...the hands of the Australian Parliament, and whether or not it dismantles the 1992 Qantas Sales Act to allow majority foreign ownership. KEY FACTS Summary 1 Qantas Airways Limited : Key Facts Full name of company: | Qantas Airways Limited | | | Address: | 10 Bourke Road, Mascot, New South Wales 2020, Australia | Tel: | +61 (02) 9691 3636 | Fax: | +61 (02) 9490 1888 | www: | www.qantas.com | Activities: | Operator of a scheduled airline, a low cost carrier, air freight carriers and a loyalty programme | Source: Euromonitor International from Australian Stock Exchange, Qantas Annual Report Summary 2 Qantas Airways Limited: Operational Indicators | 2011 | 2012 | 2013 | | | | | Net sales | A$14,894 million | A$15,724 million | A$15,902 million | Net profit | A$552 million | A$95 million | A$192 million | Number of employees | 32,490 | 33,600 | 33,265 | Source: Euromonitor International from Qantas Annual Report COMPANY BACKGROUND * Qantas is publically traded on the Australian Stock Exchange, but with limitations that were imposed on the company as part of the 1992 Qantas Sales Act, prior to being progressively privatised between 1993 and 1995. The most important of these is that the majority of Qantas’ ownership should remain in Australian hands, due to a 49% foreign ownership cap. This law has long been controversial, since it limits the ability of Qantas to compete against foreign-owned airlines, such as Emirates, Singapore...
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...CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical development of accounting standards. Authoritative pronouncements and standards-setting bodies. Questions 1 2, 3, 4 5, 6, 7, 8 Cases 1 3, 4 2, 4 4. 8, 9, 10, 11, 12 5, 17 5. 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 23, 24, 25, 26, 27 28 29 6, 7, 8, 10, 11, 12, 13, 15, 16 6. 7. 8. Role of pressure groups. International accounting. Ethical issues. 9, 18, 19 15 14 1-1 ASSIGNMENT CHARACTERISTICS TABLE Item C1-1 C1-2 C1-3 C1-4 C1-5 C1-6 C1-7 C1-8 C1-9 C1-10 C1-11 C1-12 C1-13 C1-14 C1-15 C1-16 C1-17 C1-18 C1-19 Description Financial accounting. Objectives of financial reporting. Accounting numbers and the environment. Need for accounting standards. AICPA’s role in standards setting. FASB role in standards setting. Government role in standards setting. Meaning of generally accepted accounting principles. Politicalization of standards setting. Models for setting accounting standards. Standards-setting terminology. Accounting organizations and documents issued. Accounting pronouncements. Issues involving standards setting. Securities and Exchange Commission. Standards-setting process. History of standards-setting organizations. Economic Consequences. Standards-setting process, economic consequences. Level of Difficulty...
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...(Mia) Content Environmental Issues Background Impact: Regulation and requirement International, nation and local regulations Primary challenges RCL response Skills and knowledge required of future managers Personal assessment Conclusion Environmental Issues Air emission Greenhouse gas: CO2 , CH4 ,O3 Air pollution: Sox , NOx , CO, CFCs Generated by diesel engines Global warming and climate change Rising annual temperature Rising sea level Extreme weather (IMO, 2009) Marine Pollution Discharge of waste: solid waste (garbage and plastic), hazardous wastes Discharge of wastewater: graywater, blackwater Ocean acidification:pH values are altering the complex web of systems that allow life to thrive (Copeland, 2008) Background Not concerning the environmental issues in the early 90’s : In 1993, the U.S. Coast Guard caught the Royal Caribbean ship dumping oil off the coast of the Bahamas Other 87 confirmed illegal discharges from cruise ships (Hinckley, 2007) Wake-up call “Regrettably, there have been violations of environmental laws involving cruise lines in the past. These incidents have served as an important wake-up call, causing our industry to redouble its efforts to improve its environmental performance.” (CLIA, 2011) Impact: Regulations and standards International level: International Maritime Organisation (IMO) 1996 Protocol – Prohibit of dumping any waste from the ships...
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...company that strives to be the leading provider of financial solutions. The company takes pride in valuing their clients, their shareholders, their people, and the communities in which they operate. Deutsche Bank goes by the slogan “Passion to Perform.” This slogan propels them to define their business with a clear purpose and mission. This purpose and mission allows them to ultimately mix passion with precision, according to the company website.1 What are the company’s services/products? As the largest bank in Germany with assets of E 1,126 billion2, Deutsche Bank specializes in offering financial services and products to corporate and institutional clients. These types of clients can range from Large Cap clients (companies with a market capitalization value of more than $10 billion)3 to Financial institutions. Deutsche Bank’s clients also include Mid cap, Government and Supranational, and 1 "Mission and Brand." Deutsche Bank. N.p., n.d. Web. 14 Aug. 2012. 2 Deutsche Bank AG Company Profile.” Datamonitor (2011): 1-33 BDuesiuntescssheSoBuarncke APrGemCioemr.pPaDnyF.P2r4ofAileu.g”.D20a1ta1monitor (2011): 1-33 Business Source Premier. PDF. 24 Aug. 2011 3 "Large Cap - Big Cap." Large Cap (Big Cap) Definition. N.p., n.d. Web. 16 Aug. 2012. 2 Financial Sponsors.4 The breadth of services that Deutsche Bank offers is at the hallmark of the company—these include sales, trading, research and organization of debt and equity, mergers & acquisition (M&A), risk management products, private...
