Financial market and the corporate strategy - Myassignmenthelp.Com

Question: Discuss about the Financial market and the corporate strategy. Answer: Introduction: Financial management is a study which evaluates the financial position and the performance of the company. In this report, firstly, financial statements of the company have been evaluated and study of ratio analysis has been conducted to measure the main financial figures of the company. Performance ratios have been calculated to evaluate the profitability and capital structure position of the company. In addition, stock price of Qantas Airways Limited of last 2 year has been analyzed and it has been compared with the stock price of all ordinary shares of Australia. More to it, CAPM study has also been conducted to evaluate the real worth of the company in the market. Further, WACC has been calculated to evaluate the total cost of the company to raise the funds and make a better decision about the investment in the company. Lastly, debt and gearing ratios have been calculated to evaluate the capital structure of the company. Company description: Qantas airways are a flagship airline company. The main functions of the company are operated through its Australian office which is at Queensland in Australia. This company has come into existence in 1920. Various subsidiary companies are managed by the company to operate and administer its business. Further, the company has largest share in the Australian domestic market (Investors, 2018). Accoridng to a current report, 65% share of Australian airlines are held by the Qantas Airways. Currently, the company has diversified its market to manage the performance and the position of the company. Ownership governance structure: It is required for every company and the stakeholders of the company to evaluate and identify the performance and the position of the company through evaluating the governance structure of the company and the changes into the management of the company from last year. This study makes it easy for the company to manage the position and the worth of the company in the market. Further, this study explains that how many people owned to the company and how much stock is held by them. Following is the details of the company: Substantial stakeholders: Annual report of the company has been evaluated to identify the performance of the company and through the study; it has been found that there is not stockholder in the company who has more than 20% stock in the total ownership of the company. Further, it explains that the company has not any investor who has invested more than 5% in the stock of the company (Annual Report, 2017). Main people: More, the main people of the company have also been evaluated and it has been found that the Alan Joyce is the CEO of the company and he has changed various operations of the company from its joining. Further, it has also been found that the Leigh Clifford is the chairman of the company and it has also been explained that the company has not any main people who has invested more than 5% in the stock of the company. Performance ratios: Performance ratios are the study which is conducted by teh companies and all the parties which are related to the company to evaluate that how the position of the company in current scenario. What are the changes which must be done by the company to enhance its performance? Performance ratios make it easy for the company to manage the position in the market (Hogarth and Makridakis, 2011). For this report, ROA, ROE and debt ratios have been calculated. The study of them is as follows: Return on assets (ROA): Return on assets is a ratio which is calculated to examine the position of the assets in terms of the total profit of the company. It explains that how much profits are calculated by the company in recent year in terms of assets: A. Return on assets= NPAT/ total Assets 852000/17221000 4.947% The above calculations express that the return on assets of the company is 4.95% which explains that the financial position of the company is moderate. Return on equity (ROE): Return on equity is a ratio which is calculated to examine the position of the equity in terms of the total profit of the company (Hillier, Grinblatt and Titman, 2011). It explains that how much profits are calculated by the company in recent year in terms of equity: B. Return on Equity= Net profit after tax/ ordinary equity 852000/3053000 27.91% The above calculations express that the return on equity of the company is 27.91% which explains that the financial position of the company is quite better in terms of equity. Debt ratios: Lastly, debt ratio is also a ratio which is calculated to examine the capital position of the company in terms of the total liabilities and the total equity of the company. It explains that how is the position of the company in the market. Further, it explains about the cost and the return of the company. Following is the calculations of the company: C. Debt Ratios = Total Liabilities/ total assets 13684000/17221000 79.46% The above calculations express that the debt ratio of the company is 79.46% which explains that the financial position and capital structure position of the company is quite better in terms of liability and equity (Higgins, 2012). Further, the below equation has also been solved to manage the performance of the company: EBIT / TA * NPAT / EBIT * TA/ OE = NPAT / OE (993000/17221000)*(852000/993000)*(17221000/305300)= (852000/305300) 279.07% 279.07% (Morningstar, 2018) TA/OE: Further, the impact of total assets and total equity on the return on assets and return on equity of the company has been evaluated so that a better decision could be made by the company. Further, the equation of TA and TE explains that the level of total assets and total equity directly affects the performance and the position of the ROA and ROE of the company. It is required for the company to evaluate the position and the performance of company and thus the management must evaluate this phenomenon and make a better decision and position accordingly. TA/TE = (NPAT/ Total assets)/(NPAT/TE) TA/TE =Total assets/TE (Garrison, Noreen, Brewer and McGowan, 2010) ROA and ROE: Further, the study has been carried on further and it has been evaluated that how the ROA and ROE positions are different to each other. Through the study, it has been found that the ROA is significantly lower than the ROE of the company and the differences are dew t the level of the equity and the total assets of an organization. Accoridng to the books and the articles, it has been found that the assets of the company could never be more than the equity of the company due to teh accounting double entry system rule. Changes in stock price: More to it, the study has been carried further and it has been found that the how much difference is among there in the QAN stock price in last 2 years and at the same time the comparative study has been done over AORD to evaluate the differences and the correlation among both the stocks. The following graph explains about the stock prices of both the stock. Following is the graph which represents about the stock price of both the stock: (Yahoo Finance, 2018) Evalaution: Accoridng to the abive study over both the prices of the stock, it has been evalauted that the stock price of the QAN is bit stbale than the stock price of the AORD. At the same time, it has also been found that the AORD prices have also not been changed lot in last 2 years. Further, the correlation of both the stock has been calculated to examine the position of the company and the performance of the company. Correlation of the company is 0.58 which explain that both the stocks are moderate. It explains that the changes into the stock price of QAN also affect the stock price of AORD. Significant factors: Further, the study has been done over the various articles and news to evaluate the changes into the stock price from last year. This study has been done accoridng to the changes in the stock price and the management of the company. Following is some of the factors: Significant management changes: The changes into the management have directly impacted over the stock price of the company and positive changes have been found. Competitors impact: Further, the changes into the competitor position have also impacted over the stock price of the company and some negative changes have been found (Arnold, 2013). Analyst forecast: More, the news about financial position has also impacted over the stock price of the company and some positive changes have been found. Law suits: More, the news about various law suits also impacted over the stock price of the company and some negative and positive changes have been found (Yahoo Finance, 2018). Industry wide factors: More, the news about industry factors have also impacted over the stock price of the company and some positive changes have been found (Baker and Nofsinger, 2010). Calculation of CAPM and beta values: Beta: The further study explains that the beta of QAN stocks is 0.21% which explains about the less risk of the company. CAPM: Further, following table explains about the CAPM of the company: Calculation of cost of equity (CAPM) RF 4.00% RM 6.00% Beta 0.03% Required rate of return 4.00% (Besley and Brigham, 2008) Explanation: The CAPM calculations explains that required rate of return of the company is 4% which means if the company want to raise the funds through equity than the company would have to pay 4% of the total profit to the stockholder of the company. Further, it has been found