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Quick summary: These assessment tasks have been developed to provide teachers with a method of assessing student learning throughout this unit. This lesson has been designed for students to meet the requirements of the Achievement Standards for their year level.
This lesson supports students to inquire into the big idea of ‘real wealth’. Students develop an understanding of shared values, and build their sustainable and ethical financial knowledge, equipping them with the skills to make sound financial decisions based on social, environmental and economical merit.
- Students demonstrate an understanding of the basic workings of the economy.
- Students demonstrate an understanding of the idea that natural resources play an important part in our economy and that many natural resources are finite.
- Students demonstrate an understanding of the concepts of wealth and real wealth.
- Students demonstrate an understanding of the differences between personal needs and wants, including that not all needs and wants have a monetary value.
- Students understand a simple model of the circular flow of income.
- Students demonstrate an understanding of the roles and responsibilities of the main players in our economy in minimising the true cost of consumption.
- Students demonstrate an understanding of the concept of shared value and its benefits for businesses.
- Students demonstrate an understanding of the stock market, shares and share trading.
- Students demonstrate an understanding of the concept of ‘ethical investing’.
- Students demonstrate an understanding of the characteristics of ethical entrepreneurs and the differences between them and other entrepreneurs.
General capabilities: Critical and Creative Thinking, Ethical Understanding, Literacy.
Cross-curriculum priority: Sustainability OI.3, OI.5, OI.8.
Australian Curriculum content description:
Year 7 Economics and Business
- The ways consumers and producers respond to and influence each other in the market (ACHEK017)
- Characteristics of entrepreneurs and successful businesses (ACHEK019)
- Why individuals work, types of work and how people derive an income (ACHEK020)
Year 8 Economics and Business
- The ways markets operate in Australia and why they may be influenced by government (ACHEK027)
- The rights and responsibilities of consumers and businesses in Australia (ACHEK029)
- Types of businesses and the ways that businesses respond to opportunities in Australia (ACHEK030)
- Influences on the ways people work and factors that might affect work in the future (ACHEK031)
Syllabus Outcomes: C4.2, C4.3, C4.4.
Unit of lessons: Real Wealth Year 7 & 8
Time required: 60 mins.
Level of teacher scaffolding: Low – oversee lessons and direct students in activities.
Resources required: Student Worksheet – one copy per student OR computers/tablets to access the online worksheet. Device capable of presenting a website to the class. Glossary.
Digital technology opportunities: Digital sharing capabilities.
Homework and extension opportunities: Includes opportunities for homework and extension.
Keywords: economy, economics, ethical investment, shared value, wealth, entrepreneur.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.
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When a Key Performance Indicator is quantitative, involving direct mea-surement, a form of metric is required. A metric is a measurement of some-thing. Something tangible, such as an error count, can be measured directlyand objectively. Something intangible, such as customer satisfaction, mustfirst be made tangible—for example, through a survey resulting in ratingson a scale—before it can be measured. A metric can be binary (somethingexists or does not exist), it can be more complex (such as a scaled rating),or it can be monetary (such as financial return). Figure 3-2:Key Performance Indicators (KPIs) confirm the attainment of Outcomes3.4 DEPENDENCIES AMONG BEST PRACTICES ANDCAPABILITIESTo ascertain the existence of a Best Practice—and, therefore, to assess theorganization’s maturity accurately—an organization must understand thedependencies among Best Practices and Capabilities. One type of dependency is represented by the series of Capabilitiesleading to a single Best Practice. In general, each Capability builds uponpreceding Capabilities, as illustrated in Figure 3-3.
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For decades, 65 has been the goalpost most everyone in the labor force worked toward for retirement. But why 65? The answer isn't clear-cut — but it is an interesting story with cameos from colorful politicians ranging from the Iron Chancellor to the Kingfish.
Sixty-five is the age most commonly associated with retirement largely because it's when Social Security contributions have historically been distributed, when federal Medicare health care coverage begins, and when many private pension plans begin paying benefits.
There's also no single reason why 65 was selected as the age to begin distributing payments when President Franklin D. Roosevelt signed the Social Security Act on Aug. 14, 1935, said Edward Berkowitz, a history professor at George Washington University who specializes in the history of Social Security.
"It was somewhat arbitrary," he said. American planners looked to examples of other social insurance programs in countries like Germany, but they were also influenced by the intense public pressure at the time to lessen the economic hardships brought on by the Great Depression, he said.
Germany was the first country to adopt a national pension program when Chancellor Otto von Bismarck — the Iron Chancellor — pushed for one in 1889.
The German system initially was intended for those 70 and older, but the starting age was later lowered to 65, according to the Social Security Administration's historians.
There was a long history of 65 being singled out, according to information provided via email by Dora Costa, the chair of the University of California—Los Angeles economics department and author of The Evolution of Retirement: An American Economic History, 1880—1990. In addition to the German system, public programs in states like Massachusetts, and the payments distributed to Civil War veterans and their survivors were among those that also often used 65 as a benchmark.
But one of the largest influencers was the public, which was struggling with high unemployment due to the Great Depression. There were pushes for relief by organized civic groups and by populist politicians like Louisiana's Huey Long (nicknamed "the Kingfish"), who proposed a pension for everyone above 60, according to the Social Security Administration's historians.
A compromise of sorts was settled on with 65, Costa said.
"Below that would have been too expensive to set up Social Security," Costa said. "Above that would have been politically unpopular — unemployment rates were high, so the political selling point of Social Security was to get the elderly out of the labor force."
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Where 5G Will Change The World
View the high resolution version of this infographic.
We’re on the cusp of a 5G revolution.
Whereas 4G brought us the network speeds necessary for online apps and mobile-streaming, 5G represents a monumental leap forward. Beyond the improvements to our existing ecosystem of devices—more speed and better stability—researchers believe that 5G can serve as the underpinning for fully-connected industries and cities.
Change doesn’t happen overnight, and for us to experience 5G’s true potential, we’ll need to be patient. In light of this, today’s infographic from Raconteur visualizes the forecasted impact of 5G to help us identify the countries and industries that will most effectively leverage its power.
5G networks are expected to generate $13.2 trillion in global sales activity by 2035. To make this easier to digest, here are the five industries which stand to benefit the most.
|Rank||Industry||Sales ($B)||Share of Industry Sales (%)|
|#2||Information and Communication||$1,569||10.7%|
|#3||Wholesale and Retail Sales||$1,198||5.1%|
Let’s focus on manufacturing, an industry which is expected to see a massive $4.6 trillion in 5G-enabled sales.
Efficiency is the name of the game here, and researchers predict that this technology will allow for the world’s first “smart factories”. Such factories would leverage the faster speed and reliability of 5G networks to eliminate cabled connections, improve automated processes, and most importantly, gather more data.
Combined with machine learning algorithms, this data can help companies predict when expensive equipment is about to fail, reducing the likelihood of expensive downtime.
– AT&T Business Editorial
Robots won’t be the only ones to benefit, however. While today’s factories may be lined with machines, humans are still required to be onsite for troubleshooting when issues arise. Some processes may also be too intricate to be effectively automated, thus requiring a human’s touch.
With the lower latencies (shorter delay) boasted by 5G networks, virtual and augmented reality devices can become reliable enough for use in high precision work. This exciting development has the potential to greatly increase a human worker’s productivity, as well as allow them to work in closer harmony with robots.
In fact, such technologies are already being used on factory floors.
Leading The Way
Developing 5G networks and implementing them into the many industries of the global economy is a massive undertaking, and just seven countries are expected to account for 79% of all 5G-related investment.
By 2035, here’s how these countries are expected to rank.
|Country||Share of Value Chain R&D|
and Capital Expenditure
|5G-enabled Output ($B)||5G-enabled Employment
|🇺🇸 United States||26.7%||$786||2.8|
|🇬🇧 United Kingdom||3.8%||$114||0.5|
|🇰🇷 South Korea||2.9%||$128||0.7|
Incidentally, these seven nations are also some of the world’s most innovative economies.
Let’s take a closer look at the two biggest players in 5G development.
It’s not a surprise to see the U.S. on top in terms of 5G investment, though it seems the country is in a peculiar position. China is right on their heels in terms of investment, and is even forecasted to surpass them in 5G-enabled output and employment.
Chinese tech giant Huawei is likely a factor behind these numbers. The company—which America has no direct rival to—is currently the world’s largest manufacturer of telecommunications equipment.
Developments such as these have formed the general consensus that China is winning the “5G race”, but putting America down for a second place finish may be a mistake. With renowned tech hubs like Silicon Valley, the U.S. still leads the rest of the world in terms of patent activity and high-tech company density.
There will be a tendency to cast these developments as another sign that the United States is losing the race … [but] U.S. companies can dominate the applications and services that run over 5G.
– Adam Segal, Director, Council on Foreign Relations
Part of what makes 5G so special is its potential to be used across a wider variety of applications including autonomous vehicles and manufacturing. Perhaps it’s here where American tech firms can use their innovative capacity and software expertise to carve out an advantage.
Being the world’s largest manufacturer means China is well-positioned to leverage the power of 5G networks. With nearly 11 million 5G-enabled jobs and over $1.3 trillion in output by 2035, China’s estimates are magnitudes larger than the other countries on this list.
A reason why China is such a cost-efficient place to make things is its well-established network of suppliers, manufacturers, and distributors. All three of these sectors are likely to implement 5G networks for improved speed and efficiency.
China is no slouch when it comes to innovation, either. In terms of patent activity, it ranks second in the world. Shenzhen, once a small fishing village, has become China’s answer to Silicon Valley, and is home to domestic telecom giants like Huawei and ZTE Corporation.
Yet, China faces serious obstacles as it seeks to supply the rest of the world with 5G equipment. Huawei is the subject of U.S. sanctions over allegations of its dealings with Iran. Further skepticism arises from the company’s dubious ownership structure, reliance on state subsidies, and claims of espionage.
Huawei’s quest for dominance in the global telecommunications industry has involved tactics and practices that are antithetical to fair, healthy competition.
– Foreign Policy (magazine)
Regardless of the damage these controversies may cause, China shows no signs of slowing down. The country already holds bragging rights for the world’s largest 5G consumer network, and even claims to have begun research on 6G, an eventual successor to 5G.
The Waiting Game
It’s important to remember that the vast majority of 5G benefits are still years away.
Thus, this next generation of mobile networks can be thought of as an enabling technology—new innovations and complementary technologies will be needed to realize its full potential.
While today’s infographic paints an intuitive visualization of the 5G roadmap, only time will tell which industries and countries actually see the most benefits.
Which Streaming Service Has the Most Subscriptions?
From Netflix and Disney+ to Spotify and Apple Music, we rank the streaming services with the most monthly paid subscriptions.
Which Streaming Service Has The Most Subscriptions?
Many companies have launched a streaming service over the past few years, trying to capitalize on the digital media shift and launching the so-called “streaming wars.”
After Netflix grew from a small DVD-rental company to a household name, every media company from Disney to Apple saw recurring revenues ripe for the taking. Likewise, the audio industry has long-since accepted Spotify’s rise to prominence, as streaming has become the de facto method of consumption for many.
But it was actually the unexpected COVID-19 pandemic that solidified the foothold of digital streaming, with subscription services seeing massive growth over the last year. Although it was expected that many new services would flounder along the way, media subscription services saw wide scale growth and adoption almost across the board.
We’ve taken the video, audio, and news subscription services with 5+ million subscribers to see who came out on top—and who has grown the most quickly—over the past year. Data comes from the FIPP media association as well as individual company reports.
Streaming Service Giants: Netflix and Amazon
The top of the streaming giant pantheon highlights two staples of business: the first-mover advantage and the power of conglomeration.
With 200+ million global subscribers, Netflix has capitalized on its position as the first and primary name in digital video streaming. Though its consumer base in the Americas has begun to plateau, the company’s growth in reach (190+ countries) and content (70+ original movies slated for 2021) has put it more than 50 million subscribers ahead of its closest competition.
The story is the same in the audio market, where Spotify’s 144 million subscriber base is more than double that of Apple Music, the next closest competitor with 68 million subscribers.
Meanwhile, Amazon’s position as the second most popular video streaming service with 150 million subscribers might be surprising. However, Prime Video subscriptions are included with membership to Amazon Prime, which saw massive growth in usage during the pandemic.
|Service||Type||Subscribers (Q4 2020)|
|Amazon Prime Video||Video||150.0M|
|Amazon Prime Music||Audio||55.0M|
|Tencent Music (Group)||Audio||51.7M|
|New York Times||News||6.1M|
Another standout is the number of large streaming services based in Asia. China-based Tencent Video (also known as WeTV) and Baidu’s iQIYI streaming services both crossed 100 million paid subscribers, with Alibaba’s Youku not far behind with 90 million.
Disney Leads in Streaming Growth
But perhaps most notable of all is Disney’s rapid ascension to the upper echelons of streaming service giants.
Despite Disney+ launching in late 2019 with a somewhat lackluster content library (only one original series with one episode at launch), it has quickly rocketed both in terms of content and its subscriber base. With almost 95 million subscribers, it has amassed more subscribers in just over one year than Disney expected it could reach by 2024.
|Service||Type||Percentage Growth (2019)|
|Amazon Prime Video||Video||100.0%|
|Amazon Prime Music||Audio||71.9%|
|Tencent Music (Group)||Audio||66.8%|
|New York Times||News||60.5%|
The Disney+ wave also spurred growth in partner streaming services like Hotstar and ESPN+, while other services with smaller subscriber bases saw large growth rates thanks to the COVID-19 pandemic.
The lingering question is how the landscape will look when the pandemic starts to wind down, and when all the new players are accounted for. NBCUniversal’s Peacock, for example, has reached over 30 million subscribers as of January 2021, but the company hasn’t yet disclosed how many are paid subscribers.
Likewise, competitors are investing in content libraries to try and make up ground on Netflix and Disney. HBO Max is slated to start launching internationally in June 2021, and ViacomCBS rebranded and expanded CBS All Access into Paramount+.
And international growth is vital. Three of the top six video streaming services by subscribers are based in China, while Indian services Hotstar, ALTBalaji, and Eros Now all saw surges in subscriber bases, with more room left to grow.
How Do Esports Companies Compare with Sports Teams?
With some esports companies more valuable than traditional sports teams, we visualize esports vs sports in franchise value.
How Do Esports Companies Compare with Sports Teams?
Are esports on the same level as “real” sports? These comparisons range from tricky to subjective, but the monetary value of companies speak for themselves.
The world’s largest esports companies have definitely risen to the occasion. Valued at almost half-a-billion dollars, they’ve started to pass some sports franchises in value.
In the above graphic, we compare Forbes’ valuation of the top 10 esports companies in 2020 against median franchises in the “Big Four” major leagues (NFL, MLB, NBA, and NHL). Despite competitive gaming’s rapid growth, there’s still a long way left to go.
Esports Impress but NFL Teams Reign Supreme
The world’s top esports companies have grown quickly, and impressively.
As of 2018, there was only one esports company worth more than $300 million in valuation. By 2020, four of the top 10 were valued at more than $300 million.
|Esports Company||Games with Franchises||Value (2020)|
|TSM||League of Legends||$410M|
|Cloud9||League of Legends, Overwatch||$350M|
|Team Liquid||League of Legends||$310M|
|FaZe Clan||Call of Duty||$305M|
|100 Thieves||League of Legends, Call of Duty||$190M|
|Gen.G||League of Legends, Overwatch, NBA 2K||$185M|
|Enthusiast Gaming||Call of Duty, Overwatch||$180M|
|G2 Esports||League of Legends||$175M|
|NRG Esports||Call of Duty, Overwatch||$155M|
|T1||League of Legends||$150M|
When compared to traditional sports valuations, esports companies have already reached major league hockey status.
TSM, the world’s most valuable esports company in 2020, has a higher valuation than five NHL franchises. In fact, four esports companies were estimated to be more valuable than two NHL franchises, the Florida Panthers and Arizona Coyotes.
But other sports leagues are further away. While the median value of an NHL franchise in 2020 was $520 million, the MLB, NBA, and NFL all saw median values of over $1.6 billion.
|Esports vs. Sports Franchises||Lowest Valued Team||Highest Valued Team||Median|
|Esports (Top 10)||$150M||$410M||$188M|
Differences in Esports vs Sports Structures and Growth
Try as we might to make a clean apples-to-apples comparison between esports and traditional sports teams, there are significant differences in the business models to consider.
For starters, major esports companies own multiple franchises and non-franchise teams across many games. Cloud9 owns both the eponymous Cloud9 League of Legends franchise and the London Spitfire Overwatch franchise, for example, as well as non-franchise teams in Halo, Counter Strike: Global Offensive, Fortnite, and other games.
The revenue streams for esports companies are also extremely varied. Companies like TSM, 100 Thieves, FaZe Clan and Enthusiast Gaming made 50% or more of their revenue from outside of esports, having instead expanded into diverse companies with an equal focus on content creation and apps.
But it’s this greater ability to diversify, and the still-increasing size of esports fandom, that continues to grow esports valuations. In fact, TSM’s estimated 2020 revenue of $45 million is less than half of the Arizona Coyotes’ estimated revenue of $95 million, despite a $100+ million valuation difference in favor of TSM.
That’s why the continued maturation of esports is only going to make traditional sports comparisons easier, and closer. Instead of having to pit companies against franchises, direct league-to-league comparisons will be possible, and the differences will likely shrink from billions to millions.
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Compare and contrast the main features of globalization in the nineteenth and twentieth centuries.
Globalisation is the integration of cultures and economies across geographical boarders. Globalisation has made trade and communication possible throughout the world in the shortest possible time.
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The difference in globalisation in the nineteenth and the twentieth centuries
While free trade was imposed on the rest of the world markets in third world countries were opened simply because they were not independent nations. Direct foreign investments increased rapidly during 1870 to 1913. The first half of the nineteenth century saw free trade being practised only by Britain. However, in the twentieth century government debt became tradable in the global market for financial assets.
The similarities in globalization in the nineteenth and the twentieth centuries
In the nineteenth century international trade was attributed to trade liberalization, direct foreign investment increased rapidly during the nineteenth century. Lending at international bank was also substantial. The late nineteenth and early twentieth century witnessed a significant integration of international markets to provide a channel for portfolio investment flows. The cross-national ownership of securities including government bonds reached very high levels during this period. Also in the twentieth century there was an increase in the degree of openness in most countries, in international trade, investment and finance. While the second half of the twentieth century witnessed a phenomenal expansion in international trade flows.
What is deglobalisation?
‘Deglobalisation’ is the disintegrations of the economies of the world to their individual status where they do not engage in trade, imports and exports with other countries.
To what extent has the 2008 crisis and recession brought about “deglobalisation?
Globalisation brought with it free trade of goods and services between countries and boarders. Many persons left their countries of birth to migrate to other countries in search of a better life, nurses from as far as Trinidad were and still are being employed in England and America. Persons from anywhere in the world can go to America and enjoy a “doubles” which is a Caribbean (East Indian) delicacy.
The debate on globalization continue as people try to make sure that the benefits of global trade outweigh the costs for all countries. However, with the recession of 2008 many developed and developing nations have felt the impact of the recession specifically in Europe and the United States. Recession is caused by inflation, where to much money is chasing to little goods. In Ireland, many home owners took out a second mortgage to purchase second homes. Regretably many of home owners were unable to repay these loan and the banks took control of thes properties. In many instances these homes were sold for less than the homeowner was owing to the financial institution.
Many persons who migrated to these countries in search of a better standard of living and employment opportunities are now leaving these countries and returning to their country of birth. This is as a result of an increase of unemployment due to many companies being unable to pay its workforce and meet its overhead expenditures.
Though economies of the world are experiencing economic recession, globalisation have to a large extent allowed many countries to survive since countries can still trade their goods and services with other countries with the hope of rebuilding their economies.
To what extent do the positive aspects of globalisation outweigh its negative effects?
According to Deepak Nayyar globalization is the expansion of economic transactions and the organisation of economic activities across the political boundaries of nation states. Globalisation is associated with increasing economic openness, growing economic independence and deepening economic integration in the world economy. People everywhere, even the poor and the excluded, are exposed to these consumption possibility frontiers because the electronic media has spread the consumerist message far and wide.
Negative effects of globalization
Nayyar however, stated that those who does not have the incomes cannot buy goods and services in the market which only creates frustration or alienation which can lead to increase in crime, violence and drugs. Some seek refuge in ethnic identities, cultural chauvinism. Globalisation inevitably tends to erode social stabillty. Economic integration with the world outside may accentuate social tensions or provoke social fragmentation within countries.
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Globalisation have also resulted in a widening in the gap between the rich and the poor in the world’s population, as also between the rich and poor people within countries has widened. Income distribution within countries also worsened with globalization and income inequality increased. The incidence of poverty increased in most countries of Latin America, the Caribbean and Sub-Saharan Africa during the 1980s and the 1990s. Nayyar further went on to state that much of Eastern Europe and Central Asia experiences a sharp rise in poverty during the 1990s. Unemployment in the industrialised countries has increased substantially since the early 1970s and remained at high levels since then.
Trade liberalization has led to a growing wage inequality between skilled and unskilled workers, not only in industrialized countries but also in developing countries. As a consequence of privatization and deregulation, capital has gained at the expense of labour, almost everywhere, for profit shares have risen while wage shares have fallen.
M. Panic stated in the article negative issues with support what Nayyar also stated in his article the evidence of which are as follows:- “Does Europe need neoliberal reforms?” the extremely objectionable’ nature of the unregulated, free market version of the system was demonstrated globally in the 1930s with devastating consequences: its inherent tendency to prolonged and costly crises (the Great Depression, mass unemployment), social deprivation and division (extreme poverty for the many in the mass unemployment), social deprivation and division (extreme poverty for the many in the midst of great wealth for the few)”
“German economic growth and levels of unemployment, for so long among the most impressive in the industrialized world, were only slightly better. Again, ’empirical evidence in support’ of the neoliberal claim that unemployment in Germany was caused by ‘over-regulation’ was found to be ‘extremely weak’ (Fuchs and Schettkat, 2000, p. 238)
While, many world trade and export-led growth strategies are collapsing, surplus countries face big obstacles in expanding domestic demand, and many ’emerging market’ economies are in deep trouble.
World trade is collapsing much faster than expected-and much faster than predicted on the basis of the past example of this can be seen in the United States and Europe specifically Ireland where many homeowners are unable to pay their mortgages. Globalisation have also resulted in the devaluation of the US dollar which is a direct impact of the recession that the country is presently facing.
The global imbalances had too important a role to ignore, in contrast to a mainstream view that focuses on mistakes in monetary policy and financial regulation since the negative impact is not only economic but also far reaching social issues. Based on the information listed above I can conclude that the negative effects far outweigh the positive.
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India is only second to China when it comes to production of vegetables in the world, yet the country experiences seasonal price spikes in agricultural commodities, especially in essential foods like onions. What is even more ironic in the situation of price spikes is that the producer – farmers – do not actually benefit from the rise in prices of agricultural goods. Let us now examine how the prices spikes are not because of weather shocks, but manmade factors.
Like the price of any other commodity, agricultural price is also a market outcome and demand and supply in the market play an important role in the determination of price. The market imperfection can create distortion in the functioning of the market and influence price by controlling supply. A typical agricultural marketing channel is: Farmer – Local assembler – Central wholesaler – Retailer – Consumer. The retail prices are determined nearly in a perfectly competitive market situation. However, a few traders dominate in the wholesale market both as buyers and sellers. They act as both oligopolists and oligopsonists at the bottleneck of the marketing process (sciencedirect.com).
Cartelisation In India
Country's onion market, dictated by traders, has clear imperfections including cartelisation and hoarding that impacts price of the agricultural commodity, a Competition Commission study has said. (thehindubusinessline.com)
In December 2010, when prices peaked during the last major spike, a probe by the country's statutory anti-monopoly body, the Competition Commission of India (CCI), revealed that one firm accounted for nearly a fifth of the total trading for that month. (hindustantimes.com)
A 2012 report by the National Council of Applied Economic Research also identified "collusion" as a major hurdle in fair trade, with a handful of traders pocketing a major share of trade in almost all big markets. There are "clear imperfections in the onion markets and presence of interested cartels", CCI said in its report. Bangalore-based Institute for Social and Economic Change (ISEC) conducted the study for fair trade regulator – Competition Commission of India (CCI). The report, which looked at competitiveness in major onion markets of Maharashtra and Karnataka, was submitted to the regulator in December. (thehindubusinessline.com)
The ISEC probe surveyed 11 markets, covering farmers, retailers and wholesale traders and other market players. (hindustantimes.com)
"Results of seasonal indices, correlations, daily, monthly arrivals their prices etc, indicated existence of anti-competitive elements in the onion markets. (thehindubusinessline.com)
"A few big traders having well connected networks with market intermediaries in other markets seem to play a major role in hoarding for expected high prices," said the findings. (thehindubusinessline.com)
According to the report, market structure of onion is unilaterally dictated by the traders, not farmers. Minimal role of farmers in price discovery due to low size of average farm holdings – 1.15 to 1.3 acre, unfavourable weather conditions and price risk are cited as major reasons for the situation. (thehindubusinessline.com)
"Most of trading is in the hands of commission agents and traders. Lack of trading expertise, market knowledge and risk bearing capacity has prevented most of the farmers to make any dent in onion trading," it noted. (thehindubusinessline.com)
The report stressed that changes in onion prices have a huge impact on the food security, farmer and consumer welfare.
The government usually responds to a crisis with copybook measures: Curbing exports or importing onions to improve supplies. These eventually work, but not before spooking household food budgets. (hindustantimes.com)
The ISEC had provided several recommendations and prime among them was its stress on setting up Agriculture Produce Market Committees or APMCs across the country.
"To avoid collusion between traders, involvement of Agriculture Produce Market Committee (APMC) officials in the auctioning process should be mandatory. Besides, co-operative marketing societies must be encouraged so as to prevent collusion amongst traders," the ISEC recommendations said.
APMCs were originally established with a view to prevent exploitation of farmers by intermediaries, who compelled them to dispose of their produce at the farm gate at very low prices. By mandating all farm produce to be brought to regulated market yards and sold through auctions, the APMC mechanism was meant to ensure fair prices to farmers. But in many cases, these bodies have themselves become dens for cartelisation by traders, who control prices and charge hefty commission fees on produce transactions. (http://indianexpress.com)
Case In Point
Despite setting up of the recommended APMC in Maharashtra to counter cartelisation and artificial price spikes, here is a look at who really benefits from this.
An extreme case that surfaced recently was of Devidas Maruti Parbhane. This farmer from Vadgaon Rasai, a village in Pune district's Shirur taluka, supplied one tonne of onions early this month at the local market yard under the Pune APMC's jurisdiction. The price he got — a little more than Rs 1.5 per kg — was itself very low. But adding insult to injury was the various "cuts" imposed on top of this. (indianexpress.com)
A scrutiny of Parbhane's patti (trade slip) by The Indian Express revealed his total revenues from the sale of one tonne of onions at Rs 1,523.20. The total cuts even on this meager amount added up to Rs 1,522.20. That included commission fees of Rs 91.30, hamali or labour charges of Rs 59, bharai or filling-in-bags charges of Rs 18.55, tolai or loading charges of Rs 33.30, and transport charges of Rs 1,320 (as the kutcha patti issued in Shirur was billed for delivery at Pune). Parbhane, at the end of it, was left with a net earning of Re 1: "When after the auction, the trader handed me a Re 1 coin, I was flabbergasted. Maybe, he should not have taken the trouble to pay me even that!"(indianexpress.com)
Onion Cartel Modus Operandi
Now the Onion crop in India is typified by three produces. The two large produces come in December and April and a small crop comes in October. Now the way the cartel operates is as follows. (alphaideas.in)
The December crop is the time when prices normally fall and consumers have a good time with low onion prices. The cartel keeps a low profile during this time frame where they let the entire December crop flow into the market, thus creating a scenario of low prices and consumer happiness. They wait for the next crop in April. The important thing to note post April is that there is no crop likely till October and the October crop is also a small one. (alphaideas.in)
The Cartel starts mopping up all the supplies that are coming into the markets in the month of April and early May. Farmers get their typical Rs 6-10 per kg as the middleman network keeps the prices down till the time the supply from the farmers is exhausted. On an average the cost to the cartel comes to Rs 8-10 per kg. (alphaideas.in)
Subsequently, the aim of the cartel is to hold on to the produce in their warehouses and cold storages for a period of 3-4 months. The cost of storage comes to around Rs 2-3 per kg and they also account for a 30% wastage in storage. The reason is that the Onion crop degrades very fast as it takes time for the crop to be stored post-harvest. (alphaideas.in)
Taking all of this into account the effective cost to the Cartel for the Onions they have bought comes to Rs 13-16 per kg. The supplies are restricted so much that prices start shooting up by early June. (alphaideas.in)
The cartel makes full use of technology in order to track the stocks position and to estimate the kind of levels to which prices can be ramped up by August/September. By this time prices are up by at least 100% over their buying price. It is already evident this year where prices have shot up at the retail level from Rs 15 per kg to Rs 25-30 per kg over the last 4 weeks. By August the cartel starts to offload their stocks into the markets. (alphaideas.in)
They have already made a killing and made a mockery of Stock Market Operators with the sophistication and ease with which they have made money. Typically prices would have peaked out by October which is the time when the small crop comes in. (alphaideas.in)
Not A Supply Issue
"Onion is one of the most market sensitive commodities that creates ripples in the trade as also political circles. Its significant position in the diets across all income groups and an important ingredient in many Indian recipe causes wide ranging effects of any significant price change," the report said.(thehindubusinessline.com)
Price volatility of onions is not unusual, but a sharp October-November increase is unusual.
The rise in onion prices does not appear to be linked to supply disruptions. Arrivals at wholesale markets have stayed steady through 2017 and there was no dip even in the traditional lean months of June to August.
Rather, larger stocks arrived in the wholesale markets than they had in the corresponding period of 2016. October arrivals were, however, 17 per cent lower than the corresponding period last year, according to National Horticulture Board data. But supply was much higher in September 2017. Therefore, the October-November 2017 surge cannot be attributed to shortfalls in arrivals.
Data show arrivals and prices climbing from August. It could be a case of cartels becoming active again.
The recent surge onion prices has also been accompanied by widening of the difference between retail and wholesale prices in absolute terms.
The difference in the retail and wholesale price of onions has widened with the rise in prices after July. Since August, it has been about ₹6 a kg on an average at the all India level as opposed to ₹4 a kg when prices are moderate. However, as a proportion of wholesale price, the difference is about 25-29 per cent as against 33-39 per cent when prices are lower. (thehindubusinessline.com)
Onion, an inelastic commodity, price shocks are hitting India frequently and they are getting severe. It is ironical that sharp price spikes are experienced almost every third year despite impressive growth in onion production in the country which has risen from below 5.5 million tonne till 2002-03 to above 19 million tonne in the recent years. The country experienced annual growth rate of above 13% in onion production during the last 13 years since 2000-01. No other food crop in India shows this type of spectacular growth in the recent years. However, domestic and overseas demand for onion seems to be outpacing growth in supply. Per capita availability of onion has increased from 4.0 Kg in year 2002-03 to more than 13 Kg in recent years, showing an increase of 12 per cent every year. This growth in per capita demand for onion reflects mind boggling change in preference of Indian consumers for onion. It also implies that the effect of spikes in onion price on household budget is getting heavier. It looks strange that increased availability is associated with increase in price volatility rather than providing flexibility to absorb small shocks in supply. (niti.gov.in, Prof. Ramesh Chand, Member Niti Aayog, Dealing with Onion Price Spikes)
Despite a very sharp increase in per capita availability of onion, its real price has been moving on a rising, though fluctuating, trend. (niti.gov.in, Prof. Ramesh Chand, Member Niti Aayog, Dealing with Onion Price Spikes)
Till recently, any abnormal rise in onion price was attributed to unfavourable weather and exploitation of situation by traders and so called cartelization, hoarding etc. and it was forgotten when prices rolled back to normal. Absence of effective response to onion price shocks in the past indicates that such shocks were treated as inevitable rather than seeking a solution to avoid their recurrence. (niti.gov.in, Prof. Ramesh Chand, Member Niti Aayog, Dealing with Onion Price Spikes)
Past price trends show a clear pattern in price spikes and high prices rule only for a few months. This implies that excessive volatility in prices can be managed through appropriate mechanisms. Any such mechanism that check steep rise in onion prices will be of great relief to the consumers. (niti.gov.in, Prof. Ramesh Chand, Member Niti Aayog, Dealing with Onion Price Spikes)
Studies show that this situation is aggravated by further exploitation by a section of traders and middlemen through stocking and market manipulations. Discussion with various experts and stakeholders reveals that multi-pronged strategy involving technology, extension, public stocks, and market intelligence is needed to address excessive volatility in onion prices. (niti.gov.in, Prof. Ramesh Chand, Member Niti Aayog, Dealing with Onion Price Spikes)
Public agency like Directorate of Economics and Statistics in Ministry of Agriculture and farmers Welfare should constantly monitor crop area, condition and prices to know about the undercurrent and evolving market changes. It should also develop reliable price forecast model and come with early warning system to enable government to take appropriate measures in advance like procurement, regulating export, arranging imports and putting check on hoardings. (niti.gov.in, Prof. Ramesh Chand, Member Niti Aayog, Dealing with Onion Price Spikes)
Where We Might Be Heading
Between 2000 and 2011, prices for most globally traded commodities more than doubled. Since cresting in early 2011, however, oil and industrial metals prices have halved. As the saying goes, however: What's that got to do with the price of eggs? Not much. Unlike other commodities, global food prices have followed a different trajectory. Although down from near-historic highs in 2007-2008 and 2011, they are still higher than at any point in the previous three decades. The economic effects of higher food prices are clear: Since 2007, higher prices have put a brake on two decades of steady process in reducing world hunger. But the spikes in food prices over the past decade have also thrust food issues back onto the security agenda, particularly after the events of the Arab Spring. High food prices were one of the factors pushing people into the streets during the region-wide political turmoil that began in late 2010. Similar dynamics were at play in 2007-2008, when near-record prices led to food-related protests and riots in 48 countries. (washingtonpost.com)
Poverty isn't the whole story, however. Food is an inherently political commodity and has been recognized as so for millennia. Nearly 2,000 ago, the Roman poet Juvenal noted that providing bread and circuses was an effective means of securing urban stability. (washingtonpost.com)
Before things reach an extreme situation where India begins to witness food-related protests, or worse, riots, the government needs to pro-actively check these elements who create artificial price spikes. The government also needs to protect farmers from being exploited by the middlemen and commission agents. India must adopt more stringent laws and develops mechanisms whereby the farmer who is the producer is sole beneficiary from the increased demand of an agricultural commodity.
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SCG is innovating in the field of green construction by using drones to survey construction sites and improve project design. Photo SCG
Middle-income countries in Asia have undergone major economic changes and dramatic growth over the last decade. Still, many still lack the ability to generate the innovations that are essential to driving productivity, economic development and sustainability. All of these are important for future prosperity.
Several factors are hampering innovation in the region, and the impact of the prolonged outbreak of Covid-19 exacerbates the challenge, according to a new World Bank report entitled “Innovations Essential to East Asian Development.” I am.
These factors include inadequate information about new technologies, uncertainties about the profitability of innovation projects, weak business capabilities, inadequate staffing skills, and limited funding options.
Similarly, according to the report, innovation policies and institutions in many countries often do not match the actual needs of the private sector.
Victoria Kwakwa, Vice President of East Asia at the World Bank, said: And the Pacific Ocean.
Published in late February, the report examines the status of innovation in 10 middle-income countries: Cambodia, China, Indonesia, Laos, Malaysia, Mongolia, Myanmar, the Philippines, Thailand and Vietnam.
Roongrote Rangsiyopash, President and Chief Executive Officer of Siam Cement Group, said: Included / SCG
Asian countries, especially those in East Asia, have several prominent innovators, especially areas such as information and communication technology. However, the data shown in the report show that only China is above the line when comparing per capita global gross domestic product (GDP) rankings with spending on innovation.
Globally, the most developed countries, including China, spend 2-3% of their GDP on research and development. However, Thailand’s figure is 1%, below that level in many other developing countries in the region.
The report’s authors observe that most companies in developing countries operate far away from the “technical frontier.” As a result, the region lags behind developed countries in the breadth and intensity of new technology use.
“With the exception of some notable examples, the vast majority of companies developing East Asia are currently not innovating,” said Xavier Cirella, the lead author of the report.
“Therefore, we need a broad model of innovation, which helps large numbers of companies adopt new technologies while allowing more sophisticated companies to embark on cutting-edge projects.”
With slower productivity growth and uncertain world trade, technological advances have increased the need to move to new and better production modes in order to maintain economic performance, the report said. ..
Countries need to change policy direction to promote the spread of existing technologies, such as supporting innovation in the service sector and strengthening the innovation capacity of companies, as well as invention and manufacturing.
Andrew Mason, another lead author of the report, said:
More investment in workers’ skills, as well as new approaches to funding innovation projects, to build stronger links between national research institutes and drive the growth of innovation in the region Is required.
“Developing countries in East Asia are gradual transitioning from middle-income to high-income based on past economic success, so they need to find new and more effective ways to increase productivity growth. Yes, “the report suggests.
“Certainly, their high-income neighbors Japan, South Korea and Singapore have all used innovation as a means to improve efficiency and increase their income with great success.”
SCG Chemicals has opened Thailand’s first demonstration plant at Rayong’s petrochemical facility, preparing to provide post-consumption plastic management and renewable raw materials for upstream petrochemical plants. Photo © SCG Plc
A World Bank survey of researchers in Thailand, the Philippines, Malaysia, and Vietnam found that governments are improving their research capabilities, but the overall impact is not yet clear.
Professor Datuk Dr Asma Ismail, President of the Malaysian Academy of Sciences, said innovation needs to be instilled to increase the country’s productivity. Technology-based businesses must also be entitled to the local innovation ecosystem.
“We need to make a systematic change in Malaysia’s innovation environment. Science, technology and innovation (STI) are the way forward for productivity,” she said in an online report.
Malaysia implemented the 2021-30 National STI Policy to ensure that it will become a high-tech nation by 2030. This includes a national economic framework based on strategic initiatives to create technology-based industries.
However, the gap between public sector technology development and industry adoption needs to be narrowed. To achieve this goal, the Technology Innovation Accelerator was established, as well as two institutions that have been shown to generate social and economic impacts: Innovate UK and * Star Singapore.
Integrating innovation into education, especially higher education, will help move the plan forward, Professor Ismail said.
“Collaboration between policy makers, science and innovation scholars, and technology-based industries will help countries succeed in linking STI to socio-economic development,” she added.
Professor Ismail said Malaysia’s innovation rankings jumped from 130th out of 137 countries in 2018 to 64th in 2019, and continued action is paying off.
To ensure success, policy makers need to invest extensively in promoting innovation in areas such as energy, financial services, culture, arts and tourism. Smart technology, engineering, manufacturing. Smart cities and transportation. Water and food, agriculture and forestry, education and environment, and biodiversity. Everyone has the potential to create STI-focused businesses that help drive socio-economic development.
In Vietnam, the government and business community are fully aware of the importance of innovation and have embarked on a number of strategic research initiatives that will lead to positive results, said Nguyen Duk, head of the Prime Minister’s advisory group.・ Kien says.
One of the challenges facing the country is to balance labor-intensive production with the demands of the green economy. Lack of high skills and technology has limited Vietnam’s opportunity to accelerate its push to reach the goals of the green economy.
We need to transform the structure of economic development, starting with comprehensive educational reforms to develop the skills needed in modern society. This is time consuming and requires a huge amount of resources. Kien said infrastructure and capital markets also need to be developed to support businesses.
He added that the policy recommendations provided in the World Bank report are valid and that Vietnam must consider which areas need to be prioritized. Ultimately, we aim to become a high-tech nation in the next decade, similar to the goals set by Malaysia.
Paco Sandehas, managing partner of Nara Venture Capital in the Philippines, said data and comparisons from the World Bank report would give development agencies ammunition to make policy makers and business leaders act alike. He said there is an urgent need for further training in business and technology, entrepreneurship and innovation at all levels, not only in educational institutions, but also in businesses and national institutions.
Roongrote Rangsiyopash, President and CEO of SCG, Thailand’s largest industrial conglomerate, agreed that the Thai government should read this report.
The findings clearly reflect the fact that policies related to integrating innovation in all aspects of the economy are still inadequate in many countries, including Thailand, he told Asia Focus. ..
Thailand has a 20-year national strategic plan from 2018 to 37, a policy of Thailand 4.0, and a national development plan for science, technology and innovation from 2012 to 21. Has made little progress.
Policy implementation has not yet been clearly focused, especially in the health and wellness and tourism sectors, which are considered to be the country’s true strengths. “Implementing policy is just the beginning. It is important and should be the focus to drive innovation policy into action,” Roongrote said.
In fact, he said, there are quite a few large companies in the country that prioritize product innovation. However, service innovation is still off the radar. Like other major countries, tourism in Thailand needs to adopt innovations that help add value to the country’s strengths, in line with the recommendations of the report, he said.
As one of the few Thai companies operating for over a century, SCG recently announced its mission to accelerate technology growth by applying innovation and big data to create new business opportunities. The company aims to invest THB 7-8 billion in 2021 to develop manufacturing and customer service innovations to meet the changing consumer demand highlighted by the Covid crisis.
Following the circular economy roadmap, the conglomerate also emphasizes open innovation and external collaboration for long-term growth. The company is working with the Chinese Academy of Sciences to establish and sustainably establish an SCG-CAS innovation hub focused on artificial intelligence, smart cities, high-value chemicals, renewable energy and environmentally friendly practices throughout the value chain. We support the promotion of various developments.
SCG-Oxford Chemistry Center of Excellence and SCG Institute for Advanced Materials have also been established in Begbroke Science Park, England. Meanwhile, the investment in the Norner Group will help SCG bring new polymer innovations and technologies from Europe and develop its core business.
