Wednesday, July 31, 2019

BILABONG Australia †financial statement analysis assignment Essay

BILABONG Australia – financial statement analysis assignment ACCT 5910-Business Analysis and Valuation Contents Executive summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 Executive summary The purpose of report is to provide a comprehensive analysis of Billabong International Limited. This report is primarily based on a trend analysis of Billabong’s financial performance ratios from 2009 to 2011, common size table of the balance sheet and income statement and analysis of Billabong’s cash flows. Expect to provide a basis understanding of the company’s recent situation and future valuation. The company we compared, as a part of the surfwear industry is Quiksilver. Billabong is a multi-brand Australian company that was established by Gordon and Rena in 1973 in Gold Coast. After decades of expansion and restructuration of capitalization, Billabong’s shares have publicly listed on the ASX. Using four-step to analysis Billabong which including business strategy analysis, accounting analysis, financial ratio analysis and prospective analysis that would help a great deal in valuation of Billabong based on its current market situation. Business strategy includes continuous acquisitions and emerges like taking over strong brand and the products in the same sales area and expansion internationally by reaching more than 100 countries around the world. Billabong’s multicultural design of products featured new and fashion captures customer loyalty among targeted youth group. In order to ensure the company’s accounting information reflects its business reality. Three steps of accounting adjustments are taken in preparation for financial analysis, forecasts and valuation. First is to recast financial statements. This contains re-classifying accounts and preparing standardized balance sheet and income statement, using both reported statements and information from footnotes. After that is to identify accounts that should be adjusted. By analyzing notes and reports, three accounts are likely to contain  distortion information: provision for doubtful debts, leased assets and liabilities and goodwill. Last step is to make adjustments with accounting equation using more appropriate estimations and assumptions for the fiscal year from 2009 to 2011. The profitability of Billabong is unstable from financial analysis. However, compare with the other competing company, Billabong has higher ROE and ROA. The ability of Billabong sale its inventories decreased as its inventory turnover ratio decreased. It had a good control in liquidity with relative constant current ratio and quick ratio. However, it had decreased ability on unitize long-term asset and control its debt structure. Lacking of good control on debts structure and may face burden on debt expense, which may result a high financial risk and weak solvency. From prospective analysis, Billabong may be more profitable in the future after the reorganization, the decreasing sales growth may be appeared at first few year and then increase again. The ROE of the company will be higher than last year; the company may have better performance in the future. And the company may borrow or finance the equity for the operation or paying the dividend. 1. Introduction 1.1 Background Billabong is a famous Australian company with many brands, such as Element, Kustom and Xcel. Their main products are including clothing, watches and boardsports hardware. As surfing became more popular, the company constantly expanded its scale and exported its goods to Japan, USA and Europe during the 1980s, after that Billabong achieve leader in surfing area. In the recent ten years, Billabong had restructured its capitalization with growing global opportunities in the boardsports sector. 1.2 Business Strategy Analysis The business analysis through three aspects: industry analysis, competitive analysis and corporate strategy analysis. a. Industry Analysis With the expansion of world economy, surfing is not only a sport but also a life style and that leads to high demand of surfing products. The number of  firms enters that industry keep increasing as its attractive potential profits and less barrier to enter into that industry. Both companies have more bargaining power compared with their supplier and customer as their famous brand and diversified products could encourage suppliers to have long term business relationship with the company and satisfy the unique needs of customers. Overall, the prospects of this industry are optimistic; it did not shock too much under the downturn of economy. Surfing is an increasingly popular and well-known culture; companies need to continuing innovation in order to satisfy customer’s needs. b. Competitive Analysis As number of firms in the industry keeps increasing, greater competition force firms to earn more market share, innovate substitutes, produce differentiate products and be cost leadership to keep or improve their position in the industry. For example, some of the products of Billabong and Quiksilver are similar, consumer will choose to buy the one with lower price if they have similar function, or buy the one with higher price if the product is different from others. Thus, a firm could run well if it has different products and lower cost compared with rivals. c. Corporate Strategy Analysis Billabong hires different design teams for each different region to satisfy with customers from different cultural with different traditions and tastes. Billabong is expansion through strategic takeovers during last 10 years looking increase profitability through business synergies. Currently the group has direct company on operations and more than 50 countries. Sales are more than 100 countries under 13 different brands. The strategies expansion has been changing along with company’s growth. Billabong started with exportation of products to the USA and also licensed follow by relocated production off shore; FDI is the current global expansion strategy. Billabong buys bank licenses to take control of global operations and requires the existing business. 2. Accounting analysis Billabong’s performance from 2009 to 2011 shown downward trends in  profitability and market performance, therefore, it is possible that manipulation exists. In order to compare Billabong with other companies, standardized format and accounting equation-based adjustments are required. 2.1. Recast financial statements Because of the differences in the format of Billabong’s financial statements over years and that with other organizations, standardized financial statements should be made in preparation for accounting analysis, financial analysis and prospective analysis. 2.2 Accounting adjustments 2.2.1 Adjustments of revenues and provision for doubtful debts As can be seen in appendix, PDD (6.4%) has declined since 2007. Therefore PDD should be adjusted to 6.4% for the years 2008-2011. At the end of the fiscal year, the adjustments should be made to recognize PDD according to the adjustment calculation (Appendix A table (1)). 2.2.2 Adjustments of leased assets and liabilities As disclosed in Billabong’s financial report, it leases plant, machinery and warehouses of large dollar amount in order to maintain normal operation. Most of the leases are classified as operating lease. Thus, we need to record leases as assets and liabilities on balance sheet to make comparison with other companies (Appendix A table (2, 3, and 4)). 2.2.3 Adjustments of goodwill By calculating the proportion of goodwill in total non-current asset from 2007 to 2011, it can be seen that instead of being impaired, goodwill increased substantially from 12.94% to 42.13%. Set 12.94% as the standard level and overvalued goodwill could be recognized (Appendix A table (5)). 3. Financial Analysis Ratio analysis include time series and cross sectional analysis has been performed in this case to give investor’s direct understanding of the company’s historical and recent performance. 3.1 Dupont Analysis Exhibits 1: Dupont (Billabong) 2009 2010 2011 NOPAT/Sales 0.1141 0.1211 0.0989 Ãâ€" AT 1.4837 1.2428 1.4528 = ROA 0.1692 0.1504 0.1437 Spread 0.0597 0.0936 0.0945 Ãâ€" NFL 0.1993 0.1811 0.4031 = Financial Leverage Gain 0.0119 0.0169 0.0381 NI Margin 0.0994 0.1128 0.0853 ROE ( ROA + Spread * NFL) 0.1811 0.1674 0.1818 The Dupont approach can be decomposed into items as ROA, AT and net profit marginï ¼Å'which exists downward in 2011 compared with 2009. However, Billabong makes the new borrowings in its balance sheet and increases its financial leverage in 2011. Moreover, ROE is affected by ROA and financial leverage gain. As financial leverage increases and financial leverage gain increase, then ROE is back up to 0.1818 (almost similar to 2009) in 2011. Moreover, the enhancement in AT and leverage ratio also strengthened the ROE. The greater AT can increase company’s revenue. The higher leverage ratio reflected the lower capital cost. Consequently, high ROE of the company is represented the strong profitability in the same industry comparison, and company can increase ROE through changing the leverage by borrowing. 3.2 Operating Management Analysis Exhibits 2 Profitability (Billabong) 2009 2010 2011 Pre-Tax Income Margin 13.25% 15.23% 9.11% NI Margin 9.94% 11.28% 8.53% EBIT Margin 15.23% 16.39% 10.58% EBITDA Margin 17.51% 18.78% 13.06% NOPAT Margin 11.41% 12.11% 9.89% From exhibit 2, these margin ratios has increased from 2009 to 2010, and declined between 2010 and 2011. Pre-tax income margin is unstable; especially dramatically decrease from 15.23% to 9.11% in 2010 and 2011 due to revenue decreasing and expenses increasing. NI margin has been low, it had been increase from 9.94% to 11.28% between 2009 and 2010, but it again fell to 8.53% in 2011. Billabong should reduce its operating and interest expenses to increase the margin of net income, EBIT and EBITDA. NOPAT margin clearly shows the operating performance of Billabong is unstable. Therefore, Billabong should reduce expenses to increase revenue. Exhibits 3 Profitability (Quiksilver) 2009 2010 2011 Pre-Tax Income Margin -0.33% 0.65% -1.82% NI Margin -3.70% -0.44% -0.91% EBIT Margin -0.33% 7.03% 2.13% EBITDA Margin 2.45% 9.78% 4.79% NOPAT Margin -9.70% -0.34% -0.92% From comparison, Quiksilver has lower performance than Billabong just simply from profitability analysis. Because pre-tax income margin, NI margin and NOPAT margin have shown negative value from 2009 to 2011, only EBIT margin and EBITD margin are displayed positive value for these three periods. That indicates Quiksilver has higher expenses on interest, tax, depreciation and amortization than revenues. Exhibits 4 From exhibits 4, Billabong has higher ROA and ROE than Quiksilver for the last three years. It must be pointed out that ROA of Quiksilver has decreased to -65.33% in 2009. Higher sales and expenses of the company can lead to lower ROE and ROA. In terms of ROA and ROE which might attributed to  lower net profit margin. Moreover, compared to Quiksilver, Billabong has a relatively stable ROE and ROA from 2009 to 2011. Overall, Billabong has better performance than Quiksilver from probability ratio analysis. 3.3 Investment Management Analysis 3.3.1 Working Capital Management a. Inventory Turnover Exhibits 5 Billabong’s inventory ratio decreased from 3.08 in 2009 to 2.23 in 2011, it’s indicates that the ability of Billabong sale its inventories are decreasing. In contrast, Quicksilver also has decreased ratio but with higher overall level than Billabong. It implies that Quiksilver may face a problem of getting sufficient inventory to meet sales demand. Exhibits 6 b. Receivable Turnover Ratio Exhibits 6 indicates that Billabong operate on a credit basis. As Billabong increase receivables with store benefit card, with low account receivable turnover ratio. This low ratio implies that Billabong might need to re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the firm. c. Payable turnover ratio Payable ratio decreased from 2.32 in 2009 to 1.77 in 2011. It’s indicates that Billabong is taking longer time to pay its suppliers than before. d. Operating Working capital turnover ratio Exhibits 7 The working capital ratio of Billabong keeps increase from 5.17 in 2009 to 6.00 in 2011 (5.59 on average). It’s indicates that the effectiveness of Billabong using working capital to obtain revenue increase. However, the average ratio of Quiksilver (3.84) is quite lower. 