Financial Management Syndicated Metals Ltd

Question: Discuss about the Financial Management for Syndicated Metals Ltd. Answer: Introduction The chosen company- Syndicated Metals Limited, is a public limited company listed on the Australian stock Exchange. The company is engaged in exploration, discovery, and acquisition of copper and gold and listed in 2007. The company did business and expansion in all possible ways. It entered into partnerships with already existing companies and benefitted the synergy. The company has a CEO. Ideally, in companies with CFOs, they report to the CEOs, but there can be only one person acting as both CFO and CEO. Large business operates with the help of CFOs. They look after the financial strategy and business health, and they carefully tame the department of finance. CFOs are very progressive with their thoughts and they help businesses to progress through all the obstacles and difficulties. As they contain a strong knowledge of finance, they enables the senior management to have a strong grasp of the real-time decisions. This ensure that the business do not suffer in the long run. Relevant duties responsibilities of CFO The duties contain financial planning, reporting and evaluation, strategy that is based for the long term perspective and short-term, investments, hedging, mergers and acquisitions, cash management, auditing and accounting. Their functions are crucial to not only success of the finances of the company but their decisions can influence the very existence and survival of the company as well (Brigham Daves, 2012). Syndicate Metals Limited does not employ a CFO. The managing director takes up all the responsibilities of that of a CFO as well as a CEO. Mr. Andrew Monckton is the Managing Director of the company. He takes up all the managerial as well as steward roles for the company. Apart from him, the board also consists of Peter Langworthy as the Non-executive Chairman of the company, David Morgan and Robert Cooper as the Non-executive directors of the company (Syndicated Metal Ltd, 2015). The major functions of a CFO include: Managing Controls functions The role of a CFO is difficult to express. The duties are subjective. He is responsible for the preparation and projection of the financial statements of a company. The main duty of the CFO is to present and report the financial information. The financial statements are of great help as it enables the company to provide relevant and useful information to the stakeholders. It is hence, imperative that accurate information is provided by the CFO because a vast planning rests on it. There are a lot of people involved, and a lot of information is required to be reported and used. It is hence important that these information are handled properly and reported without any biased. The Managing Director of Syndicate Metal Limited is also required to prepare, present and furnish, all relevant financial information of the company, which is to his knowledge true and valid. The company is a listed company. It has to report its finances to the Australian stock exchange quarterly. In addition, these interim quarterly reports are a base for determining its share prices on the Australian stock exchange (Syndicated Metal Ltd, 2015). It is very important that the numbers be furnished with integrity and care because it shall affect the fundamentals of the company in a huge way. A treasurer to the company The CFO is a treasurer to the company. He manages the money of the company. His decisions on investments and managing finances depend on what and how the expansion done. He is the trustee to the company funds. His financial vision is incorporate as the financing and investing activities of the business. More than a short term, his plans directed to benefit the company in the long-term. He thinks at a macro level and plans made with a broader perspective. The CFO decides the manner in which the funds of the company are invested considering the exposure to risk and generating returns. Moreover, the CFO of the capital structure of the company is evaluated by the CFO, determining an optimum combination of debt, equity and internal financing. The CFO is supposed to take decisions on utilisation of company funds where to invest, when to invest, how much to invest and ways of investments are his four most crucial questions that come on his way. The managing director of Syndicate Metals Limi ted is required to perform the above-mentioned duties about the companys finances. The company is engaged in mining copper and gold. Acquisition and exploration of such expensive metals is more serious