Coming of Age-Portrait of an Artist

A Portrait of the Artist as a Young Man is a complete work of art, complete in the sense that it gives such great insight to human nature and the people of the world. The title is essentially what this novel represents. The â€Å"coming of age† is represented like a portrait because it takes a long time, with many different attempts, to reach the final work of art. In even greater context, the protagonist experiences a series of epiphanies in which he gains insight into his own nature and into the people of the world. In the main characters â€Å"coming of age† there are crucial components that are lost and gained, which can be derived from his love of family, religion, and art. Stephen Dedalus, the main character, is what many would consider a typical boy with a normal childhood. His family loves him and they support him with essentially anything he would need. Stephen is taught well as a young boy whose parents grapple with many problems for themselves, yet always seem to show the difference between right and wrong. As Stephen grows older his family’s struggles become his own problem whenever finances force them to move, therefore making Stephen the new kid at school. †No life or youth stirred in him as it had stirred in [his father and his friends]. He had known neither the pleasure of companionship with others nor the vigour of rude male health nor filial piety. Nothing stirred within his soul but a cold and cruel and loveless lust. His childhood was dead or lost and with it his soul capable of simple joys and he was drifting amid life like the barren shell of the moon. (76) School shows to be a challenge in itself as he has problems fitting in, but eventually he finds his place in the â€Å"social circle†. As Stephen grows even older and moving now into his teenage years family is becoming one of his lesser problems. Although his family may not always physically be there, Stephen has roots for his mind and soul which his family created for him. In a way these ideals can be looked at as good or bad, the good being that he is from Ireland and it is tradition, the bad being that his family may be the source of the rest of his problems later in life. Religion to Stephen is a very important matter. From the time he was a little boy, the Catholic religion and the fear of God had been instilled in him. For this, Stephens traditional Irish upbringing is to blame. As for religion becoming a problem for him, it arose after his first sexual experience with a prostitute. †His soul had arisen from the grave of boyhood, spurning her grave-clothes. Yes! Yes! Yes! He would create proudly out of the freedom and power of his soul, as the great artificer whose name he bore, a living thing, new and soaring and beautiful, impalpable, imperishable. (133) Stephen had been introduced to the world of sin and was now indulging in gluttony and greed. †He turned to appease the fierce longings of his heart before which everything else was idle and alien. He cared little that he was in mortal sin, that his life had grown to be a tissue of subterfuge and falsehood. Beside the savage desire within him to realize the enormities which he brooded on nothing was sacred. †(79)Stephen is happy at first by the man he has become, but after he has a religious retreat, things quickly change. This is where his first epiphany comes in and he decides that he must seek god’s forgiveness and straighten his life out. It seems as if this small streak of sin was a minor setback for Stephen, and he is now disgusted with himself knowing what awaits him after death if he continues. As time goes by Stephen becomes more religious and manages to block out his temptations. The fact that the temptations are still there though worries him, and he wonders if he has really corrected himself. Stephen then faces many problems, from home to school, where he begins to question faith and religion once again. This is where the second epiphany comes in. After some thought Stephen decides that he must pursue his ambitions and live his life freely without inhibitions. Throughout Stephen’s early life the idea of art is almost lost for him. Stephen always has the idea of art in his mind and can be considered his one true love. The ambition of art did not always influence his thinking and ideals until later in his teenage years. The challenges and mental boundaries he experiences can contribute to the artist he wants to become, therefore making him very open minded artist with traditional Irish roots. Stephen was a confused boy who was on his own personal pursuit of happiness. Stephen was fortunate enough to realize that the choices he made before adulthood would effect the rest of his life. With that in mind, Stephen’s â€Å"coming of age† causes him to lose some things, while at the same time gaining others. The main part of Stephens â€Å"coming of age† was his transformation between one of religious conformity and one free of inhibitions as an artist. â€Å"I mean, said Stephen, that I was not myself as I am now, as I had to become. †(193)

The Securities Market in Vietnam

The Securities Market in Vietnam – 14 March 2007 This article is an introduction to the legal framework that governs the securities market in Vietnam, in particular public offers, listing, public companies and buying shares. This article focuses on the provision of Law 70-2006QH11 of the National Assembly on Securities (Law 70) and Decree 14-2007-ND-CP of the Government dated 19 January 2007 Providing Detailed Regulations for Implementation of a Number of Articles of the Law on Securities (Decree 14) .The MOF is to shortly issue a regulation to further provide guidance to the SSC on regulating and establishing investment funds, securities companies and fund management companies. An update will be provided once the regulation has been promulgated. 1. 1. 1 Relevant bodies The State Securities Commission (SSC) The SSC is the official regulator of the stock exchange, and is overseen by the Ministry of Finance (MOF). The HCMC Securities Trading Centre (HCMCSTC) The HCMCSTC is an ad ministrative unit of the SSC.It is a securities trading and listing market and offers and official mechanism through which new government bonds are issued and is the secondary markets for several existing bonds. Currently, the HCMCSTC is an administrative unit under the SSC. Under Law 70 it is to covert to either a Stock Exchange or a Securities Trading Centre in the form of a limited liability company or a shareholding company by July 2008. It is expected that the HCMCSTC will be converted into a Stock Exchange. 1. 2 1. 3 The Hanoi Securities Trading Centre (HASTC) The HASTC is an administrative unit of the SSC.It is a securities trading and listing market and offers and is also Vietnam’s official over-the-counter market for securities. Under Law 70 it is to covert to either a Stock Exchange or a Securities Trading Centre in the form of a limited liability company or a shareholding company by July 2008. It is expected that the HASTC will be converted into a Securities Tradin g Centre. 2. Public offer (PO) In Vietnam the processes of a public offer (PO) and listing are different, although companies may do the two simultaneously.A PO is an offer to sell shares, bonds or fund certificates via the mass media, or to at least 100 investors excluding institutional investors or to an unspecified number of investors. 2. 1 Participants (a) The issuer or issuing organization. This is the enterprise making the PO. The securities may be listed or unlisted. Underwriters. Securities in a PO may be distributed by underwriters. Underwriters must be securities companies authorized to underwrite issues of securities or a commercial banks approved by the SSC to underwrite issues of bonds, on conditions regulated by the MOF.The role of the underwriter is to assist the issuer to complete procedures prior to the PO, to purchase the securities for resale or the unsold portion of the securities from the issuer, and to assist the issuer to distribute the securities to the public . Custodian banks. These are commercial banks that are either domestic or foreign invested (that is, not an offshore licensed bank) and are licensed to carry out securities depository activities including the keeping and maintaining of securities.  © Allens Arthur Robinson – Vietnam Laws (b) (c) (d) Investors. Investors who wish to purchase securities may be Vietnamese or foreign investors but foreign investor must first apply for a securities trading code. Foreign investment is also subject to limitations (discussed below). 2. 2 Currency and par value Securities offered by a PO must be denominated in Vietnamese dong. The par value for shares and fund certificates is VND10,000 and the minimum par value for bonds is VND100,000. Conditions for a PO (a) Shares.An issuer of shares must be a shareholding company with paid-up capital of at least VND10 billion at the time of registration of the PO, must have made a profit in the year prior to the PO and must not have accumulated l osses as at the year of registration of the offer. The general meeting of shareholders1 of the issuer must pass an issue plan and plan for utilization of the proceeds earned. 2. 3 Under Decree 14 other specific conditions apply to newly established enterprises conducting an initial public offer if the enterprise is in the infrastructure or high-tech sectors.These conditions include the obligation for there to be an underwriter, and the obligation for there to be a bank supervising utilization of the proceeds earned from the offer. (b) Bonds. An issuer of bonds must have paid-up capital of at least VND10 billion at the time of registration of the PO, must have made a profit in the year prior to the PO, must not have accumulated losses as at the year of registration of the offer and must not have more than 100 overdue debts payable. The board of management or members’ council of the issuer (as applicable) must pass an issue plan and plan for utilization and repayment of the pro ceeds earned.The issuer of bonds must also give an undertaking to investors to discharge it obligations. In the case of convertible bonds the issue plan and plan for utilization proceeds must also have a plan for issuance of the shares for conversion and all plans must be passed by the general meeting of shareholders (not the board of management). (c) Fund Certificates. Issued fund certificates must have total value of at least VND50 billion. There must also be an issue plan and a plan for investment of the capital funds earned. 2. 4Prospectus Issuers of a PO must prepare a prospectus. The main contents for a prospectus are prescribed in Law 70 and the MOF has been delegated the task of creating a sample form prospectus. Among other things, the prospectus must include the financial statements of the issuer for the 2 years prior to the issue of the PO. The prospectus must be signed by the chairman of the board of management, the general director, the financial director/accountant (on ly in the case of shares and bonds) and the legal representative of the underwriter. . 5 Registration The issuer must register the PO with the SSC. To register, the issuer must submit a request for registration and attach those documents that are required by Law 70 (and which will be given more detail in specific regulations of the MOF). The documents required include the prospectus, the charter (or in the case of a PO of fund certificates, the proposed charter of the securities investment fund) and relevant resolutions and undertakings by the issuer. In the case of a PO for fund certificates the 1In the case of a enterprise with foreign owned capital that is converting to a shareholding company in combination with making a public offer of shares, Decree 14 clarifies that the issue plan and plan for utilization is passed by the owner of the enterprise with 100% foreign owned capital and the board of management of a joint venture enterprise. 2  © Allens Arthur Robinson – Vie tnam Laws contract for supervision between the custodian bank and the securities investment fund must also be submitted. The SSC has 30 days from receipt of the registration statement to certify registration. . 6 Announcement Within 7 days from certification of registration the issuer must make a public announcement in 3 consecutive newspaper issues. The announcement must stipulate the time in which investors have to register to purchase the securities. The time limit can be set by the issuer but must be a minimum of 20 days. Registration to purchase and payment of monies When an investor registers to purchase the securities it must pay the purchase price into an escrow bank account and this money will remain in escrow until completion of the PO.Allocation and delivery The issuer must allocate the securities within 90 days from the SSC’s certificate of acceptance, and physically deliver the securities to investors within 30 days from the date the offer ends. 2. 