Goldman sachs customer service controversy Research Paper

Goldman sachs customer service controversy - Research Paper Example Goldman was later on joined by his son-in-law where the firm expanded and grew into a general partnership to become Goldman, Sachs and Company. His son, Henry, was put in charge of the company’s domestic growth and Goldman, being committed to a diversified portfolio noticed a huge potential in a number of other developing industries (McGee 2010). Despite being difficult to market at the beginning these investments soon became profitable ventures only after the firm managed to convince companies to adopt stricter accounting as well as auditing procedures. Goldman, Sachs managed its very first IPO (Initial Public Offering) in the year 1906 when one of its clients, United Cigar Manufacturers announced its intention to expand (Butler 2010). Despite the fact that the Goldman, Sachs hand never managed a share offering in the course of its operation history, it became successful in marketing an estimated $4.5 million worth of the client’s stock and made United Cigar Manufactur ers qualify for trading on the New York Stock Exchange. As explained by McGee (2010) in 1998 Goldman, Sachs began to consider going public and after selling an estimated 69 million shares it officially adopted the name The Goldman Sachs Group Inc. where it named Henry Paulson, Jr. ... Its main clients include governments, private individuals as well as corporations that transact with it. Very few controversies are associated with Goldman Sachs since it was founded. However, the most famous controversy involved the leaking information on inside trading, which was done by David Brown when the company was in takeover talks. This incident happened in 1986 and Robert Freeman, a senior partner of the company was also linked to the controversy. The company has also been accused that last year it boosted its quarter earning through changing substantial writedowns in its December financial reports. This section thus looks in details some of the controversies (Recomparison, 2011). As noted by Butler, (2010) though the company is seen as the most profitable investment bank in the world in addition to being an excellent money-making machine running rings around its rivals while rewarding its high fliers with multibillion-pound bonuses, Goldman Sachs has a tendency of attracti ng controversy to a level separating it from its competitors. The most recent controversy has been in April 2010, regarding betting against a package Goldman Sachs sold to their own investors, which is believed to have been the turning point for regulators not only in the United States but around the world. At that time, the firm was already under scrutiny for having awarded year end bonuses as well as payouts to its stuff for the financial year ending 2008 upon receipt of an estimated ?6.1 billion UK bailout from the United States government, being part of the bailout toward those financial institutions worst hit by the credit crunch. From the controversy, it is said that Goldman Sachs materially gave wrong

Victorian Era Essay Example for Free

Victorian Era Essay There are several differences in the movie comparing to the actual Victorian era and Im going to state three differences. First in the movie it said that prince Albert died of typhoid at the age of 40. In the movie that was the only mentioning of illness and sickness that killed someone. In the actual Victorian era the diseases such as cholera, smallpox, typhoid fever, influenza, and tuberculosis were very common and killed millions of people in the nineteenth century. Child birth was very hazardous and many women died as a result. Second in several scenes in the movie , people were really rude and disrespectful to the queen. Queen Victorias mothers assistant was a individual that was extremely disrespectful to the Queen. He yelled at her and even laid his hands on her and pushed her. In the Victorian era the people in the household were extremely nice and polite. They were basically servants to her. They would hold her hand when she would walk up the stairs and they would always ask if the Queen needed anything at all times. Lastly in the movie , the women wore really short dresses and non collared shirts. In the Victorian era , the wealthy dresses extremely well. Women wore long dresses made of the finest cloth, with high collars to protect their skin from the sun. Unlike today, a tan was a sign that a person worked outdoors and was, therefore, lower class. In conclusion , the movie was different to the actual Victorian era because of the disease , loyalty and the fashion.