business than it sounds. The company engages itself in a lot of mergers and acquisitions, partnerships and joint ventures, and other forms of synergies. Selection of business collaborates and associates the profit and cost sharing ratios and the amount of money to be involved all fall under the decision-making portfolio of the managing director Andrew Munckton. These decisions are crucial because once a project is undertaken al costs incurred in anticipation of profit. One wrong decision can hurt the fundamentals of the company largely. The managing director leads the path to the companys success. All financials of the company need reporting to the Australian Stock Exchange. Their public documents are review strictly and serve purpose to numerous stakeholders. Hence, all the decision s before being executed needs through attention, a lot of pondering and technical weighing. Economic Strategies and Forecasting The role of a CFO is not limited to the past and present financial condition of the company, the fiscal future even depends on him. He must be well aware of all the risks associated. He must be able to identify and report the areas of efficiency and deficiency of a company. He needs to be versed acutely with the ways in which the company can capitalise on its efficiencies and discount on its deficiencies. This aspect of a CFOs duties contains economic forecasting and financial modelling. The CFO must be capable of predicting based on multiple, probable economic scenarios and select the best course of action in order to grant the company financial success with sustainable growth. The managing director of Syndicate Metals Limited should hence be a visionary when it comes to the companys economy. He should be capable enough of understanding all crucial fortes of the company and device ways of encasing upon the same. He should not forget that his decisions and fair play could affect en umerable people in numerous ways. Monitoring Company Performance A CFO of a company is a scorekeeper. He uses tools like the balanced scorecard, dashboards, analytical ratios, and ratio evaluation to communicate the projected and real situation of the company. He monitors the cash flow positions throughout the company, understands the sources and application of money, and maintains integrity of funds and other valuables of the company. He has the power to establish policies and ways for credit and collection, purchases and sales and all such financial obligations (Graham Smart, 2012). He understands the companys legal contract and statuary obligations. He knows all the hidden liabilities and expectations from loan covenants. The managing director of Syndicate Metals Limited should therefore be very careful about his decisions. The shareholders expect value creation and want their money to multiply. The shareholders invest money with this intention only. They want returns. In addition, the fulfilment of expectations of shareholders is the duty of the managing director. Responsibility of CFO can influence objective of the company Apart from the above mentioned duties that cover a major chunk of the CFOs functions there are some more functions associated with the CFO. He acts as a supervisor of the accounting and finance functions. He supports the accounts and financial function by framing policies and procedures. He also maintains the financial relationships. He maintains communications with investment bankers, financial analyst, and shareholders (Libby et. al, 2011). The CFO coordinates the long-term plans of the company with all the short-term plans. Maintaining shareholders relationships, keeping control records, maintenance of proper financial records and its circulation, all these are the concerns of the CFO. Apart from this he should also monitor the operational aspects. A CFO needs to be updated about all the laws and regulations concerning the company. Any change in the regulations and any update on law and its impact should be known by him. He should be well educated about any variances from the plan of action and such corrective action is taken which minimize the impact of the variances. His success shall depend on the manner the company performs in the long run and the manner of evaluation. In short, the roles and duties of CFO are multi facetted (Choi Meek, 2011). He should have full knowledge of the legal aspects concerning the company. He should be well versed of accounting and financial knowledge and should be aware of the economics concerning the company. Efficient Market Hypothesis The efficient market hypothesis opines that assets prices are base on information