Add Ventures, SCG’s corporate venture capital unit, is also accelerating investment in potential start-ups in Southeast Asia, China and India to explore new business opportunities. The purpose is to strengthen SCG as an innovative and resilient organization.
AddVentures continues to expand its investment portfolio with a focus on industry, enterprise and business-to-business (B2B) opportunities. SCG has a network of clients and partners who can work together to create new business opportunities, looking for new business models and other ways to expand in Southeast Asia.
“Government as a policymaker is likely to accelerate innovation and exchange cooperation to strengthen the commercialization and competitiveness of the country and the Asian region in the long run, so it will implement solutions and local businesses and We can provide a platform that enables businesses, “Roongrote said.
Developing East Asian countries are called upon to innovate their way to the next level, but face the following hurdles in the process:
-Climate change is becoming more difficult
-Covid-19 has a negative impact on employment, human capital and investment as well as health, has a long-term impact on growth and slows progress in poverty reduction.
-Increasing uncertainty about export sustainability based on labor-intensive manufacturing
-Reduced productivity growth has been a problem since the global financial crisis more than 10 years ago
-Developing countries are in urgent need of new approaches to promote innovative and environmentally friendly products and services that can effectively generate income, such as in innovation-oriented South Korea and Singapore.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
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What is a Forward Contract? Know the meaning, forward contract examples and learn how forward contracts are settled. How they are used? What are the potential risks involved in Forward contracts?
Let’s unfold the answers to these queries one by one…
Derivatives are considered one of the most complex instruments in finance. But they’re not, in fact understanding the idea of derivatives is only limited to actually trying to understand it. Once you do, they are one of the most useful instruments in trading or general investing. They’re sort of like that friend whom you thought is a mean individual, but then you got to know them and realized how you’re a judgmental and terrible human being.
And derivatives also make you money, so that’s nice. Derivatives like options, forwards and futures are called derivatives because they ‘derive’ their value from another asset, the underlying security, get it? No? Well then, let’s get into it.
What is Forward Contract? Meaning
Forward Contracts do exactly as the name suggests. They are contracts made today regarding purchase or sell of an underlying asset, but executed at a later date in future, but with the price that is fixed today in the contract. A forward contract has both right and an obligation to be executed.
Forward Contract: Example
It works a little something like this. Say you have a car that you want to sell. Now you find a buyer, Mr. A, that agrees to buy it at Rs. 1 lakh, but a month later. You know the basic rule of assets like car, the longer they’re out of the showroom, the lesser resale value you’ll get. So you agree, but to cover your bases, you ask for a contract for that agreement. Mr. A agrees.
Here, you could also say that you, the seller, are expecting the price to go down, which for you is a short position. Mr. A is expecting that you may get a better price between now and a month, a long position.
Then Mr. A leaves and you’re wondering to yourself what kind of parents name their child after the first letter of the alphabet, the sheer lack of effort. Later, Mr. A then talks to his younger brother, Mr. B, who likes the car and the price in which Mr. A has managed to lock in the contract. He asks Mr. A to sell that contract to him at a premium, and since this is a hypothetical, Mr. A agrees. Then they go back to arguing on whose child gets to be named C.
Now when the month ends, Mr. B comes to you with the contract and asks to buy the car. And you don’t mind because you’re still getting the price. But here’s where it gets interesting. Even if the price of that car had fallen drastically during that month, Mr. B would still have to buy at the agreed upon strike price. Same holds true to if the price had risen, and Mr. B would have made a profit.
In both cases, you would have to sell it to Mr. B and he has to buy, unless both of you agree not to exercise the contract, which is a Contract Law thing, not really related to forwards. Also, it does not mean Mr. B has to buy the car if you show him the car wrecked and rolled up in a metal ball with wheels, again a Contract Law thing, you get it.
You may also like: Stock Market Basics for Beginners
How are Forward Contracts Settled?
Forward Contracts are settled in one of the two ways:
1. Delivery-Based Settlement:
This one is simple. You ‘deliver’ the asset, get your money, and then go back to your house and cook marshmallows and have hot cocoa. Last part optional. But marshmallows are awesome.
2. Cash-Based Settlement:
This one is also simple, but this is ‘pay the difference’ kind of approach. Suppose the market price of the car falls to Rs. 80000. Here, Mr. B may not want to buy the car, for ample of different reasons. But because it’s a contract, you are entitled to your Rs. 1 lakh. So, Mr. B asks you to sell the car in the market for Rs. 80000, and he will pay the difference of Rs. 20000 to you.
Forward contracts are the simplest form of derivatives, but due to several reasons, they’re also one of the least popular type of contracts among derivatives, especially when compared to Options, which basically are forward contracts without the obligation.
This is majorly due to the disadvantages or risks associated with Forward Contracts.
What are the Risks related to Forward Contracts?
The first risk originates from the property of not having a Clearing House between the parties, which is the default risk. This means because there is no authority to enforce the transaction between the parties, and keep stuff as guarantee, there is a huge risk of re-engaging between parties involved. The over-the-counter nature of this market also makes it impossible to judge the market size.
Also, there is the general market risks to both sides. If the price of the underlying asset goes up, the seller loses money. If the price goes down, the buyer loses money.
Also have a look at, Popular Option Trading Strategies that you can use to maximize profits.
How are Forward Contracts used?
Everywhere. As mentioned earlier, all the other derivatives stem out from forward contracts. But Forward contracts as an instrument are mainly used by Banks, Hedge Funds and Institutional Investors, mainly for hedging purposes and currency trading.
Consider this, Your country provides you interest at 10%, in INR. Country B provides 20%, in USD. Hypothetically, say at time of purchase, 1 USD = 70 INR. But you know the price keeps fluctuating, and it might happen that the INR may worsen against USD and you end up losing money even after interest earned. So you hedge your transaction using a forward contract, by agreeing to exchange your USD after a year of earning interest at 70 INR. Even if the price goes up, but especially if the price goes down. So, worst case scenario, you get your money back after earning 20% interest at the current rate i.e Rs. 70.
This process, in the biz world is called covered interest arbitrage, which, to be honest, is a complicated name for something really simple.
The Bottom Line
Forwards are to derivatives what Hasan Minhaj is to news-comedy; original, simple and informative, but still, Jimmy Fallon is more popular, so….
For the two of you that get the joke, accurate right? Just trying to serve all kinds of audience here, covering all the bases, you know. Comment! Let us know what you think. And go have some marshmallows with hot cocoa, and enjoy!
Disclaimer: There is a high degree of risk involved in stock trading and investing in any risky asset classes. The details given on this website are for informational purpose only and cannot be constituted as professional advice in any regard. Please follow due diligence while investing your money.
And yes, don’t forget to share your valuable opinions on Forward Contracts or any other form of derivatives. Your experiences can help others take smart investing decisions.
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What is due diligence? Definition and meaning
Due diligence refers to the detailed examination of a business and its financial records – it is carried out before committing to a business arrangement such as a merger, acquisition, or any type of important contract. It is an audit of a potential investment or arrangement to confirm all the facts before going ahead.
The term ‘due diligence’ describes the care a reasonable individual should take before undertaking a transaction or entering into an agreement with another party.
When a supplier is determining whether to offer terms of payment to a customer, he or she will carry out due diligence – analyze items that may provide information on the buyer’s ability to pay bills properly and on time.
The aim is to ensure that every stakeholder associated with a financial endeavor has the information needed to assess risk accurately.
Put simply, before signing an important business contract, you check out the other party to make sure they are able to adhere to the terms – you want to confirm that you get what you believe you are paying for.
According to Groundbreaker, a group of real estate syndicators and software technology specialists, in real estate in the United States, due diligence refers to the period of time between the acceptance of an offer and the close of escrow.
Due diligence is required when issuing a patent to make sure that the patent holder is really intent on developing a product around a patent, and is not only trying to prevent others from doing so.
According to the Financial Times Lexicon, due diligence is:
“A detailed check of the financial and operational status of an acquisition target, supplier, or other potential business partner before a deal is finalized.”
“The term is also used for when the underwriter of a new security issue, or brokers that will sell the securities onto investors, investigate the reliability of the issuer. This may involve a due diligence meeting between the issuer, the lead manager and other institutions connected to the issuer.”
Financial due diligence
Any organization that is considering a deal must check all the assumptions it is making regarding that arrangement. Financial due diligence provides peace of mind to financial, corporate and individual buyers, by analyzing and validating all the commercial, operational, financial and strategic assumptions being made.
One party examines the other’s trading experience to form a view of the future and to make sure there are no ‘black holes’.
For any type of company acquisition, due diligence includes a complete understanding of the company’s obligations, including: pending and potential lawsuits, debts, leases, long-term customer arrangements, warranties, employment contracts, compensation arrangements, distribution agreements, and so forth.
When seeking sensitive information from another company, before releasing it that company will ask the enquirer to sign a non-disclosure agreement – a confidentiality contract.
The word ‘due’ means completing the necessary steps to accomplish something, while ‘diligence’ means to stick with something until it is done.
If you did everything you could to protect your interests in a business deal, you carried out due diligence. If you want to buy 100 acres of land and use it for farming, you should check to make sure it can be used as a farm, confer with the water company to make sure there is water, and contact the electric company to be certain that electricity is available. You might also rule out the possibility that the seller has used the land as collateral on a debt – this is all due diligence.
Every merger & acquisition deal today involves varying degrees of due diligence. No shareholder or sensible company director would vote in favor of making a move without first checking out the other party thoroughly.
Due diligence by the seller
In an acquisition, it is not only the buyer who carries out due diligence – the seller does too. If you are the seller you will want to be sure that:
– The buyer has the funds to complete the transaction.
– The buyer’s stocks have a good record if part of the payment for the purchase of your company is in the form of stocks.
– The stocks are still worth something when your lockup period expires.
– They have a reputation of sticking to their commitments.
– They treat your employees properly.
– They treat your customers properly.
– The corporate cultures of the two companies are compatible.
– The ‘earn out’ component of the deal, if there is one, is realistic. Does the acquirer have a track record of successfully marketing your type of product?
– Will they be stretched too thin after this acquisition?
Due diligence in Virtual Data Rooms
Experts say that in future due diligence will be carried out increasingly online, in *Virtual Data Rooms – in fact, this is already occurring today.
* A Virtual Data Room, known commonly as a VDR, is an online repository of data that is used for storing and distributing documents.
When checking out the other party, it is vital that you get the right people and the correct information at the right time. Virtual Data Rooms allow individuals and companies to prominently display structure and categorized data which can significantly improve value by shorting deal times, minimize transactions costs, and allow for the free exchange of information.
According to duediligenceonline.com:
“This sort of combination of organized material in an online presence, was once on available to the largest deals, but now has become readily available for small to mid-sized transactions because of the web-based marketing platform.”
“This combination of accurate information and its instant availability through online deal rooms assure that the right information is getting to the right people at the right time.”
Due diligence in other languages: vérifications nécessaires (French), debida diligencia (Spanish), Due Diligence (German, Swedish, Norwegian, Portuguese), diligenza dovuta (Italian), Юридическая экспертиза (Russian), rettidig omhu (Danish), 適当な注意 (Japanese), 尽职调查 (Chinese), اجراءات لارضاء المتطلبات (Arabic), यथोचित परिश्रम (Hindi), kutokana na bidii (Swahili), and uji kelayakan (Indonesian).
Video – What is due diligence?
This Pacific M&A and Business Brokers Ltd. video explains what due diligence is, why it is so critical in the acquisition and sale of businesses, what the different segments are, and what to look for whether you are the acquirer or seller.
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Dunn Paper needed a water filtration and treatment system to remove dirt and tannins from the Oswegatchie River. The company struggled with water quality while making paper and used bleach to whiten the paper. Bleach is an expensive and corrosive chemical, which needed neutralizing before entering the process.
CITEC Business Solutions worked with the local IDA to help source three new pieces of equipment for Dunn. When the improved efficiencies started to add up, they realized it was time to call NYSERDA, a NY State clean energy authority that promotes efficiency and renewable energy sources, to see if the upgrades met standards for capital reimbursements. The estimates were that the annual energy, water and consumable savings would total more than a half million dollars per year, which would make Dunn eligible for a NYSERDA rebate totaling half of their capital expenditure.
- $500,000 in cost savings annually
- $200,000 in improved productivity annually
- Spring andd fall run-off conditions in the river were eliminated
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Solar Power has become the cheapest form of electricity on the planet, deemed by the International Energy Agency (IEA). The IEA 2020 report stated solar power is the clear leader for our future energy markets. They predicted that solar prices will continue to fall as solar electricity becomes more adopted in households. Especially in places “like India that rely heavily on coal-fired electricity where the costs of producing solar power could drop up to 65 per cent across the next two decades”. This is a game-changer.
On 12th October, South Australia met 100% of the state’s electricity demand, which was a world first. Rooftop solar panels on tops of homes and businesses generated 76% of the demand, with the rest provided by utility solar. The generators even produced excess energy, which was stored in batteries and sent to Victoria. This milestone was sustained for one hour, achieved with perfect weather conditions, no clouds, low wind and low demand of electricity. With summer coming up, the 100% spike is expected to be achieved many more times.
What does this News mean for my Solar Household?
When governments put funding into solar energy, it not only cuts down emissions but benefits the individual in two ways.
Household electricity and water costs are reduced, as cost per unit is cheaper for you to buy, due to the increase in countrywide solar use. Eventually, your house’s panels will be able to support all of your home’s electricity; significantly reducing your monthly bills. But your panels will also be able to produce extra electricity, which is given to Australia’s system and you’ll get a cash return. For example, the Newcastle Waters Station in the Northern Territory will be the new location for the world’s largest solar farm. At 12 000 hectares, generating 10 gigawatts of solar electricity once constructed it would be able to supply all of Australia and some of Singapore, with ongoing emission-free renewable electricity.
Government funding also improves the reliability of solar electricity. More jobs will be created for solar technicians, who can assist if you ever have issues or need solar panels installed. As of 17th September, a funding boost of $1.9 million has been committed by the federal government for renewable energy corporations to invest in new technologies, including carbon capture and storage, hydrogen, soil carbon, and green steel. This includes a sector-specific grant program to help large scale hospitality facilities upgrade to solar.
More Money-Saving Solar Items
A Solar water heater for a pool is a small appliance using panels, placed out of the way on your roof to collect solar energy. Unlike larger solar panels, our solar heaters circulate water to be heated by the sun’s rays into your pool and contain it with magnifying bubbles in a solar pool blanket.
Our solar appliances are much smaller than the traditional solar roof panels and are suitable for households that do not have a large roof space available or would like a subtle heating option, tucked away out of sight. Thus with Solartech, our swimming pool heating options not only increase the value of your home, but some utility companies and governments offer rebates for installing solar water heaters and other solar energy appliances in your home.
Where to buy Solar Heaters for Pool
If you and your family are itching to get back in the pool, then reach out to the Solartech team today for a FREE Solar Pool Heating Assessment. You can enjoy the many benefits of solar pool heating for the summer swimming season and beyond!
At Solartech Pool Heating, we have sold and serviced professional pool heating systems in Sydney for over 20 years. We supply and install Solar Pool Heating systems for customers nationwide. If you are looking for a Solar Pool Heating Solution or want to learn more about extending your swimming season, then get in contact with our friendly team for a FREE Quote on (02) 9674 1900 or via email at [email protected]
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Application of Bai’ Salam In Bai’ Salam is a type of product that the bank or financial institution will give the liquidated cash or capital in advance to the needy to produce their commodities and later the commodities will be deliver to them. While in Bai’ Salam itself it can be divided into three difference type of contracts. They are parallel Salam, Hybrid Salam and also Salam financing working capital. Firstly, the parallel Salam is a common salam that use by the bank and the customer. In a parallel Salam, the bank itself will be entering into two different contracts with two different parties. In this two different contracts, the bank acted as different role. In the first contract the bank will acted as a buyer while entering the second the bank’s role had change from buyer to a seller. As we can know from the name of this contract, parallel salam, which also means that both contract that entered by the bank or financial institution cannot be tied together with each other. In other words, both contracts must not have any relations and must be independent from each other. All the rights and obligations that had been imposed or set in each contracts will stand alone and independent. Those regulations performance shall not be look as a whole or put together as both contracts must be independent. Therefore, both contracts must not contingent with each other. The flows of this type of contract will be start when the bank acted as a buyer and entered a contract with the another party who acted as a seller by selling his or her commodities to the bank. The bank will first give liquidated cash and capital that need by the seller before he can produce his commodities. The payment will be done in advance and also in full and the delivers of commodities will be done later. Next, after received the commodities from the seller, the bank will change his role to a seller and entered another contract with the customer or buyer who will buy the commodities from the bank. The payment will be given in a purchase price along with the profit margin. The bank will gain from the profit margin that paid by the customer. For example, Islamic Bank had entered a Salam contract with Farmer A to purchase 2000 sack of rice which will be delivered 6 months from the dated the agreement entered. The bank will give RM 500 000 to Farmer A to plant crops until harvest, packaging in advance. Later, Farmer A will deliver the 2000 sack of rice to the bank on the agreed date. Meanwhile, the bank had entered another salam contract with Customer B to sell the 2000 sack of rice in the purchase price RM 500 000 plus the profit margin RM 500 000. As both contract should not have any relation, the delivery of 2000 sack of rice to the Customer B have nothing relations to the delivery 2000 sack of rice from Farmer A to the Bank. So, even when the time to deliver the 2000 sack of rice by the farmer A to the Bank had reached but the Farmer A had not deliver or cannot produce that amount of commodities to the Bank, the bank cannot rid from the liability of failing to deliver the rice. The duty to deliver the 2000 sack of rice to Customer B is bound on the Bank. The bank must take any other way to deliver the rice to customer B for example buy the rice from the ready market. In the same situation, if the Farmer A had gave the Bank the commodities which is defect or had not reached the specifications agreed between the bank and the Customer B, is the duty or obligation of the bank to produce or find another way to deliver the agreed specification commodities to the customer. In parallel salam, it also must have a third party. This means that the seller of the first contract cannot be the purchaser in the second contract. It is not allow as in salam that cannot be a buy-back contract. This type of contract is also not allow or is prohibits in Syariah law. Even the purchaser on second agreement is a separate legal entity but is the owner of this entity is belong fully to the seller in first contract is also not allow. For example, Bank A gives cash in advance to Farmer A in return for commodities later. The bank enter an agreement to sell the commodities to Farmer A or a company owned fully by Farmer A. This will be a Buy-back Contract which is not allowed or permissible in shariah law. Second type of contract in Salam will be the hybrid salam. This type of contract also involve third party but slightly different form the parallel salam. In this contract, first the bank will enter a contract with the seller to give capital or cash in advance and exchange the commodities later. The different is here, the bank will not enter another contract with the third party which is the purchaser. The bank will be appoint the seller in the first contract to find a customer to purchase the commodities. In this sense, the seller had been appointed as an agent to buy the product. The commodities will be delivered straight by the seller to the purchaser and not pass through the bank. The payment by the purchaser will be pay to the bank straightly in the purchase price plus the profit margin. While for the seller that acted also as an agent will be give a commission by the bank. For example, Bank A had entered an agreement with the Producer B. The bank will give money in advance for the producer to produce his commodities while after the commodities had been produced, the bank will not find any other customer to buy the commodities. This will be the duty for the Producer B to find third party which is the Customer C to purchase his commodities as the bank had appointed Producer B as an agent. After the commodities had produced, Producer B will deliver the commodities to Customer C rather than delivered to the Bank A. The payment will be made by the Customer C toward the Bank A in a price of the purchase price that the Bank A purchased from the seller plus the profit margin. While the Producer B as a n agent will be given some commission from the Bank A. Therefore, the another different from parallel will be the duty to deliver the goods in a specific date, specific number and also the specific specifications that agreed previously by the customer. Lastly will be the Salam Financing Working Capital, which is much more similar to the Hybrid Salam Financing. In this type of contract, the bank at first will also entered agreement with the seller by giving capital in advance in exchange of goods. At the same time, the seller also will be appointed by the bank as an agent to find a purchaser. Until here the flow is same as the Hybrid Salam Financing. The only different between this two types of contracts will be the purchaser. In hybrid salam financing, the purchaser will be only a single person or a single legal entity. While in Salam Financing Working Capital, the purchaser must be a group of purchaser which means must be more than one person. The contract entered between the seller and the group of purchaser will be a normal sale and purchase agreement. The agent will also be give the commission by the bank when successfully found a group of purchaser and delivered the correct commodities to them. These are the three types of contracts that involved in Bai’ Salam. These three types of contracts each have their own advantages and disadvantages. The customer can choose between these three contracts which is most fits with him or her requirements.
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Only a few days are left before Coinbase goes for listing, and the crypto-community is now eager to know not only how the exchange...
While the number of countries exploring the concept of CBDC is actively growing, we invite you to learn the key basics of Central Bank Digital Currencies in this guide.
The adoption of cryptocurrency and blockchain technology has gained considerable momentum in the past few years, especially in 2020. The COVID-19 pandemic has harmed the traditional finance system of people towards cash-less options. The immense popularity of Bitcoin and the emergence of several Blockchain-backed projects like the announcement of Facebook’s Libra launch last year have made governments realize the importance of these regulation-free and decentralized financial systems and are protecting against these threats to the traditional banking and finance industry.
Despite being influenced by decentralized cryptocurrencies like Bitcoin, CBDC is more of a reaction to than an embrace of cryptocurrency, which central banks see more as a threat to be managed. These Central banks are implementing the concept of stablecoins to have in-depth knowledge of the cryptocurrency space to develop their version of digital currency that will be regulated and operated by the respective monetary authorities or central banks of a particular country.
Central Bank Digital Currency (CBDC) is the digital form of the fiat money of a country. The present concept of CBDC utilizes the concept of blockchain and distributed ledger technology like cryptocurrencies. Still, CBDC is different from virtual currency and cryptocurrency because the latter is decentralized, i.e., they are not issued by the state and lack the legal tender status declared by the government.
The creation of CBDC is to fuse the best of both worlds – the convenience and security of digital form like cryptocurrencies, and the regulated, reserved-backed money circulation of the traditional banking system. Each CBDC unit will act as a secure digital equivalent of fiat currency and can be used as a payment mode, a store of value, and a unit of account. As a fiat currency with a unique serial number, each CBDC unit will also be distinguishable to prevent imitation. Since it will be a part of the central bank’s money supply, it will work alongside other forms of fiat currencies.
There are two main types of CBDC, Wholesale and Retail CBDC, and both have distinct purposes.
Wholesale CBDC is the digital currency used in a transaction between the central bank and other private banks. It could also be used for cross-border transactions between banks. An example is the project Inthanon – Lionrock, a cross-border digital payment system between the Bank of Thailand and Hong – Kong Central Bank.
Retail CBDC is the digital money that individuals would use to conduct transactions in day-to-day life. Retail CBDC could render cash obsolete, and it would also be traceable, thereby mitigating various criminal activities.
The finance system is always dynamic due to the introduction of new technology now and then in the sector, and the advent of digital currency is no different. Some of the advantages of the adoption of CBDC are;
The most often referenced disadvantage is the disintermediation of commercial banks if consumers start to adopt CBDC fully. This could create a vicious cycle as banks raise deposit rates to attract more money. In turn, this means less bank credit extended at higher interest rates.
There are also doubts raised over CBDC requiring the central bank to undertake KYC/AML processes and other operational burdens that commercial banks usually handle.
There is also the issue of reputational risk as CBDC could suffer cyber-attacks, different kinds of error, and glitches that might adversely affect the central bank’s reputation.
Although Central Bank Digital Currency has the potential advantages for cross border transactions, CBDC nevertheless might endanger economies with high inflation and volatile exchange ranges due to the risk of dollarization.
Several central banks are exploring the feasibility of digital currency adoption, and most are in the research phase, and some still in the planning phase. The progress of the central bank of some countries is listed below:
The Asian country with a population of over 1 billion is a suitable testing ground for implementing cryptocurrency; China is arguably the leading country in terms of digital currency adoption. The project for the development of the new digital currency started early this year. As of now, it was reported that it had passed the first stage of testing where RMB 1.1 billion ($162 million) was processed across 3.1 million digital Yuan transactions between April and August, making it the most widely used CBDC in a commercial setting.
The country has long been interested in CBDC and was one of the early testers for digital currency implementation. Early this year began the launch of a year-long pilot project of its proposed digital currency, e-krona. The Swedish government believes that in 2023, the adoption of its digital currency will be successful, and retailers would begin to use it for transactions.
Uruguay’s central bank ran a successful pilot program for its digital currency e-peso in 2017, heralded by top financial institutions. Still, no large-scale implementation has been announced since then.
The Bank of Thailand (BOT) has completed the second testing phase of its CBDC called Project Inthanon. The project started in August last year. The first phase focused on developing a proof-of-concept decentralized Real-Time Gross Settlement system (RTGS) that uses a CBDC on a distributed ledger. The second phase, now complete, started in February to further explore how DLT can be used in the tokenization of BOT-issued debt instruments on DLT, and incorporation of regulatory compliance and data reconciliation functions into the payment process using DLT. The third phase is in progress and is due to be completed later in the year.
The European nation began the pilot program for what was touted as the first digital euro currency early this year and recorded success in the first phase of testing.
Blockchain-based technology has been on a relentless march towards integration with traditional finance systems. The fact that CBDC has become a viable option in finance is a testament to how much individuals and enterprises embrace technology.
There are a plethora of countries still exploring the concept of CBDC, including the United States. Central Banks are looking to integrate this new technology with the traditional monetary system to stay current with finance technology’s dynamism. The methods through which payments are made have drastically evolved over the last ten years and will continue to do so as new technology breakthroughs are made.
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Oluwatobiloba Adenola 177 Questions 10 Answers 1 Best Answer 216 Points View Profile 0 Oluwatobiloba AdenolaLevel 2 Asked: March 10, 20202020-03-10T10:10:20+00:00 2020-03-10T10:10:20+00:00In: Agriculture What can be done to increase the share of agriculture in gross domestic product? 0 What can be done to increase the share of agriculture in gross domestic product? Share Facebook 1 Answer Voted Oldest Recent Anonymous 2020-03-25T14:28:00+00:00Added an answer on March 25, 2020 at 2:28 pm In order to increase the share of agriculture in the Gross Domestic Product (GDP), more people have to work in the agricultural sector as GDP refers to the earnings per population. It should also be noted that this is not necessary in today’s world of mechanized and large scale farming since farming is handled by a fraction of the population. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer.
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On the other side, low-income earners are not expected to purchase the company products in bulk or frequently. Nevertheless, consumer income is widely affected by the rate of inflation which determines the amount of money they receive as salaries and wages as well as the prices of the company’s product. Inflation is widely defined as the continued increase in prices of products and consumers.
Throughout the years, several different methods have been developed, which are dependent on the respective regulations of countries and institutions, such as the Internal Revenue Service (IRS). The most common inventory methods include FIFO (first-in, last-out), LIFO (last- in, first-out), HIFO (highest-in, first-out), FEFO (first-expired, first-out), as well as the average costing method (AVCO). Each of them has their specific advantages and disadvantages, and comes with certain restrictions and regulations (Lee and Hsieh, 1983, p.7). This paper is going to take a look at the choice of inventory accounting methods of FIFO and LIFO, and is therefore not going to consider the other inventory accounting methods, as that goes beyond the topic of this
Understanding Financial Crisis: Causes, Effect and Prevent measure To most ordinary people, Financial Crisis is a both familiar and unfamiliar topic. There is a range of definition of the Financial Crisis, but in general it is refers to the crisis of financial assets or financial markets or financial institutions. In fact, Financial Crisis is closely related to people’s life, 2007-2008 Global Financial Crisis attracted ordinary people to focus on the financial sector. This essay will argue the financial crisis of 2008 came from the US subprime crisis, which has brought enormous impact on the world economy, and in different societies, the countries have different prevent measures to cope with the crisis. For the aspect of cause, the US subprime
• Government regulations: Another major threat to virgin mobile can be change in government regulations domestically and globally. This can usually impose extra duties and taxes on services and telecom regulation. Also, if the government were to change regulations due to inflation or deflation, interest rates also increase which would make it harder for companies to fund or take loans and might even cause them to increase prices to cope with the changes in economy. Other than this, globally, tariffs and cultural differences can act as a problem for the
This is because of three main reasons: government controlling agenda, there are outside groups, whom have no influence and there is inequality amongst groups in the political system. If pluralism truly existed all groups would be equal as well as having an equal opportunity to be an insider group and therefore addressing the last two arguments. The most important argument against the utility of pluralism is government controlling the agenda. This is because groups can’t affect policy if it is not on the governments agenda. This is usually because of manifesto promises or ideology, and if these groups whose aims aren’t shared by government they will be outsiders.
Companies on a very large scale often have Board of Directors who will generally decide the distribution between the two different options. In general companies on a smaller scale chose a mixture of reinvesting profits into the business and giving their shareholders a dividend (often given annually). The liability of a company varies compared to the variety of a sole trader or a partnership owned business. A limited liability company (LLC) means that members of the company cannot be held personally liable for the company’s debts or liabilities. This is very different compared to sole traders and partnerships which can be held personally liable and have to cover any debts.
Fair value became a significant topic during the financial crisis in the U.S. in 2008. People started penetrating for responses for the reason behind something so horrible that could happen and desired something to put responsibility on. For some, fair value accounting was to be responsible but like all debated topics, there were others on the other side of the topic disagreeing in favor of fair value accounting. Opponents of fair value accounting include the American Bankers Association (ABA), the Independent Community Bankers Association (ICBA), as well as Steve Forbes (editor-in-chief of business magazine Forbes as well as president and chief executive officer of its publisher, Forbes Inc.), Blackstop Group Chairman Stephen Schwarzman, Former
People who avail defined contribution pension systems faces variety of risks. The contribution depends on the contributor’s income and duration of employment. After the contributions are made the rate of accumulation depends on interest rate, dividend payout and movement in asset prices. There are significant chances of fluctuation in the three of them. The average over long periods of time show less variation as compared to year to year changes, the pension that an employee shall be entitled to will
There are certain areas where still there is enough space for the improvements and processes can be more optimized. Few of the gaps that are identified while analyzing are discussed below: First, significantly reduced Days Sales Outstanding (DSO) can generate exemplified cash flow improvements in the financial supply chain management. Days Sales Outstanding (DSO) = (Accounts Receivable/Total Credit Sales) * Number of Days DSO, in general terms, means the average number of days it takes for company to collect revenue after the sale has been made. The sensitivity analysis given in the figure against the reduction in DSO is depicted in the above figure which very well describes the impact of DSO on the annual P&L benefits of the
Furthermore, in the last decade, an increasing number of major shareholders attempt to influence corporate behaviour by using their equity stakes in organisation to pressure the management for improved performance and increase the value of their investments. However, shareholder activism is believed to be very controversial. Some proponents of shareholder activism believe that the involvement of shareholders in the management of the company ensures that the invested capital is spend properly and that the directors do grant themselves excessive remuneration packages and focus mainly on maximisation of shareholder value. Opponents, on the other hand, often criticise a high degree of shareholder activism as they considered that active investors are mainly focused on their own short-term benefits and profits and not on the long term aims and goals of organisations (Corkery,
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How to Teach your Children about Money:
As parents, we continually struggle to pass knowledge to our children. Unfortunately, sometimes financial knowledge is left off the list or lost in translation. Below are 5 tips to teaching your children about money:
- It is never too early to start
Just like saving for retirement, the earlier you start educating your children about money, the better off they will be. You should start with early lessons around earning and spending. Show kids that they can do a job and be rewarded by with their own money and give them examples of how much the earned money will allow them to buy. This puts into perspective how much things cost and the amount of work needed to afford something they want.
- Understand the Save, Share, Spend mentality
For every dollar earned, either through allowance, babysitting, or other jobs, teach the idea that there should be three buckets for the money- the amount you want to save for the future, the amount you want to share with others and the amount that is left over to spend. This will enforce the idea that it is important to save for something special and give back to others in need instead of spending whatever makes its way into their pocket.
- Be smart about debt
There is an opportunity cost with every decision. If you spend now, you have less to spend later. If you spend more than you have, you will incur debt. So, if you take on debt, first your future earnings will be reduced by the amount needed to pay off prior purchases and second you will pay additional amounts above the original amount through interest. It is better to wait and save for that special purchase than jeopardize your future income stream.
- Teach goal setting and budgeting
Help kids understand how to budget and set goals around spending. There is not a better reward than setting a goal financially- whether that is to buy an important toy, go on a special trip or buy that first car. There is value in setting the goal, watching the money accumulate and realizing the success you have accomplished with that special purchase.
- Take away the taboo of talking about money
Money is a very taboo subject. People don’t want friends or family to know how much you make or what you spend it on. Change this trend by sharing information with your kids about your individual situation in regards to money. Talk through the various decision making process that happen when you decide how to spend, save or share your money. Tell them the lessons you have learned, including the mistakes that you have made along the way.
Click here to view my interview with KVUE on this topic.
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With the House of Representatives recently passing the $819 billion stimulus package, people believe that this piece of legislation somehow will lift the United States out of a recession.
The main purpose of the bill is to increase spending on infrastructure. The term "infrastructure" is used vaguely though. For instance, the bill would spend $355 million to fund programs for the education and prevention of sexually transmitted diseases. Projects such as this and numerous others in the stimulus bill are not only irresponsible but can harm the economy.
When reading the news story "Plus/minus system not widespread on campus," I couldn't help but make some observations. The system, in essence, reverts to a standard grading system some colleges have implemented. Although there isn't a consensus regarding whether TCU should use the plus/minus system, I think it would be appropriate to render a final decision on whether the system will be used. Many people believe using a plus/minus system will strengthen the academic reputation, however, there are other factors that comprise academic reputation besides a plus/minus system.
The Sacramento Bee wire opinion article about Social Security, published April 2, has some interesting points, but I would like to look at Social Security from another perspective.
Social Security was enacted during the 1930s under the Roosevelt administration. Although Social Security was intended to provide people relief during periods of unemployment and to retired workers, it has become one of the most expensive government entitlement programs. President Roosevelt didn't understand the unintended consequences that are presented today.
In reading "New minimum wage a step, still not enough," I would have to disagree with some of the author's viewpoints. As a higher minimum wage is put into place, many people are calling it a victory in the war on poverty. However, I would contend that if people actually examined the effects of increasing the minimum wage, they clearly would not want to raise it.When we see headlines of an increase of the minimum wage, we tend to think of lower income people boosting their income and helping people get out of poverty.
For the past few weeks, I have heard a lot about the plus/minus grading policy. Even though I agree that the policy will help students in the long run, I believe the issue directly relates to TCU's national ranking. The new grading policy will help raise the academic bar for students. Raising this bar will make grade inflation a thing of the past and give students more options. A student who goes the "extra mile" will be rewarded for working harder.
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Wholesalers (also called distributors) buy goods for resale to retailers (see RETAIL TRADE), industrial, commercial, governmental, institutional and professional users or to other wholesalers. They also act as agents in connection with such sales. Firms engaged in wholesaling, as well as retailing, contracting, service trades, manufacturing, etc, are considered to be primarily wholesalers whenever they derive a larger gross margin (the difference between total operating revenue and the cost of goods sold) from wholesale trade than from any other activity. Some firms are considered to be wholesalers as opposed to retailers regardless of their customer type. These include firms dealing in office furniture, machinery and equipment, computers, lumber and building materials, farm machinery, equipment and supplies, commercial motor vehicles, and all types of industrial and commercial machinery and equipment. With the growth of new large-format retailers such as Home Depot and Business Depot and the dominance of firms such as Canadian Tire and Beaver Lumber in certain retail categories, the current definition of wholesale or retail operations is quite broad.
Wholesalers typically perform basic marketing functions for the firms from which they purchase and for the firms to which they sell. They anticipate customers' needs and demands, carry inventories, deliver merchandise, extend credit, provide market information, offer consulting services and purchase merchandise. For manufacturers, the wholesaler may offer to sell and store merchandise, finance production by purchasing in advance, reduce credit by screening customers and provide marketing information. In order to be successful, the wholesale firm must offer these functions at a lower cost than either the manufacturer or the retailer.
The latest Annual Wholesale and Retail Trade Survey for Canada is for 1994. In that year total operating revenue for wholesale trade was $282.4 billion. Wholesale trade makes a significant contribution to the Canadian economy. It accounts for 6.1% of the GDP, contributes 10.9% of Canadian exports and employs 607 600. In 1994 the operating revenues of the wholesale sector grew by 11.7% over 1993 - significantly higher than the 6.8% growth enjoyed by retailing in Canada.
Wholesalers of food, beverages, drugs and tobacco (eg, Loblaws Companies, Provigo, The Oshawa Group, IGA, IDA, Jean Coutu, Drug Trading, and Imasco) comprise the largest group (20.9% of the sector) with sales of $59 billion in 1994. Other important wholesale commodity groups included: petroleum products ($32.1 billion); industrial and other machinery equipment and supplies ($31.4 billion); motor vehicles, parts and accessories ($24.5 billion); lumber and building products ($21.6 billion); metals, hardware, plumbing and heating and supplies ($17.6 billion); and computers, packaged software and other electronic machinery ($15.4 billion). The average gross margin for wholesalers in 1994 was 21.2%, their net margin was 5.5%, and their ratio to stocks was 8:6.
In Canada wholesalers are successful because of the large number of small- and medium-sized manufacturers and retailers who cannot perform various distribution functions effectively, in part because of the country-wide distribution of cities and partly because of the great distances between manufacturing and intermediate and retail centres.
Types of Wholesalers
Wholesalers can be grouped into 4 categories: - wholesale merchants, who buy and sell goods on their own account and take legal title to them; - agents and brokers, who buy and sell goods for others on commission; - manufacturers' sales branches and offices that distribute their own goods; and - specialized wholesalers, which include co-operative marketing associations (for such primary products as grain, livestock, fish, leaf tobacco, raw furs), petroleum-bulk plants, terminals and liquefied-petroleum facilities.
Wholesale merchants can be further classified as either full-service wholesalers, which perform all of the marketing functions, carry stock and make deliveries, or limited-line or limited-service wholesalers, which offer fewer services. Electrical, hardware and pharmaceutical wholesalers that sell all of the products in the category, for example, are full-service wholesalers. Limited-line wholesalers, in contrast, carry narrow lines such as paint or electric motors. This group includes "cash-and-carry" firms which do not provide credit or transportation to their customers and "agents and brokers." This latter category includes auction companies, agricultural commission merchants, manufacturing agents, food brokers, selling agents, and export and import agents and brokers. They are organized by product lines and assist in negotiations with buyers and sellers. They make their profits by commissions. Finally, manufacturers' sales branches normally are established by manufacturers but also sell the products of other suppliers as well - an important type of wholesaling in Canada.
The various types of wholesalers operate in most of the product categories. For merchant wholesalers, the most important lines of trade are food, petroleum products, and machinery and equipment; for agents and brokers, the most important areas are farm products, petroleum products, apparel and dry goods.
Wholesale trade, at the federal level, is regulated by the Competition Act, which oversees mergers and monopolies, specialization agreements, export agreements, price discrimination, delivered prices, reciprocal buying and resale price maintenance (see COMPETITION POLICY).
Over several decades the dominant position of independent wholesale intermediaries in the domestic marketing system has declined because manufacturers and retailers have grown in size and assumed many of the functions of the wholesaler.
Independent wholesalers continue to dominate in the sale of industrial goods, machinery and petroleum products sold primarily to agricultural segments. In these areas, they have been able to specialize and adapt to the vast distribution of customers throughout Canada. A primary area of growth for all types of wholesalers in Canada is in the export trade.
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Special Economic Zones (SEZs) are growth engines that can boost manufacturing, augment exports and generate employment. Special Economic Zone (SEZ) is a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purpose of trade and operations and duty and tariffs. The goods and services going into Special Economic Zone area from DTA shall be treated as exports and goods coming from Special Economic Zone area into DTA shall be treated as if these are being imported. SEZ units may be set up for manufacture of goods and / or rendering of services.
The main objectives of Special Economic Zone (SEZ) scheme are: Attracting foreign direct investment (FDI), earning foreign exchange, boosting the export especially the nontraditional exports, creating employment opportunities, introducing new technology, developing backward regions, stimulating growth in sectors like: electronics, information technology, R&D, infrastructure and human resources development that are regarded important to the economy and creating backward and forward linkages to increase the output and raise the standard of local enterprise that supply goods and services to the zone and thereby generating additional economic activity.
Government of India enacted The Special Economic Zone Act 2005 and framed SEZ Rules 2006. The Government offers various incentives to units coming up in SEZ.
For further Information, please see www.sezindia.nic.in
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the income that a firm receives from the sale of a good or service to its customers. Revenue is calculated by multiplying the price (p) of the good by the quantity produced and sold (q).
Just like an individual, businesses must pay several different kinds of taxes, some easier to understand than others. Taxes for businesses come in several varieties: federal, state, and local.
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How does the purchase of equipment affect the accounting equation?
The purchase of equipment would not affect the accounting equation.
How do transactions impact the accounting equation?
Every Business transaction which is to be considered for accounting i.e. every Accounting transaction, has its effect on the fundamental accounting equation. Each transaction alters the expressions forming the equation in such a way that the accounting equation is satisfied after every such alteration.
What does accounting equation signify?
The accounting equation is considered to be the foundation of the double-entry accounting system. The accounting equation shows on a company’s balance that a company’s total assets are equal to the sum of the company’s liabilities and shareholders’ equity. The liabilities represent their obligations.
What are the three elements of the accounting equation?
The three major elements of accounting are: Assets, Liabilities, and Capital.
How do you account for equipment purchases?
Purchase of Equipment Accounting When you purchase the equipment, all entries made to account for the purchase appear on your balance sheet, not your income statement. Debit the appropriate asset account, such as plant equipment or office equipment, for the full amount of the purchase.