7 2. 8 3. List ing Listing is the process of taking a privately-owned organisation including an equitized or equitizing State owned enterprise (SOE) and making the transition to a publicly-owned entity whose shares can be traded on the HCMCSTC or HASTC. 3. Conditions, application and procedures for listing The regulations on the conditions, application files and procedures for listing a company are not contained in Law 70, they are contained in Decree 14. The conditions for listing on the stock exchange (of which there are currently none in Vietnam) are different from the conditions to list on a securities trading centre. However, in anticipation of the HCMCSTC converting to a stock exchange, new registrations for listing on the HCMCSTC must satisfy the conditions applicable for stock exchange listings, while existing listed companies on the HCMCSTC have two years to satisfy these conditions.Companies failing to meet these requirements will have their listing moved to the HASTC. Conditions, applic ation and procedures for listing on the Stock Exchange/HCMCSTC (a) Shares. The listing company must be a shareholding company with paid-up capital of at least VND80 billion at the time of registration for listing, must have made a profit in the two years prior to year of listing and must not have accumulated losses as at the year of registration for listing.There must not be overdue debts payable (unless a lawful reserve has been made for them) and there must be public disclosure of all debts owed to the company by officers2 and major shareholders. At least 100 shareholders must own 20% of the voting shares of the listing company, and there must be an undertaking from shareholders who are also officers of the company to hold 100% of their shares for 6 months from the date of listing and 50% of their shares for the following 6 months. Bonds.The listing company or SOE must have paid-up capital of at least VND80 billion at the time of registration for listing, must have made a profit i n the two years prior to year of listing and must not have overdue debts of more than 1 year. There must be at least 50 bondholders in any one bond issue. 3. 2 (b) 2 Officers are the members of the board of management, members of the board of controllers, director, general director, deputy director, deputy general director and chief accountant.  © Allens Arthur Robinson – Vietnam Laws (c) Fund Certificates. Issued fund certificates must have total value of at least VND50 billion. There must be an undertaking from the initial shareholdings and members of the committee of representatives of the fund to hold 100% of their shares for 6 months from the date of listing and 50% of their shares for the following 6 months. There must be at least 100 owners of fund certificates. 3. 3 Conditions, application and procedures for listing on the HASTC (a) Shares.The listing company must be a shareholding company with paid-up capital of at least VND10 billion at the time of registration fo r listing, must have made a profit in year prior to year of listing and must not have overdue debts of more than 1 year (with no current debts or financial obligations to the State). There must be at least 100 shareholders with voting shares, and there must be an undertaking from shareholders who are also officers of the company to hold 100% of their shares for 6 months from the date of listing and 50% of their shares for the following 6 months.The conditions relating to profitable business operations and overdue debts do not apply to newly established enterprises in infrastructure and high-tech sectors or equitizing SOEs. (b) Bonds. The listing company or SOE must have paid-up capital of at least VND10 billion at the time of registration for listing, and all bonds in the issue must have the same maturity date. Other types of securities. The task of stipulating conditions for listing other types of securities has been delegated to the MOF. (c) 3. 4 Registration The listing enterpris e must register with the relevant exchange or trading centre.To register the listing enterprise must submit a registration slip and attach those documents that are required by Law 70 (and which will be given more detail in specific regulations of the exchange/trading centre). The documents required include the prospectus, relevant corporate resolutions, register of shareholders/bondholders and required undertakings. The exchange/trading centre has 30 days from receipt of the registration slip to approve or refuse the application. 3. 5 Trading Current guidelines on securities, membership of the HCMCSTC/HASTCand trading in securities are contained in Circular 583 implementing Decree 1444.In time, Circular 58 should also be repealed by a new circular implementing Law 70 and Decree 14. In the interim the HCMCSTC and the HASTC continue to apply the day to day trading rules contained in the Circular 58. In addition, under Law 70, the HCMCSTC and the HASTC each are given the responsibility to issue regulations on the trading of listed securities within their respective centres. 3. 6 Other trading Securities listed on a Stock Exchange cannot be traded outside the Stock Exchange, unless otherwise stipulated in the trading rules of the Stock Exchange.In comparison, securities listed on a securities trading centre (STC) can be traded at a securities company which is a trading member of the STC. 3. 7 Taxation holidays – almost over Previously, to encourage investment in Vietnam’s securities market, various incentives were offered, 3 4 Circular 58-2004-TT-BTC of the Ministry of Finance dated 17 June 2004. Both Circular 58 and Decree 144 were issued before Law 70 and Decree 14, and must be read down to the extent of the inconsistency. 4  © Allens Arthur Robinson – Vietnam Laws ncluding preferential corporate income tax rates to companies upon listing. However, this preferential tax treatment ceased on 1 January 2007. Dividends from shares have been fr ee of personal income tax since 1994. However this very long â€Å"temporary exemption† is expected to come to an end under the proposed Law on Personal Income Tax, which was considered by the National Assembly in October-November 2006 and is expected to be passed in 2007. If passed in its current draft form, dividends from shares will be subject to personal income tax at a proposed rate of 5% from 1 January 2009. . Public companies A public company is a newly introduced concept in Vietnam. A public company is a shareholding company with any of the following characteristics: †¢ †¢ †¢ Shares have been issued via a PO. Shares are listed on the HCMCSTC or the HASTC. Shares are owned by 100 or more investors, excluding professional securities investors, and have a paid-up charter capital of VND10 billion or more. Importantly, a company does not have to be listed to be deemed a public company. New rules introduced for public companies include: 4. Filing A public com pany must lodge the public company file with the SSC within 90 days of becoming a public company. The public company files comprises the company’s charter and business registration certificate, the most recent financial statement and summarized information on its business operations scale, management organization and shareholding structure. Major shareholders A shareholder of a public company is deemed to be a major shareholder when it holds directly or indirectly (undefined) 5% or more of the voting shares the company.Upon becoming a major shareholder, the shareholder must report to the SSC and the HCMCSTC or HASTC (depending on where the shares of the public company are listed/offered). The information that must be reported is not extensive: only details of the investor (name, address) and details of the shares (number, percentage). However, important changes to this information, including a change of the number of shares in excess of 1%, must also be reported. Takeovers An offer to purchaser 25% or more of the voting shares in a public company must be made by a â€Å"public offer to acquire†.The public offer to acquire must be registered with and approved by the SSC (the law does not detail any criteria or basis for the approval) and must be announced in the mass media. Of note, if after implementation of the public offer to acquire, the acquirer holds 80% or more in the public company, the acquirer must, if the remaining shareholders so request, acquire the remaining shares at the announced price of the offer to acquire. 4. 4 Disclosure requirements A public company must publicly disclose certain information and report it to the SSC.Annually, a public company must disclose its audited financial statements. In addition, it must disclose information within a short period (24 hours, or 72 hours) upon the happening of a prescribed event, for example if an account of the public company is frozen (within 24 hours) or if a decision is made to borrow bonds with a value of 30% or more of the company’s equity (within 72 hours). 4. 2 4. 3 5  © Allens Arthur Robinson – Vietnam Laws 5. 5. 1 Foreign investors – how to purchase sharesUnlisted shares To contribute capital or purchase shares in Vietnamese enterprises, foreign investors must open a Vietnamese dong capital contribution and share purchase account (Account) at a commercial bank operating in Vietnam. All transfers of funds for the purpose of contributing capital, purchasing and selling shares, transferring capital contribution, receiving and using dividends or profits distribution, or purchasing foreign currency from authorised banks for remittance abroad and other transactions relating to any activity of capital contribution or purchase of shares inVietnamese enterprises by foreign investors must be performed through this Account. Further, this Account may only be used for capital contributions and share purchase activities. Within 2 working days from the date of opening the Account at a commercial bank, the foreign investor must register the Account with the State Bank (Department of Foreign Exchange Control). Under law, the State Bank must certify registration of the account within 5 working days, or otherwise provide written notice of its reasons for refusing to provide certification.A foreign investor is only allowed to perform receipt or payment transactions through the Account after obtaining a document on certification of account registration from the State Bank. Therefore it is important for potential investors to organize this account well in advance of the relevant share purchase date. Other than the controls over the Account, trading in unlisted shares is largely unregulated. 5. 2 Listed shares The foreign investor must apply for a securities trading code from the HCMCSTC/HASTC.The application consists of an application form and supporting documents. Unfortunately, the supporting documents that originate outside Vietn am (for example the constitution and establishment documents of the foreign investor) are subject to the tedious requirements of notarization and certification. Investors must then open a VND securities trading account with a registered broker in accordance with Decision 15505 to service activities of the purchase and sale of securities.The following accounts must be opened by the broker at an authorized bank in Vietnam: (a) a specialized, on-call foreign currency deposit account, into which foreign currency of the foreign investor is deposited (i) for the purpose of conversion into VND for purchase of securities or (ii) after conversion from VND for the purpose of remittance overseas or other authorized foreign currency remittances in Vietnam; and (b) a specialized, on-call VND deposit account, into which all VND amounts (after conversion from foreign currency) and all VND income from securities nvestment is transferred and from which all VND remittances for purchase of securities or for conversion into foreign currency is made. Listed share certificates must be centrally deposited at the Vietnam Securities Depository (VSD). This happens in two steps: first, the owner deposits the certificates with a depository member (for example, the broker or depository bank) and second, the depository member in turn deposits the certificates at the VSD. Cash settlement is made via the settlement bank, which is the BIDV. 6. 6. 1Foreign investors – restrictions Prohibited and conditional sectors Four prohibited sectors are listed in the 2005 Law on Investment. These sectors apply equally to foreign and local investors. Nine conditional sectors are listed in the 2005 Law on Investment. These sectors also apply equally to foreign and local investors. In addition foreign investment is conditional in 13 sectors specified in Decree 108 and ‘other investment sectors in international treaties of which Vietnam is a member and which restrict the opening of the 5Decision 1550-2004-QD-NHNN of the State Bank of Vietnam dated 6 December 2004. 