Islam (Arabic: الإسلام) is a monotheistic and Abrahamic religion articulated by the Qur'an, a book considered by its adherents to be the verbatim word of God (Arabic: الله Allāh, and by the teachings and normative example (called the Sunnah and composed of hadith) of Muhammad, considered by them to be the last prophet of God. An adherent of Islam is called a Muslim. Muslims believe that God is one and incomparable and that the purpose of existence is to worship God. Muslims also believe that Islam is the complete and universal version of a primordial faith that was revealed many times before through prophets including Adam, Noah, Abraham, Moses, and Jesus. They maintain that the previous messages and revelations have been partially misinterpreted or altered over time, but consider the Arabic Qur'an to be both the unaltered and the final revelation of God. Religious concepts and practices include the five pillars of Islam, which are basic concepts and obligatory acts of worship, and following Islamic law, which touches on virtually every aspect of life and society, providing guidance on multifarious topics from banking and welfare, to family life and the environment. Five Pillars of IslamThe Pillars of Islam are five basic acts in Islam, considered obligatory for all believers. The Quran presents them as a framework for worship and a sign of commitment to the faith. They are the shahadah (creed), daily prayers (salat), almsgiving (zakah), fasting during Ramadan and the pilgrimage to Mecca (hajj) at least once in a lifetime. 1.The shahadah (creed),
The Shahadah, which is the basic creed of Islam that must be recited under oath with the specific statement: "'ašhadu 'al-lā ilāha illā-llāhu wa 'ašhadu 'anna muħammadan rasūlu-llāh", or "I testify that there are no deities other than Allah alone and I testify that Muhammad is his Messenger." This testament is a foundation for all other beliefs and practices in Islam. Muslims must repeat the shahadah in prayer, and non-Muslims wishing to convert to Islam are required to recite the creed. 2.Daily prayers (salat)
Ritual prayers, called Ṣalāh or Ṣalāt (Arabic: صلاة), must be performed five times a day. Salat is intended to focus the mind on God, and is seen as a personal communication with him that expresses gratitude and worship. Salat is compulsory but flexibility in the specifics is allowed depending on circumstances. The prayers are recited in the Arabic language, and consist of verses from the Qur'an. The prayers are done with the chest in direction of the kaaba though in the early days of Islam, they were done in direction of Jerusalem. 3.Alms-giving
"Zakāt" (Arabic: زكاة zakāh "alms") is giving a fixed portion of accumulated wealth by those who can afford it to help the poor or needy and for those employed to collect Zakat; also, for bringing hearts together, freeing captives, for those in debt (or bonded labour) and for the (stranded) traveler. It is considered a religious obligation (as opposed to voluntary charity) that the well-off owe to the needy because their wealth is seen as a "trust from God's bounty". 4.Fasting
Fasting, (Arabic: صوم ṣawm), from food and drink (among other things) must be performed from dawn to dusk during the month of Ramadhan. The fast is to encourage a feeling of nearness to God, and during it Muslims should express their gratitude for and dependence on him, atone for their past sins, and think of the needy. Sawm is not obligatory for several groups for whom it would constitute an undue burden. For others, flexibility is allowed depending on circumstances, but missed fasts usually must be made up quickly. 5.Pilgrimage
The pilgrimage, called the ḥajj (Arabic: حج, has to be done during the Islamic month of Dhu al-Hijjah in the city of Mecca. Every able-bodied Muslim who can afford it must make the pilgrimage to Mecca at least once in his or her lifetime. Rituals of the Hajj include:...
...Stanley Ho Hung Sun : the ‘King of Gambling’, from his multiethnic identity to the contribution to society
Macao is known to the world for its casino industry. Macao's richest man, Ho Hung Sun, is an entrepreneur in Asia. Ho is also known as "The King of Gambling", showing the monopoly he held of the Macau gambling industry for over 40 years. Behind Stanley Ho's successful career is a story of ordeals and adventures that will inspire everyone.
