...Flight of Funds 1. Introduction In 2006, Malaysian Travels Sdn Bhd, a subsidiary of a public listed company, purchased 40% equity in Turkistan Global Services Sdn Bhd.Turkistan Global Services Sdn Bhd purpoted to have acquired the oppurtunity through a Memorandum of Understanding signed by a Malaysian Minister with a Turkistan Minister for exclusive rights to handle logistics arrangement for the promotion of businesses between the two countries. On 1 April 2010 Mr Idris Bin Junid was appointed as new Chief Executive Officer in the holding company which named as Travel Investment Holding Bhd. TIH was the holding company of a group in logistics and travel related businesses. It was one of the biggest government linked public listed companies in Bursa Malaysia. However THI had suffered major losses due to the global economic downturn in 2009. Idrid felt it was his patriotic duty to bring TIH onto the road recovery. While conducting a review of the THI group , he came a discrepancy in the form of an investment in Malaysian Turkistan Travels Sdn Bhd. The investment is made by a subsidiary company of Travel Investment Holdings Bhd which name as Malaysian Travels Sdn Bhd (MTSB). Mr Idris Junid start to searching problem occured in the company which company had not been paid their salaries on time or their bonusses for the past three years. Idris immediately requested the Corporate Finance Department to submit a report detailing what happened in MTSB on the Turkistan Global Service...
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...ntroduction Mr Idris Bin Junid was appointed as new Chief Executive Officer in the holding company, Travel Investment Holding Bhd (TIH). One of TIH’s subsidiary is Malaysian Travel Sdn . Bhd. (MTSB). MTSB had invest in MTT as joint venture holding 40% equities with Turkistan Global Services Sdn. Bhd. (TGS) holding another 60%. The director of MTSB, Yatim Nor who is the father of board member in TGS, Omar Yatim, had signed the agreement to form MTT. The external auditor appointed by TIH has discovered several irregularities in MTT. MTT’s paid up capital increasing from RM2 to RM 250000. MTSB is paid RM8 per share for 100000 units to acquire 40% shareholding in MTT. No audited account had been issued to the shareholders since no any filing made with Companies Commission of Malaysia (CCM). Issue 1: Misconception between joint venture and associate company Joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. Joint control is the contractually agreed sharing of control over an economic activity, and exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers).Every venturers will have the right to veto any significant decisions even they own less than 50% of share. An associate company is a company in which another company owns a significant portion of voting shares. An owner does not consolidate...
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...Environment » Governance » Health » Science & Tech » Sectors » Society » Home » Flights of fancy: A case study on aviation and EU funds in Poland Flights of fancy: A case study on aviation and EU funds in Poland air transport infrastructure, airport infrastructure, airport network, Airports and Air Services, aviation portal, european regional development fund, european union, onboard magazines, promotion services, rail infrastructure, Transport, transport network, Trade & Transport, Europe and Central Asia Flights of fancy: A case study on aviation and EU funds in Poland bankwatch.org – The aim of this paper is to review the rationale of EU Cohesion Policy investments in airport infrastructure using the example of Poland, with a particular focus on newly developed regional airports. The paper gives a brief overview of the existing airport network in Poland. The functioning of smaller airports is examined with regard to the burden that they create for regional and local budgets. Furthermore, the paper describes planned EU investments in airport infrastructure under Cohesion Policy 2007 - 2013. Additional topics covered include the cases of new investments clashing with nature protection, as well the use of EU funds for constructing rail connections to airports. The main recommendation drawn from the study is the need to phase out EU funds support for airport infrastructure, most urgently in case of newly constructed regional airports. In addition...
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...Environment » Governance » Health » Science & Tech » Sectors » Society » Home » Flights of fancy: A case study on aviation and EU funds in Poland Flights of fancy: A case study on aviation and EU funds in Poland air transport infrastructure, airport infrastructure, airport network, Airports and Air Services, aviation portal, european regional development fund, european union, onboard magazines, promotion services, rail infrastructure, Transport, transport network, Trade & Transport, Europe and Central Asia Flights of fancy: A case study on aviation and EU funds in Poland bankwatch.org – The aim of this paper is to review the rationale of EU Cohesion Policy investments in airport infrastructure using the example of Poland, with a particular focus on newly developed regional airports. The paper gives a brief overview of the existing airport network in Poland. The functioning of smaller airports is examined with regard to the burden that they create for regional and local budgets. Furthermore, the paper describes planned EU investments in airport infrastructure under Cohesion Policy 2007 - 2013. Additional topics covered include the cases of new investments clashing with nature protection, as well the use of EU funds for constructing rail connections to airports. The main recommendation drawn from the study is the need to phase out EU funds support for airport infrastructure, most urgently in case of newly constructed regional airports. In addition...
