Expanding Target to China Essay Example for Free

Expanding Target to China Essay China is, without a doubt, the fastest growing economy in the world today. Companies from around the world have wanted to tap into Chinas market to cash in on the tremendous success that it continues to experience. There had been many restrictions for foreign companies who tried to do business in China, limiting the number of foreign companies, and allowing only the big players to come into China. Even then, these big players from around the globe faced more restrictions and rules once they entered China. But things have changed since China joined the World Trade Organization (WTO) in 2001; a new milestone for this country, as well as for other economies. Since then, restrictions for foreign investors and businesses to enter Chinas market had begun to ease up. By December 11th, 2004, China must remove remaining restrictions on the retail sector in order to comply with the WTO rules. This means it will be much easier for foreign retailers to enter the market, and for current foreign retailers in China to expand (1). Many retailers from all over the world will seize this golden opportunity, and Target should do so too. Target, a Minnesota based national retail company, has come a long way from being Daytons department store back in 1961 to being one of the biggest players in United States retail market, as we know it today. Over the last ten years, Target has experienced a continuous incline in growth year after year. Sales reached over $48 billion this past year, a 10 percent increase from the year prior (2). Just like its revenue, the number of stores across the United States has been on the rise. Currently there are 1313 Target stores operating in 47 states, including 136 SuperTarget stores in 20 states (3). Not surprisingly, Target ranks number four in Triversitys Top 100 Retailers in the United States behind Wal-Mart, Home Depot, and Kroger (4). Globally, Target is ranked number 7 in the top 100 retailers worldwide (5). With this kind of statistics, Target has the potential and the resources to begin expanding into the international market, such as China. Comparing to Metro AG, a German retailer, which ranks a couple spots ahead of Target on the worldwide list, is not that much ahead of Target in terms of sales. And yet, Metro AG is one of the largest foreign retailers in China, along with  Wal-Mart and Carrefour (6). Not only should Target continue to expand domestically, but it should also start looking to expand in other markets around the world as well, such as China. This will allow Target to become a multinational company and begin creating a global recognition for itself in the retail sector. Now of course Target cannot dive right into the China Market and expect everything to just work out. Like any other company entering a foreign market, there are challenges and factors that Target must consider and evaluate before doing business in China. In this report, different reasons why Target should enter Chinas retail market and the benefits it offers to the company will be presented. Chinas economic status, political status, and economic status, along with options of entry and other factors that will affect Targets business, will be discussed. Chinas Economic Status China is currently the worlds most potential market for consumer goods. Its average annual GDP growth rate of nearly 10 percent for the last 10 years is the strongest among other major economies around the world (7). This is mainly due to the increase in manufacturing investment from foreign companies over the years because China is full of resources and cheap labor. Many products we see today are labeled Made in China since China has essentially developed into a manufacturing centre for the worlds consumer goods production (8). With a population of 1.3 billion people and having more consumers than Europe and the United States put together, it is obvious that China is by far one of the most attractive markets to invest in for foreign companies that are in the retail and consumer sector (8). When combining the strong, continuous growth of the economy with a population of this magnitude, the results are more money in consumers pockets, meaning more money to spend on goods. According to PricewaterhouseCoopers, the retail sales of consumer goods in China quadrupled with a span of 10 years (7). With this kind of statistics, it will be Targets best interest to pursuit an expansion into Chinas retail market. Chinas economy and consumer market will continue to grow. The more people there are in a  market, the more money will be spent. Everyone will always need food and daily accessories regardless of how much money they have, and those that have more money to spend will spend that extra money on other goods. So by setting up operations there, Target will have a chance to go along with the ride and reap the promising rewards that Chinas consumer market offers, which is what other foreign retailers are looking for. Chinas Political Status One of the major milestones for China, which made a global impact, is its accession to the World Trade Organization in 2001. This is the main reason why the forecast of Chinas growing economy remains strong. Since then, Chinas has begun to ease up restrictions on imports and exports, and also for foreign businesses entering Chinas market, most significantly the retail sector. By December 11, 2004, all restrictions on foreign retailing in China will be lifted, including restrictions on foreign ownership, number of branches, and geographic locations for where to set up stores (9). Currently, there are limited foreign investments in Chinas retail sector. In 2000, the Retail and Wholesale sector only accounts for 2 percent of the total foreign direct investment in China (7). Today, this percentage is not much higher than it was in 2000. This is because prior to Chinas accession to the WTO, there were many restrictions and regulations for foreign companies entering China. Some of the main restrictions were the annual sales volume requirement, assets requirement, and the minimum registered capital requirement. Before, in order to enter Chinas retail sector, a foreign company must have annual sales volume of at least US $2 billion, assets of at least US $200 million, and minimum registered capital of at least RMB 50 million, or about US $6.1 million. Also, they were only allowed to enter the market with approval, and in a form of a joint venture with local partners with no more than 49 percent