Financial Crisis Essay - 1388 Words

The United States has the biggest financial crisis ever since WWII. Which lasted from September 1, 1939, through September 2, 1945. It was a six-year and one-day battle. Whether or not the seventy-eight trend is strictly reminding us that revanchism (the political manifestation of the will to reverse territorial losses incurred by a country) hasnt changed. I recall my economics professor warning his class at the time that, another crisis will happen soon. So he asked the class, what do we fear more, inflation or recession? Many answered recession, because if the number of jobs decreases we will be in trouble and health insurance will be taken away. Most employers are now seeking for more qualities, and it is just getting harder to get†¦show more content†¦There are at least six different countries in the United States that have universal healthcare coverage for their citizens. Just as Africa, Asia, Europe, the North America, South America, Oceania and Im sure several ahead o f us. In the first place, Jacob Zuma, Africas president accomplished their healthcare systematic by the poor automatically being enabled to health services and treatments while the wealthy pay for the hospitalization according to a sliding scale. In Africa, theres a chain of hospitals, clinics, and dispensaries that provide treatment to the community, with the Social Security system financing their health services. Even if many people must still cover and pay for part of their costs due to the amount paid by the Social Security Africas healthcare system has been unchanged since 1987. Secondly, Asia is another country that accommodates for their population with universal healthcare coverage. Many countries in Asia that provide free public medical insurance include Bangladesh, Bhutan, Bahrain, China, Hong Kong, India, Iran, Israel), Jordan, Kazakhstan, Macau, Malaysia, Mongolia, Oman, Singapore, Sri Lanka, Syria, Taiwan, Tajikistan, and Turkmenistan. All the countries in Asia working as a team. If one country cant provide treatment for a patient, such as cancer than they refer them out to India, and India being one of the biggest subcontinents in Asia. TheShow MoreRelated The Structure of a Financial Crisis Essay4624 Words   |  19 PagesStructure of a Financial Crisis INTRODUCTION   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The year 2001 had been unlucky for Turkey. Apart from the crisis in 1994 and November 2000, the country had to face another financial crisis, causing problems in the management of its economy. Why does a country delve deep into financial crisis? What are the possible immediate triggers for both the current and potential new crises? 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The argument concerningRead MoreThe Current Financial Crisis Essay869 Words   |  4 PagesFrederic Mishkin makes the point in the text, The Economics of Money Banking, and Financial Markets (2010) that â€Å"Banks and other financial institutions are what make financial markets work. Without them, financial markets would not be able to move funds from people who save to people who have productive investment opportunities.† (p.7). The movement of funds between savers and those with productive investment opportunities is the means of creating growth. When people lose confidence in the economyRead MoreGlobal Financial Crisis Essay858 Words   |  4 Pages(subprime mortgage defaults) in the United States (U.S.), then ballooned damaging crisis of the banking system not only in the United States but extends into Europe and into Asia. Successive cause a domino effect on the solvency and liquidity of financial institutions in these countries, among others, led to the bankruptcy of hundreds of banks, securities firms, mutual funds, pension funds and insurance. The crisis then spread to parts of Asia, especially countries such as Japan, Korea, China, SingaporeRead More Asian Financial Crisis Essay2964 Words   |  12 Pages In the summer of 1997, an economic and currency crisis rocked the Asian markets. One by one, Southeast Asian countries such as Thailand, Indonesia, Korea and Japan saw their economies crash in the wake of heavy foreign investment. An economic boom had made the region an attractive investment opportunity for much of the 1990s. By 1997, however, domestic production and development had stalled, and foreign investors grew nervous. A divestment run on the Thai baht triggered the crash. Large corporationsRead More The Global Financial Crisis Essay3569 Words   |  15 Pages1. Introduction 1.1. Background The Financial crisis was triggered in 2006 when US housing market began to crumble as the housing price reached their highest point after years of speculative price increase; many house owners defaulted on their loans, particularly subprime mortgagers (Archarya et al., 2009). Starting in mid-2007, the outburst of US housing bubble in the subprime mortgage leads to the global financial crisis that has been often so called ‘Great Recession’ (Verick and Islam, 2010)Read MoreImpact of Financial Crisis on Gulf Area Essay1732 Words   |  7 PagesThe global financial crisis that was experienced in 2007/2008 affected many nations of the world. Some countries such as America and most European countries were hard hit since they were directly affected by the crisis. Other countries especially those in Asia and Africa were not adversely affected as they were not directly hit by the crisis. This crisis started in the United States after the housing bubble busted. 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Journey to Sakhalin Free Essays