that the company should raise the funds through equity after analyzing the capital structure of the company. WACC calculations: Following table explains about the WACC of the company: Calculation of WACC Price Cost Weight WACC Debt 31,44,000 4.20% 0.50734 0.02131 Equity 30,53,000 4.00% 0.49266 0.01971 61,97,000 Kd 4.10% Calculation of cost of debt Outstanding debt 31,44,000 interest rate 6% Tax rate 0.3 Kd 4.20% Calculation of cost of equity (CAPM) RF 4.00% RM 6.00% Beta 0.03% Required rate of return 4.00% (Morningstar, 2018) Evaluation: The above calculations explain about the cost of debt and the cost of equity of the company and further, it explains about the position of the company in terms of the cost to raise the funds for the operations and the functions of the company (Horngren et al, 2005). Further, it has also been found that the current cost of capital of the company is 4.10%. Debt ratios: Optimal capital structure: Capital structure depicts about a best balance of debt and equity of the company. It explains that the capital ratios of the company are as follows: 2017 2016 A. Debt Ratios = Total Liabilities/ total assets Total Liabilities/ total assets 13684000/17221000 13450000/16705000 79.46% 80.51% The calculations explain that the capital structure of the company is not stable and the company has lowered the total assets of the company in current year. Gearing ratios: Further, the gearing ratios of the company have been calculated and it has been found that the company has raised the level of total liabilities and total assets to manage the position of the company. Following are the details about it: 2017 2016 Gearing ratios = Total Liabilities/ Capital employed Total Liabilities/ Capital employed 13684000/(17221000-7095000) 13450000/(16705000-7028000) 135.14% 138.99% Dividend policy: More to it, the study has been performed on dividend policies of the company and it has been analyzed that the company is following the relevant dividend policies. Company always offers a great amount of dividend to its investors and thus the attractive of the company is quite higher among the investors and the shareholders of the company (Kaplan and Atkinson, 2015). Recommendation and Conclusion: Further, accoridng to the study, it is recommended to the investors to invest into the company as it would offer great return to the company and at the same time the position of the investment would be better. The performance ratios and the stock prices changes explain about the better position of the company. References: Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and Markets. Cengage Learning. Arnold, G., 2013.Corporate financial management. Pearson Higher Ed. Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and Markets. John Wiley Sons. Besley, S. and Brigham, E.F., 2008.Essentials of managerial finance. Thomson South-Western. Garrison, R.H., Noreen, E.W., Brewer, P.C. and McGowan, A., 2010. Managerial accounting.Issues in Accounting Education,25(4), pp.792-793. Higgins, R. C., 2012.Analysis for financial management. McGraw-Hill/Irwin. Hillier, D., Grinblatt, M. and Titman, S., 2011.Financial markets and corporate strategy. McGraw Hill. Hogarth, R.M. and Makridakis, S., 2011. Forecasting and planning: An evaluation.Management science,27(2), pp.115-138. Horngren, C.T., Sundem, G.L., Stratton, W.O., Burgstahler, D. and Schatzberg, J., 2005. Introduction to management accounting. Upper Saddle River, New Jersey: Prentice Hall. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Madura, J., 2011.International financial management. Cengage Learning. Yahoo Finance. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://in.finance.yahoo.com/quote/QAN.AX/history?period1=1451586600period2=1514658600interval=1dfilter=historyfrequency=1d Morningstar. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://financials.morningstar.com/cash-flow/cf.html?t=QANregion=ausculture=en-US Invetsors. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://www.qantas.com/travel/airlines/investors/global/en Annual report. 2018. Qantas Airways Limited. viewed Jan 23, 2018, https://www.qantas.com/infodetail/about/corporateGovernance/2016AnnualReview.pdf

Nationalization of Mexicos Oil and Gas Industry

Introduction The Mexican revolution that began in 1910 and continued for ten more years had far reaching impacts on all aspects of life of the Mexicans. Several bloody revolutions took place between 1910 and 1920. The peak of these revolutions was in 1917 when Mexican constitution was drafted. Several sections of this constitution shaped a variety of events that took place in post-revolutionary Mexican politics. Article 27 of this constitution was important as it restricted subsoil ownership to the state.Advertising We will write a custom research paper sample on Nationalization of Mexico’s Oil and Gas Industry specifically for you for only $16.05 $11/page Learn More In this paper, I will focus on the Mexican revolution and especially on the events leading to the creation of constitution of 1917. The paper will also look at nationalization of the Mexican oil industry and the events that preceded the expropriation foreign oil company property in Me xico. The Mexican revolution of 1910-1920 The Mexican revolution of 1910-1920 rose following mounting discontent of President Porfilio Diaz’s government. Diaz rose into power through what he claimed as liberalizing movement whose motto was â€Å"effective suffrage, no reelection†. However, he remained in power for thirty four more years disregarding the no-reelection pledge (Joel 2001, 541). This revolution that began in 1910 was a bitter and a bloody war that involved a variety of armies seeking the control of Mexico in a period of ten years. By this year, Mexico had been under the rule of Porfirio Diaz who had overthrown French installed emperor Maximillan. Diaz ruled Mexico in a dictatorial fashion from 1876 up to 1911 when he was overthrown by Madero. During his rule, the economy of Mexico prospered at the expense of the peasants and the working class whose living conditions continued to worsen significantly. Workers were paid lowly while majority of Mexican wealth was in the hands of ruling families; an insignificant proportion of the population. As a result of these injustices, liberal opposition began to take root to challenge the dictatorial rule of Diaz. This opposition was led by Madero who challenged Diaz while still in prison under the support of anti-Diaz rebel. When he was released from behind the bars, Madero fled to USA from where he emerged in 1910 to start a rebellion. The result was a long protracted struggle that tore Mexico apart and untold suffering to the ordinary Mexican citizens (Walsh Quesada 2006, 5). Madero, together with Pancho villa and Pascual Oroczo forced Diaz and his deputy to resign in mid-1911. Rather than take the presidency, Madero allowed for an interim president while he run for election in late 1911. When Madero ascended to power, he continuously faced opposition from former friends of Diaz and radical revolutionists led by Zapata whose interests were in land reforms and other policies. On February 18, 19 13, Madero was overthrown and murdered by Victoriano Huerta (Camp 2011, 84).[1]Advertising Looking for research paper on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More The constitution of 1917 The death of Madero set in place a radical phase of Mexican revolution that occurred between 1913 and 1916. The revolutionary principles of this period became incorporated into the constitution of 1917. Article 27 of the constitution has remained the most crucial aspect to dat. The first paragraph of this article granted the nation the power to expropriate property for the sake of public rights and equitable distribution of resources. Paragraphs four and five also grant the nation full ownership of all resources in the subsoil. The distrust shown towards the US by Mexican nationalistic emerged from the US ambassador allowing Madero to be overthrown and killed. Venustiano Carranza ascended to the throne in 1916 and was himself succeeded by Gene ral Alvaro Obregon in 1924 (Gordon 1 1965, 34). Constitutional amendment of 1928 Political ambitions and the desire to run for a second term in office made Obregon to amend the constitution in order to allow nonconsecutive reelection. Although Obregon went ahead to win the reelection, he was assassinated before being sworn in. what followed was a series of important political changes that have lasted to date. Lazaro Cardenas Lazaro Cardenas was born in Michoacà ¡n in 1895. With the support of the constitutionalists, Cà ¡rdenas joined the Mexican revolution as a captain in 1913 at the age of 18. He participated in numerous other battles such as those fought against Zapata and Villa. Cardenas served under General Plutarco Elias Calles. Cardenas went ahead to support the government against the army rebellion of 1923 and 1929. He was also engaged on the government’s side against Cristello rebellion of 1928. By 1928, Cardenas had reached the rank of divisional general. Cardenas went ahead to serve as a governor, president of the National Revolutionary Party (PNR), and secretary of national defense. He resigned as the secretary of the National defense in 1934 to serve as NPR’s flag bearer for presidency (Camp 2011, 100). When Calles influenced the decision to choose Cardenas as the party’s flag bearer, he believed that he would be the power behind the throne. However, Cardenas applied his political skills to outmaneuver the ex-president and forcefully exiled him to the US in 