Ludwig Van Beethoven Left Behind A Legacy Of Musical Pieces

Known as one of the most popular composers of orchestral music, Ludwig van Beethoven left behind a legacy of musical pieces. Though Beethoven’s works spread throughout the globe, not many truly know what happened in his private life. Not only was he raised by an alcoholic father, but he also did not have a successful romantic life and even became deaf later in life. Beethoven, a musical prodigy, wrote hundreds of pieces of music and astounded the ears of mankind, yet lived a sorrowful life behind the scenes. Beethoven lived a traumatic childhood, even if he grew up surrounded by music. Ludwig van Beethoven was supposedly born around December 16th, 1770 and baptized on December 17th in Bonn, located in the Electorate of Cologne (â€Å"Ludwig van Beethoven†). His parents, Johann van Beethoven and Maria Magdalena van Beethoven, had to bury two children before the Ludwig and celebrated his successful birth. Maria bore Johann two more sons after Ludwig: Caspar Carl, born in 1774 and Nickolaus Johann, born in 1776 (â€Å"Ludwig van Beethoven†). Johann van Beethoven worked as a court singer on the staff of the Elector of Cologne. Johann’s father, Ludwig van Beethoven, worked as Kappelmeister of the Elector of Cologne and became known as the best musician in Bonn. Ludwig had wealth, success and talent, which instilled in the mind of his young grandson before he passed away December 24th, 1773 (Morris). After Ludwig’s death, Johann asked to take his father’s place in the Elector of Cologne.Show MoreRelatedEssay on Ludwig Van Beethoven1148 Words   |  5 Pagespeople on it as a whole, you see that there are very few influential people whose actions or opinions strongly influence the course of events. Ludwig Van Beethoven, a German musician, is one of those very few. He was an extraordinary musician that lived through hardship and had the horrific fate of deafness, any musician’s worst nightmare. Beethoven left a wall sta nding in history that captured the art of sounds and worked it beyond imagination into music so fragile and pure yet onerous, unableRead MoreEssay on Examining the Pathetique Sonata1271 Words   |  6 Pagesand songlike melodies while pianists developed higher skill levels to match the increased technical demands of the pieces. One man who embodied this particular transitional period was Ludwig van Beethoven. Beethoven was one of the first composers to stray from traditional forms of music and incorporate a broader range of pitch and dynamics into his compositions. In 1798 Beethoven composed the Sonata No. 8 in C Minor, which incorporates many romantic elements of music. Often referred to as TheRead MoreLife Of The Composer : Ludwig Van Beethoven1597 Words   |  7 PagesLudwig Van Beethoven Music plays an important role in the human life through entertainment, inspiration, conveying messages that help to shape the moral fabric of the society through education, among others. This is made possible through identifying with and relating to the artiste’s or composer’s feelings and aspirations. In trying to understand the intentions for which a particular musical piece has been composed, it is normally prudent to study the life of a composer to better place

Is India Ready For Sovereign Wealth Funds Finance Essay - Free Essay Example

Sample details Pages: 20 Words: 5861 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Introduction Can India boast of any preparedness to give wings to a proposal to establish its very own Sovereign Wealth Fund. The reactions to this question vary from emphatic agreement to vehement opposition. The question has been on many minds. Its been the talk around town, the objet de ragots of the intellectual circles; and not without merit. Everyone from economic analysts to RBI spokespersons, from class room students to the Finance Minister everyone has their own take on the matter. Everyone else seems to be doing it. UAE has the Mubadala, Singapore has the Temasek and China has the China Investment Corporation. 17 such SWFs have come up in the last 4 years alone. Predictions place their purchasing power at approx. US $15 trillion by 2015.[2]SWFs are here and they are making themselves count. Then, why is it that India is sitting out on the action? Don’t waste time! Our writers will create an original "Is India Ready For Sovereign Wealth Funds Finance Essay" essay for you Create order In the midst of this contemporary debate is a lesser heard, yet incisive, opinion but, arent we there already? However, we shall put this argument to the test at a later stage. For now, it suffices to say that the deliberations have brought to the fore a wide array of intriguing challenges. Analysts, arguing fastidiously from both sides, have taken great pains in contributing towards what exists today as a heap of literature on this issue, albeit predominantly of the paper-less kind. To add flavor to the discussion, rumors abound that the Indian decision makers have, in fact, been seriously contemplating floating such an enterprise. Nonetheless, the question remains even if a SWF based on Indian soil is on the horizon; is India sufficiently equipped to handle this 20th century global phenomenon which seem to have a knack of remaining embroiled in political controversy? An answer to this query would necessarily entail two parallel issues. Firstly, all factors considered, is India capable of venturing into the league of those nations which operate SWFs? Secondly, do Indian laws and regulations have the potential to adequately regulate the outgoing investments from India and the incoming investments from other SWFs? The bulk of this essay shall analyze the first of these issues, for it has attracted a much wider and divergent assortment of viewpoints. In its span, the essay shall examine some of the most fundamental questions which have proved to be the most contentious. After looking at The When?, i.e. at what point of time should a sovereign turn towards SWFs as tools of economic and strategic development, it shall present a study closer home, Is India There Yet?. Going beyond, we shall consider The Why? which shall consist of the quintessential arguments put forth by those who voice support for the assertion that India should consider setting up a SWF, and the Why Not? which shall argue against such a conclusion. Using the findings to the above queries as a foundation, the remainder of the essay shall present a model for a possible course of action for India in the coming years. The When Sovereign Wealth Funds the Common Wisdom While there are a multitude of reasons why countries around the world establish SWFs[3], the unsaid rule which dictates their creation is the existence of excessive surpluses[4]in the coffers of the initiating nation. Also, it is interesting to note that a SWF is defined more so by the source of its funds than by the targets that such a fund seeks to acquire. SWFs[5]usually consist of balance of payment surpluses, other fiscal surpluses, official foreign currency operations, proceedings of domestic privatization, receipts from commodity exports, etc. It is not by mere coincidence that the countries which have made vigorous forays into SWFs can be categorized as either oil-rich nations or profiteers of commodity exchanges. As the story goes, nations which had gained excessively during the oil-boom years and from trade activities sought to diversify their investment portfolios. Since their economies were heavily dependent upon either oil production or commodity exchange, those investments which offered their economies protection against adverse events (such as international trade price fluctuations) were the obvious choice for them to utilize their excessive reserves. Soon enough, with the success of this investment model and the discovery of other strategic benefits which were accrued on to the SWF nations, the trend caught along. This shapes our understanding of what constitute the preferred prerequisites for when any country looks to give impetus to its SWF program. In particular, a correlation can be drawn between heavy investment into SWFs in those years in which there were exceptionally high earnings from oil and gas production and/or there was sizeable liquidity created on account of exports.[6]Foremost examples of SWFs constituted out of surpluses from oil and gas exports include countries like Saudi Arabia, Abu Dhabi, Norway, Kuwait and Russia.