March 22nd, 2009 at 02:21pm
Under Economics
Retail industry in India is gradually edging its way towards becoming the next boom industry with contributing more than 10% to Countrys GDP around 8% employment. Several Indian global players are developing strategies to enter such a fast paced growing market. Also the whole retail industry is taking new shape, the traditional market giving way for the more organized market in the form of departmental stores, hypermarkets, supermarkets specialty stores.
What makes Indian retail industry a most growing business? Answer is growing middle class, double income households, large working young population. All these have significantly increased the countrys total disposable income. Changing demographics life styles also favor the shopping tendency.
Entering in to retail chain on a national level requires huge amount of money management too. Indian giant, Reliance- the countrys most valuable company is planning to open about 1500 outlets spread approximately a third of towns cities across India by March 2007 with its new company, Reliance Retail Ltd. (RRL) having 100 per cent stake in the company. The reliance group about $5.6 billion retail venture will definitely shake the existing market creating hurdles in the way of global giants Wal-Mart, Carrefour Tesco Plc who are about to enter the Indian market.
In the beginning of 2006, the government of India announced that it would allow foreign companies to own up to 51% of a single-br retail company, such as Nike. As a result, companies including Zara, Gap, Timex United Colors of Benetton have announced plans to enter the market. But for the companies that sell a variety of brs, such as Wal-Mart Tesco such relaxation is not yet extended.
Wal-Mart is eager to hence investigating into various options. One way is to open a Sam’s Club wholesale business through a joint venture sell to retailers. This option evades the issue of not being able to sell directly to consumers still establishes a presence in the local market. Similarly, Tesco is finding other way by engaging in partnership with Home Care Retail Mart Pvt. Ltd expects to open nearly 50 stores by 2010.
So being aware of governments intention of relaxing rules for retail global giants like Wal-Mart, Reliance is planning proactively. Reliance Retail first studied the potential of all possible categories of products services retailing. Reliance is keen on capturing market leadership in every possible retail category, once it has consolidated its retail operations. Company is evaluating each category on the basis of market size as well as growth rate potential.
Reliance is launching its first retail store in Hyderabad on 18th October 2006. Nearly 28 other outlets are also expected to open in Andhra Pradesh on the same day. After Andhra Pradesh, probably Punjab is the next destination to serve.
Reliance Retail has plans to launch outlets in two different formats, Feel Fresh Feel Fresh Plus. Feel Fresh stores will stock fresh fruits, vegetables staples expected to spread over 3,000 to 5,000 square feet area. On the other h, Feel Fresh Plus stores will be spread over about 10,000 to15,000 square feet area, stock fruit vegetables as well as apparel, FMCG items, consumer electronics, even medicines. Both these formats will be wholly company owned managed.
After the launch in AP Punjab, Reliance Retail is planning to spread out to other big cities such as Mumbai Delhi, for that Reliance has identified up to 80 locations for each city. With its aim to exp its retail business satellite township plan, Reliance seems to become the worlds biggest real estate owner in next few years.
As a result of Indian retailers gearing up for competition from overseas local rivals by acquiring retail space in India’s capital New Delhi, financial center Mumbai technology city Bangalore, the next set of big cities Kolkata, Chennai, Pune, Ahmedabad Chigarh. It is pushing up rents, getting almost doubled. Intensifying competition is also likely to affect staff costs.
The company has already signed agreements with Punjab West Bengal governments to tie up for procurements roll out retail outlets. Company had been looking at strategic alliances with other co-operatives too.
Though Reliance being the top name talked in Indian retail Industry, it is not the only player. Other Indian business groups likes Bharti Group Aditya Birla group are planning to start retail chains soon. Tata Group, which already runs the Westside chain of lifestyle stores, is stepping in to electronics retailing. RPG Enterprises which already has a total of 80 stores, plans to add a store every two days in October.
As all these groups exp their retail network, they will have to offer more choices to differentiate themselves need to workout in each of the following areas:
1. The best resources for product procurement
2. Good inventory systems at both, retail stores warehouses
3. Sales variation across different regions in the country
4. Seasonal sales variation
5. Wastage of products percentage of returns thereon
6. The number of Stock Keeping Unit (SKU) across categories brs
7. The credit policies that retailers normally get from their suppliers
8. The average gross margin on each product category
9. Br preferences of consumers
Conclusion
The strategies magnitudes of retail forays by the Indian retailers assure of attaining far reach to economic implications by directly affecting the lifestyle of millions of consumers, besides indirectly influencing livelihood of other millions.
Business analysts feel that Reliance has benefit of its massive financial strength along with past achievements of implementing gigantic projects in record time, at reasonable investments worldwide.
Quite clearly, Indian retail players are now all set ready to get triumph over the organized retail sectors. The Indian retail industry is now on a verge to experience rocket speed actions competitions, allowing the consumers to get the best deals out of it.
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By admin
March 22nd, 2009 at 02:21pm
Under Economics
There is something about the US Economy at the moment that I for one dont get. Now it may be that being a brit, I am a little slow on the uptake; this has been known to happen every now and then but at the moment I cannot fathom several things out.
Firstly, the UK economy, despite the Chancellors proud claims, is not in exactly the best of shapes but in the US, the Government is technically, if not practically bankrupt. By this I mean fiscally and this is not meant as some value moral judgement on the standing of George W and the rest of the White House.
