Middle East And Russia Case Study - 1700 Words

While the Middle East and China will remain concerns in the near future, the most significant threat to the United States domestically and internationally will be Russia. For years, Russia was often overlooked as a large â€Å"Failed State† with the fall of Communism and the collapse of its Socialist government. Under Vladimir Putin, Russia has enacted policies aimed at modernizing its military, reacquiring former Soviet states, and undermining the United States and North Atlantic Treaty Organization (NATO.) With the fall of the Soviet Union, Western powers shifted their focus to emerging threats throughout the world. The United States while competing economically with China focused militarily on the Middle East. With the decline of the†¦show more content†¦The departure from the traditional â€Å"Containment Doctrine† of the Cold War has shifted American strategic priorities away from Russia and other traditional state based standing militaries. This new direc tion of foreign policy focused on state building or state support to prevent environments like Afghanistan where Al Qaeda emerged as the controlling Islamic faction after the withdrawal of Soviet forces or Somalia where terrorists capitalized on the local governments inability to enforce laws or control its borders after the fall of that country’s government. (http://foreignpolicy.com/) When Russia existed as the center of the United Soviet Socialist Republic, the Republic enjoyed influence and control over emerging and existing Communist countries. The influence wielded by the Soviet Republic was second only to the influence and power of the United States. This all ended with the fall of the Soviet Union, â€Å"On December 25, 1991, the Soviet hammer and sickle flag lowered for the last time over the Kremlin, thereafter replaced by the Russian tricolor. Earlier in the day, Mikhail Gorbachev resigned his post as president of the Soviet Union, leaving Boris Yeltsin as preside nt of the newly independent Russian state. People all over the world watched in amazement at this relatively peaceful transition from former Communist monolith into multiple separate nations.† (https://history.state.gov) The fall of the USSRShow MoreRelatedThe United States And The Middle East834 Words   |  4 PagesFor decades, the United States and fellow western nations have been heavily involved with and invested in the Middle East. Geographically, the Middle East region contains a large percentage of the industrialized world’s most prized resource, oil. Throughout this time, the United States has participated in Gulf War I, Operation Enduring Freedom, Operation Iraqi Freedom, Operation Southern Watch, Operation Northern Watch, and numerous other contingencies and operations. Most recently, the regionRead MoreTurkmen Energy Relations With China And Russia1731 Words   |  7 Pageswith China and Russia Historically in the Russian sphere of influence, since the breakup of the Soviet Union, just like the rest of Central Asia, Turkmenistan has found itself in the middle of Sino-Russian confrontation over the question of who is the new regional powerhouse. Due to the shared Russian imperial and then Soviet past, the Russian influence the Turkman society was prevalent after the collapse of the Soviet Union. Pipelines carried Turkmen gas to Russia and then from Russia to Western marketsRead MoreWill Iran Destroy The World If Not Kept1268 Words   |  6 Pagesarms race could do and have started to decrease their stockpiles. But there is a new threat of an arms race in the Middle East which could prove catastrophic for the rest of the world if not kept under control by the U.S. and other G5 nations. 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The security and protection of the state has fundamental always been a priority of importance for any government or organisation since the unforeseen end to the Cold War between Soviet Russia and the United States. There has been astonishing steps taken by the international community to create global tranquillity amount states and to bring end to military conflict during this ‘New World Order’ but through revision of the methods deployedRead MoreWorld War II to the Gulf War by Stephen E. Ambrose1667 Words   |  7 Pagestwentieth century, and he achieves this objective in a book that peruses more like a novel than a history course reading. Since it initially showed up in 1971, Rise to Globalism has sold a huge number of duplicates. The ninth version of this exemplary study, now overhauled through the organization of George W. 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Russia is Syria’s largest and most powerful ally has grown concerned over this war as Syria has been important to Russia in many ways over the years. Ideologies brought these two nations together in the mid-twentieth century and the relationship has progressed into a strong alliance. Today, one reason Russia refuses to give up on Syria is because they have their only other military installation outside of the former Soviet Union located within its border. Russia also supplies SyriaRead MoreShale Gas Fracking As A Means Of Increasing Energy Security Essay724 Words   |  3 PagesTo examine the role of the Middle East and Russia in the energy market and why in the last 5-10 years, the oil, coal and gas market has been deemed insecure. 2. To discuss the UK’s dependence on imports of foreign energy and why investing in shale gas resources would strengthen the state’s energy security and economy. 3. To highlight the concerns of national environmental and conservation groups on the environmental impacts of fracking. Theoretical Debate: Case Study: In the mid-1960s, sourcesRead MoreThe Proliferation of Nuclear Weapons Essay1436 Words   |  6 Pagesnuclear research and developing the first nuclear weapon. The Soviet Union followed by testing its first atomic bomb in 1949, thereby beginning a nuclear arms race amongst countries that continues to the present day. The official nuclear countries, Russia, France, United States, United Kingdom and China have shown no plans of giving up their nuclear weapons, fueling proliferation by non-nuclear states. Although numerous non-nuclear countries have sought nuclear weapons, few are known to have succeeded

Analyzing Identity from all Aspects in Nature - 2372 Words

This essay is about identity and analyzing identity from all aspects in nature. I have a strong understanding on identity and how one’s identity can be derived from oneself and their surroundings. I am aware of such altercations because I myself am constantly changing my identity in order to fit in with different groups. For this reason I support the idea that society alters our identities and ultimately shapes the people that we are. For this reason my commentary on the essay will have more support on general ideas then the essay itself because I understand identity better on my own and without the support from the short stories. I plan to open this essay with a strong hook and a solid thesis statement that will continue to support my work throughout this essay. Due to the fact that I am writing this essay in one sitting and will not be able to add more ideas later I will unfortunately leave out salient ideas and thoughts that won’t occur to me now but will become more evident as I continue to ponder the idea of identity. As long as I get out my main ideas and support them with evidence from the text I will have a solid piece of work completed on identity. An identity is not permanent neither is it naturally constructed. Certain aspects of one’s identity are unchangeable such as their gender, religion, and family background. Even though a person is born with a definite gender some choose to change their gender and that is not included in previous statement. Other aspectsShow MoreRelatedSocial And Developmental Perspectives Of Psychology1446 Words   |  6 Pagescomponents and measurements that are commonly used to identify ethnic identity within groups. 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Additionally, education has conformed to this idea of centralizing information, as we see that from the SAT to the AMFTRB, millennialsRead MoreSymbolic Interactionism In A Subculture1400 Words   |  6 Pagesshifts and stages of involvement form one’s subcultural career. Analyzing such subcultural careers from the symbolic interactionist perspective teaches one much about the interpretive and social dimensions of participation in a subculture. An understanding of the theoretical framework of symbolic interactionism and of the definitions of concepts such as subcultures and subcultural car eers provides a framework for effectively analyzing my career in the Tylenol drug subculture. The symbolic interactionistRead MoreSociological Concepts Of Identity And Globalization1083 Words   |  5 Pagesexamine the sociological concepts of identity and globalization, and the manner in which they have swayed the aspect of human relationships in Australian society, over the course of history. My Japanese grandparents’ generation, which will be referred to as ‘Generation X’, will also be considered by analyzing the differences in regards to this issue with my generation, ‘The Millennial’s’. The notion of identity is an enduring subject that sociologists have been analyzing for a period of time. RichardRead MoreWalt Whitman Poetry Essay1685 Words   |  7 PagesContribution to American Identity Walt Whitman’s portfolio of poetry was a crucial staple in the American identity. Whitman used his poetry to contribute to the evolution of self-reliance, human freedom and concepts of democracy. These influences can be seen throughout all of his poems, but more relevantly in â€Å"Song of Myself†, â€Å"For You O Democracy† and in â€Å"Live Oak, with Moss†. After analyzing these works thoroughly, Whitman has undeniably aided in the development of American identity and influenced manyRead MoreThe Strange Cause Of Dr. Jekyll And Mr. Hyde1535 Words   |  7 Pageseffort to eliminate his evil, guilty. As result, Dr. Jekyll develops a poison that converts him in Mr. Hyde who is evil and feels not guilty. Meanwhile, Utterson a lawyer and Dr. Jekyll’s friend is concerned because Jekyll has written a will that leaves all his money to his new partner Mr. Hyde, and thinks his friend is being blackmailed. As Dr. Jekyll converts into Mr Hyde he commits viole nt murders against innocent civilians. As the story develops, Dr. Jekyll begins to run out of medicine and beginsRead MoreThe Value of Digital Privacy in the Information Technology Age1283 Words   |  5 Pagesand personal rights. Never before in the history of modern society has there been such a strong emphasis on capturing, analyzing, categorizing and using personal data that had been highly protected in the past for purposes of securing nations (Ottensmeyer, Heroux, 1991). Correspondingly, there has never been a time when every aspect of life in an organization is monitored, from personal computer and telephone use to the use of personal Wi-Fi and networking devices (Riedy, Wen, 2010). The first sectionRead MoreAn Examination Of Gender And Sexual Differences1191 Words   |  5 Pages gender and sexual difference are connected to what it is that unites and what it is that divides us as women and as feminists. When analyzing the role from the past and understanding the gender ro les and gender identities it will vary on sex differences. I gathered that the power of men and women often emerges in the control of women s sexuality and other aspect of their behavior. This will predict the behavior and other outcomes of the human behavior in society. It also provides strong evidenceRead MoreExamples Of Identity In Rip Van Winkle1144 Words   |  5 Pages trying to get away from his duties of being a husband and his wife in general. However, while analyzing it further, it appears Irving is trying to give insight into his thoughts and feelings surrounding the American Revolution. As many thoughts and feelings are hidden in the writing of this text, the search for an identity during this time is the one that sticks out the most while reading Rip Van Winkle. There are many aspects of the short story that put emphasis on identity during this time inRead More Anthropology and Gender Essay1576 Words   |  7 Pageshave always been a vital part of any ethnographic stu dy, but the contributors of this theory began to address the androcentric nature of anthropology itself. The substantial gap in information concerning the study of women was perceived as a male bias, a prejudice made more apparent because what little women-centered fieldwork was done received insufficient attention from the academic community. While anthropology was considered one of the more egalitarian fields of study, it was dominated by white

