Stock Market Looking for a Bottomworldwide

hi, if you find this massage is interesting, share with your friends 17/07/2008 | Moscow News №28 2008 Stock Market Looking for a Bottom > print version Last week, the Russian stock market was involved in a series of cash-outs, caused by the mounting concern over the stability of the U.S. financial system, as well as the increasing signs of a slowing down of the global economy, against the backdrop of the ongoing inflationary trends. Reports of an easing in the tax burden on the oil and natural gas sector, which prompted the May rally, have this time served as a life buoy for domestic shareholders. LATEST NEWS Russia insists on Georgian troop pullout to end Abkhazia conflict 10:48 19/07/2008 |Russia's president told Germany's foreign minister at talks on the conflict between Georgia and its rebel region Abkhazia that Tbilisi must pull its troops out of the province before a peace deal can be reached. Medvedev urges Iran to fully cooperate with IAEA 22:26 18/07/2008 |Russia's president on Friday urged Iran to fully cooperate with the International Atomic Energy Agency (IAEA) over its nuclear program, the Kremlin press service said. Russia, China to sign agreement to end border dispute in July 20:44 18/07/2008 |Russian Foreign Minister Sergei Lavrov will visit China on July 21-22 to sign a document delineating a long-disputed border between the two countries, the Foreign Ministry said on Friday. Russia concerned over U.S.-Ukraine Black Sea military exercises 20:34 18/07/2008 |Russia's Foreign Ministry voiced on Friday its concerns over the U.S.-Ukrainian Sea Breeze naval exercises currently underway in the Black Sea. more news The flight from stock risks has become widespread amid the worsening condition of the U.S. mortgage market linchpins Freddie Mac and Fannie Mae. This is due to the fact that in a shrinking real estate market, the risk of the beleaguered lenders defaulting on $5.2 trln of the $11.2 trln mortgage debts threatens a sharp worsening of the situation in the troubled sectors of the economy - construction and finance, thus increasing the risks of an economic slowdown. That is why investors paid such close attention to a recent Lehman Brothers memo suggesting that as much as $75 bln will need to be raised in additional capital. Such moves are designed to increase transparency, while the effects from the easing of monetary policy have yet to kick in to improve lending terms. The fact is that at a time when real estate prices were soaring, virtually all financial market agents were expanding their portfolios with mortgage backed securities, which have now significantly depreciated. In a bid to cover their losses, financial institutions started reporting such mortgage loans as off-balance sheet items. The demand to return them to the regular balance sheets can, therefore, potentially help recover the credibility of the financial system, but at the same time will encumber banks with additional write-downs on their holdings, which have already passed the $400 bln mark. Taking into consideration the nature of the lenders' operations and their key role in the mortgage market, this may have grave consequences for the U.S. economy. Spooked, stock market players started assuming the worst-case scenario in share quotes, with market value losses hitting 45 percent last week. Understanding the danger of the situation, financial regulators made an attempt to put out the fire. First, James Lockhart, director of the Office of Federal Housing Enterprise Oversight (OFHEO), said that the new accounting procedure will not affect Fannie and Freddie's capital requirements. But passions were only cooled after a U.S. Treasury and FRS program was made public. It aims to restore investor trust in these U.S. mortgage securities by opening access to the discount window and expanding credit lines; if necessary, the U.S. Treasury is ready to buy shares in the lenders and underwrite their ballooning debts. Amid a decline in demand for high risk assets, the Russian stock market has stayed within global market trends. Sell-offs were registered also among nonresidents, who were reducing long positions, despite reports of upcoming amendments to the RF tax code easing the tax burden on oil and natural gas enterprises. According to Lukoil CEO Vagit Alekperov, the proposed tax incentives will enable the industry to funnel an additional 400 billion rubles ($17 bln) into capital investment. But even the positive developments on the hydrocarbons market proved insufficient in the face of the external negative trends: under their impact, the MICEX index fell to a three-month low. This week one should pay attention to the financial performance of Citigroup, Merrill Lynch and the Bank of America, which could produce some unpleasant surprises. Price dynamics in the consumer sector and the housing market will attract special attention. Considering its significant overheating, the market should be expected to look for a ‘rock bottom' to stage a tangible rebound. An indication of that will be either the 1600 point mark (MICEX), i.e., the bottom of the downtrend, or a rise above 1675 points. The majority of traders will stay out of stock market battles, while speculators will have a good opportunity to cash in on volatility.

