Capital Asset Management and techniques of its evaluation Essay

Capital Asset Management and techniques of its evaluation - Essay Example Although the calculation is easy to understand and simple, it still has its limitations. It ignores the benefits, or the lack of, that occur after the payback period and more importantly, the method ignores the time value of money. On the contrary The Net Present Value is an indicator of how much value an investment or project adds to the firm. The Net Present Value is a more reliable method of calculating the returns expected from investments as the method considers the time value of money. The Net Present Value compares the value of a dollar today to the value of that same dollar in the future, taking both inflation and returns into account. The technique uses discounted cash flow approach in assessing the performance of an investment. A positive Net Present Value generated from a prospective project is a good sign and should be accepted On the contrary, a negative Net Present Value resulting from projects should be rejected because the cash flows will also be negative. As such, this technique seems more reasonable in determining the returns of investments. The Internal Rate of Return is the discount rate that delivers a Net Present Value of zero for a series of future cash flows. As with the Net Present Value, this technique uses the discounted cash flow approach and is as widely used as the Net Present Value method. ... It shows the discount rate below, which an investment results in a positive Net Present Value and above which an investment results in a negative Net Present Value. It's the break-even discount rate, the rate at which the value of cash outflows equals the value of cash inflows. Moreover, the Internal Rate of Return can be found without having to estimate the cost of capital. Modified Internal Rate of Return is a similar concept to the conventional Internal Rate of Return. However, it is easier to calculate and does not produce multiple results, from irregular cash flows expected from a project, as compared with the latter. Of course the drawback of using Modified Internal Rate of Return is that it does not expect the generation of cash flows from its projects as predicted and its Net Present Value seems overstated. This is contrary to the use of Internal Rate of Return technique, since it assumes that cash flows generated from a project are reinvested within the project at the same rates of return, although they are often reinvested elsewhere within the business. The Modified Internal Rate of Return can be calculated with the use of spreadsheet package or the use of a conventional calculator. Both methods give the same results, however, the latter is more tedious and is used mainly for academic purposes. This technique uses the Present Value of investments, followed by the compounded terminal cash flow of the return phase. This is possible for more complex investments, with investment phase that stretches over several periods. The results generated by this technique are lower than the conventional Internal Rate of Return method but also presents a more realistic approach in assessing projects. Moreover, the technique uses the

Impact of the Emancipation Proclamation on US evolution Assignment

Impact of the Emancipation Proclamation on US evolution - Assignment Example The Emancipation Proclamation did not merely seek to end slavery, but rather to unite the populace. However, through ending slavery, the civil war, which was sparked by the standpoints on whether it should end, was halted. Further, it persuaded some Confederate leaders to seek peace before the deadline in January (McPherson and Hogue, 2010). After the Proclamation, Great Britain was persuaded against the Confederacy and the British dramatically shifted their support to the Union during the Civil War. Further, Northerners were tired with the war, and thus the Proclamation brought considerable relief. From the 1820s to 1860s, the political field was controlled and dominated by Democrats. The southern Democrats controlled favored and protected slavery until 1860 when the Northern and the Southern disagreed on choosing a candidate. Therefore, the two sides nominated their candidates; John for the South and Lincoln for the North. Lincoln won the election and the secession and war gave him a background to liberate the slaves through the Emancipation Proclamation, changing the political scene. The Civil War was a defining time in American history, and the Proclamation brought further

Thematic Concerns in the Open Boat Research Paper

Thematic Concerns in the Open Boat - Research Paper Example Crane’s story provides the readers with a perfect blend of human suffering, their various behaviors and natures as well as the desolation that surrounds human beings. Although the dialect is simple and smooth flowing yet he captures essence of meaning and gives a close observation of the brutalities of the Mother Nature and human suffering. As Turchi and Baxter also states, â€Å"â€Å"The Open Boat† insists on moral truths. They are confounding moral truths and many readers will be frustrated that the wisdom of the work cannot be distilled, the themes stated plainly†. Some of the major thematic concerns that Stephen Crane incorporates in the story includeshuman bonding and relations,Man vs. Nature, unavailability of God and communication gaps. A common theme that recurs in most of Crane’s works is human bonding or relationships. It appears that the writer believes that in this world an individual cannot survive on his own as this world is an unfriendly place and human beings require some sort of weapon against the brutalities of nature and that weapon is an individual’s bonding with his fellow beings. This theme is excessively apparent from not only the setting of the story but also from the gradual plot progression. Crane creates a microcosm of mankind on the dinghy. Although initially the four survivors had nothing in common and there is a certain awkwardness that is observed amongst their behaviors yet it is observed that when they realize the unpredictability and the helplessness of their dire situation they form an unannounced brotherhood to survive the brutalities of Mother Nature. As it is also stated in the text as well, It would be difficult to describe the subtle brotherhood of men that was here est ablished on the seas.... there was this comradeship that the correspondent, for instance, who had been taught to be cynical of men, knew even at the time was the best experience of his life (61). Dersch effectively encapsulates the situation of these characters by quoting Ross Muffin’s words when he says, â€Å"‘the characters are determined by forces beyond their control’ humans are presented as ‘higher-order animals fully subject to the forces of heredity and environment and life in general is an inescapable trap’† (4). Hence the characters find solace in one another and even though earlier they had communication barriers yet they overcome them and act as one another’s support and right hand in the hour of need. For example it is clear from the manner in which the captain, the cook, Billie and correspondent take turns at rowing the boat. Then again when the correspondent is up alone and he say his desire for someone else to be awake a nd find solace in another individual’s company is a proof that Crane believes that human bonding is essential for survival. Communication gap that engulfs human race is another important thematic concern that Crane reiterates in the story to further highlight the disjunct and chaos that surround human beings. The fact that the people on the shore believed the people on dinghy were mere fishermen and the hope in the four survivors that they will be rescued yet their constant observation saying that, â€Å"Funny they don’t see us† (Crane 64) creates an ironic situation. It is as if human beings exist in their individual bubbles where they tend to keep to themselves. However when finally they do realize that their fellow beings are in need they do stand up to help one another. This theme further stresses the lonely existence of man in this

Different Translation Theories

Different Translation Theories Translation is to render the meaning of a text into another language in the way that the author intended the text. The translation cannot simply reproduce, or be, the original. The first business of the translator is to translate. There is a body of knowledge about translation which, if applied to solving translation problems, can contribute to a translators training. Everything without exception is translatable. There is no such a thing as a perfect, ideal or correct translation. In a narrow sense, translation theory is concerned with the translation method appropriately used for a certain type of text. In a wide sense, translation theory is the body of knowledge that we have about translation. Translation theory is concerned with minute as well as generalities, and both may be equally important in the context. à £Ã¢â€š ¬Ã‚ KEYWORDSà £Ã¢â€š ¬Ã¢â‚¬ËœTranslation, Theory, Application, Literature Contents Contents II 1 Introduction 1 1.2 The function of translation 1 2 Different Types of Translation Theories 2 3 The Application in Literature Translation 7 4 Implication and Conclusion 11 4.1 Implication 11 4.2Conclusion 12 References 12 Introduction 1.1What the translation is Translation is the communication of the meaning of a source-language text by means of an equivalent target-language text. Whereas interpreting undoubtedly antedates writing, translation began only after the appearance of written literature; there exist partial translations of the Sumerian Epic of Gilgamesh (ca. 2000 BCE) into Southwest Asian languages of the second millennium BCE. Translators always risk inappropriate spill-over of source-language idiom and usage into the target-language translation. On the other hand, spill-overs have imported useful source-language calques and loanwords that have enriched the target languages. Indeed, translators have helped substantially to shape the languages into which they have translated. Due to the demands of business documentation consequent to the Industrial Revolution that began in the mid-18th century, some translation specialties have become formalized, with dedicated schools and professional associations. Because of the laboriousness of translation, since the 1940s engineers have sought to automate translation (machine translation) or to mechanically aid the human translator (computer-assisted translation). The rise of the Internet has fostered a world-wide market for translation services and has facilitated language localization. 