It is a fact that the US Government has an overall National Debt of in excess of $8 trillion dollars.
Secondly, the United States has become a country where almost anyone despite their financial background or credit record can get a line of credit.
Now in sound economic times this is fine and without these sorts of arrangements whole economies would disappear over night but it seems to be getting slightly silly at the moment with bankruptcies and bankrupts getting younger and younger as the months go by.
It used to be that credit was reserved for the privileged few and though I wouldnt want to go back to the days of the late 19th or early 20TH Centuries it would appear that more and more Americans (and us Brits too it would appear) are relying more and more on the old plastic sitting in our wallets!
No longer do we save what we earn and again not to countenance a return to the days of prudence and thrift whereby nothing was bought until you could go in with the cash, this live for today and hope for a better tomorrow ethic could be bringing more problems than we reckon.
One of my worries about the economy is the absence of real, meaningful and independently verifiable statistics. If we trace back through the history of the Federal Reserve, we can see that it has continually devalued the currency by expanding the money supply. This practice is still in use but the problem we have at the moment is that since they stopped reporting the M3 Money supply numbers, no one knows exactly how and what they are doing.
If you check carefully and read between the lines of the financial press it would seem that most foreign nationals are looking for ways to withdraw from US Currency holdings into something more stable.
As an aside of how volatile things are the moment, anyone who has any experience of dealing online in eCommerce would be well advised to check out how expensive their transactions are at the moment. For example, anyone outside of the US who has a web site that is getting any form of advertising revenue via Googles Adsense Programme at present has suffered a real time drop of revenue of about 3% in the last month or so.
This is not down to anything that is going on at Google. Just over a month ago the exchange rate between the dollar and sterling was approximately 1.80 / 1.81 dollars to every UK pound. Last weekend most online transactions and exchanges were looking at a rate 1.865 dollars to the pound.
Great if you want to buy fixed price items that were calculated in dollars but a real downer if your ad revenue was fixed in dollars.
Lastly, and this is the point that I cant reconcile. The US Government has an organisation called the Government Accountability Office, this organisation is warning of impending economic disaster. The Secretary to the Treasury, Hank Paulson has now increased the frequency of the Presidents Working Group in Financial Markets to meetings of every six weeks; this outfit is known informally as the Plunge Protection Team.
Now the question I have is that would they be doing these this if things were that well?
Now before any readers accuse me of some form of jingoistic US Bashing on the part of a lippy opinionated Brit let me state right here and now that things are actually far from rosy this side of the pond either but that is the subject of part two of this series of commentaries.
Stephen Morgan is an independent journalist writing for a number of websites. His latest projects include Debt Consolidation Advice, Living with High Blood Pressure and Personal Bankruptcy
Author: Stephen Morgan
Keywords: Economy, Credit, Bankruptcy, Debt
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By admin
March 22nd, 2009 at 02:21pm
Under Economics
Health is vital for ethical, artistic, material spiritual development of man. It is very certain that of all the gains, the gains of health are the highest the best. Traveling abroad for treatment has been an age-old practice. In ancient Greece, pilgrims patients came from all over the Mediterranean to the sanctuary of the healing god, Asklepios, at Epidaurus. There were spiritual values attached to traveling for getting cured in ancient times that only a few of the privileged lot could afford. With the passage of time the ease of traveling, people have started traveling offshore in search of faster, cheaper safer surgical procedures.
Relatively new to the oriental part of the globe, medical tourism has been an age old phenomena in the West has been supported by highly-developed indigenous health care systems constant improvements in technology. By upgrading the technology, gaining greater familiarity with latest medical protocols improving the image in terms of quality cost, the health-care industry in countries like India Thail are attracting a global clientele to emerge as a top medical-tourism destinations.
In a country as diverse as India, the health care industry has capitalized on its rich cultural resource glorious past. In sharp contrast to the generally impoverished economical background, there are private health care centers that offer sophisticated medical services, comparable to at times even better than those offered by developed countries. A recent market study forecasts a growth from US$ 18.7 billion to around US$ 45 billion - equivalent to 8.5 per cent of GDP by 2012. India has emerged as the leading country promoting medical tourism.
India’s health care industry along with its IT tourism sector has helped it move into the economic renaissance. It is poised to become a major driver of economic growth as first-world patients, driven out of their own systems by high costs crowded conditions, look for cheaper places for medical care. The Government of India provides Tourist Visa of short duration a special Medical Tourism Visa (M) of longer duration (up to 1 year) for persons. Patients are also provided Visa (MX) for their accompanying spouse coming to India for Medical Treatment. New terms such as such as health tourism, health care outsourcing medical back office support have gained good popularity in the nation.
Medical tourism in India is a business that has been estimated to be worth $2 billion by 2012. What has been termed as International Patient Care is already gaining pace in the nation. Private health care units are constantly improvising their health infrastructure attracting a regular stream of international patients by appending alluring benefits to their package. This seems quite reasonable given the rising costs of treatment in western countries along with increasing dems of an ageing population. Costs of advanced surgeries in India are 10-15 times lower than anywhere in the world that attracts patients from abroad to avail a host of arrangements at an easily affordable rate. A typical package includes air travel, local transportation, translation services, air-conditioned five-star accommodation for the patient also for accompanying spouse or relative in many cases, together with their personalized choice of global cuisine.
