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International Finance Corporation Free Essays

Financing the Mozal Project Executive summary We have assessed the various risks involved in the Mozal project. The construction risk, operating risk and financing risk are relatively small but the political risk is very high. Creeping expropriation and moral hazard are realistic threats to the project. We will write a custom essay sample on International Finance Corporation or any similar topic only for you Order Now The high sovereign risk is reflected in the hurdle rate. The hurdle rate amounts to a much higher value than the internal rate of return. Therefore, it is not feasible for the sponsors to undertake the proposed investment in the project. Regarding the financing gap of $250m; participation of the IFC is quintessential as commercial bankers refuse to provide funding without its involvement. IFC involvement could be very beneficial for the project but the IFC’s board should not go through with the recommended investment of $120m as the high sovereign risk does not justify making the IFC’s largest investment yet. Summary of facts The Mozal project, a $1. 4b aluminum smelter in Mozambique, is a joint venture between Alusaf, the aluminum subsidiary of the Gencor group, and the Industrial Development Corporation (IDC) of South-Africa, a government owned development bank. Mozambique is one of the poorest countries in the world and only recently emerged from a 17-year civil war that had destroyed the country’s infrastructure. Both parties would each own 25% of Mozal by an equity investment of $125m. Ownership of the remaining equity stake of $250m is still to be determined. To be able to attract additional funding, the sponsors require needed to involve the International Finance Corporation (IFC), a member of the World Bank Group. The IFC has a good reputation and solid experience in structuring deals in emerging markets. The IFC board has received a recommendation by its team to participate in the project with a $55m senior debt and $65m subordinated debt investment. http://www. slideshare. net/prafful16/financing-the-mozal-project http://www. scribd. com/doc/105379331/The-Mozal-Project | Financing the Mozal Project Benjamin Esty Harvard Business School – Finance Unit February 18, 2000 Case No. : 200-005; Teaching Note: 5-200-025 Abstract: SUBJECT AREAS: project finance, emerging markets, sovereign risk, valuation analysis, Africa, International Finance Corporation, multi-lateral agency CASE SETTING: June 1997, Mozambique, aluminum smelter, $1. billion investment, $700 million revenue, 750 employees In June 1997, a project team from the International Finance Corporation (IFC) was recommending that the board approve a $120 million investment in the Mozal project, a $1. 4 billion aluminum smelter in Mozambique. Four factors made this recommendation controversial. First, it would be the IFC’s largest investment in the world and by far its largest investment in Sub-Saharan Africa. Second, the project was enormous by Mozambican standards–it was not much smaller than the country’s 1996 gross domestic project (GDP). Third, Mozambique was a very poor country at the time (per capita GDP of $90) and had only recently emerged from 20 years of civil war. Fourth, many aspects of the deal remain undetermined such as who was going to provide half the equity needed to finance the project. Despite these concerns, the sponsors, Alusaf (the aluminum subsidiary of the South African minerals company, Gencor) and Industrial Development Corporation of South Africa (IDC is a development bank), want to structure a limited-recourse deal to finance the smelter; it will be non-recourse to the sponsors after completion. Commercial bankers have refused to participate unless the International Finance Corporation gets involved in the deal and so the sponsors have approached the IFC about participation. After reviewing the project’s commercial viability and development impact, the IFC team is recommending the investment. The board must decide whether it is the right time and the right project to make such a large investment. The case has four pedagogical objectives. ) It presents an extreme example of political risk in a developing country setting and shows how organizations like Institutional Investor, the Economist Intelligence Unit, and The PRS Group attempt to analyze it for prospective investors. 2) It illustrates the modern form of political risk management through project selection, structuring, and insurance, and contrasts this approach with the older, financial style of political risk management whereby sponsors simply increased hurdle rates to ensure sufficient project returns. ) It highlights the various roles multilateral development institutions, in general, and the IFC, in particular, can play in financing major projects. 4) It analyzes IFC’s involvement in appraising, structuring, monitoring, and financing projects, and shows how these activities create value by resolving costly market imperfections including information, distress, agency, and transactions costs. It also explores the IFC’s performance in these various activities. Given these objectives, the case is appropriate for business/government, strategy, international business, and finance courses. Case and Teaching Paper Series How to cite International Finance Corporation, Papers

