The Danger of Intelligence Politicization

The Danger of Intelligence Politicization National Intelligence Council (NIC) remains the America’s most significant office accountable for the country’s security. It is accused of the duty of upgrading the profundity and exactness of knowledge examination and coordination of local and remote elements of the country’s intelligence.Advertising We will compose a custom paper test on The Danger of Intelligence Politicization explicitly for you for just $16.05 $11/page Learn More This is done to guarantee that the dangers to United States’ national security are completely comprehended and probed.1 National Intelligence Council has had a considerable amount of achievements in anticipating conceivable security dangers to the United States and its partners. In any case, it has likewise gotten some analysis for its inability to anticipate or precisely assess some security dangers to the country.2 For example, National Intelligence Council has confronted different difficulties in the Cuban Missile Crisis a nd the atomic danger presented by Iran. The organization has had a few knowledge disappointments in the two cases referenced above, and they are featured underneath. As indicated by Zegart in her article â€Å"Organization Theory, Intelligence, and the Cuban Missile Crisis†, US National Intelligence Council neglected to completely predict the expectations of the Soviet head (Khrushchev), in putting atomic weapons in Cuba during the Cuban Missile Crisis3. The knowledge officials were just stressed over political aftermath in Cuba and its belongings in other Latin American nations as opposed to thought about a military danger the nation could have had. The National Intelligence Estimates (NIE) gave showed that the Soviet head had been reluctant to set up an army installation in Cuba in very nearly two decades, and there was no short or midterm expectation of such an action by Khrushchev in Cuba. The evaluations additionally emphatically demonstrated that the Soviet alliance wou ld not have wished to draw in its military powers in the event that Cuba had been assaulted by the United States. Nonetheless, it was understood that there were numerous Soviet soldiers who had shown up in the nation and appeared to be prepared to protect it from remote assaults. This was another disappointment by US National Intelligence Council in the Cuban Missile Crisis. The NIC likewise demanded the issue that establishment of atomic weapons in Cuba by the Soviet Union would conflict with the Soviet policies.Advertising Looking for exposition on worldwide relations? We should check whether we can support you! Get your first paper with 15% OFF Learn More Another disappointment by National Intelligence Council was the powerlessness to precisely gauge the quantity of Soviet military work force in Cuba during the period going before the emergency. In the ongoing occasions, US National Intelligence Council has gone under investigation by and by in view of its disappointments in prec isely perusing the Iranian atomic situation.4 National Intelligence Council utilized solid words to propose that Iran had dropped its desire to fabricate atomic weapons in 2003, and this made a misguided sensation that all is well and good. It demonstrated that Tehran came up short on the essential specialized expertise to assemble atomic weapons and had subsequently picked to stop its atomic program.5 However, this ended up being the specific inverse of the circumstance on the ground as Iran proceeded to overwhelmingly seek after its atomic weapons desire. In all actuality, the nation separated its atomic program into three stages which included fissile material creation, rocket improvement and working of warheads. In his article named, â€Å"Misreading the Iran Report: Why Spying and Policymaking Don’t Mix†, Kissinger (para, 3) takes note of that the nation without a doubt expanded the pace of fissile material creation and indicated noteworthy mechanical capacities i n its rocket improvement since its rockets had expanded ranges6. The payload of its new rocket has additionally risen.7 Recent data from National Intelligence Council showed that the nation had the ability to deliver satisfactory enhanced uranium for use in atomic weapons and the quantity of warheads created would increment somewhere in the range of 2010 and 2015. This negates the underlying proclamation by National Intelligence Council on Iran’s atomic program. Bolton (para, 6) contends in his article â€Å"The Flaws In the Iran Report† that the National Intelligence Estimates were self-repudiating and not adequately upheld by inferring that Tehran was probably going to yield to conciliatory influence and universal network pressure8. The Director of National Intelligence (para 6) expressed in his report that Iran had halted its atomic program because of worldwide weight despite the fact that it is was noticed that the nation nearby North Korea were two of the most tro ublesome nations to manage carefully, especially on the issue of atomic weapons.9Advertising We will compose a custom exposition test on The Danger of Intelligence Politicization explicitly for you for just $16.05 $11/page Learn More Despite these disappointments by National Intelligence Council to definitely peruse and decipher insight reports, it tends to be contended that the NIC has demonstrated great accomplishments in procurement of essential security data. National Intelligence Council has been effective in acquiring data, which has been indispensable in keeping emergency from escalating and coming about into wars. For example, during the Cuban Missile Crisis, the photograph got by the NIC from ethereal surveillance end up being extremely helpful in genuine disclosure of Soviet rockets and military staff in Cuba before the weapons got operational. This demonstrated a significant defining moment in the deadlock and it gave the United States a bit of proof which it could have u tilized against the Soviet government and at last pressurized it to revoke its arrangement with Cuba.10 From the difficulties National Intelligence Council experienced in managing the Cuban Missile Crisis, it became clear that there was a need to incorporate exercises of its different knowledge bunches since a portion of the security dangers presented to the nation seemed, by all accounts, to be composed from various fronts. The achievement of the photographic proof acquired from the flying surveillance