...1 Introduction 2 2 EU funding development plans and the results between 2007-13 2 2.1 Operational Programme 'Development of Living Environment' 3 2.1.1 The purpose and aim of the EU investment 3 2.1.2 The expected impact of the investment 3 2.1.3 Priority axis 3 2.1.4 Managing Authority 4 2.1.5 Finances 4 2.2 Operational Programme 'Development of Economic Environment' 5 2.2.1 The purpose and aim of the EU investment 5 2.2.2 The expected impact of the investment 5 2.2.3 Priorities 6 2.2.4 Managing Authority 7 2.2.5 Finance 7 2.3 Operational Programme for Human Resource Development 7 2.3.1 Lifelong learning. 7 2.3.2 Developing human resources for R&D. 7 2.3.3 Good-quality and long working life. 8 2.3.4 Knowledge and skills for innovative entrepreneurship. 8 2.3.5 Enhancing administrative capacity. 8 2.3.6 Technical assistance 8 3 Success stories 8 3.1 Example 1: Start-up Programme 8 3.1.1 Start-up 9 3.1.2 Evolution 9 3.1.3 Most relevant 3 projects 9 3.1.4 Results 9 3.2 Example 2: BioFix 10 3.2.1 Context 10 3.2.2 BioFix Project 10 3.2.3 First steps 10 3.2.4 Partners 10 3.2.5 Results 11 Introduction After centuries of Danish, Swedish, German, and Russian rule, Estonia attained independence in 1918. Forcibly incorporated into the USSR in 1940 - an action never recognized by the US - it regained its freedom in 1991 with the collapse of the Soviet Union. Since the last Russian troops...
Words: 4149 - Pages: 17
...efficiency goes down in a number of dimensions. The deterioration is not because of Islamic bank’s own mechanical deficiencies. Rather it is the efficiency-blunt operations of the conventional banking system that puts obstructions to efficient operation of Islamic banks. This does not mean that the survival of Islamic banks operating within the conventional banking framework is altogether threatened. Evidences from Bangladesh indicate that Islamic banks can survive even within a conventional banking framework by which over from PLS to trade related modes of financing. The Genesis of Islamic Banking in Bangladesh At birth, Bangladesh inherited an interest based banking system, which was introduced here earlier when the country was a part of British Colony. Since its inception Bangladesh saw a new trend in banking both at home and abroad. Islamic banking was successfully tries in Egypt. After the Mit Ghamar Model, Naser Social Bank was in the process of establishment. During the seventies, Islamic Development Bank (IDB) and a number of Islamic banks at national levels were established in the Islamic world. At home, the Islamic groups were vigorously...
Words: 9763 - Pages: 40
...violation of the law in order to escape payment of tax, posses a big threat to income taxation in Ghana as it reduces tax revenue to the Government, thereby hampering economic growth and development. However, this research was undertaken to help increase revenue generated from income tax to the government, by pointing out the challenges faced by tax officials in discharging their lawful duties. Various challenges such as tax evasion on the part of the income taxpayers drastically reduce income tax revenue to the government. This has been a big problem for decades and needs to be properly addressed. 1.1 BACKGROUND OF THE STUDY AND PROFILE OF THE ORGANIZATION After a thorough research on the revenue structure of Ghana, it became evident that revenue from tax was a big source of income to the government of Ghana, and needed much attention because; taxation in Ghana like most West African Countries faced numerous challenges such as Tax Evasion (which is the biggest challenge of Taxation). The main reason for initiating this project is to research on the various weaknesses of tax administration in Ghana, throw more light on the weaknesses, and proffer solutions as well as recommendations for government agencies to deliberate...