Lolita Essay Research Paper My analysis of free essay sample

Lolita Essay, Research Paper My analysis of LolitaIn 1958, Vladimir Nabokov created two of the grim characters in the history of literature: Humbert Humbert and Lolita Haze. His storyteller # 8217 ; s voice and chief character, Humbert Humbert, explains the complex narrative of a adult male and his compulsion. To put this book off from other books about compulsion, Nabokov gives Humbert perchance the most socially unacceptable compulsion of all: paedophilia. This Lolita causes much of the contention in the book. Is she an guiltless kid who is caught up by a moving ridge of # 8220 ; Humbert # 8221 ; that seems to command her life? The reply is one that involves non merely an analysis of the text, but besides an analysis of the context in which the text is read. It is this analysis of context that will provide a new grasp for non merely the basic secret plan of Lolita, but besides the implicit in jeer that riddles the book. We will write a custom essay sample on Lolita Essay Research Paper My analysis of or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As with all literature, many of the thoughts and secret plan turns that supply the exhilaration to this peculiar book are seen under a pretense of the peculiar coevals that reads it. Many times the manner in which a book is written can impact the reader. The thoughts and secret plans presented in his book can be lost in our modern-day society. From decennary to decennary and coevals to coevals, it allows each coevals to construe the significance of the book in a new and fresh manner. As much of the book revolves around a in-between category family, Nabokov # 8217 ; s book is a direct contemplation of the pop civilization of the 1950 # 8217 ; s. Chemical reactions from audience to audience will forever alteration as the in-between category of non merely America, but besides the universe, alteration faces and morality in all countries of life. Nabokov aims straight to withstand those who read his book. Unlike purposes to roast an establishment that is disliked by the bulk of viewing audiences. From conservative 1950 # 8217 ; s to the more postmodern 1990 # 8217 ; s, Lolita has created a new feeling of disgust toward Humbert # 8217 ; s actions. It therefore becomes necessary to analyze the manner that Nabokov # 8217 ; s novel has been received by each coevals to recognize the built-in biass that are present in our modern-day society. Pedophilia in any twenty-four hours and age is looked upon with disgust. The relationship between Humbert Humbert and Lolita is no uncertainty a alone 1. However, there is some amazing grounds that Humbert has an obsessional-compulsive upset with Lolita. The compulsion is clearly illustrated with Humbert # 8217 ; s actions and behaviour. Humbert displays obsessive inclinations through his descriptive word pick and his commanding personality. Compulsion is a slippery subject because it is difficult to come up with a concrete definition. It is the demand for entire control, which more accurately describes the full scope of his o bsessional activity. Humbert is highly commanding. Throughout the novel, Humbert tries to command the reader # 8217 ; s ideas about his narrative. For case, he invariably talks straight to the reader and attempts to acquire them on his side. In add-on, Humbert controls the healers: # 8220 ; I discovered there was an eternal beginning of robust enjoyment in piddling with head-shrinkers: cutely taking them on ; neer allowing them see that you know all the fast ones of the trade ; contriving for them luxuriant dreams, # 8230 ; badgering them with sham # 8220 ; cardinal scenes # 8221 ; # 8230 ; # 8221 ; ( 34 ) . He uses affectional words and images when he describes people in the novel. His linguistic communication conveys his compulsion for nymphets. This