Jane Eyre Essay Example for Free

Jane Eyre Essay The novel Jane Eyre was originally published in London, England in 1847 by Smith, Elder Co. The early editions of the novel were given the subtitle An Autobiography and named Currer Bell as the editor, not the author. The subtitle was dropped in subsequent editions of the novel. During the days when the novel was published, it was popularly believed that men and women had different duties and responsibilities. Women were encouraged to be devoted and submissive to their husbands. The ideal woman was passive, charming, self-sacrificing and pure. Jane Eyre and other works of the Charlotte and her sisters were centred around the lives of protagonists who did not conform to these societal ideals. Thus, in order to hide their true identities and genders, the three Bronte sisters published their works under pseudonyms. These were Acton Bell (Anne Bronte), Ellis Bell (Emily Bronte) and Currer Bell (Charlotte Bronte). Despite its immediate popularity, Jane Eyre was condemned by its earliest critics as anti-Christian. These negative reviews can be attributed to the generally rebellious tone of the novel. Through the description of the protagonist’s life, including those related to her social status and matters of the heart, the reader is presented with several social and political issues. The novel questions society’s view of women, the importance of the arts and the basis of a solid marriage. Based on the standards of the society in the days when the novel was first published, Jane Eyre as a character lead an immoral life. Jane fell in love and lusted after a married man, was proposed to by her cousin, and describes a clergymen as hypocritical and greedy. The novel is written in such a manner that the reader empathizes with Jane, and in doing so, leads the reader to question his or her beliefs. The novel is also explicitly anti-Christian in that Jane questions the existence and importance of God. During her days at Lowood, Jane’s close friend, Helen Burns contracts tuberculosis. On her deathbed, Helen calmly reassures Jane that by dying young, she is escaping great sufferings, and will go to God. Jane remains sceptical, and asks, â€Å"Where is God? What is God? † In the same conversation, Jane questions the existence of heaven and the ability of people to enter it. Using contemporary standards, these questions might be considered by some to be normal and even healthy. However, in the context of the society during the time when the novel was first published, such comments would have been considered as blasphemous and grossly immoral. Critics who believed that the novel was in fact an autobiography were correct. Although the life of the character Jane Eyre is not identical to that of the author Charlotte Bronte, there are obvious parallels. For example, while attending Lowood School, one of Jane’s closest friends dies of consumption. Similarly, while attending school at Cowan Bridge, Jane’s sisters died of the same illness. This coincidence drew comparisons between the fictional headmaster of Lowood whom Jane denounces as insincere and deceitful, and Charlotte’s own former headmaster who ran Cowan Bridge. Another parallel can be drawn between the character of John Reed and Charlotte’s brother Branwell, because both men suffered from alcoholism. Perhaps the most obvious similarity between the novel and the author’s life is the fact that both Jane and Charlotte were governesses. In accepting Jane Eyre as the true adventures of its heroine and by branding the novel as anti-Christian, early critics were correct. Due to similarities in the personal life of Charlotte Bronte and the experiences of Jane Eyre, it can be inferred that the novel is an autobiography. Based on the standards of society during the time it was first published, the rebellious tone and the manner in which the novel questioned respected social institutions, the novel can be considered as anti-Christian.

Natural and Shale Gas Monetization

Natural and Shale Gas Monetization According to the US Central Intelligence, Russia has the highest proven reserves of Natural gas in the world, being this approximately 24.2% of them. Followed by Iran, Qatar and United States (Central Intelligence Agency, 2016) It is good to mention that United States has bigger reserves in comparison to earlier years, because of the Shale Gas Boom, which is not included in the other countries reserves. Table 1: 4 first World Natural Gas Producers Rank Country (Cu m) Date Total World 197,200,000,000,000 1 January 2016 est. 1 Russia 47,800,000,000,000 1 January 2016 est 2 Iran 34,020,000,000,000 1 January 2016 est 3 Qatar 24,530,000,000,000 1 January 2016 est. 4 United States 10,440,000,000,000 1 January 2016 est. 1.1. Natural Gas Resources Very small quantities of Soviet gas had been exported to Poland since the late 1940s, the idea of large-scale imports of Soviet gas into Western Europe seemed to some both unworkable and unwise. The focus of Soviet natural gas production was moving from the Volga/Urals, North Caucasus and Ukraine, to Siberia, which would require additional transportation amounting to several thousand kilometers. (Stern, 2001) The transport problem was resolved by the Siberian gas development of the 1970s and 80s based on the super-giant fields discovered at Medvezhe, Urengoy and Yamburg. With