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...following the management’s decision of $1.0 billion share buyback, the debt financed acquisition of financial printer Bowne & Co. Inc. which suggests that the company is leveraging above the normal threshold values. The Company is also under severe pressure because commercial printing is in decline as it loses it share to digital communication and the current supply/demand balance is quite poor. Business: RRD employs a suite of leading Internet-based capabilities and other resources to provide pre-media, printing, logistics and business process outsourcing products and services to leading clients in private and public sector. The Company has two business segments (see Chart1&2) * US Print and Related Services (for 2010:75% of consolidated net sales, 98% of Income from continuing operations). * International (for 2010:25% of consolidated net sales, 2% of Income from continuing operations). Net sales for the U.S. Print and Related Services segment for the year ended December 31, 2010 were $7,532.2 million, and an operating margin of 8.5%. Net sales for the International segment for the same period were $2,486.7 million and an operating margin of 6%. The US Print and Related Services contributed to about three quarter of total sales and to about 98% of net income from continuing operations....
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...The Business and Politics of Environmental Regulation and Activism 3028IBA – Energy and Environmental Security Dr Tapan Sarker Department of International Business and Asian Studies 3028IBA - 2013 Topics Covered in this Lecture • The business/corporate sector and the environment (essentially business and the climate change issue); and • Emissions trading schemes (the key strategy, considered the most cost-effective strategy, by which economic activity is to be guided towards meeting certain GHG emission reduction targets) 3028IBA - 2013 The Business/Corporate Sector and the Environment 3028IBA - 2013 Some of the questions today’s lecture and tutorial topic considers • In the context of governments attempting to achieve climate security, what have been the key concerns of the business sector? • • How has the business sector attempted to influence decision making on climate change policies? How have businesses responded to the greenhouse gas reduction challenge and policies, and what has motivated their responses? 3028IBA - 2013 The Traditional Behaviour of the Business Sector in Relation to the Environment • Opposition to national and international policies that they believe would impose significant new costs on them or otherwise reduce expected profits When faced with existing strong domestic regulations on an activity with a global environmental dimension, corporations are likely to support international agreements that would impose similar...
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...Boston College Environmental Affairs Law Review Volume 39 | Issue 2 Article 7 6-1-2012 Accounting for Emissions Trading: How Allowances Appear on Financial Statements Could Influence the Effectiveness of Programs to Curb Pollution Laura E. Souchik Follow this and additional works at: http://lawdigitalcommons.bc.edu/ealr Part of the Environmental Law Commons Recommended Citation Laura E. Souchik, Accounting for Emissions Trading: How Allowances Appear on Financial Statements Could Influence the Effectiveness of Programs to Curb Pollution, 39 B.C. Envtl. Aff. L. Rev. 475 (2012), http://lawdigitalcommons.bc.edu/ealr/vol39/iss2/7 This Notes is brought to you for free and open access by the Law Journals at Digital Commons @ Boston College Law School. It has been accepted for inclusion in Boston College Environmental Affairs Law Review by an authorized administrator of Digital Commons @ Boston College Law School. For more information, please contact nick.szydlowski@bc.edu. ACCOUNTING FOR EMISSIONS TRADING: HOW ALLOWANCES APPEAR ON FINANCIAL STATEMENTS COULD INFLUENCE THE EFFECTIVENESS OF PROGRAMS TO CURB POLLUTION Laura E. Souchik* Abstract: Cap-and-trade programs to curb carbon emissions frequently rely on the use of tradable emissions credits known as “allowances.” To date, companies' presentations of their usage of these allowances on their financial statements has not been uniform. Cap-and-trade programs will be most effective when presentation of allowances on financial...