The 3 smart tips about online dating

hi, if you find this massage is interesting, share with your friends ashington, May 18 (ANI): For a lonely soul, online dating is a god sent 'cupid', for you can find the partner of your dreams courtesy the Internet world. Although the whole idea of hunting for a spouse is enthralling, they're few things you should keep in mind. They include - 1. The Net is just as good as church when you're hunting for a spouse. eventeen percent of online daters have turned virtual winks into marriage or long-term relationships; that's 3 million people. 2. Love is blind - or gullible. The typical bachelorette's profile claims that she's 20 pounds lighter than the average American woman. And the average bachelor's profile says he's more than an inch taller than the average American man. 3.Don't sweat it. Women don't care about size -as long as you clock ducats. A 5'8" beau can score as many dates as a 6' gent if he makes 146,000 dollars more a year. And the ladies are equally attracted to 5'2" men who make 277,000 dollars more than Mr. Lanky. (ANI)

hi, if you find this massage is interesting, share with your friends Why is the India's nuclear deal with US pros and cons Benefits for India? Ans. Nuclear Agreement between India - USA :MUST READ BY EVERY INDIAN There are lot of talks about 1 2 3 Agreement between India & USA and it almost led to the topple of Central Government. In this mail I am trying to explain the commercial & technical aspects relating to this Agreement which I have read and sharing with you. What is 123 Agreement? This is called 123 Agreement because this comes under USA's Atomic Power Act Section 123. Let's see how India's (Indians?) Sovereinty & Independence are pledged... (1) After this Agreement USA will supply all fuel, machinery / equipment & technology to India for producing Nuclear Power. (2) All these days from about 22 Nuclear Power Plants, India is producing power as well as Atom. It's a high security / secret that from where which is produced, how much is produced, where it is supplied, what research is being done with that, etc. to anybody. But if we sign this Agreement, we have to disclose these secrets and also agree to 14 of our Nuclear Power Plants to be under the scanner of International Atomic Power Organisation. (3) The fuel utilised to produce Atomic Power can be recycled for reuse and this plant will be under direct supervision of IAPO. If India does nuclear test, this agreement gets cancelled. But (1) USA will take back all the machinery / equipments / technology supplied to India thus far. (2) Those 14 plants will continue to be under scanner irrespective of the status of the agreement. On the other hand, if any of the commitments given by USA is breached by them, then there is no clause for cancelling this agreement. The agreement is apparently like this... USA can either hug India or slap India. India will not ask why are we hugged or why are we slapped. On the other hand, India cannot hug or slap USA for breach of agreement. This is only capsule so that easy to read and digest. Subject: India Pledged.... Part 2 Requirement of Power The most important requirement for India's Economic Growth in the coming years will be the power & infrastructure. The argument put forth favouring the 123 Agreement says that we need Nuclear Power Production to be increased to meet the demand. Power Production in India Presently following are the figures: Thermal Power 66% Hydel Power 26% Solar & Wind Power 5% - Presently Rs.600 Crores are spent for producing this power. Nuclear Power 3% - If this is to be increased to 6%, it requires additional Rs.50,000 Crores. Naturally it will be wise to increase other 3 modes of power production rather than the expensive & dangerous Nuclear Power. Isn't?? URANIUM We used to import Uranium from various other countries. After the Pokran Test, we are not getting it. To augment the supply, we need to sign the 123 Agreement to get Uranium from USA. But we will have to declare to USA from which power plant India takes raw material for producing Atom Bomb. Why should we disclose our internal secrets to those rascals ? Will any one allow an outsider to continuously monitor what's happening in your Hall & Kitchen of your house? Other study reveals that Uranium is available in India aplenty. Only hurdle is the acquisition of land. To produce Atomic Power & Bomb in the next 40 years, the requirement of Uranium is 25,000 MT whereas the availability is 78,000 MT across India. PLUTONIUM Presently 35% of Plutonium is used to produce Atomic Bombs. After signing the Agreement, we will be allowed to use only 10%. Who are those rascals to restrict the usage of our natural resource ? That is though you are capable of cooking & eating 10 idlis as your breakfast, you are allowed only 3 idlis henceforth. How can it be? Why should we accept this? THORIUM As told by Dr.APJ, we have abundant Thorium. In fact we are the 2nd largest producer of Thorium next only to Australia. India has to explore this further for producing power. For your information, in South India - particularly around Kanyakumari, the availability of Thorium is abundant. INDIA-IRAN-CHINA USA does not like the amicable relationship between India-Iran and also India-China. If India-China relationship gets stronger, then both these can rule the Eastern Part of the Globe which USA wants to break as per their divide & rule. By signing this agreement, USA wants India to depend on it for producing power which is going to be a crucial factor in future. There is a talk of bringing Natural Gas from Iran to India with a big pipeline project. USA doesn't like this proposal. Atomic Power Technology Whether power is produced or Bomb is produced, using Atomic power without spoiling the infrastructure and without allowing the radiation is always under threat. Moreover preserving the wastes coming out of Atomic Power Plants is expensive & unsafe. There was an accident in Three Miles Island in USA. To close this plant nearly USD 200 Crores spent with tons & tons of concrete but yet to be fully closed. In an another accident at Soviet Union's Serbia Plant, even the next generation child are affected due to the radiation. It will be very very expensive to defuse & close down an Atomic Power Plant than its construction cost. France France has got 56 Nuclear Power stations producing 73% of the country's total power requirement. They are catching up the problem of eliminating the wastes / emissions from out of those plants at the same time increase the power production capacity. Government of France is now thinking how to reduce the power consumption in the country. Conclusion In view of the above danger, rather than signing the agreement and pledging India to USA, it will be prudent to increase the Solar & Wind Energy and more importantly Hyder Power Production can be increased by linking all rivers across India and by constructing DAMS. (Ofcourse Dam construction projects can be given to L&T's B&F Sector:-) The whole process of this Agreement started in the year 2005 when Manmohan visited USA. In a span of just 2 years a major decision of signing this agreement has taken place with political motive. On the contrary, neither this Government nor any other earlier Central Government could not amend the Constitution thereby nationalise the rivers across the country thereby effectively utilise the water resources for both Agriculture purpose and producing Hydel Power. What an irony? Whenever someone is helping the needy, you can't expect the TERMS AND CONDITIONS BETWEEN THE needy and the helper to be EQUAL??? BUT (1) the helper's ulterior motive should be seen with broad eye because he is capable of digging a grave behind you and (2) better to be self-sufficient and explore new avenues with available resources. INDIA-CHINA-USA India is very rich in Culture, follow Religions, Value Ethics, Level of Education is Very Good. China is also rich in Culture, follow Religion, better disciplined. USA does not have Culture, does not have Ethics, only want power over others. Particularly wants a firm footing in South Asia. Remember the introduction EURO by European Countries and it is stronger than Dollar? So their "DAL" cannot be boiled at "EUROPE". They are trying in India as already Pakistan is in their clutches. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice.

