INTERNATIONAL ECONOMIC DEVELOPMENTS

Prolonged Asian economic crisis has changed the world economic growth forecast for the year 1998 the level is lower than previous estimates. For instance the IMF, the World Economic Outlook May 1998 edition, the revised economic growth forecast for the world back to about 3 percent of the estimated 3.5 percent in December 1998 and 4.25 percent in October 1998. Lower economic growth will occur in countries that this year is still experiencing an economic crisis, namely Indonesia, Korea, and Thailand. These countries will experience a sharp decline in domestic demand and imports. On a smaller scale, the decline in growth will also occur in Malaysia, the Philippines, and several other East Asian countries.

Among developed countries, the Japanese short-term outlook appears to worsen. Associated with various economic difficulties being faced by Asian countries which are its main trading partner, Japan's economic recovery is hampered by a variety of domestic economic problems, such as a weak financial sector and the difficulties caused by bad debts, delays in implementing structural reforms, as well as decrease fiscal stimulus in the year 1997 as the increase of consumption tax. Meanwhile, the economic growth of countries in North America and Western Europe remains at the level of alert. Strong domestic demand conditions in the United States, Canada, and Great Britain and several other Western European countries are expected to drive improvements needed balance of payments position of Asian countries due to the reduced flow of foreign capital into the region. Asian countries which are experiencing the process of restructuring an opportunity to increase exports to the developed countries.

Although so far the crisis Asian countries is still limited impact on world growth, however, this crisis together with the decline in oil prices can cause quite extensive changes to the development of world trade. Some countries may suffer painful consequences. These countries are not expected to conduct trade barriers or excessive exchange rate depreciation to improve their competitiveness. This will result in defensive reactions ýcounterproduktifý, slowing the process out of the crisis, and reduce the potential for world economic growth.

China's Changing New World Order With International Trade

The growth in China, which became a new development model in the world. The model is different from the modernization of China has ever conducted Western countries through the stages of colonization and imperialism in the last century. the context of regionalism, free trade, and 60 years of Indonesia-China bilateral relationship, China is suddenly like an elephant in the room suddenly. Not only that, China was seen as a threat to anyone, including U.S. financial crisis and the economy wracked deepest in this 21st century. We can be sure, China will be able to fundamentally transform the world with greater strength when compared with the global power states during these two centuries. Signals issued by China during this always gives the impression that the authorities in Beijing want a resurrection of the PRC on this information technology era. It is also stressed, that intention will not cause drastic changes in the global order that had been controlled by the West. However, slowly but surely, the rise of China began to shift position during the occupied West.

Developed countries do not seem to recognize the existence of China as an elephant in the room. Assess the growth and development of Western globalization, which is now driven by China, should follow universal norms, including the matter of ethics, humanity, democracy, human rights, freedom, and all other norms wing liberalism. West considers impossible the principle of socialism-communism will be able to change the world order that was built during the last two centuries.However, without realizing it, now began to happen remarkable shift in the global balance of power that occurs sotto voce (tone down), almost not even visible. This phenomenon indicates a significant difference between the rise of China and the rise of Germany or Japan in the two World Wars. Awakening of China is also different with the resurrection of the Soviet Union in the Cold War era.

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Finance Ministers of ASEAN Growth Area Estimate from 4.9 to 5.6 Percent

ASEAN finance ministers have agreed that Southeast Asia will grow up between 4.9 and 5.6 percent this year, from 1.5 percent last year. This was presented at the annual meeting of the 14th ASEAN Finance Minister under the leadership of Vietnam Finance Minister Vu Van Ninh. The ministers agreed that ASEAN has been growing well despite the global economic crisis that has never happened before. This reflects the dynamics in the region.

