Ted Cruzs Net Worth

Ted Cruzs net worth is about $3.6 million, according to an analysis of the personal financial disclosures he has filed with the U.S. Senate. The Republican from Texas, who aspires to be president of the United States, lists more than 30 assets that, combined, are worth at least $2.2 million and as much as $4.9 million. It is difficult to provide an exact value for Ted Cruzs net worth because members of the Senate are required only to disclose estimates of their holdings. The $3.6 million figure represents an average of minimum and maximum values of his assets in 2016. Though Cruzs net worth well exceeds  the $69,000 net worth of the average American household in the United States, it by no means makes him the wealthiest member  of Congress. A  Center for Responsive Politics analysis  ranked Cruz 41th wealthiest among the U.S. Senates 100 members in 2015. Cruz was ranked 144th among all members of the House and Senate who filed personal financial disclosures for the 2013 calendar year, according to Roll Call.   Among Cruzs earnings in 2016 was advance from book publisher HarperCollins for more than $271,000, according to his personal financial disclosure form for that year, which is publicly available through the U.S. Senate. Cruzs Net Worth Becomes a Campaign Issue Cruzs net worth  became the subject of discussion during his 2012 campaign for U.S. Senate when he and his wife, Heidi, dropped their entire savings of $1.2 million into that election.  Ã¢â‚¬Å"Sweetheart, I’d like us to liquidate our entire net worth, liquid net worth, and put it into the campaign,† Cruz said, recounting his conversation for The New York Times in October 2013.  Ã¢â‚¬Å"What astonished me, then and now, was Heidi within 60 seconds said, ‘Absolutely,’ with no hesitation. Despite his status as a millionaire and his position in the wealthiest top-third of Congress, Cruz has been a vocal critic of growing gap between the richest and poorest Americans and bemoaned the fall of the middle class. Responding to Obamas State of the Union speech in 2015, he said: The facts are were facing right now a divided America when it comes to the economy. Its true that the top one percent are doing great under Barack Obama. Today, the top one percent earn a higher share of our national income than any year since 1928. The sad reality is, with big government, under the Obama administration, the rich and powerful, those who walked the corridor of power in the Obama administration have gotten fat and happy. But working men and women across this country, we have the lowest labor force participation since 1978 the reason the unemployment rate keeps falling is millions of people keep dropping out of the work force all together. Comparison to Hillary Clinton and Barack Obama Cruz sought the Republican presidential nomination in 2016. His net worth paled in comparison to that of reported billionaire Donald Trump, who ultimately won the nomination and the presidency. Cruz was also worth less than former U.S. Sen. and  onetime Secretary of State Hillary Clinton. At the time,  Clinton was is worth at least $5.2 million and as much as $25.5 million, according to personal financial disclosures she filed in 2012.   Cruz Made Money As a Private Practice and Government Lawyer Before Cruz entered the  Senate in 2013 he served in statewide office in Texas, as solicitor general. He served in that capacity from 2003 until May of 2008. During  that time he also  taught U.S. Supreme Court Litigation as an adjunct law professor of Law at the University of Texas School of Law. From 2001 to 2003, Cruz worked as the director of the Office of Policy Planning at the Federal Trade Commission and  as and associate deputy attorney general at the U.S. Department of Justice. He was in private practice before that.Cruzs wife is a managing director at the investment firm Goldman Sachs. Ted Cruzs Salary and Investments As a member of the U.S. Senate, Cruz is paid a base salary of $174,000. He is invested heavily in the oil and gas industries, and holds dozens of other securities and investments, according to the Center for Responsive Politics.

Factors That Affect Individual Happiness - 1623 Words

Task 1 (a) Discuss the extent to which the following factors affect individual happiness. You must write about at least three of these factors. Please choose from: social class, historical legacy, education, social relationships, money, attitude, behaviour or work. (b) What effect do the four selected factors of attitude, behaviour, social class and money have on individual happiness? Task 2 Essay task question: Discuss the extent to which the following factors affect individual happiness. You must write about at least three of these factors. Please choose from: social class, historical legacy, education, social relationships, money, attitude, behaviour or work. Thesis statement: This essay will argue that the effect of conventional approaches to attitude, behaviour, social class and money, that exist within society, leads to less individual happiness, rather than more. Topic sentence 1: A common attitude towards happiness that exists within society, is that happiness must be continuously maintained, no matter the circumstances, if individuals want to remain happy. 1(a) Trying to be continuously happy is actually having the opposite effect (Bastian). 1(b) Bastian’s research results regarding social expectancies not to feel sad. 1(c) Einarsdà ³ttir’s research into staff in a neonatal intensive unit, that indicated they are still happy, despite the negative aspects of their work. Topic sentence 2: An individual’s behaviour is affected by their pursuit of success and theShow MoreRelatedHuman Beings and Happiness Essay1540 Words   |  7 PagesHappiness is a major concern for human beings, and it comes as no surprise that history has yielded many explorations as to what happiness is, and how it can be achieved. These explorations of happiness can be traced back to the philosophical inquiries of classical times, to today’s psychological studies on happiness. While happiness itself is generally difficult to precisely define, the operational definition of happiness relates to what is known as subjective well-being (SWB). In psychologicalRead MoreSexual Activities And The Relation Between Frequency Of Sex And Happiness1737 Words   |  7 Pagesrelation between frequency of sex and happiness. Does more sex lead to greater happiness? Although this looks like a simple question at first, it has been the center of numerous studies and debates for many ye ars, and it is proven to be a complex and often fascinating matter to be investigated. 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The men who founded the United States of America in the late 18th century listed these three values as â€Å"unalienable rights† for the citizens of the new nation they were forming. In a recent study looking at the pursuit of happiness, Lyubomirsky, Sheldon, and Schkade state, â€Å"If it is meaningful and important to pursue happiness, then it is crucial to find out how this can be accomplished†Read MorePositive Interventions: Happiness Attained from Acts of Kindness and Gratitude1471 Words   |  6 Pageshave a positive effect on happiness as measured by self-esteem. Further, it was predicted that differences would be observed based on several factors: experimental condition, gender, and religious commitment. Participants (N=30) from a large, northeastern, urban university participated in an experiment in which positive interventions were performed daily for one week. Pre-test and post-test measures of happiness were obtained. The findings confirmed an increase in happiness following both interventionsRead More Stress Affects Everybody Differently Essay1128 Words   |  5 PagesWhy Stress Affects Everybody Differently The word stress technically refers only to how our body reacts to stressors, different external inputs. Many stressors are not inherently stressful. There are conscious and unconscious things that occur in our inner world that determine whether a stressor in the external world will trigger our stress response, called mediating responses and moderating factors. (1) Some stress is good for us and motivates us. But signs that stress has gone tooRead More‘Happiness, or subjective well-being (SWB) is a biopsychosocial phenomenon.’1084 Words   |  5 Pagesand discuss the concepts of ‘positive psychology’, of ‘happiness’, which is synonymous with subjective well-being (SWB); of ‘the architecture of sustainable happiness’; and the biopsychosocial model. I aim to demonstrate that SWB is a multifaceted and can only be understood by investigating biological, psychological and social factors and their interdependence to construct a holistic model. I will provide examples of these different factors and their interdependence and explain why the biopsychosocialRead MoreThe Role Of Happiness In Ernest HemingwaysThe Sun Also Rises1343 Words   |  6 Pagesradical shift in interactions affects the means of achieving a happy life. Within academia, happiness is described as a sense o f well-being and is generally associated with a combination of one’s state of mind and genetics (Lyubomirsky). These genetic effects are culminated in the term â€Å"happiness set point†, a natural proclivity towards a certain level of happiness. Today, both common people and academics debate over the relative effect of social media on happiness. 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Shadow Kiss Chapter 6 Free Essays

