July 4 the Day Dedicated to American Celeberation

Most people in the US celebrate the 4th of July, but there are some people who don't know exact reason why the holiday is so important to the US people.It is strange but true significant proportion of population of US exactly don't know the reality that is how the colonists fall in the years leading up to 1776.

The Great Britain keept trying to make the colonists follow more regulation for exploitation and the people started making plans to be able to make their own rules for themselves. 

They no longer wanted Great Britain to dictate their term and decide the faith of Americans so they finally decided to tell Great Britain that they were becoming an independent country.

The Congress met in Philadelphia, Pennsylvania and they appointed a committee to prepare a formal statement that would tell Great Britain that the Americans had decided to govern in their own way.

 The committee asked to Thomas Jefferson to prepare a draft of the document, so he worked for days, in absolute confidentiality, until he had completed a document that he thought said everything important that the committee had discussed in in detail.

On June 28, 1776, the committee met to read Jefferson's "fair" copy they made some changes in the document and declared their independence on July 2, 1776.

They officially adopted it on July 4, 1776. That is why American call it "Independence Day." Congress ordered that all members must sign the Declaration of Independence and they all began signing the "official" copy on August 2, 1776. In January 1977, Congress sent signed copy of the draft to all of the states.

The Declaration of Independence is a symbol of independence and commitment to certain ideas.

Most of the American can look at a certain little "swoosh" and know that it stands for "Nike." Well, the signatories of the Declaration of Independence wanted the citizens of the United States to have a document that pronounced out what was important to their leaders and citizens.

Source: www. goindocal.com

For More Information Over July 4:

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UPPSC PT 2011 Result in Sept Cutoff will be Around 60%

Allahabad, June, 2: Uttar Pradesh Public Service Commission (UPPSC) had successfully organized Preliminary Examination (PT) for the lower Subordinate Services on 26 th June, 2011.

The General Studies paper was the basket of mixed bag and in line with the expectation as some questions were quite easy and straight forward especially on History and Current Affairs and some questions were tricky from Environmental Science, Geography etc. The result of the UPPSC PT 2011 is expected in the first week of September.

More than 2 lacks candidates had applied for UPPSC pre exam. There are mixed reaction among aspirants about level of question asked in the exam the optional paper will be decisive in the selection of student in PT.

Hence cut off may be in line with the previous years. The expert believes that 65 % would be for General Candidate, 64% for for OBC, 50 for SC/ST said director of a coaching institute. UPPSC generally publishes its keys along with the PT examination.

The source close to the UPPSC had said that vacancy could be increased by the time result would be declared.

http://goindocal.com/education-%BB-exams-uppsc-to-announce-pt-result-in-september%2C-cutoff-will-be-around-60percentagego-1468.htm

Chinese Factory Output Reading Fell to Record Low

Bejing, July, 2: World second largest economy is losing their steam as Chinese factory output reading in June at its record low in 28 months, Chinese economy is facing the pinch of monetary tightening and reduced global demand amid weakness in developed world.

The official purchasing managers' index (PMI), which is structured to give a snapshot of conditions in China's vast manufacturing base, fell to 50.9 in June from 52 in May, the China Federation of Logistics and Purchasing said.     

    

The number was weaker than market expectations of 51.3, based on a Reuters poll. But it was the 28th straight month that the official PMI has stood above the 50 that is critical indicator that demarcates expansion from contraction. The recent data indicating that the future economic growth rate may continue to fall.

However the de-stocking has played important role in the recent slide in the PMI, the de-stocking will be short-lived and the slide led by de-stocking will not going to sustained in near future but other component like inflation and global demand can play their rile in decline.

Global situation are not good at all as the world number one U.S. economic recovery loses momentum and Europe struggles with a sovereign debt crisis .Being a export economy this is not a good news for the China.

The sub-index of new export orders fell to 50.5 in June from 51.1 in May, reflecting persistent weakness in global demand.

  

Despite such issues most of the economists in China believe that Chinese economy, underpinned by the relentless urbanization, is in no danger of a hard landing.