Global Business Cultural Analysis In Turkey Commerce Essay

Global Business Cultural Analysis In Turkey Commerce Essay Peculiarities of running business and transnational communications are directly related to the culture of the country. Globalization of the economy has undoubtedly become a commonly accepted phenomenon. Even small and medium businesses, wanting or not, face problems of international business relationships: be it the purchase of equipment, materials or other trade and procurement activities, search for partners or investors, not to mention the direct competition with multinational companies in their own domestic market. Larger players of market, in connection with its inevitable saturation, are forced to think about entering the international arena. All these factors make the study of culture of business relationships and international communication increasingly relevant for managers. Awareness about the peculiarities of a particular culture, the ability to consider and use these peculiarities in practice help some companies quickly and at less cost to establish relations with partners, and others to deal more effectively with rivals. The knowledge of the features of international communication is also useful for managers working in foreign companies, since they help to better adapt to a foreign environment, understand the requirements of top-management, permissible frames of conduct and, accordingly, to move faster through the ranks. Major dimensions of culture in Turkey and their influence on Turkish economy and business practices When building business relationships, finding partners for business, developing private business in the territory of another country, it is always necessary to take into account the totality of the rules of business etiquette and specificities of traditions of each cultural environment. Turkey has long been a secular state with European style of doing business, but it should be remembered that the influence of Islam, though not pronounced in recent times is reflected in some aspects of the Turkish business etiquette and bears a deep cultural meaning. Turkey combines European and Middle East traditions in the business culture, therefore common business etiquette here has some nuances which are useful to know for building successful and lasting business relationships. Lets consider these nuances. First, Turkey has a sufficiently well developed family-owned business with a clear hierarchy. Family traditions in Turkey are very important, both in life and in business (Burnaz, 2009). Second, different spheres of life in Turkey are influenced by religion. If the partners are religious people, one should keep in mind that Friday is a holy day for Muslims when they visit temple to pray, so no important business meetings and negotiations should be appointed on this day. Ramazan is a month-long sacred abstinence of all Muslims, during which one cannot eat, drink, smoke cigarettes from sunrise to sunset. This should be kept this in mind when planning a business lunch or dinner in a restaurant. During Ramazan it is better to appoint business meetings with Turkish Muslims after sunset, however, if it is possible to avoid them, it is better to postpone all negotiations until after Ramazan. Many Turkey residents leave on vacation in July or August, so the middle of summer is not the best time for negotiations and business meetings, while from October to May is the most active and fruitful period for Turkish business culture (Burnaz, 2009; OECD Economic Surveys: Turkey, 201 0). It should be remembered that as in any other country, courtesy and respect for etiquette in business in Turkey is especially important. Good personal relationships based on trust and mutual respect play a significant role in building business relationships with Turkish partners, therefore, before proceeding to business negotiations, it is necessary to show them openness and readiness for friendship and to emphasize the mutuality of benefits (Burnaz, 2009; Ararat, 2008, Gupta, 2009). Motivation in negotiating with the Turks should be clear and precise. It is very important in the process of business negotiations to clearly outline the advantages and profitability of a proposal for the Turkish side, although it is not the only thing a benefit may be expressed in for Turkish partners. Instead of profits it is recommended to focus often on such points of the transaction as increased authority and power. Respect, recognition and other intangible benefits may also have a positive impact on the outcome of business negotiations in Turkey (Gupta, 2009). Thus, understanding that Turkish culture is very different from European or American business culture is a big step in doing business in Turkey and with the Turks. It takes patience and time to learn all the ins and outs, but the Turks also show patience towards foreigners and willing to make allowances for any mistake or error in etiquette made by a foreigner. In general, Turkey is an attractive country to do business with the positive dynamics in the economy. Turkey managed to avoid large losses that might have occurred as a result of the global economic crisis of 2008-2009 (Turkey passes the crisis test, 2009). Having analyzed the economic development of Turkey for the period from 2002 to the present day, it can be argued that the state of the economy has become particularly favorable, due to the below factors (OECD Economic Surveys: Turkey, 2010; Turkey passes the crisis test, 2009; Turkey: Business environment at a glance, 2011; Aydin, 2006): à ¢Ã¢â€š ¬Ã‚ ¢ The currency reform in Turkey, 2002; reforms in social security and health care; tax reform beneficial for entrepreneurs; à ¢Ã¢â€š ¬Ã‚ ¢ TOKÄ ° Innovations (Housing Administration Projects) gave impetus to the development of national construction companies; à ¢Ã¢â€š ¬Ã‚ ¢ State support for small and medium-sized enterprises, which constitute 97% of the Turkish economy; à ¢Ã¢â€š ¬Ã‚ ¢ Increased economic growth in Turkey, which is largely due to the automobile industry, real estate and textile industry; à ¢Ã¢â€š ¬Ã‚ ¢ Successful investments in tourism; à ¢Ã¢â€š ¬Ã‚ ¢ Active development of the logistics sector in Europe; à ¢Ã¢â€š ¬Ã‚ ¢ New international communications and new markets: the most promising emerging markets for Turkey are China, South Korea, India, BRIIC group, as well as markets of Pakistan and Bangladesh; à ¢Ã¢â€š ¬Ã‚ ¢ Regional and social development: 40% of the EU budget is allocated to regional development and social infrastructure; à ¢Ã¢â€š ¬Ã‚ ¢ Funding at the expense of TOBB (the Union of Chambers and Commodity Exchange of Turkey); à ¢Ã¢â€š ¬Ã‚ ¢ Development