Frameworks of study and variables in the economy - Free Essay Example

Sample details Pages: 9 Words: 2620 Downloads: 5 Date added: 2017/06/26 Category Economics Essay Type Narrative essay Did you like this example? Hypothesis Development The importance of corporate governance for Asian countries was emerged in1997 when a financial crisis in Japan was expanded to the countries in Asia pacific region (Sueyoshi, Goto, and Yusuke, 2009). Since many researches were conducted to explore the relationship between corporate governance and company performance in Asia along with the USA. However, as mentioned before, one of the most important issues in corporate governance discussion is agency problem (Shakir, 2006) and it means when ownership and management team are separately from each other, agency problem will show its effects. Don’t waste time! Our writers will create an original "Frameworks of study and variables in the economy" essay for you Create order This situation was explored in Zhuang, Edwards, and Capulong study (2001). They tried to find the effect of monitor managers and to implement control; therefore managers act in the best interest of companies owners (shareholders). According to Dalton, Daily, Ellstrand and Johnson (1998) agency problem is the most identified theoretical perspective which is explored in corporate governance studies. However, according to Bebczuk (2005), corporate governance can affect companies performance because of agency problem which is a result of an inconsistency of interest between shareholders and management. Hence, Bebczuk (2005) study went through the Argentinas companies to explore the role of corporate governance and its effects on corporate performance. Some of other researchers who worked on this relationship were Chen (2005) in Taiwan, and Che Haat et al. (2008) in Malaysia. Therefore, based on the priors study, the first hypothesis for this study can be developed as bellow: There is a significant relationship between corporate governance and performance of the Malaysian listed companies. In term of capital structure there are few studies not only in Malaysia, but also elsewhere that their purpose is to explore the corporate governance and capital structure. As a recent effort, Saad (2010) explored the commitments level of Malaysian listed companies to code of corporate governance in Malaysia; then, the effects of these commitments on the capital structure was examined. Existing the relationship between corporate governance and the capital structure was proved in Saad (2010) study. Priors to Saad (2010) study, Bhagat and Bolton found relationship between corporate governance and capital structure between companies in the USA. Following the previous studies, in this study the second hypothesis is defined as bellow. There is a significant relationship between corporate governance and capital structure of Malaysian listed companies. Sample Selection To achieve the best results, the companies listed in Bursa Malaysia were selected to find their level of commitments to the corporate governance code in Malaysia, and the effects of these commitments on their performance and the capital structure decisions. Secondary data will be used in this research and Bursa Malaysia website and companies annual reports can be sources of data for this research. This research will choose listed companies randomly from main and second board of Bursa Malaysia and financial firms and banks will be excluded as they have different natures and policies. Data Collection Different authors have different opinions and offer different guidelines for the appropriate number of sample size in multiple regression. Stevens (1996, p.72) says that for a social science research, about fifteen samples for each independent variable should be used to achieve a reliable equation (Pallant, 2005, p. 142). Hence, based on Stevens opinion, as this research has 3 independent variables, 45 samples can be enough for this research. Elsewhere, Tabachnick and Fidell (2001, p. 117) recommend a formula for sample size calculation and state that number of samples should be more than 50 + 8 * IV (where IV is number of independent variables). Therefore, 50 + 8 * 3 = 74 samples are enough for this research. However, this research employs G*Power 3.0.10 to calculate the sample size and according to the results of this software, as this research has three predictors including one independent variable and two control variables and the study will use Multiple Regression from F-Tests g roup, to achieve the desired results with error probability = 0.05, Power (1- error probability) = 0.95, Effect size = 0.2, sample size will be 90 and with this sample size, the actual power will be 0.950306. The output is shown in the following table. Effect size 0.2 Noncentrality Parameter 18 error probability 0.05 Critical F 2.710647 Power (1- error probability) 0.95 Numerator df 3 Number of Predictors 3 Denominator df 86 Total Sample Size 90 Actual Power 0.950306 Table3.5: G*Power results In figure 3.1 Total Sample size is drawn as a function of Power of the test and as shown with 90 sample size, power of the test reaches to 0.95 which is the desired amount for this research. Figure 3.2 draws as a function of total sample size and as shown, = 0.05 achieves with 90 sample size. Furthermore, the following figure (Fig 3.3) draws both of and power as functions of total sample size and as shown they crosses each other with 90 sample size. Therefore, the sample size of this research will be 90 companies that will be chosen from Bursa Malaysia website randomly. Measurement of Variables Independent Variables Researchers apply a conduct test to investigate effect and cause connections; it means that they arrange an experiment in order that changes to one entry lead to something else to differ in an unsurprising method. These modifies in quantities called variable. Term of variable can refer to any trait, factor, or condition that can be in various amount or types. The independent variable is the one that is varied by researchers in order to have a fair test or a good experiment. As shown in the figure 3.1 the corporate governance is the independent variable in this study. Corporate Governance: Although this variable is used in all previous studies with corporate governance base, all these studies used different methods to measure corporate governance such as Gov-Score (Brown and Caylor, 2004), GMI (Bhgat and Bolton, 2008), etc as mentioned in the literature review chapter. This research adopts Bebczuk (2005) method to measure corporate governance practices in the firms. Hence, Transparency and Disclosure Index (TDI) is used as an index to measure the corporate governance. In line with Bebczuk (2005) study the structure of TDI are demonstrated based on table 3.1. The TDI is used, in order to determine the strength of firms corporate governance. TDI is relied on public information of firms on their annual reports, and reveals the standard of transparency and disclosure in a corporation. TDI includes 25 binary items which can discover a wide range of corporate governance issues. The binary will be equal one if a firm acts based on the code of corporate governance, in contrary, it will be zero. The TDI are divided into three sub-indices. They are Board, Disclosure, and Shareholders. Board is measured the structure, progresses, and compensation of the board and top management members. Disclosure is measured to what extend the firm annual reports release corporate facts to the external shareholders. Shareholders is measured the superiority and value of data and information in related to alternative shareholders. To understand the TDI and its aspects, the study provides operational definitions of TDI items. Table 3.1 presents these operational definitions. Table 3.1: TDI items explanation Manager and director fees Usually firms publish only total amount of their managers and directors fees and knowing of each directors fee is not possible. However, the best corporate governance practices is publishing each director and managers fee separately. Hence, the value of this item for a firm will be one if the firm publishes the exact amount of its managers and directors fee. The information related to this item usually can be found in remuneration part of the annual report. Form of manager and director fee payment Each company pays its managers and directors by many ways and the best corporate governance practice is disclosing all payment forms that the company considers. For instance, it includes basic salary, fees, bonus gratuity, fees subsidiaries, allowance, employers EPF, Benefits in kind, stock options, stock. As a matter of fact, some companies divide the payment forms only in few categories and shareholders and investors do not know the details. Hence, the value of this item will be one if the company publishes all form of payments to managers and directors, otherwise, it will be zero. This information usually can be found in the remuneration part of annual reports or in financial statements. Information on whether manager and director fees are performance-based Performance-based fees can be a method to decrease agency costs and the companies that want to follow the best corporate governance practices publish this information and mention whether their manager and directors fees are tied to their performance or not. This information can be found in directors remuneration part of annual report. Bio of main company officers/ Bio of directors These items disclose vary information about board. Age, race, education, years commitments with firm, information about directors in board. Financial Indicator for last five years Some of companies publish details of their last five years financial information and some companies only publish some of key financial indicators. Others do not give any information about their past financial statements in the current annual reports. Calendar of future events The lack of information about future events of companies will be disclosed through this item. If the company publishes the calendar of its future events this item will be one, otherwise zero. English-translated corporate website If the company has English-translated corporate website this item will be one and if it provides the information only in Malay or Chinese language it will be zero. Strategic plan and projections for the following years In todays competitive world, all companies must have details strategies and plans for future and usually they publish a brief of them in outlook and prospects parts of the annual reports. Some companies only gives a short review of the future economy and some publish detailed information about their companies strategies to encompass with the future challenges and use opportunities. Details on the appointment process of new directors Some of companies publish this information in a separate part which is titled Appointment procedure and some only mention a few lines in the nomination part of the annual report. Unfortunately, some of the firms dont publish anything related to this item. Therefore, this item for companies that follow the best corporate governance practice will be one, otherwise zero. Details on attendance of minority and controlling shareholders at shareholders meetings If the company keeps and publishes information related to minority and controlling shareholders in Annual general Meeting this item will be one; otherwise, it will be zero. Report of the external auditor Based on regulations all companies should put their auditors report in Annual Report. Therefore, it is expected that all firms get one for this item in Malaysia. Details of corporate ownership (principal shareholders) According to the listing requirement for Malaysian corporations, they should expose data and information associated to their shares and major shareholders. Malaysian companies respect to this law and it is expected that all companies that have been listed on Bursa Malaysia get one for this item. Type and amount of outstanding shares According to the listing requirement for Malaysian corporations, they should expose data and information associated to their shares and major shareholders. Malaysian companies follow these regulations. Hence, it is expected that all companies that are listed on Bursa Malaysia get one for this item. Dividend policy in the past five years If a company publishes its gross dividend, net dividend, or dividend per share for the past five years in its current annual report, this item will be one; otherwise zero. Projected dividend policy for the following years The information of this item can be found in Dividend part and some of companies reveal the following years dividend policy in the current annual report. As a matter of fact, informative more data about dividend policy can lead to raise investors confidence and convince them for more investment. Dependent Variables Researchers will focus on dependent variable in order to observe how this variable reaction to the change made to the independent variable. The value of dependent variable is the result of independent variable, and depends on independent variable too. Performance and capital structure are dependant variables in this study. It means this study will examine the effect of the independent variable, as mentioned above; on the performance and capital structure. Performance In order to measure the performance of firms, this study adapts measure used by Wei et al. (2000), Bebczuk (2005), and Bhagat and Bolton (2008). Performance is measured using different proxies as stated bellow: Return on Assets Bhagat and Bolton (2008), Wei et al. (2000), Aman and Nguyen (2008), Bebczuk (2005) Tobins Q Aman and Nguyen (2008) Return on Sales Bebczuk (2005) Wei et al. (2000) Return on Equity Bebczuk (2005) Table 3.2: performance In order to clarification each item, a briefly explanation is necessary as bellow: Return on assets: net income/ total assets Return on assets (ROA): Earnings before interest and taxes to total assets. Return on sales (ROS): Earnings before interest and taxes to sales. Return on equity (ROE): Earnings before interest and taxes to total equity. Tobins Q: The market value of a firms asset divided by the book value of its assets. Capital Structure Capital structure is measured by using the ratio of debt to assets. This measure is used by prior studies as Bebczuk (2005) and Bhagat and Bolton (2008). Debt to Asset Bebczuk (2005), Bhagat and Bolton (2008) Table 3.3: capital Structure Control variables To increase the reliability of the findings, the study considers firm size and firm growth as control variables. Although it is believed that size may create negative influence in a condition that size is related with the prostration of growth occasions, it defiantly have a positive effect on every occasion that size is associated with more diversification, superior economies of scale and scope, more management, and less rigorous financial restraints. Moreover, sales growth is a proxy for the product demand faced by the firm and its productivity. The firm size is measured as total assets ( logarithm of total assets ) as measured by Bebczuk (2005) and Chen (2004). Firm growth, on the other hand, is measured by a percentage of sales growth (Chen, 2004; Bebczuk,2005). Size Ln(assets) Logarithm of the companys total assets Growth Sales Growth Percentage sales growth Table 3.4: Control Variables Data Analysis Techniques This study employs Statistical Program for Social Science (SPSS) 18.0 for analyzing the data. After data collection and entering data into SPSS data sheet, two types of analyses are used to achieve the goals of the study. First, descriptive analysis is used for each variable. For instance, each item of TDI index which is the independent variable will be studied in details and by a descriptive analysis, the study wants to know how many percent of companies in Malaysian stock exchange market follow the best corporate governance practices. The result of this part will be a good guideline for firms that want to improve their corporate governance practices and also they can compare themselves with other companies and the mean of the market as well. Moreover, descriptive analysis is employed for dependent and control variables and the mean, standard deviation, frequency, and percentage of frequency of sectors, industries, size of firms, sales, and etc. of each company is achieved. In the second step of the analysis, the study tries to test the hypotheses of the research. For the first hypothesis which is finding the effect of corporate governance practices on the firms performance, three analyses are used which are correlation, ANOVA, and Multiple Regression. The aim of correlation analysis is to know there is any significant positive relationship between corporate governance practices and firms performance and then by ANOVA, the study wants to know whether this independent variable could use to predict the dependent variable or not. And finally, by regression analysis, an equation will be achieved and by R-square and coefficients, the results can be interpreted in details. The same analyses are used for the second hypothesis as well which is to study corporate governance practices can affect capital structure policies significantly or not. Therefore, again by correlation, ANOVA, and regression analysis this hypothesis will be tested.