Leadership Structure in the Local Church Free Essays

Structure for Church Ministry By Geraldine Rowe A Paper Presented to Professor Dr. Epps In Partial Fulfillment of the Requirements For Research for Scholarly Writing College of Biblical Studies Houston, Texas October 14, 2010 ? Leadership Structure for Church Ministry The local church has not exhibited consistent patterns of lay leadership. Most denominations articulate the Reformation principle of a universal priesthood, while vacillating with changing times and pressures. We will write a custom essay sample on Leadership Structure in the Local Church or any similar topic only for you Order Now At both the local and denominational levels organizations have expanded the role of lay persons which may or may not require them to be educated clergy. Organization structure of the local church whether modern or traditional empowers themselves to announce the word, administer the sacraments and to call and discipline ministers and laity. Believers in Christ connect simultaneously as a congregation to manage the work that Jesus requested. The general values that can be acclimatized to fit the features of â€Å"the local church† were established by the early church to do ministry. These values can be directed to the constitution or bylaws of a localized place of worship in modern times. Concentration should be given to the reason and objective of the local church preventing them from dropping into the complacency of just â€Å"doing church. † In architecture, one of the most significant notions is that the church balances between covenant theology and proliferated leadership roles. To explore this notion a closer look is given to church models and their leadership philosophies, beginning with the authority or â€Å"head† of the church. The first and most significant part of the church’s structure is the Head Shepherd who is Jesus Christ (Ephesians 1:22-23, 4:15-16). Underneath the Head Shepherd, there is an assembly of under shepherds (overseers, elders or pastors). Historically, from the perspective of Anglicans, Puritans, and Presbyterians all early Baptist preachers were lay, meaning they did not receive Episcopal or Presbyterian ordination. One example was Thomas Collier, who joined one of the seven London churches and served as an itinerant evangelist. He, through the use of the press gained great influence of Particular Baptists. Lay preachers were the chief means for the advancement of Baptist in the American frontier. Today, however the Pastor no longer functions merely as preachers, chief administrators or ordinances, counselors, and general leaders. They have become executives or administrators who perform numerous functions. They interface disillusionment when they discover that it requires something very different. They become the â€Å"hired hands† instead of God-called ministers. The common options for handling this issue seems to be emphasize the equipping role of the pastor and other professionals while seeking to acknowledge an array of functions and leadership in the churches today. The leadership of the church depends largely upon its doctrine and how closely the pastor is to follow its bylaws. One view is that of the church as a covenant community which has deep roots in biblical as well as free-church traditions. Max Stackhouse wrote on â€Å"free church Calvinism† which had a strong influence on the Puritans who left the Church of England. He describes it like this: â€Å"A covenantal people live under the law of God, and find themselves empowered to live together by the love of God. God is the source and sustainer of the covenant ecclesia. Though the initiator of the covenant of God, the church also in a sense a voluntary community. The covenant is voluntary in the sense that it is not a community given by birth in a family, class or nation. People must choose to be an active member. This is so even if, in another sense, it is not voluntary at all. God initiates the covenant, humans only receive it, as signified by baptism. This doctrine if properly adopted eliminates the temptation of self-interest, isolation and the disregard for the claims of others. Statistic show however that among Southern Baptist Churches the denomination has been restricted by geography and economist to the South, and by racism. Additionally, many southern Baptist have embraced the pluralistic value of urban life and advance education. Covena ntalism, in its original intent could guide a system which recognizes different influences and authorities, and to give a voice to diverse groups and individuals. A church is both an organism and an organization. According to New Testament writers the church is defined as the â€Å"body of Christ† (1 Corinthians 12) also â€Å"the bride of Christ† (Revelation 19). These scriptures personify the church as a living organism. This organism lives under the leadership of the spirit of Christ as it works in the life of believers which prompts them to begin a congregation. An effective leader strives to keep the congregation attached to its source of energy thereby keeping people focused on the One who corporately gives them strength and direction. This organism can be dynamic or it can become weak and sickly. As an organism its life and energy must be cared for much liken to one who would care for a living being. The Church is also an organization as defined by Webster. It is â€Å"any unified, consolidated group of elements; systematized whole; a) a body of persons organized for some specific purpose†. As an organization the Church has form, structure, a mission to perform, clientele, constituents, programs, a way of doing business, financial systems, a corporate culture, and many other attributes of any other organization whether secular or sacred. The effective leader needs to understand the nature of its organization and attempt to lead the church carrying out its mission. Leaders of the Bible like Moses, Joshua, David, Nehemiah, Jesus, Paul and others had goals and envisioned the end results as they pushed themselves and led others. Any effective leader can enlist people around them to commit to common purpose. They motivate others to dream the dreams, see the visions, and work toward the goals that have been set. This servant leader strives to build trust between leader and effective balance so that leadership compliments one another. This frees him up to preach the gospel. When a leader is overly task oriented he will do whatever it takes to accomplish the task at hand. People are not very important. The danger here is that the leader directs more attention to the organization than the organism. The most consistent lay leadership role in ministry in Baptist Churches has been that of Deacon. The work of the Deacon is to serve tables, providing the Lord Supper. They are to partner with the Pastor as bond servants and overseers according to Phil 1:1. Likewise his attributes should reconcile with the description of overseer given in 1Tim 3:1-13. The position of Deacon and other church officers and ministries are accountable when heading up a successful church organization. Patterson makes this point clear in his writings about leading from the second chair. A second chair leader may be defined as â€Å"anyone in a subordinate whole whose influence with others adds value throughout the organization. It could refer to the second or the fourth or fifth person of the organization chart. According to this writer the second chair leader should learn from the paradoxes from the reflection on the life of Joseph in the book of Genesis. If the overseers are out of order and dysfunctional, the entire congregation suffers from confusion and strife that eventually weakens the church preventing it to function according to its original purpose. The biblical purpose of the church is the Great Commission as stated in Matthew 28:19-20. Its mission, or the way in which its purpose is carried out, is stated in Acts 2:42-47 as evangelism, discipleship, worship, ministry, prayer, and fellowship. The leader of the second chair understands the mission of the church and has developed a vision of what the purpose of the church is and is committed to that mission and vision. In conclusion, many changes have taken place in the local church since its Reformation principals. Some of these changes have raised the awareness of social injustices and much progress has been made in the areas of diversity. Many of the post modern adjustments that were made in order to accommodate a diverse society however have proven to weaken its effectiveness in a dying world. Over a period of time the church has become stagnate and content with the way things are being done been under the umbrella of â€Å"the church†. Distractions such as church membership, financial budgets, and annual programs have taken the forefront of too many local congregations. They exist to survive or survive to exist and totally lose sight of its mandate to teach the Word of God, win people to a saving knowledge of Christ, grow people in Christ- likeness, and minister to one another. The Leaders and Overseers should re-evaluate their agenda. They should nurture the passion for work to which they have been called and keep their eyes on the mission and purpose of the church or whatever group/organization they are leading. This will eradicate confusion, hostility, misunderstandings, controversy and selfish agendas. They should be determined to lead the church to develop strong, positive Kingdom agendas that clearly contributes to the advancement of the cause of Christ in the world. How to cite Leadership Structure in the Local Church, Papers