string(63) " so that his face was in my line of sight, almost beside hers\." SIX THERE HAD ONLY BEEN THREE other witnesses to what had happened out on the quad. Yet, unsurprisingly, everyone seemed to know about it when I returned to the commons later on. Classes were done, but plenty of students moved about in the corridors, off to study or retake tests or whatever. We will write a custom essay sample on Shadow Kiss Chapter 6 or any similar topic only for you Order Now They tried to hide their glances and whispers, but they didn’t do a very good job. Those who made eye contact with me either gave me tight-lipped smiles or immediately looked away. Wonderful. With no psychic link to Christian, I had no clue where to find him. I could sense that Lissa was in the library and figured that would be a good place to start looking. On my way there, I heard a guy’s voice call out behind me. â€Å"Took things a bit far, didn’t you?† I turned around and saw Ryan and Camille walking several steps back. If I’d been a guy, the appropriate response would have been, â€Å"You mean with your mom?† Because I was not a guy, though, and because I had manners, I just said, â€Å"Don’t know what you’re talking about.† Ryan hurried to catch up with me. â€Å"You know exactly what I mean. With Christian. I heard that when Stan attacked, you were just like, ‘Here, take him,’ and walked away.† â€Å"Oh good God,† I groaned. It was bad enough when everyone was talking about you, but why did the stories always end up changing? â€Å"That is not what happened.† â€Å"Oh yeah?† he asked. â€Å"Then why did you get called in to see Alberta?† â€Å"Look,† I said, not feeling so well mannered anymore, â€Å"I just messed up the attack†¦you know, kind of like you did earlier when you weren’t paying attention in the hall?† â€Å"Hey,† he said, flushing slightly. â€Å"I ended up getting in on that – I did my part.† â€Å"Is that what they’re calling getting killed nowadays?† â€Å"At least I wasn’t a whiny bitch who refused to fight.† I had just about calmed down after speaking with Dimitri, but now my temper was rising already. It was like a thermometer ready to burst. â€Å"You know, maybe instead of criticizing others, you should pay more attention to your own guardian duties.† I nodded toward Camille. She had thus far been quiet, but her face showed me she was eating all of this up. Ryan shrugged. â€Å"I can do both. Shane’s farther behind us, and the area ahead is clear. No doors. Easy.† He patted Camille’s shoulder. â€Å"She’s safe.† â€Å"It’s an easy place to secure. You wouldn’t do so well in the real world with real Strigoi.† His smile faded. Anger glinted in his eyes. â€Å"Right. The way I hear it, you didn’t do such a great job out there either, at least not as far as Mason was concerned.† Taunting over what had happened with Stan and Christian was one thing. But implying that I was at fault for Mason’s death? Unacceptable. I was the one who’d kept Lissa safe for two years in the human world. I was the one who had killed two Strigoi in Spokane. I was the only novice at this school with molnija marks, the little tattoos given to guardians to mark Strigoi kills. I’d known there had been some whispers about what had happened to Mason, but no one had ever actually said anything to me. The thought of Ryan or anyone else thinking I was to blame for Mason dying was too much. I blamed myself plenty enough already without their help. The thermometer broke. In one smooth motion, I reached past him, grabbed Camille, and swung her up against the wall. I hadn’t thrown her hard enough to hurt her, but she was clearly startled. Her eyes widened in shock, and I used my forearm to pin her, pressing it against her throat. â€Å"What are you doing?† exclaimed Ryan, peering back and forth between our faces. I shifted my stance slightly, still keeping the pressure on Camille. â€Å"Furthering your education,† I said pleasantly. â€Å"Sometimes places aren’t as easy to secure as you think.† â€Å"You’re crazy! You can’t hurt a Moroi. If the guardians find out – â€Å" â€Å"I’m not,† I argued. I glanced toward her. â€Å"Am I hurting you? Are you in extreme pain?† There was a hesitation; then she gave as much of a shake of her head as she could manage. â€Å"Are you uncomfortable?† A small nod. â€Å"See?† I told Ryan. â€Å"Discomfort isn’t the same thing as pain.† â€Å"You’re insane. Let her go.† â€Å"I’m not done, Ry. Pay attention because here’s the point: Danger can come from anywhere. Not just Strigoi – or guardians dressed up like Strigoi. Keep acting like an arrogant asshole who thinks he knows everything† – I pressed my arm in a little harder, still not enough to affect her breathing or cause real pain – â€Å"and you miss things. And those things can kill your Moroi.† â€Å"Okay, okay. Whatever. Please, stop it,† he said. His voice wavered. There was no more attitude. â€Å"You’re scaring her.† â€Å"I’d be scared too, if my life was in your hands.† The scent of cloves alerted me to Adrian’s presence. I also knew that Shane and a few others had come to watch. The other novices looked uncertain, like they wanted to pry me off but were afraid of getting Camille hurt. I knew I should let her go, but Ryan had just made me so angry. I needed to prove a point to him. I needed to get him back. And really, I didn’t even feel sorry for Camille either since I was sure she’d done her fair share of gossiping about me too. â€Å"This is fascinating,† said Adrian, his voice as lazy as usual. â€Å"But I think you’ve made your point.† â€Å"I don’t know,† I said. The tone of my voice managed to be both sweet and menacing at the same time. â€Å"I still don’t think Ryan gets it.† â€Å"For God’s sake, Rose! I get it,† cried Ryan. â€Å"Just let her go.† Adrian moved around me, going over to stand beside Camille. She and I were pressed close together, but he managed to squeeze in so that his face was in my line of sight, almost beside hers. You read "Shadow Kiss Chapter 6" in category "Essay examples" He wore that goofy smirk he normally had, but there was something serious in his dark green eyes. â€Å"Yes, little dhampir. Let her go. You’re done here.† I wanted to tell Adrian to get away from me, that I would be the one to say when this was finished. Somehow, I couldn’t get the words out. A part of me was enraged at his interference. The other part of me thought he sounded†¦reasonable. â€Å"Let her go,† he repeated. My eyes were all over Adrian now, not Camille. Suddenly, all of me decided he sounded reasonable. Completely reasonable. I needed to let her go. I moved my arm and stepped away. With a gulp, Camille darted behind Ryan, using him like a shield. I saw now that she was on the verge of tears. Ryan simply looked stunned. Adrian straightened up and made a dismissive gesture toward Ryan. â€Å"I’d get out of here – before you really annoy Rose.† Ryan, Camille, and the others slowly backed off from us. Adrian put his arm around me and hurried me away toward the library. I felt weird, kind of like I was waking up, but then, with each step, things grew clearer and clearer. I pushed his arm off me and jerked away. â€Å"You just used compulsion on me!† I exclaimed. â€Å"You made me let her go.† â€Å"Someone needed to. You looked like you were seconds away from strangling her.† â€Å"I wasn’t. And I wouldn’t have.† I pushed open the library door. â€Å"You had no right to do that to me. No right at all.† Compulsion – making people do what you wanted – was a skill all vampires had to a very small degree. Using it was considered immoral, and most couldn’t control it well enough to do any real damage. Spirit strengthened the ability, however, making both Adrian and Lissa very dangerous. â€Å"And you had no right to tackle some poor girl in the hall just to soothe your own hurt pride.† â€Å"Ryan had no right to say those things.† â€Å"I don’t even know what ‘those things’ are, but unless I’ve misjudged your age, you’re too old to be throwing a tantrum over idle gossip.† â€Å"Throwing a – â€Å" My words fell short as we reached Lissa working at a table. Her face and feelings told me trouble was coming. Eddie stood a couple feet away from her, leaning against a wall and watching the room. His eyes widened when he saw me, but he didn’t say anything at my approach. I slid into the chair opposite Lissa. â€Å"Hey.† She looked up and sighed, then returned her attention to the textbook open in front of her. â€Å"I wondered when you’d turn up,† she said. â€Å"Did you get suspended?† Her words were calm and polite, but I could read her underlying feelings. Annoyed. Even a little angry. â€Å"Not this time,† I said. â€Å"Just got stuck with community service.† She said nothing, but the irate mood I sensed through the bond remained unchanged. Now I sighed. â€Å"Okay, talk to me, Liss. I know you’re mad.† Adrian looked at me, then her, and then me again. â€Å"I feel like I’m missing something here.† â€Å"Oh, great,† I said. â€Å"You went and busted up my fight and didn’t even know what it was about.† â€Å"Fight?† asked Lissa, confusion joining her anger. â€Å"What happened?† repeated Adrian. I nodded to Lissa. â€Å"Go ahead, tell him.† â€Å"Rose got tested earlier and refused to protect Christian.† She shook her head, exasperated, and fixed me with an accusatory glare. â€Å"I can’t believe you’re seriously still mad enough to do something like that to him. It’s childish.† Lissa had jumped to the same conclusions as the guardians. I sighed. â€Å"I didn’t do it on purpose! I just sat through a whole hearing on this crap and told them the same thing.† â€Å"Then what happened?† she demanded. â€Å"Why did you do it?† I hesitated, unsure what to say. My reluctance to talk didn’t even have anything to do with Adrian and Eddie overhearing – though I certainly didn’t want them to. The problem was more complex. Dimitri had been right – there were people I could trust, and two of them I trusted unconditionally: him and Lissa. I’d already held back from telling him the truth. Would I – could I – do the same with her? Although she was mad, I knew without a doubt that Lissa would always support me and be there for me. But just like with Dimitri, I balked at the idea of telling my ghost story. Also just like with Dimitri, it left me in the same bind: crazy or incompetent? Through our bond, I felt her mind, pure and clear. There was no taint, no darkness, or sign of madness – and yet, something tingled in the background. A slight stirring. Antidepressants took awhile to fully get into and out of one’s system, but her magic was already waking up after one day. I thought back to my ghostly encounters, dredging up the memory of that sad, translucent Mason. How could I even begin to explain that to her? How could I bring up something as weird and fantastic as that when she’d been trying so hard to get a little normality in her life and now faced the challenge of getting her magic under control? No, I realized. I couldn’t tell her. Not yet – especially when it suddenly occurred to me that there was still something else big I needed to let her know about. â€Å"I froze,† I said finally. â€Å"It’s stupid. I’d been so cocky about being able to take out anyone, and then Stan †¦Ã¢â‚¬  I shrugged. â€Å"I don’t know. I just couldn’t react. It†¦ it’s really embarrassing. And him of all people.† Lissa studied me intently, looking for any sign of dishonesty. It hurt to think that she’d mistrust me, except†¦well, I was actually lying. As I’d told Dimitri, though, I could be a good liar when I wanted to be. Lissa couldn’t tell. â€Å"I wish I could read your mind,† she mused. â€Å"Come on,† I said. â€Å"You know me. Do you really think I’d do this? Abandon Christian and make myself look stupid on purpose just to get back at my teachers?† â€Å"No,† she said finally. â€Å"You’d probably do it in a way where you wouldn’t get caught.† â€Å"Dimitri said the same thing,† I grumbled. â€Å"I’m glad everyone has so much faith in me.† â€Å"We do,† she countered. â€Å"That’s why all of this is so weird.† â€Å"Even I make mistakes.† I put on my brash, overconfident face. â€Å"I know it’s hard to believe – kind of surprises me myself – but I guess it has to happen. It’s probably some kind of karmic way to balance out the universe. Otherwise, it wouldn’t be fair to have one person so full of awesomeness.† Adrian, blessedly silent for a change, was watching the two of us talk, much as one would look back and forth at a tennis match. His eyes were narrowed slightly, and I suspected he was studying our auras. Lissa rolled her eyes, but fortunately, the anger I’d felt earlier lightened. She believed me. Her gaze then lifted from my face to someone beyond me. I felt the happy, golden emotions that signaled Christian’s presence. â€Å"My loyal bodyguard returns,† he declared, pulling up a chair. He glanced at Lissa. â€Å"Are you done yet?† â€Å"Done with what?† she asked. He inclined his head toward me. â€Å"Giving her a hard time about how she threw me into the deadly clutches of Alto.† Lissa blushed. She was already feeling a little bad about jumping on me, now that I’d defended myself sufficiently. Christian’s flippant, knowing observation just made her feel more foolish. â€Å"We were just talking about it, that’s all.† Adrian yawned and slouched back in his chair. â€Å"Actually, I think I’ve figured it all out. This was a scam, wasn’t it? A scam to scare me off since I’m always talking about you being my guardian. You thought if you pretended to be a bad guardian, I wouldn’t want you. Well, it’s not going to work, so there’s no point in risking anyone else’s life.† I was grateful he didn’t mention the incident in the hall. Ryan had absolutely been out of line, but as more time passed, it became harder and harder for me to believe I’d snapped like that. It was like something that had happened to someone else, something that I’d simply been watching. Of course, I seemed to be snapping over everything lately. I’d been mad about getting Christian, mad about the guardians’ accusation, mad about – Oh, right. It was probably time for me to drop the bomb. â€Å"So, um †¦ there’s something you guys should know.† Four sets of eyes – even Eddie’s – turned to me. â€Å"What’s wrong?† asked Lissa. There was really no easy way to tell them, so I just pushed forward. â€Å"Well, it turns out that Victor Dashkov was never found guilty of what he did to us. He’s just been locked up. But they’re finally going to have an official trial – in another week or so.† Lissa’s reaction to hearing his name was similar to mine. Shock shot through the bond, followed immediately by fear. A slide show of images flashed through her mind. The way Victor’s sick game had made her question her sanity. The torture his henchman had subjected her to. The bloody state she’d found Christian in after he’d been attacked by Victor’s hounds. She clenched her fists on the table, knuckles going white. Christian couldn’t sense her reaction the way I could, but he didn’t need to. He moved his hand over hers. She barely noticed. â€Å"But†¦ but†¦Ã¢â‚¬  She took a deep, steadying breath, fighting to stay calm. â€Å"How could he not be guilty already? Everyone knows†¦. They all saw†¦.† â€Å"It’s the law. They supposedly have to give him a fighting chance.† There was confusion all over her, and slowly, she came to the same realization that I had last night with Dimitri. â€Å"So†¦wait†¦ are you saying there’s a chance they might not find him guilty?† I looked into her wide, frightened eyes and couldn’t bring myself to tell her. Apparently, my face said it all. Christian slammed his fist against the table. â€Å"This is bullshit.† Several people at other tables glanced over at his outburst. â€Å"This is politics,† said Adrian. â€Å"People in power never have to play by the same rules.† â€Å"But he nearly killed Rose and Christian!† cried Lissa. â€Å"And he kidnapped me! How can there be any question?† Lissa’s emotions were all over the place. Fear. Sorrow. Anger. Outrage. Confusion. Helplessness. I didn’t want her delving into those dark feelings and hoped desperately that she’d grow calm again. Slowly, steadily, she did – but then I started getting angry again. It was like Ryan all over. â€Å"It’s a formality, I’m sure,† said Adrian. â€Å"When all the evidence is in, there probably isn’t going to be much of a debate.† â€Å"That’s the thing,† I said bitterly. â€Å"They’re not going to have all the evidence. We aren’t allowed to go.† â€Å"What?† exclaimed Christian. â€Å"Then who’s testifying?† â€Å"The other guardians who were there. We apparently can’t be trusted to keep the whole thing quiet. The queen doesn’t want the world to know that one of her precious royals might have done something wrong.† Lissa didn’t seem to take offense at me trashing royals. â€Å"But we’re the reason he’s on trial.† Christian stood up, glancing around as though Victor might be in the library. â€Å"I’m going to go take care of this right now.† â€Å"Sure,† said Adrian. â€Å"I bet going in there and kicking down the door will change their minds. Take Rose with you, and you guys’ll make a really good impression.† â€Å"Yeah?† asked Christian, clenching the back of his chair and fixing Adrian with a stormy glare. â€Å"You have a better idea?† Lissa’s calmness began to waver again. â€Å"If Victor was free, would he come after us again?† â€Å"If he gets loose again, he won’t stay that way for long,† I said. â€Å"I’ll make sure of it.† â€Å"Careful there,† said Adrian. He seemed to find all of this funny. â€Å"Even you couldn’t get away with a royal assassination.† I started to tell him that I’d practice on him first, but then Eddie’s sharp voice interrupted my thoughts. â€Å"Rose.† Instinct born from years of training instantly kicked into place. I looked up and immediately saw what he’d noticed. Emil had just entered the library and was scanning for novices, taking notes. I shot up out of my chair, taking a position not far from Eddie that gave me a view of Christian and most of the library. Damn it. I had to get a grip, or I’d end up proving Ryan right. Between my brawl in the hall and now this Victor thing, I was completely neglecting my guardian duties. I might not even need Mason to fail this. Emil hadn’t seen me sitting and socializing. He strolled by, glanced at us, and made a few notes before heading off to scout the rest of the library. Relieved at escaping my close call, I tried to gain control of myself. It was hard. That black mood had seized me again, and listening to Lissa and Christian rage over Victor’s trial wasn’t really helping me relax. I wanted to go over there and weigh in. I wanted to yell and rant and share my own frustration. But that wasn’t a luxury I had as a guardian. My first duty was to protect Moroi and not give into my own impulses. Over and over, I repeated the guardian mantra: They come first. Those words were really starting to annoy me. How to cite Shadow Kiss Chapter 6, Essay examples