[7] It must be noted that this does not preclude non-oil and non-commodity rich nations from indulging in SWFs. Several countries, such as China and Singapore, have invested in SWFs after recording year on year accumulation to their reserves through non-oil and non-commodity fiscal surpluses. Experiences in these nations suggest that governments show an inclination towards creating SWFs at times where budgetary surpluses are excessive or when there is negligible international debt or the same has at least been reasonably curtailed. Therefore, it is safe to assume that more than anything else it is the accumulation of a buffer-stock of reserves from fiscal surpluses[8]which determines the right time for any country to set up a SWF. Is India There Yet? The aforementioned criterion represents an informal, yet precise, account of most of the SWFs which control nearly US $4 trillion[9]in the global economy today. To ascertain whether such a model can be replicated in India, we would need to examine several domestic as well as international fiscal and non-fiscal factors which would come in to play along with a cost-benefit analysis of executing such a program. For the sake of our convenience, we may divide these factors into two categories those which would influence us to conclude that India is not prepared for SWFs since the possible repercussions of implementing such a program would prove to be detrimental to our interests, and those which place the gains from such implementation at a considerably higher pedestal than the collateral expenses which would be incurred. Part I: The Why Not India Isnt Ready for a Sovereign Wealth Fund (i) Our Reserves: What Do They Really Represent? India currently faces the highest fiscal deficit it has recorded in the past decade and a half a staggering 6.8%.[10]While it is reassuring to think of our reserves in terms of their current value, which stands at over US $270 billion,[11]this figure betrays the truth of what it actually represents. Unlike most other countries, Indias reserves do not represent its actual net savings. Instead, these reserves merely reflect the surplus of capital inflows over its current account deficits.[12]They are in the form of extra-commercial borrowings, or portfolio investment inflows. In actuality, these reserves are either debts which need to be paid back, or funds which may flow out of India at a moments notice.[13] Even if the current reserves could be put aside for SWF investment, there is little confidence that the current growth rate of our surpluses can be maintained. This implies that, over time, not only would our reserves be unfit for diversion for a SWF, but it would become costlier to maintain the same level of the reserves. Therefore, we face a situation dissimilar to the traditional SWF investing countries we do not have surpluses in our reserves which we can invest! A move to divert these funds from these reserves to form a SWF would be fraught with danger since it could prove to be disastrous in the event of a need to liquefy the reserves. (ii) Risky Investments vs. Safe Bets: Assessing Indias Risk Appetite Currently, the RBI is entrusted with the responsibility of handling Indias reserves. These reserves are invested in the US treasury bills, which result in relatively low yields but are acknowledged as safe investments. This also reflects on Indias risk appetite. SWFs are generally considered to have an affinity for risky and potentially high yielding investments. This aspect becomes even more highlighted in the light of the current post-crisis effect looming over the uncertain and volatile markets. Furthermore, in the absence of cautious planning, withdrawing vast sums of Indian investments from the US treasury may pave the way for further volatility in the global economy. This would also translate into the reduction of Indias export competitiveness since the current reserves ensure that an appropriate level of currency prices is sustained. (iii) The Institutional Bend: A System of Inherent Risk Aversion The management of our current reserves is the function of a complex system of checks and balances. This system, in several ways, exerts an inherent pressure which is biased against making risky investments. Given this fact, would it be possible for an Indian origin SWF to break lose of these shackles to make unclouded judgments as to where the SWF would make its investments? Or would such investments prove to be far too adventurous for our taste? For instance, who is to say that even after a SWF is established, the investments would not be channeled to the same low-yield, high-safety assets through the nugatory effect of these internal pressures? (iv) The Times They Are A Changing: The Post Recession Blues It has been opined that since the market situations have considerably improved over the recent months, India should look to take advantage of a short window of opportunity to set up a SWF and acquire assets at inexpensive rates. However, it must be borne in mind that Indian companies have fared exceedingly well over the past couple of quarters, bettering expectations, because of a combination of various stimulus packages made available to them. On the other hand, the current fiscal deficit, a trade deficit of over US $70 billion, an external debt of nearly US $200 billion, surging oil prices and the spiking inflation levels are indicative of the real situation which, on the whole, is far from favorable. Therefore, despite a promising market performance, SWFs may prove to be far less yielding than expected, or may have longer gestation period for maturity. The question then is can India afford to gamble its reserves on such an unsure bet? Or, would Indian have the luxury to patiently wait for these investments to mature? Furthermore, in the recent past, other SWFs have recorded negative growth (Norway, 1st quarter of 2009, -4.8%) and have incurred mammoth losses. A comprehensive risk assessment is, therefore, not only advisable but, in fact, necessary prior to the formulation of any concrete SWF policy. (v) The Realities of Sovereign Boundaries Cross-Border Politics SWFs offer certain non-economic benefits on the side platter. These include the strategic edge that they provide to a sovereign through its overseas economic influence. However, such influence is often aggressively resisted by local governments and politicians sometimes in a state of frenzy, despite bonafide motives of the investors. In the aftermath of 9/11, an offer to acquire an American port-operating company by a fund stationed in Dubai was subjected to strict political resistance, as was an offer by China to takeover an American oil company. These cases exposed the vulnerability of overseas transactions to the will of the local politicians. It also raises the question of certainty how safe and certain are SWF investments from turbulence in the local political establishment?[14]SWF investments are usually characterized by voluminous transactions. The case of Hugo Chavez canceling Exxon Mobils contracts demonstrated the potential hazards that such transactions could face in situations of friction with the local government. (vi) Management the Lessons Learnt Thus Far: Pleading for Accountability Several issues related to the management of the SWF crop up, which primarily include, but are not restricted to, the potential interference with the decision making of the SWF. These impediments may be direct or indirect in nature. SWFs have faced the heaviest criticism for being perceived as intimidating and unaccountable enterprises, which are likely to skirt regulatory and transparency frameworks. Unless the highest standards of transparency and accountability are maintained, the discretionary powers conferred upon the SWF may result in an abusive situation wherein vested interests may reign supreme. On the other hand, if mechanisms which are put in place to restrict such arbitrary decision-making are allowed to gain a choke-hold on these powers, a lack of independence given to the management would also lead to a detrimental situation drastically reducing the potential benefits from the SWF. Since India has battled problems with opaqueness and distrust in the sphere of governance, we are more than just acquainted with these troubles. This explains the relatively low enthusiasm on the level of accountability that can be expected from an Indian SWF. Unless a fine balance can be maintained to ensure adequate implementation of the established principles of good governance, such as the Santiago Principles,[15]the principles enumerated in the Linaburg-Maduell Index,[16]and by borrowing a leaf from the books of seasoned SWFs such as the Norwegian model in addition to drawing from Indias past experiences with such problems, the very purpose behind the SWF would stand to be defeated. Lastly, who would be entrusted with the responsibility to manage the affairs of the SWF? Even though the RBI, which is the top monetary regulator in the country, may be lauded for its past efforts and achievements, the fact remains that the body could make do with an internal boost for better efficiency and infrastructure. In dealing with the complexities of Indias regulatory demands, does the RBI not already have enough on its plate? Wouldnt the RBI efforts be best directed towards ensuring the smooth functioning of its existing mandates than the imposition of additional duties of regulating a SWF? (vii) Domestic Needs vs. Overseas Projects: Quenching Whose Thirst First? Another very important aspect regarding the setting up of SWFs is that these funds are normally set up in countries which do not have challenging domestic needs. In other words, a poverty struck country like India setting up a SWF is, at best, unusual.