Importance of Superannuation Contributions in Corporate Finance

Question: Discuss about the Importance of Superannuation Contributions. Answer: Introduction This report aims to provide an understanding of the importance of superannuation contributions in the tertiary sector employees. In this context, the report discusses the factors that should be taken into consideration by the tertiary sector employees when they are placing their superannuation contributions in the defined benefit plan or investment choice plan. The superannuation is described as an organizational pension program that is developed by business corporations for promoting employees welfare. The major benefit of superannuation pension program to the employees is that funds deposited in the account are not subjected to any tax implications till the withdrawal or retirement of employees. There has been increasing emphasizes of business corporations to incorporate superannuation in the employees benefit plan for encouraging them to save for their future years. The government of various countries is focusing on minimizing the contributions to be made into superannuation pensi on program by employers for ensuring employees welfare (Graney, 2004). The comparison of defined benefit plan and investment choice plan is discussed in the present report in order to analyze their benefits for employees. Also, the report examines the issues relating to the concept of time value of money while taking decisions regarding the selection of superannuation contributions to be done in defined benefit or investment choice plan. In addition to this, the report discusses the role of efficient-market hypothesis for pension fund manager in selection of a portfolio. Factors to be considered by Tertiary Sector Employees to place their superannuation contributions in the Defined benefit or Investment Choice plan The tertiary sector is referred to as service sector and comes after the secondary manufacturing and primary raw materials economic sectors. The tertiary sector employees are the service sector employees and they receive superannuation contributions on the basis of their appointment. The superannuation contributions refer to the retirement pension plan that is determined by an organization for its employees benefits. The superannuation contributions are made either by the company known as defied benefit plan or by the employees referred to as defined contribution plan. The funds deposited in the retirement plan through superannuation contributions are subjected to grow in value till the retirement of employees. The minimum contribution to the superannuation was initially 3 per cent but has increased to about 9 per cent for the tertiary sector employees. The superannuation contributions plan is highly beneficial for the employees as it is supported by the government and thus employers have to pay a minimum percentage of salary proportion to the retirement scheme for employees (Smith and Koken, 2011). The minimum mandatory contribution made by the employers on behalf of employees is referred to as superannuation guarantee. Also, the employees are compelled to contribute a minimum percentage of their income to retirement plan under superannuation guarantee. The main reason behind the mandatory contribution in superannuation by employers and employees is to remove any unnecessary burden on the social security system by saving the funds for the employees future life period. The superannuation and mutual funds have thus become biggest investors in financial system of Australia due to large amount of funds contributed by employers and employees in this scheme. The organization known as Uni Super Ltd is known for managing the superannuation plan for tertiary sector employees within Australia (CCH Australia Staff, 2012). There are two major types of investment choice under the superannuation contributions that are, Defined Benefit Plan and Investment Choice plan (Graney, 2004). The benef its offered under both the above mentioned investment choice is explained as follows: Defined benefit plan is referred to as retirement plan offered to employees by the employers in which employers are required to provide a specified amount of funds to the employees as their pension funds. The specified amount of funds promised to be provided by the employer is calculated through a formula incorporating the use of employees salary, age and employment period. The tertiary service sector employees can determine their superannuation in advance in the defined benefit plan as it is determined on the basis of a formula (Kolb, 2009). The funds invested in the defined benefit plan are allocated to different assets as decided by the trustees of UniSuper Ltd. The main benefit for tertiary sector employees adopting the define benefit plan is that it is associated with less risk as the final payment received by the employees is fixed without the effect of performance of asset portfolio. However, this also proves to be drawback of the benefit plan as employees cant gain funds high er than the minimum payout determined by the formula (Reilly and Estreicher, 2010). On the contrary, investment choice plan provides investment choices to the employees and thus employees can select the best possible strategies for their investment as per their needs. The employees are provided the complete authority to decide about the type of assets or portfolios in which the superannuation contributions are to be done (Reilly and Estreicher, 2010). The employees are offered the following fur types of investment strategies in the investment choice plan as follows: Secure Fund: These consist of securities with fixed interest and cash. Stable Fund: It consists of bonds and also some opportunities to invest in domestic and overseas share. Choice of Trustees: It includes domestic and overseas shares, property assets, private equities and investment in infrastructure. Shares Funds: It consists of completely investing in domestic and overseas shares (Maginn et al., 2007). The employees can select from either of the above mentioned strategies on the basis of risk and return factors associated with each of the options. Thus, the employees who select to invest their superannuation contribution under the investment choice plan have to analyze the risks and return characteristics of each of the strategies. The final payment received under this plan is not fixed and cannot be determined in advance as it is dependent on the investment strategy selected by the employees. Therefore, all these factors need to be considered by the tertiary sector employees at the time of deciding their superannuation contributions in the defined benefit plan or investment choice plan. The employees who possess sound knowledge of investing in risky portfolio can select investment choice plan while who have limited knowledge of funds investment should invest in defined benefit plan (Graney, 2004). Issues Relating To the Concept of the Time Value of Money in This Decision-Making Process The concept of time value of money is very important at the time of taking critical financial decisions. This concept helps a finance manager to take critical decisions in relation to investment and financing. The tertiary sector employees can take decisions relating to place their superannuation contributions in the defined benefit plan or investment choice plan. The concept of time value of money will help in determining the cash flows that will be arise at a future period of time. This is done though using two methods that are, compounding the present money to future date or discounting the future money to present date. As such, this concept can be taken into account by the employees while selecting whether they have to receive money in lump sum or in definite payouts at fixed intervals of time from their pension plan (Gitman et al., 2015). The decisions can be taken easily using the concept of time value of money that helps in comparing the value of present and future money. As discussed above, defined benefit plan involves providing definite payout to employees at the time of their retirement that is calculated on the basis of a fixed formula. Thus, employees can use the concept of time value of money while calculating the future amount that they are likely to receive in the future period of time through compounding the present money to future date through the technique of compounding provided by the concept of time of value of money (Wendt, 2015). On the other hand, the investment choice plan the amount received by the employees from the pension plan is related to the performance of the portfolio in which they select to invest. The employees can utilize the concept of time value of money to determine the future cash flows that they are likely to receive from investing in different type of assets. The amount obtained from investment choice plan is dependent on the risk and return characteristics of the type of portfolio selected by the employees. The time value of money will help in assessing the possible return that can be generated from selecting a specific strategy under investment choice plan and thus deciding the worth of money in the future period of time. The future value of the periodic cash flows that will be received under investment choice plan can be easily determined through the use of time value of money. Therefore, the employees can analyze the future cash flows that they will receive under defined benefit or investment choice plan and thus can take decisions relating to place their superannuation contributions in the defined benefit or investment choice plan (Petty et al., 2015). If the efficient-market hypothesis is true, the pension fund manager might as well select a portfolio with a pin. Explain why this is not the case The efficient market hypothesis (EMH) is an investment theory as per which the price of an asset at a time determines all its information. Thus, the theory of efficient-market hypothesis assumes that investors receive all the available information about assets in the same manner. Thus, as per the theory investors are likely to receive equal returns with equal amount of investment done on an asset as they receive same information. The theory has been a subject of debate since its establishment as the view provided by the theory that markets operate efficiently and price of assets states all the information available about them is severely criticized. This is because is this is case it would be rather impossible to beat the market and as such investors would not be able to gain higher returns (Bergen, 2011). The role of pension fund manager is very important in order to ensure that pension plans of employees operate in an effective manner. The main responsibility of pension fund manage r is to provide maximum benefits to employees with their pension scheme after their regiment by investing in right type of assets. Thus, they have to select a portfolio for their employees that are likely to provide them maximum returns in the future. Thus, developing a portfolio associated with minimum risk and maximum performance is the main reasonability of a pension fund manager (Fiestas et al., 2010). However, if the financial economic theory of efficient-market hypothesis is true, then generating a portfolio with maximum returns would be relatively an easy task for pension fund manager. The pension fund manager can easily select assets that are likely to yield maximum returns as the asset prices reflect all the possible information about them. However, this is not the case, a pension fund manager have to develop a portfolio that can provide maximum returns by diversification of the market risk. As such, a pension fund manger have to invest in different type of assets that have low co-relation between them in order to diversify the investment risk and maximize the returns generated from a portfolio. The selection of right type of assets under a portfolio is the most difficult task for a pension fund manager. Lower the co-relation between assets, lesser is the risk because if one asset provides lower returns then other assets can yield higher returns. However, if the efficient-mark et hypothesis is believed to be true than pension fund manager have not to diversify the risk of a portfolio as all assets generate same type of returns (Wendt, 2015). Conclusion Thus, it is inferred from the overall discussion held in the report that tertiary sector employees should carefully analyze the future cash flows that can be generated through placing their superannuation contributions in the defined benefit or investment choice plan through the use of time value of money. The pension fund manager has to select a portfolio for their clients that will provide them maximum returns and is associated with less risk. References Bergen, J.V. 2011. Efficient Market Hypothesis: Is The Stock Market Efficient? Retrieved May 13, 2014, from Available at: https://www.forbes.com/sites/investopedia/2011/01/12/efficient-market-hypothesis-is-the-stock-market-efficient/#4a55338176a6 CCH Australia Staff. 2012. Australian Master Tax Guide. CCH Australia Limited. Fiestas, H.V. et al. 2010. Better Returns in a Better World: Responsible investment - overcoming the barriers and seeing the returns. Oxfam. Gitman, L. J. et al. 2015. Principles of Managerial Finance. Pearson Higher Education AU. Graney, P. J. 2004. Retirement Savings Plans. Nova Publishers. Kolb, R.W. 2009. Corporate Retirement Security: Social and Ethical Issues. John Wiley Sons. Maginn, J. L. et al. 2007. Managing Investment Portfolios: A Dynamic Process. John Wiley Sons. Petty, J. W. et al. 2015. Financial Management: Principles and Applications. Pearson Higher Education AU. Reilly, D. and Estreicher, S. 2010. Employee Benefits and Executive Compensation: Proceedings of the New York University 59th Annual Conference on Labor. Kluwer Law International. Smith, B. and Koken, E. 2011. The Superannuation Handbook 2008-09. John Wiley Sons. Wendt, K. 2015. Responsible Investment Banking: Risk Management Frameworks, Sustainable Financial Innovation and Softlaw Standards. Springer.

