...27.12.2011 Sovereign Debt Crisis - Greece vs. Argentina Everyday more and more headlines are being filled with the debt crisis in Europe. But the center stage of the developments in Europe is being taken away by Greece. As Greece is being basically bankrupt, its expenses are way bigger than its obligations; it is also being supported by the EU because of the fear of consequences from its collapse. Analyzing a Bloomberg article, about two economists, and their view of the Greece debt crisis, I found out that they tried to compare the “Greece crisis” with Argentina’s default in 2001. They argued about two lessons concerning how and what could Greece possibly go through. According to the article “the first lesson has to do with the timing and size of the debt exchange”. As I figured out it is about building up the solvency for the debt in way to get access to capital markets. First of all in the article it says that “Greece and its private creditors have been invited to implement a bond exchange with a nominal discount, or haircut, of 50 percent of face value”. This voluntary agreement they also call the default. So in order to do the right thing, the Greece attempt to extend the debt relief beyond the 50% haircut agreed upon, should be assessed by someone. Also it is argued that the faster Greece starts contributing solutions instead of delaying their problem they will be able to begin normalizing the relationship with capital markets. The second lesson as said in the article...
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...report). Allow 1-1.5 pages for this section. Post GFC the global economy in my opinion is still reverberating with the ramifications of this tragic event. The tipping point of consumer and business credit has left the global economy “cooling down” by policies and recommendations of FDIC the federal deposit insurance corporation and TARP Troubled Asset Relief Program. The growth for the two largest economies is decelerating (R.Miller 2011) as finance ministers and central bankers arrive at the semi-annual meeting of the International Monetary Fund and World Bank. The increasing price of petrol has lowered consumer and business disposable income worldwide, and in the U.S budget cuts and a tighter monetary policy has limited the demand in China. The third largest economy Japan is recovering from the aftermath of the recent earthquake. While in Europe the possibility of a divided European Union becomes a probability for some members of the trading block as the debt crisis has claimed its third victim Portugal The objective of the study is to somehow interpret and create a better understanding of global and economic events and how these events affect the financial markets in the past, present and future for both local and international markets. 2. Sources of data/methodology: My sources of methodology are Google Alerts, this function allows you to receive emails relating to topics of interest, I signed up for the topic of the Financial Markets and I regularly receive emails...
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...International Business (lectures) Balance of payments It has to balance (zero). In theory, it should always be zero, but in real life, it does not always balance. A current account surplus of goods and services exceed imports. The currency here is likely to rise. A current account deficit means imports of goods and services are greater than exports. The US has a great debt. You often have to borrow in this case, if you do not have a savings. It can be easy to borrow one time, but eventually you have to pay the money back that you have borrowed, plus interest. The value of the currency of the given country will fall, and therefore it can be more difficult to export goods to other countries. The US has a low savings rate compared to some of the more poor countries in the world. FDI - Foreign direct investment Greenfield investment, you build an enterprise from the bottom up. Horizontal: FDI in the same industry as the firm operates at home Vertical, two types: * Backward: * Forward: FDI is expensive and it is risky compared to just exporting goods. In the past governments were skeptic about FDI’s, but now they want to try to have a positive effect of FDI’s. Culture Cultural preferences will stay for many years, so therefore a company needs to modify their products, so it meet the costumer’s needs in a given country. Maybe a company can just change the package, so consumer are able to buy the product. Customize an escalator for India? ...
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...respondents changed spending habits to save on expenses • Concern for the economy and job security remained Global consumer confidence declined three index points to 91 in Q2 2012 amid a worsening Euro zone crisis, lackluster U.S. job growth and China’s downward GDP revision for 2012, according to consumer confidence findings from Nielsen, a leading global provider of information and insights into what consumers watch and buy. “Consumers are clearly proceeding with caution in relation to their spending intentions,” said Dr. Venkatesh Bala, chief economist at The Cambridge Group, a part of Nielsen. “Consumer confidence lost momentum in the second quarter as global events, including a worsening Euro zone crisis coupled with slowing growth rates in China and India, impacted financial markets and consumer sentiment in many parts of the world. As renewed volatility entered global markets, consumers reacted by reining in spending and consumption intentions.” In the latest round of the survey, conducted between May 4 and May 21, 2012, consumer confidence declined three points to 100 in Asia Pacific, four points to 88 in North America, and two points to 96 in Latin America. An increase of one point each in Middle East/Africa (98) and Europe (73) was reported. Overall, consumer confidence rose in 41 percent of global markets measured by Nielsen in Q2, compared to a 68 percent increase in the previous quarter. Confidence declined in 26 of 56 markets, increased in 23, and remained flat in seven....