6  © Allens Arthur Robinson – Vietnam Laws market to foreign investors’. It is not yet clear what the conditions are, and whether they may include restrictions on indirect investment. 6. 2 Other restrictions The current (to the extent that they have not been specifically repealed) laws of Vietnam consist of the following restrictions: (a) (b) (c) There is a cap on total foreign shareholdings in or capital contributions to any one unlisted domestic business of 30% of the charter capital (30% rule).The range of unlisted companies in which foreign investors may purchase shares is also restricted by sector (only 35 business lines are permitted). Foreign investors may hold a maximum of 49% of the total shares of any one company listed at a stock exchange or registered for trading at a securities trading centre (49% rule). Although not yet specifically repealed these restrictions may be affected by the 2005 Law on Investment which stipulates â€Å"investors must be permitted to invest in all sectors and in all industries and trades which are not prohibited by law†.Therefore under this general rule foreign investors should be (in theory) permitted to invest in all sectors and all industries provided that they are not in a prohibited or conditional sector (as above). It is not clear if the authorities will interpret the 30% rule and the 49% rule as being repealed by or alternatively, qualifying the Law on Investment. We consider that the better view is that these rules should be repealed by the Law on Investment. This view is consistent with the WTO principle of national treatment.However, we understand that in a meeting held on 18 January 2007 between the Government Office, the Ministry of Finance and the SSC the Government Office expressed the Prime Minister’s opinion that the 49% rule would continue to be applied ‘temporarily’. In any event, specific re strictions will continue to apply to conditional sectors (for example, banks) in accordance with commitments made under international agreements. 7. 7. 1 Securities Industry Players General Securities companies and fund management companies are the key players in the Vietnamese securities industry.This section provides an overview of the scope of activities under Law 70 of these companies Securities company As at 29 December 2006, the SSC has issued 55 operational licenses to securities companies under the previous securities law regime. After the effective date of Law 70, being 1 January 2007, there have not been any operational licenses issued and the most likely reason is that the implementing regulations for Law 70 have not been promulgated to guide the SSC in its work.Under Law 70, securities companies are permitted to engage in any or all of the following activities (the minimum legal capital is listed along side each of the activity): (a) (b) securities brokerage (VND 25 bill ion); securities self-trading (if the securities company engages in this activity it can only conduct the other activity of underwriting) (VND 100 billion); underwriting issues of securities (VND 165 billion); securities investment consultancy (VND 10 billion); financial consultancy services; and other financial services. . 2 (c) (d) (e) (f) The permitted areas of activity are limited compared to the business areas permitted under the old securities law regime. The prescribed minimum legal capital has also increased. This explains why there was a rush towards the end of 2006 to obtain a securities company license from the SSC. 7  © Allens Arthur Robinson – Vietnam Laws 7. 3 Fund Management Company Prior to the effective date of Law 70, eighteen operational licenses were issued by the SSC to fund management companies.Again there was a rush to obtain a license towards the end of 2006 because the scope of business activities has been restricted under Law 70. A fund management company can only engage in fund management and portfolio management and the minimum legal capital for establishment is VND 25 billion. 8. Funds This section provides a brief overview of investment funds as this is the subject of a detailed paper which will be released once the MOF has settled the regulation on investments funds and other related matters. Investment funds have been driving the bullish Vietnamese stock market.There have been a growing number of offshore and onshore investment funds established in recent years. At least 25 investment funds are operating in the market with an objective of investing in Vietnam. The Prime Minister has reportedly indicated that regulations on capital controls would be tightened to prevent capital flight which probably means that the MOF’s soon to be released regulations would introduce further regulatory controls on the operation of Funds. In brief, Law 70 sets the framework for the establishment of onshore public and membersâ€℠¢ funds.Public funds and members’ funds must have at least VND 50 billion in start up capital and managed by a fund management company. A public fund may be an open or closed ended fund with at least 100 investors. A members’ fund must have up to 30 investors. Assets of a fund are to be held by a custodian bank. The MOF’s future regulation is expected to contain other operational requirements. This article was written by Julia Howes, a lawyer with Allens Arthur Robinson who has been practicing in Vietnam for 3 years.Allens Arthur Robinson is one of the largest international law firms in Asia, with more than 900 lawyers, including 179 partners. Allens Arthur Robinson has been providing legal services for clients in Australia for more than 180 years and in Asia for the past 30 years. Our Vietnam practice is managed by partners Bill Magennis in Hanoi and Nigel Russell in Ho Chi Minh City, both of whom joined the Allens Arthur Robinson partnership from 1 January 200 7. The Vietnam practice was established in 1993 and is one of the largest and most successful among foreign law firms in the country.For further information, please contact: Bill Magennis Partner, Hanoi Ph: +84 4 936 0990 Bill. [email  protected] com. au Nigel Russell Partner, Ho Chi Minh City Ph: +84 8 822 1717 Nigel. [email  protected] com. au Steve Pemberton Partner, Singapore Ph: +65 6535 6622 Steve. [email  protected] com. au Jim Dunstan Executive Partner – Banking & Finance and Asia offices, Sydney Ph: +61 2 9230 4571 Jim. [email  protected] com. au Simon Lynch Partner, Melbourne Ph: +61 3 9613 8922 Simon. [email  protected] com. au Jeremy Low Partner, Sydney Ph: +61 2 9230 4041 Jeremy. [email  protected] com. au This publication is copyright.Except as permitted under relevant laws, no part of this publication may be reproduced by any process, electronic or otherwise, without the specific written permission of the copyright owner.  © Allens Arthur Robinson 8  © Allens Arthur Robinson – Vietnam Laws The material contained in Vietnam Client Updates is intended to inform you of recent legal developments in Vietnam. It is not intended, and should not be relied upon, as legal advice. Should you wish further information in relation to any legal instrument or matter mentioned in this issue, please do not hesitate to contact one of our offices.Ho Chi Minh City Suite 605 Saigon Tower 29 Le Duan Boulevard District 1 Ho Chi Minh City,Vietnam Tel +84 8 822 1717 Fax +84 8 822 1818 nigel. [email  protected] com. au Hanoi Suite 401 Hanoi Tower 49 Hai Ba Trung Hanoi, Vietnam Tel +84 4 936 0990 Fax +84 4 936 0984 bill. [email  protected] com. au Allens Arthur Robinson – a leading international law firm with lawyers in: Bangkok | Beijing | Brisbane | Hanoi | Ho Chi Minh City | Hong Kong | Jakarta | Melbourne | Perth | Phnom Penh | Port Moresby | Shanghai | Singapore | Sydney 9  © Allens Arthur Robinson – Vietnam Laws The Securities Market in Vietnam The Securities Market in Vietnam – 14 March 2007 This article is an introduction to the legal framework that governs the securities market in Vietnam, in particular public offers, listing, public companies and buying shares. This article focuses on the provision of Law 70-2006QH11 of the National Assembly on Securities (Law 70) and Decree 14-2007-ND-CP of the Government dated 19 January 2007 Providing Detailed Regulations for Implementation of a Number of Articles of the Law on Securities (Decree 14) .The MOF is to shortly issue a regulation to further provide guidance to the SSC on regulating and establishing investment funds, securities companies and fund management companies. An update will be provided once the regulation has been promulgated. 1. 1. 1 Relevant bodies The State Securities Commission (SSC) The SSC is the official regulator of the stock exchange, and is overseen by the Ministry of Finance (MOF). The HCMC Securities Trading Centre (HCMCSTC) The HCMCSTC is an ad ministrative unit of the SSC.It is a securities trading and listing market and offers and official mechanism through which new government bonds are issued and is the secondary markets for several existing bonds. Currently, the HCMCSTC is an administrative unit under the SSC. Under Law 70 it is to covert to either a Stock Exchange or a Securities Trading Centre in the form of a limited liability company or a shareholding company by July 2008. It is expected that the HCMCSTC will be converted into a Stock Exchange. 1. 2 1. 3 The Hanoi Securities Trading Centre (HASTC) The HASTC is an administrative unit of the SSC.It is a securities trading and listing market and offers and is also Vietnam’s official over-the-counter market for securities. Under Law 70 it is to covert to either a Stock Exchange or a Securities Trading Centre in the form of a limited liability company or a shareholding company by July 2008. It is expected that the HASTC will be converted into a Securities Tradin g Centre. 2. Public offer (PO) In Vietnam the processes of a public offer (PO) and listing are different, although companies may do the two simultaneously.A PO is an offer to sell shares, bonds or fund certificates via the mass media, or to at least 100 investors excluding institutional investors or to an unspecified number of investors. 2. 1 Participants (a) The issuer or issuing organization. This is the enterprise making the PO. The securities may be listed or unlisted. Underwriters. Securities in a PO may be distributed by underwriters. Underwriters must be securities companies authorized to underwrite issues of securities or a commercial banks approved by the SSC to underwrite issues of bonds, on conditions regulated by the MOF.The role of the underwriter is to assist the issuer to complete procedures prior to the PO, to purchase the securities for resale or the unsold portion of the securities from the issuer, and to assist the issuer to distribute the securities to the public . Custodian banks. These are commercial banks that are either domestic or foreign invested (that is, not an offshore licensed bank) and are licensed to carry out securities depository activities including the keeping and maintaining of securities.  © Allens Arthur Robinson – Vietnam Laws (b) (c) (d) Investors. Investors who wish to purchase securities may be Vietnamese or foreign investors but foreign investor must first apply for a securities trading code. Foreign investment is also subject to limitations (discussed below). 2. 2 Currency and par value Securities offered by a PO must be denominated in Vietnamese dong. The par value for shares and fund certificates is VND10,000 and the minimum par value for bonds is VND100,000. Conditions for a PO (a) Shares.An issuer of shares must be a shareholding company with paid-up capital of at least VND10 billion at the time of registration of the PO, must have made a profit in the year prior to the PO and must not have accumulated l osses as at the year of registration of the offer. The general meeting of shareholders1 of the issuer must pass an issue plan and plan for utilization of the proceeds earned. 2. 3 Under Decree 14 other specific conditions apply to newly established enterprises conducting an initial public offer if the enterprise is in the infrastructure or high-tech sectors.These conditions include the obligation for there to be an underwriter, and the obligation for there to be a bank supervising utilization of the proceeds earned from the offer. (b) Bonds. An issuer of bonds must have paid-up capital of at least VND10 billion at the time of registration of the PO, must have made a profit in the year prior to the PO, must not have accumulated losses as at the year of registration of the offer and must not have more than 100 overdue debts payable. The board of management or members’ council of the issuer (as applicable) must pass an issue plan and plan for utilization and repayment of the pro ceeds earned.The issuer of bonds must also give an undertaking to investors to discharge it obligations. In the case of convertible bonds the issue plan and plan for utilization proceeds must also have a plan for issuance of the shares for conversion and all plans must be passed by the general meeting of shareholders (not the board of management). (c) Fund Certificates. Issued fund certificates must have total value of at least VND50 billion. There must also be an issue plan and a plan for investment of the capital funds earned. 