Sunday, May 24, 2020

The American Civil War The United States - 8725 Words

The American Civil War, known in the United States as simply the Civil War as well as by other sectional names, was a civil war fought from 1861 to 1865 to determine the survival of the Union or independence for the Confederacy. Of the 34 states that existed in January 1861, seven Southern slave states individually declared their secession from the United States and went on to form the Confederate States of America. The Confederacy, often simply called the South, grew to include eleven states, although they claimed thirteen states and additional western territories. The Confederacy was never recognized diplomatically by a foreign country. The states that remained loyal were known as the Union or the North. The war had its origin in the fractious issue of slavery, especially the expansion of slavery into the western territories. After four years of combat, which left over 600,000 Union and Confederate soldiers dead and destroyed much of the South s infrastructure, the Confederacy coll apsed and slavery was abolished. Then began the Reconstruction and the processes of restoring national unity and guaranteeing civil rights to the freed slaves. The American Civil War was one of the earliest true industrial wars. Railroads, the telegraph, steamships, and mass-produced weapons were employed extensively. The mobilization of civilian factories, mines, shipyards, banks, transportation and food supplies all foreshadowed the impact of industrialization in World War I. It remains theShow MoreRelatedThe American Civil War : The United States1719 Words   |  7 PagesEducator Riffel History 111 22 May 2017 The American Civil War The Civil War was the main focus in America s history. The Civil War was determined on what kind of nation it will advance toward, but the American Revolution made the United States. Would the United States continue existing as the greatest slaveholding country on the planet? This was an answer that was left unsolved after the change. The differences between the free and slave states over the liveliness of national government to prohibitRead MoreThe American Civil War : The United States1256 Words   |  6 PagesThe American Civil War The United States wasn’t as united as they would like to be. Over about a ten-year period the United States started to divide into the Confederate States and The United States. This division wasn’t all of a sudden out of the blue movement, many debates brought upon the division and the start of the civil war. The biggest issue between the North and South was the issue of Slavery and what it entailed. The American Civil War was the United States way of figuring out what kindRead MoreThe American Civil War : The United States1621 Words   |  7 Pages The American civil war has been butchered up in many history books, leaving the average American citizen to believe that white American men fought to end slavery. Although slavery did have a bit of influence on the war, it was not the reason the United States went to war. Also white men weren’t the only ones who fought in the war, many black men enlisted and were given awards for their bravery. Through trial and err or abolition of slavery became the latent reason for the Civil War. When LincolnRead MoreAmerican Civil War : The United States1910 Words   |  8 PagesAmerican civil war The full name of American is the United States of America.The United States is a young country and The country is the second largest country in the Americas. 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The Confederacy, often simply called the South, grew to include eleven states, and although theyRead MoreThe Civil War : The American Revolution And The Secession Of The United States1472 Words   |  6 Pages Americans before the Civil War came to the United States to acquire self-preservation and to explore the foundation of capitalism. Songwriters such as Stephen Foster, felt the American people needed an image to follow a need for Puritan mentality. Without a doubt, music purposely expressed these movements by the usage of musical lyrics to analyze the discrimination against African American slaves and the secession of the United States, which reflected the turmoil of the separated Puritan communitiesRead MoreAdham Elnashai United States History During the Civil War and the American Revolution Americans1300 Words   |  6 PagesAdham Elnashai United States History During the Civil War and the American Revolution Americans didn’t only have to deal with their national policies, they also had to deal with their international relations with the rest of the countries in the World. The relations with other countries are also known as Foreign Policies. The overseas dimensions reflected onto the Civil War and Revolution Era. In 1861, 11 states seceded from the United States to form the Confederate States of America and overRead MoreThe Second American Revolution: Expressions of Canadian Identity in News Coverage at the Outbreak of the United States Civil War1216 Words   |  5 PagesCanadian Identity in News Coverage at the Outbreak of the United States Civil War. Gabrial’s article is about how the Canadian identity was challenged by the American Civil War. In particular, he argues that Canadian identity is significant in five important themes: the importance of British identity, antipathy toward Americanism and suspicion of American democracy, a well-grounded fear of American militarism, a patronizing sympathy for Americans in crisis and liberal and conservative political threadsRead MoreWars And Changes During The United States Essay1181 Words   |  5 PagesWars and Changes in The United States The United States of American is a superpower in the world. Although it just have almost 240 years’ history, it experienced more than 200 wars. As a saying does, â€Å" Bad times make a good man†, the United States never lack of great leaders. For example, George Washington, Abraham Lincoln, and Franklin Roosevelt were the three well-known presidents in the U.S. history. Additionally, wars and conflicts changed the United States directly and indirectly. ForRead MoreThe War Of The Civil War777 Words   |  4 Pagesinto the Civil War began with the election of 1860. Abraham Lincoln won the election of 1860 without a single vote from the states below the Ohio River. South Carolina was the first state to respond to Lincoln’s election. On December 20, 1680, South Carolina seceded from the Union. South Carolina was the first of the â€Å"Original Seven† who seceded from the Union, including Mississippi, Florida, Alabama, Georgia, Louisiana, and Texas. This became known as â€Å"secession winter,† and these states decided