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...Another reason for the selection of euro is the latest decision by the Bank of England not to increase the bond purchases as bond purchases means outflow of money that leads to trade deficit and depreciation of Euro (TopForexNews.com, 2012). Furthermore, the reason I chose Great Britain pound was due to the appreciation of UK pound against the US dollar based on the latest interest rate decision by the Bank of England to keep it the same as well as to keep its debt-purchase program on hold for the time being (TopForexNews.com, 2012 ). Discussion 14 March 2012 For the first week of trading, I am only allowed to buy the currencies. The Japanese yen is expected to fall when the European finance ministers agreed to provide a bailout for Greece and on...
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...Product: For this project you may only select products that are made in Lebanon for export to one of the below mentioned countries. Examples of products that you may select for export include, but are not restricted to: Paper tissue products, detergents, canned foods, pickles, oils, soaps, clothing, shoes, industrial equipment, electrical appliances, textiles, agricultural produce, cement and construction materials, plastic products (cups, plates, chairs, ...), cereals, chocolate, biscuits, ground coffee, electric cables, Arak ... (Wines are not an option!) March 27, 2013 Countries where the Lebanese products would be introduced: Brazil - Greece - United Kingdom - China – India – USA – Canada – Germany March 27, 2013 Project Requirements: * Conduct a demographic, political, cultural, social and economic study of the country. April 10, 2013 * What are the governmental regulations imposed on entry into the market? April 17, 2013 * If there were severe regulations, what would be the ideal entry mode into the country? April 17, 2013 * List and explain the tariff and non-tariff barriers that are present in the host market. * Some of the non-tariff barriers might not be clearly documented or communicated. Try to explain the potential non-tariff barriers that might exist. May 8, 2013 * Research the available products similar to your offering. Are they competing products or substitutes? * Pay attention to the need(s) that your product...
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...GLOBAL MARKET OUTLOOK For Photovoltaics 2014-2018 Supported by: GLOBAL MARKET OUTLOOK For Photovoltaics 2014-2018 Principal authors and analysts: Gaëtan Masson (iCARES Consulting), Sinead Orlandi, Manoël Rekinger Publication coordination: Benjamin Fontaine, Sinead Orlandi External contributors: AECEA, APERe, APESF, APISOLAR, APREN, assoRinnovabili, Australian PV Association, BPVA, BSWSolar, CANSIA, CREIA, CRES, CZEPHO, Danish PV Association, EDORA, ENERPLAN, Fronius, GENSED, GIFI, Goldbeck, HELAPCO, Holland Solar, HUPIA, IEA-PVPS, JPEA, KOPIA, Martifer, PV AUSTRIA, PV Russia, PV Poland, PV Vlaanderen, Renewable Association of Israel, RPIA, RTS Corporation, SAPI, SAPVIA, SASIA, SEIA, SEMI Taiwan, SolarMax, SolarTrade Association, SunEdison, Swissolar, TOTAL, UNEF, Wacker, ZSFI Editor: Tom Rowe Design: Onehemisphere, Sweden Images: iStock.com/CaiaImage (cover), REC – Renewable Energy Corporation ASA (page 8), Sharp (page 10), ENEL (page 12), First Solar (page 14), First Solar (page 16), Kyocera Fineceramics, Stromaufwart Photovoltaik GmbH (page 26), Sharp (page 48), JA Solar (page 54). Supported by: Intersolar Europe Solar irradiation world map has been derived from the SolarGIS database: http://solargis.info (© 2014 GeoModel Solar) Disclaimer: Please note that all historical figures provided in this brochure are valid at the time of publication and will be revised when new and proven figures are available. All forecast figures are based on...
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...Atomic Shield Vs. The Iron Curtain Post-World War II attitude transitioned from relief to immediate paranoia and suspicion. World War II was responsible for roughly 55 million deaths. The most devastating war in modern history led to a great shift in power around the world. Many questions regarding the future of Europe arose. The Cold War was caused by a clash between capitalist and communist ideologies that ultimately led to the United States winning the Cold War. The Cold War was a post-World War II stalemate between the world’s two reigning superpowers, the Soviet Union and the United States. The world now saw opposition between the United States’ capitalist visions verses the Soviet Union’s communist visions. Various roots contributed to the start of the Cold War. Even before the end of World War II, suspicions of the Soviets were present. In October 1917, a revolution in Russia led by Lenin Bolshevik and the communists alarmed many Americans. The Communists had seized power and often used violence to achieve their goals. With a Marxist view, they rejected religion and the idea of private property. It was obvious that the Soviet Union wanted to spread communism throughout the world. After World War II, there loomed a danger of appeasement, because of the familiar events that occurred with Hitler and Germany. Hitler made demands that allowed the Nazis to expand further, and many believed that the Soviet Union was more fixed on...