From less than 10,000 patients visiting India for medical treatment five years ago, the market of medical tourism in India has taken a great leap in recent years. It is now worth US$ 333 million, with about 100,000 foreign patients coming in every year. India is well positioned to tap the top end of the global healthcare industry because of the facilities services it offers by leveraging the br equity of Indian healthcare professionals across the globe. A global healthcare destination is what even the government is planning to br the nation is making economic policies in that direction.
Christine is an expert Internet market professional with years of experience in various industries such as: Business, Finance, Real Estate, Web-Design, Health & Medicine many more. Health Care Tourism
Author: Christine Macguire
Keywords: Medical Tourism India, Healthcare Tourism India
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By admin
March 22nd, 2009 at 02:21pm
Under Economics
The Free Trade Agreement between India Srilanka came into full existence from 1st March 2000.This FTA basically deals with the modalities of the Duty Free Import of the Goods manufactured in Srilanka. Which exempt specified goods imported under Indo-Srilanka Free Trade Agreement from the Import Duty up to 100%. There is a clear business opportunity for manufacturers from India to set up unit in Srilanka so that the goods produced in Srilanka can be brought to India duty free availing the exemption provided in the Free Trade Agreement. Since there is no Excise Duty in Srilanka or Import Duty the goods produced there would be cheaper.
Establishment of free trade arrangements between India Sri Lanka has accelerated the development of national economies, promoting mutually beneficial bilateral trade strengthening intra-regional economic cooperation. Both sides have recognized that the expansion of their domestic markets through economic integration is a vital pre-requisite for accelerating their processes of economic development have further recognized that comprehensive reductions elimination of obstacles to bilateral trade through a bilateral free trade agreement would also contribute to the expansion of world trade.
Under the agreement Zero duty on around 1000 items has been provided by India with. 50% margin of preference on all items, except for those in the Negative List. Tariffs has been brought down to zero over a period of three years. Concessions on textile items has been restricted to 25%. Four chapters under the textiles sector have been retained in the Negative List. India has retained less than 400 items in its Negative List. These mainly include garments, petro-chemicals, alcoholic spirits coconuts coconut oil. Sri Lanka has around 1200 items in its Negative List. Items in the Negative List do not enjoy tariff concessions.
Domestic value-addition requirements have been kept at 35%. If the raw-material/inputs are sourced from each others country, this is reduced to 25% within the overall limit of 35%. The criterion of substantial transformation has been provided in the Rules.
Since the coming of the FTA in March 2000, trade has grown rapidly. Bilateral trade exceeded US $ 1.7 billion in 2004 rose to US $ 2.025 billion in 2005. Exports from India to Sri Lanka in 2004 amounted to US$ 1350 million, while exports from Sri Lanka to India in the same year amounted to US$ 382 million. It rose to further US $ 1.437 billion US $ 588 million respectively in 2005. The FTA prompted a 257 % increase in bilateral trade between 2001 2004. At 15% of the total, India is the biggest source of Sri Lankan imports. It is also the 3rd largest destination for Sri Lankan exports. With FDI approvals of US $ 450 million, India is the 4th largest investor in Sri Lanka. Indian Oil Corporation, Taj Hotels, Apollo Hospitals, L & T, Ambujas, Tatas Ashok Leyl are among the prominent Indian companies operating in Sri Lanka. Connectivity between the two countries is at an all time high with approximately 100 flights per week, including Indian private airlines, to from 10 destinations in India.
India is a keen partner in developmental activities in Sri Lanka. About one-sixth of the total development credit granted by Government of India is made available to Sri Lanka. At present two lines of credit are operational. These are a US $ 100 million line for capital goods, consumer durables, consultancy services food items a US $ 31 million line of credit for supply of 300,000 tonnes of wheat. A US $ 150 million line of credit for purchase of petroleum products is operational since March 2005. Another one of US $ 100 million, earlier slated for rural infrastructure projects including a road between Anuradhapura Trincomalee to be named the Rajiv Ghi Amity Highway, is now being made available for post-tsunami rehabilitation of the coastal railway line
While the Free Trade Agreement has worked well; there is scope for significant improvement. Currently the Agreement covers only goods; there are a large number of items in the negative lists (429 items in case of India, 1180 items in case of Sri Lanka as well as quantitative caps on tea textiles) implementation of the Agreement has thrown up another set of issues. The two sides are jointly addressing these practical difficulties arising out of the implementation of the FTA. Work is simultaneously going on to move to the next step of economic integration by expediting the Comprehensive Economic Partnership Agreement (CEPA) between the two countries. Rounds of talks in New Delhi on February 2005 resulted in the setting up of a Trade Negotiating Committee its sub-groups which have since met in New Delhi Colombo to finalize the Agreement by end-2006.
With a small beginning the Free Trade Agreement between the two countries is another feather in its excellent bilateral relationship It is a huge leap forward but a lot more needs to be done in future to make it a real success story.