Wednesday, May 13, 2020

The Implementation Of Multinational Banks In Emerging Countries Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 4046 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Profit opportunities are related to the characteristics of the country of origin and those of the host country. Foreign banks seize the opportunities that arise in emerging countries. They are attracted by attractive tax regulations and a lower level of taxation, by high prospects of economic growth and efficiency, and the existence of an uncompetitive banking sector. Don’t waste time! Our writers will create an original "The Implementation Of Multinational Banks In Emerging Countries Finance Essay" essay for you Create order The competitive situation in the host country is an important factor in the choice of location. It is essential for multinational banks to examine the competitiveness of local banks, opportunities to enter the market and the probability of winning a market share. For example, the interest of Spanish banks for the banking market in Latin America can be explained by the low banking penetration in the region. The demographic structure of the host country is also an important factor to consider in choosing the host country. According to the theory of life cycle, savings allow the individual to ensure consumption in the future. In his early active life, the individual tends to borrow. Thus, young adults have negative savings. Afterward, the individual can save (accumulation phase). In retirement, he uses his savings (negative savings). Economies with young populations represent an attractive market for banks operating retail services. Indeed, even if these banks do not record gai ns in the short term, they can make a profit when people come to the accumulation phase. These banks generally have a long-term strategy. They are therefore aiming at a positioning on the market at a moment where the savings of most individuals is negative hoping for a future return or yield (Smith Walter [2003]). The demographic structure of emerging regions is characterized by a young population, which would in the long term constitute the future customers of retail banking. Demographic growth prospects in emerging markets are particularly attractive for European banks. Indeed, population projections preview a reduction of the European population in 2050. With regard to tax regulations, banks take into account mainly the corporate income tax, taxes on banking products and the existence of agreements to avoid double taxation between the country of origin and the host country. Table 1: Population projections 2050 (in millions of individuals) 2010 2050 Africa 1033 1937 Asia 4166 5217 Europe 730 653 Latin America 593 783 North America 348 483 World 6906 9076 Source: World Bank, United Nations Claessens et al. [2001] support the hypothesis that high taxes strongly discourage the entry of foreign banks. Multinational banks dependent on the ability of the host country to ensure liquidity and monetary stability, are brought to focus on other macroeconomic factors such as the stability of the currency, moderate inflation and relatively low interest rates, etc. The existence of effective communications systems also plays a crucial role in the selection of an optimal location. Indeed, the quality and availability of these systems are necessary for the proper functioning of banks. In addition, the location (near economic centers) can be a decisive factor in the location. It is also important to consider the conditions on the labor market, particularly the availability of skilled labor, labor costs and labor laws. The problem of qualifications must be taken into consideration because the costs of learning and training can be sign ificant barriers to the development of multinational banking activities. Restrictive regulations of the host country reduce investment opportunities and available choices. Some of these regulations limit competition and protect inefficient domestic banks. Foreign banks therefore have a preference for countries with open banking systems (Miller Parkhe [1998]). To attract foreign banks, governments have an incentive to impose low regulatory costs such as low taxes and limited entry barriers. Political stability is also a decisive factor for the choice of location as it determines the economic and legal conditions in the country. Multinational banks should also take into account the country risk, which is measured by indicators such as the deficit of the balance of payments, inflation, GDP growth and debt service. Finally, the regulations of the country of origin may affect the banks expansion abroad. Restrictions on FDI outflows reduce the likelihood that banks locate in other countries. 3.3 The impact of Basel II on the implementation of multinational banks in emerging countries The Basel accord aiming at improving the financial systems solidity applies to all international banks. The new capital requirements are more consistent with the risks to which banks are exposed. They are now required for credit risks, market risks and operational risks. The implementation of this agreement will have consequences not only on banking activities but also on the internationalization strategies of banks. The latter should reflect the Basel II requirements before taking decision on the establishment abroad, especially in emerging countries. By substantially modifying the calculation of the cost of risk, the Basel II changes in depth the strategies for the allocation of credit, pricing, measurement and management of risks. Will multinational banks tend to reduce their investments in these countries as they would be forced to hold more capital to cope with higher risks? Or rather, they will enjoy the potential competitive advantage over local banks that may have dif ficulties to meet the requirements of Basel II? 3.3.1 From Basel I to Basel II Compared to Basel I which is solely based on quantitative equity requirement calculated according to a standard method, the new agreement includes a number of innovations. The new capital requirements take into account credit risk, market risk as well as operational risks. The new capital ratio further integrates the reality of risks. For the calculation of minimum capital requirements, banks have the choice between using standard methods and methods based on internal ratings IRB. The Basel II rests on three pillars: Pillar I: capital requirements Pillar II: Prudential Supervisory Process: supervisory authorities may impose individual requirements higher than those calculated by the methods proposed by the first pillar. Pillar III: Market Discipline: Banking institutions are