...Saint Vincent and the Grenadines v. Guinea International Tribunal for the Law of the Sea Case No. 2, 1999, posted at www.itlos.org. Facts October 1997, the M/V Saiga, an oil tanker, was engaged in selling “gas oil” to fishing and other vessels within Guinea’s exclusive economic zone. The next day, the Guinean Navy boarded the Saiga just beyond Guinea’s exclusive economic zone and the master, crew, and the ship were arrested. The government of Guinea charged the master with importing “without declaring it, merchandise that is taxable on entering national Guinean territory, in this case diesel oil” and brought criminal proceedings against him for “committing the crimes of contraband, fraud, and tax evasion.” Procedural History November 1997, the SVG submitted a request to the International Tribunal for the Law of the Sea (ITLOS) for an order that would direct Guinea to release the Saiga and its crew. ITLOS issued an order on December 4 calling for Guinea to release the vessel and its crew upon the posting by SVG of a U.S. $400,000 letter of credit. Issue Was the Guinea failure to recognize the nationality of the Saiga and a violation of its rights of navigation justifiable on the ground that there was no genuine link between the ship and Saint Vincent and the Grenadines. Holding and Judgment The Tribunal concluded that there is no legal basis for the claim of the Guinea that it can refuse to recognize the right of the Saiga to fly the flag of Saint Vincent and Grenadines...
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...THE LIBYAN ASSET FREEZE AND ITS APPLICATION TO FOREIGN GOVERNMENT DEPOSITS IN OVERSEAS BRANCHES OF UNITED STATES BANKS: LIBYAN ARAB FOREIGN BANK v. BANKERS TRUST CO. Corinne R. Rutzke* INTRODUCTION United States asset freezes are political weapons invoked in response to international crises.' Traditionally, United States asset freezes have blocked foreign government assets within the jurisdiction of the United States.2 Following the 1979 Iranian hostage crisis, however, United States peacetime asset freezes have attempted to block dollar-denomi4 nated accounts3 held in foreign brancheS of United States banks.5 An important legal issue associated with the use of peacetime blocking * J.D. Candidate, 1988, Washington College of Law, The American University. 1. OFFICE OF FOREIGN ASSETS CONTROL, BLOCKED FOREIGN ASSETS IN THE UNITED STATES 1, 3 (1985) TREASURY PAMPHLET]. Historically, the blocking control orders, promulgated pursuant to section 5(b) of the Trading with the Enemy Act, authorized the President to regulate or prohibit any property transaction involving a foreign country or national during wartime. Trading with the Enemy Act of 1917, 50 U.S.C. app. § 5(b)(1)(B) (1982). Following the entry of the People's Republic of China into the Korean War in 1950, President Truman blocked Chinese and North Korean property within the jurisdiction of the United States. The Management of Blocked Foreign Assets in the United States, 12 INT'L CURRENCY Rzv. 37, 38 (No. 6 1980). Expanding...
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...FT SPECIAL REPORT World Economy Friday October 12 2012 www.ft.com/reports | twitter.com/ftreports Hopes turn to fear and uncertainty Answers to the big issues facing the global economy depend mainly on events in the US and eurozone, writes Chris Giles Meeting of minds: logo for the IMFWorld bank events beginning in Tokyo today Bloomberg Inside » Growth glitches FT specialists report from the eurozone, China, the US and the UK Pages 2, 3 If Obama wins . . . or Romney Some differences seem more symbolic than real Page 4 Cash conundrum The IMF and World Bank have plenty of money but face new challenges Page 5 A threat of double-dip recession is stalking the world economy. Advanced economies are struggling to raise insipid growth rates, while the fast-growing emerging economies cannot maintain their previous momentum. If anything goes wrong – and there are known potential shocks in the coming months – the risk is rising of a dangerous economic slide. The Brookings Institution-Financial Times Tracking Indices for the Global Economic Recovery shows a steep drop in 2012 so far, leading professor Eswar Prasad of Brookings to describe the global economy as “on the ropes”. In the International Monetary Fund’s twice-yearly World Economic Outlook, published this week, Olivier Blanchard, the fund’s chief economist, said the world economy was hamstrung by uncertainty, which was pre- venting companies from investing and households from spending. “Worries about...