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...Tayamen (Adult) Flight Details Route Manila to Singapore Flight # 5J 805 Departure Sun 25 Sep 2011, 1325H Ninoy Aquino International Airport Terminal 3 Arrival Sun 25 Sep 2011, 1655H Singapore Budget Terminal Additional Services Manila - Singapore Baggage Allowance 15 Kilos - Maricel Tayamen Payment Details Base Fare: Fuel Surcharge: Web Admin Fee - manual: BAG15: Total Amount: 3,398.00 1,305.00 160.00 350.00 5,213.00 Date: Type: Transaction ID: Amount: Thu 22 Sep 2011 MC (Approved) 74468082 PHP 5,213.00 Fare Rules 1. Flight changes must be made more than twenty four (24) hours before departure time with the following options: (1) rebook the flight subject to fees and penalties, (2) cancel and store it in a Travel Fund subject to penalties which may be used within ninety (90) days, or (3) transfer the booking to another for a fee. Lite Fares are rebookable and may be stored in a Travel Fund subject to applicable fees and fare difference. Go through fare must be used in sequence as booked. Flight changes or cancellations are not permitted once any of the segments has been used. There is a nominal fee included in the go through fare. Promo fares are non- reroutable, non- transferable, non- refundable and may not be stored in a Travel Fund. Group bookings are subject to specific rules on deposits, payments, rebooking and restrictions. For complete summary of applicable fees, taxes and surcharges, please check out www.cebupacificair.com/flights- and- fares/feesummary...
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...AND CAPITAL FLIGHT IN KENYA (1970-2008) BY WILSON ODHIAMBO MU/MBF/015/12 GRACE NJOROGE MU/MBF/012/12 ALICE MAINA MU/MBF/041/12 LECTURER DR. NYAMONGO This research paper is submitted in partial fulfilment of the award of masters degree of Banking and Finance, Moi University OUTLINE 1. ABSTRACT……………………………………………………………………………..3 2. INTRODUCTION………………………………………………………………………4 i) BACKGROUND OF STUDY…………………………………………………..4 3. PROBLEM STATEMENT..………………………………………………..…………...5 4. OBJECTIVE OF STUDY…...…………………………………………….………..…..6 5. HYPOTHESIS TESTED……………………………………………………………….6 6. LITERATURE REVIEW………………………………………………………………7 7. RESEARCH METHODOLOGY…………..…………………………………………..8 8. EMPERICAL RESULTS……………………………………………………………....9 9. CONCLUSION AND RECOMMENDATIONS….………………..………………...12 10. BIBLOGRAPHY……………………………………………………………….…….13 11. APPENDIX…………………………………………………………………….……..14 ABSTRACT In this paper we investigate the role of Foreign Direct Investment on Capital Flight. We use data from the World Bank on African Development indicators; Kenya 1970:2008. We use econometric technique in our analysis. Our literature survey reveal that key factors that explain capital flight are; net foreign direct investment, current account deficit, change in official reserve, and external debt. We expect our main findings to findings to be as follows: (i) Net foreign direct investment to have a positive effect on capital flight, (ii) Change...
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...fluctuations. Since September the 11th, the airlines are struggling to recover from all the destruction that the terrorist did to the airline industry. Customer’s confidence, high fuel prices, environmental problems, and customer service issues are just a few things that have affected the airlines popularity in the public’s eye. With all that said, how would a mutual fund investor feel about investing in an airline? The mutual funds manager is looking at United Continental Holdings, Inc. as a future investment. The mutual funds investor will being with a complete business analysis of the airline. He will investigate how well the airline is doing. He will look at their annual business reports (balance sheet, statement of cash flow, and income statement); complete a SWOT analysis showing the strengths, weakness, opportunities, and threats, global strategies and their technological advantages. After completion of those items, he will check how well the airlines operational processes and procedures are, the airline practices, and how the airlines product and services compare to their competitors. The mutual funds manager will need some background information on United Continental Holdings, Inc. In 2010, an historic merger among equals, United joined with Continental. Together the two airlines create the world’s most comprehensive global route network, including world-class international gateways to Asia and Australia, Europe, Latin America, Africa, and the Middle East...