required to publish comprehensive information on the nature, volume and methods of managing their risks and the adequacy of their capital. The new Basel agreement increases the capital requirements of banks operating in emerging countries. The implementation of Basel II by the industrialized countries has consequences not only on the location decisions of multinational banks in emerging markets but can also cause changes in strategy for banks with already established subsidiaries and branches in these countries. The loans granted by foreign banks in emerging countries for sovereign borrowers as well as for banks and enterprises in the host country are now subject to the new Basel II. Multinational banks should take account of new capital requirements particularly with regard to credit risk. As part of the revised standard approach, the calculation of credit risk is more differentiated in function of risk. The major change, compared to Basel I guidelines, concern borrowers rated B and below. The weighting of credit risk in this category increased from 100% to 150%. Table 2: Weights applicable to different categories of borrowers Basel I Basel II Rating AAA to AA- A+ to A- BBB+ to BBB- BB+ to BB- B+ to B- Less than B- Unrated States OECD 0% 0% 20% 50% 100% 100% 150% 100% Non-OECD 100% Banks 20% 20% 50% 100% 100% 100% 150% 100% Companies 100% 20% 50% 100% 100% 150% 150% 100% Individuals 100% 75% Mortgage 50% 40% The new Basel Accord requires the weighting of the highest risk to 150% particularly: the claims on sovereigns, other public sector entities, banks and investment firms rated less than B-; the claims on companies rated less than BB-, the unpaid claims for more than 90 days and receivables deemed particularly risky by the national supervisory authority. Emerging countries as well as local companies and banks, often with low ratings, represent a quite high credit risk which implies higher cost of capital for these regions. On the other hand, countries that have better ratings benefit from the provided system in the framework of the Basel II since that regulatory changes aim in particular to a more efficient allocation of credit taking into account the different levels of borrowers risks. The difference between the minimum capital requirements for banks located in different countries can be considerable; this could influence the choice of the latter with respect to the host country to be chosen for their internationalization. The adoption of the IRB approach significantly increases the weighting of low rated borrowers thus generating a significant increase in the minimum capital required. Thus, banks having adopted the IRB approach would be encouraged to give loans to the best borrowers, usually located in countries with a high rating. It would be more advantageous for multinational banks to locate in these countries; especially that the new agreement encourages banks to retain the IRB approach. 3.3.2 The New Basel Accord enhances the competitive advantages of foreign banks Emerging countries have no obligation to apply the provisions of the new Basel Accord, however, they are strongly encouraged to do so. In fact, emerging countries do not have much choice. Not applying the international monitoring standards could put them away from the international financial community. In addition, the loans granted by the IMF or the World Bank are often subject to conditions on the compliance of local regulations with international standards. Similarly, the establishment of branches in a foreign country is allowed only if the country of origin shall apply the Basel Accords (Mark [2003]). On the other hand, the development of standards specific to emerging countries is very expensive for those countries that lack the resources and expertise to tackle such a project. Thus, regulators in emerging countries are more or less forced to apply the Basel Accord requirements, even if they are not adapted to the contexts of these countries. The implementation of Basel II in emerging markets could have a negative impact on local banks; these could be in a competitive disadvantage. Indeed, the Basel Accords, being basically established for the large multinational banks in order to limit bank risks, are not really suited to the needs and conditions of the banking system in emerging countries. The prudential regulations adopted under the new agreement may be inappropriate and may even weaken the banking system in emerging countries (Rojas-Suarez [2001]). On the other hand, the large international banks often retain the IRB approach, an approach that is difficult to apply in developing countries. This approach generally requires a lower level of capital than that required by the standard approach thus strengthening the competitive position of international banks relative to domestic banks in emerging countries (Mark [2003]). Indeed, foreign banks tend to attract less risky customers who benefit from a less strong risk weight in the case of an IRB appr oach than in the standard approach. The competitive advantage that multinational banks could benefit from with the implementation of Basel II requirements should encourage them to locate in emerging countries. Foreign banks may take control of some weakened local banks and even dominate the banking system in these countries. Chapter 4: Intervention strategy 4.1 Framework The suggested intervention consists of reaching a higher level of internationalization for Credit Libanais, and a bigger diversification for EFG Hermes Groups activity. Concretely, the intervention would be the inauguration of Credit Libanais in the countries of the West African Economic and Monetary Union. Since that penetrating new markets tend to be a considerable investment, it would be more appropriate to choose one country among those targeted ones to start the internationalization operation. Consequently, it is suggested to start with the Ivory Coast. The following sections aim at explaining or justifying this choice, thus highlighting the importance of this intervention. 