that is available in the market hence; it is not possible to go ahead of the market returns. Professor Eugene Fama developed the efficient market hypothesis. The professor contended that the stocks are projected at their fair value. He also held that the investors could not purchase undervalued shares or sell the overvalued ones. Hence, in no way the selection of stock can beat the market. He propagated that the only way to earn higher return is by purchasing riskier investments. However, economists on grounds of high level of uncertainty about future condemned this hypothesis (Ball, 1995). Role of pension fund manager Pension Fund Managers are responsible to ensure that pension schemes operate effectively and sustainably. A pension fund is a large pool of money that is paid by companies and individuals so to be accumulate over many years so that the benefits of the funds are reaped during the time of retirement. The pension fund managers are mostly involved in developing pensions policies and schemes that are beneficial for both the fund as well as the individuals. He also provides advice to the company (Merchant, 2012). He also supervises the overall administration of pensions schemes. Computation of performance and value of funds, providing updates to trustees, providing updates to scheme members, being an adviser to the company are few of the of a pension fund manager (Melville, 2013). Where on one hand technical analysis lays focus on the historical data and trends to predict market prices, efficient market hypothesis believes that post results cannot be used to outperform the market (Christensen, 2011). Therefore, it discounts the usage of technical analysis as a tool to generate market investment returns. Efficient Market hypothesis in relation to the fundamental analysis, states that the security prices projects all the necessary market information (Fama, 1998). Hence, fundamental analysis as a tool cannot be use to generate abnormal returns on security prices. Here, a definition of work of a fund manager is crucial. The fund management begins with an investment policy statement. For a given efficient market hypothesis, the fund management focus should not be in receiving average returns for investors. The focus should be on the theory that an average return will not be achievable. In addition, devise ways to achieve the same. A pension fund manager's focus should be on finding ways to outperform a particular threshold related to a particular investment idea (Kalpan, 2005). Here an assumption related to an investor is that no investor can reap abnormal profit. His focus is hence on devising ways to minimise costs. To attain the market rate of return, a diversification of portfolios is needed that is the job of the pension fund manage (Tanous , 1997). Hence, the job of a pension fund manager is far more crucial than it sounds. The role revolves around deciding on composition of portfolios, weighting of investments, reducing costs, increasing returns, and taking crucial decision upon the benefits and issues of the efficient Market hypothesis (Deegan, 2011). Hence, the job of a pension fund manager is not as simple as asking for a pin. References Ball, R 1995, The Theory of Stock Market Efficiency: Accomplishments and Limitations, Journal of Corporate Finance, vol. 8, pp. 4-18 Brigham, E. Daves, P 2012, Intermediate Financial Management , USA: Cengage Learning. Choi, R.D. Meek, G.K 2011, International accounting, Pearson . Christensen, J 2011, Good analytical research, European Accounting Review, vol. 20, no. 1, pp. 41-51 Deegan, C. M 2011, In Financial accounting theory, North Ryde, N.S.W: McGraw-Hill. Fama, E.F 1998, Market Efficiency, Long-term Returns, and Behavioral Finance, Journal of Financial Economics, vol. 49, pp. 283-306 Graham, J. Smart, S 2012, Introduction to corporate finance, Australia: South-Western Cengage Learning. Kalpan , S.N Schoar, A 2005, Private Equity Performance: Returns, Persistence, and Capital Flows, Journal of Finance vol. 60, pp. 1795à ¢Ã¢â€š ¬Ã‚ 1823. Libby, R., Libby, P. Short, D 2011,Financial accounting, New York: McGraw-Hill/Irwin. Melville, A 2013, International Financial Reporting A Practical Guide, 4th edition, Pearson, Education Limited, UK Merchant, K. A 2012, Making Management Accounting Research More Useful, Pacific Accounting Review, vol. 24, no.3, pp. 1-34. Syndicated Metal Ltd 2015, Syndicated Metal Ltd Annual report 2015, viewed 9 September 2016, https://www.syndicatedmetals.com.au/reports/SMDAnnualReport2015FINAL.pdf Tanous, P 1997, Investment Gurus, New York Institute of Finance, Englewood Cliffs, N.J.1997.