during the Cuban Missile Crisis brought about valuation for the abilities of ethereal observation and impacted the choice to completely join satellite photography in checking of demobilization understandings. This was later used to screen progress in the Iranian rocket program.11 The exertion made by the legislature to lessen on budgetary consumptions and organize its administrations to the general population is a basic arrangement not exclusively to the military yet additionally to other formative segments too. In any case, knowledge and security segments have key/regular necessities and needs that can't be undermined at any expense. As a matter of fact, it is clear that the America’s army installations in Cuba and Iran had worthwhile needs that must be met by designating to them enough spending plans and upgrading insight arrangements just as enough possibility reserves. This move was viable yet it may likewise present basic effects on the security of the nation.12Advertising Searching for exposition on global relations? How about we check whether we can support you! Get your first paper with 15% OFF Find out More National Intelligence Council has additionally gotten increasingly able in assessing insight data and limited off base investigation and ends on security dangers after the Cuban emergency. The NIC has likewise been fruitful in smothering Iran’s atomic program despite the fact that it has not been completely halted. Because of the effect of the NIC’s exercises, Iran briefly stopped its atomic program and has been compelled to direct its program in an increasingly limited way. Some could contend this is progressively perilous since it gets difficult to completely fathom the degree of the program’s progress. In any case, it is imperative to understand that by constraining Iran’s capacity to boldly proceed with its atomic program, National Intelligence Council has guaranteed that the pace of creation of the atomic weapons was viably diminished and the capacity of the nation to look for outside help to its program was likewise limited.13 The NIC is indispensabl e in definition of the strategies and has been extraordinarily applied in the Cuban Missile Crisis and the Iran atomic program. Preceding accepting solid knowledge, the United States couldn't have an away from of the size of the Soviet’s exercises in Cuba.14 This forestalled unequivocal move being made against the Soviet Union or Cuba. In view of knowledge acquired, the United States government had the option to persuade the Soviet Union to stop its exercises in Cuba, and it even brought about Khrushchev being ousted in his nation. Talking about how lacks in US knowledge abilities affected on the emergency Evidently, inadequacies in US insight capacities affected on the emergency in differing ways. The individual aptitudes and abilities that permitted US aggressors to deal with their feelings, recognitions, and sentiments and those of others were truly undermined during the whole crisis.15 The circumstance expects one to have the capacity of adapting up to others, circumstanc es, and any condition of presence. The Cuban Missile Crisis and the Iranian Nuclear Threat prompted various negative impacts. The American economy was enormously influenced thinking about that they went through a ton of cash in purchasing the types of gear which were utilized to battle the Taliban. The war brought about the passing of numerous US fighters just as Cuban and Iranian individuals. For example, measurements demonstrate that around 2,000 American fighters and 10,000 influenced country’s troopers passed on. The Cuban Missile Cris

Comparisons between ‘ The Daffodils’ by William Wordsworth and ‘The new fast automatic Daffodils’ by Adrian Henri

The two titles show that the sonnets are about daffodils. The word ‘fast' and ‘automatic' in Henri's title readies the peruser for progressively current variety. ‘The daffodils' by Wordsworth, is about daffodils. The artist is dreaming or considering daffodils, as for instance: ‘Beside the lake, underneath the trees, Fluttering and moving in the breeze' and ‘I meandered as a forlorn cloud'. The writer is truly intrigued by the daffodils, since he is portraying it so excellent. It is an extremely cheerful sonnet and furthermore exceptionally characteristic, quiet, valued and insightful. The sonnet has an impact. The beat is successful, it causes individuals to recall the sonnet better. The rhyme conspire: stomach muscle abdominal muscle cc makes it simple to recollect. Refrain 4 methods: The artist is lying on his back looking to the sky and pondering the daffodils. By thinking about the daffodils, it makes him cheerful and he gets glad contemplations about it. ‘The waves close to them move', is a representation. I would picked this sonnet, since it is a loosening up sonnet, I figure the sonnet will pull in individuals. It mentions to individuals what he considers daffodils. The sonnet alludes to the qualities of scenes. It think, individuals structure the 1900 will comprehend it since it is written in their language. Where the individuals won't have the option to comprehend it since vehicles didn't exist in their time. Adrian Henri's sonnet, ‘The new, quick, programmed daffodils', utilizes words and expressions, which are equivalent to ‘The daffodils' by Wordsworth. Like for instance: ‘Bliss of isolation' ‘Inward eye' ‘In empty and in contemplative state of mind' '10 000 saw I initially' (just, Wordsworth utilizes word for the 10 000 (ten thousand) ) Henri needed to make a fascinating sonnet, so he blended the vehicle pamphlet or notice with Wordsworth's sonnet. Wordsworth's sonnet is about the daffodil as a piece of nature and regular excellence. Henri's ‘daffodils' is increasingly agreeable in the specialized age, as a machine or vehicle. Both have a portion of similar lines which have been utilized in every sonnet, for example ‘that skims on high o'er vales and slopes'. Both use language successfully to depict their various perspectives on the ‘daffodil'. Wordsworth utilizes words which are not comfortable to a cutting edge peruser but rather was in saving for the time it was written in the eighteenth century, for example ‘jocund' ‘glee' ‘bliss'. Henri utilizes promoting language, for example, ‘generously parceled' and ‘cruising speed' to speak to a cutting edge peruser. An eighteenth century peruser would not comprehend portions of the language. The two writers use redundancy to get over