India needs to liberalise, change policies to attract more FDI: Nazareth (Corrected)

New Delhi, Sep 18 (ANI): Policy analyst Premila Nazareth has emphasised that India needs to liberalise and change its policies to attract more foreign direct investments.

During the release of the annual study of worldwide investment trends by the United Nations Conference on Trade And Development (UNCTAD) in the national capital, Nazareth also blamed the bureaucracy in India for being the main reason for less inflow of FDI.

“FDI policies do not need much changes to increase fund inflows. Policies are fine. The rest of the policies, bureaucracies and regulations are creating problems for people and these are the reasons behind less inflow of FDI. The policies are liberal, but we need to change and liberalise the sectoral policies of various sectors for private investments,” Nazareth said.

Nazareth further said that India and China are being seen as strong contenders for the Global Direct Investment (GDI) due to their emerging economy status.

“India’s position as a recipient country in the global FDI picture is only going to strengthen over the next few years because global investors are now looking more and more the emerging world as a whole. China and India are seen as very strong players, markets with guaranteed growth in a way and this is only going to grow,” Nazareth added. (ANI)

Pakistan got 970-mn dollars and not 3-bn dollars from US

Islamabad, Sep 17 (ANI): The United States has provided 970 million dollars in aid to Pakistan since the PPP-led Government came to power and not three billion dollars as claimed by US Ambassador Anne Patterson, a Pakistani Finance Ministry official has said.

The statement of US Ambassador to Pakistan, Anne Patterson, about giving 3 billion dollars assistance to the Zardari Government even surprised the top economic managers of the country. They were completely clueless about the figure of 3 billion dollars floated by the US.

“Out of the total 970 million dollars funding, a major chunk of 550 to 600 million dollars was in shape of the Coalition Support Fund (CSF) as it was the money which was spent by Pakistan on military’s movement and it took several months for clearance from the US authorities,” The News quoted a a senior official of the Finance Ministry, as saying.

The US has provided less than one billion dollars to Pakistan since the PPP-led government came into power, he said.

The US provided 497 million dollars in shape of CSF in May 2009. Earlier, the US provided around 100 million dollars on the same head a couple of months back – at the end of last financial year.

Around 300 million dollars were provided through USAID during the last financial year. Recently, the US authorities provided over 100 million dollars for the internally displaced persons (IDPs) of the Malakand Division.

“The US ambassador should provide details of 3 billion dollars assistance given to Pakistan during the last one and a half years period,” the official said.

Official sources pointed out that Pakistan was bearing the borrowing cost owing to delays in payments from the US related to the CSF. (ANI)

Madhya Pradesh gets over hundred crore grant for tribal development

New Delhi, Sep 16 (ANI): The Union Tribal Affairs Ministry has sanctioned a grant in aid of Rs. 116.90,50,000/- for Madhya Pradesh as regular allocation to bring rapid development in tribal areas of the state.

The first instalment of grant-in-aid of Rs. 58,00,00,000/- has been released to the State Government towards Special Central Assistance to Tribal Sub Plan for the current fiscal.

Special Central Assistance to Tribal Sub Plan is provided by the Tribal Affairs Ministry to the States as an additive to the state plan to bring about a more rapid economic development of tribal in the States.

The tribal sub plan cover the employment-cum-income generation activities and the infrastructure incidental thereto not only family-based, but also run by the Self-Help Groups.

The fund release for Tribal Dub plan are based on the population and area of the scheduled Tribes (STs) in the States concerned.

From the last fiscal the projects and activities are being approved by the Tribal Affairs Ministry prior to release of funds. (ANI)

UN strongly warns Lanka over continued holding of civilians in refugee camps

London, Sep 12 (ANI): The United Nations has strongly warned Sri Lanka that the world body cannot continue funding indefinitely the huge refugee camps in the north of the country, and asked the authorities to allow the hundreds of Tamil civilians to leave.

The senior UN official in the country hardened their stand when they said the camps should be a last resort for civilians with nowhere else to go.

Sri Lanka faces increasing international criticism over its treatment of the estimated 300,000 civilians held in camps, with the EU poised to cancel a trade concession worth one billion dollars to the government, The Independent reports.

Humanitarian aid groups have complained that conditions in the vast Menik Farms camp, where most people remain behind razor wire are still inadequate four months after the decades-long civil war ended.