The Saline project was the first Russian production-sharing agreement (AS) with foreign corporations. A AS is a commercial contract between investor(s) who are willing to make a large, long term and high risk investments with the host country that has the natural recourses (usually oil and/or gas) to exploit. The terms behind AAAS are usually deferent than regular commercial contracts, as they usually bypass some of the regulations that the host country imposes on foreign Investments. We will write a custom essay sample on Journey to Sakhalin or any similar topic only for you Order Now The agreements also last for the Lifetime of the project. Under the terms of the AS, the investing company gets the larger share of venues at the beginning of the contract to recoup the cost of investment. As time goes by, the net revenues (revenues after the cost of operations) are shared between the investment companies and the host country, usually a 20/80 split. AAAS are controversial In Russia because they bypass some of the taxes and licenses that a foreign company would have to pay. Previous foreign companies had worked In Russia under the regular tax system, therefore It was argued that AAAS don’t treat all businesses equally and create a sense of unfairness. Furthermore, AAAS apply only to Greenfield.. Greenfield are unexploited, undeveloped large pieces of lands with exploitable resources, and some circles felt that Russia should not cheaply bargain away these coveted lands. AAAS are agreements between the foreign direct investors (FED) and the federal Russian government; thereby limiting the power of the mid-level establishment, traditionally and politically a powerful group In Russian Pollock. At the time of the agreement, the local Saline Government, led by Governor Igor Verification, was a key player in the decision, mainly because Verification was politically influential and in favor of the project. After the fall of the communist regime, Russian GAP fell by 50% and up to half of the population was living below the poverty line. Oil and gas constituted the main export earnings of Russia, whose borders encompassed the largest supply of gas In the world (30%). Attempts by Russia to privative state-owned energy firms had mixed results. The OLL Industry produced a number of vertically integrated firms such as Skidpan and Subnet, which formed the basics of a competitive environment. Conversely, prevarication of the gas industry produced a single, dominant company: Gazpacho. At times, it appeared that he Russian Government acted on behalf of Gazpacho due to the significantly higher impact this Industry had on the Russian economy, and because It was a 38% stakeholder In the company. As Gazpacho controlled 20% of the worlds gas production, tenure were gallants political Interests escalated Witt ten development of this industry in Russia. Thus far, Russian’s exports were mainly to Europe, as Russia had been unable to build pipelines to East Asia and Japan. The energy sector constituted 20% of GAP, and Gazpacho alone was responsible for 8%. The growing economies of the Far East, combined with Russian’s need to exploit its oil and gas serves (both for economic reasons, as well as for political influence) helped push Russia to seek Foreign Direct Investment (FED). Russia also required foreign expertise, as transportation of gas to Asia would require a Liquefied Natural Gas (LONG) facility; something they did not have the technical ability to create. Foreign partnerships then offered the fastest and most efficient way of developing previously inaccessible resource field as well as exporting to new markets. Previous administrative scandals (BP Amoco) showed Russia to be politically and financially risky, causing a decrease in FED. A AS agreement would prove a good faith gesture from Russia that it was ready to enter the world economy, and to overcome the bureaucratic history and corruption that has scared away foreign companies. Shell would not have invested $108 in the Saline II project [exhibit 1] without a AS. Russia needed this first AS to attract future FED, and as such would likely be most generous with the terms of its first AS. Successful execution of a AS by Shell, could create future opportunities to exploit additional Greenfield development in Russia. Despite these advantages, there were several downsides. Protectionism by members of the Russian Dumb meant that this AS was rapidly becoming politicized and might face ongoing challenges.. One term of the AS was that Saline Energy Investment Company (SIC) needed to use 70% Russian labor and goods for the part of the project measured as measured man- hours and volume of material; however the oil industry in