistan also plans to introduce a value-added tax to boost revenue in the next fiscal year, Tarin said. The state's revenue targets are "intact," he added.

Futurebazaar

Futurebazaar, Now, in India People are getting very busy due to the vast/busy life schedules. They have no extra time to spend in shopping.

They have also no enough time to spend upon their basic needs like Shopping, celebrating, entertaining etc. but, there is no need to worry because Future Bazaar is just like a time consumer shop for that kind of people. It provides online shopping facilities for buying your basic needs in limits of time. The future bazaar shopping is online based shopping because of the numerous benefits & offers providing. The future bazaar offers extensive availability of options including international brands and retailers. You can no difficulty of shopping anywhere, at anytime adds to its popularity as it cuts down extremely on the shopping time and effort. The future bazaars in India are not inconvenient to shop at during the monsoon season. Future Bazaar is the major & finest online shopping site to buy Apparel and many other things. Above 3000 clothes exist on site. Great range of selection in both western & Indian ethic wear , Casual Shirts , Formal, Kurtas & sherwanis, Party shirts , Trousers, sports wear , Duppattas, Jeans , Mix & Matches , Salwar suits , skirts ,sleepwear , top , Trouser. Future Bazaar offers wide variety of mobile phones, TVs, music system, desktops, laptops & many other equipments. FutureBazaar offers wide selection of gold, silver, Oxidized & Diamond rings, earrings & bracelets. Fashionable & trendy jewellery sets for every occasion & parties. Gift sets for your family members, friends & loved ones at an affordable price. Future Bazaar comes with a warranty and a 15 day money back policy facilities. Shopping can be considered as an earning war of prices and bargains between sellers and buyers. Most buyers are not satisfied if they do not get a good deal and then after they turn somewhere else, but after failing pair of times they yield to the reasonable deal offered. The Online Future Bazaar offers the best collection of products in their online shopping sites.

Unemployment Extension : July 22, 2010 Senate Vote

Unemployment Extension : July 22, 2010 Senate Vote, Unemployment Extension Vote, Unemployment extension news, unemployment extension tier 5, aol news, when will unemployment extension go into effect, pa unemployment extension, Unemployment Extension Vote, July 20 2010

July 21, 2010 by sandy ・ 5 Comments

Filed under: Politics Read more

Competitiveness Ranking: Pakistan Falls 22 Places To 123

The World Economic Forum (WEF) has revised downward the Pakistan’s global competitiveness ranking from 101 in the world to 123rd place among 139 nations.

Although continued security challenges, setbacks from the global economic downturn, continuing electricity shortages and mixed macroeconomic results combined to reduce Pakistan’s score in WEF’s annual Global Competitiveness Report, it also contained good news from the country’s private sector, the Competitiveness Support Fund (CSF) said.

CSF is a joint initiative of the Ministry of Finance and the US Agency for International Development (USAID).

In the report, Pakistan’s score dropped from 3.58 in 2009 to 3.50 this year. While this is a relatively modest decrease in numeric terms, it was sufficient to move Pakistan from 101st to 123rd place among 139 nations ranked by the WEF.

The annual Global Competitiveness Report is the most comprehensive competitiveness ranking of its kind and has been published annually for many years. The WEF gathers data from economic indicators and survey data and presents the results in 12 pillars that drive competitiveness.

Pakistani Products In Demand In Bosnia: Armin Limo

Ambassador of Bosnia to Pakistan Armin Limo said Pakistan and Bosnia needed to improve their political and economic relations to promote bilateral trade and investment as the current volume of trade was far below the respective potential of both countries. The ambassador expressed these views during a meeting with a group of local businessmen. Several products of Pakistan go to Germany, get a new label and then enter European market including Bosnia costing more to consumers. He stressed for direct trade between Pakistan and Bosnia, which would be more beneficial for the economies and people of both countries.

The Bosnian ambassador said Pakistani businessmen could enter Bosnia by making joint ventures with their Bosnian counterparts. He said many Pakistani products including rice had good potential in Bosnia and Pakistani businessmen should establish direct trade links in Bosnia to grab better market share.

He said Bosnia was organizing the First International Investment Conference and invited Pakistani businessmen to participate in this event to explore more business opportunities by holding B2B meetings with their counterparts.