ownership (10). This limited Chinas retail market to only the big international players such as Wal-Mart, Carrefour, Metro AG, etc, who all have already established a presence in China. But after China starts to comply with WTO rules next month; dramatic changes will take place in Chinas retail sector. Once all the restrictions for foreign retail companies are lifted by China, the number of foreign retailers entering China will increase sharply, both small and medium retailers. All a company will need is a good reputation and a minimum registered capital requirement of US $36,000. Other than a joint venture, a wholly foreign-owned enterprise will become an option (10). Also, the foreign players that are currently in the market will be able expand more rapidly under the new rules. This is another reason why Target should enter Chinas retail market, and soon. The percentage that the retail sector represents in the total direct foreign investment is still low, meaning there is a lot of room to grow. The sooner Target steps in, the more market share will be available for Target to gain. If Target delays its entry, other foreign retailers from all over the world will start to swarm in and the big players that are currently in the market will expand quickly; therefore making it more difficult for Target to create a significant presence. If Target decides not to enter this goldmine, then an incredible opportunity will be missed. WFOE or Joint Venture There are two options for Target to start business in China, establishing a wholly foreign-owned enterprise (WFOE) or a joint venture with a local Chinese company. There are advantages and disadvantages for both options, and it will be important to understand each. Joint ventures were the only way to enter China for any foreign company due to the restrictions set by China prior to joining the WTO. With joint ventures, foreign companies were able enter Chinas market easier. It really helps to have a local partner that is already familiar with the market and know the laws of doing business in China. Also, with a joint venture, it is much less capital intensive since the local partner will be contributing to the business. The downside of a joint venture is that it is difficult to find the right partner, and it requires a lot time because a good relationship must be formed before any negotiations take place. In China, a good relationship is the key to doing business. Some major causes of joint  venture failures have been overestimation of the partners capabilities, differing expectations, and different management styles (11). These are some of the reasons that limit a foreign companys desire to expand. WFOE, an option that will be open to foreign retail companies doing or planning to do business in China after next month, would probably be the direction that most foreign retailers will choose. It should be Targets choice as well when entering China. But before a WFOE can be set up, an application must be submitted to MOFCOMs (Ministry of Commerce) provincial-level counterparts. The applications will then be forwarded to MOFOCOM for approval. The approval process takes about three to four months, but approval is only granted if the proposed business will help the development of Chinas economy (12). Target will have no problem getting approved because it will help create more jobs in China, bring in more sophisticated technology to run its stores and operations, and increase manufacturing production in China since a good portion of the products that will be in Target stores will be made in China. The disadvantage of setting up a WFOE is that it is much more capital intensive. Foreign companies do not have anyone to share the investment costs with in the country. China only allows money coming from outside of the country when foreign companies want to set up a WFOE (12). However, the advantages that WFOE offers outweigh the disadvantages. A WFOE can enjoy the exclusive management control and operational controls with less interference from the Chinese government (13). A foreign company can bring in sophisticated technology without having to worry about losing its intellectual property or figure out how many shares the technology is worth in a joint venture (14). Because of all this, a WFOE can expand into other areas more freely. Although WFOE would be a capital intensive option for Target, it will pay off in the long run. Having complete control over its management and operations, less governmental interference, and less limitations to expand will be beneficial for Target. Chinas Social Status There are some other things that it must take into account before Target jumps into Chinas retail market, one of which is the social landscape of China. Just like in the United States, knowing where the customers are and where to set up stores are important strategies. The more wealthy cities are concentrated in Chinas east and south-east coastal provinces. The top ten most prosperous provinces in China are: Shanghai, Guangdong, Beijing, Zhejiang, Tianjin, Liaoning, Fujian, Jiangsu, Shandong, and Chongqing. These areas are obviously where foreign investors want to go because of higher per capita income and consumer spending in those areas. Consumer activities in some major inland cities are slowly on the rise, but are still fairly undeveloped compared to the east (7). But it may be a good idea to start investing in those areas and capture those markets while competition level is still low. Target should obviously start with investing in a couple of the more prosperous areas, such as Shanghai, Beijing, Tianjin, or Zhejiang. These four provinces have the highest per capita income and household consumption, which means there are more money spent by consumers (8). Besides this, Target should start investing in the major inland cities that are beginning to develop, such as Wuhan, Chengdu, Changsha, and Sichuan. Almost half of Chinas population lives in the central and northwest provinces (7). Take advantage of the new rules that will lift restrictions on locations and the number of stores, and enjoy the benefit of being able to expand easier by being a wholly foreign-owned enterprise. The developing areas should be Targets concentration. It may be a little more risky, and sales may be lower at first, but it will be beneficial in the long run. The biggest competitors, both domestic and foreign, are mostly located in the prosperous areas (8). It will be more difficult to establish a solid foothold in Chinas retail market if Target starts off trying to