Suchergebnisse

Taking into consideration the slow increase of incomes and limited investments IN Montenegrin hotel industry, the purpose of this paper is to research the potential sources of efficiency via analysis of financial indicators in hotels in Montenegro. The special focus is given to analysis of the following indicators: operating revenue, revenue per room, room occupancy, investments, room rates, payroll etc. Using available secondary and primary data from hotels, government bodies and relevant international organizations, several factors are identified that affect the financial efficiency of SMEs in Montenegrin hotel industry. Key findings indicate that hotel industry in Montenegro is experiencing limited financial efficiency, especially in terms of following financial indicators: low average annual growth rate of the operating revenues per room of just 4% in period 2008-2013; room occupancy has grew from average annual 37% in 2008 to 39.5% in 2013; decrease in average investment in 2013 comparing to 2012 for 54.6%, together with negative prognosis for future investment till end of 2015; and serious regional disbalance in sense of key indicators (e.g. operating revenue, gross operation profit) in seaside, central and northern area of Montenegro, where level of demand in Northern (Mountain) region is still below the Montenegrin average, etc. The contribution of this research comes from the analysis of financial indicators and accounting system of hotel industry in Montenegrin, which provides the guidance and ideas for further improvements in the important sector of tourism.

AbstractImbalances are a dominant feature of the world economy and they are often seen as having contributed to the global financial crisis. A revaluation of the Chinese currency is often recommended to reduce the current account imbalance between the US and China. This article argues that emerging Asia's current account surpluses are a necessary condition for rapid catch‐up growth and should not be eliminated soon; instead the excessive dollar bias in Asian holdings of external claims needs to be reduced, because the problem behind the recent crisis was that the emerging economies have placed their foreign exchange reserves almost exclusively in USD assets and have neglected alternative assets like the Euro and the Yen. A policy proposal for a common Asian peg to a basket of Euro and Yen is made.Policy Implications
 Policies to restore global balances must not create additional tensions for China, Asia, Europe or the United States. A cooperative management of the global economy is recommended.
 Chinese exchange rates policy must be seen in the broad context of the Asian development model. A rapid revaluation or shift to flexible exchange rates would undermine the Chinese development model and deprive the world of an immense source of economic growth.
 The undervaluation of the RMB should only gradually be removed as the Chinese economy improves productivity and catches up to advanced economies' production standards.
 Fixed exchange rates support economic development by reducing uncertainty for investment and trade. Stabilising the exchange rates between major currencies and Asia as a region is important to allow the continuing integration of its developing economies into the world market.
 The US economy needs flexibility in exchange rate movement while it is going through the necessary adjustment of its current account balance, but not Asia. Asia should peg to a basket of euro and yen and Chinese foreign exchange reserves should be marginally shifted into these new reserve currencies. Europe must not protect its industries, but rather seek to stimulate economic growth by inviting Chinese and Asian investment by developing its financial markets.

