How Has Recession Affected The Financial Markets - Free Essay Example

Sample details Pages: 8 Words: 2499 Downloads: 2 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Introduction and Business reasons: The global liquidity crunch has affected most of the countries and among the highly affected countries is United Arab Emirates which was one among the growing business hubs in the world with its massive development and acceptance of different culture and business. à ¢Ã¢â€š ¬Ã…“Dubaià ¢Ã¢â€š ¬? known as the economic capital of U.A.E was badly affected by the recession. Don’t waste time! Our writers will create an original "How Has Recession Affected The Financial Markets" essay for you Create order Consequently, huge fortunes have been wiped out due to Dubaià ¢Ã¢â€š ¬Ã¢â€ž ¢s current economic crisis exposing the risk of doing business in the Gulf. The expansion of Dubai was very ambitious but improbable. A $64 billion project that was initially planned at 107 square miles for a development that was to be the worlds largest collection of theme parks, shops, residences, and hotels called the Dubai Land.  For now all these remain a fantasy which is the cause of the economic downturn. WILSON, Z (2009) As a consequence to that, various other projects like an underwater hotel, a Tiger Woods golf course, a residential community set among full-scale replicas of the Seven Wonders of the World, a rotating skyscraper, and a beach designed by Versace, complete with chilled sand have been delayed. However after six years of quick expansion, the emirate had approximately $600 billion going into construction and is home to the worlds tallest building, the worlds largest shopping mall,  the biggest man-made island and  an indoor ski resort. These rapid developments caused a 7% increase in population anually. WILSON, Z (2009) However, once the recession hit the country, the economic conditions and development scuttled. Currently, an estimated 50% of construction have been delayed or cancelled, banks have stopped lending, real estate prices fell down by 41% in the first quarter of 2009 and are estimated to drop more and the stock market has fallen 70% from its peak. Due to this economic crisis, the expatriates living in the emirate are either fleeing or have lost their jobs. When the economy of Dubai was in its booming stage, it had 80% of its total 1.7 million residents to be foreigners. As long as this economic condition prevails in the emirate, life is going to be a challenge for the foreigners and other residents. However Abu Dhabi which is the capital of U.A.E has helped Dubai with $10 billion which is still a small amount when compared to the debt of Dubai estimated to be over $50 billion. Abu Dhabi is also being affected slowly due to the recession. However the impact is lesser than Dubai since Abu Dhabi controls over 90% of U.A.Eà ¢Ã¢â€š ¬Ã¢â€ž ¢s oil reserve and is also home to one among the biggest investment company in the world known as ADIA (Abu Dhabi Investment Authority) The research will have its focus mainly on the damage done to the financial market and Business of the country. U.A.Eà ¢Ã¢â€š ¬Ã¢â€ž ¢s strategy towards gaining momentum in overcoming the economic crisis will be critically analyzed. Personal reasons: U.A.Eà ¢Ã¢â€š ¬Ã¢â€ž ¢s development has always amused me. The country is one among the leading business hubs with all major multinational companies in the world. I had always wanted to study the business sector and financial market of U.A.E but coming from an Engineering background I did not have the tools and resources to do so which is the reason I have taken MSc International Business. I am taking this opportunity to study the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s business using the tools and resources that I have already studied and going to study during my course. Moreover it would help me to understand more about International Business and reasons to the economic downfall of U.A.E. This would also help me once I go back in order to start a business. The knowledge of the economic situation and its detailed study would help me a great deal. III.PRELIMINARY LITERATURE REVIEW: During the late 2007, with the US economy going through its worst post war recession, the global economy faced the most synchronised recession ever which was a result of increased globalisation and global interdependence financially and trade linkages. The economies of almost all the major developed countries shrivelled rapidly along with many trade dependent developing countries which include U.A.E along with other major countries like India and China. Anirvan B and Pami D (2010). Before the spread of the global recession, it was believed only the U.S economy will face the economic downfall. But almost the whole of Europe and cuntries like India and China were also hit badly along with U.A.E which is a small developing country with big ambition. The economy of dubai was growing at an alarming rate with projects estimated to approximately $660 billion until the recession hit. In november 2009, the announcement of Dubai that it was going to freeze $26 billion of debt was a shock to the world and after two months when the real estate market