compete with big foreign players such as Wal-Mart and Carrefour, or big domestic players such as Lianhua and Hualian, all of which are much more familiar with the market. So it will be a good idea for Target to tap into the less developed major  inland cities and create a niche market while competition is still very low in those areas. This can help them develop a presence in China, and become one of the major foreign players in Chinas retail market. U.S. Commercial Service After understand all the details described previously throughout the report, Target still needs some help entering Chinas retail market. Target is very successful in the United States, but China is a totally different market. There are different consumers, different languages, and different laws. Target needs to find someone that is familiar with the languages (Chinese and English), the Chinese retail market, and all the rules that foreign business must comply with. It would be the best if Target has some managers that fit these criterions within the corporation because then those people can be assigned to assist in Targets plan to enter China. They will be familiar with Chinas market and rules, as well as Targets objectives and operations. But if there are no qualified candidates within Target, then this is where the U.S. Commercial Service comes in play to help. The U.S. Commercial Service offers customized solutions to help US companies enter and expand in the China Market. They have six offices in China: Beijing, Shanghai, Shenyang, Chengdu, Guangzhou, and Hong Kong. There are several services that a US company can purchase, one of which is the Gold Key Service (GKS). This service identifies and arranges appointments with the people that the company will need to meet in order to break into the China market successfully. The U.S. Commercial Service will tailor the service to the companys needs. They can assess the competition, and/or find lawyers, consultants, government officials, agents and distributors, etc (15). This is a great service that Target should use if they do not have people to use internally. Going into a foreign market, especially China, without being knowledgeable in the countrys laws and regulations, competition, consumers, and business environment is very risky. Any company that does this is essentially setting up for failure in the new market. This is why Target  needs to find experts that know how to do business in China. By being able to access competition, access the business environment, and working with a consultant or lawyer that knows the business laws in China will definitely help Target develop a safe and successful entry into Chinas retail market. To order the Gold Key Service from the U.S. Commercial Service, all Target have to do is contact the nearest U.S. Commercial Service assistance center, call 1-800-USA-Trade, or email their FCS Beijing Office at [emailprotected] (15). Other Factors In the Chinese culture, the colors red and gold are favorable colors. They represent happiness, good luck, and good fortune. During festive holidays, such as Chinese New Year, red is seen every where. All businesses, as well as households, would put up red lanterns and decorations. This may be beneficial to Target since red is Targets color. By having red in the stores in China, it may attract more consumers because people may associate the Target stores with the same meanings that they associate with the colors, especially during festive holidays. Aside from culture, Target should look into other things, such as education in China. Education is very important to Chinas future development if it is to be sustainable, but it is not an easy task. The government has been focusing on the countrys economic development, and has neglected to improve the education system and health. However, the governments new goal is to raise education spending to about 4 percent of GPD, with help from the private sector (8). In the United States, Target currently have a Community Giving Program where Target gives back over $2 million a week to neighborhoods, programs, and schools across the country (16). If Target sets up a similar program in China, it may help build its reputation in the China market. By helping the community receive better education, improving living conditions, and improving living standards will help Target gain favoritism from both consumers and the government, which can only help Targets goal for success in the market. Conclusion China offers a golden opportunity for foreign retailers, such as Target. Target should take advantage of Chinas accession to the WTO and seize the opportunity by entering Chinas retail market. There are many factors that Target must review and consider before entering China. Main factors like Chinas economic status, political status, and social status. As well as evaluating options of entry (WFOE vs. JV), understanding the culture, assessing both foreign and domestic competitions, and become knowledgeable in business rules and regulations in the country. Target will be very successful in establishing a foothold in Chinas retail market and become a major foreign retailer in the country as long as all aspects are carefully reviewed, planned, and understood. Targets presence and success has been well established in the United States, and now it is time to expand to the next big thing China. End Notes (1) http://www.chinabusinessreview.com/public/0401/01.html (2) http://quicktake.morningstar.com/Stock/Income10.asp?Country=USASymbol= TGTstocktab=finance (3) http://www.targetcorp.com/targetcorp_group/investor-relations/investor- relations.jhtml (4) http://www.stores.org/pdf/04TOP100chart2.pdf (5) http://retailindustry.about.com/library/bl/03q2/bl_rf100603.htm (6) http://www.bjreview.com.cn/200414/Business-200414(C).htm (7) http://www.pwchk.com/home/webmedia/1024303622085/RetailMarket_ China.pdf (8) http://www.pwcglobal.com/gx/eng/about/ind/retail/wef%20jan04_external.pdf3 (9) http://en-1.ce.cn/subject/RetailinginChina/RegulationPolicy/200409/29/ t20040929_1882374.shtml (10) http://www.osec.ch/~0xc1878d1b_0x0001b994/Investments/foreign_investment_ restrictions_in_trade_and_retail_lifted/en/china_fipdf (11) http://www.sinomedia.net/eurobiz/v200404/story0404.html (12) http://www.isinolaw.com/jsp/fie/fie/FIE_wfoe1.jsp?LangID=0 (13) http://english.sohu.com/2004/07/04/81/article220848132.shtml (14) http://www.businessweek.com/adsections/country/asia/ (15) http://www.buyusa.gov/china/en/gks.html (16) http://target.com/target_group/community_giving/index.jhtml