This essay focuses on the contribution of Stanley Ho as a multiethnic entrepreneur in laying the foundations for Macao to become a world-know gambling place. The factors that explain Stanley Ho's success is complex .Ranging from his multiethnic identity, family connections, to the historical background (particularly the Second World War and the Handover to China), have all played a vital role.
Stanley Ho’s Multi-ethnicity
Stanley Ho was born in a well-known and influential family in Hong Kong on November 25, 1921. His grandfather Ho Fok was the younger brother of Sir Robert Ho Tung, an influential figure in Hong Kong’s political and commercial circles at that time. While Sir Robert Ho Tung, was an influential businessman in British Hong Kong. He was an multiethnic person, born to a man of Dutch and Jewish ancestry named Charles Henri Maurice Bosman and Madame Sze, a Han Chinese woman of Bao An heritage. It has often...
...On February 8th, 2002, Stanley Works announced to reincorporate itself as a Bermuda-bases corporation with main intention to save huge amount of money in corporate income taxes. The decision had both positive and negative impacts overall. Stanley’s market value had jumped $200 million dollars- a gain of over 5%- the day after they announced the deal. Three months later, on May 10th, they lost $250 million of market value.
Corporate inversion is one of the many strategies companies employ to reduce their tax burden. In other words, a corporate inversion is a process that a company undergoes to change the domicile of the U.S. parent corporation in a multinational corporate conglomerate to a country other than the United States. Corporations can accomplish this by either what are called stock inversions, asset inversions or a combination of the two. In a taxable stock transfer, the new foreign parent company effectively exchanged its own share for shares of the American company, a transaction that required individual and other shareholders to recognize capital gains equal to the difference between fair market values of the shares and tax basis. At the conclusion of such a transfer, shareholders owned shares in the new foreign parent company, and the American operations were organized as a subsidiary of the new foreign parent. In an asset transaction, the new foreign parent company required an American firm’s asset, there by triggering taxes on capital gains...
Team Paper Analysis
December 15, 2009
Table of Contents
2. Company overview
3. History and Development of the company’s business development
4. Recent Business Developments
5. Mission and vision statement
5.1 Mission statement
6. Core business and services offered
7. Market analysis
1. Target market
8. Financial analysis
8.1 Highlights – First Half 2009
8.2 Overview of financial situation
9. SWOT analysis.
9.1. Strength and weakness analysis (internal factors)
9.2. Opportunities and threats analysis (External forces)
10. Global Issues
11. Company’s strategy
13. Conclusion and recommendation
Most leading economists have called the global financial crisis that started in the middle of 2007 with a collapse the US sub-prime mortgage market and the reversal of the housing boom in industrialized economies, “the worst financial meltdown since the great depression of 1921”. The falling of stock market and the collapse of large financial institutions has made other weaknesses in the global financial system to surface. The reaction of governments worldwide did not wait. Varieties of approaches to rescue the financial...
...are four phases of business cycle, such as prosperity phase, recession phase, depression phase, and recovery phase. Lastly, the company’s stocks and bonds investment timing is important for the investors.
2. Concept of an industrial life cycle
2.1 Introduction stage
At the beginning of an industry’s life cycle, the firm may be alone in the industry and it may be a small entrepreneurial company or a proven company which used research and development funds and expertise to develop something new. Perhaps a new unique product offering has been developed and patented. There are many types of firms with different efficiency levels and historical backgrounds. They want to experiment with new product varieties because there are lots of opportunities for technological innovation and there’s little or no product standardization. For automobile industry, there were so many firms in the United States and such a huge variety of products rolling out from their factory gates, each firm had to be satisfied with a small share of the market. Marketing refers to new product offerings in the new industry as “question marks” that is because the success of the product and the life of the industry in unproven and unknown. Many firms will use a focused strategy at this stage to stress the uniqueness of new product or service to a small group of customers. These customers also called as “innovators” and “early adopters” are typically referred to in the...