“Nothing has changed over the past three months for the people in the camps. They are overcrowded, with poor sanitary conditions and inadequate health care. There are concerns about what may happen when the monsoon rains arrive in the next couple of months,” the UK-based Catholic Fund for Overseas Development said on Friday.

The UN’s senior official in Sri Lanka, Neil Buhne, told the BBC: “The best solution is, obviously, that as many people leave as soon as possible; and, for the people who have no place else to go, that the site can become an open one.”

UN Secretary General Ban Ki-moon has also said that he intends to speak directly to Lankan President Mahinda Rajapaksa to protest against the decision to expel the spokesman for Unicef, accused by the government of acting as “propagandist” for the Liberation Tigers of Tamil Eelam.

He will also raise the issue of two UN workers in the Tamil-dominated north arrested in June. (ANI)

Geri Halliwell on women-welfare mission in Nepal

Washington, September 11 (ANI): Former Spice Girls member Geri Halliwell showed her humanistic side by launching a campaign to help women suffering from gender based violence in Nepal.

As goodwill ambassador for the United Nations Population Fund, the singer is currently on a visit to the country to promote maternal health care and women’s rights.

“When we empower women and take care of them, everyone benefits,” Contactmusic quoted her as telling reporters in the region.

The beauty met the country’s Prime Minister Madhav Kumar Nepal for support to raise awareness of violence against women in the south-west of the country.

Halliwell also spoke about the dangers of domestic abuse and a lack of medical care for pregnant women. (ANI)

Obama’s popularity in Europe still sky high

London, Sep 10(ANI): A survey has found US President Barack Obama’s popularity is gaining massive support in European Union countries.

The German Marshall Fund, which conducted a study, said that 77 per cent of European citizens support Obama’s handling of international affairs, while only 19 per cent found former President George W Bush doing the same.

It also revealed that 75 per cent of Europeans have confidence in Obama’s ability to combat terrorism and two thirds now have a favourable view of America.

“We see a remarkable shift in trans-Atlantic opinion from the previous administration,” The Telegraph quoted Craig Kennedy, the president of the German Marshall Fund, as saying.

“With American leadership enjoying unprecedented modern popularity, partners on both sides of the Atlantic have an immense opportunity to co-operate on a range of economic and security issues,” he added.

The poll also found a drastic change in the attitude of European citizens to American leaders, as Obama enjoys an approval rating of 92 per cent, compared with only 12 per cent for Bush.

The survey also covered Turkey, where anti-American sentiment has grown markedly in recent years. Obama is far less popular among Turks than among Europeans, but he still enjoys a 50 per cent approval rating compared with only eight per cent for Bush. (ANI)

Pakistan’s 11.3 billion-dollar IMF loan in danger

Islamabad, Sep. 5 (ANI): The 11.3 billion-dollar-loan that International Monetary Fund (IMF) was going to grant Pakistan, faces the risk of disruption if the country fails to reform its tax collection system.

The 7.6 billion dollar IMF loan, agreed late last year, and raised subsequently to 11.3 billion dollars, helped Pakistan avoid a default on foreign debt payments.

Western economists are concerned about the current year’s deficit, which stood at 5.2 percent rather than the 4.3 percent as agreed with the IMF.

Pakistani officials attributed it to the fallout from the military campaign in Swat.

However, western economists seem to think otherwise.

“The deficit shows a chronic problem with the Pakistani economy. The challenge is that of a very narrow base for tax collection,” the Daily Times quoted an economist as saying.

During its last review, the IMF gave a waiver on the fiscal deficit. But it will be difficult for Pakistan to keep on getting waivers. The tax to GDP ratio last year was 9 percent – the lowest in South Asia. (ANI)

Rahul Dravid at a fund raising campaign for poor

Bangalore, Sep 5 (ANI): Cricketer Rahul Dravid graced a weeklong fund raising campaign called ‘Joy of Giving Week’ for the poor and downtrodden in Bangalore.

The scheme has been conceptualised by ‘Give India’ an organization, which works with voluntary groups all over the country.

The stars and celebrities from all walks of life including Dravid, Sachin Tendulkar, former badminton player Prakash Padukone and corporate bigwigs have extended support to the cause.

“It is a great concept to get so many people together. It is not necessarily just about celebrities and the well known figures. It is really about each one of us, every one of us, in our own small way contributing during that week and just getting a movement together which is something that can grow into something really big in the years to come,” said Dravid.