Oil Products Up by 15% in First Half of Fiscal Year

Vijaya Bank

Vijaya Bank fast developing public sector bank, with head office at Bangalore, getting a network of 11hundred branches and offices, with total employee strength of about twelve thousand working all over India, requests applications from young and active candidates. The student who are looking for a challenging work environment and grownup career, for recruitment to the posts of Probationary officer

Note : These vacancies may by old / filled, for latest vacancies check the official web site of the company / department

Jobs Requirement

Probationary officer � 500 post

Eligibility criteria

Those candidates completed graduation degree with 55% from in any recognized university and the candidate must be a citizen of India

Pay scale-

Rs.-12540

Age-

The must be candidates of Age 21 to 30 years

Important dates

Vijaya Bank Po publishes all the application dates and other important data in local media or newspapers.

Selection Process

For the Selection in Vijaya Bank Po is based on Entrance Exam, Personal interview

Application fee-

Application fee and postage charges -non-refundable

The candidates for SC/ST/ Rs. 50/-

How to apply

The application form can be send through Demand draft Rs. 300/ for United Bank of India candidate and

Application Form-

The application form also can be downloading from the Vijaya Bank of India official website.

Address

Vijaya Bank,

International Banking Division,

41/2, M.G.Road,

Bangalore 560001.

Tel: 91 80 25584066

Fax: 91 80 25584142

New York State Unemployment

Latest News about New York State Unemployment Update:New York State Unemployment, New York City is gradually recovering from a deep but surprisingly short recession that ended in November, but its manufacturing industries are not pitching in by adding jobs, economists from the Federal Reserve Bank of New York said Thursday 22 July, 2010.

The economists said it was now clear that the recession in the city that started in May 2008 ended in November 2009, a span of about 18 months. By their definition, the local recession was shorter than the national recession, which began in December 2007 and most likely ended in late summer 2009, though its end has not officially been pinpointed.

IMF Gets Tough On Pakistan For 6th, 7th Tranche

International Monetary Fund (IMF) has come up with new conditions of reforms in energy sector bound for the sixth and seventh tranches of standby arrangement (SBA), Geo News reported Sunday.

The IMF demanded to put an end to power line losses by December and demanded to raise the power tariffs twice by June of the current fiscal year.

The sources privy to Finance Ministry told Geo News that the IMF meeting ending in the first week of September, stressed on reforms in energy sector.

The Fund also demanded to abolish Pakistan Electric Power Company (PEPCO) and put an end to the discounted power supply to the employees of Wapda and other distribution companies.

It was also demanded of Pakistan that two distribution companies should be privatized by the end of current fiscal year.

After the required reforms, the remaining deficit in energy sector should be made up with twice-raised power tariffs.

Buy Infosys With Target Of Rs 2665

Stock market analyst Sanjay Surekha is of the view that investors can ‘buy’ Infosys Technologies Ltd stock with target of Rs 2665.

According to analyst, the investors can buy the stock with a stop loss of Rs 2568.

Today, the stock opened at Rs 2624 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2875 and a low of Rs 1515 on BSE.

Current EPS & P/E ratio stood at 108.36 and 24.16 respectively.

Indian IT firms are eyeing to strengthen their businesses in a big way. Big IT companies like Infosys and Wipro have huge investment plans queued up in Bangalore.

Infosys is making plan to establish two new campuses in India’s Silicon Valley.

The company will invest around Rs 2960 crores at two campuses.

Infosys Technologies is on its way towards attaining its aim of 30,000 hires in 2010, and the company would also be despatching letters to its staff on compensation increases in June.

Alstom and Infosys Technologies declared the expansion of their affiliation in regions of worldwide research and development, engineering and engineering IT services.

This deal envisages big strategic investments by the next five years to make next generation solutions for the power segment.

Quek Kai Miew

Latest Update News About Quek Kai Miew, Singapore | Updated today at 07:21 AM IN 1986, a petite Filipina arrived here to take up a job as a maid to a general practitioner.

When her employer Dr Quek Kai Miew died a year ago, she inherited a cool $6 million from her estate, including the apartment in Leonie Hill.

Read the exclusive story in The Straits Times today.

- Posted using BlogPress from my iPhone

KSE: Rise in Open Interest Future Contracts

Open interest rate in the future contracts has been increased by 0.4% and stands at Rs 355 million.

During the last week, the deliverable future contracts witnessed a minor increase of Rs5 million.

Volume leaders were NBP, AICL, MCB, POL and ENGRO; these companies have a weightage of 69% in the open interest.

Asian Markets Slump Amid Fears Over Global Recovery

Asian stock markets fell on Friday as traders were rattled by a series of poor data out of Europe and the United States that raised concerns over the global recovery. The dollar hovered around the mid-84 yen level as Tokyo kept up its verbal threats to step into the foreign exchange market for a second time to help exporters who are being hurt by the surging Japanese unit.