The Negative Impact of Hip Hop Music on Teenagers - 897 Words

In North America, it is basically impossible for a teenager to live without listening to some sort of music. Music is everywhere they go. Whether they are at home, a store, school, or even the streets, they will eventually end up hearing music. I find that music itself is an obstacle that needs to be conquered for an individual to express their true potential. In present day North America, the youth listen to a variety of music but rap and hip hop outlast all the genres in popularity which should be found a great con to society. This is because rap and hip hop has a negative impact on teenage lives as it promotes immoral behavior. Currently, many schools are permitting students to listen to music inside of class by giving the excuse that students can focus more on doing independent work. This is completely false. It has been proven by scientists that humans cannot multi-task when it comes to paying attention (Cangelosi). For example, if a student is completing an assignment and liste ning to music at the same time, their brain will not be able to give their full attention to both. This makes students work less efficiently. Not only are the work ethics of students affected, their lives are in danger as well. A statistic shows that in 2010, 33% of teen deaths in the U.S were from car crashes (Cichowski). A study done by Erie Indemnity, a Pennsylvanian insurance carrier, states that 93% of teen drivers play loud music behind the wheel (Cichowski). It is noticed that a greatShow MoreRelatedThe Negative Portrayal of Women in Hip Hop and Rap Music Essay1239 Words   |  5 Pagesbeat-boxer in rap music today, has been quoted saying, â€Å"Hip-hop is supposed to uplift and create, to educate people on a larger level and to make a change.† Although this is the original intention of hip-hop music, public opinion currently holds the opposite view. 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Currently At A Population Architecture Essay Free Essays