How will the fundamental accounting equation change if supplies are purchased with cash?
In this case, you cannot include an entry for supplies in the current assets section of the balance sheet because they are no longer considered assets. If you use cash to purchase the supplies, then the cash will decrease and the supplies will be expensed against the income statement.
Where do expenses fall in the accounting equation?
Assets (A) and expenses (E) are on the left side of the equation representing debit balances. The double-entry rule is thus: if a transaction increases an asset or expense account, then the value of this increase must be recorded on the debit or left side of these accounts.
What are the 4 major types of transactions that affect equity?
The four major types of transactions that affect equity in a business are owner withdrawals, advertising, new investments and business transactions that lead to the accumulation of profits or losses.
What are the four basic accounting equations?
“Show me the money!” There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity.
What are the two accounting equations?
Based on the definitions of the concepts “income” and “expenses,” the basic accounting equality can be represented as follows: Assets = Liabilities + Capital + Revenues – Expenses.
What is the importance of accounting equation?
It helps ensure that debits and credits are recorded accurately. Beyond this, however, it helps to measure how profitable your business is. The accounting equation is the foundation of your company’s balance sheet, which expresses your business’s assets, liabilities, and owner’s or shareholder’s equity in detail.
Is drawings an asset or liability?
Comments for Is Drawings a Liability? Is Drawings an Asset or Liability? Drawings are amount given to owner either recoverable back from the owner as cash or kind return to firm or recoverable by adjustment to his capital. Till recovered, it is an asset.
How is the accounting equation affected by business transactions?
Assets – Liabilities = Owner’s (or Stockholders’) Equity. When a company purchases inventory for cash, one asset will increase and one asset will decrease. Because there are two or more accounts affected by every transaction, the accounting system is referred to as double-entry accounting.
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February 1, 2019
This paper provides an overview of pricing and non-pricing measures to reduce domestic water consumption at the household levels in five urban areas in Spain. Analyses are based on questionnaires sent to water utilities that provide water services in the metropolitan areas of Barcelona and Seville, the cities of Malaga and Saragossa and the region of Madrid. Our main contribution is that, compared to studies that are based on estimates of the water demand function, we asked directly the managers of the utilities on the effectiveness of the measures implemented. We found that all areas studied have implemented pricing and non-pricing measures to encourage the efficient use of water and that reduction in per capita water consumption has been the result of periods of drought, accompanied in certain cases by water restrictions and pricing and non-pricing measures. In all five areas studied, the utilities believe that non-pricing measures have had a greater impact on water consumption decisions compared to pricing measures.
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The cost of living in Kenya refers to the expenses incurred by an individual to live up to their living standards.
Your cost of living is weighed in terms of how much you pay for rent, food, gas, clothing, transport, medical expenses, and any other expenses that you incur to ensure a comfortable life.
It’s also a way of you comparing living expenses in different regions over a given period.
Note that the cost of living differs from one household to the other, depending on what they consider as their daily expenses.
A good example could be on the gas. A person driving a Mercedes Benz will incur more cost in terms of fueling than a Prius.
The cost of living in Kenya follows this principal too. To some, it is very high to others; it is low depending on how much you earn and where you live.
Therefore the cost of living is just for comparison purposes. This article seeks to look at the expense of living in Kenya as compared to other countries in Africa and the world.
How The Cost Of Living in Kenya is calculated
As stated above, the cost of living is dependent on the individual’s lifestyle.
As an individual, you have your insight on what it will cost to live in your neighborhood, eat the kind of food that you eat, or even drive your type of car.
Therefore the cost of living can be calculated by taking the prices of goods and services that an individual consumes in a year.
Picture this, a pair of shoes may be costly compared to the cost of food at the time of buying, but after one year, you realize that the price of food becomes higher than that of the shoe.
Currently, in Kenya, facilities like comfort home’s private health care and international schools have made the cost of living in Kenya to blow up, making it hard for an ordinary Kenyan to enjoy such amenities.
Although this lavish lifestyle depends on your income, the ordinary citizen has to be considered.
The Cost-of-Living in Kenya in Terms of Basic Wants
Knowing the cost of living in Kenya compared to other countries helps you to see if are be able to afford the lifestyle in a foreign country.
On the other hand, it also helps ex-pats who are moving to Kenya to know if they can afford to live in Kenya. The price of living there lifestyles like they were still at home.
Compared to African countries, Kenya’s cost of living is higher. The cost of living in Kenya is higher than in 70% of African countries.
On the other hand, it is cheaper by 63% compared to other countries in the world.
The cost of living in Kenya compared to developed countries is cheaper compared to underdeveloped countries.
Therefore for an individual coming from America, life in Kenya is cheap, while for that coming from neighboring Uganda can find life in Kenya very expensive.
The cost of Basic Commodities In Kenya
The supply of cash in Kenya is rising faster than the number of goods and services. All this is caused by inflation. Inflation is the steady increase in prices with no sign of going down.
On the other hand, oil prices, corruption, and monopoly have aided in the high cost of living in Kenya.
Let us take a look at the cost of basic needs like is food, shelter, and other needs in Kenya.
When you think of living in Kenya, the first thing that comes to mind is where to stay. What’s the cost of comfortable housing? Bear in mind that real estate in Kenya increases day and night, so is the price for rent.
So for you to live in an excellent apartment in an upmarket neighborhood, you have to part ways with $ 1500 to $2000 per month.
If you are to live in the middle-class group, you need $350 to $ 700 per month.
Below that you end up in the slums or the streets
The main reason why the cost of accommodation is skyrocketing is the increase of population in urban centers.
Despite Kenya being an agricultural country, the cost of food remains inflated.
This is despite the signing into law, a rule that allows the Government to regulate the prices of basic needs.
The law was signed in 2011 by His Excellency Mwai Kibaki so it can protect Kenyans from the high cost of living.
Commodities such as petrol, maize sugar, paraffin, and cooking oil prices were to be regulated by the Government.
3. Transport expenses
Most Kenyans do not own a car; therefore, they use public means to travel. This sets them back $2 to $10 a day, depending on the distance covered.
Those who use private means
have to part ways with $15 to $25 a day.
The prices of fuel in Kenya keep going up due to the fluctuation in the exchange rate of the US dollar to the Kenyan Shilling.
4. Miscellaneous expenses
There are those other expenses that you have every month. Expenses such as medical bills, electricity and water bills, wear and tear, and other costs.
For such, you need to have an extra amount to cover them when and if they arise.
Lower than that means that you are in danger.
Final Thoughts On the Cost Of Living In Kenya
Until the issue of inflation is dealt with, Kenya and Kenyans will continue to experience a high cost of living.
As for the individuals who plan on moving to Kenya, this article will help you compare the prices in Kenya to your home hence help you make an informed decision.
You will be aware of how much you need, for example, to get accommodation or the cost of traveling around.
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12.1 Course-level Learning Outcomes 3 2.2 Module Breakdown 4 3.1 Module-level Learning Outcomes 5 3.2 Transcripts and Notes 6 3.2.1 Transcript: Introduction 6 3.2.2 Notes: A Storm Brewing: The Build-Up and Crash of 1929 8 3.2.3 Transcript: A Storm Brewing : The Build-Up and Crash of 1929 12 3.2.4 Notes: Charting the Build-Up and Crash 15 3.2.5 Notes: Modeling the Depression 23 3.2.6 Transcript: Modeling the Depression 31 3.2.7 Notes: How the World Rebuilt Itself 36 3.2.8 Transcript: How the World Rebuilt Itself 40 3.3 Collaborative Review Task 45
2This document contains the core content for Module 1 of Case Studies in Risk Management, entitled The Crash of 1929. It consists of four video lecture transcripts and four sets of supplementary notes. Case Studies in Risk Management is the eighth course presented in the WorldQuant University (WQU) Master of Science in Financial Engineering (MScFE) program. This course discusses market crashes during the 20thand early 21stcenturies, which plunged global and local economies into disarray as financial indicators and institutions fell apart. To adequately create a qualitative and quantitative approach towards financial risk assessment, it is critical to assess the more notable market crashes and periods of instability. Both an in-depth historical contextualization and a firm understanding of data-modeling are required to accurately discuss previous market crashes, and how the build-up and aftermath create varying economic, political and financial outcomes that necessarily generate instability.
3Upon completion of the Case Studies in Risk Management course, you will be able to:1Understand the kinds of historical contexts that inform how and when a market crash can happen. 2Explain the ways in which a market crashes and can crash other markets. 3Discuss market crashes in conjunction with others. 4Understand the varying aftermath of financial market crashes, from the socio-economic ripple to the kind of policies governments put in place. 5Discuss market regulation attempts and policies and offer informed opinions on them in a retroactive historically-contextualized manner. 6Discuss financial market crashes with data models. 7Chart and explain market crashes through varying forms and levels of data. 8Accurately determine market crashes, given sufficient information and input from markets and contexts. 9Speak about market regulations and the ability they had to prevent crashes. 10Discuss ethics in conjunction with market regulation.
4Case Studies in Risk Management consists of the following one-week modules: 1The Crash of 1929 2The 1987 Crash and Regulatory Implications 3Understanding the Asian Crises 4Understanding Hedge Fund Failures (e.g. LTCM) 5The 2008 Global Financial Crises 6The 2010 Flash Crash 7Ethics and Regulations
5This module discusses the 1929 Crash and the subsequent Great Depression that held the world economy captive for over a decade. It is critical to understand the build-up, as there are
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Dec 01, 2015nbsp018332The Chinese cement industry has been playing a vital role for the rise of China over the past 100 years since its initial growth. Fig. 2 shows the Chinese cement output and its share in the total world cement output over the last 30 years. It can be seen that with the rapid development of the economy and increasing demand for cement, Chinas cement output has grown rapidly.
Note: If you're interested in the product, please submit your requirements and contacts and then we will contact you in two days. We promise that all your informations won't be leaked to anyone.
Jan 01, 2012nbsp018332since the co-processing line put into operation, it has disposed a total of 5500 tons of sludge. the process flow is as follows wet sludge from sewage treatment plant water content of about 80 is transported to a reservoir in huaxin yichang cement plant, and then fed directly to the inlet of the kiln through high pressure pumps.
Jun 20, 2008nbsp018332remember, in china, oil isnt used in cement production. in the quotclinkerquot stage, its all coal. in the blending stage its electricity which is generated 80 from coal in china. and cement production in china is inefficient. there are hundreds of small plants, both wet and dry processes, and the local environmental impact is severe.
Jul 12, 2017nbsp018332between 2011 and 2013, more cement was consumed in china than what was used across the entire us over the course of the 20 th century. given that cement production releases 1.25 tons of co 2 per ton of cement created, it comes as little surprise that cement alone accounted for 7.8 percent of chinas carbon dioxide emissions in 2018. these emissions totaled 782 million tons of co
If the cement industry were a country, it would be the third largest emitter in the world. in 2015, it generated around 2.8bn tonnes of co2, equivalent to 8 of the global total a greater share than any country other than china or the us.. cement use is set to rise as global urbanisation and economic development increases demand for new buildings and infrastructure.
Nov 15, 2019nbsp018332thanks to improvements in energy-efficiency and tweaks to concrete mixtures, the average carbon dioxide intensity of cement production has
Feb 27, 2017nbsp018332in the past few years, china has used more cement than the us used in the entire 20th century. last year alone, the nation used enough construction sand to
Accomplished by any of three processes the dry process, the wet process, or the semidry process 10. in a dry cement manufacturing process, dry raw mix contains less than 20 moisture by mass. however, in a wet process water is added to the raw mix to form slurry and then is
Sep 19, 2016nbsp018332china, the worlds largest cement producer, has seen its economic growth collapse to low single digits and cement plant utilisation rates are likely to be lower than 50.
Aug 19, 2008nbsp018332over the past 70 years, the growth in cement production has been phenomenal. world cement production by region. source usgs while always a larger cement producer, china has, in the last couple of ...
Process control, constant monitoring of cement production, and analysis of the data is needed to help ensure quality products reach the customer. in addition, proper analysis coupled with actions taken as a result of the data, can help lengthen the life of the quarry, reduce fuel consumption , incur less waste, and minimize raw material costs ...
Jun 12, 2018nbsp018332cement is the glue that makes concrete strong, but the process of making cement requires superheating calcium carbonate, or limestone, and releases massive amounts of
Cement production, which is highly dependent on the availability of natural resources, will face severe resource constraints in the future. this is especially true for the cement industry in china.
Much of this decline has been driven by improvements in china, which produces about 47 of the worlds cement. the efficiency of cement production is relatively low in countries with old capital stock based on wet kilns and in countries with a significant share of small-scale vertical kilns.
Huaxin cement purchased sanme mobile equipment pp459hcp portable impact crushing crusher and pp2475yk4s portable screening plant again, which were used in yunnan, china with a processing capacity of 200th and limestone aggregate production.
Httpswww.linkedin.compulsehow-expand-production-cement-lower-energy-consumption-tony-zhang how to expand the production of cement with lower energy consumption ...
With its abundance, concrete takes a mammoth toll on the environment. the process for making portland cement, the most common form used to produce concrete, for example, is
Feb 23, 2019nbsp018332the concrete industry emits a lot of carbon dioxide. a canadian startup has found a solid way to get rid of the problem, by injecting co2 into cement during the mixing process
The huge coal consumption for cement production in indonesia basically shows the typical characteristic of cement industry that is dominated by massive kiln technology in their production process in which some of them are still using wet process technology.
Steel production in china decreased to 91579 thousand tonnes in june from 92267 thousand tonnes in may of 2020. steel production in china averaged 34860.21 thousand tonnes from 1990 until 2020, reaching an all time high of 92267 thousand tonnes in may of 2020 and a record low of 4918 thousand tonnes in february of 1990. this page has steel production values for china.
Projected cement production included in chinas national plan for 2006 through 2010 and an estimate of the 2011 through 2014 production cui, 2006a indicating that cement production is expected to peak at 1,250 mt in the 2010-2011 period and then begin to slowly decline.
In this regard, we communicate the industrys views on all technical, environmental, energy and downstream issues and policy developments. carbon neutral by 2050 is our ambition by 2050, the cement sector aims to achieve carbon neutrality along our full value chain clinker, cement, concrete, construction, and recarbonation ...
Dec 21, 2008nbsp018332the mixture of cement with other aggregate materials is the primary reason that concrete cannot bear an eco-friendly label. understanding cement and how it is made is therefore helpful when evaluating the greener alternatives portland cement, invented in 1824, is the most common type of cement used throughout the world.
The new zjtl vertical mill is an equipment which been improved on the basis of the lm vertical mill by zjtl vertical mill manufacturers. many performances of the machines make it have a better adaptability than the traditional vertical mill, zjtl3840 and 3230 raw material vertical mill is an excellent representative in processing the sticky wet cement raw material, reduce the cost of cement ...
Dec 17, 2018nbsp018332it is these unrivalled attributes of concrete that have helped boost global cement production since the 1950s, with asia and china accounting for
Cement manufacturing is an energy-intensive process due to the high temperatures required in the kilns for clinkerization. in 2005, the global cement industry consumed about 9 exajoules ej of fuels and electricity for cement production iea 2007. worldwide, coal is the predominant fuel burned in cement
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The rate of inflation in a country can have a major impact on the value of the country's currency and the rates of foreign exchange it has with the currencies of other nations. However, inflation is just one factor among many that combine to influence a country's exchange rate.
Inflation is more likely to have a significant negative effect, rather than a significant positive effect, on a currency's value and foreign exchange rate. A very low rate of inflation does not guarantee a favorable exchange rate for a country, but an extremely high inflation rate is very likely to impact the country's exchange rates with other nations negatively.
Inflation and Interest Rates
Inflation is closely related to interest rates, which can influence exchange rates. Countries attempt to balance interest rates and inflation, but the interrelationship between the two is complex and often difficult to manage. Low interest rates spur consumer spending and economic growth, and generally positive influences on currency value. If consumer spending increases to the point where demand exceeds supply, inflation may ensue, which is not necessarily a bad outcome. But low interest rates do not commonly attract foreign investment. Higher interest rates tend to attract foreign investment, which is likely to increase the demand for a country's currency. (See also, The Mundell-Fleming Trilemma.)
The ultimate determination of the value and exchange rate of a nation's currency is the perceived desirability of holding that nation's currency. That perception is influenced by a host of economic factors, such as the stability of a nation's government and economy. Investors' first consideration in regard to currency, before whatever profits they may realize, is the safety of holding cash assets in the currency. If a country is perceived as politically or economically unstable, or if there is any significant possibility of a sudden devaluation or other change in the value of the country's currency, investors tend to shy away from the currency and are reluctant to hold it for significant periods or in large amounts.
Other Factors Affecting Exchange Rate
Beyond the essential perceived safety of a nation's currency, numerous other factors besides inflation can impact the exchange rate for the currency. Such factors as a country's rate of economic growth, its balance of trade (which reflects the level of demand for the country's goods and services), interest rates and the country's debt level are all factors that influence the value of a given currency. Investors monitor a country's leading economic indicators to help determine exchange rates. Which one of many possible influences on exchange rates predominates is variable and subject to change. At one point in time, a country's interest rates may be the overriding factor in determining the demand for a currency. At another point in time, inflation or economic growth can be a primary factor.
Exchange rates are relative, especially in the modern world of fiat currencies where virtually no currencies have any intrinsic value, say, as defined in terms of gold, for which the currency could be exchanged. The only value any country's currency has is its perceived value relative to the currency of other countries or its domestic purchasing power. This situation can influence the effect that inputs—such as inflation—has on a country's exchange rate. For example, a country may have an inflation rate that is generally considered high by economists, but if it is still lower than that of another country, the relative value of its currency can be higher than that of the other country's currency.
You may want to read further on the macro fundamentals that affect the economy.
- Inflation is closely related to interest rates, which can influence exchange rates.
- Other factors, such as economic growth, the balance of trade (which reflects the level of demand for the country's goods and services), interest rates, and the country's debt level all influence the value of a given currency.
- The most powerful determiner of value and the exchange rate of a nation's currency is the perceived desirability of that currency.
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Good Debt vs Bad Debt
CAN DEBT BE A GOOD THING?
People always say, especially those who are smart in handling money, to avoid borrowing money or never engage yourself from having a debt. They say, stay away from credit cards, or earn the money you need and don't take the risk of borrowing it from others because of the possibility that you might not be able to return it. But did you know that debt can be your best ally? Yes, it can be a good thing if you handle it the best way possible and knowing how to use it as leverage on your side.
It's easy to differentiate Good Debt and Bad Debt, it depends upon how will you use the money you borrowed and considering how will you free yourself from that debt. If the debt will create assets for you, it's positive and if it will only cost you liabilities, of course that's a negative debt. Even credit cards, although it has interests, can be used as leverage for whatever you need it if it will generate money and can repay itself. Here's how to tell their difference.
There is a saying "it takes money to make money". Meaning, if the debt you take will help you generate income and will increase your net worth, then it is a positive debt. Here are some examples of good debt:
· CAPITAL: Starting your own business will need a large amount of capital at first, but will eventually generate income and assets. You must plan your business carefully and don't let your own ship sink.
· ASSET INVESTMENT: If you're into real estate business and you got lucky to find a piece of land or building at a low price that will eventually appreciate, it's worth it to take the risk of loaning the money. Selling it to a higher price will make you profitable or leasing it can also be an option. Investing in equipment's or machines that will help your business grow faster is also part of this.
· STUDENT LOAN: This debt can also be an example of good debt because it will help you become a graduate if you study well. It's a good investment because college graduates typically get paid more than non-graduate employees and interest rate is relatively low.
The good debt has the potential to increase a person's net worth and generate income, the bad debt will only drain a person's wealth. This includes the purchase of depreciating assets or using the money as luxury. Bad debt will poke a hole on your pocket until your money is empty. These are some examples:
· GAMBLING: Whether you're a poker master or a casino hustler, gambling is a tricky game to play and you will lose at some point in your life. You win some, you lose more. Being addicted to it and be tempted to loan money for the next game may be a bad decision.
· LUXURY CARS: Cars, whether you like it or not, is a liability. You are required to pay for gas, maintenance, insurance or accessories. Using it as a "status symbol" will only lose you more money. If having a car isn't really a necessity for you, don't loan for it. Walking or riding a bike can be an option and will also benefit your health.
· EXPENSIVE TRIPS: Tours around the globe and having luxury vacations probably are the dreams of many individuals. But having it from borrowing money and undetermined if you can repay it, may be a bad idea. Other than interest rates, you may be charged in law suits and may be put in jail.
· BAD INVESTMENTS: The name itself says it all. Don't commit for unsure investments from suspicious people. They might tell you to invest in them or into something you're not really good at and end up struggling in the end. It might be a scheme from con men that will trick you by sugar coated words.
In the world of business, using your resources and choosing your allies are critical. In order to survive, you must thrive, this includes borrowing money or having good debt from trusted lending companies. We take risks everyday, but planning ahead of time is a smart move for everyone who wants to play the game of money. Just be careful for every plans you make and every step you take. Remember, debt and death sounds similar.
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In this lesson, we learned the importance of always understanding the consequences of our actions. Buying and selling stock can have an enormous impact on our success as an investor. The most important thing to learn from this lesson is the emotional decisions when selling stock can often lead to very poor results.
We learned that there are two major rules for knowing when to sell stock:
1. We sell stock when we can trade the capital into an investment that will produce a larger return after accounting for the capital gains tax paid (state and federal). In addition, you'll want to ensure the risk assumed is comparable for the return received. 2. We sell stock when the business changes its fundamentals. This could mean the way they manage debt. The future outlook for earnings is decreasing...etc
Although the process of accounting for a change in assets is laborious, its purpose often results in enormous financial decisions. Mastering the techniques taught in this video will undoubtedly lead to your success as an intelligent investor.
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Yield is of critical importance when selecting investments, especially the bonds that typically play the role of income generation and stability in a portfolio. The yield on an investment is expressed as a percentage. A 3% yield means that a $100,000 investment pays $3,000 of interest. This is a simple calculation, but we should go a little further to answer the question of ‘What do I keep’ or ‘What can I spend?’. Depending on the bond and the investor’s tax situation, the answer can range from ‘All of the interest’ to a less exciting ‘Half or less’. For many investors this calculation is changing now that tax rules and brackets have changed, and for some investors it’s time think about changing their bond investments.
For an example, let’s compare two large bond funds with different yields and tax treatment. We will look at a short-term municipal bond fund, the iShares Short-Term National Muni Bond ETF and a short-term corporate bond fund, the iShares Short-Term Corporate Bond ETF. To compare the yields, the finance industry uses a measure called taxable-equivalent yield, which answers the question ‘What would the taxable bond have to pay so that I keep the same amount as I keep from the tax-free bond?’
Here is an example for an investing couple with $200,000 taxable income (similar to an individual with $100,000 taxable income). Their Federal tax bracket is now 24%.
Short-Term Corporate Bond ETF
Distribution Yield as of 3/25/19: 3.48%
After-tax Yield: 2.64%
Calculation: 76% of 3.48% i.e. 24% is lost to tax
Short-Term National Muni Bond ETF
Distribution Yield as of 3/25/19: 1.83%
Taxable Equivalent Yield: 2.41%
Calculation: 1.83% / (1 – 0.24) i.e. increase the yield to account for how much tax you get to keep given the tax-free nature of the bond income
In this example, the investor would keep more from the taxable bond fund. It actually takes a tax rate of 48% to keep more of the interest on an after-tax basis from the muni bond fund. An example of a taxpayer with a bracket that high is income above $600,000 (37% Federal bracket + 3.8% Medicare investment income tax) plus state and local income taxes over 8%. Relatively few taxpayers are in such high brackets. Factors that contribute to this situation include falling Federal tax brackets and rising taxable bond yields. Perhaps surprisingly, even though total taxes due have risen for many investors in high tax states who are losing deductions, the tax rate they face on their bond income may have actually fallen.
When we decide in which bonds to invest, this is one important factor among several. Other considerations include credit quality, maturity, potential calls, and volatility. The two funds mentioned here vary somewhat in all of these metrics. Furthermore, the current tax brackets are only in their second year, and history shows that they will eventually change again. Each investment is a personal decision that planning can help inform.
IMPORTANT: Results may vary over time. Results of this discussion are neither guarantees nor projections of future results. Information is for illustrative purposes only. Yields, pricing and tax rates will change over time and this is not a recommendation. Material discussed herewith is meant for general illustration and/or informational purposes only, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional advice.
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China-Pakistan Economic Corridor also known by the acronym CPEC is an under-construction $54 Billion economic corridor in Pakistan, that aims to connect Gawadar Port in Southwestern Pakistan with Xinjiang in far-western China. The project is a collection of various infrastructure and energy projects and includes the establishment of special economic zones. On 13th November 2016, CPEC became partly operational with Chinese cargo was transported overland to Gawadar Port for onward maritime shipment to Africa and West Asia.
The corridor comprises a vast network of highways and railways to be built, spanning the length and breadth of Pakistan in order to link seaports in Gawadar and Karachi with the Chinese Region of Xinjiang. Infrastructure projects are worth approximately $11 billion, and will be financed by subsidized concessionary loans that will be dispersed by the Exim bank of China, China Development Bank, and the ICBC. As part of the broad package of infrastructure projects under CPEC, a 1100 kilometre long motorway will be constructed between the cities of Karachi and Lahore, While the Karakoram Highway between Rawalpindi and the Chinese border will be completely reconstructed and overhauled. The Karachi-Peshawar main railway line will also be updated to allow for train travel at upto 160KM per hour by December 2019. Pakistan's railway network will also be extended to eventually connet to China's Sotheren Xinjiang Railway in Kashgar.
Over $33 billion worth of energy infrastructure are to be connected by private consortia to help alleviate Pakistan's chronic energy shortages, which regularly amount to over for, 500MW, and have shed an estimated 2-2.5% off Pakistan's annual gross domestic product. Over 10,400MW of energy generating capacity is to be brought online by the end of 2018, with the majority developed as part of CPEC's fast-tracked "Early Harvest" projects. A network of pipelines to transport liquefied natural gas and oil will also be laid as part of the project, including a $2.5 billion pipeline between Gawadar and Nawabshah to eventually transport gas from Iran. Electricity from these Projects will trimarily be generated from fossil fuels, though hydroelectric and wind-power projects are also included, as is the contruction of one of the world's largest solar farms.
CPEC's potential impact on Pakistan has been likened to that of the Marshal plan undertaking by the United States in post-war Europe. Pakistani officials predict that CPEC will result in the creation of upwards of 2.3 Million jobs between 2015-2030, and at 2 to 2.5 percentage points to the country's annual economic growth. Were all the plan projects to be implemented, the value of those projects would be equal to all foreign direct investment in Pakistan since 1970, and would be equivalent to 17% of Pakistan's 2015 gross domestic product.
Pakistan Navy and Chinese Navy ships are to jointly guard the safety and security of the trade corridor, as Pakistan seeks to expand the roll of it's maritime forces. From December 2016, Pakistan's Navy established as a special taskforce "TF-88" to ensure there is maritime security for trade. Chairman Parliamentary Committee on CPEC confirmed that Sindh province will dispatch 2000 police officers, while Punjab will dispatch 5000 police officers for the project, while the Pakistani Army will deploy 12,000 troops to saveguard the route. China plans to transfer 4 ships to the Maritime Security Agency with two ships called PMSS Hingol and PMSS Basol. For territorial security. Pakistan has formed the Special Security Division. Pakistan plans to train 12,000 security personnel to protect Chinese workers on the corridor. As of August 2015, 8,000 Pakistani security officials were deployed for the protection of over 8,100 Chinese workers in Pakistan. As part of CPEC, Pakistan has boosted it's International engagement in terms of foreign policy with China, Iran, USA, Turkey and Malaysia are to be engaged for the maritime economy related to CPEC. Iranian President Rouhani revealed his intentions to Pakistan to join CPEC in a meeting at the UN Russia has also expressed support for CPEC.
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Distribution is one of the most important parts of the business. Distribution is basically the process from suppliers to the manufacturers to the step of the sale. Only because of this, one company can control and manage the overall system. It has different parts of the channel and also has different types of methods and strategies.
So without delay let’s talk about in detail.
What is in for you
- Definition of Distribution
- Types of Distribution
- Different Systems of Distribution
- Different Functions of Distribution
- Distribution Strategies
- Distribution of Marketing Strategies
- Benefits of this Distribution Management
- Frequently Asked Questions
Definition of Distribution
As I mentioned in the starting line that it is a process of chain. Which is started from suppliers to the manufacturers and then to the point of sale. Now, you should understand the step by step process.
Firstly understand the meaning, what is coming in your mind about this word?
Something related to the delivery!
Yes, your guess is right. But here I want to include some more with perfect definition.
For example, At festival time, you definitely buy lots of gifts for your friends and relatives. In this case, if your friends stayed in another city then what will you do next? How do you send a gift to them?
Obviously, either you can send them by courier or by online delivery. So a delivery company is a type of distribution process. After sometime later you also know about everything.
Similarly, for businesses, they create a distribution system that enhances the business. Also, to reach the customer and consumer, all companies need strong distribution strategies.
With this purpose in mind, move to the next and understand the different types of process.
Types of Distribution
Now you already understand the concept of this process. After that, you have to understand the overall systems.
Generally, there are two main types of distribution. On one hand, commercial or the sales distribution.
On the other hand, physical or logistic distribution. Let’s talk about one and one.
Commercial or Sales Distribution Management
One company can choose this process because of enhancing the sales.
In this process, they can make a way to reach the target audience. In the sales distribution process, the company distributes through the sales channels.
Physical or Logistics Distribution Management
Another most important part is logistics. Here is something important to realise that if the internal logistics does not properly maintain then the company will be suffering. Logistics comprising the supplier, warehouse, inventory, sales and marketing.
Distribution does not mean, sales system only but also maintains the suppliers to inventory management so the overall distributed system becomes easier. Now, you can check out the different mediums used by companies.
Different Systems of Distribution
Business is definitely going in a good way if the distribution system will be as good as competitors. So a system impacts a lot on business.
Generally, there are different methods of distribution involving the different industries. But mostly every industry has some similarities.
One is from Producers to customers. In this case, a manufacturer directly sells to its customers. For example, Bata. Who directly sells to the customer.
Next is from manufacturers to distributors. In this way, someone who does manufacture something but doesn’t want to sell directly, they can sell their products by hiring distributors. For example, medicine manufacturing.
Another distribution system is from manufacturers to wholesalers to the retailer and then the customer. This is basically supplied chain systems used by manufacturers. Example – clothing manufacturing.
In another case, from wholesalers to the retailers distribution system. If a wholesaler doesn’t want to sell directly to the customer then they distribute their products to multiple retailers. Example – bookseller or different electrical products.
You will know more detailed strategies below this section.
Different Functions of Distribution
If I talk about functions then the first thing coming in my mind is inventory.
It is definitely a huge part of the distribution system. Inventory means a company’s overall in-house management. What is coming and what is going out of the company? Maintains the stock is a part of the inventory. In this distribution system, every company managed their productions.
Next is warehouse maintenance. It is similar to inventory management. But in this management system, the company maintains an overall inventory to packaging and to the sipping. They distributed works in different parts.
Another one is handling the materials. If you want to maintain the quality of your product then you need to maintain the materials. Because material is the most important thing in production. Your distributor should be strong so that materials also control.
You might be confused now, what is receiving maintenance? So, this is again a type of distribution system used by industry. As I discussed above there are different distribution systems present in the industry. So, in this case, receiving goods from the suppliers and then maintenance the networks as much as possible.
If all companies maintain its distribution system then they provide the best customer service as well. Because the distributor only reaches the target people. As fast as the distributor delivers to the customer then the customer will be happy. Every company maintains the best customer service before and after the supply.
Now, this is a little interesting right? Because somehow distribution maintenance records the overall track also. For companies in-house maintenance you need to track the maintenance.
So these are some most important functions. Now you also need to know all strategies so you can enhance your distributors.
One of the best things about distribution is strategies. Here are all strategies used by different companies.
Mostly all companies used this strategy either through the wholesaler, retailers, agents and jobber.
Above all are playing the role of middlemen. As I discussed the supply chain where everything is connected to another. Now you also know the technical terms of the distribution system.
Intensive or Mass Distribution Strategies
As the name suggests that mass means distribute in a bulk action. Bulk means wholesale. Where a company decided to sell its products in a massive amount. Also, mass distribution means the company does not provide specific retailers or shops where they sell the product. For example, different snacks and drinks outlets. You can see in different places and most of the places.
In this case, companies decided to sell their products in very limited stores. Where they can sell and track all records. For maintenance, some companies use this technique.
In this strategy, the company used to distribute their products in a specific geographical location. (Internal link to geographical expansion page)
They give the rights to the distributors where they sell the products in the relevant area and sometimes own nearby areas.
Mix of Everything Strategy
At last, the mix of everything means here a company chose to distribute in multiple ways. They either can use the exclusive strategy or can use the selective strategy. Or can use the mix of three strategies.
Choice is yours. Now you can make a decision about your distribution process.
Distribution Marketing Strategies
Marketing is definitely the key point of a business. Similarly, in distributions also marketing is most important. Then let’s look at each strategy.
You need to care about your products. It should be according to customers. The brand, quality, size, it looks, colour, packaging, check competitor strategies, product differentiation.
You should have all the answers according to your products. Such as
What is your product? What are its features? How will the customer use it? What are the various sizes and colours available in your products? What are the benefits they get?
When you will get your answer, it will be easier to distribute your product to the right person.
Next is the price. Do you want to sell your products in a higher range or in a normal range? Before you do anything make sure about your price range.
You must have this answer, such as
What is the pricing of your products? How much discount are you giving to your consumer? What is your brand value? How is your packaging done?
Basically, there are two types of pricing used by different companies. One is
Skimming or Premium Price
In these processes, one can choose the premium price charged.
For example, Apple is using the premium prices. It only focuses on specific people, not everyone.
Penetration or General Price
If you don’t want to set up a high rate then can make a normal price range. But in this strategy, you do not need to set a targeted audience. In the normal price range, anyone can buy your products. For example, Vivo, oppo. These are the most popular brands but those all are within a range so anyone can buy.
You can choose either one of them.
Chose the Place
After deciding the product and the price now you need to look for the right place to sell. Again, you can choose either one of them.
Direct means direct manufacturer to the customer. In this case, one manufacturing company sells products directly to the consumers or customers by e-commerce. In this situation, the cost will be on a higher side. Because manufacturing and then selling directly to the customer will gain the logistics costs and also the transportation cost.
For example, Amazon. It is doing all things. Manufacturing to the selling.
Next is indirect selling means one company does not do the direct selling to the consumers. Previously I talked about the supply chain system. So here is also the same process going on.
First manufacturing then goes to the distributor ( either wholesalers or retailers) after that the customer.
So these are the two types of distribution according to place. Either you can choose to direct distribution or indirectly.
Do the Promotion
At last, is promotion. This is one of the most important things in business. If you do the previous 3 things but not doing the promotion thus you will not get any results.
So, by promotion, you can reach your potential customers. You can advertise on tv, newspapers, online, by personal selling and building public relations. In this process, you will reach your target audience faster. Now, let’s understand the benefits you will get by using these strategies.
Benefits of this Distribution Management
Finally, you also need to understand the overall benefits of the process. If there is no benefit there is no business. After using the marketing strategies everyone wants to benefit from it. So let’s take a look at all benefits.
Firstly, the business gets to benefit from it because the distribution process solves the cost calculation. If you understand your overall costs of distributions and where you should focus on the investment then your cost will be in control.
As you realise that this process provides the control of overall sales and productions. So when a company manages the best distribution networks then the cost will be reduced as well.
Benefits the Business
Secondly, this process has benefits to organise everything. Business depends on two factors. On the one hand, is a production and on the other hand, is marketing. And distribution is a part of marketing. So if it is built strong then eventually the business will improve.
Satisfy the Customer
Thirdly, the best benefit from this process is, it satisfies the customers. As you realise the overall costs. After that, you can target the specific people and when you provide the best service then you can satisfy the consumer or customer.
(Internal link to capturing the non-consumer page)
When the distribution system is strong then one company makes customers happy and satisfied.
Reduced the Order Time
Fourthly, If the distribution network is strong it will give fast delivery. Also, you can reduce the overall logistic costs. If you control your logistics and have a balanced supply chain system then you can reduce your order time as well.
Control Operational cost
Distribution also managed the operating system. If a company chose the perfect distribution system for their company then definitely it will control the overall management of the company.
So these are the most common and important benefits that enhance the overall business.
In conclusion, I must say that you have better information than yesterday. Take a quick look at overall. So, the distribution process does not only enhance the business. But also it maintains the overall business. Because of the distribution system, everything is going well. Above all strategies and functions help you to understand the overall system.
Frequently Asked Questions
It is a chain of processes that comprises raw materials to manufacturers then the distributor to retailers and lasts the consumer.
It is a part of the supply chain process. In this system, one company plans, implements, controls the inventory, controls the goods coming in and the customer service, requirements, etc.
As I discussed in the blog that it has many benefits. One is reduced extra cost, another is maintained the logistics and sales and marketing.
You can find supply chain management jobs such as inventory work, distributor, sales, marketer jobs everywhere. The supply chain is a system that has different parts. So search on Google and find a suitable job for you.
Distribution Management – How it Change The Business
Summary: The distribution process does not only enhance the business. But also it maintains the overall business. You will know everything in here.
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Tractors are the machinery, tools used for agricultural production. Using machines will increase the productivity of the farms, and even the quality of the product and reduce the hazards of operations. Even the government of India is also offering several schemes to distribute tractors and field machinery to farmers at subsidized prices to encourage their use in modern agricultural methods. Using tractors and machinery by farmers, the cultivated area has been doubled over the years.
In India, the tractor industry plays a key role in the development of agricultural production in India. The Indian tractor industry is very young when compared to world development. But, when comparing the current market trends, tractors are pride in India’s automobile industry. The developed countries like the U.S.A., U.S.S.R. And only a few Western European countries, exceed our current production of tractors in India, but in terms of growth, India’s growth stands at the top, even with countries of a long history of tractor manufacturing.
Government Tractors Subsidy Schemes in Gujarat: Procure appropriate machinery/ equipment as per land holding size and crop. The purchased tractors& equipment can be used by Custom Hiring/sharing by groups of farmers.
Features of the scheme:
- Training will be provided for the eligible persons, on the proper use of Farm Machinery and its routine maintenance and servicing through Farm Machinery Training &Testing Institutes (FMTTIs), KVKs & State.
- For Tractor (up to 40 PTO HP) – a subsidy of Rs.45, 000 or 25% of cost of tractors, for tractors (more than 40 PTO HP) a subsidy of Rs.60, 000 or 25% of cost, whichever is less 60 PTO HP)
- Tractors (up to 20 HP) – For SC, ST, Small & Marginal Farmers and Women – 35% / 1.00 Lakh. For other Beneficiaries – 25% / 75,000
- Tractors (20 to 40 HP) -For SC/ST, small & marginal farmers, 35%of cost or 1.25 lakh, and for other Beneficiaries-25% or 1.00 lakh, whichever is less.
- Tractors (Above 20 to 70 PTO HP) – For SC, ST, Small & Marginal Farmers and Women – 35% / 1.25 Lakh For other Beneficiaries – 25% / 1.00 Lakh.
- Power Tiller/mini tractor – 40% of the cost of the tractors or 45,000 for a general farmer, for SC, ST farmer 50% or Rs. 60,000, whichever is less.
Scheme for financing Tractors- By Dena Gujrat Gramin Bank:
For a farmer who needs a tractor for Agriculture purpose are facilitated by a tie-up with manufacturers/company of various tractors with the cheapest rate and free service facility for a tractor.
Tractor Financing by Bank of Baroda:
This bank offers Finance for Tractors & Heavy Agriculture Machinery.
Main Purpose of Scheme:
- Purchase of new tractor
- Tractor-drawn implements
- Power tiller and other agricultural machines etc.
- Small and marginal, literate and illiterate farmers whose main occupation is a cultivation of crops as the owner of the land, permanent tenants or leaseholders (for reasonably long periods) and who utilize the tractor/ machinery to the minimum extent of 50% on their own landholding.
- They should possess perennially irrigated land of a minimum of 4 acres (tractors to the farmer with land holding below 6 acres of irrigated land is considered for tractors with horsepower up to 35 HP).
- They should cultivate high-value commercial crops such as sugarcane, grapes, bananas & vegetables.
Margin: Min10% of the Cost of the tractors& Implements.
Repayment Period: For tractors, the repayment period is 9 years: for Power Tillers- 7 years (Depends upon the repaying capacity on half-yearly and annual basis based on surplus generation from the crop and landholding of farmers).
Applicant can apply online for Gujarat Tractor Subsidy on I -Khedut Portal
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Equity markets have generally ignored the increasing number of natural disasters over the past 50 years and tougher rules are needed to make investors aware of the dangers posed by the climate crisis, the International Monetary Fund has said.
Companies should be forced to disclose their exposure to climate risk because a voluntary approach does not go far enough, the IMF said.
The IMF said global temperatures were currently 1.1C above their pre-industrial level and were on course to rise by a total of 3C unless stronger action was taken.
“Climate change induced by this level of warming is, in turn, expected to adversely impact the world’s stock of natural assets, lead to a significant rise in sea level, and increase the frequency and severity of extreme weather event,” the IMF said. “As the frequency and severity of climatic hazards rise, the resultant socioeconomic losses could be significantly higher than in recent history.”Last year was also marked by a series of severe weather-related events, including flooding in the US and bushfires in Australia, but the IMF said this was part of a trend for the number of disasters to increase “considerably” in the past few decades, from slightly more than 50 in the early 1980s to about 200 since 2000. It noted that Hurricane Kartrin devastated New Orleans in 2005, and Dominica suffered damage amounting to more than twice its GDP when Hurricane Maria struck in 2017.
