Relationship Between Law And Ethics In Islam

Relationship Between Law And Ethics In Islam I would like to start my analysis by posing a few questions about this relationship to stimulate our thoughts. Are law and ethics identical or non-identical in Islam? Are ethics derived from law or is this relationship vice versa? Are they both derived from the same sources? If yes, then are they separate or do they supplement each other? What I found after my analysis is that law and ethics in Islam are complementary. They come from the same sources and they serve to complete each other like a body and its soul. The main source of law and ethics in Islam is Allahs (s.w.t) will in the Quran, the exemplary life of the Prophet Muhammad (p.b.u.h.), analogical reasoning and consensus. To analyze in depth the relationship between ethics and law in Islam, we should analyze the Fiqh and Sharia, in light of their connection with both ethics and law. Firstly, Fiqh relates the religious conduct with both law and the human moral life by stating that the human conduct should be understood through Quran and Hadith and then formulating moral and legal norms according to that. These norms, that have two joint components, the moral and the legal one, unite together to make what we call a Hukm in Islam. In this sense, the jurists and judges in Islam judge actions through Hukm which is basically based on morality and legislation. In other words, Quran places the acts in its proper moral context and informs the scholars about its Hukm. Hadith is the second source of law in Fiqh, and it represents the exemplary life of the Prophet, a life that has been lived in accordance with the best morals. From the exemplary moral acts and sayings of the prophet, a bunch of Islamic laws have been formulated. Secondly, when we hear the word Sharia, the first thing that comes to our mind is a bundle of rules and authoritative commandments combined together to make the law of God. However, when we deepen our study and sight into Sharia, we find that Sharia is not only a law, but it is a moral way that we should adopt in order to lead the ethical life. In addition, both civil and criminal justice, as well as the regulation of individual conduct (personal and moral), come under the rubric of Sharia. Thus it is evident that Sharia is a law and a code of ethics at the same time, and either of these individual components does not have any value on its own. Hence, law and ethics are extensively intertwined, compatible and complimentary i n Fiqh and Sharia. Historically, one of the most important questions in law and in ethics is what ought to or not to be done. The answers for this question would compose the largest part of ethics and law. The answers are also what comprise obligation in Islam. Let us analyze this obligation in the light of ethics and law in Islam. In order to determine the obligation, an employing of rules or law is needed. The duties in Islam in accordance to these rules are widely presented through the fivefold theory, which classifies acts in moral and legal way. In Islam obligation in morality and obligation in law come from the same grounds (Quran and Hadith) and they overlap in their requirements. According to the fivefold theory, some obligations derive their force from the laws (the required and forbidden categories) and others derive from an attractive ideal of human nature and virtue (the recommended and discouraged categories). In other word, the fivefold theory makes a blend of law and ethics and uses it t o judge the human act. Suppose, if we were to remove the recommended and discouraged acts or the required and forbidden acts from this model, then the model will become totally inadequate according to the facts of morality or to the necessity of the law respectively. In my opinion, the fivefold model of duty in Islam is the best model to judge actions and to answer the original question: what ought to be done? And here we see what is really distinctive about the relationship between law and ethics in Islam is that they conjoin to make the perfect model that humanity has been in search of since the time of Socrates. Both law and ethics in Islam deal with obligations, human character, and righteous actions. Allah (s.w.t.) sent down in the Quran a corpus of commandments and rules that identify the obligations of human beings. The collection of these obligations is the first and biggest source of law in Islam. These obligations shape the human character as well, and guide him towards righteous actions. Righteous actions come under the studies of normative action in ethics which is basically a practical science and less of a theoretical science. However, Islamic law transacts with human action within two domains-the theory and the practice. What is important here is to distinguish whether the Islamic law forms the heart of Islamic ethics or is it the opposite case. What I found from the readings is that the Islamic law is a heart inside another heart, which is the Islamic ethics, and vice versa. Both of them are interlinked to the point that they can never be separated or dealt with individually. Yo u need one to complete the other. There are many non-Islamic notions of law and morality. We will first take a look at the theory of positivism that asks for separating law from morality. The theory claims that law is not a code of morality and that legal obligation should be apart from the moral ones. However, in Islam, Sharia consists equally of law and morality. Secondly, the idea that started in the west first and has now spread worldwide is the notion of separating religion from the state. It argues that the state should have its rules and law distinctive from religion. The obligation in this case is to the law of the state. The law of the state mostly is man-made and is known as positive law. This notion cannot work in the Islamic world unless Islamic law and ethics step aside. Islamic law and ethics is not only a few obligations like prayers and fasting, but a law for life that guides the human acts and conduct in every aspect and involves total submission to God. In general, many people think that law controls the people. However law, while being very important, is not enough by itself to control human life. On the other hand, ethics, if understood deeply, can control the lives of people and lead them to happiness. The truly just and virtuous society is the one that is based on conscience and ethics before looking at the law. The ethical responsibility is more inclusive than the legal one. Furthermore, ethics are stable and immutable but law can be changed and modified according to the legislations. Also ethics control ones internal conduct whereas law dictates the external behavior. Additionally, in ethics people do self-examination and in law, the legal supremacy is the examiner and calls people to account. Therefore, if society builds only on law, it cannot reach its true potential. Law is essential, but, the real significance belongs to ethics. Therefore in Islam, both ethics and law compose the commandments which refer to the requirement s of Quran and Hadith, and they jointly constitute the Sharia which is important in our contemporary time. Thus, from the Islamic perspective, both law and ethics are equally important to lead the human life to the ultimate happiness. Finally, it can be said that although Islamic law and ethics are well-matched, a few recommendations need to be followed to make it well equipped to tackle contemporary issues in medical law and bioethics. In order to deal with this, I highly recommend the establishment of an International Islamic Medical Law and Bioethical Academy. Secondly, since many medical and bioethical issues are still subject to scholarly debate, therefore it requires further detailed research in the light of medical research and Sharia rulings. Thirdly, I encourage introducing Islamic medical law and bioethics into the syllabi of different institutes teaching the health care sciences, and incorporating it into the curriculum at graduate and postgraduate level. Thus, Islamic law and Islamic ethics stand together as an important instance of a moral and legal theory that composes an attractive ideal for all of human life.