Tokyo fell 1.25 percent by the break, Hong Kong slipped 0.12 percent, Sydney shed 0.60 percent and Singapore was flat.

Investors were following a 0.72 percent loss on the Dow following the release of data showing the US jobs market was still in a bad state.

The Labor Department said the number of Americans asking for unemployment benefits rose more than expected last week, ending a four-week decline.

Claims for the week to September 18 hit 465,000, worse than most forecasts of 450,000 new claims.

There was a little good news with US home sales rising 7.6 percent in September, but the level of activity still remained depressed compared to pre-recession levels.

Earlier a manufacturing survey in Europe came in under par.

September's eurozone purchasing managers' index (PMI), a survey of 4,500 euro-area companies compiled by research group Markit, crashed to 53.8 points from 56.2 in August.

Any score above 50 indicates growth and the index has been in positive territory for 14 months but the latest figures marked the fastest drop since November 2008.

European concerns were compounded by data out of Ireland that showed the economy unexpectedly shrank 1.2 percent in the second quarter compared to the previous three months, leading to concerns of another recession there.

And in debt-laden Portugal, the main opposition party warned it would not approve a budget for next year proposed by the minority government unless tax hikes were removed.

Adoption of the budget is crucial for the country's troubled economy, with Lisbon facing heavy pressure from the European Union and international investors to slash its swollen budget deficit.

The dollar stood at 84.51 yen, edging up from 84.39 Thursday in New York.

The euro was at 1.3325 dollars compared with 1.3312, and at 112.61 yen from 112.30.

The greenback has slipped from the mid-85 yen level reached last week after Tokyo stepped into the currency markets for the first time since 2004 but is well up from the 15-year lows it reached just before the intervention.

Japan's Finance Minister Yoshihiko Noda kept up pressure on the yen's rise, saying he would take resolute measures when necessary to stop it from gaining too quickly.

"Extreme volatility and disorderly movement harm the stability of the economy," he said, adding Tokyo "will take determined actions when necessary".

Kenichi Hirano, operating officer at Tachibana Securities in Tokyo, told Dow Jones Newswires: "I think there is no doubt that the government will intervene but the question now is when that timing will be."

He added that many investors expected another intervention if the dollar looks like it would fall below 84 yen.

On oil markets New York's main contract, light sweet crude for delivery in November, slid 32 cents to 74.86 dollars a barrel and Brent North Sea crude for November slipped 30 cents to 77.81 dollars.

Gold opened at 1,292.00-1,293.00 US dollars an ounce in Hong Kong, up from Wednesday's closing price of 1,290.00-1,291.00. The market was closed Thursday for a public holiday.

Oil Spill Singapore

SINGAPORE (AFP) � Emergency teams scrambled to contain some 2,000 tonnes of crude oil that leaked Tuesday into the Singapore Strait after two vessels collided in the busy waterway, port officials said.

Singapore’s Maritime and Port Authority said the Malaysian-registered tanker MT Bunga Kelana 3 had collided with the MV Waily, a bulk carrier registered in St Vincent and the Grenadines, damaging a cargo tank on the Malaysian vessel.

Four patrol and emergency response vessels and three private craft equipped with oil-spill equipment had been sent to the area, it said, adding: “Work is ongoing to contain and clean up the oil spill.”

Nobody was injured and shipping traffic was not affected by the incident, which took place 13 kilometres (eight miles) off Singapore shortly before dawn, the MPA said. Both vessels were at anchor after the incident and neighbouring Malaysia and Indonesia had been kept informed.

Malaysia’s Maritime Enforcement Agency told AFP the collision had torn a 10-metre (33-foot) gash in the tanker’s port side.

The tanker’s operators, Malaysia-based AET, said in a statement: “Oil booms are being placed around the leaked cargo to contain the spill.”

It said the ship had been “hit by the bow of the other vessel as Bunga Kelana 3 was travelling from east to west in the Traffic Separation Scheme (TSS) of the Singapore Strait.”

The TSS is a commercial channel running along the Straits of Malacca and Singapore.

Salvage operators interviewed by AFP said the spill could potentially be damaging for the environment but the authorities’ swift response would significantly lessen the impact.

“I think it can be controlled. 2,000 tons will not do as much damage if the teams are already there,” a salvage operator who did not want to be named said.

