Performance Evaluation Billabong International

Question: Discuss about thePerformance Evaluationfor Billabong International. Answer: Introduction Billabong International commenced business in the year 1973 when it was established as a clothing business which was the sole business till the time of its listing on ASX in 2000. However, after going public, it has acquired a host of businesses (both domestically and internationally) and therefore has diversified into skateboard products. The company paid a huge premium for these brands and companies as these were acquired at the peak valuation but the timing of acquisition was not accurate as immediately afterwards there was the global economic crisis which had a major adverse impact on the sales of these businesses. In wake of the difficult operating climate, the company had to impair the goodwill of a host of businesses besides discontinuing the operations of some of the these businesses by liquidating them. This has had adverse impact on the financial statements of the company during the period FY2011-FY2014 (Billabong, 2015). In wake of this, the given report aims to carry out a qualitative and quantitative analysis with regards to Billabong stock so as to offer prudent investment advice to potential investor. Stock Movement The stock price movement of Billabong International during the last one year is indicated below (Yahoo Finance, 2016). It is apparent that the stock has registered negative returns and has fallen more than 50% from FY2015 highs that it attained. This is primarily on account of the weakness in the market coupled with weak trading environment for the company where recovery in the near terms looks ascertain. Quantitative Analysis In the quantitative analysis of the company, the focus of the company would be on the trend analysis in relation to the key elements of the balance sheet and the profit loss statement coupled with analysis of certain selected ratios. Key Trends from the Profit and Loss Statement Operating Revenues From FY2011 to FY2014, there is declining trend in revenues which have decreased from $ 1.687 billion in FY2011 to $ 1.027 billion in FY2014 before increasing to $ 1.056 billion in FY2015. This may be attributed to the declining demand of the products of the company coupled with discontinuation of certain businesses which the company was not in a situation to sustain. Further, considering that the majority of revenues of the company are generated from USA and Europe, the weakness in demand is expected on account of the aftermath of the global financial crisis (Billabong, 2015; 2013;2011). Other Expenses From FY2011 to FY2013, there is a surge in the other expenses which were $ 151.2 million for FY2011 but peaked to $ 934.85 million for FY2013. This surge is attributed to high amount of impairment charges primarily in the goodwill of the various acquired businesses. In FY2011, impairment of intangible assets stood at zero which increased to $ 329.93 million in FY2012 and further witnessed a surge to reach $ 604.32 million in FY2013. However, post FY2013, there is a decline in the other expenses with corresponding figures of $ 165.94 million and $ 127.68 million in FY2014 and FY2015 respectively. In FY2015, the impairment of intangibles has reduced to zero which highlights the fact that the worst may be over for the company (Billabong, 2015; 2013;2011). Finance Costs There is no particular trend with regards to finance costs. The finance costs had increased by about $ 3 million from FY2011 to FY2012 before decreasing by $ 14.3 million in FY2013. However, in FY2014, the finance cost increased by a whopping $ 56 million primarily on account of the write off in regards to the capitalized interest cost to the extent of $ 42 million approximately. Further, in FY2015, the finance costs have again come back to their normal level of $ 34 million (Billabong, 2015; 2013;2011). Net Profit There has been a declining trend in net profits from FY2011 to FY2013 as the net profit of the company has declined from $ 118.04 million in FY2011 to a loss of $ 863 million in FY2013. This is primarily on account of the huge impairment losses especially with regards to the goodwill of the businesses as has been discussed above in the other expenses. However, in FY2014, there has been a decline in losses to $ 239.93 million and further the company has returned to profit of $ 2.55 million in FY2015 (Billabong, 2015; 2013;2011). Key Trends from the Balance Sheet Statement Cash and Cash Equivalents The cash and cash equivalents have increased from $ 144.86 million at the end of FY2011 to $ 317.26 million at the end of FY2012. However, there was a decline in the cash balance to $ 113.84 million at the end of FY2013 primarily because of the intangible impairment suffered which has already been discussed above. From FY2013 onwards, there is an increasing trend in the cash and cash equivalent for the remainder period leading to June 30, 2015 (Billabong, 2015; 2013; 2011). Intangible Assets The intangible assets of the company have witnessed a decline from FY2011 to FY2013. From a level of $1.27 billion as of June 30, 2011, the intangible assets have declined to a level of $ 795.9 million and $ 212.69 million as of June 30, 2012 and Jun 30, 2013 respectively. The impairment losses have been suffered primarily on account of the diminishing valuation of the acquired businesses thus reducing the goodwill associated with these. The decline in intangible assets continued in FY2014 also to reach a level of $ 143.66 million which since then have recovered to reach $ 161.53 million as on June 30, 2015 (Billabong, 2015; 2013; 2011). Current Borrowings The current borrowing has seen an increasing trend from FY2011 to FY2013. These borrowings have increased from $ 15.26 million as on June 30, 2011 to a peak level of $ 314.56 as on June 30, 2011. This steep rise in current borrowings is attributed to the syndicate facility (secured) to the tune of $ 283.32 million. However, as on June 30, 2014, the current borrowings levels have declined to reach a level of $ 7.36 million primarily because of elimination of the previously availed syndicate facility (Billabong, 2015; 2013; 2011). Non-Current Borrowings Unlike the current borrowing, the non-current borrowing has seen an declining trend from FY2011 to FY2013 as the long term facilities were converted into short term facilities. This is apparent from the decline in debt from $ 597.9 million as of June 30, 2011 to $249.07 million as of June 30, 2012 and further to $ 5.92 million as of June 30, 2013. However from FY2014 onwards, there is again an increasing trend in non-current borrowings as the corresponding debt levels as on June 30, 2014 and 2015 are $ 404.93 million and $597.9 million respectively (Billabong, 2015; 2013; 2011). Shareholders Equity The shareholders equity has witnessed a declining trend from FY2011 to FY2014. This is apparent from the fact that as of June 30, 2011, the total shareholders equity stood at $ 1.196 billion which got reduced to $1.027 billion and $ 0.268 billion as on June 30, 2012 and June 30, 2013 respectively The huge decline in equity in FY2013 is on account of huge losses witnessed by the company on account of the impairment of the goodwill of the acquired businesses. The decline continued to caused further decline in equity in FY2014 to reach $ 0.259 billion from which there has been an improvement in shareholders equity to reach $ 0.282 billion (Billabong, 2015; 2013; 2011). The relevant ratios for the company based on the financial statements from FY2011 to FY2015 are summarized below (Billabong, 2015; 2013; 2011). ROA The ROA has turned negative for FY2012, FY2013 and FY2014 which may be attributed to the impairment charges with regards to goodwill to the tune of $ 934.8 million, $543.6 million and $62.4 million respectively. Further, the profit has also been negatively impacted as the discontinued businesses have led to losses to the tune of $ 179.3 million and $ 30.1 million in FY2013 and FY2014 respectively. Further, the hike in the magnitude of the ROA in FY2012, FY2013 and FY2014 is primarily on account of the decrease in total assets which in comparison to FY2012 levels have suffered a decline of 50% and in comparison to FY2013 levels have suffered a decline of 25% on a y-o-y basis (Billabong, 2015; 2013; 2011). Net Profit Margin The net profit margins for FY2012, FY2013 and FY2014 is negative which may be attributed to the impairment charges with regards to goodwill to the tune of $ 934.8 million, $543.6 million and $62.4 million respectively. Further, the profit has also been negatively impacted as the discontinued businesses have led to losses to the tune of $ 179.3 million and $ 30.1 million in FY2013 and FY2014 respectively. However, from the companys perspective it is encouraging that in FY2015, the company has again made profits which indicate that the worst is over for the company (Billabong, 2015; 2013; 2011). Inventory Turnover The inventory turnover after witnessing a slight increase in FY2012 over the levels in FY2011, further decreased in FY2013 which indicates the decrease in the demand for the products offered by the company. Otherwise also, FY2013 was financially the most difficult year for the company as it took a huge good impairment. However, in FY2014, on back of improvement in trading environment, there was an improvement in the inventory turnover which could not continue in FY2015 as the global weakness adversely impacted the sales especially in the US and Europe market (Billabong, 2015; 2013; 2011). Current Ratio The current ratio witnessed a decline from FY2011 to FY2013. This is primarily on account of increase in the current borrowing as on June 30, 2012 and June 30, 2013 as has earlier been explained in the trend analysis. Further, the current assets have also witnessed a decline primarily on account of decrease in cash and cash equivalents caused due to losses in the business. However, during FY2014 and FY2015, there has been an improvement in the current ratio even though current assets have decreased. This is primarily on the back of decrease in the current liabilities caused due to repayment of current borrowing (Billabong, 2015; 2013; 2011). P/E ratio From a healthy price of $ 19.3 at the end of FY2011, the stock price slumped to below $ 1 levels primarily due to the huge impairment