IMF says weaker dollar would help global growth

The International Monetary Fund called for a weaker dollar to help the United States reduce its deficits with the rest of the world and rebalance the global economy, in a report released Wednesday.

The International Monetary Fund called for a weaker dollar to help the United States reduce its deficits with the rest of the world and rebalance the global economy.

In the report prepared for a Group of 20 finance chiefs meeting last week, the IMF said that its calculations showed the dollar remains "on the strong side" of medium-term fundamentals, while the euro and the Japanese yen were "broadly in line" and several Asian currencies, including China, were undervalued.
To address global imbalances, the G20 should allow the dollar to fall, the Washington-based institution said.
"Some further real effective depreciation of the US dollar would help ensure a sustained decline of the US current account deficit towards a level more consistent with medium-term fundamentals, helping to support more balanced growth," the IMF said.
The widening US current account deficit -- a broad measure of trade in goods, services, income and payment -- rose a fifth straight quarter in the third quarter last year, to $127.2 billion, according to the latest US official data.
The issue of a weak dollar is particularly sensitive in Brazil, where the government has said an international "currency war" is under way with the United States pumping cheap dollars into its post-crisis economy, while China's yuan sinks in tandem.
The IMF report was provided to finance ministers and central bank governors of the G20 major developed and emerging economies for their meeting Friday and Saturday in Paris.
The G20 countries reached agreement on a series of economic indicators to measure imbalances within and between countries, with the goal of helping nations avoid a repeat of the problems at the heart of the 2008 financial crisis.
The IMF urged stepped-up G20 efforts to sustain the global economic recovery, citing elevated downside risks for advanced economies and "overheating" in some emerging economies.
Among the threats to global growth, the IMF highlighted "insufficient progress in developing medium-term fiscal consolidation plans, especially in the United States and Japan" and "sovereign and banking sector risks in the euro area periphery."
In emerging economies, the key policy challenge is to keep overheating pressures in check and respond appropriately to capital inflows, the IMF said.
"In key surplus economies, overheating pressures can be alleviated by permitting currency appreciation, facilitating a healthy rebalancing from external to internal demand."
The 187-nation institution also said it "appears highly unlikely" the United States would be able to meet its commitment to halve its budget deficit between 2010 and 2013, pledged at a G20 Toronto summit in June 2010

Election sub-committee begins preparations

The steering sub-committee on popularisation for the elections of the 13 th National Assembly and people’s councils at all levels for the 2011-16 term convened its first session in Hanoi on February. 23.
The meeting, chaired by Vice NA Chairman Nguyen Duc Kien, member of the Election Council, discussed and gave opinions on the draft plan and contents on popularisation for the upcoming elections and tasks for the sub-committee’s members.
Last month, the election council convened its first session, discussing its activities and a plan to organise a national conference on the national polls.
The council is scheduled to set up three sub-committees: the Popularisation Sub-Committee, the Steering Sub-Committee for Complaint Settlement, and the Social Order, Safety and Security Sub-Committee.
The election of the 13th NA and for People's Councils at all levels for the 2011-16 term will take place on the same day, May 22.

Apple invite hints at March 2 debut of new iPad

Apple on Wednesday sent out emailed invitations to a March 2 San Francisco press event hinting at the debut of a new version of its hot-selling iPad tablet computer.

Customers checking out Apple's iPad at a store in 2010.

