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Also in this report Tesco have given their 4 point strategy: To gain the market share from their UK competitors. (Tesco have achieved this) Develop their international business through new formats and local consolidations. (This means to spread to other countries and continents – they have recently opened stores throughout Europe and Asia. Tesco have developed a “winning formula” for international growth with a 79% increase on profit on last year)

Increase non-food sales and launch the new clothing line, Cherokee. (they have increased non-food sales to 7bn a year) Grow profits significantly in retailing services. (Tesco have now created a major new force in financial services.) What this basically means is that, firstly, Tesco want to keep their position as the leading supermarket chain in the UK. We can see that they have the largest UK market share from this chart:

They also want to globalise, as they have begun doing by opening a number of stores in a number or European and Asian countries. There are around 230 stores across Europe, in the Republic of Ireland, Hungary, Czech Republic, Slovakia and Poland. In Asia there are fewer stores, only 79, in Thailand, South Korea, Taiwan and Malaysia. The majority of the stores outside of the UK are hypermarkets, with very few supermarkets. This is because hypermarkets are far more popular outside of the UK partially because they sell such a huge range of goods.

In Poland last year, Tesco took over a chain called the HIT stores. This added 30 more hypermarkets to their chain, last year they were earning neutrals and by this year they should be earning profits from those stores. Neutrals are when you are equal, earning no profit but losing nothing. Tesco encourage customer loyalty – to make sure customers come back they try and make their shopping experience as enjoyable as possible. This involves high quality goods at low prices, a wide range of products and good customer service, to ensure that the shop is fast and efficient. Happy staff work better and are more helpful to customers, and to see how well Tesco treat their staff I asked 20 people who work for Tesco what they thought. To compare, I also asked 20 people from Waitrose, and these are my results:

From my studies, I have found that Tesco are much kinder to their workers, and through their workers, their customers. This method of business has definitely paid off for them and they have even made a joint venture with the Bank of Scotland, to offer a broad range of financial services including a Tesco Visa card, loans and insurance. In August 2003, Personal Finance had over 4 million customer accounts and a huge profit of �56m. Tesco were the first supermarket to launch a financial service in 1997, and were able to capitalise on a market niche. They were also the first to introduce the Club-card, and Tesco now have a huge advantage over their competitors. They are the most successful supermarket in the country and won’t be going anywhere soon.

First of all, we define currency wars as monetary and exchange rate policies designed by a country to lower the value of its currency. These are policies that put downward pressure on the country’s own currency and help to improve economic growth at the expense of growth in other countries. The term ‘Currency wars’ was introduced by Brazilian Finance Minister Guido Mantega to describe the 2010 move by the US and China to have the lowest value of their currencies.

This effort was about lowering currency values, which aid exports by making them cheaper than other countries’ currencies. This is in perfect relationship with the theory of ‘Devaluation’ (whereby a country lowers the value of the currency to raise the money supply, stimulate exports and expand production) and the IS-LM macroeconomic model (whereby the government increases interest rates and incomes, which reduces investment and leads to a devaluation of the currency)1.

Secondly, the term ‘currency wars’ being mainly focused on the US and China leads us to analyzing it in three different angles: the US ‘side of the coin’, China and the rest of the world mainly Brazil (where the term originates from) and other emerging markets. In this way, we see that the US on one hand has adopted expansionary fiscal and monetary policy to devalue its currency (the dollar) through increasing spending; thereby increasing the debt, and by keeping the funds rate of the Federal Reserve Bank at virtually zero, which resulted into increased money supply and credit.

Of course this might be viewed differently (as a bad or good decision) according to the theory of ‘liquidity trap’ (whereby reducing the funds rate by the Fad is viewed by some people as having no problem in the future while others say it does have risk but suggest the central bank needs to push the real interest rate below zero to decrease the nominal interest rate towards zero, thus moderating the inflation rate which ultimately helps in getting out of the liquidity trap).

On the other hand, we find that China has been keeping its currency low by pegging it to the US dollar, along with a basket of other currencies; by buying US Treasuries, which limits the supply of dollars and hence gives it more strength than the yuan (China currency).