is shown in the manner he ever talks about the bo Dy parts and vesture of nymphets. It seems as if Humbert does non see Lolita as a homo at all. Rather, by his descriptions of her organic structure parts and vesture, he seems to believe of her as simply an object. Throughout Lolita, Humbert rationalizes his compulsion to the reader. Therefore, the reader might do the error of believing that Humbert is ill, that he does non cognize that his actions are incorrect. This is precisely Humbert # 8217 ; s program. He wants to command the reader into sympathising with him. Lolita is a really hard novel to analyse. This sounds like an obsessional thought seeking to claw its manner out of Nabokov # 8217 ; s head. However, it is apparent that Humbert was enduring from an obsessional upset. It is obvious simply in what he talks approximately and how he says it. There are highly few cases in the novel where Humbert is non speaking about Lolita or fantasying about holding complete control over nymphets. Humbert is evidently rather an unsound character.Nabokov # 8217 ; s book, nevertheless, is much more than merely a narrative of a paedophile and his compulsion. It is besides a commentary of American life. One of my most frequently asked inquiries, is, of class, Nabokov # 8217 ; s personal sexual penchant: was he a paedophile? It seems impossible that a individual could compose the narrative of such an unbelievable compulsion and that, the compulsion could be pure fiction. Humbert # 8217 ; s linguistic communication is more than an adept show of effects. One illustration of Humbert # 8217 ; s compulsion with Lolita can be found on page 65 in The Annotated Lolita: I knew I had fallen in love with Lolita everlastingly ; but I besides knew she would non be everlastingly Lolita. She would be thirteen on January 1. In two old ages or so she would discontinue being a nymphet and would turn into a # 8220 ; immature miss, # 8221 ; and so into a # 8220 ; college miss # 8221 ; # 8211 ; that horror of horrors. The word # 8220 ; everlastingly # 8221 ; refer red merely to my ain passion, to the ageless Lolita as reflected in my blood. The Lolita whose iliac crests had non yet flared, the Lolita that today I could touch and smell and hear and see, the Lolita of blatant voice and the rich brown hair # 8211 ; of the knocks and the whirl at the sides and the coil at the dorsum, and the gluey hot cervix, and the vulgar vocabulary # 8211 ; # 8221 ; revolting, # 8221 ; # 8220 ; super, # 8221 ; # 8220 ; juicy, # 8221 ; # 8220 ; lout, # 8221 ; # 8220 ; drip # 8221 ; # 8211 ; that Lolita, my Lolita, hapless Catullus would lose everlastingly. So how could I afford non to see her for two months of summer insomnias? Two whole months out of the two old ages of her staying nymphage. # 8221 ; The book has so many significances. Is it a gag on the Middle Class in America? Is it about Obsession? Is it about Love, or Lust? There is no individual definition of art. When two people look at the same sculpture, picture or even book they will eac h acquire something different out of it. No two people of all time see the same things in art. Nabokov s is slippery and instead confusing, and typical of art ; everyone can make their ain decision. One is left on her ain to reason Nabokov # 8217 ; s intent. My personal feelings are that Nabokov himself was a victim of maltreatment. In his authorship, he is so descriptive and so emotional about Humberts passion for Lolita that it is difficult to believe that Humbert is non Nabokov. It is up to the reader to make up ones mind if Humbert is Nabokov and if Nabokov is genuinely a paedophile. The subjects of the novel: compulsion, incest, and paedophilias were of import jobs in society so, and still today. Therefore, it is up to us, the readers, to construe the book, merely as an elaborate and obsessional work of art.