1.2 The function of translation (1) Translation is a means of communication; (2) Translation is instrumental in transmitting culture; (3) Translation is also a transmitter of the truth; (4) Translation is a technique for learning foreign languages. 1.3 What a translation theory does is (1) to identify and define a translation problem (2) to indicate all the factors that have to be taken into account in solving the problem (3) to list all the possible translation procedures (4) to recommend the most suitable translation procedure, plus the appropriate translation. 1.4 Translation Methods The central problem of translating has always been whether to translate literally or freely. The argument was theoretical. Now the context has changed, but the basic problem remains. The Methods are as follows: Word-for-word translation Literal translation Faithful translation Semantic translation Adaptation Free translation Idiomatic translation Communicative translation In all those above, only semantic and communicative translation fulfill the two main aims of translation: accuracy and economy. In general, a semantic translation is written at the authors linguistic level, a communicative at the readerships. Semantic translation is used for expressive texts, communicative for informative and vocative texts. So, next we talk about the equivalent effect. Equivalent effect (produce the same effect) is the desirable result, rather than the aim of any translation. In the communicative translation of vocative texts, equivalent effect is not only desirable, it is essential. In informative texts, equivalent effect is desirable only in respect of their insignificant emotional impact. The more cultural a text, the less is equivalent effect even conceivable. Different Types of Translation Theories 2.1 Literal Translation According to the linguistic theory of discourse analysis, any deviation from literal translation van be justified in any place appealing to the text as an overriding authority. In fact, literal translation is correct and must not be avoided, if it secures referential and pragmatic equivalence to the original. Literal translation is different from word-to-word and one-to-one translation. Literal translation ranges from one word to one word, group to group, collocation to collocation, clause to clause, sentence to sentence. It is to be the basic translation procedure, both in communicative and semantic translations, I that translation starts from there. The translation of poetry is the field where most emphasis is normally put on the creation of a new independent poem, and where literal translation is usually condemned. However, a translation van be inaccurate, it can never be too literal. We must not be afraid of literal translation. For a TL word which looks the same or nearly the same as the SL word, there are more faithful friends than faux aims (false friends).Everything is translatable up to a point, but there are often enormous difficulties. We do translate words, because there is nothing else to translate. We do not translate isolated words, we translate words all more or less bound by their syntactic, collocational, situational cultural and individual idiolect contexts. Elegant variations on literal or one-to-one translation are common, but they may not be justified in semantic or even communicative translation. The validity of literal translation can sometimes be established by the back-translation test. The back-translation test is not valid in the case of SL or TL lexical gaps. Some institutional terms are translated literally even though the TL cultural equivalents have widely different functions. Some concept-words are translated literally and often misleading, as their local connotations are often different. There are all kinds of insidious resistances to literal translation. It is sometimes advisable to retreat from literal translation when faced with SL general words for which there are no satisfactory one-to-one TL equivalents even though one is over-translating. That is the so called Natural Translation. Literal translation is the first step in translation. Re-creative translation is possible, but interpret the sense, not the words is the translators last resort. The modern literary translator continually pursue what is to them more natural, more colloquial than the original. But Their idiomatic English may be in flagrant contrast with a neutral original. 2.2 Traditional Chinese Translation Theory Chinese translation theory was born out of contact with vassal states during the Zhou Dynasty. It developed through translations of Buddhist scripture into Chinese. It is a response to the universals of the experience of translation and to the specifics of the experience of translating from specific source languages into Chinese. It also developed in the context of Chinese literary and intellectual tradition. In those five regions, the languages of the people were not mutually intelligible, and their likings and desires were different. To make what was in their minds apprehended, and to communicate their likings and desires, (there were officers), in the east, called transmitters; in the south, representationists; in the west, Tà ®-tà ®s; and in the north, interpreters. (à §Ã… ½Ã¢â‚¬ ¹Ãƒ ¥Ã‹â€ Ã‚ ¶ The Royal Regulations, tr. James Legge 1885 vol. 27, pp. 229-230) A Western Han work attributes a dialogue about translation to Confucius. Confucius advises a ruler who wishes to learn foreign languages not to bother. Confucius tells the ruler to focus on governance and let the translators handle translation. The earliest bit of translation theory may be the phrase names should follow their bearers, while things should follow China. In other words, names should be transliterated, while things should be translated by meaning. In the late Qing Dynasty and the Republican Period, reformers such as Liang Qichao, Hu Shi and Zhou Zuoren began looking at translation practice and theory of the great translators in Chinese history. 2.3 Asian Translation Theory There is a separate tradition of translation in South Asia and East Asia (primarily modern India and China), especially connected with the rendering of religious texts particularly Buddhist texts and with the governance of the Chinese empire. Classical Indian translation is characterized by loose adaptation, rather than the closer translation more commonly found in Europe, and Chinese translation theory identifies various criteria and limitations in translation. In the East Asia Sinosphere (sphere of Chinese cultural influence), more important than translation per se has been the use and reading of Chinese texts, which also had substantial influence on the Japanese, Korean and Vietnamese languages, with substantial borrowings of vocabulary and writing system. Notable is Japanese Kanbun, which is a system of glossing Chinese texts for Japanese speakers. 2.4 Western Translation Theory Discussions of the theory and practice of translation reach back into antiquity and show remarkable continuities. The ancient Greeks distinguished between metaphrase (literal translation) and paraphrase. This distinction was adopted by English poet and translator John Dryden (1631-1700), who described translation as the judicious blending of these two modes of phrasing when selecting, in the target language, counterparts, or equivalents, for the expressions used in the source language. When words appear literally graceful, it were an injury to the author that they should be changed. But since what is beautiful in one language is often barbarous, nay sometimes nonsense, in another, it would be unreasonable to limit a translator to the narrow compass of his authors words: tis enough if he choose out some expression which does not vitiate the sense. This general formulation of the central concept of translation equivalence is as adequate as any that has been proposed since Cicero and Horace, who, in 1st-century-BCE Rome, famously and literally cautioned against translating word for word (verbum pro verbo). Despite occasional theoretical diversity, the actual practice of translation has hardly changed since antiquity. Except for some extreme metaphrasers in the early Christian period and the Middle Ages, and adapters in various periods (especially pre-Classical Rome, and the 18th century), translators have generally shown prudent flexibility in seeking equivalents literal where possible, paraphrastic where necessary for the original meaning and other crucial values (e.g., style, verse form, concordance with musical accompaniment or, in films, with speech articulatory movements) as determined from context. In general, translators have sought to preserve the context itself by reproducing the original order of sememes, and hence word order when necessary, reinterpreting the actual grammatical