International Finance Exchange Rate Analysis

Question: Describe about the difference between the interest rates of two nations is same as the difference between the forward exchange rate and spot exchange rate (Baker Riddick, 2013)? Answer: Exchange Rate Analysis Interest Rate Parity The theory of interest rate parity describes that the difference between the interest rates of two nations is same as the difference between the forward exchange rate and spot exchange rate (Baker Riddick, 2013). In foreign currency market, the role of interest rate parity is very much important. According to IRP, there is no arbitrage possibility in the market (Bishop, 2004). It does not matter that investor invest the money in home market or in the foreign market because the investor will get same return. Example: There are two options available for the investment in interest rate parity. One is domestic investment and another is foreign investment (Choi, 2003). Suppose, the amount of 2000 is available for the investment and the time period is one year. The spot exchange rate between U.S.A and Euro is $1. 2245/ In case of domestic investment, The rate of return is 3% for one year. The value of investment in US dollar = 2000 1.2245 = $ 2449 If the amount is invested in domestic market, the return will be: $ 2449 + ($ 2449 3%) = $2522.47 In case of foreign investment Suppose the amount is invested in Euro market at the rate of 5 % for one year. The forward exchange rate for one year is $1.20025/. So, the return = 2000 + (2000 5%) = 2100 Then, it is required to convert in US currency. So, the return in US currency = 2100 1.20025 = 2520.52 Therefore, it is observed that there is no arbitrage option from the investment even it is invested in foreign market. Purchasing Power Parity This theory implies that there is required to adjust the exchange rate between nations to make the currency value at par in regards to the purchasing power of individual nation (Eun, Resnick Sabherwal, 2012). This theory is used for comparing the income level of different nations. If the exchange rate is adjusted, the price of same will be same when it converted in a one currency. Example: Suppose the cost of a pen in Euro market is 3.6 and in US market is $3. Then the adjustment of cost between Euro market and US market is (3.6/3) i.e. 1.2. So, to spend one dollar in pen, it would have to spend 1.2 for obtaining the same quantity and quality pen. The mentioned theories cover the exchange rate and shows there is no arbitrage possibility. It will be better to use the theories altogether for getting better results. Forecasting Exchange Rate Purchasing Power Parity Method This method is very much popular method for forecasting the exchange rate. PPP approach follows the law that the price of a same product will be same if it is converted in one currency (Kirton, 2009). There will be no extra earning if on product is sold in one country after buying from another country at a cheap. According to the underlying principle, it helps to estimate that the exchange rate would change to offset prices changes for the impact of inflation (Levi, 2009). Suppose it is expected that the price of U.S. may increase by 5% over the upcoming year. On the other hand, it is expected that the price in Euro market will increase by just 3%. So, the difference in inflation rate between the two nations is 2%. It indicates that the increasing rate in price of U.S. is higher than the price of Euro. In such condition, PPP approach implies that it is required to depreciate the US dollar currency by 2% to make remain the prices of both nations equal. If the exchange rate between the US dollar is $1.25/. Then the forecast according to PPP will be as follows: (1+0.02) ($1.25/.) = $ 1.275/ That means it has to bear $1.275 to buy the one Euro. Economic Models Economic models is the another model which is based on the movement of specific currency and used to forecast the exchange rates (McKnight, 2008). In this model, the factors are used on the basis of economic theory. If there is any influence by any other variable can be included in the model. Suppose the forecast will be between US dollar and Euro for the upcoming year. The most influential factors are included in the model related to exchange rate. The factors are difference between two nations, difference rate between growth rates of GDP of two nations and difference between growth rates of two nations. The forecast by this model can be done as follows: US $ / Euro (1 year) = z + a(interest rate differential) + b(GDP) + c(income growth rate) Forecast can be generated only by putting all the values. a, b and c are the coefficient of how much exchange rate affected by the certain factor. This model is very complex to use and it also take so much time. Exchange Rate Exposure Transaction Exposure The risk related to exchange arises in case of MNC. MNC company operates the business all over the word. Exchange rate influences the business transaction between the different countries. Transaction exposure is one kind of risk. If the company has the obligation to pay or receive payment denominated in foreign currency in future, the risk arises due to fluctuation of exchange rate (Robin, 2011). The nature of transaction exposure is short-term to middle-term. Translation Exposure This exposure is related with the changes in financial statement due to fluctuation in foreign currency. MNC has subsidiaries in different countries in the world. All the subsidiaries formulate their statement according to their currency. When the statement is converted to the MNC currency, the figures of statement become affected by the fluctuation of currency (Melvin Norrbin, 2013). The nature of this kind of exposure is middle-term to long-term. Economic Exposure This exposure arises due to unexpected fluctuation in currency (Haites, 2013). The future cash flows of the organization get affected by this exposure. It also influences the market value. The nature of this kind of exposure is long-term. The competitive position of the organization can be affected by the unexpected changes in exchange rate. Unexpected change means difficult to estimate the exchange rate and economic exposure is very hard to mitigate rather than the others two exposures. Mitigation of Exposure The exposure risk can mitigated through several hedging the foreign currency exposure. Company can prevent the negative effect through hedging the foreign currency. There so many types of hedging techniques which can be followed to mitigate the risk such as forward contract, call and put options, cross hedging, money market hedge and interest rate swaps, etc. If the forward contracts can be applied the buying and selling can be done ate fixed rate on a prescribed future date. The volatility of the foreign currency cannot create effect on the future transaction by going to a forward contract. Foreign currency option protects from the opposite movement of exchange rate and the investor can get benefitted from favorable movements. The advantage of option is that it does to give obligation rather it gives right to buy or sale. Suppose ABC Ltd purchases goods from Norwegian on 1st March 2015. The price payable is NOK 2 million on 30th April 2015. The exchange rate at 1st March is NOK 11.60/. On 1st March 2015, the organization goes for a forward contract for purchasing the goods from Norwegian. The forward rate is NOK 11.90/. So at time of delivery of goods, the company has to pay 168067 whatever the spot rate reflects. References Baker, H., Riddick, L. (2013). International finance : a survey. Oxford: Oxford University Press. Bishop, E. (2004). Finance of international trade. Amsterdam: Elsevier. Choi, F. (2003). International finance and accounting handbook. Hoboken, N.J.: J. Wiley. Eun, C., Resnick, B., Sabherwal, S. (2012). International finance. New York: McGraw-Hill Irwin. Haites, E. (2013). International climate finance. London: Routledge, Taylor Francis Group, Earthscan from Routledge. Kirton, J. (2009). International finance. Aldershot: Ashgate. Levi, M. (2009). International finance. London: Routledge. McKnight, A. (2008). The law of international finance. Oxford: Oxford University Press. Melvin, M., Norrbin, S. (2013). International money and finance. Boston: Elsevier Press. Robin, J. (2011). International corporate finance. New York, NY: McGraw-Hill Irwin.

Abraham Lincolns Historical Thanksgiving Proclamation

Abraham Lincoln's Historical Thanksgiving Proclamation Thanksgiving did not become a national holiday in the United States until the fall of 1863  when President Abraham Lincoln issued a proclamation declaring that the last Thursday in November would be a day of national thanksgiving. While Lincoln issued the proclamation, credit for making Thanksgiving a national holiday should go to Sarah Josepha  Hale, the editor of Godeys Ladys Book, a popular magazine for women in 19th century America. Hales Campaign for Thanksgiving Hale, who campaigned for years to make Thanksgiving a nationally observed holiday, wrote to Lincoln on September 28, 1863, and urged him to issue a proclamation. Hale mentioned in her letter that having such a national day of Thanksgiving would establish a great Union Festival of America. With the United States in the depths of the Civil War, perhaps Lincoln was attracted to the idea of a holiday unifying the nation. At that time Lincoln was also contemplating delivering an address on the purpose of the war which would become the Gettysburg Address. Lincoln wrote a proclamation, which was issued on October 3, 1863. The New York Times published a copy of the proclamation two days later. The idea seemed to catch on, and the northern states celebrated Thanksgiving on the date noted in Lincolns proclamation, the last Thursday in November, which fell on November 26, 1863. Lincolns Thanksgiving Proclamation The text of Lincolns 1863 Thanksgiving proclamation follows: October 3, 1863By the President of the United StatesA ProclamationThe year that is drawing toward its close has been filled with the blessings of fruitful fields and healthful skies. To these bounties, which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added, which are of so extraordinary a nature that they cannot fail to penetrate and soften the heart which is habitually insensible to the ever-watchful providence of Almighty God.In the midst of a civil war of unequaled magnitude and severity, which has sometimes seemed to foreign states to invite and provoke their aggressions, peace has been preserved with all nations, order has been maintained, the laws have been respected and obeyed, and harmony has prevailed everywhere, except in the theater of military conflict; while that theater has been greatly contracted by the advancing armies and navies of the Union.Needful diversions of wealth and of strength from the fields of pe aceful industry to the national defense have not arrested the plow, the shuttle, or the ship; the ax has enlarged the borders of our settlements, and the mines, as well of iron and coal as of the precious metals, have yielded even more abundantly than heretofore. Population has steadily increased, notwithstanding the waste that has been made in the camp, the siege, and the battlefield, and the country, rejoicing in the consciousness of augmented strength and vigor, is permitted to expect continuance of years with large increase of freedom.No human counsel hath devised, nor hath any mortal hand worked out these great things. They are the gracious gifts of the Most High God, who while dealing with us in anger for our sins, hath nevertheless remembered mercy.It has seemed to me fit and proper that they should be solemnly, reverently, and gratefully acknowledged as with one heart and one voice by the whole American people. I do, therefore, invite my fellow-citizens in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next as a Day of Thanksgiving and Praise to our beneficent Father who dwelleth in the heavens. And I recommend to them that, while offering up the ascriptions justly due to Him for such singular deliverances and blessings, they do also, with humble penitence for our national perverseness and disobedience, commend to His tender care all those who have become widows, orphans, mourners, or sufferers in the lamentable civil strife in which we are unavoidably engaged, and fervently implore the interposition of the Almighty hand to heal the wounds of the nation, and to restore it, as soon as may be consistent with the Divine purposes, to the full enjoyment of peace, harmony, tranquility, and union.In testimony whereof, I have hereunto set my hand and caused the seal of the United Stated States to be affixed.Done at the city of Washington, this third day of October, in the year of our Lord one thousand eight hundred and sixty-three, and of the Independence of the United States the eighty-eighth.Abraham Lincoln

