SunDAY 06•09•2015
BUSINESS
4
THE MORUNG EXPRESS
G20 promises transparency on rate moves AnkArA, September 5 (reuterS): World financial leaders will agree to calibrate and communicate monetary policy carefully to avoid triggering capital flight, but will not call an expected U.S. rate rise a risk to growth, a draft communique showed on Friday. Many emerging market economies are concerned that when the U.S. Federal Reserve raises borrowing costs, investors will withdraw from other markets and buy dollar assets, weakening other currencies and creating turbulence as capital flees. Officials from emerging markets wanted the communique from finance ministers and central bank governors of the Group of 20 biggest economies, meeting in Turkey, to say that a U.S. rate rise now would be a risk to growth. But the draft avoids such wording. "We note that in line with the improving economic outlook, monetary policy tightening is more likely in some advanced economies," the draft communique, seen by Reuters, said. "We will carefully calibrate and clearly communicate our actions to minimize negative spillovers, mitigate uncertainty and promote transparency,"
said the draft, which may yet change before it is finally agreed on Saturday. An earlier version of the text said policy tightening in developed economies "may remain one of the main sources of uncertainty in financial markets". "In one of the wild formulations it said that this was the biggest threat to the world economy. This was killed immediately and forever," a Russian source said earlier. The text welcomed strengthening activity in some economies but said that global growth fell short of expectations, although it expressed confidence a recovery would gain speed. It also indirectly addressed Chinese moves that weakened its yuan currency in August, in a sign these were not seen as a competitive devaluation to prop up Chinese exports. G20 members reiterated their commitment to exchange rate flexibility and would "refrain from competitive devaluations and resist all forms of protectionism," it said. Reinforcing that message, U.S. Treasury Secretary Jack Lew told Chinese Finance Minister Lou Jiwei that it was important that China let the yuan move up as well as down, and avoid any move to lower its value to gain a competi-
India among few bright spots in global economy, Says IMF AnkArA, September 5 (ptI): The IMFonFridaysaid Indiaisamong the few bright spots in the global economy as G20 Finance Ministers began their two-day meeting here against the backdrop of concerns over Chinese economic slowdown looming large on world markets. The remarks from International Monetary Fund (IMF) Chief Christine Lagarde came at the meeting of G20 Finance Minister and Central Bank Governors where they also discussed monetary policy uncertainties. Ms Lagarde told the gathering that between advanced and emerging economies, there are problems in most places in the advanced world while in emerging economies, there are problems in China
although not that big as stock markets are making it to be, according to officials present at the meeting. Among emerging economies if there is any growth, that is in India. India is among the few bright spots in the global economy, the officials said quoting Ms Lagarde. Officials said that RBI Governor Raghuram Rajan said at the meeting that they are surrounded by economic gloom probably hinting at concerns over slowdown in China. The meeting continued well beyond its schedule time till late into the night. Policymakers from South Korea, Australia, China and the US were among those who were present at the meeting. Meanwhile China assured other G20 member coun-
currencies and tumbling commodity prices. But the G20 had been seen as unlikely to come up with any concrete new measures to address the spillover from instability in the world's second-largest economy, or to call directly on Beijing to address structural issues such as rising bad debts.
tive edge in global trade, a U.S. official said. China told the group it was committed to continuing structural reforms and to supporting economic growth, Europe's Economic Commissioner Pierre Moscovici told reporters after the meeting. Slower growth in China and rising market volatility have boosted the risks to the global economy, the International Monetary Fund warned ahead of the G20 meeting, citing a mix of potential dangers such as depreciating emerging market
EASY MONEY Luxembourg Finance Minister Pierre Gramegna, whose country holds the rotating presidency of the European Union, shrugged off the prospect of U.S. in-
tries that its economy would not collapse and would continue to grow at a slower pace, officials said. They added that draft declaration has so far not named the US or China. On Thursday, India deprecated the recent devaluation of major currencies followed by currency depreciation in a large number of emerging markets which raises the risk of competitive devaluations. Currency devaluations at a time when the global demand is sluggish is a major threat to stability in the global economy, India had said. Earlier in the day, Dr Rajan said global economies witnessing sustainable growth need to hike rates although not in a "one go, big bang" manner.