1935. He believed that president could only have control over the political system only when they were in power but not afterwards. This was the first major political principle introduced by Cardenas in the politics of Mexico. His second major contribution was in the development of some crucial features of the NPR and the relationship between corporatist structure and occupational groups. These relationships included those between organized labor, peasant organizations and NPR. Cardenas recognized huge labor confederations formed a section of his party and therefore required approval from the state.Advertising We will write a custom research paper sample on Nationalization of Mexico’s Oil and Gas Industry specifically for you for only $16.05 $11/page Learn More On private sector, the president required firms of a certain size to business organizations started by the state while at the same time excluding them from NPR. This moves created official channels through which communication between the state and large economic and political actors was enhanced (Philip 1982, 172). Cardenas also changed the socio-economic tone of his government so as to show favor to the interests of the working class. He handed them land and encouraged those with various discontentment to air them through legal strikes. All this changes especially on the corporatist linkages was the foundation of a more powerful, centralized authoritarian state. Cardenas and nationalization of Mexican oil The Mexican oil expropriation had far reaching impacts on both the international oil industry and the Mexican revolution. Cardenas presidency is credited for having institutionalized the revolution as he sought support from beyond the elite friends as Carranza had done. This was evidenced by his incorporation of the working class and the peasants into his party. On 18th March, 1938, Cà ¡rdenas nationalized the oil industry. The nationalization was a sign of a dramatic affirmation of the economic independence of Mexico from leading oil companies and their governments, a move widely supported by majority of Mexicans. Cardenas’ motives for nationalization of Mexican oil are shrouded in mystery. A similar mystery surrounds his relationships with key political insiders (Philip 1982, 201). Implications of the constitution on Mexican oil It is most likely that Cardenas nationalization of Mexican oil emanated from his political elit es rather than from diffuse popular pressure like many would like to assert. Article 27 of the constitution framed in 1927 claimed that Mexican subsoil was a property of the nation. This might have yielded the eventual expropriation. But oil nationalization was not all that popular during the revolutionary period. The nationalization could only have come from a small group whose tenuous roots were in the mass of the population. It is crucial to understand that Mexico was highly classed, fragmented and disunited to produce a very successful nationalism. The nationalism witnessed during the revolutionary period had a highly conservative tone. If such a thing occurred, then it probably arose from the military nationalism. Military nationalism was encrusted in the urban middle-class sectors and was represented by the carrancism. This nationalism motivated the attacks directed towards the porfirian political system. The porifirian political system had been entrusted by earlier regimes to the development and management of economy and foreign capital (Santiago 2006, 117).Advertising Looking for research paper on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More It is rational to argue that those involved in preparation of Mexican constitution were non-other than the military officers who had served under Carranza during the fight that was still going on. These military officers were somehow irritated the intervention of the US in their revolution. Just like Carranza, these military officers laid the blame on the oil companies (Santiago 2006, 118). It is most probable that the oil companies did find it worthwhile to finance to some extent various rebel groups in their bid to control oil producing areas. This was viewed by non-financed factions as a form of political commitment by the oil companies. Although such claims may appear ambiguous, such a form of contribution could not be averted except by abandonment of properties; a highly unlikely thing for oil companies. This involvement by the oil companies was further evidenced by their claim for a legal position. If this was respected, then these would have given them entrenched rights free from policies of the post-revolutionary government. Based on these claims, Carranza viewed the presence of these oil companies as permanent threat to his government. His arguments were that through the oil companies, North American interests would be in operation in Mexico. He rationalized that by losing the regimes that had supported them; these companies had played a critical role in opposing the revolution and were now seeking the intervention of their governments against nationalization. Carranza was determined to show that Mexico was free to repel or modify its laws with or without being retrospect. He was determined to prove that foreign interests ought to accommodate their activities with ‘our laws’ rather than use the influence of their own governments to force Mexico to accede to legislation convenient to them (Kirkwood 2000, 122). The oil companies reluctantly agreed to Carranza’s proposals and remained intransigent. Consequently, these proposals were m ade part of the Mexican constitution of 1917. Ever since its inclusion, not a single president before Cà ¡rdenas attempted to confront the oil companies. Only Carranza himself had come to that brink. Although these companies were very strong and were backed by Washington, it is also important to mention that successive Mexican government were in weak position and thus unwilling to confront America (Philip 204). The weakness was chiefly caused by the constant internal warfare that characterized Mexico during the 1910-1920 period and three other major uprisings against the government that occurred in 1920s. As a result, Mexican governments were supported by Washington during this period in the maintenance of domestic stability (Philip 1982, 124). In 1919, attempts by Carranza to translate article 27 of the constitution into law faced severe opposition from these companies and the US forcing him to draw back. However, Carranza was overthrown by Obregon who showed less interest in the issue. Towards the end of 1924 when General Elias Calles ascended into power, he showed a determination to radicalize NPR in a bid to build power to silence Obregon and reduce any forthcoming independent political mobilization. Calles, whose main initiatives appeared elsewhere, hastily persuaded the congress to make article 27 of the constitution into law. In December 1925, Calles approved the new law. This law required the companies to seek confirmation of their holdings in Mexico which were to be handed over to the government after some time.[2] In addition to this, the companies were prohibited against seeking foreign intervention in case of a dispute between them and the government of Mexico. The government of Washington and the companies considered this law unacceptable. After Calles, all other succeeding presidents-Portes Gil, Ortiz Rubio, and Rodriguez were revolutionary leaders with the exception of Portes Gil who was congressionally appointed (Philip 1982, 204). By early 19 30s, it had become evident that oil companies were shifting they focus to lower cost Venezuela. This was mainly because Mexican oil production had nosedived after 1926 despite continued foreign investment. By mid-1931, Mexican oil exports had reached a record low and its importance effectively lost from the international arena. Mexican oiling areas had been extensively damaged by the drilling activities of the oil companies. The economic expectation from foreign oil companies’ economic advantages dwindled significantly among Mexican officials. The oil companies were continuously seen as enriching their home countries at the expense of Mexico. The companies were considered as holding Mexico purely as a reserve area which was held back in the interests of the international oil markets stability (Stacy 1981, 4). The question of labor relations also emerged in the wake of early 1930s. The Mexican oil workers were initially recruited through subcontractors whom the state held resp onsible for the workers. Therefore, the first struggle by the oil workers was to form trade unions and to strike. These demands were constantly denied making labor relations primitive and violent (Brenner, 1971, 34). Calles regime was the first to initiate a state oil company. The national railway was given the right to explore possible oilfields[3] close enough to the railway line. The regime went ahead to create a special agency for the oil industry. In 1934, Petromex was instituted to develop potentially oil-rich areas under government’s hands. The main goal of petromex was to supply domestic market with cheap oil. Later in 1934, wages in the oil industry were raised. Foreign oil companies in retaliation increased the prices of oil. Local dailies then worked up violent agitation by accusing the oil companies of exploiting local consumers for the benefit of overseas shareholders. In a sequence of events, bus and taxi drivers went on a strike (Gonzales 2002, 66). From these developments, it is clear that when Cà ¡rdenas nationalized the oil industry, he only harnessed