Conditions that attract and pro-business policies of each country become the economic cornerstone of ASEAN from the impact of external shocks and help attract investment back quickly, they said in a joint statement. They assess the progress of the commitment of ASEAN Economic Community (AEC) in 2015, including strengthening the financial system and achieve financial stability in the region, the entry into a swap facility of U.S. $ 120 billion under the Chiang Mai Initiative Multilateralisation (CMIM), establishment of regional surveillance unit CMIM early next year and the establishment of Credit and Investment Guarantee Facility (CGIF) in May this year to deepen the local currency bond markets in the region. The ministers reiterated their determination to work together to improve the competitiveness and depth of financial markets in ASEAN. They are committed to financial integration under the AEC Blueprint, especially in the field of capital market development, financial services liberalization and capital account liberalization. In order to improve global competitiveness, work is underway to create brand recognition for ASEAN products, raising the standard rules, building trust with the ASEAN and global standards through a regime of mutual recognition and facilitating the inflow of and access to outside markets.

"Aseanand Standard Plus" for multi-jurisdictional securities offerings have been adopted in Malaysia, Singapore and Thailand. The ministers also reached agreement on improving regional surveillance and financing infrastructure projects and the integration of customs and excise. They requested the Asian Development Bank, World Bank and International Monetary Fund to continue to support regional cooperation stronger through initiatives and commitments that will contribute to the recovery and growth are balanced.

India Back Raise Interest Rates

India's central bank, Reserve Bank of India (RBI) raised interest rates last major for the fourth time this year. Such efforts were carried out as a new venture by the banking regulatory authority of India to tame inflation the highest among the G20 group. As quoted from the AFP on Tuesday (27/07/2010), according to the RBI Governor D Subbarao reported annual interest rate rise in the level of 10.55 percent in June, well above the central bank's desired level of 5.5 percent.

This step, he explained, was the second increase this month is designed to tackle inflation at its highest level is driven by high food prices as well. In addition, wages are moving fluctuations and economic growth estimated at 8.5 percent this year. RBI chose to increase interest rates by 25 basis points (bsp) to 5.75 percent and expected that policy can influence the level of percentage of commercial bank lending imposed, and increased the reverse repo 50 bsp for banking there, especially to raise deposit rates.

India's inflation rate had been below one percent during the past nine months. This gives room for banks to cut interest rates and bolster economic growth.

"The inflation rate is now low enough and the government will try to roll another fiscal stimulus," said the RPG Foundation president DH Pai Panandiker. According to him, the central bank will probably be run out of cycle interest rate cuts. Central Bank of India has slashed interest rates six times in seven months. Benchmark interest rate is currently 3.25 percent. The central bank is very careful in cutting interest rates further as consumer prices in India rose and gave the signal domestic demand began to squirm

ADB Raises Asian Growth Projection

Asian Development Bank (ADB) yesterday raised the projected economic growth in 2010 in 14 countries in East Asia. ADB also called on the government to immediately withdraw funds stimulus to work after its launch two years ago. Revised by the institutions in Manila-based lender that covers Southeast Asia, Greater China, and South Korea, where economic growth is estimated to be 8.1 percent, up from an April projection of 7.7%. growth projections following the improvement in growth data from various economic indicators. Most countries in East Asia has recovered and the new economy this year," says Srinivasa Madhur, ADB Senior Director in his presentation in Singapore, yesterday. He said the sustainability of economic recovery will depend on policy and economic stimulus speed can be drawn. He suggested the withdrawal of the stimulus followed by a private role. In a recent ADB report noted, China's economic growth reached 9.6 percent in 2010 and 9.1 percent in 2011. Other countries surveyed by the ADB are Brunei, Cambodia, Hong Kong, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

In another part, ADB provide a loan amounting to USD35 million to the Indonesian Government to help rehabilitate and develop sanitation in Indonesia, namely the two cities of Medan and Jogjakarta. The loan is planned to be used to build about 280 communal sanitation facilities in poor areas in the two cities. In addition, the loan will also be used to make waste treatment system for low-cost housing development project in Medan. Sewerage systems in both cities will be able to be rehabilitated and expanded to serve an additional 28 000 households. The project will involve the support of the community in planning, operation and maintenance of public facilities and would involve the women involved in this process