3.3.2 Long-Term Asset Management Exhibits 8 The net long-term AT ratio of Billabong decreased from 1.63 in 2009 to 1.25 in 2011. It implies that there is a decline trend of Billabong’s long-term asset utilization. Compared with Billabong, Quiksilver have quite stable net long-term asset turnover (2.30,2.21,2.37 respectively), which indicate that Quiksilver could utilizing its resources to increase its production more efficiently. b. PP&E Turnover Exhibits 9 From exhibits 9, there is a significant increase of Billabong’s PP&E turnover ratio from 4.60 in 2009 to 6.41 in 2010. It implies that BBG use its PP&E efficiently during that period, however it following a critical decrease from 6.41 to 4.34 in 2011. As the sales increased by $13299 from 2009 to 2011, too much investment in plant and equipment may be the reason of decreased PP&E turnover ratio. We can conclude that Billabong has been utilizing its fixed asset from 2009 to 2010 better than from 2010 to 2011. 3.4Financial Management Analysis 3.4.1Short-Term Liquidity Exhibits 10 Billabong 2009 2010 2011 Average Quiksilver Current Ratio 2.76 2.10 1.85 2.24 2.06 Quick Ratio 1.99 1.44 1.04 1.49 1.33 Cash Ratio 0.91 0.51 0.30 0.57 0.46 Overall, exhibits 10 illustrate the liquidity ratios of Billabong did not change much from 2009 to 2011 and Billabong had a good control in liquidity. From the analysis of the past three years, it’s indicated that the consistently falling of Billabong’s current ratio is due to a higher level of liabilities relative to assets. Current ratio produces a value that’s large than one means the current assets are greater than the current liabilities. Quick ratio also produces a value that’s large than one implies that Billabong has very less â€Å"dependency† on inventory or other â€Å"less† current assets to liquidate short-term debt. 3.4.2Debt and Long-Term Solvency a. Debt Ratios Exhibits 11 The value of Billabong’s D/E decreased from 0.49 in 2009 to 0.36 in 2010 and  then increase to 0.53 in 2011. The reason for this change is that debt structure and policies of Billabong was changed during the three years. Similarly, as total debts change from 2009 to 2011, L/E and Net debt to equity had the same trend to D/E. a. Coverage Ratios Billabong 2009 2010 2011 Average Quiksilver Financial leverage ratio 0.49 0.36 0.53 0.46 0.45 Interest Coverage ratio -2.34 -5.33 -4.41 -4.03 -4.59 Exhibits 12 Both firm have similar financial leverage ratio which means that each $1 of equity supports for $0.45 or $0.46 of total assets. The interest expense of the firm ($50840, $38367 and $50072 respectively) shows that Billabong had no good control on debts structure. Both firm’s interest coverage ratio is negative indicates that they may face huge stress on debt expense which may result a high financial risk and weak solvency. Exhibits 13 Billabong 2009 2010 2011 Average D/E 0.49 0.36 0.53 0.46 Retention Rate (b=1-D/E) 0.51 0.64 0.47 0.54 ROE 0.18 0.17 0.18 0.18 Sustainable Growth Rate (g=bxROE) 0.09 0.11 0.09 0.10 Exhibit 13 shows the changes in dividend payout ratio, retention rate and ROE from 2009 to 2011, which are used to generate the sustainable growth rate. On average, dividend payout ratio is 46%, retention rate is 54% and ROE is 18%. Thus, the growth rate is 8%. 3.5 Cash Flow Analysis Exhibits 14 $’000 2009 2010 2011 Net cash (outflow)/inflow from operating activities 175,685 187,247 24,336 Net cash (outflow)/inflow from investing actives -215,243 -105,764 -266,935 Net cash (outflow)/inflow from financing activities 249,873 -192,102 200,951 Net (decrease)/increase in cash and cash equivalents 210,315 -110,619 -41,648 The CF from operating activities has increased from $175.685m to $187.247m, and then followed a rapidly decrease to $24.336m in 2011. Large payments to suppliers and employees are the main reason drive CF from operating activities down and further decrease net cash (outflow)/inflow from operating activities. The CF from investing activity had outflows from 2009 to 2011. As the Company has largely used its cash for purchase new subsidiary and this led to a net cash outflow in 2011. 4. Forecasts and valuation 4.1 Assumptions and forecast Billabong may be more profitable in the future after the reorganization as it will close underperforming stores based on the recent announcement. This would decrease expenses and increase EBITDA and may further lead to a higher profit in next decade. Therefore, sales growth may appear downward sloping at first few years and then increase again. However, stable turnover ratio with approved new strategies may enhance the development of the company although the sales growth changes more than AT during the last few years. In addition, from the financial analysis, there will be a downward trend in ROA  but a rise in the financial leverage. As the result, it can be forecasted that the company’s ROE may not vary obviously during next few years, which offset by the sum of ROA and financial leverage gain/loss. Therefore, some assumptions may be undertaken to forecast the performance of the company in the next decade and to estimate the PV of the company by using the abnormal earning valuation model. As the sales growth has a downward trend, the assumption for growth rate is 8.64% (average of last three years) in 2012 and it will keep constant in the future. It is forecasted to be 9% during next 10 years as possible potential profit growth may appear after downward sales. For the NOPAT to sales ratio, it is assumed to 7.89% in 2012 due to an evident declined historical pattern. Moreover beginning net operating working capital to sales ratio might have a decreasing trend in the future based on the historical data. Thus, it is assumed to be 13.69% on average with puny decline than last year and it is believe that the change of working capital of the company is slight. As we use average method in this assumption, the beginning net operating long-term asset to sales ratio was 6.92% that also be considered as long-term rate as the change of the rate was insignificant. Ratios that we assumed based on historical (Appendix B table (1)). Overall, as the forecast under the assumptions, Billabong will have higher ROE and better performance than previous. The company may have insufficient operating assets to generate operating profit with relatively lower ROA. From this, the company may borrow funds or finance equity to keep operating and pay dividends. 4.2 Cost of capital Cost of capital is a critical method of evaluating company’s asset, and it is using equation WACC=Vd/(Vd+Ve)*rd (1-T)+Ve/(Vd+Ve)*re, the cost of equity (re) is estimated by CAPM with a constant capital structure. Thus, it is assumed that the company has not change the capital structure. re is estimated to 16.13% in terms of the equity beta (1.49), market premium (7%) and risk-free rate (5.7%) from market. The cost of debt is 6% according to  historical YTM for the publicly traded bond. Therefore, WACC is calculated by: Exhibit 15 Debt 448,422 ($000) Equity 1,109,155 ($000) Value of firm 1,557,557 ($000) Cost of debt 6% Cost of equity 16.13% Tax rate 28% WACC 12.73% 4.3 Valuation The Discount Abnormal Earnings Valuation Model is a measure of determining the value of the company by abnormal earnings and discount rate. The abnormal earning is the difference between net income and change in equity. Through forecasting the sales growth and NOPAT/sales ratio to forecast net income; and working capital to sale ratio and long-term asset to sales ratio to calculate the change in equity. PV of equity is $436,567,619, which is discount by the abnormal earning each year and the number of share outstanding is 253,321,020. For that reason, the share price is estimated to be $1.72. A reduction in the abnormal earning during the assumption periods may result in lower share value compared with currently. (Appendix B table (2)). 4.4 Sensitivity analysis The sensitivity of the share price to changes was calculated in multi-factors, such as growth rate and beta. This analysis is performed to check how susceptible the company is to the changes in key factors in the future. Firstly, the share price shows a negative relationship with the growth rate when the growth rate changes to 10%. There will be 13% dropped on the share price if the growth rate increases by 11%. Secondly, the share price is increasing if there is a decrease on the beta of the company. If the beta changes from 1.49 to 1.2, the share price will increase to $2.34, which closes to the company’s current share price. Therefore, the share price is inversely affected by the change of beta. 5. Conclusion Above analysis would help a great deal in valuation of Billabong based on its current market situation. From time series analysis, Billabong had a good control in liquidity but it need to re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for themselves, increase account payable turnover as it take longer time to pay its suppliers than before and increase interest coverage ratio to lower their financial risk and strong their solvency. Even though, the working capital ratio increase from 2009 to 2011, but very high working capital turnover ratio does not show good position of company because its shows company is operating with high short-term debt obligations. From cross sectional analysis, compared with Quiksilver, Billabong needs to improve ability of inventory management, asset utilization and debt control. From prospective analysis, revenue of Billabong increased, but expenses also increases at the same trend, the performance of Billabong is still unsatisfied. From valuation, Billabong’s share value still decreases with sales decrease. Therefore, we highly recommend that investors should hold their shares or do not buy it if Billabong continuously running business as its historical model. Reference: 1. Billabong Investors Home. http://www.billabongbiz.com (Accessed 5 April 2012) 2. Hoover’s company profiles: Billabong International Limited http://www.answers.com/topic/billabong-international-ltd (Accessed 3 May 2012) 3. Hoover’s company profiles: Quiksilver, Inc. http://www.answers.com/topic/quiksilver-inc (Accessed 3 May 2012) 4. Palepu, K. G., P. M. Healy, V. Bernard, S. Wright, M. Bradbury, P. Lee. (2010) Business Analysis and Valuation Using Financial Statements: Text and Cases. Asia Pacific Edition, Cengage Learning. 5. Quiksilver Investors Home. http://www.quiksilverinc.com (Accessed 13 April 2012) 6. Calif, A.V. (2011), ‘SIMA Retail Study Confirms Significant Changes-Surf Industry’s Footwear, Westuits and Board Categories Lead Growth in 2010.’ http://www.sima.com/news-information/news-detail/id/108.aspx (7 August 2011, accessed 8 May 2012) 7. Calif, A.V. (2009), ‘Surf Industry Riding Out the Economic Storm – Findings of SIMA’s Retail Research Show Resiliency of the Surf/Skate Industry.’ http://www.sima.com/news-information/news-detail/id/68.aspx (7 Sep 2009, accessed 8 May 2012) 8. Wikinvest. http://www.wikinvest.com (Accessed 13 April 2012) Appendix: Appendix A —Accounting Analysis Table 1 Worksheet: adjustments to BBG balance sheet and income statement ($’000) Asset = Liability + ShareCap’ + RetEarning + Rev + Exp +Div 2009 Provision1 -6,964 -6,964 Deferred tax2 1,797 1,797 2010 Provision -12,306 -12,306 Deferred tax 3,507 3,507 2011 Provision -14,169 -14,169 Deferred tax 989 989 Table 2 Worksheet: adjustments to BBG balance sheet and income statement for year 2009 ($’000) Current Assets Non- Current Tangible Assets Deferred Tax Assets = Current Debt Non- Current Liabilities Income Equity Retained Earnings 13 153,484 153,484 24 -29,162 -29,162 2 -8224 -8,224 35 45,276 46 -32,997 -12,279 4 102,373 102,373 57 -24,159 -24,159 68 -2,280 -2,280 79 57,824 -57,824 Total – 202,536 -10,504 = 57,824 165,036 6,558 -37,386 Table 3: adjustments to BBG balance sheet and income statement for year 2010 ($’000) Current Assets Non-Current Tangible Assets Deferred Tax Assets = Current Debt Non-Current Liabilities Income Equity Retained Earnings 1 62,450 1 -49,247 -13,203 2 99,709 99,709 3 -38,069 -38,069 4 -894 -894 5 58,201 -58,201 Total 61,640 -894 58,201 -7,739 10,284 Table 4: adjustments to BBG balance sheet and income statement for year 2011 ($’000) Current Assets Non-Current Tangible Assets Deferred Tax Assets = Current Debt Non-Current Liabilities Income Equity Retained Earnings 1 62,857 1 -50,273 -12,584 2 241,476 241,476 3 -37,563 -37,563 4 -1,017 -1,017 5 94,662 -94,662 Total 203,913 -1,017 94,662 96,541 11,693 Table 5: adjustments to BBG balance sheet and income statement ($’000) Asset = Liability + ShareCap’ + RetEarning + Rev + Exp +Div 2009 Goodwill10 -16,652 -16,652 Deferred tax11 4,296 4,296 2010 Goodwill -30,967 -30,967 Deferred tax 8,826 8,826 2011 Goodwill -36,161 -36,161 Deferred tax 2,524 2,524 Appendix B Table (1) assumption of the ratio