In one of the biggest losses in American history, Essay Example For Students

In one of the biggest losses in American history, Essay Pearl Harbor stillstands for the sudden and deliberate attack the Japanese made on the Islandof Oahu in Hawaii on December 7th 1941. Everyone still remembers this dayin history as the only surprise attack on the United States.How comethis attack came without any knowledge to the U.S? Was there anyinformation regarding the involvement of a Japanese attack on Pearl Harbor?One of the main questions; was the information deliberately withheld fromthe Commanders in the Pacific Fleet? Many speculate but no one hasanswered this question to the fullest. Only different facts and views aregiven to help with this answer. YESThe start of this controversy started in 1900 when Secretary of StateJohn Hay made two notes known as the Open Door Policy. The first not wasto provide equal access to commercial right in China for all nations. Thesecond said for all countries to respect Chinas territorial andadministrative integrity. In 1922 the restatement of the Open Door policycame onto the Nine Power Treaty agreeing to assist China in forming astable government. Japan supported the agreements because of worldwideeconomic stability this would take a turn for the worst as a worldwidedepression would reach in 1931. Japan was now looking to expand therepolitical and economic influence on China as on Sept 18th 1931 the Japanesearmy over-ran Chinese troops stationed in South Manchuria. The League ofNations condemned Japans actions and the Japanese withdrew from theLeague. President of the United States Franklin Roosevelt specificallyannounced that there would be no U.S. involvement in any military actionnot in the U.S. Then in 1937 a full scale battle broke out between Japanand China which in-turn China receiving only nonmilitary aide from the U.S. This then involved many conflicts between the U.S. and Japan regarding theinvolvement of U.S. in any stature. Japan, Germany and Italy signed theTripartite Treaty on Sept 1940. Under that treaty war with Japan, meantwith Germany and Italy. Many pressures increased on Japan when the UnitedStates froze of all Japanese assets and trade with the U.S., Great Britain,and the Netherlands, the extension of financial and military aid to Chinain concert with Great Britain and the Netherlands which started early in1941. Then more pressure came upon the Japanese when Roosevelt gaveunmistakable evidence that he was not worried about the Pacific Fleetseffects upon Japanese diplomatic decisions when he authorized the weakeningof the fleet, already inferior to that of Japan by the detachment of 3battleships, 1 Aircraft carrier, 4 light cruisers and 18 destroyers forduty in the Atlantic. A movement in which Japanese spies in Hawaii wouldcertainly notice. U.S. Cryptanalyst had much success in reading code usedby the Japanese. At the same time Japanese Cryptanalysts also had successin reading our code involving movement in our Fleets. At this point youwould suppose a military act against the U.S. in some way.Maybe not aspecific threat (Location, time ect.) but would cause an alert for militaryto be on guard for a military movement against the United States by theJapanese. Meaning not weakening forces in the Pacific leaving Pearl Harboran open area for attack. Roosevelt also knew from ongoing treaty trieswith the Japanese that this was the last straw with the Japs. Also pureevidence that the attack was happening when Ambassador Grew a politicalanalyst in Tokyo overheard a conversion with diplomatic leaders that therewill be an attack on Pearl Harbor. At first we did not know if there wouldbe an attack, or where or where. Now we have evidence that it will happen. Roosevelt still refused and Japanese involvement because of specificdetails that were excluded from Grews statement. Obviously we hadinformation regarding an attack on Pearl Harbor. Some say PresidentRoosevelt withheld information from Admiral Kimmel, the Pacific Fleetscommander, so that an attack would inevitably bring U.S. into a war withthe Japanese. The attack would then be a prelude to the defeat of the AxisPowers. Culture as the traditions we learn from our family Essay March 31, 1941 A Navy report by Bellinger and Martin predicted that if Japan made war on the US, they would strike Pearl Harbor without warning at dawn with aircraft from a maximum of 6 carriers. For years Navy planners had assumed that Japan, on the outbreak of war, would strike the American fleet wherever it was. The fleet was the only threat to Japans plans. Logically, Japan couldnt engage in any major operation with the American fleet on its flank. The strategic options for the Japanese were not unlimited. August 10 1941, the top British agent, code named Tricycle, Dusko Popov, told the FBI of the planned attack on Pearl Harbor and that it would be soon. The FBI told him that his information was too precise, too complete to be believed. The questionnaire plus the other information you brought spell out in detail exactly where, when, how, and by whom we are to be attacked. If anything, it sounds like a trap. He also repor ted that a senior Japanese naval person had gone to Taranto to collect all secret data on the attack there and that it was of utmost importance to them. The info was given to Naval IQ. I would like to know how the information was too precise. It says that Japan will attack Pearl Harbor. Too precise? September 24 1941, the bomb plot message in J-19 code from Japan Naval Intelligence to Japan s consul general in Honolulu requesting grid of exact locations of ships pinpointed for the benefit of bombardiers and torpedo pilots was deciphered. There was no reason to know the EXACT location of ships in harbor, unless to attack them it was a dead giveaway. Chief of War Plans Turner and Chief of Naval Operations Stark repeatedly kept it and warnings based on it prepared by Safford and others from being passed to Hawaii. The chief of Naval Intelligence Captain Kirk was replaced because he insisted on warning HI. It was lack of information like this that lead to the exoneration of the Hawaii commanders and the blaming of Washington for unpreparedness for the attack by the Army Board and Navy Court. At no time did the Japanese ever ask for a similar bomb plot for any other American military installation. Why the Roosevelt administration allowed flagrant Japanese spying on PH has never been explained, but they blocked 2 Congressional investigations in the fall of 1941 to allow it to continue. The bomb plots were addressed to Chief of 3rd Bureau, Naval General Staff, marked Secret Intelligence message, and given special serial numbers, so their significance couldnt be missed. There were about 95 ships in port. This and about 2 full pages of signals were received by our government. Obviously after reviewing all of this incredible information I was mind boggled from the fact that none of the Admirals in command of the Pacific fleet were informed of this information. Is it possible that other attacks on the United States could have been prevented if information had not been withheld?