Russia was mainly functioning on ground and had very little experience with offshore activities as exampled by Russian’s inability to build and maintain a Liquefied Natural Gas (LONG) plant. The terms of this part of the agreement were particularly vague, as it was roll defined what would be considered Russian â€Å"content† in the project. Additionally, enforcement of the AS would be difficult due to the geographical remoteness of the project. * Investments in Saline did not Just include the production facilities, but also contributions to the local administration. SIC was responsible for the upgrade (or construction) of the island infrastructure as well as other wish-lists of improvements. The SIC also had to provide local community sponsorships of facilities, scholarships and grants as well as maintaining good relationships with environmental activists. Saline Island is a pristine environment. In order to be successful, social and public relations have to be a priority, which could prove to be challenging since the business of exploiting oil and gas is usually brutal to the environment as well as the economic and social landscape of local communities. Care in negotiations had to be achieved in order to sponsor projects that would keep the local residents happy and friendly, and yet keep a tight control on spending for these projects and not inflame environmentalists. * Navigation of local politics was also a challenge. In the first stages of a project like this, good relations with local government employees are sometimes more important than relations with politicians higher up in ten unlearning as most approvals are cone locally. As ten project progressed, Ethereal authorities became more important as Putting attempted to reinstitution central authority. Another obstacle was the legal system. Difficulties and delays in obtaining approvals for the Technical and Economic Substantiation for Construction (TCO) as well as a lack of stabilization in the Russian legal system endangered the project as it would not proceed as scheduled without them. Without changes to the legal system, arms of the Saga’s agreements that conflicted with current Russian laws could not be enforced and increased the risks associated with the investment. Despite these obstacles Shell should invest in Saline. There are very few Greenfield available with the production capacity of Saline. Exploitation of non-developed lands allows for the building of new technology instead of maintaining old equipment. This is more efficient and therefore more profitable. The initial costs are lower as there is no need to dismantle old facilities to build new ones. It allows Shell to gain a foothold in Russia which has a large reserves of oil and gas. When at full capacity, Saline could produce up to 5% of the world LONG needs making this a critical strategic investment for Russia. Russia needs to rebuild its economy and is now ready to offer better deals then it would in the future. It does not have the technology to build offshore platforms and LONG producing capabilities. It needs these facilities to access new markets and the location of Saline in the Arctic has great potential in these regards. The Saline II AS agreement has terms that will be difficult to match in the future and has the advantage of reducing the influence of the Russian oligarchy in the business dealings. Russia would not Jeopardize its standing as a 68 country and is motivated to have successful foreign investments. Of course one company to watch is Gazpacho. It is a major player in Russian politics and may feel threatened to have the East Asian market closed to them. Shell should be open to the idea of having Gazpacho be part of the Consortium. To mitigate the risk, Shell should try to attract more investors to distribute the risk, at least at the beginning while costs are high, then buy the shares back once production brings in stable revenues. They should follow the given requirements very carefully and ensure that they keep maintain heir end of the bargain by hiring the requisite local contractors and labor force. Shell should behave as a good neighbor as much as possible by making sure that the environment is being taken care of. Natural resource industries require large capital investments and are politically difficult to navigate. They have such a significant geopolitical impact that the Coos of these companies do not make agreements with the heads of other companies, but rather with heads of state. Their decisions do not just affect the shareholders of the company, but also the access of energy by their win country as well. If the political climate changes with a new government hostile to the home country of the company, no commercial contract can be legally enforced. A company could lose all of its investments in the host country should they be removed from the operations while the plants and equipment remain. Depending on the level of hostility and the impact the resources of a country have on the global energy supply, escalation may involve military force to secure indispensable resources. Usually the countries with the companies that have the most technical expertise do to own the lands that contain the resources and the countries with the resources do not have the technical expertise to exploit them. It creates a mutual (although wary) Interdependence. An 011 company cannot easily select to another site Ana move Its platforms, refineries and pipelines, while the host country cannot operate the equipment without the technical knowledge of the companies (which is the company’s only leverage). Both sides need to do a a diplomatic dance, constantly negotiating give and takes on the exploitation of these resources. Exhibit 1: Saline 2 project How to cite Journey to Sakhalin, Papers