One of the important consequences to be drawn from the course of the financial crisis up to now is the insight that more attention must be paid in the future to the factors of liquidity, liquidity management and liquidity protection. That holds true for the protection of the stability of an individual bank as it does for that of a whole national or even international financial system. The liquidity problems of a bank can certainly have a variety of causes. However, as an examination of the history of bank insolvencies and financial crises shows, an accelerated withdrawal of bank deposits by unsecured customers nearly always leads in the end to the collapse of an institution and, as an ultimate consequence, to a national or even international banking crisis. This insight has also brought the deposit insurance institutions in many countries around the world to the attention of political, regulatory and banking management discussions. The rapid, politically necessary, factually often not well founded, guarantee promises made by many governments have shown those responsible that in Europe the need for a fundamental revision of the present deposit insurance schemes must be urgently addressed. In most industrialized countries of the OECD, as well as in a range of other states, working groups are studying the necessary revisions and adjustments of the relevant institutions to meet the new economic and political conditions. Even if solutions of this sort continue to be arranged differently from one country to another on the basis of differing regulatory, historical and structural circumstances, a consensus is emerging over the important basic questions of deposit insurance system design and architecture. As a result of the worldwide financial crisis most European countries massively increased their coverage limits for their national deposit insurance schemes in the fall of 2008. Where no deposit insurance existed, it was introduced. Existing systems were critically scrutinized. In most countries the maximum insurance coverage was raised and the eligible deposit base was extended. Some individual states have even promised an unlimited deposit protection (in some cases with a time restriction). Under the pressure of an increasing number of bank failures these promises were made without revising the existing deposit insurance schemes themselves. In the course of 2009, both the individual European states and the EU itself then set about scrutinizing their existing protection schemes and mechanisms and revising the existing national deposit insurance schemes. It is accepted throughout the world that well designed deposit insurance is an important element in a national safety net for maintaining and extending the stability of the financial system. The design and structure, but also the implementation, of a deposit insurance scheme (DIS) of this sort throws up numerous institutional, procedural and instrumental questions. Such operative and strategic issues must be answered against the background of the overall national circumstances and in line with the country specific realities of the respective financial intermediate system. However, there is a series of topics that can be assessed and solved independently of such individual circumstances. This is even more the case since the worldwide revision of the deposit insurance schemes offers the opportunity to create the conditions for a future harmonization of national deposit insurance schemes at least within Europe. An assimilation of this sort is, in turn, the basis for future EU-wide or perhaps even European depositor protection, which, like any broadly based guarantee, would certainly be more efficient than a multitude of national solutions. This publication intends to make a contribution to the ongoing discussion of the complex questions connected with the further development of European deposit insurance schemes. Both complementing and extending the broad range of theoretical literature available, it focuses on some key design questions of modern deposit insurance schemes, on the discussion of their basic structural elements and on the appropriate consequences for the stakeholders in deposit insurance. We focus on: - the derivation of the most important requirements of a modern European deposit insurance, and the - discussion of specific organizational aspects and fundamental institutional requirements as well as of solutions for selected system building blocks. The first chapter analyzes the institutional framework of deposit insurance schemes and its various aspects of cost/benefit considerations. The second chapter discusses the fundamentals of modern deposit insurance. The third chapter examines selected strategic and instrumental questions concerning the organization and implementation of deposit insurance schemes. The fourth chapter focuses on some questions related to the international harmonization and coordination of the design of deposit insurance schemes. In all sections we address some lessons learned from the recent financial turmoil. The fifth chapter finally addresses some conclusions and sketches some policy implications for designing and implementing a modern deposit insurance scheme.

"This book comprehensively outlines and evaluates the key Obama nuclear weapons policies, developments and initiatives from 2008-2012. Beginning with the Administration's vision and goals posited in the 2009 Prague Speech and reaffirmed in the National Security Strategy of 2010, the book assess the Congressionally mandated Nuclear Posture Review (NPR), the New START Treaty, the pursuit of CTBT ratification, the Proliferation Security Initiative (PSI), the Fissile Material Cut-off Treaty (FMCT), the Non-Proliferation of Nuclear Weapons (NPT) Review the Conference, the Global Nuclear Security Summit and the extent to Obama in the context of such initiatives, has actually upheld the lofty goals posited in Prague and differentiated himself from the nuclear path pursued by the Bush Administration. Additionally, the book also evaluates the Obama Administration's dealings with other states in the context of its nuclear weapons policy - in particular, North Korea, Iran, Pakistan, India and China. Offering a comprehensive analysis of the current status of the US nuclear weapons strategy, this volume will be of great interest to scholars and students of American foreign policy, security studies and international relations"--