losses in FY2012 and FY2013. However, the share price has witnessed some slight improvement over the last two years as it has crossed $ 2 and is on the upside. The P/E ratio for FY2015 was 5.5 which is a huge improvement over the previous values and indicative of better times ahead for the company (Billabong, 2015; 2013; 2011). Debt Ratio While the debt ratio has remained largely constant for FY2011 and FY2012, it has increased for FY2013 which can be explained on account of the sizable decrease in the intangible assets and cash which led to a decline of almost 50% in the asset value and hence is responsible for the steep rise in the debt ratio. However, since then, the company has managed to keep the ratio under control by rationalization of the debt levels so as to improve the long term liquidity of the company (Billabong, 2015; 2013; 2011). Industry Comparison Recommendation Based on the above ratios, it is apparent that ROA and the net profit margin of the company is inferior as compared to the industry average although considering that the company is just recovering from a major write off and difficult trading conditions, it may not be an appropriate comparison. Further, the products of the company are significantly different from the normal retail company which further makes comparison difficult. Only on account of the current ratio would the firm be rated higher than the industry average but again considering the difference in business model, it is highly uncertain as to the underlying credibility in this regard (Christensen et. al., 2013). Based on the above analysis, investment should be made in the company at the current price levels but it is suitable investment only for a risky investor as the dividend payment is zero and the company has not completely recovered from the woes but the major issues have been sorted out through management change and other prompt measures to enhance operational efficiency. In wake of this, there is limited downside risk which the upside over the medium term is potentially huge (Damodaran, 2008). Hence, a buy call would be suitable for investors who can assume risk with a medium perspective. Stock Valuation Exercise Dividend paid in FY2016 = $ 0.1 Dividend growth rate = 5% pa Required rate of return = 10% pa The relevant formula for dividend discount model is shown below (Graham Smart, 2012). Intrinsic price of stock = Next year dividend /(Required rate of return Dividend growth rate) Hence, intrinsic price of stock = 0.1*1.05/(0.1-0.05) = $ 2.1 References Billabong 2015, Annual Report 2014/2015, Billabong Website, Available online from file:///C:/Users/omsairam/Downloads/20151016%20Annual%20General%20Meeting%20and%20Annual%20Reports.pdf (Accessed on October 12, 2016) Billabong 2013, Annual Report 2013/2014, Billabong Website, Available online from https://www.billabongbiz.com/phoenix.zhtml?c=154279p=irol-reportsannual (Accessed on October 12, 2016) Billabong 2011, Annual Report 2011/2012, Billabong Website, Available online from https://media.corporate-ir.net/media_files/IROL/15/154279/AGM1/_20110923%20FINAL%20FULL%20FINANCIAL%20REPORT.pdf (Accessed on October 12, 2016) Christensen, M, Drew, M, Blanchi, R Ross, S 2013, Fundamentals of Corporate Finance, 6th eds., McGraw Hill, New York Damodaran, A 2008, Corporate Finance, 2nd eds., Wiley Publications, London Graham, J Smart, S 2012, Introduction to corporate finance, 5th eds., South-Western Cengage Learning, Sydney Yahoo Finance 2016, Billabong International, Available online from https://finance.yahoo.com/quote/BBG.AX?p=BBG.AX (Accessed on October 12, 2016)

Play Theory Tina Bruce free essay sample

Play is an important part of child development. Play provides children with natural opportunities to engage in concrete and meaningful activities that enhance physical, language, social and cognitive development. During play children increase their knowledge and understanding of self, others and physical word around them. While play children develop language skills. Children experiment with language during play and use words to express their thought and ideas. Children use language during play to solve problem and communicate their desires. Playwork practitioner includes working with children aged from birth up to five years, no never professionals working in early childhood education and care of children. Playwork is driven by the belief that the game is very valuable, high factor in the development of the child. In practise, playworkers base their work on general principles and values such as: children right, enabling the children with a chance for growing up in health and safe conditions. We will write a custom essay sample on Play Theory Tina Bruce or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Tina Bruce (1997) talks about free-flow play are encourages imaginative play. First experience is crucial. Bruce using what is learnt and talk about how games help children understand external pressure. Free-flow play gives kids a strong signal and a message about what you need to do now and what will be needed. While placement, a child asking to help make a paper plane. The child has clearly initiated the activity because without the childs idea wouldn’t be even thinking of paper planes. At the same time are leading possibly then providing a step-to-step guide to instruct and show a child how to fold a paper plane. Conversely other activities are setting up the physical area in a never-seen-before way of own choosing which captures childrens imaginations. Or putting a big lump of snow on a table, walking away and letting the children get on with it! In such a case, are not defining how a child interacts with it, and they are free to explore and investigate it, and adapt it, in a way of their own choosing, and establish and meet their own goals. In that sense, they are leading their own play.  