However, if we want to achieve these targets we need much more action. It is now a matter of days until what is considered as a renewal of the Kyoto protocol: the Copenhagen conference for the United Nations Framework Convention on Climate Change. The UNFCCC is an international environmental treaty signed at the 1992 Earth Summit in Rio de Janeiro and currently has 189 signatory parties. More importantly, the treaty is a legal mechanism for countries to reduce their emissions. Every country that has signed the UNFCCC has representatives at the annual Conference of the Parties. The Conference of the Parties is the topmost agency in the work of the UNFCCC, several thousand delegates from the member countries’ governments and observer organisations participate, along with journalists and representatives from civil society. All major decisions of significance to the UNFCCC are taken at these “COP” conferences.

Each year, a Conference of the Parties is held, but this year is considered to be the most critical environmental policy gathering in decades (Copenhagen Climate Council. 2009). Global environmental crises will not be solved without some tough international governance. Therefore the challenge of Copenhagen is clear but ambitious: it needs to set comprehensive, fair and effective targets. In this sense, replacing the Kyoto protocol is unavoidable, simply because it is the only way to match the new targets. In 1997 developed countries agreed (partially) to cut their greenhouse-gas emissions by 5.2% from 1990 levels by 2012. Nowadays, Europe is ready to cut its emission to 30% below 1990 levels by 2020 if other industrialised countries agree to do likewise.

One of the biggest challenges in managing intangibles is the recognition and identification of the asset itself. Since intangibles have a value, it should be possible to deal with them as with any other commodity. However, there are complications. It is estimated, for instance, that just 25 percent of typical firm’s market value today comes from its tangible assets-while the remaining 75 percent is attributable to its intangible aspects. As a result, IP acquires are often willing to pay a purchase price which is significantly above the firm’s revenue, its operating profits, or its book value. This is particularly relevant in mergers and acquisitions –and the Manchester United deal is good case in point: most of its value comes from intangibles. However, many assets cannot be into a particular type of property. When new corp. bought my space for 580 million USD, the basis for this valuation was that My space ranked very high terms of page views, which made for a strong advertising –revenue proposition. Building an portfolio begins with an understanding of the industry the firm is in.

Almost all exporters are participating in fairs and exhibitions in foreign countries. The excise department is demanding service tax on such participation in foreign fairs under section 66A of the reverse charge method. This is despite the fact that the services are provided and consumed outside India. Despite the above facts the excise department continuously demands service tax on such foreign exhibitions from Indian exporters. It is also worst while to mention that VAT on such services is duly levied by the service provider in the foreign country. A clarification may kindly be issued that such foreign exhibitions which are held overseas would not be chargeable to service tax on reverse charge basis.

Bank compulsorily charge exporters ECGC premium on pre-shipment credit. Now this is a risk which banks are covering and for this they should not recover from the exporter. However, these are recovered from the exporter in most cases. If the banks want to cover their risk then they are most welcome to do so but they must pay the charge for the same and if for some reason there is a claim then they should lodge the claim with ECGC rather than recovering the same first from the party. Also in cases where the export packing credit limit is fully secured against collateral, as such the funds advanced by the banks are secured. However, even in this case the exporters are forced to pay the ECGC premium on packing credit and this practice of taking an ECGC cover and then charging the client for the same is not right. For the post shipment credit it is the exporter who has to take a cover and the party pays for the same but for pre shipment credit the exporters are being cornered; otherwise the limits are not sanctioned. This is normally a precondition.

The threat to the Himalayas means a direct threat to thousands of glaciers and rivers that originate in the region. Melting ice caps would mean unusual over flowing of the rivers, which would adversely impact the low lying areas of the region by serious flooding and afterward rendering it unfit for agricultural operations. Flooding of the vast parts of these states would also mean death and misery to hundreds of people and thousands of animals, and the loss of entire ecosystems.
Moreover, flooding would cause vast displacement of the population in neighboring countries and region creating an increasing number of environmental refuges. These are the immediate effects, the global warming and the melting Himalayan glaciers can bring! In the long run too, the effects of global warming in the region would be unprecedented. While nearly half a billion of the Indian population is directly dependent on these rivers, many more depend indirectly, the once involved in buying/selling and transporting the agricultural products from this region to different parts of the country and the world. Therefore the melting of the Himalayas will also lead to disastrous economic consequences short and long term.