A Review Of The Movie Lets Make Money Finance Essay - Free Essay Example

Synopsis The movie we worked on is Lets make money which was made in 2008. The movie analyses the various financial markets in various part of the world especially the developing countries. The movie setting cut across from Asia to Europe. At the beginning, the director films how an Mark Mobius, executive chairman of Templeton Asset Company maintains his office in Singapore as foreign companies pay low taxes (sometimes even no tax) which is how Singapore attracts investors to set up their companies here for talent pool in Singapore and developed infrastructure. Various emerging markets problems that were caused by their financial markets were mentioned. The movie shows how the African suffers from the commodity price volatility changes to the Africa commodity market. The Africans cried in movie claiming that they are relatively poor even if they had worked hard to sell the cotton to the America. The land that produces the cotton is also depleting resulting in the decrease of cotton volume a nd lesser productions to sell. The result is due to the continuously of harvesting throughout the years in Africa for cotton. India facing other problems such as low earnings to support their living as their government does not put the social welfare in concern as compare to investors. The taxes they collected are given to the investors as grants. Liberalisation and privatization by the US were further elaborated by the several economists, including Hermann Scheer, member of German Bundestag. Several crises such as the crisis back in 1970 that the Washington has faced and the recent Spanish property bubble were explained by the financial analysts which the US have done to overcome the crisis where they do not have enough gold and created the market into a dollar market. The Spanish property bubble began as the share price of the dominant property firm, Astroc fell, causing many firms failure as well. Many vacant properties were built as capital investment though it plunged in 2008 a nd no regulation has been reprimand which several consequences of the property bubble were mentioned. We also can get to know the scary truth from Mr. John Perkins who is a former economic hit man further explains why the World Bank had arrange loans for the developing country and behind this transaction; there is a main purpose which is hides behind. He claims that he had helped US companies to obtain natural resources relatively cheap from the World Bank. World Bank will choose projects that benefit a few rich and powerful people in the country so that they will agree to the deal but not necessary benefit the general population. And when the population is unable to repay the loan, the World Bank will get them to agree to deliver their natural resources to repay their loans. This method usually works, but there are also world leaders do not want to accept huge loans such as Omar Torrijos of Panama which the US will use force to make them accept the deal by sending in assassins and troops. The 3 verbatim would be the best time to buy is when theres blood on the street and I add to that saying even if its your own because usually theres war, revolution, political problems, economic problems, prices of stock goes down and those people at bought at the bottom had made a lot of money., The bank and our money is already a part of the cycle of the global money market. Increasing profits, sinking wages and Profits for a few individuals, Losses for everybody There are plenty of moral lesson to be learnt from this movie since it shows us quite a number of problems that have been caused from the financial market. We came to realise that people or even countries should never be exploited for the profit of certain individuals or even other countries. We learn the morale lesson that borrowing of money would makes one poorer but careful investment could makes one wealthy. We also learn that the purpose of the financial market is not to make us wealthy but it is to mak e us wiser. We will rate the movie 7/10 because the movie shows the realistic of globalisation and the people affected by it. In our daily life, we are unaware of the impact that financial markets have induce into our social welfare. From this movie, investors and economists open up to us about the social welfare of certain countries that have been greatly affected by various markets and investment and it also explain to us how certain markets in various countries work as different countries have different operating style. Reason why we did not give 10/10 is because there are certain scenes in the movie that we are very uncertain in believing it and several things are not clearly explain and at the same time, certain portions of the explanation are not easy to be understand by general people as they used lots of business terms that some terms can only be understand by people who work in the business industries or financial market. Asian Dollar Market First the movie takes p lace in Singapore, and then move on to India financial markets, then to USA and many other countries. Now we will look at Singapore as an Asian Dollar market in the report. Singapore is successful in attracting foreign investors because Singapore government promotes the Asian Dollar market as a favourable geographic location time zone which also allows Singapore to trade with Hong Kong, Tokyo and etc. With Singapore high degree of political, economic and social stability and a sophisticated and sound banking system made Singapore an international financial market. In 1970, Singapore government made a bold decision by introducing the market. Regulations were made in 1972, ACUs were free from obligation of the statutory liquidity requirements and 10% tax rate was granted on their income and obtained by a concession. And in 1983, all Asian Currency Unit (ACU) income derived from the syndicated offshore loans were exempted from tax and tax concessions were offered to attract professi onal fund managers to base their operations in Singapore. Also, offshore investment income of non-resident funds managed by ACUs was exempted from Singapore tax and the fund managers income is taxed at the concessionary 10% rate. The regulations made by the ADM are that bank operations in Singapore had their transaction records in Domestic Banking Unit and Asian Currency Unit. Asian Currency Units are primarily funded from interbank market while Domestic Banking Unit is retail deposits. Banks which want to operate Asian Currency Unit will need approval from MAS and this arrangement was designed in 1970s to promote foreign currency business in the Asian Dollar market and thus developed Singapore as a regional financial hub. Companies sold their securities because it is easily converted to cash. Overtime their cash inflows increased due to interest earned from the matured bonds. However in 2008 economy crisis bought by the US which happens after the movie has shown, the Asian Dolla r Market slowed down while trading in the foreign exchange market fell sharply. These changes plus the decline in fund management and stock broking activities led to the decline in financial services in Singapore.1 Singapore did not make any new regulations after the financial crisis happened after 2008. Instead, Singapore would only make after the global economic recovery. Mr Yoshihiro, the chairperson of the Finance and Economic Working group said this: Financial regulation might kill the weak, fragile economic recovery. Thats what we are very afraid of. 2 Thus, Singapore is scared that the economy would weaken if Singapore would to make anymore new regulations to the financial market. New regulations would probably make in the year 2011. 