Forex Trading

NRIs branching out to India

'As an NRI, you can't do business in India by telephone and email, you need to set up a proper branch office if you are serious,' said Jayant 'Jay' Kumar in Leicester. He plans to invest in real estate. NRI real estate agents and estate developers have been flooded with requests from their local clients after the Indian government allowed foreign direct investment (FDI) in real estate Feb 24, 2005.

At first, Jay made some deals through his business contacts in India but the business has now grown in size and complexity, and he has to set up shop in India.

An NRI is allowed to establish a branch office or an office in India to carry out lawful business. So NRIs are allowed to set up offices for export/import of goods, offering professional or consultancy services, representing the parent company and working as a buyer/seller for it, promoting financial or technical collaboration between Indian and parent companies, carrying research work for the parent company, supplying IT and software services, offering technical support to goods or services supplied in India by the parent company, airline/shipping company or any other activity permitted by the Reserve Bank of India (RBI).

Top 1 Jumped Up Posts in the last 24 hours

Aventurine, the Greek software company that absorbed the original developer Razorwax, has announced that their upcoming MMORPG, Darkfall, is now in preparation for beta testing.

Like other MMORPG's, Darkfall is set on a fantasy world (in this case, Agon), and features the usual cast of playable races - Humans, Dwarves, Elves and Orks. There are two additional races - one of werewolves called the Mahirim, and the other known as the Alfar - pale outcasts who reject all outsiders. Career paths include explorer, hunter, mercenary, ironsmith, magician and fishermen; there is also a "prestige" class system that include Paladin, Assassin, Gladiator and Enchanter.

What makes Darkfall different is its emphasis on PvP combat. According to Associate Producer Tasos Flambouras, old classics such as Ultima Online and Elder Scrolls were enjoyable, but restrictive in their use of classes and levels.

Is The Demise Of The Dollar Coming And Will It Usher Opportunities For New Forms Of Economic Transactions?

The imminent demise of the US dollar as the kingpin of economic transactions world wide is predicted by several commentators. Johnny 'Silver Bear' comments that the Federal Reserve has kept the printing presses rolling too liberally for too long and he continues: "The Fed has lost control of the dollar. Their mindless creation of credit has insured a mind-boggling meltdown of the entire financial system. This is not a good thing for anyone, anywhere. The dollar is the world's reserve currency. Seventy-five percent of all dollars in existence are in foreign hands. Whatever their value was when those foreigners got them, that value is evaporating right before their eyes. It's like buying ice by the pound and watching it melt away before you have time to use it."

Photo credit: Bob Smith

Like Silver Bear, others say the dollar is doomed and they advocate a return to the time before 1971, when Nixon was forced by the French, who insisted on being paid in gold for dollars, to end the direct convertibility of the dollar at a fixed price.

GLOBAL MARKETS-Stocks down, bonds on hold ahead of jobs data

LONDON, July 7 (Reuters) - European stocks came under pressure on Friday while government bonds and the euro trod water ahead of key U.S. employment data which could offer clues on whether the Federal Reserve will keep raising interest rates.

Economists expect the U.S. non-farm payrolls figures at 1230 GMT to show that 185,000 workers were added in June, up from predictions of around 155,000 made before an upbeat private sector jobs survey released in midweek.

The ADP National Employment Report on Wednesday, which showed stronger than expected private sector job creation in June, boosted investor expectations of further interest rate rises.

But Thursday's U.S. Institute for Supply Management's non-manufacturing headline index for June came in below expectations, forcing markets to scale back their monthly employment forecasts.

Stocks continue down, BOJ intervenes in fx

Jamaica stock market continued its weeks of decline last week, with the Jamaica Stock Exchange main market index shedding 1,320 points, or 1.52 per cent, to close the week at 85,108.22 points.

Russian rouble little changed after caps lifted

MOSCOW, July 3 (Reuters) - The Russian rouble was little changed on Monday, the first trading day after the country lifted restrictions on the capital account currency movements and paved the way for the rouble to become fully convertible.

"The market did not take any notice ... and trade continued according to its own rules," said Artyom Roshchin, currency trader at Aljba Aliance Bank in Moscow.

"Rouble is trading as before," he said.

The Russian rouble firmed slightly in early official trade on Monday to a weighted average for tomorrow settlement of 26.8735 per dollar from 26.9423 in the previous session.

Dealers said they did not expect any changes in the short-term.

"There was no revaluation of the currency basket and I do not see any significant change in the banks' trading activity," another dealer said.