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...Watch raptors fly at the Peregrine Fund’s World Center of Birds of Prey every weekend in October. That’s right, the Fall Flights are back. Come and watch the education birds fly outdoors, and show off their aerial maneuvers in the center’s amphitheater. Only for a short time though, this is an October exclusive event. The center does ask its visitors to arrive by 2:30, the seating will be very limited after the program starts at 3:00. The staff has been working very hard to prepare the birds for this unique raptor-audience interaction. “I am totally enamored by the raptors, but watching the audience witness what we all love is what we take away as a huge win,” says Curtis Evans, the Volunteer Coordinator. “Seeing the guests as they visually...
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...Kar, formerly a Senior Economist at the International Monetary Fund (IMF), is Lead Economist at Global Financial Integrity (GFI) and Sarah Freitas is an Economist at GFI. The authors would like to thank Simón Ramírez Amaya, an intern at GFI, for assistance with data research as well as Raymond Baker and other staff at GFI for helpful comments. Any errors that remain are the authors’ responsibility. We are pleased to present here our analysis of Illicit Financial Flows From Developing Countries: 2001-2010. In our previous annual reports we have utilized the World Bank Residual model adjusted for trade mispricing, presented in both gross non-normalized and in filtered normalized calculations. In this year’s report we are adding a second form of analysis, the Hot Money Narrow model adjusted for trade mispricing, again presented in non-normalized and normalized calculations. The results for 2010 are summarized as follows: World Bank Residual Plus Trade Mispricing, Non-Normalized World Bank Residual Plus Trade Mispricing, Normalized Hot Money Narrow Plus Trade Mispricing, Non-Normalized Hot Money Narrow Plus Trade Mispricing, Normalized US$ 1,138 billion US$ US$ US$ 892 billion 859 billion 783 billion The consideration which led us to include a second type of measure of illicit flows has to do with the potential for some level of licit financial flows to appear in the gap between the source of funds and use of funds. This will bear further examination, as we continue to augment...
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...four coordinated terrorist attacks involving four Airline planes. This moment in history scared our nation and left us wondering why anyone would ever let something like this happen. These four attacks were thought to have been led by an Islamic terrorist group called al-Qaeda. It consisted of 19 al-Qaeda terrorists getting on four different planes: American Airlines Flight 11 and United Airlines Flight 175, which were hijacked and sent flying into the North and South Towers of the World Trade Center in New York City, American Airlines Flight 77 which crashed into the western side of the Pentagon in Arlington County, Virginia, and United Airlines Flight 93 which was intended to be flown into Washington D.C. but was taken over by a few passengers after the hijack. During the struggle Flight 93 unfortunately crashed into a field near Shanksville, Pennsylvania. All together these attacks claimed the lives of 2,996 people....
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...One portfolio for life? | ------------------------------------------------- Top of Form Bottom of Form Written by Paul Merriman and Richard Buck | September 23, 2005 | Many do-it-yourself investors want solutions they can implement once, then leave alone. Can individual investors adopt a strategy that's so good it will meet their needs from age 21 to 91? In this article, FundAdvice.com Publisher Paul Merriman and Managing Editor Richard Buck tell why they think the answer is yes. Much of the work we do is focused on helping individual investors find just the right combinations of assets and forms of investment ownership (IRAs, taxable accounts and the like) to meet their individual needs. Since everybody’s financial situation is unique and usually evolving, we are not big fans of one-size-fits-all solutions. We spend lots of time helping each person determine his or her risk tolerance. This is one of the most valuable things professional advisors do for their clients. But we know that in real life many investors do not have professional help. Realistically, many do-it-yourself investors simply don’t take the time to adjust their investments to their changing needs and tolerance for risk. We know that many people want solutions they can set up once and then forget about. We can't ever know in advance what the very best strategy will be. But here's an interesting question: Is there a single portfolio that will do a good job of meeting the needs of investors for...