Even so there had been little indication that investors had become more aware of the potential losses they could face if global temperatures continued to rise, with only a modest impact on stock markets, shares in banks and insurance companies from large disasters. The IMF said. “This suggests that equity investors may not be paying sufficient attention to climate change risks.”
“Of course, strong policy actions to mitigate climate change would reduce greenhouse gas emissions and future physical risk in the first place, conferring benefits to mankind that extend well beyond the realm of financial stability. Yet, from a financial stability perspective, this transition to a lower-carbon economy needs to be carefully managed to avoid abrupt and unanticipated repricing of portfolios and economic dislocation.”
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In order to find the right career for oneself, one must examine her self-evaluation of her interests. One must examine her abilities and values. With all the positions to choose from, many people have a difficult time deciding which career path to take. Business/Management has many areas of profession that anyone can accomplish.
Self-employment is about being in control of one's life. She is her own boss, and she gets all the benefits that she works for. When working for someone else, one's financial and personal future is restricted. Most people who become wealthy are self-employed. Today, one can work from nearly anywhere. There is always the concern of getting enough business. The most secure job may be to own one's own business. One must always keep marketing, or things could begin to drop. If one does not have a sufficient amount of customers to fall back on, one will not be able to continue her business (Wendy Johnston). .
Marketing plays an important part in successful business undertakings. The way one markets one's business will determine one's level of success or failure. The major factor to successful marketing is to know the customers. They are the ones to determine whether one stays in business. Look for ways to gather as much insight and suggestions from customers in positive situations. Ask for their advice, problems, and insights (Bettermanagement.com Library). .
Pricing is difficult for one who works on its own, because they cannot locate the price of their experience and ability. A good cash flow is at the center of the business financial process and is important for one's business survival. Using a spreadsheet or purchasing a simple budgeting program will work just fine (ColoradoSBDC.com). One should go out and shop, comparing similar products to theirs, to see what the prices are like. There are also industry standards that will give guidelines (Wendy Johnston). Some pricing strategies are retail cost and pricing, competitive position, pricing below competition, and price lining.
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The concept of “trust” is older than the concept of “limited liability company». Trusts are usually to be found in Common Law countries that explains its popularity among offshore jurisdictions. Offshore trusts operate in the following way: one person – the Settlor transfers its assets to another person, the Trustee, on compulsory terms with the fact that he operates it for the benefit of third person- the Beneficiary.
Historically, trusts have been used as an alternative to the will, when the heirs were appointed by the beneficiaries, but at the same time could be significantly limited in their rights under the order of this property to a certain age or the occurrence of specified circumstances. Currently trust may also be used as an alternative to the will, with an advantage of greater flexibility and confidentiality. In most countries trusts are not registered, so the information about the Settlor and the Beneficiary remains closed to third parties.
The Settlor is the owner of the property. He transfers his property (land, real or personal property, including money) into a trust under the management of the Trustee. The Trustee can be also the Settlor or other natural or legal person, such as a professional lawyer or an accountant. The Trustee does not own the property but only manages it in the best interest of the Beneficiary who can also be the Settlor or another natural or legal person. The Trust itself is registered as a contract, but has its own bank account, and acts as a legal entity. A trust can be used to buy real estate, make investments, enter into commercial contracts etc.
After the Settlor has transferred his assets to the Trustee he no longer have any ownership rights over that asset. The exceptions are those cases where the settlor is also the beneficiary of his or, which is the case, appointed himself manager. It may also be provided for construction, when the trust property may be redeemed under certain circumstances. Officially the ownership of an asset is transferred to the Trustee, but such ownership is of very limited nature. Whereas the right to receive income from the property and the right to receive the property itself is then given to the beneficiary.
An offshore trust is a great tool, but it requires a precise and meticulous tuning by highly qualified professionals. For more information on trusts in certain jurisdictions can be obtained from our consultants.
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The Trade Numerologist: Chinese New Year’s Big Impact on Global Trade
One of global trade's most pivotal factors has become the Chinese New Year, which kicked off this year on February 5.
Also known as the Spring Festival and Lunar New Year, it's a 15-day carnival that every year brakes commerce in the world's top manufacturing and exporting economy.
Factories close. Ports, roads and train lines slow down or grind to a halt. Migrant workers visit their families. Many quit or change jobs. The impact ripples on ports, shipping lines, trade, and payments all over the world.
Over the past 10 years, Chinese imports have fallen by an average of 20% in February compared to other months, according to a Trade Numerologist analysis of Chinese customs data from the IHS Markit's Global Trade Atlas. The festival typically starts anywhere between January 21st and February 20th, so the main impact on imports is in February.
Between 2009 and 2018, China imported an average of $117.3 billion worth of goods per month, but only $92.7 billion worth of goods in February.
To be sure, the usually-28-day February is shorter than the other months, but only 6.7% shorter than a 30-day month and 9.7% shorter than a 31-day month.
Evidence suggests that raw materials, which are usually delivered on a regular contract and don't depend much on skilled workforces to process, suffer less from the New Year effect than manufactured goods.
For example, China imported $6.2 billion of iron ore in February 2018, roughly the same as the average amount for the rest of the year.
By comparison, imports of parts used to make semiconductors were $1.7 billion in February of 2018, compared to $2.6 billion for the average month of 2018, a 35% drop.
Not only are factories buying fewer inputs during this time, but it becomes harder to ship anything anywhere in the country, as families typically hold reunions. That means tens, if not hundreds of millions of people traveling back to their hometowns, grabbing shipping and logistics slots that might be used to haul commercial goods from A to B.
Authorities estimate that the Chinese New Year will generate around 400 million trips, including over five million abroad. The choking of transit points is especially severe in Beijing and other major cities during the first week of celebrations.
The situation is even more drastic for exports. Between 2009 and 2018, China exported an average of $142.1 billion per month worth of goods. In February that number dropped to $100.9 billion, 29% lower.
China's industrial goods exports tend to suffer less than exports of apparel and shoes, and they are also lower in March, as the impact winds its way through the system.
For example, in 2018, China exported $5.7 billion worth of autos and auto parts in February and $5.2 billion in March, before rebounding to $6.4 billion in April, compared to an average of $6.3 billion per month for the whole year.
In 2018, China exports $5.2 billion of apparel in February and $3.2 billion in March, before rebounding to $4.9 billion in April, compared to an average of $6.1 billion per month for the full year.
Although shipping trade slows down, there is a silver lining to the individual travel: Chinese tourists are going to the US and Europe to shop during the Chinese New Year, good news for luxury goods companies in London, New York and Geneva.
It's been 30 years since China started its path toward becoming the world's dominant exporter and attractive new market. Now, understanding the rhythms of commerce during the Chinese New Year has now become an important part of doing business with the Middle Kingdom.
But the Chinese New Year is just one example of how, despite the sweeping automation of so much of global trade, it's important for logistics, shipping and trading companies to understand the impact of cultural traditions and make appropriate adjustments. There are other examples: wine and toy trade takes off before Christmas and New Year, chocolate shipments increase ahead of Easter, and sunscreen products get shipped before the summer holidays.
On the last day of the festival, the Lantern Festival, glowing lamps are hung and towns hold parades at night, typically featuring dancers and a colorful dragon. The festival is celebrated in mainland China, but also in Hong Kong and Taiwan. And all over the world, Chinese emigrants follow suit. This year, as China transitions to the year of the pig from the year of the dog, there is one group of people working hard: trade officials.
US Trade Representative Robert Lighthizer has set March 2 as a deadline for China to resolve major issues, principally shrinking the trade gap between the two countries and reducing Chinese exports of steel and aluminum, or face higher tariffs. No date has been set yet for a summit.
- Trade after BREXIT – How’s it going so far?
- OPEC+ tapering of cuts could benefit oil tanker demand from May
- Colombian 1Q21 supply tightens 29 pc with reduced supply to India and Mainland China
- Suez Canal blockage significantly impacts commodity trade flows; next few days will be critical to refloat the vessel with high tide expected during the full moon period
- Geared dry bulk freight rates hit a ten-year high thanks to backhaul demand with stronger container market but downside risk remains in Q2
- New global trade forecast by IHS Markit GTA Forecasting
- Global Trade Monitor - March 2021
- United States Suppliers Find Fat New Opportunities in Asia for Skim Milk Powder
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Posted Nov 30, 2018 by Martin Armstrong
Professor Valentina Zharkova gave a presentation of her Climate and the Solar Magnetic Field hypothesis at the Global Warming Policy Foundation in October 2018. At the core of her work on the solar background magnetic field observed from the Earth, she revealed four pairs of dynamo waves, the pair with the highest eigenvalues are called principal components (PCs). These PCs are produced by magnetic dipoles in inner and outer layers of the Sun. The second pair of waves is assumed produced by quadruple magnetic sources for example. These PC waves are closely related to the average sunspot number index.
Now, based upon this correlation, the summary curve was used for the prediction of long-term solar activity on a millennial timescale. She was able to determine the existence of a 350-400 year cycle, with a remarkable resemblance to the sunspot and terrestrial activity features reported in the past millennia – Maunder (grand) Minimum (1645-1715), Wolf (grand) minimum (1200), Oort (grand) minimum (1010-1050), Homer (grand) minimum (800-900 BC); the medieval (900-1200) warm period, Roman (400-10BC) and other warm periods.
She has reconfirmed from another perspective what the ice core samples revealed that match the Economic Confidence Model which I discovered from the economic analysis. Consequently, we have yet another confirmation with this approach that also predicts the modern grand minimum upcoming in 2020-2055 which will straddle the 2032 ECM major high. Therefore, the two principal components of solar magnetic field oscillations and their summary curve allows us to extrapolate the solar activity backward one hundred millennia. The period going into the peak of this Sixth Wave on the ECM projects a period of 2000-2100 years which we can call a super-grand minimum cycle that reflects variations of magnetic field magnitude.
The last Little Ice Age bottomed around 1600AD. The Sixth Wave of the ECM began from this period and as the climate grew warmer, the world economy once again expanded.
I hate to tell everyone but Global Warming is GOOD, and Global Cooling is BAD!
We really need to prepare for what is to come.
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Too Lazzzy to Read? Listen to this article👇
Blockchain technology is an ever-growing digital list of data records. This list includes many data blocks that are organized chronologically and are linked and protected by cryptographic tests.
The first prototype of blockchain technology dates from the early 1990s when computer scientist Stuart Haber and physicist W. Scott Stornetta used cryptographic methods in a series of blocks to protect digital documents from data fraud.
The work of Haber and Stornetty certainly inspired the work of Dave Bayer, Hal Finney, and many other computer scientists and cryptography enthusiasts, which ultimately led to the creation of Bitcoin as the first decentralized electronic money system (or just the first cryptocurrency). The white paper on bitcoins was published in 2008 under the pseudonym Satoshi Nakamoto.
Although blockchain technology is older than bitcoin, it is a fundamental component of most cryptocurrency networks, acting as a decentralized, distributed, and publicly accessible digital book that is responsible for maintaining a constant record (chain of blocks) of all previously confirmed transactions.
Blockchain transactions occur in a globally distributed peer-to-peer computer network (nodes). Each node manages a copy of the blockchain and contributes to the operation and security of the network. This is what makes Bitcoin decentralized digital currency without borders, resistant to censorship, and does not require the mediation of third parties.
Being a DLP (distributed ledger) technology, the blockchain is specifically designed to provide high resilience to change and fraud (such as double costs). This is true because the bitcoin chain, like the record database, cannot be changed and cannot be forged without an inaccurate amount of electricity and computing power — which means that the network can use the concept of original digital documents “Creating every Bitcoin is truly unique and not a replicated form of digital currency.
The so-called consensus algorithm Proof of Work is what made it possible to create Bitcoin as a Byzantine Fault Tolerance (BFT), which means that its blockchain technology is able to work continuously as a distributed network, although some participants (nodes) present dishonest behavior or inefficient functionality. Proof of Work consensus algorithm is an important element of the bitcoin mining process.
Blockchain technology can also be adapted and implemented in other activities, such as healthcare, insurance, supply chain, IOT, and so on. Although it is designed to function as a distributed register (in decentralized systems), it can also be implemented in centralized systems as a way to ensure data integrity or reduce operating costs.
History of Blockchain Technology
The idea of blockchain technology was described back in 1991 when research scientists Stuart Haber and W. Scott Stornetta presented a computationally practical solution for printing digital documents so that they cannot be retroactively or counterfeited.
The system used a chain of cryptographically protected blocks to store documents with time stamps, and in 1992 Merkle trees were included in the project, which made it more efficient by allowing several documents to be collected in one block. However, this technology was not used, and the patent expired in 2004, four years before the start of Bitcoin.
Reusable Proof of Work
In 2004, a computer scientist and cryptographer Hal Finney (Harold Thomas Finney II) introduced the RPoW system, Reusable Proof Of Work. The system worked by receiving a non-interchangeable or non-interchangeable working token based on Hashcash but instead created a token signed by RSA, which could then be transferred from person to person.
RPoW solved the problem of double costs by retaining ownership of tokens registered on a reliable server, which allows users around the world to verify their accuracy and integrity in real-time.
RPoW can be considered as an initial prototype and a significant step in the history of cryptocurrency.
At the end of 2008, a person representing the pseudonym Satoshi Nakamoto was included in the cryptographic mailing list, a cryptographic mailing list including a document representing the decentralized peer-to-peer electronic payment system – Bitcoin.
Based on the Hashcash proof algorithm, but instead of using the hardware trusted computing function, such as RPoW, Bitcoin cost double protection was provided with a decentralized peer-to-peer protocol for monitoring and verification. transactions. In short, bitcoins are “retrieved” for remuneration using the labor testing mechanism of individual miners, and then they are checked by decentralized nodes in the network.
January 3, 2009 Bitcoin showed up when Satoshi Nakamoto, who received an award of 50 bitcoins, got the first block of bitcoins. The first recipient of bitcoins was Hal Finney, he received 10 bitcoins from Satoshi Nakamoto as part of the first bitcoin transaction in the world on January 12, 2009.
In 2013, Vitalik Buterin, a programmer and co-founder of Bitcoin magazine, said that Bitcoin needs a scripting language to create decentralized applications. Not reaching an agreement in the community, Vitalik began to develop a new distributed computing platform based on the blockchain, Ethereum, which implements the possibilities of scenarios, called smart contracts.
Intellectual contracts are programs or scripts that are implemented and executed on the Ethereum blockchain. They can be used, for example, to complete a transaction under certain conditions. The intelligent contracts are written in certain programming languages and compiled into bytecode, which can then read and execute a complete Turing virtual machine, called the Ethereum Virtual Machine (EVM).
Developers can also create and publish applications running in the Ethereum blockchain. These applications are usually called DApp (decentralized applications), and hundreds of DApps are already running in the Ethereum blockchain, including social networking platforms, gaming applications, and financial exchanges.
Ethereum cryptocurrency is called Ether, it can be transferred between accounts and is used to pay commissions for the computing power used when executing intelligent contracts.
Today, blockchain technology attracts much attention and is already used in various applications, not limited to cryptocurrencies.
Don’t Wanna Listen and Read to this Article, then you can watch this video and understand about Blockchain Technology:
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The Government Accountability Office (GAO) has released a report indicating that many retirees and workers approaching retirement have limited financial resources. About half of households ages 55 and older are without a 401(k) plan, an individual retirement account (IRA) or any other form of retirement savings.
Based largely on the GAO’s analysis of household financial data obtained on the Baby Boom generation from the Federal Reserve’s 2013 Survey of Consumer Finances, the report shows the financial status of the different segments of that population. For example, many older households without retirement savings have few other resources, such as a defined benefit (DB) plan or nonretirement savings, to draw on in retirement. Among households ages 55 and older, about 29% have neither retirement savings nor a traditional pension. However, households that have retirement savings generally have other resources to draw on, such as non-retirement savings and defined benefit plans.
Among households with some retirement savings, the median amount is about $104,000 for those ages 55 through 64 and $148,000 for households ages 65 through 74—the equivalent of an inflation-protected annuity of $310 and $649 per month, respectively. Social Security provides most of the income for about half of households ages 65 and older.
According to the GAO’s resources for the study, which also included other surveys, academic studies of retirement savings adequacy and interviews with retirement experts about retirement readiness, about one-third to two-thirds of workers may be unable to maintain their pre-retirement standard of living. The GAO acknowledges, however, that arriving at a figure was difficult, as studies and surveys employed varying assumptions as to what that income goal requires.
Surveys showed that, compared with current retirees, workers ages 55 and older expect to retire later and that a higher percentage plan to work during retirement. However, one survey found that about half of retirees said they had retired earlier than planned due to health problems, changes at their workplace, or other factors, suggesting that many workers may overestimate their future retirement income and savings. Surveys have also found that people ages 55 through 64 are less confident about their finances in retirement than those aged 65 or older.
The GAO performed the study because of concerns over the growing aging population—the Census Bureau projects that the aged 65-and-older population will grow more than 50% between now and 2030—who may live longer but have inadequate or no retirement savings, and the uncertainty of Social Security’s long-term solvency.
The Department of Labor (DOL) reviewed the study and provided technical comments.
« Corporate Pension Deficits Dipped $43B in May
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20 Dec The 4 Financial Lessons That Should Be Taught In Schools
The Fundamental Financial Basics We Should Be Teaching Our Kids (And Adults)
It must be said, the latest news about the extent of the South African consumer debt problem does not make for particularly good reading. The research shows that some 10 million South African consumers are currently overburdened by debt. South Africans have always been big users of credit, but with the unemployment rate on the rise and the economy continuing to slump, the signs do not look good.
One of the biggest problems in the country has always been the fact that the levels of financial literacy are among the lowest in the world. This, combined with the ‘bigger house, ‘bigger car lifestyle’ that many South Africans lead can cause debt problems. If South Africans were to receive some fundamental financial education at school then it would be a big step towards improved financial wellness. These are 4 of the financial lessons they really need to learn.
Don’t rely on credit
Recent research has shown that South Africa’s infamous credit card spending is heading in the right direction, which is down. However, there still remains a pervading reliance on credit in South Africa that is difficult to explain. The only way to reduce this reliance on credit is to introduce lessons at school which teach South African children the cost of credit and the importance of not spending money you do not have. Currently, rather than saving to make significant purchases, many consumers choose to access fast cash from lenders like Wonga or buy products on their credit cards and worry about the debt they create at a later date.
Understanding the basics of saving and investing
You don’t need to have an economics degree or be a financial whizz to understand the benefits of saving and investing your money, even if it is only very small amounts. Saving accounts are readily available but they are something very few South Africans have. While investments usually involve some risk, they can also be an effective way of saving money for the future if they are used in the right way. Learning these financial management basics at a young age could help to improve levels of financial wellness in the future.
Learn the difference between good and bad debt
The truth is that debt is only a bad thing when it is used irresponsibly. There are times in all our lives when debt can help us to achieve our goals. For example, very few of us would ever be able to own a home without a mortgage. However, too many young South Africans do not know what constitutes a good and a bad debt. Many don’t even know the basics, such as how to calculate the cost of a debt, or even what APR actually means. These are debt management basics everyone should know.
The importance of planning for the future
A good retirement does not come for free. Many people imagine their retirements being a time of rest, relaxation, holidays and the good things in life, but very few actually think about how they will pay for it. It has been reported in the past that only six percent of South Africans can afford to retire comfortably. Teaching youngsters the importance of saving for the future and taking advantage of company pension schemes and other opportunities they are offered is essential.
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After 13 years of discussions on the Kelkar Task Force report on indirect taxation, the Goods and Services Tax (GST) was implemented on July 1, 2017. It is a single tax applicable on goods and services across the supply chain. Input tax credits (ITC) are available at every stage of value addition. This makes GST a tax that is levied only on the value addition done at each stage. Therefore, the consumers pay tax charged only by the last vendor with ITC available for all previous stages.
- 1 What is GST?
- 1.1 #1. Central level taxes
- 1.2 #2. State level taxes
- 1.3 #1. For industries and businesses
- 1.4 #2. For Central and State Governments
- 1.5 #3. For consumers
- 1.6 Administration of GST
What is GST?
GST subsumes all other types of indirect taxes that were applicable. Here is a list of the subsumed taxes:
#1. Central level taxes
- Excise duty
- Special additional customs duty
- Additional excise duty
- Countervailing duty
- Service tax
#2. State level taxes
- Value Added Tax (VAT)/sales tax
- Taxes levied on lottery, gambling, and betting
- Entertainment tax
- Luxury tax
- Entry tax and octroi
- Purchase tax
GST offers several benefits. Below is the summary of some of these:
#1. For industries and businesses
A strong and detailed system is the base of the new tax regime. Tax payers may avail of various services such as registrations, payments, returns, and others online. This makes it easier for companies to comply with the regulations.
Uniform tax structure
Because all indirect taxes are subsumed, a single tax is levied across the country. This brings uniformity in the structure making it easier to conduct business.
Eliminates cascading taxes
The levy of multiple taxes before GST resulted in traders paying tax on taxes. This cascading effect is eliminated under the new regime, which reduces the costs.
Costs are expected to reduce under the GST regime. As a result, competitiveness within the industry may increase.
- Profitable for exporters and manufacturers
The elimination of Central and State taxes and availability of tax credits reduce the costs of manufacturing goods locally. This may make prices of Indian products globally competitive and boost exports.
#2. For Central and State Governments
Multiple Central and State level taxes are eliminated by GST. A strong end-to-end information technology system makes it easier for the authorities to administer GST.
Simpler and transparent systems boost compliance. The transfer of ITC in the value addition chain acts as an incentive for businesses to comply with the procedures.
The new tax regime decreases the costs of tax collection by the authorities. As a result, it provides higher revenue efficiency.
#3. For consumers
Transparent and proportionate tax
The multiple taxes levied at various stages in the supply chain, and non-availability of input credits resulted in high prices including several hidden costs. A single GST rate brings transparency and benefits consumers.
• Reduces tax burden
Improved efficiency and prevention of non-compliance reduce the tax burden on the goods and services. This reduces the final costs paid by consumers.
Administration of GST
GST comprises two components—Central GST and State GST. The Central Government levies and collects Central GST while the State levies and collects State GST on every transaction executed within its jurisdiction. The ITC is available only in the same component, and no cross utilization is available.
Existing Central excise, VAT, and service tax payers are not required to apply for fresh GST registration. However, new dealers may file a single GST Registration online. The registration number is linked to the Permanent Account Number (PAN) and is the same for Central and State authorities.
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29 September, 2020
Global tourism has all but ground to a halt amid the COVID-19 pandemic, causing heavy economic losses, job cuts, and uncertainty. But this pandemic has also given the world a chance to reimagine tourism – to rebuild an industry that is safer, more equitable, and friendlier to the planet.
This is the thinking around this year’s World Tourism Day. And it is also the thinking behind a new agritourism initiative in Georgia by the European Bank for Reconstruction and Development (EBRD) and FAO.
Georgia’s culinary riches – many unique to the country – are matched by its stunning rural landscapes that stretch from mountains to lakes to the sea.
This new EBRD/FAO initiative celebrates these assets by promoting agritourism that highlights authentic Georgian foods while protecting the biodiversity – the endemic plant and animal species – and local know-how that make those foods unique.
EBRD and FAO are also connecting small-scale producers of high-quality speciality foods with local hotels, restaurants, and cafes.
Sustainable agritourism like this can help keep small businesses and local economies afloat – and make them more resilient to crises. And it can keep Georgia’s food traditions and cultural heritage alive.
Although international tourism is still largely on hold, there is plenty of scope to develop domestic tourism. Now is a chance for Georgians to rediscover their roots and explore their country’s natural and gastronomic wonders.
Laying solid foundations for sustainable and responsible tourism is also important for when international travel resumes.
Georgia, with its diverse natural landscapes and habitats, lends itself to outdoor activities – an advantage in this COVID-19 era.
And its food heritage runs wide and deep, including such unique delicacies as Tushuri guda. This cheese gets its distinctive flavour from the milk of the native cows and sheep grazing on Tusheti mountain grasses and a centuries-old ripening method.
In recent years, FAO and the EBRD supported Georgia’s efforts to protect the names and reputations of traditional Georgian foods like Tushuri guda and sulguni cheeses by registering them as Geographical Indications, or GIs.
GI products can command premium prices, catering to consumers who value quality, tradition, and authenticity. This, in turn, can mean higher incomes for small-scale producers. The EBRD and FAO also helped develop an inventory of origin-linked Georgian foods.
The new EBRD/FAO initiative builds on this GI work. The team will identify sourcing opportunities among local hotels, restaurants, and cafes and develop local sourcing guidelines.
They will also analyse the potential of several high-quality food products selected from the inventory – pinpointing and addressing possible supply chain bottlenecks.
And they will help develop a roadmap for sustainable rural development and provide guidance on a future sustainable agritourism development strategy.
The initiative will partner with Georgia’s Ministry of Environmental Protection and Agriculture, WWF Caucasus, Slow Food, the Biological Farming Association Elkana, the Georgian Farmers Association, and the Georgian National Tourism Administration.
What EBRD and FAO hope to do with this initiative, much like their work in Montenegro, is to help Georgia become a destination for sustainable food tourism – creating jobs, protecting livelihoods and culinary traditions, and preserving the environment and biodiversity in the process.
EastAgri is supported by:
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What is a Mutual Fund?
A mutual fund is a type of investing vehicle that owns a portfolio of assets and sells shares to investors. Financial professionals establish mutual funds, manage the assets held by the fund, and attempt to generate returns for their investors.
Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a vast number of securities, and performance is usually tracked as the change in the total market cap of the fund—derived by the aggregating performance of the underlying investments.
A manager or team of managers outline each mutual fund’s goals and manage its investments. Managers have an outsized impact on how funds deliver returns over time—the manager of your mutual fund can make or break your mutual fund investment.
The performance of a mutual fund manager is measured against a benchmark index. For example, the manager of a large-cap equity fund would attempt to beat the annual return on the S&P 500. Exceeding the annual returns of the benchmark is how fund managers justify their fees.
Types of Mutual Funds
Mutual funds are divided into several kinds of categories, representing the kinds of securities they have targeted for their portfolios and the type of returns they seek.
There is a fund for nearly every type of investor or investment approach. Other common types of mutual funds include money market funds, sector funds, alternative funds, smart-beta funds, target-date funds, and even funds-of-funds, or mutual funds that buy shares of other mutual funds.
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“The business terrain is rough and bumpy, and only meant for those who can raise again when they fall,” says Kathy Mbondo, an entrepreneur who speaks from her own experience.
Mbondo was exporting flowers in 2011 when the euro crisis happened and her business was wiped out in two months. In the spirit of entrepreneurship, in 2014 she ventured into traditional vegetables farming, which did not work out well either. In March 2015 after thinking about what to pursue, she realized there was a resource in her home village that had a lot of potential but had not been exploited.
Mbondo comes from Makueni County, Kenya, an area that receives low rainfall, which translates to low agricultural productivity. Climate change is taking its toll in the region as unpredictable rainfall patterns have led to shifts in planting time.
Traditionally communities in Makueni kept bees, but many farmers gave up on the trade due to poor honey prices. Brokers would buy the honey for as low as 50 Kenya shillings (50 cents). Mbondo realized that farmers could fetch better prices for honey if only she would get a market for them.
In her village, people cut down acacia trees to make charcoal, which contributes to deforestation. To conserve the trees, Mbondo came up with the “every acacia for a hive” project that encourages farmers to put hives on acacia trees instead of cutting them down.
“I sell the economic value of the beehive to the farmers,” Mbondo says.
What she tells them is this: When you cut down an acacia tree and convert it to charcoal, you make a maximum of four bags, which in total fetch 1,000 [shillings, $10]. When you put a single bee hive on the same acacia tree, you will harvest 20 kilograms [44 lbs.] of honey each year. Each kilogram of honey sold to Proactive Merit goes for 250 shillings, which translates to 5,000 shillings ($50) per year, she explained.
Proactive Merit is the company founded by Mbondo that buys honey from farmers.
Mbondo started by putting bee hives on the acacia trees on her parents’ farm and urging farmers to stop cutting the acacia trees and instead consider suspending bee hives on them. Farmers began to buy the “every acacia for a hive” idea, and so far 40 farmers have put up 120 hives.
Mbondo has 50 hives on her parents’ farm – a number that she has built over the last seven months. Her goal for 2016 is to purchase 10 tons of honey from farmers, package it, and sell it. The honey goes by the brand name Nature, and she is now selling through several retail outlets in Nairobi.
The honey by Proactive Merit is “raw honey” that is collected straight from the hive into the honey jar. It is totally unheated, unpasteurized, and unprocessed. This ensures that all the natural vitamins, living enzymes, and other nutritional elements are preserved.
In doing the business, Mbondo has faced some challenges like getting working capital that she can use to buy honey in bulk during the peak season. Honey is seasonal and is readily available just after the rains, then the supply goes down during the dry season. In addition, a locally produced bee hive goes for 5,000 shillings ($50), which many farmers cannot afford.
She plans to set up a revolving fund that will enable farmers to get the hives and pay in installments over a period of time.
Mbondo has a few words to share with budding entrepreneurs. She says, “look for that one thing that you have passion for and just work with it in a spectacular manner. As long as you have passion, passion precedes the money factor, and money will follow you. If it is value addition, passion helps you to think outside the box ,and you will be able to persuade the market to come buy from you.”
“Follow your passion, forget copy and paste, do your thing. If it is honey, find a way of making your honey different from everyone else in the market. Find out and just do it, focus on it and do it repeatedly. Don’t give up,” she added.
Mbondo is confident that the “every acacia for a hive” project will conserve the acacia trees in her village because the honey comes with repeat income as opposed to cutting down the trees, which has only a one-off income and also destroys the environment.
Proactive Merit is also diversifying its products because Mbondo believes “the opportunity in honey is as versatile as water. There are so many entrepreneurs in the clean drinking water industry, yet every day there are more bottled water businesses coming up and each is able to get a market share. The same case applies to honey, which is widely used in the cosmetics and food industries.”
• Esther Kahinga, @estakahinga, is a communication and knowledge manager officer at the Kenya Climate Innovation Center.
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By Frances Coppola
The “trilemma” is a long-held theory of international economics showing that, when considering an individual country, free movement of capital and fixed exchange rates are not compatible with the fully independent monetary policy necessary to sound management of the domestic economy.2 So, for example, if a country wishes to raise or lower its domestic interest rates while maintaining a fixed exchange rate, it can’t have free movement of capital; there must be controls on the movement of capital across its borders. Absent such controls, a country that raises interest rates relative to its peers is likely to see a huge influx of capital to exploit the country’s higher rates; likewise, lower interest rates are likely to precipitate capital outflow seeking higher returns elsewhere.
Key to understanding the “trilemma” is the principle of uncovered interest rate parity. This principle states that if there is free movement of capital across borders and floating exchange rates, the difference between the interest rates of two countries should be equal to the difference in their currency exchange rates.3
For example, if the U.K. reduces interest rates while the U.S. raises interest rates, the GBP-USD exchange rate will fall, all other things being equal. To see this, imagine that to start with the U.K. and the U.S. both have short-term interest rates of 0.5 percent. The U.K. reduces its short-term interest rate to 0.25 percent, while the U.S. raises its short-term interest rate to 0.75 percent.
If there is free movement of capital, speculators will borrow in sterling and lend in U.S. dollars, profiting from the spread between the two interest rates – this is known as a “carry trade.”4 But if exchange rates are free to adjust, GBP-USD will naturally fall, eliminating the profit opportunity. When exchange rates are floating and capital markets are functioning efficiently, riskless arbitrage opportunities like these should be fleeting. In practice, however, capital markets aren’t completely efficient and carry trades can linger for some time, especially since the carry trade transaction itself – selling sterling and purchasing dollars – encourages the divergence to persist. But eventually, exchange rates should adjust fully.
But if the GPB-USD exchange rate were fixed, there would continue to be profit opportunities both from the carry trade itself and from outright speculation in both currencies. Speculators would short-sell sterling, thus putting the U.K. under pressure to devalue the pound, while dollar purchases would put the U.S. under some pressure to revalue the dollar. Because central banks can create infinite quantities of their own currency, the U.S. could easily prevent its exchange rate from rising by using newly created dollars to buy foreign currencies and foreign-denominated assets. But for the U.K., the story would be different.
To defend a fixed GBP-USD exchange rate, the U.K. would have to do one or more of three things:
Selling FX reserves and/or assets such as gold to buy back your own currency, thus reducing the quantity in the market and hence increasing its price, is often the preferred method of exchange rate defence. But because countries don’t have infinite quantities of FX reserves and assets, a country that burns through FX reserves to defend its exchange rate risks an FX crisis.
In an FX crisis, the country starts to run out of the money needed to settle external obligations such as debts denominated in foreign currencies and payment for essential imports. Defending the exchange rate becomes impossible, and the currency devalues sharply. If domestic companies and households have debts denominated in foreign currencies, the sudden devaluation can mean widespread debt default, bankruptcies and rising unemployment. In a country dependent on imports for energy and foodstuffs, severe shortage of foreign currency can cause deep recession and considerable hardship: some countries have been forced to borrow from the International Monetary Fund (IMF) to soften the impact of an FX crisis. Usually, countries devalue long before they come close to running out of FX reserves.
In the case described above, where the U.S. has raised interest rates relative to the U.K., rising U.K. interest rates sound attractive as an alternative to risking an FX crisis. But it would mean the U.K. had de facto relinquished control of domestic interest rates to another country. As the U.K.’s own history shows, defending a fixed exchange rate would instead become the focus of monetary policy, regardless of the needs of the domestic economy – and that does not always work.
In 1990, the U.K.’s Chancellor of the Exchequer, John Major, persuaded the Prime Minister, Margaret Thatcher, to take the pound into the European Exchange Rate Mechanism (ERM), a system of fixed exchange rates with narrow fluctuation bands similar to the Bretton Woods system that ended in 1971. When it joined the ERM, Britain pegged sterling to the German Deutschmark at 2.95 with fluctuation of 6 percent permitted in either direction.5
Maintaining the pound within its fluctuation band created problems. The U.K. entered deep recession in 1990 when a property price bubble burst. If the U.K. were in full control of monetary policy, it could have cut interest rates to support the economy.6 But at that time, Germany’s central bank was raising interest rates to counter expected inflation due to high government expenditure in the reunification of West and East Germany.7
To prevent the pound dropping out of the bottom of its fluctuation band, the Bank of England raised interest rates to 10 percent and reportedly spent nearly half its foreign currency reserves buying back its own currency.8 But FX traders, convinced that the pound’s exchange rate versus the Deutschmark was too high, mounted sustained speculative attacks. Noted investor George Soros’s short selling of sterling at this time is thought to have earned him over £1 billion in profits.9
On 16 September 1992, the short selling grew so intense that the Bank of England raised interest rates from 10 to 12 percent to try to persuade speculators to buy pounds. Later that day, the Bank raised interest rates again, to 15 percent. But traders continued to sell. At 7 pm that evening, the U.K. government announced that the pound would leave the ERM.10 The pound’s exchange rate versus the Deutschmark promptly fell freely, eventually stabilizing somewhere between 2.4 and 2.5.11 The following day, the U.K. cut interest rates back to 10 percent.
The U.K. never returned to the ERM and in due course also refused to join the euro, preferring to keep its own currency and maintain full control over monetary policy.12
Capital controls can be used to limit capital flight and thus help to maintain a fixed exchange rate. The IMF, long an advocate of free movement of capital, has suggested that capital controls could be useful when there are large unstable movements of capital, for example when there is a speculative run on a currency such as that on the U.K. pound in 1993.13
However, capital controls impede not only capital flight but capital investment, as well, because they make it difficult for foreign companies to repatriate funds. Thus they also make it difficult for domestic companies to obtain needed foreign investment, often leading to unfortunate long-term economic consequences, particularly for a developing country.
Capital controls also are notoriously “leaky,” as seen in China as it uses capital controls to help it manage the yuan exchange rate. Despite increasing measures to prevent controls being evaded, money continues to leave the country, putting downwards pressure on the exchange rate. China’s FX reserves are diminishing as capital flight and propping up the currency gradually erode them.14
For businesses, resolving the “trilemma” can seem a no-brainer: giving up independent monetary policy may be a small price to pay for the ability to do business anywhere in the world without encountering capital flow restrictions or FX risk. But history shows that the economic consequences of tying together the monetary policies of two countries with very different economic needs can be severe. In practice, countries tend to take different approaches to resolving their individual “trilemmas,” depending on their circumstances at the time.
With 17 years experience in the financial industry, Frances is a highly regarded writer and speaker on banking, finance and economics. She writes regularly for the Financial Times, Forbes and a range of financial industry publications. Her writing has featured in The Economist, the New York Times and the Wall Street Journal. She is a frequent commentator on TV, radio and online news media including the BBC and RT TV.
1. “What is the Impossible Trinity?,” The Economist; http://www.economist.com/blogs/economist-explains/2016/09/economist-explains-economics-4
2. The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies and Capital Mobility, Obstfeld, Shambaugh & Taylor, National Bureau of Economic Research; http://www.nber.org/papers/w10396.pdf
3. “Uncovered interest rate parity,” Investopedia; http://www.investopedia.com/terms/u/uncoveredinterestrateparity.asp
4. “Carry trade,” Investopedia; http://www.investopedia.com/terms/c/currencycarrytrade.asp
5. “The Trade of the Century: When George Soros Broke the British Pound,” Priceonomics; https://priceonomics.com/the-trade-of-the-century-when-george-soros-broke/
6. “Remember the last recession?” BBC; http://news.bbc.co.uk/1/hi/magazine/7686531.stm
7. “Interpreting the ERM crisis: country-specific and systemic issues,” Buiter, Corsetti & Pesenti, Department of Economics, Princeton University; https://www.princeton.edu/~ies/IES_Studies/S84.pdf
9. “The billionaire who broke the Bank of England,” The Telegraph; http://www.telegraph.co.uk/finance/2773265/Billionaire-who-broke-the-Bank-of-England.html
10. “1992: UK crashes out of ERM,” BBC On This Day; http://news.bbc.co.uk/onthisday/hi/dates/stories/september/16/newsid_2519000/2519013.stm
11. “British Pound to Deutschmark Spot Rates for 1992,” Poundsterlinglive.com; https://www.poundsterlinglive.com/bank-of-england-spot/historical-spot-exchange-rates/gbp/GBP-to-DEM-1992
12. Black Wednesday,Hélène Dury, Masaeyk University; https://is.muni.cz/el/1456/podzim2011/MPF_AFIN/um/27608616/27608949/Black_Wednesday.pdf
13. The Liberalization and Management of Capital Flows: An Institutional View,International Monetary Fund;http://www.imf.org/~/media/Websites/IMF/imported-full-text-pdf/external/np/pp/eng/2012/_111412.ashx
14. “China’s trilemma – and a possible solution,” Brookings Institution; https://www.brookings.edu/blog/ben-bernanke/2016/03/09/chinas-trilemma-and-a-possible-solution/
1 833 319 7265
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Price Point Definitions
Courtesy of WeConnectFashion
Pricing products to be competitive in fashion markets can be a challenge; pricing that works in one retail environment may be totally uncompetitive in another.
Although there is no one formula for establishing prices for products, there are a number of strategic and technical considerations that you can make in order to determine an appropriate pricing structure. Most start up downfalls have to do with costing.
Most designers don’t plan enough mark-up. They make the mistake of allowing the retailer to determine pricing and they end up manufacturing their product for nothing or at a loss.
A pricing strategy is a key component of your marketing plan. The selected pricing structure should be an integral part of your market penetration objectives. Your goals will vary depending on the target market. Are you entering the market with a new or unique product? Can your product demand a higher price because of superior quality? Your pricing decisions will be affected by your company’s goals.
In pricing merchandise, the difference between an item’s cost and its retail price is called the initial markup. It is usually computed as a percentage of the retail price.
Retailers can raise their merchandise margin by increasing the initial markup. In times of sharp price competition, they may lower it. In the case of a fast-selling item, a retailer may raise the price by adding another price increase, called a markup.
When merchandise doesn’t appeal to customers, the retailer must reduce prices to move it and make room for new and hopefully more saleable items. The term markdown is used when a retail price is lowered. Markdowns help to clear out inventories and to draw customers into stores. Merchants always plan for some sales, but excessive markdowns erode profitability.
It is important to obtain as much information as possible on local market prices as part of your market research. Pricing information can be collected in several ways. One source is retailers and agents of similar products of equivalent quality. Inspect similar products on the market. Standardized examples of pricing criterion which currently exist in the industry are outlined below.
Low priced merchandise. This price range includes samples, close-outs, discontinued, previous season and irregulars. Also know as: Discount. Retailers include: T.J. Maxx, Marshalls, Burlington Coat Factory.
This is the lowest price classification in which one would find advertised brand names. Prices are below average. Promotion of this price range to consumers is often based on value. Fast Fashion retailers such as H&M fit in this category. Budget labels include firms such as OP (Ocean Pacific) which is sold at WalMart, Mossimo sold exclusively at Target, Canyon River Blues sold at exclusively at Sears, Basic Editions and Lee Jeans. Also known as: Mass Market. This approach is based on volume sales, you will, no doubt, impede competition but also produce low profit margins.
Medium priced merchandise a step above budget. This is the price classification that most goods fall into. Labels like Joie, Free People, Jessica Simpson, and Van Heusen for Men fall into this category. The majority of Children’s wear falls into this category. You should be able to match competitors prices, build a market position and produce reasonable profit margins. In general this will be extremely difficult given the small quantities a start-up will be dealing with and the cost of an in-house or independent sales rep.
Medium to higher priced merchandise. These products are slightly higher profile lines that are found in department stores like Macy’s. Promotion of this price range to consumers is often based on the implication of higher quality. Examples of Better lines are Bailey 44, J H Collectibles or Perry Ellis. Again, you should be able to match competitors prices, build a market position and produce reasonable profit margins.