of higher education: there are already 95 public and 45 private universities in Turkey. Apart from that, the Government of the Republic of Turkey considers foreign direct investment as the driving force of economic development and prosperity of the country. Turkey has one of the most liberal legal regimes for FDI among the member countries of the Organization for Economic Cooperation and Development (OECD). Except for some sectors, businesses that are open to the private sector in Turkey are mostly open to foreign partners and investors (OECD Economic Surveys: Turkey, 2010). Nevertheless, all investors, regardless of nationality, face a number of specific obstacles characteristic of developing Eastern countries: excessive bureaucracy, slow acting justice system, high taxes, corporate governance weaknesses, sometimes unpredictability of the decisions taken at local government level, as well as frequent changes in legislation and regulatory framework (Gupta, 2009). However, foreign investment regulation, for the most part, is transparent. Turkey supports national regime, including the purchase of real estate by foreign capital companies registered in accordance with Turkish law, and in most sectors no investment audit is provided (only notification is required). The Turkish Government supports the principle of transparency with the associated nation as a precondition for the acquisition of real estate by foreigners, and imposes a limit of 2.5 hectare of property acquired by foreign individuals. Individuals cannot own more than 10% of the land in any of the areas of industrial development (Kalafatoglu, 2010; Keyman, 2005;). The maximum share of foreign equity participation is limited to 25% in broadcasting and 49% in aviation and maritime transport. Establishment of companies offering financial services including banking and insurance, as well as oil-related companies, requires special permission from the Government of Turkey for both domestic and foreign investors. In practice, regulators do not restrict foreign ownership in the financial sector: in 2005 and 2006 a series of acquisitions by foreign persons were approved, and several foreign financial companies has been operating in Turkey for a long time (Ulusoy, 2009). The privatization process in Turkey is currently going on. The Government of the Republic of Turkey privatizes the state economic enterprises through selling lots of securities, public offerings, or a combination of both. The total amount of transactions in the Turkish privatization program amounted to 8.1 billion dollars in 2006, 4.3 billion dollars in 2007, and 6.3 billion dollars in 2008. The state continues privatization process, despite the fact that the reduction of global financial flows, which began in 2008, may entail certain obstacles (Ulusoy, 2009; OECD Economic Surveys: Turkey, 2010). Bureaucratic delays used to be significant obstacles to both national and foreign companies. However, recent reforms have simplified the process of establishment of companies, reduced the requirements to obtain permits, set a single form of registration of companies and enabled individuals to register their businesses in the Union of Chambers and Commodities Exchange of Turkey. Cross-cultural analysis: business cultures of USA and Turkey Generally, two polar opposite styles of management are distinguished, and consequently, business relation cultures: American or Western and Oriental styles. They are fundamentally different in structure of collection and exchange of information, separation and segregation of duties, degree of standardization, coordination and subordination. The American system is characterized by management based on science, individualism and personal responsibility, a clear division of labor, specialization, planning based on the analysis of large amounts of quantitative information. Oriental management system is based on collective responsibility, rotation system, long-term career planning, equation of employees to the company and its customs (Burnaz, 2009; Gupta, 2009). At the same time, in line with the Western style, there has recently distinguished a pan-European, also partly inherent to Turkey as an EU member, with a simultaneous focus on economic and social indicators, such as a guaranteed opportunity for staff development, involvement of employees in decision-making process, the emphasis on favorable climate in the company (Burnaz, 2009; Gupta, 2009). However, despite the tendency to unify business methods and communication standards, we believe that the explicit differences in business culture will remain in the future. Despite the huge variety of business cultures, there are methods to predict certain aspects of behavior of representative of a certain culture. Ones of the most applicable methods are the classification of countries according to G. Hofstedes four variative characteristics reflecting basic differences of cultural values, and contextual ranking of cultures, proposed by E. Hall (Cateora, 2000). According to these theories, the USA is a notable example of a country with a high index of individualism (IDV=91), when a separate individual poorly integrates itself into the group, and strong individualistic mentality is observed with a focus on the importance of personal life and initiative. The Turkish society is rather a society where the mentality of community relations dominates, so it is based on morality, sense of duty, predominance of the interests of the collective over the individual ones, and loyalty (IDV=37) (Table 1). Another important cultural dimension is the parameter of power (hierarchical) distance. Power distance index measures the tolerance of the society towards social inequality, i.e., unequal distribution of power between superior and subordinate members of the social system. The degree of distancing shows the relation of employees to the power of managers. Turkey has a culture with a high index of power distance (PDI=66), and power in Turkey may even be inherited. Here there is a significant difference between the members of the society who are at different social levels and difference in the privileges, which are perceived by the members of the society for granted. In countries with a low power distance index, like USA (PDI=40), the reverse pattern is observed (Table 1). The next quality largely determined by culture is the control of the level of uncertainty, which shows the extent to which members of a cultural community are programmed to freedom of action in unstructured non-standard situations. In this aspect, the USA and Turkey also hold totally different positions. As a country with high uncertainty