...Egypt 's Accounting and Auditing Standards and the adoption of International Accounting Standards Brief history of accounting in Egypt Historically, Egyptian accounting was not capital-market oriented but rather followed the principles of macro-accounting with huge government intervention aimed at tightly controlling the economy -- and was closely connected with accounting for tax purposes. Economic liberalisation began in the mid 1990s – with aspirations aimed at creating a guided free market economy – this involved the reactivation of the stock exchange market in 1995 and a privatisation programme. The transition posed challenges for the Government, private sector institutions and accountants alike. Increasing the role of the private sector required changes to and reforms of accounting systems in order to support better decision-making, attract investments, stimulate economic development, and enhance foreign investors’ confidence in the market. Egyptian accounting and auditing standards (1997–2002) As part of the reform process, the Government of Egypt pursued a policy of harmonising (EAS- Egyptian Accounting Standards) with IAS, while ensuring that specific characteristics of the Egyptian operating environment were taken into account. As a result of Ministerial Decision No. 503, in October 1997 Egypt established the Permanent Committee for Accounting and Auditing Standards to issue EAS that were to be based on IAS, yet modified to suit the local arena. Although official...
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...A. What is multimodal transport? null The concept of international multimodal transport covers the door-to-door movement of goods under the responsibility of a single transport operator. Although the concept might not be new, it developed with the container revolution initiated in the late 50's by Malcom McLean and his trucking operations. null The emergence of the container technology and of the multimodal transport concept came from and facilitated growing international trade. Trade and transport are inextricably linked: efficient transport services are a prerequisite to successful trading. null International transport generally implies the use of various transport links (interfaces and modes), each link corresponding to a transfer, storage or transport operation either in the country of origin, in a transit country, or in the country of final destination. null This situation has created a number of problems over the years, as more and more shippers are realizing that this new concept is involving the effective participation of various transport mode operators but does not always make clear who is responsible for delivering cargo at destination in safe conditions, according to agreed schedules. null Considering the variety of cultures, languages and commercial practices at both ends of a trade, and the resulting complexity of assembling such an international transport operation, it would appear reasonable to a trader to let one qualified operator organize and be responsible and...
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...UNCTAD/ITE/IIA/5 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT How to Prepare Your Business Plan UNITED NATIONS New York and Geneva, 2002 Note UNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (19751992) and the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development. UNCTAD seeks to create an enabling environment for international investment and enterprise development. Its work is carried out through intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences. The term “country” as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the development...
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...UNCTAD/ITE/IIA/5 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT How to Prepare Your Business Plan UNITED NATIONS New York and Geneva, 2002 Note UNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (19751992) and the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development. UNCTAD seeks to create an enabling environment for international investment and enterprise development. Its work is carried out through intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences. The term “country” as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the development process. The...
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...ASSIGNMENT WEEK 2 Globalization in the twentieth and twenty first century is usually analyzed from an economic or technological perception, that is the internet, international markets and global institutions such as IMF, WTO cable news etc. The impact of globalization on the economies of countries across the world whether developed or developing cannot be over emphasized. An important ingredient in globalization is trade liberalization. . Economic liberalization is the process of achieving unobstructed economic activities, it seeks to remove all hindrances to trade, production and investment, whiles emphasizing on the freedom of economic activities (Onyekpe, 2001:52, Akinboye, 2008). In this light I will want to associate myself with the argument brought forward by Peter Mandelson in support of globalization. Globalization can be described as a “double edged sword”. Countries and companies which are prepared can take advantage of the opportunities that it brings on the other hand, globalization is not ready to “forgive” countries or companies who are not prepared to take the dynamics of globalization. Even the developed countries in Europe and the USA cannot afford to be complacent in the face of globalization. Peter Mandelson has done a good job in explaining both positive and negative effects of globalization in his defense of globalization. Peter Mandelson analyzed the impact of globalization under six headings namely, the openness boom, the interlinked world, the challenges...