The role was to provoke it. Bruce (1991) shows different ways of looking at child. As long as there is a clear way of seeing the children cannot begin to work with them. It is not easy to work in collaboration with other teachers, parents or guardians, because our assumptions about the child are crucial in shaping our practice. Bruce (1991) cites that it is easy to say that the only thing that matters in working with young children is to love them and nurture, and involvement in supporting their maximum development. There are three main attitudes towards child. The first is the empiricist shows a deficit model of child. The role of adults is to identify skill gaps to select the appropriate experience and pass them to the child. This rule came to the fore in a clear surge of traffic education in the late 1960s with Bereiter and Engelman as clear supporters. The second is a nativist suggests that human are biologically programmed to develop in a certain way. Tom Bower (1974) describes the nativist that human knowledge and human skills have been built into the structure of the body. Robert Dearden (1968) philosopher and psychologist Kathy Sylva (BAECE Lecture, 1995) suggest that nationalistic attitude has a dominant influence on the tradition of early childhood. This tradition shows that adults may interfere with the themes of children learning. The third is interactionism Bower (1975) concludes. Bower (1975) shows that not only the structure of the children interact with each other, but also to change each other. There is no interaction with what is outside, but the impact of the child through the senses. Of the early childhood tradition, an adult role is critical. Adults are not seen as instructors empiricist distribution of information and knowledge. This is seen as a mechanism in which children can develop their own strategies, initiatives and responses, and build up their own rules, which allow for their development. The key to the interactionist approach to early childhood education is based on the concept of reciprocity or give and take, it means that sometimes a child leads, and sometimes an adult. As many a Statement of Educational needs say children have a right to access the National Curriculum, practitioner required to deliver it to them as well as can. This puts the National Curriculum at the centre of what to do. However, if think back to what Tina Bruce says about the curriculum the National Curriculum is only a part of what are about. Practitioner must not get side tracked into focusing on a narrow band of content. Bruce (1997) People have personal theories about how children develop and learn, but do not always realize that they have. This is a good solution for those who do not work with children, but it is not right if they are. Bruce (2006) To work with children, it is important to have a sense of professional identify, and be able to locate each other so that the practice is compatible and has internal logic, so that it does not arise out of fashion education. This will ensure that the practice does not work rutine.People should consider and discuss their practice together child at the centre to self evaluate. It is important playworkers main task is to support the childrens playground. Playworkers are other aspects of their work. For example, to administrations, teamwork and management responsibilities, they must carry out their work with due reference to the relevant provisions. They need to know their responsibilities for health and safety, child protection, equal opportunities, registration and control and so on. Playworker aspects of work are similar to other work with children and young people, although from the point of view of the introduction of the game at the heart of everything they do. Bob Hughes (2001) said playworkers are responsible for the physical and emotional safety, and intervene to prevent damage. Reflective practice is an essential element of good practice playwork. Children are human beings to each other, and engage in the game for many reasons, including the construction of their own social life, such as children, the causes of therapeutic, cultural and recreational activities, as well as the exploration and understanding. Given the variety of games, its unpredictability and its role in the lives of children, the role of playworker is complex and sometimes contradictory. Playworkers should understand the art of creating physical and affective environment that support a wide range of experience in the area as possible.

