...specific period (Thomsett, 2007). Annual reports hold a great importance for organization, especially when the organization is owned by multiple owners or is a public limited firm (Thomsett, 2007). To develop the prospect of the company there is a need for a document like an annual report which gives year after year information about the company performance and growth tactics (Thomsett, 2007). There are different reasons of why enterprises give importance to annual reports. Some of the reasons include clean market analysis, comparative financial assessment and productivity analysis which is no other possible if there are no annual reports to compare. It has been that in markets where there is a major population of investors and share holders then enterprises come out regularly with the activity of reporting (Stittle, 2003). Enterprises know that by announcing their financial health (annual report) publically, they are able to connect to their shareholders, distributors and investors, which is very important for both growth and expansion of the business. Meanwhile, annual reports also assess market position as by expressing financial numbers the feedback of market (consumer, investor, shareholder and competitor) is testified and generated (Stittle, 2003). This study is going to access the importance of annual reports in terms of market analysis, productivity analysis and financial health assessment. The study will focus on Tesco, a giant retailer company of UK in order to better...
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...Would an exit from the EU benefit the British economy? Advocates of the UK leaving the EU claim that there would be little trouble negotiating a free trade agreement with the EU once it left, because the UK has a large trade deficit with the rest of the Union. If trade barriers between Britain and the remaining member-states were erected upon exit, the EU would lose more exports earnings from Britain than vice versa. At the same time, the UK would be freed from the burdens of EU regulation and hence able to boost trade with faster growing parts of the world, nations such as China, US and emerging markets that include India that are not part of Europe. This could be done by eliminating tariffs and signing trade agreements without the constraints of EU membership. Undermining this assertion is the belief that the UK is a big enough economy to be an effective trade negotiator in its own right. As a result it might be concluded that the UK would see little impact from leaving the EU except perhaps a minor reduction in trade while new arrangements were made. However, it would be ill judged to assume that the UK would be able to dictate terms with the EU simply because it is running a trade deficit. Primarily, the EU buys half of Britain's exports whereas the UK accounts for little over 10 per cent of exports from the rest of the EU, so the UK would be in a weak position to negotiate access on its terms. Furthermore, it could be argued that the UK's access to many non-EU markets comes...
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...Music Society and its Impact Music and society have always been intimately related. Music reflects and creates social conditions – including the factors that either help or delay social change. The development of recording techniques in the last half of the 20th century has developed the amount to which most people have access to music. All kinds of music are available to most people, 24 hours a day, at the touch of a switch. The down side of this easy availability of music in the Western world is that there is a tendency for it to be taken for granted. Music is a very powerful medium and in some societies there have been attempts to control its use. It is powerful at the level of the social group because it facilitates communication which goes beyond words, enables meanings to be shared, and promotes the development and maintenance of individual, group, cultural and national identities. It is powerful at the individual level because it can induce multiple responses – physiological, movement, mood, emotional, cognitive and behavioral. Few other stimuli have effects on such a wide range of human functions. The brain’s multiple processing of music can make it difficult to predict the particular effects of any piece of music on any individual. The power of music to act intensely has long been recognized. Therapy can involve listening to or actively making music. Increasingly it may involve both. Music can be effective in coincidence with other interferences in promoting...
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...1975-1997 Relative calm period, stable growth, export to foreign countries, rise in FDI a. Mao’s death: collapse of communism → socialist market economy b. Japanese miracle c. Impressive growth of the South-Korean economy 3. Ersatz capitalism → Asian crisis in 1997: inefficient use of capital was covered up by the availability of easy money from governments, optimistic foreign investors lured by the emerging markets. The system could not keep up the pretence as it became sensitive to a downturn in the economic cycle which hit the region in 1997. → End of easy money and beginnings of reforms. 4. After 1997, reforms: • Improvements to accountability and disclosure in the financing of industry • Reduction of favoritism and corruption during control of licenses and capital • Opening of markets to foreign competition • Adoption of international standards in accounting, trading, IPR • General rise in professionalism in management and administration • Adoption of democratic processes in politics • Notion of CSR Important point: this does not mean that these countries will converge to a Western formula. They will converge to some degree but then remain distinct and true to themselves → continuing variety of the region’s business systems. What is a business system? = A complex...