Political Action Committees Essays - , Term Papers

Political Action Committees A political action committee is used to help rally up as much money as possible in order to help for a political campaign. This is why it is good to have " friends in the right places" (chapter 8, page 234 ) so no matter what, the voice of candidates can be reached all over the country. Costs have escalated throughout the years in presidential elections. Because of this, candidates will choose to raise even more than what's really needed in order to have the best outcome as possible. With presidential campaigns costs skyrocketing, it's even harder to run. Nowadays, banks and big time corporations are not even allowed to make any donations to help the candidates. The candidates have no financial help throughout the whole campaign. Money is an effective way where interest groups prove most effective to providing influence in elections. Political Action Committees. Since the donations given from PACs are seen as a form of "speech", there is no limit in how much money a PAC can donate to candidate campaigns. To further support a candidate by using money, Super PACs may be formed. Super PACs are able to obtain and spend an unlimited amount of money from larger donors, however Super PACs must report the donors to the Federal Election Commission wit a monthly and quarterly basis. Super PACS affect the voting system is the democracy. However, they distract politicians and make running for a certain office hard and not an even play. The nation sees everything. The nation helps. Having people to help get the word to the nation is what will help those wanting to run the nation, a better chance. The american people can see which committees support the presidential candidates. Some groups of people don't support certain committees. However, Americans need to understand that PACs affect candidates. PACs run politics now. It is how they give the american population an insight as to what is going on and how it will go down. Without the PACs, the whole nation would be lost and blind on who is running and the candidates would not have any money to showcase themselves to the americans . Schultz, Christine. American Government and Politics in the New Millennium. 10th ed., Abigail Press, 1998.

10 Awesome Resume Tips From The People of Reddit

10 Awesome Resume Tips From The People of Reddit Depending on what you’re visiting the site to find, Reddit can be†¦a mixed bag. The best part of Reddit: anyone can weigh in on any topic. The worst part of Reddit: anyone can weigh in on any topic. That means you get great information and advice mixed in with people who don’t know what they’re talking about, or are just there to stir up problems. If you’re looking for resume tips, we’ve reviewed some of the burning questions on /r/resumes, and found some awesome advice there. Let’s look at some of the greatest hits: 1. How can I make my resume pop?Three words: simplify, simplify, simplify. Making your resume easy to read (set headers, brief explanations, clear bullet points) can help get you in the â€Å"to interview† pile and out of the â€Å"tl;dr† pile.2. What should I include in a resume when I’ve never had a job before?This Redditor suggests emphasizing academic accomplishments (GPA, relevant classes, degree), volunteering experience (after all, it is experience), and technical skills.3. How do I list multiple positions at the same company?If the jobs were dramatically different, you can separate them out and treat them like separate jobs. If they’re similar positions, concentrate more on the top-line accomplishments and skills.4. Should I include a cover letter even when it’s not requested?This Redditor recommends going for it. It’s a way to give more information about yourself, and can help you stand out in a very crowded applicant pool.5. Should I use a traditional resume format or a creative one?It can be tempting to want to use a fun new format, but realistically, traditional is best. The creativity points you score for using something unorthodox might be canceled out by the disruption to the reader’s usual evaluation process.6. All of my experience so far is from working at my family’s business- will this help or hurt?Basically, experience is exper ience, and as long as you have the skills and experience you need for the new job, you should be good to go.7. I have 20 years of experience. Should I do a two-pager?Not if you can help it. If you can, condense the most important highlights into one resume page. The one-page rule is about readability and the reader, not about the writer’s experience.8. How do I list colleges when I didn’t graduate?This can be tricky- people don’t graduate for a variety of reasons, but you still want to include that you attended college on your resume. Try using words like â€Å"attended,† or â€Å"took X credits toward a Bachelor’s degree.† Just don’t suggest that you have a specific degree if you don’t, because that can land you in very hot water. Spin is okay. Lying isn’t.9. In this digital age, do I still need to include my physical address in the header?Short answer: yes. It’s tradition, but it also might be a factor for resum e scanning programs to see whether candidates are local.10. Do I mention why I quit my last job?One Redditor puts it very succinctly: â€Å"First you get the date, then you tell them you’re divorced.† You don’t want to set off any red flags before you even get an interview. It’s fine to keep it vague in a resume or cover letter, though you should be prepared to talk about it in an interview if necessary. (And always, always keep it opinion-neutral. An interview for a new job is not a venting exercise for the last one.)