string(125) " solids from sewerage intervention workss, ashes and refuse are all causes of land pollution and add to the turning concern\." Presently at a population of 6.8 billion people, and increasing by a million and a half people every hebdomad, things are get downing to look really crowded for the hereafter. It is estimated that by 2050 we will be at 9. We will write a custom essay sample on Currently At A Population Architecture Essay or any similar topic only for you Order Now 2 billion people. We must get down life in a different manner – its no longer a inquiry of keeping our criterion of life, but of lasting on a planet that is losing its basic ecological substructure. We use our formidable engineering to consistently foul our air, our H2O, our dirt, and our nutrient concatenation. We are besides sing the effects of planetary warming – heat moving ridges, drouths, deceasing coral reefs, runing glaciers, lifting sea degrees, unstable conditions forms, rapid spread of diseases, and accelerated species extinction. With our insatiate demand for nutrient, fuel, edifice stuffs, and useless debris, unreplaceable natural resources are consuming. In an attempt to last, people are merely pass overing out everything else, destructing the ecological substructure that gave us the comfy life conditions in the first topographic point. The exponential addition in birth rate depletes natural resources faster than they can be replaced, take downing the criterion of life and making economic force per unit areas both here in the UK and throughout the remainder of the universe. We are losing our life support, our place. The Solution To The Problem We urgently need a solution to the universe ‘s overpopulation job, our continued endurance requires a healthy and working planetary ecosystem, on in which worlds live in harmoniousness with all other signifiers of life. We must educate ourselves, acknowledging the job and work together towards a solution. The planetary overpopulation job needs to be resolved, or nature will decide it for us in a mode that we would non inquire for. It is clip to populate in an wholly new manner – we must encompass alteration. The City Peoples need to work together for a solution covering with metropoliss and the inflow of people wanting for a higher quality of life. Natural resources that are readily available must be managed better for our journey towards a greener hereafter, and metropoliss that accommodate everything. The addition and trust on engineering is making concentrated urban Centre ‘s that are happening it harder and harder to get by with the mass inflow of people. We must inquire ourselves whether metropolis ‘s can maintain turning and turning to suit the life we are used to populating in this modern universe. The metropolis now is a life being, a topographic point that contains everything and that is of all time turning. Significant progresss in public wellness and medical specialty, phenomenal agricultural outputs and the spread outing planetary economic system contribute to the population detonation as the lifespan norm continues to increase from this, many live in metropolis ‘s for better chances, increasing traveling multitudes from one topographic point to another. In 1900 merely 1 in 10 people lived in metropoliss By 1994 the figure had grown to 1 in 2 people, making megalopolis of 1000000s to 10s of 1000000s dwellers, all utilizing up waste and resources Now there are more than 400 metropoliss that have a population of more than a million people It is further predicted that 2/3rds will populate in metropoliss by 2050 Pull offing such big metropoliss, and better direction of the planet ‘s resources, could go the most hard job of this century. As the universe ‘s population grows it becomes more hard for the planet to back up all its dwellers. Resource As the resources diminish, what will be done? Changing Minds Old ages ago no 1 gave much thought to how much of the Earth ‘s resources had gone into doing the points in the first topographic point and whether those resources would finally run out. What happened to rubbish after it went into the family bin and was collected by the bin lorry was of no concern to consumers. Green life is non merely about seeking to devour fewer of the Earth ‘s cherished resources and populating sustainably. It is about sing the greenest option in everything you consume, whether you are purchasing nutrient, apparels, cleaning stuffs, or cosmetics. You are responsible for the energy and resources used in the devising of everything you buy. If you keep utilizing an point you already have, you are non responsible for the harm caused by the industry of a new 1. However, if you throw your old one off, you fill up landfill sites and are responsible for any toxic chemicals in it leaking into and polluting the land around the site every bit good as detrimental gases given off during the clip it takes for the point to decompose off. Waste Waste from metropoliss Cities now have everything we need within them, comfortss and services that are unfastened 24/7. Our coevals now is anticipant on ‘ holding things now ‘ , nutrient, vesture etc, but with our addition in holding everything we have started excessively gain that the hereafter may be really different. Waste is being produced in much higher measures, how will the metropolis header, how will it be used to a far more consequence beginning. With the addition in population these jobs must be addressed and dealt with. Who will cover with this waste? Where will it travel or be decomposed? Can we change over it into something more utile? Presently in the UK we produce a monolithic sum of family waste that is sent straight to landfill. New solutions such as separation waste techniques and disposal Centres allow people from place to make their spot. Home – waste – sum of waste produced? The UK produces 28 million metric tons of family waste each twelvemonth In merely one hr we create adequate to make full the Albert Hall to overruning The unreleased energy contained in the mean ashcan each twelvemonth could power a telecasting for 5,000 hours Agricultural and industrial waste, solids from sewerage intervention workss, ashes and refuse are all causes of land pollution and add to the turning concern. You read "Currently At A Population Architecture Essay" in category "Essay examples" The accretion of inorganic wastes in dirt airss a menace to the works and carnal life. Garbage is heedlessly dumped into the dirt. Non-biodegradable wastes such as plastic and rubber turn out deadly to the life in the dirt. Plastic and glass bottles, tins, gum elastic tyres and electronic points dumped in the dirt make up the chief cause of land pollution. How rubbish will increase by 2050 We are bring forthing increasing sums of waste each twelvemonth, which means we are utilizing natural resources at a faster rate than of all time and seting more strain on the environment ‘s capacity to cover with our waste merchandises. While a bulk of this trash is disposed at landfill sites. â€Å" We need to halt thought of rubbish as a job to be buried in landfill and get down thought of it as a resource to be used â€Å" â€Å" Populating within the bounds of the Earth ‘s natural systems will intend utilizing less and being more efficient â€Å" Pull offing Waste, the deductions of this urgency for waste direction are that we must take advantage of attacks that ca be quickly implemented e.g. bar, recycling, composting, stabilisation prior to landfill. We have to do large alterations, including the authorities concentrating policies and inducements on the best attacks, non merely those that are somewhat better than what were making at the minute. Recycling Recycling – waste stuff Every twenty-four hours ‘waste ‘ stuff is thrown off when really it is a valuable resource. Paper, metal, glass, green waste, plastics and fabrics can all be recycled into new merchandises. Recycling reduces waste traveling to landfill and besides reduces the demand for natural stuffs, saves energy in the production procedure and reduces emanations to air and H2O in the production procedure. Increasing sums of waste are being recycled across the UK – packaging waste recycling increased from 28 % in 1998 to 55 % by the terminal of 2005 ; 51 % of building and destruction waste is recycled or re-used and 45 % of commercial and industrial waste is recycled. The authorities estimates that recycling of family waste in England has now increased to over 33 % in 2007, more than quadrupling over 10 old ages. The waste direction industry is working to supply new installations to handle and recycle waste to make these marks. The industry is working peculiarly closely with local governments to increase family waste recycling and composting rates. Recycling and recycling By recycling more of the waste, we can: Save landfill – cut downing the demand to happen new sites Save energy – cut downing global-warming gases and pollution Save natural stuffs – cut downing pollution and spoil tonss Save H2O – reduction deficits and taint Facts UK families produced 30.5 million metric tons of waste in 2008/09, of which 17 % was collected for recycling 1 recycled Sn can would salvage adequate energy to power a telecasting for 3 hours 1 recycled glass bottle would salvage adequate energy to power a computing machine for 25 proceedingss 1 recycled plastic bottle would salvage adequate energy to power a 60-watt visible radiation bulb for 3 hours Pull offing Waste How much waste? Uk packaging waste recycling increased from 28 % in1998 to 55 % by the terminal of 2008 Presently about 43 % of all UK waste and about 64 % of the UK ‘s municipal waste is sent to landfill. Landfills play an indispensable function in the safe disposal of certain wastes, but most wastes could alternatively be recycled, composted or used to bring forth energy. 2/3 of the salvors live in ill constructed places made from clay, plastic bags and boxes. Some sheets of corrugated Fe are donated and funded by the authorities, most have no furniture and bedclothes is besides collected from the site in the signifier of old apparels and covers 3RD WORLD Different people populating around the universe Across the Earth waste is seen in different visible radiation, while the more developed universe consumes and wastes far more, the 3rd universe maximises and utilizes all that they waste and use. And as people move towards a better manner of populating the remainder of the universe chiefly 3rd universe live in poorness and lack the basic human necessities to last. Case surveies Garbage Dreams Garbage Dreams follows three teenage boys born into the rubbish trade and turning up in the universe ‘s largest refuse small town, on the outskirts of Cairo. It is home to 60,000 Zaballeen, which means Arabic – â€Å" refuse people. † When their community is all of a sudden faced with the globalisation of its trade, each of the teenage male child is forced to do picks that will impact his hereafter and the endurance of his community. The Zaballeen have created the universe ‘s most effectual resource recovery system, recycling 80 % of everything they collect. They are really salvaging our Earth. From out of the rubbish, they lifted themselves out of poorness and have a solution to the universe ‘s most urgent crisis. Leaderships are besides trusting that their run for beginning separation – in which occupants sort organic from non-organic waste before it reaches trash aggregators – will derive authorities support and take root among Cairo ‘s 20-million citizens. With the transnational companies authorities contracts set to run out in 2015, the Zabaleen are concentrating on overhauling their trade so they can repossess a topographic point for themselves in the system. While the current economic mentality is black, there is turning international involvement in the Zabaleen ‘s hardworking and advanced recycling patterns. Leaderships besides note that the Egyptian authorities is eventually admiting the Zabaleen as a valuable and skilled resource. As for the Gates grant, which has yet to be confirmed, the money will apparently be used to back up the Source Separation run, train workers and overhaul recycling installations. Peoples that live on landfill – Zabelleens Where do they populate? 