Workplace Law Case Study Example | Topics and Well Written Essays - 1000 words

Workplace Law - Case Study Example Hence all the laws and regulations related to awards, state or federal industrial laws are applicable and can be enforced, in case of such contracts (CCH Australia, 2010). For the purpose of this case study, the contractual true nature of contractual relationship of Jane Jones and TMMS will be studied from the perspective of Common Law, and the various legal issues pertaining to the case will be discussed, by application of principles and facts of the said case. The various legal issues, as pertains to the Common Law, related to this case are listed below: 1. Breach of implied duty of mutual trust and confidence In accordance with the proceedings and decision arrived at by the Supreme Court of Australia, in the McDonald v State of South Australia, it was established that the elements such as mutual trust and confidence are an integral and inevitable part of employment contracts. The judiciary in Australia uses the implied term of trust and confidence in order to create an obligation on the part of the employers so as to instill an interest of fairness. It is described as "an implied obligation of good faith". It was observed in the case of Concut Pty Ltd v Worrel, that "the ordinary relationship of an employer and employee at common law is one importing implied duties of loyalty, honesty, confidentiality and mutual trust" (Aras, Crowther, 2010, pp. 517; Brodie, 2010, pp. 166). In this case, TMMS summoned Jane and made sudden changes in the contract, which included terms and conditions which were unfair to her, and did not seek to protect her interests at work. One of the implied rules of common law states that the employees be treated in a fair manner, while the terms and conditions and the abrupt changes made, were both unfair and unjust for Jane. The employer in this case had an implied obligation to treat their employees fairly and be honest and truthful to them. Furthermore, the employer is also required to practice and apply the elements of confidentiality and strive to maintain mutual trust. But in this case, TMMS decided to restructure its organization and did not take their employees into confidence prior to making any changes to their employment terms, and instead added clauses which were unjust and unfair to them. 2. Refusing to sign, negotiate, extend or vary an AWA Under Common Law, neither the employer nor the employee has the right to unilaterally alter the terms and conditions of an employment contract. Any such alteration must be done through mutual discussion and agreement, else it would be deemed illegal. The employer must obtain a valid consent of the employee prior to changing any of the terms of the employment contract and cannot do so just by serving a notice. Furthermore, it has also been stated under the Common Law, that the courts and tribunals will consider an agreement received by the employer, as illegal if the consequence of non-compliance or non-acceptance to sign the renewed contract is dismissal with immedi ate effect. In such a situation, the courts will deem such changes to the contract / agreement as unfair and adverse to the interest of the employees (Lewis & Sargeant, 2004, pp. 136). In this case, the employer TMMS, not only changed the terms of contract unilaterally, but also failed to discuss or negotiate the newly added terms with the employee. Furthermore, when specifically asked for more time to consider the said changes, TMMS openly stated that it is a â€Å"take it or leave it† situation, and implied that refusing to accept the said changes, would automatically result in termination of the contract. Such harsh terms and conditions not only broke the implied rule of mutual trust and

Depreciation and Cost Essay Example for Free

Depreciation and Cost Essay 1. The primary cause of the current system to fail is the use of a single burden rate. Burden costs of the testing rooms as well as other costs such as admin were grouped into a single cost pool and then divided by the total labor dollars. This resulted to a single burden rate of 145% of direct labor dollars (cost driver). This method is not appropriate for Seligram because the information on the case present that direct labor hours and machine hours vary by product line and activity. In addition, the burden cost of the main and test room also significantly vary. Therefore, using a single burden rate does not provide the true cost of the product, as it assumes all products consume direct labor and overhead in the same proportion. 2. Cost for each system are as follows: 3. I prefer the system proposed by the consultant because it is the most detailed, therefore will produce more accurate costs. 4. The ideal allocation base should have a direct cause-and-effect relation with the costs incurred. Based on the data provided in the case, it appears that the consultant’s proposed cost system is adequate because it considers the appropriate cost pool and allocation base. However, it should be noted that developing a cost system that is more detailed require the use of more time and resources. There needs to be a proper balance between accuracy and cost. 5. There is significant cost involved in the purchase of new equipment. Although the machine will be located in the Main Room, I would use a separate cost pool when calculating the burden rate of the new machine. The purchase price of the machine is $2 million. I will add the one-time installation and programming cost to the acquisition cost of the machine since these costs are required in order to get the machine ready for use. I will calculate depreciation based on the machine’s practical capacity over its estimated life, instead of double declining method. It seems that the use of double declining balance method of depreciation is inappropriate for allocation of costs because this method incurs higher depreciation in the early years, although the utilization is lower in the early years. By using practical capacity as the base, I am able to properly match the cost with the use of the machine.