multiple strings of largediameter pipeline being built from Siberia to the Ukraine, it required only a relatively short extension for one or two pipelines to reach Europe (map 2). Between 1970 and 1980 deliveries of Soviet gas to Western Europe increased from 3.4 Bcm to 26 Bcm. By 1990 gas exports had risen to 109 Bcm and Western Europe, with 63 Bcm of imports, was the largest customer for Soviet gas. (Stern, 2001) Figure 1: Old and New Pipelines In the context of increasing demand and declining supply, the importance of Russia as a partner in European gas becomes abundantly clear. The opportunity for a much closer natural gas partnership between Russia and Europe is based on firm foundations (Stern, 2001): Russia has huge discovered resources of gas available for development. Russia has gas reserves of 48 trillion cubic metres (TCM) according to the Russian A+B+C1 classification. Gazprom estimates that it has 28 TCM of reserves in fields in production or being prepared for development, compared with an international estimate of 18.5 TCM of proven and probable reserves in those same fields. Whichever estimate is chosen, it is clear that Russian reserves overwhelm all other gas reserves available to Europe with the exception of Middle East countries. Russian gas production of over 600 Bcm of gas in 2003 is projected to increase to 730 Bcm by 2020 (Stern, 2001). Over the past 35 years, pipeline infrastructure has been established for delivery of very substantial volumes of gas from Russia to Europe (Stern, 2001). As far as Russian exports to Europe are concerned, compared with the position in 1973 when just four countries were supplied with less than 7 Bcm of gas, thirty years later nearly 140 Bcm was exported to nineteen countries (Stern, 2001). Russian gas exports to Europe passing through Ukraine from where a number of pipelines travel west, delivering gas to central and northern Europe. Some lines travel south through Moldova to south eastern Europe and Turkey; others pass through Hungary delivering to the Balkan countries. In 1999, the Yamal pipeline began transporting gas through Belarus and Poland to Germany, providing an alternative to the routes through Ukraine. There is also a pipeline which passes via St Petersburg taking gas into Finland. Another major pipeline takes Russian gas across the Black Sea to Turkey; the Blue Stream pipeline which started transporting gas in 2002 set a new record by laying pipeline in water depths exceeding 2000 meters (Stern, 2001). The next major pipeline bringing additional Russian gas to Europe is expected to be the North European Pipeline (NEP) running from Vyborg in north west Russia via the Baltic Sea to Germany and potentially on to the UK. The possibility of the North European pipeline being able to deliver gas to Sweden and Denmark is also under consideration (Stern, 2001). Figure 2: New Pipelines from Russia On May 2 1, 2014 the media reported that China and the RF reached a 30-ycar gas deal worth about $400 billion. Some sources said the deal had been in the making for about a decade. On Nov. 10, 2014 China and the RF signed a second gas deal in which the RF would supply China with 30 Bern of natural gas via the western route over 30 years. This would require construction of the pipeline Power Sibcria-2. Gazprom signed the 30-ycar contract with Chinas National Petroleum Corporation (CNPC) (Reineberg, 2017). The two combined natural gas deals between Russia and China would amount to about 68 Bern which is considerably more than the 45 Bcm the RF provides Germany each year. The gas deals would make China Russias most important customer, second only to Germany (Reineberg, 2017). Figure 3: New Pipelines to China In December 2014 the South Stream pipeline project to supply gas to the south eastern part of Europe was argued in yet another sign of the weakening and decreasing of Russias energy collaboration with Europe EU. The diagram above is available from Gazprom and displays what the scheme would have seen like once completed (Ashton, 2015). This project was intended to reduce risk involved in transporting gas to the Europe by evading Ukraine, much as Gazproms northern gas pipeline to Germany has done. But a flagging political condition means the European units no longer focusing only supply risk and is also focusing on transportation risk. To mitigate the risk of supply, Europes goal is to reduce volume of Russiass supplies (Ashton, 2015). Figure 4: New Pipelines to EU 1.2. Natural Gas Reserves In 2015 Russia`s natural gas reserves (ABC1) amount to 50.2 tcm, which is one percent more than in 2014. The largest gas fields are located in Western Siberia oil and gas bearing province. The growth in gas reserves was provided by gas fields in the Yamal Peninsula Bovanenkovo, Kharasaveyskoye, Yuzhno-Tambeyskoye, Eastern Siberia Kovyktinskoye, Russian Far East Chayandinskoye and on the Arctic Shelf Shtokman, Kruzenshternskoye. In European Russia the central gas reserves are concerted in Astrakhan field and Orenburg areas. In the following graph we can see the reserves and their defined amount . Figure 5: Russia`s largest natural gas fields: reserves About 80% of Russia`s NG natural gas production is developed in the Nadym-Pur-Taz region, Yamalo-Nenets AO. In 2014, three gas fields Zapolyarnoye, Urengoy, Yamburg accounted for more than 40% of country`s