The cryptic invitations provided the date, time and location of the event and show an image of a March 2 calendar page peeling back to reveal a corner of an iPad. The message on the page reads "Come see what 2011 will be the year of."
Technology analysts have taken to referring to 2011 as the "year of the tablet" with iPad dominating the category and competitors racing to market.
Apple chief executive Steve Jobs introduced the iPad at a press event in San Francisco in January of last year.
Unconfirmed reports indicate that Apple has started production of a thinner, more powerful version of its popular tablet computer.
The second-generation iPad is expected to have more memory and a front-facing camera for capabilities such as a FaceTime video-conferencing feature on Apple iPhone 4 smartphones.
Cupertino, California-based Apple said in its latest earnings release that it sold nearly 15 million iPads in the eight months after the tablet computers became available in the market in April of last year.
US telecom titan Verizon on Thursday will begin selling Motorola Mobility's hotly awaited "Xoom" tablet computer at a price close to that of a top-of-the-line iPad.
Xoom will be the first tablet on the market powered by "Honeycomb" software crafted specifically for such devices by Internet powerhouse Google and has been heralded as a viable challenger for Apple's market-ruling iPad.
Xoom will be sold for $800, but the price will be trimmed to $600 for those who opt for two-year service contracts with Verizon.
The six iPad models range in price from $500 to $830 with the three higher-priced models having 3G mobile telecom connection capabilities while the three less costly tablets only link to the Internet using Wi-Fi at hot spots.
With a 10.1-inch (25.6-centimeter) screen, the Xoom is about the same size as Apple's iPad.
Xoom also features a front-facing 2-megapixel camera for video chats and a rear-facing 5-megapixel camera that captures video.
The Xoom tablet computer was crowned the best gadget at the giant Consumer Electronics Show (CES) last month.
"This is really the next generation of tablets," Motorola Mobility device team head Alain Mutricy said as he held a Xoom in one hand at the awards ceremony.
"Our partnership with Google has been very intense and has enabled some great technology."

UN suspends food handouts in Pakistan's Bajaur

The UN World Food Programme (WFP) said Monday it had suspended food distribution in a lawless Pakistani tribal district where a woman suicide bomber killed more than 40 people.

The Taliban claimed responsibility for Saturday's attack in Bajaur, one of Pakistan's seven semi-autonomous tribal districts bordering Afghanistan, in what was Pakistan's first known suicide attack carried out by a woman.

"WFP has temporarily suspended food distribution in Bajaur following the attack at a police checkpoint several hundred metres away from WFP's food distribution point," spokeswoman Jackie Dent told AFP.

"We are talking with the district authorities and hoping to resume the distribution as soon as possible."

"Our top priority is the safety and well-being of our beneficiaries and staff, and we are committed to continue assisting the people of the Federally Administered Tribal Areas as they work to rebuild their lives," Dent said.

WFP provides general food rations to approximately 294,000 internally displaced people in Bajaur, where the Pakistani military has been fighting against homegrown Taliban militants since August 2008.

So far this year, WFP has provided assistance to an estimated 2.6 million IDPs, returnees and local people in the northwest.

Zakir Hussain Afridi, the top administration official in Bajaur, said that hair, along with parts of hands and feet "leaves no doubt that the bomber was a woman".

Pakistan has claimed repeatedly to have eliminated the Islamist militant threat in Bajaur, part of the tribal belt that the United States considers the global headquarters of Al-Qaeda and among the most dangerous places on Earth.

Around 4,000 people have died in suicide and bomb attacks across Pakistan since government forces raided an extremist mosque in Islamabad in 2007. The attacks have been blamed on networks linked to the Taliban and Al-Qaeda.

National Patriotic Emulation Congress opens

The 8th National Patriotic Emulation Congress opened at the National Convention Centre in Hanoi on December 27 with the participation of 1,500 eminent delegates from across the country.

Prime Minister Nguyen Tan Dung is chairman of the Central Council for Emulation and Reward.

The aim is to review the results of the emulation movement in the past five years and discuss ways of improving the quality of patriotic emulation and rewarding to contribute to the successful implementation of the socio-economic development plan for the next period 2011-2015.

Present at the opening session were Party General Secretary Nong Duc Manh, former Party General Secretary Le Kha Phieu, former President Tran Duc Luong, Prime Minister Nguyen Tan Dung who is also chairman of the Central Council for Emulation and Reward, National Assembly Chairman Nguyen Phu Trong, permanent member of the Party Central Committee’s Secretariat Truong Tan Sang and President of the Vietnam Fatherland Front Central Committee Huynh Dam.