[17] India, at the moment, faces various domestic challenges and would need to divert its attention inwards and give a higher priority to the problems of poverty, infrastructure development, fiscal deficits and other developmental projects for which heavy doses of investment are desired. In the backdrop of these requirements, should Indias reserves be utilized for the purpose of yielding higher returns or quenching its thirst for development? The same argument may be looked at from the point of equity. Bettering returns on investments is likely to affect only a handful of Indian citizens, depending upon the manner in which these returns are distributed between the citizens. On the other hand, by focusing on the pressing domestic needs, India would further its mandate as a welfare state and benefit its citizens, across the board, in an equitable fashion. (viii) The Grey Areas: SWFs Regulations SWFs are a recent phenomenon. Although SWFs can be traced back to the early 1950s, they did not acquire their current shape, structure and dominance in the international financial markets until much later. In fact, the term sovereign wealth fund gained usage as late as half a decade into the 21st century. While much of the debate circulating around SWFs has dealt with their financial, political and strategic prowess, little is known about their interaction with law and policy. Law and policy, true to the dynamism which binds them to the society, have recently taken cognizance of these developments and regulatory frameworks are being erected to tackle some inherent problems with these funds. For instance, the very nature of the investor in these transactions may open up a few issues to debate. Since a SWF does not possess a legal personality distinct from the State, the question of State Immunity crops up. In such cases, what begs attention is the commercial nature of the transactions.[18]Under the UN Convention on Jurisdictional Immunities of States and Their Property, which codifies the customary international law relating to State immunities, the defence of State immunity may not be available to a State if the activities undertaken are of a commercial nature or relate to the participation of the State in a company. This is also reflected in other international conventions, such as Article 6 of the EU Convention on State Immunity. While the principles of sovereign immunity may be better situated to tackle with jurisdictional problems related with SWFs, the possibility of the investor altering the ordinary course of business in the host economy poses regulatory threats. Moreover, the persuasive effect of the SWFs is almost always much larger than what meets the eye because while a country may have invested only a fraction of its reserves in its SWF, it may enjoy far more diplomatic and financial clout than the mere quantity of reserves controlled by its SWF. Also, the principles of governance which have been evolved such as the Santiago Principles, only make such norms voluntary, and not binding, upon a given SWF. In the absence of clearly defined regulations which take them into account,[19]SWFs may be able to slip through the cracks in the existing legal framework. Therefore, this is a crucial point interface between SWFs and the law which needs careful examination for outgoing, as well as incoming investment. As for an Indian origin SWF is concerned, due care must be taken in ensuring that the investments are free from potential hurdles which may threaten to restrict their scope or tie them up in unnecessary conflict or expose our investments to more risk than anticipated. At the receiving end, SEBI and RBI have put in effect adequate measures for foreign SWFs (which are treated as Foreign Institutional Investors) and must continue to remain vigilant about the motives behind the investments. However, the tendency to over-regulate such investments must be resisted to ensure that the enthusiasm of the foreign SWFs is not driven away. A Tentative Conclusion: Too Soon To Draw? In view of the eight broad arguments elucidated above, the natural conclusion which can be reached at this point is obvious certainly, India is not prepared to taken on the challenges posed by SWFs. Not yet, anyways. However, that is only one side of this curious debate. The forthcoming section of the essay shall take up the counter-arguments, which make an attempt at persuading the reader otherwise. Part II: The Why India Is Ready for a Sovereign Wealth Fund (i) The Times They Are a Changing: The Post-Recession Groove In response to a conservative approach to SWFs which put forward the view that the current market scenario, clubbed with Indias budgetary constraints which limit the losses that it can afford to take on its investments, it must be noted that with cautious planning and execution, the situation could work to Indias advantage. This is so because despite the constraints which may limit an allocation for the SWF, India finds itself ready to take on this porthole of an opportunity to obtain assets, which may otherwise be expensive, despite a shoestring budget.[20]However, this would not justify unnecessarily high investments, say more than a mere fraction of its US $270 billion reserves, in extremely risk-prone assets without scrutiny. So long as these requirements can be fulfilled, India would be in a position to sit out and patiently wait for the investments to bear returns. (ii) Indias Current Financial Restraints: What Do They Really Restrain Us From? Admittedly, our reserves may not exhibit true savings. However, this does not prevent us from managing these reserves to the best of their potential.[21]Analysts even argue that given the size of the Indian economy, its balance of payment and trade deficits are stable.[22]Moreover, India figured in the list of countries with the most accumulated reserves. There is absolutely no dispute over the fact that our reserves have crossed over to the excessive grade. With a fractional fund earmarked for a SWF, India can start a relatively smaller SWF, say to the tune of US $5-US $10 billion, with minimal to no threat to its economy. With the subsequent returns from SWF investments over the next few years, India can move towards reducing its fiscal deficit. However, what shall be most interesting would be that since this would also be the teething period for an Indian SWF, this phase could be effectively used as a benchmark of knowledge gathering and practicing for the purposes of our future endeavors in SWF investments which could then focus on bigger investments. (iii) Strategic Investments A Gain in Exchange Globally, SWFs have come to be regarded as incredibility useful tools of non-economic value creation, which can then be used to create opportunities for economic and other benefits. Investments through SWFs are often used subserviently to fulfill the objectives of a wider economic and/or political strategy of a country. For instance, an investment made using a SWF can further economic relations between the host and the investor country, and can be translated into mutually beneficial terms of development. This was seen in the case of Temaseks recent investment in the Indian banking sector. Temasek Holdings, one of Singapores two SWFs and estimated at US $122 billion, invested in the Indian bank, ICICI. This investment strengthened the trust and the financial relationship between the two countries. There has been global skepticism over the motives behind acquisitions by several SWFs. These apprehensions are further fueled by the lack of transparency in the operations of many SWFs. Countries like France and Germany have gone on record in their protest against such operations. However ruthless such actions may appear, the reaction of the global community furnishes evidence of what weve already known SWFs successfully transfer strategic advantages across borders. In the day and age of globalization, when the focus has shifted on to India as a burgeoning world-power, can India afford to sit out and overlook such strategic affairs? As a by-product of setting up an Indian SWF, there would be other associated strategic gains as well. Since the creation of the SWF would necessarily entail the foundation of an independent body, on the lines of SEBI, to deal exclusively with SWFs, this body would undertake monitoring, management and regulatory functions as well. This would prove to be a strategic gain, since this body would be better equipped to monitor the incoming investments from foreign SWFs. (iv) Mitigating Risks: Securing Future Needs the All Eggs in One Basket Syndrome The raison dtre of SWFs is their tendency to palliate investment risks along with creating higher yields from foreign exchange reserves. The yields on Indian investments in the US treasury bills are dismally low and with the dwindling dollar rate, the future of our investments looks bleak. Moreover, these current investments are riddled with inherent costs. The univocal investment advice for India would be to diversify its investments. If India was to utilize a fraction of its investments, through SWFs, in, say, the energy sector, it would be a step in the right direction.