NJ

Introduction Bahrain, just like any other financial center, provides an environment where domestic and international trade is conducted on large scale. The Bankers’ Society of Bahrain (BSB) (n.d.) states that Bahrain has been known to be a strategic trading point between the East and the West.Advertising We will write a custom essay sample on NJ – International Finance Management Mid-Term Assignment specifically for you for only $16.05 $11/page Learn More Additionally, Bahrain trading history dates back to the Dilmun Civilization (BSB, n.d.). This is more than 4,000 years ago. Moreover, Bahrain is one of the most recognized financial centers in the Middle East. Bahrain is ranked 38th by the World Bank on the ease of doing business (World Bank, 2012). As a financial center, some of its major strengths include use of English, sound economic and financial policies and strategic location (United States Department of Commerce (USDC), 2012). On t he other hand, some of Bahrain major weaknesses include confusing labour laws, bureaucracy and some incidents of corruption within the government (USDC, 2012). This paper provides an insight into Bahrain as developing financial centre. Meaning of a Financial Center According to the businessdictionary.com (n.d.), a financial center is a city or a place within a city that has a lot of financial institutions. In addition, a financial center can be defined as a place with a world class commercial and communication infrastructure (businessdictionary.com, n.d.). Furthermore, a financial center can be a place where domestic and international trade is conducted on large scale (businessdictionary.com, n.d.). Financial centers also tend to have favourable time zones , are situated on traditional trade routes and have the highest concentration of a region’s or a country’s wealth (Security Industries Association (SIA), n.d.).The need to cater for an increasing global market and th e availability of mobile pool of capital are some of the reason as to why financial centers are in existence (SIA, n.d.). However, financial centers face the same level of competition as corporations and investors they attract. For that reason, investors tend to run their businesses in areas where costs are low, procedures are streamlined and the law protects investments (SIA, n.d.). Therefore, for a financial center to be successful, it must fulfill above requirements. World-class financial centers provide an investor with necessary business environments (SIA, n.d.). SIA (n.d.) also adds that these environments provide conditions under which financial skills and innovation thrive.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Subsequently, customer needs are efficiently catered for through market driven forces. Studies conducted on the various financial centers also show that these cente rs share some key characteristics. However, five characteristics stand out from the rest (SIA, n.d.). Firstly, a world-class financial center must have a stable and open economic and political system. Therefore, most financial centers are from countries that embrace democracy, have an open and fair financial market, encourage free flow of capital and have a convertible currency. Secondly, a financial center’s legal, regulatory and tax regime must be fair, transparent, efficient and reasonable. Thirdly, its labour force must be skilled and flexible. Fourthly, the language used in a financial center must be familiar to most people. Lastly, a financial center’s physical infrastructure must be of high quality. Reasons and Objectives for the Establishment of Bahrain Financial Center Bahrain is one of the leading financial centers in the Middle East. To start with, this financial center has efficient regulatory policies. Bahrain, therefore, is a popular place for foreign inv estment. Bahrain sought to become a financial center in order to reduce its reliance on oil (USDC, 2012). Additionally, due to its small size, Bahrain has focused on becoming an area where exceptional services are offered. For that reason, Bahrain is a hub for quality services. Bahrain was also transformed into a financial center in order to offer investors a cost-effective business environment. Therefore, Bahrain became a financial center in order to increase the ease of doing business. For that reason, the government of Bahrain strives to boost foreign direct investment (USDC, 2012). Bahrain was also the first country to recognize the need to diversify the economy in the gulf region (BSB, n.d.). This financial center’s greatest asset is its ability to maintain high levels of financial and economic management in challenging times. This is one of the greatest assets of Bahrain. For that reason, Bahrain deserves respect and recognition. Other regional financial centers have co ntinuously provided stiff competition for investors. Nonetheless, Bahrain is one of the financial centers to beat in this region. According to Bahrain Economic Development Board (BEDB) (n.d.), in the Middle East region, Bahrain is believed to be among the best regulated financial centers. Additionally, for