Why is the India's nuclear deal with US pros and cons Benefits for India?

hi, if you find this massage is interesting, share with your friends Why is the India's nuclear deal with US pros and cons Benefits for India? Ans. Nuclear Agreement between India - USA :MUST READ BY EVERY INDIAN There are lot of talks about 1 2 3 Agreement between India & USA and it almost led to the topple of Central Government. In this mail I am trying to explain the commercial & technical aspects relating to this Agreement which I have read and sharing with you. What is 123 Agreement? This is called 123 Agreement because this comes under USA's Atomic Power Act Section 123. Let's see how India's (Indians?) Sovereinty & Independence are pledged... (1) After this Agreement USA will supply all fuel, machinery / equipment & technology to India for producing Nuclear Power. (2) All these days from about 22 Nuclear Power Plants, India is producing power as well as Atom. It's a high security / secret that from where which is produced, how much is produced, where it is supplied, what research is being done with that, etc. to anybody. But if we sign this Agreement, we have to disclose these secrets and also agree to 14 of our Nuclear Power Plants to be under the scanner of International Atomic Power Organisation. (3) The fuel utilised to produce Atomic Power can be recycled for reuse and this plant will be under direct supervision of IAPO. If India does nuclear test, this agreement gets cancelled. But (1) USA will take back all the machinery / equipments / technology supplied to India thus far. (2) Those 14 plants will continue to be under scanner irrespective of the status of the agreement. On the other hand, if any of the commitments given by USA is breached by them, then there is no clause for cancelling this agreement. The agreement is apparently like this... USA can either hug India or slap India. India will not ask why are we hugged or why are we slapped. On the other hand, India cannot hug or slap USA for breach of agreement. This is only capsule so that easy to read and digest. Subject: India Pledged.... Part 2 Requirement of Power The most important requirement for India's Economic Growth in the coming years will be the power & infrastructure. The argument put forth favouring the 123 Agreement says that we need Nuclear Power Production to be increased to meet the demand. Power Production in India Presently following are the figures: Thermal Power 66% Hydel Power 26% Solar & Wind Power 5% - Presently Rs.600 Crores are spent for producing this power. Nuclear Power 3% - If this is to be increased to 6%, it requires additional Rs.50,000 Crores. Naturally it will be wise to increase other 3 modes of power production rather than the expensive & dangerous Nuclear Power. Isn't?? URANIUM We used to import Uranium from various other countries. After the Pokran Test, we are not getting it. To augment the supply, we need to sign the 123 Agreement to get Uranium from USA. But we will have to declare to USA from which power plant India takes raw material for producing Atom Bomb. Why should we disclose our internal secrets to those rascals ? Will any one allow an outsider to continuously monitor what's happening in your Hall & Kitchen of your house? Other study reveals that Uranium is available in India aplenty. Only hurdle is the acquisition of land. To produce Atomic Power & Bomb in the next 40 years, the requirement of Uranium is 25,000 MT whereas the availability is 78,000 MT across India. PLUTONIUM Presently 35% of Plutonium is used to produce Atomic Bombs. After signing the Agreement, we will be allowed to use only 10%. Who are those rascals to restrict the usage of our natural resource ? That is though you are capable of cooking & eating 10 idlis as your breakfast, you are allowed only 3 idlis henceforth. How can it be? Why should we accept this? THORIUM As told by Dr.APJ, we have abundant Thorium. In fact we are the 2nd largest producer of Thorium next only to Australia. India has to explore this further for producing power. For your information, in South India - particularly around Kanyakumari, the availability of Thorium is abundant. INDIA-IRAN-CHINA USA does not like the amicable relationship between India-Iran and also India-China. If India-China relationship gets stronger, then both these can rule the Eastern Part of the Globe which USA wants to break as per their divide & rule. By signing this agreement, USA wants India to depend on it for producing power which is going to be a crucial factor in future. There is a talk of bringing Natural Gas from Iran to India with a big pipeline project. USA doesn't like this proposal. Atomic Power Technology Whether power is produced or Bomb is produced, using Atomic power without spoiling the infrastructure and without allowing the radiation is always under threat. Moreover preserving the wastes coming out of Atomic Power Plants is expensive & unsafe. There was an accident in Three Miles Island in USA. To close this plant nearly USD 200 Crores spent with tons & tons of concrete but yet to be fully closed. In an another accident at Soviet Union's Serbia Plant, even the next generation child are affected due to the radiation. It will be very very expensive to defuse & close down an Atomic Power Plant than its construction cost. France France has got 56 Nuclear Power stations producing 73% of the country's total power requirement. They are catching up the problem of eliminating the wastes / emissions from out of those plants at the same time increase the power production capacity. Government of France is now thinking how to reduce the power consumption in the country. Conclusion In view of the above danger, rather than signing the agreement and pledging India to USA, it will be prudent to increase the Solar & Wind Energy and more importantly Hyder Power Production can be increased by linking all rivers across India and by constructing DAMS. (Ofcourse Dam construction projects can be given to L&T's B&F Sector:-) The whole process of this Agreement started in the year 2005 when Manmohan visited USA. In a span of just 2 years a major decision of signing this agreement has taken place with political motive. On the contrary, neither this Government nor any other earlier Central Government could not amend the Constitution thereby nationalise the rivers across the country thereby effectively utilise the water resources for both Agriculture purpose and producing Hydel Power. What an irony? Whenever someone is helping the needy, you can't expect the TERMS AND CONDITIONS BETWEEN THE needy and the helper to be EQUAL??? BUT (1) the helper's ulterior motive should be seen with broad eye because he is capable of digging a grave behind you and (2) better to be self-sufficient and explore new avenues with available resources. INDIA-CHINA-USA India is very rich in Culture, follow Religions, Value Ethics, Level of Education is Very Good. China is also rich in Culture, follow Religion, better disciplined. USA does not have Culture, does not have Ethics, only want power over others. Particularly wants a firm footing in South Asia. Remember the introduction EURO by European Countries and it is stronger than Dollar? So their "DAL" cannot be boiled at "EUROPE". They are trying in India as already Pakistan is in their clutches. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice.

