...under an open capital account, with attendant regressive distributional implications. Juxtaposing the analysis of revenue mobilisation trends and taxation policies with the evidence of increasing asset and land concentration and persisting high inequalities reveals that the increase in income tax revenue did not necessarily come from the upper income profiles or corporate profits. Meanwhile, although government expenditure to GDP ratio has improved after 2003, capital expenditures and social expenditures other than those in education continue to remain low. Further, the current pattern of fiscal decentralisation does not seem to be effective in addressing the existing disparities. JEL Classification H 200; H 500; H 700 Key Words Indonesia, fiscal policy, public finance, inequality, taxation, revenue, government expenditure, financial liberalisation, IMF debt conditionalities, decentralisation Smitha Francis is Principal Economist, Economic Research Foundation, New Delhi. Email for correspondence: smithafrancis@gmail.com THE IDEAs WORKING PAPER SERIES 01/2012 Fiscal Policy Evolution and Distributional Implications: The Indonesian experience Smitha Francis* I. Introduction Indonesia, the world’s largest archipelago-state and the fourth most populous, is a unitary country comprising central, provincial and local levels of government. Under the first president Sukarno (1950-65) and under the thirty...
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...it is world’s fourth largest manufacturer of trucks and buses. Ratan Tata, the CEO of Tata group had a vision to design a car for a low income group family and he came with the design of Tata Nano in 2008, tagged as “ People’s car” which was created for all the sections of economy. The automakers were shocked that how could Tata motors achieve the price target of 1 lakh ($2500). Tata Nano’s car design won the Edison award in 2009 and best compact car award. Tata Nano was launched in March 2009. The spokesperson of Tata, Mr. Kant agreed that initially the marketing strategy as well as positioning and targeting strategies were inappropriate as it did not reach the targeted customers as a result sales dipped. Many policies were incorporated and the marketing strategy was altered. Tata group’s retail outlets, big bazaar and croma made open distribution. It tied up with banks to provide easy finance to targeted customers. “Happiness guaranteed” was an initiative by Tata motors to boost Nano sales by improving after sale service. Tata motors has international expansion plans and it has spread its roots to Sri Lanka and Nepal and is targeting other emerging economies as they are similar in cultural and economic factors and are suitable for the launch of ultra low cost car i.e. Tata Nano. TABLE OF CONTENTS 1 ENTRY TO GLOBAL ULTRA LOW COST MARKET 4-5 1.1 A DREAM COME TRUE 1.2...
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...SEARCA Agriculture & Development Discussion Paper Series No. 2007-1 Why Does Poverty Persist in the Philippines? Facts, Fancies, and Policies Arsenio M. Balisacan SOUTHEAST ASIAN REGIONAL CENTER FOR GRADUATE STUDY AND RESEARCH IN AGRICULTURE Science and education for agriculture and development Arsenio M. Balisacan SEARCA College, Los Baños, Laguna Tel/Fax: (63) 495362290 E-mail: post@agri.searca.org The SEARCA Agriculture and Development Discussion Paper Series aims to disseminate information on current trends or researches to inspire discussion between the author and other stakeholders in the same field of interest. SEARCA encourages readers to directly contact the author through the address provided or join the discussion board for this paper at http://bit.ly/searca-dps-2007-1. DISCLAIMER The point of view taken in this paper is entirely that of the author and does not reflect in any way, SEARCA’s position. INTRODUCTION A ddresing the widespread poverty problem is the single most important policy challenge facing the Philippines. Not only is poverty high compared with other countries in East Asia, but also its reduction is so slow that the country has become the basket case in the region. Proposals peddled to address the poverty problem are plenty—and keep growing. At one end of the spectrum are proposals contending that the root of the problem is simply the lack of a respectable economic growth. Putting the economy on a high-growth path is prescribed...
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...Ace Hardware Indonesia Tbk PREFACE This Financial Management Module Assignment has been prepared to fulfill the requirements of the subject. In this module assignment, we will discuss our analysis about PT Ace Hardware Indonesia Tbk as our object of this assignment. We reviewed and analyzed the firm’s financial statements periodically, both to uncover developing problems and to assess the firm’s progress toward achieving goals. Financial ratios enable financial managers to monitor the pulse of the firm and its progress toward its strategic goals. We also analyzed about a firm’s risk and expected return directly affect its share price. It is therefore the financial manager’s responsibility to assess carefully the risk and return of all major decisions so as to ensure that the expected returns justify the level of risk being introduced. It is hoped that this module assignment can fulfil the requirements of the subject in this semester. Jakarta, December 2010 Team BRIEF CONTENTS COVER PAGE 1 PREFACE 2 BRIEF CONTENTS 3 CHAPTER 1 INTRODUCTION A. PT Ace Hardware Indonesia Tbk 5 B. Corporate Vision 6 C. Corporate Mission 6 D. Corporate Culture 6 CHAPTER 2 FINANCIAL STATEMENTS A. Balance Sheets as of December 31, 2005, 2006 7 B. Balance Sheets (cont’d) as of December 31, 2005, 2006 8 C. Statements of Income for the Years...