Tuesday, July 30, 2019

International Political Economy Essay

International monetary fund (IMF) is an international organization composed currently with around 184 member countries representing almost all the nations in the world with an exception of a few. After the failure of Breton woods it came as a substitute of a regulatory monetary authority. The organization oversees the global financial system by implementing macroeconomics policy and financial policies aimed at stabilizing the economy’s the member nations. The organization was formed with an objective of stabilizing international monetary rates and enhancing economic development among the member states. Similarly International Monetary Fund offers leveraged loans to developing countries to stimulate their economic growth and development. At an extent IMF helps in promoting expansion, and balanced growth of international trade through co-operation with other bodies like World Trade Organization and World Bank. The organization also helps in developing a multilateral system for payment of current transactions. Despite the positive attributes from the organization it has come under severe attack from many experts and organization because of some of their inefficiency of their policies and their ineffectiveness to the targeted programs. Some of the policies used by the organization in trying to address the economic imbalances in developing nations have been ineffective as they have caused adverse effects to the member countries especially third world countries. In certain extent the organization has been used as a tool by the developed nations to propagate political interests of their â€Å"masters† through giving out conditional loans to poor nations and proposing for poor policy changes. The paper analyzes the roles of IMF and its policies and the effectiveness of those policies. Although other policies have used by the organization had positive results others technically contributed to economic underdevelopment in most poor nations. Roles of International Monetary Fund International monetary fund plays various significant roles in the global economy; – International monetary fund was established to help member countries improve their economies by providing guidance and monitoring economic development in those nations. IMF is also engaged in ensuring there are sound financial policies formulated and implemented by the member states. Through extensive research and analysis the organization comes along with proposition which help in developing effective financial policies in tandem with country’s existing policies. Sound financial policies proposed by the organization are meant to strengthen the financial system of the global markets and member countries. â€Å"An effective financial system promotes economic growth and reduction of poverty by mobilizing savings and allocating them to productive uses† (World Bank, 2004, p. 72). – International monetary fund provides three types of surveillance to member countries. That is bilateral surveillance, regional surveillance, and multilateral surveillance. Bilateral surveillance mostly involves discussions between international monetary fund, and the member country (Axel 2006, p 769-788). To begin the discussions in bilateral surveillance, IMF technocrats usually visit the member nation to collect information, and hold discussions with government officials in that country so as to gather enough information about the area. Apart from government officials, IMF experts also hold discussions with other members in the country such as labor unions and officials from the private sector and civil society. This is to gain more knowledge on the economic status of the country, and assess opportunities and potential threats. After the mission, the IMF staff holds meeting with the authorities to inform them on the findings obtained, risks and outlook. Bilateral surveillance helps identify risks to financial stability and international monetary fund in the member country. IMF uses bilateral surveillance to provide advice to member countries on the need to adjust certain policies. Bilateral surveillance helps IMF complement multilateral surveillance. Multilateral surveillance is important as it helps IMF strengthening its surveillance efforts. It helps IMF detect systemic risks and increase awareness of the risks in member countries. It also helps identify interdependencies in the international economy. Multilateral surveillance helps IMF identify developments in the global economy. It also helps the organization evaluate financial markets, and the outlook. Moreover, multilateral surveillance helps IMF identify changes to policy, and also effects caused by policies on member countries. IMF is working hard to enhance global discussions of economic connections among countries. This is to improve international trade among the countries (Axel 2006, p 769-788). IMF provides regional surveillance to member countries. Regional surveillance helps IMF monitor regional developments, and policies used by supra national authorities. Regional surveillance helps complement bilateral surveillance as it provides information from more than one country. Regional surveillance is important for members of currency unions. This is because policies in important areas of IMF are determined at regional level. In regional monitoring, discussions with country officials are carried out, and the report is represented separately. Formal procedures are used to conduct surveillance and evaluation over the monetary, and exchange rate policies of European nations. International monetary fund has strengthened its policies on monitoring measures so as to help eliminate concerns like vulnerability to balance of payment. These measures help in eliminating external sustainability and currency crisis in many countries and these are some of concerns that have affected many countries. IMF has developed several initiatives to help improve the effectiveness of bilateral trade. For example, the organization has established external vulnerability assessment. It has also developed initiatives to strengthen surveillance in the financial sector. The initiatives used to provide surveillance in the financial sector include a financial sector assessment program, and prevention of wastage of money. Other measures include prevention of terrorism financing, and assessment of offshore financial centre. IMF has also adopted other initiatives to help in improving its efforts. The organization has improved data provision to IMF, and also analyzing surveillance systems in member countries (Axel 2006, p 769-788). IMF helps in ensuring monetary policy in member countries are utilized effectively so as to prevent inflation (Axel 2006, p 769-788). International Monetary fund intervenes in trying to stabilize the exchange rate among member states. After the collapse of the Breton woods the main aim was to regulate the exchange rate of nations in order to avoid financial and economic imbalances IMF in this instance developed policies meant to help stabilize the exchange rate between countries. Mostly the organization favors a floating exchange rate and constant evaluates monitors and give recommendation on the appropriate exchange rate policies. At the same time IMF tries to develop monetary and exchange rate policy proposals in line with the individual countries policies. Exchange rate is critical in determination of a country’s monetary and trade policies. Monetary policy is used by monetary authorities to determine and regulate the circulation of money in the economy thus directly influencing the financial and economic measures to be taken. Determination of interest rates comes from the monetary policies decision taken. Adjustment of the interest rates either by lowering or increasing influence the pattern of the economic growth. Lower interest rates tend to stimulate economic growth and development. In this case monetary policy helps in enhancing economic growth, and stability in a country. IMF gives advices to countries on how to use monetary policy appropriately. Monetary policy is also used to prevent inflation in a country by raising interest rates. Monetary policy is important to member countries as it helps in improving economic status of the countries, and also enhancing development in the country. Countries with pegged exchange rates tend to unfairly compete with others in trade. Another role of International Monetary Fund is provision of loans to member countries. The organization provides loans to member countries experiencing balance of payment problems and economic difficulties. The loans provided by IMF are important to member countries as they help countries improve their international reserves, and pay for import (Axel 2006, p 769-788). The fund also helps countries stabilize currencies, and improve economic situations in the country so as to enhance economic growth in the country by adjusting policies to correct underlying problems. Funds provided by IMF help member countries improve national policies in the countries so as to eliminate problems. This is through restructuring of existing policies or creating new policies. IMF does not provide loans for specific projects in member countries. Member countries are encouraged to borrow from IMF if they have no enough funds to finance projects so as to meet their international payments. That is if the country cannot find enough financing to meet its net international payments and maintaining international buffer. IMF provides loans to member countries having financial problems so as to correct policies in the country, and carry out reforms. Countries are encouraged to use funds from IMF to adjust economic policies in the country so as to overcome economic crisis. This is important as it helps countries correct their financial balance, and improve conditions in the country. The funds enable countries to continue paying for imports, improve their international reserves and stabilize currencies. A member country has to follow the right lending process provided by IMF so as to get loans. IMF loans are provided under an agreement between the country, and IMF. The country provides enough reasons as to why it needs the money, and then economic program is established after the agreement. The program is established by country and IMF and presented to the right people. After the arrangement is approved then, IMF releases the funds in installments as the country continues to implement the program (Axel 2006, p 769-788). International monetary fund has established facilities that are customized to address specific situations of its member countries. Developing countries use different facilities from developed countries to access IMF loans. Low income countries use extended credit facility, and other facilities to borrow loans from IMF. These facilities allow countries to borrow on concession terms. Countries can access non- concessional loans via stand by arrangements, and other facilities that offer such loans. The organization provides emergency assistance to member countries to help them recover from natural disasters and conflicts (Axel 2006, p 769-788). Effectiveness of IMF Policies IMF uses various policies to help member countries improve their situations in the country, enhance economic growth, and financial stability. The policies include structural adjustment policies, financial crisis policies, and poverty reduction policies. Most people have criticized IMF policies for their ineffectiveness. This is because the policies implemented by International monetary organization have worsened economic conditions in member countries rather than improving the prevailing situations. The main role of IMF is to improve economic and financial stability in member countries using the policies named above. So far the IMF policies have not helped eliminate economic crisis in many countries and instead it has been contrary to expectations. The policies have affected developing countries more than developed countries as these countries depend on funds and advice from IMF to improve their economic status. (Robert and Jong-Wha 2002, p 1245-1269). Structural adjustment Policy is a shift of policies implemented by member nation’s mostly poor nations towards those guided and advised by IMF for purposes of qualifying to get financial and economic assistance. Structural adjustment policies have been criticized by scholars and experts as they have been seen as instruments of accelerating poverty and underdevelopment. Political shifts and governance reforms are always expected from the member nations expecting to benefit from the IMF. Most often the policies are in line with the system of governance of the developed nations (custodians of the IMF) which are deemed to be effective and efficient. Free trade and market liberalization is always encouraged by the IMF. Structural policies force countries to slash government spending and encourage privatization which also open up countries to exploitation by foreign investors. Structural adjustment policies have increased the level of poverty in many countries by causing many workers to loose jobs and reduction in income for workers due to free markets as most enterprises are sold to foreign investors who implement â€Å"effective† measures. The policies have given debt payment and economic development priority compared to education and health services. IMF has encouraged developing countries to lower living conditions of their citizens. This has affected provision of services in developing countries much. The policies have lead to shortage of the work force in developing countries as most companies, and health centers cannot afford to hire enough personnel (Ngaire 2002, p 83-100). IMF lending policies are condemned because of the conditionality associated with the policy. IMF forces member countries to adjust economic policies so as to overcome problems that led the countries to borrow funds from IMF. The international monetary lending policies are used to provide loans to member countries. The funds help member countries improve their economic status. International monetary lending policies do not serve member countries well. The policies are not flexible, and countries do not get enough money. The conditionality help IMF know if the country is able to repay the loan given. Developing countries do not get enough loans to finance projects in the country. Shortage of funds in developing countries hinders economic growth and increases poverty. The policy force developing countries cut their spending so as to have enough funds for development projects. The policies are not flexible enough to help developing countries get enough funds. In addition, the funds provided by international monetary fund are not enough to help countries eliminate problems. This prevents control of disasters and crisis in the country (Bird and Rowlands 2002, p 173-186). Conclusion The roles of IMF are very significant and critical in ensuring the stability and economic development of not only the member nations but the entire world in general. However Economic policies implemented by International monetary are not effective as they cause stifle economic growth. The economic policies are made to help developing countries improve economic growth, but they encourage economic stagnation. This is because developing countries cut spending in other sectors to get enough funds. Member countries have to cut spending on health sector, the education sector so as to get funds to adjust economic policies in the country. IMF encourages member countries to follow conditions established be fore accessing loans. The member countries are required to adjust policies in the country to overcome problems that have caused economic crisis in the country. This forces countries to concentrate on adjusting economic policies, but not development projects in those countries. This affects provision of crucial services in health care sectors and education. They also lead to lack of employment in developing countries. This leads to poor economic growth in developing countries (Axel 2004, p 445-464).