Additionally, there comes the side of Brazil and other emerging countries that are concerned because these currency wars (between the US and China) are driving their currencies higher than the US dollar. The result is that prices of commodities, such as oil, copper and iron, which are their primary exports, rise unexpectedly. This makes emerging market countries less competitive than usual and slows down their economic growth by causing inflations and unemployment. Here we can refer to the theory of AD-AS model of how output and inflation respond over time to exogenous changes in the economic environment.

Thirdly, when we analyze clearly we find that the US is the only country that feels strongly about China’s currency policy, which has led the US to obtain wider international support for its position against China’s policy but unfortunately they failed to obtain such support at the annual meetings of the International Monetary Fund (IMF) and the World Bank2. According to the New York Times, the meetings ended ‘with a tepid statement that made only fleeting and indirect references to the simmering currency tensions’. Following the meetings, the US vowed to increase the pressure on China, and the debate continued at the G20 meeting in Seoul in November whereby the ‘pressure on China to intervene on its renminbi (yuan) currency has been a consistent feature of G20 and G8 summits over the past few years, the US arguing that an intentionally undervalued renminbi (yuan) unfairly supports Chinese exports’3.

Furthermore, we understand that ‘Currency wars’ just like trade wars; they are very destructive if they are not controlled very well. This is because naturally, any war must have winners and losers. If we apply this on our study we find that not everyone can depress their currency’s value and increase their exports. That’s totally impossible and that’s exactly the reason why if we go back to the 1930s, many nations sought advantage by depressing their currencies to try to improve their competitiveness, but with exchange depreciation just to raise domestic prices, the ending result for one country was a loss for all (the countries). Mutual losses were experienced or known (on the surface) since there was tariff retaliation and competitive depreciation of the currencies.

Furthermore, we can add on that these ‘currency wars’ are certain in both developed and developing countries but their reasons and motivations are of course different. For example in the West, the recovery has been slow moving, and countries have injected huge amounts of money into their economies in order reverse the situation. This put downward pressures on their currencies and augmented their hopes of refining exports. On the contrary, emerging economies are improving faster than the Westerns, and capital is flowing into their countries, especially in Asia and Latin America where we find upward pressures on their currencies but still worry that the increase in the value of their currencies will be so rapid that it might damage their export-driven growth strategy and because of this they want to overturn that increasing pressure4.

Further still, individual countries at the IMF and World Bank meetings couldn’t agree on a way forward about the US and China issue simply because they are just opposed to seeing the US dollar falling against the Yuan which has happened recently, because it hurts the value of their own/individual currencies. They understand that if the Federal Reserve continues pushing the US currency down with its money policies of taking interest rates nearly at zero and extensive expansions in money supply; it will affect their economies which are also struggling to maintain their status on the global market.

From the above, we find a detailed explanation in the ‘BBC Financial News’ titled “Currency wars threaten global economic recovery” whereby it states that “in recent months a string of countries, from Japan to Switzerland, Colombia to Israel, have tried to drive down the value of their currencies. Some experts call it “competitive devaluation”. Others, though, argue that it is nothing short of a currency war – and far from boosting global recovery, it threatens to undermine it”5.

Current national accounting requirements often differ with the result that like transactions and events are reported differently in different countries. This can have a significant impact on both the balance sheet and the income statement. The differences make it difficult to distinguish changes in the performance from the effects arising from the use of different accounting requirements. The aim of accounting harmonisation is to make the financial statements of companies comparable with the financial statements of companies in other countries.

On the simplest level, harmonisation is the process of bringing international accounting standards into some sort of agreement so that the financial statement from different countries are prepared according to a common set of principles of measurement and disclosure. In the following part of the paper, UK will be taken into as an example to evaluate the influences which brought by international accounting harmonisation and latterly compare UK GAAP to US GAAP.

Developments and Influence of Harmonisation The demand for harmonisation has not passed unnoticed by various institutions with an interest in accounting, and, apart from the efforts made by companies to deal individually with the problem, there have been several initiatives to approach the problem on an international level. The following three promoters will be discussed major in this paper: The continuation of the process of identifying accounting areas not covered by existing standards and, as a consequence, the development of new IASs to achieve a sufficiently complete set of standards.