As I Lay Dying Essay -- Literary Analysis, William Faulkner

William Faulkner’s portrayal of women, Addie Bundren specifically, in As I Lay Dying presents an interesting look into the gender politics of the south in the 1930s. Addie lies at the heart of the novel; yet despite being the heart, her presence for most of the story is as a corpse. Faulkner only gives her one chapter to explain herself; and it is her desire to be buried in Jefferson that sets in motion everything that happens in the novel. There is a profound tension at work between words and Truth her chapter: Addie ascribes no value to words, they are nothing more than dead sounds. And despite her claim that words are â€Å"quick and harmless†, she is tricked by them, and relies on them to take her revenge on Anse. While the word â€Å"sin† means nothing to Addie, she is nevertheless consumed by the idea of Sin. The fundamental problem for the reader is how to decipher a chapter of words when Addie says they are empty shapes. Addie’s nihilistic approach to language reveals her attempt to escape her subjugation as a woman: as a â€Å"woman†, Addie cannot help but fall into the traps of â€Å"wife† and â€Å"mother†, and their associated duities. Addie’s chapter placement complicates the novel, as it is placed after she dies; Faulkner does not make it clear whether he is presenting her voice from beyond the grave or if this is supposed to have taken place sometime in the past. From the very beginning of the chapter, Addie shows a darkness in her heart that the reader has not seen before. She hates children (169). She hates her father for bringing her into the world; and telling her that the â€Å"reason for living [is] to get ready to stay dead a long time† (169). She doesn’t appear to take any pleasure in living, except when she punishes her st... ...idelity; she â€Å"merely took the precautions that he thought necessary for his sake, not for [her] safety, but just as [she] wore clothes in the world’s face† (175). She continues her rebellion in her treatment of Jewel: rather than treating Jewel worse because he is a constant reminder of his sin, he is her favorite child, believing that he will save her from the water and the fire (168)—which Jewel does in turn; he rescues her body from the river, and single handedly carries her body from Gillespie’s burning barn. She identifies Jewel as her savior because he is the symbol of her rebellion. Addie’s carries out her final, and most damning act of revenge, by making Anse promise to take her body to Jefferson. This request places Addie’s dead family explicitly above Anse and her children, and she knows that Anse will carry it out because he is bound by his word.