"This book comprehensively outlines and evaluates the key Obama nuclear weapons policies, developments and initiatives from 2008-2012. Beginning with the Administration's vision and goals posited in the 2009 Prague Speech and reaffirmed in the National Security Strategy of 2010, the book assess the Congressionally mandated Nuclear Posture Review (NPR), the New START Treaty, the pursuit of CTBT ratification, the Proliferation Security Initiative (PSI), the Fissile Material Cut-off Treaty (FMCT), the Non-Proliferation of Nuclear Weapons (NPT) Review the Conference, the Global Nuclear Security Summit and the extent to Obama in the context of such initiatives, has actually upheld the lofty goals posited in Prague and differentiated himself from the nuclear path pursued by the Bush Administration. Additionally, the book also evaluates the Obama Administration's dealings with other states in the context of its nuclear weapons policy - in particular, North Korea, Iran, Pakistan, India and China. Offering a comprehensive analysis of the current status of the US nuclear weapons strategy, this volume will be of great interest to scholars and students of American foreign policy, security studies and international relations"--

"Thrips tabaci Lindeman (Thysanoptera: Thripidae), commonly known as onion thrips, is a serious global pest of commercial onion, causing direct and indirect important damages. This survey carried out in natural areas of Biskra province (Algeria) during two periods, 2008/2009 and 2011/2012, aims to review the plant species harbouring T. tabaci in this region. Algerian and Spanish researchers confirmed twenty-three thrips species. T. tabaci is the most abundant and polyphagous. Studies have indicated that it settled in fifty one plant species belonging to nineteen botanical families. The most important are Asteraceae, Brassicaceae, Fabaceae, and Amaranthaceae. In Biskra, T. tabaci was found in sites between -32 m and 1000 m of sea level. The results also indicate the presence of sexual and asexual populations. This study shows that T. tabaci is ubiquitous in the natural habitat of Biskra province. Further research is needed to confirm its host plants and the most common mode of reproduction in this region by studying the largest number of plants in various environments and demonstrating the sex ratio over a broad survey spectrum."

AbstractThe automotive industry has long had a reputation for organising its production networks on a macro‐regional scale. However, over the 2000–2012 time span, extended vertical disintegration of both carmakers and mega‐suppliers, and the 2008–2009 trade collapse suggest that this geographical organisation pattern could have weakened, giving way to a genuine globalisation of auto‐parts trade. This paper first reviews arguments likely to explain why automotive production networks are multi‐scalar, ranging from local to global. Empirical analysis of international auto‐parts trade data from Germany, France, UK, and Spain suggests that there has been little progression in globalisation of production networks. General data features can be best explained as follows: 1) the auto‐parts import level of a given country is mainly driven by its automobile production level, and by the degree of presence of foreign headquartered carmakers; and 2) the breakdown of imports into procurement flows from near‐distant and far‐distant countries is mainly driven by the degree of presence of carmakers headquartered in far‐distant countries.

The past two decades have brought an onslaught of increasingly severe natural disasters. Scientists warn that climate change will continue to worsen this phenomenon. Infrastructure has not, and will not, hold up to the threats these natural disaster pose. In light of this new global reality, this Note explores what duty a state has to prepare for, warn of, and mitigate natural disaster damages. Past disasters have left victims unsatisfied with their government's response to their needs. In 2005, Hurricane Katrina left victims in the U.S. Gulf region abandoned for days; in 2008, the Myanmar government refused to accept foreign aid after Cyclone Nargis swept through the countryside; and in 2009, Italian government scientists offered citizens of L'Aquila absolute assurance that they were safe to return to their homes, merely days before a 6.3 magnitude earthquake devastated the region. The extent of a state's duty, as well as access to relief, have left victims with tremendous uncertainty. Even with these hurdles and in light of the overwhelming practical and policy concerns, the needs of victims might be best satisfied outside the context of litigation.

The emphasis on innovation, combined with generous subsidies, not to mention a policy of keeping the won low to boost exports, has helped South Korean industrial giants like Samsung, Kia, and Hyundai rack up global market share. South Korea was the first wealthy country to emerge from recession in 2009, and household income has grown for the last 11 quarters. Poland was long considered one of the least promising of the newly capitalist states of Eastern Europe, lagging behind tigers like the Czech Republic and Slovenia. But Europe's bad years have been good for the Poles. The country's economy grew 15.8% between 2008 and 2011, while the European Union's cumulative economy shrank by half a percent. On July 1 -- Canada Day -- of this year, it became official: The average Canadian is richer than the average American for the first time. With government finances in order, Sweden has weathered the storm better than most. Indonesia has maintained annual growth rates of over 4.5% throughout the recession and had the second-highest growth rate in the G-20 last year. Adapted from the source document.