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...periodic unemployment. Over time, the down turn would get worse. For labour, having a job or being unemployed made little difference. Marx believed that periodic recession and crisis of capitalism would lead to the self destruction of the system and its eventual downfall. He called on labour to revolt. ‘You have nothing to lose but your chains’ he said. His clarion call was ‘workers of the world unite’. It is an irony of history that Marx, a great philosopher, proved to be poor prophet, precisely because of his own advocacy. Had Marx not said what he did say, his prophecies would have come true. His ideas resulted in significant system reforms in Britain. Publication of Marx’s Communist Manifesto in 1948 put the British society and polity on guard. In 1850s British Parliament enacted a number of laws aimed at labour reforms. Trade Unions were recognized. Minimum wages were instituted. Limitations were prescribed on hours of work, on age of workers (banning child labour) and on employment conditions for women. The dooms day forecast of Marx did not materialize. Even when a Communist State came in to being in 1917, it was in the predominantly agricultural and backward Russia. Economists still failed to register the natural imbalance between demand for and supply of goods and services in the country and hence for labour....
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...Subject: FINANCIAL MANAGEMENT Course Code: M. Com Author: Dr. Suresh Mittal Lesson: 1 Vetter: Dr. Sanjay Tiwari FINANCIAL MANAGEMENT OF BUSINESS EXPANSION, COMBINATION AND ACQUISITION STRUCTURE 1.0 Objectives 1.1 Introduction 1.2 Mergers and acquisitions 1.2.1 Types of Mergers 1.2.2 Advantages of merger and acquisition 1.3 Legal procedure of merger and acquisition 1.4 Financial evaluation of a merger/acquisition 1.5 Financing techniques in merger/Acquisition 1.5.1 Financial problems after merger and acquisition 1.5.2 Capital structure after merger and consolidation 1.6 Regulations of mergers and takeovers in India 1.7 SEBI Guidelines for Takeovers 1.8 Summary 1.9 Keywords 1.10 Self assessment questions 1.11 Suggested readings 1.0 OBJECTIVES After going through this lesson, the learners will be able to • Know the meaning and acquisition. 1 advantages of merger and • Understand the financial evaluation of a merger and acquisition. • Elaborate the financing techniques of merger and acquisition. • Understand regulations and SEBI guidelines regarding merger and acquisition. 1.1 INTRODUCTION Wealth maximisation is the main objective of financial management and growth is essential for increasing the wealth of equity shareholders. The growth can be achieved through expanding its existing markets or entering in new markets. A...
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...political parties should see to it that they work for harmony and not for acrimony among people professing different faiths and practising varied ways of conduct and character in their day to day lives. No other concern and consideration should weigh on the perceptions and priorities of politicians, programmers and planners, except those that enhance developmental activities in all walks of life and ultimately help improve quality of life of those subsisting at the lowest levels of our socio-economic ladder. It is time now that political parties of every hue and hype focused their manifestos, programmes and policies on developmental vision and pragmatic approach and action to achieve the goals of social justice. There is no denying that the most effective measure in this direction is the involvement of youth in developmental activities and a harmonious harnessing of their youthful energies and enthusiasm. For this to happen on the ground, we, as an upcoming nation, need to orient ourselves towards development, whether on farms or in factories, on technologies or service sectors, et al. In order to make the best use of resources, both human and natural, all political parties must converge on developmental politics, because without development we cannot hope to engage our youth in constructive and creative activities, nor can we envisage a situation in future when poverty would be a thing of the past. It is true...