terest rate hikes. "We cannot live all the time on easy money ... One has to be realistic that at one point in time the curve of interest rates will have to change," he told Reuters. Bank of Japan Governor Haruhiko Kuroda said any Fed rate rise would be a positive sign for the global economy, despite the unease in some emerging markets that such moves could cause capital outflows and currency volatility. "If the U.S. were to raise rates, that would speak to the underlying firmness and growth
in the U.S. economy, and that would actually be a plus for the global economy," he said. One specific idea being examined at the Ankara meetings is a proposal from a group of financial stability experts to adopt a two-stage approach for introducing Total Loss Absorption Capacity (TLAC) buffers for big banks, a G20 source said. The buffer is a new layer of debt big banks like Goldman Sachs (GS.N) and Deutsche Bank AG DBGKn.DE must issue to write down in a crisis and
bolster their capital. The proposal would introduce a buffer of 16 percent of a bank's risk-weighted assets from 2019 and 20 percent from 2022, the source said. The United States had pushed for 20 percent, while some in Europe had been arguing for 16 percent on the grounds that their banks were still recapitalising after the financial crisis. The draft pencilled in that a deal should be ready for the endorsement of G20 leaders at their summit in southern Turkey in November, but some countries were concerned there would not be enough time to reach a final agreement by then. There was no clear pronouncement on China's desire to have the yuan included in the International Monetary Fund's Special Drawing Rights basket of currencies, but the draft said G20 finance chiefs expected progress in November, when the IMF has a board meeting on the issue. "China has moved in the direction in currency and monetary policy ... that is necessary if they want to achieve the goal of getting China into the IMF currency basket," German Finance Minister Wolfgang Schaeuble told reporters, welcoming Beijing's near 2 percent yuan devaluation last month.
China is keen for the symbolic boost it would get from the yuan's inclusion. Bundesbank chief Jens Weidmann said he is open to discussion on including the yuan in the IMF basket, and said China's recent market upheavals should not pose a lasting danger to the global economy. "The currency basket should in principle reflect relative global economic strengths," he told Reuters, but added China must fulfil the conditions for inclusion. One delegate said it was possible that the likely failure of the U.S. Congress to approve an IMF quota reform that would give China and other emerging markets more say could work in Beijing's favour on the SDR issue. The reasoning goes that benefiting the leading emerging economy, China, could help offset the perennial failure to boost emerging market quotas. However, IMF members will also be examining whether China's heavy intervention in the yuan market was befitting of a freely convertible reserve currency, the delegate said. One option being floated was the idea of giving China a more limited share of the SDR basket at first until its convertibility and market orientation improved.
Toyota, Mahindra offer best car buying experience finds study Three Indian B-Schools among Most Coveted in 2015 mumbAI, September 5 (ZeegnItIon): Both Toyota and Mahindra scored 872 points each in a scale of 1,000, with the Japanese car maker performing particularly well in the sales initiation factor while Mahindra scoring the highest in the paperwork factor. When it comes to the art of selling of cars, it appears Mahindra and Toyota know best how to keep customers happy. The two car makers jointly secured the top spot in the JD Power Asia Pacific 2015 India Sales Satisfaction Index Study aimed at finding out which company offers the best shopping experience to car buyers. Both Toyota and Mahindra scored 872 points each in a scale of 1,000, with the Japanese car maker performing particularly well in the sales initiation factor while
Mahindra scoring the highest in the paperwork factor. However, overall sales satisfaction is still on a decline compared to last year. Nearly one in five (18%) customers is dissatisfied with several critical aspects of the purchase process, including negotiations for their new vehicle, delivery commitments and the overall delivery process. In fact, satisfaction with the delivery process and delivery timing has declined the most year over year, dropping by 9 points in each factor. The average time for vehicle delivery has increased to 11 days after booking in 2015 from 9 days in 2014. The study, based on responses from more than 7,895 new car owners who purchased their vehicle between September 2014 and April 2015, and includes evaluations of more than 75 models within the mass market segment.
