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Financial Risk Management, Global Finance, International Banks, Foriegn Direct Investment, FDI, Investment Banking, Privatisation, Corporate Strategy, Risk Management, Finance Portfolio, Share Prices, Capital Investment, Financial Planning, Microfinance and CSR.
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The term globalisation can take on different meanings according to the context in which it is used. From an economic perspective, globalisation can be referred to a process by which the different national economies are integrated into a wider global economy.Globalisation can also be said to be a process of increasing international integration in economic, political, social and cultural spheres, whereby actions beyond national boundaries constrain and influence national outcomes. The interaction is seen in the form of increased flow of goods and services, increased flow of capital, increased cultural and political interactions, migration of people and many others
The report will analyse the performance of Tesco and compare it to J Sainsbury PLC in terms of financial performance. The report will also investigate the differences in the results of the company s activity displayed in the annual reports. This entails analysing the company by a number of parameters and ratios recommended in the literature. The report will also analyze solvency, profitability, capital structure gearing and other important indexes of the organisation and comparing with J Sainsbury Plc. I will use Annual reports of the two companies as data source as provided by FAME database which uses a unified format for Reports disclosure while the original companies Annual reports can be confusing as they may use different accounting policy to value its assets and may disclosure results of the year s activity in a different form. However, I will broadly use Annual Reports as a source for comments in the analysis results and additional information. I will also use some electronic databases such as Thomson Financials, FT.com, Reuters Financials and Finance Yahoo!
The UK is full of stores targeting the planet s most desired market; women. The products on offer need to coincide with all the latest trends and the prices need to be affordable. High street companies used to rule this market but consumers are now choosing the convenience of shopping at supermarkets where the clothes are just as stylish yet much cheaper. In order to beat such competition, high street companies need to focus on consumer satisfaction and, by keeping consumers happy, the company will continue to produce profits. This report outlines some of the significant factors that influence the clothing industry. The aim is to examine the trends that have occurred over the last five years in the women s clothing industry, focusing specifically on the affect the improvement of supermarket clothing lines has had on traditional high street companies, if at all
This report is an analysis and evaluation of Imperial Oil Limited. It will focus mainly on the production of the company’s petroleum products and the services it provides in the downstream portion of the energy industry. All of the information in this report has been obtained from secondary sources such as the internet, library databases, annual reports, and news articles. Using these sources, the history of the company, its relationship with government, demographical influences, products and services, social responsibility, technological development, stakeholders, and financial position will be discussed.Imperial Oil, incorporated September 8, 1880, operates in both upstream and downstream processes within the energy industry. The company has three main business focuses: petroleum products, natural resources, and chemicals; with petroleum products generating the most revenue. Imperial Oil’s services such as Esso gas stations have been well received by consumers. The Esso Extra card and Speedpass are only two of many ideas that have encouraged customers to purchase Imperial Oil’s products. These programs assist consumers in purchasing products more efficiently and with greater benefits such as discounts and rewards for the accumulation of points
The primary purpose of the assignment is to discuss, why India is becoming one of the most promising countries for the MNCs as they mark their presence on the global economy. It’s interesting to ponder about the developments that the world’s second most populous nation has undergone since independence. Its ongoing transformation from a closed command economy towards an open one caught the world’s attention. India as a lucrative FDI destination has a lot to offer in terms of its GDP growth, favourable regulatory policies in almost all the sectors, growing clout of the middle class as the symbol for consumerism, younger population which is not only driving consumption but also is learning globally integrating skills, fast developing infrastructure facilities largely deriving inspiration and rightly so from its big brother China and inherent macroeconomic / political stability. Given the limited scope of the study only those parameters shall be considered that make India strongly attractive despite its weaknesses. The same parameters shall be compared with other countries on a random basis to strengthen the argument.
Icelandic government control over the economy has reduced over time. The most dominant decision was when Iceland entered the European Economic Area (EEA) in 1994. When Iceland joined the EEA it got access to European markets and adopted European regulations. Joining the EEA had a positive impact on the economy, however opening an insular economy to the EEA without significant institutional reforms carried with it dangers. Neither the Icelandic authorities nor private firms were prepared to operate in such an environment. This is especially relevant in the case of banking where the aim of Icelandic government was to build up financial centre in Iceland. To be able to build up financial centre it was very important to join EES in order to have access to European markets and adopt European regulations. This was new experience for Iceland to have the access to foreign capital because for most of the 20th century the economy was heavily regulated.