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...Financial Scandals and the Role of Private Enforcement: The Parmalat Case Law Working Paper N° 40/2005 May 2005 Guido Ferrarini University of Genoa, Centre for Law and Finance and ECGI Paolo Giudici Free University of Bozen and Centre for Law and Finance © Guido Ferrarini and Paolo Giudici 2005. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. This paper can be downloaded without charge from: http://ssrn.com/abstract=730403 www.ecgi.org/wp ECGI Working Paper Series in Law Financial Scandals and the Role of Private Enforcement: The Parmalat Case Working Paper N° 40/2005 May 2005 Guido Ferrarini Paolo Giudici This Working Paper is based upon a draft prepared for the EU Corporate Law Making Conference (Cambridge, October 29-30, 2004) organized by Harvard Law School and the Swiss Federal Institute of Technology (ETH Zurich). The authors are grateful to Gerard Hertig, Mark Roe, Donald Langevoort, and other conference participants for helpful comments. Drafts of this paper were also presented at the Yale Law School Alumni Meeting on October 8-10, 2004; at a meeting of the Associazione Via Isonzo held in Milan on October 10, 2004; and at a seminar at the Institute of Law and Finance (ILF), University of Frankfurt, on January 18, 2005. The authors are grateful to Theodore Baums, Andreas Cahn, Carmine Di Noia, Jon Macey,...
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...In the United States Court of Appeals For the Seventh Circuit No. 11‐1837 UNITED STATES OF AMERICA, Plaintiff‐Appellee, v. JAMES A. SIMON, Defendant‐Appellant. Appeal from the United States District Court for the Northern District of Indiana, South Bend Division. No. 10 CR 56 — Robert L. Miller, Jr., Judge. ARGUED FEBRUARY 10, 2012 — DECIDED AUGUST 15, 2013 Before RIPPLE and ROVNER, Circuit Judges, and COLEMAN, District Judge.* ROVNER, Circuit Judge. A jury convicted James A. Simon of filing false income tax returns, failing to file reports of foreign bank accounts, mail fraud and financial aid fraud. He chal‐ * The Honorable Sharon Johnson Coleman, of the United States District Court for the Northern District of Illinois, sitting by designation. 2 No. 11‐1837 lenges the legal basis for his convictions on failing to file reports of foreign bank accounts and also contests the district court’s decision to limit the evidence he could present in his defense on the false income tax return counts. He also contends that the court erred in its rulings on jury instructions, and he maintains that a reversal on some counts necessarily requires reversal on other counts. We affirm. I. James Simon is a Certified Public Accountant, a professor of accounting, and an entrepreneur whose business dealings require a flowchart to unravel. At the center of Simon’s financial life was JAS Partners, a Colorado limited partnership...
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...0 0 REPORT OF THE COMMITTEE ON 0 0 THE F INANCIAL A S P E C T S OF C ORPORATE G OVERNANCE 1 DE C E M B E R 1992 0 0 REPORT OF THE COMMITTEE ON 0 0 THE F INANCIAL A S P E C T S OF C ORPORATE G OVERNANCE 0 1992 The Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd. Reproduction of this publication in whole or in part is unrestricted for internal communications within a given organisation. It is otherwise subject to permission which will not be refused but will attract a reasonable reproduction charge. A leaflet is available from the Publishers setting out full details of the level of the charge and when it is applicable. First published December 1992 ISBN 0 85258 913 1 (Report) ISBN 0 85258 915 8 (Report with Code of Best Practice) Gee (a division of Professional Publishing Ltd) South Quay Plaza 183 Marsh Wall London El4 9FS Freephone: (0800) 289520 Fax: (071) 537-2557 Printed in Great Britain by Burgess Science Press. Queries and correspondence relating to the report should be addressed to: The Secretary Committee on the Financial Aspects of Corporate Governance Up to 31 Decemher~ 1992 P.O. Box 433 Moorgate Place London EC2P 2BJ Tel: (07 I) 628-7060 ext.2565 Fax: (071) 6281874 From 1 Ja/rrrar~y 1 9 9 3 c/o The London Stock Exchange L o n d o n EC2N IHP Tel: (071) 797-4575 Fax: (071) 4.1~0:6822 Additional copies of the report may be obtained from: Gee (a division...