specific focuses to the peruser. Wordsworth utilizes metaphors and representation so as to urge the peruser to distinguish and perceive his message. Henri utilizes figures and striking capital letters to make his work progressively logical and specialized. It is his utilization of the language of the media, which encourages the peruser to relate to his perspective. The two artists are composing inside the style and setting of their own individual verifiable time. Wordsworth was conceived in 1770 and passed on in 1850. A portion of his verse †including ‘Daffodil' †was enlivened by his adoration for strolling and voyaging, and by watching and remarking on his characteristic environmental factors. Adrian Henri was conceived in 1932 is as yet living. I the 1960's he was know as one of the ‘Liverpool artists' and from 1967-1970 he drove the verse/rock bunch called ‘Liverpool Scene'. This likely assists with representing his composition style in this sonnet, of blending various sorts of verse and messages so as to make something totally unique. The two sonnets have a positive and upbeat tone. Wordsworth's sonnet has a quiet and peaceful tone, which depends on energy about the excellence of a characteristic scene, and the quieting impact that examination can have on the spirit. Henri's sonnet is significantly more peppy and reckless. It is selling the ‘daffodil' as a customer thing. I believe that I will picked ‘The daffodils' by William Wordsworth since I am an individual that like nature and not keen on vehicles. It rely upon the individual's character whether they like the sonnet by Wordsworth or the sonnet by Henri. The two titles show that the sonnets are about daffodils. Wordsworth' s sonnet is about blossoms and Henri's sonnet is about a Dutch vehicle. Henri is utilizing words and expressions he took from Wordsworth's sonnet. The two sonnets are quiet and upbeat. The two writers use reiteration to get over specific purposes of the peruser. Well my decision is that the two sonnets are not about something very similar.

Do Cash Advances Have an Interest-Free Grace Period

Do Cash Advances Have an Interest-Free Grace Period Do Cash Advances Have an Interest-Free Grace Period? Do Cash Advances Have an Interest-Free Grace Period?If you pay off your credit card regularly, you can avoid paying any interest on your balances. Unless that is, you take out a credit card cash advance Using a credit card can be tricky. One the one hand, they’re a great way to rack up awesome points and rewards, and they can also help smooth over those “two days till payday” blues. On the other hand, theyre also a great way to rack up excess debt on your card, which will hurt your credit score and leave you stuck with lots of interest.The key to using credit cards responsibly is to make sure you pay them off within the 30-day interest-free grace period. That way, youre basically getting those points or miles for free! But if you think the same thing applies to credit card cash advances, think again. How do credit cards work?When you take out a credit card, you’re basically opening a revolving line of credit. You’re given a maximum amount that you can borrow on the cardâ€"k nown as your “credit limit”â€"and you can borrow as much or as little against that limit as you like.Any time you make a transaction on the card, the amount that you paid is added to your balance. That balance then accrues interest as determined by the card’s Annual Percentage Rate, or APR. The higher the balance, the more money will accrue in interest.Every month, you will be required to make a minimum payment on the amount you owe. The formula for that minimum payment varies from card to card, but it’s often something like “$15 plus 2 percent.” Because the monthly minimum amount is so small, it can take several yearsâ€"or often much longerâ€"to pay off a credit card if you are only making your minimum payment.Almost all credit cards do, however, come with a 30-day interest-free grace period before interest starts to accrue on a given transaction. Pay off that balance within 30 days and you won’t be charged any interest!What about credit card cash advances?When you ma ke a transaction on your credit card, no cash changes hands. You simply swipe the card at the grocery store or enter the card’s information online and the funds are all transferred electronically.However, you can use a credit card to get cash if you really need it. Simply visit an ATM or a bank teller and you can charge a cash withdrawal to your card. The amount you charge is added to your total balanceâ€"just like any other credit card transactionâ€"while you receive that same dollar amount in physical cash.Do cash advances have a grace period?No, they do not. When you take out a cash advance on your credit card, interest begins to accrue on that transaction amount immediately. The sooner you pay off that balance, the less interest will accrue, but this does  mean that you can’t take out a credit card cash advance without paying at least some amount of interest.And that’s not the only way that a credit card cash advance will prove more expensive. First, you will usually be ch arged an additional fee simply for making the transaction. Second, most cash advances have a separate, higher APR from regular credit card purchases. Not only will interest start accruing immediately, but more interest will accrue overall.Unless you absolutely need cash and need it now, it’s best to avoid taking out a cash advance on your credit card.What about other types of cash advances?There’s another type of cash advance besides the kind you can take out on your credit card. These cash advances are a kind of short-term no credit check loan that you could get from a storefront lender or check-cashing establishmentâ€"or even take one out as an online loan.Basically, they’re the same thing as payday loans.These cash advance loans definitely don’t come with an interest-free grace period. In fact, that’s not even how they accrue interest. Finance charges for these types of personal loans are generally calculated as a flat rate and don’t accrue over time.Lets say you take out a $300 two-week cash advance loan with a 15 percent interest rate; your interest charge of $45 will be immediately added to the amount you owe. This means that paying off the loan early won’t save you any money at all.The rates on these loans are much higher than the rates for credit card cash advances. The APR for a credit cash advance might