Sell ICICI Bank With Target Of Rs 820

Business News: Stock market analyst Deepak Singh has maintained ‘Sell’ rating on ICICI Bank stock with target of Rs 820. According to Mr. Singh, the investors can sell the stock with stop loss of Rs 868. Today, the stock opened at Rs 840 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1009.50 and a low of Rs 621.90 on BSE.

Current EPS & P/E ratio stood at 36.10 and 23.25 respectively.

ICICI Bank, on May 25, announced that it has given nod to the merger of Bank of Rajasthan with it for a share exchange ratio of one share of ICICI Bank for every 4.72 shares of BoR.

The said merger will boost ICICI Bank’s branch network plus fortify its attendance in northern and western India.

However, there’re reports that BoR’s staff started a two-day nationwide strike on Friday to protest against the bank’s management plan to amalgamate with the ICICI Bank. The report also said that two-day stir would be accompanied by a 3-day strike commencing from June 17 to June 19. Mr. Vishwas Utagi, Secretary of All India Bank Employees Association (AIBEA) asked the central bank to investigate the whole matter and not sanction the merger of the banks.

Eamcet 2010 Mock Counselling

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Bullish Trend Prevails At KSE

Karachi Stock Exchange witnessed a downward trend on Monday. The market could not sustain the level of 9,500 points while trading activities limit due to delay in product leverage. Total market volume was 3,890, 0000 million shares. Flood losses cast a negative impact on the market. At the end of trading, KSE-100 was closed at 9,516 points with a decrease of 82 points.

Millers Oppose Unlimited Raw Sugar Imports

The millers oppose a government decision to allow unlimited imports of raw sugar after massive sugarcane crop losses, an industry official said on Friday, adding the shortfall would be smaller than expected.

The government this week waived a 25 percent regulatory duty and allowed millers and traders to import raw sugar at will after estimates the 2010/11 crop would produce about 3 million tonnes of refined sugar against an annual demand of 4.2 million tonnes.

Millers estimate output at 3.6 million tonnes and say the government should set a limit in line with total demand.

"We are telling the government that there should be a limit on the import of raw sugar. It should not be more than 500,000 tonnes," Iskandar Khan, chairman of the Pakistan Sugar Mills Association (PSMA), told Reuters.

"We are expecting 3.6 million tonnes of sugar output after flood damage and together with raw sugar import and purchases being made by the TCP, the availability will be according to our consumption," he said referring to the TCP.

While Khan frames the issue in terms of protecting local farmers and even health issues surrounding unprocessed sugar, unlimited sugar imports would drive down domestic prices and cut into industry profits.

Pakistan aims for a sugarcane harvest of 54.8 million tonnes for 2010/11 ― which could produce roughly 3.8 million tonnes of white sugar ― before August floods destroyed millions of acres of cropland.

Yaseen Made Acting SBP Governor After Salim Resigns

KARACHI : President Asif Ali Zardari on Wednesday accepted the resignation of Syed Salim Raza, Governor, State Bank of Pakistan. According to a notification issued from Islamabad on Wednesday night, Syed Salim Raza has submitted his resignation effective from May 6, citing personal reasons.

The President, on the advice of Prime Minister Syed Yousuf Raza Gilani, has accepted the resignation of Syed Salim Raza and appointed Yaseen Anwar, Deputy Governor SBP, as acting governor of State Bank of Pakistan till further orders. Raza joined SBP as governor on January 2, 2009 and was to retire on February 15, 2011 as in February next year he will be 65. A senior global banker, Yaseen Anwar brings 33 years of international banking experience to his new assignment.

He has worked closely with various financial institutions and brokerage firms in Pakistan and developed an in depth understanding of the financial services sector and the economic reforms in the country. Anwar, with deep corporate business relationships in US, Europe, and the Middle East, has established a broad range of hands-on experience in managing rapidly growing business units of renowned global financial institutions with detailed knowledge and oversight of the regulatory environment, operations, payments and credit related matters.

As a Non-Executive Director on the Board of United National Bank Ltd (UK) he has developed strong expertise in the UK financial services regulatory framework on corporate governance as well as senior level ties with the UK Financial Services Authority. He was Director-Private Banking, Riggs & Co, London from 2001 to 2003. Anwar spent nine years with Merrill Lynch & Co, New York/London as its Vice-President from 1992 to 2001.

He also served Bank of America for 15 years from 1976 to 1991 in various responsible capacities such as Vice-President & Section Head for the Global Export Finance Group & the Middle East (1984-1991), Assistant Vice-President, New York (1982-84), Assistant Manager, Cairo, Egypt (1979-1981) and Assistant Manager, Paris/London (1976-1979). He was trained at J.P. Morgan Chase, New York from 1973 to 1975.