Chairman of Carmen Company Essays

Chairman of Carmen Company Essays Chairman of Carmen Company Essay Chairman of Carmen Company Essay Market analysis report to the Chairman of Carmen Company describing the current market with suggestions which will facilitate to ensure a successful launch of their new products. This report is going to discuss two of Carmens rival, Flora and Fine and compare their products to Carmens. Our report is based upon the market research we carried out in Metro Maadi. Products sold by Flora and Fine: Both these tissue paper companies produce a variety of tissue papers which are targeted at different classes of Egypt. First of all there is the facial box which is mainly targeted at the higher income groups and is more expensive than other tissue products. This type of product is made for keeping in the house, perhaps ad a piece of decoration. The packaging of this product is also better to attract the attention of the higher income groups. Facial boxes are the main product for Fine as this is their major production. On the other hand Flora specialises in the small pocket packets which are targeted at the lower income groups of Egypt. These are also popular because they have a re-sealable flap. This particular product is becoming popular in Egypt as it is cheap compared to other products. This is because it has a cheap package. Flora also has started to produce a large number of toilet rolls. Assessment of Packaging: We observed the different variety of tissue papers manufactured by these two rivals. First of all we will compare the facial boxes; Fine has only one main design for facial boxes which is very colourful and had attracting pictures of flowers. This particular box of 200 tissues is worth L.E 2.50; this is a good decoration and attracts the upper class. On the other hand, Flora has three different designs for their facial box; the first on is the cheapest and has a very basic design with one colour (red, blue or green), this does not look attractive and may be aimed at lower level. The second one is more expensive and has a better looking design perhaps targeted at a higher class; this one has white background with sunflowers on it. The third one is definitely the most attractive and is probably for keeping as a decoration piece as well. This is the most expensive of them all, probably because of the packaging which has colourful flowers on the box. Promotion / advertisement methods: These days there is very little or no advertisement done by Fine or Flora. However, abut a year ago Flora was advertising a lot on Egyptian television but Fine has never been actively advertising. We recommend Carmen to use heavy advertisement when they launch their newly designed products to remind people about Carmen and to give them a taste of the quality. Currently in metro no promotional methods are being used by either of the two companies. However there is a new company called Klenex who are currently using a buy on get on free promotion. This is because it is a new company and wants to look for customers. We recommend Carmen to use these promotional techniques mainly for the cheaper products so that they attract lots of lower income groups as they will be interested in more quantity and less price. This will also help them acquire a good brand name. Pricing: The price difference between these two companies may not make a difference to people like us but it does to low class people and they are very picky about price. They are not bothered about the quality; they want quantity and low price. We examined the prices for the facial boxes and found out that both companies have different prices for different qualities. Fine has one box for L.E 1.95 and the other one for L.E 2.50. The first one is aimed at the lower class and is probably of lower quality than the second. Flora has one facial box which is for L.E 2.25 and they have another box for aimed at children with Disney pictures on it. This is priced at L.E 2.75 and probably is of higher quality as children need softer tissues. Shelf space: Fine and Flora by far had the majority of the shelf space in Metro with Zeina having quite little space. Between Fine and Flora, Flora had a bit of more shelf space mostly because of the different variety of tissue papers manufactured by Flora. While viewing the customers buying the different tissue products we noticed that Flora was being bought most with Fine very close to it. Most of customers buying Fine were only interested in the facial box; on the other hand Flora had customers buying toilet rolls, pocket packs, and facial boxes which show that in a close battle Flora dominate. Survey: The survey we carried out while we were carrying out market research was basically about what brand they are loyal to and what products the like to buy. The results from our survey showed that most people buy facial packs from Fine as they find that the quality is quite good and the prices are lower that Flora, however most of the people surveyed said that they buy the toilet rolls and the pocket packs from Flora as they are of good standard and well priced. When children were interviewed they preferred Flora as Flora has Disney facial boxes which attract the children. Overall our report showed that Flora is a little more popular than Fine. USP: Fine does not have a unique product of any kind, that might be the reason why Flora has more popularity. Flora has a extremely fundamental unique product which no other tissue company in Egypt does. They manufacture a special facial box for children with Disney cartoons so that kids are attracted and force their parents to buy that specific one. Overall brand image: We believe that both Flora and Fine are extremely important competitors to Carmen and both are pretty much equal to each other. However we also believe that through advertising, using different designs and having an important USP Flora have created a better brand name for themselves than Fine. Conclusion/ recommendations: After all the market research we have a few recommendations for Carmen which might help them successfully launch their new products. First of all we think that the Egyptian people need to be reminded of Carmen which will include heavy advertisement and promotional techniques at the beginning of the launch. Manufacturing a USP, something that is different from rival will give Carmen a huge edge. Further more we wish Carmen all the best for a successful launch of their new products and hope that they are appreciated by the public. We also recommend Carmen to use market pricing at first so that they are aware of what price people are willing to pay for a product. This will ensure and guarantee sales which are what Carmen would want in the first few weeks of launching their products. After the new products are established then using competitive pricing would be good.