3 Sentences Demonstrating the Power of the Comma

3 Sentences Demonstrating the Power of the Comma 3 Sentences Demonstrating the Power of the Comma 3 Sentences Demonstrating the Power of the Comma By Mark Nichol The three sentences that follow illustrate the importance of the inclusion or omission of a comma can have in easing comprehension of a sentence. 1. After two hours at the bar, Jones said Smith was too drunk to drive, and Smith insisted that Jones take him home. This sentence erroneously implies that two hours after Jones and Smith arrived at a bar, Jones made the statement (to Smith?) that Smith was too drunk to drive; it seems odd that after Jones confronted Smith, the latter would demand a ride home. However, Jones is relating, much later (and to another party), the fact that two hours after they arrived at the bar, Smith was too drunk to drive; his demand for a ride was not in response to a confrontational comment. Inserting a comma after said to make â€Å"Jones said† a parenthetical attribution clarifies that Jones made the statement later, not that night: â€Å"After two hours at the bar, Jones said, Smith was too drunk to drive, and Smith insisted that Jones take him home.† 2. Smith admitted that he knew about the design side, but he didn’t know a whole heck of a lot about the manufacturing side. As written, this sentence suggests that although Smith acknowledged aloud that he was familiar with design, he apparently kept to himself his ignorance of manufacturing. However, though the context is not clear in isolation, Smith gave both pieces of information. In order to communicate that fact, the two components of the sentence must be parallel (â€Å"he admitted this and that†), and the comma must be omitted: â€Å"He admitted that he knew about the design side but he didn’t know a whole heck of a lot about the manufacturing side.† (A repeat of that can be inserted after but, though it is optional.) 3. This is the final known image of actor Robin Williams posing with a fan. This caption accompanying a photograph of Williams and an unidentified person can be read two ways: It is the last one he took with an admirer before his death (and the appearance of another person in the photo is important), or it is the last photograph taken of him before he died (and it just happens that it was taken with a fan). Even out of context, the first interpretation is suspect; unless the article the photo accompanies specifically pertains to the distinction of Williams being photographed with a fan (not likely), it’s almost certain that the fan’s presence in the photo is irrelevant to the distinction of the picture as the last one known to feature Williams before his death, and the phrase â€Å"posing with a fan† should be treated as a dependent clause: â€Å"This is the final known image of actor Robin Williams, posing with a fan.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:85 Synonyms for â€Å"Help†Connotations of 35 Words for Funny PeopleWhat Is a Doctor?

The Global Pharmaceutical Industry Essay Example | Topics and Well Written Essays - 750 words

The Global Pharmaceutical Industry - Essay Example Using PEST-L analysis to prepare for strategic plans in taking advantage of opportnities in the external environment and addressing eminent threats, one understands that the consumers of the pharmaceutical industry are patients who need the drugs and medications to address various health concerns. As the prices of medicines were highly dependent on the amount, level and extent of research and development, consumers have no control nor say on the strategies involving prices. As shown in the chart on one of the branded prescription drugs marketed in the U.S., when compared to other areas around the world, the chart would reveal that the price of Lipitor was highest in the U.S.. Buyer power, is therefore considered restricted and limited as it is highly dependent of the prices dictated by drug manufacturers. In addition, the demographic profile of consumers affect and influence strategies designed by drug manufacturers as these profiles affect the demand and purchase of the products. As disclosed from the case, ageing population significantly affect the stragies designed since consumers from this age range more frequently buy drugs than those from the younger age ranges. Therefore, aside from considering the prices of this drugs to ensure that they could be afforded by the older generation, strategies would also consider the media by which products are advertised and promoted; the availability of substitutes, as emphasized in Porter’s threat of substitutes; and the manner by which these products are distributed and made available to the consumers. Political factors could be closely evaluated using the PEST-L analysis where laws and regulations impact on the industry’s operations and performance; as well as in the development of strategies. As the industry was characterized to be â€Å"subjected to rigorous regulatory scrutiny† (Holland, 2010, p. 548), the length required for clinical trials to ensure safety and security of consumers are considerably long. Further, the patent protection of 20 years also influence strategies of manufacturers of pharmaceutical drugs since upon expiry, the threat of entry from generic drug manufacturers rise and significantly affect the level of sustained demand and consumer purchase. Legal factors encompass laws in terms of government controls on pricing and the extensive efforts taken into consideration from discovery and clinical trials to approval and final marketing. The imposition of parallel trade strategies in response to price control have influenced the global pharmaceutic al industry in terms of protecting not only drug manufacturers but moreso the consumers who get to evaluate significant price differentials as drugs could be sourced from other low priced markets. The implication for this is that international health organizations, like the World Health Organization, must monitor and address pricing strategies of global pharmaceutical companies to ensure uniform standards and benefits are accorded on a universal perspective. In an article written by Shah (2010), the author clearly cited Stiglitz work which

The Strengths and Weaknesses of the Performance Management System of Essay

The Strengths and Weaknesses of the Performance Management System of the Riyadh City - Essay Example Many countries all over the world have authorized the development and implementation of performance measurement systems in public sector organisations such as the use of performance plans annually to measure goals and performance levels against the actual performance of public sector members (Radin 2000). The paper focuses on how the Riyadh City Council demonstrates their performance management practices and standards as they develop ways on improving necessary areas and responding to important issues. Research Context Performance management is primarily known to be a process that encourages collaboration for the members of the local administration. For the Riyadh City Council, they have encountered a number of concerns that must be addressed though performance management standards and practices. For instance, they have experienced problems with improving the methods for keeping up with rapid changes such as civilizational shifts or new lifestyles among community members (Al-Nuaim 20 01). Moreover, most often, the public’s opinion on the policies implemented by the City Council as well as on the implementation of projects and activities, and the performance of the governing body, has created difficulties for mayors and the rest of the administration in developing their community (Al Riyadh 2004). Because of these, the Riyadh City Council has aimed to boost their performance by focusing on the capability of their workforce, enhancing their projects by being consistent with the community’s needs, and providing their administration with the necessary procedural and managerial specialisations. One weak point that the local city councils in Riyadh has demonstrated is that they are not very capable of integrating various departments for planning and implementation, hence, reducing their likelihood for accomplishing main goals. The Royal Decree No. 5 in Riyadh has mandated the division of municipalities and villages along with the regulations and function s that go with them. Although municipalities have been given administrative and financial autonomy with which authorities and obligations are extended, regional decentralization has not been fully achieved through the administrations’ actual performance. Moreover, mayors and deputy directors lack the proper guidance and follow-up measures in securing the coordination of administrative practices and activities, and maintaining a good level of performance and usage of performance management approaches. Research Aim The main aim of the paper is to determine the strengths and weaknesses of the performance management system of Riyadh City Council. Research Question What are the strengths and weaknesses of the performance management system of Riyadh City Council? Research Objectives 1) To determine the strengths and weaknesses of the performance management system of Riyadh City Council; 2) To ascertain which facets of the performance management system are correlated with overall pe rceived effectiveness of the system; and 3) To put forth recommendations for improving the performance management system of Riyadh City Council. Review of Related Literature The local and municipal government of Riyadh has aimed to improve and develop their local community by reaching out to the public as well as understanding and finding solutions to various problems. This ability occurs by allowing the local administration to interact with the

ENGLISH LEGAL SYSTEM-2, CASE STUDY Coursework Example | Topics and Well Written Essays - 1250 words