3 We think that the movie painted a realistic picture of how Singapore had attracted foreign investors. After the economic crisis, the fall of the US currency had weakened Singapore Asian dollar market since. However the rising of emerging mar ket such as China and India made Singapore a favourable location for trading and investment for its favourable time zone and near location. Overall, financial developments in Singapore had only minor impact on the Asian Dollar Market.4 show that the Asian dollar market had only little impact on Singapore financial market. Capital Market Emerging markets describe the process of activity of developing countries and many financial markets were involved with the emerging markets. In this market, their politic works according to the nations economic. The character in the movie acted as a role of a middleman in the emerging market to help investors invest their money in developing countries. Investors believe in investing money in these countries could help them make more money as emerging markets grow faster than developed markets and these markets are cheaper than developed markets. The factors they look into for investment are social and political system, openness, product mar kets, labour markets and capital markets. These factors are used to analyse before deciding whether a company should invest their money. India is one of the emerging markets involved in several financial markets such as commodity, foreign exchange market and capital market. Capital market is important for India, where India, East India Company used to the dominance player in the Asia capital market providing money for long period when theres a raise of short term funds in other markets. Its capital market is growing as more investor is investing in their market. India is getting more advanced compare to other emerging markets, because their capital market is recognized for being organized with their securities exchange and transactions. Changes occur in capital market as more new regulations have been introduced due to the failure of the Lehman Brothers during September 2008, after the movie had been made. Various countries have their country authority to implement the rules. In the India capital market, the Securities and Exchange Board of India implement the regulations recently such as allow pricing the Qualified Institutional Placement (QIP) issues at two weeks closing prices instead of six months as they realise that many foreign investors invest their money via the QIP route. In a capital market, it involves 3 types of players: investors, issuers and intermediaries. The players come from bankers, brokers, insurance executives to households. Household remains as the biggest category of players in the capital market and these individual investors invest for their different benefits such as saving for retirement or education for future children. Bankers and brokers being the intermediaries for investors, HSBC is one of the players as banker in capital market. It could be a company such as JR Morgan too. There are always changes in the players since the shares goes up and down, new players enter almost every day and we have some old players that exi t the market everyday as well. Furthermore, due to the recent reform in capital market, this will attract more foreign players investing into insurance market where there will be an increase of insurance executives participating in the capital market. Commodity Market Africa is involved in the commodity market in the movie. Since commodities are goods that are on demand, naturally it will be affected at a certain point of time because of some factors such as change in consumers taste causes a decline in demand, movement of securities and etc. Cotton price slowly decline in the mid 1990s, the price of cotton falls significantly by 54%. It fell drastically in 1997; the drastic fall affected many families expenses and their childs education. One major factor is the overproduction due to the deregulation of US cotton markets. In 1995, the cotton fell as US removed the supply management program, which increase the economic activity production level and decrease in global pric es. Even after removing this program, United State (US) did not introduce any program in helping to balance the supply and demand. In fact, they increase the subsidies for the farmers where these subsidies are pay directly to the farmers for compensation. The subsidies pressurize farmers to continue over-producing so that, despite their high cost of cotton production leading to a massive expansion in production levels, which reduced global prices. Rules are imposed by the World Trade Organization in the commodity market in order to help both producer and exporters in business, and aid the government in strengthening social affairs by meeting their objectives. However in the commodity contract, US stated agreement that goes against the WTO objectives such as to prevent higher standards of living in Africa as this will affect US in getting goods at lower price and from becoming the largest exporter. Africas commodity market, liberalization and protectionism are practiced by the US. Free trade allows traders to carry out activity without Africas government interference. The US government intervene the market by the restrictions of supply and adjustments of price. These include subsidies, tariffs which had mentioned earlier in which they take these interventions to benefit themselves. Often, these interventions comes together with protectionism, where doctrine states the policies to restrain the trade between the states using methods like imposing tariffs on imported goods. The regulators are currently trying to put up new regulations to tighten the commodities regulation as they discovered many traders actually uses the unregulated Over-The-Counter trading method, especially traders in energy commodity market that specialize in natural gases, oil and etc. Thus since the movie was made till now, new regulations have not been imposed but regulators are still looking into it. The movie paints a realistic