4.2 Ivory Coasts Economic Prospects The economic and social prospects for Cote dIvoire depend largely on the pacification of the country and the successful implementation of emergency reconstruction programs. Thus, assuming that the security situation is normalized in the second half of 2011, in conjunction with the lifting of sanctions and resumption of international cooperation, a strong recovery in GDP growth in real terms (about 6%) is expected as from 2012. On-going efforts to ensure the supply of petroleum products, secure production areas and rehabilitate marketing channels should push inflation down to less than 3% as from 2012, that is to say below the WAEMU convergence criteria. The return to political stability has fuelled great expectations among the population regarding the delivery of essential public services and rapid improvement in living standards. However, this will mean a major risk in terms of unfulfilled social demands. The redeployment of the tax and customs administration in the CNW areas w ill help to reduce tax evasion and consequently improve the collection of revenue necessary to meet increased spending prompted by the pressing needs of the population. The commitment of development partners to support the Ivorian authorities in their reconciliation and reconstruction efforts will create an atmosphere of confidence conducive to renewed growth and private sector development. Given the constant interaction between the Ivorian economy and that of neighboring WAEMU countries and particularly the movement of people, any support to Cote dIvoire will have direct or indirect spill-over effects at the regional level on the hinterland countries. IMF projections in September 2010 suggested improved economic growth of about 4.8% for the 2012-2014 period, stabilizing at 6% thereafter and reaching the historical post-devaluation growth path (1994-1998). The Ivorian economy could experience fast recovery because there was no excessive destruction of capital. In the medium an d long term, growth will mainly depend on: (i) rehabilitating public infrastructure; (ii) improving governance, particularly in public and semi-public enterprises, as well as in the coffee/cocoa, energy and financial sectors; and (iii) improving the business environment. 4.3 Ivory Coast Economic Outlook The Ivory Coast economy is heavily dependent on agriculture and related activities, which engage roughly 68% of the population. As the worlds largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil, the economy is highly sensitive to fluctuations in international prices for these products. The considerable political turmoil in the last decade has continued to damage the economy, leading to decreased foreign investment and weak economic growth, as can be seen below. Source: Drum Commodities, Ivory Coast Report, March 2012. The political chaos weighed heavily on the economy in 2011, with GDP falling to -7.3% after moderate growth in 2010 and now little higher than the 1999 level. With the return of stability, the IMF has forecast growth of 5.9% for 2012, with large injections of aid last year geared towards reconstruction helping to kick-start activity. Cocoa output is in the process of recovery and there are hopes of re newed inflows of investment in other sectors. Sustained growth will require large amounts of aid and renewed inflows of FDI, which will be helped by the new $615m IMF loan approved in November 2011. This loan was granted under the Extended Credit Facility (ECF), which has a zero interest rate, a grace period of 5.5 years, and a final maturity of 10 years. Debt relief is a high priority; 40% of 2012 budget spending is on debt service, and repayments on a $2.3bn eurobond have been in default for the past year. 2009 2010 2011 2012 (projected) Real GDP Growth 3.7 2 -7.3 5.9 CPI Inflation 4.7 2.7 6.3 3.3 Budget Balance % GDP -1.6 -2.5 -1.9 -3.4 Current Account % GDP 7.2 5.9 5.2 4.2 Source: Drum Commodities, Ivory Coast Report, March 2012. 4.4 Ivory Coasts tertiary sector The tertiary sector of the economy continues to play a key role in the Ivorian economy. It proved to be the driving force behind the economic growth of 2010 as crop production fell, with particularly strong performances from the telecommunication, commerce and services sector. As expected though, this suffered in the 2011 crisis, particularly the tourism and hotel industry, but expectations are that this sector will help propel the economys recovery in 2012. Table Showing Composition By Sector as a Percentage of GDP: Composition % of GDP Agriculture 29.2 Services 49.8 Industry 20.9 Other 0.1 Source: Drum Commodities, Ivory Coast Report, March 2012. Ivory Coasts banking system is playing an increasing role in financing the different sectors of the national economy. It provided the primary sector with XOF 57.2 billion (4% of total financing), the secondary sector with XOF 556.5 billion (37% of total financing) and the tertiary sector with XOF 876.6 billion (69% of total financing). There are 5 banks with majority Ivorian capital functioning: Banque nationale dinvestissement (BNI), Banque pour le financement de lagriculture (BFA), Banque pour lhabitat de Cà ´te dIvoire (BHCI), Versus Bank, and CNCE. Socià ©tà © gà ©nà ©rale de banque en Cà ´te dIvoire (SGBCI) and Banque Internationale pour le commerce et lindustrie de Cà ´te dIvoire (BICICI), which are subsidiaries of the French banks Socià ©tà © gà ©nà ©rale and BNP Paribas, between them cover the wage bill of 80 600 civil ser vants and other state employees and account for close to 30% of the Ivorian banking market. Monetary policy is implemented at regional level, as Ivory Coast and the other member states of WAEMU share currency, the CFA Franc (XOF), which is pegged to the Euro at a fixed parity. Monetary and credit policy is run by the Central Bank of West African States (BCEAO), which has close links to the French Treasury as part of the monetary co-operation agreement between France and WAEMU member countries. The Dollar/West African CAF Franc Exchange Rate is: USD/XOF rate: $1=XOF498 The countrys recent macroeconomic policy has been to pursue the implementation of the 2009-11 financial and economic program and the Poverty Reduction Strategy Paper (PRSP), in order to complete the Highly Indebted Poor Countries (HIPC) initiative. Ivory Coast is one of the 40 countries worldwide eligible for this, considered to face an unsustainable debt burden that cannot be managed by traditional means. This grants the recipient country debt relief or low-interest loans to cancel or reduce external debt repayments to sustainable levels. The success of the economic reforms above has led to the Paris Club of international creditors rescheduling Cà ´te dIvoires debt. This will reduce repayments by more than 78% over the next three years; roughly US$1.9bn was deferred and US$400m was cancelled. There has been marked progress in Ivory Coasts economic partnerships with other emerging economies. Co-operation is often based on sharing experience and knowledge, the transfer of technologies and access to their respective markets. The countrys natural resources and its position within the WAEMU and ECOWAS economic zones render it ideal for partnership with other emerging economies. Ivory Coasts increasing connection with emerging economies has served to lessen the dependence on its traditional trading partners, namely Europe. Despite this, the EU still dominates Ivory Coasts foreign trade, but this trend is lessening, particularly with regard to Ivorian imports. 