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...CHAPTER 1 Italy in the early nineteenth century INTRODUCTION In September 1870, the troops of King Victor Emmanuel II of Italy entered Rome. Italian unification, the bringing together different states of the Italian peninsula under one government, was complete. The Risorgimento, the reawakening of Italy, had reached its climax. However, the creation of the new Italian state was neither inevitable nor had it been planned. Although Italian unification had taken place, there was little enthusiasm for the new state among the Italian people. In 1861, an Italian politician named Massimo d’Azeglio remarked to Victor Emmanuel: ‘Sir, we have made Italy. Now we must make Italians.’ The story of what follows is of how Italy was made, but it is also a story of division and the failure to ‘make Italians’. THE STATES OF THE PENINSULA Towards the end of the eighteenth century the peninsula of Italy was home to a number of states. The Kingdom of Sardinia (Piedmont) From its capital city of Turin, the House of Savoy ruled this relatively poor part of Italy. Despite its poverty, successive rulers built up a strong army and governed with an effective civil service. The island of Sardinia was particularly backward and was sparsely populated. Until 1815, the important port of Genoa was part of the Republic of Genoa. It was politically separate from the Kingdom of Sardinia. Lombardy and Venetia In the 1790s, Lombardy was part of the Austrian Empire. Its capital, Milan, was the second largest city of that...
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...better never discover the industrial revolution, because they remained trap in the Malthusian Era creating an higher divergence between population, and driving down standards to subsistence. * Why did the Malthusian Trap persist for so long? * Why did the initial escape from that trap in the Industrial Revolution occur on one tiny island, England, in 1800? * Why was there the consequent Great Divergence? "Thus I make no apologies for focusing on income. Over the long run in come is more powerful than any ideology or religion in shaping lives. No God has commanded worshippers to their pious duties more forcefully than income as it subtly directs the fabric of our lives " The Malthusian Trap: Life to 1800 The crucial factor was the rate of technological advance. As long as technology improved slowly, material conditions could not permanently improve, even while there was...
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...various countries. Over a period of time, it has been proved that SMEs are dynamic, innovative and most importantly, the employer of first resort to millions of people in the country. The sector is a breeding ground for entrepreneurship. The importance of SME sector is well-recognized world over owing to its significant contribution in achieving various socio-economic objectives, such as employment generation, contribution to national output and exports, fostering new entrepreneurship and to provide depth to the industrial base of the economy. Small and medium-sized enterprises (SMEs) are the backbone of all economies and are a key source of economic growth, dynamism and flexibility in advanced industrialized countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organization, accounting for over 95% and up to 99% of enterprises depending on the country. They are responsible for between 60-70% net job creations in Developing countries. Small businesses are particularly important for bringing innovative products or techniques to the market. Microsoft may be a software giant today, but it started off in typical SME fashion, as a dream developed by a young student with the help of family and friends. Only when Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources. SMEs are vital for economic growth and development in both industrialized...
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... Customs Union EA East Africa EACSCO East African Common Services Organization EABC East African Business Council EAC East African Community EADB East African Development Bank EAHC East African High Commission EARISC East Africa Regional Integration and Scientific Cooperation ECCAS Economic Community of Central African States ECDE Early Childhood Development Education ECOWAS Economic Community of West African States EPA Economic Partnership Agreement EAPF East African Political Federation EPZ Export Processing Zone EU European Union FCCs Fears, Concerns & Challenges FDI Foreign Direct Investment FTA Free Trade Area GER Gross Enrolment Rate GCR Gross Completion Rate GDP Gross Domestic Product GOK Government of Kenya GOR Government of Rwanda GOT Government of Tanzania GOU Government of Uganda GRP Gross Regional Product HELB Higher Education Loans...