Monday, July 29, 2019

Business Strategy Able Corporation Essay Example | Topics and Well Written Essays - 1500 words

Business Strategy Able Corporation - Essay Example Able Corporation provides user friendly 'portable electric power tools' for individuals and professionals for their plumbing, electricity and other furniture fitting requirements. We strive to make life easier for carpenters, electricians, wood-workers and plumbers by providing them with user-friendly tools. Company's value proposition must include its long association with customers in the field of power tools, its ability to take lead and come out with innovative ideas, its ability to retain a good market share despite increasing cost of production owing to some internal problems and of course its urge to grab more market space in near future. Walden International believes in short-term quarterly financial considerations, which will help Able Corp in taking short-term reviews of its operations and corrective actions can be taken accordingly. Planning forms an integral part of management. Fleischner (2007) states that, marketing plan is a way of developing a marketing program and achieving something within the available resources and time limits. Such a plan basically involves, setting objectives and selecting strategies accordingly. Able Corporation has the potential of being an industry leader, provided the company identifies some of

Sunday, July 28, 2019

Scope for exploiting Big Data and Big Data Analytics in the local Essay - 1

Scope for exploiting Big Data and Big Data Analytics in the local transport industry - Essay Example The data being accumulated comes from a wide range of sources. However, the data growth is driven by two main sources working together with decreasing storage costs. The first source for data is the â€Å"internet of things†. A number of sensors collate information on our activities and environment on a daily basis. These connected devices contribute substantially to the amount of information accumulated daily and they are projected to rise from about 4.5 billion devices in 2010 to over 50 billion in 2020 (Dumbill, 2012). The second greatest source of data is the social web of networks where information about human activities is shared on a daily basis. This includes data about human preferences, interests, and locations. On addition to the two major sources of data highlighted above, there are a number of other private sources including hospital records, phone communications, financial transactions, information captured on CCTV and many others. The McKinsey Global Institute has termed big data as the next frontier for competition, innovation, and global productivity (Mayinka, 2011). The analysis of masses of unstructured and semi-structured data which some time ago would have been considered prohibitive in terms of time and money is now considered the next step towards business advantage. One of the reasons why this data has turned out to be very important is that great insight can be gained from the data by monitoring the patterns of human interaction. One of the areas in which big data displays great potential is the transportation industry. This is an industry which increasingly showing great requirement for an industrial big data platform. With increasing urbanization and expansion of many cities across the world, traffic management and related challenges are getting bigger by the day. In some of the largest and more congested cities in the world, a lot of hours are lost daily on traffic and most people incur economic losses and social stress due to

Saturday, July 27, 2019

Critically examine the role of international credit in contemporary Essay - 2

Critically examine the role of international credit in contemporary economies - Essay Example One of the major developments after the Second World War period was the internationalization or liberalization of the financial markets with United States of America on the front. The multinational corporations of USA spread their financial dealings and operation to different bases across nations. Simultaneously a large amount of funds were allocated for purchase of treasury bills of USA. The banks of USA have also spread their operations worldwide during the seventies. International operations contributed to around 20 percent of the total income of the American banks. International credit provides certain distinct benefits to the people of the borrowing nation. These funds obtained through international credit help in financing the projects of local firms and the government. International financial system offers different opportunities of diversification to an investor, which might not be locally available. However, when an economy joins the global financial markets, certain economi c variables may be restricted as well as the effectiveness of certain basic economic and national policies. For instance the capital mobility across the world has automatically restricted the movements of domestic interest rates and also the control of money supply becomes so difficult under fixed exchange rates. Before economic transactions occur between the residents of different nations, certain arrangements are require making payments effective as well as bringing about the exchange or transaction successfully. The arrangements required need to address the political regimes, legal systems and the customary process of doing business in various countries. The basic of the international monetary system centers on the barter system prevalent in history. To make the exchange procedures convenient and easy to handle, a rage of monetary arrangements came into operation.

Commentary on Accounting Ratios Research Paper Example | Topics and Well Written Essays - 1000 words

Commentary on Accounting Ratios - Research Paper Example This means newer businesses will generally have lower ROCE as compared to older businesses due to the depreciated amount of its assets. Additionally, the number of years that both Dairy Crest and its close competitor have been in business is unclear. The revenue of Dairy Crest is up by almost 20% in 2008, resulting in Operating Profit Margin of 6%. This result is on par with its competitor. However, the improvement may have been attributed by the twofold increase in Dairy Crest's other income, of which the breakdown has not been disclosed. Given the equal result, it can be said that the competitor may be new in the market since its ROCE is way lower than that of Dairy Crest. In fact, the company's Gross Margin Profit is down from 4.6% in 2007 to only 3.9% in 2008, whereas its competitor's is 25.7%. Looking at Dairy Crest's consolidated income statement, its operating cost is up by almost 21% while its revenue increased only by about 20%. Also, there may be some differences in the pricing strategy adopted by the two companies, which explains the big gap in the margin. The company's Asset Turnover Ratio is slightly better at 1.8 times in 2008, while its competitor is at 1.9 times. The higher revenue in 2008 means Dairy Crest is utilising its assets more. Assuming its competitor is new in the business, this result shows Dairy Crest is not performing as well as its competitor. It appears that Dairy Crest has better control of its stocks with a drop in its Stock Turnover of 38.6 days in 2008 against 43.1 days in 2007. As food stocks are perishable items, it is advisable not to hold them for too long. Dairy Crest's move to bring its stock holding period down by 10% is wise. While its competitor holds stocks 46 days in 2008, it is unclear if this is due to uncertainty in suppliers, as the high levels seem unnecessary based on industry. The Current Ratio of Dairy Crest in 2008 is 1.4, an improvement from 1.0 in 2007. This shows the company's financial position is healthier. However, its competitor's Current Ratio of 0.8 in 2008 seems risky, as

Friday, July 26, 2019

The Novels Essay Example | Topics and Well Written Essays - 500 words

The Novels - Essay Example But The Underdogs was the one & only exception. The reader experiences Azuela’s heartbeat & his emotional pathos while reading this mind boggling work of fiction. The novel is highly pragmatic as it depicts the misery of a war ravaged Mexico, while concentrating on the pivotal character of ‘Demetrio Macias’. Azuela attempts to scrutinize the traits of the revolution as a magnamous social event & an unstoppable force which is so strong that it drags all the folks around it within its gravitational order-defining the actions of each of the characters. The novel as per its subtitle represents a chronology of ‘pictures of the revolution’ that displays its force & human qualities, as they shattered the age old static character of the Mexican social infrastructure. The dynamism & the influential idiosyncrasies of the lead character Demetrio motivated large numbers of dreamy individuals who pondered over the idea of an egalitarian social structure post revol ution (Azuela, 15-25). But unfortunately, all the dreams were not destined to become true. The aftermath of Mexican revolution was equally sordid. Gross disruptions, anarchy, & statelessness became the order of the day. Several novels were framed on the morbid atmosphere of the post revolutionary era, which contradicted the very ‘idealistic approach’ of Azuela. Nevertheless, Underdogs can be estimated as a burning memento of the revolutionary history of Mexico (Azuela, 18-29). It can be easily concluded that Azuela was statistically the first Mexican novelist who grasped the ‘reality of the revolution’. The distinguishing characteristic of Underdogs is that reality & fiction comes together as an inseparable force to cast away the reader. The naturalistic fatalism in this novel remains as an intoxicating quotient. The protagonist Demetrio Macias is coerced into the revolution as a means of defending his own existence. He ends his life story where it began,