be something like 23 percent, while that 15 percent charge on a two-week cash advance works out to an APR of almost 400 percent!Furthermore, the lump-sum repayment terms for these short-term loans make them very difficult for many people to repay. That’s how they end up reborrowing the loan rolling it over, paying only the interest owed and extending the due date complete with a new interest charge. It can be all too easy for these borrowers to become trapped in a dangerous cycle of debt.Save up cash for a rainy day.While a cash advance might be a marginally safer bad credit loan option than, say, a predatory title loan or an overdraft free, that doesn’t mean it’s actually a good option.You might do better with a bad credit installment loan, but the best thing you can do is save up a cash emergency fund. That way, you won’t have to take out any debt at all to cover emergency expenses!To learn more about how you can build up your savings, check out these related posts and articles from OppLoans:8 Ways To Save Money Today, Tomorrow and Every Day AfterA Beginner’s Guide to Budgeting8 Good Habits to Get Your Financesâ€"and Your Lifeâ€"on TrackHow to Save Money When You’re Already on a Tight BudgetDo you have a personal finance question youd like us to answer? Let us know! You can find us  on  Facebook  and  Twitter.  |Instagram

A Confederacy Of Dunces Is Much More Than A Comedy Beneath

A Confederacy of dunces is much more than a comedy beneath the hilarious and unlikable characters lies a much more subtle message.Walker Percy writes, in the introduction of the novel â€Å"I hesitate to use the word comedy - though comedy it is - because that implies simply a funny book, and this novel is a great deal more than that †¦It is also sad. One never quite knows where the sadness comes from.†(Percy, Walker â€Å"foreword†, A Confederacy of Dunces, p ix). Truly this book aside from being a brilliant comedy offers a view and psychoanalysis to the world of our main character Ignatius J. Reilly. From the beginning lines of the novel John Kennedy Toole does not try to impress us with the main character. Ignatius is far from the stereotypical†¦show more content†¦The postmodern style of writing John Kennedy Toole, makes so that the various cast of the characters in the story are much closer to people in real life making this book a perfect case to stu dy and relate to characters of people across the world . Ignatius is introduced to us as a obnoxious and gruesome character â€Å"A green hunting cap squeezed the top of the fleshy balloon of a head. The green earflaps, full of large ears and uncut hair and the fine bristles that grew in the ears themselves, stuck out on either side like turn signals indicating two directions at once†(Toole, John Kennedy, 1). John Kennedy is not trying to impress us with Ignatius. He is giving us a fantastic, complex character with radical ideas. Every sense of his character is an attempt to show us what not to do. He is unlikable and disgusting yet he judges other people, Ignatius s appearance is a symbol for what lies beneath,his taste in clothing hints at his care for his own comfort which he seems to care about more than anything else except for his ego. Ignatius does not change throughout the story. This however, is not due to his incapability to change, he is simply not willing to change and he blames â€Å"Fortuna!† on every turn. Hi s unwillingness to change is best said by himself when heâ€Å"The book teaches us to accept that which we cannot change. It describes the plight of a just man in an unjust society. It is the very basis for medieval thought.†(Toole, JohnShow MoreRelatedHello2980 Words   |  12 PagesQuick List of Common Literary Terms Abstract Language—Language describing ideas and qualities rather than observable or specific things, people, or places. The observable or physical is usually described in concrete language. Allegory—A narrative or description having a second meaning beneath the surface one. A story, fictional or nonfictional, in which characters, things, and events represent qualities or concepts. The interaction of these characters, things, events is meant to reveal an

Would Partial Acquisition Of Foreign Investors Be Worthwhile For Banks Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1463 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Since 2005, the wave of foreign investment in Vietnam banking sector has started booming. However, most of investments are partial acquisition as Vietnamese regulation does not allow for foreign investors to capture more than 30% of stake in commercial banks, and for individual strategic investor the maximum is 15%, any individual strategic investor of 20% stake needs governmental approval. Since then, there have been 12 partial acquisitions in Vietnamese commercial bank sector. Don’t waste time! Our writers will create an original "Would Partial Acquisition Of Foreign Investors Be Worthwhile For Banks Finance Essay" essay for you Create order Most of tier 1 commercial banks (in term of chartered capital) now have foreign investment in its stake. This paper is designed to exam the impact of foreign partial acquisition on Vietnamese commercial banks performance and share price after acquisition. This can be used as precedent cases for other joint stock commercial banks to look at when they want to raise capital through issuing shares for foreign investors. It is noteworthy that the Vietnamese Government requires all commercial banks in Vietnam to have minimum chartered capital of VND3 trillion by the end of 2010. However, to date there are still about 28 joint stock commercial banks out of 38 commercial banks have not meet the requirements on minimum chartered capital. And most of them are now interested in selling stake for foreign strategic investors to increase its chartered capital. Research aim/ objectives and Term of reference The aim of this paper is clearly stated in the title which is to exam if partial acquisition of foreign investors worthwhile for Vietnamese commercial banks, at the aspects of share price and post financial performance. Thus, its objectives are to answer the following questions: If partial acquisition would cause share price of targets (Vietnamese commercial banks) to fall or rise around the announcement of acquisition If partial acquisition improve or worsen the financial performance of targets after acquisition In order to achieve the research aim and objectives of this