Words: 12173 - Pages: 49
...Cruise Operations Management, 2006, 178 pages, Philip Gibson, 0750678356, 9780750678353, Elsevier, 2006 DOWNLOAD http://bit.ly/1imfdkL http://www.amazon.com/s/?url=search-alias=stripbooks&field-keywords=Cruise+Operations+Management Cruise Operations Management provides a comprehensive and contextualised overview of hospitality services for the cruise industry. As well as providing a background to the cruise industry, it also looks deeper into the management issues providing a practical guide for both students and professionals alike. A user-friendly and practical guide it discusses issues such as:· The history and image of cruising· How to design a cruise and itinerary planning· Roles and responsibilities on a cruise ship· Customer service systems and passenger profiles· Managing food and drink operations onboard· Health, safety and security Cruise Operations Management presents a range of contextualised facts illustrated by a number of case studies that encourage the reader to examine the often complex circumstances that surround problems or events associated to cruise operations. The case studies are contemporary and are constructed from first hand research with a number of international cruise companies providing a real world insight into this industry. Each case study is followed by questions that are intended to illuminate issues and stimulate discussion. The structure of the book is designed so the reader can either build knowledge...
Words: 4650 - Pages: 19
...SOLUTIONS TO EXERCISES AND CASES For FINANCIAL STATEMENT ANALYSIS AND SECURITY VALUATION Stephen H. Penman Fifth Edition CHAPTER ONE Introduction to Investing and Valuation Exercises Drill Exercises E1.1. Calculating Enterprise Value This exercise tests the understanding of the basic value relation: Enterprise Value = Value of Debt + Value of Equity Enterprise Value = $600 + $1,200 million = $1,800 million (Enterprise value is also referred to as the value of the firm, and sometimes as the value of the operations.) E1.2. Calculating Value Per Share Rearranging the value relations, Equity Value = Enterprise Value – Value of Debt Equity Value = $2,700 - $900 million = $1,800 Value per share on 900 million shares = $1,800/900 = $2.00 E1.3 Buy or Sell? Value = $850 + $675 = $1,525 million Value per share = $1,525/25 = $61 Market price = $45 Therefore, BUY! Applications E1.4. Finding Information on the Internet: Dell Inc., General Motors, and Ford This is an exercise in discovery. The links on the book’s web site will help with the search. E1.5. Enterprise Market Value: General Mills and Hewlett-Packard a) General Mills | | | |Market value of the equity = $36.50 ( 644.8 million shares = ...
Words: 24977 - Pages: 100
...in this directors’ report may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by use of terms such as “may”, “will”, “should”, “expect”, “believe”, “plan”, “scheduled”, “intend”, “estimate”, “forecast”, “predict”, “potential”, “continue”, “anticipate” or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the timing of the pre-feasibility studies regarding the Company’s Bloemhoek project and De Bron project, the ability of the Company to manage its business risks, the sufficiency of capital to cover exploration and operating expenses, and other related statements are forwardlooking information. Forward-looking information involves known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking information. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of gold; hazards associated with underground and...
Words: 47489 - Pages: 190
...Harvard Journal of Law & Technology Volume 21, Number 2 Spring 2008 WHAT CAN INFORMATION TECHNOLOGY DO FOR LAW? Johnathan Jenkins∗ TABLE OF CONTENTS I. INTRODUCTION ..............................................................................589 II. INCENTIVES FOR BETTER INTEGRATION OF INFORMATION TECHNOLOGY AND LAW ............................................................591 III. THE CURRENT STATE OF INFORMATION TECHNOLOGY IN LEGAL PRACTICE .......................................................................594 IV. THE DIRECTION OF LEGAL INFORMATICS: CURRENT RESEARCH .................................................................................597 A. Advances in Argumentation Models and Outcome Prediction ..............................................................................597 B. Machine Learning and Knowledge Discovery from Databases ..............................................................................600 C. Accessible, Structured Knowledge ...........................................602 V. INFORMATION TECHNOLOGY AND THE LEGAL PROFESSION: BARRIERS TO PROGRESS ......................................604 VI. CONCLUSION ..............................................................................607 I. INTRODUCTION MUCH CURRENT LEGAL WORK IS EMBARRASSINGLY, ABSURDLY, WASTEFUL. AI-RELATED TECHNOLOGY OFFERS GREAT PROMISE TO 1 IMPROVE THAT SITUATION. Many professionals now rely on information technology (“IT”) to simplify, automate, or better...