Anwar was the Founder and President of the Pakistan Bankers Association, UK from 1997 to 1999. He was also the Member of the Arab Bankers Association, UK. In New York, Anwar had served as an Executive Director on the American Turkish Society, Director on the US-Pakistan Economic Council, Director on the American Middle East Business Association, and Member of the Council on Foreign Relations.

First Tennessee Banking Online

Latest Update News About First Tennessee Banking Online: First Tennessee Bank is offering current customers a $50 referral bonus when you refer new checking account customers to First Tennessee Bank, valid for customers in Arkansas, Georgia, Mississippi, North Carolina, Tennessee, and Virginia.

If you are a current First Tennessee Bank customer, you can earn a $50 bonus when you refer your friends and family to open a new First Tennessee Bank checking account.

Plus, your friends and family members that you refer will also receive a $50 bonus, so everybody wins with the First Tennessee Bank referral program.

Check out the First Tennessee Bank $50 Referral Program Promotion to take advantage of this banking referral offer.

Here's How the Referral Offer Works

1. Complete the online registration form provided and click submit.

2. Provide your contact information and valid email addresses for your friend(s) and family member(s).

3. Each friend will receive an email notification containing registration instructions and requirements of the program.

4. Once each friend has opened a new personal checking account and completed 2 direct deposits of at least $100 each within 60 days, you will both receive certificates valid for a $50 Visa Gift Card.

First Tennessee Bank Referral Details

The referring party must be an existing customer of First Tennessee Bank and maintain an account in good standing at the bank until the referred party completes all Refer-a-Friend program requirements.

All referral account openings must be made within 90 days of the referring party's registration. Accounts opened after this time may result in disqualification.

The referred party must not have a First Tennessee checking account when the new personal checking account is opened.

Non U.S. residents, individuals under 18 years of age, and employees of the bank and their immediate family members residing in the same household are not eligible.

This offer cannot be combined with any other offers.

All registrations must match the name and address provided to First Tennessee Bank at the time of account opening.

Referred customers must complete all program requirements for either party to receive the $50 bonus gift.

Upon qualification and completion of all required elements, you will each receive a redemption certificate valid for a $50 Visa Gift Card.

You must remit the certificate to Awards Headquarters within 30 days of receipt � 7804 Fairview Rd., PMB #285 Charlotte, NC 28226-4998.

Allow from 4 to 6 weeks for receipt of your gift card after remitting your certificate.

Take advantage of this First Tennessee Bank $50 referral program bonus offer for both parties to get a $50 bonus with First Tennessee Bank checking accounts.

Check out these additional Bank Promotional Offers as well for more banking offers.

If you have a First Tennessee Bank account or would like to open a First Tennessee Bank account, please feel free to leave your contact information in the comments section below this article to exchange First Tennessee Bank referral bonuses.

Nys Unemployment

Nys Unemployment, The NYS unemployment rate has gone down according to latest number released by the NYS Dept of Labor. And although this may seem like good news at first, the current level of unemployment in the state puts it below the 8.5% 3-month average required by the federal government to provide a six-week extension of benefits under Emergency Unemployment Compensation (EUC) Tier 4.in other words, New York unemployed citizens will get now 93 weeks of unemployment cover? instead of 99 that was expected when the NYS unemployment rate was higher. Since the bill states benefits will end the week of December 5, many jobless New Yorkers won't reach the 93 weeks.

The U.S. Department of Labor has claimed that, starting August 16, no new claims can be filed for Tier 4 benefits.

Rcm Business

Latest News Update About Rcm Business: I noticed in Google Trends in India today that many people are searching about rcmbusiness or RCM Business. So, I became curious and visited their website which is: RCM Businessand I could find some information about it that it was set up by Fashion Suitings Pvt. Ltd. The website claimed:

In August 2000 RCM Business started at very small scale. Gradually it developed from every aspect and now it stand as biggest multi level marketing company with more than 60 lacs distributors, more than 70 depots, more than 5000 pickup centers and more than 300 products.What made me more curious about the rcmbusiness (rcm) is that there is hardly anything about it in Internet. If you check in Google search and Google News then you will find hardly anything about rcmbusiness. The things that I found were the ads or promotional activities by the people who are directly or indirectly related to rcm. According to the official website, you can earn money by 4 ways:So, you can see that you will have to spend your own money. You have to get money from others in order to make any money with rcmbusiness. So, in order to earn anything from rcmbusiness, you will have to lose (spend) money first. RCM Business has more than 6 million distributors. I am really eager to know that how many of them have achieved financial freedom from this business.