Contemporary is a word bandied about the industry. It is used in many different contexts. Some think of it as a price point, as such it is usually used with a true price point descriptor as in “better contemporary,” which can (depending on who you are talking to) represent either Juniors moderate or better advanced bridge merchandise. Also, there is Advance Contemporary which is a higher a price and more adventurous design than others in the Contemporary category.
Contemporary represents street wear to fashion conscience merchandise. Contemporary lines include Isabel Ardee, Clover Canyon, Current Elliott, Milly, and Michael Alexander to name a few. This is one of the the most coveted categories in the industry. It is also a realm that represents some of the best retailers in the fashion industry.
Bridge is often the lower priced or secondary lines of designers. Bridge products have the look of designer products but are made from less expensive fabrics. Examples are Donna Karan’s DKNY line, Emmanuel Ungaro’s Emmanuel line and JOE for Joseph Abboud.
Designer Clothing is usually the product into which a designer pours his or her heart and soul. At this level, the designer can give free reign to creativity without concern to cost as in a bridge line. Designer clothing usually sells in specialty boutiques, or boutique sections in department stores. Examples of designer clothing are Prada, Gucci, Balmain, Lanvin, Valentino, Jil Sander, Lela Rose, and Oscar de la Renta. There is a distinct difference in price and garment construction between designer and bridge although both may appear to carry the same designer name as in Marc Jacob’s case. Designer products cater to the high priced prestige or luxury market.
The highest priced garments carry the classification of couture, or haute couture. According to Wikipedia, “Haute couture (French for “high sewing” or “high dressmaking” or “high fashion”) refers to the creation of exclusive custom-fitted clothing. Haute couture is high end fashion that is constructed by hand from start to finish, made from high quality, expensive, often unusual fabric and sewn with extreme attention to detail and finished by the most experienced and capable sewers, often using time-consuming, hand-executed techniques. Couture translates literally from French as “dressmaking”…. In France, the term haute couture is protected by law and is defined by the Chambre de commerce et d'industrie de Paris in Paris.”
When companies we’ve never heard of register on WeConnectFashion and describe their product lines as having a Couture price point, we know they are new to the business. In other words, they have not done their homework.
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To illustrate net book value, let's assume that several years ago a company purchased equipment to be used in its business. The equipment's cost was $100,000 and its accumulated depreciation as of its recent balance sheet date was $40,000. This means that up to the balance sheet date $40,000 of the asset's cost had been reported as Depreciation Expense. It also means that the equipment's net book value is $60,000 ($100,000 of cost minus $40,000 of accumulated depreciation). Net book value or simply book value indicates that $60,000 of the noncurrent asset's cost has not yet been charged to depreciation expense.
Net book value or book value can also be associated with noncurrent assets other than fixed assets. Two examples include long-term investments and unamortized bond issue costs.
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The importance of technology to modern day commercial activities is indispensable and has occupied a pervasive role not only in commercial transactions but all other spheres of human activities. Indeed so numerous are its forms and the chief among is Financial Technology popularly called Fintech. Innovations brought by technology have brought tremendous and radical changes to the traditional way of conducting commercial activities. Virtually all sectors of the economy of the countries in the world have been disrupted by the innovation brought by technology. Trading and provision of services have now been made easier as physical contact is no longer needed before commercial transactions can take place.
Capital market, a financial market for trading securities of companies, is not left out of this tremendous changes brought about by the technology, as many online platforms now available for buying and selling of company securities quoted on the Nigerian Stock Exchange. Hence, this article tends to bring out the impact of financial technology in the Nigerian Capital market and the needs for effective legal and regulatory framework.
DEMYSTIFICATION OF SOME CERTAIN TERMS
Before delving into the heart of this discussion, it is pertinent to demystify some certain terms like Financial Technology and Capital market for proper and easy understanding.
Financial Technology: Fintech, as it is mostly called and the name implies refers to that technology used in delivering financial services as opposed to the traditional banking method of delivering financial services. According to investopedia, Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. It has also been referred to as the synergy between finance and technology, which is used to enhance business operations and delivery of financial services. Examples of Fintech are Paystack, Paypal, Flutterwave, E-transact, Remittal, etc
Capital Market: Investment and Securities Act, 2007, the chief legislation on Capital Market, makes no provision for definition of capital market. But it has been defined as the financial market where trading of companies’ securities takes place. It has also been described as a financial market for long term financial assets such as government bonds, corporate bonds and equity and unlike money market which functions to provide short term funds : rather, it is a network of financial institutions that in various ways bring together suppliers and users of capital, facilitating the issuance of secondary and long term financial instruments
It is a market where investors and companies engage in trade of financial securities like bonds, stocks, etc
It is a market for buying and selling of shares and other financial securities. The Capital market is divided into primary markets where newly issued stocks are sold to the investors through a process called underwriting and secondary market for financial instruments that already exist.
Companies quoted on Nigerian Stock Exchange raise funds to cater for their financial needs
THE IMPACT OF FINANCIAL TECHNOLOGIES ON THE NIGERIAN CAPITAL MARKET
The elementary but chief function of FinTech is facilitating automated financial services delivery to the consumers. However, Fintech has now expanded beyond this role as many online platforms now exist for savings, crowdfunding, buying and selling of company’s securities, thereby making investment a lot easier for investors and companies to raise capital for their financial needs.
Security and Exchange Commission, the chief regulator of the Nigerian Capital market in its attempt to provide a regulatory framework for operation of Fintech firms and startups in the country launched a FinTech Roadmap Committee at the Q3 meeting of its Capital Market Committee in 2018. This shows that the SEC has come to the reality and impact of Fintech to the Nigerian Capital Market. The Committee came up with a report titled the “Future of FinTech in Nigeria”. It was formerly by the SEC on the 29th October 2019 at the Nigerian Fintech week.
Financial Technology now provides a platform where not only the investment in securities of companies take place but also commodities exchanges where tangible goods like agricultural products are traded. Examples of such platforms are Weath.ng, Chaka, Bamboo, etc. In others words, these platforms can be called online securities and commodity platforms. Also, the Nigerian Stock Exchange has adopted an automated trading system for securities trading on its floor.
It has increased participation of people investing in the securities of both local and foreign companies, thereby making it easier for both the investors and the companies to interact without physical contact.
Convenience: as reported by Mckinsey & Company on their website customer adoption of fintech is primarily driven by access and convenience. This in turn, reduces the time and stress in going through the traditional way of investing in securities of a company. Toeing this pathway, this has increased participation of low and middle income earners in the Nigerian Capital Market. It has promoted and still promotes easy access to the Nigerian Capital Market.
Accountability and Transparency are one of the driving forces of any financial investment as Fintech tends to portray these traits in their provision of financial services to the both the key players in the Nigerian Capital Market, even at a reduced level of documentation. Payment of taxes and other charges are done automated thereby promoting accountability and transparency. One can actually conclude here on this, that there has been a tremendous increase in government as there is no need for cash to exchange hands.
Integration and facilitation of payment for shares bought by investors is another chief role Fintechs play, as payment cannot be made possible without their services. This is made possible through card payment whether debit or credit, payment with account or bank transfer without visiting the traditional Banking institutions.
Finally, FinTech is invaluable to the development of the Nigerian Capital Market and its overwhelming role cannot be overlooked, hence the need for a proactive and effective legal and regulatory framework.
THE NEEDS FOR EFFECTIVE LEGAL AND REGULATORY FRAMEWORK FOR FINTECHS IN THE NIGERIAN CAPITAL MARKET.
Provision of clarity and effectiveness of legal and regulatory framework of any legal system works magic. This cannot be over emphasized as this we result in the development of that country especially its economy. Lack of effective legal and regulatory framework on fintechs providing online securities and commodities exchanges trading has stifled the innovations and creativity of the fintech firms thereby limit their participation in the Nigerian Capital Market. This can be seen in the recent case between Chaka, an online platform for trading of securities and SEC, whereby the latter secured an interim order from the Investments and Securities Tribunal restraining the former and its promoters from advertising or offering for sales securities. This has led to the confusion on whether fintech firms dealing with securities as a stock broker or not.
It has been aptly argued that existing capital market regulations are inadequate in providing clarity as to the status and compliance requirements of Fintech companies.
As society keeps changing, legal frameworks must also be in motion in order to meet up the dynamic nature of the society. Our laws and regulations must keep to time and not remain static. This can be achieved by having proactive regulatory bodies saddled with the responsibility of making regulations for the Market through their enabling laws. The Capital Market of every country plays crucial roles in their economies, hence the needs for innovations.
Effectiveness and Clarity of legal and regulatory framework for FinTech in the Nigerian Capital Market would pave a pathway for development of the market which would enhance and equip it to compete globally.
In conclusion, Fintechs have come to stay and play a crucial role in the Nigerian Capital Market. The needs for an effective legal and regulatory framework cannot be faulted as this would lead to more innovations being brought by the fintechs to the development of the market.
See http//: corporatefinancialinstitute.com
See the paper titled “An Introduction to the Capital Market”, delivered at a seminar in Abuja on 12th October 2000 by Dr (Mrs) Ndi Okereke Onyiuke, DG and the CEO of the Nigerian Stock Exchange. Quoted at pp 361 of Com pany Law and Practice in Nigeria by Hon. Dr J Olakunle Orojo.
Tayo F. ‘SEC VS Chaka: Key Lessons for Regulators and Securities FinTech Companies’ https://www.busnessday /opinion/article/sec–v- chaka-keylessons-for-regulators-and-securities-companies/amp/ .
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- The world has made progress on the transition to renewable energy, but the coronavirus pandemic threatens to take us back.
- A "green stimulus" could accelerate the energy transition and boost the economy.
- Policy-makers have an opportunity to make an intentional energy transition that both mitigates climate change and improves society.
The year 2020 was to mark the beginning of a “decade of delivery” for the global renewable energy transition. The COVID-19 pandemic has taken the wind out of those sails.
This is a watershed moment for the global energy transition.
There has been some progress toward the transition, according to the 2019 Renewables Global Status Report from REN21, a global renewable energy think tank. The majority of new power generation capacity is in the form of renewable energy. More than 160 countries have made renewable energy and energy decarbonization commitments. There has been substantial investment in energy storage, and a substantial increase in private sector support. All of these are essential elements in a successful transition. (The recently released World Economic Forum report, Fostering Effective Energy Transition 2020, illustrates the substantial progress made in the global readiness for such a transition.)
Now, governments are reacting to the economic consequences of the pandemic by deploying unprecedented stimulus – but they’re largely overlooking energy and climate issues. For example, in the US, over $2.5 trillion in stimulus has supported businesses, critical healthcare infrastructure, state and local governments, unemployment, food programs and direct payments to individuals. These are issues of critical importance.
But the question is not whether we rebuild, but how we rebuild. Just as the economic stimulus could hasten the recovery of the world’s economies, a green stimulus could leapfrog the world into a green rebuilding in the aftermath of COVID-19.
The World Energy Council (WEC) provides insight on how this reconfiguration could unfold for global energy in the 2019 World Energy Scenarios. The report paints different pictures of global energy in the year 2040, through the use of three speculative scenarios using musical styles as metaphors for the dynamics that drive them.
Two of these scenarios, “Unfinished Symphony” and “Hard Rock,” are particularly salient to weighing policy choices in the aftermath of the pandemic. In the third scenario, “Modern Jazz,” economic growth continues unabated and a market-driven dynamic gradually leads to progress in altering the global energy mix away from fossil fuels – a scenario that, at least for the moment, seems impossible due to the pandemic leading to declining economic growth and sharply lower fossil fuel prices.
In the “Hard Rock” scenario, the global economy is rocked by economic disruption and global GDP decreases. While the carbon emissions during times of regular global economic activity would decline as a result, the energy transition is paralyzed as investment in the necessary innovation and infrastructure is lost to economic water-treading. Furthermore, fracturing international coalitions around environmental progress, such as the Paris Agreement, erode political momentum.
The key driving force in the “Unfinished Symphony” scenario is that large public investments lay the foundations of the energy transition. For instance, technological innovation in clean energy, coupled with investments in energy storage and advanced grid technologies, leads to a virtuous cycle of affordable decarbonization and the increase in economy-wide buy-in. This scenario makes the most progress toward transition of all three WEC scenarios.
What's the World Economic Forum doing about the transition to clean energy?
Moving to clean energy is key to combating climate change, yet in the past five years, the energy transition has stagnated.
Energy consumption and production contribute to two-thirds of global emissions, and 81% of the global energy system is still based on fossil fuels, the same percentage as 30 years ago. Plus, improvements in the energy intensity of the global economy (the amount of energy used per unit of economic activity) are slowing. In 2018 energy intensity improved by 1.2%, the slowest rate since 2010.
Effective policies, private-sector action and public-private cooperation are needed to create a more inclusive, sustainable, affordable and secure global energy system.
Benchmarking progress is essential to a successful transition. The World Economic Forum’s Energy Transition Index, which ranks 115 economies on how well they balance energy security and access with environmental sustainability and affordability, shows that the biggest challenge facing energy transition is the lack of readiness among the world’s largest emitters, including US, China, India and Russia. The 10 countries that score the highest in terms of readiness account for only 2.6% of global annual emissions.
To future-proof the global energy system, the Forum’s Shaping the Future of Energy and Materials Platform is working on initiatives including, Systemic Efficiency, Innovation and Clean Energy and the Global Battery Alliance to encourage and enable innovative energy investments, technologies and solutions.
Additionally, the Mission Possible Platform (MPP) is working to assemble public and private partners to further the industry transition to set heavy industry and mobility sectors on the pathway towards net-zero emissions. MPP is an initiative created by the World Economic Forum and the Energy Transitions Commission.
Is your organisation interested in working with the World Economic Forum? Find out more here.
The economic intervention needed to rebuild in the aftermath of the pandemic can either accelerate the energy transition – or make us miss the “decade of delivery” entirely. Drawing on the recommendations from Fostering Effective Energy Transition 2020, it’s clear that public support for energy innovation, new energy infrastructure and regulatory support are needed to rebuild with the energy transition in mind. To regain the progress made toward the energy transition and escape the “Hard Rock” scenario, policymakers should invest in research and development, expanding human capital and modernizing energy infrastructure. These investments will pay dividends in terms of both economic and environmental gains.
The pandemic has also brought attention to the coupling of our economic, societal and environmental systems – highlighting the fact that the energy transition isn’t just about the energy mix. Global energy is more than just choices about economics and environmental issues. It is about society – who is empowered, global flows of capital, geopolitics and more.
This energy transition will be the first of its kind: an intentional transition. Because of this, we should ask more from our transition than just mitigating climate change. We should design the transition for the kinds of social outcomes we want, too.
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Presentation on theme: "Economic Factors and Tourism. For many countries, tourism is biggest source of foreign exchange. Many LDC’s are increasingly reliant on tourism as a means."— Presentation transcript:
For many countries, tourism is biggest source of foreign exchange. Many LDC’s are increasingly reliant on tourism as a means to development. It is a major source of employment and facilitates economic growth because of the multiplier effects it has throughout the rest of the economy. (income is spent by tourists and the locals can then re-spend that money) The level of economic development within a country will have an impact on its tourism industry. Globalisation and the reduction of barriers (economic liberalisation) will make it easier for tourists to visit places like Africa and SE Asia. The more developed an economy is, the greater the tourist demand (high elasticity of demand). This is particularly evident in Singpaore, South Korea and Thailand.
Economic and social conditions deny most forms of tourism Many parts of Africa and southern Asia Economic stage: traditional society The economy is at full capacity, producing large volumes of goods and services. New emphasis on satisfying cultural needs The developed world – major generators of tourism North America, Europe, Australia, Japan etc. High mass consumption
Economic Advantages of Tourism Foreign exchange earnings Increases employment levels in particular sectors Improves income levels Stimulates infrastructure development Supports economic development Increases taxation revenue
Case Study: ‘ Sustainable Tourism as a Tool for Eliminating Poverty (ST - EP) ’ is an initiative to tap into into the potential in African tourism. Its biophysical factors and close proximity to Europe increases its potential. Attractive features include: beach/resort tourism, environmental tourism, ecotourism and discovery tourism. The ST-EP program will focus on improving telecommunications, improving food and visitor safety and restoring the image of some destinations through the media. Its aim is to increase tourism to 77 million people per year by 2020.
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In mathematics, you start with counting, move on to addition and subtraction, and then move on to division and multiplication. Here is a great hand-picked selection of 15 Personal Finance Courses You Can Take Online For Free. Others point out that research shows lessons on financial literacy in high school have no long-term impact on financial behavior. Kids need to learn how to save and how to spend wisely.- Megan (High School Class of 2017) You learn skills that you need in life after high school that become very valuable. View entire discussion ( … Eek. 'I think the state of financial literacy in schools is pathetic,' he says. Personal finance education should be a cumulative process, with age-appropriate topics … PRO/CON: Should all high schoolers take courses in personal finance? The number of states that require a high school personal finance course in order to graduate has been stagnant at 17 since 2014. PRO/CON: Should all high schoolers take courses in personal finance? Recommended Non-Finance Courses … Many people are suggesting that we should start teaching a course on the basics of personal finance in either the junior highs or high schools. In August of 2019 over 81% of 1,211 respondents across the U.S. believe that financial literacy should be taught in schools. And if money is part of every adult’s life, it only makes sense to start teaching personal finance as soon as possible. Personal Finance Classes Should Be Mandatory For All High Schoolers March 20, 2016 Leave a Comment Discover did a survey and found that American high school seniors who took a personal finance class were more likely to have a budget, 60 percent versus 40 percent for those who did not take a personal finance class, and were more likely to invest, 32 percent versus 17 percent. 1:27. Miller said courses like Financial Management, BA 321, examine finance on a more advanced and macro level than a personal finance class … Opposing views of requiring graduating high school seniors to take personal finance courses Jann Lee | November 10, 2016 . Likewise, only seven states have required standardized testing on personal finance since 2016. They had a concrete way of knowing whether or not they had money to buy or do something. An analysis of the National Financial Capability Study conducted … If you ask me what I remember from taking the careers course … Young people are not handling key financial decisions such as student loans correctly, she says. 20% off entire Cyber Week order - Target promo code, Walmart promo code: $10 off all departments, HP coupon code: Extra 10% off gaming laptops & desktops, Cyber Week Sale! It's tough to say whether a few semesters of learning how to balance a checkbook could have helped us avoid the mess we're in, but a primer on adjustable-rate mortgages wouldn't have hurt. More states are forcing students to study personal finance. The assumption that all parents are capable of teaching their kids how to manage money is a false one. Even better, many personal finance students apply what they learn right away—while they’re still in high school. NGPF Research Report Finds That Only 1 in 6 High School Students Nationwide Required to Take Personal Finance Course To Graduate Palo Alto, CA –September 27, 2017- Next Gen Personal Finance (NGPF), a non-profit on a mission to bring effective and engaging financial education to all U.S. high school classrooms, today released a groundbreaking research report on the state of financial … Adding courses in personal financial management to a high school’s curriculum has the potential to ease the transition into adulthood regardless of which direction a student’s life may take. It was … Moolla wants financial literacy to be a mandatory class for high school kids. The irony is that requiring schools to spend time and money teaching financial literacy is a worse financial decision than any that those high-schoolers are likely to make anytime soon. It’s a waste of time. PRO/CON: Should all high schoolers take courses in personal finance? Debt management and financial services are offered in a variety of cities for those consumers that are facing high levels of debt. Doing something about it is proving more difficult. . Twenty or twenty-five years ago, teaching teenagers about personal finance was straight-forward. You need to learn letters before you can read. NJ has a mandated financial literacy standard for schools and it starts in elementary school. Credit cards were something only adults had, and money was generally hard to get. The article, written by the site’s original founder several years ago, makes some compelling arguments. Again, it’s just not connecting. My Take: Personal finance should be a mandatory course in high school. No one is born understanding how to manage money, and not every parent has a strong financial foundation for kids to learn from at home. Knowledge is power. The one-of-a-kind public elementary school was established in 1996 by the Chicago-based money management firm Ariel Capital Management. Photo by: AP … Part of the reason is because high school students often focus most on the courses they must take to graduate – and even a crucial and versatile business course like personal finance is only a graduation requirement for about 16.4 percent of high schoolers in the United States, Business Insider . Only 17 states in the U.S. require high school students to take a personal finance course, according to a 2014 survey by the Council for Economic Education. In 2016, 22 states required students take a stand-alone personal finance course, a roughly threefold increase from 2000. All high schoolers should take courses in personal finance, more than cons, it has pros, finance as a subject can be adjusted to all levels, it can teach everyone since kids how to be responsible with money, how spend without wasting, and techniques about saving it. Many … These debt management services can assist the consumer with the creation of a plan that enables the consumer to repay the most expensive debt first and start on the road to a debt free lifestyle. Erica used a pre- and post-test format to determine how well they improved their knowledge through taking the course. The drumbeat for teaching personal finance in schools has been heard. However, similar to how personal fitness is a required elective class, I envision some form of a money management course as a required elective. Supporters of the idea say financial literacy is crucial in today’s world. o}¼j)v ºG¬_¬×üRÎܾw»pì"6ø@Iàaú-TÅ@G³1ãÚÝáüá¾Õ©ùÉo?cGÞmmóoØ
HÇ$=¦]»u®½Ìò|>èqK. They also recommend that business schools need more courses outside of the traditional curriculum. Forty-five require that personal Some might be thinking that personal finance should not be considered one of the “core” high school classes: math, language arts, science, and social studies; and I would agree with them. “State mandates requiring high school students to take personal finance courses … “State mandates requiring high school students to take a personal finance course have no effect on savings or investment behavior,” economic researchers from … By K . 7 Courses Finance Students Should Take . Start studying PRO/CON: Should all high schoolers take courses in personal finance?. Personal finance should absolutely be taught in high school, and the basics in lower grades as well. Here's why all states should require it, and what you can do to help make the change. But a personal finance class doesn't have to provide specific investment advice. Courses are offered in everything from calculus to sex ed. Every state should adopt this type of standard to … Twenty-one states now require a high school student to take personal finance course to graduate, up from 17 in 2018, according to a new report. My Take: Personal finance should be a mandatory course in high school. Limited resources and funding mean that most schools have to pick and choose which classes to offer. They have courses for all ages, including a free financial program for high school students, a personal finance class called CashCourse for college-aged … I think all students should be required to take some kind of personal financial class because it'll help prevent young people from making huge mistakes with their money once they get into the real world. ;Y¡ì> According to businessinsider.com, this means that only 16.4 percent of U.S. students are required to take a dedicated personal finance course in order to graduate from high school… The one-of-a-kind public elementary school was established in 1996 by the Chicago … However, if you have good grades and room in your schedule, you might be able to pursue a subject that interests you through an independent study. The following 3 reasons why personal finance should be taught at the high school level are as enlightening as they are obvious. Students merely need to know the options … ... Students should be required to take … The number of states that included personal finance in their curriculums more than doubled from 1998 to 2016, from 21 to 45, according to the Council for Economic Education, an organization that advocates for personal finance education in schools. The most common could arguably be money. While many experts may agree on the need for financial literacy for college students, they disagree on what a personal finance curriculum should include. But that sentiment appears to be changing now that we're in the middle of a deep financial crisis--one partly brought on by an inability to understand credit risks and mortgage. Over the past few decades, thousands of school districts have dumped personal-finance classes in favor of AP Calculus, Ancient Greek and Literary Journalism (all taught at my high school). A September 2013 poll from Harris Interactive revealed that nearly 99 percent of adults agree that personal finance should be a required course in high schools, yet shockingly only four states have required a stand alone personal finance course in their high school curriculum. All 58 participated in the financial instruction at some level during the first quarter after Mrs. Hunter had begun teaching high school students personal finance. Parents could potentially be a good source for teaching their children about personal finance, however if they aren’t knowledgeable in how to save and budget correctly it could hurt the children in the long run! They have courses for all ages, including a free financial program for high school students, a personal finance class called CashCourse for college-aged students and a … Getty Images Oklahoma last year started to require all high school students to pass a class on personal finance before they can graduate. PRO/CON: Should all high schoolers take courses in personal finance? >Mõ½¿ôâÜÉ[c¯oÃ$À&ÿL>>´24ÄÉ;MÒöFÍÎ"[@ÅQÿSw¯Íߦ®»áå¶ïñ²Di´ñ}YzðçOÎrÎÊ &!î¾b |Щ٧Î/> Add to … Courses are offered in everything from calculus to sex ed. “Every student should take a personal finance course as part of the requirements for a high school diploma.” Many people are not financially knowledgeable after they graduate from high schools, but most colleges offer a personal finance class. Opponents say courses miss the real issues. Students line up for lunch at the Ariel Community Academy in Chicago, Illinois, February 12, 2008. They cannot understand how Economics work. “Every student should take a personal finance course as part of the requirements for a high school diploma.” Many people are not financially knowledgeable after they graduate from high schools, but most colleges offer a personal finance class. High schoolers should be required to take personal finance class. For example, according to a survey conducted by Ramsey Research in 2016 , nearly two out of three high school students who had taken a personal finance course reported they were already earning an average of $3,000 a year. “State mandates requiring high school students to take a personal finance course have no effect on savings or investment behavior,” economic researchers from … Many say that in order to combat the debt crisis, financial education should start earlier and high schools should be required to teach personal finance to all students. Opposing views of requiring graduating high school seniors to take personal finance courses Should College Students Be Required to Take a Course in Personal Finance? PRO/CON: Should all high schoolers take courses in personal finance? But I don’t buy it. By K . At the same time, the Council for Economic Education survey found the number of states that require high school students to take a course in personal finance has … Here are 3 reasons why personal finance should be taught at the high school level: Money Management Is A Learned Skill. ... a well-designed high school course on managing money would be invaluable in … These will improve your skill set and teach you how to manage your money the right way. Over the past few decades, thousands of school districts have dumped personal-finance classes in favor of AP Calculus, Ancient Greek and Literary Journalism (all taught at my high school). (Quiz yourself by downloading the 2008 Survey of Personal Financial Literacy here.). Learn vocabulary, terms, and more with flashcards, games, and other study tools. The gains, while modest, exhibit a growing effort to teach American children about the basics of personal finance and the importance of money management. Over 50% of Americans have credit cards and latest stats show that credit card debt stands at $7,050 per average household ($15,112 per indebted household), with an average 17% interest rate. Most transactions happened in cash, and they either had money in their pocket or they didn’t. E ducation s ystem o verhaul s hould i nclude n ew e mphasis o n f inancial l iteracy Secretary o f E ducation B etsy D eVos i s s etting o ut t o r eform A merica’s u nderperforming p ublic s chools. Politicians and school board members pushing such an agenda should be required to take and pass courses in public finance before making such demands. Financial planning at the high school level can empower students with skills that their lives at home can’t. Ideally, personal finance concepts should be taught in elementary, middle and high school, and should continue into college. A lexander A she a nd W ayne M adsen, T ribune N ews S ervice 06.13.17 PRO : Y es. Education system overhaul should include new emphasis on financial literacy Secretary of Education Betsy DeVos is setting out to reform America’s underperforming public schools. A 2016 study by the Council for Economic Education found that only 17 states require high school students to take courses in personal finance. San Diego-based certified financial planner Taylor Schulte offers stronger criticism. PRO/CON: Should all high schoolers take courses in personal finance? . Today’s top headlines Some are concerned about providing too much guidance when it comes to investments since opinions vary. By K. Alexander Ashe and Wayne Madsen, Tribune News, adapted by Newsela staff, 6-13-17 Yes. According to businessinsider.com, this means that only 16.4 percent of U.S. students are required to take a dedicated personal finance course in order to graduate from high school. Especially when you consider that high school seniors correctly answered just 48.3% of questions in the Jump$tart Coalition for Personal Financial Literacy's financial literacy test in 2008. All 50 states plus the District of Columbia already require, as part of their standard kindergarten-to-high-school curriculums, the teaching of basic economics. We recently updated an article here on Consumerism Commentary, arguing that high schools should not require students to take personal finance classes. A lexander A she a nd W ayne M adsen, T ribune N ews S ervice 06.13.17 PRO : Y es. Administrators have long believed students needed to take the weightiest course loads possible in order to get into the best colleges--real-life concerns be damned. YES, absolutely. High school students often wonder about the relevancy of certain courses they must take. $700 off iPhone 12 Pro Max - AT&T Wireless promo code, Microsoft Coupon: Students and Parents Get 10% Off, Samsung promo code - 30% off for students and educators, Trump Says He Will Leave White House if Electoral College Selects Biden, Options Trading Is More Popular Than Ever Despite the Risks, AMC: From Silver Screen Giant to Box-Office Flop, The Critical Coronavirus-Busting Therapies, Explained, Diego Maradona: World Mourns Death of Argentine Soccer Icon, News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. Of course, your high school is unlikely to offer all the courses on our list. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Scott Miller, an assistant professor of finance, is a proponent of adding personal finance as a required course. Throughout the course, you will explore interesting and relevant real-world examples so that you can better understand the underlying concepts. … A personal finance class should 100% be required for all high schools! Annamaria Lusardi, the Denit Trust chair of economics and accountancy at the George Washington University School of Business, argues that American colleges should require students to take courses in personal finance. PRO/CON: Should all high schoolers take courses in personal finance? 2 - The Majority of Americans want personal finance taught in schools. 2019 Survey: Do you think high school students should take personal finance courses in high school? It promotes financial literacy and gives students money to invest. I don't remember if personal finance as offered when I was in high school, but after 30 years of being an adult I think it should be a required course for all high school seniors. Only 1/3 of US states require that high schoolers take a personal finance course. In particular, they often question, “Why should personal finance be required in high school?” Even a cursory glance at the statistics will remove all doubt about the importance of learning personal finance … When it comes to financial education in schools, many adults feel that more should … These figures alone indicate that a large number of households are not managing their finances well and are, in fact, overextended. Alarmed about their graduates' financial smarts, school administrators in a number of states have re-introduced personal finance into their curriculum, either as a stand-alone course or as a unit within math, economics or other classes. CEE recently released their Survey of the States which led to news articles which included these details: “Twenty-one states now require financial literacy courses to graduate” (CNBC) "High school students in 21 states must now take a personal finance course in order to graduate" (NY Times) This, in turn, has led to a lot of inquiries as to why NGPF's Got Finance? Students line up for lunch at the Ariel Community Academy in Chicago, Illinois, February 12, 2008. A nearly unanimous 99% of adults now agree that personal finance should be taught in high school, according to a poll last month from Harris Interactive sponsored by Bank of America. Start studying PRO/CON: Should all high schoolers take courses in personal finance?. CHARLOTTE, N.C. — Starting next school year, high school students in North Carolina will be required to take a personal finance class before they can graduate. This personal finance course is divided into four modules: investments, credit, insurance, and retirement. Cannot understand Interest Rates, Loans, how to even Balance a Checkbook. Here are 3 reasons why personal finance should be taught at the high school level: Money Management Is A … Yet just four states require a stand-alone personal finance course in high school … Teens come out of HS so ill prepared for the real world.
2020 should all high schoolers take courses in personal finance
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The respective ratio of radii of two right circular cylinders (A & B) is 2 : 5. The respective ratio of the heights of cylinders A and B is 3 : 1. What is the respective ratio of volumes of cylinders A and B?
Raja gives 30% of his salary to his mother, 40% of the remaining salary he invests in an insurance scheme and PPF in the respective ratio of 4 : 3 and the remaining he keeps in his bank account. If the difference between the amount he gives to his mother and that he invests in insurance scheme is Rs. 8400, how much is Raja’s salary?
Answer: Option A
Let Raja salary= R
Salary given to mother = 0.3 R
Money left=0.7 R
Now, Money invested in Insurance scheme= 0.7*0.4*4/7 R= 0.16 R
Difference of money in bank and with mother= 0.14R
Now, 0.14 R=8400, Hence R= 60,0000
A, B, C and D are four consecutive odd numbers and their average is 42. What is the product of B and D?
None of these
Answer: Option C
As there are As diff. Is same so average should lie between B and C so B is 41 & C is 43 so D must be 45 as we have to find the product of B and D so it would be 1845.
A basket contains 3 blue, 5 black and 3 red balls. If 2 balls are drawn at random, what is the probability that one is black and one is red?
None of these
Answer: Option D
Selecting 1 black ball out of 5 = 5C1 ways.Selecting on red ball out of 3 = 3C1 ways
The required probability = ( 5C1 × 3C1)/ 11C2 = 3/11
A man buys a land and gives for it 20 times the annual rent Find the rate of interest he gets for his money.
Answer: Option B
Let annual rent is 1 Rs. so buys the land at 20 Rs. So by investing Rs.20 he is getting Rs.1 as interest. so on Rs.100 he gets Rs.5 . so rate%=5%.Hence option E is the answer.
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Ap macro unit 4
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- Download our ap macroeconomics unit 4 lesson 5 activity 40 answers eBooks for free and learn more about ap macroeconomics unit 4 lesson 5 activity 40 answers. These books contain exercises and tutorials to improve your practical skills, at all levels!
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Tableau sum show 0UNIT 2. If the economy represented in Figure 1.2 is presently producing 12 units of Good B and zero units of Good A: (A) The opportunity cost of increasing production of Good A from zero units to one unit is the loss of two unit(s) of Good B. (B) The opportunity cost of increasing production of Good A from one unit to two units is the
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- AP Macroeconomics Unit 1 – The Data of Macroeconomics Assignment Calendar Learning Objectives: Chapter 23 Measuring a Nation’s Income -Consider why an economy’s total income equals its total expenditure -Learn how gross domestic product (GDP) is defined and calculated -See the breakdown of GDP into its four major components AP Macro Unit 4 - Monetary Policy - SloEcon. Sites.google.com AP Micro Unit 2: Supply, Demand, and Consumer Choice. AP Micro Unit 4 - Imperfect Competition. AP Micro Unit 5 - The Resource Market
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The news recently has been taken over with the measures the UK government is taking to get the UK Economy back up and running.
One of these measures is the reduction in interest rates.
The UK’s current base interest rate is 0.1%. This is the rate the Bank of England (“BOE”) charges commercial banks for money it lends to them or pays commercial banks for money they deposit with the BOE.
This is the mechanism used by the BOE to get you and I to either spend or save our money.
When rates are low we prefer to spend our money and buy assets cheaply often also using cheap debt. This positively adds money to the economy and stimulates production, which means more people are needed to be employed to help with production.
But what happens when no matter how low the rate goes we just don’t want to spend?
In this case the BOE may have to turn to the desperate measure of reducing the interest rate below zero, thereby setting a negative interest rate.
What does a negative interest rate practically mean ?
Interest rates are the price to borrow money. If for example you borrow £100 and are charged 1% per year interest, the cost of your borrowing is £1.
So does a negative interest rate mean the lender has to pay the borrower for borrowing ?
Crazily, yes that is exactly what it means!
Commercial banks depositing their excess money at the BOE will have to pay the BOE for the benefit of “storing” their money there. This should theoretically incentivise them to rather lend it out where they can still make a small amount of positive interest.
As there is competition amongst these commercial banks to lend their money to us, they have to also decrease the rates that they charge us to borrow and we start to see this in a drop in our mortgage interest rates and our other borrowings.
In some countries the mortgage rates have gone below zero. This means that if we were to borrow money to buy a house we would pay back less than we borrowed! We would however still have a monthly payment as we would still be required to pay back the mortgage just with no interest in fact we would be paid interest by the bank.
How surreal is that!
And doesn’t that sound like an amazing situation to find yourself in !
Well actually no, it isn’t all that rosy.
Firstly in those countries that had to take these extreme measures, the cost of properties have increased exponentially and now the average person cannot afford to buy a property.
Also negative mortgage rates mean negative interest on our savings accounts. And as a result unless we want to keep our money under our mattress, we would have to pay the bank for the benefit of keeping it there!
How does the economy benefit from negative interest rates if nobody is earning anything on their money ?
As mentioned previously the BOE reduces rates to get you and I to spend.
When we spend, we increase the demand for goods and services in the economy and incentivise companies to produce more to meet the increased demand. This means they have to spend more to buy the resources and employ more people to produce more.
As the UK now has a low interest rate, foreign savers have less interest in holding pounds as they aren’t going to earn a decent return. As a result they sell pounds resulting in a decrease in the value of the pound.
This means goods and services start looking cheaper to the rest of the world who also start buying UK goods further stimulating the economy.
What can go wrong?
Commercial banks have a huge amount of costs that they need to have covered by the interest rates they charge companies and individuals and if interest rates are kept low it may become suboptimal for them to continue lending at those levels, counteracting the objective of the BOE’s mechanism to get them to lend..
In addition you and I may decide now isn’t the time to spend even if interest rates are low and also hold onto our money.
Prices would drop further to entice us to spend and it may become unprofitable for companies to sell at the reduced prices leading them to cut production and downsize and the whole economy could head into a disinflationary spiral and ultimate stagnation.
Negative interest rates sound great until you look beneath the hood and get to see the negative implications they may have. Here’s to moderation in everything, even those things that cost us money!
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How Does a Corporation Board of Directors Work?
A small business that has incorporated must by law have a corporate board of directors and hold annual meetings. Boards of directors are elected by, and responsible to, the corporation’s shareholders. They offer companies independent oversight and strategic planning and should be brought in on all major corporate decisions. Companies that seek outside investment from venture capitalists usually must be able to offer their investors seats on the board.
Forming a Board
When a small business incorporates with a state, it files a document called the “articles of incorporation” that lays out much of the basic information about the corporation, including how shares of stock will be issued and how a board of directors will be structured. State regulations often require the board of directors to include a few named titles, including the president, secretary and treasurer, but corporate founders are otherwise given leeway to craft the board's structure to their needs, according to the Small Business Administration. Corporations must hold an initial meeting to elect the directors. In most states, even single-shareholder S corporations must have a board of directors, where the company’s owner serves as its only director.
A board's members, called directors, are elected by the corporation's shareholders, and are considered responsible to them, not the founders or officers of the company. One of the board’s roles is to provide the guidance and strategic planning to the company’s top officers, who may be too focused on the day-to-day running of the business. Because of this, directors should be experienced professionals that are able to provide expertise in both corporate and industry matters. Another role of the board is to hire, oversee and, if necessary, fire the company’s top officers, including the CEO.
Most states only require that a board meet once a year and keep records of the actions taken at the meeting. However, a board should meet often enough to adequately address the corporate decisions that should require board consideration. These decisions can include opening of new financial accounts, acquisition of new debt, issuing stock, consideration of major tax issues, declaring dividends, adoption of employee benefit plans, considering lawsuit settlements, corporate reorganization, major purchases and amendments to the articles of incorporation or corporate bylaws. Most corporate board meetings are run using a system of parliamentary procedures where directors can propose motions for board action, which triggers debate and sometimes a vote. These meetings are often documented by keeping “minutes.”
Startups that are seeking venture capital or other investor funding will need to form a corporation in order to offer potential investors both preferred shares of stock and seats on the board. Corporate boards are often composed of an odd-number of members, with half representing investors and the other half often representing the company’s founders. The website AlleyWatch recommends that corporate boards include an independent director who is not aligned with either side and can serve as a neutral voice to resolve policy disputes between the founders and investors.
Terry Lane has been a journalist and writer since 1997. He has both covered, and worked for, members of Congress and has helped legislators and executives publish op-eds in the “Wall Street Journal,” “National Journal” and “Politico." He earned a Bachelor of Science in journalism from the University of Florida.
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What Is the Difference Between Estimated Costs & a Rough Order of Magnitude?
A small-business owner has the need for both forecasting what projects cost on an estimated cost basis and rough order of magnitude, also called a ballpark estimate. Which method she uses depends on several factors, such as how far ahead she wants the estimate, how detailed she wants it to be and how much time she wants her staff to devote to the estimate. For example, if her business is bidding on a project, the estimated cost basis gives her a more accurate and detailed bid to present to a client.
Timing of Use
A rough order of magnitude is used to determine whether a project is generally feasible quite a bit prior to the project, while an estimated cost is used toward the beginning of the project. For example, if the company has decided to develop and market a new product, the rough order of magnitude method would be used to estimate the cost as much as a year or more prior to the projected product introduction date. The estimated costs would be completed perhaps only three or four months prior to the beginning of the project.
Level of Detail
Rough order of magnitude takes into consideration top-level general estimates, while estimated costs are more specific. A rough order of magnitude could look at what a similar project cost in the past. For example, projecting what a new computer system would cost for a multi-location business could be completed by multiplying what one location cost the last time the computers were upgraded times the number of locations. An estimated cost would list the specific equipment necessary for each location, any wiring or construction necessary and define any location that has out-of-the ordinary needs -- say the concrete flooring has to be trenched for the wires. There is much less detail in estimating on a rough-order-of-magnitude basis than an estimated-cost basis.
Estimated costs are much closer to the actual project costs than a rough order of magnitude method of determining costs. Think of the estimated costs as a list of all the items necessary and with specific costs for each item. The variance between the actual costs and estimated costs are pretty much in the range of plus or minus 15 percent. A rough order of magnitude could be a variance of as much as 100 percent, because it's more of a guesstimate than relying on a list of specific costs.
Time to Complete
Depending on the project, an estimated cost basis for a project could take several weeks to complete. The estimate is based on more detail, specific equipment and cost analysis. A rough order of magnitude could take less than a day. For example, a construction company could estimate in a rough order of magnitude that a two-story home would cost $250,000 to build. An estimated cost basis for a two-story house would specify the building materials used -- wood frame or block, the level of customization, the interior flooring -- tile or carpeting, kitchen appliances -- standard or top of the line -- and so forth. That estimate is more complicated and specific, so it takes more time to complete than a rough-order-of-magnitude estimate.
Katie Jensen's first book was published in 2000. Since then she has written additional books as well as screenplays, website content and e-books. Rosehill holds a Master of Business Administration from Arizona State University. Her articles specialize in business and personal finance. Her passion includes cooking, eating and writing about food.