The Treatment of Women in Bram Stokers Dracula Essay -- Dracula E

The Treatment of Women in Bram Stoker's Dracula  Ã‚   In reading Bram Stoker's Dracula, I find the treatment of the two main female characters-- Lucy Westenra and Mina Harker-- especially intriguing. These two women are two opposite archetypes created by a society of threatened men trying to protect themselves. Lucy is the Medusa archetype. She is physically attractive, and wins the heart of any man who comes near her (e.g. Arthur, Quincey, Jack, and Van Helsing). Her chief quality is sensual beauty, but her sexual desire is repressed and not allowed to communicate. And yet both the spiritual side and the sexual side are in her, and when the long repressed sexuality finds a vent, it explodes and takes over completely. In other words, she is transformed into the completely voluptuous female vampire precisely because her sexual side of personality had been completely buried by her Victorian education. Her repressed self needs such expression that when Dracula came along, she went out to greet him, and then invited him into the house (by opening her window to the bat). He is her vent for sexual expression. When Lucy becomes a vampire herself, John Seward describes her as follows: She seemed like a nightmare of Lucy as she lay there; the pointed teeth, the bloodstained, voluptuous mouth -- which made one shudder to see -- the whole carnal and unspiritual appearance, seeming like a devilish mockery of Lucy's sweet purity (252; ch.16). And for this voluptuous Lucy he has no pity: "the remnant of my love passed into hate and loathing; had she then to be killed, I could have done it with savage delight" (249; ch.16). But why this attitude? I believe it is the aggressive sexuality that the vampire Lucy displays that ... ...in excluding her from their undertakings, and include her again. However, now that she is infected with vampire blood and is capable of reading Dracula's mind, the men both fear and need her. They are forced to accept her in the public realm, but the quest is to eventually rid her of evil influence and restore her purity again, that is, to turn her back into the virtuous woman who will stay in the dominion of the home and not pose a threat to men. The end of this novel is the restoration of a world as the Victorians know it: the vampire destroyed, the women rid of their evil sexual desires and kept out of the dangerous world outside their homes, and the men safe and free in a male-dominated world, playing their exclusive gallant, intelligent, and adventurous roles.    Text Cited Stoker, Bram. Dracula. Ed. Glennis Byron. Peterborough: Broadview, 1998.

Valuating & Financial Prediction of Fortescue Metals Group Ltd

| Valuating & Financial Prediction of Fortescue Metals Group Ltd| AFX9540 BUSINESS FINANCE| | | | Executive Summary This report is written to offer a business analysis of Fortescue Metals Group Ltd (FMG) where there will be a discussion on the background of the company, its return on the pre-post announcement of raising funds, the capital structure during the global financial crisis in comparison to its peers and the estimation on the share valuation in comparison to the actual share value. Fortescue Metals Group (ASX:  FMG) is an Australian iron ore mining company.The company has holdings of more than 87,000 km? in the Pilbara region of Western Australia making it the largest tenement holder in the state. It is listed as FMG on the Australian Securities Exchange (ASX). In 2008, the group loaded its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore. F or the share valuation, the report uses the CAPM model to determine the prevailing cost of capital and also uses the dividend discount multistage model to predict the share price for the company.The components of the CAPM model (i. e. risk free rate, company beta, Market return and growth rate) are calculated and predicted on historical data. The valuation data is then compared with the actual market price of the shares for the corresponding years and a brief analysis is then performed on the economic and internal reasoning behind any variance encountered. Table of Contents Executive Summary2 1. 0Brief overview of the company4 2. 0Capital Structure4 2. 1Funds raised by the company4 2. 2Usage of the fund5 2. 3Announcement date for the issue5 2. 4Share-return pre and post announcement5 2. Market return same period6 2. 6 Market Perception6 2. 7 Effect of recent financial crisis7 3. 0 Valuation of FXJ shares7 3. 1Risk free rate calculation8 3. 2Market rate calculation8 3. 3Beta calculat ion9 3. 4CAPM Calculation10 3. 5Growth rate calculation10 3. 6Share valuation11 3. 7Comparison of valuation vs. actual data12 3. 8 Evaluation of the variation13 4. 