W20

W20

World's 20 largest economies, including India, 06 sept 2015 launched W20, an engagement grouping of women leaders, to push for gender inclusive global economic growth.

The W20 group -- having 20 women leaders from G20 nations -- would host its first summit next month in Istanbul after all member countries appoint their nominees.

At the official launch event here, Turkish Prime Minister Ahmet Davutoglu said the prosperity of a country can be best understood by the smile of women. 

Banking System

World Bank Group-

The world Bank Group constitutes the following institutions:

1.IBRD- International Bank for Reconstruction and Development

2.IDA- International Development Association

3.IFC- International Finance Commission

4.MIGA- Multilateral Investment Guarantee Agency

5.ICSID- International Centre for Settlement of Investment Disputes

1.IBRD- It was established in Dec 1945 with IMF, IMF & IBRD are called Bretton Wood Twins.Its headquarter is at Washington D.C

Now,188 nation are members of IBRD.

Its objective is to assist member nations in the economic re-contruction and development of their territories.

In 2010, voting power at the world bank were received to increase the voice of developing countries, notably China.

The countries with most voting power are now the US(15.85%),Japan(6.84%),China(4.42%),Germany(4.00%),UK(3.75%),France(3.75%),India(2.91%),Russia(2.77%),Saudi Arabia(2.77%) and Italy(2.64%).

2.IDA-It is an association institution of IBRD and is known as the SOFT LOAN WINDOW of WORLD BANK.

It was established on sept 24,1960.

Its provides loans to its member countries and no interest is charged on these long term loans.

As an affiliate of IBRD, its director, officers and staff are those of the IBRD.

3.IFC- Establishef in 1955,the IFC become a UN specialized agency in 1957.

It provides loans to private industries of developing nations without any government guarantee and also promote the additional capital investment in these countries.

Weak Currency Than Indian Currency

 It's true that Indian currency is pretty weak, there's no denying that there are places you can go to and things you can see with our own desi rupaiya that will make you feel like a total king. Check out these places where you can get the best of those hallowed monies.

1. Bolivia : 1 INR = 0.11 Boliviano

 Hit up Rurrenabaque, a small town with a jungle and river close by. A great place to drink, eat and stay for pocket friendly prices, despite the currency difference.

2. Paraguay : 1 INR = 74.26 Guarani

 If that doesn't pique your interest, there's also the fact that Paraguay is the CHEAPEST country in the world, according to a survey by Mercer. This means the rent is cheap, the food is cheaper ( and we all know cheap food tastes better) and the beer is practically free. 

3. Zimbabwe : 1 INR = 5.85 ZWD

 The stay might not be cheap, but that is offset by the fact that food and generally everything else is unimaginably low priced. This is due to their 1000% inflation rate in recent times. Yes... one thousand percent inflation! 

4. Costa Rica : 1 INR = 8.15 Colons

That should be music to your ears, considering it's an island paradise where you can live out your caribbean fantasies - sipping Pina coladas and sunbathing at the beach, waving your rupee notes like an uncle at a Jagrata.

5. Belarus : 1 INR = 216 Ruble

 That is quite a blessing, as you can soak in the culture in their museums and visit quaint and charming cafes at prices that seem like they're still in the Soviet era. There's lakes and forests and all kinds of other attractions, so just give up on your preconceived notions of Eastern Europe.

6. Pakistan : 1 INR = 1.58 Pakistani Rupee

Combine that currency difference with the fact that it is supported by the US dollar and you're in dreamland, at least in terms of food, petrol and things like snickers dark, which cost a bomb here. Real estate is also very affordable here.

7. Cambodia : 1 INR = 63.93 Riel

Stay, food and drink is cheap plus the place is steeped in history and culture. Go to Angkor Wat and read Dancing in Cambodia by Amitav Ghosh before you go to understand just how beautiful the place really is.

8. Vietnam : 1 INR = 338.35 Dong

Backpacker paradise starts at Vietnam. With places like Vang Vieng just a few hours away where you lumber down a river on a tyre while sipping on mushroom shakes from the adjoining shacks, this sounds like a no brainer.

9. Mongolia : 1 INR = 29.83 Tugrik

Hostels in Mongolia can go for as cheap as Rs. 400. Options for drinking are beyond your imagination, if that's your jam. There's vodka everywhere!