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A student loan is a type of loan offered by different entities, including the federal government, private lenders, banks and other financial institutions, that helps students pay for the cost of post-secondary education. Student loans are designed to cover costs associated with higher education, including tuition, living expenses, books and supplies. As with other types of financial loans, the principal is the amount borrowed, while the interest is the cost over time for borrowing the money.
Related Questions:How do I apply for student loans?
Should I pay off my student loans?
How do I pay off student loans?
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One of the essential principles of good partnerships is that education and employer partners come to the table as equals. Each making an investment in the partnership, and each getting some kind of benefit in return for that investment. For some reason, educators often shortchange the value that they bring to the table. They see the value in the things that their partners contribute, but fail to see the value in their own contributions.
It’s important for schools to not only realize the value they bring to the partnership, but also make sure that their partners clearly understand that value. When business coalition leaders were asked, “What criteria do you use when selecting partners?” in a 2007 survey I conducted, 64 percent said it was important that their education partners had made a commitment to the project. Meaning some kind of real investment. And in most cases, educators are making those investments; they just need to recognize it and share the information with their partners.
Schools invest in their partnerships in a number of ways:
- Staff – Most partnerships involve staff time, whether it’s the time of teachers, counselors, or administrators (and sometimes all three). These people may be working on the clock, in which case their time is a financial investment being made by the school. They may be working on their own, in which case they are making a personal investment. In either case, their time has value and this should be recognized.
- Facilities – If partnership events happen on school grounds, such as in the classroom, the auditorium, or the gym, there is a value associated with that space. Just as if you had to rent space elsewhere to host such events. This includes not only the space itself but also services, such as security and janitorial services.
- Inclusion in the curriculum – Surprisingly, a great number of business partnerships happen outside of school, either after-hours and/or off-site. Finding meaningful ways of including partnership activities within the curriculum, such as attaching a grade to a team-based partnership project or allowing class time for mentoring activities, adds value to the initiative in the eyes of your partner.
- Expertise – Most businesspeople recognize that they don’t have a background in instruction or curriculum design. Your school, district, or state-level staff can add value to a project by sharing their instructional expertise to the design and implementation of a project.
- Transportation – If a partnership requires sponsored transportation, such as taking students on a local site visit or across the state for a competition, schools often provide vehicles and cover the costs of a driver and fuel.
- Paperwork – In many partnerships, some level of paperwork is required, a responsibility usually assumed by the school partners. One example would be background checks, which most schools require before adults have direct contact with students; another example would be a written application for use of school facilities.
- Parent outreach – Schools have a direct pipeline to parents, and can solicit support for programs. Particularly those that take place off-site or after school and require extra commitment from parents in the form of costs or transportation requirements. Schools can also handle administrative details like distributing and collecting permission slips and liability waivers.
- Access to other partners – It’s likely that the business partner you’re currently talking to isn’t your only partner. In fact, you may have other relationships, perhaps with postsecondary institutions or nonprofit organizations (ex: mentoring associations, community service groups) who could be valuable additions to the partnership ideas you’re discussing, allowing you to play a “connector” role.
- Access to data – It’s very difficult for external partners to get good data on student outcomes through partnership initiatives. Your school or district may be able to access data that allows you and your partners to better track the progress of student participants (while honoring all confidentiality policies and laws of course).
- Partner benefits – Many schools recognize their business partners with banners and mentions in their e-newsletters; this is valuable for your partners, as is the ability to connect them at a professional level with your other partners. Businesspeople who sit on advisory boards, for example, benefit greatly from the networking opportunities that board meetings provide.
There may be other contributions that schools can make to partnerships, but these constitute some of the more common ones; consider these and others as you catalog the ways in which you’re supporting your partnership efforts.
Interested in learning more about building strong and sustainable employer partnerships? Take this one-hour free online course, Finding and Engaging Employers, and order a copy of the Employer Engagement Toolkit!
Brett Pawlowski is Executive Vice President of the National Center for College and Career (NC3T)
(www.nc3t.com). NC3T provides planning, coaching, technical assistance, and tools. These strategies help community-based leadership teams plan and implement their college-career pathway systems and strengthen employer connections with education.
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The authors briefly consider the recent dramatic reductions in the underlying costs and market prices of solar photovoltaic (PV) systems, and their implications for decision-makers. In many cases, current PV costs and the associated market and technological shifts witnessed in the industry have not been fully noted by decision-makers. The perception persists that PV is prohibitively expensive, and still has not reached „competitiveness‟. The authors find that the commonly used analytical comparators for PV vis a vis other power generation options may add further confusion. In order to help dispel existing misconceptions, the authors provide some level of transparency on the assumptions, inputs and parameters in calculations relating to the economics of PV. The paper is aimed at informing policy makers, utility decision-makers, investors and advisory services, in particular in high-growth developing countries, as they weigh the suite of power generation options available to them.
In this paper the authors seek to provide a measure of clarity and transparency to discussions regarding the present status and future potential of PV system economics. In particular, they review a broad and recent range of academic, government and industry literature in order to highlight the key drivers and uncertainties of future PV costs, prices and potential, and establish reasonable estimates of these for decision makers.
Whilst recent dramatic changes in the underlying costs, industry structure and market prices of solar PV technology are receiving growing attention amongst key stakeholders, it remains challenging to gain a coherent picture of the shifts occurring across the industry value chain around the world. Reasons include: the rapidity of cost and price changes, the complexity of the PV supply chain, which involves a large number of manufacturing processes, the balance of system (BOS) and installation costs associated with complete PV systems, the choice of different distribution channels, and differences between regional markets within which PV is being deployed. Adding to these complexities is the wide range of policy support mechanisms that have been utilised to facilitate PV deployment in different jurisdictions. In a number of countries these policies have become increasingly politically controversial within wider debates on public subsidies and climate change action. As such, the quality of reporting and information on the PV industry economics can vary widely.
PV power generation has long been acknowledged as a clean energy technology with vast potential, assuming its economics can be significantly improved. It draws upon the planet‟s most abundant and widely distributed renewable energy resource – the sun. The technology is inherently elegant – the direct conversion of sunlight to electricity without any moving parts or environmental emissions during operation. It is also well proven; PV systems have now been in use for some fifty years in specialised applications, and for grid connected systems for more than twenty years. Despite these highly attractive benefits and proven technical feasibility, the high costs of PV in comparison with other electricity generation options have until now prevented widespread commercial deployment. Much of the deployment to date has been driven by significant policy support such as through PV feed-in tariffs (FiTs), which have been available in around 50 countries over recent years (REN 21, 2011).
Historically, PV technologies were widely associated with a range of technical challenges including the performance limitations of BOS components (e.g., batteries, mounting structures, and inverters), lack of scale in manufacturing, perceived inadequate supply of raw materials, as well as economic barriers – in particular high upfront capital costs. While the industry was in its infancy – as recently as five years ago global cumulative installation was about 16 GW – this characterisation had merit (EPIA, 2011a). Now, with rapid cost reductions, a changing electricity industry context with regard to energy security and climate change concerns, increasing costs for some generation alternatives and a growing appreciation of the appropriate comparative metrics, PV‟s competitiveness is changing rapidly. As an example, large drops in solar module prices have helped spur record levels of deployment, which increased 54 percent over the previous year to 28.7 GW in 2011. This is ten times the new build level of 2007.
At least some of the confusion over the economics of PV has stemmed from the way PV costs (and prices) are generally analysed and presented. Primarily, this has been done using three related metrics, namely: the price-per-watt (peak) capital cost of PV modules (typically expressed as $1/W), the levelized cost of electricity (LCOE) (typically expressed as $/kWh), and the concept of „grid parity‟. Each of these metrics can be calculated in a number of ways and depend on a wide range of assumptions that span technical, economic, commercial and policy considerations. Transparency is often lacking in published data and methodologies. Importantly, the usefulness of these three metrics varies dramatically according to audience and purpose. As an example, the price-per-watt metric has the virtue of simplicity and availability of data, but has the disadvantages that module costs do not translate automatically into full installed system costs, different technologies have different relationships between average and peak daily yields, and there is always the question of whether costs quoted are manufacturers‟ underlying costs versus wholesale costs or retail price.
LCOE and “grid parity” are of special relevance to government stakeholders but require a wider set of assumptions. They vary widely based on geography and on the financial return requirements of investors, and do not allow for robust single-point estimates. Instead, sensitivities are normally required (yet rarely presented), as are explicit descriptions of system boundaries. The financial case for PV depends on the financing arrangements and terms available, as well as estimates of likely electricity prices over the system lifetime. And often the distinction between wholesale and retail prices is not made clearly. Further, the capabilities of key decision makers vary greatly in different PV market segments, spanning utility investors for large-scale PV farms to home owners contemplating whether to install roof-top PV systems. There is, thus, a clear requirement for greater transparency in presenting metrics so that they can be usefully compared or used in further analysis.
The aim of this paper is two-fold: first, the authors attempt to highlight some of the issues that are most critical for decision-makers using the common metrics. Second, they aim to inform policy and investment decision-makers about the best estimates of current costs of PV. This short paper does not address the more general power system issues which need to be dealt with in order to achieve significant PV deployment (e.g., integration, ancillary service provision, or power storage), or does it address the context or impetus behind the drive for increased renewable energy usage (e.g., climate change, or energy security).
Please download the full report for more detailed analysis.
Morgan Baziliana (a,b), Ijeoma Onyejia (a), Michael Liebreich (c), Ian MacGill (d), Jennifer Chase (c), Jigar Shah (e), Dolf Gielen (f), Doug Arent (g), Doug Landfear (h), and Shi Zhengrong (i)
(a)United Nations Industrial Development Organization, Vienna, Austria
(b)International Institute for Applied Systems Analysis, Laxenburg, Austria
(c)Bloomberg New Energy Finance, London, United Kingdom
(d)University of New South Wales, Sydney, Australia
(e)KMR Infrastructure, Washington DC, USA
(f)International Renewable Energy Agency, IITC, Bonn, Germany
(g)Joint Institute for Strategic Energy Analysis, Colorado, USA
(h)AGL Energy Limited, Sydney, Australia
(i)Suntech Power Holdings, Wuxi, China
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10+ Balance Sheet And Profit And Loss Account In Excel Format
10+ Balance Sheet And Profit And Loss Account In Excel Format. In includes the owner's investment(s) and retained earnings (the portion of the profits reinvested in the. Vertical format of balance sheet & p&l a/c #xlsx.
This is also about pivot data needs to be in table format on separate sheet. The profit loss spreadsheet is based on the business budget where you can easily calculate the expenditure and income segregating and mentioning you can easily take care of the aspects of the balance sheet and profit and loss account format in excel download with the help of this template. Profit and loss account format is built in excel and is using the excel formulas to aggregate the total profit or loss of a company even of a small business.
Balance sheet format worksheet is a worksheet to set your report up.
Trading account format and accounting trading and profit and loss account examples in balance sheet. The account represents the financial performance of the. The excel functions and operators used in the above balance sheet spreadsheet are see also: Profit and loss account is the statement which shows all indirect expenses incurred and indirect revenue earned during the particular period.
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Last week, the Beginning Farmer and Rancher Opportunity Act was introduced in Congress by Reps. Tim Walz (D-MN) and Jeff Fortenberry (R-NE).
The bill is to ensure the 2018 Farm Bill focuses on the future of American agriculture by driving investment toward programs and policies that create opportunities for the next generation of farmers and ranchers.
According to Anna Johnson, Center for Rural Affairs policy program associate, the average age of today’s farmer is 58 years old. Over the course of the next five years (the duration of the next farm bill), nearly 100 million acres of farmland are predicted to change hands.
“While some retiring farmers and ranchers will pass their land and operations to their children or other relatives, many are heading toward retirement without a succession plan in place,” Johnson said. “And, beginning farmers taking over lack guidance. We need to support policies that ensure they have the necessary tools and resources to be successful.”
The bill expands beginning farmer and rancher access to affordable land; empowers producers with the skills needed to succeed in today’s agricultural economy; ensures equitable access to financial capital and federal crop insurance; and encourages commitment to conservation and land stewardship.
Earlier this month Representatives Sean Patrick Maloney (NY-18) and Ryan Costello (PA-06) introduced the bipartisan Young and Beginning Farmers Act (H.R. 4201) in the House of Representatives. The bill addresses critical barriers facing young people as they seek to begin careers in agriculture. The Act would support the next generation of farmers and ranchers by expanding their access to affordable farmland, improving outreach and delivery of federal programs to new farmers, and increasing investments in training, business development, and local markets.
“Young people are stepping up and starting careers in agriculture despite significant odds,” said Lindsey Lusher Shute, executive director and co-founder of the National Young Farmers Coalition. “But they can’t do it alone. The future of farming and our rural communities depends on their success. We urge Congress to make young farmers a priority and include the Young and Beginning Farmers Act in the next farm bill.”
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Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately one-third of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by 5.3%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt. In March 2000, the Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew an average of 5.2% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 7.2% in 2008, in large part due to high global petroleum prices and increased public sector investment. President Rafael CORREA, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 80% of Ecuador's private external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international auction. Economic policies under the CORREA administration - including an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. The Ecuadorian economy contracted 0.4% in 2009 due to the global financial crisis and to the sharp decline in world oil prices and remittance flows. Growth picked up to a 3.7% rate in 2010, according to Ecuadorian government estimates.
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Making a financial plan for your business is important to the success of your enterprise. A financial plan is critical because it is the roadmap that will lead to success or failure.
Financial plans are generated from financial goals and forms the final part of the business plan. Financial goals are targets that you set as a business for your future financial needs.
The financial part of your business is an important part of your business plan because it is what determines what financial goals your business shall be able to achieve.
It also places timelines and checks and balances on your operations as a business. It is also very important as it helps you operate on a budget.
As a business person, you need to have a mindset that plans ahead. Even though your business may already be in operation, it is never too late to stop and plan.
It gets to a point in life as an entrepreneur when you realize that the lessons you have learned along the way really do have to be implemented. Money mistakes in your business are not as detrimental to you as they will be in future. Managing finances does not come naturally or easily to everyone. Whether you have little experience with finances or you are unsure about how to handle certain costs or expenses, a financial planner would be useful.
Keeping yourself informed on a variety of financial planning basics can help you feel more confident about your financial future.
A financial plan is a self-supporting document intended to support and direct the actions of a business. It describes what your business can afford, how it can afford to do and what the expected profits will be.
For a small business, a well written financial plan can be the difference between you carrying on with the business or the business carrying you. Here are some tips to help you make a financial plan for your business.
A financial plan of a business contains various financial statements that show the current state of your companies operations and also where it intends to be.
A typical financial plan contains three crucial financial statements. They are:
- The income statement: This statement is a summary of the company’s revenue and expenses.
- The balance sheet: This is a detailed statement that shows your company’s assets and liabilities.
- The cash flow statement: This is the amount of money that you expect to be coming into and going out of the company.
A financial plan should indicate exactly how much the business needs and even though it may seem like a silly thing, you as the businessman needs to know exactly how much money they are going to need as a business.
Most entrepreneurs do not know how much money they need as a business. Especially as a business, when you will need funding from investors or lenders, you need to have the plan underway of how you intend to use the money.
When you are preparing your financial plan you will also be able to determine what type of financing you are going to need and at what points of the business you will need it.
Lenders shall also need this financial plan to determine how you will utilize the money and how you shall be intending to pay it back.
Therefore, a financial plan needs to be very accurate, try as much as possible not to make any typos, or mistake the financials.
Creating a financial plan is not very difficult, here are some steps you can follow:
- Estimate the start-up costs: Start estimating how much money you will need to get your business pf the ground. This includes fees like registration fees, accounting fees, various assets and equipment you may need. This is the initial costs that are necessary for your business to get off the ground.
- Create a balance sheet: This is an estimation of many assets and liabilities you have as a business. Make projections for the coming year.
- Write down your expected profits and losses: This is a projection of how much money you intend to make as well as loose out within the first year of operation.
- Create a cash flow forecast: These are statements of your business’s cash flows over the past couple of months.
- Make a break-even analysis: This is an estimation of how much revenue you will need to make in order to recoup back your initial investment.
Why Is It Important To Create A Financial Plan
- A financial plan will help you attract lenders and investors in your business.
- A financial plan will help you plan how you can recoup your initial investment.
- A financial plan can help you plan out your resources and allocate them accordingly.
A financial plan shall help you to achieve your financial goals. Realistically, no business can flourish without a financial plan.
Building a financial plan does not have to be difficult, but it pays to have one. Do you think financial planning is important? Please let us know in the comments section below.
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Q. 115.0( 1 Vote )
Investment in hum
Physical capital is the input which is used at various stages of production of goods and services. There are two types of physical capital: fixed capital and working capital.
1. Fixed capital includes those assets which can be used over many years in the process of production like machines in factory, building, tools etc.
2. Working capital includes raw materials which will be converted into finish goods and money in hand which will be required to purchase raw material or any other item during production.
To make use of the three factors of production (land, labour, and physical capital) efficiently, we will need somebody who acquires knowledge of producing goods and services. Without human capital, Land, labour and physical capital are meaningless.
If we invest in the physical capital like in buying new technology tools for speedy production, we will yield high return by producing more goods and services but if we don’t know how to operate these new technology tools this return cannot be achieved. If we invest in human capital like in their education so that they acquire knowledge of operating modern technology tools, we will yield a high return.
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The EU Member States invest in renewables while trying to meet common targets. The Union pursues to stay in the lead by succeeding in the energy domain. Ambitious?
Common goals but different paces
In 2009, the European Union passed the Renewable Energy Directive, according to which, the Union is committed to fulfill at least 20% of its total energy needs with renewables by 2020. The term “renewables” refers to all types of energy that are produced by non-finite resources. In other words, their source is not depleted when used. Such types are –among others- wind, solar and hydro but also tidal and geothermal.
Almost half of the EU Member States are close to or have already met their national targets. They have been defined by the aforementioned Renewable Energy Directive and have been specified based on each country’s starting point and overall potential for renewables. That is why there is a wide range from 49% in Sweden to just 10% in Malta. However, there has been a progressive slow-down in the pace of renewable energy use and some countries seem to be left very far from their initial objectives. Besides, doing well at a certain domain doesn’t automatically lead to a good national performance. The Netherlands isa good example as all of its trains may run on wind and other renewables but the country keeps holding the lowest scores on the overall picture mainly due to its high dependence on fossil fuels.
The positive scenario
Meeting the goals would have a tremendous impact on the EU’s future. To begin, it would lower the European dependence on imported fossil fuels and finite energy sources in general. Renewables are linked to a more sustainable energy production since they generate fewer pollutants compared to fossil fuels. Reducing the level of harmful greenhouse gas emissions is inextricably linked to the European Agenda 2020 and also, the Paris Agreement. In terms of employment, around 1.2 million people were working in the renewable sector in 2017 and it is expected that the rates will increase along with the need for more research and innovative development. Improved technologies will lead to better results not only with regards to the installation and maintenance costs, but also the productivity level and the renewable energy use by bigger parts of the population.
Are renewables good?
Renewables have numerous benefits as long as they are supported by adequate installations for a systematic and effective energy use. As said, they are cost-efficient compared to fossil fuels and support the creation of new jobs. Additionally, fewer pollutants lead to a healthier atmosphere. The benefits are positive both for restoring the local ecosystem and improving human health. It’s proven that fossil fuels are linked to respiratory and cardiac issues and that cleaner air is one of the main remedies.
On the other hand, some renewables depend on the local weather conditions (which is an unpredictable factor) and the landscape. For example, there are days without enough wind for generating power and steep mountains are not suitable for solar installations. Therefore, there is a high need for storing an amount of energy, which can be harmful for the environment due to the battery’s chemical components. Finally, proper management can help overcome the Not-In-My-Back-Yard issue. According to this, many people stand against such installations because they consider them as a burden that strains other activities which could be more beneficial to the local income.
Overall though, it seems that renewables have more positives than negatives and need to become the norm. The EU is already working on reducing any adverse impacts.
The numbers show that…
It’s a fact that the energy domain is changing towards renewables. Fossil fuels are gradually taking a step back and leave the lead to eco-friendlier means. The European Union chose to be an active player in this transition and even though there are difficulties along the way, all member-states work towards the same direction, that of establishing a new and efficient energy system. Is it achievable? In 2017 renewable energy represented 17.5% of energy consumption in the EU. It is remarkable to note that the Union increased its renewable energy production by two thirds in only a decade (2007-2017). Based on the data provided by Eurostat, it seems very likely to achieve the 20% goal by 2020. However, the differences between the Member States remain. While 11 countries already meet their national 2020 targets, the Netherlands, France and Ireland are left far behind. Unless they take urgent measures, their performance will remain low. Certainly, it is unlikely to reach their goals one year before the deadline, but it would be definitely a positive step to improve their renewable energy use.
Giving the example
The European Union plays a crucial role in the world as a powerful actor and leader. Achieving the 2020 goals as well as meeting the commitments of the Paris Agreement will upgrade the EU’s status worldwide as the entity whose parts worked altogether in pursuit of achieving significant levels of renewable energy share. The Union will act as a paradigm to more governments and actors in taking real and effective measures.
Exploring ways for increasing and improving the renewable energy use should not stop in 2020. The countries should focus further on this domain in the following decades and design the next steps together. It’s necessary to invest in such coalitions and support collaborations and knowledge exchange at a regional and even global level. Serious changes cannot success without partners and the European Union is well aware of that since the establishment of its own identity.4 comments
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Financial education is an area that schools are increasingly developing within the curriculum and there are a plethora of online resources available to aide children’s learning in this area. The Pocket Money board game is a brand new resource that makes maths and financial management fun whilst delivering a very important message.
Making good decisions is one of the most important life skills that a school leaver should have and we know that lots of adults still struggle in this area, particularly with finance. Pocket Money asks players to make decisions and lets them see the consequences of the decisions they have made throughout the game.
Engaging parents in helping their children with maths and finance could make a lot of difference to a student’s engagement in your class, and Pocket Money could help engage parents to play the game with their children to aide their learning.
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How should we go about accounting for the many ways a tree continues to sequester carbon after a harvest? We know forest carbon accounting systems must account for:
- Forest inputs such as fertilizer and herbicides
- Moisture and material loss
- Electricity used to transform raw wood material to wood pellets
- Fuel (diesel) used to harvest trees and transport materials from the forest to the boiler
Methods to interpret other variables that considerably affect forest carbon – forest composition, geography and past land use, for instance – are less clear. Environmental stressors such as hurricanes or pest outbreaks and economic pressures like conversion to crop land and urbanization contribute to imbalanced carbon accounting ledgers. Add to this the difficulties of applying the same set of measurement criteria to different wood markets, and we have a complex problem indeed.
Carbon Sequestration in Long-Lived Wood Products
One particular question that deserves an answer is how forest carbon accounting schemes account for the carbon sequestered in end use products. Changes in forest carbon stocks occur whenever forests are harvested, yet these changes do not mean all of the carbon sequestered by the harvested trees is immediately released into the atmosphere. In fact, it is quite the opposite.
Hundreds of products made from trees – lumber, OSB, plywood, paper, packaging and furniture, to name a few – continue to sequester carbon for decades. The table below displays the percentage of primary wood products that remain in an end use product after a specified number of years following harvest and production.
For example, column two indicates 57.9 percent of softwood lumber remains in an end-use product like lumber or furniture 25 years after the initial harvest. This means that as of today 57.9 percent of the softwood lumber manufactured 25 years ago remains “in service” sequestering carbon in the studs, joists and floors of our homes. After 100 years, nearly a quarter (23.4 percent) of softwood lumber harvested a century earlier remains in products that sequester carbon.
When considered in terms of a typical 25-year sawtimber rotation, the ongoing sequestration benefits of a harvest are staggering. Forests in the US South produced 47 million tons of Southern Yellow Pine lumber in 2012. Converting this to tonnes and taking moisture content and carbon percentage into account translates into carbon sequestration, expressed as its CO2 equivalent, of 59,190,390 tonnes.
By 2038, when 57.9 percent of lumber from the original harvest remains in service in products, 34,271,236 tonnes remain sequestered.
Now let us consider the CO2 emissions from wood pellets produced from the same harvest. If we estimate 6,000,000 tonnes of pellets were produced from sawtimber harvest byproducts, we find 9,122,571 tonnes of CO2 are released to the atmosphere from those pellets.
When we subtract the 9,122,571 tonnes of CO2 emitted from those pellets from the 59,190,390 tonnes of CO2 sequestered in the lumber, we have a net gain of 50,067,819 tonnes CO2 sequestered (column 2, sequestered v. released, below).
Assumes 47,000,000 green short tons of southern yellow pine harvest goes toward lumber production.
To consider these benefits across time, the amount of lumber taken in an initial harvest is multiplied by the percentage of lumber that remains in an end-use product in the years following that harvest. Immediately after a harvest, 100 percent of the lumber produced sequesters carbon. Within one year, three percent of that lumber is no longer in use. As a result, only 97 percent of the lumber produced in the initial harvest remains in use to sequester carbon in year two.
The above chart shows these cumulative affects at the time of harvest and one, five, 10, 15, 20 and 25 years into the future. Keep in mind, this sequestration benefit is from the softwood lumber produced from just one harvest. These numbers do not account for the carbon that remains sequestered in other wood products such as OSB or paper.
Carbon Accounting for Wood Pellets
Just as it is illogical to believe 100 percent of the carbon sequestered by a harvested tree is immediately released to the atmosphere, it is irrational to include the carbon from a whole tree when accounting for carbon in the wood pellets used to generate electricity. Pellets are produced from harvest byproducts such as the unmerchantable tops and limbs of whole trees, and a good portion of the carbon stored by those trees remains sequestered in lumber and other forest products. Likewise, carbon accounting for wood pellets sourced from whole pulpwood trees (the come-along products of a sawtimber harvest) must count only the carbon sequestered by those small trees that go into the pellet, not the large sawtimber-sized trees used for lumber and other long-lived products.
An accurate forest carbon accounting system must consider both forest carbon and carbon that remains in harvested wood products. A failure to account for carbon stores in long-lived wood products considerably inflates emissions estimates in the harvest year. We simply cannot declare wood-to-energy is a problem until we account for and explore the many challenges inherent in complex systems of carbon accounting.
Calculations in this piece are based on logic presented in Dovetail Partners Carbon in Wood Products – The Basics.
Your article: Role of Wood Products in Carbon Accounting; was absolutely excellent. It was written in language the layman can understand; was reasonable, logical; founded on research and in toto : the best discussion I’ve read of the debt our species owes the small family forester as well as mega forest companies for Gobal Warming issues. thank you…
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The net operating income definition is the total profit generated by a business or real estate development after the necessary operating expenses are taken out. In order to determine the net operating income, an investor needs to subtract the operating expenses for the business from the gross operating income.
This valuation is used by real estate investors to determine the actual income of their properties to figure out the actual profit of a property. NOI is the figure without taxes or operating expenses that are listed on a real estate property’s cash flow and income statements. It excludes capital expenditures, amortization, depreciation, and principal and interest payments on loans. Other industries refer to this measurement as Earnings Before Interest and Taxes (EBIT), but in real estate investments, only NOI is used.
Net operating income = Real Estate Revenue (Gross operating income) - Operating expenses
So if a property could generate a potential rental income of $200,000 but wasn’t filled to capacity and only generated $150,000 (Gross operating income). The property also spent $50,000 in operating expenses that we subtract from the gross operating income of $150,000. This leaves us with $100,000 in net operating income.
As mentioned above, NOI is a way to measure the exact value generated by an income-producing property. It is an evaluation method used by real estate professionals for rental properties, residential or commercial, to determine the profit of those properties. To get to this evaluation method the real estate professional must know the gross operating income and the operating expenses of the property, otherwise, the value will not be correct. It is also important not to miscalculate and add capital expenditures to operating expenses.
NOI is also a way for real estate investors to establish the capitalization rate so that they can evaluate the value of the property. The capitalization rate also provides real estate professionals the means to compare their property or potential investment with other properties, either to see who is the better investor or look for other investments.
In case an investor considers taking out a loan to purchase a property, the NOI will help them calculate the Debt Coverage Ratio (DCR). The DCR will tell them if the income of a certain property will cover not only the operating expenses but also the debt payments.
Other evaluations that NOI can help with are Cash Return on Investment, Net Income Multiplier, and Total Return on Investment.
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By Kyle Caldwell
British families are making and saving thousands of pounds a year by being part of the “sharing economy”.
That embraces everything from recycling second-hand goods to hiring them out to other families or “swishing” – hosting parties where guests bring a range of items to swap around.
Two factors are driving the rise of the sharing economy, experts say. One is the need to be thriftier at a time when household incomes are squeezed. Another is the increasing use of the internet and social media to bring people together.
According to sharing campaign group The People Who Share, two-thirds of British adults already participate in some way in the “sharing economy”.
The average person usually makes a modest profit of £400 ($A670) a year, the group claims, but others are making thousands of pounds by being smarter with their money.
The most popular way people cash in is through selling or buying second-hand goods, most commonly online through eBay and other sites, or at charity shops and car boot sales. Some people also go to organised “swap meets” to exchange unwanted possessions, such as books.
Thousands of women also participate in “swishing” parties. Swishing events – which have now become so mainstream one even featured in radio serial The Archers – are based primarily around the recycling of clothes.
Attendees typically bring at least one item of quality clothing they no longer want as an entrance fee. On arrival, everyone has half an hour to browse. Then, when the “swish” is declared open, everyone plumps for someone else's unwanted goodies. Clothes are most commonly swapped in this way, but swishes also embrace handbags, jewellery, hats and other goods.
They have become so popular that several are hosted by businesses such as detergent manufacturers or – on a maternity theme – nappy suppliers.
Celebrities including Gwyneth Paltrow and Sienna Miller and charities regularly host swishing events as fund-raisers.
Cars offer another rich source of savings for sharers.
Many people share informally with work colleagues to cut petrol costs, but the internet enables much more efficiency in hooking up people who make the same or similar journeys.
Sharing cars can save an average £1700 a year, according to the The People Who Share.
Other car sharers go a step further and offer to “taxi” people they have never met before. Companies such as Liftshare and goCarShare enable strangers to sign up to an online network and list the journey they make to work – or longer, one-off trips they are planning. People on the network can then choose to share the journey with a travelling companion. Both companies allow vehicle owners to “rent out their seats” for long-distance journeys.
A one-way trip from London to Manchester was last week quoted at £15 on Liftshare, for example.
But sharing vehicles with strangers – or inviting strangers into your own car – is clearly not for everyone. More organised car share schemes, such as Zipcar, are also growing in popularity.
With such clubs users pay an annual membership – about £60 – and then pay again per hour, typically from £10, for vehicles which they rent from locations around their home or work. Petrol and other running costs are usually included and some cities offer discounted parking to clubs.
Household furniture, tools and appliances are also increasingly shared. Popular online sites that allow people to do this include freecycle.org, swapz.co.uk and netcycler.co.uk.
Through these you can trade – or simply rent – household appliances.
If you are giving something away – through Freecycle, say – you have the satisfaction of knowing it is not wasted. But renting is also beneficial to both parties, with such items as steam cleaners, wallpaper strippers, strimmers and other goods commonly hired out for a small charge.
Food sharing is another niche area of the sharing economy, but it is growing. At the extreme end of the trend, one newly launched app, Leftover Swap, allows people to pass on uneaten or leftover food.
There are also a number of food swapping communities. The Food Swap Network, for instance, organises food events where members of a community share home-made or foraged foods.
More established than most forms of sharing is the practice of home swapping. Numerous websites have sprung up to link people who either need or can provide accommodation, be it short term, long term or holiday rentals.
A number of businesses, including Home Swap, Love Home Swap and Homeaway, allow people to holiday abroad without charge if your destination matches with another user who is prepared to stay in your home.
According to Love Home Swap, holidaymakers save on average £2200 per holiday through avoiding hotels or holiday home rentals.
The average family that takes part in at least one of these sharing activities makes about £5000 a year, according to The People Who Share.
But property sharing has branched into other areas, too, with home owners now using websites such as parkonmydrive.com or parkatmyhouse.com to rent out a parking space on their driveway. In bigger cities, where home owners lives near a station or bus stop, they can earn as much as £14 a day.
Benita Matofska claims to earn £20,000 a year through sharing.
Saving money one way or another was at first a hobby. Then earlier this year Mrs Matofska turned her passion into an internet venture by founding Compare and Share, where people can search for the “best sharing deals”.
The majority of people who participate in sharing activities tend to be middle class, she says.
“For me, sharing is about smart living. It is about smart consumption. People make the choice to share, it is not because they cannot afford to buy goods. Sharing is about being clever with your money and avoiding waste.
“When you consider that there are over £3.5 trillion worth of underused assets in the world, from spare rooms to sports equipment, it makes sense to tap into that £3.5 trillion worth of underused goods.”
Mrs Matofska, 46, lives in Brighton with her husband, Lee, two children, Maia and Sol, and a dog called Buster.
Mrs Matofska said purchasing and selling second-hand clothes was her biggest money spinner. The family also house swap for holidays, which saves them thousands.
“For family holidays we house swap using Love Home Swap," Mrs Matofska said. "The best swap we have ever had was when we stayed at a beautiful restored farmhouse in Le Marche in Italy. The market rate was €3500 ($A4900) per week to rent, and it cost us nothing.
“We always do a shared group holiday with the family and save £5000 a year.”
Other money-saving tricks include buying second-hand goods, sharing meals with friends and sharing items with neighbours, such as power tools and children's toys.
Mrs Matofska is also involved in a childcare group, in which parents take turns to look after one another's children.
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Unearned Revenue Accounting
Unearned revenue is the money that the company receives in advance for the goods or services that it has not delivered or performed yet. In short, it is the revenue that the company has not earned yet; hence, the word “unearned revenue”
Under the accrual basis of accounting, revenue should only be recognized when it is earned, not when the payment is received. Likewise, the unearned revenue is a liability that the company records for the money that it receives in advance.
Hence, the unearned revenue account represents the obligation that the company owes to its customers. The amount in this account will be transferred to revenue when the company fulfills its obligation by delivering goods or providing services to its customers.
Unearned revenue journal entry
The company can make the unearned revenue journal entry by debiting the cash account and crediting the unearned revenue account.
Unearned revenue is a liability account which its normal balance is on the credit side. The amount of unearned revenue in this journal entry represents the obligation that the company has yet to perform.
Once, the company fulfills its obligation by providing the goods or services to the customers, it can make the journal entry to transfer the unearned revenue to the revenue as below.
In this journal entry, the company recognizes the revenue during the period as well as eliminates the liability that it has recorded when it received the advance payment from the customers.
Unearned revenue example
For example, on June 29, 2020, the company ABC Ltd. received an advance payment of $4,500 from its client for the three-month service that the company will perform in July, August, and September 2020.
In this case, the company ABC Ltd. needs to account for the $4,500 advance payment that is received from the client as the unearned revenue because it has not performed service for the client yet.
Hence, on June 29, 2020, ABC Ltd. needs to make the unearned revenue journal entry as below:
|Unearned service revenue||4,500|
In this journal entry, the $4,500 is recorded as a liability because the company ABC Ltd. has the performance obligation to provide the service to its client in the next three months. Likewise, both asset (cash) and liability (unearned service revenue) increase by $4,500 on June 29, 2020.
After ABC Ltd. performs the service in July 2020, it can recognize $1,500 (4,500/3) as revenue in the July 31 adjusting entry as below:
|Unearned service revenue||1,500|
Likewise, after the July 31 adjusting entry, the remaining balance of unearned service revenue will be $3,000 (4,500 – 1,500). This balance will be zero at the end of September 2020 when the company completes the service it owes to the client.
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- What is 3way forecasting?
- What are the 3 primary financial statements?
- How do I make a DCF model?
- How long does a DCF model take?
- What makes a good financial model?
- How long does it take to build a 3 statement model?
- How long does it take to learn financial modeling?
- How do you forecast a balance sheet?
- How do you read a cash flow forecast?
- What is 3way financial Modelling?
- Where is financial Modelling used?
- What are the 4 types of models?
- What are top 3 skills for financial analyst?
- What are financial Modelling skills?
- What are integrated financial statements?
What is 3way forecasting?
You’ve heard of cash flow forecasts, but what about a three-way forecast.
A ‘three-way’ is a combination of cash flow, profit and loss, and balance sheet forecasts all integrated into one spreadsheet.
Banks and all other providers of finance are increasingly requiring these from businesses before granting them finance..
What are the 3 primary financial statements?
They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.
How do I make a DCF model?
6 steps to building a DCFForecasting unlevered free cash flows. … Calculating terminal value. … Discounting the cash flows to the present at the weighted average cost of capital. … Add the value of non-operating assets to the present value of unlevered free cash flows. … Subtract debt and other non-equity claims.More items…
How long does a DCF model take?
Walk me through a DCF Step 1 – Build a forecast The first step in the DCF model process is to build a forecast of the three financial statements, based on assumptions about how the business will perform in the future. On average, this forecast typically goes out about five years.
What makes a good financial model?
A good financial model should obviously be free of errors and should be very easy to read and understand. With that, these principles will cause the model to be easier to navigate, check, and rely on.
How long does it take to build a 3 statement model?
3-Statement Models – You might receive a company’s financial statements in Excel and then get 20-30 minutes, up to 2-3 hours, depending on the complexity, to build a 3-statement projection model for the company.
How long does it take to learn financial modeling?
20 to 30 daysWhen you have been graduated in finance and started your own company, you will need the financial modeling at the beginning if you want to have a good set up with all the things aligned and appropriate records of all things. It almost takes 20 to 30 days to complete a course and its learning is dependent upon you.
How do you forecast a balance sheet?
Follow these steps to forecast a balance sheet:Forecast Net Working Capital. To begin forecasting a balance sheet, you’ll first need to estimate your business’s net working capital. … Project Fixed Assets. … Estimate Financial Debt. … Forecast Equity Position. … Forecast Cash Position.
How do you read a cash flow forecast?
Four steps to a simple cash flow forecastDecide how far out you want to plan for. Cash flow planning can cover anything from a few weeks to many months. … List all your income. For each week or month in your cash flow forecast, list all the cash you’ve got coming in. … List all your outgoings. … Work out your running cash flow.
What is 3way financial Modelling?
A three-way forecast, also known as the 3 financial statements is a financial model combining three key reports into one consolidated forecast. It links your Profit & Loss (income statement), balance sheet and cashflow projections together so you can forecast your future cash position and financial health.
Where is financial Modelling used?
Financial models are used to estimate the valuation of a business or to compare businesses to their peers in the industry. They also are used in strategic planning to test various scenarios, calculate the cost of new projects, decide on budgets, and allocate corporate resources.
What are the 4 types of models?
The main types of scientific model are visual, mathematical, and computer models.
What are top 3 skills for financial analyst?
Here are the top 10 finance must-haves that will put you in prime position for a promising career in finance.A formal accounting qualification. … Interpersonal skills. … Ability to communicate. … Financial reporting. … Analytical ability. … Problem-solving skills. … Knowledge of IT software. … Management experience.More items…•
What are financial Modelling skills?
The most important financial modeling skills are: Knowing how to link the 3 financial statements. Understanding how to build a forecast. A logical framework for problem-solving. Attention to detail. Ability to distill large amounts of data into a simple format.
What are integrated financial statements?
An integrated 3-statement financial model is a type of model that forecasts a company’s income statement, balance sheet and cash flow statement.
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A goal of economic development is often to maximise the employment opportunities locally, leading to a more socially and environmentally sustainable community.
Employment capacity is a simple way of looking at whether Maranoa Regional Council could theoretically provide jobs for all its residents if they were to choose to work locally.
Employment capacity is simply the number of local jobs in an industry, divided by the number of local residents employed (anywhere) in that industry. A figure over 1.0 means there are more jobs available than residents employed in that industry. Under 1.0 means there are more residents employed than jobs available in that sector.
This is a theoretical exercise as, even if there are enough jobs provided locally, there will always be some people who choose to commute out of the area.
Employment capacity data should be viewed in conjunction with Employment self-containment and Residents place of work data, which provides detail about the actual proportion of residents working locally, and Gross Regional Product and Worker productivity data which shows the economic contribution of residents and workers.
National Economics (NIEIR) - Modelled series
|Employment capacity by industry|
|Maranoa Regional Council||2019/20||2014/15|
|Industry||Local jobs||Employed residents||Ratio of jobs to residents||Local jobs||Employed residents||Ratio of jobs to residents|
|Agriculture, Forestry and Fishing||1,543||1,672||0.92||1,271||1,226||1.04|
|Electricity, Gas, Water and Waste Services||411||247||1.66||424||240||1.77|
|Accommodation and Food Services||408||385||1.06||379||336||1.13|
|Transport, Postal and Warehousing||391||333||1.18||409||374||1.09|
|Information Media and Telecommunications||41||38||1.09||44||45||0.98|
|Financial and Insurance Services||62||51||1.22||75||75||1.00|
|Rental, Hiring and Real Estate Services||62||36||1.71||110||113||0.98|
|Professional, Scientific and Technical Services||165||158||1.05||178||159||1.12|
|Administrative and Support Services||108||76||1.41||125||110||1.14|
|Public Administration and Safety||590||546||1.08||600||606||0.99|
|Education and Training||482||403||1.20||499||458||1.09|
|Health Care and Social Assistance||868||794||1.09||730||696||1.05|
|Arts and Recreation Services||58||50||1.15||37||35||1.06|
Source: National Institute of Economic and Industry Research (NIEIR) ©2021. Compiled and presented in economy.id by .id informed decisions. NIEIR-ID data are adjusted each year, using updated employment estimates. Each release may change previous years’ figures.Learn more.Please refer to specific data notes for more information
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Introduction to SOX Compliance
SOX, is short for the Sarbanes-Oxley Act, this act was passed by the United States Congress way back in 2002. The act was named after its sponsors who were Senator Paul Sarbanes and Representative Michael G. Oxley.
