E business Essay Example | Topics and Well Written Essays - 1750 words

E business - Essay Example Esure was launched in 2000 offering insurance cover using the internet as the primary sales channel. Using technologically advanced systems they became the fastest growing insurers ever. They are known for their quality cover, their online services and their innovative marketing. They aimed to harness the efficiency of the internet to give a better deal to responsible drivers and the careful home owners. They clubbed together several factors and ensured that esure was exceptionally well placed to harness the benefit of the internet as the major distribution channel for insurance (BBC News, 2000). These factors included the strength of the Hallifax brand, the vast potential of the internet, and the founder’s experience of launching mould breaking companies offering best prices and best services to the customers. They were confident that e-commerce would transform the insurance sector and they wanted to be at the heart of the revolution with esure. Esure uses the internet and the phone as the channels and they kept the premia low. They then launched the Sheilas Wheels brand in 2005 initially offering only car insurance. Sheilas’ Wheels is now one of the most recognized female insurance brands in the UK. Today they offer insurance cover for anything that a person could think of – home, vehicles – such as car, motorbikes and vans, pet insurance, and not to forget travel insurance. They offer online quotes, they accept online payments and they also allow online renewal of insurance. They keep the customers updated on insurance news through their website. They also have abundance of guidance provided to the insurance buyers so that they can take an informed decision. They offer special rats for those who opt for more than one insurance cover. Esure, a part of the HBOS, adopted a slick marketing campaign, a brand awareness that soon became the envy of many and a service that delivered what they promised (Net

Educational attainment Article Example | Topics and Well Written Essays - 2500 words

Educational attainment - Article Example Current paper focuses on the effects of identity - as related with race, gender and social class - on the educational attainment; there is limitation in terms of geographic region or age of people involved - learners of all ages can suffer discrimination because of their race, gender and social class; this discrimination can affect their attainment in school or other educational institute; the specific problem can occur in both the developing and the developed countries as the findings of the studies developed below prove. Identity can refer not only to the personal data, i.e. name and address; it is more related with the person's social and educational background. It can also refer to other issues, like gender, race and financial status. In education, specific parts of identity, especially social class, race and gender are likely to influence educational attainment under the terms explained below. Theorists and researchers around the world have tried to identify the potential effects of social class, gender and race on educational attainment. In accordance with a research made across England it was proved that 'inequality was the highest where the proportions attaining a particular threshold were the highest-upper secondary school or higher in Scotland; country differences in educational policy have not yielded different changes over time in the association between origin and educational attainment' (Paterson et al., 2007, 330). In accordance with the above study, inequalities in education have to be expected - they are unavoidable; however, the standards/ patterns set within a specific educational environment are likely to influence the behaviour of learners towards their classmates. In other words, the issue of inequality appears in environments where the necessary requirements for such phenomena exist. The specific conditions are normally expected to affect the performance of learners that suffer the discriminative behaviour of their classmates because of their racial or social background or their gender. The specific issue is highlighted in other studies that have been developed on the particular problem. The effects of education on the life of individuals can be critical. In accordance with Huurre et al. (2006, 41) 'background Education fundamentally shapes an individual's life chances and social status; duration and level of education are associated with people's incomes, socio-economic status, living standard, lifestyle and the respect and esteem they enjoy'. Through the examination of the practical implications of the above assumption, it was revealed that 'low school achievement and manual class of origin were the strongest predictors of low educational level in adulthood' (Huurre et al., 2006, 41). In other words, low performance in school/ university can adversely affect an individual's l