10. Hungary : 1 INR = 4.22 Forint

Hungary has several options for staying in hotels for as low as Rs 700 a night - rooms which have a bed, tv and fridge, right in Budapest. Trains ply for nominal amounts and the place itself is beautiful, so go check it out quick.

Top 5 Sexiest Girls In The World 2015

Whether in Hollywood, sports or in the fashion industry, it is undeniable fact that there are some women who are extremely sexy. They get called for shows, photo shoots, endorsements and other events, and the outcome has great sex appeal. These beauties have gained great recognition the world over and have achieved great feats in the respective industries. Without much ado, here are the sexiest girls in the world 2015.

1. Candice Swanepoel 

 Blue-eyed South African beauty is one of the highest-paid models on the planet. She was discovered aged 15 years and started making appearances in several magazine covers in 2010. She has also walked the catwalk for Victoria’s Secret fashion shows. In one of the recent shows, she was spotted wearing a garlanded royal fantasy bra, which was said to cost $10 million.

2. Scarlett Johansson

This American beauty is considered to be one of the most gifted actresses of all time. Born in 184, Scarlet Johnson started acting at a young age. After a number of films, she gained recognition for her role in the film The Horse Whisperer. She has also acted in Lost In Translation, Iron Man2, The Avengers and The Island, among others. Scarlett Johansson is definitely a talented artist and has been extremely versatile in the roles she has played in the film industry. She has been feted with a number of awards including a BAFTA and a Tony. In 2012, she received her star on the prestigious Hollywood Walk of Fame.

3. Katy Perry

Born in 1984 as Katheryn Elizabeth, Katy Perry is a celebrated America singer, actress and songwriter. She started singing gospel music as a teenager releasing her debut album in the year 2001. Soon after, she moved to Los Angeles in order to continue with her music endeavours. She signed with the popular record label “Capital Records” in 2007 and released her popular single “I Kissed a Girl”. Since then, many of her songs have dominated the US Billboard Hot 100. She has won many awards and received several nominations.

4. Irina Shayk

Russian-born Irina Shayk claim that many people often think that she is from South America because of her stunning looks, which she claims she inherited from her dad. Soon after completed high school education, she enrolled for marketing studies but was soon bored so she enrolled in beauty school alongside her elder sister. While at beauty school, she was spotted by a modelling agent, who persuaded her to take party n the Miss Chelyabinsk 2004 beauty contest, which she won. In 2017, she appeared in the Sports Illustrated Swimsuit Issue.

5. Jennifer Lawrence

Born in 1990, Jennifer Lawrence is a famous American actress. She was a lead cast member of The Bill Engvall Show between the year 2007 and 2009. She has also appeared in a number of independent films. Jennifer was nominated for Academy Award in the Best Actress category. In 2012, she becomes popular the world over thanks to her lead role in the popular Hunger Games movie series.

World's Most Poweful People

Forbes list of The World's Most Powerful People

Starting in 2009, Forbes magazine compiles an annual list of the world's most powerful people. The list has one slot for every 100 million people on Earth, meaning in 2009 there were 67 people on the list, in 2010 there were 68, in 2011 there were 70, and in 2012 there were 71. Slots are allocated based on the amount of human and financial resources as well as their influence on world events.

#Individual Office / Position

1 Steady       Russia Vladimir Putin President of Russia

2 Steady       United States Barack Obama President of the United States

3 Steady      China Xi Jinping General Secretary of the Communist Party of China President of                           the People's Republic of China

4 Steady     Vatican City / Argentina Francis Pope of the Roman Catholic Church

5 Steady      Germany Angela Merkel Chancellor of Germany

6 Increase      United States Janet Yellen Chair of the Federal Reserve

7 Decrease      United States Bill Gates Co-Chair of the Bill & Melinda Gates Foundation Founder                           and Former Chairman of Microsoft

8 Increase       European Union Italy Mario Draghi President of the European Central Bank

9 Increase  United States Sergey Brin United States Larry Page Co-Founders of Google          10 Increase  United Kingdom David Cameron Prime Minister of the United Kingdom

Pakistan violates ceasefire in J & K's Poonch

Pakistan violates ceasefire in J&K's Poonch

 Pakistan army late Sunday resorted to unprovoked shelling and firing along the Line of control (LoC) in J&K's Poonch district, an official said on Monday.

Defence spokesman Lt. Colonel Manish Mehta told IANS: "Pakistan army used 82 mortars, rocket propelled guns (RPGs) and automatics to target our positions on the LoC in Poonch district."