Omar Khayyam Life

Introduction Omar Khayyam is a name most associated with astrology, poetry and mathematics. He was born on the 18th of may 1048 in Nishapur, Persia, which is presently called Iran. His full names were Ghiyath al-Din Abu’l-Fath Umar Ibn Ibrahim Al-Nisaburi al-Khayyami, which in literal translation mean ‘tent maker’. Many believe his origins could be Arabic because his name Khayyam has affiliation with the Khayyami tribe who have Arabic ancestry and settled in Persia (Iran).Advertising We will write a custom essay sample on Omar Khayyam’ Life specifically for you for only $16.05 $11/page Learn More Much of his younger life is not documented as little is known. However, it is clearly known that he lived in Nishapur for almost his entire life and schooled in Samarqand. His life was mostly shaped by the events that took place during the 11th century, for example, the establishment of the Mesopotamian empire that was a ruthless unsta ble empire whose main goal was to establish a Muslim orthodox state. During this time, Togril Berg who was the current ruler of Seljuq proclaimed himself sultan while in Nishapur where Omar Khayyam grew up. The year 1123 was a sad time in the world, because it’s when this brilliant scholar died. He was later buried in a mausoleum in Imamzadeh Mahruq in Nishapur (Green 2-3). Contributions His major contribution was in the fields of algebra where he classified most algebraic equations; whereby, top on the list was the third degree equations. He not only tried to classify them, but he also gave solutions to some of them, including the geometric explanation of partial geometric and providing of 13 different types of cubic equations, which can be read in his book, the Maqalat Fial-Jabr Wa Al-Muqabila. This book portrays his brilliance especially when it comes to classification of complex equations. He also made made some discoveries that led to the formulation of the binomial expa nsion, based on it having a positive integer. This great scholar was also the first mathematician to formulate the binomial theorem as well as its coefficients (Green 2-5). Khayyam also introduced a calendar known as the Al-Tarikh-al-Jalali, which was significant because of its precision. Science is another area that Khayyam excelled in. His studies included gravity methodoligies, whereby he created ways of precisely determining certain gravity and also contributed to the science world with his three publications in metaphysics. This title of the books that he wrote on in this field were the Nauruz-Namah, which was only until recently discovered and the Risala Dar Wujud. Poetry is another area that Khayyam exceled in. His popularity began when his book the ‘Quatrains’ was translated and published in English in the year 1839. His book is now a classic that is used as a literature material.Advertising Looking for essay on biography? Let's see if we can help you! Get your first paper with 15% OFF Learn More Although the full interpretation of his book may not be really achieved due to the complexity and weight of his mystical messages, his popularity still increases daily due to the richness of his thoughts. In spite of Khayyam writing more than ten books, only thirty monographs have been identified to date. These are in the areas of physics, one geometry and algebra, and four in the field of mathematics (Green 3-8). Family and Education As concerns his family, little is still known about it. Most of the details are based on assumptions. For example, it is believed that he was born in a tent maker’s family and resided in Balkh town. In the early stages of his education, he was under the guidance of Imam Mowaffaq Nishapuri; one of the celebrated tutors of the time in Khorassan. Later he acquired his education in Samarkand. Later on, he shifted to Bukhara where he got his accreditation in the field of mathematics as well astronomy based in medieval principles. During his life, he was privileged to travel to important higher learning institutions where he got a chance to enhance his study and also to interact with other scholars. Some of the institutions he visited were the Balkh, Samarqand and Isphahan. During his visits to Samarqand, he was treated with apparent kindness due to his brilliance by high ranking people officials (Green 3-6). Conclusion Khayyam did not always find it easy in life in spite of his superior intellect. In the year 1092, his nightmare began when his funding to run the observatory was stopped because of his earlier