2. 4Prospectus Issuers of a PO must prepare a prospectus. The main contents for a prospectus are prescribed in Law 70 and the MOF has been delegated the task of creating a sample form prospectus. Among other things, the prospectus must include the financial statements of the issuer for the 2 years prior to the issue of the PO. The prospectus must be signed by the chairman of the board of management, the general director, the financial director/accountant (on ly in the case of shares and bonds) and the legal representative of the underwriter. . 5 Registration The issuer must register the PO with the SSC. To register, the issuer must submit a request for registration and attach those documents that are required by Law 70 (and which will be given more detail in specific regulations of the MOF). The documents required include the prospectus, the charter (or in the case of a PO of fund certificates, the proposed charter of the securities investment fund) and relevant resolutions and undertakings by the issuer. In the case of a PO for fund certificates the 1In the case of a enterprise with foreign owned capital that is converting to a shareholding company in combination with making a public offer of shares, Decree 14 clarifies that the issue plan and plan for utilization is passed by the owner of the enterprise with 100% foreign owned capital and the board of management of a joint venture enterprise. 2  © Allens Arthur Robinson – Vie tnam Laws contract for supervision between the custodian bank and the securities investment fund must also be submitted. The SSC has 30 days from receipt of the registration statement to certify registration. . 6 Announcement Within 7 days from certification of registration the issuer must make a public announcement in 3 consecutive newspaper issues. The announcement must stipulate the time in which investors have to register to purchase the securities. The time limit can be set by the issuer but must be a minimum of 20 days. Registration to purchase and payment of monies When an investor registers to purchase the securities it must pay the purchase price into an escrow bank account and this money will remain in escrow until completion of the PO.Allocation and delivery The issuer must allocate the securities within 90 days from the SSC’s certificate of acceptance, and physically deliver the securities to investors within 30 days from the date the offer ends. 2. 7 2. 8 3. List ing Listing is the process of taking a privately-owned organisation including an equitized or equitizing State owned enterprise (SOE) and making the transition to a publicly-owned entity whose shares can be traded on the HCMCSTC or HASTC. 3. Conditions, application and procedures for listing The regulations on the conditions, application files and procedures for listing a company are not contained in Law 70, they are contained in Decree 14. The conditions for listing on the stock exchange (of which there are currently none in Vietnam) are different from the conditions to list on a securities trading centre. However, in anticipation of the HCMCSTC converting to a stock exchange, new registrations for listing on the HCMCSTC must satisfy the conditions applicable for stock exchange listings, while existing listed companies on the HCMCSTC have two years to satisfy these conditions.Companies failing to meet these requirements will have their listing moved to the HASTC. Conditions, applic ation and procedures for listing on the Stock Exchange/HCMCSTC (a) Shares. The listing company must be a shareholding company with paid-up capital of at least VND80 billion at the time of registration for listing, must have made a profit in the two years prior to year of listing and must not have accumulated losses as at the year of registration for listing.There must not be overdue debts payable (unless a lawful reserve has been made for them) and there must be public disclosure of all debts owed to the company by officers2 and major shareholders. At least 100 shareholders must own 20% of the voting shares of the listing company, and there must be an undertaking from shareholders who are also officers of the company to hold 100% of their shares for 6 months from the date of listing and 50% of their shares for the following 6 months. Bonds.The listing company or SOE must have paid-up capital of at least VND80 billion at the time of registration for listing, must have made a profit i n the two years prior to year of listing and must not have overdue debts of more than 1 year. There must be at least 50 bondholders in any one bond issue. 3. 2 (b) 2 Officers are the members of the board of management, members of the board of controllers, director, general director, deputy director, deputy general director and chief accountant.  © Allens Arthur Robinson – Vietnam Laws (c) Fund Certificates. Issued fund certificates must have total value of at least VND50 billion. There must be an undertaking from the initial shareholdings and members of the committee of representatives of the fund to hold 100% of their shares for 6 months from the date of listing and 50% of their shares for the following 6 months. There must be at least 100 owners of fund certificates. 3. 3 Conditions, application and procedures for listing on the HASTC (a) Shares.The listing company must be a shareholding company with paid-up capital of at least VND10 billion at the time of registration fo r listing, must have made a profit in year prior to year of listing and must not have overdue debts of more than 1 year (with no current debts or financial obligations to the State). There must be at least 100 shareholders with voting shares, and there must be an undertaking from shareholders who are also officers of the company to hold 100% of their shares for 6 months from the date of listing and 50% of their shares for the following 6 months.The conditions relating to profitable business operations and overdue debts do not apply to newly established enterprises in infrastructure and high-tech sectors or equitizing SOEs. (b) Bonds. The listing company or SOE must have paid-up capital of at least VND10 billion at the time of registration for listing, and all bonds in the issue must have the same maturity date. Other types of securities. The task of stipulating conditions for listing other types of securities has been delegated to the MOF. (c) 3. 4 Registration The listing enterpris e must register with the relevant exchange or trading centre.To register the listing enterprise must submit a registration slip and attach those documents that are required by Law 70 (and which will be given more detail in specific regulations of the exchange/trading centre). The documents required include the prospectus, relevant corporate resolutions, register of shareholders/bondholders and required undertakings. The exchange/trading centre has 30 days from receipt of the registration slip to approve or refuse the application. 3. 5 Trading Current guidelines on securities, membership of the HCMCSTC/HASTCand trading in securities are contained in Circular 583 implementing Decree 1444.In time, Circular 58 should also be repealed by a new circular implementing Law 70 and Decree 14. In the interim the HCMCSTC and the HASTC continue to apply the day to day trading rules contained in the Circular 58. In addition, under Law 70, the HCMCSTC and the HASTC each are given the responsibility to issue regulations on the trading of listed securities within their respective centres. 3. 6 Other trading Securities listed on a Stock Exchange cannot be traded outside the Stock Exchange, unless otherwise stipulated in the trading rules of the Stock Exchange.In comparison, securities listed on a securities trading centre (STC) can be traded at a securities company which is a trading member of the STC. 3. 7 Taxation holidays – almost over Previously, to encourage investment in Vietnam’s securities market, various incentives were offered, 3 4 Circular 58-2004-TT-BTC of the Ministry of Finance dated 17 June 2004. Both Circular 58 and Decree 144 were issued before Law 70 and Decree 14, and must be read down to the extent of the inconsistency. 4  © Allens Arthur Robinson – Vietnam Laws ncluding preferential corporate income tax rates to companies upon listing. However, this preferential tax treatment ceased on 1 January 2007. Dividends from shares have been fr ee of personal income tax since 1994. However this very long â€Å"temporary exemption† is expected to come to an end under the proposed Law on Personal Income Tax, which was considered by the National Assembly in October-November 2006 and is expected to be passed in 2007. If passed in its current draft form, dividends from shares will be subject to personal income tax at a proposed rate of 5% from 1 January 2009. . Public companies A public company is a newly introduced concept in Vietnam. A public company is a shareholding company with any of the following characteristics: †¢ †¢ †¢ Shares have been issued via a PO. Shares are listed on the HCMCSTC or the HASTC. Shares are owned by 100 or more investors, excluding professional securities investors, and have a paid-up charter capital of VND10 billion or more. Importantly, a company does not have to be listed to be deemed a public company. New rules introduced for public companies include: 4. Filing A public com pany must lodge the public company file with the SSC within 90 days of becoming a public company. The public company files comprises the company’s charter and business registration certificate, the most recent financial statement and summarized information on its business operations scale, management organization and shareholding structure. Major shareholders A shareholder of a public company is deemed to be a major shareholder when it holds directly or indirectly (undefined) 5% or more of the voting shares the company.Upon becoming a major shareholder, the shareholder must report to the SSC and the HCMCSTC or HASTC (depending on where the shares of the public company are listed/offered). The information that must be reported is not extensive: only details of the investor (name, address) and details of the shares (number, percentage). However, important changes to this information, including a change of the number of shares in excess of 1%, must also be reported. Takeovers An offer to purchaser 25% or more of the voting shares in a public company must be made by a â€Å"public offer to acquire†.The public offer to acquire must be registered with and approved by the SSC (the law does not detail any criteria or basis for the approval) and must be announced in the mass media. Of note, if after implementation of the public offer to acquire, the acquirer holds 80% or more in the public company, the acquirer must, if the remaining shareholders so request, acquire the remaining shares at the announced price of the offer to acquire. 4. 4 Disclosure requirements A public company must publicly disclose certain information and report it to the SSC.Annually, a public company must disclose its audited financial statements. In addition, it must disclose information within a short period (24 hours, or 72 hours) upon the happening of a prescribed event, for example if an account of the public company is frozen (within 24 hours) or if a decision is made to borrow bonds with a value of 30% or more of the company’s equity (within 72 hours). 4. 2 4. 3 5  © Allens Arthur Robinson – Vietnam Laws 5. 5. 1 Foreign investors – how to purchase sharesUnlisted shares To contribute capital or purchase shares in Vietnamese enterprises, foreign investors must open a Vietnamese dong capital contribution and share purchase account (Account) at a commercial bank operating in Vietnam. All transfers of funds for the purpose of contributing capital, purchasing and selling shares, transferring capital contribution, receiving and using dividends or profits distribution, or purchasing foreign currency from authorised banks for remittance abroad and other transactions relating to any activity of capital contribution or purchase of shares inVietnamese enterprises by foreign investors must be performed through this Account. Further, this Account may only be used for capital contributions and share purchase activities. Within 2 working days from the date of opening the Account at a commercial bank, the foreign investor must register the Account with the State Bank (Department of Foreign Exchange Control). Under law, the State Bank must certify registration of the account within 5 working days, or otherwise provide written notice of its reasons for refusing to provide certification.A foreign investor is only allowed to perform receipt or payment transactions through the Account after obtaining a document on certification of account registration from the State Bank. Therefore it is important for potential investors to organize this account well in advance of the relevant share purchase date. Other than the controls over the Account, trading in unlisted shares is largely unregulated. 