Language and torture Dissertation Example | Topics and Well Written Essays - 10000 words

Language and torture - Dissertation Example The entire situation gave rise to a new phrase, â€Å"War on Terror† which became a popular part of any lexicon. More than a phrase, as highlighted by Reese (2001), new frames were devised for ‘organizing principles that are socially shared and persistent over time, that work symbolically to meaningfully structure the social world’. As would any policy or the strategy advocate, administrations would look attracting legal frames to explain the concerns and would put their efforts to gain the discursive efforts, as antagonists, in turn, would seek to challenge those explanations and search for more favourable ones (Pan and Kosicki, 2001). One of the biggest errors in the American history of foreign policy is the creation of the political atmosphere that shaped the social thoughts to take the nation into the so-called War on Terror. The purpose of this dissertation revolves around the main point that how the War on Terror emerged as a social principle that was transm itted through the US press. It emerged as a challenge for American Journalists to resist the national concerns and pro-Bush commitment towards the nation which was narrated to them after the dreadful events of 9/11 followed by the Iraq war. In this dissertation, I have tried to explain that how the War on Terror was highlighted in the media, policy documents and presidential speeches which ultimately changed the mind-set of the general public. The paper explores that how the news media has remained active in propagating the entire situation and the various reports being published on the War on Terror after the incidence of 9/11. For example, USA Today is one of the examples that appeared as a prototypical national newspaper. In my opinion, the phrase; War on Terror was used very intelligently by certain group of people with specific agendas. It is very difficult, if not impossible to mention the specificities of those motivation, plans and goals; but if we analyse the matter with re trograde analysis one can easily understand the reasons behind the intentions of those unseen individuals. Although intentions are impossible to judge and express in words, I will try my best to give my abstract view on this particular matter. I believe that the war on terror was not only well engineered but also was well executed, when it comes to the achievement of those unseen hands, whereas the general public in many nations including United states of America has suffered tremendous damage to economy and reputation globally. The hands involved in the war was multinational with full of greed and hunger for power not to benefit any nation but to achieve personal power to shape the global economy, transfer of power and wealth. That war was good enough to stimulate the movement of industrial wheel of war related machineries, technologies and services at the cost of innocent human lives on both ends of the conflict and tax money of hard working people; which eventually ended up into rewarding the unseen group members and their friends a big chunk of wealth. Introduction In crude terms, it is commonly accepted that throughout the 20th century, U.S agents have engaged in what is termed by many as torture in numerous locations and at numerous times. The United Nations Convention Against torture â€Å"leaves no space for exceptional circumstances, whatsoever, such a state of war or a threat of war, internal political instability or any other public emergency which may be invoked

Australian Criminal Justice System, the Belief in Justice, an Independ Essay

Australian Criminal Justice System, the Belief in Justice, an Independent Judiciary and the Rule of Law - Essay Example For any criminal justice system to be accepted by everyone, it must not discriminate against the people of a certain race, ethnic background or social class. The legal system can only be fair if the necessary procedures that guarantee a fair trial are in place. Similarly, there must be a system of law for the purpose of fairness in the society or simply the Law of Equity. The society will continue to trust the legal system if justice is not only done but perceived to be done. The entire society more so the witnesses and victims should be made aware of steps that are made to ensure that those who are involved in criminal activities are arrested and prosecuted. Furthermore, the public should be able to witness, by the means of the criminal justice system, the law bringing about accountability. The legal system comprises some basic elements of justice which include unbiased judges, jury trials that are just and the provision of security to the witnesses whenever it is called for. The Australian Justice system is based on the belief in justice, an independent judiciary and the rule of law (Australian Government Department of Foreign Affairs and Trade, 2008). The people, in disregard of race and whether or not they are citizens, are given similar treatment before the law. The law also safeguards and ensures that the people are given fair treatment by officials and governments. There are some principles which are fundamental to the Australian legal system. These include the separation of powers, judicial precedent and procedural fairness. The Australian jurisprudence is based on the United Kingdom common law system. This law shows a great variation from the other civil law systems operating in Japan, South America and Europe that originated from Roman law (Australian Government Department of Foreign Affairs and Trade, 2008). The major feature of the common law is that cases that have been settled previously act as a precedent to the pending  cases.

Paper Cash vs. Accrual Accounting Essay Example | Topics and Well Written Essays - 750 words

Paper Cash vs. Accrual Accounting - Essay Example Only cash payments and cash receipts are recorded. The two methods are similar in the sense that their balance sheets include both liabilities and assets. The cash accounting is common among small business owners. For businesses that record annual sales of more than five million dollars or keep an inventory of items they to sell to the public, the accrual method is prescribed (Pinson, 2007). It is easier to grasp the principles of cash accounting as compared to accruals accounting. It is also cheaper to hire accountants for cash accounting as opposed to the accruals method. In planning tax, the cash accounting is preferable by businesses because they are taxed basing on their present cash flow and not accounts receivables (Pinson, 2007). Question Two The benefit of the accrual method is that it is good at matching expenses and revenues. This method also presents a more accurate status of a company’s financial position since its financial statements are more detailed (Bragg, 20 10). The balance sheets also contain more entries because they list non cash entries too. However, the disadvantage is that it is poor at keeping track of cash. Since revenues are recorded when a business transaction takes place, the business statement will indicate that revenue is generated even without the bank account having money. The situation is more made complex by slow paying clients. The accruals method is tedious in the amount of work needed to acquire data. It also needs more resources to operate (Bragg, 2010). Conversely, the benefit of the cash accounting method is that it is good at tracking cash flow. It is also easier to work on data and produce statements in the cash accounting. However, its disadvantage is that it is poor at matching money put out for expenses with earned revenues (Bragg, 2010). This situation poses a difficulty when a company buys items in one month and sells them in a different month. For example, a business buys an item in January intending to s ell it then later pay USD 100 in cash. However, it is sold in February at USD 150 and the cash is also received in February. At the end of January when the books were closed, the USD 100 had to be reflected, although there was no revenue to match it, hence, indicating a loss. February will, therefore, indicate USD 150 as profit, yet the true profit is USD 50. Question Three Generally accepted accounting principles (GAAP) prescribe the accruals method as opposed to the cash method because accruals method conforms to recognition of revenue, cost and match principles (Pinson, 2007). The accruals method is also practical because it captures financial implications of economic activities in the accounting periods they occur, whether cash is received or not. Accruals method is also the method of choice for GAAP because of the accuracy of its financial reporting in complex business transactions. The accruals method acknowledges that projects and credit sales impact a business’ financ ial status at their time of occurrence, hence the need to reflect such transactions on the financial statements of same period within which they take place. The accruals method recognizes a sale when a client takes up ownership of a product or a service is delivered and increases the company’s revenue at that time even if cash is not yet the account (Pinson, 2007). Question Four The United States Federal