Dr Suvrokamal Dutta
(The Writer is a Renowned Foreign Affairs Economic Expert)
Contact: skdutta70@yahoo.com
Dutta007@hotmail.com
Author: Dr Suvrokamal Dutta
Keywords: India-Srilanka Free Trade
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By admin
March 22nd, 2009 at 02:21pm
Under Economics
The rapid development of Japanese economy after the World War II that continued until 1990s, is often regarded as the Japanese economic miracle. Indeed, this country managed to change its position from the weak developing countries to second most important industrial exporting giant after the USA. A lot of scientists even argued that Japan will soon become the worlds most powerful industry; but the lasting recession of Japanese economy which started in 1990s, now denies these doubts. Japan has experienced four economical recessions since the start of the crisis, its economy seems to be sinking deeper deeper. Some economists even state that this state of Japanese economy should not be called a recession, but rather it is a depression. This essay is meant to analyze the reasons of this economical phenomenon possible remedies. I think that it is important to examine the reasons of Japanese economical miracle, then trace the development of the countrys economy until nowadays to single out the purposes of current situation.
Brief overview of Japanese economy before World War II
Starting from 17th century even earlier, Japan showed itself as a very neatly organized structured empire with clearly divided economical power ownership. The system of daimyo shogun power division guaranteed the preservation of power between the warlords the absence of armed opposition unions, so common for other proto-industrial; countries of that period. This is one of the main factors, together with economical achievements of Japan (fast urbanization, the development of agriculture to some extent industry) the readiness of the to compete with western countries, which have determined the pivot of Japanese political economical structure; this structure, in its turn, let this country to achieve significant economical success in future.
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Author: Aaron Schwartz
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By admin
March 22nd, 2009 at 02:21pm
Under Economics
Our President has assured us we are in a good economy that his tax cuts are working, unemployment is down to 4.4% that President Bushes action created 92,00 new jobs in October. Wow 92,000 new jobs in an economy that requires 150,000 a month just to stay even, because you see high school graduates arent unemployed and college graduates arent unemployed, you must first have a job before you can be unemployed. The President proudly proclaims 6.8 million new jobs since August 2003, forty months at a 150,000 new jobs a month to keep up with growth, that means we are 800,000 ahead of growth in employees, but wait wasnt that the sole purpose of the tax cuts? To stimulate the economy?
The Presidents tax cuts have cost the US treasury 2001 to 2006 one trillion dollars for 800,000 new jobs, so lets figure a trillion is one thousand times a billion. If we were to give one million dollars tax free at random to 800,000 high school graduates or newly unemployed on the condition they could never ask for government assistance again during their life time the cost would be eighty billion dollars thus we could achieve the same results as the Presidents tax cuts with a savings to the treasury of 920 billion dollars! Could the economic performance of 800,000 new millionaires be any worse? True they would have little experience and might make some mistakes handling the money but hey we saved 920 billion dollars and if it works we could expand the program.
In my minds eye I can see some of you pulling at your hair screaming this is insanity! You cant just give money away! Why not? Government does it all the time. The state of Georgia recently gave Kia motor company of Korea a tax waver of ten million dollars a year for the next ten years to build a new plant in Georgia, the debts incurred by the state of Georgia will continue and will increase during those ten years that will have to be paid back by the taxes of every man woman and child in Georgia, one hundred million dollars just given away. You say thats jobs industry and growth! At the same time Kia was announcing their new auto plant Ford and GM were shutting down their assembly at plants in Atlanta, what ever happened to a bird in the hand? The Kia plant will be non-union and will pay lower wages than the two union American plants, thus less tax revenue for the state to recover their hundred million dollar give away.
You see its all part of the game; Georgia can proclaim new jobs and growth in the state while plant closings are rarely mentioned even during an election year. The government throws up their hands and says we have no control over decisions made in Detroit. But now Korea let me tell you about the good news! These unemployed are but a blip on the radar a government statistic for sixteen weeks, they are invisible men that will vanish from our sight an after sixteen weeks into purgatory then they will become discouraged workers not unemployed at all but only phantoms of the once employed
Well it cant be helped its globalization you say, after all we have a good economy the stock markets up, corporate profits are up those are the indicators we use to judge a good economy right? It reminds me of the farmer who only planted his crops outside the windows of his house every time he looked out the window all he could see was he was how good he was doing. I went to buy a new crescent wrench the other day, made in China of course like every thing else. $9.95 less the store mark up of 15 to 20% $7.96 net to the wholesaler the cost to the importer $200 plus a 1% import duty $2.02 net cost plus transportation $2.06 maybe, profit to the importer $5.90 his expenses a warehouse and warehouse staff if he sells one million wrenches the duty paid to the government 200,000 dollars. On a corporate level things are great! His profit on those million wrenches almost 6 million dollars.
But if he pays an average of $30,000 in wages and benefits to a staff of twelve that cuts his profit to 5.6 million less overhead, expenses and the profit is down to the five million dollar range. Say he wanted to pay his staff $60,000 that would cut his profit down to 4.5 million. Anyone seen any 60 K warehouse jobs out there? Kind of hard to learn a trade working in a warehouse isnt it? Ah but your screaming again, I hear you! Hes paying taxes on his income and his profits! Yes thats very true! But arent those exactly the taxes we cut? Corporate profits and upper level wage earners? But hes creating jobs you shout, is he? Is he creating jobs or are the jobs facilitating his wealth? Is it enough to just create jobs? Plantation owners in the old south created jobs but the plantation owner was the only one who benefited, is that how you build America?