5. 2 Listed shares The foreign investor must apply for a securities trading code from the HCMCSTC/HASTC.The application consists of an application form and supporting documents. Unfortunately, the supporting documents that originate outside Vietn am (for example the constitution and establishment documents of the foreign investor) are subject to the tedious requirements of notarization and certification. Investors must then open a VND securities trading account with a registered broker in accordance with Decision 15505 to service activities of the purchase and sale of securities.The following accounts must be opened by the broker at an authorized bank in Vietnam: (a) a specialized, on-call foreign currency deposit account, into which foreign currency of the foreign investor is deposited (i) for the purpose of conversion into VND for purchase of securities or (ii) after conversion from VND for the purpose of remittance overseas or other authorized foreign currency remittances in Vietnam; and (b) a specialized, on-call VND deposit account, into which all VND amounts (after conversion from foreign currency) and all VND income from securities nvestment is transferred and from which all VND remittances for purchase of securities or for conversion into foreign currency is made. Listed share certificates must be centrally deposited at the Vietnam Securities Depository (VSD). This happens in two steps: first, the owner deposits the certificates with a depository member (for example, the broker or depository bank) and second, the depository member in turn deposits the certificates at the VSD. Cash settlement is made via the settlement bank, which is the BIDV. 6. 6. 1Foreign investors – restrictions Prohibited and conditional sectors Four prohibited sectors are listed in the 2005 Law on Investment. These sectors apply equally to foreign and local investors. Nine conditional sectors are listed in the 2005 Law on Investment. These sectors also apply equally to foreign and local investors. In addition foreign investment is conditional in 13 sectors specified in Decree 108 and ‘other investment sectors in international treaties of which Vietnam is a member and which restrict the opening of the 5Decision 1550-2004-QD-NHNN of the State Bank of Vietnam dated 6 December 2004. 6  © Allens Arthur Robinson – Vietnam Laws market to foreign investors’. It is not yet clear what the conditions are, and whether they may include restrictions on indirect investment. 6. 2 Other restrictions The current (to the extent that they have not been specifically repealed) laws of Vietnam consist of the following restrictions: (a) (b) (c) There is a cap on total foreign shareholdings in or capital contributions to any one unlisted domestic business of 30% of the charter capital (30% rule).The range of unlisted companies in which foreign investors may purchase shares is also restricted by sector (only 35 business lines are permitted). Foreign investors may hold a maximum of 49% of the total shares of any one company listed at a stock exchange or registered for trading at a securities trading centre (49% rule). Although not yet specifically repealed these restrictions may be affected by the 2005 Law on Investment which stipulates â€Å"investors must be permitted to invest in all sectors and in all industries and trades which are not prohibited by law†.Therefore under this general rule foreign investors should be (in theory) permitted to invest in all sectors and all industries provided that they are not in a prohibited or conditional sector (as above). It is not clear if the authorities will interpret the 30% rule and the 49% rule as being repealed by or alternatively, qualifying the Law on Investment. We consider that the better view is that these rules should be repealed by the Law on Investment. This view is consistent with the WTO principle of national treatment.However, we understand that in a meeting held on 18 January 2007 between the Government Office, the Ministry of Finance and the SSC the Government Office expressed the Prime Minister’s opinion that the 49% rule would continue to be applied ‘temporarily’. In any event, specific re strictions will continue to apply to conditional sectors (for example, banks) in accordance with commitments made under international agreements. 7. 7. 1 Securities Industry Players General Securities companies and fund management companies are the key players in the Vietnamese securities industry.This section provides an overview of the scope of activities under Law 70 of these companies Securities company As at 29 December 2006, the SSC has issued 55 operational licenses to securities companies under the previous securities law regime. After the effective date of Law 70, being 1 January 2007, there have not been any operational licenses issued and the most likely reason is that the implementing regulations for Law 70 have not been promulgated to guide the SSC in its work.Under Law 70, securities companies are permitted to engage in any or all of the following activities (the minimum legal capital is listed along side each of the activity): (a) (b) securities brokerage (VND 25 bill ion); securities self-trading (if the securities company engages in this activity it can only conduct the other activity of underwriting) (VND 100 billion); underwriting issues of securities (VND 165 billion); securities investment consultancy (VND 10 billion); financial consultancy services; and other financial services. . 2 (c) (d) (e) (f) The permitted areas of activity are limited compared to the business areas permitted under the old securities law regime. The prescribed minimum legal capital has also increased. This explains why there was a rush towards the end of 2006 to obtain a securities company license from the SSC. 7  © Allens Arthur Robinson – Vietnam Laws 7. 3 Fund Management Company Prior to the effective date of Law 70, eighteen operational licenses were issued by the SSC to fund management companies.Again there was a rush to obtain a license towards the end of 2006 because the scope of business activities has been restricted under Law 70. A fund management company can only engage in fund management and portfolio management and the minimum legal capital for establishment is VND 25 billion. 8. Funds This section provides a brief overview of investment funds as this is the subject of a detailed paper which will be released once the MOF has settled the regulation on investments funds and other related matters. Investment funds have been driving the bullish Vietnamese stock market.There have been a growing number of offshore and onshore investment funds established in recent years. At least 25 investment funds are operating in the market with an objective of investing in Vietnam. The Prime Minister has reportedly indicated that regulations on capital controls would be tightened to prevent capital flight which probably means that the MOF’s soon to be released regulations would introduce further regulatory controls on the operation of Funds. In brief, Law 70 sets the framework for the establishment of onshore public and membersâ€℠¢ funds.Public funds and members’ funds must have at least VND 50 billion in start up capital and managed by a fund management company. A public fund may be an open or closed ended fund with at least 100 investors. A members’ fund must have up to 30 investors. Assets of a fund are to be held by a custodian bank. The MOF’s future regulation is expected to contain other operational requirements. This article was written by Julia Howes, a lawyer with Allens Arthur Robinson who has been practicing in Vietnam for 3 years.Allens Arthur Robinson is one of the largest international law firms in Asia, with more than 900 lawyers, including 179 partners. Allens Arthur Robinson has been providing legal services for clients in Australia for more than 180 years and in Asia for the past 30 years. Our Vietnam practice is managed by partners Bill Magennis in Hanoi and Nigel Russell in Ho Chi Minh City, both of whom joined the Allens Arthur Robinson partnership from 1 January 200 7. The Vietnam practice was established in 1993 and is one of the largest and most successful among foreign law firms in the country.For further information, please contact: Bill Magennis Partner, Hanoi Ph: +84 4 936 0990 Bill. [email  protected] com. au Nigel Russell Partner, Ho Chi Minh City Ph: +84 8 822 1717 Nigel. [email  protected] com. au Steve Pemberton Partner, Singapore Ph: +65 6535 6622 Steve. [email  protected] com. au Jim Dunstan Executive Partner – Banking & Finance and Asia offices, Sydney Ph: +61 2 9230 4571 Jim. [email  protected] com. au Simon Lynch Partner, Melbourne Ph: +61 3 9613 8922 Simon. [email  protected] com. au Jeremy Low Partner, Sydney Ph: +61 2 9230 4041 Jeremy. [email  protected] com. au This publication is copyright.Except as permitted under relevant laws, no part of this publication may be reproduced by any process, electronic or otherwise, without the specific written permission of the copyright owner.  © Allens Arthur Robinson 8  © Allens Arthur Robinson – Vietnam Laws The material contained in Vietnam Client Updates is intended to inform you of recent legal developments in Vietnam. It is not intended, and should not be relied upon, as legal advice. Should you wish further information in relation to any legal instrument or matter mentioned in this issue, please do not hesitate to contact one of our offices.Ho Chi Minh City Suite 605 Saigon Tower 29 Le Duan Boulevard District 1 Ho Chi Minh City,Vietnam Tel +84 8 822 1717 Fax +84 8 822 1818 nigel. [email  protected] com. au Hanoi Suite 401 Hanoi Tower 49 Hai Ba Trung Hanoi, Vietnam Tel +84 4 936 0990 Fax +84 4 936 0984 bill. [email  protected] com. au Allens Arthur Robinson – a leading international law firm with lawyers in: Bangkok | Beijing | Brisbane | Hanoi | Ho Chi Minh City | Hong Kong | Jakarta | Melbourne | Perth | Phnom Penh | Port Moresby | Shanghai | Singapore | Sydney 9  © Allens Arthur Robinson – Vietnam Laws

Platos Digression of Regimes and The Order of the Soul

Platos Digression of Regimes and The Order of the Soul Free Online Research Papers Book VIII of the Republic of Plato is very clear in its intent. Socrates had just finished describing his ideal state in the previous book, the Aristocratic Republic. However to truly decide whether this is the best political regime in terms of the happiness of its citizens, other regimes must be analyzed in comparison. There are four regimes which, in a sense, digress from the highest regarded Aristocracy. Each of which has a subsequent individual whose dominant characteristic, or order of the soul is in direct relation to that regime. However Socrates’ will also show that it is the individual who dictates the regime, and inevitable digression into the system below it. In this essay I will assess Book VIII and show how the principal virtue of each regime (and of the individual therein) eventually becomes its principal vice and digression. The dialogue in this book takes place mostly between Socrates and Glaucon. The objective is to consider carefully if the best political system, the Aristocracy, produces the happiest individual. â€Å"There are four forms it is worthwhile to have an account of, and whose mistakes are worth seeing; and similarly with the men who are like these regimes; so that, when we have seen them all and agreed which man is the best and which worst, we could consider whether the best man is happiest and the worst most wretched, or whether it is otherwise.