support to Malik Shad; the ruler of the time. This meant that his pet project of his calendar reform was frozen. Additionally, during the same time, he received criticism from the Orthodox Muslims who questioned the origins of his concepts by claiming that they were not line with the Muslim teachings; hence, he had to spend a lot of time moving between courts. For him, regai ning his honor was very important to him. Despite all these, his work will always be remembered for centuries to come as he is known to be a man whose brilliance was ahead of his time. Works Cited Green, Robert. Omar Khayyam: Much More Than a Poet. Montgomery College  Student Journal Of Science Mathematics 1 (2002). 2-8. Print.Advertising We will write a custom essay sample on Omar Khayyam’ Life specifically for you for only $16.05 $11/page Learn More This essay on Omar Khayyam’ Life was written and submitted by user Cayden U. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Smallest Capital Cities in the United States

Smallest Capital Cities in the United States The United States of America is made up of 50 individual states and one national capital city - Washington, D.C. Each state has its own capital city where the center of the states government exists. These state capitals vary in size but all are important to how politics operate in the states. Some of the largest state capitals in the U.S. are Phoenix, Arizona with a city population of over 1.6 million people (this makes it the largest U.S. state capital by population) as well as Indianapolis, Indiana, and Columbus, Ohio. There are many other capital cities in the U.S. that are much smaller than these large cities. The following is a list of the ten smallest capital cities in the U.S. For reference, the state that they are in, along with the population of the states largest city has also been included. All population numbers were obtained from Citydata.com and are representative of July 2009 population estimates. 1.Montpelier Population: 7,705 State: Vermont Largest City: Burlington (38,647) 2.Pierre Population: 14,072 State: South Dakota Largest City: Sioux Falls (157,935) 3.Augusta Population: 18,444 State: Maine Largest City: Portland (63,008) 4. Frankfort Population: 27,382 State: Kentucky Largest City: Lexington-Fayette (296,545) 5.Helena Population: 29,939 State: Montana Largest City: Billings (105,845) 6.Juneau Population: 30,796 State: Alaska Largest City: Anchorage (286,174) 7.Dover Population: 36,560 State: Delaware Largest City: Wilmington (73,069) 8. Annapolis Population: 36,879 State: Maryland Largest City: Baltimore (637,418) 9. Jefferson City Population: 41,297 State: Missouri Largest City: Kansas City (482,299) 10. Concord Population: 42,463 State: New Hampshire Largest City: Manchester (109,395)

1979 Seizure of the Grand Mosque in Mecca

1979 Seizure of the Grand Mosque in Mecca The seizure of the Grand Mosque in Mecca in 1979 is a seminal event in the evolution of Islamist terrorism. Yet the seizure is mostly a footnote in contemporary history. It shouldnt be. The Grand Mosque in Mecca is a massive, 7-acre compound that can accommodate some 1 million worshippers at any one time, especially during the annual hajj, the pilgrimage to Mecca centered on circling the sacred Kaaba in the heart of the Grand Mosque. The marble mosque in its current shape is the result of a 20-year, $18 billion renovation project began in 1953 by the House of Saud, the ruling monarchy in Saudi Arabia, which considers itself the guardian and custodian of the Arab Peninsula’s holiest sites, the Grand Mosque topmost among them. The monarchy’s contractor of choice was the Saudi Bin Laden Group, led by the man who in 1957, became the father of Osama bin Laden. The Grand Mosque, however, first came to wide Western attention on November 20, 1979. Coffins as Weapons Cache: Seizure of the Grand Mosque At 5 that morning, the final day of the hajj, Sheikh Mohammed al-Subayil, imam of the Grand Mosque, was preparing to address 50,000 worshipers through a microphone inside the mosque. Among the worshipers, what looked like mourners bearing coffins on their shoulders and wearing headbands made their way through the crowd. It wasnt an unusual sight. Mourners often brought their dead for a blessing at the mosque. But they had no mourning in mind. Sheikh Mohammed al-Subayil was shoved aside by men who took machine guns from beneath their robes, fired them in the air and at a few policemen nearby, and yelled to the crowd that â€Å"The Mahdi has appeared!