"Pakistan shelling and firing started at 11 pm on Sunday," he added.

"Our troops are effectively and appropriately responding. Intermittent firing exchanges continued till Monday morning," Mehta said.

          The Indian government has been crying hoarse about the necessity to adopt a dialogue-oriented approach to all contentious bilateral issues, and even if we were to trust the intentions of the democratically ( hence legitimately ) elected government in Pakistan, some random uniformed lunatic just refuses to open his eyes to this pressing need of the hour - that a stable South Asia can do wonders for all stakeholders, and every constituent nation will rise with a more powerful voice in a fast-emerging multipolar world. The end result being whatever progress is made on the diplomatic level ends up looking like a one-step-forward-two-steps-back move, only to the detriment of both nations.

         However pragmatic and level-headed the civilian government in Pakistan might be, the truth remains that for 365 days in a year its biggest enemy lies within its own territory - the perenially power-hungry Pakistan Army and the ISI, for whom the only way to earn legitimacy for their actions is to intensify their anti-India propaganda, and flex a muscle or two by means of callous ceasefire violations on the LOC and the International Border. 

A day after mortar shelling in Pargwal area, Pakistani Rangers and regular troops on Thursday started targeting forward Indian positions with mortar shells both along the international border in R S Pura and Tawi area of Jammu, besides Line of Control (LoC) in Poonch. Pointing out that this has been the third ceasefire violation by Pakistan during the last 24 hours, sources said that unprovoked firing by Rangers started in R S Pura and Tawi belt around 1.15 am. By 3.50 am, they started firing mortars on the Indian side.

DEVALUATION OF CURRENCY 

China’s central bank has devalued the yuan by nearly 2% against the US dollar for the second time in two days to boost exports and take it a step nearer to becoming an official reserve currency. China is seeking to build on its 2005 reforms in an effort to have the yuan included in the International Monetary Fund (IMF) basket of special drawing rights (SDR) reserve currencies. Its remaining controls have been a stumbling block in gaining admittance to the select group of the US dollar, the euro, the pound and the yen. The bank’s move to include more information when setting its daily fix can be seen as a relaxation of controls, moving the currency a step closer to satisfying the IMF’s entry requirements. The organisation said this month that significant work still needed to be done for the yuan to be considered before its next review in November.

The effect of a devaluation depends on:

1. Elasticity of demand for exports and imports. If demand is price inelastic, the a fall in the price of exports will lead to only a small rise in quantity. Therefore, the value of exports may actually fall. An improvement in the current account on the Balance of Payments depends upon the Marshall Lerner condition and the elasticity of demand for exports and imports
If PEDx + PEDm > 1 then a devaluation will improve the current account
The impact of a devaluation may take time to have effect. In the short term, demand may be inelastic, but over time demand may become more price elastic and have a bigger effect.

2. State of the global economy. If the global economy is in recession, then a devaluation may be insufficient to boost export demand. If growth is strong, then there will be a greater increase in demand. However, in a boom, a devaluation is likely to exacerbate inflation.

3.Inflation The effect on inflation will depend on other factors such as:
Spare capacity in the economy. E.g. in a recession, a devaluation is unlikely to cause inflation.
Do firms pass increased import costs onto consumers? Firms may reduce their profit margins, at least in the short run.
Import prices are not the only determinant of inflation. Other factors affecting inflation such as wage increases may be important.

4. It depends why the currency is being devalued. If it is due to a loss of competitiveness, then a devaluation can help to restore competitiveness and economic growth. If the devaluation is aiming to meet a certain exchange rate target, it may be inappropriate for the economy.

Effects of a devaluation

1. Exports cheaper. A devaluation of the exchange rate will make exports more competitive and appear cheaper to foreigners. This will increase demand for exports

2. Imports more expensive. A devaluation means imports will become more expensive. This will reduce demand for imports.

3. Increased AD. A devaluation could cause higher economic growth. Part of AD is (X-M) therefore higher exports and lower imports should increase AD (assuming demand is relatively elastic). Higher AD is likely to cause higher Real GDP and inflation.

4. Inflation is likely to occur because:
Imports are more expensive causing cost push inflation.
AD is increasing causing demand pull inflation
With exports becoming cheaper manufacturers may have less incentive to cut costs and become more efficient. Therefore over time, costs may increase.

5. Improvement in the current account. With exports more competitive and imports more expensive, we should see higher exports and lower imports, which will reduce the current account deficit.