0 Conclusion13 Appendix 1: Cash rate target14 Appendix 2: Market data for beta calculation14 Reference & Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 . 0General background of the Firm Fortescue Metals Group Ltd is the New Force in Iron Ore and has joined the world's leading producers of iron ore. Since the Company was formed in 2003, its extraordinary growth has been unparalleled. Listed in the S;P/ASX 50 share index, Fortescue has firmly established itself as one of the world's largest producers and sea-borne traders of iron ore. From Construction to Production Construction of Fort escue's port, rail and mine project commenced in February 2006 with the turning of the first sod at the Company's port site at Anderson Point in Port Hedland.Just two years later in 2008, the open-access rail infrastructure was complete and  operations were underway  at the Fortescue Herb Elliott Port and at the Company's first minesite, Cloudbreak. Shipping started on 15 May 2008 and Project Completion was achieved within months. On 18 July 2008, Fortescue's fifth anniversary, the Company successfully mined, railed and shipped at a rate of 24mtpa (Million ton per annum) for a one month period. In the first full year of operations, Fortescue mined, railed and shipped more than 27 million tonnes of iron ore to customers in China. FinanceFortescue's project was founded on the raising of A$3. 7 billion capital, including A$1 billion equity, during two finance road shows in August 2006 and July 2007. The August 2006 raising was the largest single high-yield Asia-Pacific transaction, the largest high-yield bond project financing ever, one of the largest corporate bonds out of Australia and one of the largest global bond issues in the sector. Since then Fortescue has grown to become an S;P/ASX 50 company. Over 55,000 Australians have become shareholders in the proudly Australian founded and managed company.A substantial increase in Fortescue's Resource Inventory to 10. 03 billion tonnes in March 2011, including 1. 6 billion  tonnes of Reserves,  positioned the company as one of the world's major resource houses. This massive Resource Inventory was achieved in record time and was delineated from approximately 10 per cent of  Fortescue's 88,000 square kilometres of Pilbara tenements. 2. 0Capital Structure of the Firm 2. 1Funds raised by the company 1,326,316 number of Ordinary Shares were issued to generate A$6. 3 million. 2. 2Purpose of Fund 1,326,316 number of Ordinary Shares were issued as payment for a distribution of A$6. million due under the A$140m, R edeemable Preference Share issued with maturity on or before February 2017. 2. 3Announcement date of the issue The initial announcement date for this issue of the Ordinary Share was 15th September 2010. 2. 4Share return from two days before the announcement date to two days after the announcement. Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price | Date| Open| High| ow| Close| Volume| Adj Close*| 17 Sep 2010| 4. 87| 4. 92| 4. 83| 4. 84| 25,307,700| 4. 82| 16 Sep 2010| 5. 2| 5. 02| 4. 85| 4. 86| 15,360,000| 4. 84| 15 Sep 2010| 5. 03| 5. 08| 4. 99| 5. 03| 11,614,800| 5. 01| 14 S p 2010| 4. 99| 5. 07| 4. 97| 5. 02| 10,319,500| 5. 00| 13 Sep 2010| 4. 91| 5. 01| 4. 90| 4. 97| 14,643,800| 4. 95| | Closing price adjusted for dividend and splits Before the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=5. 02-4. 914. 91 ? 100 = 2. 24% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4. 84-5. 025. 02 ? 100 = -3. 59% 2. 5Market Return same period | Date| Open| High| Low| Close| Volume| Adj Close*| 17 Sep 2010| 4,657. 70| 4,692. 50| 4,657. 0| 4,685. 10| 1,523,846,600| 4,685. 10| 16 Sep 2010| 4,703. 00| 4,707. 70| 4,648. 90| 4,650. 00| 1,813,657,000| 4,650. 00| 15 Sep 2010| 4,670. 10| 4,710. 50| 4,669. 90| 4,702. 70| 1,644,565,600| 4,702. 70| 14 Sep 2010| 4,661. 40| 4,688. 90| 4,661. 10| 4,669. 10| 1,422,233,600| 4,669. 10| 13 Sep 2010| 4,613. 30| 4,660. 90| 4,612. 70| 4,654. 20| 1,433,713,600| 4,654. 20| Closing price adjusted for dividend and splits Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price Before the Announcement Date:Holding Period Return=p1-p0p0 ? 100 So, HPR=4669. 10-4613. 304613. 30 ? 100 = 1. 21% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4685. 10-47034703 ? 100 = -0. 38% 2. 6Market Perception From the above analysis it can be seen that the share performance of the company and the market was stable during the pre and post two days of the announcement. Previously before the announcement the performance of both is going the similar path (upward movement). On the other hand post announcement illustrated negative result (-3. 59% against -0. 