...describe the central issue of the case and the relevant facts, as well as the external operating environments that WSE had to contend with. Furthermore the paper will provide possible solutions for the matter in the short and long term. Central Issues and Relevant Facts The primary issue seems to be that WSE was profiting from U.S. consumers and the U.S. government was not receiving any benefit. Sports organizations were upset and the country’s “social morality” was being attacked, or at least that was the opinion of the supporters of the Unlawful Internet Gambling Enforcement Act (EIGEA) of 2006. The bottom-line is that Mr. Cohen was not breaking any laws within the country that his business operated in. The U.S. clearly overstepped its bounds and did not conform to the General Agreement on Trade in Services (GATS) that all WTO organizations ratified in 1995 (Steiner, Steiner, 2009). The United States’ stand on gambling is hypocritical, many regions within the nation allow gambling, and the nation should not restrict gambling transactions with countries that it actively trades with, specifically members of the WTO. In the case between Antigua, Barbuda, and the United States the WTO ruled in the favor of the smaller Caribbean nations, but the U.S. refused to...
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...MODULE 1 ; ISLAMIC ECONOMIC SYSTEM LESSON 4 ; THE BASIC PROHIBITIONS EXPLAIN WHY RIBA AND GHARAR IS PROHIBITED IN ISLAMIC ECONOMIC SYSTEM , GIVING AND EXAMPLE . Technically RIBA includes all forms of income which is not earned by an individual { un earned income } it is not restricted to usury . Islam has categorically prohibited unearned income , for the sake of convenience we can only site the source of prohibition {QURAN 2:278-279}. Some scholars have gone on to distinguish between interest on load { RIBA AL NASIAH } and interest that is over and above {excessively } the load paid in kind { RIBA AL FADL} . The first type of RIBA is fixed in advance for waiting. SHARIAH wishes to extinguish all forms of exploitation , those with financial capital should not use their financial muscle to exploit the rest . Moreover SHARIAH wishes to eliminate all forms of unjust exchanges that may result in business transactions . In making trade permissible and making interest illegal Islam has put it clear that the two are different . the principle source of difference is the nature of profit gained from charge interest is different from the one gained from trading . The person in debt can not extinguish the burden unless he pays off the entire loan , as long as the loan or part of it still remains , the cumulative effect is to add on the interest charge...
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...Fitzgerald’s satirical portrait of modern society using Gatsby’s parties as support “The Great Gatsby,” a novel by F. Scott Fitzgerald, depicts life in the 1920’s. “The Roaring Twenties,” a nickname given to the decade which was loaded with money and industry. It was a time where the rich people in society only had so much to do, and so much money to spend in many ways. Jay Gatsby, one of the “newly” rich people, chooses to spend his money recklessly; throwing large, extravagant parties every weekend of the summer. Fitzgerald paints a picture of modern society by writing about these crazy parties that Gatsby hosts; and using wealth to impress, lack of morals in modern society and The American Dream. All factors of how Gatsby uses parties for support and how the American Dream can be portrayed in the “Roaring Twenties.” Gatsby’s parties were huge, they brought great numbers of people from all over New York, the people who came were all unknown to each other, not many people were actually invited, and they just came, not knowing Gatsby, they did not care about him. When Nick Carraway describes what he has seen before Gatsby’s party, “At least once a fortnight a corps of caterers came down....On the buffet tables, garnished with glistening hors d’ oeuvre, spiced baked hams crowded against salads of harlequin designs and pastry pigs...In the main hall a bar with a real brass rail....By seven o’clock the orchestra...