† (544a, b.)1. The four regimes post or sub-Aristocracy, in order of digression from the one with highest inherent good to least, is as follows: Timocracy, Oligarchy, Democracy, and Tyranny. Each one comes attached with a human in which their character reflects in the regime. Aristocracy’s are ruled by Philosopher kings and are, as such based on reason and wisdom, its people, lovers of justice. The Timocracy differs from the Aristocracy in that it is far more militant, its people, lovers of honour. The Oligarchy places precedence in financial and material acquisition, its people, lovers of money. The Democracy is rooted in freedom of the individual, its people enjoy it through the assorted (and what Socrates will argue, unnecessary) desires it fosters. Last, and in this case least (in terms of ‘good’), is Tyranny. This regime is emphasized by lawlessness, and the skewed sense of morals due to the corruption of power. We start with the transitional period of the decay from Aristocracy to Timocracy, what Socrates considers to be the best and least corrupt of the lesser regimes. Because the Aristocracy is the system held in highest regard, he believes that it is also the most difficult change. The only way it will digress into a Timocracy is when people start having children when they shouldn’t. The result of this overpopulation is a society harder to control, and an eventual mixing of the class systems or metals Socrates explains in the prior books. â€Å"Although they are wise, the men you educated as leaders of the city will nontheless fail to hit on the prosperous birth and barrenness of your kind with calculation aided by sensation, but it will pass them by, and they will at some time beget children when they should not.† (546b.)2. This blending of the social structure will then lead to people assuming positions of power, which, in the former system would not be qualified, essentially meaning they are not Philosopher Kings. I don’t believe the reader is meant to take this literally, and when reading this part of the book, Socrates’ excuse for the decline of his Utopia (due to over population) seems almost satirical. I believe it is meant to be taken more as a metaphor for the unpredictability of nature. These less philosophically inclined rulers will tend to lean towards war as opposed to peace when in power. The individual, following suit with the regime he lives in will love gymnastics, hunting, and although he would despise money when he’s young, as he aged he would grow to love it more, as he no longer devotes himself to excellence. This will happen as the best guardian, the power of reasoned, educated speech, leaves him. â€Å"a lover of hearing, although he’s by no means skilled in rhetoric.† (549a.)3. It is this point which I believe differentiates him most from the Guardian class he came from, his inability for abstract, philosophic thought and argument. It is here when a pattern arises in the transition from regime to regime. It is the children, unsatisfied with the lives of their parents, which would be the lives otherwise set out for themselves; should they not actively choose to live differently, that have the greatest impact. This rebellion is the spark of the fire which eventually burns the structures of any political regime in question. The boy of a Timocratic man would see everything his father has. A life devoted to honour is rich in virtue, however the son would only see what that lifestyle lacks. In this case possessions. â€Å"humbled by poverty he turns greedily to money-making; and bit by bit, saving, and working, he collects money. Don’t you suppose that such a man now puts the desiring and money-loving part on the throne, and makes it the great king within himself†(553c.) 4. The more this perpetuates the more we see the societal balance tipping from virtue, in favour of wealth. â€Å"Well then, I said, from the progress in money making and the more honorable they consider it, the less honorable they consider virtue. Or isn’t virtue in tension with wealth, as though each were lying on a scale of balance, always inclining in opposite directions?† (550e.) 5. â€Å"Instead of men who love victory and honor, they finally become lovers of money-making and money; and they praise and admire the wealthy man and bring him to the ruling offices, while they dishonor the poor man.† (551a.) 6. Once this transition is complete and it is the wealthiest men in the society who rule. The Timocracy has successfully degenerated into an Oligarchy. The Oligarchic state, and in turn Oligarchic man are fundamentally (according to Socrates) more flawed than the Timocracy and Timocrat respectively. Since the people in an Oligarchy respect wealth above all, the richest men will ascend to power, not the most qualified. â€Å"But what is the character of the regime? And what are the mistakes which we were saying it contains? First, I said, the very thing that defines a regime is one. Reflect: if a man were to choose pilots of ships in that way – on the basis of property assessments – and wouldn’t entrust one to a poor man, even if he were more skilled pilot-they would make poor sailing† (551c.) 7. The second major problem with the Oligarchy is that it will create a great class distinction between the rich and the poor. Once again the very thing that defines the regime and the people in it is inevitably its downfall. The gap in material possessions between classes leads to poorer class to revolt. â€Å"The poor are now in no wise despised by the rich. Rather it is often the case that a lean, tanned poor man is ranged in battle next to a rich man, reared in the shade, surrounded by a great deal of alien flesh, and sees him panting and full of perplexity. Don’t you suppose he believes that it is due to the vice of the poor that such men are rich, and when the poor meet in private, one passes the word to the other: ‘Those men are ours. For they are nothing† (556d, e.) 8. A Democracy would then come into being when the poor revolt and share office with the rich who are left. And also again the children come into play here. Their fathers, obsessed with making money, would also be reluctant to spend it since they love it so much. â€Å"I suppose a son would be born to that stingy, Oligarchic man, a son reared by his father, in his dispositions. ‘Of course’. Now, this son too, forcibly ruling all the pleasures in himself that are spendthrifty and do not conduce to money-making, those ones that are called unnecessary.† (558b, d) 9. What Socrates means here, is the children of the Oligarchs would eventually inherit their father’s wealth. And because they did not have to work for it, would be much more partial to spend it. This unnecessary spending would in turn lead to unnecessary desires. And in turn a Democracy is born. Democracies, which some might find rather low on the list, is not surprisingly for anyone who has read the Republic thoroughly up to this point. In describing Socrates’ ideal state you soon find that he does not believe all men are created equal. Everyone in his society is important, specific to where they fall under his class system, but to assume an Auxiliary is equal to a Guardian would defeat the purpose of class systems and the Noble Lie. In a Democracy all men are equal and free to indulge in whatever desires they please. Because the democratic individual is so inclined to such (what Socrates would say are trivial, or even dangerous) desires. The reason in his soul is severely lacking, hence why Democracy is only succeeded by Tyranny. Although it may appear that the Democratic man would be very happy, it seems as though his happiness is superficial and clouded by his ignorance and Socrates would never be quoted as saying ‘ignorance is bliss’. â€Å"The ultimate in freedom of the multitude, my friend, I said, occurs in such a city when the purchased slaves, male and female, are no less free than those who have bought them.† (563b) 10. What Socrates is saying here is that eventually the idea of freedom will become so extreme that everyone will be equal, including slaves and their masters. And because of this the rulers of the regime would be questioned as to why they are held in higher regard than the citizens. This questioning of power would lead to the masses claiming the rulers were in fact Oligarchs, and un-democratic. Socrates believes that when you have something so extreme in one direction (in this case freedom) it will inevitably swing in another direction, causing an extreme of the exact opposite. â€Å"And, really anything that is done to excess is likely to provoke a correspondingly great change in the opposite direction-in seasons, plants, bodies, and, in particular, not least in regimes. Too much freedom seems to change into nothing but too much slavery, both for private man and city.† (563e – 564a) 11. As the majority questions the democratic rule, and the ‘oligarchic’ leaders, one person will take charge in the revolt. This man will easily ascend quickly to be a leader of the masses, who have become soft, caring only for their desires. â€Å"Aren’t the people always accustomed to set of one man as their special leader and to foster him and make him grow great? Yes they are accustomed to do that. It’s plain therefore , I said, that when a tyrant grows naturally, he sprouts from a root of leadership and from nowhere else.† (565c, d) 12. And this is how a Tyranny is born out of a decaying democracy. Just as every regime prior, the very â€Å"virtue† the system is based on is the primary reason for its digression. A Tyranny, the worst regime according to Socrates, has the least inherent good, and thus, least happiness for its people. The tyrant will abuse his position and constantly wage wars against other states so that he has a reason and unquestioned purpose to lead, and tax the public. Its people become slaves only because they let themselves, allowing and even enforcing the Tyrant into power. The unlimited freedom of the democracy has made this transition easy and inevitable. So what can be learned by book 8? Socrates stresses the power of the individual and how he is ultimately responsible for the society and regime he lives in. Once more the individual’s soul is reflected in the regime, and vice versa. The Aristocracy, and those who live in it, has the perfect balance of the soul, with reason, logic and intelligence paramount. Next, the Timocracy, is praised for its honour based society and individuals who hold honour above all else, however it lacks the integral philosophic leadership of its preceding system, and thus falls short in terms of ideal, and the best possible happiness for its people. Following Timocracy, comes the Oligarchy. It is this transition I see as the start of real decay, both in the sense of the regime and in the individual. While honour can be praised, Love of something tangible, like money, seems to blind the regime and individual alike. If it were not for his greed and obsession with status, he would be a rogue within the state. After which comes democracy which although at first might seem like a virtuous society, holding the freedoms of individuals above all else, self implodes. The individual becomes so lost in his desires; he is unaware and uncaring of what is happening around him. He does not care for intelligence and reason and has a soul filled with excess. His ignorance makes it easy for his regime to be transformed and taken over by a Tyrant, the worst of all, whose power hungry lust will create a slave like society unable to do anything. The Tyrant’s soul is as broken as the regime he looks over. Aristocracy > Timocracy > Oligarchy > Democracy > Tyranny are intrinsically linked to Reason > Honour > Money > Freedom > Power. By finding which characteristic of the soul is most dominant in that individual, you can label the regime as such. Research Papers on Plato's Digression of Regimes and The Order of the SoulComparison: Letter from Birmingham and CritoBringing Democracy to AfricaAssess the importance of Nationalism 1815-1850 EuropeCapital PunishmentPETSTEL analysis of IndiaEffects of Television Violence on Children19 Century Society: A Deeply Divided EraQuebec and CanadaBook Review on The Autobiography of Malcolm XTrailblazing by Eric Anderson

Case Study of Bicester Village in UK-Free-Samples for Students

