Uganda c.bank cuts key lending rate to 17 pct

KAMPALA (Reuters) - Uganda's central bank cut its benchmark lending rate on Thursday for the third consecutive month to 17 percent from 19 percent, saying it was necessary to stimulate economic recovery through lower commercial bank lending rates.

The Bank of Uganda said it saw core inflation at 7 percent by the end of the year and forecast a further fall to 5 percent in the first half of 2013.

Bank Governor Emmanuel Tumusiime-Mutebile said food prices have fallen in the last two months because of a good harvest.

Shilling-denominated loans to the private sector were stagnant during the 2011/12 fiscal year, mainly because of their high cost, he told reporters, but demand was more buoyant for foreign currency loans carrying lower interest rates.

Although there was a modest recovery in real economic activity in the third quarter of 2011/12, real output remained below the economy's potential level because of subdued domestic demand and a deteriorating global economic outlook, he added.

"To ensure that real GDP (gross domestic product) growth of at least 5 percent can be achieved in 2012/13, it will be necessary to strengthen domestic demand, especially by stimulating a recovery of commercial bank lending to the private sector," Tumusiime-Mutebile said.

Uganda has forecast its economy will grow by 5.4 percent in the 2012/13 (July-June) fiscal year.

A rate cut had been on the cards after year-on-year inflation fell for the fifth straight month to 14.3 percent in July from 18.0 percent in June, thanks to a drop in food prices.

"We expect the BoU to cut the central bank rate more aggressively in coming months as both the headline and core inflation measures drop into single digits in September," said Mark Bohlund, senior economist at IHS Global Insight in London.

"We see a high likelihood that the core inflation rate will trend below the BoU's 5 percent medium-term target in the fourth quarter, giving the central bank more leeway to support economic growth."

The Ugandan shilling showed little response to the rate decision, with commercial banks quoting it at 2,485/95 to the dollar both before and after the central bank announcement.

Fixed income and money market traders had been expecting a cut in the rate after July inflation fell, and have been bearish on the shilling as government debt yields are forecast to fall, which could deter foreign investors.

"Most people had anticipated that there will be a cut. That's why the shilling has not reacted immediately. But this is a sign that rates will come down and put the shilling under pressure as yields come down," said Robert Aloo, a trader at the Kenya Commercial Bank in Kampala.

"The shilling has been fairly stable for a while, but we could see it weakening to above 2,500 to the dollars in the short term."

Source: http://news.yahoo.com/uganda-cbank-cuts-key-lending-rate-17-pct-093607021--business.html

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Just Dance 4 Is Your Just-Dance-Privately Deal of the Day [Dealzmodo]

I have no idea how to dance, but I regularly find myself hanging out with people who do. The Just Dance games are probably the best series of games to be released for the Kinect if only because they've meant endless hours of seeing really goofy people like me dancing to songs they barely know using dance routines they cannot follow. It's great whether you see it happening at a Best Buy's Kinect station or at a family reunion. The nice thing about the new Just Dance 4 is that you can already get it at a discount! Now that's a real pre-order bonus. More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/GTBOhfz0S0E/just-dance-4-is-your-just+dance+privately-deal-of-the-day

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In North Korea's industrial center, factories and wood-fueled trucks

Hamhung, North Korea's largest industrial center, was opened to foreigners just two years ago. There's no hiding the poverty in the region.

By Donald Kirk,?Correspondent / August 1, 2012

Our omnipresent guide advises, "This city is not used to foreigners, so please: no pictures."

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That peremptory order introduces us to North Korea's biggest industrial center, a dreary city of 800,000 near the eastern coast about 100 miles northeast of Pyongyang. It's not certain, however, if the sensitivity reflects chagrin over the decrepit apartment blocks and the graying industrial zone or concerns about how the locals, who have rarely seen foreigners, will respond.

"This city was opened just two years ago," the guide says, and it's believed to harbor many tales of poverty and starvation from the darkest days of the 1990s famine when 2 million people died throughout the country.

The hardships endured by many here, according to foreign aid workers who visit occasionally, contrasted with the privileges of officials and their cronies and relatives, with close enough ties to authorities in Pyongyang to get enough food and medicine.

The coastal road leading to the city gives a sense of the difficulties. It's a bumpy ride down a two-lane highway in serious need of repair; few vehicles are in sight. The scene is deceptively bucolic ? a picture of how the countryside might have appeared a century ago.

The only blemish on the tranquil image is the black smoke spewing from trucks powered not by gas but by wood in stoves mounted in the open rear cargo sections. Guides ban photo-graphs of these old wood-burners ? a colorful tribute to ingenuity in a time of need but an embarrassment to a country that looks more like a backward third-world enclave than a regional power player.

There is, however, no hiding the poverty of a region where oxen pull carts and plows and most people ride or push bicycles.

We see corn and vegetables growing up to the walls of small cement homes. Families have come to depend on private plots to supplement harvests from cooperative farms that don't leave enough for the farmers, who are supposed to get a small percentage of what they grow. It's out of the question, though, to talk to anyone about life on the farm.

Instead, we're taken to a "showcase cooperative" ? a collective farm that's deemed fit for foreign visitors to see. A monument memorializes a visit by "eternal president" Kim Il-sung, who died in 1994, and children sing for us in a schoolyard.