Transport Systems and Well-being in Nigeria

Question: Describe about the Transport Systems and Well-being in Nigeria. Answer: Introduction Transport system is considered the backbone of the economy. As the economy grows, the relevance of transport also grows. The demand for transport system is derived because it not only focuses on the carrying of the commodities from one place to another but it also elaborates on the personal travel. Moreover, the transport system in Nigeria is not much developed. As a result, there the government is seeking different policies in strengthening the transport system (Rodrigue, Comtois and Slack 2013). However, the diversification that can help in strengthening the system is the through the Mass Rapid Transit (MRT). The research evaluates the Nigerian transport system while highlighting the forthcoming diversification in the land transport infrastructure. However, the external environment as well as transport system needs to be reviewed before diversification. Nevertheless, the mass rapid transit system needs to be made holistic with the urban development strategy such that the system seems to be affordable with the passengers as well as municipal budgets (Mega 2016). Problem Statement The diversification in the transportation system is to meet the emerging responsibility of mobility. The Nigerian transportation system is confronted by the complexity of the modern cities despite the methods of movement in the country. However, the poor macroeconomic conditions in Nigeria has not only been deteriorating the transport infrastructure but has also been affecting the future that is glimpsed with great uncertainty. In the urban transportation system, one of the basic issue lies in congestion where the demand has exceeded the supply at a specific point in the transport system. However, in this scenario, every vehicle repairs not only impairs the mobility of others but also creates problems related to accidents, land use distribution, environmental and noise pollution (Aderamo 2012). Aims and Objectives The aims and objectives of the research highlight the diversification of the Nigerian system through Mass Rapid Transit (MRT) and analyzing the position of the current transportation system prevailing in Nigeria. On the other hand, the regulation of MRT in Nigeria will be studied to ensure the improvement in the transportation structure of Nigeria. Research Questions The research questions that study the research are: How will the Mass Rapid Transit (MRT) be beneficial to improve the transportation system in Nigeria? What are the recommendations that can be made to the Mass Rapid Transit transportation system keeping in view the situation analysis of the country Nigeria? Literature Review Transport System in Nigeria The Nigerian transport system is in great need of economic and financial viability that efficiently develops the system based on the quality of services. However, the transportation system of Nigeria was flawed right from its inception because it was poorly designed and was unable to meet the nations increasing demand. The traffic congestion on roads, adverse railways and puffed up airfields are the conditions that fail to meet international standards of a transportation system (Pearson 2015). The flawed design of the current transportation system can be met by diversifying its current design through the introducing Mass Rapid Transit in the system. It forms to be strategic mechanism for not only creating an effective system but also proving beneficial to business (Jin, Teo and Sun 2013). The government of Nigeria has considered privatizing the Nigerian Railway Corporation as well as ports by granting concessions to private port operators to improve the quality of its operations as well as port facilities (Adelekan 2016). Current Scenario of the Transportation System in Nigeria Globally, Nigeria is low in order in terms of the quality of its infrastructure because of which conducting business operations has become difficult. Meager levels of investments in the transportation sector have induced its current infrastructural deficit. The major challenges, which the government is currently facing, are primarily low and inadequate investments and poor management of transport infrastructure. Experts say that annually $15 billion is required to fund Nigerias infrastructural deficits adequately (Igwe et al. 2013). When it comes to road travel, the federal government has done quite a lot in the last fifteen years to alleviate and improve the