structure. The grammatical differences between fixed-word-order languages (e.g. English, French, German) and free-word-order languages (e.g., Greek, Latin, Polish, Russian) have been no impediment in this regard. When a target language has lacked terms that are found in a source language, translators have borrowed those terms, thereby enriching the target language. Thanks in great measure to the exchange of calques and loanwords between languages, and to their importation from other languages, there are few concepts that are untranslatable among the modern European languages. Generally, the greater the contact and exchange that have existed between two languages, or between those languages and a third one, the greater is the ratio of metaphrase to paraphrase that may be used in translating among them. However, due to shifts in ecological niches of words, a common etymology is sometimes misleading as a guide to current meaning in one or the other language. For example, the English actual should not be confused with the cognate French actual (present, current), the Polish aktualny (present, current), or the Russian à Ã‚ °Ãƒ Ã‚ ºÃƒâ€˜Ã¢â‚¬Å¡Ãƒâ€˜Ã†â€™Ãƒ Ã‚ °Ãƒ Ã‚ »Ãƒâ€˜Ã…’à Ã‚ ½Ãƒâ€˜Ã¢â‚¬ ¹Ãƒ Ã‚ ¹ (urgent, topical). The translators role as a bridge for carrying across values between cultures has been discussed at least since Terence, the 2nd-century-BCE Roman adapter of Greek comedies. The translators role is, however, by no means a passive, mechanical one, and so has also been compared to that of an artist. The main ground seems to be the concept of parallel creation found in critics such as Cicero. Dryden observed that Translation is a type of drawing after life Comparison of the translator with a musician or actor goes back at least to Samuel Johnsons remark about Alexander Pope playing Homer on a flageolet, while Homer himself used a bassoon. If translation be an art, it is no easy one. In the 13th century, Roger Bacon wrote that if a translation is to be true, the translator must know both languages, as well as the science that he is to translate; and finding that few translators did, he wanted to do away with translation and translators altogether. The translator of the Bible into German, Martin Luther, is credited with being the first European to posit that one translates satisfactorily only toward his own language. L.G. Kelly states that since Johann Gottfried Herder in the 18th century, it has been axiomatic that one translates only toward his own language. Compounding the demands on the translator is the fact that no dictionary or thesaurus can ever be a fully adequate guide in translating. The British historian Alexander Tytler, in his Essay on the Principles of Translation (1790), emphasized that assiduous reading is a more comprehensive guide to a language than are dictionaries. The same point, but also including listening to the spoken language, had earlier, in 1783, been made by the Polish poet and grammarian Onufry Andrzej KopczyÅ„ski. The translators special role in society is described in a posthumous 1803 essay by Polands La Fontaine, the Roman Catholic Primate of Poland, poet, encyclopedist, author of the first Polish novel, and translator from French and Greek, Ignacy Krasicki: Translation is in fact an art both estimable and very difficult, and therefore is not the labor and portion of common minds; it should be [practiced] by those who are themselves capable of being actors, when they see greater use in translating the works of others than in their own works, and hold higher than their own glory the service that they render their country. Serious Literature Translation Poetry is the most personal and concentrated of the four forms, no redundancy, no phatic language, where, as a unit, the word has greater importance. And if the word is the first unit of meaning, the second is not the sentence or the proposition, but usually the line, thereby demonstrating a unique double concentration of units. The translator can boldly transfer the image of any metaphor where it is known in the TL language. Original metaphors have to be translated accurately, even if in the target language culture the image is strange and the sense it conveys may only be guessed. Sound-effects are bound to come last for the translator. The translation of Short Story/Novel: From a translators point of view, the short story is, of literary forms, the second most difficult, but he is released from the obvious constraints of poetry meter and rhyme. Further, since the line is no longer a unit of meaning, he can spread himself a little his version is likely to be somewhat longer than the original though, always, the shorter the better. The translation of the Drama: A translator of drama inevitably has to bear the potential spectator in mind. A translation of a play must be concise it must not be an over-translation. He must word the sentence in such a way that the sub-text is equally clear. He must translate into the modern target language. When a play is transferred from the SL to the TL culture it is usually no longer a translation, but an adaptation. Some kind of accuracy must be the only criterion of a good translation in the future what kind of accuracy depending first on the type and then the particular text that has been translated. The Application in Literature Translation 3.1The Definition of Literature Translation Translation of literary works (novels, short stories, plays, poems, etc.) is considered a literary pursuit in its own right. For example, notable in Canadian literature specifically as translators are figures such as Sheila Fischman, Robert Dickson and Linda Gaboriau, and the Governor Generals Awards annually present prizes for the best English-to-French and French-to-English literary translations. Other writers, among many who have made a name for themselves as literary translators, include Vasily Zhukovsky, Tadeusz Boy-Ã…Â »eleÅ„ski, Vladimir Nabokov, Jorge Luis Borges, Robert Stiller and Haruki Murakami. 3.2 Brief Comparison of the Application of Western and Eastern Theories The first important translation in the West was that of the Septuagint, a collection of Jewish Scriptures translated into Koine Greek in Alexandria between the 3rd and 1st centuries BCE. The dispersed Jews had forgotten their ancestral language and needed Greek versions (translations) of their Scriptures. Throughout the Middle Ages, Latin was the lingua franca of the western learned world. The 9th-century Alfred the Great, king of Wessex in England, was far ahead of his time in commissioning vernacular Anglo-Saxon translations of Bedes Ecclesiastical History and Boethius Consolation of Philosophy. Meanwhile the Christian Church frowned on even partial adaptations of St. Jeromes Vulgate of ca. 384 CE,the standard Latin Bible. In Asia, the spread of Buddhism led to large-scale ongoing translation efforts spanning well over a thousand years. The Tangut Empire was especially efficient in such efforts; exploiting the then newly invented block printing, and with the full support of the government (contemporary sources describe the Emperor and his mother personally contributing to the translation effort, alongside sages of various nationalities), the Tanguts took mere decades to translate volumes that had taken the Chinese centuries to render. Large-scale efforts at translation were undertaken by the Arabs. Having conquered the Greek world, they made Arabic versions of its philosophical and scientific works. During the Middle Ages, some translations of these Arabic versions were made into Latin, chiefly at Cà ³rdoba in Spain. Such Latin translations of Greek and original Arab works of scholarship and science helped advance the development of European Scholasticism. The broad historic trends in Western translation practice may be illustrated on the example of translation into the English language. 3.3 The Application of Asian and European Translation Theories The first fine translations into English were made in the 14th century by Geoffrey Chaucer, who adapted from the Italian of Giovanni Boccaccio in his own Knights Tale and Troilus and Criseyde; began a translation of the French-language Roman de la Rose; and completed a translation of Boethius from the Latin. Chaucer founded an English poetic tradition on adaptations and translations from those earlier-established literary languages. The first great English translation was the Wycliffe Bible (ca. 1382), which showed the weaknesses of an underdeveloped English prose. Only at the end of the 15th century did the great age of English prose translation begin with Thomas Malorys Le Morte Darthur-an adaptation of Arthurian romances so free that it can, in fact, hardly be called a true translation. The first great Tudor translations are, accordingly, the Tyndale New Testament (1525), which influenced the Authorized Version (1611), and Lord Berners version of Jean Froissarts Chronicles (1523-25). Meanwhile, in Renaissance Italy, a new period in the history of translation had opened in Florence with the arrival, at the court of Cosimo de Medici, of the Byzantine scholar Georgius Gemistus Pletho shortly before the fall of Constantinople to the Turks (1453). A Latin translation of Platos works was undertaken by Marsilio Ficino. This and Erasmus Latin edition of the New Testament led to a new attitude to translation. For the first time, readers demanded rigor of rendering, as philosophical and religious beliefs depended on the exact words of Plato, Aristotle and Jesus. Non-scholarly literature, however, continued to rely on adaptation. Frances Plà ©iade, Englands Tudor poets, and the Elizabethan translators adapted themes by Horace, Ovid, Petrarch and modern Latin writers, forming a new poetic style on those models. The