Zimbabwe to introduce 100 bln dollar bank note

Zimbabwe’s central bank will introduce new higher-value 100 billion Zimbabwe dollar notes on Monday as part of a desperate fight against spiralling hyperinflation, the bank said.

Zimbabweans are suffering chronic shortages of meat, maize, fuel and other basic commodities due to the collapse of the once prosperous economy, which critics blame on President Robert Mugabe’s policies, including his violent seizure of white-owned farms.

Central bank Governor Gideon Gono announced on Wednesday that inflation had surpassed 2.2 million percent, though some economists put it much higher.

In a notice in the official Herald newspaper on Saturday, Gono said the Reserve Bank of Zimbabwe would introduce 100 billion dollar special agro-cheques (notes), to help consumers who currently need to carry large wads of cash even for simple transactions.

"This new $100 billion special agro-cheque will go into circulation on Monday," the notice said.

The central bank has been printing higher denomination banknotes to keep pace with soaring prices. The most valuable bank note currently in circulation is worth Z$50 billion.

Gono said he was also considering raising the amount of cash people could withdraw daily from their bank accounts. The central bank has imposed a withdrawal limit of Z$100 billion, but this is only enough for two trips on an urban commuter bus or two loaves of bread -- if one can find it.

The Zimbabwe dollar, which had been officially pegged at 30,000 to the U.S. dollar before exchange rules were relaxed recently, now trades at about 800 million to the greenback.

Besides struggling with shortages of basic goods and services, Zimbabweans also spend long hours in bank queues trying to withdraw their money.

The central bank says the limits on cash withdrawals are designed to curtail a thriving black market in foreign exchange and basic commodities.

The worsening economy could add to pressure on the ruling ZANU-PF party to make concessions to the opposition Movement for Democratic Change, which has refused to recognise Mugabe’s overwhelming victory in a June 27 presidential run-off election.

MDC leader Morgan Tsvangirai won the first round vote on March 29 but failed to get the absolute majority needed to avoid a second ballot. Tsvangirai pulled out of that poll, citing violence by pro-Mugabe militia.

Two weeks ago a German firm, Giesecke and Devrient, stopped deliveries of banknote paper to Zimbabwe following pressure from the German government amid international criticism of Mugabe’s widely condemned re-election. Gono said Zimbabwe had made alternative arrangements.

Market to remain shaky

Even as the Congress-led UPA government faces a trust vote on Tuesday, the two-day rally in the stock market appears to suggest that investors are confident about the government’s survival.

But the sharp gains in the past couple of sessions have come amid cautious optimism, which was evident many times in the past too, when ruling parties were in trouble.

A look at the Sensex’s behaviour ahead of a no-confidence motion in Parliament that different governments faced since 1990 shows that the market did not witness any clear trend (sustained downward or upward movement), as investors mostly preferred to remain on the sidelines till political problems were resolved.

Notwithstanding the 1000-point rally in the Sensex in the past couple of sessions, there is uncertainty if the government will be able to survive the trust vote, say brokers. Besides next week’s political developments, the market will also be influenced by many other factors like crude oil prices, inflation and first quarter numbers, they say.

"Friday’s upsurge was mostly because of a fall in oil prices. There is also a feeling that the government will survive and so the nuclear deal will go through," said KR Choksey Shares and Securities chairman Kisan Choksey. If oil prices soften further, it would help ease inflationary pressures, as India is a major importer of crude oil, says Mr Choksey.

n April 1999, the then BJP-led coalition government was in trouble as the AIADMK party withdrew its support to the government. The Sensex ended weak on most trading days during the month. It, however, gained sharply by 216 points on April 16, a day before vote of confidence. The Sensex slipped 246 points after the BJP lost the no-confidence motion by a single vote on April 17.

On April 11, 1997, the then prime minister HD Deve Gowda lost the confidence vote after the Congress withdrew support to the United Front government. The market gained on most trading days during the month, before ending with a gain of 35 points, or 1%, at 3,633.7 on the day of the trust vote.

Among other notable occasions of vote of confidence, Atal Bihari Vajpayee resigned before the confidence motion was put to vote on May 28, 1996. The BJP then could not prove the majority. The market remained week ahead of the vote of confidence. On November 7, 1990, VP Singh lost the vote of confidence after the BJP withdrew its support to the government. The Sensex recorded some gains ahead of the event, before ending 49 points up, or 3.7%, at 1,381 on the day of the vote.

On Friday, the Sensex climbed 524 points, or 4%, to end at 13,635 while Nifty jumped 145 points, or 3.7%, to close at 4,092, on the back of a sharp fall in oil prices. "Crude is weak below $135 and once it breaches $129 levels the price could fall towards $121 levels. If the government survives the market may move up towards 4200 and 4600 in a short span of time" said Alex Mathew, research head of Geojit Financial Services.

Your sex dreams revealed!