The weeklong scheme would include giving clothes to the needy, helping orphanages, providing school bags, health aid and educational support to the downtrodden. (ANI)

Healthy lifestyle simplest, best way to cut breast cancer risk

London, Sept 1 (ANI): A healthy lifestyle, including keeping weight down, exercising for 30 minutes a day and limiting alcohol to a single drink a day, is the simplest and best way for women to cut the risk of breast cancer, says a new study.

The study by the World Cancer Research Fund (WCRF ) has found the strongest evidence yet that lifestyle is linked to the risk of developing breast cancer, reports The Times.

The research came to the conclusion after showing that more than four out of ten cases could be prevented if women exercised, limited their alcohol intake and maintained a healthy weight.

Breastfeeding also helps to reduce the risk of developing the disease, the scientists at Imperial College London said.

Arlene Wilkie, director of research and policy at Breast Cancer Campaign, said: “This review provides further evidence that maintaining a healthy weight throughout life along with regular exercise will reduce the risk of health problems such as breast cancer, heart disease, high blood pressure, diabetes and arthritis.” (ANI)

Barack Obama’s helmetless bike ride sparks controversy

Washington, Aug 29 (ANI): US President Barack Obama has sparked a controversy after being pictured helmetless during a bike ride on Martha’s Vineyard.

The move, which took place on August 27, has been seen as a bad example by most.

“Yes, I know, President Obama is on a vacation, riding a bike, at a slow cadence, so what if he is not wearing a helmet, right?” Politico.com quoted Martha Castro, a California doctor, as having written on her website.

While Josh Loposer, wrote on Babble.com, a website for parents, “Truly despicable isn’t it? What kind of example is he setting for the nation’s youth?”

“Most bike accidents just happen. Bicycles up and turn over by themselves, and head injuries are a possible consequence of that. … It would be great if the president set an example,” David Mozer, director of the International Bicycle Fund, told the New York Daily News.

With all the attention the incident was receiving, the White House decided on issuing an explanation.

“I know that he generally does wear a helmet when he rides a bicycle. He supports the wearing of bicycle helmets,” White House spokesman Bill Burton said. (ANI)

MIC urges Universiti Malaya to maintain its Indian Studies dept’s name

Kuala Lumpur, Aug. 29 (ANI): Malaysian Indian Congress chief S. Samy Vellu has urged Universiti Malaya’s vice-chancellor Ghauth Jasmon not to change the name of university’s Indian Studies Department.

“He has to listen to the views of the Indian community. Tamil is our life,” he said when asked to comment on Ghauth’s statement over renaming the department to Indian and South Asian Studies department.
Ghauth had reportedly said that although the name of the department would be changed, its programmes would be maintained.
“We will not accept any changes to the Indian Studies Department because it was the Indians who contributed to the department’s existence and it is also our pride,” the New Strait Times quoted Samy Vellu, as saying.
He said he was informed by Human Resources Minister Dr. S. Subramaniam that the cabinet has agreed to maintain the during a recent Cabinet meeting.
“It has been agreed by the Cabinet. So, there must not be any change in the name,” Samy Vellu said.
He noted that the ISD was created from money collected from Indian estate workers in the early 1950s under the “Save Tamil Fund.”
“The department has many historical values for the Indian community. Changing its name would mean showing disrespect to the Indian community,” he added. (ANI)

Govt. to pay remaining arrears of Sixth Pay Commission

New Delhi, Aug 25(ANI): The Central Government on Tuesday announced that it would pay the second installment of the Sixth Pay Commission arrears to its employees, estimated to be about five million employees.

The step will put a burden of over Rs 17,500 crore on the exchequer.

The Government has so far paid only 40 per cent of the arrears, and in a notification, it asked employees to apply for the remaining 60 per cent of the arrears, which has to be paid as the government implemented the new pay scales with effect from January 1, 2006.

“As in the case of the first installment of the arrears, government servants would be permitted to deposit their arrears in their GPF (General Provident Fund) accounts,” said a Finance Ministry’s office memorandum.It has now been decided that the remaining 60 per cent of the arrears may now be paid to the concerned government servants,” the memorandum added.

About 3.8 million Central Government pensioners (excluding armed forces) as estimated by All India Central Government Pensioners Association (AICGPA) will also get their final installment of arrears.