English poets and translators sought to supply a new public, created by the rise of a middle class and the development of printing, with works such as the original authors would have written, had they been writing in England in that day. 3.4 Recent Development and Application of Western Translation Theory The Elizabethan period of translation saw considerable progress beyond mere paraphrase toward an ideal of stylistic equivalence, but even to the end of this period, which actually reached to the middle of the 17th century, there was no concern for verbal accuracy. In the second half of the 17th century, the poet John Dryden sought to make Virgil speak in words such as he would probably have written if he were living and an Englishman. Dryden, however, discerned no need to emulate the Roman poets subtlety and concision. Similarly, Homer suffered from Alexander Popes endeavor to reduce the Greek poets wild paradise to order. Throughout the 18th century, the watchword of translators was ease of reading. Whatever they did not understand in a text, or thought might bore readers, they omitted. They cheerfully assumed that their own style of expression was the best, and that texts should be made to conform to it in translation. For scholarship they cared no more than had their predecessors, and they did not shrink from making translations from translations in third languages, or from languages that they hardly knew, or-as in the case of James Macphersons translations of Ossian-from texts that were actually of the translators own composition. The 19th century brought new standards of accuracy and style. In regard to accuracy, observes J.M. Cohen, the policy became the text, the whole text, and nothing but the text, except for any bawdy passages and the addition of copious explanatory footnotes. In regard to style, the Victorians aim, achieved through far-reaching metaphrase (literality) or pseudo-metaphrase, was to constantly remind readers that they were reading a foreign classic. An exception was the outstanding translation in this period, Edward FitzGeralds Rubaiyat of Omar Khayyam (1859), which achieved its Oriental flavor largely by using Persian names and discreet Biblical echoes and actually drew little of its material from the Persian original. In advance of the 20th century, a new pattern was set in 1871 by Benjamin Jowett, who translated Plato into simple, straightforward language. Jowetts example was not followed, however, until well into the new century, when accuracy rather than style became the principal criterion. 3.5 The Application of Serious Literature Translation Poetry presents special challenges to translators, given the importance of a texts formal aspects, in addition to its content. In his influential 1959 paper On Linguistic Aspects of Translation, the Russian-born linguist and semiotician Roman Jakobson went so far as to declare that poetry by definition is untranslatable. In 1974 the American poet James Merrill wrote a poem, Lost in Translation, which in part explores this idea. The question was also discussed in Douglas Hofstadters 1997 book, Le Ton beau de Marot; he argues that a good translation of a poem must convey as much as possible of not only its literal meaning but also its form and structure (meter, rhyme or alliteration scheme, etc.). In 2008, Taiwanese linguist Grace Hui Chin Lin suggests communication strategies can be applied by oral translators to translate poetry. Translators with cultural backgrounds can oral translate poetry of their nations. For example, poetry of Tung dynasty can be introduced to people outside of Chinese communities by oral translation strategies. Also, several communication strategies for facilitating communicative limitations are applicable as oral translation strategies for interpreting poetries. Translation of a text that is sung in vocal music for the purpose of singing in another language sometimes called singing translation is closely linked to translation of poetry because most vocal music, at least in the Western tradition, is set to verse, especially verse in regular patterns with rhyme. (Since the late 19th century, musical setting of prose and free verse has also been practiced in some art music, though popular music tends to remain conservative in its retention of stannic forms with or without refrains.) A rudimentary example of translating poetry for singing is church hymns, such as the German chorales translated into English by Catherine Wink worth. Translation of sung texts is generally much more restrictive than translation of poetry, because in the former there is little or no freedom to choose between a versified translation and a translation that dispenses with verse structure. One might modify or omit rhyme in a singing translation, but the assignment of syllables to specific notes in the original musical setting places great challenges on the translator. There is the option in prose sung texts, less so in verse, of adding or deleting a syllable here and there by subdividing or combining notes, respectively, but even with prose the process is almost like strict verse translation because of the need to stick as closely as possible to the original prosody of the sung melodic line. Other considerations in writing a singing translation include repetition of words and phrases, the placement of rests and/or punctuation, the quality of vowels sung on high notes, and rhythmic features of the vocal line that may be more natural to the original language than to the target language. A sung translation may be considerably or completely different from the original, thus resulting in a contrafactum. Translations of sung texts whether of the above type meant to be sung or of a more or less literal type meant to be read are also used as aids to audiences, singers and conductors, when a work is being sung in a language not known to them. The most familiar types are translations presented as subtitles or surtitles projected during opera performances, those inserted into concert programs, and those that accompany commercial audio CDs of vocal music. In addition, professional and amateur singers often sing works in languages they do not know (or do not know well), and translations are then used to enable them to understand the meaning of the words they are singing. Implication and Conclusion Implication n the 1970s a literary approach to translation theory began to emerge, partly as a response to the prescriptive linguistic theories that had monopolized thinking for the previous two decades. Key elements of this new literary approach are the writings of the Manipulation School; systems theories; and Gideon Tourys descriptive translation studies (DTS), which tries to identify laws in translation, of which Itamar Even-Zohars Polysystem Theory (PS) forms a vital part (Nam Fung Chang). At the Leuven Conference in 1976, Even-Zohar presented a paper entitled The Position of Translated Literature in the Literary Polysystem where he considers the position of translated literature within the literary, cultural and historical contexts of the target culture. He does not advocate the study of individual translations, but rather views the body of translated works as a system working within and reacting to a literary system, which, in turn, is working within and reacting to the historical, social and cultural systems of the particular target audience. Therefore, there is a system within a system within a system i.e. the polysystem. The notion of system does, perhaps, need some clarification at this point. Literature viewed as a system can be traced back to Russian Formalist thinking of the 1920s when Yury Tynjanov is credited with being the first person to describe literature in these terms (Hermans, 1999, 104). Translated literature itself is also considered to operate as a system in at least two ways firstly in the way that the TL chooses works for translation, and secondly in the way translation methodology varies according to the influence of other systems (Munday, 2001 109). Even-Zohar himself emphasizes the fact that translated literature functions systemically: I conceive of translated literature not only as an integral system within any literary polysystem but as an active system within it. (1976, 200). Translation theory shares a number of concerns with what is commonly called communication theory. Perhaps the most important observation which the communication theorists have produced for translators is the recognition that every act of communication has three dimensions: Speaker (or author), Message, and Audience. The more we can know about the original author, the actual message produced by that author, and the original audience, the better acquainted we will be with that particular act of communication. An awareness of this tri-partite character of communication can be very useful for interpreters. Assuming that an act of communication is right now taking place, as you read what I wrote, there are three dimensions to this particular act of communication: myself, and what I am intending to communicate; the actual words which are on this page; and what you understand me to be saying. When the three dimensions converge, the communication has been efficient. 4.2Conclusion Different theories show different meanings. While not everyone who drives an automobile needs to understand the theory behind the internal combustion engine, someone does need to know this theory. I may be able to drive my Pontiac without any knowledge of internal combustion engines, until the Pontiac breaks down. Then, I must find someone (presumably a mechanic) who does in fact know enough theory to get the Pontiac running again. The same is true of translation theory. It is not necessary for everyone to know translation theory, nor is it even necessary for pastors and teachers to know everything about translation theory. It is necessary for pastors and teachers in the American church at the end of the twentieth century to know something about translation theory, for two reasons. First, it will affect the way we interpret the Bible for our people. If we are completely unaware of translation theory, we may unwittingly mislead our brothers and sisters in our interpretation. Second, there are so many English translations available, that