Importance of Maximising Shareholder Value

Importance of Maximising Shareholder Value Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head -Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management -Kaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory (Financial Management Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVES OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long term(Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970The social Responsibility of Business is to Increase its profits (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issues( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandable. This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountable (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, Geoffreys (1994) view was that, inter temporal behaviour is important for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed Shareholder theory is prepared to maximise short term objectives at the expense of long term goals (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, How Opponents and Proponents Both Get it Wrong? The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to consider the stakeholders accor dingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. Therefore stakeholder theory is not predominant to shareholder theory. Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued the effort to increase or maintain the stock prices by m anagement could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development. Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholders (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectations(Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007). Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in s hort term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. However higher the required returns, higher the risk (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock prices (Financial Management -Kaplan Publishers, 2009). Th erefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmes. The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire buildi ng, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson 2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame work. But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled Sarbanes Oxley Act 2002 CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the road map for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, its necessary to balance these two theories. According to Cathy Haywards article (Black hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than 250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham Essentials of Managerial Finance Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 Shareholder theory, How Opponents and Proponents Both Get it Wrong? Denzil Watson Antony Head Corporate Finance (electronic resource): principles and practice 2007 Management paradigms beyond profit maximisation Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson Privatisation and Rise of Global Capital Markets , Financial Management; Winter, 2000, p31-76 Peter Atrill Financial Management for Decision Makers 5th Edition 2008 (electronic resource) Poitras, Geoffrey Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling The Legitamacy of Corporate Social Responsibility ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007

Investing Online Essay -- GCSE Business Marketing Coursework

Investing Online Personal Investing with Computer Technology Introduction Computer technology has revolutionized the way people can invest their money. Online trading has become the newest fad for people trying to get more bang for their buck. Virtually anyone with access to the Internet can set up an online brokerage account. With just a click of the mouse people can buy and sell stocks. This advanced computer technology for personal investing has its pros and cons. It has made it much easier for the average person to take care of his/her finances in an inexpensive manner. It has alos made it easier for people to become addicted to trading, which can become an expensive habit. Trading Stocks Inexpensively Online trading is easy and inexpensive. In comparison with traditional brokers, Internet brokers charge flat rates for transactions. The traditional full service broker usually charges the investor fees depending on how much stock they buy or sell, not to mention the commission they charge for handling the investors portfolio. Small-time investors with the know how of managing their own finaces have found online trading to be very beneficial. They now have found ways to buy individual stocks at a cheap price without paying all the fees asociated with the full service broker. These investors can go into numerous web sites to get information on any particular stock they are interested in. Many of these web sites are designed for the invstor ju...