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...policy objectives of a country such as technical standards requirements. In the process, the trade and development performance of other countries are however adversely affected as a result of such barriers. The problem is compounded for developing countries, which have difficulties to access information on these barriers and to comply with the requirements. In practice, it has also been proven difficult to analyse non-tariff measures and other barriers to trade in a very effective manner due to a lack of a common definition, inadequate data and an agreed methodology for quantifying them. It is against this backdrop that the Secretary General of UNCTAD has mandated a Group of Eminent Persons on Non-Tariff Barriers (GNTB) to work on the issue of NTBs. A Multi-Agency Support Team comprising of the World Bank, FAO, IMF OECD, UNIDO, WTO, UNCTAD and the International Trade Centre (ITC) has been tasked to provide the necessary technical support to the Group. Objectives The project will provide an opportunity to concretely work on the issue of non-tariff measures and barriers to trade from a developing country’s perspective and to provide more transparency on this worldwide issue. The long-term objective of this pilot project is to test and validate (i) a new classification of these non-tariff measures and barriers to trade and (ii) a data collection methodology that could eventually be...
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...UNCTAD COMMODITY EXCHANGES AROUND THE WORLD By the UNCTAD Secretariat ∗ Virtually all of the futures exchanges in the United States date from the late nineteenth or early twentieth century. They all started as commodity exchanges, but since the early 1980s trade in financial futures has become more and more important for most of them. Until 1998, the Chicago Board of Trade used to be the world=s largest futures exchange, but is now the second-largest place with a volume of 255 million contracts in 1999 (11 per cent of total world volume). The Chicago Mercantile Exchange, the world=s fourth-largest, accounted for about 8.5 per cent of world volume, while the New York Mercantile Exchange (former NYMEX and COMEX), the world=s eighth-largest, accounted for more than 4 per cent. Among the large exchanges, NYMEX is the only one trading solely commodities, and is the world=s largest commodity exchange. Two years ago, the CSCE, NYSE and NYCE merged to form the New York Board of Trade which was in 1999 the world=s twentiethlargest exchange. Up to 1993, the United States exchanges used to account for the major part of world futures and options trade. As the table below shows, it is not anymore the case today. 1400 Legend Country has one ore more active commodity futures exchanges. Country has one ore more exchanges active in the physical trade of commodities or forward delivery. There are, or have been, plans for the introduction of a commodity exchange. Total US Exchanges ...
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...CONFÉRENCE DES NATIONS UNIES SUR LE COMMERCE ET LE DÉVELOPPEMENT UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT World Investment Report 2013 Global Value Chains: Investment and Trade for Development Country fact sheet: Pakistan (Millions of dollars and percentages) Foreign direct investment (FDI) overview, selected years FDI flows Pakistan Inward Outward Memorandum Bangladesh Inward Outward India Inward Outward South Asia Inward Outward Asia and Oceania Inward Outward Developing economies Inward Outward World Inward Outward 2005-2007 (Pre-crisis annual average) 2009 2010 2011 2012 as a percentage of gross fixed capital formation 2005-2007 2010 2011 2012 (Pre-crisis annual average) 4 021 84 2 338 71 2 022 47 1 327 62 847 73 16.1 0.3 8.3 0.2 5.5 0.3 3.4 0.3 768 9 17 766 11 501 25 631 12 015 296 342 162 585 452 023 238 224 1 490 966 1 534 429 1995 5 408 266 700 29 35 657 16 031 42 438 16 507 327 174 211 609 530 289 273 401 1 216 475 1 149 776 2009 17 673 1 851 913 15 21 125 15 933 28 726 16 383 403 626 284 673 637 063 413 220 1 408 537 1 504 928 2010 19 828 1 362 1 136 13 36 190 12 456 44 231 12 952 438 182 311 537 735 212 422 067 1 651 511 1 678 035 2011 20 916 1 401 990 53 25 543 8 583 33 511 9 219 408 924 308 742 702 826 426 082 1 350 926 1 390 956 2012 25 395 1 524 5.0 0.1 5.4 3.5 5.8 2.8 11.6 6.4 13.3 7.1 13.3 13.8 3.8 0.1 3.9 2.9 3.9 2.3 8.3 5.9 10.2 6.7 10.2 10.9 4.3 5.9 2.0 5.3...