Opponents of Globalization Essay

Globalization is a dream that any idealist would want but developing countries have been paying the price for capitalism. International trade may be reaping profits for rich countries but it also destroys cultural identity and further impoverishes Third World countries. It is inevitable that globalization would homogenize people. To be able to market their goods, multi-national corporations need to create â€Å"the same values, the same tastes and use the same advertising† (Turning Point Project, 2002, para. 3). Participating in global markets also requires adapting to the language of the key players. A factual example is when â€Å"an advisory commission to the late Japanese Prime Minister Obuchi suggested that English be adopted as the second official language of Japan† (Kawai, 2003, para. 1). Altering the language of a people can directly make a nation lose its identity. These efforts drown local tastes from which domestic industries rely on therefore causing the collapse of national businesses which can cause further poverty. To be able to play in the international arena, developing countries rely on loans from global financial entities to sustain productivity. â€Å"Third World countries mortgage their future by selling off irreplaceable capital-their natural resources (Suzuki, 2003, p. 96). In fact, Brazil has chosen to allow the destruction of the Amazon forests to pay off their loans. Perseverance to pay the debts also pushes these poor countries to grow a certain crop as compared to their natural tendency to plant the different basic food to meet the needs of their population. The shift of land away from local food crops decreases the supply and increases the price, thus further impoverishing the people (Gore, 2006, p. 54) . These debts are therefore purpose-defying. The world is beautiful because of cultural diversity and each nation needs to protects its natural resources. Globalization poses a threat to the impoverished and should be controlled before it further destroys lives.