Considerable progress towards the first of these aims – the reduction of free choices – was achieved in the comparability and improvements project. In 1995, the IASC and IOSCO agreed a list of accounting issues which have to be included in a core set of IASs – core standards (appendix 2), for those standards to be accepted by IOSCO for the purpose of cross border offering and other foreign listings. The IASC completed the core standards at the end of 1999 and IOSCO endorsed those standards (subject to certain conditions) in May 2000.

As part of the continuing process of evolving into the official standard-setter to the world’s stock exchange, the IASC radically changed its structure at the end of 2000. It broke away from its sponsoring professional accounting associations and became an independent non-governmental organisation with a full time board of standard-setters (IASB), many of whom have past experience as standard-setters in different countries.

As IASC was reconstituted to IASB in 2001, which much progress has been made in promoting IASs and in harmonising accounting practice internationally. National rules and accounting pronouncements are generally moving to an international benchmark. In the UK, the ASB indicated in October 2001 that it was unlikely to issue any new standards in the UK, except those required to implement IASs. ASB would instead be monitoring existing standards to facilitate harmonisation with IASs. The potential for IASs to provide a basis for comparable cross-border financial reporting is increasingly discussed.

While IASs have been developed since 1973 by the IASC, now the IASB, in the UK the Accounting Standards Committee (ASC) and the Accounting Standards Board (ASB) were producing independent UK Statements of Standard Accounting Practice (SSAP) and Financial Reporting Standards (FRS) respectively. The changes that will be required to UK regulations, particularly SSAP and FRS to IAS to harmonise the two sets of regulations into a single set of standards, the new International Financial Reporting Standards (IFRS). This is the objective of the ‘convergence project’. Some of the changes will be to bring UK GAAP into line with current IAS, while other changes will be made to the IAS to bring them into line with UK GAAP. It will not be a one-way process.

IASs influence accounts in two ways. First, UK standard setters are increasingly attempting to produce standards that comply as much as possible with IASs. Over recent years, there has been considerable cooperation between standard setters across the world. Consequently, with some exceptions, UK GAAP is consistent with IASs. Second, companies that are quoted on stock exchanges outside UK may adopt IASs to improve their acceptability in other jurisdictions. For example, the London Stock Exchange accepts from its registrants accounts prepared under IAS GAAP.

The European Union

Harmonisation of accounting within the European Union (EU) is very different. The harmonisation programme was pursued with a great deal of enthusiasm in the 1970s, less in the 1980s and more or less came to a standstill at the time of Maastricht agreement in 1992, with a number of directives still in process. The European Commission (EC) demonstrated its awareness of the global implications of the European experiment when it announced in January 1999 that it would join the IASC’s Consultative Group. To date, the EU Council of Ministers has issued two major directives: the Fourth Directive and the Seventh Directive.

The Fourth Directive

The Fourth Directive was adopted by EU in 1978. It has two strategic objectives. First, by coordinating company law in member nations, it seeks to eliminate needless legal and bureaucratic obstacles to economic activity within the EU. Secondly, by establishing basic reporting requirements and acceptable financial statement formats, it attempts to create a minimum level of comparability among financial statements throughout the EU.

The most discussed feature of the Fourth Directive is the True and Fair View. According to the Article 2 of the directive, preparers should ignore any provision therein if compliance with that provision would conflict with presentation of a true and a fair view of a company’s financial position and income. Although more than 20 years have passed since the adoption of the Fourth Directive, its effects are still being debated. The Directive unquestionably has had a major impact on reporting standards around Europe.

We can say that the real interest rate differences are normal and the small standard deviation of 0.0114065 tells that most of the interest rate values are close to the mean i.e. -0.00259576 or -0.2595%. FORWARD PARITY (FP) Next, examine the forward parity condition of exchange rates. First, calculate the natural log of the spot rate and 90 day forward rates in columns N and O respectively. To do this, use the @LN(x) function, where x is the spot rate. Then, in column P, calculate the deviation from forward rate parity. To do this, simply subtract n-log spot rate three months forward from n-log 90 day forward rate in the current month. The formula should be +O11-N14.

Based on your analysis, how well does the forward exchange rate predict the future spot rate 90 days later? Look at the graph 5-DEV-FP to support your conclusion. Since we know that the forward parity states that the forward rate is an unbiased indicator of the future spot exchange rate and according to the graph this is quite obvious since deviations are small and of the type 0.0xx. The mean of the deviation is a small of -0.0019 which could be approximated to 0.0 for the purpose of ease. Hence we can say that the data is accurate up to a greater extend and one can take good spot decisions looking at the forward exchange rates. However we find that in few months the deviation is of the type 0.1xx but this could be assumed as the uncontrolled component that the markets offer with time and not everything could be predicted.

