]]> that tourists visiting the country’s monuments must pay at a fixed local rupee rate rather than in dollars to shore up revenues as the greenback falls against major currencies. Entrance to many sites for foreign tourists in India is priced in dollars and then converted to rupees meaning that authorities have been losing money this year as the dollar slid more than 12% against the local currency. The Ministry of Culture said in a statement that the move was “to avoid any anomaly on account of falling exchange rates of US dollar vis-a-vis Rupee and consequent fall in revenues”. The government had fixed a $5 entrance fee for World Heritage sites like the Taj Mahal and $2 for other monuments at a time when the dollar was worth about Rs50. The dollar is now worth around Rs39. The new rate for World Heritage Sites is fixed at Rs250 meaning a foreign tourist will pay the equivalent of about $6.50. More than four million tourists visited India last year bringing in around $6.6 billion in foreign exchange earnings.

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http://www.livemint.com/2007/11/16120440/Pay-in-rupees-not-dollars-go.html ]]> ]]> tourist will pay the equivalent of about $6.50 New Delhi: Indian authorities have ruled that tourists visiting the country’s monuments must pay at a fixed local rupee rate rather than in dollars to shore up revenues as the greenback falls against major currencies. Entrance to many sites for foreign tourists in India is priced in dollars and then converted to rupees meaning that authorities have been losing money this year as the dollar slid more than 12% against the local currency. The Ministry of Culture said in a statement that the move was “to avoid any anomaly on account of falling exchange rates of US dollar vis-a-vis Rupee and consequent fall in revenues”. The government had fixed a $5 entrance fee for World Heritage sites like the Taj Mahal and $2 for other monuments at a time when the dollar was worth about Rs50. The dollar is now worth around Rs39. The new rate for World Heritage Sites is fixed at Rs250 meaning a foreign tourist will pay the equivalent of about $6.50. More than four million tourists visited India last year bringing in around $6.6 billion in foreign exchange earnings.

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http://www.livemint.com/2007/11/16120440/Pay-in-rupees-not-dollars-go.html ]]> ]]> fixed at Rs250 meaning a foreign tourist will pay the equivalent of about $6.50 New Delhi: Indian authorities have ruled that tourists visiting the country’s monuments must pay at a fixed local rupee rate rather than in dollars to shore up revenues as the greenback falls against major currencies. Entrance to many sites for foreign tourists in India is priced in dollars and then converted to rupees meaning that authorities have been losing money this year as the dollar slid more than 12% against the local currency. The Ministry of Culture said in a statement that the move was “to avoid any anomaly on account of falling exchange rates of US dollar vis-a-vis Rupee and consequent fall in revenues”. The government had fixed a $5 entrance fee for World Heritage sites like the Taj Mahal and $2 for other monuments at a time when the dollar was worth about Rs50. The dollar is now worth around Rs39. The new rate for World Heritage Sites is fixed at Rs250 meaning a foreign tourist will pay the equivalent of about $6.50. More than four million tourists visited India last year bringing in around $6.6 billion in foreign exchange earnings.

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http://www.livemint.com/2007/11/16120440/Pay-in-rupees-not-dollars-go.html ]]> ]]> fixed at Rs250 meaning a foreign tourist will pay the equivalent of about $6.50 New Delhi: Indian authorities have ruled that tourists visiting the country’s monuments must pay at a fixed local rupee rate rather than in dollars to shore up revenues as the greenback falls against major currencies. Entrance to many sites for foreign tourists in India is priced in dollars and then converted to rupees meaning that authorities have been losing money this year as the dollar slid more than 12% against the local currency. The Ministry of Culture said in a statement that the move was “to avoid any anomaly on account of falling exchange rates of US dollar vis-a-vis Rupee and consequent fall in revenues”. The government had fixed a $5 entrance fee for World Heritage sites like the Taj Mahal and $2 for other monuments at a time when the dollar was worth about Rs50. The dollar is now worth around Rs39. The new rate for World Heritage Sites is fixed at Rs250 meaning a foreign tourist will pay the equivalent of about $6.50. More than four million tourists visited India last year bringing in around $6.6 billion in foreign exchange earnings.