The memorandum, however, didn’t mention any date on which the arrears would be paid. (ANI)

UK film industry facing most hostile environment in years, say insiders

London, Aug 25 (ANI): The stupendous success of Danny Boyle’s ‘Slumdog Millionaire’ is unlikely to be repeated, say insiders.

The ongoing credit crisis has hit independent film companies quite hard, as 59 such companies have wrapped up in past 18 months, while others are struggling for funds.

According to the report released by PricewaterhouseCoopers, indie companies such as Lucky 7, which made film Modigliani about the life of the Italian artist and Palm Tree UK, behind feature films Lost in Landscape and Winter Warrior, have gone bust.

The company Stormrider Films, which had scheduled to bring out “a British sci-fi feature film like no other ever produced in the UK” with CGI effects, called Kaleidoscope Man, has also gone bankrupt.

Christian Colson, producer of Slumdog Millionaire, fears that the trend might ultimately leave Britain drained of creativity

“It will be easier to get a 100m dollars film made than a really good 15m-dollar film,” The Independent quoted him as saying.

John Woodward, chief executive of the UK Film Council, admitted that independent film companies “are facing something of a perfect storm”.

“The debt which essentially financed their films is harder to secure… and the transition to digital has prompted a rise in piracy – so there’s a real strain on traditional fund raising.”

He, however, added that despite these challenges, the best projects were “still getting financed”.

The economic downturn has discouraged banks and high-risk investors to put in their money.

“Investors are more risk-averse than usual, so are either looking for more genre-driven material, more established directors, or bigger name cast before they’ll invest…,” said Andrea Calderwood, an independent film producer with Slate Films who won a BAFTA for the film The Last King of Scotland.

“Films are also taking longer to come together – either because the top talent is not available, or because financiers are taking longer to make decisions,” Calderwood added.

The PwC report stated that while big studio blockbusters were drawing huge audiences to cinema multiplexes, indie films were deteriorating.

It said: “The recession has sent hoards of consumers to the cinema and therefore large scale, expensive films such as Harry Potter remain in production and eagerly awaited. However, due to the credit crunch, sources of financing for smaller indie films have dried up – meaning many plots remain on the story board.” (ANI)

Smoking mums-to-be putting future generations at increased health risk

Washington, Aug 25 (ANI): Mums-to-be who smoke are not only putting their unborn child at increased health risk but future generations also, according to a new study.

Researchers at the Keck School of Medicine of the University of Southern California (USC) has found that the life-long effects of maternal smoking during pregnancy may occur through specific changes in DNA patterns.

They showed that children exposed in the womb to maternal smoking had differences in DNA methylation, an epigenetic mechanism in which small chemical compounds are added to DNA.

“This study provides some of the first evidence that in utero environmental exposures such as tobacco smoke may be associated with epigenetic changes,” said one of the lead authors Carrie Breton, Sc.D., assistant professor in the Department of Occupational and Environmental Health at the Keck School of Medicine of USC.

“This could open up a new way for researchers to investigate biological mechanisms that might explain known health effects associated with maternal smoking,” she added.

Prenatal exposure to smoke is associated with a number of health problems, including childhood asthma, cardiovascular disease, and lower pulmonary function later in life.

“Moms should not be smoking during pregnancy,” said Linda Birnbaum, Ph.D., the director of the National Institute of Environmental Health Sciences, a component of the National Institutes of Health that helped fund the USC study.

“Maternal smoking during pregnancy is not only detrimental to the health of the mom and the newborn child, but research such as this suggests that it may impact the child into adulthood and possibly even future generations as well,” she added.

The study appears in the September issue of the American Journal of Respiratory and Critical Care Medicine. (ANI)

Sarabjit Singh’s family to take Vastu Shastra’s help for his release

Bhikhiwind (Punjab). Aug. 22 (ANI): The family of Sarabjit Singh, the Indian citizen on death row for last 19 years in Pakistan for his alleged involvement in bomb blasts incidents, had an unusual visitor on Saturday who suggested he could be released if certain corrective measures were undertaken in his native house’s basic design.

Andhra Pradesh-based renowned Vastu consultant, Sri Gouru Tirupai Reddy visited Sarabjit Singh’s house at Bhikhiwind and suggested the family to undertake some measures under Vastu Shastra, a traditional Hindu system of design based on directional alignments.

According to Sri Gouru Tirupai Reddy, if certain corrective measures were undertaken as per Vastu Shastra to improve the faults in design or construction of the house, it would have its influence on the victim’s release from Pakistani jail.