Recruitment Essay Example | Topics and Well Written Essays - 2000 words

Recruitment - Essay Example It is significant to recruit individuals with necessary talents, credentials and capability in order to comprehend the purposes of an organization. Thus, it is important that managers keep in mind the present and future needs of the organization in the process of recruitment. Fruitful recruitment approaches comprise of a systematic examination of the job and the labor market situations. Recruitment is almost central to any procedure of management and failure in recruitment can develop complications for any organization such as adverse impact on its productivity and unsuitable stages of employment or abilities. Inadequate recruitment can result into shortages in labor, or even complications in decision making in management. Nevertheless, recruitment is not just an easy selection procedure. It also needs decision making of the management and wide preparation to hire the most appropriate human labor. Competition amid business organizations for recruiting the best potential has increased concentration on invention, as well as management decision making. The recruiters target at recruiting only the greatest applicants who would outfit the business values, morals and climate definite to the organization. Recruitment process does not end with application and selection of the suitable individuals, but includes preserving and holding the workers selected. Regardless of a well-designed plan on recruitment and selection, as well as involvement of competent management team, recruitment can encounter weighty hindrances in execution. Theories of human resource management may offer understandings on the best methods to recruitment although organizations will have to use their internal management abilities to apply universal concepts within exact organizational settings; recruitment has the main purpose of providing a pool of potentially competent job applicants. Researchers argue that recruitment models do not exist in seclusion. Present inducements to create them depend on t he probabilistic prediction of future vicious circle and scientific developments of accurate management alternatives (Martin & Jackson 2005, p. 90). Good recruitment models significantly enhance the capability of managers to make well-versed policy decisions. There are various categories of recruitment models; for instance, there is retained search model where a hiring professional works exclusively for a particular need and payment is separated into two sections. In addition, exclusive requirement model demands that the recruiter assures the client to close the vacancy within specific time. However, in case he fails to close the vacancy by the time, he or she should either close the position with slighter charge or accept some other fine. The most significant model that is currently preferred by many organizations includes the recruitment process outsourcing. This is because in this model, the recruitment process outsourcing partner is accountable for closing all needs (Torrington, Hall & Taylor 2008, p. 59). The partners are responsible for the entire recruitment process starting from sourcing, scheduling, interviews, and selecting. This is a benefit to the organization because it does not have to manage its own recruitment group, thus cost reductions. However, in order to avoid or reduce any risks that may occur because of this model, it is vital that organizations take precaution in the process of selecting recruitment partners. This is for

Corporate Collapse Case Study Part 2 Essay Example | Topics and Well Written Essays - 2000 words

Corporate Collapse Case Study Part 2 - Essay Example In USA this procedure is a part of fraud accounting but in the UK it is used to provide flexibility in the existing accounting and regulatory system of the company. The sole purpose of accounting is to provide a true and fair view to the users of the financial information (Larson, 2008). Creative accounting does not necessarily mean the violation of GAAP rules or breaching of any terms and condition of the company. The accountants generally use this concept to insert flexibility in the accounting system and deliver a true and fair view to the users of the financial report and information (Jones, 2011). Mark to Market accounting on the other hand is used for updating the value of an asset or a liability to reflect the real market value of the asset/ liability (Wolnizer, 2003). This was mainly used for transaction related to future exchange and recently it is been used by banks and other financial institutions. This method got official recognition in the year 2009 by FASB (Financial Ac counting Standard Board). This method was used to prevent inappropriate use of financial value. Companies usually use this method for assets and liabilities but it is also used for future exchanges to meet the profit margin requirements. If the margin accounts are not monitored regularly then the current market value could drop drastically below the required levels. The process of internal audit adds significant value by preventing fraud accounting within the company and improving financial control. Audit failure leads to misappropriation of funds and non detection of fraudulent activities within the company. Companies which rely on external source for internal auditing process are likely to detect less error than those who conduct the process themselves (Idowu and Caliyurt, 2012). Examples of failure in the accounting procedure One of the most controversial accounting scandals was the â€Å"Enron scandal† in which Enron Corporation, a Houston based energy, service and commod ities corporation filed for bankruptcy in October 2001. The shareholders of the company lost $74 billion and thousand of employee lost their retirement accounts and jobs. The CEO of the company Jeff Skilling and former CEO Ken had not portrayed the huge debt amount in their balance sheet. In October 2000, the share price of the company skyrocketed to $90 per share and later in the November, 2000 the stock price dipped to $1(Bierman, 2008). The stock price of the company went down because Sherron Watkins, an employer of the company had raised suspicion about the high stock prices through the whistle blowing method. The CEO of the company and his accomplice was eventually caught and were termed for 24 years in prison (Accounting Degree, 2013). This had tarnished the image of Enron Corporation completely and the management of the company who had sought plans for IPO (Initial Public Offering) for the internet department could not continue with the plans of IPO. Another similar incident which had sparked controversies in USA was popularly known as the â€Å"World com Scandal†. In the year 2000, the CEO of MCI Communications Mr. Bernie Ebbers became one of the wealthiest men in the nation even amidst the financial crisis faced by the telecom