The Nanking Massacre

The Nanking Massacre The Rape of Nanking was a tragic time in Chinese history. This event will never be forgotten by the people in the once capital of China. An estimated 300,000 innocent people were killed in a matter of months. The Japanese have never apologized for the disturbing event and to this day the Japanese deny that the massacre ever took place. The Rape of Nanking will never be forgotten for this city has been scared with tragedy since this gruesome massacre. Is this Massacre actually Genocide, or is this just a result of poor command over Japanese soldiers?I believe that this event is in fact genocide, and it was a terrible event in time. It was a tragic December day in the beautiful city of Nanking. Japanese soldiers were making their way into the unprepared city. All the residents fled to the safety, a small area where tourists and German soldiers could not be harmed by the Japanese (Genocide in China. ) Only a few citizens were able to flee to the safety zone, for the re was only enough room for a few hundred people. The roads were empted, and everyone locked the selves in their homes.The Japanese soldiers had surrounded the city, there was no way the refugees could escape the now taken city. Once the Japanese had surrounded the city, they began their violent rampage. The soldiers began to raid the banks, government offices, and the warehouses. Once all important buildings were taken, the soldiers started killing civilians. (Genocide in China. ) Once the citizens heard the gun fire, most ran out of their homes in an attempt to leave the city. There were two main roads which lead out of the city; the Japanese had set up areas throughout the streets to shoot the fleeing citizens. 0,000 people were killed the first day the Japanese intruded this capital city. Numerous war crimes were committed during the massacre. Some of the worst war crimes in history were committed during the raid on Nanking. A few days after the Japanese invaded Nanking they beg an to run amuck. The soldiers were out of line, and weren’t following the rules of battle. Japanese soldiers captured the surviving Nanking soldiers, and sent them to a large camp outside of the city limits. Case Study: The Nanjing Massacre) The Japanese soldiers soon were running out of food for the soldiers, so the thought there only option was to kill off the remaining Nanking soldiers. The Japanese soldiers would starve the war prisoners and when the Chinese were near death they would march them into fields. (Case Study: The Nanjing Massacre) On the way toward the fields the Japanese soldiers told the captives they would receive food and work. The Japanese lied to the soldiers, for when they reached the fields, the prisoners were killed in a line of machine gun fire.Group by group the captives were lined up and shoot down into massive graves. If the enemy soldiers ran out of ammunition, they would burn the prisoners of war alive. So many practices of execution were perfor med it is hard to keep track of here are some less used forms of executing the prisoners. Chinese soldiers were used for bayonet practices, shooting practice, and were beheaded in the streets. Japanese soldiers would often have contests to see who could kill the most people. There are accounts of Japanese men killing as many as 150 men, women and children on their own.The women citizens had it far worse than the men did. (Genocide) Women were often raped and killed. If a woman was to survive, she would often be made a sex slave for the Japanese soldiers. Females from the age of 9 to 80 were raped and killed. (Case Study: The Nanjing Massacre) The dead bodies of the women were thrown into the street, and were left there for days. Some many atrocities took place throughout the Nanking Massacre that’s it is hard to mention all of them. A total of 300,000 Chinese soldiers, and civilians were killed in the Nanking Massacre.This might seem like a small number compared to other mass acres, but when you look closer at it, it becomes even more tragic. The city of Nanking wasn’t even captured for a year. The survivors tell such terrible stories, of the horror that was swept across the thriving town of Nanking, China. For the remaining survivors this event will never leave their memory. This brings up the question, why did the Japanese do this? This terrible massacre is one that was not as widely broadcasted. This is due to the fact that the Japanese Government had denied this event ever took place.The Japanese people believe that the Chinese people are unclean. The Japanese think this because they think the Chinese people don’t keep themselves clean. The Japanese felt that the Chinese are dirty people who pollute the environment and destroy the fertile land. The Japanese also believed that it was their destiny to obtain the land of China. So why is this massacre considered Genocide? This massacre is considered genocide for many reasons. Japanese peop le had killing contests, in order to kill as many Chinese civilians as possible. Two Roads of Blood) In order to kill more Chinese civilians, the Japanese soldiers would have competitions to see who could kill the most civilians. They had no respect for any of the Chinese people, as if they treated the Chinese as pests they needed to kill. This method wasn’t working for the extermination, so the Japanese soldiers began sending men to work camps, where they would work the men almost to death, then march them to killing fields. This is a clear example of genocide. The final example of genocide is the fact that they took no prisoners. Genocide) If a Chinese soldier decided to surrender the Japanese soldier would kill the man on the spot. Through all this gruesome events, this massacre is considered to be genocide by people around the world. The Nanking massacre was a terrible event in history. Through years of hatred toward China the Japanese committed this terrible genocide. Th rough killing contests’, killing fields, and not giving prisoners this event is technically considered genocide. The Japanese wanted to exterminate the Chinese people in order to take land, which the Japanese thought was rightfully theirs. This event will never be forgotten.

The African-American Warrant f essays

The African-American Warrant f essays History 110 (Honors Option) Dr. Siri Briggs Brown Critical Response Paper The African American Warrant for Reparations In his article, Molefi Kete Asante attempts to present a detailed argument as to why African-Americans are due reparations. He states that there are moral, legal, economic, and political ideas that combined, warrant payment of reparations to the descendants of the Africans who worked under duress for nearly 250 years and that the only remedy for such an immense deprivation of life and liberty is an enormous restitution. It is his belief that the idea of reparations is a restorative justice issue. However, his argument is no different that any other: same story, different author. As an African-American, I do not believe in reparations. I am an us in the view of reparationists only because I am Black. I feel that many of the supporters of this argument are salivating at the thought of receiving a check, even if they cant identify a single slave from their family tree. Then there are those who are desperate for excuses to explain their personal failures and shortcomings. You hear it all the time, the White man did this and the White man is the reason for that and They owe us! No one owes us anything. Asante neglects the fact that Blacks as a whole are not in the same category as Jews or Japanese Americans who received compensation. These groups received reparations for specific acts of injustice that they, not their ancestors, suffered, and rightfully so. In cases such as Rosewood, Florida and Tulsa, Oklahoma, where Blacks have a clearly defined grievance, there is a legitimate right for compensation to be demanded. We should just get over it and move on. The truth of the matter is that we are much better off for being part of the they, meaning Americans, than we would had our ...