Lets say I wanted to manufacture those wrenches in this country, I would need a foundry, I would have to have raw materials, I would need steel, chromium, coal and they would all have to be transported by truck or rail to my foundry. I would need castings and metal workers to pour the product into the molds and of course quality control. Then after I had manufactured the components of the crescent wrench I would have to hire people to assemble and package the wrenches then off to the warehouse. You remember the warehouse? Boy, it gets all complicated doesnt it? All those people trucks trains and supplies, coal mines steel mills just to make a crescent wrench. But if I were successful the mines the railroads the trucking companies would all need new equipment and more workers. You see, when you import goods your not creating anything any more than when you go to Burger King and buy a whopper you can say see what I made!
Stop pulling at your hair, I know we cant compete globally, you want to play globally? Im ready, my house payment with taxes is about eleven hundred a month in China twenty five dollars a month, a plant manger will earn $7800 per year, an executive $12 to 15,000 You talk with my bank about rolling back my payments and the government about the taxes. Now calm down because you wont like this part, youre going to have to feel our pain as well, your salary will be cut back from 4.5 million to $50,000. I know calm down dont hyperventilate, it sounds bad but its really its a princely sum when you consider your workers make twenty-five dollars a week. And besides what are you mad at me for? You wanted to compete globally. The goal was to create jobs just think how many jobs we could create at $25 a week of course you would have to cut the price of your wrench from $9.95 to $3.95 but thats globalization for you! Why are you looking at me like that for? What do you mean you dont have to do that? Oh I see, you like it the way it is. But what about Job creation? Dont you want a good economy? Or just a good economy for you? Have I hit a nerve? Swing low sweet chariot coming for to carry me home.
I knew youd say that, if its so easy why doesnt everyone doing it? Anybody can, go on the Internet and put in your browser Chinese tool manufacturing and watch, almost as easy as porn dozens of sites just as nice as can be, all wanting to sell you tools. One catch, you will have to buy ten thousand wrenches at a time, $20.000 for the wrenches $2000 for the import duty plus the freight to your warehouse roughly five or six hundred dollars And then in six or seven weeks the wrenches appear at your door. Not the sort of thing mom and pop can handle but some can and do a quick check of E bay can confirm it. But to corporate America no sweat.
You import hordes of this stuff and you fill your warehouses then you open dollar stores A bowl costs 33 cents you sell it for a dollar, toothbrushes, shoe polish flower pots with mark ups ranging from 50 to 65% a couple of minimum wage employees and a manager how can you lose, Sure we lost three million manufacturing jobs but if we open nine million dollar stores were even. Or maybe we could open a huge gigantic dollar stores coast to coast and bring in boat loads of these items of all kinds and hire thousands of low paid employees to work there and well call it Wal-Mart. Boy I tell you thats a good economy. You go right ahead ask anyone from the Walton family theyll tell you this is a good economy.
I know I know youre correct, real wages are up real after tax income according to the administration is up 9.8 % or $2600. per person, did everyone else get their check? Mine must still be in the mail. You know its funny I was standing in line at Starbucks with Bill Gates one time and while I stood there next to him the average income of everyone in that line was a hundred million dollars annually but when he walked away with his latte, I was poor again. Some one remind me did he make his fortune importing Windows? No wait he created windows didnt he? Thats kind of like manufacturing a product isnt it? And we export it, dont we? And it brings great wealth into our country doesnt it? Hmmm maybe were on to something here.
The blood in our veins carries oxygen and nutrients to keep our bodies healthy and alive; if we are deprived of these things or fall short of our needs we become sick even though we may feel good. If we injure ourselves and see the blood flowing from our bodies, we know instinctively that this is serious and must be repaired for if not corrected we might perish. Jobs and gainful employment are the oxygen and nutrients of our collective economic bodies; money is our economies lifes blood. To hemorrhage jobs and incomes, to replace well paying manufacturing jobs with service sector jobs is by far a more insane policy than giving the unemployed a million dollars apiece tax-free.
Why if we were to try it for ten years it would take 8 million unemployed people off the rolls permanently and still save the treasury 200 billion dollars besides. I know its a daring plan and completely unconventional, without precedent. A nation giving its unemployed wealth without special interest or influence, sure it sounds crazy but what if it would work! We now give millions to those at the top of the economy for only a promise of assistance to those at the bottom and anticipated good. With my plan I can guarantee the improvement in the station of no less than eight millions. Throw your calculator in the trash the benefits are incalculatable and manifold. What other plan could guarantee 8 million millionaires in ten years. I know many of you would be too frightened to try such a scheme, so just to prove its safe Ill go first!
Author: David Cox
Keywords: Bush, Globalism, Imports, China, American Workers
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March 22nd, 2009 at 02:21pm
Under Economics
The Bank of England recently announced a rise in interest rates of just 0.25% but hinted that interest rates may rise as high as 6%. These rates are low compared with the early 1990s when within the ERM interest rates reached a peak of 15%. However despite the relatively low levels of interest rates. There are important factors to consider. Firstly the real interest rate is very high. The real interest rate is the actual interest rate inflation. With core inflation remaining low around 2% the real interest rate is becoming quite high. This is good news for savers but bad news for the UK borrowers. Secondly the UK is experiencing record levels of debt, especially amongst consumers. This is partly because of increasing willingness to borrow but also because of rising house prices. This means to get on the property ladder consumers are increasingly having to get increasingly large mortgages.
Many home owners are borrowing much more than the historical levels. The old formula of a mortgage 3 times your salary is being replaced by mortgage deals that can be 5 or 6 times your salary. The effect of this is that consumers are increasingly indebted and mortgage payments take a higher % of peoples income. Therefore this means that consumers will be increasingly effected by rising interest rates.