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...FAMILY OF SECRETS The Bush Dynasty, America’s Invisible Government, and the Hidden History of the Last Fifty Years RUSS BAKER Contents Foreword by James Moore 1. How Did Bush Happen? 2. Poppy’s Secret 3. Viva Zapata 4. Where Was Poppy? 5. Oswald’s Friend 6. The Hit 7. After Camelot 8. Wings for W. 9. The Nixonian Bushes 10. Downing Nixon, Part I: The Setup 11. Downing Nixon, Part II: The Execution 12. In from the Cold 13. Poppy’s Proxy and the Saudis 14. Poppy’s Web 15. The Handoff 16. The Quacking Duck 17. Playing Hardball 18. Meet the Help 19. The Conversion 20. The Skeleton in W.’s Closet 21. Shock and . . . Oil? 22. Deflection for Reelection 23. Domestic Disturbance 24. Conclusion Afterword Author’s Note Acknowledgments Notes Foreword When a governor or any state official seeks elective national office, his (or her) reputation and what the country knows about the candidate’s background is initially determined by the work of local and regional media. Generally, those journalists do a competent job of reporting on the prospect’s record. In the case of Governor George W. Bush, Texas reporters had written numerous stories about his failed businesses in the oil patch, the dubious land grab and questionable funding behind a new stadium for Bush’s baseball team, the Texas Rangers, and his various political contradictions and hypocrisies while serving in Austin. I was one of those Texas journalists. I spent about a decade...
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...History and Evolution of the Securities and Exchange Commission The Securities and Exchange Commission was created at the conclusion of the Senate Banking and Currency Committee’s 1932–1934 investigation of stock exchange practices, usually called the Pecora Hearings, in recognition of the decisive role played by the committee’s counsel, Ferdinand Pecora.(Macey, 2010) Between September 1, 1929, and July 1, 1932, the value of all stocks listed on the New York Stock Exchange shrank from a total of nearly $90 billion to just under $16 billion, a loss of over 80 percent.(Macey, 2010) In a comparable period, bonds listed on the New York Stock Exchange declined from a value of $49 billion to $31 billion.(Macey, 2010) These figures, staggering as they were, fully gauge the extent of the 1929–1932 stock market crash.(Wiesen, 1979) During the post-World War I decade, approximately $50 billion of new securities were sold in the United States approximately half, or $25 billion, would prove near or totally worthless.(Wiesen, 1979) Leading securities, including General Electric, Sears, Roebuck, and U.S. Steel common stock, would lose over 90 percent of their value between selected dates in 1929 and 1932.(Zimmer, 2009) Formally, the purpose of Pecora’s stock exchange hearings was to determine why these staggering decreases in security values had occurred and to propose legislation to prevent another stock market crash. (Wiesen, 1979) The Pecora hearings also had an obvious...
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...1) Throughout this class we have discussed the conduct of the major players at financial institutions and their role in leading their companies to the brink of failure, and in some cases have been successful (Bear Stearns, Lehman & AIG). With that as a starting point how important is character and ethics? What role(s) do you think boards of directors should play and did they exercise their fiduciary responsibilities to the shareholders and employees? Money is an important character in various financial institutions, but by itself is not necessarily evil. Rather, it is something that is used to trade goods and services. We call it "currency", and it allows us to do business between organizations. Unfortunately, that is the sterile dictionary-type definition but it does not capture all the issues that are involved with finances. In corporate life, just like in many other realms, money causes all sorts of problems. People make incredibly bad decisions because of money, and plenty of people have gone to prison because of their money-related behavior. This is why people always approach money with a certain amount of uneasiness. Here are a few thoughts on why financial management ethics are important. The numbers do not have a soul, so they cannot govern themselves. They must be managed by people. Ethics are important because finances make people do some strange things. The spreadsheet does not have a conscience, and the goal of working with spreadsheets is to make numbers add...
