US markets

"The prospects for a return to growth in the near term appear good," Mr Bernanke told a conference in Wyoming. 

On Wall Street, the Dow Jones index rose more than 1%, while European markets were also sent higher. 

But the Fed boss said unemployment, which is expected to top 10% in the US, would fall "only gradually". 

However, European Central Bank president Jean-Claude Trichet expressed concern at what he saw as premature talk of a full recovery

Central bankers were speaking as data showed sales of existing US homes rose by more than 7% in July. 

That was the largest monthly increase in the 10 years that the National Association of Realtors has been keeping records. 

But Mr Bernanke warned that the road to recovery would be a long one. 

"The economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels," he said. 

The International Monetary Fund (IMF) has predicted that the US economy will expand by 0.75% next year, after earlier predicting no growth.

The Fed chief was also upbeat on the prospects for the world economy. 

"After contracting sharply over the past year, economic activity appears to be levelling out, both in the United States and abroad," he said. 

The IMF has previously said that the global economy was "starting to pull out of recession". 

'Bullish'

The Dow Jones finished 156 points higher at 9,506. The Nasdaq and the S&P 500 also rose by more than 1%. 

London's FTSE 100 climbed 2% to close at 4,851, while Germany's Dax index rose 2.8% and France's Cac 40 gained 3.1%. 

"Bernanke was a little bit more bullish than most people were expecting," said Jacob Oubina, currency strategist at Forex.com. 

"He's saying that the global economy is starting to emerge from the recession and that the fears of a financial collapse have receded substantially. 

"I think the market is just taking those headlines as extreme positives for the outlook."

US bankruptcies soar to 1.3m in just 12 months

NEW YORK: The number of bankruptcies in the US skyrocketed to 1.31 million for the year ended June 2009, with over 85% of the filing taking place
since September last year.

Reeling under the worst financial turmoil in nearly 80 years, the count of bankruptcies till June this year, is 35% higher than the same period a year ago.

The bankruptcies stood at just 967,831 for the year ended June 30, 2008, according to the Administrative Office of the US Courts.

Since September 2008 -- the month when the famed financial services major Lehman Brothers went belly up -- the number of bankruptcies till June stood at 1.1 million.

"Non-business filings for the 12-month period ending June 30, 2009 totalled 1,251,294, up 34% from 934,009 non- business filings for June 30, 2008," the Administrative Office said in a recent statement.

Reflecting the severity of the financial situation, bankruptcy filings by businesses during the same period soared 63% to 55,021 for the year ended June 2009, compared to the year-ago period.

In the last 11 months, America has seen the collapse of many a well known names such as banking entity Washington Mutual and car makers -- General Motors and Chrysler. However, the two auto makers have emerged out of bankruptcy protection as leaner companies.

CPA(Consumer Protection Act) 1986 - chapter 1

1. Short title, extent, commencement and application.—(1 ) This Act may be called the Consumer Protection Act, 1986.

(2) It extends to the whole of India except the State of Jammu and Kashmir.

(3) It shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different States and for different provisions of this Act.

(4) Save as otherwise expressly provided by the Central Government by notification, this Act shall apply to all goods and services.

2. Definitions. - (1) In this Act, unless the context otherwise requires,—

(a) "appropriate laboratory" means a laboratory or organisation—

(i) recognised by the Central Government;

(ii) recognised by a State Government, subject to such guide­lines as may be prescribed by the Central Government in this behalf; or

(iii) any such laboratory or organisation established by or under any law for the time being in force, which is maintained, financed or aided by the Central Government or a State Government for carrying out analysis or test of any goods with a view to determining whether such goods suffer from any defect;

(aa) "branch office" means—

(i) any establishment described as a branch by the opposite party; or

(ii) any establishment carrying on either the same or substan­tially the same activity as that carried on by the head office of the establishment; 

(b) "complainant" means—

(i) a consumer; or

(ii) any voluntary consumer association registered under the Companies Act, 1956 (1of 1956)or under any other law for the time being in force; or

(iii) the Central Government or any State Government,

(iv) one or more consumers, where there are numerous consum­ers having the same interest;

(v) in case of death of a consumer, his legal heir or representative; who or which makes a complaint; 

(c) "complaint" means any allegation in writing made by a complain­ant that— 

(i) an unfair trade practice or a restrictive trade practice has been adopted by any trader or service provider;

(ii) the goods bought by him or agreed to be bought by him; suffer from one or more defects;