avoidance index, Turkey (UAI=85) is less resistant to stress, more concerned with security issues and following the rules, which leads to poor perception of change and slow adaptation to new ideas. USA is characterized by culture with low UAI (UAI=46) associated with greater mobility, willingness to take risks, innovation, tendency to rely on knowledge, rather than absolute knowledge (Table 1). Moreover, the USA is rather a country described by Hofstede as the country with masculinity behavior (MAS=62), i.e. dominance, encouragement to competition, high demands, desire for career achievements and entrepreneurship, greed and passion for capital accumulation, lack of caring about others. In contrast, though attached now to the European community, Turkey still belongs to femininity pattern (MAS=45) and the prevailing values are humility and altruism, gender equality, emphasis on serving people, mutual aid (Table 1). Table 1. Indexing USA and Turkey depending on cultural values by Hofstede. Country IDV Ranking by IDV* PDI Ranking by PDI UAI Ranking by UAI MAS Ranking by MAS USA 91 1 40 38 46 43 62 15 Turkey 37 28 66 18/19 85 16/17 45 32/33 * Classification among 53 countries of the world, by 2000. (Cateora, 2000) In addition to the parameters identified by Hofstede, the predominant and characteristic of the culture type of communication is of great importance in the typology of business cultures. On this parameter, all nations can be ranked by the degree of cultural contextuality. Recent studies have revealed a high correlation between high/low-contextuality and the Hofstedes indices of individualism/collectivism, and hierarchical level of distancing (Cateora, 2000). Thus, low-context American culture shares relatively low hierarchical differences and high level of individualism. On the contrary, high-context Muslim culture is typically characterized by a significant difference between the hierarchical levels and low levels of individualism. Therefore, the majority of modern managers, employees of international companies, are more effective in countries with the low-context language, since they are relying on the reports, contracts and other acts documented in writing. But even in low-context cultures, communication is largely dependent on cultural differences (Cateora, 2000; Gupta, 2009). High-context cultures require a considerable period of time before starting the business part of the relationship, because future partners must get to know each other for joint business. For example, if one cannot find time and desire to drink coffee and talk about abstract topics, one cannot advance to the business part of the conversation (Cateora, 2000; Gupta, 2009). Another indicator is the source of power and level of authority, which is a direct consequence of the level of the hierarchical distance, as it combines the effect of the power structure in business with the status and position of manager in the community, depending on the size of the company, publicity, type of property, and cultural values. In Turkey, the decisions are mainly made exclusively by the head of the company, who prefers to deal only with senior executives of other companies. Business here is not between companies or divisions, but between individuals. The latter also means that in case of leadership changes from one side or another, the achieved agreements may lose their power, if trust relationships arent re-established between new top executives of companies. Besides, the decentralized system, common for the U.S., enables managers at various levels to make decisions relevant to their functions, which is not common for Turkey (Ararat, 2008; Gupta, 2009). Thus, the obvious conclusion is that it is necessary for the authoritarian cultures as well as companies with a decentralized power structure to correctly determine the decision-makers, while working with companies in which decisions are taken by consensus, it is important to convince each member of the committee or group. Peculiarities of conducting business in Turkey Business in Turkey is quite difficult to arrange. But the results of registration of the business in Turkey and certain investments can be easily recouped. Peculiarities of doing business in Turkey determine such things as sale and purchase, opening bank accounts, tax system, offshore, ready business, small business and profitability of big business. In general, 2011 will be very important for Turkey. In June, the general election will be held. The current government has been successful in many areas of the economy; although some serious problems still remain. Therefore, opposition political parties should form new political-economic strategies with respect to the above areas. Turkey has to achieve significant economic growth, reduce unemployment, ensure social justice, and resolve tax issues. If it is done succeeds, it will be able to join the BRIIC (Kalafatoglu, 2010; OECD Economic Surveys: Turkey, 2010). The Government of Turkey since 2001 has been implementing a comprehensive program designed to accelerate all the procedures related to investments and attract more direct foreign capital into the country. The national body, the Coordinating Council for the Improvement of the Investment Environment (YOIKK) provides methodological support in this issue. In addition, in 2004 the Investment Advisory Council for Turkey (IAC) was established, whose recommendations serve as a guide for YOIKK, and activities undertaken within the Councils recommendations are published in annual reports of the Treasury of Turkey on the activities of IAC (Keyman, 2005). The government continues to implement legislative reforms, some of which are aimed at attracting foreign investment to Turkey. The draft of National Legislative Network, a project of automation and integration completed the process of developing the technical infrastructure in 2008, designed to accelerate the execution of business cases by facilitating the transfer of documents and transcripts of court proceedings and give the opportunity to file an application online. In addition, the government simplified the access of foreign investors to justice, including legal advice and Alternative Dispute Resolution, supported by the U.S., EU and World Bank (Turkey: Business environment at a glance, 2011; Kalafatoglu, 2010). Turkey made the tax system more convenient for investors as well. In 2006 the basic rate of income tax was reduced from 30 to 20%. The government also cancelled the income tax for foreign investors who own bonds, notes and shares, preserving it for bank deposits and repurchase transactions. In 2007 tax administration established a division