coverage of Nigerias road transport. One such example being; the work of the Directorate of Foods, Roads, and Rural Infrastructure (DIFFRI), which has embarked on a campaign to construct 60,000 kilometers of new rural roads, but in reality the roads, have not received proper maintenance and have become particularly problematic during the monsoons (Adetola 2014). Many roads in the rural regions of the country cannot be travelled in excess of 40 kilometers owing to large and recurrent potholes that mark the way in many rural roads. Moreover, the conditions of motorways are so bad that motorized vehicles avoid the original roadways so that there are no new dirty tracks formed. As a result, the other portions of the rural roads have been condensed to a single lane. Proper maintenance is critical because Nigeria experiences torrential rainstorms, which decays the small areas of the roads very rapidly owing to the forces of erosion. Nigeria has also a high number of road accident rates amongst other inefficiencies (Aderamo 2012). The health of the railway systems in Nigeria is also very grim. The major issues faced by the railways are: Certain Technical problems such as rail buckling associated track/speed limits, tight curves and steep gradient. Lack of effective communication. Management structure interfered by the government. No freedom to set tariffs Inflexible bureaucracy. Volatile Staff Training (Aderamo 2012). However, while acknowledging all these, it explains that the Nigerian railway network needs a decent transportation system to move a major part of its appraised 50-60 million tons of freight per annum. Moreover, if this is not done then the people will continue to use roads, which in return would result in rapid deterioration of the road network (Emeasoba, Ogbuefi and Enugu 2013). The sea transport is not as effective as compared to South Africa because it has almost doubled its growth in the past years. The government is trying hard but its efforts are all going in vain. Moreover, the situation is not very different in the airways sector too. As a result, it is leading to poor reputation on operational efficiency and several local airlines will soon be declared bankrupt, its situation does not get better (Adetola 2014). Mass Rapid Transit Nigerian government should consider a Mass Rapid Transit system like in India, which has a system using underground or elevated trains for moving daily commute passengers. Rapid transit is also known as metro, subway, heavy rail, or underground is a type of high capacity public transport generally found in urban areas. The government with adequate funding should consider building Rapid transportation system like the ones, which are exclusive and cannot be accessed by pedestrians or other vehicles of any sort (Legara et al. 2015). The immediate effects, which would be seen in MRT is that it is faster and it does not interfere with other traffic as they require separate underground or overhead infrastructure (Te Roopu Taurima and Otahuhu 2015). It is environment-friendly because it considers the pollution levels of Nigeria as it will help in reducing the number of cars in the urban areas considerably. There are many social benefits in a society like Nigeria because it not only glorifies the social integrity of the country but also functions irrespective of religion/caste or financial status. Economically, Mass Rapid Transit can both improve the usefulness and efficiency of the public transit system as well as increase business opportunities for the commercial development, which has a direct impact on improving the countrys economy. It even permits higher amount of load to be transported to distances far away in lesser time remaining to its reasonable capacity than private vehicles (Litman 2015). Research Methodology The research framework should be based on the research outline that not only covers the various concepts as well as various theories that studies the research but also provides the authentic explanation to the research. Research Paradigm The research nature is ontological in nature as it studies the aspect of procuring knowledge through based reality. This paradigm is ruled-out by knowledge and focuses on external validity that could be applied in the research. However, here the knowledge will be constructed based on the given scenario evaluating on perspectives regarding the phenomena (Eriksson and Kovalainen 2015). Research Philosophy The research philosophy follows an interpretive philosophy that deals with the subjective meanings. However, here it is important to analyze the Nigeria transportation system based on the diversification strategy. Hence, the research will be flexible in developing research structures because it will evaluate the environment based on the collaborative approach (Gray 2013). Research Strategy The strategy that is being used in the research is based on action research and case studies. These research strategies prove to be apt because it not only focuses on social problem but also highlights the progressive problem solving to find underlying principles rather than elaborating on theoretical interests (De Vaus 