Commercial Casino Industry

Commercial Casino Industry Commercial Casino Industry has been occurring in United States over 75 years since Nevada legalizing it. When Chef Wolfgang initiated to out fine dining restaurant in commercial casino, this is the beginning of food and beverage revolution in industry in 1992. In 1995, American Gaming Association was created. MGM Mirage acquired Mandalay Resort Group, Harrahs Entertainment Inc. and Caesar Entertainment in 2005 and the commercial casino industry started booming and other states started legalize opening casinos since then. The international gaming industry is expanding. Many U.S. casino companies expanded or planned to expand to other countries such as Macao, Korea, Taiwan and Singapore. The international casino industry tends to have rapidly growth as gross gaming revenue in Macao has been more than gross gaming revenue in Las Vegas strip since 2006. Know your enemy and know yourself, and in a hundred battles you will never be defeated. (Sun Tzus The Art of War Writings). This Chinese wisdom of warfare probably helps companies deploy a better strategy in many business situations. The MGM Mirage Inc. is the largest company in the Hotel and Casio industry by revenue in the U.S., but MGM financial statement showed that company bottom-line in debt. The company was facing bankruptcy code in the early 2010. In this project, the report had been organized and presented MGM Mirage Inc. or MGM Resorts International in 4W framework: (1) Who are we? (Company profile, Hotel and Casino industry profile), (2) Where are we? (Sophisticated tools in Management, Technology, Marketing, Financial and Accounting were used to analyze the company position with competitor in the industry.), (3)What are problems? (SWOT analysis) and (4) What are solutions? Who are we? : Know yourself MGM History The Beginning of Las Vegas Race: 2005: MGM Merged Mandalay Bay Group. MGM Profile in 2009 Organization Structure Company Strategy The MGM Mirage Inc. strategy is to generate sustainable, profitable growth by creating and maintaining competitive advantages and through the execution of our business plan, which is focused on: Owning, developing, operating and strategically investing in a strong portfolio of resorts; Operating our resorts in a manner that emphasizes the delivery of excellent customer service with the goal of maximizing revenue and profit; and Leveraging our strong brands and taking advantage of significant management experience and expertise. (Source: MGM Mirage 2010 Form 10-K) Current Operation As of 2009, the MGM Mirage reported that the company has completed control of 14 casino resorts and hold 50% of investment in 5 casino resorts. In addition, the MGM Mirage also owned 3 golf courses in Las Vegas, Mississippi and California.(Source: MGM Mirage 2010 Form 10-K) Casio Resort ( Completely owned) Nevada MGM Grand Las Vegas Mandalay Bay The Mirage Excalibur Monte Carlo Railroad Pass, Henderson Gold Strike, Jean Luxor Bellagio New York New York Circus Circus Las Vegas Other MGM Grand Detroit Beau Rivage , Biloxi, Mississippi Gold Strike Tunica ,Mississippi Casio Resort ( hold 50% in stock) Nevada City Center (Joint Venture with Dubai World) Circus Circus Reno Siler Legacy Other Borgata, Atlantic City, NJ Gran Victoia , Elgin, IL MGM Grand Macau, China Industry Analysis Industry Analysis process is an essential assessment tools for every company to deeply understand industry current trends and opportunities. In fact, company will gain a better position and achieve a competitive advantage when it truly understanding marketplace. In the complex marketplace, the U.S. government is categorized industry with 4-digits Standard Industrial Classification (SIC) system. In addition to SIC, the North American Industry Classification System (NAICS) is a new standard for the industry. The NAICS with 6-digits code contains more details than the SIC system. The purpose of SIC and NAICS are economy analysis. The MGM Mirage Inc. has been classified with SIC into three major categories: Hotels and Motels (SIC 7011), Coin-Operated Amusement Devices (SIC 7993) and Amusement and Recreation Services, Not Elsewhere Classified (SIC 7999). In addition, the MGM Mirage inc. also has been classified with NAICS into two categories: All Other Amusement and Recreation Industries and Hotels (except Casino Hotels) (713990) and Motels (721110). To thoroughly understand MGM Mirage Inc. marketplace, the hotel industry and casino industry had been analyzed. Hotels and Motels Industry (SIC 7011) The U.S. government defined a company in Hotels and Motels Industry as Commercial establishments, known to the public as hotels, motor hotels, motels, or tourist courts, primarily engaged in providing lodging, or lodging and meals, for the general public. Hotels which are operated by membership organizations and open to the general public are included in this industry. Hotels operated by organizations for their members only are classified in Industry 7041. Apartment hotels are classified in Real Estate, Industry 6513; rooming and boarding houses are classified in Industry 7021; and sporting and recreational camps are classified in Industry 7032. Recession impacts hotel industry In May 2010, Standard Poors industry report stated the hotel industry is still in an unstable condition. The industry will require a longer period to recover from the 2008 recession. Currently, the industry is operating in a difficult situation. The hotel industry is facing drastic competition that forces hotel businesses to lower room rates, which in turn results in lower profit. The data from Smith Travel Research (STR) Inc. indicated that on average the hotel industry has lost its Revenue Per Available Room (RevPAR) since 2008. The 2008 recession has also brought the hotel occupancy rate down from 60% to 55%. In addition, average daily roommate also dropped significantly 8.8% in 2009. Moreover, room demand dropped 6% in 2009. In contrast, the supply of rooms rose 3.2% in 2009 (refer to figure1). While the U.S. government is making their way out from 2008 recession, SPs forecasted that the hotel industry will not return to the same pre-recession level for the next eight to ten years. Real GDP helps the hotel industry in predicting room demand In the hotel industry, a high accuracy in room demand elasticity estimation provides CEO with essential information for a long term planning and deploying strategies. In 2009, the research by Dr. Hanson from Global Hospitality Group Hospitality Lawyers shows approximately a 1-to-1 relationship that holds between the U.S. Real GDP and room demand until the 2001 economic crisis. The real Gross Domestic Product (GDP) is the total output of goods and services produced in a country and adjusted for priced change. The demand is more elastic when the greater the proportion of income spent on the good. After the 2001 recession, the demand retract and continue to grow in a slower pace when compare with the real GDP. The GDP is increasing 4 times faster than the room demand does. The 5 factors that researcher believes that might have an influence GDP and room demand relationship are: Long-term deterioration in consumer confidence, Higher consumer saving rate, consumers trying to recover lost investment, new pattern of behavior and proposed levels of tax increase affecting disposable income. Moreover, in the 2008 recession, the researcher also believes that the recession might create an additional snap back for room demand. U.S. Business and group travel The hotel industry profitability can be influenced by a demand from business travel. According to a member survey, the Association of Corporate Travel Executives (ACTE) reports hotel expense represents, on average, 40% of all business travel expense. In addition, American Express stated that airfare will increase from 2% to 10% in 2011, and hotel rates will increase 1% to 10% (Paurowski, 2010). The survey also indicated that 35% of its member strongly considered optimizing hotel expense in 2011 and 50% of its member expressed concern regard increasing in expenses. Passenger Name Record (PNR) in Computer Reservation System (CRS) showed that cooperate travelers have shifted booking methods from Travel Management Companies (TMCs) to Online Travel Agency (OTA). In fact, 30% of its members stated that online hotel rates offered are lower than negotiated rates. The complementary items that are preferred by the majority corporate travelers are: complementary cocktails, free WiFi-internet ac cess and comfort. In conclusion, the demand for business and group travel will likely be for cheaper rooms at lower rates with free complementary. (Michael Boult, 2010). Domestic and international travelers Shifts in airline schedules and passenger booking have a direct impact on hotel occupancy. According to the data from Air Transport Association (ATA) 2010 annual report, the static in figure 3 shows that domestic capacity had a declining trend since 2000, and the data also showed that passenger enplaned has dropped significantly from 743 million passengers in 2008 to 703 million in 2009 reflecting a 5.3% decrease of airline industry capacity. In fact, profit margin in the airline industry has been on the negative side. Airliners cut back routes and canceled destinations. For international travelers, The U.S. Department of Commerce (DOC) and Office of Travel and Tourism Industries (OTTI) expect the industry growth in 2010 and gradual increase to approximately 6-9% through 2015. Five countries, excluding Canada and Mexico, that rank highest in number of visitors to the U.S. in 2010 by volume are: China (40%), Brazil (35%), Korea (35%), Hong Kong (27%), New Zealand (24%) and Australia (19%). A weakening in U.S. currency helps the hotel industry by stimulating the demand from international travelers. Medical tourism -a little hope for the hotel industry In the economic downturn, hotel industry needs a stimulant plan to boot-up its occupancy rate. In 2009, Reuters Health section provided some interesting facts about medical tourism in the U.S. The report indicated that U.S. health providers have lost 650,000 patients to hospital oversea such as Thailand, India, and Singapore. In addition, the health providers are predicted to lose as much as $67.7 billion in revenue in 2010. Oscar Goodman, Mayor of Las Vegas, foresee the opportunity for the hotel industry in Las Vegas. Mayor encourages a local business to support the idea of medial tourism. The medical tourism will be an alternative business in the area, the national public radio reported. Casio Industry Casinos are the largest revenue generator in the gambling industry. The industry provided approximately 350,000 jobs in the U.S. market. The American Gaming Association and the National Indian Gaming Association (NIGA) are the main organizations in the U.S. casino industry. The AGA encourages its members and their employee to be aligned with updated law and regulations. Moreover, AGA is a realizable source for a gaming industry providing gaming history, educational program, and statistic data on the Casino industry. In addition, the NIGA under the Indian Gaming Regulatory Act has provided Native Americans opportunities to legally run casinos. U.S. casino trends The casino industry has been hard-hit by the recession. According to the United States department of labor, the Mass Layoff statistics (MLS) program showed that the hotel-casino industry eliminated 13,000 jobs in 2008 (Labor, 2010). The revenue trend in the casino industry has been on a downturn for the last two consecutive years. The SP expected a slow recovery from the casino industry. Las Vegas, Nevada As of 2009, the American Gaming Association reported that Las Vegas with $5.55 billion in revenue was a dominant U.S. market. According to Las Vegas Convention and Visitors Authority (LVCVA), the statistic in figure 5 showed a 2.4% increase in the number of visitors from 2009. The Las Vegas Strip gaming revenue was increased by 4.3%, but the downtown area gaming revenue was decreased by -7.3% from 2009. In 2009, the 14% unemployment rate in the state Nevada plummeted the economic trail. On a carryover impact from the economic crisis in 2008, the number of attendees at conventions, and a number of scheduled conventions and number of meetings held remained on the decline with decreases of -1.1% and -6.7% respectively. According to the Las Vegas Visitor Profile, Market Segment reported by LVCVA (2009) that 76% of Casino guests were most likely to be traveling in a party of two and average stay in Las Vegas is 4 nights. Casino guests on LVCVA survey stated that 87% of visitors called the hotel-casino directly to book their accommodation. In 2010, SPs industry report estimated casino revenue on the Strip to be 35%-45% of total revenues, and the revenue from hotel rooms was 20-30% of the total revenue. A total enplaned and deplaned air passenger continued to decline. The number of air travelers accounts for 42% of all visitors. (LVCVA visitor profile: ir visitor version). The SPs report indicated strong growth from Las Vegas. Atlantic City, New Jersey The Atlantic City is a second large of the U.S. casino marketplace. The static in figure 4 shows that casinos in the area have been losing revenue -5.7%, -7.6% and 13.2% in three consecutive years. According to SP, casinos in Atlantic City are facing heavily competition from New York and Pennsylvania. Macau, China: New Era of Asia Gold rush Macau is a special administrative region of China. The CIA The World Factbook reported that, in 2006, Macaus gaming revenue surpassed that of the Las Vegas strip, and gaming-related taxes accounted for more than 70% of total government revenue. The Macau market attracted many casino operators from Las Vegas to come and establish a new home-based outside the U.S. In 2010, the profit in Macau market increased 9.7% in revenue from its loss in 2009. The gaming industry in Macau was expected to rise, but, SP reported a concern about the room surplus of 40% in 2011 and 2012. In the long-term, SP still believes that the Macau gaming industry will generate a significant profit for China. Singapore: A hidden dragon Singapore is the one of the most strategic locations in South-East Asia. According to Economy Watch and World Bank, Singapore is considered to be a very attractive country for new business. Sources in the Wall Street Journal on October 7, 2010 reported that the Marina Bay Sands project is a 8-billion dollar casino in Singapore, known to be the cleanest city in the world. The casino includes three 50-story structure with approximately 2,500 rooms; a casino, retail stores, dining and 800,000 square feet entertainment complex. The SP 2010 industry report predicted that the top five markets for Singapore casinos are: Indonesia, China, Australia, India and Malaysia. In addition, the Marina Bay Sands should have no effect on Macau market because the hotel presents a more family-orientated appeal. Legal and Regulation Internet/Online gambling Online gambling is illegal in the U.S. as of November, 2010. Internet Gambling Regulation, Consumer Protection, and Enforcement Act (H.R. 