(iii) the services hired or availed of or agreed to be hired or availed of by him suffer from deficiency in any respect;

(iv) a trader or service provider, as the case may be, has charged for the goods or for the service mentioned in the com­plaint a price in excess of the price –

(a) fixed by or under any law for the time being in force

(b) displayed on the goods or any package containing such goods ;

(c) displayed on the price list exhibited by him by or under any law for the time being in force;

(d) agreed between the parties;

(v) goods which will be hazardous to life and safety when used or being offered for sale to the public,--

(A) in contravention of any standards relating to safety of such goods as required to be complied with, by or under any law for the time being in force;

(B) if the trader could have known with due diligence that the goods so offered are unsafe to the public;

(vi) services which are hazardous or likely to be hazardous to life and safety of the public when used, are being offered by the service provider which such person could have known with due diligence to be injurious to life and safety;”;

(d) "consumer" means any person who—

(i) buys any goods for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any user of such goods other than the person who buys such goods for consideration paid or promised or partly paid or partly promised, or under any system of deferred payment when such use is made with the approval of such person, but does not include a person who obtains such goods for resale or for any commercial purpose; or

(ii) hires or avails of any services for a consideration which has been paid or promised or partly paid and partly prom­ised, or under any system of deferred payment and includes any beneficiary of such services other than the person who 'hires or avails of the services for consideration paid or promised, or partly paid and partly promised, or under any system of deferred payment, when such services are availed of with the approval of the first mentioned person but does not include a person who avails of such services for any commercial purposes;

Explanation.— For the purposes of this clause, “commercial purpose” does not include use by a person of goods bought and used by him and services availed by him exclusively for the purposes of earning his livelihood by means of self-employment; 

(e) "consumer dispute" means a dispute where the person against whom a complaint has been made, denies or disputes the allega­tions contained in the complaint.

 (f) "defect" means any fault, imperfection or shortcoming in the quality, quantity, potency, purity or standard which is required to be maintained by or under any law for the time being in force under any contract, express or implied or as is claimed by the trader in any manner whatsoever in relation to any goods;

(g) "deficiency" means any fault, imperfection, shortcoming or inade­quacy in the quality, nature and manner of performance which is required to be maintained by or under any law for the time being in force or has been undertaken to be performed by a person in pursuance of a contract or otherwise in relation to any service;

(h) "District Forum" means a Consumer Disputes Redressal Forum established under clause (a) of section 9;

(i) "goods" means goods as defined in the Sale of Goods Act, 1930 (3 of 1930);

(j) “manufacturer” means a person who—

(i) makes or manufactures any goods or part thereof; or

(ii) does not make or manufacture any goods but assembles parts thereof made or manufactured by others; or

(iii) puts or causes to be put his own mark on any goods made or manufactured by any other manufacturer; 

Explanation. — Where a manufacturer dispatches any goods or part thereof to any branch office maintained by him, such branch office shall not be deemed to be the manufacturer even though the parts so dispatched to it are assembled at such branch office and are sold or distributed from such branch office;  

(jj) "member" includes the President and a member of the National Commission or a State Commission or a District Forum, as the case may be;

(k) "National Commission" means the National Consumer Disputes Redressal Commission established under clause (c) of section 9;

(l) "notification" means a notification published in the Official Gazette;

(m) "person" includes,—

(i) a firm whether registered or not;

(ii) a Hindu undivided family;

(iii) a co-operative society;

(iv) every other association of persons whether registered under the Societies Registration Act, 1860 (21 of 1860) or not;

(n) "prescribed" means prescribed by rules made by the State Gov­ernment, or as the case may be, by the Central Government under this Act;

(nn)“regulation” means the regulations made by the National Commission under this Act;

(nnn) “restrictive trade practice” means a trade practice which tends to bring about manipulation of price or conditions of delivery or to affect flow of supplies in the market relating to goods or services in such a manner as to impose on the consumers unjustified costs or restrictions and shall include—

(a) delay beyond the period agreed to by a trader in supply of such goods or in providing the services which has led or is likely to lead to rise in the price;

(b) any trade practice which requires a consumer to buy, hire or avail of any goods or, as the case may be, services as condition precedent to buying, hiring or availing of other goods or services;

(o) "service" means service of any description which is made avail­able to potential users and includes, but not limited to, the provision of facilities in connection with banking, financing insurance, transport, processing, supply of electrical or other energy, board or lodging or both, housing construction, entertainment, amusement or the purveying of news or other information, but does not include the rendering of any service free of charge or under a contract of personal service;