SP targets pvt oil फिर्म्स wants PM to take cognizance

hi, if you find this massage is interesting, share with your friends : Targeting Mukesh Ambani group, the Samajwadi Party has demanded windfall profit tax and withdrawal of concessions to private sector oil firms saying Prime Minister Manmohan Singh should take cognizance of its wish list as seriously as its support for the nuclear deal. "If I take the Prime Minister's suggestion on nuclear deal seriously, I hope Prime Minister will take cognizance of what I raised," Samajwadi Party General Secretary Amar Singh said. Also targeting the Petroleum Minister, Singh said Murli Deora "continues to favour only one well-known private operator". He said no individual in private sector "should be allowed this kind of loot." While the country is reeling under the "spectre of unaffordable petrol, diesel and cooking gas prices," these oil companies were enjoying "double mazaa and indirect loot", he said. Singh said the petrol pumps started by the private firms have been converted into real estate and pointed out that "they (private refiners) are earning USD 15 per barrel margin and a profit of six billion dollars." Singh, however, debunked reports that he was working at the behest of his close friend and Reliance ADA Group Chairman Anil Ambani, who is at loggerheads with elder brother Mukesh. "Finance Minister is perceived to be close to Anil Ambani if Murli Deora is perceived to be close to Mukesh Ambani. Public perception is not good," the SP leader said. Suggesting a windfall profit tax of up to 50 per cent on both upstream and downstream operators, Singh said the levy will immediately cover the under-recoveries of the oil marketing companies by Rs 100,000 crore.