History of Baseball Informative Speech

Did you know Babe Ruth wore a cabbage leaf under his hat to keep him cool? Did you know the odds of a fan getting hit by a baseball are 300,000 to 1? And did u know the shortest baseball player that ever played was recorded to be 3 feet and 7 inches? These are interesting facts I stumbled upon research, but I bet most of you did not know. There are many interesting facts that people like you and I don’t know about baseball throughout its history. Have you ever asked yourself where did baseball come from, who created it, or even ask what baseball went through in the past to receive its highly respected title?We watch baseball games for the sake of enjoyment like every other sport but most people, like myself, don’t know how it all began. For the past week I researched various websites about the history of baseball and found interesting facts about how baseball was created, what baseball itself has gone through up until today’s date to earn the title of â€Å"The American past time†, and how special its Hall of Fame really is. Babe Ruth once said that baseball was is, and always will be the greatest sport ever played.Baseball athletes and the baseball community as a whole continues to grow year after year as young athletes and sports fans gain respect for the hardship and practically year round battles players endure for the love of the game. From the little league series held annually in Williams Port Pennsylvania all the way to the major league, where every player has the same dream to hoist the world series Commissioners Trophy in front of their home crowd as they cruise the streets of their home city during the traditional World Series Championship parade. Baseball is based off of the English games of rounder’s.Alexander Cartwright founded it here in the United States. He would host games at Elysian Fields in New Jersey. The first major league wasn’t created until 1871 and it was called the National association. Baseb all began as what is known as the â€Å"Dead ball† era. It was a time period of larger fields, less home runs, and speed was a vital importance. The ball that was used to pitch with was typically used to the point where it began to unravel clever tricks. With that ball pitchers were allowed to scuff, cut, and spit on it, affectively being able to make the ball â€Å"dance† and harder to hit.People put the end of the â€Å"dead ball† era on the 1919 season when Babe Ruth hit an unheard of 29 homeruns. People began to pack the stands to see the long ball, so owners decreased the dimensions of the fields thus increasing the odds of someone hitting a homerun. They also added rules to the pitchers against scuffing and cutting, and the balls were switched out more frequently too. The MLB didn’t start until 1876 with the National league and then they brought in the American league in 1901. The first World Series was held in 1903 with the Boston Americans beating the Pittsburg pirates 5-3.Baseball hasn’t always been glorified as it was though. It experienced rough times in the 1940’s when African Americans weren’t allowed to play in the major league but thanks to Jackie Robinson and Larry Doby, they eliminated the racial discrimination in baseball and outside the baseball world. Baseball has also experienced rough times during the WWII and Vietnam era. During the time of war, players would go and serve in the military and baseball would have to replace them with less talented players. But Upon return, baseball returned to its once prestige self.The major league today consists of 30 teams. 29 spread across the U. S. and 1, the Toronto Blue Jays in Canada. We are now in what is called â€Å"the power age† because homeruns are much higher than what its worth and pitching is not as great. Every baseball player dreams to have their name put in the national baseball Hall of Fame. The Hall of fame is located in Cooperst own New York. Several feet’s are intoed there. 27 players hit 3000 hits in their careers. The most recent was Houston Astros Craig Biggio and only 3 players Hank Aaron, Babe Ruth, and Barry Bonds have more than 700 homeruns.But it’s not all about the hitters. There are great pitching sets Too. Only 2 pitchers have more than 400 wins and also there are only 4 with more than 4000 strikeouts. One of which Nolan Ryan, has 5000. So as you can see Baseball is a growing sport from the dead ball era all the way until the World Series today. Baseball has a long history. Understanding where baseball came from, what it went through, who created it, and mainly knowing its history and its impact it made is important to know in order to understand baseball.Work cited Wikipedia contributors. â€Å"History of baseball in the United States. †Ã‚  Wikipedia, The Free Encyclopedia. Wikipedia, The Free Encyclopedia, 8 Oct. 2012. Web. 9 Oct. 2012. â€Å"Weird Facts, Interesting Fact s, Fun Fact, Trivia, Photos and Videos. †Ã‚  Weird Facts. N. p. , n. d. Web. 09 Oct. 2012. . â€Å"History. †Ã‚  Baseball Hall of Fame |. N. p. , n. d. Web. 09 Oct. 2012. .

General Overview of Gats

1. General overview of GATS The General Agreement on Trade in Services (GATS) is the first and only set of multilateral rules covering international trade in services. The definition of services trade under the GATS is four-pronged, depending on the territorial presence of the supplier and the consumer at the time of the transaction. The GATS covers services supplied a. Cross border trade: from the territory of one Member into the territory of any other Member. . Consumption abroad: in the territory of one Member to the service consumer of any other Member. c. Commercial presence: by a service supplier of one Member, through commercial presence, in the territory of any other Member. d. Presence of natural persons: by a service supplier of one Member, through the presence of natural persons of a Member in the territory of any other Member. 2. Proposed benefits of GATS There are six benefits of GATS, they are 1.Economic performance, An efficient services infrastructure is a preconditio n for economic success, many governments rely on an open and transparent environment for the provision of services. 2. Development, World-class enterprises in developing countries have a greater advantage, and better do business. Developing countries also have able to build on foreign investment and expertise 3. Consumer savings, Globalization of trade in services allows consumers a wider choice of lower prices, better quality goods and services 4.Faster innovation, The exchanges between the countries, information can promote technology innovation faster. 5. Greater transparency and predictability, Legally binding guarantee, allows companies in the international trade and investment in a stable condition. 6. Technology transfer, encourage foreign direct investment (FDI) usually can bring new skills and techniques. 3. Major criticisms of GATSMany civic groups said that most of the current economic restructuring under the WTO-OMC system is in the interest of big business, and not in t he interest of the public. They are concerned that further deregulation of the service sector will lead to a widening of the gap between rich and poor, to further environmental deterioration, and human cost is low in poor areas. 4. My opinion on GATS Overall, GATS met with some difficulties in the actual operation, and has created the problem of some criticism for people, but the trade agreements made n indelible contribution to the development of international trade in the world. As long as the various countries, the company is in the future economic and trade constantly looking for better solutions to improve the existing mechanism, the world economy is definitely better services under the framework of GATS rapid development. http://www. wto. org/english/tratop_e/serv_e/cbt_course_e/intro1_e. htm http://www. wto. org/english/tratop_e/serv_e/gats_factfiction3_e. htm http://www. twnside. org. sg