Survival of the Marine Corps Essay -- essays research papers fc

SURVIVAL OF THE MARINE CORPS The Marine Corps historical characteristics after the Civil War could be based in part on survivability and the need for the Marine Corps to prove its worth to the United States as a Military Force. The Marine Corps part in the Civil War had been small and not altogether impressive. Both the Army and the Navy did not regard the Marine Corps as useful. This paper will in effect touch on the Marine Corps history from after the Civil War to World War I. It will then converge on a discussion with regards to the fight against the disestablishment of the Marine Corps. (Simmons/Moskin 1998) The Marine Corps found its mission in the amphibious landings of several countries â€Å"to protect American lives and property". Some of these countries included China, Formosa, Japan, Korea, Samoa, Hawaii, Panama, Nicaragua, Uruguay, Mexico, Argentina, Chile, Colombia, Haiti, and Egypt. The United States, having conquered much of North America, was expanding overseas. Marines made small-scale landings in response to real or perceived affronts to U.S. diplomatic or economic interests. (Simmons/Moskin 1998) In 1883 the motto of the Marine Corps, "Semper Fidelis" (â€Å"always faithful†), was adopted as the official motto of the Marine Corps. Since 1812 the motto, although unofficial, had been "Fortitudine" ("with courage"). The Marine Corps adopted this motto in part because of the fact that there has never been a mutiny, or even the thought of one, among U.S. Marines. (Website For Young Marines, Online) When America became involved in the â€Å"splendid little war† against Spain when they landed in Cuba. The Marine Corps involvement was again modest with their major feat being the taking of a coaling station for the Navy. (Simmons/Moskin 1998) The day after the war with Spain ended, August 12, American troops began the occupation of Manila. Two battalions of Marines were involved in the attacking the fortified town of Novaleta. After a third battalion arrived in December the pacification of the Philippines continued. (Simmons/Moskin 1998) The Marine Corps continued to justify its means through World War I. The Marine Corps was involved in the Boxer Rebellion in China, Columbia, Cuba, Nicaragua and once again in the Philippines. Although most were minor scuffles, Marines were about to make their first significant mark in World Wa... ...me. (Warfighting Planning Course Online) It seems from the end of the Civil War to the beginning of the Korean War, there were always certain affiliations that did not see a need for a Marine Corps. In theory this would be correct as even today you can make that argument. Aviation we have the Air Force, for Naval Power we have the Navy and for ground assaults we have the Army. Being a Marine myself I am a bit sensitive on the subject. Although I think there are a multitude of reasons I believe there will always be a Marine Corps, but only one reason makes all the others seem mute. There will always be a Marine Corps because the American People want a Marine Corps. BIBLIOGRAPHY Millett, Allan R., Semper Fidelis: A History of the United States Marine Corps (New York: The Free Press, 1991). Simmons, Edwin Howard, ed. and Moskin, J. Robert, ed. The Marines: The Marine Heritage Foundation, Levin Associates, 1998. Sturkey, Marion F., Warrior Culture. Heritage Press International, 2nd Ed., 2003. wanaki@infi.net, RE:Macauthor, Online. Warfighting Planning Course: USMC in National Military Strategy Website for Young Marines: Common Sayings and Quotations, Chadduck Enterprises. 1999

Colonialism and Young Black Kid

At the end of the novel Guerrillas, by V. S Naipaul, Jane, a British woman from London is murdered by Bryant, a young black kid native to the Caribbean island where the novel is based. Behind this murder we could discuss guilt and responsibility through different perspectives. Can we really hold Bryant responsible for his actions? Jane is a woman who is not content with herself, she is naive as Roche defines her and out of balance-out of touch with herself and the perception of reality. She is careless about people’s feelings and ignorant about the consequences of her actions.The fact that she wavers from passion and pleasure through meaningless sexual encounters to rape and violence are all feelings that remind her she’s alive, nothing less and nothing more. Consequently, being in a post-colonial society full of animosity and frustration, all her mistakes and imprudent actions lead her to her own death. This is an example of how the presence and impact of â€Å"the po werful colonizer† damaged not only those around him but themselves, in this case Naipaul’s character of Jane is a representation of the indifference and self-centered post-colonial personality of the dominant race in the colonized territories.In conclusion we could argue that Jane did act in a selfish and unconcerned manner. Conscious that she had the alternative of returning to her homeland, escaping the island’s reality and trying to bring back with her an adventurous experience full of love affairs and careless decisions, she unawarely clashed with the islanders; a people whose disadvantages in life were reflected through anger, despair, emotional repression and a hopelessness that Bryant and Jimmy embodied.Naipaul tries to engage the reader into feeling empathy towards the latter characters by placing Jimmy first, as the frustrated revolutionary who lives his own lie and only wishes to see himself as a hero that satisfies the oppressed desire of revenge again st the powerful dominant, whereas Bryant is the unfortunate native young child overwhelmed by hostility and thwarted dreams who could have become a better person if given the opportunity. In consideration of all these factors and circumstances, who is really to blame?

Fin111 Financial Markets and Economic Principles

[pic] Financial Markets and Economic Principles (FIN111) Assignment Answer Template |Students: Please enter |Word count | | |your word count for this |I have read the Assignment Guide in the Subject Room and have applied the word count | | |assignment |principles to my work. | | |My word count for this assignment is | | | |5368 words | | | | | | Marker feedback Comment on overall performance: |For marker use only. | |Students begin your assignment answers on the following page. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Begin your assignment answers from this point. Section A – Question 1 †¢ Describe the operations of each company JB Hi If – Is an Australian owned and operated company established in 1974. Due to the success of the business model and the growing retail sector in July 2000 JB Hi Fi was purchased by private equity bankers and senior management with the strategy of taking the model nationally. With a strong sign of the success of the business in October 2003, JB Hi Fi was floated on the Australian Stock Exchange.JB Hi Fi has proven to be one of Australia’s fastest growing and largest retailers of home entertainment. Looking to build on the successful model and expand their operations in July 2004, JB Hi Fi bought the Clive Anthony chain of retail stores who competed in the same retail space. Harvey Norman – Is an Australian based retail provider of electrical, furniture, computer, entertainment and home goods. They have over 230 stores in Australia and abroad in countries including New Zealand, Slovenia, Ireland, Malaysia, Croatia and Singapore.Harvey Norman has implemented a unique strategy to the Australian retail market through their operating structure, in that each store department is operated by a separate franchise. Therefore these superstores are a combination of more than one business with each franchisee (computer, bedding, electrical) contributing to the gross reven ue of Harvey Norman Holdings Ltd. This is achieved through their individual lease payment and a percentage of their sales. The individual departments have their own checkouts for its products and warehouse space is shared by the separate franchisees.Harvey Norman Holdings Limited is also a franchisor of other well known retail chains including Domayne, Joyce Mayne and others. †¢ Consider the key factors that may affect the performance and the share price of the companies in the short and long term Given the fact both companies are competitors in the retail sector, key factors affecting their performance will be quite similar. They both heavily rely on the consumption of the â€Å"Household Sector†, this helps drives revenue through their operations. A concern therefore would be given the challenging economic times there is a decrease in domestic spending.With households adversely increasing their savings as anxiety over the sovereign debt crisis in Europe escalates and g eneral unease in regards to the global economy. This is also reflected through the â€Å"Business Cycle† as it is my belief we are currently within a â€Å"Contraction to trough† period which is reflective of a decline in retail sales. This decline has been seen nationwide through the whole retail sector as organisations battle to lower prices to remain competitive when demand isn’t strong and still attempt to retain a profit.Some