Well, I have to admit that I am skeptical about any kind of multi level marketing (MLM) system. I feel that in multi level marketing system, most people lose their money while a few become richer. You can find more information about MLM in Wikipedias? entry on Multi-level marketing. Having said that, I have to admit that MLM is not illegal. There are surely some good MLM companies who do business in a good way and people can join them and earn some money. So, if you want to join rcm or any kind of MLM business then I would not like to discourage you. Just be sure that you have enough information about it. Money is a very important thing for every person. So, you should be very careful about it. Secondly, you will have to remember that in MLM, not everyone will earn good money. I would surely recommend you not to promise your friends and relatives that they will become rich or earn a lot of money if they buy any products from you or the MLM company that you are involved with us. Your friends and relatives will only earn money if they can find other people to spend money.

In conclusion, I like to say that I am not an expert on MLM business. I just shared with you my thoughts. You should investigate more and try to talk to some persons who know about MLM business more than you and then decide

Asian Stocks Ease, Dollar Finds Support

Stocks edged lower throughout Asia on Tuesday following the lead of US markets while the dollar found support on suggestions Japan’s central bank might act to ease monetary policy and push down the yen.

Currency markets also remained anxious about the prospects for new Japanese intervention and gold held near record highs.

US and European stock markets dipped as investors grew nervous after four weeks of gains and increasingly wary of European debt challenges, particularly those facing Ireland and Portugal.

Japan’s Nikkei average .N225 fell 0.6 percent, dropping as the deadline passed for investors to receive dividends on Tokyo stocks for the financial half year.

The yen hovered for a time near its highest level since Tokyo’s heavy intervention two weeks ago to sell the currency and depress it.

But sources said the Bank of Japan was considering whether to ease monetary policy further though it could delay action pending a consensus on how to keep economic recovery on track.

Talk of easing was having an effect as was the constant possibility of intervention.

“The market consensus is now that there won’t be endless yen strengthening, that if the dollar falls below 84 yen authorities are likely to intervene,” said Kenichi Hirano, operating officer at Tachibana Securities.

Korean stocks .KS11 dipped 0.31 percent, while Australian stocks .AXJO were virtually unchanged.

Despite this month’s gains, Tokyo stocks rose only some 1.6 percent this quarter, lagging other major stock markets. The S&P 500 has gained more than 10 percent this quarter, while South Korean shares have risen some 9.3 percent.

Greece Faces EU grilling

ATHENS: Greek officials are bracing for a European Union grilling next week over faulty national statistics as the country awaits approval of a national crisis plan on its debt-hit economy. European finance ministers on Tuesday are to tell Athens to clean up its accounting practices and improve the administration of key institutions, according to a draft statement seen by a French news agency. The commission last week published a damning report on Greece’s “unreliable” economic figures, increasing chances the EU executive will launch infringement proceedings against the country in the near future. Recession-mired Greece has a public spending deficit that rose to 12.7 percent of output last year, far above the 3.0 percent ceiling permitted to countries sharing the euro.

It is also saddled with a debt constituting 113 percent of gross domestic product (GDP), which last month prompted the leading rating agencies to downgrade the country’s credit standing.

The Greek Socialist government, which came to power in October after over five years of Conservative rule, on Thursday unveiled a three-year crisis blueprint to cut back a public deficit of over 30 billion euros and rein in a general government debt estimated to exceed 294 billion euros this year.

The plan aims to save more than 10.3 billion euros (15 billion dollars) in 2010 with improved tax collection, cost cuts and reduced arms spending to bring the public deficit to 2.8 percent of output by 2012.

The European Commission is expected to comment by late January on the plan, which the Greek finance ministry said it drafted with assistance from EU and European Central Bank officials who visited Athens earlier this month.

The council of EU finance ministers is also expected to discuss the plan at a scheduled meeting on February 15-16.

“This is a document which we feel has all the prerequisites to be our pilot, our map for coming years,” Greek Finance Minister George Papaconstantinou said in presenting the plan.

“In the first six months everybody will have realised whether we mean business or whether we are drawing plans on paper,” he told reporters.

News of the plan initially did little to encourage investors, with the yield on Greece’s 10-year sovereign bond rising to more than 6.0 percent on Thursday for the first time since March 2009.