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...contributor where telephone, mobile phone, fax also serve the purpose. Even though e-commerce technologies provide great benefits, any kind of online transaction give potential for immense misuse of these technologies. Several organizations become the target of e-commerce related crimes ranging from virus assault to business frauds, including e-mail theft, stealing sensitive data of person and credit card information. U.S government’s new internet fraud center does a survey that gathers and studies consumer complaints. Online auctions make nearly 50% of the complaints obtained by the center. Other major types of complaints are security and commodities complaints 16.7%, credit card complaints 4.8%, identity thefts generate 2.9% of the complaints, loss of business chances 2.5% and professional service related complaints 1.2 %( Hossein Bidgoli, 2002). The issues of technology security vulnerabilities are not only limited to e-commerce, but also is the part of much obvious issue affecting information systems all around the world. Generally, an E-Commerce environment includes front-end web pages, back-end databases and web servers. The back-end database may be one of a kind of...
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...may be defined as the set of moral principles that distinguish what is right from what is wrong. Ethics has a twofold objective: it evaluates human practices by calling upon moral standards; also it may give prescriptive advice on how to act morally in a given situation. Ethics, therefore, aims to study both moral and immoral behaviour in order to make well-founded judgments and to arrive at adequate recommendations. Sometimes ethics is used synonymously with morality. An action, which is morally right, is also called an ethical one. Codes of morality are called ethical codes. Business ethics can also be defined as business morality. Business Ethics When business people speak about “business ethics” they usually mean one of three things: (1) avoid breaking the criminal law in one’s work-related activity; (2) avoid action that may result in civil law suits against the company; and (3) avoid actions that are bad for the company image. Businesses are especially concerned with these three things since they involve loss of money and company reputation. In theory, a business could address these three concerns by assigning corporate attorneys and public relations experts to escort employees on their daily activities. Anytime an employee might stray from the straight and narrow path of acceptable conduct, the experts would guide him back. Obviously this solution would be a financial disaster if carried out in practice since it would cost a business more in attorney and public relations...
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...He was born in Tula Province, Russia in 1828. He experienced a lot of loss when he was young. His mother died when he was two, his father died seven years afterward, his grandmother died when he was very young, and his aunt (his legal guardian after his father’s death) died. This caused Tolstoy to suffer from a lot of grief at a very early age, which can affect one’s development and bring out depressing thoughts, and he had a hard time accepting the morality of human life. These also forced him to have his first spiritual questionings. His older brother (Nikolay Tolstoy) was a big influence on Tolstoy. Tolstoy revered him and his mother for their good heartedness and their...
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...Islamic Finance is a financial system that doesn’t work like other conventional banking systems. It follows the Islamic law, Shariah, which doesn’t allow certain aspects of a normal banking system such as usury and speculation. There are some main principles to be followed in Islamic banking. First of all, it prohibits interest, or Riba. Riba is forbidden in Islam, and therefore Islamic banking system adopts the principle of profit and loss sharing. It also prohibits uncertainty, gambling, and prohibits certain products and industries such as alcohol and tobacco. Islamic Finance needs to be in accordance with the Shariah. All products and contracts follow Islamic principles that conventional financial systems do not, such as interest and risk sharing, and uncertainty. Conventional financial systems have never worked this way and it worked for them for many years until they were hit by the financial crisis. The crisis had a minimal impact on the Islamic financial systems because they did not comply with all the factors that created the crisis in the first place. There were 3 main factors in the creation of the financial crises. First, subprime loans, which was lending to certain people who did not have a good credit history and were bound to default. The banks than charged them with higher rates that increased their risk of defaulting. Secondly, there was securitization, which was creating securities from un-liquid assets. This process is used by banks to create securities from...
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...pure risk and speculative risk ? How risk is handled? Why every risk is not insured? What are the characteristics of Insurable risks? What are the requisites of Insurance for Covering Risk? What are the Principles of Insurance contract? What are the different types of Life Insurance policies? How Insurance is different from Gambling? 10. What is the main function of insurance? 11. What is the greatest value of insurance? 12. What is the Purpose of Life Insurance? 13. How insurance protects value of life? 14. How life Insurance schemes meet the saving needs? 15. What are the social and economic values of Insurance? 16. What is the Actuarial principle of Life Insurance? 17. What is reinsurance? 18. What are the different methods of reinsurance? 1. What is Risk? Risk has been defined as the uncertainty as to the occurrence of an economic loss. It is the passivity of adverse result from a desired outcome. Risk and probability are not synonymous. We must understand the difference between risk and probability. The terms hazard and peril are closely related to probability than they are to risk. For example, collision is a peril which causes motor car accident and loss. The condition which makes the occurrence of collision more likely is called the hazard. For example, foggy weather is the hazard which creates the peril of collision. This means probability of collision increases when the hazard of foggy weather creates the peril of...