(oo) “spurious goods and services” mean such goods and services which are claimed to be genuine but they are actually not so;

(p) "State Commission" means a Consumer Disputes Redressal Commission established in a State under clause (b) of section 9;

(q) "trader" in relation to any goods means a person who sells or distributes any goods for sale and includes the manufacturer thereof, and where such goods are sold or distributed in package form, includes the packer thereof;

(r) "unfair trade practice" means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice including any of the following practices, namely;—

(1) the practice of making any statement, whether orally or in writing or by visible representation which,—

(i) falsely represents that the goods are of a particular standard, quality, quantity, grade, composition, style or model;

(ii) falsely represents that the services are of a particular standard, quality or grade;

(iii) falsely represents any re-built, second-hand, reno­vated, reconditioned or old goods as new goods;

(iv) represents that the goods or services have sponsor­ship, approval, performance, characteristics, accesso­ries, uses or benefits which such goods or services do not have;

(v) represents that the seller or the supplier has a spon­sorship or approval or affiliation which such seller or supplier does not have;

(vi) makes a false or misleading representation concern­ing the need for, or the usefulness of, any goods or services;

(vii) gives to the public any warranty or guarantee of the performance, efficacy or length of life of a product or of any goods that is not based on an adequate or proper test thereof;

  Provided that where a defence is raised to the effect that such warranty or guarantee is based on adequate or proper test, the burden of proof of such defence shall lie on the person raising such defence;

(viii)makes to the public a representation in a form that purports to be—

(i) a warranty or guarantee of a product or of any goods or services; or

(ii) a promise to replace, maintain or repair an article or any part thereof or to repeat or continue a service until it has achieved a specified result, if such purported warranty or guarantee or prom­ise is materially misleading or if there is no reasonable prospect that such warranty, guaran­tee or promise will be carried out;

(ix) materially misleads the public concerning the price at which a product or like products or goods or services, have been or are, ordinarily sold or provided, and, for this purpose, a representation as to price shall be deemed to refer to the price at which the product or goods or services has or have been sold by sellers or provided by suppliers generally in the relevant market unless it is clearly specified to be the price at which the product has been sold or services have been provided by the person by whom or on whose behalf the representation is made;

(x) gives false or misleading facts disparaging the goods, services or trade of another person.

Explanation. - For the purposes of clause (1), a statement that is— 

(a) expressed on an article offered or displayed for sale, or on its wrapper or container; or

(b) expressed on anything attached to, inserted in, or accompanying, an article offered or displayed for sale, or on anything on which the article is mounted for display or sale; or

(c) contained in or on anything that is sold, sent, delivered, transmit­ted or in any other manner whatsoever made available to a member of the public,  

shall be deemed to be a statement made to the public by, and only by, the person who had caused the statement to be so expressed, made or contained; 

(2) permits the publication of any advertisement whether in any news­paper or otherwise, for the sale or supply at a bargain price, of goods or services that are not intended to be offered for sale or supply at the bargain price, or for a period that is, and in quantities that are, reasonable, having regard to the nature of the market in which the business is carried on, the nature and size of business, and the nature of the advertisement.

Explanation .—For the purpose of clause (2), "bargaining price" means—

(a) a price that is stated in any advertisement to be a bargain price, by reference to an ordinary price or otherwise, or

(b) a price that a person who reads, hears or sees the advertisement, would reasonably understand to be a bargain price having regard to the prices at which the product advertised or like products are ordinarily sold; 

(3) permits—

(a) the offering of gifts, prizes or other items with the intention of not providing them as offered or creating impression that something is being given or offered free of charge when it is fully or partly covered by the amount charged in the transaction as a whole;

(b) the conduct of any contest, lottery, game of chance or skill, for the purpose of promoting, directly or indirectly, the sale, use or supply of any product or any business interest;

(3A) withholding from the participants of any scheme offering gifts, prizes or other items free of charge, on its closure the information about final results of the scheme.

Explanation. — For the purposes of this sub-clause, the participants of a scheme shall be deemed to have been informed of the final results of the scheme where such results are within a reasonable time, published, prominently in the same newspapers in which the scheme was originally advertised;

(4) permits the sale or supply of goods intended to be used, or are of a kind likely to be used, by consumers, knowing or having reason to believe that the goods do not comply with the standards prescribed by competent authority relating to performance, composition, contents, design, constructions, fin­ishing or packaging as are necessary to prevent or reduce the risk of injury to the person using the goods;

(5) permits the hoarding or destruction of goods, or refuses to sell the goods or to make them available for sale or to provide any service, if such hoarding or destruction or refusal raises or tends to raise or is intended to raise, the cost of those or other similar goods or services.

