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Sourcing goods from low cost world markets and selling it locally

  • Business Opportunity: There are thousands of products available to source, you may find the best products which you can judge and ensure the quality will be liked by local buyers. For example if the product market price is 100, your cost price is 25 for buying 10000 quantity, so u may sell same at price 40-50, the buyer will sell at 75-95 or even 100 who buys the product from you. Its a simple fact that no retail buyer will buy 10,000 quantity of 1 product to reduce the cost, and the price gap in market will remain open. If we take a product example, mass volume can be of help like buying 10,000 laptops of 1 model.
  • Process: You may order a single product, test the quality, use it for a sufficient period of time  Do a research with locals, friends and associates if they like the sample product which you have ordered,  and then once you are satisfied with it then order a large bulk order.
  • Ordering: Ensure that the bulk order is done with escrow or bank guarantee so that your money is safeguarded from any fake sellers in the market. The goods can be purchased from manufacturers in asia & countries where the product price available is the best compare to global pricing competition.
  • Custom Duties: You need to check locally if there are any custom duties applicable for import of the product in large scale.
  • Selling the goods locally: The goods will be easily sold to distributors as the market price comparison will be in favor of your product as well as quality of goods with firm test done from your side in process of purchase. Do a thorough research that the goods available locally with your product make a better stand in the market.
  • Financing the goods: Goods for purchase can be financed with 10-20 friends along in a group, or it can be done through bank , most banks where you have a bank account from long time and have a sufficient reputation will surely grant a finance for goods, moreover a 30% of funds finance has to be generated to provide to the seller, and if you get advance payments from your local buyers against the goods it could work really well.
  • Foreign Exchange: Check the currency pricing at the time of purchase of goods, buy them at the best timing so that you earn in foreign exchange as well.
  • Results: Finally it depends what products you bring in, what price, quality and quantity which will result in profit and key business for you

Japan's retail sales dip less-than-forecast in May

Electronics shop in Japan

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Retail sales in Japan fell less-than-forecast in May as the country starts to recover from the 11 March earthquake and tsunami.
Retail sales fell 1.3% in May compared with the same month last year, according to the latest government data.
However, compared with the previous month, retail sales rose by 2.4%.
Analysts said that the numbers were an indicator that the Japanese economy was starting to recover.
"The pace of decline has slowed, reflecting a quick recovery from the damage to supply chains," said Hioshi Miyazaki of Shinkin Asset Management Company.
Natural factor
While improving supply chain conditions have played their part in better output from Japanese factories, analysts said that natural factors such as the weather was also playing a part.
"Summer clothing seems to have sold well due to the hot weather in May," said Junko Nishioka of RBS Securities.
"This trend may continue in June and beyond," she added.
Mari Iwashita of SMBC Nikko Securities added that a change in weather may have a positive affect, not just on retail sales but also on other areas of the economy.
"A hot summer could result in more spending, especially with corporations allowing employees to take longer summer holidays." said Mr Iwashita.
"The picture may not be bad if summer bonuses are spent domestically, such as on travel," he added.

Citigroup banker pleads not guilty to $19.2m theft

Gary Foster 
A former Citigroup banker has pleaded not guilty to charges that he stole $19.2m in the "ultimate inside job".
Prosecutors say Gary Foster, a 35-year old former vice president at Citigroup, moved the money from two separate accounts at the bank to his own account at JP Morgan Chase.
The offence is said to have taken place between May 2009 and December 2010.
Mr Foster, who left the bank in January this year, faces 30 years in prison if convicted.
The alleged 18-month fraud went unnoticed until a recent internal audit at the treasury department of the bank.
A Citigroup investigator then alerted the authorities, according to an affidavit from the Federal Bureau of Investigation.
Mr Foster is said to have made eight separate transfers of up to $3.9m (£2.5m) by putting in fake contract and deal account numbers before transferring them to his personal account.
US attorney for the Eastern District of New York, Loretta Lynch, said in a statement: "The defendant allegedly used his knowledge of bank operations to commit the ultimate inside job."
Citigroup said in a statement: "We are co-operating fully to ensure Mr Foster is prosecuted to the full extent of the law."
No date has been set for the next hearing in the case. Mr Foster has been released on $800,000 bail.