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...Capitalization (measured in USD for 1st quarter 2014). 10. Zurich Insurance: [pic] Zurich is a global Swiss insurance company, headquartered in Zurich, Switzerland. The company is Switzerland’s largest insurer, with three core business segments: General Insurance, Global Life and Farmers Management Services. Through General Insurance, the group provides motor, home and commercial products and services for individuals. Global Life provides wide range of protection and savings propositions to individual and corporate customers. Farmers provide non-claims administrative and management services for the Farmers Exchanges. The company ranks 84 in the Global 2000 list for 2014. Zurich Group employs around 55000 people, with operations in more than 170 countries and territories across the globe. The company has global network of subsidiaries and offices in Europe, North America, and Latin America, Asia Pacific and Middle East and other markets. Zurich’s strategy for 2014-16 is designed to deliver sustainable, profitable growth in a changing and more competitive business environment. Group is focusing more closely on the markets and consumer segments where the group has competitive edge. Revenues (FY13): $72 Billion Net Profit (FY13): $4 Billion Market Cap (Q1-14): $45.4 Billion 9. ING Group [pic] ING is a global financial institution of Dutch Origin, headquartered in Amsterdam. The group’s main offerings include services like banking, investment, life insurance and...
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...Q3 2014 | INVESTMENT Colliers International Canada Cap Rate Report New construction Across North America, High Tech firms are migrating to downtown, centrilized regions rather than suburban areas. Historically, technology firms across North America have tended to locate outside of the downtown core, particularly to more suburban regions. This stemmed from less expensive rental rates, lower taxes, large parcels of space, free parking and an industry that had an endless supply of workers more willing to commute. The 1990s saw the creation of technology regions, such as Silicon Valley (California), the Kanata North Business Park (Ontario) and Discovery Parks (British Columbia). As technology has changed, the space requirements and talent working within the industry have evolved. In more recent years, technology companies, particularly web design, program design and e-commerce firms that rely less on hardware and more on software, have begun to move from suburban office parks to established downtowns or up and coming urban neighbourhoods. Although this trend is at quite different stages in various cities across North America, there are a few patterns that are consistently present. Most importantly, a shift has occurred in which the majority of business is conducted through the web, so space needs now focus predominantly on employees and company branding. Many high-tech firms are striving for stimulating, accessible spaces which promote creativity, inspiration...
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...RISK –RETURN TRADE -OFF ON THE NIGERIAN STOCK EXCHANGE OLOWE, OLUSEGUN BANKING AND FINANCE DEPARTMENT COVENANT UNIVERSITY OTA. NIGERIA E-mail: oreoba2000@yahoo.com oreoba2000@gmail.com 1 ABSTRACT Expected excess returns on bonds and stocks, real interest rates, and risk shift over time in predictable ways. Furthermore, these shifts tend to persist for long period. Changes in investment opportunities can alter the risk-return trade-off of bonds, stocks, and cash across investment horizons, thus creating a term structure of the risk-return trade-off. This term structure can be extracted from a parsimonious model of return dynamics, which was illustrated with data from the stock market in Nigeria using the VAR model in the light of the reforms in the financial services sector coupled with the stock market crash and the global financial crisis. Using annual returns over the period of 1981 to 2008, volatility persistence, asymmetric properties and riskreturn relationship are investigated for the Nigerian stock market visà-vis the calendar effects on stock market performances. The degree of volatility persistence and leverage effect supporting the work of Nelson (1991) was visible in the relationship between value index of stocks, market capitalization and the volume of transactions. Key words: Calendar effect, Volatility, Stock market, Financial Reforms, Global Financial crisis, Volatility persistence, VAR, Risk-return tradeoff 2 INTRODUCTION The major flow...
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...securities in your portfolio. After all, modern portfolio theory (MPT) has established that the world's markets do not move in lockstep and that by mixing asset classes with low correlation to one another in the appropriate proportions, risk can be reduced at the portfolio level, despite the presence of volatile underlying securities. As a refresher, correlation coefficients range between -1 and +1. Anything less than perfect positive correlation (+1) is considered a good diversifier. The correlation matrix depicted below demonstrates the low correlation of foreign securities against domestic positions. Monthly Correlations 1988 to 2006 Security Type S&P 500 Index Russell 2000 Index Russell 2000 Value MSCI EAFE International Small Cap International Small Cap Value MSCI Emerging Markets S&P 500 1 - - - - - - Russell 2000 0.731 1 - - - - - Russell 2000 Value 0.694 0.927 1 - - - - MSCI EAFE 0.618 0.532 0.487 1 - - - International Small Cap 0.432 0.466 0.414 0.857 1 - - International Small Cap Value 0.41 0.411 0.414 0.831 0.97 1 - MSCI Emerging Markets 0.59 0.634 0.586 0.582 0.53 0.512 1 Source: Dimensional Fund Advisors Combining foreign and domestic assets together tends to...