Marks and Spencer Group (M&S) is the premier retailer in clothing, foods and home ware within the United Kingdom. The company’s commitment to quality, value, service, innovation and trust is a key contributor to their success as a high street retailer in the UK. Their current core UK operations centre around three divisions, food, general merchandise (including clothing and home ware), and the financial services industry. Therefore Tesco plc is the prime UK retailer to analyse and compare growth, financial performance and the financial status of M&S Plc in line with other competitors within the same industry.
This essay will discuss the impact of financial market conditions on the business sector. Firstly, the essay is going to analyse what is the impact the expansion of financial markets and credit activities by banks had on financing the small, medium and large enterprises from the retail sector in the UK. Secondly, it is going to examine how the current crisis has influent the financial operations of these firms. Lastly, it will compare the small, medium and large companies’ participation in the use of the financial products and services made available in the entire period.
This paper examines the business strategy of diversification. Diversification of business lines was widely considered to be a prudent strategy throughout the 1980’s. Diversification offered multiple revenue streams as well a degree of hedged risk management. However, the practice of diversification largely fell out of favour beginning in the 1990’s. Many companies began to devote full focus to their primary business line, while spinning off business lines that were considered to be unrelated to their core competency. Focusing on the core competency products and/or services was thought to be a more efficient approach, with a higher return on the company’s resources. The strategy of business diversification has largely been theoretical with little empirical evidence collected to measure its success or failure..
The main emphases of this assessment is to make written report that comments on a specific company‘s financial performance and future prospects. The company I chose to report about is Vodafone Group Plc, which is listed on the London Stock Exchange and part of the FTSE 100 index. The reason for I chose Vodafone Group Plc is because I think the market that the company operates on is very interesting, i.e. the fact that the company relies heavily on technology and the competition on the market is enormous. In this assessment I‘m gonna try to recognise the company‘s strengths and its weaknesses by using accounting statements and ratio analysis. Try to estimate how well the company is doing compared to its competitiors and the market as a whole. Get to know how the company is financed long term and how its gearing is. I‘m gonna try to estimate if the company is priced fairly, get to know the company‘s dividend policy and find out the stragedy the company follows in mergers, acquisitions and corporate restrucuturing. To cover all these things I‘m going to use theories and principal that has been taught in the course and use other sources like library and internet to find references. In the analysis I will use Reuters to support my calculation of ratios and other things.
“It’s better to prepare and prevent than repair and repent”. This holds true in every aspect of our life and more so in the case of business life which is marked with uncertainty thanks to the myriad environmental pressures it has to face. High rates of firms are being flushed out of business before they can even say the words “Where are we going wrong”. The need of the hour is predicting business failure. Fortunately, financial ratio analysis comes to the rescue. It’s a tool which provides cues of the underlying business conditions and helps in getting behind the numbers to get the real picture of a company.
Equity Risk Premium (ERP) is defined as the expected return on the stock market in excess of the return on risk-free bond. ERP guides investment managers to decide how their funds should be allocated between stocks and fixed income securities and thereafter to formulate a portfolio of expected returns. ERP can be estimated by 3 methods, namely the Historical Data approach, Gordon Growth Model Approach and the Price Earnings Ratio Approach. The Historical Data Approach utilizes differences over annual returns in stocks and bonds over a long time period to estimate forward ERPs. While the use of historical data offers an easy means of estimation, the need for long periods of historical data to minimize estimation error is a disadvantage to emerging markets. The Gordon Growth Model is forward looking in that it assumes a constant dividend growth rate in the future. This is particularly applicable to developed companies where dividend payouts and real earnings are estimated based on GDP growth.
om, Inc. Amazon’s initial business plan was unusual: the company did not expect a profit for four to five years; the strategy was effective. Amazon grew steadily in the late 1990s while other Internet companies grew blindingly fast. Amazon’s “slow” growth provoked stockholder complaints: that the company was not reaching profitability fast enough. When the dot-com bubble burst and many e-companies went out of business, Amazon persevered, and, finally, turned its first profit in the fourth quarter of 2002: U.S. $5 million, just 1¢ a share, on revenues of more than U.S. $1 billion, but the profit was symbolically important. The company remains profitable: As of September 2007, the accumulated deficit stood at U.S.$1.58 billion. Revenues increased thanks to product diversification and an international presence On November 21, 2005, Amazon entered the S&P 500 index, replacing AT&T after it merged with SBC Communications.