ENGLISH LEGAL SYSTEM-2, CASE STUDY - Coursework Example This in turn resulted in the job loss and financial erosion. Moreover, his friend John was killed in the accident. Peter faced more problem from his insurer as it denied the payment of insurance money for his car damage, hospital / medical expenses/ medical expenses of his wife Maria and compensation for John as claimed by Andrea, wife of John. John’s wife and Solicitors acting on behalf of other driver sent formal notices for contemplating legal action against him for his act of negligence. In addition, the Police have filed a charge sheet making him liable for manslaughter, reckless driving and driving with out negligence. However, according to Peter’s version, he was not responsible for the accident as the other driver was involved in faulty driving. Hence, according to him, his driving shouldn’t be treated as reckless. In several of the road accidents, the accidents happen suddenly due to mistake from other people during which one has little scope to escape. Moreover, there was no proof that Peter was driving recklessly and hence he shouldn’t be held responsible for this. The main objective at this moment is to protect Peter in cases of any possible legal proceedings against him. The insurance money should also be paid to him for which he should prove that he has not violated the contract law2. At the same, time, he should also be protected against any Police action under the law of insurance and traffic laws. According to English law and insurance regulations of United Kingdom, if a person is responsible for any road accident and if rash and negligence driving is proven with reasonable facts, there may be a possibility of filing a criminal case against the driver and compensation can also be claimed legally. In case, it is proven that the driver is not responsible for accident, then the insurance company will have to pay the necessary compensation. In the present case, Peter should be protected against the criminal case and clai m for compensation as he is not responsible for the accident and rash driving was not proven in any court or tribunal. Peter must try for obtaining an anticipatory bail under this context. This is required because of the fact that two formal court notices were issued against him by John’s wife and Solicitors on behalf of other driver. The Police may try to arrest him at any time mentioning the cause of accident as negligence driving. He should have a proper representation for explaining the court about the nature of the accident and his reasoning about his non commitment of any mistake. For obtaining justice against the claims of Andrea and other driver, he should submit enough evidence that he was not solely responsible for the accident. Hence, he should claim for anticipatory bail in any local civil court under the context of intentional allegation against him with out any solid proof. In case if Peter is convicted of the matters alleged by the Police, there is a possibilit y that he may be arrested under criminal case3 as his friend died in accident, with the ground of obtaining more material facts required for getting clarity in the case and he would be submitted by the Police in the Court with relevant documents and charge sheet. Hence, anticipatory bail is very much required to be obtained by the Peter before Police initiate any action on their behalf. In case he is convicted in court of law by