But tension eased on Friday when the yield fell back to 5.973 percent. Bond prices and yields move in opposite directions.

At Citigroup Global Markets, analysts said that although political pressure from the European Union “will likely remain high, … we reckon that the probability of a Greek default remains very small.”

“We believe that the main drawback to the (Greek) program is that it is too focused on the 2010 deficit and too little on the following years. We reckon that this year’s target may be achievable, but sizeable challenges remain on how to reduce the deficit thereafter.”

The Greek government has also pledged to restore the credibility of its official figures, having caused an uproar in Brussels in October by announcing that the previous Conservative administration had under-reported the deficit.

Across Europe, there is concern that serious fiscal problems in Greece could threaten the credibility of the eurozone and could be a precursor to similar debt crises in other weaker European economies.

Several of Greece’s eurozone partners have also criticised Athens as its financial woes have put strong strain on the euro in recent weeks.

“The Greece example is putting us under great, great pressures,” German Chancellor Angela Merkel said on Thursday, adding: “The euro is in a very difficult phase for the coming years.”

Greece’s troubles have given rise to suggestions that it might leave the eurozone altogether, a notion discounted by European Central Bank head Jean-Claude Trichet as “absurd.”

But Trichet warned last week that Greece could count on no special treatment from the bank and would ultimately have to solve its own problems.

Some analysts are meanwhile questioning whether leaving Greece to default — another prospect aired in past weeks — would be all that beneficial.

“Greece is just the starkest example of the problems facing economies that have lost competitiveness within the eurozone and now have weak public finances and poor growth prospects,” Simon Tilford, chief economist at the Centre for European Reform, wrote in the Financial Times on Friday.

“Greece’s problems cannot be solved by it alone,” he argued. “Nor would a Greek default be the cleansing experience that many people in the stronger member states appear to imagine.”

Sensex Tumbles 208 Points

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) took a hard knock during noon trade, declining 208 points as bearish reaction prevailed after European markets fell on continuing euro zone woes.

The Sensex, which opened at 16,760.6, was trading 208.39 points down at 16,572.68 from its previous close at 16,781.07 points.

Earlier, it had risen to 16,895.73 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty stood at 4,972.1 points, down 1.23% from its previous close.

The BSE midcap index was ruling 0.76% down and the BSE smallcap index 0.67% lower.

European bourses extended their losses as investors resorted to selling due to uncertain economic conditions prevailing in the region over the debt woes.

UK’s FTSE 100 fell 1.17 percent at 5,009.71 points, while the German DAX was ruling 1.7 percent lower at 5,804.43 points.

The French CAC 40 was down 1.07 percent at 3,377.13 points.

China Yuan

Latest Update News About China Yuan, Chinese Yuan, China Currency, Harbin, 1 Usd To Cny : After months of debate, denial and conflict, China finally announced a new policy on its controversial currency, the yuan (also known as the renminbi, or RMB). For the past two years, the yuan has (unofficially) been pegged to the U.S. dollar, sparking criticism from politicians in Washington, high-profile economists and China’s fellow developing nations that Beijing was pursuing a "beggar-thy-neighbor" agenda to keep Chinese exports artificially cheap to expand their market presence at the expense of competitors. China had stubbornly resisted the pressure to change its exchange rate policy, insisting that the yuan was valued exactly how it should be.

But over the weekend, in a surprise announcement, the People’s Bank of China signaled the peg would come to an end. Here’s what the central bank said in a statement:

In view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the People′s Bank of China has decided to proceed further with reform of the RMB exchange rate regime and to enhance the RMB exchange rate flexibility.

What does that mean? Unfortunately, at least in the short run, probably not much.

While announcing the so-called reform, the People’s Bank also made it very clear that any change in the yuan’s value would come gradually at best. Its statement stated plainly that its priorities remained generally unchanged � to "maintain the RMB exchange rate basically stable at an adaptive and equilibrium level, and achieve the macroeconomic and financial stability in China." The People’s Bank further signaled a return to the currency valuation system that existed before the peg was resumed in 2008 � a managed float in which the yuan traded in a narrow band against an unnamed basket of currencies. That process was put in place in 2005, and though it did result in yuan appreciation � by some 21% versus the dollar over three years � it also allows Chinese policymakers a degree of control over the exchange rate to prevent rapid movements.

In other words, we’re looking at a back-to-the-future scenario, with Beijing returning to an old policy that, though better than its peg, won’t produce the drastic overhaul of China’s currency regime that many critics would like to see. In fact, on Monday morning, the yuan didn’t move at all against the dollar.