[23]The reasons are two-fold. Firstly, this would protect Indias long term needs. Secondly, it would mitigate the risks attached with our single-target investment strategy. With the opening up of the Indian economy, India is vulnerable to the fluctuations in the global markets. In the near future, instabilities such as a surge in the oil prices can seriously damage our economy. Therefore, investments which can down-play this threat must be viewed with optimism. On the other hand, with the dollar losing its world-dominance and the emergence of other global currencies, investments in the US treasury bills are not without risk either. It would make much sense in diversifying this investment to safeguard our economy, lest we expose ourselves to the risk of depleting reserves in the event of a falling dollar. (v) Domestic vs. Abroad As regard the issue of prioritizing investment into the investment thirsty domestic economy over economies abroad, the answer would lie in balancing the two investments by weighing their respective investment potential. This essentially means investments overseas must be considered if they are financially more appealing. A blanket-ban policy to needlessly restrict all our investments within India is a two-edged sword, as explained below. It is estimated that India requires nearly US $500 billion to bolster its domestic infrastructure and development projects. This requirement far exceeds what India is capable of self-financing. Therefore, it is without doubt that India needs to look at alternate sources of funding for these projects. This should dispel any misgivings about whether our reserves can be funneled to aid domestic growth. However, our reserves can be usefully deployed to create an atmosphere more conducive to domestic growth. Considering the sheer strength of our reserves, it is inconceivable why a fractional sum cannot be put aside for use in SWFs independent of our pursuit of developmental aspirations. Since none of these arguments raise any doubts as to demonstrate that investing in a SWF would compel India to take anything away from domestic development, an investment equivalent to a marginal proportion of the reserves into SWFs may be acceptable. In fact, the returns from these investments can be cycled back into aiding domestic development. (vi) Good Governance: The Way Out of Other Expected Problems? Several of the associated concerns with SWF can be dealt with through an institutionalized system which imbibes an appropriate balance between autonomy and accountability. If all investments are made in adherence to the strictest norms of pre-investment assessment and are conducted in a manner which is laced with transparency and inspires confidence, almost all of the other claims of those who express reservations about Indias readiness to take a plunge into a SWF can be satisfactorily redressed. Tentative Conclusion: So, Is India Ready for SWFs? A Sneak Peek: What May Come Next Considering these six broad justifications, can we say with conviction that India is prepared to assume the liabilities and challenges which SWFs bring with them in tow? Perhaps, yes. But, this concurrence comes with a rider that, a lot shall depend on the actual means of implementation of the SWFs in India. As far as inward directed SWF investments are concerned, were already there and must continue to exhibit the same level of precaution that we have thus far. Since the investments made by SWFs are set to multiply over the years, it may be useful for us to reinforce our regulatory mechanism by setting up an altogether separate wing to look into SWF investments. Coming to outward directed SWF investments, most certainly, there are numerous permutations and combinations involved in India launching its SWF; a variety of models which we can put to practice. The subsequent segment of the essay shall suggest a suitable model of implementation for India giving due regard to our level of preparedness and our existing frameworks. Conclusion: so, what is the best policy forward? Indias SWF: Approach Underlying Principles Indias maiden foray in to a SWF should adopt an eclectic approach and seek to incorporate the most fitting tried and tested operational models from around the world. Amongst them, the models developed by Norway and Singapore are likely to hold promise for India. Consistently ranked high on efficiency and transparency indices,[24]these models are most appropriate in the Indian setting where opaqueness and accountability are likely to wither away the confidence from the SWF and increase the probability of abuse. Even from a functional aspect, transparency with respect to the governance structures, the actual owners, vital investment decision-makers, audit provisions, etc. are invaluable in building the domestic trust and an internationally projected face of any SWF. This, to a large extent, determines the success of the fund. We find an acknowledgment of this fact in the recently established set of 24 principles which set the benchmark for all practice in the field the Santiago Principles. The principles cover a wide range of areas which vary from a supporting legal framework to correlation of SWF objectives with the countrys macroeconomic goals; and from the tweaking of an institutional framework to setting up effectual governance structures. It also brings under its fold the investment and risk management framework for the funds.[25] Besides these principles, countries like Norway have framed specific ethical guidelines which translate into binding considerations while making investment decisions. As per these guidelines, prior to commitment of funds, recipients undergo a strict scrutiny by a council[26]established for this purpose. If the council is convinced that going ahead with an investment in a potential recipient would be contrary to its ethical guidelines, it has the power to veto such a transaction.[27] Taking a cue from such vibrant developments in the field of SWFs world-over, India would enjoy the luxury of observing the successes and failures of other SWF set ups over the last five decades, of which it should pay close attention to detail over the last decade or so, while determining specific policy objectives and operational requirements. The Funds This brings us to the next issue that of the specifics of the Indian SWF. A small fund, representing funds in the vicinity of, but not more than, 5% of Indias reserves, should be sufficient for India to embark on its short-term SWF related objectives. With future accumulation of reserves, and depending upon the fiscal conditions over the coming years, India can divert more funds into this venture. The Decision Makers Other Specifics But, who shall captain this ship? It is of utmost importance to fortify Indias SWF from misdirected and unwarranted political interference. For this purpose, an autonomous body, akin to the RBI or SEBI, should be established pursuant to a Parliamentary enactment. The gravity of this need is further accentuated on a close examination of the mandate of the RBI under the RBI Act, 1934 which does not confer any powers upon the monetary regulator to invest outside of foreign government treasuries.