A lot of people who are reading this article or are working in smaller nonpublic based companies and are based outside of the US, may never have heard of this Act before. This is because it was primarily brought in to protect US based companies after all the financial scandals which had happened before the act. For example, when the large corporations such as Enron, Woldcom and Tyco were faced with fraud charges.
Due to these financial related fraud accusations and WorldCom going bankrupt with over $104 billon dollars, enough was enough and things had to change.
This was a time when the dot-com bubble had just burst around the year 2000, lots of tech related companies were starting up, funds and investments were being given to just about any company that was running at the time and the amount of fraud reported was going through the roof.
Between 2001 and 2002 the US started to investigate a lot of the larger corporations and indictments for fraud were starting to be talked about. Then in 2002 the US congress passed the Sarbanes-Oxley Act which was based around financial oversight of companies. Congress had woken up to the fact that there needed to be stricter and tighter controls which governed the auditing and internal controls of companies as well as ensuring that companies met strict regulations that were set out.
So what is SOX compliance? Without having to go into too much detail and bore everyone to death, SOX compliance is an Act which states that any public company is obliged to provide accurate proof of their financial reporting. This means that primarily it is only associated with public companies, although all companies should know and adhere to it, to ensure that they are on the right side of the playing field. Companies should ensure that they are keeping data safe and secure and free of tampering.
They should ensure that they are logging and tracking any security breaches of their information and/or systems and should have processes in place to ensure that lessons are learnt, and systems are hardened. Logs of everything should be put in place and kept securely, these should be made readily available for auditing if required. Companies must also prove their compliance for the past 3 months, or 90 days.
Now some of the UK or European based people watching this video may think some of this sounds familiar, this is because a lot of these controls and processes are in place for the General Data Protection Regulation, or the GDPR. GDPR although doesn’t concentrate around strict financial regulations and auditing, but it does concentrate on the protection of data.
So what does achieving SOX compliance for a business mean? When a SOX audit is performed, it is usually up to the IT department to prove that the company complies with the necessary areas of compliance. This can be performed by providing the necessary documentation, such as logging, access controls, change control and the list continues. This documentation can help show that the company has met the financial transparency and data security controls.
Although it may not be primarily the IT departments focus, the IT department will work with a wide range of business services to ensure that compliance is met. For this to work efficiently however, the IT department and its staff must be familiar with the standard and controls which are set out. The IT department must ensure and be aware that logs must be kept for a minimum amount of time, that they must be kept secure and tamper free and that is people ask for evidence, they must provide it to be transparent.
As part of the SOX act, section 302 states that the executive officer and chief financial officer must sign and review their quarterly and annual reports and agree that they certify to the best of their knowledge that the information is correct and truly reflects the business financial position, thereby certifying to SOX Compliance.
Section 404 of the SOX act, mandates that all public companies have the necessary systems in place to ensure that data is available for audits and meets the necessary controls.
What software can you use to help comply with the SOX act? This can be a how long is a piece of string type question and it can depend a lot upon what technologies the company uses already, what licenses they have access to, do they outsource their IT and so forth.
But Ensuring that a SIEM is in place to keep track and log events, alerts and help to analyse trends in systems and access will help a lot to identify any breaches and unauthorized access to information. Ensuring that you have email archiving in place and that backups are performed (and checked) regularly will also help. Ensuring that least privilege access is in place and people only have access to what they need access to, will reduce the chances of tampering. Implementing and using data loss prevention software will also help ensure that information is kept within the company and is not accidently sent out of the company borders.
And that’s it, I hope this makes sense to you all, and if anyone comply with SOX in their company, I’d love to hear your thoughts and what you use and why in the comments.
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The agri sector bills aim to increase competitiveness in agriculture supply chain and freedom of choice to sell their produce to Indian farmers. But, will there be a level playing field for farmers?
Two of the three controversial agriculture sector bills – namely The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 and The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020 – have been finally passed by both the houses of Indian Parliament during the third week of September 2020. The third bill – The Essential Commodities (Amendment) Bill, 2020 – was passed from the Lok Sabha on September 17, 2020. All three bills, especially the ones which had been passed by Rajya Sabha on September 20, 2020, have created a furore across the nation.
Many farmers’ union and political parties especially the opposition is protesting against these three bills. However, the ruling government is defending the bills by arguing that these bills will provide and establish an ecosystem that facilitates remunerative prices, efficiency, transparency, and barrier-free trade and commerce of farm produce.
The problems of the agriculture sector are many, some of which like the problems of credit & finance and marketing of farm produce are acute. The majority of farmers (86%) in India are small and marginal (with less than two hectares of land) and reaching them with credit, marketing, advanced technology, and farm services is a very challenging task for the government.
The States which have implemented the system of Agriculture Produce Market Committee (APMC) for the trading of farm produce have faced limiting success. In most states, the system has hindered the freedom of choice to sell and purchase the farm produce. The problem of exploitation of farmers by commission agents of APMC yards or ‘mandis’ is common. This results in very poor bargaining and restricts farmers to sell farm produce outside the ‘mandis.’ Lack of price information and market intelligence results in lower earnings from selling farm produce in these ‘mandis.’
The efforts to increase competitiveness in agriculture supply chain and to provide freedom of choice to sell their produce using Model APMC Act, 2003 and the Model Agriculture Produce and Livestock Marketing (Promotion and Facilitation) Act, 2017 have not proved worth because of lack of interest of States and non-uniformity in State APMC legislations.
What are the main provisions of agri sector bills?
The Essential Commodities (Amendment) Bill, 2020: The bill seeks to remove commodities like cereals, pulses, oilseeds, edible oils, onion, and potatoes from the list of essential commodities. How will it mpact farmers’ income and consumers’ interests? One should first understand that the central government controls the production, supply, distribution, trade, and commerce of the enlisted essential commodities. The bill proposes to liberalize the regulatory system of controlling the supply chain and imposition of the stock limit of such items that are removed from the list of essential commodities. However, the bill allows government to regulate the supply chain under extraordinary circumstances like war, famine, natural calamities, etc.
The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020: The bill seeks to provide for a fair and transparent national framework on the farming agreement. The provisions are to engage farmers with agribusiness firms, processors, wholesalers, exporters, and large retailers for the sale of farm produce (called trade and commerce agreement). Supposedly, it would protect the rights of farmers, and empower them by engaging with the private corporate sector that facilitates farm services (called production agreement) as well as future/contract sale agreement. These farm services include a supply of seeds, feed, fodder, agrochemicals, machinery & technology, advice, and agri-inputs. The agreements are supposed to have predefined terms & conditions on its period, quality, grade and standards of farm produce, and pricing. State governments may provide a facilitative framework for the registration of farming agreements by establishing the Registration Authority.
Other than these provisions, the agreements may be linked to insurance or credit policies. The bill also provides for a dispute settlement mechanism having a conciliation board and prohibits sponsors (person entering into a farming agreement with the farmer) from acquiring ownership rights or making permanent modifications on farmer’s land to protect the fundamental rights of the land of farmers.
The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020: The bill seeks to facilitate remunerative prices for farmers’ produce and gives freedom of choice to sell and purchase farmers’ produce outside the physical premises of markets notified under various State APMC acts called ‘mandis’ to whoever they want. It also facilitates inter-state and intra-state trade and commerce of farm produce, which is not possible under the current legislations.
This trade will be done using an electronic platform where the sale and purchase will take place through a network of electronic devices or internet applications. All these transactions or trading in scheduled farmers’ produce in the trade area will not attract market fee, or cess or levy. To increase the bargaining power of farmers a Price Information and Market Intelligence System (PIMIS) is proposed to be developed.
How will it impact farmers and consumers?
The provisions, on one hand, seek to increase competition in the agricultural sector, enhance farmers’ income. On the other hand, they also try to protect the interests of consumers by increasing consumers’ surplus. This will lead to addition of ‘commissions’ and ‘mandi fees’ in producers’ and consumers’ surplus. With the introduction of the above mentioned agri sector bills, it is expected that the problems of marketing and investment in agriculture can be addressed. The amendment in the Essential Commodities Act (1955) will give freedom to conduct trade and commerce in commodities that will be taken out of the essential commodity list.
The provisions of contract farming, farm services and future/contract agreements will help small and marginal farmers by providing them the necessary investment, decrease in transportation cost, transferring the risk of market unpredictability to sponsors, and freedom to sell their farm produce to whoever they want in their own state or any other state of India. It will also facilitate timely payments to farmers for their produce and in case of any breach of agreement, the dispute settlement system will protect the rights of farmers.
But there are some doubts about the optimistic attitude and provisions of these bills. First, the amendment in Essential Commodities Act may affect the Public Distribution System (PDS) because the government procurements for PDS may decrease when the competition comes into play. It may also result in black marketing of essential food items.
Second, the opening of agri sector to big corporates and capitalists may deteriorate the terms of trades for farmers as the basic driving factor of the private sector is profit.
Third, the farmers are already not getting good prices for their produce in the market. This is the reason for their dependence on government procurements and minimum support price systems. The proposed privatization of agriculture may add fuel to the problem of low prices for farm produce.
Fourth, the traditional jobs of commission agents or ‘arhatiyas’ will be lost and even the States will lose its commission (6.0 percent of the transaction) for APMC yards. This will result in vanishing of old ‘mandis’. The introduction of contract farming may render many landless agriculture labourers jobless. This will further aggravate the problem of unemployment in our country.
The implications and impacts of these bills are far-reaching but the government is greatly optimistic about the provisions of the bills. The government is arguing that removal of the bottlenecks, like the role of mediators, easy marketing, farm services, and freedom to sell the farm produce, will empower Indian farmers. The government will protect the rights of farmers using safeguarding measures. The government hopes that the bill will make farmer the master of his own as far as the sale of produce is concerned. However, it is to be seen that how a farmer handles its terms of trade in direct contract or agreements with corporates and private firms. Will there be a level playing field for farmers?
Disclaimer: The views expressed in this article are of the author solely. TheRise.co.in neither endorses nor is responsible for them.
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As the stock market continues to plummet, we’re all wondering how severely the Coronavirus pandemic will effect economic activity. Shipments, goods, flights, and services have all been hit hard by the outbreak. Because there is no cure yet for the virus, this kind of panic is being compared to that of the Severe Acute Respiratory Syndrome (SARS) in 2002. During that outbreak, victims showed more severe symptoms and suffered a mortality rate near 10%. The medical community and governments were able to contain SARS after a few months. The questions we face are how long will it be before the Coronavirus is contained and how badly will our economy be impacted?
Back in 2002, the Severe Acute Respiratory Syndrome broke out in Asia. The symptoms for that virus were more severe than those of the Coronavirus, but the virus carriers could be easily detected. Therefore, the disease was much easier to contain than with Coronavirus. The latest reports indicate that it can take up to 14 days for those infected to show symptoms of the Coronavirus. SARS was contained after a few months, despite having no vaccine developed prior to the outbreak. Countries used strict health measures including quarantine and tracking down any people exposed to the virus. At the time of the SARS outbreak, China had the sixth largest economy in the world, accounting for 4.2% of the global economy. Today, they are the second largest economy, behind the United States, accounting for 16.3% of the global economy.
According to CNBC, the Severe Acute Respiratory System caused the global economy to lose $40 billion. Overall, the Coronavirus will have a bigger impact on the world economy due to its impact on China and that county’s central roll in so many global supply chains. More and more countries will be impacted by the virus, with trade, travel, and tourism grinding to a halt in countries such as South Korea and France. According to Bloomberg, Coronavirus could cost the global economy around $2.7 trillion dollars, over 65% more than what SARS caused.
It’s safe to presume the outbreak will last a few months in the United States. The virus started appearing in Wuhan, China back in December of 2019 and quickly spread throughout the country. China currently has the most people that are infected, with more than 80,000 cases. National and local governments in China shut down transportation to certain cities and quarantined neighborhoods and people to an extent that would be impossible in the USA. Although China was initially slow to react to the disease, their numbers of new cases are now going down. Over 58,000 people have been released from treatment and quarantine, which means China’s solutions have been effective. The question is now whether the USA and other countries will follow in their footsteps and how stringent will measures need to be to achieve the turnaround that China is now seeing?
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India has made rapid strides in renewable power sector in recent years but the potential bidders for such projects are concerned about the project costs going up if duties are imposed on solar panels from abroad.
Giving a further boost to the uptake of renewable energy, the government has raised the minimum quantity of green power that states must procure to 21% of their overall power purchases in FY22 from 14.3% in FY18 (see chart). If the new roadmap for renewable purchase obligation (RPO) is complied with, the country will be consuming 273 billion units of renewables-based electricity in FY22, up 235% from now.
India has made rapid strides in renewable power sector in recent years but the potential bidders for such projects are concerned about the project costs going up if duties are imposed on solar panels from abroad. While solar tariffs over many rounds of auction have fallen, analysts wonder if such low rates are sustainable.
Rajasthan, Tamil Nadu, Gujarat, Punjab, Himachal Pradesh, Maharashtra, Karnataka, Andhra Pradesh and Telangana — states were most of the solar and wind power plants are located — achieved their RPO targets in FY18. Uttar Pradesh, Jharkhand, Bihar and Madhya Pradesh, however, have continuously missed their RPO targets.
Only six states have accepted the RPO targets specified by the Union power ministry for FY19 so far, CARE Ratings said in a note earlier this month.
The ministry of new and renewable energy has recently created an RPO cell to ensure compliance and invoke penal provisions against defaulting entities. The draft amendment to the National Tariff Policy, 2016, released by the power ministry on last month also proposed that state electricity regulators should consider the RPO compliance levels of the states while computing the tariffs for electricity distribution companies (discoms).
To meet RPO targets, discoms have to find suitable balancing power sources to support the infirm nature of renewable energy, which is one of the main reasons behind states failing to meet targets. To address this problem, the power ministry has allowed thermal power generation companies the flexibility of using renewable energy sources to meet their contractual generation obligations. Under the new mechanism, thermal gencos can set up renewable power plants at their existing power stations, or anywhere else, thus allowing discoms to meet their RPOs through existing power purchase agreements.
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Is there a backwards relationship between interest rates and savings
The savings rate is a bit of a monetary mystery.
Naturally people want to save but some do and some don't. Japan's saving rate has remained stubbornly high despite low borrowing costs. Economists explain that away by saying it's cultural.
Naturally, it's a complicated set of factors relating to the social safety net, the quality of the pension system and economic well-being but what if low interest rates are driving higher savings?
On aggregate, that's proven to be untrue, but what if it flips when rates hit ultra-low levels -- a sort of savings rate 'smile' that would look something like this:
Intuitively, it makes some sense.
Take two 50-year-olds, each with $1m in retirement savings.
- One can invest a pre-crisis era A-rated bond yielding 8%
- The other can only get 3% from an A-rated bond
With that amount of savings in a 30-year bond, the first investor can reasonably conclude that he's already saved enough for retirement. His investment yields a safe $80,000 per year.
The second investor can only get $30,000 in income with the same amount of savings. He has two choices take more risk or save more. For a risk-averse investor, he's likely to require $2 million in retirement savings for a high-quality retirement.
Meanwhile, the pre-crisis era investor may still want to add to his savings but would be much more likely to spend more today.
Drawing conclusions from the data is tough because so much goes into the savings rate but it's been trending higher in the US since the introduction of zero-interest rate policies in the financial crisis.
Research from Bank of America highlighted by Zerohedge
draws the same conclusion -- that once 10-year government bond rates fall below 4%, people tend to save more.
This is an idea that would truly turn monetary policy on its head. Here's how BofA puts it:
As low growth & inflation make low-risk-asset income scarce (e.g. from government bonds), households are forced to reduce consumption and increase savings in order to meet retirement goals.
Forced saving further depresses demand in a vicious cycle.
At the moment there is a heavy focus on the massive cohort of Americans that have no or very little saved for retirement but what about the example cited about. That's someone who has been successful and prudent, yet still isn't on a sure path to a good retirement. That person is the marginal spender -- especially on things like restaurants, travel and entertainment -- but they're reeling.
Another effect of destroying the traditional paths to retirement savings is that people will take inordinate risks. Saving $2 million is far beyond a reasonable assumption for the vast majority of workers and families anywhere. It's a ridiculous goal for most.
Yet people still want to retire. So they're pushed deeper out the risk curve. Central bankers politely call it a 'reach-for-yield' but investors aren't scaling down to BB-rated bonds, they're diving deeper into equities and taking absurd amounts of risk. It helps to explain the dip-buying from retail.
Overall, this kind of thinking hardly gets a second look in central banking circles. ZeroHedge presents it
in a typically over-the-top fashion but within that, there's a real problem and a truly terrifying idea at work.
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What does a bank manager do?
As a bank manager, you’ll be responsible for a team of people and for increasing sales of financial products. You’ll have to deal with customers – finding them the most appropriate financial product for their needs. You’ll be dealing with money on a daily basis and as such will need to have good numeracy skills. You may be required to develop a business plan for your own bank.
What do I need to do to become a bank manager?
There are a number of ways you can become a bank manager. You could work your way up and gain experience in a bank, you could complete a higher apprenticeship in bank management, or you could join a graduate scheme. For the last of these options, you will need to have already completed a degree.
To do a degree, you will usually need five GCSEs (A-C) including maths, English and science, plus three A levels or an equivalent level 3 qualification. Check with universities for exact entry requirements, vocational courses are acceptable for some degree courses but not all.
Relevant degrees for banking include: business, economics, finance, management or marketing.
There are no specific A levels required, but business, economics, statistics and maths would all be useful.
A level 3 vocational qualification in business would be most relevant. Entry may be possible without five GCSEs at grade C ,with an equivalent level 2 qualification. Alternatively, it may be possible to progress into bank management through an apprenticeship.
- Level 3 qualification in business
- A level business
- A level economics
- A level maths
- A level statistics
Contains public sector information licensed under the Open Government Licence v3.0
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What is Bitcoin
Bitcoin, commonly shortened as BTC is the world’s first decentralized digital cryptographic currency.
The Bitcoin network was launched in 2009 and has been growing ever since then.
Bitcoin is a cryptographic currency that’s created using computer calculations and a special algorithm.
A record (or block) is generated on the computer to confirm the validity of payment transactions.
How does it work
A transaction in the bitcoin network is peer-to-peer.
What this means is that the fund will be transferred directly to the owner without any third party (financial bank involvement) or the intervention of financial regulatory bodies either at a local level or at the international level.
This means that no one knows the amount you send or receive, and it can not be tracked.
Bitcoin’s network is based on blockchain technology, and that makes it different ( fundamentally) from all other electronic currencies and payment systems developed before now.
Bitcoin BlockChain (BTC) is not tied to physical assets or any international currencies.
Also, the price of a BTC digital coin is determined solely by market forces only, that is, the supply and demand.
There are no direct impacts of government monetary policies on BTC. It can not be controlled in circulation like you have print money being pumped into circulation or withdrawn through banks.
Inflation, unemployment rate, and others can not also have direct impacts on the price of bitcoin.
In fact, many investors are running to bitcoin as a safe haven.
There are now many alternative crypto-currencies, known as Altcoins, which are trying to outperform Bitcoin’s success.
The best known of them are Ethereum, Ripple, and Litecoin.
The cryptocurrencies have become very popular in the last decade and many that are in doubt of the future of BTC are now have better eyes on it.
However, many investors see them primarily as a financial instrument for making money only.
How to make money from BTC
There are many ways to make money with cryptocurrencies. The most important one is trading it.
How does trading with cryptocurrencies work?
To trade cryptocurrencies, you need a crypto broker. There are many cryptocurrency brokers in the market, but below are some of the best.
- TD Ameritrade
These brokers have online platforms that are developed for trading and digital coins, many of them are also into forex and stock trading.
Crypto Brokers offer investors a convenient platform, often in the form of an app, on which they can trade cryptocurrencies.
The aforementioned brokers are some of the top brokers with highly secured platforms, with modern security technology.
They ensure your trades are well secured and provide all the necessary tools you’ll need for trading.
Of course, all investors want to earn money trading financial instruments. Mostly, when they buy digital coins, they want to sell them later at a higher price.
Basically, how the Crypto Exchange works is not much different from trading shares and other securities.
Making money with cryptocurrencies will not be difficult for those who are already familiar with the principles of trading other financial assets on Forex.
When trading cryptocurrencies, the trader’s task is to find optimal market entries and exits.
Formally, the main principle of trading can be formulated as “buy cheaper, sell more expensive”.
For this purpose, an investor must first understand how the price of cryptocurrency is formed and what factors influence it.
In stock investing, you need to be able to study the annual reports of the companies you’re interested in buying their shares as well as study the charts to know the right time.
For crypto, it’s more technical analysis and following the industry news and activities.
The overall and important principle in any trading is to never trade with something you do not understand and the amount you can not afford to lose.
Chaktty is a stock trader with more than a decade of experience in stock trading. He also invests in farming and other businesses.
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Most, if not all, of the users, are supporters of decentralized solutions and are trying to move away from traditional financial solutions. In this article, we will discuss DeFi in detail, show the most important differences between centralized and dispersed solutions, and check what services the DeFi is best suited to.
- 1. Why does the world need a new solution?
- 2. DeFi – how does it work?
- 3. Brief history and origins of DeFi
- 4. What are the biggest DeFi projects?
- 5. What are the advantages of DeFi?
- 6. Disadvantages of decentralized finance
- 7. Comparison of DeFi and traditional solutions
- 8. DeFi features
Why does the world need a new solution?
Nowadays, almost all financial services are centralized, which means that there are entities behind the given institutions that have control over them. A good example in this case is the banks where money and savings are held by a very large group of people. This works well on a daily basis. But what can happen in a crisis situation?
It is the banks that have control over the money
Under normal circumstances, bank customers have no problems managing their money. However, in times of emergency, a bank may, for example, freeze funds in an account. Similarly, if a bank collapses or authorities fail to meet their obligations, the value of the money in the account may decrease or we may not have access to it.
To make it easier to imagine such a situation, we can look at Venezuela, which is plagued by hyperinflation caused by the government’s inept management of the state. Every day Bolivar, the country’s national currency, loses value. Citizens prefer to invest their money in more certain assets, such as cryptocurrencies.
Decentralized solutions seem to be a cure for such problems.
Another important disadvantage of relying solely on the banking system is that not everyone in the world has access to traditional banking and thus does not have access to some services such as taking loans and credits. DeFi is supposed to make these chances equal.
DeFi – how does it work?
DeFi is a term referring to the financial ecosystems of applications built on a blockchain. It aims to create an open, accessible, and unauthorized financial service system. It gives its users unlimited power over their own finances.
Decentralized finance includes digital content, smart contracts, and blockchain-based dAppy. They give users immediate and full access to their resources. They also enable faster and cheaper transactions around the world.
Brief history and origins of DeFi
From the beginning, Bitcoin was to revolutionize payment systems by making them free of controls and intermediaries. DeFi seems to be following in these footsteps, paving new paths in banking. The DeFi movement began at the end of 2018 when a network of 15 projects based on Ethereum blockchain decided to build together an independent and open financial system. Principles and common standards were defined, such as accessibility, transparency, and financial inclusion.
Today, there are many people in the world who do not and cannot have a bank account. They are cut off from some services. Decentralized solutions are coming to their aid, allowing them to join the banking community. DeFi means equal opportunities for all people with Internet access.
What are the biggest DeFi projects?
Initially, DeFi included projects such as Paradigm, MakerDAO, or OrginProtocol. With time, companies such as Compound and Kyber Network have joined. Today, a lot of new DeFi projects are being created and new ideas and ideas are being created almost every day.
The currently most important projects include the previously mentioned Compound or Maker. Most of the top DeFi applications include lending. This feature allows some users to earn extra money (the interest rate is up to 8%), and the other half of the loan and credits, regardless of the creditworthiness determined by the bank.
DeFi is growing 📈
Check out this map by @IOSGVC
👀 Can you find your favorite projects? pic.twitter.com/RYMGRY7ORw
— imToken – token.eth (@imTokenOfficial) July 1, 2020
What are the advantages of DeFi?
The first and most important advantage of decentralized finance is that each user has full control over their own resources. Only the person who has access to these funds is able to influence them.
Such solutions are also much more accessible. Everyone who has access to the Internet can use them. The only obstacle may be local regulations, but they usually do not prohibit the use of such solutions.
In addition, users can enjoy anonymity and security. They can trade, store, and invest their assets without fear.
Decentralized finance is much cheaper than its centralized counterpart. In blockchain technology, all intermediaries are eliminated, so transaction costs are reduced.
Why intermediaries are unnecessary?
Traditional finances rely heavily on institutions (like banks). DeFi applications do not need such intermediaries thanks to well-programmed protocols that resolve conflicts themselves. Moreover, it is the user who decides to use his finances.
Most existing and potential DeFi applications include the creation and implementation of smart contracts. Their code enforces the execution of the contract. This ensures that most processes are performed automatically, making them more reliable and not requiring supervision. Thanks to smart contracts, the conclusion of contracts is quick and easy and carries much less risk.
Disadvantages of decentralized finance
DeFi has many advantages. However, it is not perfect. The performance of the application sometimes leaves much to be desired. Much depends on the performance of the blockchain network, which is slower than its centralized counterparts.
Currently, the DeFi ecosystem is heavily congested. Sometimes it is difficult and time-consuming to find the right application to solve a specific problem. Despite many security measures, there is also a risk of a hacker attack.
Another way to lose the finances kept in DeFi is a simple user error. Currently, the system requires a lot of effort from the user. The user has to enter commands and settings himself. The problem arises when you make a mistake. The changes made to the chain cannot be undone, and due to the lack of intermediaries, there is no person to verify the actions of users. This is therefore risk and special care must be taken. It is worth remembering, however, that most of the disadvantages resulting from a very early stage of DeFi development. We can expect that over time the biggest defects will be eliminated or at least minimized.
Comparison of DeFi and traditional solutions
As you can see, the advantages of using DeFi are not missing. The disadvantages, although annoying, do not exclude comfortable use of the functionalities offered by DeFi. And how do the decentralized finances compare to the solutions we are already familiar with?
Was open banking a sufficient response to the growing demand for easy and accessible online finance?
What is open banking?
Open banking refers to a banking system where financial service providers receive secure access to data through APIs, i.e. open programming interfaces.
API – communication between applications
API – Application Programming Interface is a link that allows different devices and applications to connect to each other. It is currently the key functionality of all solutions we use on a daily basis.
Thanks to this, with the client’s consent, banks provide access to his payment accounts to licensed third parties. In practice, this means that, for example, when seeing a tour offer, we can immediately see the option of taking a loan for it, directly from the travel agency (even though it is de facto taken from the bank).
What is the difference between DeFi and Open Banking?
Open Banking allows you to create account networks between banks and other financial institutions. It is a kind of development of traditional banking services and a good step towards digitization. DeFi instead creates a completely new financial system, completely independent of the current one. Thanks to DeFi, a completely new face of online finance will be created, not just an improvement.
DeFi is designed to remove most barriers and simplify complicated banking procedures. The most important services to be provided by DeFi are:
Lending and borrowing, operating decentralized exchanges (DEX), asset management and operating Smart Contracts and dApps, which will automate and speed up all processes, creating open markets – allowing the free exchange of goods and services, as well as issue platforms, thanks to which creation and issue of securities would not require intermediaries.
As you can see, DeFi has very broad fields of action and has the chance to replace traditional finance in every aspect.
The future of DeFi
Decentralized finances seem to be, in a way, the natural direction of the next, after the ever wider adaptation of the cryptocurrencies. Continuous changes and improvements in both blockchains and decentralized financial applications themselves seem promising. We can already see that blockchain operation is accelerating and increasing throughput. Nevertheless, security issues can be of concern to some users, and features to protect against hackers should be further improved. However, the vision of full control over one’s finances should be so tempting that we can expect more and more interest in such solutions in the near future.
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By Lawrence (Larry) Sannicandro
Tax Notes State
Volume 100 (posted on April 5, 2021)
Bias can be defined as predispositions of a psychological, sociological, or physiological nature that can influence decision-making. Organizational bias in the legal setting occurs when a firm’s culture, leadership, or organization influences factors such as the recruitment and promotion of lawyers, the staffing of engagements and the development of professionals, and performance reviews. Organizational biases can lead to discriminatory behavior and intentionally or unintentionally reinforce barriers to opportunity. Organizational bias can be eliminated in various ways, including through training; goals; recruitment and hiring, both in new candidates and among hiring managers; retention of diverse team members; making managers and employees accountable; and encouraging individuals to voice concerns about biases. For attorneys and other tax professionals, pro bono service is another ideal vehicle to help foster a culture of diversity, inclusiveness, and equality.
This article first surveys how pro bono service promotes diversity, inclusiveness, and equality on a personal and organizational level. Then, it examines other benefits of pro bono service. Finally, it highlights various pro bono opportunities in the tax field.
Click here for the full article
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America’s generation mix is changing. Coal-fired electricity is fading, renewable energy is growing exponentially and natural gas has quietly become the nation’s leading source of power. At the same time, the way the country consumes electricity is undergoing a transformational shift due to the focus on energy efficiency, a.k.a., the fifth fuel.
Today’s generation mix and the largest sources of new capacity expected in 2016 and 2017, by state
The net result? Five energy sources — okay, four and a half, rounded up — combine to form five trends that are redefining the energy grid in America and across the globe.
Here’s a look at the more traditional supplies: coal, natural gas and energy efficiency.
Coal – A Black Future
Coal prices in the United States have been relatively stable since the Great Recession, with Illinois Basin coal, a key benchmark for prices, trading around $2 per million British thermal units (MMBtu) for the past six years, which is roughly in line with current natural gas prices.
The combination of inexpensive natural gas and increased regulation caused more than 19 gigawatts (GW) of coal-fired power plants to retire since the beginning of 2015. And the Environmental Protection Agency’s Clean Power Plan (CPP), which seeks to regulate carbon dioxide emissions from existing plants, is expected spur the retirement of additional plants, removing 50 GW of capacity — one quarter of the U.S. total — by 2030.
Plus, it is expected to up compliance costs for the revamped grid.
Beyond the U.S. landscape, there looms an even larger trendsetter in the global coal market. Enter China. Its unprecedented growth and industrialization has put the country at the number one spot for both coal production and consumption. It follows then, that the decreased demand for coal in China over the last couple years (downward movement that is expected to continue with the increasing focus on climate change) has helped bring prices to a decades-long low.
In other words, the reduction in coal use is not only a stateside phenomenon: it is a global trend.
In the natural gas market, the effects of the shale boom in the U.S. have resulted in prices not seen since the days when Enron’s profits seemed as certain as a Y2K meltdown. As a result of the current environment, utilities and power providers have built natural gas-fired plants with more than 40 GW of capacity since 2011.
Over the last year, there’s been only one month in which natural gas was not the largest fuel source in the U.S. generation mix. But how long will this last? According to the Department of Energy’s Wind Vision, wind has the potential to generate 35 percent of the nation’s electricity by 2050. Despite this, natural gas will keep the lead because it will be the commodity of choice to replace diminishing coal and nuclear fleets. It’s not until the current nuclear fleet fades away, decades from now, that wind is expected to hold the pole position.
Energy Efficiency – Fifth But Not Last
Pennies and GW have at least one thing in common — saving them is just as good making more. By increasing the efficiency of existing homes and businesses, total energy demand falls.
This often entails simple actions like replacing incandescent bulbs or sealing leaky duct systems. It’s the grassroots version of going green. One LED bulb won’t change the world, but a few hundred million can redefine the system. It’s also widely recognized that energy efficiency is one of the cheapest sources of ‘power’, with a recent study finding that the cost of efficiency projects in 2010 was 3.5 cents per kilowatt-hour saved. (Edison Foundation)
In addition, a meta-study by Eldridge, Elliott, Neubauer and the American Council for an Energy-Efficient Economy showed that the U.S. could trim the total call for electricity by 19 percent over 13 years — a 1.5 percent annual reduction — through efficiency and conservation. This could result in total demand shrinking, even though the population is expected to continue to grow.
Tune in next time for renewable-energy trends. Wind and solar to be specific.
Contributed by Daniel Holder, Commodity Analyst, Schneider Electric
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*We are the Amazon Partner and students can purchase the books shown on this page. We are also providing an authentic solution manual, formulated by our SMEs, for the same.Book Description principles of economics 11th Intended primarily for Principles of Economics courses, this text also provides practical content to current and aspiring industry professionals. Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling POE texts because they trust it to be clear, thorough and complete. Case/Fair/Oster readers also come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. Readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way. Break through to improved results with MyEconLab(r) MyEconLab is an online homework, tutorial, and assessment program that truly engages students in learning. It helps students better prepare for class, quizzes, and exams resulting in better performance in the course and provides educators a dynamic set of tools for gauging individual and class progress. And, MyEconLab comes from Pearson, your partner in providing the best digital learning experiences. Note: You are purchasing a standalone product; MyEconLab does not come packaged with this content. If you would like to purchase both the physical text and MyEconLab search for ISBN-10: 0133450821 / ISBN-13: 9780133450828. That package includes: ISBN-10: 013302380X / ISBN-13: 9780133023800 Principles of Economics, 11e ISBN-10: 0133049639 / ISBN-13: 9780133049633 MyEconLab -- NEW MyEconLab with Pearson eText -- Standalone Access Card -- for Principles of Economics, 11e MyEconLab is not a self-paced technology and should only be purchased when required by an instructor..
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1920: Income Tax due
January 9, 1920, Deming Headlight
FILING OBLIGATORY BEFORE 15TH OF MARCH-RULES FOR EXEMPTIONS
With the opening of the new year came the first date for the filing of income tax returns. Heavy penalties are imposed for those who fail to file their returns between January 1st and March 15th. The tax may be paid in full at the time of filing the return or, if it is desired to make the payments in four installments, the first must be paid by March 15th, the second by June 15th, the third by September 15th and the fourth by December 15th. The period for which the income tax is assessed is the calendar year of 1919.
The ordinary taxpayer will not be obliged to pay quite as much as last year, although the rate still is far greater than pre-war rates.
The exemptions of $1000 for single persons and $2000 for married persons and head of families remain the same as for 1918. The normal rate for 1919 is 4 per cent on the first $4000 of net income above the exemptions and 8 per cent on the remaining net income. Last year the normal rate was 6 and 12 per cent, respectively.
Besides the exemption of $1000 for single persons and $2000 for married there is an additional exemption of $200 for each dependent under 18 years of age.
Obliged to File
Every person whose income equaled or exceeded $1000 for single persons or $2000 for those who are married must file a return, regardless of whether the income is large enough to require the payment of the tax.
Forms of making returns are available at offices of collectors of internal revenue and deputy collectors, post offices and banks. What is known as for 1040-A is for use of those with incomes of $5000 or less, while form 1040 is for those with larger returns.
Taxpayers must report under gross income salaries, including bonuses, interest received on notes and from bank deposits, dividends on stocks, profits from the sale of property, profits from stock market transactions, income from fiduciaries, partnership profits and royalties from mines, oil wells, patents, copyrights and franchises.
Items Not Taxable
Items which are not taxable and need not be included in the return are property received by gift or inheritance, proceeds of life insurance policies, return of premiums on life insurance, endowment or annuity contracts, amounts received through accident or health insurance or under workmen's compensation acts, interest on obligations of any state or any city town, county or village, interest on Liberty Bonds to the par value of $5000, interest on securities issued under the federal farm loan act, and amounts received during the year by persons in the active military or naval forces up to $3500 in addition to personal exemption.
Rule On Deductions
Deductions from gross income in determining net income include all business expenses in the conduct of a business, trade or profession. A reasonable allowance is made for depreciation of business property.
Contributions or gifts to charitable, religious or educational societies may be deducted to an amount not exceeding 15 per cent of the taxpayers' income.
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Introduction to Economics, The market, Welfare economics, Externalities, and Tax.
Are you new to economics? This course is just for you. In this course, you will learn basic economic principles. The topics covered includes what economics is, marginal analysis, production possibility curve, how the market demand and supply works, when the market fails, and the welfare effect of a government tax.
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The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha yesterday, as a Money Bill [Clarification: This is as per news reports.* The text of the Bill does not indicate that it is a Money Bill]. In this context, we briefly outline the various types of Bills in Parliament, and highlight the key differences between Money Bills and Financial Bills.
- Constitution Amendment Bills[i]: These are Bills which seek to amend the Constitution.
- Money Bills[ii]: A Bill is said to be a Money Bill if it only contains provisions related to taxation, borrowing of money by the government, expenditure from or receipt to the Consolidated Fund of India. Bills that only contain provisions that are incidental to these matters would also be regarded as Money Bills.[iii]
- Financial Bills[iv]: A Bill that contains some provisions related to taxation and expenditure, and additionally contains provisions related to any other matter is called a Financial Bill. Therefore, if a Bill merely involves expenditure by the government, and addresses other issues, it will be a financial bill.
- Ordinary Bills[v]: All other Bills are called ordinary bills.
How are these bills passed?
- Constitution Amendment Bills1: A Constitution Amendment Bill must be passed by both Houses of Parliament. It would require a simple majority of the total membership of that House, and a two thirds majority of all members present and voting. Further, if the Bill relates to matters like the election of the President and Governor, executive and legislative powers of the centre and states, the judiciary, etc., it must be ratified by at least half of the state legislatures.
- Money Bills[vi]: A Money Bill may only be introduced in Lok Sabha, on the recommendation of the President. It must be passed in Lok Sabha by a simple majority of all members present and voting. Following this, it may be sent to the Rajya Sabha for its recommendations, which Lok Sabha may reject if it chooses to. If such recommendations are not given within 14 days, it will deemed to be passed by Parliament.
- Financial Bills4: A Financial Bill may only be introduced in Lok Sabha, on the recommendation of the President. The Bill must be passed by both Houses of Parliament, after the President has recommended that it be taken up for consideration in each House.
- Ordinary Bills5: An Ordinary Bill may be introduced in either House of Parliament. It must be passed by both Houses by a simple majority of all members present and voting.
How is a Money Bill different from a financial bill? While all Money Bills are Financial Bills, all Financial Bills are not Money Bills. For example, the Finance Bill which only contains provisions related to tax proposals would be a Money Bill. However, a Bill that contains some provisions related to taxation or expenditure, but also covers other matters would be considered as a Financial Bill. The Compensatory Afforestation Fund Bill, 2015, which establishes funds under the Public Account of India and states, was introduced as a Financial Bill.[vii] Secondly, as highlighted above, the procedure for the passage of the two bills varies significantly. The Rajya Sabha has no power to reject or amend a Money Bill. However, a Financial Bill must be passed by both Houses of Parliament. Who decides if a Bill is a Money Bill? The Speaker certifies a Bill as a Money Bill, and the Speaker’s decision is final.[viii] Also, the Constitution states that parliamentary proceedings as well as officers responsible for the conduct of business (such as the Speaker) may not be questioned by any Court.[ix]
[i]. Article 368, Constitution of India. [ii]. Article 110, Constitution of India. [iii]. Article 110 (1), Constitution of India. [iv]. Article 117, Constitution of India. [v]. Article 107, Constitution of India. [vi]. Article 109, Constitution of India. [vii]. The Compensatory Afforestation Fund Bill, 2015, introduced in Lok Sabha on May 8, 2015, http://www.prsindia.org/billtrack/the-compensatory-afforestations-fund-bill-2015-3782/. [viii]. Article 110 (3), Constitution of India. [ix]. Article 122, Constitution of India. [*Note: See Economic Times, Financial Express, The Hindu Business Line, NDTV ,etc.]
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Developing an understanding of economic theory, you will investigate a range of broad economic issues and topics.
These include: how prices are determined in markets, the problems of providing public services such as the NHS and policing and how the credit crunch caused shocks to our economy. Further to this a high standard of English Language skills will be required to evaluate and analyse economic issues and individual’s behaviour as well as being able to use maths skills to a high degree.
Here you will undertake a more in-depth study (at the ‘micro’ level) of the behaviour of firms and how they operate, the benefits of competition and what is behind the psychology of consumption patterns.
You will also examine a range of macroeconomic issues such as the arguments for and against increased social provision and debates surrounding appropriate levels of taxes. In depth analysis of the impact of China and the UK’s decision to leave the EU will also be part of the focus.
Bloomberg Labs (University of Derby)
Paper 1 Microeconomics: comprising one data response question from a choice of two and one essay from a choice of three titles (2 hours).
Paper 2 Macroeconomics: comprising one data response question from a choice of two and one essay from a choice of three titles (2 hours).
Paper 3 Synoptic: comprising of 30 multiple choice questions and an economic report (2 hours).
Minimum average GCSE score required 4.5. Grade 5 English. Grade 5 Maths.
Any other subjects, especially Maths and Further Maths.
Statistician, Accountant, Stockbroker and Local Government Officer.
Check out our Culture Vulture link to see what takes your interest.
Click the link and have a go at our 10-week learning plan to get you off to the best start.
Follow the link to see an introduction to the course, identifying what you will study with us in the first few months and what you might already know.
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Global investment bank Citi is predicting that the combination of near zero-variable cost energy sources such as solar and wind, along with smart analytics and “big data”, may deliver free energy. The nuclear industry dangled this promise a half century ago, but now existing nuclear plants are not cost-competitive providers of energy in the case of half of the operating plants.
“The notion of free energy came to prominence in the 1960s, as nuclear fusion was touted as a way to provide free energy,” Citi writes in the latest of its “Disrutive Innovations” series, in a section focusing on Big Data and the energy industry. When those claims were made about nuclear fusion, the technology was in the embryonic stage, and it turned out nuclear energy wasn’t free at all, but incredibly expensive, and getting more so by the year.
But wind and solar, along with demand and storage optimisation, may finally deliver on that promise, Citi says. “Big Data and advanced analytics are developing rapidly to improve forecasting, automation, customisation, and the democratisation of energy,” it says in its reports.