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...(Aremu, 1997). The influx of foreign resources such as foreign direct investment has the tendency of stimulating employment, income, consumption and economic growth, hence the opportunity of reducing poverty. Borenstein and Lee (1998) have shown that foreign private investment has a significant outcome on the host country for example a one percent rise in the proportion of foreign direct investment and gross domestic product increases the rate of per capita income growth of the Less Developed Countries (LDCs) by 0.3 percent to 0.8 percent. Nigeria has been witnessing a massive surge in foreign direct investment inflows. According to the UNCTAD World Investment Report (2007), FDI inflow to West Africa is mainly dominated by inflows to Nigeria, which receives 70 percent of the sub-regional total and 11 percent of Africa’s total. The UNCTAD World Investment Report (2009) valued the nation’s total FDI inflows at US $11 billion in 2009, making Nigeria the largest FDI earner in Africa that year. Generally, FDI inflows to Nigeria have been growing tremendously since 2001. With a modest US $1.14 billion in 2001, it rose to US $161 billion in 2010 (Kojo, Emedem and Ogala, 2012). Several studies have analyzed the crowding in and crowding out effects of FDI inflows on domestic investment and poverty reduction (however, in the Nigerian context these studies are very limited). The literature on this issue also reveals mixed and conflicting results. Some studies have found a positive impact...
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...UNCTAD Review of MaRitiMe tRanspoRt 2014 For further information on UNCTAD’s work on trade logistics, please visit: http://unctad.org/ttl and for the Review of Maritime Transport 2014: http://unctad.org/rmt E-mail: rmt@unctad.org Layout and printed at United Nations, Geneva 1418912 (E)–November 2014–2,062 UNCTADRMT2014 United Nations publication Sales No. E.14.II.D.5 UNITED NATIONS ISBN 978-92-1-112878-9 Photo credit : © Jan Hoffmann To read more and to subscribe to the UNCTAD Transport Newsletter, please visit: http://unctad.org/transportnews U n i t e d n at i o n s C o n f e r e n C e o n t r a d e a n d d e v e l o p m e n t Review of MaRitiMe tRanspoRt 2014 U n i t e d n at i o n s C o n f e r e n C e o n t r a d e a n d d e v e l o p m e n t Review of MaRitiMe tRanspoRt 2014 New York and Geneva, 2014 REVIEW OF MARITIME TRANSPORT 2014 ii NOTE The Review of Maritime Transport is a recurrent publication prepared by the UNCTAD secretariat since 1968 with the aim of fostering the transparency of maritime markets and analysing relevant developments. Any factual or editorial corrections that may prove necessary, based on comments made by Governments, will be reflected in a corrigendum to be issued subsequently. * ** Symbols of United Nations documents are composed of capital letters combined with figures. Use of such a symbol indicates a reference to a United Nations document. * ** The designations...
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...INTERNATIONAL ECONOMICS THEMES AND ISSUES MMN222154-13- AB THE IMPACT OF FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH IN NIGERIA BY AZUMONYE M. CHUKWUEMEKE S1344407 INTRODUCTION Over the years, the debate on the role of foreign direct investment (FDI) as a factor that induces economic growth has received the attention of policy makers, researchers and international organizations (Tumala et al, 2011). There is no denying that most countries strive to attract foreign direct investment (FD1) because of its putative advantages as a tool of economic development. Therefore, this essay seeks to ascertain the extent at which growth in foreign direct investments (FDIs) influences economic growth in Nigeria in the long-run and investigated the empirical relationship between FDI and privatization. Nigeria, after independence began with an economy that was mostly driven by the public sector. According to Tumala et al (2007), Nigerian Enterprises Promotion Decree (NEPD) of 1972 imposed several restrictions on FDI entry, thereby earning the tag „the indigenization policy‟. It reserved 22 business activities exclusively for Nigerians, including advertising, gaming, electronics manufacturing, basic manufacturing, road transport, bus and taxi services, the media and retailing and personal services. Foreign investment was permitted up to 60 per cent ownership and provided that the proposed enterprise had, based on 1972 data, share capital of N200, 000 ($300,000) or turnover...