retailers have opted for longer trading hours and there is also concern over the moving trend towards internet shopping. JB Hi Fi currently have a strong focus on online shopping which has helped them maintain consistent sales results. Harvey Norman have moved to online shopping only in July of 2011, and has big ambitions with Gerry Harvey stating â€Å"I’ve told my team I want them to turn over $100 million within 2-3 years and then take it to $1billon within 5-10 years†. The decline is also reflected in the ABS August K ey Figures report for monthly turnover within the retail sector which saw department stores post a -0. % fall in July to August 2011. Also a long term concern for both companies would be that if global equity markets do recover and inflation rises that will lead to a rise in interest rates which would further affect the Household sector through their discretionary spending. The fluctuations of the Australian dollar will impact both companies as the stronger Australian dollar lowers the prices both enterprises can charge consumers. Increasingly consumers are buying electronics online both domestically and international, with the resilient dollar giving them an incentive to shop abroad. Question 2 ) JB Hi-Fi and its network of retail stores is an intermediary. They are an intermediary between the large electronic manufacturers (Sony, Samsung, Panasonic) whose products are sold in store and the general consumer in the household sector. The large manufactures are able to meet the order demands of the organisation and JB Hi-FI in return supplies the broad market with the products. The consumer is provided with a product at a competitive price and JB Hi Fi earns a margin on the product for the service. 2) JB Hi-Fi also uses an additional intermediary to increase their exposure in the sector.They have purchased Clive Anthony which was another established retail electrical chain. They own Clive Anthony however it continues to operate under its original trading name. All revenue is attributed to the JB Hi FI Limited organisation. 3) Harvey Norman Holdings Limited is well known for using a number of intermediaries within their own organisation. They have fragmented each department (bedding, electrical, computer) of their organisation to be an individual franchise or â€Å"intermediary†. With each franchisee contributing to the gross revenue of Harvey Norman Holdings Limited.This provides each department the ability to specialise and deliver expert service to thei r consumers. Other financial intermediaries Harvey Norman would include its acquired retails chain Clive Peter’s and the number of overseas retail operations it owns which contribute to its net profit. Question 3 Question 3: Impact of monetary policy Justify the Reserve Bank’s decision on interest rates announced on 4 October 2011 †¢ The factors that influenced the Reserve Bank’s decision and the likely impacts on the domestic economy The Reserve Bank nominated on the 4th of October to keep interested rates on hold for the 10th straight meeting.The factors influencing this decision were concern over global financial markets and fears world economies may be sent into global recession. Previously during the Aug-Sep meetings there had been a deteriation in the markets and between Sep-Oct meetings that had been a further substantial deteriation of global markets. The RBA acknowledged that domestic growth would weaken in the coming quarters. Europe’s sove reign debt issues are a major concern to the RBA and a contributing factor to rates remaining on hold. It has caused major volatility to global markets, with growing uncertainty in regards to a solution and its impact on banks in Europe.It is also affecting the outlook for Global Economic growth. The RBA will continue to assess market developments as well as the general indicators it follows including economy and inflation data. A benefit for the domestic economy is the RBA stated it had a bias to easing and that a rate cut could occur if September Quarter CPI data due on October 26 showed a moderation in prices †¢ The impact on the share market as a whole and the share price of your chosen companies The immediate impact on the share market following the RBA’s decision was negative. The S&P/ASX 200 closed down 0. % or 24. 9 points to 3872. 1 points, with the All Ordinaries down 0. 6% or 25. 1 points to 3935. 6. Also the Australian dollar slumped to a 13-month low of $94. 6 US cents. Despite an optimistic start to trading on the day with the market overcoming a negative lead from the US, the RBA’s decision had plunged the markets back into negative territory. JB Hi-Fi was down 60 cents to $14. 30 Not a substantial impact to HVN which was up 2cents from the close the previous day. †¢ Whether the impact on the share market as a whole differed from the impact on your chosen companiesThe negative impact of the decision by the RBA was shared by both the market itself and the individual holdings of JB Hi Fi Limited and Harvey Norman Holdings Limited. The decision had a significant impact on the performance of consumer exposed stocks such as JB HI FI and Harvey Norman. Question 4 JB HI FI posted its first profit slide since the stock floated in 2003. There were some contributing factors to this performance including a restructure of its Clive Anthony’s stores and a negative sales growth for July. JB Hi-Fi reported on August 8th 2011 that full year net profit fell 7. 5% to $109. 7 million on sales of $2. 6 billion, up 8. 3%. The slip has been attributed to the $24. 7 million in costs to restructure its Clive Anthony stores. Annual comparable sales fell 1. 2% Despite the daunting outlook for the retail sector JB Hi FI have stated they expect another solid group sales performance for this financial year, with full year sales to rise 8% to 3. 2billion. JB Hi FI is expecting that the Christmas period will be successful also timing with a number of new product releases. However due to the profit results and weak July sales on August 9th JB Hi-Fi shares closed down 35 cents at $14. 00 Harvey Norman announced a net profit after tax of $252. 6 million for the financial year ending 30 June 2011, which is up 9% on the 2010 financial year. These results were released in its 2011 annual report. The franchises within the organisation continued to provide the stability in the overall performance of the group. Owner Gerry Harvey s tated â€Å"we have a strong balance sheet underpinned by a $2. 04 billion property portfolio and generate strong free net cash flows from our franchising operations segment† Total revenue for the year was $2. 7 billion, which has increased from the 2010 figure of $2. 45 billion according to the results statement.Harvey Norman experienced an increase in consumer transactions despite revenue being down, this was caused by the strong Australian dollar reducing prices on imported goods. Despite the retail sector weakening in reflection of global markets Harvey Norman franchisees have experienced strong customer traffic and transactions. Also stronger results generated by retail operations in Singapore, Malaysia and Slovenia have increased profitability by $4. 65 million before tax collectively compared to the previous year. Despite challenging macroeconomic conditions, the outlook the retail, franchise and property system of the company remains positive.An important addition to the business moving forward in the first half of 2012 financial year will be the launching of our e-commerce site for Harvey Norman. Harvey Norman states they are confident there online transactional strategy will produce incremental dollars to the existing channel. Harvey Norman closed 1cent higher after releasing its annual report at $2. 15 on August 29th. Question 5 †¢ Explain the correlation of returns from the asset classes – Cash- Is looking to be a stable and reliable asset class in the 2011 calendar year. It will provide necessary stability to investor’s profiles.However will remain relatively unattractive reflecting low interest rates. Some important considerations for the RBA in determining any movement in monetary policy is the strength of the Australian dollar relative to trading partners, in particular the US. It is anticipated the RBA will lift the cash rate to 5% before the end of the year Fixed Interest – Will provide stability with a higher yield than cash given there is an element of risk. Savvy investors will look to this sector as global equities remain volatile and fixed interest provides the ability to stabilise returns.Large parts of the credit market in particular Australian credit offer reasonable value especially if the global growth outlook commences an incline. Equity – Global equity markets outlook remains extremely volatile. This outlook is reinforced by the RBA’s recent decisions to keep interest rates on hold and even suggest they may be deducted in the future. The cause for concern has moved on from the Sub Prime Crisis of 2008 and is now centred on government sovereign debt in the US and particularly in Europe and the PIGGS (Portugal, Ireland, Greece, Spain).Of major concern is whether Greece will default on its loans and the potential impact on world markets. This is playing out at the moment with recent developments within the EU with a bailout fund and more recently revision of the si ze of the fund. This has provided huge amounts of volatility in the market and it seems it will play out most of the year, with a potential default if not avoided of Greece in early 2012. There is plenty of value long term in equities currently with stocks undervalued however you must be prepared to accept volatility in the short to medium term.Property – With improving international economic conditions, a local economy with good foundations and quality property managers achieving attractive terms on financing, prospects for high grade property investment remains attractive. Australian direct property will continue to perform well and prospects for the sector are high especially in commercial and industrial property. The retail sector could be a danger given the challenging times being experienced in the Australian consumer sector †¢ Provide a forecast of which asset class you believe will provide the best returns in 2011Due to global economic growth picking up in 2011 w ith various predictions at around 3. 