2266) was introduced to congress in May 2009 by Frank, Barney (Rep). The bill is aimed to Unlawful Internet Gambling Enforcement Act of 2006, which prohibits internet gambling operators from receiving money related to any online gambling that violates State or Federal law (Frank, 2010). Online gambling is also on a serious debate among AGA members regarding a safety and government regulation. The concerns regarding an online gambling are a security technology such as firewall to protect million online users. Summary Key Fact from Industry Analysis Room demand dropped because economic recession. Occupancy rate dropped because dropped in demand and increasing room surplus. Real GDP could be used as atool for the hotel industry to future demand. Business Travel booking trends changed from Travel agency to online travel agency. China is a number one inbound visitor by volume from oversea. Medical tourism could be an alternative route for simulating demand. Gaming on Las Vegas Strip continues generating profit. Atlantic City market for casino is not pleasant after loss in profit of 3 consecutive years. Macau is growing and generated more revenue than Las Vegas Strip. Singapore could be a new growing casino market in South-East Asia. Legalize an online gambling is an ongoing process. Casino Market: Oligopoly Market Competition In 2009, the casinos industry had revenue in total of $US 21.8 billion. To determine an economic competitive type of market in the industry, the company uses a four-firm concentration ratio as the indicator. The ratio is the percentage of total industry sales made by the four largest firms (Fig. 4). The four-firm ratio for the casinos industry is approximately 70%, which had created an oligopoly form of market competition. In oligopoly, one firm decision can have a direct influence on demand, price, and profit of competitor in the industry. Figure 5: Companies in the casino industry by revenue Furthermore, external assessment of the industry is a critical process for management in decision making. The Porters Five-Forces Model, competitive analysis tool, has been utilized for in-depth industry analysis. The model analysis is provided five perspectives in assessing the industry: Rivalry among competing firms, Potential entry of new competitor, Potential development of substitute products, Bargaining power of suppliers, and Bargaining power of consumers. Porters Five-Forces Model Analysis Rivalry among existing competitors: MGM : Rivalry among existing competitors : HIGH Same-size competitors High exit barrier Indifferent in product and service among competitors Table x: Threat of existing competitors The competitive atmosphere in hotel industry is high. There are a lot of competitors in industry. Furthermore, it seems that competitors compete in same dimension because in commercial casino industry, customers are not much diverse. Therefore, players in this industry found it hard to target different customers with different needs There are a lot of competitors with equal power and size. Exit barrier in commercial casino industry is high because a company invests huge amount of money, especially, building cost. Even a company wants to exit from the industry, sometimes it force to stay in because exit costs are high. Product and service in commercial casino industry are identical. Moreover, there is no switching cost for buyers. Thus, competitor might cut price to attract buyers. Fixed costs are high. In order to compete in hotel industry, a casino manager adopts revenue management. The process allows buyers to stay in same type of room in different price. Even a hotels products and service are not rapidly become outdated but competitive atmosphere in commercial casino industry is hot, therefore, companies cannot make high profit from this industry. Threat of new entrants: The threat of new entrants for hotel and motels industry is low. The industry has significant barriers to entry which include: MGM : Threat of new entrants : LOW Supply-side economies of scale Demand-side benefits of scale Customers switching costs Capital requirements Restrictive government policy Position advantages independent of size Unequal access to distribution channels Table x: Threat of new entrants Supply-side economies of scale: In commercial casino industry these economies hardly appear. Even a company built more rooms or more recreations in its casino, these economies will not appear. Moreover, the company has to carry more cost, more maintenance cost and more employees cost. Demand-side benefits of scale (network effects): These benefits occur when the numbers of buyer patronize the company. However, these benefits might not occur in commercial casino industry. In commercial casino industry, a company will find advantages in location, facilities and characteristics of personal working in direct contract with customers. Therefore, having a lot of customers patronize a company will not provide huge demand-side benefits of scale. Customers switching costs: In commercial casino industry, when customers purchase service from a casino, it is one time use. Therefore, there is no switching cost. Capital requirements: In order to enter commercial casino industry, a company needs to finance huge budget and the industry return is not attractive. Thus this industry has high barrier. Position advantages independent of size: These advantages are not depends on a companys size, incumbents can have competitive advantages that not available to competitors. These advantages in commercial casino industry can stem from locations, brand identities and service. Unequal access to distribution channels: It is not hard to establish or find distribution channels in commercial casino industry. A company could use agents or let customer books rooms via its websites. Restrictive government policy: There might be some restriction related to commercial industry such in some area government do not allow a company to build a building that higher than 2 floors or in some countries, a company has to has citizens hold more than half of a companys shares to operate in that country. In U.S., commercial casino industry is the most regulated and monitored industry. The threat of substitutes: MGM : Threat of substitutes : HIGH Competitor Table x: Threat of substitutes There are some substitutes for commercial casino such as hostels, apartments or houses. Customers can stay in hostel, apartment or houses and go to gaming or using recreation facilities at casinos. If buyers concern convenience, they might prefer casino. Because they will have maids clean their room and casinos always locate in a convenience location. If buyers concerns price, they might stay in hostel. However, if buyers concern privacy, they might prefer house. There is no cost of switching to substitute. Buyers can change to substitutes anytime if they would like. Hostels, apartments and house can be substitutes for casinos. They perform similar products and service to casinos, if you concern only hospitality part. However, there are some differences which made substitutes have huge different from hotels. Buyers have to determine trade-off between hotels and substitutes. In this industry, the threat of substitutes is not high because substitutes have too many differences in facilities and service from casinos. Thus, industrys profitability is not suffered from substitutes. The power of suppliers: If suppliers have power over a company, suppliers might set its price higher, limit quality of service and shift its cost to other parties. In commercial casino industry, a company uses wide range of different suppliers such as supplier for construction, supplier for food and beverages and supplier for hotel equipment. There is almost no monopoly in hotel suppliers. Moreover, only a few supplies that have switching cost such as securities equipment and suppliers did not differentiate their products. The company has to differentiate itself by choosing good location, providing well-maintenance facilities and providing supreme service. Furthermore, the company can easily find substitute suppliers. Therefore, the power of suppliers in commercial casino industry is low. The power of buyers: MGM : The Power of Buyer : Table x: The power of buyer There are various customers in commercial casino industry. However, there are some buyers that have ability to negotiate such as group tour. Products and service in commercial casino industry are not much different. If customers find that a hotel that they always stay in is full, they have to stay in other hotel. They have to purchase products and service in some hotel anyway. Buyers have no switch cost. If buyers want to change from a hotel to a hotel, they can just check-in to another hotel without any switching cost. Buyers cannot produce industrys product if buyers found that a hotel is too profitable. Buyers can switch to other hotels but they cannot produce it by their selves. In commercial casino industry, buyers do not stick with brands. Buyers might concerns about quality of product and service. If they find another casino that cheaper but quality and facility are same, they will switch to another casino. In sum, in commercial casino industry, buyers are relatively price sensitive. From analysis given above, buyers in commercial casino industry have high power and seem to be price sensitive. They can press companies to lower their price and can ask for more quality and service. Financial and Accounting Analysis The financial information was published annually to external and internal users. MGM Mirage Inc. financial statements had been analyzed using financial ratio analysis and information in management discussion. The median number of industry ratio in 2009 is used in this report. By the nature of hotel business, MGM contains a high fix-cost in normal business operation and profits are driven by tourism and business travel demand. MGM requires a large capital to run its hotels and casinos. In 2010, MGM is in process of development a City Center, a capital intensive driven project. The delayed of City Center project has enormous impact on MGM financial statement. Liquidity and Financial Position Credit Risk: Facing Bankruptcy As of December 31, 2009, MGM is in a weak financial position because of its indebtedness. MGM with credit rating of CCC+ operated the business with 39% on the long-term debt. The management team declared unpleasant statement about the $1.1 billion senior credit facility debt which might be defaulted on maturity date in 2010. The management suggests that MGM must extent the payback period by negotiating with their creditors. Also, management has predicted that future revenue from operation and tax refunds would help reducing MGM debt. The current and quick ratio indicated that MGM has had insufficient fund to operate its casino since 2005. With the ratio less than 1 and below the industry average in both current ratio and quick ratio, MGM has been operated on the line of bankruptcy if the company defaults on its debt. Revenue base and mix MGM primary source of revenue came from Las Vegas Strip. As December 31, 2009, the majority of MGM revenue came from three sources: casino (44%), hotel room (23%), and food beverage (23%). Casino revenue dropped 12% from 2008 and it had been on decline trends since 2007. In 2009 MGM financial statement, revenue from casino had been divided into three sub-categories: Table games (36% of total casino revenue), Slots (60% of total casino revenue), and Other revenue. The table game revenue decreased 11%, even though there is 33% increases in demand for baccarat. Sustainability of revenues and earning MGM profitability ratios are negative in 2010 and 2009 for some ratios. ROA in both 2009 and 2010 are negative. We can break ROA to net profit margin multiply total assets turnover to deepen our analyzing. Assets turnover ratio shows MGMs ability to use assets generate revenues. MGMs assets turnover ratio decreases from 2007 to 2009. Even this ratio does not decrease much during 3 year period, it made ROA go down. The main factor that has impact on ROA is net profit margin. The MGM has very low net profit margin since 2008. MGMs bad signal shows since 2008. After its net profit margin ratio plunge to -11.86% in 2008 and -21.61% in 2009 which a major factor lowing ROA. From analyzing ROA, we can see that MGM has a problem with maintaining its profit margin. MGMs revenues in 2008 are not much different from 2007, however, MGM cannot control operating expenses, operating expenses in 2007 exceeds revenues. In 2009 MGM revenues decreases by 17%, further, MGMs ability to control its operat ing expense decreased. MGMs operating expenses in 2009 is 114.65% from revenues. The major increase in operating expenses in 2008 and 2009 is property transactions. MGMs ability to fulfill its short term obligation is getting better in 2009. Both quick and current ratios go up. The reason both quick and current ratios increase because in 2009 MGM carries more cash. However, MGM debt management ratios worsen. Long term debt to equity ratio increases from 2007 to 2009 results increase in total debt to equity ratio. These ratio shows MGM has larger portion of debt compare to equity. Even MGM carries more long term debt recently; MGM has interest coverage ratio high enough to pay back its interest. But this ratio trend increase in recent year. Hotel operating statistics Strengths Strengths Various portfolios of products and services: MGM mainly operates casino resorts which include gabling, hotel, restaurant, entertainment and retail. The main operation is in Las Vegas, Nevada, the world famous gambling and entertainment center. Properties in Las Vegas include CityCenter (50% owned), Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, New York-New York, Excalibur, Monte Carlo and Circus Circus LasVegas. MGM operates outside Las Vegas includes casinos in Michigan, Mississippi, New Jersey and Illinois. Not only operate in U.S. but MGM also own 50% MGM Grand Macau ownership. Because each MGMs casino offers different theme, amenities such as restaurants, spas, private gaming and swimming pool facilities ;and difference pricing to target each customer segment, MGM enjoy competitive advantages over competitors. Moreover, MGM is continuously reinvesting in its business to keep this competitive advantage. Strengths-Strong Brand Recognition: MGM operates in tourism and leisure sectors which are gaming, hospitality and entertainment in two continental. MGM offers different casino for different segment, therefore, casinos brand that are operated by MGM are recognized by people all around the world. Moreover, Forbes Travel Guide bestowed AAA five-diamond awards to Bellagio and MGM Grand in 2010. Strengths-Location: MGM has properties in the top destination for traveler to go for gaming and entertainment. MGM has 10 casinos in Las Vegas, the world largest gaming and entertainment center and has MGM Grand Macau in Macau, the world second largest gaming and entertainment center. The reason behind this selection, these two places are the major tourism destination not only for gaming activities but also n