38%) for Fortescue Metals Group Ltd.There might be two causes behind this; one, the share price have been over estimated for which the price had to be adjusted. Secondly, the investors did not take the fund raising issue positively as they might think it would not generate much fund for the company’s growth and thus unable to generate enough wealth for them. 2. 7Effect of recent financial crisis | | BlueScope| Fortescue Metals| Mount Gibson| OneSteel| Net Gearing| 2007| 0%| 0%| 0%| 46. 65%| | 2008| 0%| 0%| 25. 42%| 56. 72%| | 2009| 0%| 9%| 6. 29%| 28. 22%| | 2010| 14. 82%| 169. 90%| 3. 97%| 21. 45%| | 2011| 24. 43%| 183. 43%| -| 38. 36%|Table 1: Gearing ratio-peer analysis of Fortescue Metals Group Ltd. We can conclude that the recent financial crisis did not affect the industry’s capital structure. As of now the mining industry is going boom. In the time of recession, most of the companies will not have enough profit to repay a debt so; investors are more interested in investing in mining industry rather than some other industry. By using the gearing ratio, it can be seen that Fortescue’s degree of leverage is higher, the more higher the  company is considered risky. However Fortescue Metals Ltd is very strong with their high growth rate compared to its competitors.For them paying off the debt would not be a big issue as they are enjoying three benefits which are; one, mining industry is going boom; two, Australian dollar (AUD) getting stronger; and three, Fortescue’s operations are well placed to maintain the 55mtpa rate across the 2012 financial year while development to 155mtpa conti nues in a mixture of brownfields and greenfields projects, scheduled to take place through to June 2013. 3. 0Valuation of shares The dividend discount multistage model is a procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value.The idea is that if the value obtained from the dividend discount multistage model is higher than what the shares are currently trading at, then the stock is undervalued. Formula P0 = D11+R The required return can be calculated using the CAPM (capital asset pricing model) model, which becomes the cost capital of the project. Formula CAPM: E(r)= Rf+[? i (Rm-Rf)] 3. 1Risk free rate calculation The benchmark interest rate in Australia was last reported at 4. 75 percent. In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board.The interest rate needs to be adjusted yearly using the Effective Annual Rate. EAR = (1+in)n-1 EAR| 2011| 2010| 2009| Calculation| (1+. 0475/365)36 5-1| (1+. 0396/365)365-1| (1+. 0479/365)365-1| Rf| 4. 86%| 4. 03%| 4. 90%| Table 2: Risk Free rate 3. 2Market rate calculation The calculation of market return will include statistics from 5 years to counteract any data abnormality from recession or seasonal spikes. | 2005| 2006| 2007| 2008| 2009| 2010| 2011| Calculation| 4,229. 93,546. 1-1| 5,034. 04,225. 9-1| 6,310. 65035. 4-1| 3,947. 85,345. 8-1| 3,947. 85,345. 8-1| 4,324. 83,934. 4-1| 4,659. 84,309. -1| Return| 0. 1928| 0. 1912| 0. 2532| -0. 1549| -0. 2615| 0. 0992| 0. 0811| Average Market return based on five years performance is: Rm2011 = (0. 2532-0. 1549-0. 2615+0. 0992+0. 0811)5 = 0. 0034 = 0. 34% Rm2010 = (0. 1912+. 2532-0. 1549-0. 2615+0. 0992)5 = 0. 0254 = 2. 54% Rm2009 = (0. 1928+0. 1912+0. 2532-0. 1549-0. 2615)5 = 0. 04416 = 4. 42% 3. 3Beta calculation: The beta is taken from FinAnalysis. Beta (? ) is a number describing the relation of its returns with those of the financial market as a whole. The beta coefficient is a key parameter in the capital asset pricing model (CAPM).It measures the part of the asset's statistical variance that cannot be removed by the diversification provided by the portfolio of many risky assets, because of the correlation of its returns with the returns of the other assets that are in the portfolio. Formula for Beta is: i=1n[Ri-ER]2n-1 Data from 2009 to 2011 has been used and a data of 3 years is used to calculate the beta. | 2009| 2010| 2011| ?| 0. 91| 0. 80| 0. 88| A beta of greater than 1 indicates that the security's price will be more volatile than the market. Fortescue Metals Ltd has a beta of 0. 88; therefore it is less volatile than the market. 3. CAPM Calculation: Hence, using Capital Asset Pricing Model (CAPM) as Required Return E(r)= Rf+[? i (Rm-Rf)] | 2009| 2010| 2011| Calculation| 4. 90% + [0. 88(4. 42%-4. 90%)]| 4. 03% + [0. 88(2. 54%-4. 03%)]| 4. 86% + [0. 88(0. 34%-4. 86%)]| Return| 4. 48%| 2. 72%| 0. 88%| Table 4: Cost of Capital 3. 5Growth Rate Calcula tion Growth rate calculation represents the  compounded annualized rate of growth of a company's revenues, earnings, dividends, etc. The formula for growth rate = Return on equity X Plowback ratio = ROE ? (1-DividendEPS) This growth rate will be used for the calculation of share prices for the last three years.ROE, DIV and EPS from 2009 to 2011 are shown below: | 2009| 2010| 2011| ROE| 13. 62%| 51. 57%| 75. 36%| DIV ($)| -| -| 7. 0| EPS ($)| 21. 