more than forty years, Bahrain has been the region’s financial capital (BEDB, n.d.). Currently, 27.6% of Bahrain’s gross domestic product is made up of financial services (BEDB, n.d.). Moreover, most Bahraini nationals are experts in financial matters. For that reason, 67% of the 14,000 people employed in the financial industry are Bahraini citizens (BEDB, n.d.). The financial sector is also supervised by a pool of professionals from the Central Bank of Bahrain. In terms of regulation, originality, license management, non-discriminatory treatment and efficiency in operations, the Central Bank of Bahrain is the most successful in the Arab world (BEDB, n.d.).Advertisin g We will write a custom essay sample on NJ – International Finance Management Mid-Term Assignment specifically for you for only $16.05 $11/page Learn More This financial center is, hence, in safe hands. In addition, the award given to Bahrain by the Global investor Magazine came when the global economy was weakening (BEDB, n.d.). Therefore, Bahrain showed that it is ready for its new role as a world or regional financial centre. An ambitious financial center must withstand major financial crisis and shocks. This is exactly what Bahrain did during this period when the world was on the verge of a recession. Pros and Cons of Bahrain in Becoming a World or Regional Financial Centre A number of factors favor the establishment of Bahrain as a world or regional financial center. The business culture in Bahrain is about a century old (USDC, 2012). This culture prepares the ground for businesses and visitors. The government of Bahrain has also liberalize d Bahrain’s economy (USDC, 2012). This means that no industry is under government control. Ernst and Young (2012) state that the government of Bahrain is the majority owner of industries connected with infrastructure. Examples of these industries include oil, gas and aluminum. However, most industries are being privatized. Therefore, all industries are now open to foreign investors (Ernst and Young, 2012). For instance, in 2006, government of Bahrain privatized electricity production and transferred control of parastatals to a quasi-independent holding company (USDC, 2012). This reaffirmed Bahrain’s commitment in running profitable businesses. Moreover, foreign companies receive the same incentives as companies from Bahrain (Ernst and Young, 2012). Additionally, Bahrain’s commercial and legal laws are consistent with international standards. Commercial laws are also reviewed from time to time to accommodate any changes made internationally (Ernst and Young, 2012 ). For that reason, Bahrain should be an emerging market of choice for many businesses regardless of their place of origin. Ernst and Young (2012) also add that companies operating in Bahrain are required to present their financial reports using internationally accepted Standards. In addition, Bahrain’s modern laws provide favourable environments for doing business. Some of the best laws include labour and commercial laws (USDC, 2012). For instance, expatriates can change jobs more easily in Bahrain than in most countries in the Gulf region. This brings about flexibility in the labour market. Workers also have the right to join unions to fight for better terms. In addition, there are laws that protect foreign workers from abuse (USDC, 2012). According to the USDC (2012), Bahrain’s gross domestic product (GDP) has been on the rise. Recent reports indicate that Bahrain’s has enjoyed an economic growth of between four to five percent yearly. In 2010, Bahrainâ€℠¢s GDP stood at $21.3 billion (USDC, 2012).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Moreover, Bahrain has been able to maintain price inflation at low levels (USDC, 2012). For that reason, this financial center’s currency has remained stable. This is an added advantage to Bahrain as a financial center. English is also spoken widely in Bahrain. This makes easier for most people to express themselves. However, a few factors discourage investors from investing in Bahrain. For instance, there are no clear differences between the government and the private sector. As a result, there has been conflict of interest (USDC, 2012). The USDC (2012) also adds that the tendering process has not been transparent enough in some cases. In other cases, the government has been found to favour certain business men (USDC, 2012). This act disadvantages other competitors who are not highly connected with government officials. In addition, foreign investors who do not have local partners are discriminated upon. There are also few incidents of bureaucracy and poor coordination among ministries (USDC, 2012). Moreover, the government of Bahrain forces a company to employ a certain number of Bahrain citizens (USDC, 2012). Failure to do leads to a fine. Furthermore, the government of Bahrain intentionally makes it difficult for foreign firms to secure work permits and visas for foreign employees (USDC, 2012). This forces these companies to employ Bahraini citizens. As a result, the firms produce goods and service of low quality. In