4.4.1 Domestic credit provided by the banking sector Domestic credit provided by the banking sector includes all credit to various sectors on a gross basis, with the exception of credit to the central government, which is net. The banking sector includes monetary authorities and deposit money banks, as well as other banking institutions where data are available (including institutions that do not accept transferable deposits but do incur such liabilities as time and savings deposits). Examples of other banking institutions are savings and mortgage loan institutions and building and loan associations. Domestic credit provided by banking sector (% of GDP) in Cà ´te dIvoire was 25.14 as of 2010. The Domestic credit provided by banking sector (% of GDP) in Cote dIvoire was last reported at 25.31 in 2011, according to a World Bank report published in 2012. Its highest value over the past 48 years was 51.26 in 1983, while its lowest value was 16.22 in 1963. Source: World Bank Indicators, 2012. 4.4.2 Commercial banks and other lending (PPG + PNG) (NFL; US dollar) in Cote dIvoire The Commercial banks and other lending (PPG + PNG) (NFL; US dollar) in Cote dIvoire was last reported at -58213000 in 2010, according to a World Bank report published in 2012. Commercial bank and other lending includes net commercial bank lending (public and publicly guaranteed and private nonguaranteed) and other private credits. Data are in current U.S. dollars. Source: World Bank Indicators, 2012. 4.4.3 Cost of business start-up procedures (% of GNI per capita) in Cote dIvoire The Cost of business start-up procedures (% of GNI per capita) in Cote dIvoire was last reported at 132.60 in 2011, according to a World Bank report published in 2012. Cost to register a business is normalized by presenting it as a percentage of gross national income (GNI) per capita. Source: World Bank Indicators, 2012. 4.4.4 CPIA financial sector rating (1=low to 6=high) in Cote dIvoire The CPIA financial sector rating (1=low to 6=high) in Cote dIvoire was last reported at 3 in 2011, according to a World Bank report published in 2012. Financial sector assesses the structure of the financial sector and the policies and regulations that affect it. Source: World Bank Indicators, 2012. 4.4.5 Deposit interest rate (%) in Cote dIvoire The Deposit interest rate (%) in Cote dIvoire was last reported at 3.50 in 2010, according to a World Bank report published in 2012. Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. Source: World Bank Indicators, 2012. 4.4.6 Foreign direct investment; net (BoP; US dollar) in Cote dIvoire The Foreign direct investment; net (BoP; US dollar) in Cote dIvoire was 380872959.97 in 2009, according to a World Bank report, published in 2010. Foreign direct investment is net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. This series shows total net, that is, net FDI in the reporting economy from foreign sources less net FDI by the reporting economy to the rest of the world. Data are in current U.S. dollars. Source: World Bank Indicators, 2012. 4.4.7 Bank liquid reserves to bank assets ratio (%) in Cote dIvoire The Bank liquid reserves to bank assets ratio (%) in Cote dIvoire was reported at 9.45 in 2008, according to the World Bank. Ratio of bank liquid reserves to bank assets is the ratio of domestic currency holdings and deposits with the monetary authorities to claims on other governments, nonfinancial public enterprises, the private sector, and other banking institutions. Source: World Bank Indicators, 2012. 4.5 Ivory Coast Export/ Import Commodities Ivory Coasts main export commodities are cocoa, coffee, timber, petroleum, cotton, bananas, pineapples, palm oil and fish. Its primary imports are fuel, capital equipment and foodstuffs. Ivory Coasts primary export trading partners are US (10.2%), Netherlands (10%), Nigeria (7.7%), Ghana (6.7%), Germany (6.2%), France (6.2%) and Burkina Faso (4.5%). The countrys main import partners are Nigeria (22.4%), France (12.6%), China (7.1%) and Thailand (4.8%) (2010). Total exports for the year 2011 came to $11.24 billion, whilst imports totaled $7.295 billion. Europe remains the countrys largest continental trading partner with 44% of trade, ahead of the rest of Africa with 29% and Asia with 12.5%. Chinas share of 3.2% is modest by comparison with its position in Africa generally, but is growing rapidly, driven by cheap Chinese exports. Trade with other emerging countries such as Brazil, Malaysia and India have also developed in recent years, as too has their investment in Ivor y Coast. Chapter 5: Conclusion The decision of MA operation between Credit Libanais and EFG Hermes was made on strategic basis. The Credit Libanais objective is to achieve geographical expansion using its acquirer financial power and EFG Hermes objective is to achieve an enhanced business diversification especially after it sold its shares in Audi Bank. In general, EFG Hermes has reached its objective the moment the MA operation was executed. On the other hand, Credit Libanais objective is still not reached. Benefiting from the points of strength and the present opportunities, an intervention is suggested in this paper for Credit Libanais in order to overcome its weaknesses and threats. The intervention consists of penetrating a new market which is the West African Economic and Monetary Union market. It suggests the opening of Credit Libanais in the Ivory Coast which is a member of the WAEMU. This location was chosen for the growing importance of the Ivory Coast economy within the WAEMU and for many other encouraging factors such as the countrys tertiary sector, banking structure, and cost of business start-up procedures as well as the presence of an important Lebanese community there. This paper has detailed the Credit Libanais environmental factors and suggested an intervention for a better performance and strategic implementation. It didnt go through cost details since that information concerning location price, equipment price and availability, and wages and salaries in Ivory Coast are difficult to get. Moreover, the cost issue of the intervention is not the primary factor for the implementation decision making since that this intervention is a first step in a series of market implementation targeting the rest of the countries of the WAEMU. In other words, its an investment that is expected to generate revenues on the medium and long term rather than the short term and comes to satisfy the MA banks objectives.