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...their negatives are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, among others, competitive pricing and activities, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, physical risks, environmental risks, the ability to manage regulatory, tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social conditions in the geographic markets where the Group operates and new or changed priorities of the Boards. Further details of potential risks and uncertainties affecting the Group are described in the Group's filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including...
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...ECONOMIC of INDONESIA “INFLATION” Created by: Gabriella Vidiananda 0810233017 Ira Ardella Putri 0810233023 Gilang Pradipta 0810233018 Accounting Department Faculty of Economic University of Brawijaya 2011 INFLATION Definition of inflation We often hear the word inflation (level of inflation) on television, in newspapers, magazines, and various other media. Inflation is one of economic symptom that has much attention from the economic expert. In many cases inflation is unbeneficial symptom and the people who has fix salary is the most harm. In principle, the definition or meaning inflation was widely noted scientists and experts in their field. With regard to the definition or meaning of inflation in according to experts, there are some following, in according to Winardi (1995: 235) definition or meaning of inflation is the period in which the purchasing power of the Monetary Union down. Inflation can occur when the amount of money or deposits in circulation is larger than the amount of goods and services. This is often supported by the loss of public confidence in the country vis-à-vis the domestic currency, which then cause symptoms that apply to exchange money to items. According to Bodie, and Marcus (2001: 331), the definition or meaning of inflation is the value at which the price level of goods and services in general has increased. According to Weston and Copeland (1998: 250), definition of inflation is the state of the economy that experienced...
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...under strict embargo until the global launch and worldwide electronic release of the Human Development Report. It is misleading to compare values and rankings with those of previously published reports, because the underlying data and methods have changed. Readers are advised in the Report to assess progress in HDI values by referring to table 2 (‘Human Development Index Trends’) in the Statistical Annex of the report. Table 2 is based on consistent indicators, methodology and time-series data and thus shows real changes in values and ranks over time reflecting the actual progress countries have made. Caution is requested when interpreting small changes in values because they may not be statistically significant due to the sampling variation. Generally speaking, changes in third decimal of all composite indices are considered insignificant. For further details on how each index is calculated please refer to Technical Notes 1-4 and the associated background papers available on the Human Development Report website. Human Development Index (HDI) The HDI is a summary measure for assessing long-term progress in three basic dimensions of human development: a long and healthy life, access to knowledge and a decent standard of living. As in the 2011 HDR a long and...
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...36 Focus on autos 40 Focus on healthcare 46 Brands and the emerging consumer in 2015 62 Brazil: Steady decline continues 64 China: A life online 66 India: New government, strong consumer 68 Indonesia: An under-penetrated market 70 Mexico: Structural potential, cyclical hurdles 72 Russia: Dark clouds gather 74 Saudi Arabia: The petro-dollar 76 South Africa: Reduced optimism 81 About the survey 83 Imprint / Disclaimer For more information, please contact: Richard Kersley, Head of Global Securities Products and Themes, Credit Suisse Investment Banking, richard.kersley@credit-suisse.com Michael O’Sullivan, Chief Investment Officer UK & EMEA, Credit Suisse Private Banking & Wealth Management, michael.o’sullivan@credit-suisse.com COVERPHOTO: ISTOCKPHOTO.COM/XAVIERARNAU, PHOTO: ISTOCKPHOTO.COM/ALIJA 78 Turkey: Subdued but stable EMERGING CONSUMER SURVEY 2015_3 Editorial We are delighted to publish the fifth edition of the Credit Suisse Research Institute’s “Emerging Consumer Survey.” To undertake the project, we have again partnered with global market research firm Nielsen, which has conducted on our behalf nearly 16,000 face-to-face interviews with consumers across nine key emerging economies – Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, Turkey and South Africa. We have built a unique and accessible multi-year database profiling the fortunes and intentions of these key consumers. The ambition of our series...