10 requisitos para visa E2 de inversionistas para USA

10 requisitos para visa E2 de inversionistas para USA La visa E-2 permite a los empresarios extranjeros que invierten en Estados Unidos  y a sus familias vivir y trabajar legalmente en el paà ­s. El emprendedor o emprendedora y su cà ³nyuge podrn permanecer en Estados Unidos indefinidamente mientras se cumplan todos los requisitos de la visa. Los hijos del emprendedor podrn permanecer en los Estados Unidos con una visa derivada del estatus de inversionista de su padre o madre mientras permanezcan solteros y tengan menos de 21 aà ±os cumplidos. Los titulares de una visa E-2 podrà ­an incluso solicitar una  visa B-1 para los  empleados domà ©sticos que ya tienen en el paà ­s de origen y que quieren que les acompaà ±en a Estados Unidos, como por ejemplo nià ±eras de los hijos. Caracterà ­sticas y requisitos de la visa E2 para inversionista en Estados Unidos Si est  interesado en vivir en Estados Unidos y tiene dinero para invertir una cantidad moderada y habilidades para gestionar un negocio, la E2 puede ser la visa adecuada. Antes de comenzar el proceso conviene saber las caracterà ­sticas bsicas y requisitos de la visa: 1. Es una visa no inmigrante. Esto quiere decir que debe ser renovada perià ³dicamente y que no es una tarjeta de residencia  (tambià ©n conocida como greencard). La visa E2 tampoco ofrece un camino directo hacia la residencia legal permanente ni la ciudadanà ­a americana. 2. Se trata de convertirse en propietario de un negocio. El negocio se puede crear partiendo de cero o tambià ©n es posible comprar un negocio ya existente. Incluso es posible utilizar estas visas para enviar a trabajar a empleados de una empresa a una subsidiaria de la misma en Estados Unidos. Lo que no se permite es aplicar por la E-2 para gestionar un negocio que se ha heredado en Estados Unidos. El negocio sà ­ puede ser una franquicia. Estas son las consideras como las 10 mejores franquicias en el paà ­s. 3. El negocio debe ser real y activo. Debe producir un bien o un servicio. Adems, debe contar con todos los permisos y licencias necesarios para operar. No puede tratarse de una organizacià ³n sin fines de lucro. Estos son 21 ejemplos de negocios reales  creados por inversionistas con visa E-2. Y para darle forma jurà ­dica, estos son los 10 tipos de empresas que existen en Estados Unidos. En este punto es muy importante entender que una inversià ³n inmobiliaria por sà ­ misma no es suficiente para poder solicitar u obtener la visa E-2. Es necesario que se trate de un negocio inmobiliario. 4. Tamaà ±o del negocio. La ley guarda silencio en este punto y no exige un tamaà ±o mà ­nimo. Sin embargo, sà ­ es estrictamente necesario que genere beneficios que van ms all de meramente cubrir los gastos y necesidades del inversor y su familia. Es ms, se pide que se produzca lo que se denomina una contribucià ³n importante a la economà ­a. Este requisito se suele considerar como cumplido cuando el negocio genera empleo contratando a ciudadanos americanos. En la presentacià ³n de la documentacià ³n para solicitar la visa habr que presentar un plan de negocio a cinco aà ±os en el que se contemple el nà ºmero de puestos de trabajo que se van a crear. Por lo tanto, es muy importante que la empresa sea exitosa. Por ello conviene conocer cules son los estados en los que es ms fcil hacer negocios  y cules son los ms dificultosos. 5. Cantidad a invertir. La ley no establece una cantidad mà ­nima pero habla de que tiene que ser substancial, que puede variar segà ºn el tipo de negocio. Infà ³rmese sobre el significado de este requisito de cantidad. 6. Paà ­ses de los que debe ser nacional el inversor. Estos son los paà ­ses de habla hispana cuyos nacionales pueden aplicar a esta visa: Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, Espaà ±a, Honduras, Mà ©xico, Panam y Paraguay. Puede tambià ©n  verificar el listado de todos los paà ­ses, cà ³mo afecta la doble nacionalidad y obtener ms informacià ³n sobre el monto de la inversià ³n. 7.  Origen del dinero de la inversià ³n. Obviamente, debe ser legal. Adems, debe pertenecer al inversionista (ahorros, herencias, inversiones) o incluso pueden llegar a admitirse prà ©stamos. 