Reddy while talking to media said he inspected the house of Sarabjit and found major Vastu faults. “If these faults are removed, Sarabjit will surely return home safely, this is our opinion,” said Reddy.

Reddy claimed that he had already set the nationwide movement for raising funds for correcting the house faults so that Sarabjit could return home.

“The plot where Sarabjit’s house has been constructed is not rectangular and its north-east corner was cut off. Besides it had a toilet west of the south-west, which was at extending position and not accurate, as it should have been at 90 degree. South West of the house was down and open. The main gate of the house was in south of south-west and was wrongly placed, said Reddy.

“These are some of the major Vastu faults and need to be immediately corrected,” Reddy suggested.

The designer accompanying Reddy would design a new house map and would also suggest the estimated cost.

Dalbir Kaur, sister of Sarabjit Singh, said that after having seen news on Sarabjit on TV channel, Reddy approached her to undertake Vastu Shastra’s corrective measures.

“We are knocking at every door for the release of Sarabjit and will undertake the corrective measures suggested by Reddy. We hope it may help Sarabjit’s return,” said Kaur.

However she said that since they don’t have enough fund to reconstruct the house as per Reddy’s recommendation so she urges the Punjab Government to provide financial help.

Sarabjit Singh is an Indian citizen and convicted for his alleged involvement in 1990 serial bomb blasts in Lahore and Multan that killed 14 people.

Though his family in Indian Punjab contends that it’s a case of sheer mistaken identity, as he is just a poor farmer, who strayed into Pakistan from his village located on the border in an inebriated state.

He has been awarded death sentence by the Anti-Terrorist Court in 1991, but his hanging has repeatedly postponed. He is imprisoned in the Kot Lakhpat jail, Lahore. By Ravinder Singh Robin (ANI)

Indian Missions to have Indian Community Welfare Fund

New Delhi, Aug 20 (ANI): The Union Cabinet today approved setting up the Indian Community Welfare Fund (ICWF) in the Indian Missions in 17 countries to meet contingency expenditure incurred by the them for carrying out various onsite welfare activities for overseas Indian citizens who are in distress.

The proposed ICWF is aimed at providing several services. They are boarding and lodging for distressed overseas Indian workers in household/domestic sectors and unskilled labourers; extending emergency medical care to the overseas Indians in need; providing air passage to stranded overseas Indians in need; and providing initial legal assistance to the overseas Indians in deserving cases.

Other objective is expenditure on incidentals and for airlifting the mortal remains to India or local cremation/burial of the deceased overseas Indian in such cases where a sponsor is unable or unwilling to do so as per the contract and the family is unable to meet the cost.

Overseas Indian workers duped by unscrupulous intermediaries in the host countries, runaway house maids, those who become victim of accidents, deserted spouses of overseas Indians or undocumented overseas Indian workers in need of emergency assistance or any other overseas Indian citizens who are in distress would be the main beneficiaries of the Fund.

The Fund will also be utilised to meet the expenditure for airlifting the mortal remains of overseas Indian citizens to India on the recommendation of the respective Heads of Missions. ANI)

Malay Indian restaurants to have no more cooks from India

Kuala Lumpur, Aug 13 (ANI): Malaysia’s Human Resources Minister S. Subramaniam has said that Indian restaurants will mostly have Malaysian, and not Indian cooks.

He said there has been an encouraging response from locals to being trained as cooks under a ministry programme.

“We hope to reduce the number of cooks from India in stages, especially in Indian restaurants, once the first batch of locally-trained chefs graduate,” he told reporters after visiting the CQ Tec College here yesterday.

The college received its first batch of 25 trainees for an intensive, six-month programme in June, The Star reported.

Subramaniam said the fees for the trainees were borne by the ministry through the Human Resources Development Fund, adding that they would also receive monthly allowances.

“Once they graduate, they will be able to open their own restaurants,” he said, adding that the future was promising for Indian youths of Malaysian origin.

He said Prime Minister Najib Tun Razak, who wanted the ministry to train local chefs and not depend on cooks from India, mooted the idea.

Another training programme undertaken by the ministry was hair styling, to replace barbers from India.