[28] Once enacted, the law must lay down the procedure of appointment of decision-makers, safeguards against political interference, certain minimum standards of transparency, other confidence inspiring and accountability ensuring governance structures,[29]procedures for systematic disclosures, etc. Preferably, this body should also regulate the incoming SWF investments in tandem with other regulatory bodies, along with an ethical and financial assessment of outgoing investments. It must possess the characteristics of a body which is State owned, but is not State directed. We may refer to Singapores model in Temasek: an incorporated body as a private company with a sole shareholder the Ministry of Finance. A majority of the board of directors should be independent directors from the private sector, such as professional and experienced fund managers, who would necessarily need to approve the investment strategies. Investments This is, arguably, the trickiest of all questions. Where will the funds be invested? Will they look to capture markets abroad, or invest in the domestic sector as well? A major criticism leveled against the SWFs has been its inclination towards prioritizing overseas investments over similar domestic projects. Indias SWF should look at both domestic and foreign assets. The decisions should be weighed primarily on the investment potential of the assets, and wherever an equal opportunity exists, preference must be given to domestic investment. However, we would need to exercise caution as to not dictate such terms to the SWF whether through statutorily incorporated instructions or through political pressures. Instead, the decision should be left at the discretion of the fund managers, with a recommendation in the fund guidelines to this effect. In order to forge friendly and progressive economic relationships with nations and to avoid international frictions at a time when SWF activities are viewed by host countries with extreme paranoia, India must ensure that its investments in foreign assets do not exceed a prescribed maximum limit, of say 1 2%, of ownership. Clarity in its investment objectives would go a long way in ensuring that our fund does not succumb to the lab rat syndrome of frequent experimentation. Like other countries, such as the USA, a detailed, yet broad, account of the purpose and strategies must be laid out.[30] Singapores model has another lesson for India to learn from that of suggested quota allocations. That is, the objectives could make a recommendation as to what proportion of the fund should be invested domestically, regionally and globally. However, even though these stipulations would not be binding on the fund, the SWF managers must strive to meet such criteria, wherever it is so possible. India should have its investment objectives clear before treading into experimenting with SWFs. It needs to reflect on issues like purpose of the fund, its time horizon, rules governing allocation of withdrawal and investment strategies and implementation policies. Incoming Investments As mentioned earlier, the authority which is established to tend to the operations of the SWF hosted in India could also regulate the incoming investments of foreign SWFs. At the same time, India must look to keep abreast of the motives behind investments by foreign SWFs and consider the possibility of entering into agreements with investor nations, like the US,[31]regarding their SWF policies. Evidence That We Are There Already Coming to a point raised at the onset of this essay in one way, India has already set out on its journey to set up a SWF. In his budget speech in February, 2007, the Finance Minister had announced a scheme for the setting up of a special purpose vehicle (SPV) to meet the domestic needs of the infrastructure sector. Hence, India Infrastructure Finance Corporation Ltd. was created. In the technical sense of the word, such an SPV qualifies as a SWF since it uses Indias foreign exchange reserves to the tune of US $5 billion for its funding. This, more than any argument can, should drive home the point that India is prepared to invest in such project. The proposal, a prototype, was met with high industry enthusiasm and was seen as a progressive step. Conclusion In the meantime, as the world awaits the culmination of this debate and the commencement of a sluggish parliamentary process, India watches with great interest, with a glint in its eyes, as the saga of the SWF dominance unfolds in the arena of international finance and diplomatic relations. Slowly, but steadily, it is gaining confidence that somewhere out there, there is a very relevant role for it to play as well. Until then, we prepare ourselves. Yes, we are ready. Now, all we need are the structures.

Character Analysis of From Prison to Home Essay - 1126 Words

For this assignment we had to watch the film From Prison to Home. This film is about people in prison getting out and being on parole. Not only are these people on parole they are trying to live life with obstacles and stay out of trouble. Now this movie in particular follows four men who have been released and are going through a special program, this program is called the African American Program. This program in particular is supposed to be able to help out African Americans get the help they need so they can stay out of trouble. The four men that this movie follows are; Richard, Arthur, Calvin, Randy. This whole movie is based around these four men and to discuss them we are going to start with Richard. During this film Richard had†¦show more content†¦Calvin is a 49 year old man who has a dope problem. For Calvin to get clean he is living with his sister and going to school. Calvin is also working and trying to find a job, but it is slightly difficult for him to do so. Then later in the film Calvin’s sister then gets ill and he stops his job and schooling to take care of her. His sister then passes away and he states that he did do dope one more time, but decided to not do it again and stay clean. At the end of the film Calvin was doing okay. The last person we are going to talk about is Randy. Randy is a man who had just gotten out of prison after serving 16 years for murder. Through the whole movie randy has been struggling with finding a job because everywhere he tries to go just looks at the fact that he served time for murder. During the movie Randy is always looking at the bright side of life and looking toward his family to get him going in the right direction, and he even has another child with his girlfriend. At the end of the film Randy is doing great and living up to his expectations of his parole. I personally believe the filmmakers created this film to get awareness out for how hard it is for paroles to reintegrate back into civilian life. Also I feel that the filmmakers have four key points that I found within this film. These four key points have a huge role in parole and what makes it so hard for these people to get their lives straight. The first key point is poverty. Poverty makes gettingShow MoreRelated SS1611 leelokyiu Essays1056 Words   |  5 PagesThe story begins with a young and successful banker Andy Dufresne whose life changes dramatically when he is convicted of the murderer of his wife and her secret lover. Therefore, Andy is sent to Shawshank Prison to be permanently sentenced despite his claims of innocence. During time in prison, Andy builds up friendship with Red, who is Shawshank’s black market dealer that could supply anyone with almost everything. 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Franklin D. Roosevelt The Best President The United States

Meeka Diaz December 17, 2016 AP GOV, P. 3 Dremousis Franklin D. Roosevelt was the best president the United States has seen since the death of William McKinley. FDR was elected to four terms as president and was able to achieve great things in each one. Ultimately Roosevelt was able to patch up and renew many of the hardships handed down to him from President Herbert Hoover s administration, as well as managing America s involvement in World War II. Franklin D. Roosevelt grew up a privileged life. He was educated by tutors and governesses until he was 14, until he started to attend the Groton School for boys. He then attended Harvard and later Columbia Law School. Roosevelt was raised looking up to his cousin Theodore Roosevelt,†¦show more content†¦Overall, the people of America were not impressed with Hoover s presidency, which proved to give Franklin D. Roosevelt a huge upper hand in the election of 1932. Roosevelt entered the election winning. At this point, Roosevelt s campaign was able to propel itself on promising to be nothing like his opponent, Herbert Hoover. FDR proposed that the American public could combat the depression by working together, and giving as much government aid to the public as possible. FDR’s basic platform addressed a lot of domestic issues, being that the country was undergoing the Great Depression, this appealed to a lot of people who were feeling the effects of it. Roosevelt propo sed controlling the national debt, funded by â€Å"a system of taxation levied on the principle ability to pay†. Also, he was an advocate of giving federal credit to the states in order for them to provide unemployment relief for their state specific to the problem. FDR also proposed the restoration of agriculture, the prevention of monopolies and to build up a strong army and Navy. On the basis of foreign policy, during the 1932 election FDR had in mind something that could never happen. 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Accountancy Class Test Questions Free Essays