The first and most obvious impact of rising interest rates is that it will reduce consumers willing to borrow and spend. Interest payments are more expensive, and increased mortgage payments reduce disposable income. Also saving money becomes more attractive. However the impact of rising interest rates on consumer spending is always uncertain. There are often time lags in reducing spending patterns. A lot depends on how consumer confidence is effected. If consumers start to feel interest rates will continue to rise and the economic cycle may start to swing into a downturn their spending could fall significantly. This will lead to a fall in spending, or at least a fall in the growth of spending and could lead to a downturn.
It is also worth considering the effects of rising interest rates on the manufacturing sector. Rising interest rates are likely to further increase the value of the which according to many commentators is already overvalued by historical standards. Therefore with a stronger exporters are likely to face decreased profit margins and this could lead to a fall in exports. With a decreased manufacturing sector, rising value of the has less effects than it perhaps did previously. Nevertheless rising interest rates will do nothing to lift the long standing gloom over the manufacturing sector.
However on the other hand economists point to the need for rising interest rates. The economy remains relatively buoyant and a small rise in interest rates now will help to bring borrowing under control. If borrowing is allowed to increase now. Their may be a more painful readjustment in the future.
The one group of society who are the real gainers from this current situation is savers. They are enjoying one of the highest real rates of interest for a long time. And judging by the sentiments of the MPC at the last monthly meeting their profitable saving return may continue for a while.
Richard is an economics teacher in Oxford. He has written extensively on economics, the housing market and edits a guide to Mortgages. This site contains information about the state of the UK housing market and offers advice about getting mortgages in the UK.
Author: Richard Pettinger
Keywords: interest rates, economy
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March 22nd, 2009 at 02:21pm
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House prices in the UK have been rising at phenomenal rates. However many economist predict in the future house prices could fall. If this were to occur what would be the economic implications and should the government do anything about it?
Arguments for government intervention to prevent house price falls
1.House prices tend to be volatile, this is because Supply and demand are inelastic (if price changes people keep buying them). Also the housing market is subject to speculation, people may buy houses during house price growth to try and profit, however if house prices fall these speculators will be inclined to sell, causing a bigger crash in house prices. Therefore any fall in house prices could have significant consequences for the economy.
2.House prices can adversely affect the rest of the economy. For example if house prices rise quickly then it can cause inflationary pressures to build up leading to a boom and bust economic cycle. If there is a house price crash this will leave many home owners with negative equity. (This means that the house is worth less than what they bought it for.) Therefore this will significantly reduce consumer confidence and therefore a reduction in consumer spending leading to lower growth and possibly a full blown recession.(negative economic growth for 2 quarters)
3.The housing market has a significant impact on the economy, because over 75% of households are home owners and mortgage repayments are a significant part of peoples income. Housing is the biggest form of wealth therefore the negative consequences should not be underestimated. The fall in house prices could also lead to a negative multiplier effect, where the final fall in GDP is bigger than the initial because of the bandwagon effect.
4.Preventing a crash in the housing market will help prevent people have their homes being repossessed. This is because with negative equity and high interest payments people would be unable to pay off their debts.
However there are arguments against the government trying to prevent a housing crash.
1.Firstly it is difficult to predict future house price inflation. For a long time people have argued house prices are overvalued but house prices continue to rise. Therefore it is hard to judge whether house price changes are due to pure speculation or have good fundamental reasons.
2.Housing is a private good, there are alternatives like renting a house.
3.If house prices are overvalued then there are benefits of letting their prices fall. Because it will help first time buyers be able to afford to buy a house, at the moment many key public sector workers are unable to buy. Cheaper house prices would increase efficiency of the economy and increase geographical immobility e.g. easier to buy houses in London.
4.A fall in house prices would reduce house price speculation therefore in the future house prices would be more stable.
5.It is difficult for the government to intervene in the housing market. Interest rates could be cut. But if the MPC cut interest rates it may conflict with other objectives like the governments inflation target of CPI= 2% +/-1
Conclusion there are significant costs to the economy of falling house prices. Therefore if possible the government should seek to avoid house price volatility, however due to the nature of the housing market it is quite difficult in practise to prevent falling house prices once they occur. This is because the government only has limited tools to prevent this. The best option is to try and reduce house price volatility through meeting supply constraints and making mortgages less sensitive to changes in interest rates. i.e. more fixed rate mortgages.
Richard is an economics teacher in Oxford. He has written extensively on economics, the housing market and edits a guide to Mortgages. This site contains information about the state of the UK housing market and offers advice about getting mortgages in the UK.
Author: Richard Pettinger
Keywords: housing, mortgages
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March 22nd, 2009 at 02:21pm
Under Economics
First we will discuss the concept of trading. The trading concept is centered on the simple activity of the exchange of good or services or both. These exchanges may be the ones that simply take place between two parties within the country or between two different countries. The simple trade, which takes place between two parties, is known as bilateral trade and if these exchanges take place between more than two parties, is known as multi-Lateral trade.
Now let us deal with the issue of what International trade is? It is defined as exchanging of goods and services or both, between two or more partners from different countries (an exporter and an importer).