In today’s modern world, incomes are rising rapidly and luxury goods are getting available widely, with the attitudes regarding the display of wealth shifting with time. Due to this, more and more Chinese consumers are feeling more comfortable in buying luxury goods. Because of this, the love for these products in china is moving down the economic ladder, meanwhile creating challenges and opportunities simultaneously for the marketers who are used to serving just the very rich consumers. The upper middle class account for a large share of the market and their numbers are increasing swiftly. The interest in the luxury goods segment is moving over jewellery, handbags, fashion and similar products. A large number of the Chinese luxury goods consumers are also spending their money on spas and other wellness activities. The consumption for such luxury services are rising faster in comparison with luxury goods (Li, Li & Kambele, 2012). Over the past decade the Chinese have directed the world towards luxury shopping. By 2015, China was offering more luxury retail selling space than Japan and was swiftly catching up on USA, with the Chinese accounting for almost a third of the overall global luxury spending. Particularly the wealthy Chinese tourists have been the key directors of the international luxury goods sales for more than a decade. As stated by the travel data released by Euromonitor International, the Chinese tourists made approximately 3 million trips to the USA in 2015, which was an upsurge of around 8% from 2014 and a huge 206% upsurge accounted for in the five years from 2010 to 2015 (Travel in China, 2016). In 2015 itself the Chinese made around 5 million trips to Japan, 2 million trips to France and 285 thousand trips to the UK, with most of these trips related to shopping expeditions or significant luxury retailers and shopping hotspots (Economic Impact 2016, 2017). However, in the years 2014 and 2015, the mainland of China recorded its lowest growth of sales of luxury products from the time when records began (Global luxury goods sales growth to stabilise in 2015 - Bain, 2014). Among some of the other factors getting influenced, this decrease in growth also implied that China would not be able to overtake Japan and then go on to become the world’s second largest luxury goods market in the world in the next consecutive five years and it is anticipated to uphold its current position ahead of France and UK in the short to medium term. China recently put in an effort of curbing the wrongdoings in the luxury goods consumption. The effort became a crackdown on the grey luxury goods market that had prospered because of the major price variances among luxury goods within and outside of China. In cases of some Swiss-made timepieces, the alteration in price can be as high as 90% between Western Europe and China (Hancock, 2017). The major players in the grey market are mainly professional shoppers, who are travelling abroad in most cases for buying luxury goods in bulk. They take that back with them home for selling those wares either openly or online, and it has went on to become a business that is worth billions of US dollars. Back in 2016, the government stepped in to combat the grey market by stepping up their customer control and raised penalties for false declarations, which resulted in the increasing numbers of professional shoppers getting caught. However, this is just a single part of the crackdown. Beijing has even presented harsher taxation laws in major categories, with hiking tariffs on watches from 30% to 60% and on jewellery from 10% to 15% (Master & Wendlandt, 2016). These tariffs are applicable on the goods that are legitimately purchased through the internet and delivered in packages to China, and even on goods purchased abroad and brought back to China. The government also put a cap of CNY100,000 (US$15,473) per card on yearly withdrawals at foreign UnionPay cash machines. This is a huge issue for well-heeled Chinese tourists who are into shopping at luxury department stores like Barneys in New York, Galeries Lafayette in Paris and Harrods in London (Lopez, 2016). Several brand leaders in the luxury goods industry were bewailing about the adverse international trading conditions for a long time, and their influence on China’s previously fast growing luxury goods market. This fresh crackdown over overseas spending by Chinese shoppers is another headwind to face and might be the most disorderly one till date. It was the hope of the Chinese government that higher tariffs would help durable luxury goods demand in the domestic market (Roberts, 2017). The enormous and creating number of Chinese luxury buyers can be credited to the rapidly rising disposable family pay rates in China. The amazingly well off Chinese families are clearly exceptional drivers of improvement for luxury and the prime concentration for luxury brands. In any case, the rising Chinese middle-class, including families with pay rates between USD 9,000 and USD 34,000, have transformed into the fast rising buyer divide in China – they have transformed into the subject of much thought from overall brands (Aroche, 2015) These new contenders, whom are generally arranged in second tier urban groups, spend a considerable measure of their pay on luxury, using their purchases as pictures to demonstrate their extending social and money related status, and their desires to accomplish status. In spite of the way that middle-class customers spend less out and out than their wealthier accomplices, their numbers are adequately basic to solidly affect indicate luxury spending in China. According to McKinsey and Company, the overall organization consultancy firm, the Chinese middle class included 500 million people in 2015 (Barton, Chen & Jin, 2013). This number is foreseen to grow more than 550 million by 2022, tolerating that people numbers stay predictable (Atsmon & Magni, 2012). An interesting typical for Chinese luxury customers is that they are comparatively more young than their European and American accomplices – 45% of Chinese luxury buyers are under 35 years of age, they are all around 14 years more energetic than their European accomplices, and 25 years more young than their American accomplices (Cbbc.org, 2015). The ordinary time of Chinese luxury customers is 33.1 years, with more than 80% of all Chinese luxury purchasers between the ages of 25 and 44. Women have transformed into a crucial rising measurement in the Chinese luxury goods exhibit, which has for the most part been overpowered by folks in the region of 35 and 45 years old (Yi, Yuan & Kumah, 2013). This is because Chinese women are beginning to get up to speed with men in numbers in the workplace, and thus are expanding more cash related flexibility and societal position. In like manner, their getting power has extended, and they are obtaining more luxury goods than whenever in late memory to repay themselves for steady work and individual accomplishments. With 25% of Chinese women increasing more than their male accessories, they now speak to three-fifths of the luxury goods publicize (Yi, Yuan & Kumah, 2013). Regardless of the directing of domestic luxury use, Chinese tourists are spending more in luxury retail territories abroad. Of the 27% of total overall luxury purchases by Chinese customers, it is assessed that almost 60% of luxury usage occurs outside the mainland and abroad (KPMG.com, 2017). As voyaging twists up obviously less requesting and all the all the more captivating, Chinese tourism has exploded, with the amount of Chinese tourists outperforming 80 million out of 2012. It is assessed that 72% of Chinese tourists purchase luxury goods abroad, and Chinese tourism is transforming into a basic jar to neighborhood economies around the world (KPMG.com, 2017). Another basic example in the Chinese market is the growing advancement of the Chinese luxury client, as tastes of arranged buyers create with stunning pace. There is a perceivable move of enthusiasm from luxury products showing logos to more minimized and exceptional products, leaving comprehended brands like Louis Vuitton and Gucci endeavoring to remain mindful of prior yearly advancement rates. This ponder is most obvious in tier one urban groups, for instance, Beijing, Shanghai, and Shenzhen, where clients have been acquiring luxury for a long time and are getting the opportunity to be perceptibly capable about shape and curious about what the world sees as in vogue. These tenured shoppers are beginning to focus on brand heritage, craftsmanship, and lack in their luxury purchases rather than obvious logos doubtlessly demonstrating wealth (Ye, Bose & Pelton, 2012). At the same time, significant amounts of the Chinese middle class are coming into wealth where they can endure the cost of luxury shockingly. Along these lines, there is up 'til now a strong enthusiasm for most likely comprehended, logo-decorated products that clearly demonstrate their newly found status in the Chinese social chain of significance. As the luxury goods market sections transversely finished wage levels and social classes, luxury goods associations are standing up to new troubles in fitting their product portfolios to meet distinctive slants, while meanwhile keeping up consistency and particularity in their brand cachet (Zhan & He, 2012). The need to use luxury goods is a direct result of the Chinese masses wanting  to exhibit their anomalous condition of wealth  to others. The  rising gaining power and the effect of Western lifestyles have upheld luxury consumption and thus some first class brands have extending their embodiment in China with a particular true ob jective to misuse that condition. Nowadays, the best way to deal with be known among  Chinese consumers  in the luxury market is through the web using digital frameworks and  tools. Indeed,  social media  and e-commerce  hold a strong effect over Chinese luxury buyers.   A generous number of Chinese purchasers knew accurately what they'll purchase before they arrive  at the store due with 90% of respondents communicating they plan their purchases early (Chiu, Ip & Silverman, 2012). Chinese buyers give watchful thought to the brand and country of-base of luxury goods and tend to hold slants for without a doubt comprehended foreign luxury brands with surely understood logos. Disguising any indication of disappointment go up against" could be a basic method of reasoning fundamental Asian purchasers' strong desires for indulgences regardless of the low ordinary pay. Gifting has been identi?ed as another basic manner of thinking in Chinese luxury product obtaining. Eating up exorbitant gifts re?ects the social chain of significance and furthermore upkeep of the agreement between collect necessities and individual needs. Asians a great part of the time purchase luxury goods for relatives and "package" families with luxury brands to display family wealth and status. Past research has associated gifting to working up guanxi in the Chinese society. Guanxi, illuminated as social ties, expect a key part in various walks around Chinese regular daily existences. Chinese pur chasers tend to assume that the all the more exorbitant the gift, the greater affirmation will be grabbed, the more "face" will be gotten, and the better relationship will be proficient (Zhang & Kim, 2013). Chinese purchasers are existing the components of unmistakable, likeness, self-delight and the journey for quality, which is advanced in the theoretical luxury consumption motivation. Meanwhile, Chinese purchasers in like manner have the refinement of the luxury shopper motivation: they have little motivation of regular self-explanation, however are of unprecedented vitality for the mission for materialistic play and superstar motivation. Here we can see the impact of customary culture of Chinese clients for their luxury shopper motivation (Ko & Megehee, 2012). Chinese shoppers' luxury consumption motivation has the going with perceptible components. To the exclusion of everything else, with respect to Western buyers, they focus on individual organized consumption regard; Second, in regards to Western purchasers, they focus on having a place individual immensity; Third, concerning Western clients, Chinese shoppers have a tendency to use the products' or brands' picture, and the consumption to express their class and status in people in general eye. Fourth, with respect to Western shoppers, they focus on the principle properties of luxury, when the Chinese clients pick and purchase the luxury goods; there are more group motivations to avoid the peril of buyers and to meet the mass intrigue. Fifth, in the luxury consumption of Chinese purchasers, there is a huge bit of them are used to set up their social relations as favors, to address social issues. Finally, starting late, due to the hoarding of social wealth, and furthermore the impact of the contemplation of consumerism and intemperance, Chinese buyers have begun to have a particular measure of individual arranged luxury purchaser motivation, for instance, self-happiness, fine quality and self gift (Jiang & Cova, 2012). The luxury discount village of Bicester, UK, was opened at Clarks Village in Somerset in 1993, the past site of the Clarks shoe mechanical office and not far from the Shoe Museum. McArthurGlen, set up by Harvard-taught Joey Kaempfer, by then started copying US-style outlet malls in Europe with centers like Cheshire Oaks close Manchester. Today there are around 30 outlets in Britain, all things considered, a middle-class space with idealistic brands and the earth to match. Retail outlets are a beating position in a troublesome market. Most UK outlet centers have had yearly sales improvement of 10 for every penny over the latest couple of years, according to Jonathan Adams, senior head of retail valuations at property consultants CBRE. That is before designs for buyer spending: the Office for National Statistics said UK retail sales volumes rose 4.1 for each penny in September year on year. Outlet malls have similarly beated full-price shopping centers in capital regard, as demonstrate d by CBRE, growing by 40 for every penny overall since 2012; full-price shopping centers created by under 1 for each penny (Shannon, 2016).   