Abstract
The saturated flashy colors used in exterior paintings of houses in the Romanian rural environment represent a discussion topic for on-lookers, whether they are local inhabitants, tourists or specialists interested in urban planning. The same colors are perceived differently and express different significances, denoting more than mere chromatic nuances. What are these significances and what role do they play in inter-human relationships? I have tried to answer this question by analyzing the interviews gathered in the summers of 2008 and 2009 in two touristic areas, Gheţari Plateau (Apuseni Mountains) and Apuseni Mountains (Bukovina). The results point to identity-defining elements shown by the owners of these houses in terms of aspirations towards modernity and the spectacular. They wish to escape the label of 'provincial' and to be connected to the 'global world'. Alternatively, many tourists are disappointed by the widespread usage of these colors in almost all the regions of the country and consider that as a process of homogenization, which erases local specific traits that one would expect to see in these areas.

Arctic in Rapid Transition Implementation Workshop; Winnipeg, Manitoba, Canada, 18–20 October 2010; Rapid transitions in Arctic sea ice and the associated global integrated Earth system impacts and socioeconomic consequences have brought the Arctic Ocean to the top of national and international geophysical and political agendas. Alarmingly, there is a persistent mismatch between observed and predicted patterns, which speaks to the complexity of planning adaptation and mitigation activities in the Arctic. Predicting future conditions of Arctic marine ecosystems for climate change requires interdisciplinary and pan-Arctic characterization and understanding of past and present trends. The Arctic in Rapid Transition (ART) initiative is an integrative, international, interdisciplinary, pan-Arctic network to study spatial and temporal changes in sea ice cover and ocean circulation over broad time scales to better understand and forecast the impact of these changes on Arctic marine ecosystems and biogeochemistry. The ART initiative began in October 2008 and is still led by early-career scientists. The ART science plan, developed after the ART initiation workshop in November 2009, was endorsed by the Arctic Ocean Sciences Board, which is now the Marine Working Group of the International Arctic Science Committee.

This critical discourse analysis (CDA) examines media commentary on terror events in three countries in which the events occurred – the US, India and Scotland – to explore and compare the media's role in the construction, ideological conception, and recommended response to terrorism. Media commentary in each of the three countries is juxtaposed to expose similarities and differences in editorials about the 11 September 2001 (9/11) attacks in the US, the 26 November 2008 terrorist attacks in Mumbai, India, and the release of the Lockerbie bomber on 20 August 2009 in Scotland. The authors argue that the collective (inter)national media construction of 'terrorism event spheres' transcends a specific terrorist event, national boundary and time to confine and define what is, and is not, terrorism. They discursively exclude from public discourse 'reality zones' associated with the political, historical, social, religious, cultural and ideological positions, and justifications of terrorism. There are also observed localizations of the global terror discourse suggesting internal particularities and contexts within which the terror events occur.

AbstractI took office seven years ago as the Prosecutor of the International Criminal Court. Over those years, I have seen remarkable developments, the creation of a global judicial institution from scratch, the development of our operations in all regions of the world, mainly in conflict areas, the setting up of key jurisprudence on modes of liability, complementarity, criminal procedure as well as on victims' participation before the Court. Today I would like to focus on how the work of this Court can contribute to the prevention of massive crimes. Crimes we thought, over and over, would never happen again, only to see them occur, again and again, before our eyes: genocide, crimes against humanity and war crimes. How can we maximize the preventive impact of our work? How can we ensure that the crimes committed in Georgia during the summer of 2008, in Guinea in the fall of 2009 are not repeated? How can we stop current crimes in Darfur? How can we prevent a new cycle of violence during the next elections in Kenya scheduled for 2012? How can we support Colombia's efforts to end half a century of violence?