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http://www.livemint.com/2007/11/16120440/Pay-in-rupees-not-dollars-go.html ]]> ]]> persons in China in terms of 'there is huge amount of adjustment of reserves.' "I think that probably is opinion.. if they want to express their opinion that will be fine we consider it we listen (to) it but that does not dress our policy," Yi said at a monetary conference organized by Washington-based CATO Institute. Amid weakening of the dollar. Cheng Siwei vice chairman of the Standing Committee of the National People's Congress of China the parliament said earlier that strong currencies ought to be given more weight in the Chinese reserves to offset the losses in weak ones... Yi said while the Chinese central bank diversified the study currencies making up its reserves. "the inform is the principle for our diversification and the principle that guides us for these reserves is that it should be proportional to our real economic transactions -- meaning change. FDI (foreign direct investment) and clearance and settlement." China's forex reserves which overtook Japan's for the world's top spot in early 2006 and topped US$1.43 trillion in late September have been boosted especially by the nation's trade surplus. About 70 percent of its foreign reserves is generally believed to be held in US dollar-denominated paper principally US government bonds. This has proven a less-than-ideal investment not just due to the low yields on government debt but also the weakening of the US currency. This has proven a less-than-ideal investment not just due to the low yields on government debt but also the weakening of the US currency. This isn't true. It has been a wonderful investment. Now China can produce many things it could not produce before while other nations have stopped being able to create many things they could produce before. And I'm not just talking about cheap plastic and somewhat toxic toys and not-so-kidney-friendly dog food.

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http://ipezone.blogspot.com/2007/11/pboc-china-still-hearts-us-dollars.html ]]> ]]> their country's massive forex reserves to counteract earlier suggestions by Cheng Siwei vice head of the Standing Committee of the National People's Congress that China should diversify out of the falling dollar. Cheng's statement caused a last week in currency markets as traders bid up the euro and sold the dollar in response. This pattern is becoming something of a regularity that I'm wondering if it's planned. First some official who is not necessarily charged with China's financial affairs bemoans the accumulation of rapidly declining dollars. Then forex traders make a knee-jerk reaction of selling greenbacks. After a while the PBoC steps in and says that such statements are mere "opinion." Are the Chinese testing the waters for a large USD sell-off? You never know. From : The US dollar will remain the anchor currency of China's massive foreign reserves despite suggestions that the country is too heavily skewed toward the weakening greenback a senior Chinese central bank official said Wednesday. Yi Gang the assistant governor of the People's Bank of China said the dollar had to continue as key component of the country's 1.4 trillion dollar reserves because it was "the largest currency that we use" in terms of trade and foreign direct investment as well as financial clearances and settlements. "It is also a very firm policy for China that the US dollar is the main currency in our reserves and that policy is very firm," he said to a question at a forum in Washington. Yi said recent suggestions that Beijing shift its largely dollar-based reserves toward presently stronger currencies desire the euro were mere "opinion." "There is some discussion or comment from maybe scholars maybe other persons in China in terms of 'there is huge amount of adjustment of reserves.' "I think that probably is opinion.. if they want to express their opinion that will be fine we consider it we listen (to) it but that does not change our policy," Yi said at a monetary conference organized by Washington-based CATO Institute. Amid weakening of the dollar. Cheng Siwei vice chairman of the Standing Committee of the National People's Congress of China the parliament said earlier that strong currencies ought to be given more charge in the Chinese reserves to offset the losses in weak ones... Yi said while the Chinese central tip diversified the study currencies making up its reserves. "the point is the principle for our diversification and the principle that guides us for these reserves is that it should be proportional to our real economic transactions -- meaning trade. FDI (foreign direct investment) and clearance and settlement." China's forex reserves which overtook Japan's for the world's top spot in early 2006 and topped US$1.43 trillion in late September have been boosted especially by the nation's trade surplus. About 70 percent of its foreign reserves is generally believed to be held in US dollar-denominated paper principally US government bonds. This has proven a less-than-ideal investment not just due to the low yields on government debt but also the weakening of the US currency. This has proven a less-than-ideal investment not just due to the low yields on government debt but also the weakening of the US currency. This isn't true. It has been a wonderful investment. Now China can produce many things it could not produce before while other nations have stopped being able to produce many things they could produce before. And I'm not just talking about cheap plastic and somewhat toxic toys and not-so-kidney-friendly dog food.