addition, these firms lack the required experts in various fields. In some cases, companies are forced to relocate from Bahrain. Finally, a few months ago Bahrain was on the international media for the wrong reasons. Bahraini citizen were protesting due to political and economic injustices. Such scenes kept investors away from Bahrain. However, Bahrain has been able to overcome these unrests (Albawaba, 2011) Degree of Success and Future Prospects Bahrain is recognized by its prowess in financial management. This makes the central bank o f Bahrain one of the most respected financial institutions in the Middle East (Albawaba, 2011). Apart from being the first country to indentify the need to diversify the economy, Bahrain was the first country to discover oil in the Gulf region in the modern era (BSB, n.d.). Bahrain’s transportation and communication are also in standards that attract and foster investments (USDC, 2012). Likewise, other types of infrastructure are of standards that encourage business development. Therefore, any form of investment will survive in Bahrain. Compared to eighty three economies, Bahrain is ranked 38th by the World Bank on the ease of doing business (World Bank, 2012). This makes it the 4th best economy in the Middle East. The World Bank report also places Bahrain on 82nd and 126th position on ease of starting a business and getting credit respectively. Additionally, this financial center is ranked 7th in dealing with construction permits, 18th in paying taxes , 25th in resolving ins olvency, 30th in registering property and 49th in trading across borders. Furthermore, Bahrain is ranked 79th in protecting investors, 49th in accessing electricity and 115th in enforcing contracts. This shows that Bahrain fairs well as compared to other countries where doing business is not a complicated matter. Bahrain has experience a steady increase in the number of financial institutions. Despite fluctuations in oil prices, these institutions have continued to post profits and positive growth (BSB, n.d.). In March 2006, the International Monetary Fund Financial Sector Assessment Programme (FSAP) conducted a review of the financial sector in Bahrain (BSB, n.d.). The results of this review indicated that Bahrain’s financial regulations were modern and effective. In the same year, Fitch Ratings changed Bahrain’s credit outlook from stable to positive (BSB, n.d.). This rating meant that the world recognized Bahrain’s financial and economic strength. In 2010, Th e Global investor Magazine named Bahrain as the best financial center (BEDB, 2010). The Global investor Magazine is a publication associated with the Euromoney (BEDB, 2010). For that reason, this award cannot be disputed. The award was given to Bahrain because of providing excellent financial services for a long time. Additionally, the award recognized the good work done by the Central Bank of Bahrain. This reward, hence, portrayed Bahrain’s leadership in the financial sector. Bahrain has also been able to establish a transparent business environment (Albawaba, 2011). Its laws are non-discriminatory and the tendering process is not questionable in most cases. Moreover, Bahrain overcame recent unrest brought about by bad economic policies (Albawaba, 2011). This showed that Bahrain has the capability to offer instant solutions to any situation that threatens to disrupt its economic progress. Bahrain faces stiff competition from other financial centers such as Dubai and Qatar. T herefore, to increase its competitiveness, Bahrain targets to improve six economic sectors† (USDC, 2012).These sectors include â€Å"tourism, health care, information and communication technology, education and training, business service and financial services† (USDC, 2012). Moreover, one of the growing sectors in Bahrain is Islamic banking (Albawaba, 2011). Although Islamic banking has been associated with the Middle East for a long time, Western countries are adopting it. This is something that Bahrain can present to foreign investors who want to diversify. Conclusion Throughout history Bahrain has been known to be a strategic trading point between the East and the West (BSD, n.d.). Therefore, Bahrain is one of the most renowned financial centers in the Middle East. Bahrain future as an economic center looks bright. Bahrain’s economic and financial policies have laid a solid foundation for future investments. Additionally, to increase its competitiveness, Bahra in has prioritized six sectors. These are the sectors that Bahrain wants to improve in order to consolidate its position as a world and regional financial center (USDC, 2012). References Albawaba. (2011). Bahrain still a leading financial centre: capinnova. Retrieved from http://www.albawaba.com/bahrain-still-leading-financial-centre-%E2%80%93-capinnova-380888 Bahrain Economic Development Board. (n.d.). Bahrain- the center of financial services in the Gulf and Middle East. Retrieved from http://www.bahrainedb.com/bahrain-financial-services.aspx Bahrain Economic Development Board. (2010).Bahrain named financial center of the year. Retrieved from