gas production. In 2012, gas production was started at the Bovanenkovo field (Yamal Peninsula), and it accounted 42.8 bcm in 2014. It is expected that to 2020 Bovanenkovo will be the largest gas producing field in Russia. Positive production dynamics also featured on Yurkharovskoye field and Beregovoye field (Analytical Center for the Government of the Russian Federation, September 2016). Table 2: Major producing gas fields in Russia Major producing gas fields, (bcm) 2013 2014 Zapolyarnoye 117,5 97,9 Urengoy 90,6 85,5 Yamburg 75,3 62,8 Bovanenkovo 22,8 42,8 Yurkharovskoye 38,4 39,0 Yuzhno-Russkoye 25,1 25,0 Lunskoye 16,4 16,6 Orenburg 16,9 16,3 Beregovoye 10,8 11,2 Astrakhan 11,7 11,1 Medvezhye 12,2 10,4 In 2015, Russia`s natural gas and associated petroleum gas production amounted to 633.4 bcm, which is 0.9% less than in 2014. The decrease was caused by significant reduction of natural gas consumption in Russia. In 2010-2015, the gas supply to the domestic market decreased by 24.8 bcm, or by 5.3%. In 2015, Russia`s natural gas exports increased by 7.1% year on year to 200 bcm. Natural gas imports of the major importers of Russian gas remained relatively stable. A significant decrease was recorded in supplies to the Ukraine. (Analytical Center for the Government of the Russian Federation, September 2016). Figure 6: Natural gas in Russia: production, consumption and exports (2011-2015) In 2015, 79.2% of natural gas production in Russia was provided by Yamalo-Nenets, AO, which is 1.1 pp lower than in 2014. In 2010-2014, YNAO share in Russia`s gas production was 80-83%. In 2015 to 2014 gas production significantly increased in Krasnoyarsk region and Sakha. The largest drop was observed in YNAO (-2%, or -11.6 bcm). Table 3: Russias natural gas production by region Region 2015, bcm Yamalo-Nenets 501 Khanty-Mansi 33 Sakhalin 28 Orenburg 20 Krasnoyarsk 11 Others 41 1.3. Natural Gas Consumption and Production In 2014, the production of electricity and heat energy provided 48.3% of Russia`s natural gas consumption, which is 3.5 pp less than in 2013. Gas consumption decreased by 6.4% in these two sectors, by 2,2% in industry and increased by 0.1% in residential sector (Analytical Center for the Government of the Russian Federation, September 2016).. Figure 7: Russia`s natural gas consumption by sector, 2014, mtce Russia`s LNG Liquid Natural Gas exports and production is developed in a single plant on Sakhalin Island, with a capacity of 9.6 mtpa. LNG is exported by sea to the Asia-Pacific countries, mainly to Japan. There are LNG Liquid Natural Gas plants projects in Russia. The plant on the Yamal Peninsula is under construction, with an installed capacity of 16.5 mtpa, start at 2017-2018. It is also planned to implement projects in Vladivostok and the Baltic Sea and Sakhalin Island (Rosneft). In 2015, Russias share in the global LNG market was 4% (Analytical Center for the Government of the Russian Federation, September 2016).. Figure 8: LNG production and exports in Russia (2009-2015), bcm Russia`s CNG consumption is 450 mcm, or about one percent of the world total. The natural gas consumption in transport is a priority of Russia`s gas industry development. State subsidies for regions are aimed to stimulate the growth of CNG consumption. Gazprom plays the main role in development of the Russian NGV market. Other participants are Rosneft and Novatek (Analytical Center for the Government of the Russian Federation, September 2016).. Figure 9: CNG consumption in road transport, 2008-2015, bcm 1.4. Natural Gas Industry The current Russian gas industry is tightly related to the Soviet gas industry structure as it evolved in the 1970s and 1980s. It was characterized by exploitation of huge deposits and long distances between production sites and consumption centers, which required construction of a comprehensive trunk pipeline network. These characteristics lent themselves to economies of scale and in line with Soviet thinking a unified industry structure intended to minimize costs of extraction and transportation of natural gas. In the centrally planned economy gas was prioritized in electricity and heat production, thereby making more oil available for highly profitable export. The regulated domestic price of natural gas was very low. Natural gas was distributed according to priorities in the centrally planned economy. Consumption of various users power stations, industrial burners and cooking in vast apartment complexes were usually not measured but estimated according to technical standards o f energy needs. The prioritization of natural gas in electricity and heat generation is clearly evident in the consumption structure today; use of gas in the power sector amounts to 40 percent of total gas consumption in Russia (Aune, Golombek, Moe, Rosendahld, 2015). In the 1970s and 1980s extraction and transportation of gas were organized within the Soviet Ministry of the Gas Industry. Then in 1989 a new entity, Gazprom, was established. It got control of the entire Soviet unified gas supply system and was also given a regulatory role. This type of agency was something new an entity outside the ministry structure although it was state owned. When the economic reforms in Russia started for real in 1992, an important element was the creation of new industry organizations. Notably this happened in the oil