Financial Benefits from Business

The primary function of a business varies according to the company or even in different points of view within the same company (eg, in terms of the shareholder, employee, union, management. ..). Among the various operational functions usually observed are:

• Serve the market, producing and distributing goods and services that meet a demand. It's only economic justification, no company can survive without making it his priority, unless protected and outside the scope of competition (eg for some utilities), which a purely economic standpoint, may lead to consume more resources than it does use.
• Make money, that is to say extract financial benefits "collecting more money than money invested, especially to attract institutional investors and small shareholders,
• Produce a cash surplus will be invested with a greater advantage in the development activities or other business (part of a "group").
• Maximize, status, social utility (to improve the situation of the company) or profit (difference between the sale price and the cost of resources consumed).
• Achieving a technical goal: making a book (tunnel, bridge, road ...), producing a manufactured product, the design and implementation of a satisfactory service to a client. The technical goal itself can be extremely varied and included the following:

No activities that are not, for the entrepreneur, the main issue, but a means to another activity: for example the possession of a press group, production of strategic resources or businesses vectors images (in the example of the presence of the tobacco industry of ready-to-wear)

• agricultural cooperatives are businesses that aim to make a profit not for themselves but for the cooperative members,
• enterprise integration" are able to make their employees to assume a "normal" work, without attempting in some cases (workshop site of insertion) to generate profit.

Successful Business Communication

Nowadays, it is very important to bringing about a special atmosphere in the premises of a business. Take the example of a company specializing in tourism. The latter has every interest in making travel customers when they enter the premises through the appropriate office decorations. Photo essay company in Paris, digital photo box on a distant destination, dates to photos exotic ... help clients to immerse themselves in the world of business without the employees having to say anything. This type of nonverbal communication is one of the foundations of a successful business communication.

Find out on the net a full range of creations for the company.

You need a photographic company in Paris or looking for decorating the office? The specialized service providers allow you to find a large number of objects for business communication (diaries, calendars, digital photo inset). Some amount to many years of experience in photo editing, allowing them to offer a full range of creations for the company. Visit now on the net and see for yourself the quality of services offered by these professionals.

Finance Reconstruction After Mortgage Crisis

The International Bank for Reconstruction and Development or IBRD (better known as the World Bank or World Bank in English diction) is an international body of the United Nations, established December 27, 1945, together with the International Monetary Fund, following entry into force of the agreements of the Bretton Woods conference (held between 1 and 22 July 1944), based in Washington (USA), whose original purpose was to finance reconstruction and development in the countries involved in the second World War II. Then the purpose was expanded to the financing of developing countries among the member states, usually in exchange for the adoption of liberal policies.

Pursuant to the Act of Establishment, the World Bank supports reconstruction and development of territories of member countries by facilitating capital investment for productive purposes, promoting private foreign investment by providing guarantees or equity loans, supplementing private investment , delivered, on terms more favorable than the market, financial resources for productive purposes.

The operative bank is insured by payments of allowances paid by the member countries.

Currently, the World Bank's activities are focused on the financing of developing countries in fields such as education, agriculture and industry; IBRD asks in return, recipient countries, the implementation of policy measures aimed, in addition that the limitation of corruption and the consolidation of democracy, economic growth in GDP and opening channels of commercial establishments

Killing Effect of the Church Pastor in Rome on the Italian Stock Market

Archbishop Ruggero Franceschini, 71, from 6 years Latin archbishop of Izmir, is blunt: after the martyrdom of Archbishop. Luigi Padovese the Church in Turkey is devastated and hurt, but more united. Catholics, Orthodox, Armenians, Chaldeans are more fraternal. The outspoken bishop is also another aspect: the Church in Turkey wants to know "the whole truth and nothing but the truth" about the motives of the assassin of Msgr. Padovese. The Church does not believe the Turkish murder of a sexual nature, or "pious lie" of mental illness Murat Altun. He knows that the killing took place following an Islamic ritual, but behind this apparent there's fanaticism. Especially since the murderer has never been a devout Muslim. Mgr Franceschini hypothesized that the assassination was designed with precision, the killer for well educated, and sponsors must have the purpose to destabilize the country and removal of Turkey from Europe.