picture of how the Africans suffer from the commodity market crisis. Even though with the aid of the EU (European Union) to reduce the impact of Africans crisis, they still suffered problems where low price of cotton is unable to support them properly such as living expenses.5 Foreign exchange market The USA was mentioned in the movie to be involved in the foreign exchange market during 1970. Through US Nixon shock with Bretton Woods system, a new modern foreign exchange market was formed. Before having a new modern foreign exchange market in 1970, US dollars were able to convert into gold. During that period of time, due to the Vietnam War, the cost used in the war caused inflation. The gold coverage for dollars have decline as well, causing many holders who are holding onto US dollars lost confidence with dollars and went for gold. There are rapid economic slowdowns due to increase of unemployment rates and problems in their banking systems but markets like China and India continued to show signs of growth. In order to stab ilize the inflation, US president, Richard Nixon ends the convertibility of gold and dollars. Nixon administrative immediately went to make a deal with OPEC. The deal was to sell oil and accept all transaction only in dollars. Many people buy the oil using dollars which rise dollar of gold standard to the oil standard. The dollars turn into a very important currency after this deal was made. Part of the reason why US dollar has been a base currency in the foreign exchange market is because back then, gold is being replaced by US dollars by the Bretton Woods system and the only currency that was supported by gold was US dollars, although the system ended when Nixon stop the trading of US dollars and gold when they realize they do not have sufficient gold for US dollars reserved in foreign banks. Bretton Woodss system and Nixon shock had caused quite an impact in the foreign exchange market in the early years. In Singapore, Franklin Templeton has a foreign exchange market with Chin a and it is one of their emerging markets. Chinas government implemented measures to support their economy. They aimed at supporting petrochemical and light industry sectors, which included tax incentives, export rebates and increased of credit support. There is also a series of tax cuts and subsidies announced to support the automobile, textile and steel industries. Credit growth is at a faster pace in January, attained a record high as government efforts to boost lending continued. In addition, China is expected to continue using its broad foreign exchange reserves to support growth by helping domestic companies expanding internationally and to continue bolster supply of resources. Recent years, Foreign exchange market has been growing as hedge funds are being used by investors, especially oil. New regulation has been made recently this year, such as banning traders in opening hedging on the same pair of currency from one account although hedging is a strategy that is popular t hroughout years in the world. It was banned as they believe it does not bring any benefit in economic except for cancelling out investments. Another changes made to the regulation is to limit retail brokers on offering maximum leverage for major currency pairs and exotic currency pairs. There is also another new regulation that restricts brokers and dealers in simultaneously open opposing positions in the same account. First-in first-out is to be done, where traders would have to close the position that was opened first. There hasnt been any change with the players in the ranking these years since the movie had been made as German Deutsche Bank remains as the top in ranking. However, Deutsche Bank AG took the top ranking only in 2006, previously Switzerland USB AG ranked the top in Forex being the dominance player in this market. Both banks had their market shares increased however Deutsche Bank AG had its shares increased more than USB AG. There are many new players entering the market each year and besides Deutsche Bank AG and USB AG, other popular players such as England HSBC, U.S Citi and JPMorgan are involved as well. The government also made regulations and legislation measurements in an attempt to reduce the compensations at bank after the financial crisis caused by the Lehman brother falls. The UK banks has remove the bonuses for the staff in the year 2008 and in the foreign exchange market, market making dealers are to provide their liquidity reports to their various counterparties such as brokers and manage their positional risk while earning a profit. In the aftermath of the crisis, dealers are to deal in smaller amount than in the past. This is to lower the banks risk exposure but impose a greater cost on the non bank financial institutions such as central banks and others who benefits from the liquidity and risk management services provided by the banks. The government also made public policy in response to the financial crisis by lower the liquidity and raises the risks and costs associated with the non-bank currency trades. However it is no absolute net gain for the changes in the foreign exchange market as the buyers might face greater costs associated with the foreign currency trading along with greater volatility of exchange rates and it would be more difficult for the non-bank institutions to transfers their currency risks to a bank than in the past. Money market Other than foreign exchange market, USA is also involved in the money market in the movie. In the USA Washington financial market, the director spoke about USA controls the World Bank which consists of countries that contributed to the bank. A money market is whereby people buy commercial paper, or Treasury bill. In this situation, the World Bank is seems as a money market in which the bank provides short term and long term debt and investment to developing countries. The World Bank lends money to the middle-income countries at interest rates wh ich consists of small mark-up over the SSU (surplus spending units) borrowings from the capital market and the IDA provides low interest or no interest loans and grants to low income countries with little or no access to international credit markets. This helps the developing countries to build the necessary infrastructure and develop their agriculture to improve their economy. In the recent report6, the World Bank had lends US$182m to Sri Lanka to help the refugees to rebuild their houses and basic infrastructure that were destroyed from civil wars. The World Bank money market shows that the bank gathers small surplus unit funds to fund the project in developing countries to improve their economy. On the contrary, in reality the movie does not show how the financial crisis had threatened the blue-chip financial institutions around the world. Throughout the Fannie Mae and Freddie Mac, and the Lehman Brothers investment bank bankruptcy in 2008, a