Subprime fallout could last two years: Singapore bank head

hi, if you find this massage is interesting, share with your friends SINGAPORE: The global fallout from the US subprime mortgage crisis could last another two years, the chairman of Singapore-based United Overseas Bank said in a newspaper report on Tuesday. "I hope I am wrong, but my view is that this crisis will take one to two years to stabilise," Wee Cho Yaw, a banker for almost 50 years, told a university commencement ceremony, reported. A bank spokeswoman confirmed the quotes when contacted by AFP. The default crisis in the US subprime -- or higher risk mortgage sector ballooned into a world credit squeeze as banks tightened lending criteria. The crisis has also battered financial markets. "What worries me is that no one seems to know the full amount of off-balance sheet securities circulating in the financial markets," Wee was quoted as saying. The subprime homeloans were repackaged into securities and sold to investors around the world. The wave of defaults led to billions of dollars in losses on those securities, damaging the balance sheets of major international banks. "And this is what frightens me most no one can tell me how much more will be written off...," The Straits Times quoted Wee as saying. Wee said regulators will need to ensure closer supervision of financial institutions and the "exotic trades" that have arisen over the past decade, the newspaper reported. UOB has a regional presence, including subsidiaries in Malaysia, Indonesia, China and Thailand.

Multinational Corporations Step Up the Search for the Next China

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By Jason Simpkins

As far as foreign direct investment in Asia is concerned, China is still the undisputed leader, drawing approximately $42.78 billion in just the first five months of the year, an increase of 55% from the same period a year ago.

But China is coping with a number of growing pains that include higher wages and a strengthening currency. That has left a void for other emerging markets to step up and take the place of a multinational corporation’s best friend.

China used to be thought of as the world’s factory floor - a haven of cheap labor and minimal regulatory oversight for large multinational companies. The result was a massive influx of foreign investment and rapid gross domestic product (GDP) growth. But the country has outgrown this model and is shifting from low-skill, labor-intensive industries to a higher standard of living.

A recent study by the Booz Allen Hamilton Inc. consulting firm found that wages in China rose 9.1% for white-collar managers and 7.6% for blue-collar workers over the past year, the San Diego Tribune reported.

“The days of massive labor oversupply are over,” Cai Fang from the Chinese Academy of Social Sciences [CASS], said at a recent economic forum. “According to my research and relevant surveys, the wages of China’s migrant workers rose 2.8% in 2004, 6.5% in 2005, 11.5% in 2006 and 20% in 2007.”

Part of the reason is that China’s notorious one-child family planning policy is beginning to cause a labor shortage.

Last year, Zhang Yi from the Institute of Population and Labor Economics, told Asia News that the one-child policy has produced an effect where fewer rural workers are going into cities to work.

“In the beginning, it was believed that our big population would be a hindrance to our economic development. But over the past decades, experience has told us otherwise,” Zhang said. “Japan, for instance, has little in the way of resources and boasts one of the highest population densities in the world, but it is a thriving economy and one of the richest nations. Labor is the most important source of wealth.”

By 2025, China’s labor force will have been shrinking in total size for more than a decade, according to Zhang.

Another problem is inflation, as high consumer and producer prices are spilling over into wages. Consumer prices rose 7.7% in May after inflation reached a 12-year high of 8.7% in February. China’s producer price index rose 8.2% in May, the highest in more than three years.

Inflation also makes exports more expensive for foreign nations, particularly the United States. The Labor Department said last week that prices for Chinese-made goods were 4.6% higher in May than a year earlier.

Meanwhile, the dollar has fallen 20% versus the yuan since 2005. Yesterday (Thursday), The yuan rose to its strongest position ever, trading at 6.8762 against the U.S. currency as of 11:53 a.m. in Shanghai, Bloomberg News reported.

Companies used to avoid higher wages by moving further inland, but even rural villages are finding it difficult to muster up enough manpower to furnish factories. And now new government regulations and labor laws have companies retreating beyond the country’s borders.

Earlier this year, revisions to China’s labor laws greatly expanded the rights of workers and increased their bargaining power. A loophole that had allowed companies to layoff employees hired on temporary or fixed-term basis without compensation has been closed. Workers employed by a company for 10 years are now entitled to one month’s severance pay for every year worked. And employers are required to consult an “employee representative congress” with regard to changes in hours, benefits and compensation.

Willy Lin, managing director of Milo’s Knitwear (International) Group, told the Financial Times that the new labor law could increase costs by as much as 8% in 2008. However, in collusion with a higher minimum wage, increased social security payments and outside factors such as the appreciation of the yuan, Lin thinks the price paid by Chinese employers could be much greater.

“We estimate that, added together, labor costs [in mainland China] will be close to 40% higher for this year,” he said.

China is also phasing out its practice of charging lower corporate tax rates for foreign companies. And while it does so, other Asian countries are beginning to look more appealing to foreign companies.

Here are a few:

The Next China

Vietnam had a banner year in 2007, attracting $20.3 billion in foreign direct investment (FDI). But the country already expects to have accumulated another $23 billion in FDI in just the first half of 2008.

Canon Inc. (CAJ), for instance, is no longer expanding its operations in China, but it is doubling its Vietnamese workforce to 8,000 at a printer factory outside Hanoi, the New York Times reported. Both Nissan Motor Co. (ADR: NSANY) and Hanesbrands Inc. (HBI) and China’s own Texhong Textile Group Ltd. are also reportedly expanding their operations nearby.