90| 22. 12| 31. 88| Table 5: Financial data g2011 = ROE(2011) (1- Div(2011)/EPS(2011)) = 75. 36%(1-7/31. 88)= 58. 81% g2010 = ROE(2010) (1- Div(2010)/EPS(2010)) = 51. 57%(1-0/22. 12)= 51. 57% g2009 = ROE(2009) (1- Div(2009)/EPS(2009)) = 13. 62%(1-0/21. 90)= 13. 62% Below is the summary of the data discussed: Components| 2009| 2010| 2011| Er| 4. 48%| 2. 72%| 0. 88%| Rf| 4. 86%| 4. 03%| 4. 90%| Rm| 4. 42%| 2. 54%| 0. 34%| ?i| 0. 91| 0. 80| 0. 88| | 13. 62%| 51. 57%| 58. 81%| Table 6: Summarisation of component 3. 6Share Valuation To calculat e the value of the shares, we need to determine the method of valuation so; mixed stage dividend model can be used to calculate the value of the share. Bearing in mind the business nature, we can see an average of 41. 33% growth which is abnormally high. For the purpose of calculation we will presume this high growth rate will continue for another 40-45 years at least. As it is a new mining company and as we know that the return comes late so, the growth rate is high even after a long term.From 2053 onwards we assume that the business will grow at 7% rate, which we believe is a conservative approach, as because by then there will be many mining companies opening both domestically and internationally. China is progressing very fast and by next 15-20 years they will level up, not just China; India, South Africa, South America etc are also catching-up fast, so due to the high competition the market would not remain the same and it will change consecutively as forecasted. The valuation calculation will take this assumption towards establishing the model. P2009=i=20092012D0 (1+g)i(1+Ke)i + Pi(1+Ke)iP2010=i=20102012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i P2011=i=20112012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i | Growth Rate| Net Cash Flow| Cost of Capital| | D2009| | -13,643| 4. 48%| | D2010| | 1,877,963| 2. 72%| | D2011| 41. 33%| 4,206,365| 0. 88%| | D2012| 50%| 4,906,922| 0. 92%| | D2013| 55%| 6,767,080. 65| 0. 99%| | D2014| 60%| 10,435,594. 64| 0. 99%| | D2015| 60%| 16,587,385. 22| 0. 96%| | D2016| 60%| 26,477,415. 36| 0. 98%| | D2017| 60%| 42,346,454. 77| 1%| | D2018| 60%| 67,743,188. 44| 0. 95%| | D2019| 60%| 108,379,297. 7| 0. 96%| | D2020| 60%| 173,398,415. 1| 0. 98%| | D2021| 60%| 277,429,356. 2| 1%| |D2022| 60%| 443,881,664. 5| 0. 98%| | -| -| -| -| | D2052| 8. 19%| 13,101,273,811| 0. 98%| | D2053| 7%| 22,933,861. 67| 0. 98%| | | P2009| 3. 89| | P2010| 3. 61| | P2011| 5. 46| Table 7: Summary calculation 3. 7Comparison of valuation vs. actual data From the valuation calculated thr ough the process, now we will compare that with the actual data from the market. Year| Valuation Data| Actual Data| Variance| Comment| 2009| 3. 89| 3. 64| -6. 40%| Undervalued| 2010| 3. 61| 3. 96| 9. 64%| Overvalued| 2011| 5. 46| 5. 98| 9. 43%| Overvalued| Table 8: comparison of actual and calculated data 3. Evaluation of the variation The valuation of the shares seems to be in the right track compared with the market trend. Nevertheless, post state gives a more variable scenario. Dividend was replaced by using the net operation Cash Flow per share. The operation cash flow only represents the cash flow in the company’s operation activities; whilst the company also have investing activities and financing activities. Thus, only use of the operation cash flow in the valuation has a high percentage of uncertainty. According to the table above, the actual price is undervalued.The valuation can be endorsed to the lower than expected risk premium in the market resulting from the con trolled risk free rate determined by the government. Another issue can be AUD getting stronger compared to USD, resulting additional dent on the nominal cost of capital for the company. In the later part of the table, the actual price is overvalued. In order to illustrate this phenomenon, one possible reason is inflation. Inflation is an overall general rise in prices. As we know, global financial crisis happened few years back, the effect of the financial crisis was significant on the whole market and caused inflation.Therefore, due to inflation, the market prices are higher than the actual prices. Another possible reason is some unpredicted economic/natural events happened during this period and lead to movements of the market price. On the other hand the factors can be attributed to the assumptions and predictions using the calculation components. CAPM formula and Beta calculation has its own risk and de-merits. The growth rate is strongly manipulated by the industry’s lan dscape, economic status and political issues.The information available could also affect the actual share prices in the market which will impact on decision making for share buyers/sellers. The share price valuation will be varied from one investor to another depends on their information. As there is an existence of asymmetric information in the market, one cannot estimate the share price exactly the same with the actual share price. Besides, the investors behaviour are different between one another, hence, the pattern of the actual share price is not only based on market returns in general, but also depends on whether the level of the risk that the investors are willing to bear. . 