2/3 of the salvors live in ill constructed places made from clay, plastic bags and boxes. Some sheets of corrugated Fe a roof is provided by the authorities. Most have no furniture and bedclothes is besides collected from the site in the signifier of old apparels or covers. Those who live in the caves around the country screen themselves with plastic bearer bags when it rains. The caves become unsafe and sometimes walls prostration. Why they live on site A study was done in 2005 to inquire people why they live on the site. The findings were that: Many were unemployed and could n’t afford the basic human demands of nutrient, H2O, shelter and apparels Some had been born there and it was the lone place they knew Some were orphans and had no household to assist them and had no manner out of the landfill Widows ended up at that place when the money earner of the household died Different tribal groups became refugees in there ain states Some were thrown out of the slums they had lived in when Governments tried to unclutter the countries up What do they roll up and what is done with it? The salvors themselves use some of the stuffs collected, such as the nutrient dumped by hotels in Cairo and fabric, which is used for vesture and bedclothes. The remainder of the stuffs are sold to jobbers who in bend sell to recyclers. These include castanetss, plastics and bit metal. How earn life through recycling There are so many people populating on the garbage dump now that the salvors are holding to look for alternate beginnings of income. These include: Working on local farms – Subsistence agriculture ( turning harvests to eat themselves ) entirely the roads and trim land around the garbage dump Making wash for people Weaving baskets and mats utilizing scavenged polyethylene Selling H2O Major issues – deficiency off The salvors have hapless entree to H2O and sanitation There are no lavatories, no bathrooms and no clean H2O to imbibe They have to purchase H2O from sellers to imbibe Some of the salvors collect rainwater Health and bad life conditions A new survey by the New York State Department of Health studies that adult females populating near solid waste landfills where gas is get awaying hold a quadruple increased opportunity of vesica malignant neoplastic disease or leukaemia. The new survey examined the happening of seven sorts of malignant neoplastic disease among work forces and adult females populating near 38 landfills where of course happening landfill gas is thought to be get awaying into the environing air. The wellness of these people is hapless. Malaria is common due to the pools of dead H2O, which allows mosquitoes to engender. Diarrhoea. Pneumonia and skin infections are common. Scavengers can non afford to see a physician. They have developed other ways of get bying with their unwellnesss, such as utilizing herbal redresss, purchasing inexpensive drugs across the counter or borrowing money from friends. Vision FOR THE FUTURE My thought is to better efficiency through a mobile shelter By making a device that maximise the end product of landfills and the usage they have to utilize we can explicate a solution for the hereafter. My design – NewDealDesign A various safety for rubbish victims Adjusting to this alteration by utilizing Everyone holding the chance for a better life This is what people still need Life after – better life Energy solutions algae Biodiesel from algae is here! Oil has been one of the most efficient and effectual fuel beginnings for decennaries. But due to the unrenewable nature of oil and the pollution ensuing from C emanations, scientists have raced to happen a new fuel beginning. Hydrogen, biodiesel, solar, electricity and even H2O have been considered as possible fuel beginnings. Now, one of the newest renewable energy beginning aspirant is algae biofuel. Algae gather energy from the Sun through the procedure of photosynthesis. A by-product of this procedure is oil, which can be utilized to make biofuel. The algae itself can be transformed into ethyl alcohol through the procedure of agitation. During photosynthesis, algae and other photosynthetic beings gaining control C dioxide and sunshine and change over it into O and biomass. Up to 99 % of the C dioxide in solution can be converted, in large-scale open-pond systems. The production of biofuels from algae does non cut down atmospheric C dioxide ( CO2 ) , because any CO2 taken out of the ambiance by the algae is returned when the biofuels are burned. They do nevertheless extinguish the debut of new CO2 by displacing fossil hydrocarbon fuels. Algae is an improbably big and diverse species. Algae can be found in most organic structures of H2O including lakes, watercourses, ice, snow, and the ocean. This works reproduces quickly and would be really hard to over-farm. Algae can bring forth 15-300 times more oil per acre than conventional harvests, such as rapeseed, thenars or soya beans. As Algae has a harvesting rhythm of 1-10 yearss, it permits several crops in a really short clip frame, a differing scheme to annually harvests. Algae can besides be grown on land that is non suited for other established harvests, for case, waterless land, land with overly saline dirt, and drought-stricken land. This minimizes the issue of taking away pieces of land from the cultivation of nutrient harvests. Algae can turn 20 to 30 times faster than nutrient harvests Algae fuel production does non impact fresh H2O resources, can be prduced utilizing ocean and effluent, and are biodegradable and comparatively harmless to the environment if spilled. Inputs-CO2 + Water + Nutrients + Algae Strain + Sunlight â€Å" This Algae biofuel substitutes 100 % traditional fuel, without necessitating to be assorted and can be used in assorted biofuel applications. † â€Å" Algae Oil Farming for Biodiesel Algae Biofuel uses the surpluss of C dioxide produced by industrial activities, in a manner that does non pollute, but contributes to cleaning the atmosphere. â€Å" Dystopia The frequently futuristic vision of a society in which conditions of life are suffering and characterized by poorness, subjugation, war, force, disease, pollution, ensuing in widespread sadness, agony, and other sorts of hurting. Decision The universe will necessitate to reapportion its energy and resources off from simply prosecuting economic growing to turn toing issues of poorness, equality, gender equality, and entree to wellness attention and instruction alternatively authorising all who wish to take part in finding their hereafter with the right to make so. Today the universe is focused on the person. In 2050, communities, relationships between people, and personal duties to the society will be the cardinal rule in the building of our metropoliss. Provision of necessary metropolis services like nutrient, H2O, waste handling, and energy will be more localised, incorporating these services into the cloth of the metropolis. Bringing these services closer will besides reconnect people with the Earth, giving people better insight into their resource usage and impacts. Waste volumes will be farther reduced through extremely efficient waste sorting, recycling, and composting. My vision of the hereafter is that the World will fall in and devour itself if solutions of re-using and recycling are non implemented. This will bring forth options that can help in quality of life every bit good as supplying the necessities that people need to last. ADD SOMETHING TO LINK QUALITY OF LIFE / SURVIVAL WITH NOMADIC So as we move into the hereafter I predict that we will go more mobile and need to travel about in a more rational manner. By making a shelter that is impermanent, lightweight and self sustainable. A shelter that has been designed for people on the move, a device that can be made readily available in different locations around the universe. It can be rapidly dismounted and constructed to house the resident as fast and efficient signifier of shelter. A self-sufficing shelter that sustains itself, utilizing energy produced by algae. Fuelled on algae bio Diesel, it can bring forth its ain electricity to power the necessities for life. My design – NewDealDesign a various safety for rubbish victims The ‘urban collapsible shelter ‘ is an geographic expedition of mass-produced, easy-to-assemble and quick-to-mobilize recycling hubs. A household of 2 objects, ‘Collector and Case ‘ and ‘HUB ‘ , represent new solutions for shelter, comfort, energy and administration. Equally good as provide varying degrees of protection for different climes and milieus, it provides a more hygienic and safe life environment for the dwellers. HUB is a construct for a portable lodging unit that would assist people in run intoing their immediate shelter demands created by deficiency of lodging and hapless life conditions. This shelter can be really rapidly transported and reassembled with merely few necessary tools and offer dwellers with single life infinite. This shelter is made from from reclaimable and reclaimable materials.The chief HUB must be erected by 6-10 people, this can be designed and manufactured on demand at variable locations. Each of the objects are compressed into space-saving packaging. Easy to fabricate and transport within a few hours. Once they arrive, they can be set up easy by the dwellers to supply instant support structurally, socially, and emotional. Many alternate lodging solutions deal with little graduated table but ca n’t get by with big graduated table displaced populations. The shelter: Easily movable, collapsable and able to be shipped level Built of reclaimable stuffs and have the ability to be reused Easy to raise and piece with few or no tools Amenable to infrastructure? can be used as a basic construction, but have the capablenesss to upgrade and implement modern comfortss Stackable provide comfortss ( electricity for light, compact range and icebox ) . Adjusting to this alteration by utilizing 10-Everyone holding the chance for a better life 11-Conclusion This is what people still need Future vision In 2050, our societies will exceed the narrow focal point on stuff goods and wealth coevals that we see today. They will alternatively, strive to run into the deeper demands of human existences, turn toing felicity and religious and emotional fulfilment. Indexs of success, now frequently measured in strictly fiscal footings, will alternatively look at thoughts of felicity and satisfaction. The universe will reapportion its energy and resources off from simply prosecuting economic growing to turn toing issues of poorness, equity, gender equality, and entree to wellness attention and instruction alternatively authorising all who wish to take part in finding their hereafter with the right to make so. Today the universe is focused on the person. In 2050, communities, relationships between people, and personal duties to the society will be the cardinal rule in the building of our metropoliss. Provision of necessary metropolis services like nutrient, H2O, waste handling, and energy will be more localised, incorporating these services into the cloth of the metropolis. Bringing these services closer will besides reconnect people with the Earth, giving people better insight into their resource usage and impacts. Waste volumes will be farther reduced through extremely efficient waste sorting, recycling, and composting. How to cite Currently At A Population Architecture Essay, Essay examples