“We found more ready availability of both land and labor in both Vietnam and Thailand,” Gerald Evans, president of Asia business development at Hanesbrands, told The Times.

Where as unskilled Chinese workers now earn $120 a month for a standard 40-hour workweek, factory workers in Vietnam make as little as $50 a month for a 48-hour workweek that includes a full day on Saturdays, the paper said.

Other facts to consider about Vietnam:

• More than half its population is under 25-years old.
• At 2%, Vietnam’s unemployment rate is among the world’s lowest, trailing only Azerbaijan, Cuba, Iceland, Andorra and Liechtenstein.
• Its labor and production costs are roughly one-third of China’s, making Vietnam a worthy contestant in the contest for new production sites.
• Its economy was able to shrug off the 1997 “Asian Contagion” financial crisis and averaged 5.5% growth for each of the next two years - while other nations in the region saw their own economies contract.
• Since January 2007, it’s been member of the World Trade Organization.

The Next Vietnam

If Vietnam is the next China, then Cambodia may be the next Vietnam. Capital interests are beginning to take notice because of its prime location in the fast growing Asia-Pacific region, young and inexpensive work force, rising productivity, pro-business government, stable politics, and strong GDP growth.

In 2006, foreign direct investment totaled $2.6 billion, up from just $340 million in 2004, according to the International Monetary Fund.

Ironically, China has become one of Cambodia’s biggest investors. According to the official China News Agency, 3,016 Chinese companies had made cumulative investments of $1.58 billion by the end of the end of 2007.

With even lower wages, the nation is fast becoming a new Mecca for the world’s textile industry. The industry employs about 300,000 workers and generates annual revenue of more than $1 billion.

“[Cambodia] is where Vietnam was some 8 to 10 years ago,” Marvin Yeo, who co-founded Frontier, which manages the Cambodia Investment and Development Fund, told the International Herald Tribune.

Renowned investment luminaries Marc Faber and Jim Rogers, who are advising some of the private-equity firms that will pour upwards of $500 million into Cambodia, have also praised the country’s investment prospects, the Wall Street Journal reported.

“Cambodia offers an enormous potential for future capital gains,” Faber wrote in a recent newsletter for acolyte investors.

Cambodia’s GDP peaked at 13.5% in 2005 but is expected to slide to a still-impressive 7% or 8% percent in coming years.

U.S. Markets: A Ton of Doubt Calls for Caution

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Sentiment deteriorated further during the past week as oil prices rebounded, more bad news in the financial sector surfaced, economic woes mounted and inflationary pressures intensified, compounding the already-jittery investors’ anxiety.

Status Quo’s lyrics “Down down deeper and down” came to mind as global stock markets took a battering. For example, the Dow Jones Industrial Index, plunged by 3.8% over the week to below 12,000 – its lowest level since March. Commensurate with extremebearishness, short interest on the New York Stock Exchange jumped to an all-time high during the week.

At the center of investors’ angst was the perception that the credit crisis has not yet played itself out. These fears were supported by Goldman Sachs (GS) analysts who said last week they did not expect the credit crisis to peak before 2009, and that U.S. banks might need to raise $65 billion of additional capital (on top of $159 billion raised so far) to cope with additional losses from the sub-prime fallout.

On a related note, Moody’s downgraded the credit ratings of Ambac Financial (ABK) and MBIA (MBI), citing their limited ability to raise new capital and write new business. Banks were also in focus as analysts cut their price targets for, among others, Goldman Sachs (GS), Citigroup (C) and Wachovia (WB).

In one of the most bearish reports for a while, The Royal Bank of Scotland (RBS) advised clients to brace themselves for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. “A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist (who gained credibility after his warnings last year about an impending credit crisis).

Richard Russell, 83-year old author of the Dow Theory Letters, expressed concern about the stock market’s negative breadth and said:

I did a double-take when I read Lowry’s statistics … Buying Power Index at a multi-year low and Selling Pressure Index at a multi-year high. And the two Indices at about their widest (most bearish) spread in history or since the 1930s. What the devil could this mean? My guess can be summed up in one word – trouble.

However, there is still hope, according to David Fuller (Fullermoney), who pointed out that Investors Intelligence’s sentiment index (bottom section of the chart on the left) was extremely bearish.

There has never been a reading at current or lower levels that was not soon followed by a sharp rebound, including during the last bear market. This indicates to me that we are within a week or two of a bear squeeze, providing at least a tradable rally …

Lousy Fridays are often followed by rotten Mondays.

To which I add: When in doubt (and there is a ton of doubt), better to err on the side of caution than to do something stupid.

Let’s briefly review the financial markets’ movements on the basis of economic statistics and a performance round-up:

Economy

The Survey of Business Confidence of the World conducted by Moody’s Economy.com, reported that:

Global business sentiment appears to have turned a corner. It remains weak, but it has moved measurably higher since hitting bottom in late April. Confidence remains weakest in the U.S. where it suggests the economy is still contracting, and it is strongest in Asia where it is consistent with an economy growing near its potential.