designed to manage taxes collection from large corporations (Keyman, 2005). However, the Government of Turkey has not yet managed to implement further tax reforms, including reducing the tax on wages, which is one of the highest among OECD members. The Turkish Government also increased the VAT on leasing transactions from 1 to 18% in 2007. Special consumption tax on alcoholic beverages in 2008 reached 275.6% with the minimum requirements for special tax based on market prices of products (Ulusoy, 2008). Turkish laws affecting the investment climate continues to develop. It guarantees freedom of transfer of profits, fees and royalties and repatriation of capital. This guarantee is reflected in the bilateral investment treaties between Turkey and the United States in 1986, and in some similar agreements, which regulate the unlimited and proper handling of all funds related to investment in a freely convertible currency in the self-regulating market (Treaties and Agreements, Turkey-United States, 1986). Turkey is a member of the International Centre for Settlement of Investment Disputes (ICSID). Turkey also ratified the Convention Establishing the Multilateral Investment Guarantee Agency (MIGA) in 1987. Turkish law provides the confirmation of international arbitration execution of investment disputes between foreign investors and the state. Turkeys is also a member of the WTO Agreement on Trade Related Investment Measures (TRIMS) (Keyman, 2005; Ulusoy, 2008). Turkey investment stimuli system was significantly improved in 2006 to support manufacturing industry, energy sector, and export. General regime of investment incentives suggests tax benefits and, in some cases, the possibility of lending. Turkish Treasury also regulates some issues regarding interest rates on investment loans for small and medium enterprises, RD projects, environmental protection, as well as projects in 50 provinces, where the annual income per capita is below 1500 U.S. dollars. For such provinces, the law provides income tax incentives, social insurance benefits, free land and reduced electricity cost up to 20-50% (Ulusoy, 2009; OECD Economic Surveys: Turkey, 2010). In RD sphere, Scientific and Technological Research Council of Turkey (TUBITAK) and Technology Development Foundation of Turkey (TTGV) deal with reimbursements for RD and capital borrowing. Projects that get such benefits include development concepts, technology research, technical feasibility evaluation, concept-to-design laboratory researches, samples study, test products production, experimental facilities construction, product testing, patent research and design problems solutions. In addition to these incentives, the Government of Turkey provides support for technological development zones, which involves the creation of infrastructure and production facilities, exemption from taxes, VAT, income taxes and revenues, and from customs duties for special IT-sector. Moreover, export stimulating program is focused on RD, market research, and participation in international exhibitions and fairs. In Turkey, no technical requirements for the beginning, implementation and expansion of investment projects are provided. There are also no restrictions to the acquisition by investors of goods from national sources and exporting specific percentage of products. Investors access to foreign currency does not affect exports. There are also no restrictions for domestic companies to own shares of foreign investors for the fact that the proportion of foreign shares will be gradually reduced or investor will transfer its technology on certain terms. There are also no conditions established by the state in terms of the permission to invest, including the location in specialized geographic areas, specific percentage of national resources for the production of goods and services, national shares packages, import substitution, export requirements, employment of the population the investor technically located in, technology transfer and financing from national sources (Ulusoy, 2008; Ulusoy, 200 9; OECD Economic Surveys: Turkey, 2010). The Government of the Republic of Turkey does not force investors to disclose proprietary information or any other kind of information different from the publicly available one during the process of obtaining permission from the supervisory authority. Companies with foreign capital are to send a report on their activities, submitted to the General Assembly of shareholders, the auditors report, and balance sheet in the Foreign Investment Department of the Treasury annually in May. Except for issues relating to openness to foreign investment and transparency of the system of regulation, Turkey provides all the rights, benefits, deductions and privileges available to national capital and companies, as well as foreign capital and companies on the basis of most favored nation regime (for selected countries). For example, American and other foreign firms can participate in publicly funded programs and programs of subsidizing research and development on the basis of national treatment. The Government of the Republic of Turkey has adopted policies and laws that, for the most part, should promote free competition and transparency in business. However, foreign companies in some sectors complain that the regulations are not transparent and understandable from time to time. One should keep in mind that Turkey is an observer, but not a member of World Trade Organisations Commission on Government Procurement. However, Turkey is an actively developing country, which tries to keep pace on all the contemporary European and American innovations. One of the most perspective areas in Turkey is internet and mobile commerce. For instance, recent researches show that mobile marketing has acquired great popularity with the development of technology SMS since 2000 in Europe and different parts of Asia. Over the past few years SMS-messages have become a major advertising channel in Turkey, and many experts even tend to view Turkey as an innovator in mobile marketing (Demirbag, 2008). The vivid example of this success is the experience of the Turkish branch of Pepsi, which in the last 3 years has been one of the most active players using mobile marketing tools. To date, according to the data of Pepsi Turkey, the level of participation in promotional campaigns conducted by the department is the highest in the category. The company uses mobile technologies, because it considers them more effective than TV tool to provide an opportunity for interactive communication with Turkish consumers. One of the campaigns introduced by Pepsi offered consumers wallpapers and