(6) manufacture of spurious goods or offering such goods for sale or adopts deceptive practices in the provision of services. 

(2) Any reference in this Act to any other Act or provision thereof which is not in force in any area to which this Act applies shall be construed to have a reference to the corresponding Act or provision thereof in force in such area.

3. Act not in derogation of any other law.—The provisions of this Act shall be in addition to and not in derogation of the provisions of any other law for the time being in force.

 

THINKING

the more you think in business the more experience you get about business and you start getting big big thoughts about what you will become?in which field you will spend your profit for further business?how much will you spend in your new business?how much will you earn adding the profit of old business and new business. then you will think that your earning will be double then triple.

whatever you have thought can be true. believe me you will get it. if you have some values like punctuality, hard work ,group work, taking risks etc.

punctuality will let you do your work on time.

hard work is that what you need everytime. sometimes to acheive a good profit you have to work a little more hours then that of regular/usual times(8 hours).

Group work:- when you appoint a meeting you discuss views about what you have to do upnext.what will you do if you get a profit in that business and discussions will also go to the same on the opposite side like what will happen if you go into a loss and different types of answers and differents types of views and opinions will make things go accurate and make your company pass hurdles and competitions with leading companies and also make your company achieve a good name for itself.

Taking risks:-this is the most important topic as discussed in first post too and this is the thing which no man love but taking risks is the most important thing in business.

for eg: if you are going to take a business and you are not sure whether it will work or not, you should not look behind or walk back you have to take risk to see whether it works or no. walking back will always make you a failure. but if you take a risk and if you are at a loss then also you will get an experience at what you were wrong and why you got failed in that business and when you will try this same business the next time it will surely pass. As said "A GOOD JUDGEMENT COMES FROM A GOOD EXPERIENCE BUT A GOOD EXPERIENCE COMES FROM A BAD JUDGEMENT".

ALWAYS REMEMBER:THERE IS A DIFFERENCE BETWEEN A GOOD BUSINESSMAN AND A CHEAT.

Do right comments to make this blog more accurate.

Bussiness man's thoughts

Before taking any business plans you should first think of 2 things

first thing is that it should consist of less economy (means less money) but the products you are buying should be more

and the 2nd thing is that it shuld be a very good quality product so that the consumer should be in profit after you sell the product and the consumer should buy only your product and consumer should buy only yours other than that of even thinking of buying any other's product.

for eg: if you buy a good quality of rice from the village which costs you only 21 or 22 rupees(indian national rupee)and then you build a company and sell these rice in packages for 27 rupees then you get a profit of 3 rupees(cutting the travelling,vat taxes,etc)compared to the market prices of rice such as 42 rupees per kg. you give them in 27 rupees per kg. So the consumers buy a good quality of rice in cheap price and they will forget about buying a bad quality of rice in 40 rupees and will buy a good quality of rice in 27 rupees and consumers buy your product again and again.

ALWAYS REMEMBER:THERE IS A DIFFERENCE BETWEEN A GOOD BUSINESSMAN AND A CHEAT.

Do right comments to make this blog more accurate.

Be an Enterpreneur

Starting a business is difficult enough when the economy is

strong but when you decide to start a business amid a 9.7

percent unemployment rate--while foreclosures are at an all-time

high and bankruptcies are reaching epic proportions--the odds

for success seem hopeless.

For startups willing to defy the odds, there are many advantages

to starting a small business during a recession, and it can even

be done without burring yourself in debt. Experts will tell you

that the absolute best time to start a business is during a

recession, and several well-known, highly successful businesses

were launched during weakened economies.

Why did these companies succeed against the odds? They succeeded

because the founders recognized a need in the market and filled

it. Identifying that market need is the key to success for any

business--regardless of what the economic climate is when those

market needs are fulfilled.

Hewlett Packard was started in a garage during the Great

Depression with startup costs of just $538. It was the first

technology company to exceed $100 billion in revenue and is

currently operating in almost every country worldwide. Burger

King got its start during the recession of 1954; the Whopper was

added to the menu during the recession of 1957. Microsoft was

started during the 1975 recession. Bill Gates dealt with

primitive computer languages until the creation of MS-DOS, which

IBM Corp purchased, starting the company's climb to fortune.