This examination paper must be returned. Candidates are not permitted to remove this paper from the examination room. STUDENT NUMBER†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ STUDENT’S NAME†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. We will write a custom essay sample on Accountancy Class Test Questions or any similar topic only for you Order Now . †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ First name Last name SIGNATURE†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ MACQUARIE UNIVERSITY Semester 2, 2010 IN-CLASS TEST NO 2 Unit: ACCG308 CORPORATE ACCOUNTING AND REPORTING Time allowed: Total number of questions: Instructions: 45 minutes ONE This is a closed book examination. You are not permitted to access any books, notes or other written materials. Silent calculators, nonprogrammable are allowed. Questions must be answered on the examination paper. Answer all parts of all questions. (Office Use Only – Do Not Write Here) Total /25 Question 1 (25 marks) On the 1 July 20X6 Howard Ltd gained control of Carter Ltd by buying 70% of its shares for $70,000. At this date, Carter had share capital $50,000 and retained profits $30,000. Additional information: ? Goodwill impairment is $500 in year ended 20X8 and $850 in 20X9. ? ? Dividends are paid out of current period profit. The dividends were paid before year-end. Inventory purchases by Howard from Carter during the current year amounted to $30,000. Their cost to Carter was $20,000. Howard still holds $18,000 of this inventory at year-end. Loan from Carter attracts 12% interest per annum. The interest was paid before year-end. Included in other assets of Howard is equipment purchased from Carter on the 1 July 20X7 for $41,000. The equipment was four years old when sold, had cost Carter $50,000 to buy, with expected residual value $5,000, and had been depreciated 10% p. a. straight-line. Howard depreciates the equipment (after deducting the same residual) straight-line over the remaining six-year life. ? ? Required: Complete the consolidation worksheet on the next page. Note: 1. Marks are awarded for each correct individual worksheet entry. 2. For the eliminations column only, entries that are placed in a location where there should not be any entry may attract a penalty mark. 2 Workings: Elimination 1: Substitution. Deletes 70% of subsidiary’s pre-control equity. Capital: 50 000 * 0. 7 = 35 000 Retained profits: 30 000 * 0. 7 = 21 000 Investment in subsidiary: 70 000 Goodwill: 14 000 Recognise goodwill impairment (prior and current years) Dr Goodwill impairment expense 850 Dr Retained profits 500 Cr Accumulated Goodwill impairment 1 350 Deletes intra-group dividend revenue and appropriation. 5 000 * 0. 7 = 10 500 Dr Dividend revenue 10 500 Cr Dividend 10 500 Deletes intra-group sales. Dr Sales Cr Cost of sales Elimination 2: Elimination 3: Elimination 4: 30 000 30 000 Elimination 5: Deletes profit on intra-group sale from inventory valuation (Current year). (18 000/30 000) * (30 000-10 000) Dr Cost of sales 6 000 Cr Inventory 6 000 Deletes i ntra-group loan Dr Loan from Carter Cr Loan to Howard Elimination 6: 50 000 50 000 Elimination 7: Deletes interest from intra-group loan Dr Interest revenue 6 000 Cr Interest expense 6 000 Deletes profit on intra-group sale of equipment and reinstates equipment carrying amount at sale date Dr Retained profits 9 000 Dr Equipment 9 000 Cr Accumulated depreciation 18 000 Add back inflated depreciation (2 years) of equipment arising from intragroup sale of equipment 6 000 – 4 500 = 1 500 p. a. Dr Accumulated depreciation 3 000 Cr Depreciation expense 1 500 Cr Retained profits 1 500 Elimination 8: Elimination 9: 3 NCI calculations: Net profit: 0. 3 * (18 000 – 6 000) = 3 600 – 6 000 = subtract profit on intra-group sale of inventory Retained profits: 0. 3 * (38 000 – 9 000) = 8 700 – 9 000 = subtract profit on intra-group sale of equipment Dividend: 0. 3 * 15 000 = 4 500 Capital: 0. 3 * 50 000 = 15 000 Parent interest = Group interest – NCI 4 Combined consolidation worksheet as at 30 June 20X9 Howard Carter Sum Eliminations Dr Cr 30 000 4 6 000 5/4 Group Allocation to NCI Parent Sales COGS Gross profit Other revenues Other expenses 94 000 57 000 ______ 37 000 17 000 22 000 ______ 32 000 26 600          ______ 58 600 27 000 31 600 90 000 121 600 50 000 12 000 30 000 ______ 213 600 45 000 70 000 – 98 600    ______ 213 600 2 000 176 000 36 000 93 000 ______ ______ 46 000 83 000 6 000 23 000 34 000 ______ 18 000 38 000 56 000 ______ 50 000 64 600 146 000 30 000 69 000 77 000 10 500 6 000 850 3 7 2 7 9 1 2 8 9 3 6 500 6 000 1 500 49 350 34 150 Net profit Opening retained profits 3 600 30 550 21 000 500 9 000 Profit available less Dividends Retained profits Capital Owners’ eq uity Loan from Carter Other liabilities Accum depreciation Accum goodwill impairment Total equities + liabilities ______ ______ 56 000 114 600 15 000 42 000 41 000 72 600 50 000 140 000 91 000 212 600 – 25 000 28 000 50 000 37 000 58 000 5 000 1 1 500 35 600 69 750 10 500 31 500 38 250 105 000 143 250 – 37 000 18 000 73 000 1 350 1 350 254 600 8 700 26 900 12 300 57 450 4 500 27 000 7 800 30 450 15 000 90 000 22 800 120 450 50 000 6 8 9 2 3 000 ______ ______ 144 000 357 600 26 000 – 50 000 71 000 70 000 50 000 Inventory Investment in Sub Loan to Howard Consolidation goodwill Other assets 5 1 6 1 8 6 000 65 000 70 000 – 50 000 – 14 000 175 600 ______ ______ 194 850 254 600 Total assets 14 000 68 000 166 600 9 000 ______ ______ ______ 144 000 357 600 194 850 5 How to cite Accountancy Class Test Questions, Papers

The Summer of the 17th Doll free essay sample

The Australian play, Summer of the Seventeenth Doll, set the foreground of a new chapter in Australian Theatre, and is still seen as an important factor in the context of its evolution. Written in the 1950s by Ray Lawler, it was a first for Australian theatre, and helped to eliminate the cultural cringe which had held Australian theatre back from its full potential. Summer of the Seventeenth Doll, also known as The Doll, presented to the public, a truly Australian play written by an Australian, with home grown actors, a first for its time. Australians were at last presented with a true and realistic representation of themselves which they could relate and sympathize to. This is why The Doll is seen as important in the context of Australian’s theatre evolution. 2) To understand its importance to Australian theatre one should consider the context prior to The Doll. In the early 1900s, before The Doll, and after the war, at a time when Australia was loosening its economic, social and cultural ties with England, Australia struggled with its own sense of self. We will write a custom essay sample on The Summer of the 17th Doll or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This was major setback for development of national identity in Australian theatre, and was known as the cultural cringe, a term used to describe the lack of confidence in Australian cultural values and products. As a result, the best artists and playwrights were compelled to go overseas to gain recognition. Also, overseas playwrights and actors were imported, reinforcing the belief that ‘the best’ came from overseas. In time we will see The Doll changes this perception and encourages Australians to value their own culture and what it has to offer, and thus proving pivotal in Australian theatre history. In the period leading up to The Doll, most of the plays were of a melodramatic style, therefore proving that The Doll was important in the evolution of Australian theatre. Usually consisting of a collection of Australian stereotyped characters, the melodramatic style of production gave an unrealistic representation of Australia and its people. This was mainly due to an inability to represent the outback effectively on stage, especially with floods or fires. Therefore the productions were ineffective and failed it portray Australia in a realistic form. ) Another set back for Australian theatre was that playwrights had to be careful to use ‘cultured’ or ‘refined’ dialogue, with very few slang terms and little cursing. This was a reflection of the fear of plays being removed from the stage because of perceived immoralities or offences to public decency. As a result Australian theatre was unable to present a true reflection of the Australian language, and therefore failed to represent its own country in a true light. In contrast, Lawler was able to avoid these set backs and set an example for future Australian productions. Thus prior to The Doll, Australian theatre was unsuccessful and failed to measure up to the standards of overseas productions. As a result, the Australian Elizabethan Theatre Trust was established in 1954 with the aim to assist and promote the growth of Australian theatre. With raised funds and grants from the Australian Government, the Trust began funding and subsidizing Australian theatre productions. The Trust’s achievement was awe inspiring for Australian drama. Summer of the Seventeenth Doll was its first truly Australian play. 6) Its performances were sold out throughout Australia, and went on to get world wide acclaim. A new era had begun, Australian drama was finally recognized. Lawler had successfully constructed a realistic representation of Australia that grasped a true and realistic Australian. He achieved this through the use of dialogue, setting, plot and characterization. This is why The Doll is viewed as important in the Australian theatre evolution. 