8. Familia del inversionista. El esposo, la esposa y los hijos menores de 21 aà ±os de los inversionistas pueden contar con una visa derivada para vivir en Estados Unidos. El cà ³nyuge podr solicitar, una vez en Estados Unidos, un permiso de trabajo que le permitir trabajar para otra empresa, para la de su pareja o incluso crear su propio negocio. Los hijos solo podrn gozar de esta visa hasta los 21 aà ±os, a partir de esa edad tendrn que salir del paà ­s o contar con otro visado que les permita permanecer en Estados Unidos. Por su edad probablemente estn en edad escolar. Es muy importante familiarizarse con el sistema educativo cuanto antes. 9. Es una visa posible pero complicada. Es altamente recomendable contactar con un bufete de abogados especialistas en este tipo de casos antes de hacer cualquier inversià ³n en Estados Unidos con intencià ³n de conseguir esta visa. El abogado debe, como mà ­nimo, ofrecer servicio de anlisis del negocio y si puede calificar para obtener la aprobacià ³n de las autoridades de inmigracià ³n. Tambià ©n debe completar toda la documentacià ³n, colaborar en la preparacià ³n de la entrevista que se va a llevar a cabo en el consulado correspondiente, y resolver todas las dudas del potencial inversor referentes a inmigracià ³n. El abogado debe ser el punto de contacto con las oficinas del gobierno para resolver los problemas que puedan surgir durante el proceso. Si es posible, el interesado debe contactar a ms de un profesional y comparar servicios y reputacià ³n en esta clase de casos, que son muy especà ­ficos. 10. Diferencias con la visa EB-5.  Ambas son visas para inversionistas, pero la E-2 es de no inmigrante mientras que la EB-5 da derecho a obtener una tarjeta de residencia. Adems, hay una gran diferencia en los requisitos de la cantidad de inversià ³n entre una y otra. A tener en cuenta: otras opciones de visa y de paà ­ses Una visa similar pero diferente es la E-1 para comerciantes bajo tratado. Est pensada para los negocios de importacià ³n/exportacià ³n. En los casos en los que ni la E-1 ni la E-2 son una opcià ³n, usted puede considerar estos  8 posibles caminos para obtener una visa y crear una empresa en Estados Unidos. Adems, si est dispuesto a emigrar a un paà ­s que no sea Estados Unidos, tambià ©n  conviene que se familiarice con los programas de estos 20 paà ­ses en los que es posible obtener la ciudadanà ­a (pasaporte) o  la residencia por inversià ³n. Si finalmente la decisià ³n es Estados Unidos, es importante que se familiarice cuando antes con aspectos legales, migratorios y econà ³micos del paà ­s. El  conocimiento a tiempo har la vida ms fcil y fluida. Si el inversor se decide a solicitar la visa, una vez que llenar la peticià ³n puede verificar por su estatus por internet. Este es un artà ­culo informativo. No es asesorà ­a legal.

The implications of the deviations of the purchasing power Essay

The implications of the deviations of the purchasing power - Essay Example The deviation from PPP will also result in the variation of operating margins significantly. This will in turn affect the competitiveness of the multi-national companies. The main reason for the failure of Law of One Price is the presence of transaction cost. When the deviation of the exchange rate from PPP raises, arbitrage forces will later on become more strong. For a company who deals with differentiated goods, by grouping under one category, the PPP will deviate and this will result in increase in arbitrage forces.Question 2: You are hired by a South African firm with all local costs that has recently entered the export market. The firm prices their contracts in US$, as this is necessary to gain market share. They now realize that with 25% of sales as exports, they face a reasonably sized exchange rate exposure and are not sure whether they should hedge it or not. Knowing that you have training in international financial management, they ask you for advice. Provide a summary of your response on the types of foreign exchange risk this company faces and whether the firm should hedge the exposure. The Company Faces Transaction Risk and Economic Risk:â€Å"Transaction risk, which is basically cash ï ¬â€šow risk, deals with the effect of exchange rate moves on transactional account exposure related to receivables (export contracts), payables (import contracts), or repatriation of dividends. An exchange rate change in the currency of denomination of any such contract will result in a direct transaction exchange rate risk to the ï ¬ rm†.