global financial panic has sparked off. Many USA banks had no enough funds to lend. 416 banks are now at the risk of insolvency. Regulators already have shuttered 81 banks and thrifts this year. The money market is affected when their creditors repayment is insufficient for them to pay their debts, or when stock prices fall due to company earnings falling below expected returns. And through these, the United State government had made further regulations to solve the problems. In June 2009, The United States president Obama had introduced a few of the regulatory proposal such as address the consumer protection, adjusting the executive salaries, capital requirements and expanded regulations of the shadow banking system and derivatives. It is to regulates the institutions that act like bank and break down up to limit systemic risks. Banks should also have regulatory capital requirement and insolvent banks should be nationalize. For mortgages, bank also needs to ensure that at least 10% of the mortgages down payment is made and their income should be verified. From all these measurements, we can see that not only banks played a big role in the financial market, but the government is also involved in it. From here the movie paints a very realistic picture to a certain extent, even though they did not fully explain how each market actually works, but it shows the truth of these markets. The gainers, the losers and behind the market who will be affected. Not only did the movie show about the market but also how the market investments globally affect the people who are indirectly related to the market. Such as offering foreign investors securities loan, investors invest money in India to set up companies. Moreover, the movie shows that India workers are getting low wages as standard of living is rising and the cost becomes more expensive. It tells that reality is unfair, Indians pay their taxes but government uses it as form of grants for foreign investors, hence neglecting welfare of the Indians. Information on Franklin Templeton is easily accessible, Investors are able to know the prices of the funds and research on the history performance of Franklin past records. There is an annual report to download and research on their performance, it gives an update on various different countries they do business with such as Chinas economy, and if it is improved, people would consider about investing in China. The information is realistic and up-to-date; it does not give false information. Neither do they give out unrecognised funds for people to invest in; a sham to steal peoples money by having to lie about the false existence of that fund. In the movie, an Indian woman was quoted saying 10 years ago in a middle class family, if the income is around ten thousand they will be able to save at least 2000 to 3000 rupees, but those days are gone, today even if they earn twenty thousand they arent able to save a single penny She tells the standard of living has risen so high that even middle income families have shifted to living in poverty. Majority of people are from middle class families and because of that many people are poor. The people living in the slums prove that the cost of living is too high for them and their average monthly income is not able to make ends meet. In addition, she was quoted saying Indians pay their taxes.. this revenue given to foreign investors in form of grants, government lacks the money to take care of the social welfare of the people This is realistic as the government would have no choice but to rely on foreign investors in order to improve Indias economy. Otherwise, India would not be making money and would fall even deeper into poverty. Current dominant players and future of the markets In the previous question, we have analysis the changes to the commodity market, money market, foreign exchange market, capital market and Asian Dollar as in the movie have shown. Financial crisis such as subprime credit crisis, consolida tion and bankruptcies has happened all over the world. Being the largest country in debt, the subprime crisis USA had occurs such as the banks had pool various loans into sellable assets thus off loading risky loans onto other. Money was tied up into securities as the buyers doesnt want to sell the security, instead of getting regular payments from mortgagees and the banker off-loads the risks. And millions of people become bankrupt after the AIG and Lehman brother failures resulted in a shadow banking system in USA and other countries. Now, we will analysis the future of markets aftermath the USA financial crisis. For the commodity market, there are several dominants players. Brazil, Vale and Switzerland, Glencore are 2 of the several current dominant players in this market. Brazil is widely known for its wide commodities available for import and export, Vale in Brazil is one of the largest mining conglomerates, producing iron ore, nickel and etc. Glencore supply raw materials f rom metal, oil to agricultural products in the market. Commodity market is working well in 2009, though many commodities prices drop to their lowest during 2008 and early months of 2009. In the future, the commodities price will most likely to be increased together with the development for the developing countries as these developing countries are going under development of technology and globalisation. Also, commodity market growth will rise with its commodity prices increase as the global growth is getting recovered from the credit crisis. Although US and Europe are going through the post recovery but the demand for commodities especially on metal from Asia is rising as Asia economies are growing. Besides that, due to the credit crisis, the Equity had raised to repay debt which helps in reducing the burden for the borrowing cost, improving the commodities growth especially for the emerging markets. To add on, commodity such as oil, fuel are items that will be used up. When talking about commodity market, people often associates it with risks as such items will deplete one day. And commodity future trading will also involves greater risk than buying stock. And if one day when commodities are going to run out, there will be commodity bubble where people will sell these items at high price and another financial crisis will definitely occurs. This will results in the general public lacks of interest in trading commodity futures. The reason behind is that some of the commodities such as cocoa, crude oil prices have gone up in the last few year. Another reason is the increasing demand from China. Imagine that in the next few years, China will become the top consumer of Asian natural resources, as China is developing at such fast rate that they are using natural resources faster than any other countries, and the China government invest heavily in the region in joint ventures and taking over entire business. Therefore, China will