rather than created the hostility to the oil companies. But it is also true that he had a personal commitment to initiating state control in the oil industry. While giving his first report to the congress at the beginning of his presidency, Cà ¡rdenas promised that his regime would intervene to bring balance in the economy of the oil industry. He promised to helpMexico reap benefits from its oil resources which had been for a long time extracted by the companies. In the same report, the president elect promised the public that he would enact laws that were to give Mexico sufficient powers to control the development of the oil industry (Gonzales 2002, 67). President Cà ¡rdenas lamented the petroleum law of 1925 that appeared not to comply with article 27 of the constitution. It apparent that Cà ¡rdenas was interested in a direct control by the state of the oil resources and would have stopped at nothing to see the oil companies kicked out. There appears that there were certain influences by factions and tendencies within Cà ¡rdenas administration that slowed down his independent preferences. There is also a likelihood that certain unforeseen circumstances which he could not control slowed him down. Other key player in Cà ¡rdenas administration such as general Mugica and Lombardo Toledano were more radical in the oil related matters than Cà ¡rdenashimself. Particularly, Mugica was violently opposed to all the oil companies (Jowett Quesda 2006, 6). A more moderate wing in the government appears to have existed that urged Cà ¡rdenas to use a more moderate and gradual policies but which will ultimately lead to expropriation. A variety of unforeseen and conjectural factors were vital in the determination of the process of expropriation. Prominent among these was the mobilization of the oil workers. Under LombardoToledano, the more than 10,000 oil workers in 19 dif ferent trade unions as of 1934 were brought under one trade union. Although the initial aim of consolidating all the trade unions was for them to rally behind Cà ¡rdenas in the fight with Calles, the union continued to be important during Cà ¡rdenas rule (Jowett Quesda 2002, 7). In July 1936, constituent labor unions met in Mexico City with the aim of drawing up the demands of collective labor contract. Although the oil companies welcomed the move, they felt that the demands were excessive. This was what Cà ¡rdenas government had planned; that the wage be set very high, not to bring equilibrium to demand and supply, but rather to echo the capacity of the oil companies to pay. In an earlier speech, Cà ¡rdenas had asserted that if the entrepreneurs failed to maintain their businesses in the wake of labor militancy, the Mexican government was more than willing to do this on their behalf (Joel 2001). Moves towards confrontation In 1937, pressure on the oil companies continued to mou nt. At the beginning of the year, a draft bill was leaked to the press that revealed the government’s proposal to replace petromex with a government petroleum corporation that would take total control of the entire oil industry. The draft further revealed that being purely government owned, the corporation would be exempted from all forms of taxes and thus be able to compete with the companies in domestic market. This move was likely to drive several oil companies out of business as they sold all their output in the local market.[4] At the same time that the dossier was leaked, there were reports that the government was considering to further tax the oil companies. This law was considered unfair to the companies while at the same time Cà ¡rdenas refuted that no harm was being done to foreign capital as the regimes decision could not result in confiscation of properties (Meyer 1977, 143). [5] In May 1937, the oil companies offered 14m pesos against the 65m demanded by the wor kers. This led to a general strike that occurred at the end of May. The workers almost immediately, called on their government for arbitration. The government responded by constituting a commission of experts. This committee included Silva Hertzog, a famous oil nationalist, which demonstrated that Cà ¡rdenas was looking forward to a report that would prove unacceptable to the companies. Like was expected, the report made by the commission was provided an enormous accusation of the oil companies. The report concluded that major companies in the oil industry were foreign and that they had never at any time been connected to Mexico and thus their interests were largely foreign. It was reported that oil interests had in many times resulted in political influence both within and outside Mexico. These and many other points were challenged by the companies (Hart 1987, 549). Among the proposals made by the commission was the inclusion of the government as an equal partner in the oil indust ry; a proposal which was rejected. Interestingly, in 1936 and 1937, it was the government which was pushing for nationalization, however, in 1937/1938, the companies took a more aggressive stance. They determined to prove that the government could not handle the economic consequences of expropriation and could not also make proper use of the expropriated assets. By the end of 1937, Cà ¡rdenas’ determination for nationalization appeared to have withered down as he sought agreement with the companies (Rippy 1972, 66).[6] The expropriation When it appeared that the companies, not the president, were seeking confrontation, Cà ¡rdenas had no choice as evidenced in a speech he made on 24th, February, 1938. He accused the companies of abruptly repatriating funds and carrying out a publicity campaign to cause havoc among the businessmen. Apparent in his speech was the fact that these companies had once again raised the question concerning the sovereignty of Mexico (camp 2011, 128). Oil companies seems to have underestimated the importance of economic factors and instead concentrated on political factors because, although the Mexican economy was in chaos, Cardenas was popular and the length of time it had taken to nationalize the industry made it politically safe. When the move was made by the president, not a single soul opened his mouth. No one was there to save the companies and nothing less of a military invasion would have given them protection. The government of Cardenas received massive support never again witnessed in history (Philip 1982, 154). The government took full control of the industry as the public had remained reluctant to take up their half cake in such a risky industry. It can be argued that the oil companies led to their own death. Their ignorance was largely legendary and their loss of position was inevitable after USA became less willing to defend them every time they felt vulnerable. Their eventual stubbornness only worked to quicken na tionalization which was already in place. They never showed any willingness to respect Mexican sovereignty. There is not a single government that would stand international and diplomatic intervention in its attempts to alter regulations concerning her oil industry. To assert that the government of Cà ¡rdenas expropriated the oil companies not necessarily because it preferred confrontation to bargaining, but due to the fact that proper bargaining relationship did not exist would not be an understatement. PEMEX petroleum is born Nationalization meant that the government had the monopoly in exploration, production, refining, and distribution of oil and natural gas and other products. Oil companies pressed the US government to embargo imports from Mexico in a move that would discourage other states from following in its footsteps. In 1943, the Mexican government agreed to compensate oil companies with US$24m which was only a fraction of the book value of their expropriated assets. On t he other hand, Mexico was denied foreign capital and expertise for some time but the oil industry expanded at an alarming rate. Between 1938 and 1971, the oil industry grew at an annual rate of 6% with production increasing from a mere 44 million barrels in 1938 to 78 million barrels in 1951. By 1971, the production had risen to 177million barrels with domestic consumption exceeding production. Pemex continued exploring for oil and in 1975, production once again exceeded production. The trend has continued with new plans being put in place to increase petroleum exports, enhance competitiveness and increase regional development. Oil companies affected by the expropriation The decree of March 18, 1938 did not affect all the foreign oil companies in the in Mexico. Companies not involved in the labor difficulties were left to continue with business. The major companies expropriated included Mexican gulf, New England, International, transcontinental, and globe petroleum. In total, there were at least forty companies whose properties were expropriated (Gordon 2 1941 45). Although some companies were not expropriated, they still suffered as some were engaged in production and would sell the oil to bigger companies who transported and refined on their behalf. Following this dramatic move, these small companies had to cut down on production and only hoped that conditions would change for better. The Mexican gulf was among the unaffected companies which had the largest production. This company was also a big company in the US and did not have to sell oil to the expropriated companies. The reason Mexican gulf was not expropriated remains a mystery to date (Gordon 1941, 96).