The nation’s position further strengthened

In his speech PM Dung said the congress is the great festival of the national patriotic emulation movements which have been launched over the past five years.

On June 11, 1948, late President Ho Chi Minh initiated a patriotic emulation movement, calling on all people to respond to the movement. Over the past 62 years, the whole Party and people have launched many similar movements, encouraging all people and soldiers to overcome difficulties and join efforts to bring the Vietnamese revolution to glorious victories.

In the renewal process, emulation and rewarding has changed in both content and form. The movement is now closely connected with the campaign “Study and Follow President Ho Chi Minh’s moral examples” with a view to bringing into play the integrated strength of the entire people to ensure the steady sustainable development of the nation.

PM Dung affirmed that the patriotic emulation movements have played an important role in the revolutionary cause of the Party and the nation.

Over the past five years, Vietnam has faced a lot of difficulties and challenges, rising from the effects of the global financial downturn, natural disasters, epidemics and acts of sabotage by hostile forces.

Promoting the patriotic emulation tradition initiated by late President Ho Chi Minh and implementing the Politburo’s directive 39 on strengthening the emulation movement, the emulation and rewarding has helped to encourage the entire people to make greater achievements in all fields of economics, culture, social affairs, national defence, security and external relations.

PM Dung said that the results of emulation and rewarding over the past five years have made it possible for the country to weather the global economic crisis, maintain macroeconomic stability, keep the economy in balance, maintain high economic growth rate (6.7 percent in 2010) and improve the people’s living conditions and social welfare. Vietnam’s sovereignty, politic security and social order have been maintained, its position and the national great unity bloc have been strengthened along with the building of the Party and the political system.

Expanding emulation movement across the country

Vice President Nguyen Thi Doan who is vice chairwoman of the Central Council for Emulation and Reward, said that over the past five years emulation and rewarding has been given due attention by the Party, government agencies and Fatherland Front organisations at all levels to keep pace with the campaign “Study and Follow President Ho Chi Minh’s moral example”.

It has greatly contributed to stepping up the process of national construction, defence and development.

Over the past five years, the Party and State have presented:

- 80,764 anti-American resistance war medals and orders

- 8,199 anti-French resistance war medals and orders

- 6,329 Prime Minister’s certificates of merit

and completed rewarding those actively involved in the two resistance wars.

Hanoi unveils plan to beautify the city

Hanoi will spend VND3.3 trillion (US$ 165 billion) in the next five years in an effort to improve its infrastructure and beautify the city, according to a new plan released by city authorities.

Under a draft plan proposed by the city's Department of Construction, a total of 174 projects will be carried out from 2011-2015 that are expected to bring about a dramatic change to the face of the capital.

Nguyen The Hung, deputy director of the Department of Construction said most of the planned projects would involve improving water drainage and lighting systems, upgrading road surfaces and burying electricity and telecommunications cables.

The work will start in the city centre and move to the outskirts.

The city would also invest money to upgrade squares, parks and flower-gardens, he said.

According to the plan, which was unveiled last week, the first phase will start next year involving 40 projects costing approximately VND 602 billion ($30.1 billion). Each district and town in the city will have at least one project.

More than 100 projects will be carried out as part of the next phase from 2012-2015, expected to cost more than VND2 trillion ($100 billion)

In 2010, the city carried out 69 renovation projects on the occasion of its 1,000th anniversary. However, the implementation of so many projects in such a short period of time was criticised by many Hanoians, for turning the city into a giant construction site for the first 10 months of the year before the grand ceremony started in October.

Reports from the Department of Construction also showed that a remarkable number of projects were not finished on time, and those that were, did not meet sufficient standards. This was largely due to contractor failings and the complexity of the work.