Finance Project Essay Example | Topics and Well Written Essays - 3250 words

Finance Project - Essay Example Stock options encourage managers to maximize shareholder value. Although stock options were once reserved for upper management, there has been a trend to include more employees. Generally, the future purchase price, or strike price, is equal to the market price of the stock at the time of grant. When an employee exercises options, he or she pays the firm the strike price for the shares, regardless of the then- current market price. Employees usually remain with the firm for a specified period before options vest. Upon vesting, the employees may exercise their options. If an employee leaves the firm, outstanding vested and unvested options are forfeited or cancelled. Options not exercised by a date specified in the option contract will expire. When an employee decides to exercise their stock options, they may either purchase the underlying stock at a discounted price or receive an equivalent cash premium. This transfer from the firm to the employee becomes part of the employee's taxable income for the year. Firms now grant stock options to a much broader range of employees for many reasons. A firm's motivation in implementing a stock option plan includes increased employee productivity, the attraction and retention of valuable human capital, reduction of short-run compensation costs, increased cash flows, and higher levels of book income. Individuals, employers,... Stock options' ultimate value to the employee depends on the future stock performance. Consequently, the stock option value is uncertain at the time of grant. Literature Review Arbitrage pricing arguments can be extended to allow for diversifiable risks. In equilibrium, these risks will be fully diversifiable and have zero prices. Thus every asset can be priced exactly (or approximately) as a linear combination of a relatively small number of common factors. Although this is instructive for introducing basic ideas of arbitrage, aggregation, and diversification, we require a multiperiod framework to capture a range of intertemporal problems. For example, we would like to investigate the term structure of interest rates, complicated multiperiod derivative securities, the dynamics of stock prices, and dynamic hedging strategies. It will turn out that our two-period analysis has laid an important foundation for this analysis. By choosing an appropriate dynamic framework, we can generalize our two-date results, and obtain obvious sophisticated reinterpretations of familiar results. Pastor and Stambaugh (2000) provide further details through an investigation of the portfolio choices of an investor seeking a mean-variance efficient portfolio by comparing the risk based model of Fama, and French (1993) and the characteristic based model of Daniel, K. & Titman, (1-33). They report that there is virtually no difference between the risk- and characteristic-based models, as both lead to similar portfolio choices within the investment universe. (Michael, et.al. 119) While debate continues over explanatory basis of the various multifactor models, the essence of the argument remains the

Reporting Practices And Ethics Paper Essay Example for Free

Reporting Practices And Ethics Paper Essay As you visit a medical clinic or hospital you may have concerns about the medical care you will receive. You would hope that you will receive fair and ethical treatment from the staff. It is the responsibility of the staff to do the best job possible to service not only the paient but also the employer. There is a need for an ethical foundation, especially in the health care setting. According to Bringing Ethics And Integrity Into Focus (2012), â€Å"Patients and family members desire high quality care, patient safety and the latest medical technology. But, ultimately, trust in the integrity of the caregiver is the foundation for their peace of mind.† Elements of Financial Management Financial management is vital to an organizations effectiveness. Financial management consists of four elements. The financial manager takes the necessary steps to identify and organize the organizations objectives. This is the element called Planning. Controlling is when the financial manager ensures that the plans set by the organization are being followed properly and efficiently. The financial manager then makes the decision of how to use the resources of the organization to carry out the plans that have been established. This is where the organizing and directing comes in. The last step that the financial manager makes is the decision making process. This is where the financial manager will make informed choices through primary tasks of analysis and evaluation. Accounting Principles and Financial Ethics Standards It is very important that accounting and financial professionals abide by the ethical standards that regulate what kind of business is conducted, how they use their skills and who they serve. This is called Gernerally Accepted  Accounting Pricinples. Ethical standards are determined largely by professional accounting and finance organizations and the Financial Accounting Standards Board. Accountants and financial professionals must continue their education and practice the ethics that prepare them for their positions, and they must also continue that education by learning new information that can affect their practices. Accountants must be objective, avoiding conflicts of interest. They must not, for instance, perform accounting services for firms that they have a vested interest in. When working with a clients financial information, financial professionals have access to a great deal of personal information. This is not only limited to financial information but also includes the names and contact information of employees as well as the names and locations of firms with which the company does business. Financial professionals are required to keep that information private except when ordered to disclose it by a court of law. Keeping information private is an example of an ethical standard. Another example of ethical standards of conduct and financial reporting practices would be the company Enron. Enron is a company known for its ethical scandals. Enron was unethical due to the fraud that was committed by its top executives. On paper the accountants made Enron more powerful than they appeared. Subsidiaries, known as special purpose entities have a single purpose and it was not necessary that they were included on Enrons balance sheet. These subsidiaries were used to hide risky investment activities and financial losses. (Folger, 2011). It was later determied that Enron assets and profits were inflated, and even fraudulent and non-existent. Enron was one of the worst accounting scandals of all time. Conclusion With the Enron scandal, organization ethics are more important now than ever, but not only does it make a businesses practice sound, it also allows the employees of the organization to go by a higher standard of integrity in their daily functions. It is more critical in health care settings than any other environments that there is an ethical foundation. It is important that health care staff conduct themselves with integrity, honesty, and respect for others and health care organizations must adopt standards of professional practice and having ethics is critical to the care patients  receive. . References Bringing ethics and integrity into focus. (2012). Retrieved from http://www.healthcarefinancenews.com/news/bringing-ethics-and-integrity-focus Folger, J. (2011). The Enron Collapse: A Look Back. Retrieved from http://www.investopedia.com/financial-edge/1211/the-enron-collapse-a-look-back.aspx