With the clarity that distinguishes it, he asks the universal Church of Rome and the show closer to Church of Turkey with intelligence and effective solidarity. It makes an appeal for volunteers, teachers, nuns and religious, go on mission in Turkey, mainly to keep open the few Catholic schools.

Financial Turmoil in the Emirate

Elsewhere in Europe were the important indicators about 2 percent return. Fund manager Corne van Zeijl of SNS Asset Management, said not very surprised about the developments in Dubai. The construction boom of recent years according to him was based on quicksand. You could feel it in your wooden shoes were a bubble''said Van Zeijl. Yet he said the price falls after the announcement of the dramatic situation''and''remarkable. When the news about the debt moratorium came out Wednesday, there were no worries on Wall Street.

Bank and insurer ING was a 6 percent depreciation of one of the worst affected in the stock market. The company said a''negligible''to have exposure to Dubai World The company has debentures of Dubai World holding. ING is also a consortium of banks have provided loans to the company. But ING''calls itself for that matter any of the smaller players''.

The dredgers Boskalis and Van Oord say not bothered by the financial turmoil in the emirate. Van Oord has contributed to the construction of several palm islands in the country. Boskalis was also active. Credit rating lowered Thursday for the evaluation of five state-owned Dubai. They worry about the financing of enterprises.

Dubai World Crisis

The financial world has been shocked by Thursday's announcement by the Arab emirate of Dubai that the main investment vehicle of the government, Dubai World, temporarily waive the repayment of its debts. In Asia and Europe equity and bond prices down. Some rating agencies have published critical reports on state-owned Dubai World

Dubai after his creditors asked at least half years to renounce their claim of loans.

This so-called debt moratorium should apply until May 30 next year. With the building boom in recent years, Dubai's debts increased to around 80 billion U.S. dollars (53 billion euros). The stock markets in Europe lost considerable ground. In particular, banks were smashed because investors fear that they have money invested in projects in Dubai. The AEX in Amsterdam scored 2.3 percent lower at 310.86 points.

Economists Crack Itself

Last week there were professors Eijffinger and Van de Klundert in The Times with a critique of the CPB. The Times headlined opportunistic, "chief economist cracking CPB. I can in any case difficult to understand how economists think these two make mistakes.

Eijffinger and Van de Klundert make first a comment that is factually inaccurate: "The Central Planning Bureau (CPB), the next two cabinets 29 billion euro cut in view the sustainability gaps, the account of the crisis for future generations down impose ". Moments later, they claim: "The way the agency then the discussion on sustainability is driven, is misleading. It does not all at once. "

But the CPB has never claimed how fast the sustainability gap must be eliminated. DNB, the Study Group on Budgetary and some political parties all have views on how fast the sustainability gap must be eliminated, without CPB.

Eijffinger and Van de Klundert criticize the CPB, not all aspects of aging in mind to include in the calculations, "CPB downplays the benefits of aging and gives no balanced view of this problem long term." Future generations inherit The current generation of production potential in the form of capital, intangibles and knowledge. Even with the advance of technology development for future generations better off. "

Sustainability Economic Issue

Sustainability Economic and sustainable development the last twenty years become established concepts. For all sorts of activities and products are sustainable variants arise. This ranges from the purchase of eco-food, sustainable wood (FSC) and fair-trade coffee with Max Havelaar label, to sustainable construction and odd jobs, and sustainable investment and sustainable banking to renewable energy. These days even a sustainable national income, measured and sustainable enterprise, complete with sustainability reports, is booming.