[7] Although Mexico handled the expropriation successfully than predicted, the main moral justification for expropriation never emerged. The government seems to have wanted larger profits more quickly than the companies could afford( BridRos 2009, 89). In the past three years oil production in Mexico h as plummeted twenty percent due to a lack of funding for drilling costs. The Mexican government is in so much debt they cannot afford to access the reserves that are under them and are too hard headed to allow foreign investors to drill. The current President of Mexico is Felipe Calderon and he realizes the problem Mexico is facing and tried to allow private businesses to develop refineries and pipelines in Mexico because that is one of the most expensive parts of the oil business. The Mexican Congress denied this proposal by President Calderon and they are still facing a major dilemma. Many foreign powerhouse oil companies such as BP, Conoco Phillips, Shell, Exxon Mobil, and others have tried to lobby for the rights to drill offshore in Mexico but the nationalists in Mexico won’t allow it. This problem is going to continue for Mexico until they finally extend basic mineral property rights to the citizens of Mexico. This will allow for private industries to get in on this mas sive oil reserve and not only help the Mexican economy but also help the global economy. But as of right now the Mexican government is holding a monopoly on the eighth largest oil reserve in the world and can’t even afford to tap into it. Conclusion A variety of reasons led to the rise of the Mexican revolution of 1910-20. The period witnessed several bloody revolutions that led to great loss of life and property. The promulgation of the constitution of 1917 had a large impact on the future of Mexico. The rise into power of Cardenas Lazaro marked yet another milestone in the history of Mexico. Cardenas finally expropriated foreign oil companies and nationalized the oil industry. The oil industry witnessed rapid growth in the initial years but the sailing has not been smooth al the way. Bibliography Brid, Juan Carlos, and Jaime Ros. Development and growth in the Mexican economy: a historical perspective. New York, NY: Oxford University Press, 2009. Brenner, Anita. The wind tha t swept Mexico.Texas: University of Texas Press, 1971. Camp, Roderic. Mexico: What Everyone Needs To Know? New York, NY: Oxford University Press, 2011. GORDON, Wendell Chaffee. The Expropriation of Foreign-Owned Property in Mexico. By Wendell C. Gordon, etc. Mexico City: Ayer Publishing, 1941, 1941. Gonzales, Michael. The Mexican Revolution, 1910-1940. Albuquerque: University of New Mexico Press, 2002. Gordon, Wendell Chaffee. The political economy of Latin America. New York: Columbia University Press, 1965. Hart, John. Revolutionary Mexico: the coming and process of the Mexican Revolution. Berkeley: University of California Press, 1987. Jowett, Philip S., and Alejandro, Quesada. The Mexican Revolution, 1910-20. Oxford: Osprey, 2006. Kirkwood, Burton. The History of Mexico. Westport, Conn.: Greenwood Press, 2000. Krieger, Joel. The Oxford Companion to Politics of the World. 2nd ed. Oxford: Oxford University Press, 2001. Meyer, Lorenzo. Mexico and the United States in the Oil Controv ersy, 1917-1942. Austin: University of Texas Press, 1977. Philip, George. Oil and Politics in Latin America: Nationalist Movements and State Companies. Cambridge: Cambridge University Press, 1982. Rippy, Merrill. Oil and the Mexican Revolution. Leiden: Brill, 1972. Santiago, Myrna. The Ecology of Oil: Environment, Labor, and the Mexican Revolution, 1900-1938. Cambridge: Cambridge University Press, 2006. Stacy, Lee. Mexico and the United States. Englewood Cliffs, N.J.: Prentice-Hall, 1981. Footnotes Huerta was a seasoned career soldier Originally, this would have been after 50 years from the beginning of their operation. Oil was later found here The government’s reaction to this leak was halfhearted. Although these plans were not really implemented, foreign companies nonetheless felt an isolated lot He also softened his stance in other areas It is assumed that workers were given better pay This research paper on Nationalization of Mexico’s Oil and Gas Industry was written and submitted by user Gaige Winters to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Chinas Support for North Vietnam in the Vietnam War

Chinas Support for North Vietnam in the Vietnam War Introduction One of the major wars waged after the Second World War was the Vietnam War (1965-1968). The two major antagonists in this war were China which backed North Vietnam and the US which backed South Vietnam. This war was in actual sense a front from which an ideological war between China and America was waged.Advertising We will write a custom research paper sample on Chinas Support for North Vietnam in the Vietnam War specifically for you for only $16.05 $11/page Learn More China was keen on spreading communism while the US was equally keen on advancing capitalism or at least curbing the spread of communism. The then US president Lyndon Johnson adopted a policy favorable to South Vietnam. Therefore, the US extended its commitment to preserve the independence of South Vietnam from the communist threat that North Vietnam posed. On the other hand, there existed a close relationship between North Vietnam and China. Evidence of this is present in the ass urance from Chinese Leader Mao Zedong to the North Vietnamese that your business is my business; my business is your business, we together will unconditionally fight America† (Bradley 9). China therefore vowed to support the north to whatever extents were needed. This paper shall analyze the specific manners in which China supported Vietnam in the course of the Vietnam conflict. Reasons for Chinese Involvement and Support A major result of World War two was the emergence of two Super Powers, The USA and the Soviet Union, both of which favored different political ideologies. While the US favored capitalism, the Soviet Union was pro communism and aimed to spread this ideology to its spheres of influence. One of the biggest allies of the Soviet Union was China which advocated for an even more radical implementation of communism. China was committed to the idea of a communism which emphasized violent revolution and Vietnam presented a perfect ground from which China could propagat e its ideology. In addition to this, China was even more determined that Moscow to spread the communism ideology everywhere. Aiding North Vietnam presented an immediate means through which China could oppose the US and as such, undermine capitalism. Vietnam was the arena for Chinas support for wars of national liberation and china encouraged North Vietnam to take on an aggressive course in the fight to unify the north and the south. As of the time of the war, the capital city of South Vietnam was Saigon while that of the North was Hanoi. US defense of South Vietnam was an expression of greater commitment to battle against Communism in Southeast Asia. Another reason for the increased Chinese support of Vietnam was the deteriorating relationship between the Soviet Union and China. These Sino-Soviet tensions were brought about by ideological and political issues between the two communist states. This split between the Soviets and Chinese resulted in public criticism of each others poli cy and each party aimed to establish itself as the major communist power. For China, supporting Vietnam would reinforce its power and influence among the communist countries.Advertising Looking for research paper on asian? Let's see if we can help you! Get your first paper with 15% OFF Learn More While it was possible to arrive at a political resolution of the Vietnam conflict, China firmly opposed any political settlement. This opposition was as a result of the realities from the First Indochina War which ended in 1954 with a decisive victory for Hanoi against the French. Following this victory, China and the Soviet Union had failed to support North Vietnam in their ambition to reunify Vietnam under communist rule. This lack of support had resulted in North Vietnam failing in its unification attempts and Hanoi viewed this as a betrayal by their Communist comrades. With this historical backdrop, China was keen to ensure that North Vietnam did not lose out aga in since a loss would destroy Hanois trust in China. Ways in which China Supported North Vietnam Even before the Vietnam War began, China had made it clear to the US that any military action against Hanoi would be considered as action against China and as such, China would give military support to North Vietnam. Actual Chinese support of North Vietnam began following the Gulf of Tonkin incident in which a US navy ship was engaged by North Vietnamese boats resulting in a sea battle. Following this incident, America undertook reprisal air strikes against North Vietnam. The air strike code-named Rolling Thunder commenced on March 2, 1965 and its aim was to pressure Hanoi and Beijing into stopping their aggression against Saigon. In response to this reprisal Beijing ordered Chinese air and naval units which were to the south of China to be ready for combat. In addition to this, a number of air divisions and anti-aircraft artillery divisions were deployed near the North Vietnam border. D inglie and Kongjun document that China sent some MIG-15 and MIG-17 jets to Hanoi to deter further U.S. escalation of the war(385). Weaponry plays a crucial role in all battle and the availability of surplus quality weapons often dictate which side emerges victorious. Under the terms of the 1954 Geneva Agreements, Hanoi was forbidden from