...Group Assignment (Company Valuation Assignment)
Company: TRAPHACO JOINT-STOCK CO (Ticker on HCMC stock exchange: TRA)
Submission Date: Week 10, 26 April 2013
[Syndicate (Group) Assignment – minimum 3/maximum 5 students per syndicate]
For this assignment you are required to use publicly available information to analyse a publicly listed company and prepare a report which provides an assessment of the company’s current position and future prospects, and which incorporates the use of a range of valuation models to arrive at an estimate of the company’s share price. To provide structure the assignment should include the points listed below:
The final submission should include:
1. An evaluation of the company’s brief recent history and financial performance, over time and, where appropriate, relative to their peer group, including the DuPont ROE approach. An analysis of the current issues facing the company, the industry it operates in, and estimate the impact of the issues on the company’s future earning.
The first section explains the impact of the business environment on the inputs (variables) needed in the valuation models to be estimated. You do not maximise your marks if you cut and paste material without any analysis.
2. Estimation of the value of the company’s shares using:
* Dividend valuation model (DDM):
You are expected to use the CAPM to estimate the discount...
...secularization which can cause many problems for people and countries around the world since religion plays a part in the government and way of life in many nations. But it is also the combination of judging the new by the standards of the old which is a habit that is slowing down and in some cases immobilizing the advancement of globalization.
The positive effect can bring better education or enhanced technology and cultural diversity. Best case scenario, elements from different cultures will be enriched by globalization (which is always measured by different standards since it is constantly changing), without losing its fundamental values. Globalization can also be positive when it can merges with the local customs and traditions.
The second group welcomes globalization as the age of modern science, technology, global communications, knowledge based information and cultural diversity. They say that it is no longer possible for people to be withdrawn from the world within their own boundaries to because of their desire for an "imagined homeland" of the past which no longer exists. They say it takes a balance of interacting with globalization to benefit from its positive opportunities without losing their cultural individuality.
The third and last possibility that people find is finding an appropriate form of globalization that is compatible with the national and cultural interest of all people, and that it doesn’t have to be wholly accepted or rejected....
...risk for a stock and to evaluate its desirability in a logical, rational manner.
2. Intrinsic value, the end product of security analysis, is the measure of the underlying worth of a stock and provides a standard for helping investors to judge whether a particular stock is undervalued, fairly priced, or overvalued. If the intrinsic value of a stock is more than the market price, then the stock might be a good buy under the assumption that the stock will rise up to its intrinsic value. The converse would be true if the intrinsic value is less than the stock price. The stock might be a good sell.
3. A satisfactory investment is one that offers an expected return, from the combination of current income and capital gains, that is commensurate with its perceived exposure to risk. The three steps in security analysis should enable investors to identify satisfactory investment s. First, economic analysis assesses the general state of the economy and its potential effects on security returns. Industry analysis examines specific industries and the characteristics and outlook of those industries. Finally, fundamental analysis looks at the financial condition and operating results of a particular company in depth. Together, they enable the investor to develop expectations about a stock’s future course of behavior—what kind of return to expect and what kind of risk is likely to be involved. By examining variables such as future earnings, dividends, and so...
Investment Trusts Trading At Discount
TOPIC # 3
According to Cheng et al. (1994, p.813), ‘an investment trust company (ITC) is a UK public limited company, the business of which consists of investing its funds mainly in securities, with the aim of spreading investment risk and giving members of the company the benefit of the results of the management of its funds.’ In the UK, investment trusts started to form as early as the mid 1800s and helped small investors to diversify their risk through pooled investment (Bengassa, 1999). Not long thereafter, institutional investors also began to participate in investment trusts. The main benefit provided by investment trusts is diversification and the access to managerial skills (Bengassa, 1999). Investment trusts are closed-ended funds that issue a finite number of shares and investors cannot come and go as in open-ended funds (Clarke, 2012). These investment trusts are usually issued at a premium above their Net Asset Value (NAV) but they eventually decline and trade at a discount to the NAV. This trend continues right up until termination when the price converges again towards the NAV (Berk & Stanton, 2004). Investment funds in the UK are invested solely in stocks (Dimson & Minio-Kozerski, 1999) and unlike the situation that obtains in the US, the majority of...