definitely escalate the demand of commodities will be at high. With the US dollar depreciation, it is another reason of the rise for commodity price. The trend will definitely continue as US is now the largest debtor nation in the world now. With US dollar depreciating against all other countries currencies such as Japanese Yen, Sterling pound or even Australian dollar, Commodity price increases as the value of US dollar decreases. And according to an article stating China has already seen a shortage of some of the main commodities, namely steel, timber, oil, and others 7 shows that the raw materials are depleting at a much faster speed than we have imagine. The director films about how gold had been manufactured. And similarly, not only fuels, coca (unsustainable products) but commodity like gold, diamond is also traded in the commodity market. Commodity such as gold is also rising in price value. The largest gold market will be London and Zurich. And often, there will be clearing mechanism to manage vaults, an d gold are shipped from all over the world and mostly transferred on to the worlds jewelry manufactures. The so called clearers are the financial institutions. They helped to find investment customers and the customer will entrust them with the delivery of gold which they buy from LBMAs market making members which includes other banks and specialists. There are currently 5 financial institutions which in charge of this transactions and keeping of gold. They are The Bank of Nova Scotia, Deutsche Bank AG, HSBC Bank USA London Branch, JP Morgan Chase Bank and UBS. The Dominant players in the commodity markets comprise not only banks but also airlines companies, utility companies and hedge funds interested in risk diversification. Airplanes companies may face the unfavourable fluctuations risk of jet fuel price and utility companies may face the risks of the deregulations of energy market as the value fuel is increasing any now and then. In my opinion, I think that commodity marker r elates closely to foreign exchange market and money market, once the value of commodity shoot up very high, it will definitely affects the stocks and the value of money(currencies in various country). However, we do not need to worry too much as after the end of a recession; demand for commodities will slowly pick up. But as the global economy expands, the demand for commodities will generally rise and result in the price of commodities rises. In conclusion, if the economic were to recover, it will result in a higher demand of commodities and cost a higher usage of commodities and raises the commodity prices.8 While for the foreign exchange market, German Deutsche Bank is currently the dominant institution in the market as they rise to the top the ranking in 2006 replacing Switzerland USB AG who is now 2nd in the foreign exchange market. The 2007-2008 financial crises had made great implications for the foreign exchange market in exchange rates, volatility, returns in currency in vesting and transaction costs. This market was being affected badly during the credit crisis especially the US. The impact will remain for the first half of the year in the upcoming future 2010 but the volatility in 2010 most likely will not be as high as it is in 2009. In addition, risks which are associated in the foreign exchange market are counter party risk and settlement risks. To counterfeit this problem, companies need to manage closely to the exposures to the different trading partners by finding back-up prime brokers to reduce the dependence on one bank. And also companies had reach for a change which is to hold a 30 day contract would reduce the length of the exposure of risk premium. This would reduce the credit and volatility risk rather than hold a 90 days forward contract and pay the premium. In addition, corporate had sought to join the CLS system to reduce the settlement risks. Next, we will look at the future of the market; we all know that the banking system in 2008 has created a large impact by increasing the demand for the US dollar. After the failures or near failures of the USA banks such as Freddie Mac, Merrill Lynch, Lehman Brothers, AIG and LIBOR (London Interbank Offered Rate) is relatively high. LIBOR is the rate that the banks are willing to lend to each other. And this implies that the higher the rate, the greater the amount the bank needs to repay the loans. This cause the exchange rates to shift. This means that the amount owed by AIG or Lehman Brothers or USA government is multiplying itself in the every second US dollar depreciate. To add on, US dollar depreciation is needed to support the economy restructuring to reduce its trade deficit. So far, the burden of the depreciation is been borne by other currencies such as euro and commodity-related currencies like Australian dollar and Canadian dollar. In addition, the rising China currency (RMB) will also pressurize on the US dollar as its currency is rising sharply. Not only USA and Europe is getting tougher with China but also developing countries like India and Brazil. Although the Japanese Yen appears to be stable after the USD depreciation as it was not affect by the US subprime exposure as their competitors in Europe and US did. However, the macro economy of Japan worsens in the early 2009. It is predicted that in the 2nd half of the year in 2010, foreign exchange market for US will then slowly start growing again, although in a slow pace. Banks that used to work with the collapses banks such a Lehman Brothers, they are the ones who are greatly affected and trying to fight against the credit crisis using huge amount of liquidity. To reduce the impact, some countries such as US, their government came out with a stimulus package to speed up the recovery and growth of the market, bringing down the fiscal deficit to help in getting out of the recession. For the capital market, they have seven categories of players which include households, fund managers, bankers and brokers, corporate managers, foreign investors, government officials and insurance executive. The current dominant categories of players would be the household. As individual like us invest our money into the bank as long term investment for future retirement or even education for children. Bankers from Bank of China, Bank of America and HSBC are also some of the few dominant players in the market. In the early 2009, many expect the failures of banks and many job losses. True enough, since the collapse of the Lehman Brother in 2008, many US banks started to collapse as well in 2009. For the following 2010, there will be difficulty in raising the equity dollars due to the shock of the credit crisis as it is not easy to find potential investors in investing by buying the shares since the credit crisis causes many to lose their trust. The number of venture capital will be lowered as well and this amount will remain for long run because the