crashed, Dubai government had over $60 billion debt which created serious doubts in the minds of investors about Dubai. A political science professor at Durham University in the U.K. stated The real story of Dubai is that it was a trick, Christopher D (2010). Abu Dhabi which is the capital of United Arab Emirates has been using its $43 billion of annual oil revenue to work controlled by one among the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s biggest investment company called ADIA (Abu Dhabi Investment Authority) building art museums, mosques and a renewable energy research institute. Pendleton and Devon (2010) Vol.  185 Issue 5, p108-109 With the likes of abundant oil reserves of Abu Dhabi and one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s biggest institutional investors (ADIA), Dubai has a ray of hope in surviving the current economic crisis. Abu Dhabi Inbestment Authority is known to be one of the biggest financial institutions in the world ranking second after the Bank of Japan, according to the Oxford Business Group. Roy and Sudip ()2006, Vol.  37 (444), 70-76. The company established in 1976 by the late ruler of U.A.E Sheikh Zayed Bin Sultan Al Nahiyan had its gaol towards investing the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s surpluses in International market with low risks. The company currently manages U.A.Eà ¢Ã¢â€š ¬Ã¢â€ž ¢s surplus oil reserve which is estimated to be approximately $500 billion. The company has been able to raise its liquidity during this global crisis when equity market was struck severely. The country is mainly depending on the turnover of this establishment. The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s aproach towards investment in US and Europe market are looking strong. Sheikh Ahmad says US treasuries are still the most liquid benchmark bonds in the world and will remain an important diversification tool. Mccrum and Philip (2010), Vol.  54 ,8, p30-31. In 2009, Dubaià ¢Ã¢â€š ¬Ã¢â€ž ¢s Jebel Ali airport which is going to be the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s biggest airport found its construction at halt as its development plans were threatened by the gloabl economic crisis. The current economic situation has mainly affected the real estate market of U.A.E. With reduced net migration, decreasing jobs and the lack of availbility of credit has badly affected the real estate market. The prices for properties has gone down by 40% and reduced liquidity and credit for developers has shut down major projects. While there is no consumption data, inflation figures are below requirements. Dubaià ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã‹Å"housing, electricity, gas and other fuelsà ¢Ã¢â€š ¬Ã¢â€ž ¢ inflation was at 0.5% in February 2009 which was the lowest during that year. Emerging Markets Monitor (2010) 16,(32) 17. The emirate of Abu Dhabi shows less vulnerability to the current economic crisis when compared to Dubai. The Dubai Government had announces at 6 month stand still for debt payments in november 2009. U.A.Eà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic recovery only started gaining momentum in 2010. In this research, I will endeavour to highlight the key positive development that has occured since the recession and critically analyze the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s future strategy. IV.RESEARCH questions and OBJECTIVES: 4.1 Research QUESTIONS: What are the reasons for the tragic economic downfall of U.A.E especially in the emirate of Dubai? What is the extent of damage to the financial market and business in the country due to the recession? How badly is the real estate market sector affected due to recession and what are its impacts on the residents? How has this economic downfall affected the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial market? What are the measures undertaken by the government and private business sectors to recover from the financial crisis? 4.2 Research OBJECTIVES: To critically analyze the reason for the economic downfall in U.A.E. To critically analyze and comment on the extent of damage and the precise business sectors that are most affected due to the recession in U.A.E. To critically evaluate the downfall in the real estate market and its impact on the residents To evaluate the effect of recession on U.A.Eà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial market. Finally, to comment on the measures undertaken to recover from the financial crisis and recommend measures which can help the recovery V.RESEARCH PLAN: Analysing a global phenomenon (the green phenomenon) at a European level and carrying out researches about a pillar industry (the automotive industry) that indicates most of the European countriesà ¢Ã¢â€š ¬Ã¢â€ž ¢ economic health implies that various data are available. Whilst numerous advantages such as giving precious in-depth data concerning the topic, it also means that important drawbacks will arise such as so-called à ¢Ã¢â€š ¬Ã…“fakeà ¢Ã¢â€š ¬? or à ¢Ã¢â€š ¬Ã…“disinformationà ¢Ã¢â€š ¬? data. Furthermore, this fact also implies that while collecting accurate data on such à ¢Ã¢â€š ¬Ã…“hot topicsà ¢Ã¢â€š ¬?, the need to constantly access the latest and up to date data will be crucial and even unavoidable alongside my research. 