research paper, the term of reference set for this paper would be: Review the literatures on share price analysis around the acquisition announcement period, and on performance analysis after acquisition to find out how they would change Looking at more specific case of Vietnamese joint stock commercial banks, particularly looking at secondary data of share price around the acquisition announcement and financial performance before and after acquisition Initial literature review Review for acquisition/partial acquisition Acquisition is the takeover of another firms assets or stock (acquiring/target firms). This is stock/assets for cash transaction. In the acquisition, the acquirer firm will become the owner/shareholder of acquiring firm. The acquisition can defined as hostile takeover or friendly take over. Mikkelson Ruback (1985) defined partial acquisition is the purchase of more than 5% block of shares. Akhigbe, and others (2004) also defined partial acquisition as the acquisition of less than 50% of targets ownership. Meyer and Tran (2006) postulates that not many scholars pay attention in the important of partial acquisition. Some empirical studies on the important of partial acquisition as the entry mode when firms enter emerging/transition markets can be found in the works of Barkema Vermeulen, 1998; Chen Hennart, 2004; Duarte Garcia-Canal, 2004; Meyer Tran, 2006 It is notheworthy that in studies of Barkema vermeulen (1998), the result shoe that partial ownership (partial acquisi tion) is favoured in high risk countries and in countries that impose legal restrictions on foreign ownership. This can explain the growth of foreign partial investment in Vietnamese banking sector. Review for share price analysis Mikkelson and Ruback (1985) investigated and analyzed the share price of 473 companies in the U.S. during the period of 1978 and 1980. Their findings show the increase in share prices of target firms after the announcement of partial acquisition. Jensen and Ruback(1983, cited in Cheung at el, 2009) review 13 studies on the abnormal returns around takeover period and found that the average excess returns on stock price are of 30% and 20% for the successful tender offer and mergers. The studies in 1990s yet show contradicting result. Frank et al (1991, quoted in Cheung at el, 2009) shows no evidence to support earlier argument of the increase in abnormal return of target firm after three years since the bid date. Moore (1997) also studied on acquisition transactions of banks during June 1993 and July 1996. Moores study indicates that the share prices of target banks had all negative return associated with the likelihood of being acquired. According to study (2009) of Cheung and ot hers on listed companies in Asia during 1990s, the target firms price responses (in term of CARR) (-2.5%) in the period before the announcement, and (-5.2%) in the period after announcement. The difference between studies in 1980s and 1990s is shown. This paper will investigate whether the recent studies (1990s) hold for partial acquisition in Vietnamese commercial banks. Review for post performance Madden (1981), and Mikkelson and Ruback (1985) studies had shown the positive effect for target firms after partial acquisition in U.S market (quoted in Zhu and others, 2010). However, the later studies and research in 1990s shows different point of view. The later study of Eyssell (1990) shows no significant change of target firms partial acquisition post-performance in US. Another studies of Longhran and Vijih (1997) also come to the same view that acquisition resulted in significant negative performance over time for the acquiring firm. And that is the research gap on post performance of partial acquisition. It seems that the post performance of partial acquisition will be different among various industries and various timing. This paper will exam the post performance of target firms in emerging banking sector in Vietnam in order to see how the performance affected after partial acquisition. Intended methodology To answer the research questions mentioned above, the research will be based on positivism stand with secondary data being collected for the purpose of analysis on share price and post performance. And it will be comparative design. The analysis will be based on cross-sectional analysis which will compare the share price and performance of target firms before and after acquisition; and the share price and post performance of target firms with those of relevant commercial banks with no foreign partial acquisition The secondary data will be collected from reliable sources i.e banks websites, stock exchanges websites, other possible sources such as State Securities Commissions, Ministry of Finance. the sample sizes will include total 12 partial acquisition deals of more than 10% stake in Vietnamese commercial joint stock banks . The sample of control group consists of 6-10 commercial banks (where as information is available). Note that, due to limitation in information of share pri ces, the research might not include all stock information of sample commercial banks. For share price analysis, all stocks that are unlisted will be eliminated from the sample size. Up to date there are only 8 listed commercial banks, of which 3 commercial listed banks will be in control group sample. The share price of 2 listed banks with partial acquisition will be analyzed . It excludes 3 others listed banks with partial acquisition because those were listed on stock exchange after 1-2 years of the acquisition date, and with these cases, the share price analysis before and after acquisition can not be measured. The analysis on share price would be based on the AAR (accumulated abnormal return). For performance descriptive analysis, this will be based on financial ratios for banks to avoid the difference in years before and after the acquisition taken place. Those ratios are: ROA, ROE, liquidity, net gearing, cost to income ration, loans to total asset ratio, credit risk, diver sity earnings, off-balance sheet, loan to deposit After the analysis on share price and financial performance through the calculation of ratios, T-test will be conducted to test the relationship between financial performance before and after acquisition, and also post performance with other commercial banks having no partial foreign acquisition The result of this research considered to be valid as the choice of sample is considered to be appropriate