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...Las Vegas Sands Corporation History The Las Vegas Sands Corporation started in 1989 as “Las Vegas Sands Incorporated” with the purchase of the Sands hotel and casino by entrepreneur Sheldon Adelson and his partners. In 1995 Sheldon Adelson bought out his partners in The Interface Group (TIG), the group that made the initial purchase of the Sands, and began planning the Venetian. In 1996 the Sands was imploded and in 1999 the Venetian was opened. Five years later, in December of 2004, Adelson took the Las Vegas Sands Inc. group public and it has since been the Las Vegas Sands Corporation (LVSC). Financial history The initial offering on December 14th, 2004 consisted of 23,809,524 shares at a price of $29 per share. From Bloomberg Business week, also shown in Appendix 1, we can see that since the first full month that LVSC has been traded on the NYSE its average record monthly high stock value was $103.05 and its average monthly record low stock trade value was $10.17. Within the last five years, the LVSC has suffered through the world’s economic downturn just like any other company. In Appenix 2 we can see that the early part of 2009 was the worst, in terms of stock prices, for the LVSC. We can also see that within the last two years, LVSC has also regained a lot of ground. There current share price is on the NYSE is at 51.50 and the performance of the Macau and Singapore markets continues to positively increasing the value of the overall company. Political position...
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...She left Ndotsheni with her small child in hopes of finding her husband that had left for Johannesburg. In Cry, the Beloved Country, it doesn’t directly say Gertrude was a prostitute by highly suggests it by stating, “these women sleep with any man for their price” (Patton 53). She was known for selling illegally selling booze. She was one of the best in the business. She allowed gambling to enter her house and corrupt her life. When Kumalo came to visit her, she confessed her sins and had every intention of going back to Ndotsheni. However, the temptation of her life in Johannesburg was too much. In the end, she ends up abandoning her son and leaving him with Kumalo. Gertrude was a weak woman and allowed her desires to take over her life. Gertrude’s story is a prime example of Johannesburg being a beacon of change; this change not always being...
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...criticizes the conventional financial industry for speculation, consumerism, volatility, “unnecessary products,” large corporations, and usury. These traditional capitalistic means of profit-making are not compatible with Islamic values. Islamic law therefore creates a culture where people only spend what they have, a theory in direct opposition to consumer driven models. Investment regulations are implemented to avoid “sinful” activity. Currency hedging, futures contracts, day trading, and credit cards are all prohibited under Islamic law. In addition, companies with excessive debt, interest-bearing securities and accounts-receivables in their assets are screened out. Islamic law further prohibits support of industries such as alcohol, gambling, pork-related products, tobacco, weapons, conventional financial services and other “immoral”...
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...influenced its development. Vice activities, such as gambling and prostitution, have historically been a significant facet of both the state's culture and its economy. Law enforcement organizations have traditionally defined vice as including prostitution, gambling, alcohol and narcotics, and pornography. These activities, though always controversial, represented major influences in the state with some enterprises at times holding legendary status. The legal status of the individual activities has fluctuated substantially over time. Additionally during some periods individual communities and public officials have been accepting of many of these activities, even when they were illegal, because of corruption, because the activities were seen as inevitable, or often because the activities were economically important. Early Texas and the Republic of Texas Before the arrival of the European settlers in Texas, the plant peyote (peyotl in Nahuatl) had become a popular hallucinogenic among tribes in the Rio Grande Valley as well as parts of West Texas and Chihuahua. Tribes in the area included the Carrizo Coahuiltecan and later the Lipan and Mescalero Apache, and even the Karankawa and the Caddo tribes. The plant came to be used for both recreational and ritual usage. Its hallucinogenic effects were regarded with suspicion among the Spaniards and the drug was never widely used outside the Native American communities. Gambling was a popular pastime in many parts of early Mexico...