5. 1 Data collection methods outline 5.1.1 Secondary Data In order to complete my research, I will be using secondary data like text books that are available at Coventry University related to Business strategy and Management to use the appropriate tools required to analyze a company or business that is hostile due to recession. Books like Business strategy Formulation Ulwick, Anthony W (2004), Chaotics: The Business of Managing and Marketing in the Age of Turbulence  Kotler, Philip  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  C, John A (2009) and Stock Market Cycles: Practical Explanation Bolten, Steven E.  Ãƒâ€šÃ‚  (2000). Other databases like EBSCO will be used to find journals and articles related to my research area. Articles like à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã¢â€ž ¢Jebel Ali terminal faces 12-month delayà ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ Foreman,c (2009) Middle East Economic digest, Vol 3,(9) 18 and à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã¢â€ž ¢Contractors pay for falling pricesà ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ Foreman,c (2009) Middle East Economic di gest, Vol 53,(5) 27-30.. Other articles and journals will be used for as my research progresses. Database like SAGE journals will also be used to find journals on Global recession and its effect on develpoed and developing countries. 5.1.2 Primary data Interviews One on one interview will be conducted with the IT department head of ADIA (Abu Dhabi investment Authority) as a part of primary data collection for my research. The interview will help me understand and perceive how the company is doing and regarding their current investments. Depending on the quality and depth of the information collected from this interview, I will be conducting another interview with the Marketing Manager of Abu Dhabi Cable Factory L.L.C which is a company I used to work for before the start of my course at Coventry University. All these data will help me comment on the present economic condition in United Arab Emirates and their future plans as my research progresses. 5.2 Data collection methods per objective In order to complete my first objective, I will be using journals and articles from databases like EBSCO and SAGE journals that contains materials purely on recession, its roots and forecasts. The second objective will be addressed using the information collected from the interviews and journals from EBSCO. For the third objective, information will be collected from databases like EBSO and SAGE journals. Additional information will be collected from local newspaper articles in United Arab Emirates. For the fourth and the fifth objective, information collected from the interviews will be used along with other journals and articles. In order to recommend measures which could help the recovery from recession, I would use information from books like Business strategy Formulation Ulwick, Anthony W (2004), Chaotics: The Business of Managing and Marketing in the Age of Turbulence  Kotler, Philip  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  C, John A (2009). 5.3 Analysis of data Primary data collected by interview will be grouped accordingly to answer the necessary objective of my research work. In order to do so I will be using the NVIVO 9 software which will help me analyze any unstructured information collected. 5.4 Limitations As far as the secondary data is concerned, the limitations are that the information available is from a third personà ¢Ã¢â€š ¬Ã¢â€ž ¢s point of view which might not be accurate and also that we could find information contradicting some particular information since the research will talk about issues concerning the reason for the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s current economic condition and measures that could be employed to overcome the economic crisis. The limitations for the primary data would be that the information collected may not be precise as it is information regarding a company or economy from an individualà ¢Ã¢â€š ¬Ã¢â€ž ¢s perspective. VI.ETHICS I will ensure that I will follow the Universityà ¢Ã¢â€š ¬Ã¢â€ž ¢s ethical procedures and submit the low risk ethical approval form and follow all the guidelines. For my primary data collection, I shall use the participation information leaflet for interviews and also attach a consent form for interviews. Interviews will not be conducted in ways that could go against the ethical issues like harm the respondents or question their honesty. All the data collected will be treated confidentially and will not be used for any other purpose than the research work. All data will be securely kept in line with the Data Protection Act 1998. VII.LIST OF REFERENCES Wilson, Z (2009) à ¢Ã¢â€š ¬Ã…“ROAD TO NOWHEREà ¢Ã¢â€š ¬?  : FAST COMPANY 138, (13) 90-93 BusinessWeek (2009) à ¢Ã¢â€š ¬Ã…“ ECONOMICS POLICY JAWBONING THE BANKSà ¢Ã¢â€š ¬?  