Thursday, July 25, 2019

Eleanor Roosevelt Essay Example | Topics and Well Written Essays - 5000 words

Eleanor Roosevelt - Essay Example She was a strong advocate for civil rights before it was a popular approach and struggled to improve the conditions of working women. On an international scale, she helped to form Freedom House, an organization dedicated to research and study of democracy around the world. She was also an early supporter of the United Nations, including forming a national association in America to help support the effort. As a result of her efforts, Roosevelt was appointed as a delegate to the UN General Assembly from 1945 to 1952 by then President Harry S. Truman, a position that was confirmed by the US Senate. As a delegate, she introduced and won approval for the Universal Declaration of Human Rights. In her later years, Roosevelt helped start the second-wave feminism as chairman of President Kennedy’s Commission on the Status of Women. All of these things contributed to her reputation as one of the most admired women of the 20th century. To gain a full understanding of Eleanor Rooseveltâ⠂¬â„¢s impact on life in America and in the world as we know it today, it is necessary to first understand her biography as a means of understanding her character. This leads to an understanding of how and why she changed the position of First Lady from its traditional conception to have the effects she had on future politics. This will include an examination into some of her more important activities, such as those mentioned above. It may not be evident from a glimpse of her lifetime activities and works, but Anna Eleanor Roosevelt was actually raised in a very traditionally Victorian household in which women were held to a rigid standard of behavior and education. She was born on October 11, 1884 as the oldest child of very wealthy socialite parents. â€Å"Her parents lived in style and comfort on their ample inheritances. They owned a townhouse staffed with servants on a fashionable Manhattan street. Anna had her own horse and

Wednesday, July 24, 2019

The Whole Foods Company Essay Example | Topics and Well Written Essays - 500 words

The Whole Foods Company - Essay Example With regard to the Company's five main classes of property and equipment, the overall balance for 2005 was $1,054, 605. A slight Depreciation and amortization costs totaled $129.8 million for the year. Accumulated accelerated depreciation and other asset impairments came to an estimated $5.9 million, and interest capitalized during the fiscal year was an estimated $3 million. Further, development costs of new stores approximated $207.8 million. In November of 2005 leases were signed for an additional 65 store developments. As to business combinations, the Company acquired assets from "Select Fish" in October 2003, and from "Fresh and Wild" in January 2004. Select Fish is a seafood processing and distribution factory based in Seattle, Washington. Fresh and Wild operates seven natural and organic food outlets in London and Bristol in England. Both stock acquisitions made use of the "purchase method" so that the purchase price was made on tangible and identifiable intangible assets, which was based on their estimated fair values at the date of acquisition. The estimated losses from Katrina justify this partial-disclosure that; informs stakeholders of the losses incurred due to the unexpected event in New Orleans; provides an estimate for insurance costs; lists losses; and highlights strategies to adapt to the change (e.g., costs written off as store expenses).

Tuesday, July 23, 2019

Why Do Cultural Differences Within Urban Chicago High Schools Results Essay

Why Do Cultural Differences Within Urban Chicago High Schools Results In So Many Discipline Problems - Essay Example The study intends to use questionnaires, interview schedules, observation as well as focus- group discussion in gathering relevant data for the study. Culture is people’s way of life. It denotes what a people value and abides to as normal. It is that complex whole of a people’s collective experience in life. It includes religion, political, economical, ethics, social and aesthetic. As the report declares ethnicity is an inheritance where members of a particular group perceive each other as emotionally bounded by a common set of traditional, worldviews, history, and heritage. The issue of ethnic and cultural identity has been a dominant and salient issue of many minority ethnic groups for along time. America institutions of learning have been the battlefield of this identity struggle. The high schools in urban Chicago have experiencing high incidences of racial and ethnicity related indiscipline where the students fail to uphold cultural tolerance towards teachers and other students from different cultural background. This has led to physical attacks, lack of respect and general deterioration of discipline in schools. There is increase in cultural related crimes and misbehaviour among students in urban Chicago. Chicago times reported that a group of white students attacked and racially abused a senior honour student. There have been incidences of violence every day and each time is a student from one race attacking another from a different race. Normally, they hail racial sentiments at each other. This has made many students to fear attending schools since a day cannot pass without a violence incidence in school. This has made school administration to hire security guards and seek police help in keeping law and order in schools in Chicago (Chicago Sun Times, November 8th, 2006). Bona in his article mentions riots, mass protests and violence as some of the poignant index of student indiscipline among college and university students in India. He also identifies incidences where students disrupt examinations, physical attacks on respected professors and administrators as pointers of indiscipline among students. He attempts to explain the causes of students' indiscipline as falling into three major categories namely; psycho-social, economic and political. For him, students in developing nations are most likely to misbehave due to political reasons when institutions raise student expectations too high and fail to deliver. However, for minority groups in a dominant culture, students' misbehaviour may be as a result of economic suppression and psycho-social reasons. A look at the highly respected cultural values of Indian community no one would ever associate students unrest with their cultural

Monday, July 22, 2019

King Hussein bin Talal Essay Example for Free

King Hussein bin Talal Essay Many individuals desire power to create change and leave a mark in history. Though some were successful in achieving this, many were left to do their part and contribute to the betterment of many. One man was able to do this and create his own legacy; an unending desire to develop and create his lasting marks both in the Muslim and Western world. This man, a born leader and dreamer, is King Hussein bin Talal of Jordan. Born in November 14, 1935 from Prince Talal bin Abdullah and Princess Zein al-Sharaf bint Jamil, the young King Hussein possessed the leadership and skill that can surpass his father (King Hussein. gov, 2006). Along with his two siblings, King Hussein lived a happy life full of luxuries and on one day creating a legacy of his own in Jordan. Since the Muslim believed in the traditional transfer of power to the direct descendants of Mohammed, he was being groomed to assume the throne as the forty second generation descendant, when the time comes (American-Israeli Cooperative Enterprise, 2009). At such a young age, then Prince Hussein saw the violence of the world when an assassination attempt took his grandfather’s life (King Abdullah). There was a story wherein Prince Hussein was saved from the assassination because of the medal his grandfather gave him wherein in the future he forever cherished the most (American-Israeli Cooperative Enterprise, 2009). Due to this sudden turn of events, Prince Hussein’s father, King Talal assumed the throne. However his reign was not going to last for long because of an illness. During his father’s reign, Prince Hussein dedicated his life in the study of politics, law and proved to be a scholar in different areas. He devoted his lifetime towards the pursuit of information and new ideas. His mind was very open to changes and dreamed to improve the welfare of his country (King Hussein. gov, 2006). Not long shall he realize that he will assume the throne of his father and become one of the most prominent figures in the Muslim world. King Hussein’s formal accession to the throne came in two years after his father was proven to mentally incapacitated and unable to lead. Seeing this, formal procedures were made to appoint the next successor and deal with the current issues surrounding Jordan during that time. â€Å"A Regency Council was appointed until King Hussein’s formal accession to the throne on May 2, 1953, when he assumed his constitutional powers after reaching the age of eighteen, according to the Islamic calendar† (American-Israeli Cooperative Enterprise, 2009, p. 1). At a young age of 18, the new King Hussein was a vibrant and energetic fellow. However, his reign was immediately put to the test with the recent challenges and hurdles impeding Jordan’s growth. There were issues of poverty and unemployment in the country. He needed to enact changes immediately to help and sustain the growth of the state and improve the welfare of his countrymen. With this, he primarily focused his ideas and interests in creating and developing the economy and its key industries. He looked into what can make the country benefit more and sought to improve and intensify them with the incorporation of technology during that time. He believed that by devoting his time on this, he can have a competitive advantage over other states. Among these vital sectors include (1) phosphate, (2) potash and (3) cement (King Hussein. org, 2006). Also, King Hussein understood that for trade to increase and develop there must be an available path to vital locations and commercial areas. That is why another of his first projects included linking the many cities of Jordan using an effective highway system. This was a good strategy for the Kingdom because it enabled mobilization and easier access for communication, goods and trade. At this rate, he knew that after a while, changes will start to manifest and help develop the country towards its desired objectives. With his interest in implementing change, many developments have been seen even in the first five years of his reign. Overall, he proved to be a mover towards growth and a powerhouse in giving out what needs to be done. It is reported that during 1950, only 10% of Jordanians have access to clean water, however this has gone up to 99% during his reign as king (King Hussein. org, 2006). Though his interests were focused on the development of the economy, King Hussein never neglected the needs of his people. He believed that the Jordanians are a huge asset towards growth and improvement (American-Israeli Cooperative Enterprise, 2009). That is why he also pursued to develop Jordan’s healthcare system and administered cheap but effective treatment to those who need it most. â€Å"UNICEF statistics show that between 1981 and 1991, Jordan achieved the world’s fastest annual rate of decline in infant mortality -from 70 deaths per 1000 births in 1981 to 37 per 1000 in 1991, a fall of over 47%† (American-Israeli Cooperative Enterprise, 2009, p. 1). In foreign policy and international relations, King Hussein has always been considered a pacifist. He never wanted to engage in conflict with other states and sought ways to deepen and enhance relationships especially among Muslim countries. In his 45 years of reign as king, he was one of the promoters of implementing peace in the Middle East. He operated and cooperated with the rules and tenets of international organizations such as the United Nations and used it as a model to denounce conflict and war (King Hussein. org, 2006). This was particularly evident as he was a mediator in many conflicts such as the Madrid Peace Conference, the 1994 Peace Treaty, and the 1990-1991 Gulf Crisis (King Hussein. org, 2006). This is important to point out because he wanted peace and tolerance among states either in political and religious affairs. It is through this belief that he modeled his country to be and advocate liberty, human rights and equality among all citizens. With this move, he next sought to democratize the country by offering his power towards citizens via parliamentary elections. It is in here that he amended the Jordanian constitution and sought to include tenets of liberal democratization and political pluralism during the 90’s (American-Israeli Cooperative Enterprise, 2009). As far as his personal life is concerned, he had a happy family. He is married to Queen Noor on June 15, 1978 and had 12 children from three different wives. During his past time, away from politics and international relations, he focused his attention on sports such as racing, motorcycles and aviation (King Hussein. org, 2006). At the same time, this did not stop him from writing and he was able to publish three books which are â€Å"Uneasy Lies the Head (1962), about his childhood and early years as king, My War With Israel (1969), and Mon Metier de Roi† (American-Israeli Cooperative Enterprise, 2009). However, later in his life, King Hussein has been suffering from different ailments. â€Å"He had surgery for a cancerous kidney in 1992, and had six months of chemotherapy for non-Hodgkins lymphoma at the Mayo Clinic in 1998† (American-Israeli Cooperative Enterprise, 2009). The world was shocked when they found out that he died of cancer. Though he did leave Jordan grieving, he left yet another contribution that forever shall be remembered and cherished. â€Å"King Husseins directive to provide Internet access for every Jordanian school highlights yet another aspect of his enduring legacy† (King Hussein. org, 2006). In the end, King Hussein exemplified what really is to be a leader. His grasp of power was used to move not only his country but the world forward. His contributions enveloped change and made his nation prosper. It is wise therefore that his name Al-Malik Al-Insan (â€Å"The Humane King†) be bequeathed accordingly and be recognized as one of the captivating leaders of modern times. Reference American-Isreali Cooperative Enterprise (2009) King Hussein bin Talal in Jewish Virtual Library. Retrieved March 5, 2009 from, http://www. jewishvirtuallibrary. org/jsource/biography/Hussein. html King Hussein. org (2006) Biography. Retrieved March 5, 2009 from, http://www. kinghussein. gov. jo/biography. html