† Mahdi is the Arabic word for messiah. The mourners set their coffins down, opened them up, and produced an arsenal of weaponry that they then brandished and fired at the crowd. That was only part of their arsenal. An Attempted Overthrow by a Would-Be Messiah The attack was led by Juhayman al-Oteibi, a fundamentalist preacher and former member of the Saudi National Guard, and Mohammed Abdullah al-Qahtani, who claimed to be the Mahdi. The two men openly called for a revolt against the Saudi monarchy, accusing it of having betrayed Islamic principles and sold out to western countries. The militants, who numbered close to 500, were well armed, their weapons, in addition to their coffin arsenal, having been stashed gradually in the days and weeks before the assault in small chambers beneath the Mosque. They were prepared to lay siege to the mosque for a long time. The siege lasted two weeks, though it did not end before a bloodbath in underground chambers where militants had retreated with hundreds of hostagesand bloody repercussions in Pakistan and Iran. In Pakistan, a mob of Islamist students enraged by a false report that the United States was behind the mosque seizure, attacked the American embassy in Islamabad and killed two Americans. Irans Ayatollah Khomeini called the attack and the murders a great joy, and also blamed the seizure on the United States and Israel. In Mecca, Saudi authorities considered attacking the hold-outs without regard for the hostages. Instead, Prince Turki, the youngest son of King Faisal and the man in charge of reclaiming the Grand Mosque, summoned a French secret service officer, Count Claude Alexandre de Marenches, who recommended that the hold-outs be gassed unconscious. Indiscriminate Killing As Lawrence Wright describes it in The Looming Tower: Al-Qaeda and the Road to 9/11, A team of three French commandos from the Groupe d’Intervention de la Gendarmerie Nationale (GIGN) arrived in Mecca. Because of the prohibition against non-Muslims entering the holy city, they converted to Islam in a brief, formal ceremony. The commandos pumped gas into the underground chambers, but perhaps because the rooms were so bafflingly interconnected, the gas failed and the resistance continued.With casualties climbing, Saudi forces drilled holes into the courtyard and dropped grenades into the rooms below, indiscriminately killing many hostages but driving the remaining rebels into more open areas where they could be picked off by sharpshooters. More than two weeks after the assault began, the surviving rebels finally surrendered. At dawn on Jan. 9, 1980, in the public squares of eight Saudi cities, including Mecca, 63 Grand Mosque militants were beheaded by sword on orders of the king. Among the condemned, 41 are Saudi, 10 from Egypt, 7 from Yemen (6 of them from what was then South Yemen), 3 from Kuwait, 1 from Iraq and 1 from the Sudan. Saudi authorities report that 117 militants died as a result of the siege, 87 during the fighting, 27 in hospitals. Authorities also noted that 19 militants received death sentences that were later commuted to life in prison. Saudi security forces suffered 127 deaths and 451 wounded. Were the bin Ladens Involved? This much is known: Osama bin Laden would have been 22 at the time of the attack. He would have likely heard Juhayman al-Oteibi preach. The Bin Laden Group was still heavily involved in the renovation of the Grand Mosque: the company’s engineers and workers had open access to the mosque’s grounds, Bin Laden trucks were inside the compound frequently, and bin Laden workers were familiar with the compound’s every recess: they built some of them. It would be a stretch, however, to assume that because the bin Ladens were involved in construction, they were also involved in the attack. What’s also known is that the company shared all maps and layouts they had of the mosque with authorities to facilitate the Saudi Special Forces’ counter-attack. It would not have been in the bin Laden Group’s interest, enriched as it had become almost exclusively through Saudi government contracts, to aid the regime’s opponents. Just as certainly, what Juhayman al-Oteibi and the â€Å"Mahdi† were preaching, advocating and rebelling against is almost word for word, eye for an eye, what Osama bin Laden would preach and advocate subsequently. The Grand Mosque takeover was not an al-Qaeda operation by any means. But it would become an inspiration, and a stepping stone, to al-Qaeda less than a decade and a half later.