4161, (4) 8-13 available at https://web.ebscohost.com/ehost/detail?hid=15sid=67e26db4-aa56-4136-9b5e-63151b0d62e8%40sessionmgr14vid=10bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bthAN=47040807 Foreman, C (2009) à ¢Ã¢â€š ¬Ã…“Jebel Ali terminal faces 12-month delayà ¢Ã¢â€š ¬? : MEED-  Middle East Economic Digest 53, (9) 18 Anirvan, B and Pami, D (2010) à ¢Ã¢â€š ¬Ã…“Synchronisation of Recessions in Major Developed and Emerging Economieà ¢Ã¢â€š ¬?  : The Journal of Applied Economic Research 4, (2) 197-223 avalible at https://mar.sagepub.com/content/4/2/197.full.pdf+html Pendleton and Devon (2010) à ¢Ã¢â€š ¬Ã…“Middle Eastern Mirageà ¢Ã¢â€š ¬?  : Forbes 185, (5) 108-109 Mccrum and Philip (2010) à ¢Ã¢â€š ¬Ã…“Abu Dhabi begins to open up.à ¢Ã¢â€š ¬?  : MEED-  Middle East Economic Digest 54, (8) 30-31 Ulwick and Anthony, W (2004) Business strategy Formulation Kotler  ; Philip, C and John A (2009) Chaotics: The Business of Managing and Marketing in the Age of Turbulence   Bolten and Steven, E.  Ãƒâ€šÃ‚  (2000) Stock Market Cycles: Practical Explanation Middle East Monitor:  The Gulf (2010) 20, (5) 4-5 avalilable at https://content.ebscohost.com/pdf23_24/pdf/2010/D9B/01May10/49018531.pdf?T=PP=ANK=49018531S=RD=bthEbscoContent=dGJyMNHr7ESeqLE4yNfsOLCmr0mep7VSs6u4Sq%2BWxWXSContentCustomer=dGJyMPGvtk%2BwrrFQuePfgeyx44Dt6fIA Emerging Markets Monitor (2010) Vol.  16 Issue 32, p17-17 available at https://content.ebscohost.com/pdf25_26/pdf/2010/5DB/22Nov10/55340054.pdf?T=PP=ANK=55340054S=RD=bthEbscoContent=dGJyMNHr7ESeqLE4yNfsOLCmr0mep7VSsKi4Sa6WxWXSContentCustomer=dGJyMPGvtk%2BwrrFQuePfgeyx44Dt6fIA

They Are Made Out of Meat - 662 Words

They’re Made Out of Meat (analysis) They’re Made Out of Meat is a short story by Terry Bisson. It consists entirely of dialogue between two characters. The beginning of this dialogue seems to be rather strange and incomprehensible; the characters are speaking about meat and it is difficult to understand what this â€Å"meat† means in this particular context. But gradually the reader begins to tune in, and soon he finds out that they use the word â€Å"meat† to imply human beings. And these two creatures themselves are aliens, sentient beings that are capable of travelling faster than light and their mission is to meet with human beings, to welcome them and to set contacts with them. The fact that they use such words as Orfolei, Weddilei, C†¦show more content†¦Then†¦to explore the universe, contact other sentients, swap ideas and information. The usual.). Besides people are viewed as inferior creatures (†¦but what do you think is on the radio? Meat sounds. You know how when you slap or flap meat it makes a noise? They talk by flapping their meat at each other.; It seems harsh, but there is a limit. Do we really want to make contact with meat?). So, taking into accounts all these points, the aliens decide not to fulfill their initial mission. They come to a conclusion that it is better to ignore â€Å"meat†, erase all the records and mark this sector unoccupied. The thing is that they are sure that they know a lot about humans, but in fact they do not know anything. They consider themselves to be much more superior, they feel themselves to be the centre of gravity. But actually, they are biased and hostile towards human beings just because humans are different. The whole story rolls around the concept of meat. First of all the repetition of this word sets the rhythm. Besides the meat is personified and it makes the story funny and humorous. (â€Å"†¦thinking meat, conscious meat, loving meat, dreaming m eat†¦Ã¢â‚¬ ). The fact that these creatures are talking like humans also provides humorous effect. (Omigod. Singing meat. This is altogether too much!†). At first it may even seem that they are scientists or researchers, who are discussing a recent experiment orShow MoreRelatedThe Jungle By Upton Sinclair Essay1423 Words   |  6 Pagesexpose the brutality faced by the workers in the meatpacking industry. Sinclair wanted to show people what was really going on in the factory because few people were informed about these companies work conditions. He wanted to show the public that meat was â€Å" diseased, rotten, and contaminated† (Willie).† This revelation shocked the, public which later led to the creation of the federal laws on food and safety. Sinclair strongly shows the failure of capitalism in the meatpacking industry which heRead More meat packing industry Essay1001 Words   |  5 Pagesindustry. 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Macbeth and Tragic Hero Free Essays

Macbeth, a tragedy written by William Shakespeare in the 17th century, expresses clearly the strong pull that desire for power can have over a man. Macbeth, the title character of the play, is often expressed as being the villain of the tragedy. However, through studying the play closely it is clear to see that, rather than being an innately evil character, Macbeth is in fact a tragic hero, doomed by fate from the start to descend into the madness which he did. We will write a custom essay sample on Macbeth and Tragic Hero or any similar topic only for you Order Now Had it not been for his hamartia and his interaction with the witches and his wife then the play would have had a very different ending. Like every tragic hero in literature Macbeth suffered from a tragic flaw, or a hamartia. In his case, his flaw was his vaulting ambition, combined with