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LEISURE
Simple Rules - There is just one simple rule: “Fill in the grid so that every row, every column, and every 3x3 box contains the digits 1 through 9.”
SUDOKU Game Number # 3337
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neW DelhI, September 5 (AgencIeS): Three Indian management institutes feature among a list of top 25 business schools that most want to study at in 2015, according a survey. The list
put together LTG Exam - an MBA entrance prep company - features Indian School of Business (ISB) at No. 4, the Indian Institute of Management (IIM) comes in at No. 7, and SP Jain School of Global Man-
agement at No.25. The most sought after b-schools list is topped by Harvard Business School. Stanford Business School is ranked at No.2, followed by Sloan School of Management (MIT). LTG Exam's
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WAShIngton, September 5 (IAnS): An Indian-American woman has made it to the list of the top 30 female business leaders in Austin Business Journal’s “2015 Profiles in Power & Women of Influence”, a media report said. Rina Patel, area president for Wells Fargo in Austin, was recognised as a “female powerhouse on the Austin business scene” during the 21st annual Pro-
files in Power awards last month, according to the business magazine. “Rina Patel has shown tremendous flexibility in her career, as illustrated by her career path. She has been willing to take on new roles and to relocate to new communities to develop her leadership skills and knowledge -- and it’s paid off,” the Austin Business Journal reported on Friday.
On her career progression, it said that Patel has grown over the past 11 years by jumping from teller, to banker, to service manager, to store manager in various stores, to district manager overseeing 15 stores, to her current role as an area president. At Wells Fargo, she manages more than 375 team members. Patel also serves on the boards of the Girl Scouts
DAILY CROSS WORD
CROSSWORD # 3350
Z J H W F J S T R A I N E R U A D L D R
I L C L C E A T N A P L L O R Y L L E J
DIMAPUR Civil Hospital:
K E R M S P A T U L A X N A G R A T E R
of Central Texas. “Often times as women, we focus on working on ourselves and how to become a better leader through our interpersonal skills. What is often missed in our development is having a strong balance of these three areas. This is a critical key piece to further your career path into leadership roles,” Patel was quoted as saying by the business magazine.
STD CODE: 03862 232224; Emergency229529, 229474
Metro Hospital: Faith Hospital:
227930, 231081 228846
Shamrock Hospital
228254
Zion Hospital:
231864, 224117, 227337
Police Control Room
228400
Police Traffic Control
232106
East Police Station West Police Station
227607 232181
CIHSR (Referral Hospital)
242555/ 242533
Dimapur hospital
224041, 248011
Apollo Hospital Info Centre:
230695/ 9402435652
Railway:
131/228404
Indian Airlines
229366
1. Jays and owls, for example 6. At one time (archaic) 10. Ailments 14. Something to shoot for 15. List of options 16. Encounter 17. Sermon on the Mount 19. Use a beeper 20. Highly seasoned fatty sausage 21. Startled cry 22. Wicked 23. Glacial ridge 25. Mountain crest 26. Sexual assault 30. Restitution 32. Deviation from the normal 35. A stupid remark 39. A ceremonial procession 40. Indicate 41. Lithesome 43. Protein in hair and nails 44. Acid neutralizer 46. Piecrust ingredient 47. Adhesive 50. Yields 53. 53 in Roman numerals