The stock exchange of egypt

The stock exchange of egypt Country Research (Egypt)Country Research The stock exchange of Egypt is situated in Cairo, Egypt. The Egyptian Stock Exchange (EGX) is one of the oldest stock markets established in Middle East, who traced its origin from the merger of two stock exchanges in Egypt namely, Alexandria Stock Exchange which was established in 1883 and Cairo Stock Exchange established in 1903, now known as Egyptian Stock Exchange which was formerly known as Cairo and Alexandria Stock Exchange (CASE). Both exchanges were very active in 1940s, and both the exchanges combined were ranked fifth in the world. The vision of Egyptian Stock Exchange is â€Å"To be a World-Class, Egypt-based exchange: which would serve best to its stakeholders in the Middle East and North Africa region.† (The Egyptian Exchange, 2010). As every stock exchange has certain values and duties, the EGX also has system of values which have a common denomination of ethics practiced with every individual whether it is customer, members, issuers, local investment communiti es, employees and regulators. The Chairman, Mr. Maged Shawky is the head of the Egyptian Stock Exchange. (The Egyptian Exchange, 2010). The exchange has trading session from 10:30am to 2:30 pm on all days except Fridays and Saturdays and holidays declared in advance by the Exchange. Measure of Activity The main performance indicator or measure of activity of Egyptian Stock Exchange (EGX) is EGX30, which was previously known as CASE30 index. It includes the top 30 companies in terms of liquidity or 30 most active companies in the Egyptian Stock Exchange. The CASE 30 was started with base value of 1000 points on January 2, 1998 and was renamed to EGX 30 on March 1st, 2009. Any company to get listed or to get included in EGX30 must have a 15% free float. (The Egyptian Exchange, 2010). Trends in Egyptian Stock Exchange Egypt has a long and rich history of financial market. In late 1980s, Egypt had a sophisticated financial structure holding a mature stock exchange in both Alexandria and Cairo. (Wilson, 1995). The Egyptian Stock market has experienced several fundamental changes during major periods such as from 1888-1958, 1959-1971, 1972-1992, and 1992-present. Egyptian stock market was very mature and remarkable at earlier phases of its operation; in 1940s both the exchanges were very active. In 1959-1971 phases the stock exchange left its effective operations due to the intervention of government policies and restrictions. (MohieEldin, Sourial, 2000). After high intervention of government, there were several attempts made to improve the working and effectiveness of failing Egypt stock market which continued to stagnate. In 1990s the Egypt stock market went under significant revival of government liberalization policies and finally in 1997, major changes were made in Egypt stock market that refor med the stock market and several important steps have been taken by government to modernize the stock exchange. The Egyptian Stock Market has significantly grown by 40% per year since the 1997 reforms and in May, 2001 it reached $36.7 billion. (AMF, 2001). In the current situation of Egypt Stock market, the prices of share fell down on Monday and EGX30 index fell by 3.84 percent with the closing of stock market (AFP, 2010). With the losses on two consecutive days the Egyptian Stock Exchange rose on Tuesday with an increase of 2.1 percent in the EGX30 gaining 140 points close to 6659 and the prices of share jumped to 3.5 percent (Egypt News, 2010). Egypt Stock market History The Egyptian Stock exchange is one of the oldest stock exchange which was established in the Middle East. In early times Egypt had two stock exchanges namely Alexandria Stock exchange which was established in 1883 and then Cairo Stock exchange in 1903. The Alexandria futures market was one of the oldest market in the world. The first transaction which took place in 1885 was of cotton in Alexandrias cafà © de lEurope, which was later, named as Mohamed Ali Square. At that time Reputation was everything and timing and reliability was considered to be important if the profits were made on regular basis. There were two respected institutions which were affiliated with the International Cotton Congress. At an informal meeting in the early 1900s, the Monsieur Maurice Cattaui