The country for the purpose of importing and for doing international business, generally uses the following three barriers:
1.Tariff Barriers
This is the barrier put on imports in the form of duties, tax and quotas etc. Due to which the imports are less and the price level of imported products rises and the demand for them decreases.
2.Non Tariff Barriers
This is the barrier put by the country on imports by restricting quantity of importing. A fix quantity is defined for the importing products that make the price level of the imported goods high and the supply of foreign goods become limited.
3.Voluntary Constraints
This is the last kind of trade barrier in which the country itself voluntarily stops the incoming products. Due to this barrier the country has power to stop the imports coming frequently into the country and limiting the competition with the foreign goods with the local industries.
These three types of trade barriers should be taken into consideration when deciding to trade internationally. Mostly lower developed countries and the developing countries uses these kinds of trade barriers for their international trade and international business. The advantage of these barriers is as follows: -
Country earns foreign exchange by putting Tariff and non-Tariff barriers.
The local industry of the country is protected by the foreign competitive industries.
Less imported goods are brought into the country due to which consumer also buys local products.
The currency remains in the country due to which government gains benefit in the form of revenue.
2006, Wholesale Pages UK. All rights reserved.
William King is the director of UK Wholesale, UK Wholesalers and Dropshippers Directory. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
Author: William King
Keywords: International Trade, trade, International Business, Business, Trade barriers, Barrier
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March 22nd, 2009 at 02:21pm
Under Economics
For several years now, American healthcare consumers, including many from other western industrialized nations, have heard about elective surgeries being performed in lesser-developed nations and due to cost and denial of coverage by health insurance providers have opted to go there. However, surgeries in the past were truly elective and not medically necessary procedures that largely consisted of face-lifts, tummy tucks and gastric bypasses for cosmetic purposes.
But just in the past two years, American patients are being wooed to make decisions on serious medically necessary surgeries due to their fears of excessive healthcare costs. And the decision involves traveling abroad primarily to India and Thailand in order to receive such hospital care which they require.
For those self-insured, underinsured, or not insured at all, the desperation of receiving medical care without sacrificing homes or assets in the process is plausible, since costs of similar procedures in South Asia range from 75% - 80% less than in the United States. But now U.S. based corporations have entered the arena as well by encouraging employees to go to India and Thailand via cash incentives, free airfare and hotel stays with no co-pays due on the final bill.
Yet, just as with any large purchase consumers must look beyond the fancy advertisements and read the fine print with a Buyer Beware mentality. Americans have become quite adept at learning what to look for when dealing with car dealerships when purchasing an automobile and with computer retailers when purchasing a new computer. But it has taken many years to educate consumers as to their rights and protections under the law and what to do when something does go wrong.
The term medical tourism has been inaccurately applied to what is essentially the offshoring of patients of the U.S. healthcare system to foreign countries, in order to appeal to potential customers who are really medical patients. The term was invented by the media and it stuck and is now being used as a marketing tool. Deceptive in its concept, it is an implication that a patient can go sightseeing before or after a serious hospital procedure in that foreign country. But for those who are more scrupulous it remains difficult to get the necessary information needed to make a reasoned decision on whether to have surgery performed, let alone halfway around the world.
There are now organizations being touted as medical tourism agencies that have cropped up throughout the U.S. in order to facilitate such care overseas for individual patients as well as to serve as a clearinghouse for corporations wishing to outsource their employees healthcare with them in tow. These groups include MedSolution, GlobalChoice Healthcare, IndUShealth, Planet Healthcare and Med Retreat, to name just a few.
And with more and more corporations adding select foreign hospitals as Preferred Providers to their employees health insurance plans, medical tourism companies handle the paperwork and travel arrangements for their employees. Other countries of destination include Costa Rica, the Dominican Republic, the Philippines, Panama, Mexico, China, Malaysia, Singapore, Turkey and South Africa.
However, it is at this point that the patient needs to start their own due diligence. There is usually a requirement by most U.S. healthcare insurance providers for patients to get second opinions for most complicated surgeries in the U.S., but not so for offshore surgeries. And the list of surgeries which are being sent offshore are indeed medically necessary but confusingly being reported to the media as elective. But you can determine for yourself whether or not the following are elective procedures: cardiac bypass, cardiac stent implantation, cardiac angioplasty, knee replacement, hip replacement, mastectomy, hysterectomy, chemotherapy, eye surgery, vascular surgery, among others.
And as the medical tourism agency is only an intermediary between the client and the hospital as well as between hotels and airlines they do not provide any liability in the event that there is a medical complication or there is a mishap at the destination hospital. Furthermore, there are fees which could arise not documented by an employer nor agency which could require additional expenses upon the patients arrival. And as a conduit between patient and hospital, the medical tourism business remains an unregulated industry in the U.S., without licensing requirements and with most managed by non-medical personnel.
Similarly, and unbeknownst to most U.S. patients is that the healthcare industry in India is highly unregulated. It was only in 2006 that regulations regarding the medical device industry, which includes surgical devices such as cardiac stents and orthopedic implants for use in hip and knee replacements, was mandated. Such call for regulation from the Drug Controller General of India (DCGI) only came about as the result of discovered defective drug eluting cardiac stents in 2004. And although hospitals have the option of applying for accreditation through the Joint International Commission established in 1999, a subsidiary of the Joint Commission on Accreditation of Healthcare Organizations, used for hospitals in the U.S., there is no such requirement to do so.