INTEREST RATE PARITY (IRP)

Interest rate parity says that the difference between nominal yen and dollar interest rates is equal to the forward exchange rate premium or discount between the yen and the dollar. To examine interest rate parity, first calculate the nominal interest rate differential in column Q by subtracting the 90 day Eurodollar rate from the 90 day Euroyen rate. Build a graph to illustrate IRP. Finally, in column R, calculate the difference by subtracting the nominal rate from the forward premium. To compare this with the forward exchange rate premium, look at the graph named

6-INT-PARITY. PURCHASING POWER PARITY (PPP)

Purchasing power parity says that the rate of exchange between two currencies should equal the difference in inflation rates between the two economies in question. If PPP holds, the following formula for deviations from PPP should equal zero: (Japan CPI)-(US CPI)-(N Log Spot 3 Months Out – N-Log Spot Current) Inflation rate of Japan shows sharp peaks ( up and down) indicative of inconsistency in the inflation rates and thus we can say that the economy experienced sharp rise n dip and hence the consumer purchasing power kept changing throughout the duration.

Inflation rates in US though not ideally consistent however experienced a comparative consistent trend and there were no sharp negative dips whatsoever. Therefore we can say that spot exchange rates did not ideally change for Japanese Yen and US dollars in accordance with the change in their inflation rates. The two very different kinds of economies thus do not show a PPP and the same is evident from the graphs with positive -negative waves as well. Questions from the case: It was in these circumstances that Maria M�ndez was asked to address the question of whether real capital costs had been lower in some currencies than others during the previous decade.

Whether there appeared to have been timing opportunities such as the treasurer had recently tried to exploit. She wondered under what circumstances she should expect the bank to prefer to borrow in one currency rather than another. Moreover, if a particular currency did appear to be cheaper at a given time, could the opportunity have been exploited without hindsight? If so, how? Finally, how long might such an opportunity persist? The results of the analysis would affect not only the choice of currency for the bank’s next issue, but also the larger debate about the bank’s borrowing strategy.

First, as to avoid further criticism it must stick to the company strategy and decide to base its decisions either by monitoring the time or taking into greater consideration the internal targets. This would help build a stronger base for the Bank and also to analyze any discrepancies that might occur in future. Implications: Currency with the lower interest rate expected to appreciate relative to one with a higher rate.

References:

http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/EXTIBRD/0,,menuPK:3046081~pagePK:64168427~piPK:64168435~theSitePK:3046012,00.html

http://www.infoplease.com/ce6/history/A0825337.html

http://www.ifitransparencyresource.org/bis-bank-for-international-settlements.php

http://www.worldbank.org/

The capital structure that Cullopmtons plc will undertake would be a more equity based funding because if the company makes profit then the company will have an increase in dividend, however if he company encounter low profits then the dividend will decrease which means that shareholders will not receive their share of money, however if the company have high debtors then they will have to pay of their debtors first.

Cullomptons stock market indicators as at 31st December 2002 shows that the earnings per share have decreased from the previous year by 0.042p leaving it at a figure of 0.0292 and the previous year the earnings per share was the highest as it shows a figure of 0.0334 which shows that Cullomptons had made some profit which had increased their share price, however the year before that in 2000 the earnings per share was the lowest showing a figure of 0.0225. The company’s dividend cover for the year 2002 shows a figure of 2.5, which has decreased from the previous year, which was showing a figure of 2.8. In the beginning of the year the dividend cover was the lowest showing a figure of 2.1.

The company’s stock market indicators performance as at 31st December 2002 shows that shareholders have made a loss of 0.042p in as the company’s earnings per share have decreased. The company’s performance as at 31st December 2002 for the dividend cover ratio shows a low value which means that the business might have difficulty paying a dividend. This shows that the shareholders will not receive a dividend. This means that shareholders may withdraw from the company and invest in better companies that have a higher return in dividend.