and representable with appropriate analysis technique. Data present in the tables is also considered to be reliable since data are collected from reliable sources and audited financial statements. Thus, if the research is repeated, the consistent results are expected. Timescales The research and reading from this project will be started from December but not intensively. The intensive work will be taken place in mid February 2011, and to be finished in mid August 2011, about two weeks earlier than the expected deadline in end of August 2011. Below is the gantt chart specifies the timeframe for this projects Timetable for thesis work (Unit: days): Reference Zhu, PengCheng, Jog, V., Otchere, I. (2010) Partial acquisition in emerging market: A test of the strategic market entry and corportate control hypotheses. Journal of Corporate Finance. doi:10.1016/j.jcorpfin.2010.09.003 Hannan, H. T., and Pilloff, J. S (2009) Acquisition Targets and Motives in the Banking Industry. Journal of Money, Credit and Banking, Vol. 41, No. 6, pp.1167 1187 Akhigbe, A., Madura, J., and Spencer, C. (2004) Partial acquisition, corporate ocntrol, and performance. Applied Financial Economics, Vol. 14, pp. 847 857

Juwi Analysis - 1274 Words

Juwi - what next? Company – Overview: Juwi is one of the world’s leading companies in the area of renewable energy The name is built by the first two letters of the surnames of the founders Fred Jung and Matthias Willenbacher. The company operates in the solar, wind, bio-energy, hydropower and geothermal energy sectors, as well as in the areas of green building and solar electro-mobility. What was originally a two-man operation has grown into a multi-award winning company with 1,750 employees in 15 countries. As there isn ´t one specific problem to be solved we chose to apply the Strategy Orientation Analysis. 1.) History, growth amp; development 1996 the company was founded by Fred Jung and Matthias Willenbacher 1997,†¦show more content†¦* Difficult to generate interest among potential employees. (Relatively unknown to potential employees) * Low market share of only 0.5% on a global scale 3. Analyse external Environment Opportunities: * no price risk for projects in renewable energy. (for the next 20 years, a producer of electricity power from renewable resources benefited from a price guarantee for electricity fed into the grid and in addition, a guarantee that the electricity produced would be fed into the grid.) * wind and photovoltaic energy production, were expected to be the main market growth drivers over the next decade: Development of installed electricity generation capacity by wind mills in Germany increases by 11% p.a. Development of installed photovoltaic electricity generation capacity in Germany increases by 18% p.a. Threats: * competition is fast increasing in this field. * feed-in tariff regulation is likely to change so that conditions for alternative energy generation will be far less favourable in the future * industry is vulnerable to the impact of political decisions. * suppliers are starting to enter their home turf, they too are beginning to design projects to produce alternative energy, and selling them to investors Porter ´s 5 Forces * Intensity of existing rivalry: Competition is fast increasing as it is profitable Government limits competition through feed-in tariffs * Bargaining power of

Vodafones Organizational free essay sample

After having been brought public in 1988, Vodafone kicked off its international expansion by acquiring minority stakes in other wireless telecom companies, following with multiple joint ventures within countries that were about to launch their cellular networks. Under the cabinet of Chris Gent as Vodafone’s CEO, the company drastically expanded the portfolio of its overseas acquisitions. Arun Sarin, who initiated the One Vodafone project, maximizing economies of scale, then succeeded him. The One Vodafone was to unify and simplify the company’s structure. This mainly included reshaping organizational charts and integrating Vodafone as a global brand. When Vodafone’s current CEO, Vittorio Colao, took over in 2008 he established a set of clear goals for the company to pursue. These mainly focused on â€Å"improvement of operational performance, [ ] pursuit of growth opportunities, [and] increase in shareholder returns†. (Colao, 2008, cited in Grant Jordan, 2011, p. 1 2) First results of Coleo’s newly adopted strategies came up positive yet the concerns arose around Vodafone’s long-term strategies in terms of its international presence. So as to help Vodafone pursue the aforementioned goals, we were assigned a consulting mandate to evaluate the following queries: 1- Are Vodafone’s organizational capabilities correctly aligned with their current strategy? If not, how could they improve them in order to grow within the competitive market they are facing? 2- Does Vodafone’s organizational structure enable them to undertake efficient decision-making processes? If not, what kind of organizational structure should Vodafone adopt? In order to develop a set of recommendations, the current strategy is first taken apart into its four components and for each the organizational capabilities needed are identified. In a second step, we define Vodafone’s current capabilities and determine the gaps to be closed. After having done so, we provide recommendations on how to close the organizational gaps by referring to the three leverage points, organizational structure, management preferences and leadership behavior. 