Have you ever wondered what that sexy dream you had last night meant? Read on for tips on how to decode the five most common intimate scenarios... Passionate dreams about that long ago flame, that colleague you have a crush on or even a famous celebrity can make you feel dazed and confused. But the most common emotion that one experiences is usually guilt.
Experts say that these dreams should not be taken as literal expressions of lust. In fact it is believed that interpreting and understanding one’s dreams can help unearth one’s fears or desires.

Dreams are often a way to let you know what you need but are not getting during your waking hours. By making the effort to decode them you could achieve a far more satisfying love life. Here are five common scenarios:
The Ex
It can be unnerving, to say the least, to dream about your ex lover. However it does not mean you are not normal. You can relax as it is just your mind taking a mental break. In fact this ex could just symbolise anything that you associate with him/her. For instance if it is someone you had a crush on in college, he/she could symbolise the freedom you had at that point in your life. If you dream of an ex who was sweet and caring, it could be that you crave security while a wild ex could represent spontaneity. So enjoy the flashback as it is perfectly safe unless of course you go too far. If you have recurring obsessive dreams about this one person, you might have a reason to be concerned.

The celebrity crush
To dream of a sexy encounter with a celebrity is not uncommon, especially among women. It could just indicate the desire to have a wish fulfilled. For instance dreaming of a romantic musician could indicate that you are waiting for that kind of person to come into your life or that you desire more romance in your existing relationship. It could also mean that you might want to be a part of the glamorous world your crush represents.

The person you hate
Imagine dreaming about that irritating co-worker who never fails to annoy you at work. This kind of dream can definitely cause a lot of confusion - a passionate dream involving someone you can’t stand normally. But don’t be shocked - it could mean that no matter how horrid this person is, he/she could have certain qualities that you might want to emulate. Similarly dreams about relatives could indicate a desire for stronger family ties.

The opposite sex
Don’t panic if you have a dream about having a sexual encounter with someone of the same sex. It does not mean that you have suddenly switched your sexuality. What it could mean is the desire for more understanding in your relationship. You probably need your partner to be more sensitive and caring towards you.

The stranger
Making love with a mysterious stranger could represent the need for more mystery and spice in your life. This would be particularly relevant if you and your partner have let your sex life lag recently. Dreaming about a threesome too could signal a desire to break out of a boring romantic routine and get the spark right back in to your relationship.

10 years to life for selling fake drugs

A landmark amendment being sought by the Union health ministry in the Drugs and Cosmetics Act will ensure that the fine paid by those found guilty of producing and selling spurious drugs go to the family of the person who died after consuming the drug, and not to the government.

The Drugs and Cosmetics (Amendment) Bill, 2005 — cleared by the Union Cabinet on Thursday — also hopes to introduce sweeping changes in penal provisions against those found guilty of selling life-threatening spurious drugs.

The bill stipulates that those caught producing and selling counterfeit drugs which are likely "to cause death or harm to the body as would amount to serious hurt, solely on account of such a drug being administered" shall be punishable for a term which shall not be less than 10 years but may extend to imprisonment for life.

The guilty will also be liable to pay a fine which shall not be less than Rs 10 lakh or three times the value of the drugs confiscated, whichever is more.

The bill also specifies the relatives who will receive the compensation — spouse of the deceased person or a minor legitimate son or unmarried legitimate daughter or a widowed mother. In case the victim is a minor, the money will go to the parent. At present, the jail term for those involved in manufacturing and marketing spurious drugs stands at five years with a fine of just Rs 10,000, which usually goes into the state’s coffer.

According to officials, the health ministry will present the bill in the monsoon session of Parliament. The bill also incorporates a provision for creating special courts to undertake speedy trial of drug-related offences. It makes all drug-related offences cognisable and non-bailable.

The amended bill says, "The Central or the state government, in consultation with the chief justice of the high court, shall for trials of offences relating to adulterated or spurious drugs designate one or more courts of session as a special court for such cases."

Those selling adulterated, misbranded or spurious cosmetics too are set to face some stick. The Act now makes the offence liable for a minimum of three years’ imprisonment with a fine of not less than Rs 50,000 or three times the value of the cosmetics confiscated, whichever is higher.

Earlier, the fine for selling spurious lipstick and talc stood at just one year’s imprisonment with a fine of Rs 1,000. A health ministry official said, "To combat the menace of spurious drugs, India desperately needed stricter penalties."

According to the health journal Lancet , in developing countries like India, 10-30% of medicines are feared to be counterfeit.

Pakistan to allow more imports from India - minister

Pakistan is expanding its bilateral trade with India by allowing more imports from the neighbouring country, including diesel and fuel oil, a cabinet minister said.Pakistan’s decision to expand its list of imports from India is part of efforts to cut its widening trade deficit and reduce rising transport costs on imports from far-off countries.

"We are gradually liberalising our bilateral trade with India," de facto Commerce Minister Ahmed Mukhtar said while announcing new trade policy on state-run television late on Friday.

Trade has for years been limited between the nuclear-armed old rivals, which have fought three wars since their independence in 1947 and nearly went to war a fourth time in 2002.

The two countries launched a peace process in 2004 in an effort to normalise their relations, including their economic and commercial ties.