Structure Of Nigerian Financial System Accounting Essay

Structure Of Nigerian Financial System Accounting Essay The need for transparency and clarity in the presentation of financial statements has been an endemic phenomenon which has contributed to the high level of corruption in Nigeria. This level of inadequacy in proper disclosure of relevant information is peculiar to most developing economies. Ali et al., (2009) buttressed the point that the level of disclosure of adequate and reliable information by companies in emerging nations lags behind developed western capital markets and regulatory bodies are less effective in enforcing the accounting regulations. They added that overseas investors are often hesitant to invest in companies operating in emerging economies due to the lack of transparency and lack of acceptance of internationally recognised standards. Chamisa (2000) pointed out that the international accounting harmonization objective is vital for developing countries because of their significant dependence on inflows of foreign capital to finance economic and industrial development s. This argument is clearly relevant to the Nigerian economy, which is dependent on the international institutions like World Bank and International Monetary Fund for funding. In a developing economy, such as Nigeria, financial sector development has been accompanied by structural and institutional changes. Financial sectors generally have long been recognised to play a crucial role in economic development of an economy (Ogujuiba and E.Obiechina, 2010).This sector is often seen as the backbone of the countrys economy due to its impact. The financial system in Nigeria became liberalized when structural adjustment programme was introduced in the 1980s. In recent years the system had undergone significant changes in terms of the policy environment, number of the institutions, ownership structure, depth and breadth of markets, as well as in the regulatory framework. However, in spite of the far reaching reforms of the past two decades, the Nigerian financial system is not yet in a position to fulfil its potential as a propeller of economic growth and development (Onoja et al.,2012). In Nigeria, most companies including financial institutions have been complying with standards issued by The Nigerian Accounting Standard Board (NASB) for a number of years. These standards represent Nigerian Generally Accepted Accounting Practice (PWC, 2011). The information disclosed in Audited Financial Statements (AFS) is guided primarily by the Companies and Allied Matters Act (CAMA) 1990. Section 334 (2) of the Act provides details of information to disclose. In addition to this provision, banks and other financial institutions including Primary Mortgage Institutions (PMI) are expected to comply with Banks and Other Financial Acts (BOFIA), and Nigeria Deposit Insurance Corporation (NDIC) Act 2006 (Abiola and Ojo, 2012). However, in recent years it has been quite common for emerging economies to adopt, either wholly or partly modified form, International Financial Reporting Standards (IFRS) as promulgated by the International Accounting Standards Board (IASB), with a view to improve corporate reporting standards and encourage international investments for the development of their economies otherwise struggling due to lack of resources (Ali et al, 2009). To this end, all financial institutions in Nigeria have been mandated by the regulatory bodies from January 1, 2012 to adopt IFRS as a means of improving financial reporting standards and encourage international investors to invest in the country. 1.2 Research Aim The overall aim of this research is to assess the prospects and the challenges of adoption of IFRS by financial institutions in Nigeria. It considers what impacts the adoption of IFRS could have in curbing the level of corruption and ensuring that high level of transparency is maintained in the major sector of the economy. 1.3 Research Objectives Specifically, within the context of this dissertation, the objectives of this research are to: 1) To examine if lack of transparency, mainly the inadequate disclosure of relevant information in the financial statements and incomparability with global accounting standards were the factors that necessitated the adoption of IFRS by Nigerian Financial institutions. 2) To assess if the costs of the adoption of IFRS outweigh its benefits. Consequently to enable the researcher to evaluate the prospects and challenges the adoption of IFRS is having on the financial sector. 3) To evaluate the impacts the adoption of IFRS will have on relevant areas of the financial reports ranging from the preparation and presentation of the financial statements, information technology and audit report. 4) To explore the potential benefits local and foreign investors will derive from the IFRS adoption. The review of the current writings on IFRS adoption has focused mainly on the developing economies, considering the impacts its adoption will have on those emerging markets. For instance, Bremer and Elias (2007) highlighted that companies from developing economies with weak financial transparency and corporate governance will find it difficult to raise capital and attract foreign investors. Similarly, D.Singh and Newberry (2008) focus on good corporate governance as one of the requirements for complying with International financial reporting standards by developing economies. The uniqueness of this dissertation is that it is specifically concentrating on the financial institutions in a developing economy, where the application of these international financial reporting standards is paramount. The role of financial institutions in developing economies cannot be overlooked, as stated by Bakker and Gross (2004,p.3) because they facilitate savings mobilisation by offering both individuals and institutional savers and investors additional instruments and channel for placement of their funds. In addition, they provide credibility for developing economies in International market. Hence, the researcher would be delving into the prospects and challenges the adoption of international financial reporting standards will have on these financial institutions in the context of Nigerian economy. 1.4 Statement of Research Problem and Questions The intention of this research is to gain an insight on the rationale behind the adoption of IFRS by financial institutions in Nigeria, the prospects and challenges of the transition from Nigerian GAAP to IFRS and the impacts of its adoption. In Nigerias economic history, the strides of the last few years, which have been internationally acclaimed, was exceptional. The many reforms that have engendered the current success have largely included those in the financial sector, particularly, the positive policy shifts in the domestic money market as a first step towards a more robust and enduring facilities for the sector (Iganiga, 2010). President of Institute of Chartered Accountant of Nigeria (ICAN), Mrs Elizabeth Adegite has stressed the need for transparency in the nations financial institutions, saying this would wage war against future failure in the sector (Ekeleme, 2009). The adoption of IFRS by this sector should address the issue of this lack of transparency. In order to achieve the objectives of this research, the questions that this finding seeks to answer are: 1) What are the driving factors and likely constraints the adoption of IFRS will impose on the financial Institutions in Nigeria? 2) What impacts would IFRS adoption have on the financial statements and other essential areas of the financial system? 1.5 Value of this Research This research adds value to current research specifically in the area of Impacts of IFRS adoption, in the context of Nigerian financial institutions, where the implementation of IFRS just took off beginning of this year 2012. This report will serve as a benchmark for future researchers or any knowledge seeker on the relevance of IFRS in an emerging economy like Nigeria, taking into cognisance the various schools of thought examined in this field. It will also enlighten the Nigerian public and as well boost the confidence of potential investors (be it foreign or local) on how the adoption of IFRS will provide credibility to the financial reporting made by the financial institutions. 1.5.1 Structure of Nigerian Financial system It is important to give a brief description of the structure of Nigerian Financial system in this early part of the research so as to have a glimpse of what it entails. Afangideh and Olofin (n.d.) stated that the Nigerian financial system can be broadly divided into two sub-sectors namely: the informal and the formal sectors. The informal sector comprises the local money lenders, the thrifts, saving associations, etc. This component is poorly developed, limited in reach, and not integrated into the formal financial system. Its exact size and effect on the entire economy remain unknown. The formal financial system on the other hand can be further subdivided into capital and money market institutions. This is shown in the diagram below: Figure : Structure of Nigerian Financial System Source: CBN 2010 Report 1.6 Structure of the Dissertation This dissertation is divided into five chapters. The first chapter is the introduction which includes background of the study, research aim and objectives, statement of research problem and question, structure of Nigerian financial system, value of the research and structure of the dissertation. Chapter two focuses mainly on literature review which comprises the globalisation of IFRS and definition of key terms, conceptual framework and models, the drive for IFRS by Nigerian financial institutions, previous research and evolution of Nigerian accounting system. Chapter three deals with research methodology which encompasses research method, research strategy, research approach, limitation of the research and method of data collection. Chapter four considers the case analysis and interpretation of findings. This consists of compatibility of Nigerian GAAP and IFRS, accounting differences between Nigerian GAAP and IFRS, converting to IFRS: effects on Nigerian Banking. Finally, Chapter Five is the conclusion and recommendation. This chapter deals with analysing the data and interpretation of the findings. This analysis involves data collected from both primary and secondary sources relating to financial institutions in Nigeria. This research utilizes hybrid method comprising both qualitative and quantitative methods. However, the qualitative method is the key method while quantitative method is used to back some of the findings of the qualitative method. It is expedient to first consider the compatibility of the Nigerian GAAP and the International financial Reporting Standards before assessing the prospects and challenges the adoption of the foreign standards on the financial institutions. 4.2 Compatibility of Nigerian GAAP and IFRS Before any logical country would consider adopting a foreign accounting standard, the first thing will be to look at the similarities and differences. If there are no differences, then adoption would be of no immense value. With the advent of globalisation, the worlds capital markets have witnessed rapid expansion, diversification and integration. These changes have brought a shift away from local financial reporting standards to global standards (Terzungwe, 2012). It is important to state here that no research work or even publication can do justice to the many differences in the details that exist between IFRS and Nigerian GAAP. According to Price Waterhouse Coopers Report (2011), the major similarities and differences between the IFRS and Nigerian GAAP are shown in the table below: institutions The prospects of adopting IFRS by Nigeria represented an ample shift in financial reporting for the countrys financial institutions because many requirements in IFRS differ from those in the Nigerian GAAP. The adoption of these foreign standards has a lot of promising prospects for the Nigerian financial institutions as they aim towards establishing their presence in the global markets. The various prospects that necessitated the adoption will be analysed below taking into cognisance the responses from the interviewees coupled with some relevant articles in order to enhance credibility. 4.3.1 Transparency and Credibility One of the most salient points put forward by the interviewees as a main prospect of adopting IFRS by Nigerian financial institutions is that it will enhance transparency and credibility. Thirty percent of those interviewed mentioned that lack of transparency and credibility in the area of financial reporting by financial institutions in the country has contributed to the slow progress of the economy. Some of them clearly stated that this lack of transparency is as a result of poor integrity of the management staff. They further explained that the lack of transparency is in the area of provision of inadequate reports, publishing financial statements on a highly selective basis and non-disclosure of important information that could influence the users of financial statements. This response is corroborated by Dr Ngama (2012), the former minister of state for finance in Nigeria, who highlighted that the failure of banks and other financial institutions is the lack of transparency, mainl y in form of manipulation of figures and full disclosure. According to Omotoye (2011) transparency and credibility are seen as important ingredients in nation building and formation of national character; help scholars better understand the dynamics of corruption and hold the key to successful resolution of corruption problems. With the adoption of IFRS, Coker (2012) stated that Nigerian financial institutions can be seen to hold their own in the international market and at the same time compete favourably. He added the financial sector must be seen to comply with the new transparency standards under IFRS in order to achieve their objectives. However, two of the respondents are of different opinions that they do not think the adoption of IFRS will create any more transparency than the local accounting standards. They believed that transparency is not a function of the accounting standards but the preparers of the financial statements. 4.3.2 Boost Reputation in the foreign market Another prospect highlighted by the interviewees is the boosting of the reputation of Nigerian financial institutions in the foreign market. A statement from one of the interviewees read: Nigeria and everything Nigerian including financial institutions have lost their reputation in the international market just because of our bad leadership and insincerity in terms of preparation and presentation of financial statements. He further stated that no Nigerian company wants to be associated with by foreign investors simply because of fraudulent act linked with Nigerians who are top officials in the so called reputable companies in the country. Sixty percent of the interviewees strongly agree that boosting of reputation of financial institutions in the international market is the main prospect of the adoption of IFRS in Nigeria. They believe that if financial statements are prepared under a global accounting standard, there will be less manipulation of figures which will inadvertently promote good image of the Nigerian companies in the foreign market. To support this statement, Ramanna and Sletten (2009) argued that countries choose to adopt IFRS when they expect to increase the share of foreign capital and trade in their economy: expected foreign involvement in an economy can make current adoption of international standards more attractive. They added that financial institutions with low levels of foreign capital and trade can choose to adopt IFRS if they are expecting growth in those factors. 