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...The current issue and full text archive of this journal is available at www.emeraldinsight.com/0265-1335.htm IMR 28,2 The role of context in assessing international marketing opportunities Susan P. Douglas and C. Samuel Craig Stern School of Business, New York University, New York, New York, USA Abstract Purpose – The choice of which country or countries to enter is a critical decision and needs to be made with considerable care and deliberation. Initial market entry decisions have typically focused on country evaluations based on macro-economic data. While appropriate in providing an initial screening of countries, other factors, notably contextual factors, can provide important insights in assessing international market opportunities. The purpose of this paper is to examine the impact of context at four distinct levels. Design/methodology/approach – The literature on the influence of context on consumption and purchase behavior is reviewed to provide a framework to understand contextual factors as a means to refine entry strategy and develop effective segmentation strategies. Findings – A wide range of contextual factors exert influence on consumption choices and contribute to within-country heterogeneity. These are typically examined at the macro-level, but also need to be examined at the meso-level, micro-level and situational level to fully assess market opportunities and establish viable market segments. Practical implications – Examination of contextual factors...
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...11/4/2011 Mr. Susilo Hatono 4th Client Meeting November 2011 Excellence Professionalism Commitment Integrity Partnering and Leading You to Your Success 1 Our Trusted Team and Approach Our relationship is established on EPIC values – Excellence, Professionalism, Integrity, Commitment You are the centre of everything we do We are committed to listening, understanding, and determining your investment needs, objectives, preferences, constraints and risk tolerance; together with a thorough analysis of the economy, we seek to give you the most up-to-date and personalised solutions to achieve your goals and objectives. Mr. Susilo Hatono Your Team of Trusted Specialists Steffi Tedjo Relationship Manager Teo Shih Jie Economist Benjamin Chong Portfolio Manager Lim Chang Tat Equity Product Specialist Cheryl Ong Fixed Income Product Specialist Natasha Wan Alternative Product Specialist 2 1 11/4/2011 Agenda for today’s meeting INTRODUCTION INTRODUCTION + + MACROMACROECONOMIC ECONOMIC OUTLOOK OUTLOOK REVIEW OF MACROREVIEW OF INVESTMENT ECONOMIC INVESTMENT OBJECTIVES OUTLOOK OBJECTIVES - Updated investment - Updated objectives investment objectives current - Review of investments - Review of current investments - Overview of Portfolio PROPOSED PROPOSED ASSET ASSET ALLOCATION ALLOCATION Equities Equities Fixed Income Fixed Income Alternative Alternative Investments Investments - Recap of Portfolio POTENTIAL...
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...Nike, Inc: Cost of Capital CASE SUMMARY In this case, Kimi Ford, a portfolio manager at NorthPoint Group, a mutual fund company, manages the NorthPoint Large-Cap Fund. This fund invests mostly in Fortune 500 companies with an emphasis on value investing. Some of the top holdings of the NorthPoint Large-Cap Fund include; ExxonMobil, McDonalds and GM, these stocks are generally old-economy stocks. Over 2000 and the first half of 2001, the NorthPoint Large-Cap Fund performed very well, earning a 20.7% return in 2000; over the same time, the S7P 500 fell 10.1%. The current time is July 2001 and just a year prior, there was an analyst meeting at Nike to review fiscal year 2001 performance. During this meeting, Nike revealed a plan for revitalizing the company. The company was in need of a kick start as sales were stuck at $9 billion and there was a drop in net income from $800 million to $580 million. To re-energize sales, Nike was going to produce more mid-priced athletic shoes, an area where Nike was weak in previous years. Nike also announced that it was going to push its apparel line which has been growing extremely well. With this new information, Kimi Ford is now considering purchasing Nike shares for the NorthPoint Large-Cap Fund. She reviewed numerous analysts’ reports but felt that there was no clear guidance on whether or not to buy the stock. To make a better decision, she decided to perform her own analysis. In this case, we will provide Kimi Ford with a...