Ireland’s recent economic success was partially the result of a pursuit of an export-led industrial policy lasting four decades that relied significantly on attracting inward foreign direct investment (FDI). The initial motivation behind this FDI policy was to create employment and curtail emigration from the country. It is only since 1990 that Ireland has really reaped the benefits of this strategy, a period of dramatic transformation in the Irish economy. We have witnessed this new prosperous Ireland develop and mature economically into an open globalised economy. A simple way of fully understanding the significance of the growth in the 1990’s is by reminding ourselves of the facts: in 1990, Irish gross domestic product (GDP) was valued at $57bn, by 2006 it had grown to $276.4bn, an astonishing increase of 385% and during the period 1987-2006 Ireland maintained an annual growth rate of 6% (while most other flourishing economies (E.U. and U.S.) were experiencing a growth rate of between 1 and 2%). In this paper I will attempt to demonstrate how FDI has been the engine of this transformation and the foundation for our new prosperity. I will explain the nature of foreign investment in this country and show how it has affected and aided the economy in a relatively short timeframe. I will also pinpoint the areas that FDI has had the greatest influence on and highlight both the common dangers of FDI and the threats posed Irish influence in the sector. In 2008, Ireland maintained its position as the most FDI intensive economy in Europe. We must understand why it is these multinational companies have so commonly chosen Ireland and ask ourselves what gives us that competitive advantage, why are we different?.
This Report features up to a five-year record of Tesco plc and Sainsbury plc financial performance, position and cash flows. The information is extracted from financial statements and relevant theories are used to evaluate the two firms as investment opportunities. The report contains key statistical data and ratios which would help managers understand the current and future position of the two companies. J Sainsbury plc is a United Kingdom-based company principally engaged in grocery and related retailing, and financial services. The Company’s businesses are organized into two operating divisions: Retailing (supermarkets and convenience stores) and Financial Services (Sainsbury’s Bank). J Sainsbury plc consists of Sainsbury’s, a chain of 504 supermarkets and 319 convenience stores, and Sainsbury’s Bank. The UK’s leading retailer Tesco was floated on the stock exchange in 1947 and in 1995 took over rival Sainsbury’s position as the UK number one. The company launched a home shopping service in 2000, allowing customers to order their shopping online. Tesco is now expanding its convenience stores and overseas into areas such as Taiwan, Malaysia, Poland, the US and Ireland.
According to IAS 7 net cash flow from operating activities can be calculated using either of two methods; direct method and indirect method. The direct method shows operating cash receipts and operating cash payments; including cash receipts from customers, cash payments to and on behalf of employees, cash payments to suppliers; all resulting in the ‘net cash flow from operating activities’. The indirect method begins with profit before tax and adjusts for non-cash charges and credits such as depreciation and for the movement in working capital items. In simpler terms, the direct method looks at all actual cash transactions, while with the indirect method you look at the balance sheet items in relation to the previous year to find the cash inflow and outflows from operating activities while adjusting for non-cash charges and credits such as depreciation and goodwill revaluation rather than look at specific transactions. The main advantage of the direct method is that it shows the operating cash receipts and payments, this specific knowledge of the sources of these cash receipts and for what purposes cash payments were made is especially useful when trying to forecast future cash flows. The preference of IAS 7 is that the direct method be used but does not require it. The main benefit of the indirect method is that it shows the difference between reported profits and net cash flow from operating profits.