Taxation Essay Example | Topics and Well Written Essays - 2750 words - 2

Taxation - Essay Example The conceptual framework of accounting holds accounting theories related to taxation together. The framework establishes goal and objectives of financial reporting by businesses. Financial accounting information provides useful information for making business and economic decision such as taxation (Riahi-Belkaoui, 2005, p. 121). The theory that financial reporting should avail significant information for taxation recognizes that reporting does not exist out of the legal, economic, political, and social environment. The conceptual framework of accounting ensures that accounting information in relation to taxation is relevant, comparable, reliable, and consistent (Bebbington, Gray & Laughlin, 2001, p. 97). Comparability and consistency of taxation benefit from having  Generally  Accepted Accounting Principles (GAAP). Adhering to financial statements to GAAP in relation to taxation means, they are consistent from year to year and the tax difference between various companies can be c ompared. Therefore, the accounting theories help in practical analysis of taxation in a business. The accounting theories of taxation function on four assumptions. The economic entity assumption illustrates that the practices of a business are distinct from the actions of the owner. It means that tax is computed separately for the company’s profit generation. In addition, the income tax of an employee is distinctively calculated in relation to the amount of salary gained. The going concern assumption states that when financial statements are prepared, the accountant assumes that the company will move without threat of dissolution or bankruptcy (Riahi-Belkaoui, 2005, p. 97). Therefore, it means that the likely taxable amount is already catered for in the financial statements hence in the event of taxation, the business does not feel any

International Tourism Development Assignment Example | Topics and Well Written Essays - 750 words

International Tourism Development - Assignment Example One of the most notable projects of WTO is The Silk Road Project which revitalizes the ancient highways used by Marco Polo through tourism. This project was adhered to by 22 countries and stretches 12,000 km. Another is the creation of Task Force for Destination management which is a move to further decentralize tourism administration on a global scale. Some concerns of the task force include management of congestion at coastal destinations; economic measurement of tourism at the local level; destination marketing for cities; information and communication technologies; human resource development; and risk and crisis management at individual tourism destinations. This has significantly improved tourism destinations, especially in emerging economies.It is irrefutable that tourism depends on the economic conditions of different nations. Currently, this is reflected by the tourism activities of the growing economies like China, India, and Brazil. As economies grow, it is often expected t hat the level of disposable income also rises and a significant portion of this increase in income will be spent on tourism. This fact is mirrored by the current trend in tourism. As more emerging economies are growing, there is a stronger demand for tourism. According to the World Tourism Organization, tourism for leisure surpasses tourism for business purposes in 2005.Sociocultural factors specifically the perceived importance of taking holidays and vacations are improving demand for tourism. The global mentality which is the current trend also increases the attractiveness of travel.Technological innovation also has a significant impact on the tourism industry specifically on how tourism business is conducted. The advent of internet technology proved to be highly beneficial in the marketing efforts of tourism companies. Consequently, firms are able to market at a lower cost, reaching more geographic locations and market at a faster and more efficient way. Another role of technolog y is the facilitation of e-conferences for the benefit of members.