2 Vodafone’s current strategy and required capabilities To make sure Vodafone’s international strategy is consistent with its organization, the required organizational capabilities have to be determined. In order to do so, the strategy is broken into its four components, goals, product-market focus, core activities and value proposition. In a subsequent manner, the organizational capabilities necessary to fulfill each one have to be established. (Crossan et al. , 2013, p. 160) Goals Every strategy follows a certain set of goals. For Vodafone said set consists of three parts. Firstly, top operational performance is achieved through cost cutting and superior customer service. Secondly, growth in emerging markets, mobile data services and comprehensive telecom solutions for business customers leads to the leading or the second position in every market. Lastly, Vodafone increases its shareholder returns by balancing selective investment and disinvestment. (Grant Jordan, 2011, p. 1 2) To accomplish those goals, Vodafone as to continuously improve its ability to cut costs, grow in emerging markets and generate a surplus form investments and divestments in the long-term. Product-Market Focus Operating in over 52 countries, Vodafone aims to provide high-class wireless communications and mobile services, integrated business solutions and mobile advertising (Vodafone, 2014). With its international scope and business but also private customers as clients, the definition of a â€Å"market† can vary. Markets for telecommunications can in this case either be determined by their geographical location or by their users. While corporate clients benefit from a â€Å"seamless† roaming, especially when operating globally, smaller clients get won’t acknowledge the service offered by a single, international provider. In order to develop the right product-market focus, the right target markets have to be identified and innovation has to be fostered consecutively. Value Proposition As stated before, Vodafone aims to provide high-class services. Therefore instead of challenging its competitors on price, customer value is created through premium services and differentiation. The global scope allows the customer to benefit from high quality reception worldwide, always offered by Vodafone and without value decreasing interceptions in the network. A strong value proposition requires the ability to offer superior data services and superior customer services, always moving one-step ahead of competition. Core Activities When operating globally, the core activities have to be established in a structure that allows the company to benefit from synergies and international integration. For Vodafone core activities focus on procurement, global development of products and services, marketing and brand development and service functions. If core activities are to be performed efficiently and effectively, it is not only necessary to balance the need for coordination and synergies with local initiatives and to adapt to industry changes, but also to have a well functioning corporation. This means, back-room systems have to run smoothly, economies in equipment purchase have to be realized and know-how has to be transferrable from one unit to another. Moreover the international scope has to be transferred into customer value and thus a competitive advantage. 3 Identifying Vodafone’s Organizational Capabilities As the strategy has been broken down into components, it is now necessary to identify Vodafones existing capabilities with respect to each component. The summary of these capabilities has been annexed to the present document. Currently, there are two main capabilities that facilitate the accomplishment of Vodafones goals. Firstly, there is the ability to grow in emerging markets. Between the years 2005 and 2008, Vodafone had demonstrated that it was able to enter emerging markets and to grow within these markets through acquisitions in Eastern Europe, Asia and Africa. Secondly, Vodafone possesses the ability to generate long-term profits from investments and divestments. In fact, this capability is a indispensable in order to create shareholder returns. As shown in table 1 of Grant and Jordan’s case study (2011, p. 2), Vodafone realized continuous, positive free cash flows between four and seven billion pounds during the years 2005 to 2011. As for the product-market focus, there is one main capability that can be identified with the company, the ability to identify potential target markets. Vodafone has shown that it is constantly and actively seeking for new target markets to exploit and its ability to expand their international scope. With innovative projects in Kenya, Asia and Eastern Europe, Vodafone further established a global presence. (Grant Jordan, 2011) Vodafone possesses four main capabilities with respect to its core activities. Firstly, as a result of its international expansion, Vodafone can transfer seamless connections into costumer value. The company is thus able to provide integrated solutions to businesses with international functions. Smaller firms and private customers however don’t benefit as much from a global partner as most domestic providers offer good roaming services through partner agreements. Thanks to the large distribution of fix costs, Vodafone is able to offer promotional deals to small clients and therefore allow them to benefit from a unified provider. Secondly, by rationalizing its back-room systems Vodafone eliminates expenses that do not generate value for the costumers and strengthens the organizational structure. Thirdly, due to the international scope, economies in purchasing equipment can be realized. Lastly, the ability to exploit learning and knowledge transfer is directly linked to the required ability to innovate new generations of voice and data services. In order to enhance these capabilities Vodafone restructured the organization in 2011 (Grant Jordan, 2011, p. 9 16) Finally, with respect to Vodafones value proposition, the companys main capability is being able  to offer superior customer service. This capability is demonstrated by the fulfillment of three criteria: effective delivery to costumers, short response time and responsiveness  to customers needs. In order to fulfill these criteria, Vodafone nurtures an entrepreneurial mindset and provides each of its company with challenging missions to accomplish (Grant Jordan, 2011, p. 8). In conclusion, Vodafone disposes of several crucial capabilities but still can improve its abilities to adapt to industry changes and to innovate new generations of voice and data services. In addition the ability to balance the need for coordination and synergies with local initiatives has not been flawless. However those capabilities are determined inside-out. At the end it is the customer that determines how innovative Vodafone is or whether its customer service is superior (Crossan et al. , 2013, p. 161). 