“The end result is that we are producing more energy with fewer resources ….. the goal of dramatically lowering energy costs for all, with the possibility of free energy in some corners, may finally come to fruition.”
Citi is not the only research institution making such forecasts, but it is in sharp contrast to the general public discussion, which is dominated by those who insist that the old centralized energy system – slow, inefficient and expensive – will not and cannot be replaced by new technologies. The push-back against wind and solar by conservatives and, of course, vested interests, seeking to protect their sunk assets is striking, but many countries are already well down the path to this transformation — Australia, for example, given its high level of rooftop solar and the fact that it is considered to be the world-leading market for household battery storage, and smart software. Already, it has more than 1.5 million households and businesses with rooftop solar, totalling more than 5GW, and many will soon add battery storage. Smart software will allow households and businesses to pool their resources, and trade with each other – if regulators allow.
Citi says this “democratisation” of energy could see renewables and distributed energy resources (DERs) proliferate at the local level, and that will mean fewer new power plants. Consumers could eventually “trade” energy with others, in the form of “transactive energy” – a concept that is already being trialled by utilities and community energy groups in Australia.
This, of course, has profound implications for current energy industry business models. Instead of investing in large fixed assets, as they have done for the best part of a century, Citi suggests the utilities of the future will become distribution service platform providers.
The state of New York is already going down this path through its remarkable REV (Reforming the Energy Vision) program, and some analysts want this model adopted in Australia. Citi says REV is one of the most ambitious regulations put forth by a regulatory agency in changing the business models of utilities. The focus is entirely on distributed energy, creating the right regulations and rules for the appropriate platform and operations, as well as system integration and operation.
In the distributed, decentralised world, particularly in the electricity space where the supply and demand of electricity has to match instantly, ensuring a smooth and optimal operation of the grid necessarily requires advanced analytics to process the vast amount of data generated.
“Technology companies could provide energy network optimising software or even operate platforms and energy companies that transition to providing services could become asset-light, as they could control how energy is routed and optimised,” Citi suggests.
“Third-parties or homeowners would become energy providers through Distributed Energy and auto companies would become service and energy providers (e.g. through their battery technology).”
Citi says the fundamental technologies of solar panels, wind turbines, converters, and energy storage have been around for years, but having nearly half or more of total electricity supplied by wind or solar was previously thought to be impossible due to grid integration issues.
But Big Data and advanced analytics are helping the electric grid to function more seamlessly, enabling wind and solar utilization and penetration rates to rise more sharply, and integrating more distributed generation.
A lot of this comes down to predictive software. “Having more precise estimates of renewable generation allows the grid to schedule in the appropriate amount of backup generation and deploy other measures, such as demand-side management.”
One example is the creation of “virtual power plants”, which pool the output and resources of numerous solar and storage arrays that could be located in households, businesses, or CBD buildings or factories.
The software can bring these devices together and operate them as if they were a single power plant. Citi says these are critical because they negate the traditional response to rising demand in an area by building a new centralised power plant or adding new infrastructure.
Recently, the New York regulator denied Con Edison’s request for a $US1 billion upgrade in resolving equipment overloading. Instead, ConEd created the BQDM (Brooklyn Queens Demand Management) program that relied on both traditional utility and non-traditional customer/utility improvements at a total estimated cost of only $US200 million.
Those sorts of cheaper alternatives are being considered in Australia, but the regulators have been slow to catch on – and when large spending cuts are recommended the regulator is taken to court by the utilities.
Citi says this requires a whole new way of thinking. It would require pricing energy and ancillary services at the neighborhood or an even more micro level.
“What does the future of energy look like?” the Citi report asks.
“Producers could tap previously stranded assets and do it quickly; utilities could be winners but only if they transform with the times; renewables, despite intermittencies, could operate as smoothly as traditional fossil energy; emissions should be limited as energy demand is optimized and renewables proliferate. Trillions of dollars are at stake.
“This is a story of how software will transform a hardware-dominated sector; it is the kind of creative destruction that demands fundamental changes in an entire sector.”
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For many businesses, understanding cash flow means the difference between staying in business and filing for bankruptcy. Businesses need a positive cash flow in order to pay their bills and invest for future opportunities. Preparing a cash budget helps the business understand and plan for future cash flow.
What Is A Cash Budget?
A business creates a cash budget as part of the company’s master budget. The master budget encompasses the complete budgeting process, including creating a budgeting income statement, a budgeted balance sheet and a cash budget. A cash budget details the anticipated cash receipts and cash disbursements for the time period covered in the budget. The cash budget includes the amount of projected financing the company will need during that time period.
In order to create the budget, the budget staff gathers all relevant information needed to complete the budget. The staff reviews cash transactions from the prior year. The staff also reviews the company’s budgeted income statement for the period being budgeted and the accompanying schedules. These schedules include the raw materials budget, the direct labor budget, the manufacturing overhead budget and the selling and administration budget. The budget staff also reviews current lending rates in anticipation of any potential financing needs in the upcoming period. The budget staff also gathers the current year’s budgeted balance sheet.
Preparing the Cash Budget
The budget staff uses the information gathered to prepare the cash budget. The budget staff starts with the ending cash balance from the current year’s budgeted balance sheet. The budget staff estimates the amount of cash receipts for the budget period by reviewing the anticipated sales. The staff adds the cash receipts to the beginning cash balance. The budget staff reviews the direct labor budget, the raw materials budget, the manufacturing overhead budget and the selling and administration budget to determine the expenses that must be paid during the budget period. These represent the cash disbursements and are subtracted from the cash balance. If the net amount remaining at this point is positive, the company has an excess of cash. If the net amount remaining is negative, the company has a deficiency of cash.
Using the Cash Budget
Once the budget staff completes the cash budget, company management determines whether it needs outside financing. If the cash budget shows a deficiency of cash, management needs to provide for that cash. Companies usually provide for cash by borrowing money or seeking an additional cash investment. Management evaluates available credit along with current interest rates to determine if borrowing money makes sense for the company. Management may also consider selling additional shares of stock to obtain the necessary cash to eliminate the deficiency.
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Justin Haskins | January 16, 2015
More than 3.1 million workers across the nation received a late Christmas gift on Jan. 1, when minimum wages were increased in 21 states. Although the mandated wage hike was welcomed by many workers, they will soon find that their new pay raise will cause more harm than help.
It’s understandable why voters supported increasing the minimum wage. Living on $7.25 per hour—the federal requirement for minimum wages—is an exceptionally difficult endeavor, and it’s hard to imagine a family with children thriving with such little income, even if parents are working 40 hours per week or more. However, behind all of the compassionate slogans and well-intentioned protests rests a reality that sharply cuts through the many myths surrounding minimum wage increases: economics and common sense.
Contrary to claims made by advocates of the mandated increases, raising wages by less than one dollar will do little to curb poverty. In Colorado, for instance, wages increased 23 cents to $8.23, but that only means full-time workers earning the minimum wage will see roughly $9.20 (before taxes) more per week than they currently receive now and about $478 more per year, assuming the worker works all 52 weeks.
If current trends for inflation and the consumer price index continue at rates comparable to the past three years, those minimum wage increases will evaporate by the end of 2016—and this assumes the minimum wage hike will have no effect on prices in Colorado.
Ultimately, minimum wage laws do little to help impoverished workers, and basic economics explains why. When any market sees an increase in dollars available, prices for common goods and services, such as gasoline and groceries, inevitably go up. The reason for this is simple: If consumers have more money to spend, businesses will charge more money in the hopes of earning a greater profit.
For example, a small store in Colorado, where the state’s minimum wage increased 23 cents to $8.23, may employ 10 workers earning a minimum wage and working an average of 40 hours per week. With the passage of the new minimum wage, the store owner now has to pay his or her workers a total of $92 more per week than in 2014. The easiest way for a business owner to come up with the difference is to raise prices, which leads to increased costs for all consumers across the market.
Many business owners, however, are already charging what they believe to be the highest prices possible to stay competitive, which means owners must either take a profit loss themselves or reduce employee hours. Myriad businesses are even compelled to lay workers off.
Minimum wage proponents argue that such sacrifices may be necessary in order to keep an entire class of workers who can’t survive on a minimum wage from falling into poverty, but this myth fails to consider the many taxpayer-subsidized benefits minimum wage earners already receive.
At the federal level alone, full-time minimum wage workers with any number of children are eligible for both the Earned Income Tax Credit (EITC)—$496 in 2014—and the Child Tax Credit (CTC), which combined with the federal minimum wage of $7.25 equals or exceeds the poverty level for all conceivable family combinations. This effectively means that no one working full-time on a minimum wage in the United States is actually in poverty according to the federal government, and the taxpayer aid they receive dwarfs the minute benefits minimum wage workers gain from increased pay.
Although voters’ desire to increase the minimum wage was based on an altruistic hope that the government mandate would lift thousands of Americans out of poverty, the reality is that no full-time minimum wage workers are in poverty by the federal government’s own standards, and even if they were, artificially raising the minimum wage will do little to improve their lives.
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DeGette introduces legislation to cut carbon emissions from U.S. electricity producers
WASHINGTON, D.C. – U.S. Rep. Diana DeGette (D-CO) introduced legislation today to create a federal clean-energy standard that would require U.S. power companies to take steps to eliminate their carbon emissions to help stave off the worst effects of the climate crisis.
The legislation – known as the Clean Energy Innovation and Deployment Act, or CEIDA – would require U.S. electricity producers, which collectively emit nearly one-fourth of all U.S. greenhouse gases, to fully eliminate their net carbon emissions by 2050. It would also provide assistance to current fossil-fuel energy workers to help them find new jobs in a clean-energy economy.
“The science is clear, the only way to avoid the worst effects of the climate crisis is to take steps now to cut our carbon emissions,” DeGette said. “At the same time, we need to ensure the steps we take to do that also continue to provide Americans with the affordable, reliable electricity they need.”
The legislation is similar to renewable and clean energy standards already in place in 30 states. If approved, it would create a system to award all U.S. energy providers with a credit for every megawatt-hour of electricity they produce without emitting any carbon in the process. It would also award companies a credit for each ton of carbon dioxide they remove from the atmosphere through a process known as “carbon capture, utilization and storage.”
The plan would require all U.S. power companies to increase their use of existing clean-energy technologies – such as wind, solar and hydropower – while also spurring new investments and the innovation of new clean-energy technologies needed to fully eliminate the power sector's carbon emissions.
Under the terms of DeGette’s bill, U.S. power companies would be required to reduce their carbon emissions to net-zero by 2050 at the latest. However, if the technology needed to achieve that goal is developed sooner, the bill includes provisions that would move that deadline up to as early as 2037. And if there was a breakthrough innovation that allows for the creation of 100% reliable zero-emission electricity before then, the bill would provide companies with financial incentives to implement that new technology immediately.
“To truly solve this climate crisis, we need to start driving the innovation and deployment of new clean-energy technologies today,” DeGette said. “This legislation will not only do that, it will also help bring down the cost of these technologies so other countries can quickly follow suit.”
In addition to expediting the innovation and deployment of new technologies needed to combat the climate crisis, DeGette’s legislation will provide assistance to the workers that depend on the fossil fuel industry, as well the hundreds of minority and low-income communities on the front lines of the climate crisis. The bill would establish an Energy Workforce Transition office at the U.S. Department of Energy to provide workers with on-the-job training and apprenticeship opportunities. It would also create a new Climate Resiliency Corps that would hire workers to help make our communities more resilient to climate change.
The bill was developed with input from some of the nation’s top environmental organizations – including the National Wildlife Federation, Environmental Defense Fund and Clean Air Task Force – and some of the biggest U.S. power producers, including: Xcel Energy, Duke Energy, Southern Company, American Electric Power, Exelon Power, Tri-State and the Salt River Project.
A recent Pew Research Center poll found that 80% of U.S. adults support tougher restrictions on power plant carbon emissions as a way to reduce the effects of climate change.
“As the first major U.S. power provider to announce a vision of delivering 100% carbon-free electricity by 2050, Xcel Energy supports the Clean Energy Innovation and Deployment Act, and we appreciate Representative DeGette’s leadership on this important issue,” said Ben Fowke, chairman and CEO of Xcel Energy. “This bill would establish achievable targets consistent with our carbon strategy and encourage widespread deployment of renewable energy. It also supports the development of new carbon-free generation while taking advantage of existing low carbon resources, such as nuclear. The legislation supports the reform of clean energy tax credits to bring new technology online quickly. Those factors are key to achieving our environmental goals, while keeping energy service reliable and customer bills low. We look forward to continuing to work with the congresswoman on this legislation.”
“To ensure that Colorado’s amazing wildlife and natural places endure for generations, we must stave off the worst impacts from climate change by rapidly adopting cleaner sources of energy,” said Collin O’Mara, president and CEO of the National Wildlife Federation. “Rep. DeGette’s Clean Energy Innovation and Deployment Act will accelerate the de-carbonization of the U.S. economy in a technology-inclusive way, while creating good jobs in frontline communities through a Climate Resilience Corp designed to restore natural resources, bolster community resilience, and naturally sequester carbon.”
“All too often climate legislation is drafted with zero regard for American workers," said Sean McGarvey, President of North America’s Building Trades Unions. "On behalf of NABTU, I would like to thank Congresswoman Diane DeGette for making construction workers a priority in her legislation while also addressing carbon capture technologies and advanced nuclear. We thank her for an openness and willingness to partner with us to truly understand the challenges that exist for building trades men and women as our country tackles climate change. We look forward to continuing to work with her.”
In addition to DeGette, the legislation is cosponsored by Reps. Jared Huffman (D-CA) and Scott Peters (D-CA).
A copy of the legislation is available here.
A section-by-section analysis is available here.
Click here to see what organizations and companies are saying about the legislation.
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Preparing for the upcoming 2018 Farm Bill debate, we examine the traditional farm coalition, but updated to reflect current commodity production to offer some perspective on the political process. American farm policy dates to the post-World War I price collapse of the three major agricultural commodities: corn, cotton, and wheat. Producers formed a coalition that shaped the Agricultural Adjustment Act of 1933 and made it a part of President Franklin Roosevelt’s New Deal efforts to combat the Great Depression. Throughout the 80 years of legislative work that followed, the corn-cotton-wheat coalition played a leading role in shaping farm policy and passing farm bills. This traditional farm coalition is expected to remain central to future farm bill debates. This article explores the current geographical reach – or political footprint – of this traditional coalition across Congressional districts, based on recent production history of these commodities.
Major Production Areas for Corn, Cotton, and Wheat
The USDA recently released an atlas of crop producing areas in the U.S. and around the world. The Major World Crop Areas and Climate Profiles (MWCACP) maps identify the major and minor crop areas at the county level. Using NASS crop progress data from 2010 to 2014, major crop areas are defined as those that account for 75% of the total national production of each crop. Major and minor areas combined account for 99% of the total national production. The following maps use only the major crop areas to explore the political footprints of corn, cotton and wheat.
Figure 1 uses the USDA information to map the traditional farm coalition, demonstrating how it previously gained and currently maintains national support for commodity programs by uniting producers across regions. Cotton production is exclusive to the Southern region of the country. Corn is concentrated in the Midwest. Wheat production is concentrated in the Great Plains and split between spring wheat in the northern Plains and winter wheat in the southern. Corn and wheat production overlap in many states, extending beyond the regions where each is concentrated. For example, several counties in the Mississippi Delta region are major production areas for all three of the commodities in the traditional coalition. Production reach, however, may not translate into political reach.
Political Influence of the Traditional Farm Coalition Commodities
Exploring further, we use the production information of the MWCACP to identify the largest possible political footprint for each of the three commodities in the traditional farm coalition. For each commodity, we identify every Congressional district (114th Congress) that contains at least some portion of a major crop producing county. For example, the 533 counties classified by USDA as major corn producers intersect 82 Congressional districts. Similarly, the 148 major cotton producing counties intersect with 38 Congressional districts; winter and spring wheat consist of 411 and 84 counties that intersect 91 and 7 Congressional districts, respectively. It is important to reiterate that our definition identifies the largest possible political footprint of each commodity.
The resulting maps, presented below in Figures 2 – 5, demonstrate the potential political reach of each of these three commodities but this may not translate into actual political influence in a farm bill debate. Each commodity is centered on a single geographic area where production of the commodity is most heavily concentrated. This would be the region where that commodity would be expected to have the strongest political impact. Where production overlaps, a commodity has the potential to impact political support but that potential is likely limited. For example, several districts in the Mississippi Delta, Northern Texas, and Eastern North Carolina are identified as major production areas for corn, cotton, and wheat. It is unlikely that all three commodities will have the same political impact in these areas.
The degree of political impact may be due to the fact that the contribution of each commodity to the overall economy of the district varies substantially. Similarly, regional concentration of production may lead to a prioritization of political support. Each commodity’s influence would therefore be limited to areas where the production is concentrated and the commodity contributes a large amount to the local economy. For example, some counties in Texas are included in USDA’s major producing areas for corn but Texas accounts for only 2 percent of the national production of corn. By comparison, the states of Iowa, Illinois and Indiana account for nearly 40 percent of the national production of corn. We would not expect corn to have the same political influence in Texas as it does in Iowa, Illinois or Indiana. Instead, we would expect that cotton takes priority in those same counties in Texas, a state that produces 35 percent of the total national production of cotton.
Much of the development of farm policy depends on negotiations among the traditional farm coalition commodities which, in turn, are driven by the political influence of those commodities in states and Congressional districts. This article is a continuation of a series on mapping U.S. farm policy. Future articles will explore the topic further in preparation for the next farm bill debate. Prior articles similarly examined issues related to the 2014 Farm Bill debate. They are available at farmdoc daily: December 5, 2013; January 10, 2014; and April 17, 2014.
John Mark Hansen, Gaining Access: Congress and the Farm Lobby, 1919-1981 (The University of Chicago Press, 1991).
Bill Winders, The Politics of Food Supply: U.S. Agricultural Policy in the World Economy (Yale University Press, 2009).
Kuethe, T., and J. Coppess. "Mapping the Fate of the Farm Bill." farmdoc daily (3):231, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, December 5, 2013.
Kuethe, T., and J. Coppess. "Mapping the Fate of the Farm Bill: A Closer Look at SNAP." farmdoc daily (4):3, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, January 10, 2014.
Kuethe, T., and J. Coppess. "Mapping the Farm Bill: Voting in the House of Representatives." farmdoc daily (4):70, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, April 17, 2014.
Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. Guidelines are available here. The farmdoc daily website falls under University of Illinois copyright and intellectual property rights. For a detailed statement, please see the University of Illinois Copyright Information and Policies here.
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Cybercriminals may have more technical knowledge than the average thief, but their strategies are not much different. The average thief looks for targets that are easy to rob and offer the least potential for them to get caught. For that reason, robbers tend to avoid houses with dogs or lots of alarms. That doesn’t mean these houses can’t be robbed; it just means the risks versus rewards associated with robbing that particular house make it less likely.
The same scenario plays out with IT security. When cybercriminals detect that there is a lot of well-managed IT security is in place, their first instinct is to go look for easier prey. They may wonder what’s behind all that security, but the cost of hacking through multiple layers of IT security defenses makes it too costly and time consuming for the average hacker to make the effort. Just like everybody else, most criminals have monthly expenses they need to cover.
Unfortunately, these criminals are getting more adept at end-running IT security technologies. Instead of hacking into systems, the most common way to breach an IT environment is through phishing attacks that trick unsuspecting users into giving up passwords and other forms of personal data. The most common forms of phishing attacks involve attachments to email files that trick users into downloading a file loaded with malware. Modern malware attacks are particularly nasty because the malware often includes encryption software that makes it impossible for victims to read their own files. These “ransomware” attacks usually require the organization to pay a fee using some form of digital currency such as Bitcoin to get the keys needed to de-encrypt their files. Not only are these types of attacks on the rise, the fees are starting to climb into the tens of thousands of dollars.
Because these attacks rely on social engineering techniques to fool end users into manually bringing malware into their environments, there is no effective IT security defense against them. Savvy IT organizations are now backing up their files to make sure they at least have a pristine copy of them. Should their files get encrypted, they can at least recover their files without having to pay a ransom. The trouble is that most organizations today are not especially rigorous about regularly backing up their files.
This situation is likely to get worse. It doesn’t cost much to launch a phishing attack. From the perspective of the cybercriminal, the return on investment on these types of attacks is high. About the only thing an organization can do to defend itself is invest more in training employees to recognize a phishing attack. That’s why initiatives such as National Internet Safety Month are so important.Understanding the motivations of an attacker can strengthen defenses. #june #internetsafetymonth @staysafeonline Click To Tweet
But even the best trained employees can slip up. Cybercriminals, for example, will craft an email that is aimed at a specific employee. This email will include a lot of personal detail garnered from social media sites and other resources that allow the cybercriminal to trick the victim into thinking the email is legitimate. Before many people realize it, they are downloading a piece of malware that will disrupt the organization for weeks to come.
While there may be no such thing as perfect security, understanding the motivations of an attacker can strengthen defenses.
Mike Vizard has covered IT for more than 25 years, and has edited or contributed to a number of tech publications including InfoWorld, eWeek, CRN, Baseline, ComputerWorld, TMCNet, and Digital Review. He currently blogs for IT Business Edge and contributes to CIOinsight, The Channel Insider, Programmableweb and Slashdot. Mike also blogs about emerging cloud technology for Intronis MSP Solutions by Barracuda.
Mike Vizard est un spécialise de l'informatique depuis plus de 25 ans et à ce titre, a publié et contribué à de nombreuses publications techniques, dont InfoWorld, eWeek, CRN, Baseline, ComputerWorld, TMCNet et Digital Review. Il rédige actuellement des articles de blog pour IT Business Edge, et contribue à la rédaction d'articles pour CIOinsight, The Channel Insider, Programmableweb et Slashdot. Mike Vizard rédige aussi des articles traitant des nouvelles technologies Cloud pour SmarterMSP.
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ZIRP in the US
“ZIRP” (zero interest-rate policy) is a term that’s used to refer to monetary policy in the US, in addition to other geographies. It refers to low nominal interest rates in an economic system. It’s used to stimulate growth. In the US, the federal funds rate—the short-term rate at which institutions lend to each other—has been 0%–0.25% since December 2008. The combination of this policy and QE (quantitative easing) programs had a profound impact on the central bank’s balance sheet. It also impacted fixed income and other capital markets.
Is ZIRP here to stay?
It’s important to note that 2015 was considered to be the year when the US central bank would raise the target range of the federal funds rate. It would be the first hike since 2006. However, nearly ten months have gone by. Central bankers don’t think that the economic environment is suitable for a rate hike.
Yield movement across the market spectrum
The above graph shows how yields on three Treasury securities moved YTD (year-to-date) in 2015. Yields on the two-year Treasury note, or T-note, have been 0.44%–0.82% YTD. The higher end of the range was seen just ahead of the monetary policy meeting in September. The benchmark ten-year T-note was 1.7%–2.5% YTD in 2015. So far, the 30-year bond has traded in a 100 basis point range of 2.3%–3.3% this year.
Treasury yields rise after the FOMC’s announcement
The FOMC (Federal Open Market Committee) met on October 27–28 in a scheduled meeting to determine the course of the monetary policy. Although the federal funds rate didn’t change, policymakers left the possibility of a rate hike open in the last meeting in December.
Since the announcement on October 28, Treasury yields rose across the yield curve. The ten-year note rose by ten basis points. This impacted related instruments including mutual funds (VUSTX) (PGSIX).
In the next part, we’ll take a look at high-grade and junk bond yields in the US.
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NAIP and gender equality might sound like two things that are unrelated. However, the National Agricultural Investment Plans are actually something that needs to have a gender equality principle attached to them. In this article, we will discuss why gender equality is important when it comes to the agricultural investment plans of a country.
What is the NAIP and What is it for?
The National Agricultural Investment Plans, as the name suggests, are plans that a country set for itself. Those plans are made based on consultations with partners who play important parts in the improvement of agriculture in that country. These partners are essential stakeholders in the agriculture sector of that country.
Before creating these plans, a country needs to know the goals that it wants to achieve in the agriculture sector. That way, the plans and strategies that a country makes will be able to make it easier for the country to achieve those goals. The plans will then be translated into policies that will regulate investment in the agricultural sector.
Promoting Gender Equality in NAIP
Now that you know what the NAIP is, you need to know the correlation between NAIP and gender equality. We all know that the NAIP will help a country when it comes to improving its agriculture sector. A country does this by considering a lot of things before actually making the NAIP. Gender equality is one of the things that need to be promoted in the NAIP.
When it comes to the agriculture sector, men and women play a very important part. It is also important to note that women’s rights are starting to be discussed and acknowledged. A lot of women are farmers and landowners who are contributing to the agriculture sector. They are important investors and stakeholders in agriculture.
That is why empowering women in agriculture is very important. Without the integration of gender equality in the making of NAIP, the improvement to the agriculture sector of a country will be very slow. The livelihood of these women will also be compromised.
NAIP is one of the ways for a country to improve its agriculture sector. There are a lot of things that need to be considered before making plans that will help a country grow in terms of agriculture. One of the things that need to be integrated within those plans is gender equality. Promoting NAIP and gender equality will improve a country’s agriculture immensely.
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For those that are digitally alert, no day passes without you hearing about Bitcoin, Onecoin, Litecoin, Ethereum, Ripple among others. This is a follow up article on an earlier one I wrote introducing blockchain and cryptocurrencies. It is helpful to first understand blockchain before diving into the world of cryptocurrencies.
What is a cryptocurrency? This is a digital currency that uses cryptography for security.
Digitally, cryptography involves creating written or generated software codes that allow information to be kept secret. It converts data into a form that is unreadable for an unauthorised user, thereby enabling it to be transmitted without fear of an unintended recipient understanding it hence enhancing its integrity.
What is a currency:
A Medium of exchange – It is a more efficient way of exchanging products and services as opposed to barter trade.
A Store of value – A mechanism by which wealth can be saved and retrieved in the future with some predictability e.g gold, silver, reserve currencies, stocks, bonds etc.
A Unit of account – A standard measurement of the value of goods, services, assets and other economic activities e.g. the value of a soda versus ten passion fruits.
A journey through history shows that we have traversed from barter trade all the way to the current paper money as depicted in this image.
Digital money has been making its mark over the past few decades. As opposed to cryptocurrency, digital money is defined as any means of payment that exists purely in electronic form. Mobile Money would be an ideal candidate in this regard. The reason it can’t be called cryptocurrency is the absence of cryptography.
Cryptocurrencies can be characterised by some or all of the following attributes;
Entirely virtual currency created by computer code.
Rely on the use of cryptography to effect highly secure transactions as well as the creation of new units of the currency.
Rely on a publicly available ledger to keep a record of transactions undertaken.
Use a wallet (defined later) to facilitate transactions.
They are highly decentralised in nature of operation as a result of most of them depending on the blockchain technology (this was covered in the previous article).
Due to the dependence on blockchain by most cryptocurrencies, transactions aren’t easily reversed once approved.
User identities are protected. The public ledger maintained never bears any detail that can uniquely identify a user.
Traditional monetary systems entail Governments issuing money which is then controlled by a Central bank eventually getting to the users through the commercial banks. This implies that there is heavy control by the issuing authority of the currency.
Enter cryptocurrencies, unlike the traditional monetary systems, they are fully decentralised with no central government control. Think about it as community generated currency though this time in a digital format. Money is what it is because people agree to it as a medium of exchange. Hence, any community of people that come together and agree to create their own currency and trade in it can validly create a currency.
Bitcoin is a cryptocurrency that uses decentralised technology for secure payments and storing money that doesn’t require banks or people’s names.
It was the first cryptocurrency to be formed in 2009 and has since gone on to be the most widely used or preferred. It has no government backing, no delays when sending money as well as minimal transaction fees if any (due to the elimination of the numerous third parties).
Some terminologies to be familiar with before we proceed are:
BTC: A common unit used to describe one bitcoin, just like one US Dollar.
Bit: There are 1,000,000 bits per bitcoin, 1 bit = 0.000001 BTC.
Bitcoin Wallet: This is where you store your bitcoins. It is a program that manages your bitcoin addresses and allows you to transact. In otherwords, it is a collection of addresses and the keys that unlock the funds within.
Bitcoin Address: Is also regarded as the public key, it is like an email address. You issue this to anyone you expect to receive payment from. Always advisable to create a new one for each transaction. You are at liberty to have as many as possible.
Private key: Every public key has a private key associated with it. It is a secret piece of data that proves your right to spend bitcoins from your wallet. Kind of like a password.
Bitcoin Client: Is the software application or web service managing your wallet and addresses. It connects a user to the Bitcoin network.
Ownership of bitcoins is established through digital keys and signatures. The keys are generated locally using the Bitcoin Client then stored in a bitcoin wallet. These keys then allow the user to sign transactions thereby providing proof of ownership of the traded bitcoins.
Be very careful who generates your private keys and where they are stored. Read more on Bitcoin security !!!!!
Types of Bitcoin Clients
Full Client: This is a client that stores the entire history of bitcoin transactions, manages the user’s wallets and can initiate transactions directly on the Bitcoin network. It never communicates the private keys and stores them locally.
Web Client: Is accessed through a web browser (kind of like Gmail) and stores the user’s wallet on a wallet owned by a third party server. It relies entirely on third party servers.
Lightweight Client: It stores the user’s wallet but relies on third party owned servers for access to bitcoin transactions and the network. Just like a full client, it stores the private keys locally.
Mobile Client: Largely used on smart phones, it can operate as a full client, lightweight client or web client. Some mobile clients can be synchronised with a web or desktop client, providing a multi-platform wallet across multiple devices, with a common source of funds.
We noted earlier that the “Keys” are very crucial towards the security of your bitcoins. How you store them is determined a lot by your choice of Bitcoin wallet and client.
Local Storage – If you have a good computer and take steps to avoid intrusion or exposure, this option is fine. However, if your computer is hacked into, crashes and you have no backups, or you forget your passwords, then most likely your private keys and bitcoins will be lost forever. You trade off convenience for security in this case.
Remote Storage – Reliance is on a third party. If their security is compromised or they act maliciously, your bitcoins are lost forever. Third party exchanges are more likely targets for intruders, when compromised, you are likely to lose your bitcoins for good. The biggest offer here is exchanging security for convenience.
Feel like getting started with Bitcoin? Get more details here.
Bitcoin’s value is increasing in leaps and bounds by the day, the cryptocurrency is gaining lot of credibility in mainstream financial circles. From Europe to Asia and the Americas, restaurants and various businesses are embracing bitcoins as a form of payment. By October 2016, there were 1,587 Bitcoin ATMs worldwide. Virgin Galactic, a Space Tourism company accepts bitcoin payments from customers. The University of Nicosia in Cyprus was the first ever such institution to accept school fees payments in bitcoins.
Over the past one year i.e. November 2016 to November 2017, the price of a bitcoin has early increased tenfold. From US$ 706 on the 14th of November 2016 to US$ 6,863 as of the 15th of November 2017.
If you want to familiarise yourself more with cryptocurrency trading, set up an account. I used Coinbase to set up mine and it gives me rates in Uganda Shillings equivalent for Bitcoin, Ethereum and Litecoin. All these are different cryptocurrencies one can trade in. The snapshot below shows that within a span of one month, the price of one bitcoin currently at UGX 25,069,624 increased by 22% reflecting a net gain of UGX 4,540,169.
You may be scared by the cost of a bitcoin being at UGX 25 Million. That shouldn’t bother you so much. You don’t have to buy an entire bitcoin to trade. Remember as earlier noted, a bitcoin is divisible into 1 million bits. This literally means that at the going rate, 1 bit costs UGX 25. So, with UGX 100,000 you could literally buy 4000 bits which is the equivalent of 0.004 bitcoins (BTC).
After getting feedback from readers about Coinbase not supporting operations in Uganda, I did some further research and came across SpectroCoin . According to the website, they have support for cryptocurrency trading in Uganda complete with Mobile Money integration allowing you to purchase as low as UGX 500/. This is not an endorsement of their service but like any other venture, I advise you to tread very carefully to avoid making mistakes.
The world is entering a phase of cryptocurrencies, much as there might be a lot of doubt cast upon this trend, the reality is that it’s a matter of time before they too gain credibility just like any other innovations that were derided in the past. Should you be considering them as a form of investment? That is another question that shall be addressed separately.
I hope this has been helpful. Feel free to ask questions in the comments section.
James Wire is a Small Business and Technology Consultant based in Kampala, Uganda
Follow @wirejames on Twitter.
Email lunghabo [at] gmail [dot] com
University of Nicosia, Msc in Digital Currency notes.
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Industrial wages were initially reported in Sociala Meddelanden, 1913–1928. From 1928 wages concerning different employment categories in the private sector (farm workers, industrial workers and white collar workers) have been reported in one and the same report series. From 1929–1952 labour statistics were contained within the Lönestatistisk årsbok, from 1953–1985 in Löner, and from 1986–1990 in Löner och sysselsättning.
Compilation methods for wages differed between sectors. In the case of agriculture, the Agricultural Societies (Hushållningssällskapen) collected summary wage information at the county level in 1865–1911, from which the SCB (Statistics Sweden) calculated a country average. In similar ways typical wages in agriculture were reported at the municipal (kommun) or district (härad) levels for the period 1911–1936. These were then aggregated to county and national levels by the Social Board (Socialstyrelsen). Already from the start in 1913, wage statistics outside of the agricultural sector were based on questionnaires that the Social Board sent to a substantial amount of employers, although information from the World War I era is only of a summary nature. The same compilation methodology was adopted by the agricultural sector in 1937. Thereafter wage statistics have been comparable between different economic sectors.
Similarly to other official statistics, wage statistics mirror society’s economic structures and administrative boundaries. Often statistical categories have been based on previous conditions and traditional values about which economic categories have been considered valuable enough to document. As society’s economic, demographic and socioeconomic structures have changed there has, with certain delay, been a reorganization of wage statistics, at which time old table formats have been abandoned, new ones appearing and others modified.
The content of labour wage statistics has also been affected by an early resistance from employers to provide wage information that could be tied to certain companies. A stand motivated by competitive business concerns. A policy to this effect was ratified by the Swedish Employers Federation (Svenska Arbetsgivareföreningen) in 1915 and wage statistics have thereafter had a more aggregated character.
Furthermore, there was among trade unions, employers associations and the Social Board a more significant interest in organizing wage statistics according to business segments and branches, rather than geographical region. Presumably employers and the unions were guided by an interest for an overview of wage statistics within the same business sector/collective agreements, whilst the Social Board was more interested in living standards for different trade and socioeconomic groups.
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Bitcoin is the first decentralized peer-to-peer payment network powered entirely by users, answering to no central authority and dependent upon no middlemen. But does it need a specific regulatory framework?
Currently the world’s most widespread alternative currency, the total market capitalisation of bitcoin in circulation is US$5,847 million.
ASIC has publicly stated that Bitcoin isn’t a financial product and therefore isn’t automatically covered under existing AFS legislation.
In its recent submission to the Financial System Inquiry, the Australian Digital Currency and Commerce Association (ADCCA) proposed the introduction of a voluntary framework under which ADCCA would assume responsibility for self-regulation of Australian digital currency users, traders and merchants. It asserts that a similar framework has operated successfully in the payments industry under the auspices of the Australian Payments Clearing Association.
Regardless of whether self-regulation is acceptable to the legislators, there are a variety of scenarios in which Bitcoin businesses would require an AFS licence. It all depends on the actual use of the Bitcoin and the intention of its users, rather than the underlying Bitcoin itself. That’s because facilities through which (or through the acquisition of which) a person makes a financial investment, manages financial risk or makes non-cash payments are all financial products.
Some examples of this are:
Non-cash payments – a person uses Bitcoin to make a payment. Because they’re not giving physical delivery of Australian or foreign currency, they’re making a ‘non cash’ payment. Depending on the size of the transactions, businesses which provide a facility for bitcoin to be used that way will likely need an AFS licence.
Bitcoin wallets – Bitcoin are often stored in a wallet. This is simply a digital storage facility; it’s not a financial product, even when non cash payments are made from the wallet.
Derivatives – financial instruments based on the value of Bitcoin, such as options, futures and contracts for difference are financial products. Businesses who issue them, advise on them or arrange for their clients to buy or sell them will need an AFS licence.
Miners – effectively, miners verify Bitcoin transactions for a fee – which happens to be paid in Bitcoin. That’s not a financial service and they’re not likely to need an AFS licence.
Why regulate Bitcoin?
Put simply Bitcoins can be stolen. Bitcoin transactions are not reversible, there are no defined terms of trade and there is price uncertainty (based on current predictions on valuation). Using Bitcoin is currently a case of ‘play at your own risk’. It’s potentially dangerous and if it’s not regulated, consumers could well pay the price – is leaving this unregulated consistent with the approach to consumer protection taken in other areas?
A key question for policy makers is who will regulate Bitcoin? If parts of it are not a financial service, then it is not under ASIC’s jurisdiction. Will those other parts then fall under ACCC jurisdiction?
Is there enough discussion about Bitcoin to warrant regulatory intervention?
Clearly the regulators in the United States think so and are already well on the way to legislate via a BitLicence. This will catch exchanges and many other parties using Bitcoin. Merchants, miners and consumers using Bitcoin to buy and sell goods and services and New York Banks will be spared.
Requirements under this legislation will be similar to the broader US financial system regulation.
The implication for our own legislators is that retaining an ad-hoc approach runs the risk that:
The fact is that Bitcoin is here to stay and is growing exponentially in size and use. Inaction or a ‘wait and see’ approach runs the risk of consumer losses leading to demands for urgent regulatory intervention that may not result in a considered approach.
While regulation would be costly, it would provide certainty, guidance and legitimacy for the Bitcoin industry, thereby enabling the development of a confident, defined market.
It’s a complicated area - so when in doubt, seek legal advice. We’re always happy to help.
Author: Claire Wivell Plater
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Wall Street is a famous street running from Broadway to South Street through lower Manhattan and also the financial district of New York City. It is the historic site of many financial institutions which became a symbol of commerce and the American economy. The President Calvin Coolidge once remarked “The business of America is business” .
New York Stock Exchange
Wall Street is the first permanent home of the New York Stock Exchange, the world’s largest stock exchange by market capitalization of its listed companies and one of the principal financial centers of the world. Some people believe that Wall Street businesses are an exclusive circle made up of the powerful, greedy and corrupt and that the interests of these big companies contrast those of smaller businesses.
Wall Street is the historic headquarters of the largest U.S. brokerages and investment banks. Many have since relocated to other areas of Manhattan and the United States. Several major U.S. stock and other exchanges still have headquarters on in the Financial District including the NYSE, NASDAQ, AMEX, NYMEX, and NYBOT.
In March, 1792, twenty-four of New York City’s leading merchants met secretly at Corre’s Hotel and signed a document named the Buttonwood Agreement which called for the signers to trade securities only among themselves, to set trading fees, and not to participate in other auctions of securities. These twenty-four men had founded what was to become the New York Stock Exchange. The Exchange would later be located at 11 Wall Street. Wall Street name comes from the wooden wall Dutch colonists built in this area in 1653 to defend themselves from the British and Native Americans.
The first stock exchange in America was actually founded in Philadelphia in 1790. New York Stock and Exchange Board was formally organized on March 8, 1817. At that time a seat on the exchange cost $25, in 1827 it increased to $100, and in 1848 the price was $400. Members wore top hats and swallowtail coats.
The early 1900s saw the rise of huge fortunes made on Wall Street. In 1901 J.P. Morgan astounded Wall Street by creating a billion dollar merger resulting in the U.S. Steel Corporation. In 1907 a wave of panic hit Wall Street. Eight hundred million dollars in securities were unloaded within a few months. Stock prices plummeted and runs on banks became a daily occurence.
In 1929 stock prices were pushed up beyond the actual worth of the companies , 400% higher than they had been in 1924. The Insiders had made their fortunes and could no longer sustain the con, so the entire market fell apart. Some brokers and investors jumped out of their office windows. The 1929 crash hit the U.S. even harder than the one that was to come in 1987. The fallout from the ’29 crash devastated the country, leading to a long-time economic collapse and depression that was to continue until the start of the Second World War in 1941.
The Wall Street crash from 1987 also called the Black Monday occurred when Dow Jones fell an astounding 508 points . The crash was created by the same Insider specialist group who control every facet of the stock market for their own profit.The stock market is an essential, positive ingredient in its essence, and has become malicious only because some people have taken control of it to make fortunes .
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It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out.
As part of that ongoing effort, it has settled upon certain “averages” of what constitutes reasonable personal living expenses. When making an assessment in the course of examining your tax affairs, one of the tools that the ATO may employ is its set of average living expense guidelines.
These standards of living expenses are also there to help the ATO determine (in the absence of more obvious signals, such as blatant mis-statements in a return) if there is a need to consider auditing a certain taxpayer’s tax affairs.
The guidelines are presented in the form of questionnaire worksheets, where taxpayers are asked certain details about the living expenses of their household. There are two worksheets; a concise one and a more detailed comprehensive worksheet. Each outlines what the ATO will generally look at when examining a taxpayer’s personal living expenses.
The ATO worksheets can also be useful in helping us to review the accuracy and completeness of your record keeping. The ATO says they can also be used at any time to:
- compare your household income to expenses, and assess if your declared income is enough to support your actual lifestyle
- review your record-keeping
- make adjustments to your reported income
- help in considerations of whether making a voluntary disclosure is necessary.
The concise personal living expenses worksheet reveals a snap-shot of household incomings and outgoings. Significant outgoings only are deducted from income and the remaining amount needs to be enough to cover your other household expenses.
The comprehensive worksheet provides an in-depth analysis of all household incomings and outgoings. By comparing annual household funds and expenditure you can self-assess whether your declared income is enough to support your actual lifestyle.
Ask us for copies if you would like to use these worksheets. Or you can access the worksheet here Cash economy living expenses
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