7) Lawler’s construction of his characters set The Doll apart from prior Australian productions, and also helped revolutionize Australian theatre. Lawler’s characters come across to the audience as ordinary people with authentic and realistic constructions. Very unlike the characters in previous productions who were over emphasized and stereotypical†¦ 8) †¦He achieved this through the characterization techniques such as, similar values, dialogue and expressions of the average Australian of the time. Lawler gave his characters simple, colloquial speech, studded with Australian words such as, ‘strewth’, ‘larrikans’, and expressions including ‘up there Cazaly’ and even the occasional swear word. This relatively uncensored representation of characters set a new example for future productions and therefore helped in the evolution of Australian theatre. In conclusion, there is no doubt that The Doll was the turning point in Australian theatre history. It prompted a new evolution in theatre as proven by new battles for freedom of speech and an introduction to multicultural theatre. Most importantly The Doll inspired the production of many more Australian plays which received world wide acclaim. Australia finally found its national identity and The Doll had introduced a method of reproducing Australia’s wonderful culture onto both the Australian and international stage. That is why The Doll is important in the context of Australia’s theatre evolution.

Marketing Strategy of Wesfarmers Free Solution by Experts

Question: Discuss about theMarketing Strategy of Wesfarmers. Answer: Introduction Wesfarmers is an Australian stock exchange listed company whose headquarters are situated in Perth, Australia. They started their operations as a co-operative providing agricultural products and services to the western Australian farmers. From being a farmers goods company to diversifying themselves into retail, hospitality and industrial sector they have come a long way. There retail segment includes Coles a supermarket chain, home improvement stores Bunnings warehouse, office supplies stores Improvements, Target a discount retail store in the US and Kmart. Their industrial segment includes chemical business, Resources and insurance etc. The primary objective of Wesfarmers is to provide maximum return to their shareholders through integrating sustainable corporate strategies in order to maintain a strong financial position in the market. They are the largest public sector employer in the Australia with around 2, 20,000 people working with commitment in order to provide quality produ cts and services to companys business as well as their retail customers. Their diversified business portfolio ensures customer satisfaction from all then segments( Wesfarmers, 2017). 5Cs of Wesfarmers Company- The major strengths of the Wesfarmers are their large product portfolio. They strive hard in order to meet the ends of every customer. Also they continuously work hard to fulfill their primary objective which is to provide satisfactory return to their shareholders, in the financial year 2016 they declared a dividend of more than $2 billion. After Coles acquisition the balance sheet of Wesfarmers depicted a very strong financial position as Coles is their largest revenue earning segment. The major weakness is their other business segments which include Target, Resources and other industrial segments which are not showing much signs of financial growth, as a result their slow growth offsets the profitability of Coles. The market base of Wesfarmers is limited to Australia and New Zealand, they can think of expanding into the other developing countries market where they can open their retail stores Kmart and Coles, they can easily achieve economies of scale as the cost of operat ions will be comparatively low. The major threat is the rival competitor in the retail segment which is Woolworths, as the major business of Wesfarmers comes from the retail segment. Also the return on equity of Wesfarmers is comparatively low than the Woolworths which may bother the shareholders. Customer- Presently Wesfarmerss is touching every possible customer segment. From coal business to retail chains they are leaving no stone unturned. They have realized that the most profitable business segment is their retail store business Coles, target and Kmart. The key to the success of these retail chains are inducing customers by offering them heavy discounts. Generally the buying behaviors of Australian consumers are they go shopping once in a week and buy all the necessary items in bulk. Wesfarmer introduced their very famous down down discount campaign in which they cut down the prices of variety of products up to 10 percent, which makes these products irresistible to purchase. At their Bunning warehouse stores they provide best of the hardware at very affordable prices. Collaborators- Wesfarmers have around 15000 suppliers who support their business (Wesfarmers, 2016). They make sure that the quality of the product should not get affected that is why they choose suppliers not only from Australia but also internationally so that their customers get the best quality products. Coles have signed a deal with sundrop tomatoes to supply truss tomatoes grown using sea water and solar energy (Wesfarmers, 2016). Workwear group have collaborated with indigenous supplier to design their safety range of footwears (Wesfarmers, 2016). Competitors- Their major competitor in the retail segment is Woolworths who holds the dominant supermarket chain position in Australia. Apart from this they also feel Amazon is also their competitor as they provide retail facility 24/7. Also chinas biggest hardware store China Lesso has entered into the Australian market and is giving tough competition to Bunnings warehouse. Context- Wesfarmers also operate in insurance business, in 2011 when the states of Queensland hit by floods the company had to deal with various claims and mine situated there were also waterlogged which affected the profitability of the business. Queensland also experienced heavy rains in the year 2010 due to which there Curragh mines operation were temporarily closed, die to which company had to suffer losses (Wesfarmers, 2010). The Australian dollar rate is continuously declining as a result goods sold at a high cost which is attracting fewer consumers (Burrel, 2012). The impact of this can be very much seen in the Industrial and Safety business who have witnessed a $14 million decline in earnings in the year 2016 (ABC, 2016). Information about the 5Cs The information provided about customers, competitors and about the environment etc. is very important to any company, as these information provide a strong base analyzing future risk and helps to avoid such risks by formulating strategic decision policies in advance (Wesfarmers, 2017). The method of collecting such information differs from organization to organization but the purpose remains the same. Wesfarmers. Personal information about the suppliers, customers, shareholders are fetched through their official websites using server logs and google analytics (Wesfarmers Resources, 2017). Customers who shop in the Coles retail stores are given attractive discounts if they enroll in their loyalty programs also details are collected through flybuy cards, payment cards and online shopping (Coles, 2017). All these programs helps Wesfarmers to analyze the shopping behavior of the customers. Also, information is collected online with the help of Tell Coles in which