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...TOYOTA MOTOR CORPORATION TABLE OF CONTENTS 1 COMPANY OVERVIEW 2 EXTERNAL ENVIRONMENT OF THE AUTOMOTIVE INDUSTRY 2.1 Industry Overview and Analysis 2.2 Industry Life Cycle 2.3 Industry Demand Determinants 2.4 Porter’s Five Forces 2.5 Industry Cost Structure Benchmark 2.6 Industry Competitive Landscape 2.7 Major Competitors 2.8 Key Success Factors in Industry 3 INTERNAL ENVIRONMENT OF TOYOTA 3.1 Core Competencies 3.2 Distinct Competency 3.3 SWOT Analysis 3.4 BCG Matrix: Internal Analysis of Toyota Portfolio 3.5 VRIO Framework Analysis 3.6 Toyota’s Efforts in Emerging Economies 3.7 Case Study: Toyota’s Successful Strategy in Indonesia 3.8 Strategic M&A, Partnerships, Joint Ventures, and Alliances 3.9 Analysis of Financial Performance 4 RECOMMENDATIONS 5 APPENDICES 6 REFERENCES Analysis of Toyota Motor Corporation by Thembani Nkomo 1. TOYOTA CORPORATE OVERVIEW: Founded in 1937, Toyota Motor Corporation is a Japanese company that engages in the design, manufacture, assembly, and sale of passenger cars, minivans, commercial vehicles, and related parts and accessories primarily in Japan, North America, Europe, and Asia. Current brands include Toyota, Lexus, Daihatsu and Hino. Toyota Motor Corporation is the leading auto manufacturer and the eighth largest company in the world. As of March 31, 2013, Toyota Motor Corporation’s annual revenue was $213 billion and it employed 333,498 people. 1 2. EXTERNAL ENVIROMENT OF AUTOMOTIVE INDUSTRY: ...
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...Marketing in Emerging Market Economies: Why there is a need to reformulate marketing tactics used in emerging markets. Emerging Markets – An overview Emerging market economies are those economies which exhibit high growth and investment potential. Emerging economies are generally found in East and South Asia, Eastern Europe, South Africa, Latin America and Middle East. These economies are characterized by improving standard of living, other than that they have large growing middle class population who have high aspirations and ambitions for the future. All these characteristics make these economies attractive destinations for exporting goods, investment and outsourcing. Emerging economies of the world possess several advantages which have led to their rise. The major advantages that have been observed in these economies are availability of cheap labour force and highly qualified work force which have made these economies challengers in the global market. Another major characteristic of these economies is that their growth rates are much higher than the developed countries of the world. The new international challengers are the top firms operating in these emerging economies who have now become key contenders of the world market. A very good example of the above discussion is Orascom Telecom - which is an Egyptian telecom provider who on the basis of managerial capabilities and superior technology has become one of the major telecommunication provider in Africa...
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...ANNUAL REPORT 2013 CONTENTS Chairman’s Review Managing Director’s Review Financial Results Board of Directors Senior Management Corporate Governance Statement Financial and Statutory Reports Directors’ Report Financial Report Income Statement Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Notes to the Financial Statements 1. Summary of Significant Accounting Policies 2. Segment Reporting 3. Revenue 4. Income Statement Disclosures 5. Income Tax Expense 6. Cash and Cash Equivalents 7. Trade and Other Receivables 8. Inventories 9. Other Financial Assets 10. Investment in Joint Venture Entity 11. Investments in Bottlers’ Agreements 12. Property, Plant and Equipment 13. Intangible Assets 14. Impairment Testing of Investments in Bottlers’ Agreements and Intangible Assets with Indefinite Lives 1 2 3 4 6 7 14 14 59 59 60 61 62 63 64 64 72 74 74 76 77 78 79 79 79 80 81 82 83 15. Trade and Other Payables 16. Interest Bearing Liabilities 17. Provisions 18. Deferred Tax Liabilities 19. Defined Benefit Superannuation Plans 20. Share Capital 21. Shares Held by Equity Compensation Plans 22. Reserves 23. Employee Ownership Plans 24. Dividends 25. Earnings Per Share (EPS) 26. Commitments 27. Contingencies 28. Auditors’ Remuneration 29. Business Combinations 30. Key Management Personnel Disclosures 31. Derivatives and Net Debt Reconciliation 32. Capital and Financial Risk Management 33. Related Parties 34. CCA Entity...