increasing its military force. This meant that Hanoi had a limited supply of military forces and the international community was unwilling to supply Hanoi with military equipment. As a result of this, North Vietnam was ill equipped for battle against the American backed South which had superior weaponry. The Chinese helped to equal the battle ground by supplying the North with better weapons. China ignored the arms embargo imposed against Hanoi and continued to supply significant amount of arms to the Northern forces. Shaplen reveals that the basic weapons for the North were Chinese-manufactured 7.62 millimeter family which were better than the trad itional Vietnam guns (98).Advertising We will write a custom research paper sample on Chinas Support for North Vietnam in the Vietnam War specifically for you for only $16.05 $11/page Learn More In addition to this, China stepped up its efforts to train North Vietnamese soldiers into a professional modern force that could engage in combat with western forces (Zhang). This Chinese military hardware support to Vietnam was critical to Hanoi which had suffered from international isolation in the years leading up to the war. Chinese support also included building of new infrastructure in North Vietnam to streamline the war efforts. China helped in the construction of roads in North Vietnam and an improvement of the railways. The roads serve as infiltration routes that helped to move Hanoi troops to the south in a bid to match the US escalation. The railway lines were improved so as to handle the increasing flow of Chinese supplies to North Vietnam. Also, China u ndertook efforts to reinforce Hanoi’s defenses. In anticipation of a US amphibious assault, China engaged in the construction of defensive works in the northeast islands and the coast between Haiphong and Hon Gai (Shang, 748). The Vietnam War was characterized by heavy bombardment of North Vietnam targets by American forces. This ever-widening pattern of bombing which aimed at weakening the North greatly damaged infrastructure and property. The North undertook projects to repair this extensive bomb damages. China assisted and as of 1965, Shaplen records that over 100,000 Chinese volunteers were involved in the repairing of bomb damages in North Vietnam (95). In late 1965, Chinese troops were engaged in repairing a 554 kilometer stretch of railroad that had been damaged by US air attacks. Zhang highlights the effectiveness of Chinese repair efforts by revealing that while the rail complex at Kep was bombed nearly 50 times and was severely damaged from each strike, it was alway s quickly repaired and in fact remained operational for the entire duration of the air war (755). In recognition of the aerial threat that US posed, China dispatched a fighter regiment which consisted of 36 MIGs to North Vietnam. These aircrafts were based a few miles outside the capital city of Hanoi and they were aimed at ensuring air defense in case of US invasion (Zhang 741). In addition to this, China also sent a number of air force engineers to help with the upgrading of airfields which were meant to be used by jet fighters. Vietnamese pilots were also trained to operate the war planes in to enable them to wade of US aerial attacks. Zhang notes that while the presence of these Chinese-made MIGs would not pose any threat to the superior American air power in Vietnam, the fighter planes meant that any US air raids would carry with them a real risk of retaliatory attacks from North Vietnamese air force (741).Advertising Looking for research paper on asian? Let's see if we can help you! Get your first paper with 15% OFF Learn More Supply routes are a critical resource in any war since they are the bloodline of the war. In the Vietnam War, the supply routes used by the Northern forces were under continued attacks from American bombardment. The Chinese troops helped to maintain the vital supply route from China to Vietnam (Gilbert 85). Before 1965, most supplies to Hanoi were by sea route. These same routes could not be used during the war since the US Navy launched a number of sea operations that effectively closed off the sea route for Chinese shipments. Zhang documents that China build a special transport line that went to South Vietnam vie Cambodia for supplies to the Northern forces that were engaged in the region (749). When this route became inadequate due to the increased number of Northern forces in the South, China assisted Hanoi to improve the Ho Chi Minh Trail which traversed eastern Laos into South Vietnam (Rosenau). The American forces made use of their air force for a number of tasks including: r econnaissance, attacks and transporting military personnel. To get to North Vietnam, US warplanes at times intruded into Chinese air space through the Hainan Island. While the Chinese initially ignored this intrusion on their air space, they changed their stance as the war intensified and their support for Hanoi soared. As of April 1965, the Chinese military had requested for permission to engage US warplanes that flew over Chinas air space (Zhang 744). Once this permission was granted, Chinese units extensively engaged US warplanes that got into Chinas air space en route to North Vietnam. China asserted that these attacks on US warplanes were retaliatory action against an invasion of Chinas air space and hence were to be viewed as China protective herself. However, this was not entirely true since the US had in numerous occasions assured China that it had no intention of invading China. As a matter of fact, the warplanes took care not to hit any Chinese target and tried to steer of f Chinese air space. The attacks on US warplanes were therefore action in direct support of North Vietnam which China considered to be a Comrade. As US strikes against North Vietnam intensified, North Vietnamese leaders requested Beijing for a consignment of Chinese volunteer pilots and fighters in April 1965. Vietnams leader Le Duans stated that the presence of Chinese forces would not only assist in the defense of Hanoi from US air bombardment but it would also raise the morale of the Vietnamese people and therefore increase their likelihood of pushing on with their war efforts (Zhang 747). In response to this request, China mobilized some of its troops for deployment in Hanoi. Shang states that the first Chinese deployment to Hanoi consisted of three special division sized units that were designated as the Corps of the Chinese Rear Services (125). Chinese fighters served as a strategic reserve that was to be used in the event of an American led invasion by the South into Hanoi. T hese Chinese reserve forces were placed under the command of Hanoi greatly boasting the Northern military capacity. The deployment of Chinese troops had a number of positive implications for North Vietnam. To begin with, Chinese troops mitigated the escalation of the US war in Vietnam. In addition to this, Chinese forces took up the task of defending Hanoi and as such, Vietnamese troops were freed up to go to the South and engage in offensive action. Discussion and Conclusion Without a doubt, Chinese support to the North had huge implications on the War. To begin with, China’s support was unequivocal and even General Vinh who commanded the Northern Army acknowledge that China gives us wholehearted support (Shaplen 98). Duiker notes that the goal of North Vietnam in the war was not to defeat its enemy but rather to prevent the US from controlling South Vietnam (30). As of the 1960s, North Vietnam was one of the worlds poorest nations lacking a modern army and without an arms p lan, both of which were vital to the war effort. It is therefore inconceivable that Hanoi would have managed to achieve its objective without outside help. It was Chinas large scale infusion of aid that enabled North Vietnam to survive the war and indeed achieve its objectives. The huge support received by Vietnam from the Chinese was a direct attempt by China to stop the perceived spread of American imperialism and challenge the Soviets leadership of the International Communism movement. In addition to this, China was committed to the success of the war of national liberation that it encouraged Hanoi to engage in. This paper set out to highlight how China supported North Vietnam in the Vietnam War. To this end, this paper has discussed the specific means through which China demonstrated its support for North Vietnam. China made a promise that she would regard Vietnam’s problems as her own and was throughout the war the major ally for Hanoi. From the arguments presented in th is paper, it is clear that Chinese assistance was crucial to the success of North Vietnam in the war and it is inconceivable that Hanoi would have faired as well as it did without Chinese support. Bradley, Mark. Vietnam at war. Oxford University Press, 2009. Dinglie, Wang and Kongjun, Zhongguo. â€Å"Modern Chinese Air Force†. Social Science Publisher, 1989. Duiker, William. Waging Revolutionary War: The Evolution of Hanois Strategy in the South, 1959-1965. Werner and Luu. Gilbert, Marc. Why the North won the Vietnam War. Palgrave Macmillan, 2002. Print. Rosenau, William. Special Operations Forces and Elusive Enemy Ground Targets. April. 2002. Web. https://www.rand.org/pubs/research_briefs/RB77/index1.html Shang, Like. Shedding Blood in Vietnam. Beijing: China Personal Press, 1993. Print. Shaplen, Robert. Vietnam: Crisis of Indecision. Foreign Affairs, 2004. Zhang, Xiaoming. â€Å"The Vietnam War, 1964-1969: A Chinese Perspective†. The Journal of Military History, Vol . 60, No. 4, 731-762.