Leadership Essay Example for Free

Leadership Essay 1.Leadership as a process, is the use of no coercive influence to shape the group’s or organization’s goals, motivate behavior toward the achievement of those goals, and help define group or organizational culture; as a property, the set of characteristics attributed to individuals who are perceived to be leaders. 2.General Mandible is not a leader because he does not motivate the ants to achieve the colony’s goal, unless the goal was for all the ants to drown and die. He leaves all the ants to drown at the end of the movie. Leaders stick with the team all the way and do not try to kill their own team. 3.Zee is a leader because in a crises moment he does not get scared. At the end of the movie when all the ants are about to drown, he motivates all of them to build a ladder to the top, and his plan ends up saving all the ants. He is able to use nonaggressive force to motivate the ants. 4.The quote â€Å"Individualism makes us vulnerable† applies to ants where one ant alone is weak and small and can’t do much, but all the ants together can do anything. Like it takes all the ants to make the ladder at the end of the movie saving them from drowning, it is crucial to their survival that they stick together. This mostly applies everywhere, being in a team is better than being alone. 5.The Power Position is the physical position in the room for a business meeting, which supposedly has the most power. The leader in this position where he can see all entrances to the room and no activity is going on behind him. Three types of position power are: Legitimate Power- Power granted through the organizational hierarchy; it is the power defined by the organization that is to be accorded people occupying particular positions. Reward Power- The power to give or withhold rewards, such as salary increases, bonuses, promotions, praise, recognition, and interesting job assignments. Coercive Power- The power to force compliance by means of psychological, emotional, or physical threat. 6.A scene from the movie that illustrates the use of position power is when General Mandible is discussing about the colony with the Queen and the Queen tell him he can do whatever he likes because she trusts him that he will do everything for the good of the colony. She has legitimate power granted through the hierarchy, but then the General abuses his power and the works start to work hard because they don’t want to deal with the General because he uses Coercive Power. 7.Personal power is the power that comes from within to influence other it has nothing to do with the persons position. Two types of personal power are: Referent Power- The personal power that accrues to someone based on identification, imitation, loyalty or charisma. Expert Power- The person

Sunday, July 21, 2019

Up from Slavery Booker T. Washington, Summary

Up from Slavery Booker T. Washington, Summary The book Up from Slavery, is about a nine-year-old slave named Booker T. Washington who lived on a plantation in Virginia.  Booker T. Washington describes his childhood as a slave as well as the hard work it took to get an education. Booker T. Washington shares details of the changes he went through from a student to teacher.  He also outlines his experience as an educator and how helped with the development and opening of the Tuskegee Institute in Alabama. Booker T. describes the progress of when Tuskegee started having classes small shacks to now having classes in new buildings. The last chapter, describes Booker T. career as a public speaker and civil rights activist. Booker T. mention the Atlanta Cotton States and International Exposition in 1895 which made him well known nationwide. He ends his story with several acknowledgments he had received for his work which includes an honorary degree from Harvard.  In addition to, there were two significant people who made a visit t o Tuskegee, President McKinley and General Samuel C. Armstrong. Booker T. was a nationwide leader for the development of African Americans in the post-Reconstruction South. He pushed for the economic and industrial improvement of Blacks while helping Whites with voting rights and social equality. His mother was the plantation cook where they lived. It did not have glass windows and the doors barely hung on uneven hinges. There were large cracks in the walls that let in cold air in the winter and humidity in the summer. The floor was the stripped to the ground. Booker T. had no reminiscence of playing games or sports. He regretted it because he believed he would have been a more useful man if he had. However, because he was a slave he dedicated his life to work. He cleaned yards, carried water, and took corn to the mill. Moving corn to the mills was the hardest jobs he had ever done. While at work, Booker T. heard two men chatting about a school for African Americans people which would be opening in Virginia. Booker T. learned that not only was the institute famous, but openings were offered to help cover the cost of room and board and the students would be taught a trade. Booker T. felt like this could be a great chance. He was fixed on going to the Hampton Normal and Agricultural Institute in Virginia. Booker T. left the salt mines to get a job at the General Lewis Ruffner, the owner of the mines. He wanted to continue to make money. General Lewis wife was a very strict boss. A lot of young men had quit or had got fired because they didnt meet her values.  Booker T. would walk around all night and beg for a ride until he had reached 82 miles to Hampton. He did not have any money to pay for a place to sleep so he walked around the city of Richmond until he found a place to sleep. Booker T. had saved enough money to reach Hampton. He believed he had a surplus of 50 cents. When he reached Hampton, he was impressed by the beauty of the school building. He believed that his life would have new meaning. He stood before the head teacher hoping to enroll but he didnt make a satisfactory impression on her. His clothes were dirty and his appearance was rough. The teachers at Hampton helped to provided Booker T. with fresh clothing because the institute had strict rules. All students attending had to have clean clothes and shiny shoes. Booker T. was also given an extra set of clothing that was sent in barrels from up North.  Booker T. slept in a bed for the first time that had sheets on them.  He was unaccustomed to sleeping on sheets for the first several nights. After watching the other boys for a while, he picked up on how to make his bed. Booker T. was one of the youngest adolescent boys in the school but that didnt stop his determination. Even as Booker T. att ended school at Hampton Institute, he learned a significant lesson about education that would be with him for a long time. One of the lessons was being clean was a vital part of a persons self-confidence. He also learned that even though if a person had an education, it did not put them directly above blue-collar labor. Booker T. believed education should be well rounded and that a people should learn to enjoy labor. He also learned to be more independent and valuable to others in his surroundings.  In addition to, Booker T. thought that people should not be selfless but lead by example. Booker T. Washington later take all his left lessons to the Tuskegee Institute where he became a principal. In the month of May, 1881, General Armstrong accepted a proposal from a group of philanthropists who recommended that the principal for the new school be an African American in the little town of Alabama which would be called Tuskegee. At the time of the request, people assumed that there would not be an African American man that would qualify for the position. Nevertheless, to the shock of the founders of the Tuskegee Institute, Booker T. Washington was recommended for the position where he would be accepted at the school. Shortly after Booker T. Washington made it to Tuskegee, the founders and Booker T. agreed that the school would open on July 4, 1881, Independence Day. Booker T. thought the goal of the Tuskegee Institute would be the source for people who could work hard, learn a skill, and make a living. He also thought people should learn the meaning of hygiene and religion. Booker T. wanted the graduates to go all over the country and be a model to all they met.  Reading, wr iting and arithmetic was taught. But a greater value was placed on the skills and everyday living. Booker T. hope students would know that working as a laborer was not an embarrassment. As a part of all the students training, they were expected to do all the work at the institute. In 1893, Booker T. Washington married his third wife, Miss Margaret James Murray, who had graduate of Fisk University in Nashville, Tennessee.  Portia his daughter was a dressmaker. She had a passion for music. Portia later was hired as an instructor at Tuskegee. His son Booker T., Jr. learned the brick masons trade. He wanted to become an architect one day.  Ernest, the youngest son wanted to be a doctor. He decided to gain experience in a doctors office. His biggest guilt was he couldnt spend more time with his family. Twenty years later, the Tuskegee Institute has incorporated a lot of land built by the student. All the manufacturing departments demonstrated skills that permitted students to get careers once they graduated at the institute. Washington died in 1915 as one of the most popular black men in the world. Booker T. had dinners with the President of the United States, as well as dining with royal families in Europe. Washington was an intellectual man who tried to do the best for African Americans. He wanted to have an education that would allow them to live ideal lives. A number of black leaders in America today, such as Alan Keys, hope to go back to Washingtons structure of educating the head, hand, and the heart. The Tuskegee Institute has improved since Washingtons time. While the school was built to help African Americans to learn a skill, it now supports students to earn a college degree. Washingtons assessment on integration consisted of living by example. Washington felt if black pe ople could demonstrate white people they could act sophisticated and be an asset to the community, all the races would finally get along. Washington felt like the government could make people like one another by making it legal. Washington believed African Americans had to prove themselves as equals.