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...TOYOTA MOTOR CORPORATION TABLE OF CONTENTS 1 COMPANY OVERVIEW 2 EXTERNAL ENVIRONMENT OF THE AUTOMOTIVE INDUSTRY 2.1 Industry Overview and Analysis 2.2 Industry Life Cycle 2.3 Industry Demand Determinants 2.4 Porter’s Five Forces 2.5 Industry Cost Structure Benchmark 2.6 Industry Competitive Landscape 2.7 Major Competitors 2.8 Key Success Factors in Industry 3 INTERNAL ENVIRONMENT OF TOYOTA 3.1 Core Competencies 3.2 Distinct Competency 3.3 SWOT Analysis 3.4 BCG Matrix: Internal Analysis of Toyota Portfolio 3.5 VRIO Framework Analysis 3.6 Toyota’s Efforts in Emerging Economies 3.7 Case Study: Toyota’s Successful Strategy in Indonesia 3.8 Strategic M&A, Partnerships, Joint Ventures, and Alliances 3.9 Analysis of Financial Performance 4 RECOMMENDATIONS 5 APPENDICES 6 REFERENCES Analysis of Toyota Motor Corporation by Thembani Nkomo 1. TOYOTA CORPORATE OVERVIEW: Founded in 1937, Toyota Motor Corporation is a Japanese company that engages in the design, manufacture, assembly, and sale of passenger cars, minivans, commercial vehicles, and related parts and accessories primarily in Japan, North America, Europe, and Asia. Current brands include Toyota, Lexus, Daihatsu and Hino. Toyota Motor Corporation is the leading auto manufacturer and the eighth largest company in the world. As of March 31, 2013, Toyota Motor Corporation’s annual revenue was $213 billion and it employed 333,498 people. 1 2. EXTERNAL ENVIROMENT OF AUTOMOTIVE INDUSTRY: ...
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...Question 1: Case analysis There are many similarities between IFRS and pre-IFRS Canadian GAAP, however there are also significant differences. They are both similar in terms of style and the form of the individual standards because they are based on similar conceptual frameworks. The main objective of both IFRS and pre-IFRS Canadian GAAP is for financial statements to give a fair presentation. When there is a choice of accounting policies, the one that can reflect the most accurate economic portrait should be selected. Since Extract Tar Sands it traded publicly, included in its stakeholders are international investors. It’s compliance with IFRS is necessary to be a global competitor. IFRS will allow easier financial performance benchmarking amongst competing companies. This in turn will provide better access to capital. With the adoption of IFRS it will also eliminate Extract’s need to reconcile information reported under different national standards while providing consistent information for decision making purposes. The two areas with IFRS that represent the greatest change for Extract tar sands are: 1. Impairment: With IFRS impairments are usually triggered more frequently and unlike pre-IFRS Canadian GAAP, impairments under IFRS can be reversed. 2. Revaluations: Some IFRS including Property, Plant and Equipment, Investment Property and Intangibles allow the revaluation of assets under certain circumstances. This is quite a change from pre-IFRS Canadian GAAP which...
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...referred to a capitalist system because we allow and also encourage the private ownership of capital, that is, the plants, factories, equipment, and so forth that are used to produce and provide goods and services. India has a Mixed Market economy meaning it uses a variety of government regulation to control the economy, but relies primarily on market that forces to set prices and demand and uses general principles of capitalism. India is having a mixed economic structure. It is neither fully capitalist nor fully socialistic. It is neither completely an open system nor a fully free market system. The key variables in the choice of this economic design are: people's welfare, equitable distribution of wealth and income, a logical link between employment and incomes, restraining monopolies and concentration of power and wealth, and supporting health and education sectors through government subsidies and political strength. India has a mixed economy. Half of India's workers rely on agriculture, the signature of a traditional economy. One third of its workers are employed by the services industry, which contributes two-thirds of India's output. The productivity of this segment is made possible by India's increasing move toward a market economy. Since the 1990s, India has deregulated several industries, privatized many state-owned enterprises, and opened doors to Foreign direct investment. If you thought global heavy weights like China or the US would be India’s biggest...
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...working time is as pertinent as it was at the inception of the 40-hour week. Not until now, however, has there been a global comparative analysis of working time laws, policies and actual working hours. Despite a century-long optimism about reduced working hours and some progress in legal measures limiting working hours, this book demonstrates that differences in actual working hours between industrialized and developing countries remain considerable – without any clear sign of hours being reduced. This study aims to offer some suggestions about how this gap can begin to be closed. Lee, McCann and Messenger trace the theoretical background of the concept of working time before examining recent trends in working time laws in developing countries and countries in transition. The study then shifts its focus to developments in selected countries, considering both broad trends in working time at a national level and the structure and dynamics underlying these trends. The authors provide a remarkable set of policy suggestions that preserve health and safety, are ‘family-friendly’, promote gender equality, enhance productivity and facilitate workers’ choice and influence over their working hours. This book will be of great interest to policy-makers engaged with working conditions or health and safety, labour market experts, trade union leaders and workers’ organizations, as well as academics and researchers in the fields of industrial relations, labour economics and labour law. Sangheon Lee...
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