The company’s price earnings ratio as at 31st December 2002 has increased from the previous year by 2.1 leaving a figure of 16.8. The previous year the price earning ratio was showing a figure of 17.7 the highest figure of the year. Cullompton’s dividend yield for the year 2002 had increased from the previous year by 0.2%, which shows a figure of 5.9%, which means that the share earnings had increased. In 2001 the dividend yield had the lowest share earning percentage figure showing a figure of 5.7%.

The performance of Cullomptons as at 31st December 2002 shows that it has not been doing well in the stock market area as the dividend yield ratio has deceased from 6.8% to 5.9%, which shows that the investors are gaining a low return on the earnings of their shares. The company’s performance for price earnings ratio as at 31st December 2002 shows that it has increased from 14.7 to 16.8, which is an increase of 2.1. This is good for the investors and the business as it expresses a great deal of optimism about the future of the business. Cullomptons performance as at 31st December 2002 is not in a satisfactory state and they will need a lot of improvement to for the business. What is the relationship between interest rates and inflation rates in each currency?

As per the fisher effect, we already know that the countries with higher inflation rates have higher interest rates. This is also verified from the graphical representation where we find that inflation governs the way economy experiences the interest rates. In case of Japanese Yen, Feb 2000 witnessed the highest inflation rate of 3.352% with the interest rate of 3.6025% in March 2000.

In case of USA dollar, Dec 99 witnessed the highest inflation rate of 4.2023% with the interest rate of 4.4934% in March 2000. However there were few exceptions which could be due to some other external factors. The underlying condition is of no government interference so there might be some disruptions of fluctuations on the part of the government which led to these exceptions.

3. How should BID analyze its effective borrowing costs over the period 1996-2005? As showed by the analysis there are a number of instruments that can gauge a better understanding of the costs and in our case we can make use of different parity conditions to decide whether to borrow in one currency for a considerable long duration or switch to different currencies.

For instance, we find that alone knowing the inflation rates and nominal rates helps us to know the real interest rates which in turn lead us to the spot and forward exchange risks. Therefore, BID could use the real interest rates to analyze its borrowing costs. BID continued to borrow from the USA therefore these interest rates would help analyze the same. Also the below table shows that BID could have borrowed from Japan in until mid 2001 but the treasurer assumed that the duration of debt would offset the higher interest rates.

The world is moving closer to being more global. People from diverse cultures are coming into contact with one another. We face the challenge of communicating effectively with people who have culturally based values, which emphasize their communication preferences. Advances in cross-cultural communication research are very important not only to help people of different cultures feel comfortable with each other but also to avoid misunderstandings that may result in negative stereotypes or premature judgments of “the other” speaker regardless of nationality or culture.

In this assignment, a U.S. firm is hosting a team from Japan. The Japanese team consists of 5 men and their objective is to discuss the possibility of a joint venture between the two companies. Like I mentioned before, cross-cultural communication research is absolutely essential in this type of situation. The American and Japanese have different styles of doing business that could harm the transaction.

Self-reference criterion becomes very important in this type of situation. The self-reference criterion refers to the tendency of individuals, often unconsciously, to use the standards of one’s own culture to evaluate others. For example, “Americans may perceive more traditional societies to be “backward” and “unmotivated” because they fail to adopt new technologies or social customs, seeking instead to preserve traditional values.” If the Americans and the Japanese don’t research the others culture before the meeting, self-reference may occur.

High context/indirect vs. low context/direct is another important factor in this situation. High context/indirect means that most information is given in physical context or in person, but little in actual words. They don’t necessarily say what’s on their mind, but they suggest or imply certain things. Low context/direct means that most information is given through words. They tend to say things directly and in the open. “This is the case in the U.S.-if you have something on your mind, you are expected to say it directly, subject to some reasonable standards of diplomacy. In Japan, in contrast, facial expressions and what is not said may be an important clue to understanding a speaker’s meaning. Thus, it may be very difficult for Japanese speakers to understand another’s written communication.”

Individualism and collectivism is another important factor in this situation. When a culture is individualistic, it becomes classified under a stereotype where importance is on the individual and success is measured by each person’s separate accomplishments. In contrast, when a culture is mainly collectivistic and success is based on the group, individuals come together to work towards a common goal. When individual and collective cultures communicate with one another, each side needs to be aware of the differences that surround their cultures in order to break down any potential problems that may arise due to cultural differences.