recession causes pension funds not allocating a larger percentage of diminished dollars for loans of the borrower that have been classified by financial institutions as doubtful asset known as non-performing assets class. Naturally, many financial institutions such as banks are involved with capital market. The credit crisis definitely left a great impact on all the banks, causing the consumer to lose their trust in investment and placing their money in these banks. The banks in the capital market suffer the most for this recent incident. For the upcoming future, various banks will come up with their strategies to win back their consumers trust and also building up the trust among banks itself. For the companies, some might not be affected while some will be greatly affected if they are related to the affected banks. These companies will most likely come up with strategies such as private placement, bonus issue or right issue to attract more shareholders in buying their shares to raise their capital equ ity. Executive summary The credit crisis in 2008 has affected the investors from all over the world such as money centres in Tokyo, Sydney, London and New York. Also, other arising economy crisis will be the emerging market stresses and the commercial property loans in US and UK. From the emerging market such as India and China, it will surely caused stress on the developed country such as USA and Singapore. External demand will fluctuate unpredictably. Large capital flows will go into Asia, especially China and India from the developed countries in future. It would be destabilizing liquidity flow in the market. It will also mean that emerging market will improves ahead of developed economies such as USA and Japan. The consequences followed by will be uncertainty flow of currencies belonging to domestic liquidity management and asset bubbles which emerging Asian economies will struggle to cope with. In conclusion, in order to prevent the financial crisis or credit crisis, t he financial institutions should improve transparency of the market, like exposing their securitizations and improve the monitoring process of non-transparency off-bank balance sheet items financing and strengthening the disclosure requirement. The company should upgrade valuations standards in order to respond to problems arising from the valuations of illiquidity assets. For banking sector, they can strengthen their prudential framework, including the large exposures treatment, banks requirements for securitizations and liquidity risk management. They can also investigate the structural market issues, such as role played by credit rating agencies and originate and distribute model. For economy sector, measurements in reducing its borrowing from other countries such as reducing its trade and budget deficits and use the borrowed funds to invest in forms of capitals instruments to enhance their productive capacities. For the money invested wastefully on the war in US against Ir aq, or grants for foreign talents in India, instead could be used to reconstruct the economy of their own country.

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Whatever They Told You About Best College Paper Writing Service Is Dead Wrong...And Heres Why

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Essay about Samuel Clemens in Buffalo A Woman and an Artist

Samuel Clemens in Buffalo: A Woman and an Artist Preface While literary critics and historians alike have thoroughly examined the influence of Samuel Langhorne Clemens’ Missouri boyhood and foreign travels on his writing, scholars outside of Western New York consistently overlook the importance of the eighteen months he spent in Buffalo from August 1869 to March 1871. Though a Buffalo resident for the past twenty years, I was also only vaguely aware that Clemens passed through until Dr. Walter Sharrow of the Canisius College History Department mentioned his local stay. The suggestion that America’s best satirist lived in Buffalo—a location that could provide a contemporary wit with a wide range of material—tickled my historical†¦show more content†¦Rather than presenting a chronological account of his Buffalo experience—which Fried has done sufficiently well—I intend to thematically examine the factors most influencing the changes in his artistic production. The following paper relies heavily on Clemens’ personal correspondence taken from the University of California Press’ five volume collection of his letters. Additionally, Joseph B. McCullough and Janice McIntire-Strasburg’s Mark Twain at the Buffalo Express, the edited collection of Twain’s writings for the Express, provided a useful source of his public writing during his stay in Buffalo. Justin Kaplan’s comprehensive biography, Mr. Clemens and Mark Twain, was also useful and careful to include much information abou t his Buffalo experience. Unfortunately, no found notebooks or journals written by Clemens record the hectic years from 1869 to 1872. Finally, a note of appreciation must be rendered towards the coffee bean. Without that simple vessel of life, this paper would not be possible. Samuel Clemens in Buffalo: A Woman and an Artist At the age of seventeen, when his characteristic moustache was just a few faint whiskers, Samuel Langhorne Clemens left his home in Hannibal, Missouri to search for a new life. Already heavily interested in the work that would dominate his next eighteen years, he traveled to New York to

Appendix Free Essays

Looking at the Graph, we are able to project a potential incremental growth of demand versus supply. Incremental is based on the following criteria. 1. We will write a custom essay sample on Appendix or any similar topic only for you Order Now Total local market population of the business location 2. Minimum Minimal projected average sales of 35-50 units per day for SIX days to cater a potential market population of 1,000 people. 