5 – 4% driven largely by emerging economies, this provides opportunities in the equities sector. Market volatility is likely to continue due to Sovereign debt concerns in Europe and the impact of potential further quantitative easing in the United States. There is concern about equity markets seemingly drifting sideways over the past 12 months, however global share markets have recorded strong gains The economic outlook is likely to be supportive for equities in 2011, while there will be areas of concern.The slowly improving economic environment and a potential solution to the sovereign debt crisis in Europe should see companies begin to expand by borrowing. After experiencing a significant correction in 2010, equities are well positioned to post strong gains in 2011. Shares are good value and continuing economic recovery will contribute to further gains in profit. Question 6 Question 6: Influences on share prices Provide a graph showing b oth companies daily share price and the All Ordinaries index over the four week tracking period [pic] [pic] Explain the performance of the two companies over the four week period.In your explanation consider: †¢ The impact of any significant events or unexpected announcements JB Hi Fi – The announcement of Apple’s launch of its latest handset the iPhone 4s is hoped to have a significant impact on sales and foot traffic through its retail stores. – JB Hi-Fi held its annual general meeting on the 12th of October, it stated total sales were up 6. 6% compared with the previous corresponding period. The timing of this news to the market had investors responding positively with 3. 09% increase for the day with a close at $14. 36 Harvey Norman Holdings Limited There is direct concern for Harvey Norman over debt issues within Europe as they hold operations in Ireland which was the first country in the European Union to ask for a bailout. Harvey Norman’s stor es there made a trading loss of $38. 59 million for the 2010-11 financial year, with the board â€Å"committed to Ireland for the long term† – Harvey Norman have also responded to the online retail sector threat by launching a new e-commerce site in early October – Harvey Norman released its annual report on the 29th of September, revealing a 9% rise in 2011 full-year net profit to $252. 3 million Whether the performances have been similar or different The performance of Harvey Norman has been quite flat with quite limited movement of the stock over the reporting period. They released their annual report with a rise in profits but investors did not respond with any significant movements. JB Hi-Fi hit a low of $13. 87 for the reporting period on the 11th of October as anxiety hit over the release of information from its annual general meeting. The news and results provided were positive and the stock reacted positively reaching close to the peak of the reporting period on the 14th of October closing at $15. 0 †¢ How the companies performed in relation to the All Ordinaries Index There has been limited volatility seen in regards to both JB Hi-FI and Harvey Norman. The reasons for this would be they both have core business which is based in the retail household consumer sector. The All Ordinaries which is based on the movements of the top 500 Australian companies has a much wider exposure to sectors. It is for this reason there has been significantly more volatility on the All Ordinaries as it has been exposed to the market’s recent concerns over the European Sovereign debt crisis. Whether the shares would be considered growth or defensive Both these companies’ shares would be considered cyclical stocks, where sales and earnings are affected by economic or industry cycle They would therefore be considered growth shares. †¢ Your view with justification on whether the companies are a buy, sell or hold JB Hi-Fi (HOLD) â⠂¬â€œ The stock is vulnerable to a decrease in discretionary spending in regards to its electronic goods and also the impact of the volatile Australian dollar. However the organisation is in a growth period with a number of new stores opening in a strategic move.The company has been a popular stock and has proven to be quite resilient, trading strongly through the last few turbulent years and also distributes a strong yield. It is in a good position to see through the current wave of volatility. Harvey Norman (HOLD) – The strength of the Australian dollar has seen a rise in internet commerce. Harvey Norman is launching a centralised online website to respond to this growing trend. International holdings have been performing well and there are talks of a possible expansion into the UK.The stock has been proven to be relatively resilient with a reasonable dividend and is adapting to a changing market by looking at opportunities online and abroad, for these reasons the recommend ation would be to hold. Section B Question 1 Section B – Question 1 Identify and discuss four advantages for AWPL of establishing a factory in New Zealand †¢ Operating costs – Establishing a new factory in New Zealand will save AWPL $A2 million per annum which is a significant savings long term. These additional funds can be used to reduce debt or spent on further product development or research Increase production – With the establishment of the New Zealand facility AWPL will be able to meet the demands of their current production and collectively with its Melbourne location the demands of the new proposed contract in the US. This will add a projected 30% to sales growth. †¢ Save $A 3 million – Establishing the new location at New Zealand would mean the fire upgrade to the current location at Devonport would no longer be necessary and the funds will be used to support the long term functionality and growth of the business as opposed to a mainte nance cost Brand Awareness – Currently AWPL provides production for Australia, UK, Germany and potentially the US. Having a location in New Zealand will promote the brand and create awareness which may lead to business opportunities through production in their domestic sector in the future Also four major funding and/or business constraints that AWPL needs to consider when deciding whether to establish a new factory in New Zealand or upgrade and expand the existing factory in Melbourne Production concerns – Due consideration needs to be made to legitimate concerns over AWPL ability to meet the demand of current production requirements during construction of a new factory in New Zealand. Meeting these demands are imperative to the survival of the business †¢ $1 million payout – Will need to be paid due to the retrenchments of the employees at the Devonport factory, this is a considerable amount of capital and needs to be taken into consideration †¢ Esta blishment costs – AWPL have determined that the establishment costs of the New Zealand venture are high with additional costs that do not exist in Australia Debt Funding – All the proposed developments require capital of $A10 million, AWPL do not have the liquidity to cover this outlay and will need to look at financing options. Their lenders at the moment already have concerns over their current level of gearing, so they will need to look at all their options. Question 2 a) Is AWPL eligible for listing on the ASX given its current structure and financial position? AWPL is not able to list on the ASX given its current structure, as it does not currently meet the requirements of the ASX listing rules. In particular condition 7 which states â€Å" An entity must satisfy either a) or (b)† a) There must be at least 500 holders each having a parcel of the main class of securities with a value of at least $2,000, excluding securities not acquired by those holders unde r a recent prospectus or Product Disclosure Statement b) Both of the following are satisfied †¢ There must be at least 400 holders each having a parcel of the main class of securities with a value of at least $2,000, excluding securities not acquired by those holders under a recent prospectus or Product Disclosure Statement AWPL is unable to meet these requirements as it currently only has 40 shareholders ) Listed companies are required to comply with stringent obligations imposed on them by the ASX Listing Rules. Explain four obligations that AWPL would be required to fulfil if it was a listed company †¢ Under Condition 3 of the ASX listing rules â€Å" A prospectus or Product Disclosure Statement must be issued and lodged with ASIC. If ASX agrees, an information memorandum that complies with the information memorandum requirements of Appendix 1A will be sufficient instead of a prospectus or PDS. This ensures that potential investors have access to critical financial inf ormation about the organisation to make an informed decision to invest or not. 1. 2. 4 of the Profit Test states that the entity’s aggregated profit from continuing operations for the last 3 full financial years must have been at least $1 million. This is to ensure the organisation is successful and has the means necessary to warrant being listed on the ASX †¢ 1. 2. 