a lust for power. Macbeth himself recognises this ambition in act I, scene 7 where he states in a soliloquy â€Å"I have no spur to prick the sides of my intent but only vaulting ambition†. This comment suggests that he knows that the only thing that prompts his actions is his ambition. While ambition alone is not in fact a bad trait, when added with a lust for power, this ambition can become dangerous. Did having these qualities mean that Macbeth was indisputably corrupt? No, they simply meant that he, like all human beings, had a flaw and a weakness. Indeed, at the start of the play, Macbeth was seen as the hero, being described as â€Å"brave Macbeth† in act I, scene II, and shown as a loyal and brave solider on the battle field. He is also frequently referred to as valiant by Duncan throughout the first act. That ambition always resided within him but did not cause a problem until the prophecy was made by the witches in act I. It was essentially the moment that the witches first cast the prophecy over Macbeth that sealed his fate forever. Without the witches foretelling his rise to power as Thane of Cawdor and furthermore as the future king of Scotland, the idea would never have occurred to him. He was initially a modest character, grateful of his position in life. However, once the witches planted the seeds in Macbeths mind they started to flourish and, given his hamartia, the idea wholly consumed him. Though initially he did not believe what they said, once he was granted the title Thane of Cawdor, he started to consider that it could possibly be true. There is a noticeable ifference in his attitude toward the prophecy before and after he is made Thane of Cawdor. Before, there is a clear disbelief in his approach, though it’s obvious that he hopes for it to be true. Where as afterwards Macbeth is starting to view his promotion to King as not just a possibility, but rather an inevitable truth. His desire for this power arose and his ambition started to take control. It was this moment that started his transfor mation from hero, to tragic hero. However, the alteration was a slow one and throughout the tragedy the Witches continued to contribute to Macbeths growing insanity. Their prophecies begun to dictate his every move. This reliance on the witches is seen in the final scenes of the play, where Macbeth shows increasingly reckless behaviour in the battle scene due to the witches’ prophecy that â€Å"none of women born would harm Macbeth† (act IV, scene I). He became enraptured by a longing for power, a desire that would not have consumed him so, had it not been for his interaction with the witches. For if the Witches had not come along, than it is certain that Macbeth would not have fallen victim to the clutches of madness like he did. However, it was not only the Witches who contributed to his mighty fall. For it was not until he wrote to his wife that the ambition fully started to form. If it was the Witches who planted the seeds, then it was Lady Macbeth who helped them to grow. In many ways, Lady Macbeth can be described as the driving force behind the murder of Duncan and thus also Macbeth’s transformation. It was initially Lady Macbeth who created the idea for the murder of the King. Whiles Macbeth had previously considered it, he had never come to a conclusion and had simply left things to see how they turned out. Lady Macbeth was the one who voiced the idea and who pushed it. In act I, scene 7 Macbeth had decided that he would not go through with the act, however he was convinced otherwise by his wife, who questioned his manhood through quotes such as â€Å"When you durst do it, then you were a man; And, to be more then what you were, you would be so much more the man† (act I, seven 7). She worked on Macbeth’s ambition and filled his mind with ideas of power. Combined with his tragic flaw, it was almost impossible for Macbeth to resist that temptation. It was ultimately Lady Macbeth who spurred him to murder Duncan. Macbeth was not a typical villain, for whiles he did kill people he felt guilt and remorse for his acts. In the scene following the discovery of Ducans murdered body (act II), Macbeth showed great difficulty in hiding his remorse. This contrasted with his wife, who could easily hide the truth and forge innocence. He was also aware of the consequences that could arise from his actions, as seen in the ‘if it were when tis done’ soliloquy in act I, scene 7. Most other villains created by Shakespeare did not suffer from this same form of guilt as Macbeth, guilt that eventually drove him crazy. This emotion is shown in the scene where Macbeth sees an apparition of Banqo at the banquet. This apparition was a reflection of his remorse for the crime he had committed and his fear of being caught. This guilt and knowledge of the consequences of his actions is one of the main things that separates’ Macbeth from a typical villain and helps make him a tragic hero. Macbeth was not an irrevocably evil character, but rather one who had flaws which he caved into. In the end, it was his hamartia and his interactions with the witches and his wife that shaped him into the tragic hero that he became. How to cite Macbeth and Tragic Hero, Papers