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...INTERNATIONAL BUSINESS MIDTERM Question 1: One of the discussed themes is on the institutional environment of international business. In this context, we focused mainly on the evolution of the international monetary system and monetary institutions that facilitate international trade and investment. (1a) Marking the benchmarks along your route (i.e. Bretton Woods, Smithsonian, Jamaica, Plaza, and the Louvre Accords, etc), trace this evolution from its origins in the gold standard, through the fixed and the floating exchange rate systems to the managed float (target zone) system we are living in today. Answer: Since known history of mankind exchange of goods and services of value had been going on between individuals, groups and tribes/nations. By the passage of time it developed through barter system to gold coins etc. In modern times starting from the last century, the evolution of institutional environment of international business and monetary system as well as monitory institutions have been developed to streamline the trade and investment among the nations. Going through the various stages of evolution from the origin in the gold standard and development to present time floating exchange rate system and to explained the workings of the international monetary system and pointed out its implications for international business we make Bretton Woods followed by Jamaica, Plaza, and the Louvre Accords, etc. To further elaborate the topic it is imperative to describe each...
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...Seventh Edition INTERNATIONALEDITION INTERNATIONAL MANAGEMENT MANAGINGACROSSBORDERS AND CULTURES TEXTANDCASES Helen Deresky Professor Emerita, State University of New York-Plattsburgh Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo PART OUTLINE Chapter 1 Assessing the Environment—Political, Economic, Legal, Technological Chapter 2 Managing Interdependence: Social Responsibility and Ethics Assessing the Environment Political, Economic, Legal, Technological Outline Opening Profile: Economic Crisis Spreads Through Financial Globalization The Global Business Environment Globalization Globality and Emerging Markets Effects of Institutions on Global Trade Effects of Globalization on Corporations Regional Trading Blocs The European Union (EU) Asia Comparative Management in Focus: China's Economy Keeps on Chugging. The Americas Other Regions in the World The Russian Federation The Middle East Developing Economies The African Union The Globalization of Human Capital The Global Manager's Role The Political and Economic Environment Political Risk Political Risk Assessment Managing Political Risk Managing Terrorism Risk Economic Risk The Legal Environment Contract Law Other Regulatory Issues The Technological Environment Global E-Business Conclusion Summary of Key Points...
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...Nasr Published by Oxford University Press, Inc., 198 Madison Avenue, New York, New York 10016 Oxford is a registered trademark of Oxford University Press All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data Nasr, Seyyed Vali Reza, 1960 – Islamic leviathan : Islam and the making of state power / Seyyed Vali Reza Nasr. p. cm.—(Religion and global politics) Includes bibliographical references and index. ISBN 0-19-514426-0 1. Malaysia—Politics and government. 2. Islam and politics—Malaysia. 3. Pakistan—Politics and government—1988 – 4. Islam and politics—Pakistan. I. Title. II. Series. DS597.2.N37 2001 322′.1′095491—dc21 00-064968 9 8 7 6 5 4 3 2 1 Printed in the United States of America on acid-free paper To Lala Amjad (Syed Amjad Ali) Gentleman, scholar, friend and Bhaji Kishwar (Begum Kishwar Abid Husayn) A guiding light for truth-seekers Preface In 1979 General Muhammad...
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...A PROJECT REPORT ON IMAGINING INDIA SUBMITTED TO : SUBMITTED BY: PROF. SONIA SINGH JAVED AKHTAR- 66 IMS GHAZIABAD KRISHAN KANT- 73 MRITUNJAY MISHRA- 84 NIMISH KAPOOR- 92 PAWAN SINGH- 102 PRATEEK SANADHYA- 110 RAJAN TIWARI- 118 [pic] IMS GHAZIABAD LAL QUAN, GHAZIABAD UTTAR PRADESH ACKNOWLEDGEMENT: Any accomplishment requires the effort of many people and this work is no different. We would like to acknowledge and extend our heartfelt gratitude to the following persons who have made the completion of this project possible: First of all our professor Mrs. Sonia Singh for enlightening and guarding us in such a way that has resulted in motivating us for taking this type of volatile issue for our project report and for always encouraging us for taking new tasks and challenges. We are also thankful to those people...
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