The United States is an individualistic society. U.S. worker’s success is determined by his or her own individual work ethic. They receive individual credit for the work that they accomplished. The idea is to be distinctive from others, and achieves one’s own goals, often through competition. Japan, on the other hand is more of a collective society. Japan is defined in terms of relationships and the idea that individuals need to rely on one another in order to become successful. Success is not measured by the individual but on the performance of the group as a whole. “There is an emphasis on values such as belongingness, preserving public image, modesty, and conformity, and there is a favor for harmony and cooperation in interdependent situations among collectivists.” The idea is to work together towards a common group goal.

Another very import factor is process vs. outcome. The U.S. stresses the outcome or conclusion first then the process or details. The U.S. is interested in going in and getting the job done. Japan on the other hand stress the process first then the outcome. An American can get himself very stressed out if he is not aware of this cross-cultural communication style because he won’t be able to get his work done by his schedule, he has to work around the Japanese schedule.

My advice that I would supplement for my company would be to do their homework. Meaning that they need to be aware of all of these differences from one cultural to another in order to lead to success rather than failure. As we learned in class, there are steps to improve effectiveness in assessment; “check assumption about appropriate behavior in an interaction, state your assumptions about the interactions, use explicit questions and feedback, allow extra time, be aware of differences in style, do perception checking, use active listening, and learn to adapt your style.” If we were to follow these steps, we would definitely have a successful outcome.

Great Britain greatly grew in the 19th century. India, Asia and parts of Africa Joined with them to help expand their territory. Britain used an imperialistic government, which was made to take over other areas of the world to gain power to add to their own empire. There were many different causes to British imperialism, some being political, social or economic. In addition, some of the British conquests were beneficial, yet some were not and left harmful impressions on the dominated areas. Great Britain expanded their empire for many reasons.

Mainly, their imperialistic motive was economic. The English exported goods to India mainly so they could gain money for themselves. They primarily sold cotton, oil, yarn, Iron, steel, tools, machinery and locomotives. The British took advantage of the demand for raw materials in the world, and gained money off the market. In addition, the British took advantage of the longing for raw materials and tea. Africa had multiple gold fields and Britain saw the need to take over the land in order to improve their business.

Britain also took over India, and it didn’t take long for the Indians to realize they were being taken over for money. Gaining Africa and India resulted in an expansion of the British Empire. The British also chose the right time to create this large empire, aging tons of profits. At the time, labor was very cheap and there were many markets growing in the colonies across the globe. Great Britain also had a humanitarian goal in mind when they were developing their large empire. When the British went into India and Africa, they had an intention to improve the living conditions of the two areas.

They industrialized India, resulting in improved sanitation, a higher standard of living, irrigation, conciliation and developed transport. The Indians were very grateful for all that Britain did for them because they got rid of famine, weakened the death rate and suppressed war, three hinges India had had much trouble with in the past. They also wanted to stop slavery and spread their ideas throughout the world. They used missionaries to convert as many as possible to Christianity, and it succeeded with the Africans. The Malay states had lots of trouble in the early asses, and they needed a good deal of help.

They asked the British to come help them organize their country, form them a government, an s rat real society e Brats did Just that, resulting in a snared government. Britain took care of foreign affairs and defense, while the Malay states still took care of their domestic policies. Britain had outstanding nationalism, or pride in ones country, during this time period. They weren’t only expanding their nation for the money aspect, but they wanted to be the largest along with the best, and they believed that they could do it.

After obtaining these lands, the British had both positive and negative effects upon the ruled natives. Positively, Britain brought Christianity and an end to slavery in Africa. Also in Africa, an organizational education system was set up along with a federal court. In India, sanitation, standard of living, transportation and irrigation ere all established. Also, they decreased the recurring high death rate and taught the Indians to grow better crops by taking better care of their land.

The British also helped out the Malay states by creating railroads, roads and health, government, and irrigation systems. They also improved literacy, diminished the use of native practices such as sati, created a common language, and gained extensive amounts of land. On the other hand, Great Britain had many negative effects on their colonial rule. Mainly, when the British took over areas across the globe they were taking land away room the natives along with many of their natural resources, and also forced labor upon many of the natives.