customers have to enter their bill number and complete a small survey. These types of information collected helps a lot in identifying customer preferences and queries. Wesafarmer discount retail chain Target have a strong online presence over Facebook, linked-in and Instagram where they interact with the customers (Target, 2017). The main aim of collecting such information is to know the taste and preferences of the customer and resolve their queries related to the product or the organization. Suppliers are the foundation of any organizations. No company can survive without earning profits and profits can be only earned if the customers are accepting the product in the market. In order to meet the demand for a high quality product at better prices it is very important that suppliers are chosen to meet the demand of the customer. Wesfarmers carefully choose their suppliers by inviting them to share their interest online on the website where they are required to fill up a supplier form. Apart from this they continuously interact with the suppliers over trade fairs in order to know the information about the best of the products available and to know what is new they have to offer (Bunnings warehouse, 2017). Marketing Strategy of Coles It has been quite clear that the major sources of revenue generators are their retail store Coles. In Australia Coles has been facing a severe competition from its rival Woolworths and they are only operating in Australia. This may pose a serious threat to their profits. So as a result they should try to explore other opportunities in other markets. Developing economy can be a suitable market for the Wesfarmers. Developing countries like India is known to be as the consumption driven economy all over the world. The demand for consumer goods is very high as Indias population is around 1.252 billion as compared to the population of Australia which is 23.13 million. The difference is huge so as the profit earning opportunity (Pawar Veer, 2015). The Indian economy is expected to grow by 6.3% which means there is a huge potential lies in the Indian market (Goldman Sachs, 2016). Coles can strategically plan to open their stores in the metro cities like Mumbai, Kolkata, Bengaluru and Delhi . The benefits of operating in a developing economy are: Cost effective and skilled workforce- India is known to be a labor rich country. People over there are qualified and skilled and can be hired at a lower cost as the cost of living is low as compared to the other countries. This can be quite economical for Wesfarmers. Low cost of operation- Coles main feature is their high quality product at a discounted price. To maintain such low prices it is very important that the cost of acquiring such product from the suppliers and other expenses such as advertising and promotion should also be less. In India suppliers are easily available who are ready to provide quality product at a very affordable rates because of the availability of the substitutes. This will ensure Coles a great profit margin even after selling the goods on the discount. The cost of the land and transportation cost is also quite low. Liberal government policies- Indian Government always motivates foreign direct investment in the country. The laws and regulations are quite lenient as compared to other countries. That is why Indian is becoming an attractive hub for companies like IKEA, Wal-Mart etc. All these factors mentioned can help the Wesfarmer to achieve economies of scale. Also people over they are price sensitive in other words they are discount oriented. They want quality product at an affordable price. Personalization is also success factor. By providing customized product by understanding the needs of the consumer can prove to be a success formula. Retail giant like Wal-Mart have entered in India but they are unable to establish themselves yet. Coles can exploit this opportunity by identifying, understanding and analyzing consumer behavior. As the other businesses of Wesfarmers are not generating much profit it is very important to subset their losses of other business segments by earning more profit in their retail sectors. India can be future cash cows for the Wesfarmers. As discussed above Wesfarmers thinks that their one of the major competitor is Amazon who provides 24/.7 retail facility anytime and anywhere at affordable prices. Presently Coles online offer products at a price higher than what they offer in stores. The reason being their product charges include transportation and delivering cost. So it is very important if they want to give consumer a delightful online retail experience they focus on minimizing the delivery and transportation cost. Apart from this they offer delivery at a particular time and days. Online shopping is another name for convenience shopping where goods are made available at any point of time. So they should try to be more flexible in delivery time. Marketing Tactics Recommendations Product- The major competition in retail sector is not only to offer cheap products at an affordable price but also to provide customer delight by offering them personalized services. Unlike Australia people dont shop once a week, in India they go shopping on a frequent basis. To make sure people visit the stores again, retail stores should try to provide a shopping experience memorable by providing high quality products, personalized services at an affordable price. Price- In both the above proposition price plays a very crucial role in the success of the Wesfarmers. India being a price sensitive country is more sensitive towards price rise. They want to have buy the product at the best possible prices otherwise they will switch to some other brand. Coles while fixing a price should research about the prices of the same product offered by other competitors. In the online segment their competitor Woolworths and Amazon is doing quite well as compared to them. In order to reach masses they should try to offer best deals online. Place- India is a vast country. In order to reach each and every customer segment it is very important that the stores are located at a reachable location. It is also to be kept in mind the stores should be opened in a metro city as people living in the metro city will be in a better position to spend. Which means Wesfarmers should go for intensive distribution strategy. Making the product available not only on stores but online is also important as there are working professionals who do not have time to go shopping even on weekends can order their products online at their convenience. Promotion- Wesfarmers are entering into a new market; they have to spend a heavy amount on promoting their brand in the Indian market. Going online is one of the best decisions of promotion. By taking help social median sites such as Facebook they can post ads about their opening in India along with giving them special inaugural discounts. They can also tie up with certain organizations or can sponsor events. Big billboards and going digital for advertisements can be an option too (Kotler, 2002). People- In retail business satisfying the customer in terms of services and product offered at the store is very important. It is the responsibility of people working there to provide customers a delightful shopping experience so that they visit the stores again. Wesfarmers should highly focus on hiring and training staff that are willing to treat customers as their family and provide them with a memorable shopping experience. They should train the staff so that they can maximize customer satisfaction (CIM, 2015). Conclusion The report analyzes the marketing strategies of Wesfarmers who is Australias largest public company. Being mainly into the Industrial goods segment, they didnt want to stereotype themselves. They diversified into the retail segment by acquiring Coles and has been running the stores efficiently. This report clearly explains the 4Ps of marketing as a marketing tactic for entering into the new market. The report is prepared to analyze the 5Cs of the Wesfarmers which contribute collectively in order to give the organization a competitive advantage. Also the various marketing strategies related to Marketing strategy for a new segment has been discussed along with the recommendations. References ABC (2016) Wesfarmers posts 83pc drop in profits, flags challenging situation. American Broadcasting Company, Australia. Retrieved from https://www.abc.net.au/news/2016-08-24/wesfarmers-results/7779390 on 1 February, 2017. Bunning Warehouse (2017) For our suppliers. Wesafarmers, Australia. Retrieved from https://www.bunnings.com.au/about-us/for-our-suppliers on 1 February 2017. Burrel, A. 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