Saturday, July 20, 2019

Mass Destruction of Ecosystems to Accommodate the Automobile Essay

Mass Destruction of Ecosystems to Accommodate the Automobile Mitigation, to the dismay of some, has become publicly synonymous with notions of preservation and conservation. Mitigation is neither the ‘preservation’ nor is it the ‘conservation’ of habitat. Mitigation is the creation of new habitat, or the guarding of an existing habitat to "make up" for the destruction of similar habitat somewhere else. It was the infamous environmental buzz word of the nineties, notorious for its criticism and praise by developers. Criticism because mitigation delays and obstructs their progress, and praise by those who take advantage of loopholes within the guidelines. All the while ecologists are accepting the mitigations like ill tasting medicine in the hope that it will work, after all it is at least something. It has gone so far that some, working within the fields of restoration ecology and other areas have misgivings about sharing the knowledge acquired through their efforts in regards to their efficacy in restoring or moving h abitat set to be destroyed. They feel that their successes in mitigation will simply encourage the destruction of more crucial habitat. It is a bittersweet victory , for them mitigation is definitely not conservation. With this clarification of mitigation in mind the development of transportation technologies is faced with a dilemma. A way to transport people, goods and services along the surface of the earth in a manner unobtrusive to the flora ,fauna and natural environment which surround us. If going through, or around the habitat is unacceptable, what about going above or below it ? Tunnels and bridges have been employed as methods of conveyance through areas where building roads was not feasible for many... ...ficult at best to recreate functioning ecosystems that are so complex. When faced with these situations it is important that designers consider all options for the proposed roadway. In that particular case it seems a bridge would function equally as well as a roadway, would require far less mitigation, and would preserve the vital integrity of the habitat at the same time. References http://www.taxpayer.net/ (Taxpayers for Common Sense) http://build.tunnel.org/tunnel/oldSite/index.html (Yes on Measure T, San Mateo tunnel) http://www.pbs.org/wgbh/nova/bridge/resources.html (Nova;Bridges) http://www.pbs.org/wgbh/nova/ (PBS;Nova) http://www.traylor.com/tunnels/ (Traylor) http://www.tcagencies.com/index.html (Transportation Corridor Agency) http://www.epa.gov/OWOW/ (EPA office of water) http://www.uswetlands.com/ (US wetland services)

Friday, July 19, 2019

Essay --

Police Canine Training I’ve always felt that animals are the purest spirits in the world. They don’t fake or hide their feelings, and they are the most loyal creatures on Earth and somehow we humans think we’re smarter. I chose this topic about the canine because, some of these canines risk their life’s to protect dog’s best friend. What is Canine? The canine (K-9) is referred to as a police dog. There are different certain breeds of k-9’s used, for example ,German Shepard’s (protection, attack dog, ground based tracking and air based tracking, locating human remains, locating drugs, locating IEDs, locating evidence), Rottweiler’s , Doberman Pinner’s, Labrador Retriever’s (locating bombs, drugs ) and Belgian Malinois’s (protection, attack dog, locating IEDs, locating evidence, locating drugs, prisoner transport, human tracking) . The k-9 have specialized talents such as search and rescue, cadaver dogs, enforcing public order, detection dogs, and arson dogs says officer olive. The K-9 handler will be tested on with their k-9 abilities to demonstrate their physical ability to control ...

Oil Conspiracy Essay -- Environment Oil Fuel Essays Papers

Oil Conspiracy It is common knowledge these days that major oil companies are among the most wealthy and powerful entities in the world. Their massive incomes contribute enormously to economies all over the world and this gives them massive pull in these economies. It is no wonder then that conspiracy theories and myths of large scale evil plots surround these major oil producers. They range from the ridiculous to quite believable. Every thing from the deletion of alternative energies from ever making it into the market to wars has been blamed on these major oil companies. Some of them are very believable while others seem a stretch of the truth. Are oil companies really behind these vast conspiracies? Have they really been evilly plotting to start wars and destroy the environment? Believe it or not it is rather difficult to find real hard facts on either side of this dilemma. Those that say yes are often radical left wing liberals that blow this out of proportion and blame things like 9/11 on oil companies, claiming that it was an elaborate scheme to start a war in the Middle East to increase oil production. This seems way too farfetched and I personally hope to god that it’s not true. On the other side of the argument against oil companies (the sane one) it is equally as difficult to get information. When you sift through the articles it is apparent that there has been corruption and cases of oil companies using their vast power to influence government legislation and alternative energy uses. Whether or not these represent true cases of conspiracy is not clear. They do however show that oil companies have used less than ethical tactics to ensure high earnings for them selves. Cases like t... .... Rosentreter, Richard. (Sept. 2000) Oil, Profits, and the Question of Alternative Energy. Retrieved Feb. 9 from http://www.findarticles.com/p/articles/mi_m1374/is_5_60/ai_65133031 2. Liese, Lindsey. Disappearance of the Electric car Unveiled in Documentary. West World. Retrieved Feb. 8 from http://www.niles-hs.k12.il.us/westword/issue4,06-07/world5.pdf 3. Stop the Oil Company Greed. Nader.org. Retrieved on Feb. 9 from http://www.nader.org/template.php?/archives/276-Stop-the-Oil-Company-Greed.html http://aboutfacts.net/Conspiracy2.htm 4. Did General Motors destroy the LA mass transit system? The Straight Dope Retrieved Feb 9 from http://www.straightdope.com/classics/a2_335.html 5. General Motors Street car Conspiracy. Wikipedia. Retrieved Feb 8 from http://www.answers.com/topic/general-motors-streetcar-conspiracy

Thursday, July 18, 2019

Learning Team Reflection Essay

With the advancement of technology and the rise in Internet usage amongst individual companies, businesses, and organizations, they are faced with new challenges in protecting their brand, trademark, and image from competitors (Clark, 2007). This has caused many businesses to take action in the protection of intellection property rights or IPR. For the week three assignment, the members of team A choose to discuss the case in which Premier Technologies wins intellectual property lawsuit. This paper would highlight details of the case. Doug Sayer, the owner of Premier Technologies, claimed that two of his former employees stole private information for trade secret infringement and future sabotage. The former men were members of top management at Premier Technologies. Orr and Schutte, the two men, downloaded the organizations insider information to external hard drivers, and shortly after that, left the organization to work for the competitor. According to Legal information Institute, â€Å"Trade Secret is defined as the information, including a formula, pattern, compilation, program, device, method, technique, or process that derives independent economic value or potential, from not being generally known to or readily ascertainable through appropriate means by other persons who might obtain economic value from its disclosure or use.† The issue is that Orr and Schutte had an intentional plan to use the operations of Premier Technologies against them to make the organization fall into the red and sale for a price less than what the business is worth. In Bannock County, Idaho’s Sixth Judicial District in December 2011 ruled in favor of Premier Technologies in the lawsuit Premier Technologies v. Chadd Orr, Jeff Schutte and Petersen, Inc. Doug Sayer, also Premier Technology’s president and chief operating officer, argued that Chadd Orr and Jeff Schutte was conspiring with Peterson. This made Orr and Schutte breach their fiduciary duties that they owed to Premier Technology while they were high level managers at Premier Technologies. The jury unanimously voted in favor of Premier Technologies and agreed that both Orr and Schutte violated the Idaho Trade Secret Act, and that they both had a fiduciary relationship with  Premier. The jury also ruled in favor of Premier, implicating Petersen Inc. had, in fact, conspired with Orr and Schutte in breaching of their fiduciary responsibility to Premier Technologies. The ruling awarded a little over two million dollars to Premier Technologies. A $905,250 judgment was set agains t Schutte, while a $603,500 judgment against Orr was set for breaching their fiduciary duties. Punitive damages were awarded as such $172,000 against Schutte and $120,000 against Orr. The analysis of the case appears to be quite simple in nature. The court’s decision ultimately stems from Orr and Schutte’s fiduciary responsibilities that they owed to Premier during their employment with the company. The copy of protected data was not in itself the infraction, but when that information was subsequently provided to a direct competitor, an illegal activity had taken place and the two men were liable for their actions. The state laws of Idaho clearly protected Premier, and any business entity, from this form of intellectual property theft. It also awards that company money to satisfy the damages that were caused by these actions, and because of the intentional nature of the act, punitive damages were made possible as well. As there are often no formal means to protect the trade secrets that a company might have in their processes, litigation is sometimes the best option and, in this case, it certainly provided Premier with the chance to recoup their losses. As a future employee hiring procedure, it might be pertinent for Sayer to include an employee clause that gives up their right to work for a direct competitor in the future, as some highly competitive organizations do (Idaho State Journal). Through many trials and errors, laws have come to pass to protect each business from employees who wish to harm them. Orr and Schutte not only jeopardized Premier Technology’s operation, but they also jeopardized their integrity. Once they decided to work with a competitor, they stole valuable information from the Plaintiff in order to make the business fail. Their actions turned into a lawsuit that determined they breached their contract with Premier Technologies. Due to this infringement, both parties and competitor were liable for all damages incurred to Premier Technologies. For Premier Technologies to prevent this from happening again, they should  determine if a clause is needed to prevent employees from working with the competitor. Reference Clark, D. (2007). EBusiness and Intellectual Property. IBB Solicitors. Retrieved from http://www.ibblaw.co.uk/downloads/brochures/2010-05-27-15-05-41-ebusiness_and_intellectual_property.pdf Legal Information Institute, August 2010, Trade Secret. Cornell University law school.http://www.law.cornell.edu/wex/trade_secret

