...Investment Analysis Summer 2013 – Class Notes Investments: Background and Issues Investment - the current commitment of money or other resources in the expectation of reaping future benefits. Real Assets versus Financial Assets Real Assets – Assets used to produce goods and services. Real assets are tangible assets that determine the productive capacity of an economy, that is, the goods and services its members can create. These include land, buildings, machines, and knowledge that can be used to produce goods and services. Other common examples of investments in Real Assets are paintings, antiques, precious metals and stones, classic cars etc. Higher carrying and storage costs, increased transaction fees and lower liquidity, are some common drawbacks of real assets in relation to financial assets. – i.e. - land, buildings, equipment & knowledge – Functions to contribute directly to the productive capacity of the economy – Generate net income to the economy – Individual portfolios may include real assets, real estate and commodities (precious metals or agricultural products), through direct investment. • Financial Assets – Claims on real assets or the income generated by them. Financial Assets, or more commonly known as Securities, include stocks, bonds, unit trusts etc. In essence, financial assets or securities represent legal claim on future financial benefits. These are no more than sheets of paper...
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...ADMINISTRATIVE LAW INTRODUCTION Administrative law refers to the body of principles and procedures by which the exercise of executive government is controlled and supervised FOUR MECHANISMS OF ADMINISTRATIVE LAW 1. JUDICIAL REVIEW Whether the actions of the relevant public authority or official are legally correct and whether they acted within the confines of the power conferred on them or correctly exercised that power by adherence to procedures they were required to follow 2. MERITS REVIEW An independent or impartial reconsideration of all aspects of a decision by a public authority or official, the review body notionally “standing in the shoes” of the original decision maker and determining what is the correct or preferable decision 3. FREEDOM OF INFORMATION Provides the public at large with rights of access to government held information 4. OMBUDSMAN REVIEW Independent investigation of complaints about incorrect or unjust executive actions by public bodies or officials particularly in other circumstances where remedies are unavailable or unsuitable IF QUESTION INVOLVES ANY OF THESE IT IS A FEDERAL TRIBUNAL ISSUE • • • • • Immigration Social Security Tax Customs and Excise Native title IF QUESTION INVOLVES THESE IT IS STATE • • • • • Land and resources management Occupational and business regulation Local government Prisons Education JUDICIAL REVIEW • Judicial review is the means by which courts determine whether or not...
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...VALUE CALL MONTHLY REVIEW AND OUTLOOK 31 May 2011 The Market Index 13,000 The Market ‐ One Year Performance Volume Index Volume (m) 400 300 200 11,000 9,000 100 0 31‐Aug 30‐Nov 1‐Mar 31‐May 7,000 1‐Jun The market was range bound coupled with thin volumes for most of the month under review before activity The Market ‐ May 2011 Index Volume (m) Turnover Index picked up over the final 10 days. The KSE‐100 Index 12,300 140 12,200 120 posted a minor gain of 65 points or 0.5% during May 12,100 100 12,000 2011 to close at 12,123 while the KSE‐30 Index improved 11,900 80 by only 46 points or 0.4% to 11,762. The average daily 11,800 60 11,700 turnover during May 2011 was 71.39m shares compared 11,600 40 11,500 20 to 75.52m shares during April 2011. The net inflow of 11,400 11,300 foreign funds according to NCCPL figures during the 2-May 5-May 10-May 13-May 18-May 23-May 26-May 31-May month under review was US$26.36m while the fiscal year ‐to‐date net inflow was US$321.39m and the calendar STOCK MARKET DATA 29‐Apr‐11 31‐May‐11 %Chg. year‐to‐date net inflow was US$71.40m. Bank AL Habib Ltd. (BAHL) KSE‐100 Index KSE‐30 Index Shares Traded m 12,057.54 12,123.15 11,716.35 11,762.76 1,585.92 1,570.54 0.5% 0.4% ‐1.0% ‐20.7% ‐20.7% 0.3% 0.3% We are initiating coverage on BAHL, the eight largest ...
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...Dictionary of Travel, Tourism and Hospitality By the same author Britain – Workshop or Service Centre to the World? The British Hotel and Catering Industry The Business of Hotels (with H. Ingram) Europeans on Holiday Higher Education and Research in Tourism in Western Europe Historical Development of Tourism (with A.J. Burkart) Holiday Surveys Examined The Management of Tourism (with A.J. Burkart eds) Managing Tourism (ed.) A Manual of Hotel Reception (with J.R.S. Beavis) Paying Guests Profile of the Hotel and Catering Industry (with D.W. Airey) Tourism and Hospitality in the 21st Century (with A. Lockwood eds) Tourism and Productivity Tourism Council of the South Pacific Corporate Plan Tourism Employment in Wales Tourism: Past, Present and Future (with A.J. Burkart) Trends in Tourism: World Experience and England’s Prospects Trends in World Tourism Understanding Tourism Your Manpower (with J. Denton) Dictionary of Travel, Tourism and Hospitality S. Medlik Third edition OXFORD AMSTERDAM BOSTON LONDON NEW YORK PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO Butterworth-Heinemann An imprint of Elsevier Science Linacre House, Jordan Hill, Oxford OX2 8DP 200 Wheeler Road, Burlington MA 01803 First published 1993 Reprinted (with amendments) 1994 Second edition 1996 Third edition 2003 Copyright © 1993, 1996, 2003, S. Medlik. All rights reserved The right of S. Medlik to be identified as the author of this work has been asserted...
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...Operations 94 Research and Development 99 Employees105 Sustainability111 G R O U P M A N A G E M E N T R E P O R T: This report contains the Group Management Report of the adidas Group, comprising adidas AG and its consolidated subsidiaries, and the Management Report of adidas AG. 1 Group Management Report – Our Group adidas Group Worldwide / 02.1 / adidas Group Worldwide Percentage of Group sales 26 23 Western Europe North America 8 3 1 4 2 13 6 12 Greater China 7 10 European Emerging Markets 5 9 20 13 66 11 15 Latin America Other Asian Markets 1 adidas North America, Portland/Oregon, USA 6 adidas International Trading, Amsterdam, Netherlands 2 TaylorMade-adidas Golf Headquarters, Carlsbad/California, USA 7 adidas Group Headquarters, Herzogenaurach, Germany 3 Reebok-CCM Hockey Headquarters, Montreal/Quebec, Canada 8 adidas Group Russia, Moscow, Russia 9 4 Reebok International Headquarters, The Rockport Company Headquarters, Canton/Massachusetts, USA adidas Global Sourcing, Hong Kong, China 10 adidas Group China, Shanghai, China 11 adidas Group Japan, Tokyo, Japan 5 adidas Group Latin America, Panama City, Panama adidas Group / 2013 Annual Report 11 2 Group Management Report – Our Group Major Sporting Events 2014 / 02.2 / Major Sporting...
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