Netherlands uses proportionately more resources from low-income countries in Africa, South Asia and Latin America and thus has a large ecological footprint. The share of natural resources input per person among the highest in Europe. After importing a finished product that is also largely re-exported to other European countries. On the one hand with the Netherlands imports to economic development in the countries from which imported, the other contributes to the import of natural loss and climate change is promoted by. 

There are also negative effects on local air quality, water and soil. The CO2 emissions resulting from consumption of Dutch households to global standards high. Despite the high consumption level, a Dutchman space roughly equal to the world average. This is mainly because both inside and outside the Netherlands using farmland with high productivity. The high population density, the total space required for the consumption of Dutch to produce, still about three times the land area of the Netherlands. To the global problems of land, raw materials and energy to diminish in theory three possibilities:

Booming of China's Trade

Despite the booming trade, China wants to promote in the new year its economy further. Finance Minister Xie Xuren warned against a premature departure from the expansionary fiscal policy. The measures were aimed at this year mainly to the strengthening of domestic demand, the minister said late on Sunday evening.

The latest trade figures for December pointed to an unbroken economic power of the country: Thanks to expect economists now bubbling Exports and imports in the fourth quarter of 2009 with a tightening of economic growth to more than eleven percent to 8.9 percent in the third quarter. In view of China's trade is also likely to remain on course to overtake Germany as the world's leading exporter of 2009. Final figures it is however lacking.

Income should be increased

The measures the Government should support the development. You will mainly increasing the income of low wage earners and farmers, as Finance Minister Xie said, according to official news agency Xinhua. In addition, the state supports public construction projects such as schools and hospitals. Even if the taxes are subject to change. Details, he called it at first.

The Chinese economy has recovered from an almost-standstill in late 2008 because of the financial crisis over the past year strongly, thanks to the billions the government's measures: The government stimulus package amounted in 2009 to four trillion yuan (409 billion euros) and was flanked by a generous lending by the banks. From the recovery rate also benefited other economies, particularly in Asia

Greek Budget Policy

In January 2009, the Ministry of Economy and Finance published the revised stability program. To the budget deficit, the government has made various proposals. These include reducing the number of officials and include reducing travel by officials.

From 2004 to 2007 while the Greek budget deficit below 3 percent. In February 2009, the European Commission presented a proposal to Greece under the excessive deficit procedure by the EU to drop. Eurostat noted that in 2007 the deficit is in reality above the 3 percent and that in 2008 the limit was exceeded. Eurostat is expected for 2009 and 2010 re deficits of 3.7 percent and 4.2 percent.

Under the Stability and Growth Programme, the ratio of debt to GDP and more than 60 percent. The forecast for Greece in 2008 is 94.1 percent. The Greek government has announced a number of incentives to implement. These include increased benefits for pensioners below the minimum, aid for farmers and housing subsidies for lower income earners.

Current Policy Of Economic

• Measuring goals: statistics and national economies

Each member of the European Union i is a member of the Economic and Monetary Union (EMU). This aims to enable an optimal integration of national economies, so that economic growth and prosperity encouraged. The countries of the European Union coordinate their economic policies in mutual consultations. In sixteen member states of the European Union introduced the euro

• Advanced Economic Integration: Euro policy

The euro is legal tender in sixteen member states of the European Union i. The other States are required to eventually introduce the euro. They must then meet certain conditions. Countries where the euro is paid with the policy regarding their currency as the currency was transferred to a European financial institution. That institution is the European Central Bank (ECB).