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...The Economics of Cap-&Trade Programs Presentation Submitted by: Carpe Diem Group 13, Division B, GAPR11 What is Cap & Trade? • The Goal: Environmental Policy to set an overall limit on the amount of carbon that can be emitted • The Cap: Each company, will have a limit on the amount of greenhouse gas that it can emit. • The Trade: More efficient companies can sell their extra permits to companies that are not able to make reductions. Source: Text from “Cap and Trade 101”, Center for American Progress Emission Permit Market • Emission permits are traded in market; Creates a new market for ‘Clean Air’(Carbon-less air) Source: “Review of Forestry Carbon Standards”, Imperial College London More on Cap & Trade • The profits: – The program would generate $50 billion per year, but could reach up to $300 billion – The revenue can be used to invest in renewable energy, efficiency, low-carbon transportation technologies, green-collar job training etc Carbon Reduction Targets Source: “Review of Forestry Carbon Standards”, Imperial College London More on Cap & Trade • The cons: – Hard to quantify the effects of carbon emissions, hence put a price – Implementing, monitoring is a challenge – Highly political, highly manipulative Source: Members’ understanding EU-Emissions Trading Scheme (ETS) • • • • • • Largest multi-national emissions trading scheme in the world. The objective of EU-ETS is reduction of greenhouse gas emissions in a costeffective...
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...that the concept of ‘foreign’ has not permeated. This term, connoting modernization, international brands and acquisitions by MNCs in popular imagination, has acquired renewed significance after the reforms initiated by the Indian Government in 1991. Generally speaking FDI refers to capital inflows from abroad that invest in the production capacity of the economy and are “usually preferred over other forms of external finance because they are non-debt creating, non-volatile and their returns depend on the performance of the projects financed by the investors. FDI also facilitates international trade and transfer of knowledge, skills and technology. “Foreign direct investment is of growing importance to global economic growth. This Paper mainly focus on the Foreign Direct Investment in the Insurance sector and its significance in insurance sector in India . The Insurance sector in India has a great potential even during the downtrend and FDI flow is expected to rise in the mere future. This paper attempt to current status of fdi in insurance sector in India. Currently, only 26% of FDIs is permitted in insurance sector. The total insurance business would touch US$ 60 billion size. If insurance sector is opened up to an extent of 49% for FDIs, it is expected that FDI’s contribution to insurance business would touch nearly US$ 2 billion. *Lecturer in Commerce, GNG College, Yamuna Nagar International Journal of Research in Economics & Social Sciences http://www.euroasiapub.org 65 ...
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...Mutual Fund. UTIAMC provides professionally managed back office support for all business services of UTI Mutual Fund in accordance with the provisions of the Investment Management Agreement, the Trust Deed, the SEBI Regulations and the objectives of the schemes. Since February 3, 2004, UTIAMC is also a registered portfolio manager under the SEBI for undertaking portfolio management services. UTIAMC also acts as the manager and marketer to offshore funds through its 100 % subsidiary, UTI International Limited, registered in Guernsey, Channel Islands. UTIAMC presently manages a capital of over Rs. 65, 38,724.42 lakhs as on 31st December 2010. UTI Mutual Fund has a track record of managing a variety of schemes catering to the needs of every class of citizens. It has a nationwide network consisting 148 UTI Financial Centers (UFCs) and UTI International offices in London, Dubai and Bahrain. UTIAMC has a well-qualified, professional fund management team, which has been fully empowered to manage funds with greater efficiency and accountability in the sole interest of the unit holders. UTIMF has consistently reset and upgraded transparency standards. All the branches, UFCs and registrar offices are connected on a robust IT network to ensure cost-effective quick and efficient service. The schemes that I have taken for analysis from UTI Mutual Fund are: UTI LARGE EQUITY FUND (G) [under large cap Fund]: The Scheme is designed specifically for large corporate investors and as well...
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...1. Introduction 1.1 Overview of Environmental Legislative and Regulatory Policy for England and Wales The Environmental Protection Act 1990 provisions was adopted in England and Wales to react the pollution control act of 1974, the aim of this legislation is for an improved integrated approach to pollution control which include authorizations, enforcement, publicity, and provisions of offences. Part I covers the integrated pollution control and air pollution by local authorizes; part II covers waste on land, harmful depositing, treatment, disposal, duty of care, waste management plans, special waste hazardous and non control waste; Part IIA covers contaminated lands; part III covers statutory nuisance and clean air; Part IV covers litter; part V covers the amendment of the radioactive substance act of 1960; part VI covers genetically modified organisms and part VII covers the nature conservation(Paul,2008a). Pollution Prevention and Control Act 1999 provisions was adopted in England and Wales this legislation is aim to implement the council directive 96/61/EC on integrated pollution prevention and control (IPPC) requiring EU member states to introduce regime for prevention, reduction and control of emissions and other activities that are capable of causing any environmental pollution in the region. Under the PPC regulations there are three distinct regimes which include part A(1) covers installations for sites regarded as potentially more polluting and emission to air...
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