4.3.3 To encourage foreign investors This is another vital prospect the respondents consider cannot be overlooked. In their opinion, they mentioned that the main rationale behind adopting IFRS is to encourage foreign investors. This prospect share the same percentage with the prospect mentioned above in the data collected. Sixty percent of the respondents are of the opinion that with the adoption of IFRS by financial institutions, foreign investors will be encouraged to invest in the companies because reports are clearly written in compliance with the foreign standards that they understand. Some of the respondents acknowledged that foreign investors confidence will be boosted because financial statements of potential companies can be compared with other similar companies in the foreign market. To substantiate this statement, Ali et al.(2009) wrote that overseas investors are often hesitant to invest in companies operating in emerging economies due to the lack of transparency and lack of acceptance of internationally rec ognised reporting standards. Ogunwale (2011) buttressed the point that the adoption of IFRS by companies operating in both private and public sectors would boost the investment climate in Nigeria. Foreign investors want financial statements that are comparable with those of similar businesses in other parts of the world, for strategic decision making in relation to mergers and acquisitions. Many foreign investors will require their subsidiaries in Nigeria to report in accordance with IFRS so that the parent company can comply with its reporting requirements in its home territory. Similarly, the implication of the new reporting format is that banks and other institutions are at the end of the financial year expected to embark on full disclosure of their activities to the extent that it should be understandable to both the shareholders and investors, while at the same in compliance with international best practice (BusinessDay, 2012). This means that financial statements prepared unde r international financial reporting standards will be more reliable than Nigerian GAAP. 4.3.4 To reduce level of corruption Another vital point raised by the interviewees is that with the adoption of IFRS the level of corruption among top management officials in financial institution will be reduced. Five percent of the people interviewed clearly pointed out that corruption may not be totally eradicated from the financial system but to a reasonable extent will be reduced. During the interview, reference was made to the sacking of corrupt bank chief executives by the Central Bank of Nigeria governor. In their opinion, the interviewees believed that if there had been a more concise and transparent accounting standards than the local standards, the fraudulent activities perpetrated by the banks top officers would not have been possible. One interviewee explained that in a view to fight corruption in the country, especially among top officers in notable companies, is one of the rationales that made the Federal Government of Nigeria to mandate companies to adopt IFRS. He further stated the more stringent provi sions in IFRS can address creative accounting that Nigerian GAAP is susceptible to. Onwubuariri (2012) stated that fighting corruption is not easy and since IFRS will ensure an accounting system that will checkmate corruption and fraud, there is expectation that not all stakeholders will be satisfied with its adoption. It is observed during the course of this research that there are some IFRS frameworks which Nigerian GAAP has no guidelines. For instance, the Price Water House Report (2011) reveals that no guidance exists for non-current assets held for sale or disposal group, financial liabilities classification, convertible instruments and other vital accounting transactions under the Nigerian GAAP compare to IFRS. These are areas susceptible to corrupt practices. 4.3.5 To facilitate cross border exchange listing Kip (2007) defines cross border listing as the listing of securities issued by a foreign issuer on a domestic securities exchange. He added that the reasons for this cross border exchange is for companies to boost their status as a truly global player, increase trading volume and improve shareholder relations. Five percent of the correspondents admitted that adoption of IFRS would enhance cross border exchange listing which may not be possible with Nigerian GAAP. They added that with IFRS in place, the obstacles like differences in accounting standards, inadequate financial information to cross border exchange listing will be removed because of the uniformity in the accounting standards. In a similar research conducted in India, with a parallel growing economy like Nigeria, it was observed that IFRS will eliminate blockades to cross border listing and would be beneficial for the investors who generally attributed to risk premium if the underline financial information is not prepared in accordance with international standards (Ray, 2012). The overall prospects of IFRS adoption by financial institutions responses from the research questionnaire distributed are shown in the table below coupled with a pie chart: Table : Percentage distribution of responses of respondents on the prospects of IFRS adoption by Nigerian financial institutions Ranking according to % of respondents 1 2 3 4 5 1Transparency and credibility 30% 2 To boost their reputation in the foreign market And also encourage foreign investors 60% 3 To enhance international comparison 60% 4 To reduce level of corruption 5% 5To facilitate cross border exchange listing 5% Figure : Prospects for the adoption of IFRS by Nigerian financial institutions 4.4 Challenges of IFRS adoption by Nigerian financial institutions The adoption of IFRS presents many challenges especially for many developing nations. Ehijeagbon (2010) wrote that the convergence to a single set of globally accepted high quality standards is vital to economic growth and ultimately in the best interest of the public, it is essential for all the stakeholders to consider the need for their operation in overcoming the attendant challenges that come with the adoption and implementation of international financial reporting standards. These challenges are analysed below: 4.4.1 Cost factor The first challenge put forward by the interviewee is the cost of implementation factor. Fifty percent of the responses from the questionnaire mentioned that there are various costs associated with the implementation of the foreign standards ranging from cost of training and cost of replacing Nigerian GAAP packages with IFRS packages. In their opinion, they believe the cost of hiring IFRS trainer, creating a conducive environment for the implementation and changing the local statement of accounting standards packages to IFRS packages will have a big impact on the earnings of the financial institutions. In support of this view, Terzungwe (2012) highlighted that converging to IFRS has a huge cost outlay which include the cost of training personnel to understand the new global standards, cost of acquiring new accounting packages that are needed for the implementation, cost of discarding former accounting packages that are not compatible with IFRS. Madawaki (2012) added that professional s (accountants, financial analysts, auditors, tax practioners, regulators, stockbrokers and accounting lecturers) are all looked upon to ensure successful implementation of IFRS which may prove costly to small-size financial institutions. He further stated that training materials on IFRS are not readily available at affordable costs in Nigeria to train such a large group which poses a great challenge to these financial institutions in adopting IFRS. However, twenty five percent of the respondents are of different opinion that cost cannot be a challenging factor to financial institutions taking into cognisance their financial strength. They asserted that majority of the countrys financial institutions have the financial capability to overcome the cost factor which is evidenced in their published financial statements; although their reported profits may be slightly affected in the short term but will be recupperated in the long term. An argument in favour of these respondents opinion was pointed out by Chadha (2010) that financial institutions with the intention to go global will consider cost as a benefit instead of a challenge because all their business units/investments will be on a common accounting platform. 4.4.2 Lack of personnel Thirty percent of the responses from the questionnaire showed that financial institutions in Nigeria do not have the right personnel to implement the IFRS. They are of the opinion that most of these financial institutions staffs are neither accountants nor auditors, thereby making it difficult to quickly adapt to the new accounting system. They added that some of the accountants in the financial organisations are not IFRS compliant because they are locally qualified. Oduware (2012) emphasised that the average accountant in most entities in Nigeria lacks understanding of advanced financial management techniques for instance financial instruments valuation, impairment analysis forecasting etc. This has slowed down the reporting process. These financial instruments are essential transactions of most financial institutions globally. In the course of this research, it is observed that lack of right and adequate personnel is major predicament for most emerging economies. The Minister of Fi nance in Nigeria, Mrs Ngozi O. Iweala (2011) acknowledged the fact that despite some training programme on the set of International standards organised by some financial firms in this category, they have not really gotten to the stage of embedding IFRS into their systems and process, even as some insisted that most of the companies in the country have no idea of how to go about the IFRS. Also, Adam (2009) cited a recent study conducted by the United Nations Conference on Trade and Development (UNTAD) indicates that there is serious shortage of personnel in developing countries that have the basic skills and experience to implement IFRS. This therefore makes it crucial for the issue of skill gap to be tackled at the very outset in our IFRS transition. In contrast to the above view, twenty five percent responses indicated that Nigerian financial institutions have the people it takes to implement the international accounting standards. In a similar manner, some responses from the interview conducted also supported this notion that there are qualified staffs in financial organisations that possess the necessary skills to implement the IFRS, although they may need to update knowledge. 4.4.3 Lack of infrastructure This is another challenge preventing the smooth flow of the implementation of IFRS by financial institutions in Nigeria as mentioned by some of the interviewees. Ten percent of the responses received agreed that most Nigerian companies lack the proper infrastructure to effectively carry out the execution of the foreign standards. Mwaura and Nyaboga (2009) wrote that more than a half of all African countries do not have the functional accounting organisations to ease the execution of the IFRS. They added that International Financial of Accountants (IFAC) faces the daunting task of assisting these developing countries to first develop functional professional accounting organisations. Similarly, O.Ailemen and Akande (2012) argued that some of the obstacles to full implementation of IFRS are the absence of training facilities and academic curriculum in school. They also pointed out that poor reporting systems are also indication of poor infrastructure. On the contrary, forty five responses disagreed with the above mentioned point. They strongly believed that Nigerian financial institutions have the technical know-how to Implement IFRS. They added that without proper infrastructure in place, they would not have been mandated to adopt IFRS in the first place. In their view, it is upheld that most Nigerian accounting standards are a replica of International financial reporting standards, except for few standards that are amended to suit the countrys environment. This argument is supported by Iyoha and Jafaru (2011) which declared that there are strong institutional infrastructure to make the transition to IFRS effective and rewarding like accountancy bodies (ICAN and ANAN), Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigerian Accounting Standards Board (NASB). 4.4.4 Political and cultural factor Politics and culture is also one of the challenging factors for adoption of IFRS by financial institutions in Nigeria, as most companies are being regulated by governmental bodies. Government, in both developed and undeveloped countries play important part when it comes to making decisions that affect the vital part of the countrys economy. The adoption of IFRS is of great significance to Nigeria which makes the role of the government inevitable. Ten percent responses confirmed that political and cultural factor is another unavoidable challenge in the Nigerian sector. The political factor is seen to be a challenge as explained by one interviewee due to lack of continuity when there is change of political power, which might have a negative effect on the activities of the financial sector. He stated that a new government might take over and not be in support of the IFRS due to the poor structure of the political setting With regards to culture, Jones et al., (2009) stated that integrat ing world-wide cultural differences to ensure that IFRS are applied and interpreted consistently is sure to be a difficult task. The management culture in most financial institutions in terms of compensation plan would have to be changed due to the differences in terms and conditions of Nigerian GAAP and IFRS (Ailemen and Akande, 2012). This tends to be a great challenge as most of the top officers feared that the terms and conditions of IFRS might be less favourable. However, five percent of the responses were of different opinion that the politics and culture may pose no challenge as the Nigerian government is more than prepared to ensure the smooth transition from the local GAAP to IFRS. To corroborate this opinion, Omankhanlen (2010) reported that the Federal Government of Nigeria is in support of the adoption of the foreign standards because it will facilitate rapid economic development as explained by the countrys Minister of Commerce and Industry in a summit organised by NASB. In addition, the Financial Reporting Council of Nigeria, a federal government agency, has concluded the arrangements for the establishment of IFRS academy as a platform the development of contemporary skills sets in all aspects of accounting and financial reporting amongst preparers, users, regulators and auditors of financial report, and the teaching and learning of IFRS in Nigeria and Africa (Financial Reporting Council of Nigeria , 2012). The overall responses on the challenges of IFRS adoption by Nigerian financial institutions are depicted in the table and graph below: Table : Percentage distribution of responses on the challenges of IFRS adoption by Nigerian financial institutions 1 2 3 4 Ranking according to % of respondents Agree Disagree Agree Disagree Agree Disagree Agree Disagree 1. Cost 50% 25% 2. Lack of personnel 30% 25% 3. Lack of infrastructure 10% 45% 4. P