5A states that the entity must give ASX a statement from all directors confirming that they have made enquiries and nothing has come to their attention to suggest that the economic entity is not continuing to earn profit from continuing operations up to the date of applicationThis is to ensure the organisations admission is based on factual information and aims to confirm the integrity of the organisation and its intention not to commit any acts of fraud or deception †¢ 1. 3. 5 The entity must give ASX each of the following a) Any accounts, together with any audit report or review: – for the last 3 full financial years (or shorter period if ASX agrees); and – if the last full financial year ended more than 8 months before the entity applied for admission, for the last half year (or longer period if available) from the end of the last full financial yearIf the accounts have not been audited or reviewed, the entity must tell the ASX This ensures that there is full disclosure of financial information to the ASX and potential investors Question 3 a) Discuss three reasons why the bank would be reluctant to increase funding to AWPL at this time †¢ Financial Markets – Due to the implications of financial markets over the last few years starting with the Mortgage Sub Prime crisis in the United States and more recently the sovereign debt crisis in Europe, lenders have become tighter with their lending practices.They want extra security and having a signed contract confirming the commitment for production in the US confirms the need for additional funding †¢ Th e bank already has expressed concern over the level of gearing the organisation holds at the moment so without evidence to support the need for expansion there will be hesitancy from the lender †¢ There is also an element of risk involved as there is concern that if the upgrade and expansion plans are not handled effectively then production rates may be harmed which would ultimately mean AWPL would be unable to meet current order demands.If that was to occur then the ability of AWPL to service its current debt commitments to the bank would be placed in jeopardy b) Jack is concerned that the New Zealand project will expose the shareholders of AWPL to a new financial risk (associated with borrowing funds to upgrade the Melbourne factory and to establish the New Zealand factory). Assume that the US contract is signed. Identify the new financial risk. Discuss the implications of the risk on debt repayment schedules and outline the steps AWPL might take to reduce the riskJack is con cerned about AWPL ability to meet current production orders. The fear is that if establishment of the NZ factory and upgrade of the Melbourne location isn’t seamless it will affect the ability of the business to meet current demands and that of the new contract. This exposes the business and current shareholders to potential risk of defaulting on existing debt demands from their lender. AWPL may look at hedging this risk by looking at Business Risk Protection which would cover their expected income if they are unable to meet their demand for various reasons.AWPL should also consider looking at alternate factory locations they can use at short notice if production is impacted for any reason Question 4 a) Identify and discuss three effects that an appreciating Australian dollar (AUD) would have on a decision by AWPL to move its manufacturing operations to New Zealand †¢ An appreciating Australian dollar would be a concern for the core of AWPL business which is exports. If the Australian dollar rises a major implication is the impact on the terms of trade as exports become more expensive and imports become cheaper.A likely result would be an increase in domestic spending on imports and reduced demand for exports in foreign countries. This would be a huge concern for the viability of AWPL’s international production orders. If there is a change in the current revenue streams than it may impact their ability to service their current debt and/or gain finance for expansion plans †¢ Also an appreciation in the Australian dollar will mean AWPL’s exports will become more expensive and may result in them not being as competitive as other international competitors. The impact of this may be felt in loss of contracts, renegotiations and general cost cutting.Severely impacting their ability to implement any expansions †¢ These concerns will not only be felt by AWPL but by their shareholders and lenders. When approaching lenders about furth er debt funding an appreciating dollar and the potential negative impact on the business may very well be taken into due consideration before approval. b) Taking into account current economic conditions and financial market sentiment, identify and discuss two factors that could cause the AUD to move significantly above its current rate against the US dollar in the coming months One impact which could cause the AUD to move significantly above its current rate against the US dollar is the appetite for risk from foreign investors. With extreme volatility being experienced in the market currently and concern for the global economy the Australian dollar can be influence by the risk appetite of foreign investors. During the volatile times in the market we are experiencing currently there are heightened perceptions of risk which leads to a decline in the demand for riskier assets which promotes a move for investors to quality investments and an appreciation of reserve currencies such as th e US dollar.This can see the Australian dollar appreciated when markets sentiment is high and there is positive news about foreign and global development and depreciate on negative news. – An additional factor which may see a further increase of the AUD over the US dollar could be another round of Quantative Easing (QE3) from the United States. This involves the US Federal Reserve effectively prints more money injecting it into the economy The US government achieves this through purchases of bonds and places money into banks which then be loaned to the public.This in turn eases lending constraints and money flows through too small to medium businesses. A consequence for the US is that the increase in the supply of their currency weakens the value and causes further appreciation of the Australian dollar Question 5 – A) Discuss the outlook for global economic growth in 2011. Support your answer with a percentage forecast for global growth International recovery after the Great Financial Crisis has been uneven with markets seemingly moving sideways recently. Risks globally remain high with world economies continuing to recover from its effects.Financial conditions have improved through corporate earnings and financial market volatility has moderated, notwithstanding ongoing concerns over European Sovereign debt and the European Union ability to contain the crisis. The forecast for advanced economies is to continue to consolidate, where as growth in emerging markets is anticipated to deliver higher levels of growth and returns. Therefore in accordance the global economy is widely predicted to grow over 4% in 2011 down from 5% growth in 2010. Although traction has been made global economic recovery also remains vulnerable and a clear resolution to the sovereign debt crisis in Europe ill provide markets with strong sentiment and incentive to return to the equities market. Also failure for the US to develop a viable solution to the unsustainable US Fisc al position also poses a threat to the progress of global recovery – (B) Each of the countries below has a significant influence on global growth. Briefly comment on each country’s outlook for economic growth in 2011 Support your answer with a percentage forecast for each country’s economic growth i) USA The forecast for the United States is that their economy will grow between 3. -4% in 2011. This is an increase from the 3% growth recorded in the 2010 calendar year. The basis of this will be driven from growth in the consumer and business spending and personal consumption expenditure (PCE), an increase in consumer spending. PCE is adding between 0. 7% and 2% to overall US growth has increased for five consecutive quarters. Concerns for the US are European Sovereign Debt, budget concerns at all levels of government and falling house prices. These effects could impact and lead to a slower US recovery. ii) ChinaDue to the unprecedented growth of China, tighter mon etary policy was necessary to reign in growth which is still projected to be close to 9% in 2011. Inflation is a constant concern and will increase over the calendar year. It is china’s greatest concern and most pressing policy issue, their ability to contain this effectively will determine their sustained growth. The present account surplus is set to fall to 4. 5% of GDP, which is a reflection of a decline in export growth and higher commodity prices While high commodity prices pose risks they are unlikely to dent growth.Currency appreciation will continue at a gradual pace as reserves accumulate iii) Japan In March 2011 the Great East Japan Earthquake was the strongest ever recorded in Japan and triggered a tsunami which severely damaged the country and was the impact was felt on world equity markets. A preliminary report by the government estimated damage at between 3. 3-5. 2% of 2010 GDP There are serious concerns about Japans ability to recover from such a traumatic natu ral disaster. The timing and strength of an economic recovery is difficult to forecast.The growing uncertainty about the Japanese recovery, compounded by the ongoing nuclear situation and rising oil prices are adding to the difficulty of the situation. However Japan has experienced natural disasters before and the sentiment from other advanced nations is there will be a rebound in economy as reconstruction spending picks up. 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