54. Beer barrel 55. Scheduling 60. Countertenor 61. Nonsectarian 63. Adolescent 64. Tibetan monk 65. Fondle 66. Probabilities 67. Kind of school 68. Feel
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1. Parts of aprons 2. Bright thought 3. Genuine 4. Information 5. Ooze 6. Large flightless bird 7. Ransom 8. Smiled contemptuously 9. Ivory colored dentine 10. Emotionless 11. Depart 12. On the up and up 13. Inscribed pillar 18. It is (poetic) 24. K 25. Venomous snake 26. Whacks 27. A Freudian stage 28. Minute opening 29. Emissions
31. Connecting point 33. Befuddle 34. Scallion 36. Greek letter 37. Blend 38. Fix 42. A vehicle that races 43. Child 45. Vegetable 47. Ancient Athenian philosopher 48. Suffered 49. Located 51. French for “Summer” 52. Croons 54. Large brown seaweed 56. Bog 57. Computer symbol 58. Short sleeps 59. Delight 62. Chart Ans to CrossWord 3349
KOHIMA: 0370 2222952/ 101 (O) 9402003086 (OC) DIMAPUR: 03862 232201/ 101 (O) 9436017479 (OC)
CHUMUKEDIMA: 03862 282777/101 (O) 9856158740 (OC) WOKHA: 03860 242215/101 (O) 9862039399 (OC)
MOKOKCHUNG: 0369 2226225/ 101 (O) 9436012949 (OC)
Nagaland Multispe- 248302, cialty Health & 09856006026 Research Centre
PHEK: 8414853765 (O) 9862130954(OC)
KOHIMA
ZUNHEBOTO: 03867 280304/ 101 (O) 9856156876 (OC)
STD CODE: 0370 100/2244279 2222222 2222111 2222952 2222916 2243339 2224202 08974997923
TUENSANG: 8414853766 (O) 8414853519 MON: 03869 251222/ 101 (O) 9436208480 (OC)
CHILD WELFARE COMMITTEE
ACROSS
FIRE STATIONS
Chumukedima Fire 282777 Brigade Nikos Hospital and 232032, 231031 Research Centre
Police Control Room: North Police Station: South Police Station: Fire Brigade: Naga Hospital: Oking Hospital: Bethel Nursing Home: Northeast Shuttles
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survey was conducted across 5,000 users who prepared for GMATs (General Management Admissions Test) using the company's app - Prep4GMAT. The LTG Exam app is used in nearly 200 countries.
US business magazine honours Indian-American woman
Answer Number # 3336
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The study examined seven factors that contribute to new-vehicle owners’ overall satisfaction with their sales experience (listed in order of importance): delivery process, delivery timing, salesperson, sales initiation, dealer facility, paperwork and deal. “Intense competition and pressure to maximize sales conversions has shifted focus from a customer-centric approach to a sales-driven approach for dealers, impacting customer satisfaction,” said Mohit Arora, executive director, JD Power Asia Pacific, Singapore. “Original equipment manufacturers (OEMs) and dealerships need to provide a pressure-free environment that is conducive to sales, which can lead to a positive and lasting impression of the brand and dealerships in the minds of customers.”
Toll free No. 1098 childline
KipHire: 8414853767 (O) 8974304572 (OC)
WE4WOMEN HELPLINE 08822911011
MOKOKCHUNG: Police Station 1:
STD CODE: 0369
2226241
Police Station 2 :
2226214
Civil Hospital: Woodland Nursing Home:
2226216 2226263
Hotel Metsüpen (Tourist Lodge):
2226373/2229343
TAHAMZAM (formerly Senapati) STD CODE: 03871 Police Station: Fire Brigade
CURRENCY NOTES
222246 222491
BUY(Rs)
SELL(Rs)
US Dollars Sterling Pound Hong Kong Dollar Australian Dollar Singapore Dollar Canadian Dollar Japanese Yen
64.87 99.31 8.1 45.86 45.96 49.02 53.87
67.80 104.13 9.02 48.13 48.23 51.43 56.91
Euro
73.12
76.66
Thai Baht Korean Won New Zealand Dollar Chinese Yuan
1.76
1.96
0.0534
0.0595
41.29
43.35
9.78
10.90