Role of UNICEF and the International Labour Organization in the Working

Introduction This paper deals with the role of transnational actors like UNICEF and the International Labour Organization (ILO) in the working children’s movement. It examines the role of development communication in empowering working children, and its impact on the movement. The paper begins with a brief introduction to development, linking it with issues concerning working children. It then goes into a brief overview of UNICEF and the ILO, and talks about the role of each in the international working children’s movement. It evaluates one program executed by each of the organizations in dealing with a development situation, in terms of intent and purpose, policies and procedures, obstacles faced, and the outcome of each effort. I then present my critique of strategies followed by both actors and my conclusion from this comparative analysis regarding the effectiveness of each actor. As this is a topic that has been of concern to me for a while, this analysis might appear to be a bit subjective to the reader, but I have tried to bear in mind objectivity, and did extensive research on both organizations to make sure that I was looking at a wide enough body of work. The research consists mainly of information I found on both websites as well as a few books and journal articles. It also comes from the first hand experience of a non-profit organization that works with issues concerning working children, who have worked closely with the ILO and the United Nations. A transnational actor can be defined as a person, business or organization that operates across borders and has some impact on world societies and environments. It became apparent to me as I was doing my research that transnational actors often have admirable... ...tion to make sure the projects are meeting their goals. There needs to be constant monitoring of each new venture undertaken. Detailed evaluations of current projects and research for new strategies in place of older unsuccessful ones are essential, to make plans better cater to the needs of the children. Lastly I think there needs to be increased government and non-profit participation, and involvement of the children, to bring about the best kind of development. From a development communication standpoint, I think the ILO manages to utilize the most optimum model to bring about progress and change the status quo, wehreas this is largely lacking in UNICEF’s approach. BIBLIOGRAPHY Moemeka, Andrew. Development Communication in Action. University Press of America, 2000. www.unic.org.in/devsup13may.htm www.unicef.org www.ilo.org