ringtones, including the famous song Da Da Da. Over the course of a promotional campaign, users downloaded more than 200,000 ringtones (Tsalikis, 2009). Turkish companies (like Finansbank, BP, FritoLay) proved that simplicity and possibility of immediate gratification are of great importance for the Turkish consumer, and the mobile channel can provide this effect (Demirbag, 2008). In general, the trust of Turkish consumers continues to rise since February 2010, reaching 85.8. This is the highest level over the past 14 months (OECD Economic Surveys: Turkey, 2010). According to the report published by the Institute of Statistics of Turkey in 2010 jointly with the Central Bank of Turkey, the index of consumer confidence amounting to 85.8 points is the highest mark since February of 2009 when it amounted to 87.60% (Tsalikis, 2009). The index started to rise since November 2009, after reaching a record low value of 78.38 points. If the index exceeds 100, it means that consumers are optimistic, and if it equals to 100, it means that consumers are neither optimistic, nor pessimistic, but if the index is below 100, it indicates pessimistic consumers (Aydin, 2006). The report determines the growth of the index of consumer confidence through the increase of the purchasing power of consumers in the current and future period, the general state of the economy and employme nt opportunities in the coming quarter. Conclusion The research has shown that Turkey is characterized by the specific business culture, experiencing the influence of European Union, USA, and its Asian partners. Belonging rather to eastern patterns of business culture, Turkey differs much form the United States in the major cultural indicators, such as indices of power distance, individualism, uncertainty avoidance, and type of business behavior (masculinity vs. femininity). However, in recent years, Turkey demonstrates high indicators of economy growth, openness to reforms, laws adjustments and democratic investment policy, which makes Turkey a favorable business partner. In addition, Turkish policy and legislation on labor, health and safety do not impede investment, although legal restrictions on firing workers may create obstacles to labor-intensive activities in the formal economy. The specific tax policy sometimes hinders investment decisions, e.g. high taxation of beverages, similar to Coca-Cola, hinders investment in the sector. However, serious tax incentives for free trade zones provide incentives to invest in these zones. Similarly, incentives for investment in certain low-income provinces are designed to increase investments in these areas. Nowadays, international credit rating agencies insist that the investment level of the Turkish economy is still not high, but markets do not express much concern. Credit default swaps insuring Turkish securities against default for 5 years, are estimated at 1.84%. And while the Eurozone is struggling with budget deficits, Turkey states huge budget surplus due to the growth of tax revenues. Turkey is considered to be a country of investment grade in the market of credit default swaps after its dollar-denominated bonds started to exceed the bonds of developing countries in Europe largely due to accelerated economic growth. According to preliminary estimates of the Government, the economy of Turkey grew in first quarter by 12%, which allowed the Prime Minister of Turkey to claim that Turkeys credit rating wont be reduced in the coming 6-10 months. Generally, the country retains the trend towards improvement of economic performance, development and innovation, which opens new perspectives for foreign investment, collaboration and partnership.

The Merchant Of Venice: Portias Suitors :: essays research papers

Compare and contrast Portia’s three suitors, examining their characters Shakespeare highlights three of Portia’s suitors, the Prince of Morocco, the Prince of Arragon and Bassanio. He does this to heighten dramatic tension, as these three men are the most important candidates to win Portia’s hand in marriage. They reveal the contents of the three caskets and their different characters as exposed as being proud, vain and humble. They also emphasise the racial prejudices of Venice a place where many races clash. Their attitudes towards the caskets and their choices indicate what their character is like. This essay will compare and contrast the three suitors and will explore how Shakespeare influences the audience’s attitudes towards the three men. The Prince of Morocco is the first suitor of the three suitors we are introduced to. His first line is, ‘Mislike me not for my complexion’ (Act II Scene i) He is anxious to compensate for the colour of his skin. He shows himself to be ashamed and insecure. However his character is proud because after he remarks on his skin colour he proceeds to defend it and boasts about himself, ‘ ...this aspect of mine/ Hath fear’d the valiant†¦The best regarded virgins of our clime/Have lov’d it too...’ (Act II Scene i) He challenges Portia to compare his blood with the whitest of men to see whose is the reddest. ‘Bring me the fairest creature†¦And let us make incision for your love/ To prove whose blood is reddest, or mine.’ (Act II Scene i) This would be a way to suggest that Morocco was as noble as any white man was because red blood signified courage and virility. A lot of emphasis is placed on Morocco’s skin colour. His long-winded speeches full of false and extravagant praise makes him sound insincere, ‘†¦all the world desires her; /From all corners of the earth they come,/ To kiss this shrine, this mortal breathing saint:’ (Act II Scene vii) In contrast his exit is short and dignified, in total disparity to his entrance and long speeches before choosing a casket. ‘†¦I have too griev’d a heart /To take a tedious leave: leave losers part.’ (Act II Scene vii) This indicates he does not easily accept defeat. He explains his thoughts on each of the caskets as he reads the inscriptions on them. He says the lead casket is not worth hazarding everything for and quickly dismisses it. When he comes to the silver casket he comments, The Merchant Of Venice: Portias Suitors :: essays research papers Compare and contrast Portia’s three suitors, examining their characters Shakespeare highlights three of Portia’s suitors, the Prince of Morocco, the Prince of Arragon and Bassanio. He does this to heighten dramatic tension, as these three men are the most important candidates to win Portia’s hand in marriage. They reveal the contents of the three caskets and their different characters as exposed as being proud, vain and humble. They also emphasise the racial prejudices of Venice a place where many races clash. Their attitudes towards the caskets and their choices indicate what their character is like. This essay will compare and contrast the three suitors and will explore how Shakespeare influences the audience’s attitudes towards the three men. The Prince of Morocco is the first suitor of the three suitors we are introduced to. His first line is, ‘Mislike me not for my complexion’ (Act II Scene i) He is anxious to compensate for the colour of his skin. He shows himself to be ashamed and insecure. However his character is proud because after he remarks on his skin colour he proceeds to defend it and boasts about himself, ‘ ...this aspect of mine/ Hath fear’d the valiant†¦The best regarded virgins of our clime/Have lov’d it too...’ (Act II Scene i) He challenges Portia to compare his blood with the whitest of men to see whose is the reddest. ‘Bring me the fairest creature†¦And let us make incision for your love/ To prove whose blood is reddest, or mine.’ (Act II Scene i) This would be a way to suggest that Morocco was as noble as any white man was because red blood signified courage and virility. A lot of emphasis is placed on Morocco’s skin colour. His long-winded speeches full of false and extravagant praise makes him sound insincere, ‘†¦all the world desires her; /From all corners of the earth they come,/ To kiss this shrine, this mortal breathing saint:’ (Act II Scene vii) In contrast his exit is short and dignified, in total disparity to his entrance and long speeches before choosing a casket. ‘†¦I have too griev’d a heart /To take a tedious leave: leave losers part.’ (Act II Scene vii) This indicates he does not easily accept defeat. He explains his thoughts on each of the caskets as he reads the inscriptions on them. He says the lead casket is not worth hazarding everything for and quickly dismisses it. When he comes to the silver casket he comments,

The Assassin Strikes Again

Once there lived a man named Jack. Every day he woke up refreshed and renewed. Jack started the day by having a nice big stretch, and then he did 100 press-ups. He took a cold shower and brushed his teeth with Sensodyne Jack dressed him self in casual clothes and left for work. Jack has a usual profession. He is hired by rich and powerful people to murder the innocent and honest. Jack became an assassin when he was a teenager. During his childhood he had been kind, generous and helpful boy. One day he was walking home with his friends. Jack's friends suggested that they should go through the alley because it was a shortcut home. Jack agreed and so did the others. They walked through the dark, deep and frightening alley, then they saw a gang of bullies in the alley but they decided not to run. It was a bad decision. The biggest bully started straight away on Jack's smallest friend Mark. Jack consumed with anger, picked up a iron bar and whacked it down violently on the bully's head â€Å"Ahhhh† Jack yelled ferociously, the bullies terrified ran away as fast as they could Jack kept on hitting and hitting the bully until he could not move a muscle. His shocked friends knew he had killed him. They ran way in different directions. The police arrived. Jack ran as fast as he could, until he was out of breath, Even now he's still running and running away from the Police. News travelled fast and within months rich and powerful people were begging Jack to kill their enemies. During a few years Jack was responsible for 15 deaths of innocent people. He was there offered one million pounds to murderer a man called Tom Matthews by his former friend Reece Jones. Tom and Reece had been best friends. Tom was a kind, generous and an intelligent man. Tom had a beautiful wife names Angela. They had just got married three months ago; Tom had joined Reece's company shortly before. Every day he dressed in a black suit and went off early in the morning to work. He was on time every day and ready to go. Tom had a poor family back ground and was determined to make best of his chances. Reece had a wealthy back ground and was always wasting money on gambling. He was always late for work, Reece was very jealous of Tom. One day Tom got promoted to Assistant Manager, Reece was so furious he said â€Å"that's it! I will have Tom murdered!† When he finished work, he rushed home to call an assassin and arranged a meeting outside an abandoned house. He gave Tom's details and his picture to Jack. Reece paid à ¯Ã‚ ¿Ã‚ ½100, 000 in advance the rest to follow when the job was done. Jack researched Tom's lifestyle carefully and worked out when Tom would be alone. It was when he went through the junk yard as a shortcut to his home. Jack planned the murder methodically. He would use a rifle with a silencer to shoot him. On May 17th 2004 the plan took action. First he would pretend he was being attacked by a vicious gang He would run up to Tom and beg for his help and say â€Å"I am being attacked by a vicious gang who are trying to murder me.† Tom was driving on the way home from work, feeling tired and sleepy when he was driving through the junk yard, a man rushed in front of his car, Tom stepped as hard as he could on the brake Tom stormed out of his car and asked mysterious man â€Å"Are you Ok† the strange man replied â€Å"no I am not I am being chased by a vicious gang who want to murder me†. The stranger wore a black leather coat and a woollen knitted scarf covering him from the misty fog and cold. The man told Tom he was delivering a package and was shocked when he saw a gang of teenagers brutally murdering an innocent man. Tom went a few steps ahead to see whether he could locate the gang. Jack took out his rifle from his right coat pocket and pointed it at when Tom looked at Jack with astonishment and a fear of death, Jack shot Tom with no hesitation or any mercy the bullet tore through the muscles as it went for the heart of Tom. Tom could see the blood was red As a red paint. Tom could see the blood on Jacks shoes as he fell on to the ground as he was falling he repeatedly asked â€Å"why†, â€Å"why† When he fell on to the ground there was silence. Jack made Tom's murder seem like an accident he put Tom into the car and drove Tom off the cliff. The next day Jack received the full payment from Reece. As Jack was reading the news paper, he saw that Tom's death made the front page. Seeing Tom's wife's picture made him realise that Tom's wife was the girl he loved when he was in school. After thinking for several hours he came up with the decision that he should surrender to the police. The next day he stood in front of the police station thinking should I surrender to the police or not.