reminded the merchants and broker that there should be stocks exchange in Cairo same as of Alexandria. The official headquarters for Cairo stocks exchange was chosen to be the old premise of Ottoman Bank. In 1928, the Cairo stocks exchange moved into its present premise Sherifien Street. In July 1961, the two stock exchanges merged into Cairo and Alexandria stock exchange which was ranked fifth in the world in terms of market capitalization. (The Egyptian Exchange, 2010). Currency and its The official currency of the Egypt is Egyptian Pound (Geneih) usually written as L.E. Earlier Egypt was part of the Ottoman Empire until the French occupation took control in 1798 and later on by British in 1801. In early 1900s the Egypt was made a British protectorate. In 1922, the Egyptian kingdom was declared and on November 14, 1936 Egypt gained its full independence. From 1958-1961, Egypt was untied with Syria, as a part of United Arab Republic. In 1834, the financial system was reformed by Mohammed Ali, setting 1 Egyptian Piastre/Qrish divisible into 40 Para and equal to 1/100 Pound. On November 14, 1985, the Gold standard was adopted and in 1898, the National Bank of Egypt started issuing Bank Notes but they were not legal until 1914. In 1961, Central Bank of Egypt took control and became the ultimate authority of issuing note and they started issuing some small denomination notes (Global Financial Data, 2010). The Egyptian Pound was pegged to the US dollar until 2000 and cent ral bank of Egypt was forced to devalue the Egyptian Pound due to several economic crisis in Egypt. From 2000-2003 the value of Egyptian Pound felt almost to 50 percent. The paper money of Egypt has two faces; an English face and an Arabic face and there are different pictures on each faces. The Arabic face has pictures of mosques in Egypt while the English side has Pharaonic scene. The coins are generally made of silver and copper and the coins have pictures of pyramids on one side and value denomination on the other side (Egyptvoyager, 2000). Banking The banking sector of Egypt is one of the well-established part of the economy and the first bank in Egypt was dated back in 1920s and expanded markedly in 1970s by their so called open door policy (AmCham Egypt, 2010). The Central Bank of Egypt is the governing body of the banking sector in Egypt, which comprises of 11 Investment banks, 24 commercial and joint venture banks, 15 branches of foreign banks and 3 specialized banks (HSBC, 2001). There has been continuous growth in the annual growth in deposits and assets. By June 2004, the ROE and ROA of Egyptian banks rose to 9.8% and 0.5% respectively. The Egyptian banking sector is improving with time and has gone various reforms in the form of MA, privatization from 1991 up to today. (AmCham Egypt, 2010). Egyptian Currency Exchange to USD The Egyptian Pound is the official currency in Egypt and its symbol is  £E. The Current conversion of Egyptian Pound to US Dollar. Mathematically, 5.50 Egyptian pound per 1 USD. (Indirect Quote) (CoinMill, 2010) 0.18 USD per 1 Egyptian pound. (Direct Quote) (CoinMill, 2010) Business Practices In the Egyptian business culture, the key to doing business well is patience. Initial contacts regarding business are very important and they often mean the difference between success and failure. Egyptians are little more concern on the part of trust and know how i.e. why they mostly do the business that they know or trust, for this reason before practicing any business in Egypt one should have a mediator or a representative who can assist in meeting and acts as go-between (CIA World Fact Book, 2007). As there is diversity in culture of every nation, there are certain Dos and Donts while practicing or starting or doing a business in Egypt which must be followed. Dos Before doing business, make appointments which should be scheduled either in written or over telephone a week before the appointment. (CIA World Fact Book, 2007). Maintaining an eye contact with the Egyptian counterpart, especially with male colleague is a sign of truth and honesty. (CIA World Fact Book, 2007). Always wait for your Egyptian business associate to initiate the greeting at first meeting. Addressing Egyptian counterparts with their title followed by their surname is deeply appreciated with pride. (CIA World Fact Book, 2007). While