Economic reports in the U.S. were largely overlooked last week as market participants focused on corporate news, although there were several notable releases:

• The NAHB Housing Market Index fell by 1 point to 18, bringing it back to the record low reached in December and before that not seen since 1985.
• After plummeting since the beginning of this year, consumer confidence is showing tentative signs of stabilizing, according to the ABC News/Washington Post Consumer Comfort Index.
• Industrial Production fell by 0.2% in May, following an outsized 0.7% decline in April. Overall, the report is consistent with continued modest declines in manufacturing.
• The Producer Price Index for finished goods rose by a large 1.4% in June as expected, following a 0.2% increase in April. Inflation was once again led by large price increases of food and energy products.

Summarizing the U.S. economic scenario, Paul Kasriel, chief economist of Northern Trust, said:

… despite the Fed’s aggressive Federal funds rate reductions, money and credit growth have slowed significantly … to absolutely low rates. The implication of this is that real economic activity is likely to be very sluggish until financial institutions rebuild their capital positions and that the inflationary flames are likely to subside as they are deprived of the ‘oxygen’ of credit growth.

The highlight of next week’s economic news will be the FOMC policy announcement on Wednesday. Economists expect the Fed funds rate to remain unchanged at 2.0%, but uncertainty regarding the wording of the policy statement means it has market-moving potential.

Kasriel also said:

We fully expect that the FOMC will devote a relatively large amount of ‘ink’ to the inflationary threats in its no-change policy statement on June 25, but we also expect the FOMC to reiterate that the downside risks to economic growth still dominate its policy decisions in the near term.

Elsewhere in the world, escalating inflation concerns are at the top of policymakers’ agendas. In addition to rampant inflation in emerging markets, the Eurozone and U.K. are also shouldering strongly rising prices.

• Consumer price inflation in the Eurozone was up 3.7% in year-ago terms in May. The rate is far above the European Central Bank’s 2% inflation target and, given the ECB’s more hawkish tone lately, markets are increasingly expecting the bank to tighten.
• Consumer prices shot ahead in May in the U.K., rising by 3.3% in year-ago terms. The deteriorating inflation outlook has reduced the likelihood of imminent monetary easing, while a recent statement by Bank of England Governor Mervyn King suggests that rate increases are also unlikely.

Despite Hard Times, U.S. Consumers Splurge on the Sexy Things in Life

hi, if you find this massage is interesting, share with your फ्रिएंड्स NEW YORK, NY -- 06/24/08 -- Economic pressures on consumers lately are not expected to impact the fashionable intimate apparel industry. According to Packaged Facts' "U.S. Market for Intimate Apparel," the market is appealing to retailers because it has higher profit margins than regular apparel, drives store traffic and boosts customer loyalty. In 2007, Packaged Facts estimates the lingerie market rang up nearly $10 billion in sales.

While the market grew modestly between 2002 and 2007, it seems that women's intimate apparel has found a hot spot. Sexy/fantasy/trashy lingerie has seen significant growth in small, specialty lingerie companies that link their undergarments with accessories, novelties and adult toys. Escalation in sales of these foxy garments can be attributed to the Internet, which has helped small start-up companies flourish.

Full-figured lingerie is another key factor in the intimate apparel market. With the expansion in the women's plus-size clothing market (which generates $22 billion in annual sales) comes lingerie that fits the full-figured woman. In 2007, intimate apparel sales accounted for more than 10% of all plus-size apparel and that number is expected to increase.

"In the battle for tightly held consumer dollars, size is no longer enough," notes Cathy Minkler, Editor of Packaged Facts. "Players in the apparel industry will need innovation and original business models to stay in fashion."

"U.S. Market for Intimate Apparel" analyzes the competitive landscape of the market, profiles the major lingerie makers and retailers and discusses their key business strategies. The report also analyzes the major trends prevalent in the lingerie market. The information contained in this study was compiled from both primary and secondary research, including consultations with industry experts, on-site inspections of major retail outlets, analysis of information from trade press, apparel and organic-product trade associations, retail journals, marketer publications and press releases, and other relevant sources. Sales figures are based on a comprehensive evaluation of various current market estimates and growth trends. For further information visit: http://www.packagedfacts.com/Women-Intimate-Apparel-1684530/

Packaged Facts publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services. For more information visit www.packagedfacts.com, or contact Jenn Tekin at 240-747-3015 or jtekin@marketresearch.com.