The People's Bank of China is desperate to put a lid on price rises, so they lifted the reserve requirement ratio for banks nine times and raised interest rates four times since October 2010. 

To control the situation the Chinese government is expected to forge ahead with further tightening measures to combat the price rise that is running near three-year top, but most economist feels the current regulator tightening will end by December 2011. 

Earlier this week, Chinese Premier Wen Jiabao indicated for the first time that country would struggle to meet its 4 percent inflation target in 2011, underlining expectations that interest rates will rise further.

http://goindocal.com/business-%BB-economy-chinese-factory-output-reading-fell-to-record-50.9-in-28-monthgo-1454.htm

China Credit Bubble is Maturing

Bejing : Global markets are eyeing over the Greece's debt woes, but the world second biggest economy China's debt situation is not that much different from Greece game.

Chinese banks are also witnessing pain in their books as the balance sheet of  banks are not giving rosy picture because in there off-balance sheet lending, very few facts and a lot of fears is visible.

The amount of Chinese bank credit book has doubled from December 2007 to May 2011, which is the perfect textbook example of a credit bubble in the system.

Despite the fact that the loan growth rate in China has been halved to 15% over the last 2 years, the value of lending extended during that time which is prime concerns for them. 

Total outstanding of Chinese bank loans stood at USD 6,500 per capita in 2010 with respect to GDP per capita of USD 4,400, which is not going to sustain in near future.

There is an overhang though of the excesses those were booked in the previous 2 years on the book of banks. When they mature over the coming 2, 3 years, the will certainly see defaults. In China non-performing loans (NPL), which at 1% of total loans, are bound to increase going forward.

Some analysts are even estimating that this could increase to 6% of loans, 10% of loans, and even 15% of loans within a few years’ time. However as per general consensus NPL of Chinese bank are inching to get double in 3 year.

The worsening situation in China will create big storm in world economy as China is not much transparent and once the bubble will burst will derail the global growth.

http://goindocal.com/world-%BB-china--china-credit-bubble-is-maturinggo-1407.htm

China Allows Overseas Raised Yuan for FDI

Beijing : China, the world's fastest-growing major economy, formalised rules allowing foreign firms to use overseas raised yuan to make investments in the country. This is a measure initiative to boost its currency to internationalize.

According to the China Business News, trial scheme will permit overseas companies to use Chinese currency raised offshore to set up companies, make acquisitions, increase stakes in subsidiaries and provide loans.

According to central bank statement, companies will be banned from investing in certain industries without providing details. The statement appeared to have been removed from the central bank's website on Wednesday.

The statement marks the first time China has issued specific rules on yuan denominated foreign direct investment (FDI) in the country and hope it would encourage wider use of the currency overseas.

"This policy on yuan-denominated foreign direct investment is a significant stride towards making the yuan an international currency," Deutsche Bank economist Ma Jun was quoted saying.

The rules are expected to accelerate the issue of yuan-denominated bonds and other forms of yuan financing in Hong Kong, a semi-autonomous Chinese territory, Ma added.

Investors have started piling yuan in a bid to capitalise on the currency's expected appreciation, but there are limited investment outlets for the cash.

The People's Bank of China will review yuan-denominated foreign investment projects on a case-by-case basis, the report said.

Beijing in recent years has relaxed limits on the convertibility of the yuan in its push for greater use of the currency abroad.

The country has signed currency swap arrangements with several nations and launched trials for yuan trade settlement with a number of mainly Southeast Asian countries.

Yuan-related financial products have also boomed in Hong Kong, which has been acting as a test bed for Beijing's ambitious goal to turn the unit into a global currency.

In 2009, China, second largest economy of the world after U.S., approved using the yuan to settle cross-border trade with Hong Kong and last year it relaxed rules to allow non-financial foreign firms to issue yuan-denominated bonds.

http://goindocal.com/world-%BB-china--china-allows-overseas-raised-yuan-for-fdigo-1328.htm