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...Ian W Marsh The effect of lenders' credit risk transfer activities on borrowing firms' equity returns Bank of Finland Research Discussion Papers 31 • 2006 Suomen Pankki Bank of Finland P.O.Box 160 FI-00101 HELSINKI Finland + 358 10 8311 http://www.bof.fi Bank of Finland Research Discussion Papers 31 • 2006 Ian W Marsh* The effect of lenders’ credit risk transfer activities on borrowing firms’ equity returns The views expressed are those of the author and do not necessarily reflect the views of the Bank of Finland. * Cass Business School, London, and Bank of Finland. E-mail: i.marsh@city.ac.uk. This paper was written while the author was visiting the Research Unit of the Bank of Finland. The Bank’s hospitality was exemplary and I am grateful to participants at the Research Unit’s Summer Workshop, the Bank of Finland Economics Seminar, Iftekhar Hasan, Tuomas Takalo, and Wolf Wagner for comments. Susan Yuska at the Chicago Fed was very helpful in guiding me through the Bank Holding Company Database. http://www.bof.fi ISBN 978-952-462-340-7 ISSN 0785-3572 (print) ISBN 978-952-462-341-4 ISSN 1456-6184 (online) Helsinki 2006 The effect of lenders’ credit risk transfer activities on borrowing firms’ equity returns Bank of Finland Research Discussion Papers 31/2006 Ian W Marsh Monetary Policy and Research Department Abstract Although innovative credit risk transfer techniques help to allocate risk more optimally,...
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...COMPANY PROFILE Dell Inc. REFERENCE CODE: 8E2C53C7-29AC-4848-9511-9B752758E3B4 PUBLICATION DATE: 24 Sep 2012 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED. Dell Inc. TABLE OF CONTENTS TABLE OF CONTENTS Company Overview..............................................................................................3 Key Facts...............................................................................................................3 Business Description...........................................................................................4 History...................................................................................................................6 Key Employees...................................................................................................11 Key Employee Biographies................................................................................12 Major Products and Services............................................................................20 Revenue Analysis...............................................................................................21 SWOT Analysis...................................................................................................22 Top Competitors.................................................................................................28 Company View........................................................
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...UNIVERSITY OF WASHINGTON Graduate School of Business Administration Finance 553 CAPITAL INVESTMENT PLANNING Winter 2003 Professor Robert C. (Rocky) Higgins 306 Mackenzie Hall Tel: 543-4379 E-mail: rhiggins@u.washington.edu Homepage: http://us.badm.washington.edu/higgins/ (From here you’re one click from the class page) Office Hours: M, W: 10:30 – 12:00 COURSE OBJECTIVE Capital Investment Planning is a case course examining corporate investment decisions and related issues in financial strategy. The course is intended as a continuation of Finance 552, Corporate Planning and Financing, and is suitable for generalists and finance specialists who seek a solid grounding in corporate financial management. Finance 555 may be substituted for Finance 552 as a prerequisite. Principal topics include: use of discounted cash flow analysis to evaluate investment opportunities, estimating capital costs, or discount rates, capital budgeting systems and their affect on resource allocation decisions, valuing a company or division, merger analysis, corporate restructuring including leveraged buyouts, and issues in financial strategy. When you complete this course, you should be able to: Estimate an investment’s relevant costs and benefits Estimate a company's weighted-average cost of capital and understand its role in investment decision making Use discounted cash flow techniques, decision trees, and simulation to analyze investment opportunities Value (i...