industry where several new companies were formed and subsequently privatized. In the gas sector the situation was different. The top management of Gazprom maintained that the technical characteristics of the gas industry required a centralized organizational structure. These arguments won over reformers who argued that a split-up of the production side was desirable. In 1992, Gazprom was transformed into a jointstock company, which was subsequently partly privatized. The state, even if it had a minority stake of some 40 percent, retained key control, but generally the company became independent. The new company obtained ownership of all the major physical assets of the Russian gas industry for free. In addition, the functions of the new company were extended to include roles which had earlier been covered by bodies outside the industry: investment and output targets, which had previously been decided by central planning organs, now became part of the internal processes in Gazprom. Distribution to final consumers, which used to be the remit of a separate structure, now became a business activity of Gazprom. Gas exports, which earlier were managed by a special foreign trade organization outside the gas industry, now became part of the activities of the company. In the end, the gas industry became more centralized and monopolized than it had been in the Soviet system. Gazprom did not only get new privileges, it also inherited old obligations. It was expected to continue to supply gas domestically at very low prices, but in exchange the company was allowed to keep a considerable share of the export revenues. Thus a situation emerged were domestic supplies became almost a secondary activity compared to exports, where the big money was earned. Domestic supplies were, however, in volume terms about four times higher than exports to Europe. This arrangement can only be understood in the context of the serious economic crisis and restructuring taking place in the 1990s. Maintaining stable gas supplies was of paramount importance for social stability, and low gas and electricity prices were important instruments to ensure this goal. Gas continued to be distributed like in the centrally planned economy: consumers had to obtain permission to take gas in certain volumes, and new consumers could not freely choose energy sources. Gas was, more than other fuel s, a subsidized commodity and was de facto rationed (Aune, Golombek, Moe, Rosendahld, 2015). 1.5. Natural Gas Pricing Starting rather early in the 1990s, gas prices were in fact increased but from a very low level. By 1996 the average official gas price was around 250 roubles per 1000 m3 (corresponding roughly to 45 USD). But with a deep economic crisis most of Gazproms customers were not able to pay the increasing bills. Many turned to surrogates for payment: goods, shares in enterprises and various services. Others did not pay at all. Gazprom reported that in 1998 their domestic consumers paid for 28.5 percent of the gas deliveries only. According to OECD , only 16 percent of these deliveries were paid in cash. This was the nadir of Gazprom. Then the situation improved: After the economic crisis in 1998 and subsequent rouble devaluation, both Russian exports and the general economy picked up. Gazprom was now allowed to take tougher measures against non-paying customers, and cash payment was widely enforced in the state sector. The companys take-over of local distribution organizations also helped increasing the share of paying customers. By 2000, 62 percent of the delivered gas was paid for, see OECD, and by 2004 Gazprom reported that 98 percent of the domestic deliveries were paid in cash, see OECD (2004). This development also reflects that gas prices had been allowed to fall in real terms: by 2000 gas prices were 62 percent below the 1996 level, see OECD (Aune, Golombek, Moe, Rosendahld, 2015). In the transition from the centrally planned economy to a market oriented system, Gazprom had been given production infrastructure and pipelines that had been built and financed by the Soviet state (see discussion above). Thus Gazprom had very low capital costs and the company could therefore handle losses in the domestic market as long as it kept the export income. But as years went by the need for renewal of the pipeline network as well as investment in production capacity grew. Gazprom therefore started paying more attention to the domestic market, first by devising schemes for payment when cash was lacking, and then, as the general economic crisis subsided in the early 2000s, to argue for domestic price increases: prices should cover operating costs and also allow for accumulation of investment funds. Gazproms argumentation was helped by Russias negotiations to become a WTO member: the Russian government committed to reduce subsidies to domestic customers and raise gas prices to USD 37-42 per 1000 m3 by 2006, and further to USD 49- 57 by 2010, see OECD. Despite the decision to increase the price of gas from 2000, by the end of 2003 the regulated average gas price for industry customers was still low: it corresponded to USD 24 per 1000 m3, see OECD. A plan for raising the regulated gas price to European netback parity European price minus the extra transportation costs and duties on export was authorized by the Russian government in May 2007,); this