4 Developing New Organizational Capabilities Now that we’ve identified the organizational gaps, we develop new organizational capabilities or improve existing ones to ensure consistency in the strategy-organization linkage. To do so, we refer to the three leverage points, organizational structure, management preferences and leadership behavior. As the available information does not provide sufficient detail on the latter, we therefore focus on the organizational structure and management processes. Organizational Structure Although the organizational structure had been redesigned in 2011, remaining weaknesses were identified. Creating geographical and functional units on the same level of hierarchy prevents efficient transfer of information and knowledge as competencies become unclear. Moreover a global strategy and business development department are contra-productive in two ways. Firstly  it opposes the necessity to adapt to cultural peculiarities and secondly it doesn’t fit the autonomous position of local subsidiaries. General strategic decisions have to be taken by a superior unit, mostly the executive board or the board of directors. The lack of clear hierarchical structures and well-defined competencies thus prevent a rapid reaction to industry changes. In order to enable efficient decision-making, opportunity recognition and a fast and free flow of information the organizational structure is to be redesign as follows. Figure New Organizational Structure The company is to be divided into the four geographic units of Europe, Africa, Asia Pacific and Middle East. Each geographic unit consists of functional units managing the tasks for their respective area. The only functional unit operating globally remains the technology unit. This allows Vodafone to test a technology in one market and deploy it into another later on, without relying on several independent units. To facilitate the communication between the different units, the internal communications and cultural mediation unit (ICCM) is created. It is composed of one manager from every geographic unit. The ICCM also acts as a channel for internal communications and monitors synergies and manages the coordination between different units where necessary. The new structure allows maximizing efficiency in procurement, global developing of technology and new products or services, marketing and brand development as well as common service functions. The reduced complexity further keeps administrative costs low and permits additional growth. Management Processes Changes in management processes have the potential to act as a leverage point to develop new capabilities. These processes are separated in three components: decision-making processes, operational processes and performance assessments and reward processes. Each of these components contributes to the development of new capacities. (Crossan et al. , 2013, p. 172) In order to increase the ability to innovate new generations of voice and data services, the company has to give the authority and latitude necessary to the Research Development department to take decisions on their own. Being able to take decisions and find innovative solutions increases employee satisfaction as well. Empowered employees feel as if their contributions matter and productivity increases. The company thus has to accelerate the approval of innovative ideas and enable projects to get fast tracked. Furthermore, the creative and innovative actions of employees are to be recognized and rewarded. For most employees financial rewards are insufficient and sometimes even contra-productive. When design a incentives, opportunities for self-development, recognition of achievement etc. Have to be equally considered. (Crossan et al. , 2013, p. 176) In order to properly react to industry changes, Vodafone has to consider the dynamics in the changes of the environment. Along with a dynamic environment, it is crucial to monitor its competition regularly and identify possible threats and new entrants early on. 5 Feasibility Assessment The suggested changes in organizational structure and management processes allow Vodafone to develop the organizational capabilities necessary to transform its international scope into a distinct competitive advantage. In order ensure the effective realization of the proposed measures, the implementation of each step has to be according to the required time frame. Changes within the decision-making process can be conducted over a short period of time. Modifications in operational processes and performance assessments take a little more time to be established. In order to ensure a successful outcome, all actions have to be constantly monitored and communicated within the whole corporation. 6 Conclusion Over the years, Vodafone has shown it was capable to outrank competition and to generate large revenues. Nevertheless by ensuring consistency in the strategy-organization linkage, untapped potential can be realized. Improving and developing capacities, redesigning the organizational structure and modify management processes allow Vodafone to close existing inconsistencies. A detailed analysis of Vodafone’s organizational capabilities has yielded the following results. It is able to effectively cut costs and innovate new generations of voice and data services but needs to constantly improve those qualities, while capabilities such as balancing  the need for coordination and synergies with local initiatives, adapting to industry changes and offering superior data services are required and need to be developed. In order to achieve the envisioned capabilities, we suggest a redesign of the organizational structure and several adjustments within the management processes. The company is to be divided into geographical units on the first and into functional units on the second hierarchical level. Simultaneously a new department for internal communications and cultural mediation is to be created and the technology unit is kept on a global scope. Moreover, research development requires more decisional autonomy and a fast track for innovative and important projects has to be established. Finally, all measures have to be constantly monitored and evaluated to ensure their effectiveness. Bibliography Crossan, M. M. Rouse, M. J. Fry, J. N. Killing, J. P. (2013). Strategic Analysis and Action (8th ed). Toronto: Pearson. Grant, M. , J. , Jordan, J. (2011). Vodafone: Rethinking international strategy. Foundations of Strategy. Appendix A The ICCM Unit B Recommendations for management processes New Capabilities to be Developed Decision-making Process Operational Processes Performance Assessment and Reward Processes Ability to innovate new generations of voice and data sevices Give more decisional empowerment to the RD department Reduce time approval for innovative ideas and enable fast track projects Reward creative and innovative actions   and work Adapting to industry changes.