Mukhtar said Pakistan was adding diesel, fuel oil and many other items on the list of imports from India.

"It will be cheaper (to import from India) due to differences in transportation cost. This will also help us to address our global trade deficit," he said.

Pakistan’s trade deficit for the fiscal year 2007/08 (July-June) widened by 52.95 percent to $20.74 billion as against $13.56 billion in the same period last year, mainly due to rising global oil prices.

Oil accounted for 28 percent of Pakistan’s total imports of $35.95 billion during the first 11 months of 2007/08.

Other items that can now be imported from India includes CNG buses, academic, scientific and references books, machinery and equipment for mining, quarrying and grinding of minerals and certain raw materials.

"Cheaper raw material sourced from India would make our exports more competitive in international market," Mukhtar said.

Stainless steel and cotton yarn, which is importable from Indian by train, can now also be imported by trucks through their main border crossing of Wagah to further reduce the cost of business, Mukhtar said.

The two countries last year announced an ambitious goal to increase their trade to $10 billion by 2010 from $1.7 billion in 2006/07.

Fuel economy ratings for cars soon

The government is set to launch a system of fuel economy ratings for cars by the year end that will enable you to know exactly what mileage to expect from the new car you wish to buy and how it stacks up with other models in its class.

To begin with, the government will invite carmakers to voluntarily get their models labelled by the designated agency on a scale of one to five stars, much like the system in place for refrigerators and ACs. But by 2011-12, the fuel efficiency norms will be made mandatory for all passenger vehicles — any car that fails will not be allowed on the road after the cut-off date.

Besides helping consumers reach a more informed choice while buying a car, the government estimates that the labelling standards will have helped the country save 5-15 million tonnes of fuel from the passenger vehicle segment by 2030.

To implement the efficiency norms, cars have been divided into eight weight categories. For each class, the government has identified the best and worst performers. It found that within the same weight category, say the small car segment, the fuel efficiency of different models varies by as much as 60-70%.

So while the best model in the small car segment might give a consumer 20 kmpl, another might be giving a mileage as low as 8-10 kmpl. By imposing standards, the government wants the poor performers to meet the efficiency levels set by the best in the industry.

This will ensure two things. The consumer will get better performing new cars each year and auto manufacturers will not be able to claim that they are being forced to go for costly technology — they will just be expected to use the best technology already in use in India.

With the standards being raised for each segment every couple of years, the bar will keep getting higher and the badly performing models — if they don’t improve — will not be allowed to sell from 2011-12.

For the consumer, things will start getting better from the last quarter of 2008 itself. That’s when the government starts mileage labelling of cars. Manufacturers for a fixed fee will be able to ask the government to test the car for mileage and then display the "star rating label".

The model that achieves the best fuel economy for its category, and meets objective standards set by the Bureau of Energy Efficiency (BEE) under the power ministry, will be given five stars and the worst performers will be given one star. The label will also display the mileage, as certified by the government, that the particular model gives. It will, more importantly, inform the consumer how that particular model performs in comparison with the best and the worst in its weight category.

At present, studies conducted by BEE show that none of the existing models are doing good enough to get five stars and three-fourths are falling in the three to four star rating level. Data on all the vehicles that manufacturers get tested by the government would also be put up on a website to help consumers compare figures even before they hit the showrooms.

Sources say, to build the programme, BEE and Petroleum Conservation Research Association had to secure fuel efficiency information from public databases as the industry has been constantly showing reluctance to share fuel data even while it discusses other issues with the government.

With aggressive advertising and public outreach, the government intends to push all manufacturers to get their models labelled starting 2008-end.

Bill Clinton taps 4 Indian pharma cos to cut malaria drug price

Former US President has roped in four Indian pharmaceutical firms and two from China to cut the price of anti-malarial drugs by a whopping 30 per cent which is likely to benefit 500 million people worldwide.

The firms have also agreed to lower the price volatility of artemisinin, the key raw material for artemisinin-based combination therapy (ACT), by 70 per cent, said Clinton, whose charitable foundation helped broker the deal.

The agreements make prices for malaria drugs more affordable and sustainable to help meet growing global demand. The prices will be available to the 69 countries in Africa, Asia, Latin America and the Caribbean that make up the Clinton HIV/AIDS Initiative (CHAI) purchasing consortium.

"Nearly every life lost to malaria could have been saved with access to effective medicines," Clinton said.

Under the agreements negotiated by CHAI, the Mumbai-based Ipca and Cipla will offer a co-blister formulation of artesunate+amodiaquine (AS+AQ)-one of the most widely used ACTs-at or below an average ceiling price of 48 cents per treatment, a reduction of more than 30 per cent from current market rates.

They also will offer artemether-lumafantrine, the other most common ACT, at or below an average ceiling price of 91 cents, the current price available from Novartis.

Among the other manufacturers party to the agreements, the two Mumbai-based firms -- Calyx and Mangalam Drugs are active ingredient suppliers, and Holleypharm (Chongqing in southwest China) and PIDI Standard (Guangzhou in southern China) are suppliers of the raw material, artemisinin.