“We want the two sectors (restaurants and hair salons/barber shops) to rely less on foreign workers and employ locally-trained people,” he said. (ANI)

121 breeding tigers in Nepal spells new ray of hope for the species

Washington, July 28 (ANI): Conservationists worrying about the fate of the majestic tiger can now breathe a sign of relief as about 121 breeding tigers are estimated to have been found in Nepal.

The figures announced by the Nepal Government’s Department of National Parks and Wildlife Conservation (DNPWC) shows the presence of 121 (100 – 194) breeding tigers in the wild within the four protected areas of Nepal.

The 2008 tiger population estimate was jointly implemented by the DNPWC, Department of Forests (DOF), WWF, National Trust for Nature Conservation (NTNC) with support from Save The Tiger Fund (STF), WWF-US, WWF-UK, WWF International and US Fish and Wildlife Service (USFWS).

“To obtain reliable population estimates of wide ranging species like the tiger, it is important to undertake the survey simultaneously in all potential habitats,” said Dr. Rinjan Shrestha, Conservation Biologist with WWF Nepal.

Previous studies had been undertaken in different time periods and at different spatial scales.

“To derive information on both abundance and distribution of tigers, the current survey employed two methods – Camera Trapping method inside the protected areas and Habitat Occupancy survey both inside and outside the protected areas,” said Dr. Shrestha.

“The tiger numbers have increased in Chitwan but decreased in Bardia and Shuklaphanta,” said Anil Manandhar, Country Representative, WWF Nepal.

“In spite of the decade long insurgency, encroachment, poaching and illegal trade, the present numbers is a positive sign, but we can’t remain unworried.

The declining numbers in western Nepal has posed more challenges, needing a concerted effort to save this charismatic endangered species focusing on anti-poaching and illegal wildlife trade,” he added.

The Government of Nepal has approved and launched the ‘Tiger conservation Action Plan 2008- 2012′.

A comprehensive management plan has been devised in which the target is to increase the population of tigers by 10 per cent within the first 5 year period of the plan implementation.

“Tigers can not be saved by the effort of a single individual or a single organization,” said Gopal Prasad Upadhyay, Director General, DNPWC.

“The transboundary relation with India needs to be strengthened further and all organizations should work together to conserve tigers,” he added. (ANI)

Sarah Palin Committee raised 733,000 dollars in six months

Washington, July 14 (ANI): Outgoing Alaska Governor Sarah Palin’s Political Action Committee raised almost 733,000 dollars during the first six months of 2009, out of which the fundraising committee had 450,000 dollars in cash on hand, according to new filings with the Federal Election Commission.

“It was a great first half. Just to put it in perspective, we did it with one event and one e-mail from the governor back in February,” Politico quoted Meghan Stapleton, a spokeswoman for Palin’s PAC, as saying.

Stapleton noted that SarahPAC was actually “dark,” meaning it took in no money, from a period in mid-April until early June as Palin focused on raising money for her legal-defense fund instead.

Palin has been hit with a series of ethics complaints since last year, allegations which she cited in her July 3 news conference announcing her resignation.

Stapleton said Palin has no plans yet for further fundraising and will not focus on that until after she has left governor’s office next month.

Although Republicans hope that Palin will prove to be a campaign-finance ATM, but she hasn’t exactly been a big fundraising help for them.

Since its formation in late January, SaraPAC appears to have made just two political contributions -5,000 dollars to Palin’s 2008 running mate, Senator John McCain, and 5,000 dollars to Alaska’s Republican senator Lisa Murkowski.

The majority of the money raised by SarahPAC, so far, has come in the form of donations less than 200 dollars each.

According to its FEC records, SarahPAC’s biggest expenditure during the reporting period was 103,000 dollars it spent on EDonation.com, a Virginia-based firm that specializes in online fundraising.

When Palin leaves the governor’s office at the end of the month, she’ll be able to use SarahPAC to underwrite the cost of politically related travel and appearances, and to donate up to 10,000 dollars each to federal candidates. (ANI)

China calls for reform of global monetary system

Rome, July 10 (Prensa Latina) China has called on the group of eight industrialised nations (G8) to take steps to steady the exchange rate.
It also proposed the creation of a new international reserve currency to replace the dollar.

Chinese government advisor Dai Bingguo said on the second day of the G8 Summit in the Italian city of A’quila Thursday that the monetary regime needs to be strengthened to steady the exchange rate.

The US has opposed the suggestion.

However, in March this year, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn described as legitimate the proposals about a new international reserve currency and even considered a debate on the subject in the near future.