Wednesday, May 6, 2020

Copyright and whether it has been infringed Free Essays

In order to be able to settle the question whether or not there has been copyright infringement, the two underlying principles to guide us is the applicable law and infringement. The submissions by both parties to the dispute were drawn from the federal laws and a clear jurisdiction is provided for under the 1976 Copyright Act. Further, the submissions by the parties were clearly on cases that are from the federal courts and hence jurisdiction is not a debatable issue. We will write a custom essay sample on Copyright and whether it has been infringed? or any similar topic only for you Order Now The other issue is on the question of infringement. As previously indicated, the infringement arises when the copyright registered is used by somebody else who purports to be the owner of that work. In this issue, the plaintiff did not have his work registered, however, it is not a disputed fact that the works belonged to the plaintiff and therefore not an issue. The question that suffices in this case is the similarity of expression. The intention of the Copyright act is to protect the author’s expression of idea and not the idea itself. In the present case the plaintiff had brought to the defendant the work which the defendant was to look into and decide whether it was a good idea or not, however, the defendant went on to pass the works to another third party who turned to be his agent to confirm the work and instead stole his ideas and a document was produced to that effect. The intention of the doctrine is to protect the authors’ expression. In order to settle this question the court looks at the nature of expression is it expressed in myriad ways or in narrow ways? In the above case, the expression is expressed in narrow form and therefore there is similarity of expression from the document which was produced by the third party, who was in concert with the defendant herein, it is therefore correct to submit that there was infringement by the defendant. Whether or not there is an implied contract of fact? The issue of whether or not that there existed a contract is one which cannot go ignored. The rule of thumb is that all contracts must be in writing. However, the case before us is that, there is no written contract between the parties and therefore the issue of implied contract of fact arises. Whether or not there is an implied contract of fact, the test will be applied to the intentions and conduct of the parties. A contract implied in fact will construct the whole agreement, further it is a contract that is created when a party tacitly accepts benefit at a time it was able to reject it. In the present case, it is the finding of the court and fact that the plaintiff had given the defendant manuscript and that they would use it for the purpose which was intended and should they do otherwise then the plaintiff should have go consideration. In arriving to this conclusion the court looks at the intention and the conduct of both parties at the time of making of the contact. It is clear from the conduct of the defendant especially from the second request for the manuscript that there was intention to create an implied contract of fact. For the court to arrive at the conclusion that indeed the defendant was in breach is in order and therefore the plaintiff should be awarded the remedies that follow suit as a result of the defendant breaching the contract. Under the California laws which the plaintiff had pleaded under, the courts can enforce for remedies. Whether or not the affecting issues will affect the judgment of the court? There are other issues that directly and indirectly affect the outcome of the case this include; †¢ Exclusion of hearsay Evidence †¢ Denial of Motion to amend †¢ Finding of fact †¢ Statute limitations †¢ Attorneys fees It is trite law that the hearsay evidence will not be admitted on record save that it meets the exception rule. The issue in this case is whether or not in the trial courts’ finding the exclusion was in order. In the circumstances, the exclusion was in order since the evidence which the parties had purported to bring before the court was adduced by a third party and clearly could not and hearsay hence did not fall within the exception rules. Motion to amend can be given if certain legal principles and threshold are met with the party seeking to rely on it. The underlying guideline is that, the Motion to amend can be given and if it does not seek to prejudice the other party. In the foregoing circumstance, a motion to amend was brought 19 months from the time the matter was filed in court and viewed with suspicion. The only conclusion that was arrived by the courts is that it was brought with the aim of forestalling the wheels of justice and it was proper for the court to deny the same. The burden of proof shifts to the person who alleges, in the foregoing circumstances if the plaintiff made allegations and did support using evidence which they did, then it can be held as the true fact. In presenting their evidence, the plaintiff did support his evidence and was not shaken by the defense and therefore the court is correct to find their position as the truth. The issue of limitations goes to back when the cause of action arose. It is the defendants’ submission that it is time barred under the California laws. The courts are guided from when the action arose in this case after the defendant failed to make good the payment and which was within time when the defendant was filling this suit which is now a condition precedent. The general principle is that the losing party should pay the costs. In this case, the defendant lost the case and further, it is our submission that the case was brought under the federal laws copyright Act of 1976 that the party guilty should pay the advocates costs. In conclusion, therefore it is my humble submission that the plaintiff has fulfilled the required threshold on matter of balance of probability and hence attained the chance of success. Works cited Lessick, Susan,† Copyright ownership† UC Copyright. Feb 27, 2003 Nov 22, 2008http:://www. universityofcalifornia. edu/copyright/ownership. html â€Å"Implied-in-fact Contract†, Business Dictionary, Ed 2007-2008 http://www. businessdictionary. com/definition/implied-in-fact-contract. html Massey, Calvin R,† The California State Constitution A reference guide† published 1879 How to cite Copyright and whether it has been infringed?, Papers