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...The Complete Ferengi Rules Of Acquisition Ferengi are a species from StarTrek that was particularly highlighted in Deep Space 9. Their religion is commerce and their society is determined by profit. The Ferengi believe that the universe is held together by the Great Material Continuum, also known as the Great River. The Ferengi believe that each part of the universe has too much of one thing, but not enough of another, and it is through the continual flow of the Great River that wants and needs can be fulfilled, if one navigates the River with sufficient entrepreneurial skill. By request, here are the complete Ferengi rules of acquisition. | * Check out the brand new StarTrek Game - Especially for StarTrek Fans!The Complete Ferengi Rules Of Acquisition1. Once you have their money, never give it back2. You can't cheat an honest customer, but it never hurts to try3. Never spend more for an acquisition than you have to4. Sex and profit are the two things that never last long enough5. If you can't break a contract, bend it6. Never let family stand in the way of opportunity7. Always keep you ears open8. Keep count of your change9. Instinct plus opportunity equals profit10. A dead customer can't buy as much as a live one11. Latinum isn't the only thing that shines12. Anything worth selling is worth selling twice13. Anything worth doing is worth doing for money14. Anything stolen is pure profit15. Acting stupid is often smart16. A deal is a deal ... until a better...
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...shares important values on how a family should and should not function. According to Hindu stories, the role of a husband and father are the foundation of keeping a family intact. Their important role is to be a householder, the protector of the family, which is regarded as the superior one. Under the classical Hindu ethical code, the Laws of Manu, being the householder is where it all begins. For example, in the Hindu story, The Brahman in the Graveyard, the third priest staying at the cremation site, resembles protection and honor for his wife on a daily basis. In the Hindu story, Good King Nala’s Downfall, King Nala’s addiction with gambling led him to abandon his wife Damayante, is an improper behavior of being a man. The moral of these stories teach men to be the head of the family, as the ones responsible for the welfare, protection, and morality of the family. A woman’s role is important in keeping a family together. Women should be faithful and devoted to their husband in any situation. In the Hindu story, Savatri and the God of Death, Savatri, a wife with courage and wisdom, is an example of an obedient servant to her husband. In the Buddhist story, The Radiant Sambula, Sambula, a wife that never left her husband’s side during his hardship, is an example of a virtuous woman, who gains trust and should be treated according to dharma. On the other hand, in the Hindu story, The Carpenter’s Wife, the wife’s actions goes against the Laws of Manu and becomes an immoral creature...
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...Topic Two: Human Rights Rights The nature and development of concepts of human rights. State sovereignty, ‘natural law’ doctrine, historic constitutional documents, movement for slavery abolition, trade unionism, universal suffrage and universal education Human Rights Human rights are the basic rights to which all human beings are entitled to. The most recognized document in modern human rights is the Universal Declaration of Human Rights, created by the UN. Human rights can be said to come from the idea of ‘natural law’. Natural Law Doctrine is the idea that some laws come from God or higher reasoning whether they have been written down or not. State sovereignty State sovereignty refers to the power of a state to have control over its territory and its subject. It’s important for protecting human rights because it means someone whose rights are being abused can flee to a safe country for protection. Because it restricts the actions of neighbours and other concerned states, also allows human rights abuses to go unpunished within the boundaries of a state. Movement for the Abolition of Slavery Slavery is the state of being under the control of another person. Trade Unionism Trade unionism is the collective organisation of workers formed to protect the rights of individuals from the power exercised by employees. The benefits of trade unionism include: * Prevention of child labour * Prevention of forced labour * Fair treatment of workers ...
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