Corporate Law ASX Listed Firms

Question: Discuss about theCorporate Lawfor ASX Listed Firms. Answer: Introduction The main objective of this assignment is to bring out the main objective of the directors of a company and their limitation and duties regarding the issue of shares and dividends to its shareholders. This paper also throws light on the consequences in case of a second strike takes place by the shareholders if they are not content with the remuneration reports. This essay will talk about the legal issues in relation to the issue of shares and dividends, and application will be provides for the issue concerned and lastly, with the help of law we can help in bringing out a conclusion for this case study. Issue Do the authorities of Waldmart have the right to issue bonus shares and can the shareholders in the coming up annual general meeting oppose them not to issue the share? Rule In Australia, the companies acts major legislations are from The Corporation Act 2001[1], section 254T [2] and 254A[3] are the provisions that are related to the issues of the shares and debenture[4] and the bonus shares by the directors. The Corporation Amendments[5] Bill 2011 gave scope to the consequences and circumstances which led to second strike in a company. The duties of the directors of the company are laid down under the sections 180-182 of the Corporation Act. These sections lay down that the directors should deal with the affairs of the company with utmost care and diligence[6], also these sections point out the duty of the directors is to make sure there is decorum that has to be maintained and always support the company in case there is a conflict between an individual and the company. Application Section 254A[7] can be applied in the first issue of the given case and other laws that are related to bonus shares are also applied. Under section 254A of the Corporation Act, the directors in a company have the rights or power to issue bonus shares as per their discretion. The primary role of the director is to make sure that while making these discretions, he should be sure that his opinions or decisions are in the favour of the company and its shareholders and do not bring up these kind of issue when the company is insolvent or may become insolvent because of their issues. The ability and the capability of the company should be kept in mind while making the payment of the liability after such shares being issued. In this case of Waldmart Ltd. Has issued bonus share to attract the shareholders to approve the remuneration reports and so that no strikes are caused for the second time in the company. There was no best interest of the company kept in mind while imparting this issue by the directors of the company. Thus, there is breach of duty by the directors of the company under the Corporation Act. Therefore, the shareholders of the Waldmart Ltd. Have the right and the power to challenge the decisions of the directors[8] in the Annual General Meeting as well as in the court, we can see this in the case, AISC V Fortescue Metals Group Ltd. Issue Do the shareholders have the right to stop the directors from increasing and paying the decided dividend? Rule In the Corporations Act, under the section 254A[9] the directors are allowed to issue bonus shares to the shareholders, if no remuneration is is given on the basis of bonus shares section 124 of the Corporations Act will prevail. There are no changes brought in the capital structure of the company since the issued shares are for free. If the directors fail to do their duty and cause a breach in carrying out the functions of the company and carry out the position given to them by the shareholders to safeguard the company over their own interest[10], this can be seen in the case, The Bell Group Ltd V Westpac Banking Corporation (No 9) [2008] WASC 239. The directors of the company can only allow the bonus shares to be issued, if there is no disadvantage caused to the company in giving back the pay to the shareholders and the creditors of the company. Under section 254T of the Corporation Act, the rules regarding the issue of dividends in case of a company not limited by guarantee is capable of issuing dividends unless the liability of the company is less than the assets then only in such circumstances the directors of the company will be allowed to issue the dividends. Application The issues which deals with the dividends that are brought out by Waldmart Ltd are laid down under section 254T of the Corporation Act, it provides the principle and other issues that are related to the dividend in Australia. The directors of the company can issue the dividends only if he is sure of the fact that the issuing of the dividends will not cause any financial harm to the company and will be in the best interest of the company. in Waldmart Ltd, the directors also had to make sure that the assets of the company are more than the liability of the company so that the company has no issues in clearing off the debt of the company. it is the duty of the directors to be fair and reasonable to their shareholders before the dividends have to be declared. But in this case the directors have attracted the shareholders only for the purpose to approve the reports of remuneration so that no strike would take place. However, in this case the issue has come out because the decision which w as made was not in the best interest of the company and the company would face financial instability. The shareholders have the right to oppose against the directors as they are fully aware of the fact that the decision of the directors will lead to financial loss for the company and them. Thus, they decided to oppose the decision in the Annual General Meeting of the company as the directors were not making the decision in relation to the best interest of the company and the shareholders, they was breach of the duty of the directors of the company. In the case, QBE Insurance Group Ltd V AISC[11] it was clearly stated that the directors could not issue dividends to determine the company. Issue What will be the consequence if the shareholders vote against the remuneration report and a second strike takes place? Rule The directors have to keep in mind the status of the company after making back the payment to its creditors[12]. If such pay backs will make the company bankrupt, then the directors of the company shall not declare the dividends. Insolvency is restricted and penalty is imposed on the directors under section 588G of the Corporation Act, if they declare the dividends of the company making the company solvent. This was seen in the case, Hilton International Ltd V Hilton (1988) NZHC 605[13]. Only those shareholders[14] that have at least minimum of 5% of the voting rights of the company that are in relation to the Annual general meeting, can make the directors of the company hold a meeting or even they can conduct a meeting in regard to the management of the company. The directors have to be very responsible regarding the affairs of the company in relation to the two strike rules. If a company[15] gets exposed to a 2nd strike by the shareholders all the directors of the company will be liable to re election. When the shareholders and the directors do not agree with reports being published by the directors in relation to the remuneration, and it fails to get a minimum of 25% votes in that case then the 2nd strike takes place by the shareholders. The reason for 1st strike by the shareholders is because the directors fail to give out the desired result in the remuneration report and fail to get 25% votes. Now, if all the directors are opposed to re-election is not sure. Thi s can be seen within 90 days a pill meeting take place where the re-election is held. This process is called the spill resolution, which excludes the re election of the managing director[16] of the company, because he has the pressure to manage the affairs of the company. Application The shareholders of the company were not in favour of the remuneration reports hence they did not approve it. The shareholders were sure of the fact that the decision made by the directors were definitely not in the best interest of the company and its shareholders as it would bring financial loss to them. Therefore, after the first strike the shareholders would initiate a second one against the directors decisions. If the 2nd strike would take place this would result in the re-election of all the directors of Waldmart Ltd. by the shareholders. The shareholders will then by the process of Spill resolution re appoint all the directors for the company except the managing director of the company. it will be the duty of the shareholders to start the spill meeting where the election will take place within 90 days of the resolution being passed. This entire process of re election would not be applied to the managing director of the company as the main affairs of the company are managed by the managing director. Conclusion In end of this case study, it can be noted that the powers to issue the bonus shares are given to the directors; it is the right of the director to perform their duty with care, diligence and in the best interest of the company and its shareholders. Under section 254A of the Corporation Act, the same has been specified. The powers and the duties of the directors of a company are laid down under the sections 180-183 of the Corporation Act. And the issue of dividends are restricted under the section 254T of the Corporation Act. Thus, when there is a 2nd strike in the Waldmart Ltd. Company that will lead to re-election of the directors that are chosen for the process of re-appointment. The re-appointed will be done by the shareholders of Waldmart Ltd. through Spill meeting, leaving out the Managing director, he will be excluded from this re appointment as he has a crucial role to manage the affairs of the company. Hence, while considering the re-election the managing director of the com pany will not be involved in this process. Reference List Austin R.P. Ramsay, I., Ford's Principles of Corporations Law, Butterworths, Australia, 16th edition, 2014. Baxt, R., and Fletcher, K.L., Fridman, S., Corporations and Associations Cases and Materials on, Butterworths, Australia, 10th edition, 2008. Bugeja, Martin, et al. "Life after a Shareholder Pay'Strike': Consequences for ASX-Listed Firms." (2016). Cassidy J., Corporations Law Text and Essential Cases. Federation Press, 4th edition Sydney 2013 Ciro T, Symes C, Corporations Law in Principle LBC Thomson Reuters, Sydney, 9th edition 2013 Fisher S, Anderson C, Dickfos, Corporations Law - Butterworths Tutorial Series, 4th Edition Butterworths, Sydney 2014 Fitzpatrick, Symes, Veljanovski, Parker, Business and Corporations Law; LexisNexis 3rd edition 2017 Hanrahan, P., Ramsay I., Stapledon G., Commercial Applications of Company Law. Oxford 18th edition 2017 Harris J, Butterworths Questions and Answers Corporations Law:, LexisNexis, 3rd Edition Sydney 2009. Harris J, Corporations Law, LexisNexis Study Guide 1st edition 2008 Harris, J. Hargovan, A. Adams, M., Australian Corporate Law LexisNexis Butterworths 5th edition, 2015. Li, G, Riley, S. Applied Corporate Law: A Bilingual Approach LexisNexis 1st Edition 2009. Parker, Clarke, Veljanovski, Posthouwer, Corporate Law, Palgrave 1st edition 2012 Redmond, P., Companies and Securities Law - Commentary and Materials, Law Book Co., Sydney, 5th, 2009. Tomasic, R. Bottomley,S. McQueen,R. Corporations Law in Australia, 2nd Edition Federation Press, Sydney 2002. Tomasic, R.,Jackson, J.,Woellner, R., Corporations Law - Principles, Policy and Process 4th Edition Butterworths., Sydney, 2002.