plan addressed both the concerns of the WTO and Gazproms request. The government foresaw a stepwise increase whereby the domestic price for industry would reach European netback parity by 2011. In 2007, experts considered the plan as feasible even though the price for industrial consumers corresponded to USD 44 per 1000 m3 -the netback price would have been USD 145 per 1000 m3. However, the international oil price increases in the following years implied that the target gas price was steadily increasing because the export gas price was linked to oil. In 2013, the netback price would have been USD 230 per 1000 m3, see Henderson and Pirani, a price level that would have had a detrimental impact on most Russian consumers. In the end the government therefore postponed the netback goal, first to 2014 and later to 2018 (Aune, Golombek, Moe, Rosendahld, 2015).. By 2013 the regulated price had reached USD 105 per 1000 m3, see IEA. Still, according to Gazprom this was not enough to cover investments needed to sustain production in the long run. Gazprom continued to argue that a European netback price should be the goal in order to secure the viability of the gas industry as well as enhance economic efficiency: undervalued prices negatively affect the domestic economy, because there is no favorable environment for promoting gas- and energy-savings as well as for developing high-tech industries. For some years the governments policy was more or less in line with Gazproms wishes: in 2010 the government decided to increase gas prices by 15 percent annually until 2015 (Aune, Golombek, Moe, Rosendahld, 2015).. There was, however, growing concerns that higher domestic gas prices would weaken the competitive position of the manufacturing industry and hamper economic growth. These concerns were enhanced by the significant fall in gas prices in the United States because of the shale gas revolution.3 In the end the policy was adjusted: in the fall of 2013 the government decided to freeze gas prices until, then index the price to inflation, and after 2016 let gas prices grow slowly, see Table 1. According to this plan, gas prices to industry users may on average increase by 3.2 percent annually between 2016 and 2030,. This is supposed to result in a domestic industry gas price slightly above 70 percent of the netback price by 2030. For households, the plan is to increase prices at a rate slightly higher than the one for industry 3.5 percent (Aune, Golombek, Moe, Rosendahld, 2015).. Table 4: s Gas price development plan. Annual growth rates 2016-2020 2021-2025 2026-2030 2016-30 Industry price 4.4 2.9 2.1 3.2 Household price 4.5 3.5 2.6 3.5 To sum up, after the establishment of Gazprom in 1989 the gas industry first became more centralized and monopolized than it had been in the Soviet system. Since 1990, prices of gas have increased considerably but they are still far below the netback price. Whereas Gazprom for years has been pushing for a higher price, the most recent plan for domestic Russian gas prices indicates only a moderate increase in prices (Aune, Golombek, Moe, Rosendahld, 2015).. 1.6. Natural Gas Monetization Techniques The foundations of Russias gas export business were laid during the Cold War. The trade was able to develop despite political opposition partly because West European governments believed gas could be a force for peace and partnership and prosperity. The other main reason has been the excellent track record of first Soviet, and then Russian, gas deliveries to Europe over the past 35 years. With the passing of the Cold War and the increasing need for Europe to develop strong relationships with its energy suppliers, the European Commission proposed an energy dialogue with Russia. In 2001 (Stern, 2001): à ¢Ã¢â€š ¬Ã‚ ¢ The EU imported 21% of its net oil imports (equal to 16% of consumption) and 41% of gas imports (equal to 19% of consumption); à ¢Ã¢â€š ¬Ã‚ ¢ 53% of Russias oil exports and 36% of its gas exports were delivered to the EU, and 45% of Russias exports to the EU were energy products. Within the framework of the dialogue, the EU has agreed to recognize certain Russian gas projects as energy infrastructure projects of common interest, specifically: à ¢Ã¢â€š ¬Ã‚ ¢ the North European gas pipeline for which the EU has agreed to co-finance a feasibility study; à ¢Ã¢â€š ¬Ã‚ ¢ the Yamal pipeline; à ¢Ã¢â€š ¬Ã‚ ¢ the Shtokman gas field; à ¢Ã¢â€š ¬Ã‚ ¢ the Druzhba-Adria oil pipeline link. In 2015, the gas price in the major markets fell by 30-40% compared to the previous year. The causes for the falling gas prices were decreasing oil prices, warm winters in the USA and Europe and fierce competition inside the industry with other gas producers, as well as competition with producers of other energy resources, such as coal and renewable ones (Analytical Center for the Government of the Russian Federation, September 2016). In Green Line we can see the price of Russia comparing in Marron with the price of US. Figure 10: The World Prices of Natural Gas (2005-2015) $/1000 Cubic meters Among the prices from the natural gas in Russia we have the cost for the last 4 months in United states dollars per MBTU (Indexmundi, 2017) Table 5: Prices of the Last 4 Months in Dollars per MBTU Month Price Exchange Rate oct. 2016 4,01 1,26 % nov. 2016 4,54 13,22 % dic. 2016 5,16 13,66 % ene. 2017 5,14 -0,39 % 1.7. Impact of Natural Gas in Russia Economy According to the following graph, Russia got for 2013 73 Billon of Dollars, which is 14% of its total income; the other products are oil and derivatives of oil. Figure 11: Russia gross export sales 2013 (Billon of US Dollars) Russia is a major exporter of crude oil, and natural gas. Sales of these fuels accounted for 68% of Russias total export revenues in 2013, based on data from Russias Federal Customs Service. Russia received almost 4 times as much income from exports crude oil exports and natural gas as petroleum products (Metelitsa, 2014).. Europe, including Turkey, receives all exports of NG natural gas. Asia, particularly China receives substantial volumes of liquefied natural gas or LNG from Russia. Lately, Russia finalized a 30 year, for about $400 billion to supply China with natural gas from fields in Siberia, which later will increase Russian export incomes. North America imports some Russian petroleum products, particularly oils that are unfinished, used in refineries. Although Russia exports less crude oil and less natural gas than it consumes locally, domestic sales of crude oil and natural gas are lower in value than exports because of the vertical integration of the NG and oil industry and also the subsidized domestic prices (Metelitsa, 2014). Almost all Russian oil firms are vertically integrated, owning oil fields and refineries that process crude oil, giving them power in making decisions and regulating price. That is why, these firms can sell crude oil directly to their own refineries at very low prices. Domestic natural gas prices are subsidized too, forcing Russian companies to use export revenue to fund investment in new infrastructure and projects. The energy agency estimates that Russian domestic sales of natural gas and crude oil were nearly about $20 billion in 2013 (Metelitsa, 2014). Although revenue from local sales of crude oil and natural gas in the year 2003 was significantly low than revenue from exports. (Metelitsa, 2014). Oil and natural gas activities make up a large portion of Russias federal budget. According to the Ministry of Finance, 50% of Russias federal budget revenue in 2013 came from mineral extraction taxes and export customs duties on oil and natural gas (Metelitsa, 2014).. 1.8. Future of Natural Gas in Russia and its global impact Gas demand across Europe increased highly over the past 30 years, most of it used for power generation shaped by environmental and commercial advantages enjoyed by gas à ¢Ã‹â€ Ã¢â‚¬â„¢ is the key to continued growth over the next several decades. Imports of gas will be needed increasingly as Europes indigenous supply declines and Russia is in a very good position to expand its market share due to its resource endowment, established infrastructure and markets, and track record as a secure supplier (Stern, 2001). These advantages have been recognised and reinforced politically by an energy partnership between the EU and Russia which recognizes Russias growing role as a source of energy and its contribution particularly in terms of gas and oil supplies. In summary, the Russian contribution to European energy balances both oil and gas is substantial

Brief Survey of Psychology :: essays research papers

Psychology seems to be like the science of perception turned into prejudices. I know there is a lot more to it than that, but that seemed to be what Kevin was focusing on. This does not mean bad prejudices like racial prejudices, but good ones like when I go to sleep tonight I will wake up tomorrow. I believe I will wake up tomorrow because I woke up today, if I did not believe that I might have a hard time getting to sleep since I would fear not waking up. So when people who saw a picture of a young girl, then they were shown a picture of both the old woman and the young girl together, they were very likely to fist see the young girl.   Ã‚  Ã‚  Ã‚  Ã‚  I like to think that I am able to think outside the box, but when told to draw four continuous lines through nine points in a box, my mind was unable to think outside that box! Psychology is a power tool because it allows us to take a step back and look at the big picture of individual behavior. We are more able to notice behavior that we take for granted, such as blaming outside influence for our failures, and attributing our success to our own hard work. I would like to think that now people know they how they attribute success and failure, that they would change their ways, and give credit where credit is do, plus attempt to right there wrongs.   Ã‚  Ã‚  Ã‚  Ã‚  A topic that I believe could be studied from a social psychologist perspective, is the â€Å"Why do they hate us?† ideology following September 11 2001. Most believe they hate us because they desire our freedom, something for which we pride ourselves. Few people will even attempt to look for the real reasons, such as the 432 + governments we have overthrow since the Regan Administration or the arms we sell to tyrannical dictators. No it must be something good we did, because we only see the good we do. Conversely we only see the bad they do, that’s right the Koran is only about a Jihad and all the people in the middle east wear towels, so that’s why all the people in the middle east hate us, because the towels give them fevers, therefore they are crazy.