Tips for Starting a Business In a Recession

The high risk of failure during recession requires that the

start up costs are kept as low as possible. Businesses that

start and survive during a recession are in the best position to

take advantage of the inevitable economic upturn. Businesses

that postpone launch until the economy shows signs of

strengthening are that much further behind, and give a head

start to competitors who took the risk of starting during a

recession. Keep starting costs low by:

Keeping your day job. If you're lucky enough to still have a

job, try starting your business in your off-hours. You'll have

the steady income from your existing job to pay your living

expenses and can focus on making your new business profitable

without the risk.

Not buying, leasing or renting office space. Most businesses can

be started right from your home. Don't waste money on an office

space or retail storefront before absolutely necessary. Use your

kitchen table, home office, basement or garage as office space.

Some businesses will never need to venture outside the home.

Not hiring employees. If you need help from other people, use

contract workers and issue 1099s instead of hiring employees.

Not wasting money on advertising. There are countless ways to

advertise your business, product or service without spending

money. If you--the maker of your product or provider of your

service--can't sell yourself, no one else can, either.

Recession Proof Industries

Whenever possible, you should look at starting businesses in

industries that are considered “recession proof”. These are the

industries where consumers will still pay for the products or

services offered even when money is tight. Recession proof

industries tend to be:

Food

Health care, including psychology and substance abuse

Computers and IT--especially fixing other peoples computers.

People aren't buying new equipment; they're fixing what they

have to save money.

Security / criminal justice / police

Education--adults go back to school when they lose their jobs;

more high school graduates will go to college because they can't

find jobs out of high school

International business--just because the economy is bad in the

US doesn't mean it is everywhere else

Finding Your Niche

When starting a new business, whether you create a product or

provide a service, you need something that distinguishes you

from everything else that's already available. Your long-term

success is defined by your ability to be both unique and better

than your competition, by adhering to these principles you’ll

fill a void in the marketplace.

(from the enterpreneur.com)

Business with twitter

Twitter is a medium for posting very short messages (140 characters or less). Even with that limit, businesses are using Twitter to:

• market products,
• run promotions,
• engage customers,
• talk industry associates,
• monitor their brand,
• ...and more!

Are you or your business on Twitter? If you are, how are you using Twitter to help your business?

If you're not yet on Twitter, now is a good time to get started.

Skill to know before taking up business

The business plan you will be going to take is very simple. It is very easy to understand and to

act on your business ideas.

Your small business plan should be easy and practical.

The plan should be specific. Its objectives should be concrete and measurable.

It should include specific actions and activities, each with specific dates of completion, specific persons responsible and specific budgets.

The business plan you are going to take should be realistic.

The sales goals, expense budgets, and milestone dates should be realistic.

Nothing stifles implementation like a business plan with unrealistic goals.

The plan should be complete. It should include all the necessary elements.

The right business plan should be full of resources, including free sample business plans and business plan softwares too Requirements of a business plan vary, depending on the context.

There is no guarantee, however, that the plan will work if it doesn't cover the main bases.

Define Business ?

A business (also called a company, firm and enterprise) is a

legally recognized organization designed to provide goods

and/or services to consumers.Businesses are predominant in

capitalist economies,most being privately owned and formed to

earn profit that will increase the wealth of its owners and grow

the business itself The owners and operators of a business have

as one of their main objectives the receipt or generation of a

financial return in exchange for work and acceptance of risk.

Notable exceptions include cooperative enterprises and state-

owned enterprises. Socialist systems involve either government

agencies, public ownership, state-ownership or direct worker

ownership of enterprises and assets that would be run as

businesses in a capitalist economy. The distinction between

these institutions and a business is that socialist institutions

often have alternative or additional goals aside from maximizing

or turning a profit.

The etymology of "business" relates to the state of being busy

either as an individual or society as a whole, doing

commercially viable and profitable work. The term "business" has

at least three usages, depending on the scope — the singular

usage (above) to mean a particular company or corporation, the

generalized usage to refer to a particular market sector, such

as "the music business" and compound forms such as agribusiness,

or the broadest meaning to include all activity by the community

of suppliers of goods and services. However, the exact

definition of business, like much else in the philosophy of

business, is a matter of debate.

Business Studies, the study of the management of individuals to

maintain collective productivity to accomplish particular

creative and productive goals (usually to generate profit), is

taught as an academic subject in many schools.

(from the wikipedia)