Nowadays in developing countries, ecotourism is us Essays

Nowadays in developing countries, ecotourism is used as an excellent tool for promoting sustainable development. It is very beneficial for local communities creating environmental, economic and social benefits. Ecotourism is carried out by many tourism planners and marketers nowadays. The important aspect involved in ecotourism is its proper planning and implementation. In the case of improper planning it converts all the economic gains into social and environmental disasters. Ecotourism has gained popularity developed into a worldwide phenomenon showing no signs of slowing down. Even though it is not a universal remedy for attaining sustainable development, its potential towards promoting sustainable development deserves considerable attention. The purpose of this paper is to analyze the impact of ecotourism in attaining sustainable development in Costa Rica. Ecotourism The concept of ecotourism was well identified in 1960's by Hetzer who contributed to this by identifying four principles of ecotourism. They are minimizing environmental impacts, respecting host cultures, maximizing benefits to local communities & maximizing tourist satisfaction. Ecotourism is an integration of social, environmental and economical benefits meeting both human and environmental needs. One of the major causes for the evolution of ecotourism is the dissatisfaction with mass tourism creating over development, pollution and foreign investment. According to International Ecotourism Society (2004) Ecotourism is a "Responsible travel to natural areas that conserves the environment and sustains the well-being of local people". Sustainable Development The term sustainable development received international recognition in 1980's. In 1987, Bruntland commission defined sustainable development as "Development that meets the needs of the present without compromising the ability of the future generations to meet their own needs". It is a combination of social, economical and environmental development. Ecotourism & Sustainable Development It is nothing but sustainable tourism. In 1995 World Trade Organization stated in Agenda 21 that "Sustainable tourism development meets the needs of present tourists and host regions while protecting and enhancing opportunity for the future". Sustainable tourism involves a number of principles in it. Sustainable development is not the only goal of ecotourism, but sustainable development is very important for achieving the goal of ecotourism. About Costa Rica Costa Rica which means "Rich Cost" is a country in South America bordered by Nicaragua in north, Panamma in south, Caribbean Sea in east and Pacific Ocean in west. The government is constitutionally democratic. It constitutionally abolished its army permanently in 1949 becoming military neutral. It was ranked first among the Americas for Environmental Performance Index in 2010. Total area - 19,653 sq.m Water percentage - 0.7 Population - 4,253,897 GDP (nominal) - $29.318 billion It contains 5% of the world's biodiversity. Around 25% of the country's land area is covered by protected national parks and protected areas. About 24 national parks are found in Costa Rica. The Monteverde cloud forest reserve is a home for about 2000 plant species, over 400 birds, over 100 species of mammals and numerous orchids. Growth of ecotourism in Costa Rica Costa Rica earned reputation as a premier ecotourism destination in the world also considered as ecotourism's post child. Some of the factors that influenced ecotourism in Costa Rica are pleasant climate, excellent national park, best public health care system, best public education, highest literacy rate in Latin America etc. It is also blessed with abundant natural resources such as beaches, mangroves, mountains, caves, waterfalls, volcanoes and tropical rainforests which is one of the most biologically diverse areas of the world containing 5% of entire planets biodiversity. In a short period Costa Rica has reached high level of maturity in ecotourism creating both beneficial effects and detrimental consequences on sustainable development. It is considered as a model in implementing ecotourism in many other areas. Economic impacts Globalization plays an important role in global economic decision making. As globalization and unbridled economic competition continue to dominate the global agenda, the travel agents who came up with the idea of ecotourism were now looking for new markets and not the ways to save the world. Because of this issue, many protected regions of Costa Rica are increasingly integrated into the global economy. Park entry fees and other form of revenues increase the value of protected land rather than the revenue obtained from deforestation. Ecotourism also earns foreign exchange to developing countries by bringing tourists from north ( from developed countries). A survey states that in early