Definition of the Ability to Pay Principle

Definition of the Ability to Pay Principle Definition: The ability to pay principle is the widely held view that the amount of taxes someone pays should increase as their income increases. Terms related to The Ability to Pay Principle: Progressive Tax About.Com Resources on The Ability to Pay Principle: Should Income Tax Rates Depend on Lifetime Earnings?Are Sales Taxes More Regressive Than Income Taxes?Do Richer People Pay a Higher Proportion of Tax Under a Flat Tax? Writing a Term Paper? Here are a few starting points for research on The Ability to Pay Principle: Books on The Ability to Pay Principle: Federal Taxation - Basic Principles Journal Articles on The Ability to Pay Principle: Ability-to-Pay Taxation as Discriminatory Pricing of Government ServicesA Re-Examination of the Use of Ability to Pay Taxes by Local GovernmentsThe Welfare Cost of Capital Income Taxation

Media Essay Example | Topics and Well Written Essays - 750 words - 2

Media - Essay Example In most cases these new forms of media especially the internet makes communication to grow denser, more involving, more complicated, and networked to access the information or facts, more chances to involve public speech and to boast a mutual action by the protestors. It must be noted that technology does not lead into political revolution; but what it does; it offers new potentials and impel new limitations on the actors of politics. It is hard to determine the precise contribution of each kind of the new form of media to every revolution. Notably, there are some forms of media such as the social media which have common in triggering various forms of political revolution like the ones experienced in Egypt and Tunisia. Even as some of the famous political figures make efforts to control the manner in which these forms of media are used, the protestors normally find ways to communicate with the main aim of achieving their objectives that is political revolution. Question Two: Reasons why fewer Hollywood films target mature women compared to other quadrant Hollywood films has for a long time had the tendency to dislike older women in the movie productions. There are some selected reasons why this is the case. Hollywood films are mostly interested in the age of the actors which shows the willingness to sustain or enjoy most of its spectacles. Some of the demography reveals that teenagers and adults have plenty of disposable income while mature adults such as mature women are more cautious in the manner in which they spend their money which is more discerning in their interests. Disposable income might be a big aspect for the Hollywood films or it might not be. Majority of the financially endowed adult women are more willing and able to spend most of their money on all kinds of things which varies from fashion designs and other modern items. Young adult women are more willing to spend quite a large satellite bills given the fact they are in their explorative stage, with little responsibilities to meet which gives them more energy to commit their time toward their careers. Most young women are able to spend most of their time concentrating on their looks and on ways of making their physical looks better. This is contrary to the older women who feel most part of their time must be spent with their families as opposed to extensive travelling and exploration. Hollywood therefore draws their concentration towards the younger women in perfecting their films and boosting their image with beauty and looks. Question Three: Ways in which internet upsets the political economy of communication There are various ways in which the use of internet might upset or disrupt the political economy of communication. One of the common attributes of the internet for political figures might be its apparent uncontrollable feature. The use of internet has been known to render inappropriate the controls and laws of the countries or states and the fundamental quality whe re they can be truthfully be rendered as rights or freedom to expression. The internet is a common platform in attracting the people who have been for a long time considered as voiceless in the past. The various groups on the internet differ from environmentalists and feminists to liberation struggles or right wing

Sarbanes Oxley Act and Independence Responsibility View Research Paper

Sarbanes Oxley Act and Independence Responsibility View - Research Paper Example The scandals not only adversely affected the share price but also the general public lost trust on the securities market. Hence the Sarbanes Oxley Act was formed to increase the accountability of the public company so that in future such type of scandals can be avoided. In this project a detail analysis has been made on the Sarbanes Oxley Act and independence responsibility view. The US GAAP has also been analyzed in the view of the Sarbanes Oxley Act. The US companies prepare the financial statement as per the US GAAP but due to the enactment of this act the public companies has to give some more disclosure apart from GAAP. This project involves a detail analysis of the problems of the Sarbanes Act and the US GAAP. The study also includes how and to what extent the act has impacted to the investor, officers of the company, directors, members and other stakeholders. At the end recommendations have been made on how the problems of this act can be solved and investor’s interest can be protected. Brief Overview of Sarbanes Oxley Act of 2002 Sarbanes Oxley Act was enacted on July 30th, 2002. It increased the sanders to be maintained by all the public companies, its management and accounting firms.... It increased the sanders to be maintained by all the public companies, its management and accounting firms. The name of this law was given after the name of the US senator and US representative Paul S Sarbanes and Michael G Oxley respectively. This act has eleven main elements. They are as follows:- a) Public Company Accounting Oversight Board- This part contains nine sections. These are related to administration, establishment, audit, commission, accounting standards etc. This board also gives guidance on registration of auditors and also specifies the rules and procedures for conducting audit. b) Auditors Independence- This title mainly signifies the standards regarding the independence of the external auditors. It contains nine sections. These sections deals with the criteria for approval and preapproval of auditors, rotation of audit partners, audit reports and everything related to the auditors and their work. c) Corporate responsibility- This part contain eight sections which d eals with the company’s responsibility toward financial reports, forfeiture of profits and bonuses, audit committees of public company etc. As per this title the executives of the company should make sure that the financial reports are accurate and complete. It also signifies the penalties for non compliance of the guidelines. d) Enhanced financial disclosure- This part contains nine sections. This part signifies that the financial statements should also disclose those transactions which are not represented in the balance sheet. It also signifies the ethics to be followed by the financial officers. e) Analyst Conflicts of Interest- This part signifies the measures which should be taken so that the investor can trust the security analyst’s reports. It contains

Developing in the relationships Essay Example for Free