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...Total Quality Management has been considered as one of the most significant management innovation of the 20th century. TQM is based on quiet native and traditional views of an organization but it has had a major influence on the contemporary management practices. TQM role and concepts are examined based upon how an organization will meet its mission and the definitive objective for long term survival. Organization‘s main concern is how to achieve organizational goals & long term survival, it depends on multiple factors. The very basic level of organizational survival is based on the internal integration and the process of external adaptation. The first section of the report presents the articles on which our study is based, the second section of the study is the introduction of the organization, and the third section shows the passenger survey and questionnaire. Fourth section results explorations and investigates of the challenges and problems which the national carrier PIA (Pakistan International Airline) is facing while implementing TQM. The findings and results advocate that Total Quality Management System should develop itself with the changing internal and external environment. Some strategies have been by us which would improve the performance of the organization and help it to cope up with the challenges. At last, our research conclusion & there also recommendations were made which are helpful for the organization (Pakistan International Airline)...
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...Total Quality Management has been considered as one of the most significant management innovation of the 20th century. TQM is based on quiet native and traditional views of an organization but it has had a major influence on the contemporary management practices. TQM role and concepts are examined based upon how an organization will meet its mission and the definitive objective for long term survival. Organization‘s main concern is how to achieve organizational goals & long term survival, it depends on multiple factors. The very basic level of organizational survival is based on the internal integration and the process of external adaptation. The first section of the report presents the articles on which our study is based, the second section of the study is the introduction of the organization, and the third section shows the passenger survey and questionnaire. Fourth section results explorations and investigates of the challenges and problems which the national carrier PIA (Pakistan International Airline) is facing while implementing TQM. The findings and results advocate that Total Quality Management System should develop itself with the changing internal and external environment. Some strategies have been by us which would improve the performance of the organization and help it to cope up with the challenges. At last, our research conclusion & there also recommendations were made which are helpful for the organization (Pakistan International Airline)...
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...1. BACKGROUND Air Asia Berhad is the only Malaysian-based low cost airline and also a pioneer of low- cost travel in Asia. The main hub is the low-cost carrier terminal (LCCT) at Kuala Lumpur International Airport. Air Asia was established in the year 1993 and started its operations on the 18 November 1996. Originally, it was founded by a DRB-HICOM which is the government owned conglomerate. Then, Tony Fernandes’s company which is Tune Air Sdn. Bhd. bought the company on the 8 September 2001 with estimation of RM 40 million debts. The operations of Air Asia began on 8 December 2001 until now. There are many continuous transformations that Air Asia makes in order to succeed, to achieve its strategic mission and vision and also to sustain in the industry. According to the continuous transformations by the Air Asia, we can classify it into three main phases which are Phase I (from the year 2001- 2004), Phase II (from the year 2005 to 2008) and Phase III (from the year 2009 to present). For further overview, we narrow down the changes based on the: 1. The company and its marketing 2. The customer relationship management The company is includes how Air Asia planning the changes they want to implement and what Air Asia do in order to increase its effectiveness. Then, the marketing is refers to the changes in terms of marketing. Lastly, the customer relationship management is refers to the ways and strategies that Air Asia used to build and maintain its relationship with...
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...Estimates and Causes of Capital Flight from Central and East European Countries Josef C. Brada W. P. Carey School of Business, Arizona State University Tempe, AZ 85287-3806 USA josef.brada@asu.edu Ali M. Kutan Southern Illinois University at Edwardsville Edwardsville, IL 62026-1102 USA akutan@siue.edu Goran Vukšić Institute of Public Finance, Zagreb, Croatia goran@ijf.hr ABSTRACT We estimate capital flight from twelve transition economies of Central and Eastern Europe (CEE) for the period 1995-2005 using the residual method. Capital flight from some of these transition economies, when adjusted for country size, is comparable to the more highly publicized capital outflows from Russia despite East Europe’s seemingly better transition and reform performance and greater political stability. We find that capital flight from CEE is mainly an economic phenomenon, driven by differences in interest rates and investors’ expectations about future macroeconomic conditions in their countries. Our empirical results are thus consistent with the mainstream explanations of capital flight and they mirror results obtained for other countries and time periods, suggesting that transition-related phenomena are not important factors in capital flight from CEE. JEL Classification Numbers: E26, F31, F32, P33, P37 Key words: capital flight, external sector liberalization, money laundering, transition economies I. Introduction ...
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