Analysts as a result are not predicting a major change in the yuan’s value against the dollar. Here’s what BofA Merrill Lynch predicts:

We do not expect a significant appreciation against the US dollar. In fact, the RMB could even depreciate against the USD if the Euro declines. Gradual moves will be tolerated…Our end-2010 forecast remains unchanged at 6.80/USD, not far from current levels. We expect a more significant appreciation on a trade-weighted basis. Our FX forecasts imply that the nominal effective exchange rate could appreciate some 6% by end-2010, and 12% by end-2011.

An argument can be made that a dramatic revaluation of the yuan isn’t necessary based on economic fundamentals. Beijing’s policymakers made it obvious that that’s exactly how they feel about it. The central bank statement read:

China′s external trade is steadily becoming more balanced. The ratio of current account surplus to GDP, after a notable reduction in 2009, has been declining since the beginning of 2010. With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist.

That position may not fly back in Washington, however. China most likely made the surprise announcement in an attempt to deflect criticism of its currency policy at the G20 summit in Toronto, which takes place this weekend. Beijing might succeed. But if the pace of yuan reform remains slow, China will continue to face criticism in world capitals, and the yuan will remain an unfortunate sore point in Beijing’s relations with the rest of the world. We’re unlikely to see enough change in the value of the yuan in the short-to-medium term to have any significant impact on world trade and investment patterns.

However, in my opinion, any change in yuan policy that brings into play any degree of flexibility is a good one � especially for China. A more rationally determined yuan will help China make that difficult but crucial adjustment from an invest-and-export economic model to one based more on domestic demand. It will also give Beijing another tool by which it can moderate inflation. China also clearly wants the yuan to play a bigger role in world trade and finance, and a more market-based valuation system will be an absolute necessity to make that happen. Meanwhile, the downside to China in terms of lost exports is likely to be minimal. Here’s what Qing Wang of Morgan Stanley had to say:

We commend this important policy move by the Chinese authorities. This is desirable and timely and should be welcomed by the market, in our view. This policy move should help contain inflationary pressures in the short run and rebalance the Chinese economy over the medium and long run, in our view. A Renminbi exit from the peg and subsequent gradual appreciation against the USD should be positive for the stock market, even though a stronger Renminbi will likely hurt low margin exporters who do not have pricing power.

So it’s all good. But keep in mind this is a baby step on a long road to a truly market-determined yuan exchange rate. Until China’s allows a free-floating currency, controversy over its value will persist, and the yuan will play a limited role in the global economy.

KSE Remains Mixed, Closes Above 9,700 Points Level

Latest News Updates KSE Remains Mixed, Closes Above 9,700 Points Level, The Karachi Stock Exchange (KSE) witnessed a mixed trend on Thursday and 100-index maintained the level of 9,700 points. In spite of uncertain financial situation,

the market started with positive note due to better expectations about leverage product. Market also went under pressure due to profit-taking. At the end of the day, KSE closed at 9,762 points with an increase of 27 points. Business volume remained 4.5 crore shares. Hub Power remained the market leader as its price increased by 14 points.

Japan Central Bank Survey Sees Business Mood Rise

Latest Business News Update In Japan Central Bank, Confidence at major Japanese manufacturers has improved for the sixth straight quarter, the central bank said in a key survey Wednesday. The Bank of Japan's quarterly "tankan" survey of business sentiment shows that the main index for large manufacturers stood at 8. Three months ago it hit 1.

The figure represents the percentage of companies saying business conditions are good minus those saying conditions are unfavorable, with 100 representing the best mood and minus 100 the worst.

The result beat Kyodo News agency's average market forecast of 6.

Companies, however, aren't so bullish about the future. Big manufacturers predicted that sentiment would fall into negative territory over the next several months.

The mood among big non-manufacturers improved to 2 from minus 5 in June.

The survey helps the central bank guide monetary policy and is a closely watched barometer of the country's economic health. When the Bank of Japan policy board meets next week, it is expected to consider new steps to rein in a strong yen.

Small- and medium-sized enterprises also reported higher numbers, though their business conditions continued to lag. The confidence index for medium-sized manufacturers rose to 4 from minus 6 three months ago. The small manufacturers' index stood at minus 14, up from minus 18.

The Bank of Japan surveyed a total of 11,283 companies between Aug. 23 and Sept. 28. The response rate was 98 percent.

Companies are assuming the dollar will average 89.66 yen this fiscal year through March 2011.