3. A six month projection with a Incremental boost In sales for the first quarter to the 4th month and a plateau projection at the 5th month onwards subject to business performance review. In order for us to come up with a price point data, we decided to follow the price point signaled by the Stir Fry Noodle kiosks in Greater Metro Manila. This is to eradicate any possible price adjustments in the future should we wish to grow the business further by offering franchising opportunities to other entrepreneurs who wish to franchise our start up business. We also believe that the Stir Fry noodle kiosks have already undergone an extensive survey on an affordable price point for the Stir Fry Noodles considering this will be the first of Its kind In Dave Doctors College canteen. We will be offering a variety of promotions identified on specific occasions as well as seasons to ensure a steady flow of client interest and repeat purchases. Timeliness will also be created with regard to marketing activities to further ensure the implementation as well as the executing and viability of success for each and every marketing activity done. Initial activities and strategies would be below the line marketing strategies considering that we have a very minimal budget and funds for marketing activities. Some of these would be the following: Price promotion On the opening day we will create a single day promotion or opening salvo promotion f 50% off for the first 100 customers. This Is to ensure we will create a stir during opening day and ensuring that we will be able to reach a maximum number of clientele who would be satisfied with our product and spread by word of mouth our business. Vouchers and coupons We would be selling out discounted vouchers or coupons at 50% lesser price than the standard price point. The objective of doing this is to maximize the number of people who redeem them. Gifts with purchase (Pick a prize event) We would give customers something extra or get the chance to win something extra . E. An additional simoom or a free drink when they buy one or more stir fry noodles. And finally in this day and age of technology and social media, we will ensure that our social media presence is engaging as well as intriguing enough to gain a number of followers thereby ensuring us a potential captured market who would not only be our potential customers but a potential business partner In the near future. At the onset of the business we will initially focus on serving and delivering the quality and standards we wish to impart on our immediate clientele. Of course we ill not discount the power of clients who wish to taste our product thus once we have established a proper process flow and operational system, we will expand our branches to other areas such as the following: Overland transport terminals Bazaar Areas Exhibit and Booth Activities Schools and or Universities Malls Business Hubs And wherever we deem there is enough flow of consumer traffic as well as including delivery and packed meals to our service. In ensuring that this will increase our sales and profitability we will therefore have to add more machinery such as our own emissary / kitchen to cater to these expansions and services. For deliveries, we will initially be accepting deliveries in the 1 kilometer radius and increase our capacity as well as delivery fleet detrimental on the demand generated. A dedicated mobile number for the three networks will be provided and sooner or later a SMS auto capturing and relaying system similarly used by R. A. Ha Taxi services will be used to ensure that no orders will be forgotten and that efficiency as well as timeliness of the deliveries will be ensured. Product Identification HO-MAIM GOAD Stir Fry Noodles is a food cart that offers stir fried noodles mixed with a variety of condiments, sauces and mixtures that the customer can freely choose based on their very own palate complimented with their own choice of dim sum (sis- mat). The customer simply has to mix in their preferred sauces and may choose to experiment mix matching these sauces and condiments to suit their taste topped by their selected choice of dumdums. Dumdums choices will either be pork, chicken, beef, shrimp and crab. Beverages such as mineral water and the local stag’s Goldman mix ill also be available for consumption as these will complement the taste of the Stir- fry noodles. Should the customer wish to have a pre-concocted sauce then a menu of the specific pre concocted sauce will be provided of which they will mix in with Strength No existing competitors in the immediate vicinity to up to approximately meters from business location. Multiple condiments and sauces complement ones creative imagination in coming up with their own personal flavor and taste A full and affordable meal complete with the basics such as carbohydrates and protein acquirement of the human body. Affordable pricing for a sumptuous meal complete with sanitary and quality set standards. Weakness Start up business without any existing process and operational flows. Needs resources for the accumulation and procurement of raw materials and main ingredients. No procedural flow chart on product preparation and standardization. Lack of training for potential manpower employment. Lack of initial capitalization and funding resource. Opportunities Big room for expansion considering there is no other competitor with the same concept in the local region. Marginal room for error considering the startup location of the business will be established in a lesser populated area thereby increasing chances of improving process flows and preparation standardization. How to cite Appendix, Papers

Description and Analysis of the Spoken Interaction Free Samples

Question: How to Description and Analysis of the Spoken Interaction? Answer: Introducation: This report involves a reflection on two instances of successful and less successful communication in an academic context. Both these instances took place as part of my second-year Communications degree on the subject of Academic English. One instance has been related to verbal communication and the other instance has also been related to spoken/verbal communication. The context of the first interaction The first instance involved a case of successful communication in week 4 of the course, reflecting on our academic writing process. The activity consisted of discussing the multiple choice questions provided in a group of four people, and answering them as part of a group discussion activity. Description and analysis of the spoken interaction Successful communication in an academic context is being able to produce coherent language, and being able to communicate effectively with others through the proper use of verbal and non-verbal cues. A successful communication in an academic context is an elaboration on the process of transmission and understanding of the intended message and in a successful communication in an academic context common perception is created and changing behaviours are observed in order to gain information. At the start of the discussion, one of my fellow students suggested to take turns around the table clockwise to answer the questions. We used eye contact to signal who would be talking next, and at the end of the discussion we all recapitulated each of our points. In the course of the discussion both verbal and non-verbal cues were explored and analysed and this provided us with the opportunity to continue with the discussion topic effectively. Hence, considering the presence of elements like turn taking, eye contact, etc it must be said that the discussion should be linked to Bygates (1987) framework of agenda management, turn taking and routines. This also links to the principle in academic communication as proposed by England (2017). It was the presence of the aforesaid communication elements which rendered the discussion success and eventually made the