Monday, May 4, 2020

Accounting For Managers Suppourt

Questions: (a) How much are Casino Computer Service Centers total asset? (b) How much are Casino Computer Service centers total Liabilities? (c) Can the company pays its debts and remain in business? (d) Calculate the amount of profit or loss for Casino Computer Service Center. (e) Calculate Casino Computer Service Centres equity and accounting equation. (f) An asset is similar to an expense. Do you agree? Discuss and use examples to support your discussion. (g) Calculating the following ratios for the two companies. Return on Equity Ratio (in %) Gross Profit Ratio (in %) Net Profit Ratio (in %)Inventory Turnover period (No. of Days) Inventory Turnover period Debtors Settlement period (No. of Days) Capital gearing ratio (in %) Current Ratio (No. of times) Quick or (Acid Test) Ratio (No. of times) Answers: (a)The total assists of Casino Computer Service Centres are $60200 comprising of cash , Accounts receivable and Land (b)The total liabilities of Casino Computer Service Centres are $2700 comprising of Accounts payable. (c)Yes, the company can pay its debts and remain in business because it is generating service revenue, it has good amount of cash in hand and accrue accounts receivable. The company can easily pay off its debts and stay in business. (d)The amount of profit is Service revenue-Office supplies-Rent expense-Salary expense-Interest expense-Utilities expense-dividend ,therefore total profit is $15000-$500-$3500-$2600-$400-$500-$4500 =$7500 (e)Theaccounting equationis: Total side of the Debit side = Total liabilitie side including shareholder equity. The balance sheet is a multifaceted show of thisequation, viewing that the total debit side that is the asset side of a corporation are equal to the credit side of the balance sheet including shareholder funds. Therefore Cash + Accounts receivable Land = Accounts payable + Share Capital+ Retained earnings 25200+5000+30000=2700+40000+14500+3000 Note: The profit of $3000 is included as it will be transferred to the retained earnings of current financial year. (f) An asset cannot be classified as an expense . Asset are resources that are owned by the company, it can be anything an intangible asset or in tangible asset. Expenses are the expenditure that are incurred by the company in respect to the business operations. They cant be classified as resources and they doesnt add economic value to the company as asset provides. For example goodwill is an instable asset, land in this example is a fixed asset. Rent expense , utility expense can be said as an expense incurred by the company to generate revenue. (g)Equity return ratio is a effectivenessrelationshipthat trials the aptitude of a corporaton to make profits from its stockholders moneys in the business (The Economic Times, 2016). Return on equity can be classified as Average income ROE =Annual Net Income/Average Stockholders' Equity ACDC ltd: 170/1140 =.14 or 14% Beeges Ltd: 170/420 = .40 or 40% Thegrossmarginrelationis considered by dividing the business'sgross profitdollars by its remaining transactions or sales dollars. It is termed as an effectiveness ratio that shows the relationship among gross profit and total net sales income. It an effective basis to assess the operational presentation of the business . Gross profit: Gross profit / Net sales ACDC ltd: 680/2880 = .23 or 23% Beeges Ltd: 500/2800= .17 or 17% Net profit ratio is the ratio that is the profit after tariff or tax to net sales . All the cost of production, and all the administration costs , all expenditure that is necessary to generate revenue for the business like rent expense ,cost of materials, electricity expense and the income tax are recognised accordingly. It is not an indicator of proper cash flows as it includes many non-cash items like depreciation, the expenses which are accrued , amortisation expense,. It is actually a small term measurement and cannot be relied upon for long term purpose. A corporation may postponement a diversity ofoptional expenses, such as upkeep, to make its net profit ratio appear more proper than it is already existing (Ready ratio, 2012). Additional plan that can insincerely make the ratio lower is when a business's proprietors need to diminish taxes, and so hasten the acknowledgment of taxable revenue into the present time. Net profit ratio : Net profit / Sales ACDC ltd: = 170/ 2880 = .05 or 5% Beeges Ltd = 170/ 2800 = .06 or 6% In bookkeeping or accounting, theInventory revenueis a quantity of the amount of times stockis vended or castoff in a timeperiodsuch as a year or half a year.. This is actually an indication how good the company is handling inventory and generating more sales and earn more revenue. A high ratio will result in lost revenue as there is no stock to meet the demand. Inventory turnover ratio :The cost of the good that is sold /Average Stock ACDC ltd = 2200/640= 3 i.e. 1/3*365= 123 days Beeges Ltd = 2300/100= 23 i.e. 1/23* 365 = 16 days Debtors Payment period is the standard time it takes whichever for a corporate to pay its creditors or debtors for what they owe. It actually helps a company to know how much time the company will be able to bet its money. Average payment or settlement period for debtors = trade debtors x 365 days / credit sales ACDC ltd = 560*365/2880= 70 days BeeGees Ltd = 220*365/2800 = 27 days Assuming that the sales are not cash sales and are credit sales. Capital gearing ratiois a good method to keep a check at the the capital assembly of a corporation and is considered by dividing the shared shareholders equity by immovable interest or dividend bearing funds. Properly overviewing capital arrangement means calculating the association between the funds provided by shared stockholders and the reserves delivered by those who obtain a periodic interest or dividend at a rate that is fixed. It is actually a measure of the performance of the company and is helpful for the investors (Ashok, 2016) Capital gearing ratio : Stockholders equity : Fixed interest bearing funds ACDC ltd = 1140/1000= 1.14 BeeGees Ltd =420/200 = 2.1 Current ratio is the liquidity ratio which indicates about how frequently the company is able to meet its short term debts and long term obligations. It is also known as the working capital ratio. It indicate good health of the companys condition Current ratio : Current assists/ Current liabilities (Folger, 2016) ACDC ltd = 1380/300= 4.6 times BeeGees Ltd = 550/600 = .91 times Quick ratio Quick ratio is the ratio which indicates how healthy the corporation is able to meet its financial liabilities. Quick ratio excludes stock from the assists. The ratio originates its name seemingly from the resource such as assets such as cash and saleable securities are rapid sources of cash and it does not include inventories as inventories take time to convert in to cash. Whether accounts receivable is a source of ready cash is debatable, however, and depends on the credit terms that the company extends to its customers. Quick ratio = (Assests that are current stock) / current obligations, or = (cash +saleable securities+ any receivables) / current obligations ACDC ltd = 750/300= 2.5 times BeeGees Ltd = 450/600= .75 times To comment on the ratio we would go with the with the ROE ratio where the ACDC ltd has low ratio than BeeGees Ltd. It means BeeGees Ltd is able to make more profits from the shareholders. The gross profit ratio of ACDC ltd is higher than Beegees ltd is higher it means the company sales are high with low cost of production. Coming to quick ratio ACDC ltd is overpowering the other company as it has high ratio that mean liquidity rise as the ratio rises. Same goes with the current ratio as the ratio of ACDC Ltd is increasing the liquidity power is rising and it is beneficial for the investors also. Net profit ratio of BeeGees Ltd is more which means more profits for the company and it does not include any depreciation or other on cash item so it is generating actual profits. Coming to the debtors average settlement period where the ACDC ltd is taking more days to pay its money and the other company is taking less days, so it means Beegees ltd has a good control over paying its debtors. Capital gearing ratio is better when the ratio is lower ,in this case ACDC has a low ratio it means it is good for the investors to go with the ratio and invest. Capital gearing ratio is usually seen by the investors to invest in the company. In inventory collection period , the higher the ratio or days the bad it is therefore Beegee is overpowering ACDC ltd. At the end it is seen that ratios play an important role in letting the company, the stock holders, the investor , the third parties know about the financial results of the company and various measures are provided to keep things at place. It is an important tool for the company to ask loans and can raise by having proper ratios and can make proper analysis of the firm. They can easily chalk out a plan for the corporation. Proper cost cutting facilities are doe by this, the debtors creditor come to know about the collection period and the company tends to know about the profit ratio that they are generating and useful for compa ring results from previous year. References: Ready ratios. (2012).Net profit margin. Retrieved 11 December 2016 from https://www.readyratios.com/reference/profitability/net_profit_margin.html Folger, J . (2016).Formula for calculating current ratio. Retrieved 11 December 2016 from https://www.investopedia.com/ask/answers/070114/what-formula-calculating-current-ratio.asp Ashok, M . (2016).Capital gearing. Retrieved 11 December 2016 from https://www.accountingnotes.net/financial-management/capital-structure/capital-gearing-meaning-and-significance/7966 The Economic times . (2016).Return on equity. Retrieved 11 December 2016 from https://economictimes.indiatimes.com/definition/return-on-equity