Best Dining Experience Essay

Although my favorite Mexican food to eat here is from my grandmother’s kitchen; there are a few restaurants my friends and I enjoy eating at. A few of my girlfriends and I have made Margarita Wednesdays a tradition in the summer time at La Casa. My brother, sister and I go to Los Cabos at least once a month in West Des Moines, which is an amazing delicious Mexican restaurant. I also like Monterrey in Altoona because it’s so close to my house, but no restaurant can compare to Tiki Tok in Mexico. My best friend and I were feeling spontaneous so we took a week off work and went on a cruise. We both found it difficult to eat on the ship because we were continually getting sea sick. I’ll never forget the fishy, chewy, and crunchy taste of the little shrimp and cocktail sauce going down my throat, or the unpleasant feeling I had when it was coming up. The only bad memory of my trip was praying that my legs would stop shaking and that my journey would hopefully reach an end so I could stand on solid ground. Other than being sea sick for the first day; I had a blast on the cruise! I got the opportunity to see many things and visit quite a few places. One of the ports of call was Cozumel, Mexico, and my friend Alexandra and I decided we wanted to try some real Mexican food. Of course, we were a little concerned about getting sick, but I’m glad to say that didn’t happen. We asked on the ship where the best place for Mexican food was, but they said that anywhere along the main shopping strip would be good. We then found a place called the Tiki Tok. The place was on the second level of a building. We sat out on the little balcony that they had. They had covered it with sand. The view from the restaurant was amazing. I was hypnotized by the vibrant colors and the employees’ of the restaurants equally vibrant lifestyles. I remember feeling jealous of the workers because they would get to go back to Tiki Tok tomorrow and the day after that, but I wouldn’t. The walls were an explosion of colorful textiles and every color of paint one could think of that was as bold as can be. Vases were on every table with burnt orange and deep yellow dried peppers inside. The chairs at the dining tables were made of a Mexican Serape material. The colors, the fringe, and the feel of it gave the restaurant even a stronger Mexican energy. My favorite part of the restaurants decor was the little cactus lights that strung amongst all the walls connecting each bulb to the wrought iron chandelier in the middle of the room. When one first enters the restaurant the Mariachi band is one of the most noticeable features. Three men were dressed in black with button up shirts and decorative sombreros all standing in the corner of the room. Two men had violins and the third was handling a guitar. As we took our seats the band started playing lively music and a few older couples got up and danced fearlessly. Everything in the restaurant was bold excluding my bashful personality; otherwise I would have danced too. I was in a trance watching the people dance with one another until the Mariachi band shouted in sync, â€Å"AY! † causing me to be brought back to the present. It was then that I had realized how hungry I was. The menu prices were in pesos, so it looked like everything was really expensive, but it wasn’t. We ordered the hot and spicy red enchiladas which were about 60 pesos, and they also brought us chips and salsa. The chips were a little bit thicker than you would get here in the US, and there were three different types of salsas. There was a regular pico de gallo, then there was one made with tomatillos, and the last was a pineapple cilantro salsa that was actually really tasteful. Lexi and I have never had pineapple cilantro salsa before, so we weren’t sure whether it was going to be appetizing or not. After stuffing myself with chips our food finally arrived. It was just about the yummiest thing I’ve ever had. The red sauce for the enchiladas was a little bit different than what I’ve had here, but I can’t tell you how. It was more delicious over there though. There was chicken inside the enchiladas and a touch of sour cream on top. We took the extra salsa we hadn’t demolished with the chips and smothered our enchiladas with it. I ate every last bite of it and was so full afterwards! The amazing food I had in Mexico was the best Mexican food I have ever had. I remember the smell of the ocean and sweet salsa at the same time. The bright colored sombreros and the ocean front view was an amazing sight to see while enjoying the food as well. Anytime I think about Mexico I think about the short beach chairs, sand between my toes, all the smells of the restaurant, laughing with my best friend and delicious enchiladas. This will be a memory that would be difficult to forget because we took so many pictures of the restaurant and it was the best eating experience I’ve had yet. I’m really glad that my friend and I were able to have this dining experience together. Alexandra and I enjoyed it very much!