The purpose of this essay is to explain why banks are regulated in the UK and inadequacy of the previous regulatory framework linked with failing banks. Three banks will be discussed: Johnson Matthey Bankers (JMB), Barings and Northern Rock. The market conditions which contributed to cause difficulties for Northern Rock will be discussed. Why Regulate Banks? As Benston and Kaufman state in an article in the May 1996 issue of the Economic Journal, “they don’t serve food that might sicken unsuspecting customers and they don’t deal in dangerous materials that might explode or cause plagues. Rather, they provide checking accounts and investment services, make loans, and facilitate financial transactions.” Why should we be concerned with banks, more than other business.
According to the American Accounting Association, accounting is “the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information”. In simpler terms management accounting is an essential factor within any business as it can be utilised to record and summarize an organisations overall performance levels and finances. This allows the manager to set up and implement the correct funding/ processes needed to achieve its maximum success capabilities.
Starbucks is the leading retailer and roaster of specialty coffee in the world. During its early years, Starbucks experienced rapid growth and expanded internationally as they strived to fulfill their mission: “To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time”. However, overexpansion led to dilution of its brand equity. After restructuring, Starbucks emerged stronger than ever, maintaining its international presence with more than 17,000 retail stores in over 50 countries.Using the COSO ERM Framework Model, we shall examine how Starbucks’ internal environment has contributed to its early successes, eventual shortcomings and how they have emerged stronger.
In this report the author will discuss this statement looking at relevant aspects of the United Kingdom’s Corporate Taxation regime alongside other countries regimes. United Kingdom’s Business tax policies such as income and profit tax (corporate tax) will be touched upon and also compared against other jurisdictions, namely Ireland, USA and Canada, using a table I constructed with relevant Tax and other valuable information. I will analyse some of the advantages and disadvantages for why global companies may or may not wish to invest their capital and their talent in the UK when they have the option of investing in other competitive countries, where corporate Taxation rates are considerably lower and other business related aspects (which will be mentioned) are taken in to account. I will do this using information from various reports, tables, charts and surveys to convey my findings. I will then summarise my findings in the conclusion(s) and suggest future recommendations for the UK’s Taxation regime.
In conjunction with the attached (and referenced) financial reports, this report will analyse the financial position and reporting of M&S PLC (M&S). This report is purely based on the interest of current and potential investors in M&S stock, and how to assess the returns on their investment relative to other investments in the retail industry. Next PLC will be used as a comparator, to analyse the current and future position of M&S Group PLC. MARKS AND SPENCER GROUP. Reports for 2008 revealed that M&S are amongst the top 50 retailers with their rank at 43rd in the list. Also a constituent of the FTSE 100, their position in these two lists itself speaks about the recognition the company has. (1) Products, Menswear, Womenswear, Kidswear, Food and Drink, and Homeware (furnishings and appliances). (2) Market ‘Your M&S’, the Marks and Spencer brand has a vast product market as it caters for every kind of shopper.
From the generation after deregulation of American airlines in 1978, countries and districts around the world gradually deregulated the aviation industry. The authorities of aviation industry permitted free entry and exit, and relaxed the restrictions on price, merging and competition (Harvard Business School, 1994). Many economists predicted that deregulation would improve the established airlines efficiency and consumers welfare through competition with newcomers of airline. Unfortunately, under the increased competition with low-cost airlines over the last two decades, established airlines are confronted with challenges that profits incurred fluctuant, especially in recession and war, they incurred massive losses, even bankruptcy (Harvard Business School, 1994). In contrast, a lot of new budget airlines are making profits steadily and attacking big established airlines that will probably go bankrupt. In this decade, many established airlines are trying to eliminate economic losses and regain the initiative by merging.
The purpose of this report is to critically evaluate and show how the IASB/IASC has undertaken its objective in order to achieve harmonisation and convergence of accounting standards around the world. The report will analyse the challenges, problems and also evaluate the successes and failures the IASB/IASC has faced in order to achieve its objective to harmonise and develop consistent, understandable and enforceable accounting standards globally. Moreover, attention will be paid on the works the Board has undertaken to-date and discussion of regional and international bodies and organisations recommending and supporting the use of IASB/IASC’s efforts all around the world globally. Finally, this report will include the key issues of its Comparability Project and Conceptual Framework introduced in the late 1980’s. All the research done and the finding of the report will be supported by professional and academic literature. In 1973, the IASC was set up to effectively introduce accounting standards which applied to nine countries internationally together with seven other bodies. These were Australia, Canada, France, Japan, Mexico, Netherlands, UK,Ireland, USA, and West Germany. The main fundamental objective of the IASC was to ‘formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance and observance’. The role of the seven member bodies was to ensure that correct policy and procedures were complied with and standards followed.