Colombia :: essays research papers

Colombia Climate The climate, however, varies with the elevation. The low regions along the coast and the deep Patà ­a and Magdalena river valleys are torrid, with mean annual temperatures of 75 ° to 80 ° F. From about 1500 to 7500 ft the climate is subtropical, and from about 7500 to 10,000 ft it is temperate. Above about 10,000 ft is the cold-climate zone, where temperatures range from 0 ° to 55 ° F. The average January and July temperatures in Bogotà ¡ are 58 ° F and 57 ° F, respectively. The averages for the same months in Barranquilla are 80 ° F and 82 ° F. Throughout the year, three-month periods of rain and dry weather alternate. Along the Pacific coast precipitation is heavy. At Bogotà ¡ the annual rainfall averages about 40 in, and in Barranquilla it averages about 32 in. Dry weather prevails on the slopes of the Eastern Cordillera. Government Colombia has a Republican form of government. Colombia has a president who is elected by popular vote. He is chosen by any man or woman 18 years or older. The president can serve one four year term. He appoints a cabinet which has to be approved by congress. Congress is composed of a House of Representatives (199 members) and a Senate (112 members). Land Area The total land area of the country is 440,831 sq. mi. The capital and largest city is Bogota. Population Characteristics, Religion, and Language The population of Colombia (1993 estimate) was 34,942,767, giving the country an overall population density of about 79 per sq. mi. About 95 percent of the people are Roman Catholics. Small Protestant and Jewish minorities exist. The official language of Colombia is Spanish. The racial makeup of the Colombian population is diversified. About half the people are mestizo (of mixed Spanish and Native American ancestry), about 20 percent are of unmixed European ancestry, and about 14 percent are mulatto (of mixed black and white ancestry). The remaining 8 percent is made up of blacks, Native Americans, and people of mixed race. History In 1538 Spanish conquistadors founded New Granada. In 1717 Bogota became the capital of the Viceroyalty of New Granada which consisted of present-day Colombia, Ecuador, Panama, and Venezuela. In 1819 Simon Bolivar defeated Spanish troops near Bogota and became the first president of the new republic of Gran Colombia. Currency The basic unit of currency is the Colombian peso (829 pesos equal U.S.$1; 1994).

The Fundementals of Baseball Essay -- Hitting, Fielding, Throwing, Bas

  Ã‚  Ã‚   A man once stated, "You can have all the physical ability in the world, but you still have to know the fundamentals" (â€Å"Fundamentals Quotes†). The greatest and most talented players' in the world still have to learn and know the fundamentals to play the game. Fundamentals are the simple basics of the sport and explain how to play the game. The important fundamentals of baseball include hitting, fielding, throwing, and also base running.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Many people believe that hitting is where to begin, according to an old coach, "The main part of baseball that brings people in to the game is hitting. Some have seen professionals do it on TV and others have seen it in person. But as for hitting, it is the major part of baseball for many players" ("Basic"). Another coach agrees going as far as saying, "A successful player must be able to hit the ball" ("Basic"). Hitting is not just a part of the game; hitting is the game. Hitting is the main and most important part of the game of baseball. During the sport of baseball, hitting is what determines who will win the game and who will lose. A great hitting team can have off days. In baseball everyone has good and bad days. As far as hitting, it is what determines the end results.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hitting the baseball is the time for the batter to shine, time to stand out, and the time when everyone's eyes are on the batter. It is his time to do what he has been working for his whole life. A coach agrees with hitting being the main part of the game saying, "The main part of baseball that brings people into the game is hitting. Some have seen professionals do it on TV and others have seen it in person. But as for hitting, it is the major part of baseball for many players" ("Basic"). It is ti... ...strong.com/article/272178- basic- fundamentals-of-baseball/>. "Fielding Position." Infield Fundamentals Baseball Drills. N.p., n.d. Web. 30 Apr. 2014. "Fundamentals of Fielding a Ground Ball." Human-kinetics. Web. 26 Mar. 2014. . "Fundamentals Quotes." BrainyQuote. Xplore, Web. 26 Mar. 2014. . "How to Increase Pitching Velocity." How to Increase Pitching Velocity. Web. 04 Apr. 2014. . "Linear and Rotational Hitting  « Baseball Drills from the Ground Up." Baseball Drills from the Ground Up Linear and Rotational Hitting Comments. Web. 04 Apr. 2014. hitting/hitting/>.