doing a business impeccable appearance is important. Male business visitors should wear suits with neckties on most occasion. Donts Rushing or forcing the Egyptian business counterpart while making quick decision can sometimes proves to be ineffective. (CIA World Fact Book, 2007). If, Egyptian business associate stands very close to you and talk then dont get surprised and dont try to get back as this would create a bad impression and may lead to offence. Asking detailed question about their family members is considered to be inappropriate, especially family members. (CIA World Fact Book, 2007). Avoid setting up meetings during Ramadan. Starting a business in Egypt While starting a business or a firm in Egypt, one has to go through the legal and bureaucratic hurdles. There is a certain procedure which has to be followed while registering a new company or a firm. (World Bank Group, 2010). The first and foremost step in starting a business is to obtain a legal certificate from a well-known authorized bank, which might cost EGP 300 and take up to a day to get the certificate in hand. Next step is to deposit the documents to the department of companies, which are viewed by a lawyer and a detailed invoice of all the fees is issued. Third step is to get the articles of association registered and notarize the companys contract. After the articles are registered, the authority then issues a certificate notifying the establishment of the company; this process might take up to 24 hours. Once the company gets establishment certificate, the company completes the tax registration process. Last step is to get the employees registered with the National Authority of Social Insurance. (The World Bank Group, 2010) Negotiation Practices Egyptian business people are mostly experienced in doing business and interacting with outsiders. While negotiating with these people one thing should always be kept in mind is that the people here expects the things to be done in their way. (Katz, 2008). There are some negotiating practices while doing a business in Egypt: Leveraging relationships is a key element while negotiating in Egypt and Egyptian business people never look for situations like win-win. (Katz, 2008). Pace of negotiation is slow and protracted and often negotiation decisions are made in rounds rather than at a table.(Katz, 2008) Information is not shared freely as Egyptians think sharing information can create bargaining advantages. (Katz, 2008) Egyptian businessmen are very smart at using deceptive techniques and are often use them. Sources AFP. (2010), retrieved from http://www.google.com/hostednews/afp/article/ALeqM5g4kHjFmtReyhZpAkC_AVAs312NYA AmCham. (2010), American chamber of commerce in Egypt, retrieved from http://www.amcham.org.eg/BSAC/StudiesSeries/Report47.asp AMF. (2001), The database for Arab financial markets, pp. 51-55, AMF: Abu Dhabi CIA World Fact Book. (2007), retrieved from, http://www.communicaid.com/access/pdf/library/culture/doing-business-in/Doing%20Business%20in%20Egypt.pdf Coin Mill. (2010), retrieved from, http://coinmill.com/EGP_USD.html#EGP=1 The Egyptian Exchange. (2010), retrieved from, http://www.egyptse.com/English/Mission_vision.aspx The Egyptian Exchange. (2010), retrieved from, http://www.egyptse.com/English/homepage.aspx Egypt News. (2010), retrieved from, http://news.egypt.com/en/201003249948/news/-business/egyptian-stock-exchange-rallies-jumps-2.1-pct.html Egypt Voyager. (2000), retrieved from, http://www.egyptvoyager.com/features_money.htm Global Financial Data. (2010), retrieved from, http://www.ameinfo.com/financial_markets/Egypt/Currency/ Google Images. (2010), retrieved from, www.panoramio.com/photos/original/18078449.jpg HSBC Investment Bank. (2001), Treasury and Capital Markets: Guide to Egypt Katz, L. (2008), Negotiation International Business- The Negotiators Reference Guide to 50 Countries Around the World Mohie, E. M, Sourial, M.S. (2000), Institutional Aspects, Distributional characteristics and efficiency of Egyptian securities markets; recent trends in Arab stock markets: Recent trends and performances, pp. 1-44, Cairo: AVC press World Bank Group. (2010), retrieved from, http://www.doingbusiness.org/ExploreTopics/StartingBusiness/Details.aspx?economyid=61 Yahoo Finance. (2010), retrieved from, http://finance.yahoo.com/q/bc?s=CMA.CAt=5yl=onz=mq=lc=4