Persian is a Lovely Word

Persian is a Lovely Word Persian is a Lovely Word Persian is a Lovely Word By Maeve Maddox Amir Bahmanyari raises a question about the use of the word Farsi in English: . . . there is a well defined word Persian in English which refers to the language of the Iranian people. Why is it that the Arabic word Farsi [is] used in daily communications by the English speaking people instead of the English word Persian? I suspect that political correctness may have something to do with it. Since many immigrants from the Middle East refer to the language as Farsi, it may be that journalists and others think theyre being ethnically respectful by doing the same. Until fairly recently the word Farsi was little known to English speakers. Even though the country formerly known as Persia took on its international identity as Iran in 1935, the language spoken there continued to be known as Persian. As Amir points out in the rest of his comment, Farsi is an Arabic version of the original word Parsi in which the letter P was replaced with an F by the Arabic speaking people. . . there is no letter P in Arabic . . . Although the people of Iran have always called their country Iran, English speakers and most other outsiders referred to it as Persia until 1935. The change came at the suggestion of the Persian diplomatic delegation in Berlin. The suggestion may have been prompted by the fact that the word Iran means land of the Aryans and the word Aryan was very popular in Germany at that time. In English the words Persia and Persian have connotations of exotic beauty. The words suggest Persian carpets, Persian cats and Persian literature. The name Iran has less romantic connotations Referring to the Persian language as Farsi is a recent development that not all speakers of Persian are happy with. According to the ruling body for the language, The Academy of the Persian Language and Literature (Farhangestan), the term Farsi is an incorrect term for the Persian Language; an analogy would be requesting that the German language be called Deutsch by those who speak English. Wikipedia Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:30 Synonyms for â€Å"Meeting†English Grammar 101: Verb Mood45 Idioms with "Roll"

Washington Adventist University Admissions Data

Washington Adventist University Admissions Data Washington Adventist University Description: Washington Adventist University, WAU, is a private university affiliated with the Seventh-day Adventist Church. The university occupies a 19-acre campus in Takoma Park, Maryland, about seven miles from downtown Washington, D.C. (see other D.C. colleges). The universitys diverse student body comes from 40 states and 47 countries. Washington Adventist takes its Christian identity seriously, and students will find an active spiritual life on campus with regular convocations, student-led vespers, and prayer groups. WAU is made up of three schools: the School of Arts Social Sciences; School of Health Professions, Science Wellness; and School of Graduate Professional Studies. Professional Studies programs cater to working adults, and roughly a third of WAU students are 25 or over. WAU students can choose from 47 bachelors degree programs, 9 masters degrees, and a wide range of academic minors. Nursing is by far the most popular program at WAU. Academics are supported by a 7 to 1 student / faculty ratio and small classes. Academically talented students should check out the WAU Honors Program for access to special classes, research experiences and cultural opportunities. Student stay active outside of the classroom through involvement in a range of student clubs and organizations as well as intramural and intercollegiate athletics. The Washington Adventist University Shock compete in   the United States Collegiate Athletic Association (USCAA). Admissions Data (2016): Washington Adventist University Acceptance Rate: 33%Washington Adventist University has test-optional admissionsTest Scores 25th / 75th PercentileSAT Critical Reading: 360 / 470SAT Math: 360 / 480SAT Writing: - / -Whats a good SAT score?ACT Composite: 14  / 21ACT English: 15 / 22ACT Math: 15 / 16Whats a good ACT score? Enrollment (2016): Total Enrollment: 1,090  (911 undergraduates)Gender Breakdown: 41% Male / 59% Female77% Full-time Costs (2016- 17): Tuition and Fees: $23,400Books: $1,200 (why so much?)Room and Board: $8,930Other Expenses: $1,100Total Cost: $34,630 Washington Adventist University Financial Aid (2015- 16): Percentage of New Students Receiving Aid: 50%Percentage of New Students Receiving Types of AidGrants: 49%Loans: 33%Average Amount of AidGrants: $11,541Loans: $6,251 Academic Programs: Most Popular Majors:  Business Administration, Early Childhood Education, Elementary Education, Genreal Studies, Health Care Administration, Nursing, Psychology Graduation and Retention Rates: First Year Student Retention (full-time students): 75%4-Year Graduation Rate: 17%6-Year Graduation Rate: 38% Intercollegiate Athletic Programs: Mens Sports:  Track and Field, Basketball, Cross Country, SoccerWomens Sports:  Volleyball, Cross Country, Soccer, Basketball, Track and Field Data Source: National Center for Educational Statistics If You Like Washington Adventist University, You May Also Like These Schools: Union College: Profile | GPA-SAT-ACT GraphWalla Walla University: Profile  Bowie State University: Profile | GPA-SAT-ACT GraphOakwood University: Profile  Coppin State University: Profile  Hood College: Profile | GPA-SAT-ACT GraphDelaware State University: Profile  Towson University: Profile | GPA-SAT-ACT GraphAndrews University: Profile  Howard University: Profile | GPA-SAT-ACT Graph   Washington Adventist University Mission Statement: see the complete mission statement at  https://www.wau.edu/mission-statement/ A WAU education is faith based and student focused. The University offers more than 32 majors and academic programs leading to associate, bachelor and graduate degrees. You will experience small, lively classes taught by faculty who are committed to your success. Special options include the honors program, pre-professional programs, bridge program, capital summer session, study abroad, internships for credit and a special first year experience program to assist incoming freshmen in the transition to college life.