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...Contents Letter from the Chairman Operating Highlights Financial Highlights Corporate Information Notice of the 22nd Annual General Meeting Directors’ Report Management Discussion and Analysis Corporate Governance Report Auditors’ Report Balance Sheet Statement of Profit and Loss Cash Flow Statement Notes to the Balance Sheet and Statement of Profit and Loss Statement relating to Subsidiary Company Consolidtated Statement of Accounts Attendance Slip and Proxy 02 04 05 06 07 16 24 29 47 52 53 54 56 93 94 135 Letter from the Chairman Dear Shareholders, Financial Year 2013-14 was an exceptionally challenging one for the Indian aviation sector. The Indian economy recorded a lower GDP growth rate of 4.7%. Currency volatility and devaluation of the Indian Rupee further exacerbated the situation, leading to a drop in discretionary travel. Consequently, passenger load factors across our industry were under pressure and domestic passenger growth slowed to 4.8%. In this challenging environment, your Company managed to maintain revenues, though costs were hit due to depreciation of the Indian Rupee (of over 11%), higher aviation turbine fuel (“ATF”) rates and increased airport levies. Your Company has been consolidating its domestic network with a focus on strengthening its presence in key markets. Your Company has also been regularly adding international routes, besides embarking upon systematic improvement of its products across all classes of travel. Further, your Company has been strongly...
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...Contents Letter from the Chairman 02 Operating Highlights 04 Financial Highlights 05 Corporate Information 06 Notice of the 22nd Annual General Meeting 07 Directors’ Report 16 Management Discussion and Analysis 24 Corporate Governance Report 29 Auditors’ Report 47 Balance Sheet 52 Statement of Profit and Loss 53 Cash Flow Statement 54 Notes to the Balance Sheet and Statement of Profit and Loss 56 Statement relating to Subsidiary Company 93 Consolidtated Statement of Accounts 94 Attendance Slip and Proxy 135 Letter from the Chairman Dear Shareholders, Financial Year 2013-14 was an exceptionally challenging one for the Indian aviation sector. The Indian economy recorded a lower GDP growth rate of 4.7%. Currency volatility and devaluation of the Indian Rupee further exacerbated the situation, leading to a drop in discretionary travel. Consequently, passenger load factors across our industry were under pressure and domestic passenger growth slowed to 4.8%. In this challenging environment, your Company managed to maintain revenues, though costs were hit due to depreciation of the Indian Rupee (of over 11%), higher aviation turbine fuel (“ATF”) rates and increased airport levies. Your Company has been consolidating its domestic network with a focus on strengthening its presence in key markets. Your Company has also been regularly adding international routes, besides embarking...
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...of EMS Performance Measure Data Solicitation No.: 2012-0100 Submitted To: U.S. Department of Transportation National Highway Traffic Safety Administration Attn: Lloyd S. Blackwell 1200 New Jersey Avenue, SE Washington, DC 20590 lloyd.blackwell@nhtsa.dot.gov Submitted By: Econometrica, Inc. 4416 East-West Highway Suite 215 Bethesda, Maryland 20814 DUNS Number: 196693170 TIN: 52-2108043 November 30, 2011 November 30, 2011 Lloyd S. Blackwell U.S. Department of Transportation National Highway Traffic Safety Administration 1200 New Jersey Avenue, SE Washington, DC 20590 Reference: Sources Sought Notice; Solicitation No. 2012–0100; Quality Review of EMS Performance Measure Data. Dear Mr. Blackwell: Econometrica in partnership with Traffic Safety Analysis Systems & Services (TSASS), Inc., is pleased to submit a Corporate Capability Statement in response to the above-referenced Sources Sought Notice. We believe we offer the Department of Transportation (DOT) highly qualified expertise and capabilities that will benefit DOT in future work projects. Econometrica and TSASS are small businesses, and TSASS is veteran-owned. If you wish to discuss any aspect of this submission, please feel free to contact me at (301) 657-8311. Thank you for your consideration of Econometrica. Sincerely, Econometrica, Inc. Cyrus Baghelai President/CEO Table of Contents Introduction 1 Capability to Meet the Requirements...
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