Sunday, March 29, 2020

The Competition NSSA Nationals Essay Example

The Competition NSSA Nationals Essay Today was the day I was entered in the NSSA National Competition. This will be the first competition since the accident. I can see the images replaying in my head as I lay wide awake in my bed, dreading to get this day started with. â€Å"Bethany.† My dad yelled from downstairs. â€Å"Yes!† I exclaimed back. â€Å"Come downstairs for breakfast NOW!† He said. I sighed. So I lazily rolled out of my bed and walked downstairs. â€Å"Good morning Dad.† I said. My father was in his early fifty’s, tall, blonde hair, and has a slim beer belly. â€Å"Good morning Bethany.† He replied back. â€Å"Today is the big day, are you ready?† as he handed me a plate with two pancakes with syrup and a slice of turkey bacon. â€Å"Yes I am ready and excited but I do feel a little nervous. I haven’t been in the water for a few months and I don’t how it will feel surfing with one arm.† I sighed. After breakfast, I showered and got ready for my competition. I gathered my accessories and headed to car the car where my dad was waiting for me. â€Å"You ready?† he said. I sighed â€Å"Yes.† I sighed. We drove to Ha’ena beach in Kauai, Hawaii, where I was attacked. Excitement and anxiety arose in me not only, because I was excited to surf and compete but because this is where I lost my arm. We arrived to the beach, before I got out of the car I said just a little prayer â€Å"Lord, please get me through this competition and keep me safe.† I walked out the car and down to the beach with my custom-made surfboard that was now longer and thicker to make it easier to paddle in my right arm. People were waving, smiling and wishing me good luck before my competition. That really boosted my confidence up. The competition has just begun, I watched a few surfers compete and they were amazing. I was kind of a little nervous now. Especially now that it is my turn . â€Å"Number eight Bethany Hamilton, please walk towards the water.† the announcer said. I picked up my surfboard We will write a custom essay sample on The Competition NSSA Nationals specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Competition NSSA Nationals specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Competition NSSA Nationals specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Saturday, March 7, 2020

Free Essays on Independent Farming Verses Working For An Agribusiness Company

Independent Farming Versus Working for an Agribusiness Company Majoring in Agriculture gives one the opportunity to make a career decision to choose to be an independent farmer or to join a noted agribusiness company. One will have to consider the pro’s of owning a farm and working for a noted agribusiness company. On the hand, both career choices have con’s as well. Due to the importance of the decision, one will have to take time to make the best possible choice for the individual. Looking at a career as an independent farmer, one will have the opportunity to own a farm and not have to work for someone else. Owning a farm gives one a material object to leave to other family members. One will not have to answer to others, when making a business decision. When purchasing and operating a farm, one will have to make financially pressing decisions. However all the of the opportunities that come with along with the job of being an independent farmer, will give the farmer the motivation to work harder and be successful. Compared to being an independent farmer, working for a noted agribusiness will give one more clout and be less stressful financially. The noted agribusiness company will be able to provide the employee with insurance, benefits, a retirement plan, and vacation time. The individual will not be directly responsible for the financial responsibility of the business. In some situations, one’s perception of a business man’s clout is higher than that of an independent farmer. After one has analyzed all the rewards of both career choices, one will be able to consider the down falls of being an independent farmer or working for a noted agribusiness company. An independent farmer will be working hard, long hours. The stress level of an independent farmer will also be high due to finances, weather conditions, crop prices and many other factors related to farming. Agribusiness company employees do not... Free Essays on Independent Farming Verses Working For An Agribusiness Company Free Essays on Independent Farming Verses Working For An Agribusiness Company Independent Farming Versus Working for an Agribusiness Company Majoring in Agriculture gives one the opportunity to make a career decision to choose to be an independent farmer or to join a noted agribusiness company. One will have to consider the pro’s of owning a farm and working for a noted agribusiness company. On the hand, both career choices have con’s as well. Due to the importance of the decision, one will have to take time to make the best possible choice for the individual. Looking at a career as an independent farmer, one will have the opportunity to own a farm and not have to work for someone else. Owning a farm gives one a material object to leave to other family members. One will not have to answer to others, when making a business decision. When purchasing and operating a farm, one will have to make financially pressing decisions. However all the of the opportunities that come with along with the job of being an independent farmer, will give the farmer the motivation to work harder and be successful. Compared to being an independent farmer, working for a noted agribusiness will give one more clout and be less stressful financially. The noted agribusiness company will be able to provide the employee with insurance, benefits, a retirement plan, and vacation time. The individual will not be directly responsible for the financial responsibility of the business. In some situations, one’s perception of a business man’s clout is higher than that of an independent farmer. After one has analyzed all the rewards of both career choices, one will be able to consider the down falls of being an independent farmer or working for a noted agribusiness company. An independent farmer will be working hard, long hours. The stress level of an independent farmer will also be high due to finances, weather conditions, crop prices and many other factors related to farming. Agribusiness company employees do not...

Thursday, February 20, 2020

Week 1 dissc 1 hist Essay Example | Topics and Well Written Essays - 250 words

Week 1 dissc 1 hist - Essay Example Some slaves did have contacts on the ‘outside’ and they had a bit of an education, so they were more able to fit into mainstream society, find work or a farm to tend, and begin to rebuild their lives. In this context, many would argue that a freed slave was better off remaining in their original slave state than moving to a former non-slave state in the North. It is a false assumption to think that the North was truly anti-Slave. While it is true that they did not allow slavery within their borders, many were still highly discriminatory against the African American. On the contrary, while many slave owners were guilty of crimes against their slaves, many did provide for them, gave them training and skills, and took care of their basic needs. While they were not free, they were taken care of. So, upon the abolition of slavery, many slaves found themselves confused as to where they wished to uproot and move their family. Naturally, these desired to be free and to live out their remaining days, not as a slave, but as a provider to their own family (Berwanger, 1979, p. 103). On the other hand, however, they had to face reality and felt the need to reside in a place that they felt comfortable and could put food on their table. Many slaves opted to remain in the South. They understand the plantations and felt at home working the fields. Now, many of them found employment on their original homesteads. Rather than being a slave, they were able to earn an honest days wage and provide for their family. While they were still discriminated against, they felt more at home than they would have in the North, where employment would have been difficult at best and the cities would have been foreign to