participants understand the need of amalgamating verbal and non-verbal cues in a communication process to make the same effective. The context of the second interaction The second instance involved a case of less successful communication in week 11 of the course. The communication took place in an academic context. This group activity consisted of sharing our experiences in terms of successes and challenges of academic speaking in different situations. Our group consisted of five members. Description and analysis of the spoken interaction Unsuccessful communication in an academic context is considered to be a process that has been affected by certain barriers. In an unsuccessful communication often the language becomes the primary barrier, making it quite difficult for the speaker and the audience to understand each others actual needs. Apart from language barrier there are several other barriers that need to be evaluated and wiped out in order to make a communication successful in an academic context. As discussion time started, a fellow student and myself synchronously started talking, which abruptly stopped the flow of the discussion. As we pick up our conversation again, another fellow student was unsure of what my answer meant, therefore asked, what do you mean? My incapability of explaining my experience made me feel vulnerable and useless. This feeling of fruitlessness should be related to Bygates framework of turn taking and negotiation. What I have realized as the cause of the communication failure in the given context was that, I was unable to keep my patience in terms of understanding the value of turn taking and in terms of negotiation. I should have given others the chance to discuss but I did not, and this hampered the entire discussion process. Moreover, as England (2017) has suggested, a fruitful communication process relies largely on effective interaction, and it was my failure to interact effectively which put me under distress and dissatisfaction. Moreover, what I have learned from the failure is that; I failed to interact and communicate properly primarily because I did fail to negotiate. As I failed to negotiate, I did fail to negotiate the meaning of the content I was supposed to convey. In this respect I must mention the principle that Bygate (1987) has highlighted. By negotiation of meaning, Bygate (1987) referred to the skill of communicating ideas clearly. This includes the way participants signal understanding during an exchange, and is an aspect of spoken interaction with contrasts most sharply with the position of the reader and writer of the written record. Even though the scenario was speaking-oriented, I did fail to communicate my ideas clearly to the other participants and that was the reason why I did fail to negotiate the meaning of my conversation. Hence, I must say that the incident was linked to Bygates (1987) framework of turn taking and negotiation of meaning and to the principles of academic communication as prescribed by England (2017). Suggestions for more successful communication Suggestions for better turn taking Write what would you actually say Signalling you want a turn, recognizing the others want a turn, or letting someone else have a turn. Use eye-contact Can I please say something here? I agree. I also do want to mention this Suggestions for better negotiation of meaning Procedures for ensuring understanding Other fellow student could have said Could I clarify something? / Can I check Ive understood you? Discipline-Specific Variation It is noteworthy that communication is also subject-oriented and in the academic context there are two aspects which determine the efficacy of a communication process, viz., the nature of the content of the communication process and the nature of the activities related to the communication process. The nature of the content, as England (2017) has suggested, deserves special mention in the context of successful and effective academic communication. What I have observed is that; in different academic subjects, depending on the contents of the subject the entire process of turn taking or negotiating either change continuously or sustain stagnancy. For an instance, in the context of English communication (including speaking and writing) the speaker or the writer has to consider the needs of the audience apart from analysing the content of the speech. But this might not be the case in respect of making students understand the real importance of the concept of sovereignty. In this respect it must be noted that the political concept of sovereignty demands understanding and not interaction, and that is one reason why the communication mode for conveying the importance of the concept of sovereignty should be different than the communication mode meant for enhancing students English communication skills. In terms of the nature of activities concerned with spoken interactions in different academic subjects what I have observed is that the related activities are determinant of whether or not a communication process is going to be successful. In this respect one must note that, In spoken interaction, speaker and listener do not merely have to be good processors of the spoken work, able to produce coherent language in the difficult circumstances of spoken communication. It is also useful if they are good communicators, that is, good at saying what they want to say in a way which the listener finds understandable (Bygate,1987). This proves the importance of activities in a particular communication process. Moreover, in terms of activities, it can be interesting to note that the activities that must be applied by a teacher in teaching the importance of sovereignty to the students should vary and differ from the activities that usually a teacher of communicative English embrace in respect o f teaching students effective ways of communicating. In this respect the concept of routine, as outlined and emphasized by Bygate (1987), comes to play a significant and crucial role. In terms of teaching political science or international relations a teacher might adhere to routines which can be defined as conventional ways of presenting information (Bygate,). But this might not be the case with a communicative English teacher who has to make the students understand that the context and mode of communication is both relative and situational. Hence, in terms of teaching communicative English it is not always possible to stick to routines. The nature of the content The nature of the activities The similarities I have observed in the spoken interaction in this subject compared with The differences I have observed in the spoken interaction in this subject compared with References England, N. 2017, 'Principles of academic communication', UTS Subject Academic English: Communication Fundamentals, Week 1 lecture notes, UTS, Sydney. Bygate, M. 1987, Speaking, Oxford University Press, Oxford.