The farmers are mostly out of view, in distant fields, but the home of one of them, three or four neat rooms, including a small kitchen, is open for a carefully monitored visit.

In the industrial area of the city, a narrow-gauge railway dating from the Japanese colonial era runs alongside mostly empty streets. It was created to carry workers to factories built soon after the Korean War. We're told it carries workers to factories built soon after the Korean War, but no trains are moving.

Moving past factories in our tour bus we're again told not to photograph anything, including a sprawling plant that produces vinylon, a fabric made from limestone that is uniquely North Korean.

Deep in the complex, another factory is said to produce "machinery," but the absence of people and darkened factory walls are reminders of the failure to emerge from the trauma of the Korean War followed by years of economic mismanagement.

A showcase fertilizer factory, however, is on the itinerary. Modern machinery glistens ? testimony to the potential for other factories. "All this equipment we made by ourselves," says Lim Hung-nam, the factory's manager.

He says the factory operates at full capacity for two shifts, producing 700,000 tons a year. Another factory on the west coast produces 600,000 tons, he says, but the country still imports fertilizer from China, since South Korean President Lee Myung-bak cut off almost all aid after his inauguration in early 2008.

Asked whether Kim Il-sung or Kim Jong-il ever visited, Mr. Lim quickly points to two bronze tablets near the entrance. Their inscriptions testify to appearances from both, in which they offered "on-the-spot guidance."

Back at the city's only hotel for foreigners, a team of doctors from the International Red Cross has just returned from a hospital visit. Someone asks a British doctor what to do in case of a medical emergency.

His response is quick and unequivocal: "Get on a plane and leave the country."

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/KId0yCSEQMk/In-North-Korea-s-industrial-center-factories-and-wood-fueled-trucks

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New TI power chips save energy, move towards universal charging

New TI power chips save energy, move towards universal charging

TI isn't just in the business of making ARM-based processors. The company makes all manner of components and chips. Amongst the things in its vast repertoire of silicon are charging controllers. Texas Instruments' latest offering, the UCC28700, not only draws an impressively low sub-30mW when idle (meeting new five-star rating requirements from the European Commission), but does so in a tiny package that eliminates the need for an opto-feedback circuit or other external components. A second new controller, the TPS2511, tackles the problem of multiple chargers by moving to a 5V universal system for tablets and smartphones using the USB Battery Charging 1.2 specification. This could mean not only lower electricity bills (if only nominally so), but smaller wall warts that can be used across numerous devices. For more, check out the PR after the break.

Continue reading New TI power chips save energy, move towards universal charging

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Source: http://www.engadget.com/2012/08/01/new-ti-power-chips-save-energy-move-towards-universal-charging/

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Source: http://www.globalitmyanmar.org/2012/08/01/the-way-to-industry-lower-than-20-mins-every-day/

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Credit Repair Tips And Tricks To Consider | Creative Techniques To ...

Bad credit hurts you in nearly all your financial dealings, especially those that involve extending credit to you. Poor credit impacts your ability to move forward with your life. There are ways, however, that you can fix past mistakes and repair your credit score. Follow these tips to repair your credit.

You can dispute inflated interest rates if you are being charged more than you should be. When a creditor hits you with incredibly high interest rates, you may have a case for negotiating to a lower amount. You did however sign a contract that agrees you will pay off all interests as well as the debt. If you choose to bring a lawsuit against your creditors, use the high interest rates against them.

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Credit Unions

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Source: http://www.corporatefasttrack.com/cftblog/credit-repair-tips-and-tricks-to-consider

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Sweeten Commute With Automotive Audio and Different Mobile ...

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Source: http://www.betonted.com/883/sweeten-commute-with-automotive-audio-and-different-mobile-electronics-upgrades-for-vehicle

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Chinese girls faster swim than Lochte sparks controversy

Britain News.Net Monday 30th July, 2012

China's 16-year old Ye Shiwen won the gold medal in the 400m individual medley in a world record time at the London Olympics, but her record caused a storm, with various pundits from the sport pondering over how such a young teenage girl could swim faster than her male counterparts.

Shiwen, who wasn't among the pre-race favourites, announced her arrival on swimming's greatest stage with a world record in the arduous 400m individual medley event.

Shiwen's time of four minutes, 28.3 seconds beat the world record by more than a second and her previous best by five seconds. Her final length of 28.93 seconds even beat Ryan Lochte, who swam the last length in 29.1 seconds in his gold medal-winning race in the men's 400 individual medley. Lochte's overall time was four minutes 5.18 seconds.

Chinese swimming has formerly been stained by drug scandals, with another 16-year-old world champion being tested positive for doping last month, Stuff.co.nz reports

TV presenter Clare Balding sparked controversy when she asked former Olympian Mark Foster, in the studio as a pundit: "How many questions will there be, Mark, about somebody who can suddenly swim so much faster than she has ever swum before?"

But, Foster downplayed any kind of possibility of foul play, and said such feats could be achieved.

"It was a five-second best time and it was the way she did it as well. Bearing in mind she is 16 years of age, and when you are young you do some big best times... it can be done," Foster said.

Balding's question attracted huge criticism on social networking site Twitter, with many branding her question as demeaning to the hard work done by the Chinese athletes. (ANI)

Source: http://www.britainnews.net/index.php?sid/207839495/scat/fad6c6ce3bc72160

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