McCarthyism in Film Essay -- Film Analysis

Two films, The Day the Earth Stood Still and Good Night and Good Luck, are produced over five decades apart and illustrated similar anti-communist sentiment. The first film, The Day the Earth Stood Still, was produced in 1951 during the height of the anti-communist movement or in other words McCarthyism. Good Night and Good Luck, which George Clooney directed and starred in, was produced in 2005 as a black and white docudrama film. These two films portray the mood felt by society during the 1950s through two complementary perspectives. The first film shows an overt view by the media toward Senator McCarthy while transmitting a hidden message to the United States government. The second film does the same only five decades earlier. As stated, both films share a hidden agenda which is disgust and distrust toward Washington D.C. from Hollywood. The media and entertainment industry felt hatred toward Washington D.C. and expressed their feelings through cleaver movie scripts and metaphors. Two films in particular, The Day the Earth Stood Still and Good Night and Good Luck carried the message loud and clear. Good Night and Good Luck chose to illustrate the unjust and biased actions of Senator Joe McCarthy and the House Un-American Activities Committee (HUAC). Because of his outspoken negative slander McCarthy was considered the high-status target. McCarthy led the charge against Soviet infiltration and in general did not hide his negative feelings toward Communist activity. While Good Night and Good Luck showed a retrospective chronological view of the early 1950s The Day the Earth Stood Still was actually a product of this era with the writers choosing to use fictional characters. The characters helped illustrate their viewpoi... ...2012. Doherty T. Good Night, and Good Luck. Cineaste [serial online]. Winter2005 2005;31(1):53-56. Available from: Academic Search Premier, Ipswich, MA. Accessed April 22, 2012. Pardon J. Revisiting a Science Fiction Classic: Interpreting The Day the Earth Stood Still for Contemporary Film Audiences. Journal Of Popular Film & Television [serial online]. Fall2008 2008;36(3):141-149. Available from: Academic Search Premier, Ipswich, MA. Accessed April 22, 2012. Briley, Ron, and Robert Brent Toplin. "Good Night, And Good Luck." Journal Of American History 93.3 (2006): 985-986. Academic Search Premier. Web. 25 Apr. 2012. "George Clooney: 'Good Night, And Good Luck' Came Out Of Anger." Huffington Post. Huff Post Entertainment, 23 Jan. 2012. Web. 26 Apr. 2012. .