Who are the winners and losers in the arms trade Essays

Who are the winners and losers in the arms trade Essays Who are the winners and losers in the arms trade Essay Who are the winners and losers in the arms trade Essay The prolific and largely unregulated transfers of arms, particularly small arms and light weapons, has resulted in tremendous human suffering. Tens of millions of people have been killed in wars since 1945. By the end of the 1990s, a large percentage of war-victims were non-combatants and at least half of these were children. The arms trade fuels these wars, wasting life, natural resources and vast sums of money. Despite this, world military expenditure has increased sharply over the last decade; US, Japan, UK, France and China are the top 5 spenders, which equals 62% of world military spending. In particular, several countries like UK and US use military exports as a tool of foreign policy. In this essay, I will examine the profit and cost brought by the arms trade, and try to justify whether there are winners or losers in the arms trade. First of all, let us look at why there are several countries continuing to support the export of military equipment. Let us take Britain, which continues to rank as one of the worlds largest arms exporter (WMEAT, P. 470) as an example. The British government claims, support for military exports helps employment, bring budgetary savings, benefit the balance of trade and deliver other wider economic benefits. ( deso. mod. uk/policy. htm) Since 1995, three reports have begun to estimate the overall net costs to government of engaging in this kind of activity. Estimates vary mainly because of different approaches to research and development spending but they all show that exports benefit from considerable subsidies- between 228 million pounds up to a possible 990 million pounds per annum. WDM, 1995) It is obviously to see that with larger export of the military equipment, there is always a great profit coming with. Furthermore, the British government claims that defence exports help support a strong UK defence industry and contribute to the security of our friends and allies overseas; defence exports can also contribute to international stability by strengthening bilateral and collective defence relationships. ( deso. mod. uk/policy. tm) In addition, the British government believes that a strong defence industrial base is important for the United Kingdoms defence. It enables us to manufacture the equipment to meet our armed forces requirements, including the development of future systems and the regeneration of capability at times of crisis. The skills of our defence industry workers are themselves a valuable defence resource. For an average in each year of 86,000 jobs in the UK are working in defence industry. Without a large export trade, the whole size of the industry will have a dramatic decrease. deso. mod. uk/policy. htm) all above seems to be a very strong evidence of supporting arms trade despite some of the factors might be still debatable. The situation in Britain can roughly reflects the benefit brought by the arms trade in other countries. If all the policy based on the benefits to their own Defence and international security, arms trade can play a powerful role in deterring aggression and promoting stability, it would not be difficult to see the advantages of arms trade. In some extend, we have faced the fact that a number of major initiatives were approved making a significant contribution to the fight against terrorism. These included tightening controls over Man Portable Air Defence Systems (MANPADS) and agreeing to enhance transparency of transfer of small arms and light weapons (SALW). But does all above mean that the countries which exports military equipment are the winners of arms trade, the answer is: it does not tell the whole picture. The United Kingdom enforces very strict control of defence equipment exports. Export licences are not approved if to do so would fail to comply with UKs international obligations or if there is a clear risk that the proposed export might be used for internal repression or international aggression, or may affect regional stability in any significant way. ( deso. mod. uk/policy. htm) However, there always is hidden potential for arms exports, which is also called the invertible hand by some press. Because there is high value of profit, it is not difficult for people to guess there are people selling arms by illegal methods such as trading arms in a black market, otherwise there would be less properly armed terrorists. It can be a direct impediment to the achievement of peace and international security. Now, let us look at one of the biggest arms exporter France as an example. All wars have winners and losers. The war in Iraq is no exception. France is a big loser. France lost billions to Saddam Hussein by selling the Iraqi dictator arms on credit. France lost billions in oil contracts and business deals when the Iraqi dictator fell. France also lost a major alliance with the United States by putting up such a sham over Iraq. The lost alliance between Paris and Washington will cost France. (WWW. newsmax. com) The evidence shows that there are still some arms being exported to destinations where they are likely to be used to commit grave violations of international human rights and humanitarian law, owning to the fact that there is always uncertainty such as misusing of the arms imported. In practice, however, successive governments have failed to close the loopholes in arms export laws and have even failed to abide by their own guidelines. The decision-making process is weighted heavily in favour of the arms dealers and, time and time again, concerns of human rights are overridden in the interest of exports. A recent example of this was in late 2001 when BAE Systems were granted a licence to sell a i 28million military air traffic control system to the Tanzanian government despite the fact that: Tanzania has a sum total of eight military aircraft and such a system could only provide limited support for civilian air traffic control. A civilian ATC system costing a quarter of the price would have met the countrys needs. The cost of the system will add to Tanzanias debt burden and do nothing to address poverty in the country. Adding to the debt burden seems especially short-sighted given that some sections of the UK government are trying to cancel debt. The UKs export licensing criteria state that account must be taken of the compatibility of arms exports with the technical and economic capacity of the recipient country, with this information gathered from the IMF and World Bank. In this case the World Bank criticised the proposed export for the first two reasons above. (CAAT, 2002) The UK government continues to allow the export of military equipment to many countries with records of sustained human rights abuses, including Turkey, Saudi Arabia, Israel, Indonesia and China. Indonesias military, for example, has an appalling human rights record and continues to wield considerable power. (CAAT, 2001) The UK government argues that it has received assurances from the Indonesian army that equipment will not be used for internal repression. It chooses to believe this despite the militarys record and evidence of previous use of that, or similar, equipment. In addition, the export of arms can also make a very bad effort fuelling conflict. Many of the UKs arms customers are situated in areas of actual or potential conflict. The 2001 Annual Report 1 lists exports to Sri Lanka, Indonesia, Angola, Algeria and Colombia. Where more than one country is involved, the UK is commonly willing to sell to both, or all, sides. The above report lists exports to India and Pakistan, China and Taiwan, Turkey and Greece, Israel and many of its Middle East neighbours, and Uganda, Angola and Zimbabwe during their involvement in the Democratic Republic of Congo conflict. Countries with massive development needs, such as India and South Africa, are among the UKs most lucrative customers for military equipment. The governments support for arms sales encourages such countries to waste money that could be spent to meet peoples basic health and education needs. (CAAT, 2002) Any of this military equipment imported for these countries will be a risk, If any of these arms is used in the war or even local conflict, it would be doubtlessly for us to see how disastrous it can be for their people. In general, I could say that thousands of lives are suffering from these trade arms. All above shows that, the exporters of arms like France are not the final winners and many countries, which imports lots of arms are suffering. Most of the people believe that arms exports are a useful tool in foreign policy and giving us some control over other nations. Honestly, they could be in some cases, but in practice they arent. For example, the government happily granted export licences for the supply of spare parts for Hawk fighter jets to the Zimbabwe government for use in the terrible conflict over the Democratic Republic of Congo. This was in spite of opposition from human rights campaigners and some members of the cabinet, who suggested that the government might like to refuse the licences and thereby show their displeasure that Zimbabwes actions. (Brittan, 2001,p2) The tool has lost its power simply because you cannot have total control on other nations. On the other hand, people argue that if we do not sell these arms, someone else will. I have to confess the fact is true. This will need lots of co-operations and trust between nations. In conclusion, I would like to say there are no absolute winners and losers in the arms trade. In the past, the main victims of war have been soldiers and other armed combatants. However, nowadays, as the opening quote states, the majority of causalities in modern wars are innocent civilians. Anyone who is involved in arms trade, will have a risk of being accused of any tragedy happened. In general, lots of the arms deals are being processed, and all we hope to see is, more and more countries are working together, having more control on arms trade, and create a better environment for the world itself.

Argue that hunting among the Bushman is not merely a physical act, but Essay - 1

Argue that hunting among the Bushman is not merely a physical act, but one that touches, often deeply, every domain of Bushman society and thus promotes social solidarity - Essay Example This paper argues that, in terms of Durkheim’s theory of solidarity, the Bushmen utilize hunting not just for obtaining food, but also for deeper domains of their life, specifically marital, religious, and economic customs and rites. Hunting in the Bushmen society influences social status, determines the rituals of religious traditions, and forms duty within extended family units, uniting the people in what Emile Durkheim refers to as ‘social solidarity’. As stated by Peter Kropotkin (Hann 1993, 27): But still we know that when the Europeans came, the Bushmen lived in small tribes (or clans), sometimes federated together; that they used to hunt in common, and divided the spoil without quarrelling; that they never abandoned their wounded, and displayed strong affection to their comrades. Emile Durkheim claims that traditional societies are bonded together by a type of social cohesion that is rooted in the commonalities of the members, or referred to as ‘mechanical solidarity’ (Komter 2004). The common values within these traditional societies, which are mostly religious in character, create a ‘collective consciousness’ for the society, a group of ideas, beliefs, and norms common to everybody (Komter 2004). There is modest individuality because individuals view themselves mainly in connection with their membership in the group. Hunting is still deeply embedded in the culture of Bushmen, even in instances where bands take care of their own cattle and grow their own food. The Bushmen are essentially hunters on the peripheries of the bigger non-Bushman culture. Bushmen are hunters in numerous ways. Gift-giving and kin relations include social ‘hunting’, for family connections and for bonds of exchange. Their spiritual or religious principle is distinguished as ‘hunting’ for knowledge (Hann 1993). It is factual that personal ties and hunting in Bushmen culture are

Weather Systems 2014 Essay Example | Topics and Well Written Essays - 1000 words

Weather Systems 2014 - Essay Example Some rainfall that fall was intermitted slight while other was intermitted heavy. The intermitted slight rainfall was attributed to less okta clouds that were slightly heavier. On the contrary, the continuous heavy rainfall along the Northern parts of England was attributed to heavier Okta clouds that which were formed via accumulation of substantial amount of water vapour. Okta clouds were experienced in the North Eastern parts of British Isle. This was followed by a heavy rainfall in Stomoway region and areas surrounding this region. Heavy clouds extended towards the Northern parts of Wick and Glasgow region leading to continuous moderate amount of rainfall (Jewell, 2011). In addition, heavy clouds continued to be experienced in other Northern parts of England such as Lorwick region as indicated in the synoptic table. Okta clouds were later followed by intermitted slight amount of rainfall. Moreover, Aberdeen and North Eastern parts of England such Tiree experienced okta clouds fol lowed by intermittent heavy rainfall. In addition, some parts of Scotland experienced can be observed that okta clouds, intermitted rainfall and moderate heavy rainfall (Sene, 2013). The coast Eastern parts of England such as Whitby and Spum Head experienced incidence of foggy conditions. The occurrence of fog may consist of condensed droplets of water which occur as a result of air being cooled up to appoint where it cannot be able to hold water vapour. The fog in the Eastern parts of England tend to be caused by a number of factors which include but not limed to immense cooling of the air on the ground, movement of air from regions with high warmth concentration to regions with extreme coldness. In addition, the presence of rain along the Eastern parts of England could be attributed the substantial amounts of fog in Whitby and Spum Head regions. This is because

Radical Islam Essay Example | Topics and Well Written Essays - 2750 words

Radical Islam - Essay Example This justification has severe repercussions one of which is that it implicitly states that all Muslims are required to waed the war if they are to live as true Muslims. This paper aims to discuss the role of Jihad as an instrument used by terrorist organiations in their plan of action. The focus will be on the discussion how Jihad serves as a recruitment tool of the organiations. The discussion involves that of establishing the nature of Islam as a religion, its provisions for physical struggle, the consequences of such orienations and its use as a recruitment tool of terrorist organizations. Thru the determination of relevant Quranic verses, this paper aims to provide the background and foundation of the terrorist's interpretationof the Jihad. Jihad is an Islamic term that means "to exert utmost effort, to strive or to struggle". This definition may mean anything from an inward spiritual struggle to attain perfect faith to a political or military struggle. The term Jihad is often taken into context as to describe purely physical and military struggle. The military struggles usually come in the form of religious wars. Although this maybe the case, there are actually five different forms of jihad. They are as follows: Jihad by the pen and knowledge (jihad bil qalam/ilm) is a struggle fo... pen and knowledge (jihad bil qalam/ilm) is a struggle for good against evil through an academic study of Islam, ijtihad (legal reasoning) and even through sciences (such as medical sciences). Jihad by the hand (jihad bil yad) refers to a struggle of good against evil waged by actions using one's wealth or actions that is virtous such as providing funding for jihad, advocacy campaigns for furthering the cause of Islam, undergoing the Hajj pilgrimage, taking care of the family and may even include espionage. Jihad by the sword (jihad bis saif) refers to the holy war or armed fighting in the way of God. Of all the forms of jihad, the form which pervades the social scene is the Jihad by the sword. A person who engages in jihad, whatever forms may be, are called a mujahid which means struggler. With this definition, a Muslim person engaging in fighting in a military struggle as well as those who are memorizing the Quran can be considered as a mujahid. The variety of forms of Islam gave rise to the need to classify which of them are more appropriate in terms of value creation and importance. Because of this, the five forms of jihad was classified either as al-jihd al-akbar (the greater jihad) or al-jihd al-asghar (the lesser jihad) , the struggle against one's soul (nafs), , the external, physical effort, often implying fighting. From this classification, it can be seen that the first threeare implied as the greater jihad with the remaining as the lesser jihad. The Aspirations of Islam and Jihad In this paper the word "Islam" has three meanings that have been taken in the context of which it operates. First, using the Western view of Islam, this term is primarily used to denote a religious tradition, much like Christianity, that provides fundamental