0Conclusion In conclusion, we need to consider about inflation and unpredicted events when we investigate the market price. In addition, we need to distinguish nominal interest rate and real interest rate when we calculate. Appendix 1: Cash rate target: Effective date| New cash rate| Adjusted cash rate| | | 2011| 4. 75| 5 May 2010| 4. 75| 2010| 3. 96| 7 Apr 2010| 4. 50| | | 3 Mar 2010| 4. 25| | | 2 Dec 2009| 4. 00| | | 4 Nov 2009| 3. 75| | | 7 Oct 2009| 3. 50| | | 8 Apr 2009| 3. 00| | | 4 Feb 2009| 3. 25| 2009| 4. 79| 3 Dec 2008| 4. 25| | | 5 Nov 2008| 5. 25| | | 8 Oct 2008| 6. 00| | | 3 Sep 2008| 7. 00| | |Appendix 2: Market Data for beta calculation: Date| Open| High| Low| Close| Volume| Adj Close| 3/10/2011| 0. 81| 0. 94| 0. 79| 0. 89| 18267300| 0. 89| 1/09/2011| 0. 85| 0. 9| 0. 74| 0. 82| 16091200| 0. 82| 1/08/2011| 0. 87| 0. 92| 0. 68| 0. 85| 15948300| 0. 85| 1/07/2011| 0. 98| 1. 01| 0. 86| 0. 88| 11603100| 0. 88| 1/06/2011| 1. 09| 1. 09| 0. 94| 0. 98| 17479100| 0. 98| 2/05/2011| 1. 32| 1. 33| 1. 03| 1. 08| 21843500| 1. 08| 1/04/2011| 1. 29| 1. 37| 1. 25| 1. 32| 17067200| 1. 32| 1/03/2011| 1. 29| 1. 3| 1. 17| 1. 29| 18402900| 1. 29| 1/02/2011| 1. 34| 1. 46| 1. 28| 1. 3| 14583200| 1. 3| 4/01/2011| 1. 4| 1. 42| 1. 33| 1. 35| 10259000| 1. 5| 1/12/2010| 1. 37| 1. 46| 1. 36| 1. 4| 1 8060000| 1. 4| 1/11/2010| 1. 44| 1. 49| 1. 32| 1. 37| 15254000| 1. 37| 1/10/2010| 1. 45| 1. 55| 1. 4| 1. 45| 12209300| 1. 45| 1/09/2010| 1. 47| 1. 57| 1. 44| 1. 47| 10714700| 1. 47| 2/08/2010| 1. 48| 1. 52| 1. 33| 1. 44| 12983000| 1. 43| 1/07/2010| 1. 3| 1. 51| 1. 29| 1. 48| 10254300| 1. 46| 1/06/2010| 1. 52| 1. 52| 1. 26| 1. 32| 17287600| 1. 3| 3/05/2010| 1. 72| 1. 76| 1. 4| 1. 51| 19697600| 1. 5| 1/04/2010| 1. 79| 1. 83| 1. 72| 1. 73| 12311100| 1. 71| 1/03/2010| 1. 62| 1. 86| 1. 62| 1. 8| 16808300| 1. 78| 1/02/2010| 1. 7| 1. 88| 1. 64| 1. 65| 17412500| 1. 63| 4/01/2010| 1. 74| 1. 88| 1. 7| 1. 73| 13261300| 1. 71| 1/12/2009| 1. 63| 1. 75| 1. 56| 1. 74| 8904800| 1. 72| 2/11/2009| 1. 55| 1. 77| 1. 52| 1. 63| 11449600| 1. 62| 1/10/2009| 1. 72| 1. 8| 1. 52| 1. 61| 14759100| 1. 59| 1/09/2009| 1. 46| 1. 75| 1. 42| 1. 72| 18761900| 1. 7| 3/08/2009| 1. 49| 1. 55| 1. 4| 1. 47| 18455600| 1. 46| 1/07/2009| 1. 19| 1. 48| 1. 07| 1. 48| 15136300| 1. 46| 1/06/2009| 1. 15| 1. 35| 1. 15| 1. 22| 156 24600| 1. 21| 1/05/2009| 1. 18| 1. 18| 0. 99| 1. 14| 15047200| 1. 13| 1/04/2009| 1. 01| 1. 19| 1. 01| 1. 18| 16260500| 1. 17| 2/03/2009| 0. 95| 1. 08| 0. 8| 1. 01| 18923300| 1. 01| 2/02/2009| 1. 35| 1. 39| 0. 92| 1. 08| 9490000| 1. 07| /01/2009| 1. 64| 1. 76| 1. 25| 1. 4| 5383300| 1. 39| 1/12/2008| 1. 4| 1. 67| 1. 33| 1. 63| 7776700| 1. 62| 3/11/2008| 1. 94| 2. 09| 1. 12| 1. 35| 8740000| 1. 34| 1/10/2008| 2. 75| 2. 76| 1. 85| 1. 92| 6877000| 1. 9| 1/09/2008| 2. 82| 3. 11| 2. 59| 2. 64| 7193700| 2. 62| 1/08/2008| 2. 65| 3. 05| 2. 58| 2. 82| 10400800| 2. 79| 1/07/2008| 2. 9| 3. 2| 2. 57| 2. 75| 8612800| 2. 72| References & Bibliography * http://www. asx. com. au/asx/research/companyInfo. do? by=asxCode&asxCode=FMG * http://www. investsmart. com. au/shares/asx/Fortescue-Metals-Group-FMG. asp * http://www. fxj. com. au/shareholders/Fairfax_AnnualReport_2011. df * http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3 bAllotmentofShares * http://au. finance. ya hoo. com/q/ao? s=FMG. AX * http://datanalysis. morningstar. com. au. ezproxy. lib. monash. edu. au/af/company/issuedcapital? ASXCode=FMG&page=1&resultsperpage=25&xsl_predicate=&xsl_start_year=1999&xsl_end_year=2011&active=ISU_Sec1&xsl_start_date=1999-01-01&xsl_end_date=2011-12-31&xtm-licensee=dat#Active_ISU_Sec2 * http://www. asx. com. au/asx/statistics/announcements. do? by=asxCode&asxCode=fmg&timeframe=Y&year=2010 * http://www. specthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/mainview? ASXCode=FMG * http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=06&b=1&c=2008&d=05&e=30&f=2011&g=m * http://www. asx. com. au/research/market-statistics. htm ——————————————– [ 1 ]. http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3bAllotmentofShares [ 2 ]. http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 3 ]. http: //au. finance. yahoo. com/q/hp? s=%5EAORD&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 4 ]. ttp://www. bluescopesteel. com/investors/annual-reports [ 5 ]. http://www. igo. com. au/IRM/content/investor/annualreports. htm [ 6 ]. http://www. mtgibsoniron. com. au/pages2/InvestRelations. aspx? PageID=IR_AR [ 7 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualratios? ASXCode=OST&xtm-licensee=finanalysis [ 8 ]. http://www. investopedia. com/terms/d/ddm. asp#axzz1aBqlpkfj Table 3: Market return [ 9 ]. http://www. tradingeconomics. com/australia/interest-rate [ 10 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualps

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External Dispute Resolution in Energy Market MyAssignmenthelp.com

Question: Discuss about the External Dispute Resolution in Energy Market. Answer: Introduction: The short essay described according the above statement related to the Alternative dispute resolution (ADR). ADR is process of resolving all the disputes related with family, business, and consumers before that goes to a court or tribunal. Parties use the ADR methods for a quick result which also private and less expensive than trial. Alternative Disputes Resolution provided the benefits according the process of Mediation, Expedited Arbitration, Expert Determination, Negotiation and Conciliation (Ag.gov.au 2017). Alternative Dispute Resolution (ADR) is the resolution of disputes where an independent person who can be an ADR practitioner, helps people to sort out any kind of disputes in between them. It is help to solve any disputes before it process to a court or tribunal (Benvenuti Consults and Whiteman 2016). ADR has work as a third person, which never relates with the decision made by a court or tribunal. Resolving disputes process when fails to perform, ADR offers solving ways to consumers (Ag.gov.au 2017). Alternative Dispute Resolution (ADR) has the most common principles of accessibility, independence, transparency and cost. In international sector OECD E-commerce, produce safe guidelines for ADR, which give best resolution of the dispute (Ag.gov.au 2017). The International Standards Organisation (ISO), which is one of the most successful ADR, develops their standards and growth on dispute resolution. In national sectors, some OECD member countries also developed the resolution of disputes in ADR schemes. Like in the year 1997, the Australian Government introduced Benchmarks for Industry-Based Customer Dispute Resolution Scheme, which developed their industries through dispute schemes, consumers groups, government and enforcement authorities (Ag.gov.au 2017). The National Alternative Disputes Resolution Advisory Council (NADRAC) has also growth their standards and principles of ADR with government and private sectors (Ag.gov.au 2017). In this process parties can learn their aims and interest about each other ADR always provide proper model of resolving disputes, which helps people in future to operate disputes. Increase the controlling participation process and give suitable results. Helps to work according the participants need where they invest their time and efforts. Helps for provide a clear and fair process. Mediation: This is a process where parties can operate with an individual mediator. They listen to each other, work on the disputes and needs for resolve (Benvenuti , Consults and Whiteman 2016). A mediator can be suitable if they make a proper and respectful discussion, showing the safe presence for each other, able to control own outcome, maintain good relation, keep their discussion confidential and work according modern discussion. Expedited Arbitration: In arbitration process, parties can present or displays their facts to the arbitrator who acts as an individual person. This is a basic formal process than mediation. Here, parties can involved directly and broadly for producing their facts or evidence to a dispute resolution practitioner (Benvenuti , Consults and Whiteman 2016). It has own consensual nature. In arbitration, parties must agree to fix their differences according the disputes (Donaldson 2014). It must be a private procedure where the arbitrator must non-governmental and never involved with the state court system. The proper flexible process should apply on the dispute solution. Arbitration process always showed determination of rights towards the parties. Expert Determination: It is a procedure where disputes cam be comply between parties according the agreement or contract. The determination must be irrevocable. Negotiation: Negotiation is another form to resolve disputes in ADR. Listen to both parties and recognized important issues Develop on the dispute issues Fixed a goal to work according the agreement Only produce final decision after the end of negotiation. To look after when and how the negotiation process took place and made the decisions. Consult with the negotiator for communicates directly or assisted by any representative. Its duty of a negotiator, to communicate with