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...www.uncsd2012.org RIO+20 Issues Briefs Produced by the UNCSD Secretariat and UNCTAD March 2011 No. 1 Trade and Green Economy 1. Introduction The potential trade risks of a transition to a green economy — protectionism, conditionality, subsidies — are issues of long standing and not unique to the green economy. The urgency of the global challenges which a green economy transformation is intended to address, and the scale of the actions being taken by many countries to build green economies, does however bring renewed focus to these risks. At the same time, the new greening of markets associated with a green economy may provide opportunities for many developing countries to find global markets for goods and services with low environmental impacts. This will, however, test the supply capacities of developing countries as reflected, for example, in domestic trade infrastructure. The green economy offers an opportunity to improve both global trade governance and the domestic trade environment to ensure that trade contributes positively to a green economy in the context of sustainable development and poverty eradication. 4) Unilateral policy measures: Many countries seem committed to the use of trade measures to persuade other countries to change their domestic environmental practices, despite the fact that many measures may be contrary to GATT-WTO rules (see Table 1 and discussion). 5) International environmental, climate change agreements/conventions: The outcome of negotiations...
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...Gender and trade: A fresh look at the evidence Summary: The relationship between trade and gender has been hotly debated. Some say that globalization has excluded or impoverished women, causing disproportionate job losses due to the influx of foreign goods into domestic markets. Others argue that increased trade leads to greater gender equality by creating new jobs and economic growth.In fact, neither side in the debate is totally right, and a nuanced view is needed. Trade integration has translated into more jobs and stronger connections to markets for many women. Indeed, as shown by the World Bank's 2012 World Development Report (WDR 2012), increases in international trade have tended to increase women's employment, not a feature that typifies many development processes. And access to these jobs can empower women in important ways. Introduction: While it is difficult to establish a precise number, surveys estimate that women constitute a large share of informal cross-border trade in southern Africa. More than 70% of cross-border traders betweenMozambiqueandsouthAfricaarewomen. A recent survey in four key border crossings in the Great Lakes region between the Democratic Republic of Congo and Burundi, Rwanda and Uganda found that the majority of traders are young women and experienced traders. These traders face serious risks and losses with each border crossing, including threats and sexual harassment, bribes, fines, confiscation of goods, verbal abuse and...
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...The Fundamentals of International Business | | Assignment question: There are several theories that seek to explain why FDI takes place. These theories try to explain why firms go to the trouble of acquiring or establishing operations abroad. Such theory includes Dunning’s Eclectic Paradigm, Vernon’s Life Cycle and Knickerbocker’s Model to name a few. Your academic paper should illustrate the use of such theories to evaluate the rationale for foreign direct investment for a leading player in your chosen industry. | | | | Student: Matteo Noris ID: 10224550 Course: (BA) International Business Assignment Due Date: 25th January 2012 Unit Tutor: Agnieszka Chidlow Matteo Noris ID: 10224550 Fundamentals of the International Business Submission Date: Wednesday 25th January 2012 Weighting: 30% of the total mark for the Unit * Chosen Assignment Question : 2 Foreign Direct Investment There are several theories that seek to explain why FDI takes place. These theories try to explain why firms go to the trouble of acquiring or establishing operations abroad. Such theories include Dunning’s Eclectic Paradigm, Vernon’s Life Cycle and Knickerbocker’s Model to name a few. Your academic paper should illustrate the use of such theories to evaluate the rationale for foreign direct investment for a leading player in your chosen industry. Contents Page Contents Page 2 Abstract 3 Introduction 3 Main Body 4 Conclusions 8 References...
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...If the conditions in sub-Saharan Africa are arguably worse, why are South African firms investing there? Foreign direct investment (FDI) flowing into sub-Saharan Africa from firms operating in other developing countries have sharply increased in recent years. These new flows have significantly changed the composition of FDI in the region compared to a years ago when FDI was mostly from multinationals hailing from the former colonial powers, France and the United Kingdom. Figures 3.3 and 3.4 demonstrate respectively the major investors for overall FDI and manufacturing FDI in the five sample countries. As the composition of investors has changed and the variety of investor groups in terms of size of firms, sectors, capital intensity, and business models has increased – so has the diversity of the motives and drivers of investment of the different groups. At the end of 2002 [based on total FDI stock] South Africa was the third largest foreign investor in Africa after the United Kingdom ($20 billion) and the USA ($19 billion). Furthermore, in 2005 South Africa was the largest source of new FDI into Africa. South African investors have a very large presence in the extractive industries on the continent, however, a fair amount of this investment dates back more than two decades. Since the advent of democracy in South Africa, South African firms have tended to spearhead moves into the establishment of capital-intensive business services such as telecommunications and banking, and...
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