Words: 9086 - Pages: 37
...SAGE India website gets a makeover! Global Products Enhanced Succinct Intuitive THE Improved Interactive Smart Layout User-friendly Easy Eye-catching LEADING WORld’s LEADING Independent Professional Stay tuned in to upcoming Events and Conferences Search Navigation Feature-rich Get to know our Authors and Editors Why Publish with SAGE ? World’s LEADING Publisher and home and editors Societies authors Professional Academic LEADING Publisher Natural World’s Societies THE and LEADING Publisher Natural authors Societies Independent home editors THE Professional Natural Societies Independent authors Societies and Societies editors THE LEADING home editors Natural editors Professional Independent Academic and authors Academic Independent Publisher Academic Societies and authors Academic THE World’s THE editors Academic THE Natural LEADING THE Natural LEADING home Natural authors Natural editors authors home World’s authors THE editors authors LEADING Publisher World’s LEADING authors World’s Natural Academic editors World’s home Natural and Independent authors World’s Publisher authors World’s home Natural home LEADING Academic Academic LEADING editors Natural and Publisher editors World’s authors home Academic Professional authors Independent home LEADING Academic World’s and authors home and Academic Professionalauthors World’s editors THE LEADING Publisher authors Independent home editors Natural...
Words: 63606 - Pages: 255
...further targeted to reach 4.1% and 3.5% in FY13 and FY14 respectively. These estimates are majorly based upon two factors * An optimistic growth in tax Revenues * A substantial decline in the subsidy expenditure. We would analyze the feasibility of the aforementioned assumptions and would argue the difficulties that lie ahead in the realization of the two factors. GOI has assumed a growth in tax collections of 18% with a real economic growth of 9%, which seems highly optimistic given the poor implementation of tax reforms and seemingly unstable global macroeconomic environment. Budget at a Glance Rs. Bn | 2009-2010 A | 2010-2011 BE | 2010-2011 RE | 2011-2012 BE | 1. Revenue Receipts | 5,728 | 6,822 | 7,838 | 7,899 | 2. Tax Revenue (net to Centre) | 4,565 | 5,341 | 5,637 | 6,645 | 3. Non-tax Revenue | 1,163 | 1,481 | 2,201 | 1,254 | 4. Capital Receipts $ | 4,517 | 4,265 | 4,327 | 4,678 | 8. Total Receipts $ | 10,245 | 11,087 | 12,166 | 12,577 | 9. Non-plan Expenditure | 7,211 | 7,357 | 8,216 | 8,162 | 13. Plan Expenditure | 3,034 | 3,731 | 3,950 | 4,415 | 16. Total Expenditure | 10,245 | 11,087 | 12,166 | 12,577 | 17. Revenue Expenditure | 9,118 | 9,587 | 10,537 | 10,972 | 18. Capital Expenditure | 1,127 | 1,500 | 1,629 | 1,606 | 19....
Words: 7857 - Pages: 32
...shareholders as we further align our people, processes and financial resources to provide better home improvement experiences. 2012 PERFORMANCE We delivered solid performance in 2012. Comparable store sales grew 1.4% and total sales grew 0.6% to $50.5 billion. Net earnings increased by 6.5% to $2.0 billion and diluted earnings per share increased 18.2% to $1.69. Operating cash flows, along with the net issuance of $1.4 billion of long-term debt, were used to acquire $1.2 billion in fixed assets and return $5.1 billion to shareholders through dividends and share repurchases. Robert A. Niblock Chairman of the Board, President and Chief Executive Officer OUR PROGRESS Our transformation is centered on the customer. In the inspiration phase of a project, customers realize they want to change something about their home whether it’s a room, their home’s exterior or their yard. They are looking for assistance, recommendations and solutions. With the breadth of products and services we offer and the support of our distribution and technology platforms, we have a unique opportunity to make home improvement simpler and to seamlessly meet customer needs across selling...