As the outlets wind up observably higher-end, so do the shoppers. Regard Retail, the proprietor of Bicester, the most upmarket of the UK's outlet malls, says the well off and middle classes come to search for regard rather than discounts — a fine, perhaps solely verbal, differentiate. Certainly, idealistic luxury shoppers might be less arranged to treat themselves to a section price pearl on Bond Street — yet grabbing it decreased cost at Bicester is one of a kind. With the view of directing overall money related improvement, an unfriendly to corruption crackdown on self important "gift giving" in China and dread attacks counteracting tourism to elsewhere in Europe, top notch members, for instance, Time and Gems offer an appealing customer base and superior to anything normal edges (Seo, 2016). A common criticism of outlet malls is the idea of the stock since shoppers are clueless that products can be made especially to be sold in these outlets. Value Retail rushes to point out stock is not "made for outlet" in the watch and fine diamonds part, yet rather is from the brand's past gatherings or is a bit of an assurance of reconditioned stock. Some are watchful this contemplates well the brands. Having halted or unsold stock to fill these outlet stores proposes either poor stock control or associations creating especially for the outlets The Chinese economy has moved toward becoming enormously all through the last ten to twenty years, and all inclusive tourism to China is winding up fundamentally speedier. A part of the reasons behind this gigantic improvement are the general advancement of tourism, the Chinese open-door course of action, more persistent flights among China and whatever is left of the world, and unprecedented changes in Chinese transport establishment, lodging settlement and tourist attractions. Also in China, widespread tourism is viewed as a techniques for pulling in foreign exchange and as a lift to money related advancement. When measuring the impact of tourism, the primary issue is that tourism is not typically named a singular industry. In dealing with this issue, tourists' uses per thing total must be cured for foreign imports, and ought to be allocated to the conveying family unit industry. Basically after these modifications, would one have the capacity to assess the quick impact of tourism on, for instance, regard included or work. The second issue is picking the kind of underhanded effects one wishes to consider and, immovably related, picking of the exhibiting approach for assessing of the picked impacts. Various circumlocutory effects are caused by linkages between tourism-arranged organizations and diverse undertakings. Packs into these linkages overwhelmingly show that tourist establishments and tourism-orchestrated organizations have strong in turn around linkages with giving endeavors, however forward linkages with supplying industries are in every way that really matters truant (Xu, 2013). Today, the financial returns on several luxury shopping mall investments seem much less lucrative than they were five years age. This is due to the slower economic growth that is being specially felt in the interior of Greater China. Crucially, as shopping malls faces slower footfall and as retail sales subside, the luxury brands would require rethinking their growth strategies for the interior. The implications for the luxury industry totally are possibly far reaching, with the situation that China’s interior was previously viewed as a beacon of future opportunity. In case we look outside of Greater China, a noteworthy piece of the positive sales compel saw in 2014 and 2015 in the made regions was truly fuelled by wealthy going to Chinese tourists. In any case, after the Chinese government ruined the renminbi in August 2015, China's outside spending power has become appalling. Added to that, the Chinese economy is set to continue cooling. These two troubles solidified will no doubt influenced the business' property sales mix, possibly setting off another move in overall wage control in 2016 (Carcano, 2013). The impact of a weakening economy is most likely not going to keep rich Chinese buyers from taking off to buy their luxury goods, be that as it may it might change their objective of choice and also signify in-objective spend. Short-pull objectives, for instance, South Korea and Thailand could get the prizes. In case Chinese purchasers cut back on outside trips help far from home, by then we could start to see yet another move to be resolved of vitality between the locale. Spending in North America, Western Europe and Japan could go down, while spending in China could even go up. It is difficult to envision how the condition will make later on. What we can state, nonetheless, is that, according to the examination, 2015 wound up being a champion among the most purposely fundamental years ever for the overall luxury goods industry. Aroche, D. (2015).  Are You Reaching The Global Chinese Luxury Consumer?.  Luxury Society. Retrieved 19 August 2017, from https://luxurysociety.com/en/articles/2015/11/are-you-reaching-the-global-chinese-luxury-consumer/ Atsmon, Y., & Magni, M. (2012).  Meet the Chinese consumer of 2020.  McKinsey & Company. Retrieved 19 August 2017, from https://www.mckinsey.com/global-themes/asia-pacific/meet-the-chinese-consumer-of-2020 Barton, D., Chen, Y., & Jin, A. (2013).  Mapping China's middle class.  McKinsey & Company. Retrieved 19 August 2017, from https://www.mckinsey.com/industries/retail/our-insights/mapping-chinas-middle-class Carcano, L. (2013). Strategic management and sustainability in luxury companies.  Sustainable Luxury: A special theme issue of The Journal of Corporate Citizenship,  52, 36. CBBC - China’s Middle Income Consumers. (2015).  Cbbc.org. Retrieved 19 August 2017, from https://www.cbbc.org/news/china%E2%80%99s-middle-income-consumers%E2%80%99-report-released-b/ Chiu, C., Ip, C., & Silverman, A. (2012). Understanding social media in China.  McKinsey Quarterly,  2(2012), 78-81. Economic Impact 2016. (2017).  WTTC,org. Retrieved 19 August 2017, from https://www.wttc.org/-/media/files/reports/economic%20impact%20research/regions%202016/world2016.pdf Global luxury goods sales growth to stabilise in 2015 - Bain. (2014).  Reuters.com. Retrieved 19 August 2017, from https://www.reuters.com/article/luxury-report-idUSL6N0S93YG20141014 Hancock, T. (2017).  Chinese shoppers begin to buy luxury brands again — at home.  Ft.com. Retrieved 19 August 2017, from https://www.ft.com/content/61bc103a-e38a-11e6-8405-9e5580d6e5fb Jiang, L., & Cova, V. (2012). Love for luxury, preference for counterfeits–A qualitative study in counterfeit luxury consumption in China.  International journal of marketing studies,  4(6), 1. Ko, E., & Megehee, C. M. (2012). Fashion marketing of luxury brands: Recent research issues and contributions.  Journal of Business Research,  65(10), 1395-1398. Li, G., Li, G., & Kambele, Z. (2012). Luxury fashion brand consumers in China: Perceived value, fashion lifestyle, and willingness to pay.  Journal of Business Research,  65(10), 1516-1522. Lopez, L. (2016).  It looks like China is about to squash a $7 billion luxury industry.  Business Insider. Retrieved 19 August 2017, from https://www.businessinsider.in/It-looks-like-China-is-about-to-squash-a-7-billion-luxury-industry/articleshow/51706401.cms Luxury experiences in China. (2017).  KPMG.com. Retrieved 19 August 2017, from https://home.kpmg.com/content/dam/kpmg/pdf/2016/06/it-Luxury-experiences-in-china-2011.pdf Master, F., & Wendlandt, A. (2016).  China's gray luxury market threatened by new tax regime.  U.S.. Retrieved 19 August 2017, from https://www.reuters.com/article/us-china-luxury-greymarket-idUSKCN0WY528 Master, F., & Wendlandt, A. (2016).  China's gray luxury market threatened by new tax regime.  U.S.. Retrieved 19 August 2017, from https://www.reuters.com/article/us-china-luxury-greymarket-idUSKCN0WY528 Roberts, F. (2017).  China's Luxury Market Set for Steady Performance Amid Unfavourable Market Environment.  Euromonitor International Blog. Retrieved 19 August 2017, from https://blog.euromonitor.com/2017/03/china-luxury-market-steady-performance-amid-unfavourable-market-environment.html Seo, J. (2016).  Why Does Everybody Love Bicester Village, England's Famous Luxury Outlet Mall?.  Forbes.com. Retrieved 19 August 2017, from https://www.forbes.com/sites/juyoungseo/2016/07/11/why-does-everybody-love-bicester-village-englands-famous-luxury-outlet-mall/#7cbb637b1218 Shannon, S. (2016).  How Bicester Village retail outlet became a new luxury destination.  Ft.com. Retrieved 19 August 2017, from https://www.ft.com/content/c6bafc88-895a-11e6-8cb7-e7ada1d123b1 Travel in China. (2016).  Euromonitor.com. Retrieved 19 August 2017, from https://www.euromonitor.com/travel-in-china/report Xu, G. (2013).  Tourism and Local Development in China: Case Studies of Guilin, Suzhou and Beidaihe. Routledge. Ye, L., Bose, M., & Pelton, L. (2012). Dispelling the collective myth of Chinese consumers: a new generation of brand-conscious individualists.  Journal of Consumer Marketing,  29(3), 190-201. Yi, J., Yuan, M. F., & Kumah, S. (2013). The Attitude, motivation influence people’s buying Luxury goods: A survey of Chinese in China.  Journal of Business and Management,  15(3), 15-24. Zhan, L., & He, Y. (2012). Understanding luxury consumption in China: Consumer perceptions of best-known brands.  Journal of Business Research,  65(10), 1452-1460. Zhang, B., & Kim, J. H. (2013). Luxury fashion consumption in China: Factors affecting attitude and purchase intent.  Journal of Retailing and Consumer Services,  20(1), 68-79.

Albert Einstein Essay Example | Topics and Well Written Essays - 1250 words

Albert Einstein - Essay Example This man is considered as the father of Science for the extensive research done by him in this field. An insight into his life would enlighten any human mind. Albert Einstein was born on the 14th of March 1879 to Hermann Einstein (Father), an Engineer and salesman and Pauline Einstein (mother) who was also well educated (Peter D 1-3). He was born at Ulm in Wurttemberg, Germany and after six weeks the family moved to Munich. He began his schooling at Catholic elementary school from the age of five and later at the age of eight he went to Luitpold Gymnasium for his primary and secondary schooling education for seven years and Einstein was a good student As Einstein grew up he developed interest for science and began brooding over the theories behind every mechanism. He was inquisitive to learn and would do anything to understand a theory. During his course of learning, his family faced financial crisis due to a loss in the business but Einstein continued his studies at Luitpold Gymnasi um for some time. Later he wrote his first scientific work "The Investigation of the State of Aether in Magnetic Fields"(â€Å"Einstein symposium 2005†). He finished his secondary schooling in Switzerland. ... Later Einstein struggle finding a job for himself and has finally done that as an Assistant examiner at the Federal office for intellectual property. His job at his work place influenced him to form a group with his friends and colleagues at Bern, who when met, discussed about science. He presented many papers of his work and â€Å"The Principle of Relativity†, â€Å"Sidelights of Relativity†, â€Å"Space and time in pre-relativity physics†, â€Å"Relativity Field† and â€Å"Quanta† are a few to name and on the 30th of April 1905 he received his doctor’s degree. One of his famous works was the â€Å"Theory of Relativity† in which he proved that energy contained in a particle of matter is equal to the mass of that matter multiplied by the speed of the light. This actually proved that energy is actually concentrated in a particle. This theory put forward by Einstein has earned him worldwide acclaim. â€Å"Who could have guessed that an article by an unknown patent clerk, appearing in the German scientific journal, Annalen der physik, volume 17, in the year 1905, would turn the of science topsy-turvy?†(William 26) .This was simply put into an equation E = mc2 and this is also called mass-energy equation. After these events, he had his recognition and held several positions like lecturer, professor and director at several Universities like University of Bern, Humboldt University of Bern etc. Einstein worked hard in trying to find the relations between â€Å"Time and Space† and â€Å"Mass and Energy†. His efforts finally paid and he was awarded the â€Å"Nobel Prize in physics† in 1921("Albert Einstein - Biography") for his photo-electric effect.