http://www.bahrainedb.com/press-bahrain-named-financial-center-of-the-year.aspx Bankers’ Society of Bahrain. (n.d.). Bahrain an international banking and financial centre. Retrieved from www.banksbahrain.org/media/pdf/BSBBrochure-reduced.pdf Businessdictionary.com. (n.d). Financial center. Retrieved from http://www.businessdictionary.c om/definition/financial-center.html Ernst Young. (2012). Doing business Bahrain 2011. Retrieved from http://emergingmarkets.ey.com/doing-business-in-bahrain-2011/ Security Industries Association. (n.d.).The key building blocks of world class financial centers. Retrieved from www.ita.doc.gov/td/finance/†¦/World_Class_Financial_Center.pdf http://dspace.mit.edu/bitstream/handle/1721.1/63624/formationoffinan00kind.pdf?sequence=1 United States Department of Commerce. (2012). Doing business Bahrain: 2011 country commercial guide for U.S. companies. Retrieved from http://photos.state.gov/libraries/embassy/164325/2011pd/2011%20Bahrain%20Country%20Commercial%20Guide.pdf World Bank. (2012). Economy profile: Bahrain. Doing business 2012. http://www.doingbusiness.org/~/media/fpdkm/doing%20business/documents/profiles/country/bhr.pdf This essay on NJ – International Finance Management Mid-Term Assignment was written and submitted by user Kira D. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Laws of Mass and Force essays

The Laws of Mass and Force essays Force is a pushing or pulling action applied to an object to initiate motion, arrest motion or cause change in acceleration (Gentner s inertia. In 1684 Isaac Newton established three laws of motion, The Law of Inertia, The Law of acceleration and The Law of Action and Reaction, in which demonstrate how force, mass and acceleration correlate with one another to move an object (Stevens-Smith, 2002). This rate of change in position experienced by a body is known as the velocity. According to McLester and Pierre (2008) counter-force in striking activities and temporarily stored counter-force explain Newtons Third Law of Action and Reaction. An example of a study of mass and force is to investigate the velocity of a tennis ball when struck with instruments of varying mass and properties. To investigate the influence of force on objects of varying mass by conducting task B and task C. Task B striking a tennis ball, to demonstrate the counter-force in striking activities and temporarily stored counter-force as explained by Newtons Third Law of Action and Reaction, and task C, catching a hard plastic ball over varying distances. 1. For task B, mark out 3m from a wall (stage 1) and run a tape measure from the wall to approximately 30m back (stage 2). 2. From the 3m marker, using your hands and a tennis ball bounce it as hard as you can on the ground so it hits the wall and bounces back in line with the tape measure. (a) Using a stop watch, time the flight from which the ball is released from the hand to the point of contact with the wall (stage 1) and the time taken between making contact with the wall and b...

The 4 pillars of SMS Assignment Example | Topics and Well Written Essays - 500 words

The 4 pillars of SMS - Assignment Example In this regard, the 4 common pillars of SMS are safety policy, risk management, assurance and promotion. This component establishes the top management’s dedication to constantly improve safety. This is because it entails the organizational policies and structure that define the responsibilities of the management to ensure safety precautions (Waring, 2006). Organizations cannot effectively operate without the observation of safety policies, which help in reducing confusion and errors. The safety policy component is efficient for creating a proactive and predictive program because it offers new regulations that can help in improving equipment and system designs (Ludwig, 2007). For instance, the management can decide to employ new safety programs that will reduce the occurrence of risks. This SMS component determines the requirement for improved risk controls based on the appraisal of suitable risk. The pillar also offers a formal system of hazard recognition, risk evaluation, resource distribution and system monitoring. The component is suitable for creating a proactive and predictive safety program because it helps engineers develop, determine and administer a safety culture that decreases injuries (Waring, 2006). As a result, the safety risk management pillar provides a proactive response before the occurrence of risks. This is because it predicts and tries to prevent accidents through the appropriate response mechanisms. This SMS pillar comprises of coaching, communication and other activities to establish a favorable safety culture within all workforce levels. It is prudent that constant communication of safety values and performances help to support a sound safety culture. Its value in the predictive safety program is that the communication and training initiatives are essential for equipping workers with the required skills to tackle emerging threats (Ludwig, 2007). The workforce needs to acquire modern training facilities in order to prepare for