Words: 42739 - Pages: 171
...05) $ 2.38 2.39 (0.05) $ 2.34 $ $ OPERATING INCOME Other Income (Expense): Interest expense Interest income Other, net Income Before Income Taxes Provision for Income Taxes Income Before Cumulative Effect of Change in Accounting Principle Cumulative Effect of Change in Accounting for Goodwill, Net of Tax Benefit of $10 NET INCOME BASIC EARNINGS PER COMMON SHARE: Income before cumulative effect of change in accounting principle Cumulative effect of change in accounting for goodwill Basic Earnings Per Common Share DILUTED EARNINGS PER COMMON SHARE: Income before cumulative effect of change in accounting principle Cumulative effect of change in accounting for goodwill Diluted Earnings Per Common Share The accompanying notes are an integral part of these consolidated financial statements. 1148 spi94029_apps.qxd 9/28/05 1:10 PM Page 1149 Rev.Conf Confirming Pages APPENDIX B FedEx Financial Statements 1149 FEDEX CORPORATION CONSOLIDATED...
Words: 14840 - Pages: 60
...the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-141596-3 The material in this eBook also appears in the print version of this title: 0-07-141015-5. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212) 904-4069. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”) and its licensors reserve all rights in and to the work. Use of this work is subject to these terms. Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative works based upon, transmit, distribute, disseminate, sell, publish or sublicense the work or any part of it without...
Words: 236475 - Pages: 946
...of small ®rm ®nance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research. Ó 1998 Published by Elsevier Science B.V. All rights reserved. JEL classi®cation: G21; G28; G34; E58; L89 Keywords: Venture capital; Small business lending; Bank; Mergers 1. Introduction The role of the entrepreneurial enterprise as an engine of economic growth has garnered considerable public attention in the 1990s. Much of this focus * Corresponding author. Tel.: 1 202 452 2903; fax: 1 202 452 5295; e-mail: aberger@frb.gov. 0378-4266/98/$19.00 Ó 1998 Published by Elsevier Science B.V. All rights reserved. PII S 0 3 7 8 - 4 2 6 6 ( 9 8 ) 0 0 0 3 8 - 7 614 A. N. Berger, G. F. Udell / Journal of Banking & Finance 22 (1998) 613±673 stems from the belief that innovation ± particularly in the high tech, information, and bio-technology areas ± is vitally dependent on a ¯ourishing entrepreneurial sector. The spectacular success stories of...
Words: 30009 - Pages: 121
...Licensed to: iChapters User Eugene F. Brigham UNIVERSITY OF FLORIDA Joel F. Houston UNIVERSITY OF FLORIDA Copyright 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Eugene F. Brigham UNIVERSITY OF FLORIDA Joel F. Houston UNIVERSITY OF FLORIDA Copyright 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Licensed to: iChapters User This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time...
Words: 16711 - Pages: 67
...solution SOLUTIONS TO EXERCISES AND CASES For FINANCIAL STATEMENT ANALYSIS AND SECURITY VALUATION Stephen H. Penman Fifth Edition CHAPTER ONE Introduction to Investing and Valuation Concept Questions C1.1. Fundamental risk arises from the inherent risk in the business – from sales revenue falling or expenses rising unexpectedly, for example. Price risk is the risk of prices deviating from fundamental value. Prices are subject to fundamental risk, but can move away from fundamental value, irrespective of outcomes in the fundamentals. When an investor buys a stock, she takes on fundamental risk – the stock price could drop because the firm’s operations don’t meet expectations – but she also runs the (price) risk of buying a stock that is overpriced or selling a stock that is underpriced. Chapter 19 elaborates and Figure 19.5 (in Chapter 19) gives a display. C1.2. A beta technology measures the risk of an investment and the required return that the risk requires. The capital asset pricing model (CAPM) is a beta technology; is measures risk (beta) and the required return for the beta. An alpha technology involves techniques that identify mispriced stocks than can earn a return in excess of the required return (an alpha return). See Box 1.1. The appendix to Chapter 3 elaborates on beta technologies. C1.3. This statement is based on a statistical average from the historical data: The return on stocks...
Words: 103287 - Pages: 414