As of 2006 there are five hospitals in India which have JCI accreditation, renewable every three years. They include the three facilities of the Apollo Hospital group, the Shruff Eye Hospital and the Wockhardt Hospital. The Bumrungrad International in Bangkok is Thailands sole JCI hospital. Singapore has over a dozen JCI hospitals however, and the Philippines has one. But the JCI accreditation only applies primarily to hospital management which although includes procedures to reduce risk of infection and disease and to ensure patient safety, it has no jurisdiction over the actual physicians performing surgical procedures.
The patient is provided limited information other than an introductory phone call to the intended physician and having medical records electronically sent to the doctor or hospital via the internet by the medical tourism agency. The patient has a choice of physicians, but unlike in the U.S. where there is easy access to a doctors medical status by medical boards and organizations, other than knowing whether the doctor may have practiced medicine in the U.S., there is little information to come by. Without standardized protocols it is difficult for the patient to make a correct assessment.
When decisions on a patients health is driven primarily by cost it can impair the decision making process. There is little argument that healthcare costs in the U.S. are bankrupting corporations and labor unions and deceleration of escalation is nary in sight. With the healthcare industry being 15% of the U.S. Gross Domestic Product and having risen in cost 75% for employers and 143% for employees since the year 2000, the system is broken. High malpractice insurance fees required by both employers and physicians, hospital deregulation and class action medical litigations have only exacerbated the problem.
Such high medical costs will only encourage limited access to healthcare for the middle class and ultimately result in less preventative care costing taxpayers more in the long run. The problem is not the medical care in the U.S., still considered the best in the world, but its delivery system. It is when Medicare and the health insurance providers became the decision makers and took that power away from the physicians that the system began to unravel. Added to that is the lack of restraint of costs by the pharmaceutical industry which charges U.S. patients more for its own medications than any other country in the world.
But as expensive as healthcare is in the U.S., there are legal and safety issues which are part of the American fabric which Americans very much take for granted yet expect but are not present in the undeveloped world. For example, there are few regulatory bodies such as the Centers for Disease Control, the Food and Drug Administration, the Federal Trade Commission, various medical boards, consumer protection laws, available legal experts and the court system. All serve as a net of safeguards offering remedies. But unlike a car purchase, medical care is a complicated undertaking in which there are no guarantees, yet there are areas of compliance which must be maintained.
Once the patient is in a foreign country there is little protection for redress and once that patient leaves the country should they need follow-up care such as therapy or if complications arise even during travel, they must seek medical care in the U.S. Secondarily, if the procedure is performed overseas, insurance providers or Medicare may not honor the additional required care in the U.S. Still, patients may decide to take the risks in addition to the inherent risks of any surgery, but should not be coerced into uninformed choices in order for their employer to save costs under the guise that they are helping to reduce the costs of U.S. healthcare in the long run.
In July 2006 the U.S. Senate Committee on Aging held a hearing called The Globalization of Healthcare: Can Medical Tourism Reduce Healthcare Costs? Its goal was to address the subject of medical tourism, its growth, safety of patients and possible regulation of the industry itself. Its Committee Chairman, Senator Gordon H. Smith, has asked that several federal agencies such as the Department of Health and Human Services, the Department of Commerce and the Department of State create an interagency task force necessary for lawmakers to reach informed decisions that healthcare consumers themselves cannot accurately make at this juncture regarding offshoring their medical care.
And among the labor unions, the United Steelworkers Union (USW) has publicly weighed in on this issue when it learned one of its union members, employed by Blue Ridge Paper Products, was going to be sent to India for gall bladder surgery simultaneously with shoulder surgery. Leo W. Gerard, USW International President, fired off a complaint dated September 11, 2006 to Congress by contacting the following committees: the House Committee on Education and the Workforce, the House Committee on Energy and Commerce, the House Committee on Ways and Means, the Senate Committee on Finance, and the Senate Committee on Health, Education, Labor and Pensions.
The goal is not necessarily to create more legislation but to establish guidelines. Perhaps Mr. Gerard puts it best when he states, The right to safe, secure and dependable health care in ones own country should not be surrendered for any reason-certainly not to fatten the profit margins of corporate investors. He also contends to the Congress that We remain steadfast in our commitment to rebuild a domestic healthcare system. Let us hope that our government and healthcare providers can likewise make such a commitment by investing in the health and welfare of the American people.
Copyright 2006 Diane M. Grassi
Contact: dgrassi@cox.net
Diane M. Grassi is a freelance columnist, reporting and writing commentary on current events of the day providing honest and often politically incorrect assessments. From U.S. public policy to Major League Baseball, she is an eclectic thinker, and demanding of her readers to reflect on their own thinking patterns from an alternative perspective. Whether you agree with her or not, Diane M. Grassi will have you coming back to note her opinions, and if at best she wakes you up, then her goal will have been accomplished.
Ms. Grassi is featured with the online publications: New Media Journal.us; American Chronicle; Mich News.com; Opinions Editorials; the Conservative Voice; Liberty Watch Magazine as well as many others. She also writes regular columns on Major League Baseball where she is a featured online columnist with The Diamond Angle Baseball Ezine and Sports-Central.org. Ms. Grassi may contacted at: dgrassi@cox.net
Author: Diane M. Grassi
Keywords: Outsourcing, Globalization, Offshoring, Healthcare, Business, Economics, Public Policy, Insurance
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