Christine Lagarde named IMF chief

Christine Lagarde 
France's Christine Lagarde, 55, has been named the first woman to head the International Monetary Fund (IMF).
The announcement of her appointment came soon after she received the backing of the US and Russia.
Ms Lagarde, the French minister of finance since June 2007, was up against Mexico's Agustin Carstens. An IMF statement said that both candidates "were well qualified".
The post became vacant following the resignation of Dominique Strauss-Kahn.
"The results are in: I am honoured and delighted that the board has entrusted me with the position of MD of the IMF!" Ms Lagarde said via Twitter minutes after the announcement.
In a statement, the IMF said: "The executive board of the International Monetary Fund today selected Christine Lagarde to serve as IMF managing director and madame chairman of the executive board for a five-year term starting on July 5, 2011."
Ms Lagarde, it said, was "the first woman named to the top IMF post since the institution's inception in 1944".
The 24-member board called both Ms Lagarde and Mr Carstens, Mexico's central bank governor, "well-qualified candidates" and that it decided on Ms Lagarde "by consensus".
Mr Strauss-Kahn resigned abruptly on 18 May after being arrested in New York for an alleged sexual assault.
'Indispensable institution'
Ms Lagarde toured the world drumming up support for her candidacy.
There were initially reports that many IMF members wanted the next managing director to come from an emerging market economy.

The IMF's David Hawley announces Christine Lagarde's appointment
But in the end Ms Lagarde won over some powerful allies among developing nations, including Brazil and China.
The US, which along with Russia came out in favour of Ms Lagarde just hours before the appointment was announced, said her experience would be invaluable.
US Treasury Secretary Timothy Geithner said in a statement: "Minister Lagarde's exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy."
Her immediate task will be to deal with the efforts of the IMF and European Union to resolve the Greek debt crisis and prevent contagion to other eurozone economies.
Before becoming France's finance minister, she was minister for foreign trade for two years.
Prior to moving into politics, Ms Lagarde was an anti-trust and employment lawyer in the US.

Greece: Top Italian banker says Europe's banks can help

Protesters in Athens 

The boss of Italy's biggest bank says Europe's banks can work together with European institutions to help Greece.
"I think there is room for strong collaboration," said Corrado Passera, chief executive of Intesa Sanpaolo.
On Monday, French President Nicolas Sarkozy said French banks had agreed to extend their loans to Greece.
Eurozone officials are trying to find a way for banks to support Greece's bail-out without the country being judged to have defaulted on its debt.
Credit ratings agencies have warned that if banks agree to extend their loans to Greece, even voluntarily, they may judge it to be a debt default, which would cause even more problems for Greece.
President Sarkozy's idea was that when banks are repaid money they are owed by Greece, they should keep 30% of it, re-lend 50% of it to Greece for 30 years and put the remaining 20% into a special fund of high-quality bonds, which would insure them against a future Greek debt default.
French banks have the biggest exposure to Greek debt, while Italy has relatively low exposure.
The deal may be unpopular with Germany, because the new bonds would be insured by eurozone bail-out funds.
The French plan has yet to be agreed either with eurozone leaders or the Greek government.
BBC business editor Robert Peston says the real problem with the proposals is that there has been no attempt to reduce the amount of money that Greece owns, unlike in the Brady bonds for indebted countries such as Mexico, Argentina and Brazil, on which President Sarkozy's plans were based.
Nonetheless, German banks are reported to be very interested in the French model being discussed.
They were discussed by a group of international bankers, who met eurozone officials to discuss the crisis on Monday.
Also, the head of the eurozone's rescue fund, Klaus Regling, is talking to the ratings agencies to explore ways to avoid a second bail-out being considered a default.
European policymakers, notably the European Central Bank, are concerned that the bail-out could force European banks to recognise billions of euros in losses on Greek debts they currently hold, and could also trigger payouts on credit derivative contracts.
Credit derivative contracts are, in this case, bets that Greece will default on its debt. They are used partly as insurance by banks that have bought Greek bonds.
The Greek parliament is discussing a new range of austerity measures, which include introducing income tax on earnings of 8,000 euros (£7,142, $11,600), and is due to vote on the package later in the week.
The ruling party has 155 seats in a 300-seat parliament. Polls suggest the proposals are opposed by three quarters of Greece's 11 million population.
The austerity measures must be agreed before Greece can get its hands on the latest slice of the original 110bn euro support package.

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