2013). Data Collection and Analysis Methods of Data Collection The data collection methods undertaken in the research is to highlight the decision making approach. Moreover, it helps in capturing evidence of the research based on ideas and knowledge. However, the two types of data that can be broadly underlined is primary and secondary data (Silverman 2013). However, the method adopted here is secondary data collection method that is which will help in evaluating the situation of the transportation system in Nigeria and whether the diversification strategy applied will be efficient or not. Conversely, the two types of methods that a research is governed by is quantitative as well as qualitative data. The quantitative data helps in evaluating the research based on numerical as well as statistical data whereas qualitative data is used for interpreting the knowledge of the subject in which research is conducted (Cohen, Manion and Morrison 2013). Nevertheless, the method adopted in this research is qualitative in nature and is based on subjective factors where the macro environment will be assessed on the diversified transportation system of Nigeria. Data Analysis The data interpretation will be based on the secondary data collected through journals, books, newspapers and articles. Moreover, PESTEL analysis will be conducted on the Nigerian transportation system to analyze the factors in diversification through MRT. Overall, the analysis will investigate the diversification strategy while enlisting the positive impacts on the transportation system. Policy Implications MRT has been recognized as a policy that links to the sustainability and depends on the effectiveness of controlling congestion (Vincent and Kenneth 2014). Although, MRT is a transportation system that helps the city to grow but on the other hand, it helps in avoiding the bad excesses of low-density car-dependent suburban sprawl. Moreover, the policy objective of MRT makes service quality affordable by tracking and poverty alleviation and makes service quality critical by attracting car users. However, all MRT options duly impacts the environment as well as low income households (Aderamo 2012). Conclusion To conclude, it can be said that MRT might prove to be beneficial in the Nigerian transportation system to improve the condition of the transportation system. Nigeria being a developing country has to reduce poverty as well as control pollution such that a part of it can be solved by the new diversified transportations system. Although, MRT does not interferes the transportation system but it does adds prospects of success to the countrys transportation sector. References Adelekan, I. 2016.Transport Systems and Well-being in Nigeria: Socio-economic development and environmental change. Ucl.ac.uk. Available at: https://www.ucl.ac.uk/transport-institute/pdfs/adelekan [Accessed 5 Aug. 2016]. Aderamo, A.J., 2012. Urban transportation problems and challenges in Nigeria: A planners view.Prime Research on Education,2(3), pp.198-203. Adetola, A.E., 2014.A Conceptual Collaborative Engagement Framework for Road Infrastructure Management in Nigeria(Doctoral dissertation, University of Central Lancashire, United Kingdom). Cohen, L., Manion, L. and Morrison, K., 2013.Research methods in education. Routledge. De Vaus, D., 2013.Surveys in social research. Routledge. Emeasoba, U.R., Ogbuefi, J.U. and Enugu, C., 2013. Sustainable socio-economic development in Nigeria: a case for road infrastructure maintenance.Journal of Environment and Earth Science,3(5), pp.129-137. Eriksson, P. and Kovalainen, A., 2015.Qualitative Methods in Business Research: A Practical Guide to Social Research. Sage. Gray, D.E., 2013.Doing research in the real world. Sage. Igwe, C.N., Oyelola, O.T., Ajiboshin, I.O. and Raheem, S., 2013. A Review: Nigeria's Transportation System and the Place of Entrepreneurs.Journal of Sustainable Development Studies,3(2), p.168. Jin, J.G., Teo, K.M. and Sun, L., 2013, January. Disruption response planning for an urban mass rapid transit network. Intransportation research board 92nd annual meeting, Washington DC. Legara, E.F., Khoon, L.K., Guang, H.G. and Monterola, C., 2015. Mechanism-based model of a mass rapid transit system: A perspective. InInternational Journal of Modern Physics: Conference Series(Vol. 36, p. 1560011). The Authors. Litman, T., 2015.Evaluating public transit benefits and costs. Victoria Transport Policy Institute. Mega, V.P., 2016. Sustainable Energy and Transport Systems. InConscious Coastal Cities(pp. 107-146). Springer International Publishing. Pearson, M., 2015. Transport Infrastructure. InAfricans Investing in Africa(pp. 63-78). Palgrave Macmillan UK. Rodrigue, J.P., Comtois, C. and Slack, B., 2013.The geography of transport systems. Routledge. Silverman, D., 2013.Doing qualitative research: A practical handbook. SAGE Publications Limited. Te Roopu Taurima, O. and Otahuhu, A., 2015. Exploring the Emerging Impact of Metro Rail Transit (MRT-3) in Metro Manila. Vincent, N. and Kenneth, N., 2014. Nigeria and the attainment of Sustainable Development in the 21st century.Mediterranean Journal of Social Sciences,5(4), p.645.