Wednesday, September 15, 2010

NEWS:-"That You Must Know"

EPFOs hidden treasure to fetch you 9.5% return
The government brought cheer to five crore employees in the organised sector ahead of the festive season by announcing a one-percentage point increase in the interest rate on provident fund savings for 2010-11, along with a host of reform measures to make the scheme more subscriber-friendly. The Centre will notify the 9.5% rate after consultations with the finance ministry. The EPF rate has been languishing at 8.5% for the last five years. The higher rate of 9.5% became possible after the Employees Provident Fund Organisation (EPFO) discovered a hidden surplus of 1,731.57 crore in its accounts. The EPFOs earnings for 2010-11 can only support an 8.5% payout. With its corpus of 1,70,000 crore, a 1% hike in the rate would need about 1,700 crore. A visibly-pleased labour minister Mallikarjun Kharge revealed the decision to hike the rate on Wednesday after a meeting of the EPFO board. The Manmohan Singh government had last paid 9.5% interest on PF balances in 2004-05.


Curb on short selling: EU proposes tougher rules for financial markets
The European Unions executive on Wednesday proposed tougher curbs on financial market practices seen to have contributed to the global market crisis that drove the worlds largest economies into recession. EU services commissioner Michel Barnier said on Wednesday he wants to rein in the market for derivatives financial instruments based on the value of other assets and insisted regulators should have powers to restrict, and even ban,short selling. Barnier said the measures on the derivatives market would kick in in 2012 and bring Europe in line with restrictions the US Congress passed over the summer to get a better grip on banks and Wall Street. We have to limit the risks of this hyper speculation by shedding light,by forcing people to be transparent. We have to know on all of these markets, with the Americans and the other regions, who is doing what, Barnier said. No player, no market, no territory, must remain outside this supervision, he said.


Chinese economy could grow by 10% in 2010

China's economy could grow by 10% this year while the inflation would be around three percent, the National Bureau of Statistics said on Wednesday. Ma Jiantang, director of National Bureau of Statistics,made the remarks at the ongoing World Economic Forum Annual Meeting of the New Champions in the port city of Tianjin, the China Daily reported. Ma said the country should put more efforts to the economic restructuring and transformation of the nation's economic growth model. He said the ministry will create a scientific system of statistical indicators to guide governments at all levels, industries and companies to transform development pattern. The official said statistical data should "truly and accurately" reflect the process of the transformation. He added it was "very hard" for official data to reflect individual feelings on prices and each person's income.

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