Texas Judiciary Assignment Example | Topics and Well Written Essays - 500 words

Texas Judiciary - Assignment Example The police detective, Roberts, went beyond the normal limit when interrogating a murder suspect, Mr. Wilson. The detective used falsified records to show that the appellant had been involved in the murder through a fingerprints report. According to the detective, the prints were found on the magazine of the murder weapon. In this way, the detective lured the appellant into the confession that he indeed shot the victim. The trial judge refused to drop the evidence and denied the appellant request to recant the confession. The appellant court found out that the detective was in violation of the Texas Penal Code section 37.09 that inhibit the officers from using fabricated reports to get confessions from suspects. In addition, the court found out that the trial judge erred in admitting the evidence since it was inadmissible under clause 38.23 of the Code of Criminal Procedure. Despite the decision, several judges dissented on the opinion that detectives are faced with a hard task of bal ancing the societal concerns and the rights granted by the Constitution The fact that the appellant confessed the murder is enough to convict him otherwise the state would risk setting the guilty free due to the interrogation methods. If I were a judge, I would concur with the dissenters since the fact that the appellant confessed to a murder could be a starting point to get the reliability of the evidence. Fingerprints are unique and thus the appellant could not have confessed if he was pretty sure that he had not used the murder weapon.

Case Study Example | Topics and Well Written Essays - 750 words - 33

Case Study Example The company is a market leader in home care market and personal care market that includes products such as deodorants, antiperspirants and skin cleansing products. According to the company website, Unilever is geared at working with integrity and making positive impact in the society through managing all environmental impacts in order to attain long-term goal of developing a sustainable business (Deighton 2). For decades, Unilever described itself as a company with local roots and global scale and eleven of its leading brands that include Lipton, Omo, Dove and Blue Band earned over $ 1 billion in annual revenues. Unilever was $ 50 billion in annual revenues, but its competitors such as Nestle had $ 69 billion, Procter and Gamble had $ 68 billion while Kraft Foods had $ 34 billion. The company operated in all continents and decentralization of operations enhanced diversity, but led to challenges of control. Although some brands attained high market share, the company lacked a global identity thus leading to the ‘Path to Growth’ strategy of 2000 that aimed at cutting down the 1600 brands to 400 brands that would become the ‘Masterbrands’. The shifts to Masterbrands aimed at decentralization and global vision that would ensure cooperation across all geographic markets (Deighton 4). In the 1980s’s Dove’s advertising highlighted the functional benefits such as avoiding of dry skin and marketing slogans referred the brand as ‘moisturizing cream’. Dove was selected to be a Masterbrand in 2000 in personal care categories such as hair care products, body lotions, hair styling products, facial cleansers and deodorants. Although the advertisements focused on the functional benefits, the communication had to shift to cater for the numerous categories and thus Dove would stand for a point of view. In 2004, Unilever recognized the need to position the brand according to consumers’ point of view in order to attain high brand