Reflection Paper Essay Example | Topics and Well Written Essays - 500 words - 26

Reflection Paper - Essay Example Consequently, their action may be misguided. I concur with the conclusion that love is not for amateurs. Love certainly needs persons who can differentiate it and react accordingly. It is easy for young people to confuse infatuation and romantic love. They may end up acting in an irresponsible manner in order to attract whoever they think they are in love with. The information on love is well stipulated, highlighting the different types so that people can distinguish the love they feel based on their circumstances. From this differentiation, there is no doubt that communication, being bi-lingual and avoiding the temptation to â€Å"mind-read† promotes healthy relationships. I find it particularly important for people with related feelings to communicate about it so as to avoid desperate or inappropriate ways to show it. I affirm that sex is mainly the activity taken up by many people who hope to show they love someone romantically. The adolescents stage present major difficulties to parents and educators as there are so many changes that occur in the adolescents. There is prevalent emotional instability among the adolescents. Embarking to educate them about their sexuality, the changes that they are likely to undergo and appropriate actions to take are of sheer importance. It is important that they learn about their bodies and learn to appreciate themselves the way they are. I firmly hold that a high self-esteem among the teenagers is one way to avoid participating in irresponsible sexual activities or poor social development. Certainly, the education can help them to know that sex is never a way to show love. Adolescent girls need to know this so as to avoid early pregnancies or contacting diseases that may jeopardize their futures. I agree with the deduction that parents are the chief sex educators for their children. They need to provide their children with information about their sexuality. Additionally, the fact that early experiences, attitudes,

Applications of Information Technology Essay Example for Free

Applications of Information Technology Essay Driving force in educational reform Students have many opportunities to learn the basic computer skills to facilitate their learning. Multimedia learning centre (MMLC) in secondary school Classroom with a projector 1. 1 Applications of Information Technology in Our Daily Life ? IT at Home ? Smart home technology ?Allows people to control household and other domestic appliances over the Internet ? Personal computer ?Has become a necessity for many households 1. 1 Applications of Information Technology in Our Daily Life ? IT at Home ? Personal computer Uses of personal computer 1. 1 Applications of Information Technology in Our Daily Life ? IT at Home ? Home office ?Refers to a small computerized office setup at home ?Self-employed persons can work at home and communicate with others through the Internet. Clients Self-employed person Colleagues 1. 1 Applications of Information Technology in Our Daily Life ? IT in Public Places ? Information kiosk ?Provides information on nearby facilities in public places ? Electronic Money ?Can be used for petty cash payments ?Example: Octopus Octopus Kiosks 1. 1 Applications of Information Technology in Our Daily Life ? IT in Public Places Internet access service ?It is provided in various public places. ?The public can obtain information from the Internet more conveniently. Internet access service in public area 1. 1 Applications of Information Technology in Our Daily Life ? IT in Business ? Office automation ?Office automation helps office workers improve working efficiency productivity, data security and communications with others An automated office 1. 1 Applications of Information Technology in Our Daily Life ? IT in Business ? Intranet ?A private and small-scale Internet of an organization ?Helps improve workflow and enables efficient collaboration and  communication. Applications of Information Technology in Our Daily Life ? IT in Business ? E-commerce ?Refers to commercial activities carried out in an electronic network ?The Internet is now the most popular way to conduct e-commerce. e-bay, a popular online auction site 1. 1 Applications of Information Technology in Our Daily Life ? IT in Business ? E-commerce We can also purchase groceries online (http://www. wellcome. com. hk) We can book tickets online (http://www. cityline. com. hk) Applications of Information Technology in Our Daily Life ? IT in Government ? Information technology has become an  important means of providing government services. ? Under the ‘2004 Digital 21 Strategy’, the Hong Kong SAR government has committed to developing e-government. 1. 1 Applications of Information Technology in Our Daily Life ? IT in Government ? Electronic Service Delivery ?A web site that provides a wide range of government information and services ?The services include, application for government job vacancies payment of government bills purchasing books making appointments for The use of public services 1. 1 Applications of Information Technology in Our Daily Life ? IT in Government ? Employers concerned about exposing of company confidentials More difficult for employers to monitor work progress 1. 2 Information Technology and the Information Age ? Digital Divide ? Describes the growing gap between those people who can access and make effective use of IT and those who cannot ? Separate people into two groups ?Internet users ?Non-Internet users.