Revolutionizing Awareness

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Posts Tagged ‘Monday’

No impact of rupee slide on banks: SBI chief

Posted by Admin on May 30, 2012

IMG_9746_pcs_1 Same same but different. 500 In...

IMG_9746_pcs_1 Same same but different. 500 Indian Rupee (Photo credit: artist in doing nothing)

http://in.finance.yahoo.com/news/no-impact-rupee-slide-banks-145252120.html

IANS – Mon 28 May, 2012 8:22 PM IST

Bangalore, May 28 (IANS) The rupee’s slide against the dollar had no impact on Indian banking operations though profitability of importers would be affected, State Bank of India (SBI) chairman and managing director Pratip Chaudhary said Monday.

“There is no impact of a falling rupee on banks but it (slide) would strain the profitability of our importing customers, while exporting customers will have an advantage,” Chaudhary told reporters on the margins of a bank function here.

At the same time, despite currency volatility, the bank has seen higher remittances from non-resident Indians (NRIs) in their accounts to benefit from the conversion from dollar to rupee.

Owing to external and internal factors, the Indian rupee has weakened by 23 percent during the last five months, hitting a record low of Rs.56.40 May 23 but recovered slightly to trade in the Rs.54.80-Rs.55.50 range subsequently. It was trading at Rs.55.26 Monday.

Noting that further cut in interest rate would depend on government borrowings this fiscal (2012-13), the chairman said banks were borrowing at 8.5 percent (from the RBI) and lending (primary rate) to the corporate sector at nine percent and above as the government borrowings was at eight percent currently.

“Lowering of interest rate is largely determined by the rate at which the government borrows from the central bank. If the RBI cuts rates further, banks will be in a position to lower lending rate,” Chaudhury said after donating a Rs.8.40-lakh school bus to Angavikalara Ashakirana Trustat Davangere, about 260km from here, as a gift from the bank’s regional office.

The Reserve Bank of India (RBI) April 17 reduced key rates such as repo (repurchase) rate 50 basis points (0.5 percent) to 8 percent from 8.5 percent, resulting in the reverse repurchase rate decreasing to 7 percent from 7.5 percent for this fiscal (FY 2013).

The repo rate is the interest the central bank levies on short-term borrowings by commercial banks. The reverse repo rate is the interest on short-term lending. A cut in these rates rate reduces the cost of accessing funds for lending institutions.

As the SBI’s base lending rate was at 10 percent, lowest among state-run banks, it did not lower it further after the RBI’s rate cut.

“We have, however, reduced interest rates on loans for education and purchase of cars and to small and medium enterprises (SMEs),” Chaudhury added.

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Photos: Thailand’s ordeal by water

Posted by Admin on November 9, 2011

http://in.news.yahoo.com/photos/thailand-floods-in-pictures-1320733871-slideshow/

 Bangkok, one of the favourite tourist destinations of the East, is also a city that climatologists have warned for years to be sinking. Two spells of flooding this year — including one in March, supposedly the country’s dry season — have claimed hundreds of lives and destroyed livelihoods. The death toll in this year’s post-monsoon flooding, which began in late July, has exceeded 500. An area the size of Kuwait has been underwater. Food, clean water and medication are the needs of the hour, but relief workers are struggling to reach supplies to far-flung villages where disease and electrocution threaten survivors. Rising floodwaters have shut down industrial estates, threatening to hit the carmaking industry (leading Japanese automakers have plants in Thailand). Prime Minister Yingluck Shinawatra, enduring her first grueling test since she assumed power in August, is facing the ire of the people who are threatening to break flood barricades that are keeping inner Bangkok dry while marooning surrounding suburbs.

Posted in Earth Changes, Press Releases | Tagged: , , , , , , , , , , , , , | Comments Off

Vatican Calls for a Central World Bank

Posted by Admin on October 28, 2011

http://vigilantcitizen.com/latestnews/vatican-calls-for-a-central-world-bank/

By  | October 25th, 2011 | Category: Latest News | 161 comments


Enough about Jesus. Now listen to my economic policies!

On October 24th, the Pope officially gave his support to Occupy Wall Street and, like Gorbachev, proposed a solution that goes EXACTLY at the opposite of the protester’s demands: an international organization regulating economy. In other words, a Central World Bank. In other other words, a New World Order.

Thank you Vatican for your input. Jesus was indeed a big advocate of international banking. He also preached about a world financial system that would only benefit the elite. Yup, that’s what he did alright (sorry for the extreme sarcasm).

Here’s an article about the Vatican pushing for the same international system as the Rockefellers and others.

Vatican Calls for Oversight of the World’s Finances

The Vatican called on Monday for an overhaul of the world’s financial systems, and again proposed establishment of a supranational authority to oversee the global economy, calling it necessary to bring more democratic and ethical principles to a marketplace run amok.

In a report issued by the Pontifical Council for Justice and Peace, the Vatican argued that “politics — which is responsible for the common good” must be given primacy over the economy and finance, and that existing institutions like the International Monetary Fund had not been responding adequately to global economic problems.

The document grows out of the Roman Catholic Church’s concerns about economic instability and widening inequality of income and wealth around the world, issues that transcend the power of national governments to address on their own.

“The time has come to conceive of institutions with universal competence, now that vital goods shared by the entire human family are at stake, goods which the individual states cannot promote and protect by themselves,” Cardinal Peter Kodwo Appiah Turkson, the president of the pontifical council, said as he presented the report on Monday. “That is what pushed us.”

The language in the document, which the Vatican refers to as a note, is distinctively strong. “We should not be afraid to propose new ideas, even if they might destabilize pre-existing balances of power that prevail over the weakest,” the document states.

The message prompted comparisons with the rallying cries of protest movements that have been challenging the financial world order, like the indignados in Madrid and the Occupy Wall Street protesters in New York City. Still, Vatican officials said the document was not a manifesto for disaffected dissidents.

“The document proposes ideas that seem to be in line with those proposed by the indignados, but really we are in line with the Magisterium of the church,” said Bishop Mario Toso, secretary to the pontifical council, referring to the church’s teaching authority. “It is a coincidence that we share some views. But after all, these are proposals that are based on reasonableness.”

The document is a reminder that the Catholic Church, without getting involved in policymaking, still seeks to shape its principles. “To function correctly the economy needs ethics; and not just of any kind, but one that is people-centered,” the document states, paraphrasing an encyclical that Pope Benedict XVI issued in 2009 calling for greater social responsibility in the economy.

In the United States, the report was embraced by politically liberal Catholics who are concerned about the widening gap between rich and poor. Vincent J. Miller, a professor of Catholic theology and culture at the University of Dayton, wrote, “It’s clear the Vatican stands with the Occupy Wall Street protesters and others struggling to return ethics and good governance to a financial sector grown out of control after 30 years of deregulation.”

John Gehring of Faith in Public Life, a liberal advocacy group in Washington, said, “In the next Republican presidential debate, someone should ask Newt Gingrich and Rick Santorum, both proudly Catholic, whether they support the Vatican’s call for more robust financial reform.”

Politically conservative Catholics, meanwhile, hastened to assure their camp that the document does not carry the full force of church teaching, since it was produced by a Vatican office, not by the pope himself. And some dismissed the report as nothing new, or simply misinformed.

Writing in the National Review, Samuel Gregg of the Acton Institute, which promotes free-market economic policies, said of the document: “It reflects rather conventional contemporary economic thinking. Unfortunately, given the uselessness of much present-day economics, that’s not likely to make it especially helpful.”

- New York Times, Vatican Calls for Oversight of the World’s Finances

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