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...Dragon Name Dragon The word dragon entered the English language in the early 13th century from Old French dragon, which in turn comes from Latin draconem (nominative draco) meaning "huge serpent, dragon", from the Greek word δράκων, drakon (genitive drakontos, δράκοντος) "serpent, giant seafish". The Greek and Latin term referred to any great serpent, not necessarily mythological, and this usage was also current in English up to the 18th century. Morphology A dragon is a mythological representation of a reptile. In antiquity, dragons were mostly envisaged as serpents, but since the Middle Ages, it has become common to depict them with legs, resembling a lizard. Dragons are usually shown in modern times with a body like a huge lizard, or a snake with two pairs of lizard-type legs, and able to emit fire from their mouths. The European dragon has bat-like wings growing from its back. A dragon-like creature with wings but only a single pair of legs is known as a wyvern. Comparative mythology Further information: Chaoskampf, Sea serpent, Proto-Indo-European religion § Dragon or Serpent and Serpent (Bible) The association of the serpent with a monstrous opponent overcome by a heroic deity has its roots in the mythology of the Ancient Near East, including Canaanite (Hebrew, Ugaritic), Hittite and Mesopotamian. Humbaba, the fire-breathing dragon-fanged beast first described in the Epic of Gilgamesh is sometimes described as a dragon with Gilgamesh playing the part of...
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...upon allowing 2 soviet satellites and the Soviet Union a seat in the UN. Iron Curtains - used to describe the boundary that separated the Warsaw Pact countries (Soviet and its satellites) from the NATO countries (North Atlantic Treaty Organization - created in order to encourage economic flow and alliances.) Cold War (1946-1989) - war of ideas waged between the US and the Soviets, in which each nation attempted to influence the political and economic views of another nation. They used weapons such as: • propaganda - advertisement • economic and military aid (Marshall Plan under Truman provided aid to nations that would remove trading barriers and cooperate economically; Truman Doctrine provided military and economic aid to Greece and Turkey) • alliances - military agreement to protect each other against another's aggression (NATO and SEATO; Warsaw Pact in order to retaliate NATO) => SEATO disbands during the Vietnam War when the South Asian Nations refuse to back the US • arms and space race (Sputnik) • espionage • subversion - stir up a government revolt against existing governments because you don't like them. In the US it is illegal to interfere with a legally elected government....
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...HOFSTEDE: Cultures And Organizations - Software of the Mind Culture as mental programming In Western languages 'culture' commonly means 'civilization' or 'refinement of the mind' and in particular the results of such refinement, like education, art, and literature. This is 'culture in the narrow sense; 'culture one' Culture as mental software, however, corresponds to a much broader use of the word which is common among social anthropologists: this is ‘culture two’. In social anthropology, 'culture' is a catchword for all those patterns of thinking, feeling, and acting referred to in the previous paragraphs. Not only those activities supposed to refine the mind are included in 'culture two', but also the ordinary and menial things in life: greeting, eating, showing or not showing feelings, keeping a certain physical distance from others, making love, or maintaining body hygiene. CULTURE It is the collective programming of the mind which distinguishes the members of one group or category of people from another. It is a collective phenomenon, because it is at least partly shared with people who live or lived within the same social environment, which is where it was learned. Culture is learned, not inherited. It derives from one's social environment, not from one's genes. Culture should be distinguished from human nature on one side, and from an individual's personality on the other: 1 Cultural relativism there are no scientific standards for considering one group...
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...European cluster: tradition and transition     Gyula Bakacsi, Takacs Sandor, Karacsonyi Andras, Imrek Viktor1 Budapest University of Economic Sciences and Public Administration, 1093 Budapest, Hungary Abstract The eastern European cluster consists of Albania, Georgia, Greece, Hungary, Kazakhstan, Poland, Russia, and Slovenia. It has a population of 232 million and a gross domestic product (GDP) of U.S.$772 billion. The cluster's distinctive cultural practices are high power distance and high family and group collectivism. The region is facing signi®cant challenges during its period of transition from communist philosophy to market-based economies. The participating managers value a much greater degree of future and performance orientation, but are strongly attached to their cultural heritage of deep family and group cohesion. They are also highly value charismatic and team-oriented leadership. The challenges and complexities facing the region are explored in the paper. # 2002 Published by Elsevier Science Inc. 1. Introduction This article provides an in-depth look at the eastern European culture. This region is understudied due to its socialist past and was not (with the exception of Greece and Yugoslavia), included in Hofstede's seminal work (1980) or basic reviewing and synthesizing study of Ronen & Shenkar, 1985 comparative study of 25 countries. Over the past few years, a few writers have examined cultural and managerial issues in this region. Kiezun (1991) showed...
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