Chaos in the Caribbean Case Study Example | Topics and Well Written Essays - 1000 words

Chaos in the Caribbean - Case Study Example In addition, Avey’s responsibilities as the Jamaican government expertise witness involved giving forensic examination and audit assistance. He employed professional examination techniques to carry out an investigation in a way that his findings would be relevant when presented to a court of law (De-Carmoy, 1990). An alert expert witness declaration is essential in any investigation. Avey had an adequate comprehension of the legal course, regulatory and statutory issues of compliance, and pertinent rules of evidence. This made him the most suitable candidate to be appointed by the Jamaican government. Moreover, he investigated evidence that regarded affirmations. This was to determine the evidence association to ascertained criteria performed as required by a court of law. Avey carried out his research on the basis of reliable principles of accounting. This assisted him hastily find out misdealing in Blaise Merchant Bank and Trust Company where finances were lent from a single Blaise financial unit to corporations managed by its main shareholders. In the case involving Century National Bank and its associated financial units, he established dishonesty was the main reason for the issues (McLaughlin, 2006). Question 2 Avey employed professional forensic accounting techniques to investigate the link between Blaise Merchant Bank and Trust Company, Eagle Merchant Bank, and Century National Bank and its associated financial units. Avey may have used source and application of funds technique. This method is utilized when enormous amounts of finances are used for personal gain or growth as a substitute of buying investments or assets. For example, in the Century National Bank and its associated financial unit’s case, the bank used depositors’ money to obtain assets like real estate for the possible personal benefit of the people who managed the financial institutions instead of the benefit of the institutions (McLaughlin, 2006). In addition, the ap plication of funds technique may have been applied in the Eagle merchant Bank case. Here, instead of the depositors’ funds being used for the benefit of the financial institution, the money was misused. This was in connection with the building of a hotel that was intended as an apartment complex with 130 room suites. Avey may also have used analytical tools during his investigation. Forensic accountants make use of trending to examine financial numbers within a period (De-Carmoy, 1990). Trending entails performing indicators ratio analyses, for example, working capital and inventory turnover to ascertain deceitful financial statements. Avey used trending to detect self-dealing in Blaise Merchant Bank and Trust Company. In this case, finances were given out from a sole Blaise financial unit to corporations managed by key shareholders. Donald Panton and his wife’s funds were utilized to finance the institution’s owners businesses. Question 3 The troubles in the fi nancial sector began when Blaise Merchant Bank and Trust Company was temporarily managed by the Finance and planning minister.

Definition Essay: Racism Essay Example | Topics and Well Written Essays - 500 words

Definition of Racism - Essay Example Racism was institutionalized and given support from all quarters of the government as well as parts of the society. The Blacks were denied their Civil Rights and opportunity to participate in any political, social and economic matters. Racism also accounts for heavy prejudice based on race that entails discrimination and segregation against the race that is inferior. Racism was a very powerful force to reckon with in American society and hence the Blacks were neither favored nor given any prominence for any of their talent, which includes their artistic or intellectual abilities. They were not given admission to good educational institutions nor were they allowed to enter theaters or Hotels. Racism could also be described as the hatred or intolerance of one race towards another. Before and during the wars the Whites felt it below their dignity to induct the Blacks into the army. It is only when all the vacancies had been filled by the Whites and they badly needed hands to help in the war, did they begin recruiting Blacks who bravely served the country all through the war- some of them were so heroic that they served until their last breath. Racism wears different masks – but basically, the psychological pre-condition for racism is nothing but anxiety or contempt towards another race in order to secure or reassure themselves of their own identity. On a Philosophical level, we could say that racism does not provide room either for the unknown or the strange. All the facets of racism are dependent on the socio-economic, cultural and religious condition of any given society which reflects the over-emphasis of the skin color of a particular race. Racism is of many kinds. For example, in European History we have what is called state – organized racism where thousands of Jews were persecuted in History’s worst holocaust.  Ã‚