• Prevention of budget deficits: Stability and Growth Pact

The Stability and Growth Pact speaking member countries of the European Union i agreed that their budgets in balance or in surplus. This means that governments do not spend more than they receive. That goal does not immediately be reached, but they should be working towards. The appointments were made in 1997. Requirements are:

• The budget deficit must not exceed 3 percent of GDP
• The debt must not exceed 60 percent of GDP

If the Council of the European Union notes that one has not fulfilled its commitments, it will against that country say that it must adjust its income and expenditure. If necessary, the Council may even impose fines. The European Union in the course of its existence one of the largest trading blocs in the world. Of all world trade, 20% EU committed. Furthermore, the euro has become a strong international currency.

The EU is in contact with many countries and financial institutions. By that way she tries to keep grip on the process of economic integration. Ultimate goal is greater prosperity and stability in the EU and, where possible, in the rest of the world.

What is Financial Planning ?

The financial planning process in the short and long term.

What is financial planning?

• Determine the best options and resources available, considering factors such as time, activity is performed, risk factors and growth and investment.
• is an important part of the company's operations because it provides schemes for guiding, coordinating and monitoring its activities in order to achieve their goals.

Financial Planning Process

There are two key aspects of financial planning process:

• Planning effective: it involves the preparation of cash budget of the company.
• Planning Profits: concerns the preparation of pro forma financial statements.

Long-term financial plans (strategic) & Determine the actions of a financial Planned

Rule of Tax Treatment Depends on The Location

The tax treatment of dividends paid to a Belgian holding company in the state of the source of these dividends depends on the location of the distributing company.

There are two hypotheses.

Company located in Belgium

The withholding tax is not levied on dividends receivable and whose beneficiaries are companies resident in Belgium for as long as the company receiving the dividends has held for a continuous period of at least one year, at the time of allocation dividend participation of at least 25% shareholding in the distributing company.

The exemption from withholding is applicable regardless of the legal form of society and is thus also the dividends received or accrued by companies that are not specifically covered by the Directive mother-daughter.

If these conditions are not met, the withholding tax will be withheld by the distributing company and charged by the company receiving the tax finally due or possibly refunded if the recipient does not display a holding company tax base.

Company located in a member state of the European Union

The EU Directive "parent-subsidiary" of July 23, 1990 had, under Article 5, the profits distributed by a subsidiary to its parent company established in another Member State is exempted from withholding tax in both the State of origin of the income in the Member State of the recipient company, provided that it holds a stake of at least 25% shareholding in its subsidiary. To extend the benefits of the latter, the new Council Directive 2003/123/EC of 22 December 2003, provides that the ownership threshold at which a company can be considered as a parent and the other as its subsidiary should be reduced gradually from 25% to 10% by 2009 (20% at the date of entry into force of the text, 15% in 2007 and 10% in 2009).

Improvement Technical & Operational Capacity

The Welfare Fund will cover the primary purpose of each deposit money saver, considering the amount of principal plus accessories.

Both confederations and federations may also perform the following activities:

• Act as legal representatives of their affiliates 
• Provide technical, legal, financial and training to their affiliates (you) 
• Hiring credits in order to channel them to the Federations and affiliated entities that require it, 
• Promote the improvement and technical and operational capacity of its affiliates.

To date, there are still some savings and loan companies, entities through which at first the federal government tried to protect savers, and that its organization and operation of express authorization required by the Ministry of Finance and Public Credit, more than that have also been under the supervision of the National Banking and Securities.

In these circumstances, those entities (SAPS) are required to be dictated by certified public accountants, and deliver the document to the NBSC, like the return for income tax purposes, should be delivered dictated by a registered accountant in the census of one's own Treasury Department. With this, the Government believes there are such requirements and delivery of periodic reports to regulatory authorities, depositors and shareholders of the same would be better protected.

Restore Economic Growth

The purpose of this summit is to achieve global coordination to restore economic growth and in particular undertake:

• to stabilize financial markets and to emerge from recession and give a new impetus to business that is to say preventing a widening of the crisis and its duration, prevent inflation, and avoid the tendency to protectionist policies that would be very harmful to each country;
• Reform and strengthen the financial system and economic world to restore confidence
• Place the global economy towards sustainable growth.