Angesichts der globalen Finanz- und Wirtschaftskrise ist die Unsicherheit über die zukünftige Entwicklung der deutschen Volkswirtschaft verglichen mit der Vergangenheit außerordentlich hoch. Langfristige Projektionen der wirtschaftlichen Entwicklung sind heute nur unter erheblichem Aufwand seriös möglich. Vor diesem Hintergrund zielt dieser Beitrag darauf, Leitplanken im Prognosenebel zu beschreiben. Mit dem Modell INFORGE werden auf Basis einer Prognose für das Jahr 2009, die die Konjunkturpakete der Bundesregierung berücksichtigt, zwei denkbare mittelfristige Entwicklungslinien in einem konsistenten gesamtwirtschaftlichen Rahmen beschrieben, die sich nur durch Annahmen über die weltwirtschaftliche Entwicklung in den Jahren 2010 bis 2013 unterscheiden. Das optimistische Szenario geht davon aus, dass sich die Weltwirtschaft im Jahr 2010 durch die massiven Konjunkturprogramme der führenden Industrienationen und durch Etablierung einer neuen Finanzmarktarchitektur schnell erholen wird und damit auch die deutschen Exporte wieder deutlich wachsen werden. In der pessimistischen Variante vertieft sich die Weltwirtschaftskrise im kommenden Jahr weiter. Selbst wenn die Weltwirtschaft danach langsam wieder Tritt fasst, wird es bis 2014 dauern, bis die deutschen Exporte wieder das Niveau des Jahres 2008 erreicht haben werden. Die untersuchte Fragestellung ist so komplex, dass intuitive Erklärungen durch "scharfes Nachdenken" nicht mehr möglich sind. Nur umfassende und zugleich ausreichend differenzierte Totalmodelle wie INFORGE stellen sicher, dass die wesentlichen Zusammenhänge und Rückkopplungsschleifen erfasst und nachvollzogen werden können. Die Ergebnisse sind einerseits ernüchternd und andererseits beruhigend: Auch im besten Fall ist Deutschland massiv von der Krise betroffen. Alle Bemühungen zur Konsolidierung der öffentlichen Haushalte sind durch die Krise zunichte gemacht. Für Wahlgeschenke ist kein Spielraum. Vielmehr ist es Aufgabe der Politik in der kommenden Legislaturperiode, die Binnennachfrage zu stärken und trotzdem die Verschuldung zurückzuführen. Umgekehrt droht in Deutschland selbst unter sehr ungünstigen Bedingungen keine unbeherrschbare Situation. Auf dem Arbeitsmarkt ist kein dramatischer Anstieg der Arbeitslosigkeit über das noch vor wenigen Jahren erreichte Niveau hinaus zu erwarten. Die Neuverschuldung erreicht, bezogen auf das Bruttoinlandsprodukt, keine neuen Höchststände, sodass die Regierung auch im kommenden Jahr mit einem Konjunkturpaket III noch einmal handeln könnte.

Carbon capture and storage (CCS) is increasingly considered to be a tool that can significantly reduce the emission of CO2. It is viewed as a technology that can contribute to a substantial, global reduction of emitted CO2 within the timeframe that seems available for mitigating the effects of present and continued emission. In order to develop the CCS method the European Union (EU) has supported research programmes for more than a decade, which focus on capture techniques, transport and geological storage. The results of the numerous research projects on geological storage are summarised in a comprehensive best practice manual outlining guidelines for storage in saline aquifers (Chadwick et al. 2008). A detailed directive for geological storage is under implementation (European Commission 2009), and the EU has furthermore established a programme for supporting the development of more than ten large-scale demonstration plants throughout Europe. Geological investigations show that suitable storage sites are present in most European countries. In Denmark initial investigations conducted by the Geological Survey of Denmark and Greenland and private companies indicate that there is significant storage potential at several locations in the subsurface.