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Mumbai dabbawala shares secret of success with Dubai accountants

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DUBAI: Forget about the coding system that Mumbai's dabbawalas use to transport lunch boxes from homes to offices or the six-sigma and ISO certificates they have. The men who ensure workers in India's financial capital get their food on time credit their success to simple principles: stick to time and work is worship. A conference of chartered accountants in Dubai this week, which heard presentations on topics like wealth structuring crisis, India's cost competitiveness, Middle East equity markets and commodities cycle, was perked up by a presentation on Mumbai's ubiquitous dabbawalas. The men who transport lunch boxes have been a subject of study for management gurus like CK Prahalad and schools like Indian Institutes of Management (IIMs) and those in the American Ivy League. Invited by the Dubai chapter of the Institute of Chartered Accountants of India, Manish Tripathi, honorary director of Mumbai's dabbawalas, gave a presentation on the trade wearing a now globally recognizable dabbawala white cap and swearing with his hand on a tiffin box that he would “say the truth and nothing but truth” about his trade. “Believe me, I will give you so much knowledge about dabbawalas that any of you can come to Mumbai and start working as a dabbawala,” he told an over-1,000 strong audience at a five start hotel here. “Our work revolves around a few beliefs - the most important ones of which are sticking to time and believing that work is worship,” he said. “Annadan is mahadan (giving food is the greatest charity). We dabbawalas have a strong belief in god. But you don't see god, do you? So, whom do you worship? People - after all, they are creations of god. You worship god by ensuring that people get to eat their food on time,” he said while making the Powerpoint presentation that was prepared for the dabbawalas by an IIM student. “Time,” Tripathi said, “is the first thing any dabbawala has to stick to if he has to succeed in the trade.”

Russia's largest bank to induct Indian in supervisory board

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MOSCOW: For the first time in its history Russia's largest state-owned bank, Sberbank (Savings Bank) is inducting an Indian national Rajat Kumar Gupta on its supervisory board and his appointment is expected to be approved at the shareholders' meeting here on Friday. According to Sberbank press office Gupta, Senior Partner in McKenzie, would also be the first ever foreigner to be appointed on the bank's supervisory board. Sberbank President and former Minister of Economy and Trade German Gref had earlier said his bank plans to enter into the Indian financial market in a big way, which has already applied to the RBI seeking permission to open its branch in India.

Bank of Japan Says Economy Worsened in 8 of 9 Regions

hi, if you find this massage is interesting, share with your फ्रिएंड्स Bank of Japan Says Economy Worsened in 8 of 9 Regions (Update1)

By Mayumi Otsuma

July 7 (Bloomberg) -- The Bank of Japan said the economy has worsened in eight of the country's nine regions since April as costlier energy and raw materials slowed the expansion.

``Growth of the economy as a whole continued slowing recently, mainly due to the effects of high energy and material prices, although there were some regional differences,'' the central bank said in a quarterly report in Tokyo today.

The central bank lowered its assessment of consumption in all nine areas as soaring gasoline and food prices left people with less money to spend. Governor Masaaki Shirakawa said earlier today that the bank expects growth in the world's second-largest economy to keep slowing.

``Governor Shirakawa probably wants to know how inflationary expectations of consumers and businesses in the regions are developing, and how companies are setting prices,'' said Hideo Kumano, chief economist at Dai-Ichi Life Research Institute and a former Bank of Japan official. ``The bank wants to get first-hand voices from branches nationwide.''

Shirakawa reiterated that the central bank has no bias regarding the direction of its next policy move.

``The Bank of Japan is committed to implementing monetary policy flexibly by closely checking upside and downside risk factors,'' he told the branch managers. ``Economic growth will probably keep decelerating for the time being, but return to a moderate expansionary path thereafter.''

Shelved Policy

The central bank in April shelved a policy of gradually raising interest rates. Economists predict Shirakawa and his colleagues will keep the benchmark rate at 0.5 percent this year.

Tohoku in northern Japan was the only region that didn't have its economic assessment cut, the central bank said.

Household spending's ``sluggishness became increasingly apparent, although it remained generally firm,'' the report said. In April the bank described consumption as ``generally firm.''

Sentiment among Japan's households, whose outlays accounts for more than half of the economy, is at a six-year low as they struggle with the steepest inflation in a decade. Core consumer prices, which exclude fresh food, rose 1.5 percent in May from a year earlier, the fastest pace since 1998.

The central bank said corporate profits are declining because of the increase in oil and raw materials costs, and business investment is slowing in ``many regions.'' Export growth is cooling and industrial output is flat, it said.

Shirakawa said global inflation is accelerating, financial markets remain volatile and the U.S. economic outlook is ``uncertain.''

Tankan Survey

The central bank's Tankan business survey last week showed confidence among large Japanese manufacturers reached the lowest since September 2003 and big companies expect earnings to fall for the first time in seven years.

In April, the policy board forecast growth of 1.5 percent for the year ending March 2009, and said core consumer prices will climb 1.1 percent. The bank will review those projections at next week's policy meeting, which ends on July 15.

``Economic growth has been undershooting the bank's April outlook, while prices have been overshooting,'' said Mari Iwashita, chief market economist at Daiwa Securities SMBC in Tokyo. ``It's too early to say whether Japan will slip into a recession or not.''