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http://ipezone.blogspot.com/2007/11/pboc-china-still-hearts-us-dollars.html ]]> ]]> probably familiar with the trials and tribulations at the protect Street giant from massive to the of CEO Stan O'Neal. The ad was probably intended to shore up investor confidence in M-L though some things touch me as odd. First the funereal colors of the ad do not be to jibe with the presumably upbeat mood M-L wants to give. Second it is unclear to me why M-L would undergo to make such an ad if things were so hunky-dory. Is the firm readying folks for another round of write-downs? I suspect this may be the case. Below is the which this ad links to and you can also view another aimed at shoring up the confidence of retail investors. The line of reasoning here goes like this: everyone else on Wall Street is losing money so why single us out even if we're the ones who've declared the most write-downs to date? These have been a challenging few months not just for Merrill Lynch but for many companies around the financial industry. But our strength as a affiliate suggests any setbacks will be overcome. Our financial lay and liquidity remain strong. And everywhere we look the people of Merrill kill are bringing extraordinary value to our clients and producing the strong growth that goes along with it. Even with adverse mortgage-related results in the third quarter the company's net earnings totaled $2 billion and net revenue totaled $20 billion for the first nine months of the year. Our global private client investment banking and equity markets businesses all had record revenues for the same period. And we continue to drive some of the most significant innovative and leading financial transactions in the industry. Time and again in our 93-year history we have survived tumultuous times and tough markets and emerged the stronger for it. It's worth remembering that less than a decade ago the economy and financial industry suffered an unprecedented series of shocks - the Asian currency crisis of 1997/1998 followed by the bursting of the dot-com breathe in 2000 followed by 9/11. Then as now the populate of Merrill Lynch rallied together and in the years following 2001 the company produced five straight years of exceptional growth. What the people of Merrill Lynch do in challenging times is precisely what we do in less challenging times: focus on identifying opportunities to create wealth and make a meaningful difference in the lives of our clients. We try to bequeath that investing is not a sprint but a marathon that over the long term patience is invariably rewarded. The symbol on this page is not just a corporate logo. It represents the philosophy of Merrill kill an embodiment of the pride strength integrity and optimism that have driven the company for nearly a century and will act to do so far a long time to come.

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http://ipezone.blogspot.com/2007/11/merrill-lynch-toots-its-own-horn.html ]]> ]]> rely less on blockbuster drugs sold in the West for revenues. Unsurprisingly. Big Pharma is now on.

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http://ipezone.blogspot.com/2007/11/quartet-of-globalization-stories.html ]]> ]]> available on either raids. Income tax officials raided three offices of BPTP and the accommodate of Kabul Chawla the affiliate’s head and managing director. “This was move of a routine investigation process,” said Abhinandan Chatterjee president and chief financial officer of BPTP. “The income tax people feel developers undergo a lot of money and so they are raiding the offices of developers.” Shabana Hussain & Kavitha Srinivasan A Ranbaxy spokesperson however confirmed the denote but declined to say whether the company was indeed recalling 73 million pills of 600mg and 800mg dosages of gabapentin. ‘The Economic Times’ first reported on Friday about the recall. The spokesperson said Ranbaxy “ found the presence of ‘related substances’ permitted in the products to be outside the approved specification limit.” Ranbaxy shares cut 2.82% on Friday on the Bombay Stock Exchange to close at Rs411.70 significantly more than the 0.4% decline in the benchmark Sensex index. Bhuma Shrivastava Wholesale prices rose 3.11% in the week ended 3 November from a year earlier compared with a 2.97% gain in the previous week the ministry of commerce and industry said on Friday. Low inflation may not cause the Reserve Bank of India to cut arouse rates as the impact of higher global oil costs hasn’t been felt in the South Asian economy. New Delhi:Leading private sector oil refiner. Essar Oil Ltd will invest $6 billion (Rs23,640 crore) to raise its refining capacity by 224% to 34 million tonnes per annum by 2010. To cater move of the funds needed for the expansion the board of directors has approved the air of global depository shares to the promoters on a preferential basis at a determine of Rs200 per share. Meanwhile group firm Essar brace Ltd said it has applied for delisting of shares and its founders ordain buy shares from the shareholders for six months at a determine of Rs48 a share. Utpal Bhaskar/Reuters New Delhi: The Telecom Regulatory Authority of India (Trai) on Friday asked service providers to follow a transparent policy on the mode of recovery of dues from their customers in an effort to forbid harassment of telecom users. The regulator issued guidelines to service providers prescribing a label of conduct for outsourcing agencies engaged by them for collecting dues. It also asked them to set up an effective complaint handling mechanism. The service provider has to ensure that outsourcing arrangement to an agency does not forgive them of their responsibility to complete their obligation to consumers. Trai said in a statement. PTI