Why the theories of supply and supply elasticity are important

Why the theories of supply and supply elasticity are important EXPLAIN USING RELEVANT TOURISM, LEISURE AND HOSPITALITY EXAMPLES WHY THE THEORIES OF: -SUPPLY -THE THEORY OF SUPPLY ELASTICITY ARE KEY CONCEPTS IN HELPING US UNDERSTAND AND EXPLAIN WITH OUR INDUSTRY ? This preface provides a comprehensive introduction to the task given for the individual learning outcomes. The Assignment needs to stretch on the Key concepts in understanding the theory of Supply and Supply Elasticity in relevant to Travel, Tourism and Hospitality Industry (Hotel Industry) . The given assignment encompasses the following, PART 01 The factors which could determine the Demand and Supply of Hotel supplies in United Kingdom. It will cover the Key concepts Elasticity of supply in relevant to Hotel Supplies supplied in United Kingdom Hotel Supplies will include the following- Room Amenities- Bath Accessories, City Information Brochures and Stationeries Imported Food Materials New Zealand lamb Chops, Spices , Seasonal P er I Perishable foods Imported Spirits Expensive wines, Rare Collection Cognac, liqueurs and S Single malt. Maintenance Supplies PART 02 The reasons that firms seek to expand their businesses via internationalisation. Illustrating with Hotel industry of how firms that you have researched have pursued the globalisation objective. All these topics are gradually explained as we go and the key terms are highlighted in the task. The underlying concepts and basic principles are used to design the text. Introduction The hospitality industry is major service sector in the world economy. The industry encompasses an extensive variety of service industries that include food service, tourism and hotels. The hospitality industry is a 3.5 trillion Pound service sector within the global economy. London has been named the 2012 for International Games.There are a multitude of benefits for London hosting the Olympics, biggest of them is Hotel revenue in terms of Revenue, which means Demand for Hotels are already forecasted. The demand for the hotels in any market is determined basically by the amount of travellers inflow in that place. This study may examine the relationship between the Supply and the factors affecting the hospitality sector using some of the theories adapted from Mr. Don Burton notes. Reference: http://www.referenceforbusiness.com SUPPLY CONNOTE The term Supply states the total amount of the product that producers are willing and able to provide at a particular price over a given period of time. Here willingness is the keyword and this is determined using various analytical factors in ones mind. The hotel business faces the complexity in the commission of managing the chronological demand for its products put on show for the rest of the world. Also the supply of rooms has outpaced the demand over the last decade. Especially in the United Kingdom, since it is the worlds first industrialised country and stands sixth in the world economy with the power of purchasing parity has to follow some theories in order to sustain healthy in their competitive environment And as per the fact in 2012 the hotels in UK needs to offer 1 million rooms, the demand in the near future is high. The hotels have two basic means of achieving sustainable competitive advantage within their product market by focussing on low price and to meet the demand the Customers. Reference: http://ezinearticles.com/?cat=Business:International-Business SUPPOSITION OF SUPPLY The regulations of supply declares that, The Law of Supply claims that when other things are equal, the quantity supplied of a good rises when the price of the good rises IMPINGE ON SUPPLY Supply agenda shows the Law of Supply states that as the price of a good rises, the quantity supplied of the good rises, and as the price of a good falls, the quantity supplied of the good falls, ceteris paribus. Simply put, the price of hotel supplies increases the supply to the hotel also increases, when price of Hotel Supplies falls then the supply to the Hotel is also reduced. This is done because the Supplier has invested his opportunity cost in other sources. The Graph illustrates when demand for Hotel room is high the quantity supplied of Hotel Supplies are also high when compared to 2010. Source: http://www.hotelnewsnow.com/Articles.aspx FACTORS AFFECTING SUPPLY There are various factors that may affect the Supply of the hotels either undeviating or deviating. These are some notable direct factors such prices of relevant resources, technology, prices of other goods, number of sellers, expectations of future price, taxes and subsidies, and government restrictions.. This is bulleted below in detail, Prices of relevant resources Technology Prices of other goods Number of sellers Expectations of future price Taxes and subsidies Government restrictions Source Roger. A Arnold, Economics, 4th Edition, Page No.72 FACTORS WHICH CAUSES CHANGE IN SUPPLY PRICES OF RELEVANT RESOURCES Resources are needed to produce goods. For example, Source is Steak when the price of Steak gone down, then the hotel will purchase and stock more of steak to sell more steaks in hotels which increases the supply of Steak. In that case Supply Curve will move towards rightward. If there is no resource, that is less steak available thus creating less supply of rooms. Consequently, the preparation of steak will decrease, and the supply curve will shift leftward. TECHNOLOGY Most of the western countries have their usage of advanced technology to serve the hotel companies better. The development and in place highly integrated business processes technologies and system are definite. The hotels states the objective in promoting the hotel interface technologies such as property management system, point of sales system, video on demand security and access control which improves Hotel supplies efficiently and effectively. Therefore, the supply curve will shift to the right. PRICES OF OTHER GOODS When change in the price of one good can lead to a change in the supply of another good For example the Lobster price increases dues to worst climatic conditions making lobster unavailable in market then supply of Fish Increases. Lobster Fish Price Case- 1 Case -2 Quantity NUMBER OF SELLERS If more sellers begin producing a particular good, perhaps because of high profits, the supply curve will shift rightward. If some sellers stop producing a particular good, perhaps because of losses, the supply curve will shift leftward. EXPECTATIONS OF FUTURE PRICE If the price of a good is expected to be higher in the future, then producers may hold back some of the Hotel essential supplies today. Then they will have more to sell at the higher future price.. TAXES AND SUBSIDIES Some taxes increase per-unit costs. Suppose tax on Liqour is increased and producer is suppose to pay 2 pounds per Bottle. This tax leads to a leftward shift in the supply curve, indicating that the manufacturer wants to produce and offer to sell few of Liqour at each price. If the tax is eliminated, the supply curve shifts rightward. Subsidies have the opposite effect. Suppose the government subsidizes the production of Rice by paying wheat farmers 3 pounds for every bushel of wheat they produce. Because of the subsidy, the quantity supplied of rice is greater at each price, and the supply curve of Rice shifts rightward. Removal of the subsidy shifts the supply curve of corn leftward. Government Restrictions The government restrictions affects import of hotel supplies for international market, For example stricter Import duties implies adverse affect on hotel essentials thus giving less Output, the supply to the guest will be restricted with available foods. In this case the Supply curve moves towards left. Reference: Roger A Arnold, Economics, 2008 edition, P.No-71 PART B Price elasticity of supply When price changes, there will be not only a change in the quantity demanded, but also a change in the quantity supplied. Frequently we will want to know just how responsive quantity supplied is to a change in price. The measure we use is the price elasticity of supply.( PeS ) In simple terms the responsiveness of quantity supplied to a change in price. is called Price Elasticity of Supply. When it relates to hotel industry the responsiveness of Hotel supplier to a change in price of the product. The supply to hotel supplies in market will depends on change in price of hotel supplies in market or price offered by the Competitors. supplies Hotel Quantity Demanded The figure shows two supply curves. Curve S 2 is more elastic between any two prices than curve S 1. Thus, when price of Hotel Supplies rises from P 1 to P 2 there is a larger increase in quantity supplied of Hotel Supplies with S 2 (namely, Q 1 to Q 3 ) than there is with S 1 (namely, Q 1 to Q 2 ). For any shift in the demand curve there will be a larger change in quantity supplied of Hotel Supplies and a smaller change in price of Hotel Supplies with curve S 2 than with curve S 1. Thus the effect on price and quantity of a shift in the demand curve will depend on the price elasticity of supply. Reference : Roger. A Arnold, Economics, 2008 Edition, Page No.57 Source : http://economics.about.com INTERPRETATION OF SUPPLY CURVE Source : A. M. Shella , Economies of Hotel management , 2002 edition, P- No.91 KEY CONCEPTS IN DETERMINING THE PES WITH HOTEL SUPPLIES ARE FACTORS AFFECTING PES Spare production capacity When there is plenty of spare capacity  then the business will increase its output and therefore the Hotel Supplies supply will Elastic in response to Demand. Stocks of finished products and components If the stocks are products are high in the market supply will be elastic. Conversely when Hotel Supplies stocks are low, supply will be inelastic in response to a change in demand. The ease and cost of factor substitution If both capital and labour resources are  occupationally mobile  then the elasticity of supply for a Hotel Supplies is higher than if capital and labour cannot easily and quickly be switched 4) Time period involved in the production process Supply is more price elastic the longer the  time period  that a firm is allowed to adjust its production levels. The  momentary supply  is fixed and is determined mainly by planting decisions made months before, and also climatic conditions, which affect the overall production yield. Source: http://www.amosweb.com FACTORS DETERMINING PES Two factors that affect the numerical value of the price elasticity of supply are The Amount that costs rises as output Rises and time period of analysis. 1) The Amount that costs rises as output Rises When the Additional cost for producing additional output, this encourages more firms to produce for a given price which is raised, then more elastic will be supply. The lees the conditions apply, the less Elastic will supply be. 2) Analysis of Time Period when time period is longer then the time for analysis is more, responsiveness to the price change. Longer times enables the supplier to find alternatives. Time period are of two Long Run and Short Run. For example, the supply of the Ethnic Restaurants is not very elastic for a period, because Raw material used in production cannot easily switch to other goods. However, given enough time, a year or more, resources can move between productions, resulting in a more elastic supply. Reference: John Sloman Alison Wride, Economics, 7th Edition, Page 58. Conclusion Subsequent to the above text consisting of the Supply theories and its implication we could identify the factors that may directly cause the Supply either Surplus or Shortage. Having said that, the necessities of the supply are proposed transparently combining various abilities and the willingness of the producer and their assumption. Also the producer Supplying behaviour is related to the nations economical status and external factors (Climate, Transport, Trend) in the United Kingdom on the whole. TASK 2 WORD COUNT 1500 ANALYSE THE REASONS THAT FIRMS SEEK TO EXPAND THEIR BUSINESSES VIA INTERNATIONALISATION. HOW FIRMS THAT YOU HAVE RESEARCHED HAVE PURSUED THE GLOBALISATION OBJECTIVE? Introduction Surfacing the fact that the humankind business endeavours eyeing on high levels of branding and marking their presence all over the world by adapting the input called the Internationalisation. Most of the third world nations are now in the realism of making the most out of it, in terms of manpower and technological progression. With the presence of WTO the world trade organisation and its phenomenal support it has even made easier to connect nations across the globe with traditional business evolution in the way it is suppose to be. Having said that, the key concept is globalisation and its revolution in the modern business environment. This perceived text from the research will clarify the concept of internationalisation and the purpose it serves to aid the organisation picked as an example. And will also justify the adaptation on globalisation to pursue the objectives with complete satisfaction. Internationalisation The expression is closely attached with the term economic globalisation. This concept can be rephrased as the integration of national economy in to the international economy. Which is done by trade foreign investment, capital flows, spread of technology and the presence of security. The late 20th century offers the rural sociology and revitalization in the crisis of development theorist. The rising concern in the sustainability reveals the limits of up gradation concept. It is vital that every nation and the business existing should imply the globalization in their environment. Of-course the unrevealing support of the nations involved in the globalisations speaks loud for its own steps forward in the long lasting business era. However internationalisation is commonly recognised and path driven by amalgamation of vital aspects such as Economic Technological Socio cultural political Biological factors. Source: http://www.dadalos.org/globalisation/grundkurs_4.htm This phrase can also be acknowledged for the fact that it is transnational circulation of ideas, languages or cultural variance. These aspects are belonging to the humanity across the world which has gone through the process can be said to globalised. Significance of internationalisation Globalisation has a various aspects which affects the world business in several different ways. The emergence of the concept was very vital and as discussed earlier the positive outcomes are way too longer. It is advised to adhere to the principles of global marketing instances. The swiftness of internationalisation will continue to have a growing impact on business organisations and their practices evenly. Internationalisation hastens the development of the third world countries. Internationalisation of communication has a phenomenal upshot. Internationalisation fetches equalization of income distribution. Internationalisation brings about increased opportunity in the poor countries. Pessimistic values on internationalisation Although the rising concerns in the firms affiliated with the paradigm internationalisation, which has left hardly any hurdles or negative effects relating the organisation with that of its man power resource etc. The developed nations in this modern business environment adapt the policy of outsourcing which happens in manufacturing and white collar jobs. The exploitations of the globalisation have led the child workers usage in atrocious conditions in order to produce cheap good by ignoring safety concerns. Earlier in this business world, the workers had stable jobs but now the people live in constant dread of losing their jobs to competitiveness in the environment.. The world of terrorism has involved them in usage of internet for their global terror information postal. Nevertheless the growing concerns of the firm have witnessed these negative aspects in establishing their brand. Submission of Internationalisation in relation to a hospitality firm. Globalisation is measured in various key aspects and the most immense thought has to be prearranged to the people industry which is called the hospitality trade. This concept is symbolized by the rapid movement of people, information and capital across national borders worldwide. Although this paradigm is a contemporary force with careful definition it is accepted. Global expansion with common product and branding position are in place to acquire the establishment in control. Sales and marketing of the firm programming in such a way they capture the global economy. Organisational structures that allow delivery of service with local operational control and the usage of world capital market as a primary source of funding. Quilon a personification in the task Succeeding to the illustration and the task given, in which the concept of internationalisation is completely implemented and has witnessed a global accolades for its idea. Quilon the hospitality firm being an example for the task given demonstrates certain prolific dimension to the global restaurant chains. A group of TAJ HOTELS RESORTS Concerning Quilon As a part of an iconic Indian hotel group called the the Taj hotels and resorts Established in 1903, Taj Hotels Resorts and Palaces is one of Asias largest and finest group of hotels, comprising 61 hotels in 42 locations across India with an additional 16 international hotels in the UK, Maldives, Mauritius, Malaysia, Australia, USA, Bhutan, Sri Lanka, Africa and the Middle East. From world-renowned landmarks to modern business hotels, idyllic beach resorts to authentic Rajput palaces, each Taj hotel offers an unrivalled fusion of warm Indian hospitality, world-class service and modern luxury. As they march on in the United Kingdom and established two hotels out of which the crown plaza has the significant Michelin starred restaurant named Quilon. Three other considerations in global expansion for Quilon Restaurant (A Taj Group) Source : Managing the Multinational Enterprise, John M Stopford, P.no 697 Strategic scope for Quilon Global perception is a matter of survival of the business. That is why a strategy is formed to drive the organisation to attain its penultimate vision of a firm. In the following text lets notify the significant features or strategy adopted by the hospitality firm which I have chosen in order to showcase the firms benefit in using the paradigm internationalisation as a business tool. Quilon has adopted Porters diamond theory of international competitive advantage identifies a diamond of four interrelated areas within a nation that assist that country to be more competitive in international markets the four areas being factor conditions, competing firms within the country, support industries of the country and home demand. Source: Porter, M E (1990) The Competitive Advantage of Nations, Macmillan, P.No 691 1) FACTOR CONDITIONS The success of Quilon was depended on the national governments willingness to invest in these areas over long periods of time. Porter emphasised that competitiveness was not just a matter of comparative advantage. Resources can also be home-grown and specialised. Thus, goes well beyond natural resources but can assist in delivering national competitiveness. The Quilon has managed to take competitive advantage on UK market with resources being efficiently used for its establishment has No.1 Ethnic Indian Restaurant. 2) RELATED AND SUPPORTING INDUSTRIES Internationally competitive suppliers and other related industries represent a critical resource for international success. Clusters of such industries, each offering expertise and world-class service, can be vital. For example, Quilon (THE TAJ GROUP) relies on its world success not just from Hospitality sector but on a range of other products like Food Products, Automobile, Steel and Telecom. 3) FIRM STRATEGY, STRUCTURE AND RIVALRY Fierce national competition will drive innovation, force down costs and develop new methods of competing that can then be used internationally by the same companies. Similarly, the Quilon success in Uk was its strength of the highly competitive home market. In Asia the parent company of Quilon has TATA GOUP has established major share of Indian Market. TAG group in UK Hospitality sector has first started with TETLY tea 51 BUKINGHAM PALACE HOTEL and BOMBAY BRAISSIERE which helped Quilon to survive rivalry between the competitors. Source : http://uk.tata.com/ 4) DEMAND CONDITIONS Highly sophisticated and demanding Customers in a nations home market will drive up innovation and quality. Quilon Authentic food with taste and quality created demand among the customer which resulted in tailoring the Menu and delivering the innovate food within the Market. Which awarded Quilon with One Michelin Star for the Quality Delivered. In addition, there are two other factors that are important : 1. The role of Government- Quilon stages of improvement can be influenced by the government regulatios and subsidies. 2. The role of Chance Events The competitive advantage of Quilon can shift in unpredictable ways by various reasons like Recession, Oil price rise and So on. Source: Managing the Multinational Enterprise by John M Stopford, P.No-707 Quilon (The TAJ Group) Market Portfolios The Taj group examines its existing Hospitality portfolio and decides whether new products are necessary. Initially, the firm may provide additional products and services for the domestic market before expanding into international markets . Alternatively, the company may decide to internationalize on the basis of a single successful product. Source : MANAGEMENT CONCEPTS PRACTICES, Tim Hannagan, 4th Edition, P.No- 43 More frequently firms expand internationally by first developing a portfolio of products with the ultimate objective of entering numerous international markets. This was the approach followed initially by Taj Group when it first decided to internationalize. The company built up a portfolio of Hotels and restaurant before venturing abroad. Less frequently firms expand rapidly into many international markets first with a single product and only later do they develop a full portfolio of products. 51 Buckingham Gate was the first international property from the luxury group Taj Hotels Resorts and Palaces which was acquired in 1982, formerly known as St Jamess Court Hotel. After the success of 51 Buckingham Gate, they expanded their hospitality sector by Opening Quilon Restaurant and Bombay Brassiere by 1903. Conclusion: Conversely speaking it is incumbent on all hotel organizations that have aspirations to develop brand names across national boundaries to understand what globalization means. A truly global enterprise will have the ability to react quickly to market opportunities, no matter where they present themselves by applying business concepts that have been proven in the context of a global undertaking. In a world moving more and more towards globalization, hotel organizations will need to communicate more quickly, operate more productively, offer their employees greater opportunity and deliver their customers enhanced benefits. Those companies that address these issues today will be better prepared for the global market space of tomorrow.