Developing in the relationships Essay Once Marco and Rodolpho are in the house and settled down they start to introduce themselves a bit more fully to the family. Marco acts as a father figure to Rodolpho, comes across as down to earth which contrasts with Rodolpho who just Dreams, and has no sense of proportion. Rodolpho is very loud and forward, I have a nice face, but no money.  The first sign of trouble arises not long into the cousins arrival when Rodolpho starts to sing Paper Doll. Eddie does not give positive reactions from this. Miller uses visual tension with Eddie rolling up a newspaper and showing an explicit look to show the friction in the house  Once the cousins have been there for a while Eddie tells Beatrice that he aint been feelin good. This shows tension between the couple. Eddie admits to Beatrice They bother me since they came. this increases the dramatic tension; is Eddie anticipating that something bad is going to happen? Friction is suggested when Eddie says he Cant talk about it Eddie is not giving Beatrice enough attention and their relationship is on a rocky stage, which is affecting their emotional and sexual relationship. Beatrice is becoming worried about this problem and asks Eddie When am I gonna be a wife again? This is a euphemism and shows the break down in verbal communication between the married couple. Beatrice wants Eddie to confront his problem because of the trouble he is having with expressing his emotions. The failure of communication within the marriage is affecting the physical relationship. Beatrice is feeling ignored and craves the attention of her husband even though he is neglecting her and putting her in the background of his life. On the video the tension between Eddie and Beatrice is very clear as when Eddie is talking about sex he cannot look his wife in the eye and share his feelings. The relationship between the family is showing Beatrice to have developed some jealousy towards Catherine as Catherine is getting more attention from Eddie than she is. The relationships have become implicit and have now more reason to question the developing relationship between Eddie and Catherine to be more than just a father daughter relationship. This developing relationship becomes more apparent near the end of act one when Eddie is on his way home from work and he bumps into Catherine and Rodolpho who seem to be getting on well. Eddie becomes upset at the fact that maybe Rodolpho has won over the affection of Catherine and Eddie has been unsuccessful. Once Eddie and Catherine are alone, Eddie tries to tell Catherine that Rodolpho is using her for an American passport. The audience now question the reality of what Eddie has told Catherine but at the same time we are asking if Eddie is only saying this in hope that Catherine will believe this and dump Rodolpho. The stage directions add to the dramatic tension, as Catherine is smiling but tense. It is as if you can feel the friction in the air. We sympathise with Catherine as she only wants to grow up and Eddie is holding her back and still treating her like a child. Eddie is doing this because he is scared at the fact that Rodolpho is taking his Baby away. But is this fair to Catherine and also to Beatrice?  There is a lot of jealousy developing in the relationships; Eddie is jealous of Rodolpho because of the feelings Catherine has for him and Beatrice is jealous of Catherine because she gets more attention paid to her than Beatrice but she will not admit it, Beatrice asks Catherine, You think Im jealous of you honey? I think when reading the script you can see Beatrices plan of getting Catherine out the house. If Catherine marries Rodolpho, the two of them will be out the house and she will be able to have her husband back. Beatrice asks Catherine,  You wanna get married, or dont you wanna get married! she tries to make out to her that Eddie will not like Rodolpho but she should have realised by now that If it was a prince came here for you it would be no different implying that no man will ever be right for her in his eyes. Beatrice tells Catherine that she should become more independent and if you act like a baby and he be treatin you like a baby. These are Beatrices hints to make her realise the fact that she is not a child and should not be constantly relying on Eddie. Eddie goes to see Alfieri and from the meeting they have Miller presents Eddie to be irrational and confused. We pity Eddie and feel sympathetic as we can foresee tragedy, as it is inevitable. While Eddie is speaking to Alfieri, Eddie makes Rodolpho out to be effeminate as he can sing and sew.  Later that evening when Eddie arrives home there is still friction between Eddie and Rodolpho. Catherine resumes annoyed with Eddie so she torments Eddie by playing paper doll on the phonograph and then asks Rodolpho to dance, knowing that this will torment Eddie by seeing the pair together. Rodolpho recognises the tension and tells Catherine that he is too tired to dance, of trying to calm the situation. Beatrice makes Rodolpho get up and dance but Rodolpho can feel Eddies eyes on his back. While dancing with Rodolpho, Catherine is flaunting her independence and both Catherine and Beatrice are revolting Eddie. Marco and Rodolpho are deferential and recognise the tension and friction that is in the house. Eddie is still trying to show Rodolpho up and prove to Catherine that Rodolpho is effeminate by having a Masculinity contest of boxing. In the Sicilian community the men are always seen to be big, strong, and able to look after and protect the women. By Eddie hitting Rodolpho he tries to show Rodolpho up and make him look weak. Rodolpho gets his own back by asking Catherine to dance. He becomes provocative once he realises Eddies plan. Eddie humiliated Rodolpho by showing to Catherine hes more masculine and then Rodolpho shows Eddie that he can hit him in the stomach but he is the winner overall because he can still get Catherine. The ending of Act one is poignant and creates more visual and dramatic tension than verbal tension, which has been more common so far in the book. Marco shows Eddie that he will stand up for Rodolpho and uses a chair like a weapon and as a silent threat that has more meaning than words. The visual tension lets the audience see and feel the tension. Before now Eddie has felt in charge but Marco has turned things around after the chair-lifting test, Eddies grin vanishes as he absorbs his look. This is dramatically effective in both the script and in the video as the audience can almost feel the tension in the living room. Act one finishes and act two starts. Act two brings about development in the characters relationships. The development is mainly the disintegration of the relationships, but also new relationships are developing.  When Catherine and Rodolpho are alone in the house for the first time we see Catherine actually share her emotions and express what she has been feeling. Now we see the closeness of their relationship as Rodolpho now calls Catherine my little girl. This indicates that Rodolpho has taken Eddies Baby and so when he comes home after a heavy drinking session and realises the pair are together, he orders Rodolpho to Pack it up and move out. Catherine wants to move out with him but Eddie will not let her go. Eddie kisses Catherine when she announces she is leaving, As she strives to free herself he kisses her on the mouth. This is wrong and immoral; Eddie is shaming her. But then we see Rodolpho stand up for Catherine. Suddenly Eddie kisses Rodolpho. This is a dramatic change in relationship. At the start of this scene Catherine loves Eddie in a father daughter way, then, by the end of the scene she is staring at him in horror and says, Ill kill you. This is a very emotional scene whereby we see two relationships dramatically change; Catherine and Rodolpho want to get married and have stood up to Eddie, and Catherine has change her feelings towards Eddie and is now frightened by him. This scene makes us question the characters, as we are shocked and embarrassed. With this scene the books drama is more effective as we are able to read what is going on in the house with Rodolpho and Catherine, yet at the same time we can read the stage directions and see that Eddie is staggering along the side walk outside the house after a heavy drinking session. With the play we only see one picture at a time and it doesnt feel very realistic as you dont see the two scenes going on a t the same time.