Two particular methods of comparing the attractiveness of projects have become known as the “traditional techniques”. These are ARR (Accounting rate of return) and payback. I shall be discussing these first. The payback period is the length of time (in years) it takes to recover the cash invested a project. The annual cash flows of a project are used to determine the payback period. A project is worth the investment if its payback period is less than or equal to a predetermined time scale in which it is given to pay for itself. So for example, if the three years it takes to recover the investment in the project example shown above is deemed too long, the project would not be undertaken
These simple forecasts are based on the prediction that the current profitability and growth, as revealed in the financial statements, will continue in the future. In an SF1 forecast (where SF stands for simple forecast), earnings of the next period are forecast as the closing book value for the current period multiplied by the cost of capital. Operating income is forecast by expecting the net operating assets to earn at the required return for operations. Finally, net financial expense is forecast by expecting the net financial obligations to incur the expense at the cost of net debt
Accounting rules are in the process of converging into a single international standard. This involves two dominant forms namely the US GAAP and the International Financial Reporting Standards. In the EU all publicly traded companies must adopt them by 2005 and many other countries either have adopted them or plan to do so in the near future. This essay will discuss the opportunities and possibilities of global accounting standards, which will most likely take the form of regulations as in EU directives. Therefore we will give a basic outline why accounting regulation exists
Discuss. With the end of the Second World War, the United States wanted to give an early boost to trade liberalization and to begin to correct the legacy of protectionist measures, which remained in place from the early 1930s.The combined package of trade rules and tariff concessions became known as the General Agreement on Tariffs and Trade (GATT), first signed in 1947 and entered into force in January 1948. Drawn up by twenty-three countries, the agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes
This can be accomplished through the use of factoring houses. When you use a factoring house (factor), you will end up with a stronger balance sheet as outstanding receivables are reduced and cash is accelerated. Factors also remove some or all of the risk associated with collection. At the same time, each enables you to offer your foreign customer terms that are longer in duration than those you could normally afford to offer. Export factoring is the discounting of your export accounts receivable that do not involve a bill of exchange (draft). Factoring allows you to ship on “open account,” by which goods are shipped without guarantee of payment (that is, a letter of credit). The factoring house assumes financial ability of the customer to pay and handles collections on the receivables. Because of this, you wouldn’t necessarily involve a factoring house until after you’ve quoted your customer a price
Would Thailand have been better off using a flexible exchange rate instead of a fixed rate? An exchange rate is the rate at which one currency can be exchanged for another. In other words, it is the value of another country’s currency compared to that of your own. If you are travelling to another country, you need to “buy” the local currency and just like the price of any asset; the exchange rate is the price at which you can buy that currency. Countries can operate either a flexible or fixed exchange rate and in more economically developed countries the exchange rate is usually flexible and it is the market that determines the rate and which is also related to how strong the economy of the country is. However, some countries operate fixed exchange rates to create a stable atmosphere for foreign investors. With the currency pegged investors know what the value of the investment is and don’t have to worry about daily fluctuations. A pegged currency can also help to lower inflation rates and generate demand which results from greater confidence in the stability of the currency
Domestic goods, which are sold abroad, are referred to as exports. Foreign goods, which are purchased by domestic consumers, are known as imports. Free trade refers to trade, which is allowed to flow freely between nations. The pattern of trade can be altered through the use of barriers of trade. Barriers to trade are factors that prevent imports and exports from being exchanged freely. Barriers to trade are often referred to as protectionism. This is because governments, to protect domestic firms from competition from imports, often use barriers to trade. The most common form of protectionism is a tariff, which is a tax imposed on goods which are imported into a country. Tariffs increase the price of imported goods and are designed to reduce the demand for imports. Governments can also use quotas, which place physical limits on the amount of goods that can be imported. Quotas are also designed to reduce demand for imports by increasing their price. If governments subsidise exports, this is also a form of protectionism