The British government sent India into bankruptcy, and kept the Indians as slaves. In Africa, the British only allowed some to use hospitals or get an education rather than all, didn’t allow religious freedom, and public services were underdeveloped. Many environments, cultures and religions were also ruined because of British imperialism. As you can see, the sun never sets on the British Empire. The British had conquered lands all across the globe, gaining more things politically as well as economically as hey continued. They no longer were in need of anything, especially power.

They had all the power they could get, and even helped out other countries while they received it. They improved transportation, spread their religion, created irrigation and government systems, as well as much more. A large goal when involved with imperialism is to reach sovereignty, and the British Empire in the asses definitely accomplished that goal. If the British did not have so much pride and devotion to their country they would not have reached this ambition, and they would not have succeed half as far as they did.

Each year, over 150,000 skiers and nature lovers visit the Bear Valley Resort area. On average, visitors spend over R250 million, annually, for lodging, food, and recreational activities at Bear Valley Resort. Abdur Rahmaan and Ismail, co-owners of the Silver Bear Lodge, will operate the lodge as a ski resort during the months of November to April. During the Spring and Summer months (May to August), the Silver Bear Lodge will operate as a summer resort. The lodge will be closed during the months of September and October. 1. Objectives The objectives of the Silver Bear Lodge for the first three years of operation include: * Exceeding customer’s expectations for luxury apres ski accommodations. Maintaining an 90% occupancy rate during the peak periods. * Assembling an experienced and effective staff. 1. 2 Mission The mission of Silver Bear Lodge is to become the number one lodge of choice with visitors to Bear Valley Resort. 2. Company Summary The Silver Bear Lodge, located in the recently opened Crest Canyon area, has 12 two- bedroom units with underground parking, fully-equipped kitchens, laundry facilities and stone fireplaces.

Silver Bear Lodge also has a common-area outdoor hot tub as well as an on-site store and on-site front desk service. 2. 1 Company Ownership his company a private company, keeping the lodge family owned. Abdur Rahmaan, Ismail and Abdullah will each take profit and loss of 33. 3% 2. 3 Company Locations and Facilities The charm and solitude of Bear Valley’s secluded mountain setting is found Just 36 miles from the Richmond International Airport. 3.

Products/Services Silver Bear Lodge will offer customers 50 two-bedroom units, these units will include fully-equipped kitchens, laundry facilities and stone fireplaces. Silver Bear Lodge will offer a common-area outdoor hot tub as well as the following services on-site: * Food store * Ski rental/clothing shop Front desk service * Ski lessons * Ice ring These products/services will sell well as in Canada, very few ski lodges have developed and a survey shows that approximately 64% of the Canadian citizens would agree to a ski lodge in Crest Canyon.

Which of the following, according to your textbook, is the name of the professional organization that represents those who specialist in the management and development of people? Your Answer: The Chartered Institute of Personnel and Development Which of the following best describes the line manager? Correct Answer: A line manager is a person who has direct responsibility for employees and their work. Work – see page 4 of your textbook. Which of the following was the earliest name for the people management specialist?

Your Answer: Which of the following is NOT a typical feature of the HARM approach to the management of people? A pluralist approach is used A pluralist approach – see page 11 of your textbook. Which of the following is NOT something which is normally included in Kaplan and North’s (1992, 1996) balanced scorecard? Behavioral observation scales. Incorrect. Behavioral observation scales are the element not normally included in the balanced scorecard. For a full account of the balanced scorecard, see page 10 of your textbook.

Which of the following is the best description of soft HARM? In order to gain competitive advantage through the workforce, regardless of whether they are full- or part-time, temporary or contract staff, all potential must be returned. The characteristics of soft HARM are best reflected by the statement that “In order to gain competitive advantage through the workforce, regardless of whether they are full- or part-time, temporary or contract staff, all potential must be nurtured. ” See page 11 of the book.

According to Irking (2007) which of the following is the title which a growing number of CUPID members are using to describe themselves? HER business partner The title referred to is ‘HER business partner’ – see page 12. Which of the following is NOT one of the roles Lurch and Broadband (2005) describe s a 21st century role? Your Answer: Employee welfare officer In a CUPID survey conducted in 2003 which of the following was NOT regarded as being one of the top three activities which HER managers regarded as important?