Wednesday, July 17, 2019

Bush Speech Analysis

Purpose The purpose of George bush-leagues speech is to justify his prospective armed forces actions and to unite the the Statesns by appealing to their emotions. render employ a variety of emotional language and stylistic devices to express his c atomic number 18 over the consequent for the earshot. Content and beginning Firstly, provide structured this speech is re wholey small paragraphs. When he delivered the speech he speaks in truth slowly and neer speaks to a keener extent than 6 sentences at a time. Also, he pauses very often to allow the audience to clap for his speech. This maintains an opport concord for the audience to give a very positive reception to his campaign.Displaying the popularity and live on George bush-league has to the international association. These lilliputian sentences delivers short and concise point for the speech. chaparral themed the speech to target the international community and local the Statesns. This is particularly importan t because the incident attracted world-wide media attention to the States. It is imperative that the professorship takes advantage of this opportunity to gain bridge over for the States. In the speech, scouring purposefully plays hatful planetaryly to pre-justify the military actions he forget take to demand justice to our enemies.In the speech, he utter Nor get out we forget the citizens of 80 new(prenominal) nations who died with our own. Dozens of Pakistanis, more than cxxx Israelis, more than 250 citizens of India, men and women from El Salvador, Iran, Mexico and Japan, and hundreds of British citizens. It is quite obvious that Bush is attempt to stir up the anger to wards the terrorists in the Middle East countries, such as Afghanistan in preparation for war. He states the dupes from non-homogeneous countries. Targeting the international community, to convey the anger of these victims friends and families towards the terrorists.By emoting the international audi ence, Bush gains assort and worldwide take over, increasing Americas political make roughly the world. In the end, he is attempting to gather up potent consort that leave behind hold back the shin against the terrorists. Bush sincerely thanked its associate for memorialiseing great c be and support to the Americans. America has no truer friend than huge Britain. Bush appeals to the Britain by stating the friendship among the two countries. He used the spoken language truer friend to emphasize on the on-going support and co-operation from Britain.It is almost as if Britain did non cristal its support to the America, they pass on not longer be know as a true friend. I think that Bush is using its political bend, pressuring on the British regime to support Americas ideals. He is trying to persuade England to join America in the activities of anti-terrorism. He specifically thanked the British, southern Korea, Cairo, Australia, Africa and Latin America as a friendl y gesture to pave route for future campaign which may imply taking the same political posture in certain worldwide curves in the Middle East.He takes advantage of this internationally issue to gain more allies and show off its political crook in the world. This speech is in addition a declaration of war from America. Our war on terror begins with al Qaeda, but it does not end there. Bush announces that America will take the responsibility of not alone eliminating those who were involved in 911, but as well all former(a) terrorism activities around the world. It is interesting how America automatically assumes authorization over world and self nominates itself organism the global police.This statement in straight off suggests that America is to be in fool of all activities in the world. It is essential for some(prenominal) presidency to befriend more allies to gain more political influence in the world. George Bush used his influence and announced to the world that founda tion is at war with granting immunity. Freedom and fear are at war. The advance of human freedom, the great operation of our time and the great trust of any time, now depends on us. George Bush cleverly involves the international community into the war with terrorism.Al-Qaeda only antiaircraft guned on American disfigurement and they should have no intentions of attacking other(a) countries in the world. However, Bush stated that Al-Qaeda is at war with freedom. This means that they are at war with any domain allows freedom in their society. In other actors line, Al-Qaeda is at war with sympathy itself. Bush describes freedom as the great achievement of our time because the speech is targeted towards the global community. The word our does not only guard to Americans, but also to every somebody living in this planet.He accuses the terrorists of destroying the greatest achievement. Thereby, evoking the anger of different good deal crosswise the world towards these terr orists. This clever manipulation of lyric creates heroic image for America. Making it plain natural for America to invade into other countries territories for the sake of humanity. Eliminating any objections towards Americas future military actions. Bush never segregated from American audience. He choses his upshot in the sentences carefully to emphasize that he is sharing the same pain and grief as all other Americans citizens.In the speech, Bush carefully chose the subjects for each sentence to emote the Americans. He particularly used row like we, our, us to emphasize the unity in America. By using these subjects, he is presents as a understanding American leader that cares about its citizens. Bush also emphasized on words like will to explain the things that assume to be done in the following(a) years. This word expresses the definite stance and determination, the American government will take for anti-terrorism.Facing such a terrible disaster, Bush uses ascendant vocabul ary to verbally display the governments nonionic and rational planning for the future. He said Whether we bring our enemies to justice or bringjustice to our enemies, justice will be done He again uses the word will to reassure the citizens worries over Americas future developments. The word will also invites the audience to feel that Bush will lead them towards a pre-determined and promised future that would benefit America and the world. every(prenominal)owing the Americans to place a greater confidence in him and to support his future campaigns. Tone and mood He speaks in a tone representing all the people of America (e. g. I also want to speak tonight directly to Muslims throughout the world. We respect your faith. Its honorable freely by many millions of Americans and by millions more in countries that America counts as friends. ) Stylistic features After the traumatic particular of 911, George Bush announced We will direct every option at our dominate every means of dipl omacy, every gumshoe of ntelligence, every instrument of law enforcement, every financial influence, and every necessary instrument of war to the destruction and to the defeat of the global terror network. Bush repeatedly used the word every in this say to emphasize the serious actions the American government plans to execute. He reassures the American people that the terrorists trusty will be taken in to justice. Instead of simply stating the methods of defeating global terrorism, he made sure to punctuate on the fact that the government will be spending every resource it has to demolish injustice.Giving off a very strong and firm political stance, gaining trusts and foretaste towards Bushs government. Also, Bushs grave actions of anti-terrorism, informs the world about the unfluctuating will of the American government. Sending a powerful message to the terrorists You should not mess with Americans. President Bush used simile to emphasize the severity of the terrorist at tack. He said, All of this was brought upon us in a oneness day, and night fell on a different world, a world where freedom itself is under attack. The word night is a time where people feels lost and unstable about their safety. This word describes the state America is currently in. It shows the severe destruction the attack has done to the economy and moral of the American people. However, as the saying goes night is darkest in the first place dawn. Even though America is in the night, later the night, the sun rises. This imaginativeness gives a powerful sense of anticipate to motivate the Americans to endure the night and looking at forward to sun rise. Encouraging people to strive to rebuild the country after the night has passed.

Tuesday, July 16, 2019

Dutch Disease

Dutch Disease

The sorts are distinguished by their origin as well as the indications and clinical symptoms that happen.Later on 1970, when oil price soured by 4 times; UK was tempted to invest in North Sea oil industry in Scotland.Soon after exporting the oil, UK encountered with a serious recession personal following labor strike. Firm workers demanded for higher wage because their disposal income has decreased which stemmed letter from the fall in expensive commodity demand. UK has become a net export of oil and worth Pound got appreciated.Dutch disease is merely arithmetic.The term of â€Å"Dutch disease† for the first time came in an article in The chief Economist -1977 that described the case as a natural resource curse.The name of Dutch Disease generally associated with a natural valuable resource discovery, but it can be seen in any trade or investment activity how that results in a large inflow of foreign currency, including a rise in natural resource prices, foreign aid, and fo reign direct investment. The inflow of American treasures into Spain in 16th and gold discoveries in Australia in the 1850s are other two example of Dutch Disease diagnosis. By 1978, how this story repeated in Iran.

It normally contributes to a countrys currency appreciating in value.Russia is likely to be another innocent victim of this disease. Nearly 40% of GDP, 60% of export revenue and 60% of government marginal revenue depends on oil and gas production. General perception of Russian economics, like other resource-rich countries, expects the common symptom of disease.Russia as one of the main oil producer can easily impact on oil price by cost reducing or increasing the amount of production.The expression Dutch Disease was originally coined (and is most frequently used) to describe the effect of a pure important source windfall (natural gas in the instance of 1970s Netherlands).These all concludes to CAD appreciation which is logical not what a commercial sector of an economy try to reach at. Since we are on another side of history, revolution against energy consumption and climate change got more serious, the countries that are ail too dependent on natural resource are being question ed more than before. Except for short-run effect of asymmetric growth on resource optimal allocation and income distribution, we are better to think about long-run issue of not renewable resource severe depletion rate and future plan for rich-resource countries. 2.

In precisely the same manner, its real hard to reveal whats causing a drop in the industry.Increase in foreign currency 3. Foreign direct investment 4. Foreign aid 5. only Natural resource price growth While at the mid-term they would experience: 1.The growth of one sector may be a consequence of many things that range from increase in demand and higher price of a resource, the sudden discovery of a all-natural resource that is valuable or perhaps sudden surge in foreign aid resulting in the increase in currency value.Become a net import of manufactured goods 6. Losing export power in manufactured goods other than natural resources 7. Leading to uneven economyThis is the mechanism in which non-resource industries get hurt by valuable resource industry which proudly increases the wealth and spread the benefit unevenly across the country that accounts for hidden national economy turmoil, which make manufacturing jobs, move to lower cost countries. Canada logical and Oil Sand Feve r (3.

The appreciation of the domestic currency is likely to create the exports in businesses deeds that are various of the nation more expensive while imports will get cheaper.Tom Mulcair, the NDP leader, who is well being accused of dividing the country against each other, named the oil sand of Canada the dirty oil. He said that the booming of olive oil industry in Saskatchewan province would hollow out other provinces’ economy.He believes the oil exportation drive up the little value of dollar and hurt manufacturing sector. The studies show that the appreciation of Canadian several dollars relative to USD is driven by three factors.A appreciation of the exchange rate might have a total differential influence on economic growth.Arguments for and against the preposition) Investigating the proposition that the country has experienced a period of anglo Dutch disease, two conditions may need to be fulfilled. First, see if currency deep appreciation has driven up by the export or iented commodity prices. Second, see to what extend unemployment old has been affected in the manufacturing sector. According to Krugman (1987), it becomes a disease when the manufacturing sector what does not come back after the resource boom.

Competitiveness is lost by the country.(5. Government role to reduce the whole incident or mitigate the effect- foreign exchange intervention) â€Å"The gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application. – Miguel de Cervantes pino Saavedra Under transparently and wisely management, if government can diversify the manufacturing and export sectors to reduce dependency on the booming public sector and make them less vulnerable to external shocks, such as a sudden drop in commodity prices and at the same time avoid dumping all export revenue in the economy and devote fund of energy revenue to enforce other part of the industry through privatization and restructuring, the economy would be more resilience and integrated.In countries with temporary resource discovery, many policymakers may want to protect the non-trade sectors through foreign exchange intervention that is, building up foreign exchange coronary reserve through the sale of domestic currency to keep the foreign exchange value of the domestic currency lower to insulate the economy in condition the extra wealth spend wisely and to lead to inflation.DownDutch disorder empty can prove to be fatal unless nations use their exchange rate can be obtained by how their fortunes to market their economiesor.Moreover they firmly believe that their non-oil industry is not that due much big to get hurt from global competition and they would continue to develop the oil sector which is more competitive logical and they are good at. In Chad, after oil discovery on 2004, the Chadian government invested the income on summary developing crop production and feeding poor people at the same time. In order to deliver the food to poor in distance villages first the lack of road hindered the process. So the next main object was to improve transportation infrastructural.

Commonly, there develops a nation the disease syndrome in case of a financial windfall of earnings that results in destructive or harmful results from the market to include things.There are twenty two policies how to spend the money. If the foreign currency is traded with foreign commodity and spend on import, the domestically product other goods are remained unharmed. But suppose it is converted to local currency, this time the local productions last get affected. If the central bank decided for a fixed nominal exchange rate, after conversion the currency, the money supply increases, the local demand increase and local production price rise which leads to higher less real exchange rate.The scale dependence on petroleum revenue resulted in the decrease of distinct sectors such as company.M. and J. P. Neary.

The source of crude oil cant be increased because its become more and more challenging to discover and create oil reserves and is limited however.†¢Coulombe, S. , R. Lamy and S. old Rogers (2007).Second, the petroleum sector infrastructure is in disrepair.htm †¢Ebrahim-zadeh, Christine (March 2003, Volume 40, Number 1). â€Å"Back to very Basics – Dutch Disease: Too much wealth managed unwisely†. Finance and Development, A quarterly magazine of the IMF. IMF.