the parties before process the negotiation. They set a proper procedure before processing the negotiation process. They must be faithful to their work and perform properly for dispute issues (Creutzfeldt 2014). They always give the outcome which always beneficial for the parties. Conciliation: In ADR, the parties can conciliate with a conciliator for solving the dispute issues (Creutzfeldt 2014). Its work according: Listening to both the parties and work for the disputes According the both parties consultation toward the agreement and work properly Develop or flourish issues for resolving the disputes Collecting expert advices and legal consequences Conciliation can be appropriate when parties want to involve a third party for resolving the disputes. Conciliators have also some duty toward the people. They also work as mediator (Creutzfeldt 2014). The Alternative Dispute Resolution gives their services in Australia for providing their separate assignment for resolving the issues. It has developed their aspects in industries for domestic and international business (Creutzfeldt 2014). ADR not only work with industries but also resolve the issues in commercial, family and workplace disputes which is cheaper, faster, and comfortable which is better that going to court or tribunal. The ADR has already given their services toward the industries from last five years in Australia. The industries growth their business aspects with the involvement Of ADR and resolve the disputes for a better future in business industries (Donaldson 2014). In addition, the litigation of excessive cost and growth of business help the country for settle their relation internationally. It always work confidentially which always help the country for doing better performance in business sector and never damage the relationships between them . Alternative Disp utes Resolution provided the benefits according the process of Mediation, Expedited Arbitration, Expert Determination, Negotiation and Conciliation. Since the Resolve to resolve report by the National Alternative Disputes Resolution Advisory Council ( NADRAC) has publishes in 2009 , the ADR had growth their promotions in at various levels of the government. At the Federal level, people resolve their disputes according the Civil Dispute Resolution act 2011. They took care about the disputes before that commence to a court or tribunal. ADR works with the issues with the consumer disputes. Here, consumer first complain or point out the disputes. Then if that fail to perform then consumer can choose an independent complaints body like the National Consumer Agency. In this agency, ADR works on disputes. Conclusion This assessment provides the information about how the Alternative Dispute Resolution works in resolving disputes. Their modern process of resolving applied not only Australia, but worldwide they works every disputes like family, organisation, business, consumer and every possible matter that disputes may resolve without going to a court or a tribunal. In that essay it is briefly described how ADR works internationally and domestic consumer transaction with the parties and as well as the resolving the disputes. Reference Alternative dispute resolution | Attorney-General's Department. [online] Availableat: https://www.ag.gov.au/LegalSystem/AlternateDisputeResolution/Pages/default.aspx [Accessed 18 Apr. 2017]. Benvenuti, J., Consults, J.B. and Whiteman, C., 2016. Consumer access to external dispute resolution in a changing energy market. Creutzfeldt, N., 2014. Alternative Dispute Resolution for Consumers. Donaldson, L., 2014. Alternative dispute resolution.ADR, Arbitration, and Mediation, p.91. Fiadjoe, A., 2013.Alternative dispute resolution: a developing world perspective. Routledge. Gill, C., Williams, J., Brennan, C. and Hirst, C., 2014. Models of alternative dispute resolution (ADR).A report for the legal Ombudsman. Queen Margaret University Retrieved from. Ipaustralia.gov.au. (2017). Alternative dispute resolution for Australian business | IP Australia. [online] Available at: https://www.ipaustralia.gov.au/about-us/news-and-community/news/alternative-dispute-resolution-australian-business [Accessed 18 Apr. 2017]. Mackie, K.J. and Mackie, K. eds., 2013.A handbook of dispute resolution: ADR in action. Routledge.Moens, G.A. and Evans, P., 2015. An Australian Perspective on Arbitration and Dispute Resolution in the Resources Sector. InArbitration and Dispute Resolution in the Resources Sector(pp. 1-5). Springer International Publishing. Spencer, D. and Hardy, S., 2014.Dispute Resolution in Australia: cases, commentary and materials. Thomson Reuters. Trakman, L.E., 2014. Investor-State arbitration: evaluating Australias evolving position.The Journal of World Investment Trade,15(1-2), pp.152-192.