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http://www.livemint.com/2007/11/16233257/Bank-account-details-not-in-RT.html ]]> ]]> measure now as the EU and the US hyperventilate over surging bilateral deficits with the lay Kingdom. First up is this on how Chinese regulations which appear to take aim at foreign goods have change state a inform of contention. While China has used similar industrial policies in the past its membership in the WTO means that such policies cannot be used as widely as before without risking discrimination against foreign producers: Few American industries undergo had more success in selling goods to China than makers of medical devices like X-rays pacemakers and patient monitors. Which is why a recent Chinese decree was so troubling. The directive issued in June called for burdensome new safety inspections for foreign-made medical devices — but not for those made in China. The Bush administration is crying foul. change surface more worrisome to the administration is that the directive seems part of a recent pattern in which Chinese officials issue new regulations aimed at favoring Chinese industries over foreign competitors despite efforts by Treasury Secretary Henry M. Paulson Jr to go economic tensions... "I can't tell you how many companies have come up to me — software chemicals autos — who say they're concerned about the trend," said a senior administration official speaking anonymously to forbid antagonizing the Chinese. "We're very troubled about the long-term direction on some of these policies." The American concerns are shared in Europe which like the United States is growing more disturb about the change deficit with China. "What we're seeing are growing industrial interests lobbying state authorities in China and giving them preferential treatment," Peter Mandelson the top trade envoy of the European Union said in an interview. "The result is clear discrimination against foreign companies." "There is clearly a growing economic nationalism in China that is leading to discrimination against foreign investors in pillar sectors of the economy," said Myron Brilliant vice president for Asia at the United States Chamber of Commerce. "It's not only a threat to foreign investors but it also undermines China's convert to a market-based economy..." Beyond the medical device sector were many other examples cited in a report in September by the domiciliate of Commerce drawing on the experience of businesses operating in China. China said the inform had become "increasingly sophisticated at developing and wielding industrial policies" in procurement standards and antimonopoly laws to the disadvantage of foreign investors and importers. Among the examples cited are standards for wireless technology mobile phones and mobile phone batteries that favor Chinese companies as come up as antimonopoly laws that absolve Chinese government enterprises... The American medical device industry according to some China experts may be a victim of retaliation by some Chinese authorities because of complaints by the United States over unsafe and dangerous exports of Chinese products. Second comes news that the EU's trade deficit with China through the first eight months of 2007 has by 25% compared to the same period measure year partly due to the euro appreciating by 7% against the yuan: Europe's change deficit with China surged 25 percent in the eight months through August giving European and U. S officials more reason to pressure China to let its currency trade freely. The euro-area change gap with China widened to 70 billion euros ($102 billion) from 55.9 billion euros in the year-earlier period the European Union's statistics office in Luxembourg said today. China's yuan has dropped 7 percent against the euro in the measure year fueling tension over the growing imbalance... ``There is a point of agreement between the Europeans the Americans and the Japanese on the Chinese yuan,'' said Dominique Barbet an economist at BNP Paribas in Paris. ``But change surface if Chinese authorities do increase over a period of measure this will not greatly change the competitive lay of China.'' China's export growth is dominated by products including electronics toys and textiles while euro-area economies such as Germany the region's largest are reliant on machinery and heavy equipment according to Barbet lessening competition between the economies. Next even tip of England Governor Mervyn King has ECB President Jean-Claude Trichet and US Treasury Secretary Hank Paulson in demanding faster RMB appreciation: tip of England Governor Mervyn King is joining Jean-Claude Trichet and Henry Paulson to bespeak that China allow the yuan to strengthen at a faster pace. King usually reluctant to address transfer rates used his quarterly touch conference to warn that China is stoking ``great currency tensions.'' He said the air will be discussed at this weekend's meeting of officials from the Group of 20 nations come Cape Town. Trichet head of the European Central Bank insisted last week that China cater its ``global responsibilities,'' and Treasury Secretary Paulson called Beijing ``out of go with the rest of the world.'' King's remarks reinforce a shift in rhetoric from officials of the largest economies as concern mounts that China isn't shouldering enough of the dollar's glide garnering an unfair advantage for its exporters. While the yuan has risen about 5 percent against the dollar this year it has dropped by the same be against the euro. ``It's a pretty hot topic for all of them now,'' said Dominic White an economist at ABN Amro Holding NV in London. ``Policy makers were hoping that the currency shifts needed for the rebalancing of the global economy would happen more gradually and over a longer period.'' Also coming up is the G-20 meeting in Johannesburg. South Africa where developing countries (including China) and developed countries (including the US and EU members) ordain international financial matters. In self-interest developing countries ordain likely support China's argument that a gradual appreciation is necessary not to move back and forth China's ride and that of other developing countries: But according to currency and policy analysts it will be difficult to convince the rest of the G-20 which includes China as well as other rising economies like India. Brazil. South Africa and Russia. China has a track record of firmly resisting such pressure and some of its neighbors in Asia especially would suffer from a stronger yuan. Yet the weak dollar which is hovering near an all-time low against the euro has prompted top officials to examine for the alter balance of soothing public messages and private persuasion to calm markets and usher in longer-term stability so that global trade is not disrupted by volatile exchange rates... The United States and Europe will probably alter their inspect privately in South Africa and virtually no one expects quick agreement there... Perceived European-American bullying unpopular in global change talks and probably less so among financial officials always strikes a sensitive nerve said Jen the Morgan Stanley analyst. And not everyone would necessarily accept a stronger Chinese currency others pointed out. A stronger yuan would probably mean a weaker currencies in Indonesia. South Korea and Malaysia raising the price of imported goods from China and worsening inflation at a measure when prices are on the go globally. What's more the be of Asia has profited tremendously from China's rise change surface as it has eyed its growing power with a.

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http://ipezone.blogspot.com/2007/11/west-says-china-play-fair-x4.html ]]>