Fdi in Nigeria

THE IMPACT OF FOREIGN DIRECT INVESTMENTS ON THE NIGERIAN ECONOMY BY SHIRO ABASS A. Department of Finance University of Lagos BSTRACT Generally, policies and strategies of Nigerian government towards foreign direct investments are shaped by two principal objectives of desire for economic independence and the demand for economic development. Multi national corporations are expected to bring into Nigeria, foreign capital in the form of technical skills, entrepreneurship, technology and investment fund to boost economic activities thereby, rising the standard of living of Nigerian. The main issues in this paper relates to understanding the effects and impact of foreign direct investments on the Nigerian economy as well as our ability to attract adequate amounts, sufficient enough to accelerate the pace of our economic growth and development. From related research and studies, it was revealed that multinational corporations are highly adaptive social agents and therefore, the degree to which they can help in improving economic activities through foreign direct investment will be heavily influenced by the policy choice of the host country. Secondary data were collected for the period 1970 to 2005. In order to analyse the data, both econometric and statistical method were used. Tables were produced in order to create a visual impression of the dependence of Nigeria economy on that of donor countries such as Western Europe and North America. The economic regression model of ordinary least square was applied in evaluating the relationship between foreign direct investment and major economic indicators such as gross domestic product, gross fixed capital ormation and index of industrial production. The model revealed a positive relationship between foreign direct investment and each of these variables, but that foreign direct investment has not contributed much to the growth and development of Nigeria. This is evident in reality of enormous repatriation of profits, dividends, contract fees, and interest payments on foreign loans. The study thus suggest that in order to further improve the economic climate for foreign direct investments in Nigeria, the government must appreciate the fact that the basic element in any successful development strategy should be the encouragement of domestic investors first before going after foreign investors. 1. 0INTRODUCTION In order to seek the highest of return for capital, economists tend to favour the free flow of capital across national boarders. It is against this backdrop that multinational companies seek investment in foreign countries with reasonable risk. Nigeria is believed to be a high-risk market for investment because of factors such as bad governance, unstable macro economic policies, investment as a way out of Nigeria’s economic state of underdevelopment. Since the enthronement of democracy in 1999, the government of Nigeria has taken a number of measures necessary to woo foreign investors into Nigeria. These measures includes the repeal of laws that are inimical to foreign investment growth, promulgation of investment law, various overseas trips for image laundry by the president, among others. The need for foreign direct investment is born out of the underdeveloped nature of the Nigeria’s economy that essentially, hindered the pace of her economic development. Generally, policies and strategies of the Nigerian government towards foreign investments are shaped by two principal objective of the desire for economic independence and the demand for economic development. There are four basic requirements for economic development namely. i)Investment capital ii)Technical skills iii)Enterprise iv)Natural resources. Without these components, economic and social development of the country would be a process lasting for many years. The provisions of these first three necessary components present problems for developing countries like Nigeria. This is because of the fact that there is a low level of income that prevents savings, big enough to stimulate investment capital domestically or, to finance training in modern techniques and methods. The only way out of this problem is through acceleration of the economy by external sources of money (foreign investment) and technical expertise. Foreign direct investment is therefore suppose to serve as means of augmenting Nigeria’s domestic resources in order to carryout effectively, her development programmes and raise the standard of living of her people. According to Nwankwo, G. O. 2 factors responsible for the increase need for foreign direct investment by developing countries are: oThe world recession of the late 1970s and early 1980s and the resultant fall in the terms of trade of developing countries, which averaged about 11% between 1980 and 1982. High real interest rate in the international capital market, which adversely affected external indebtedness of these developing countries. oThe high external debt burden. oBad macro economic management, fall in per capital income and fall in domestic savings. Foreign direct investments consist of external resources, including technology, managerial and marketing expertise and capital. All these generate a considerable impact on host nation’s production capabi lities. At the current level of gross Domestic Product, the success of governments policies of stimulating the productive base of the economy depends largely on her ability to control adequate amount of foreign direct investments comprising of managerial, capital and technological resources to boost the existing production capabilities. The Nigerian government had in the past endeavored to provide foreign investors with a healthy climate as well as generous tax incentives, but the result had not been sufficiently encouraging (as we shall see in this research). Nigeria still requires foreign assistance in the form of managerial, entrepreneurial and technical skills that often accompany foreign direct investments. Total amount of income that will accrue to capital will be OR0BK0 while labour receives YBR0. Given that Q = F (K, L), the total output in this country is the area under the marginal efficiency of capital (MEC) curve and this output will be distributed between the two factors of production, that is labour and capital. For foreign direct investment to take place, the returns to capital in the United Kingdom must be less than returns to capital in Nigeria, given that United Kingdom is more endowed with capital utilization In response to this differential in returns to capital, there will be capital movement from the United Kingdom to Nigeria and this will continue until the returns are the same in the two countries. The amount of capital moved from United Kingdom to Nigeria is in the form of foreign direct investment and hence, Nigeria’s stock of capital or investment fund is increased. 2. LITERATURE REVIEW AND THEORETICAL REVIEW 2. 1FOREIGN DIRECT INVESTMENTS AND DEVELOPMENT: PROPONENTS AND ANTI-PROPONENTS. 2. 1. 1 PROPONENTS — Most analysts believe that national and foreign private sector enterprise, if permitted to operate in a competitive market condition will offer developing countries the best prospects for speedy national economic growth. These analysts however do not view multi national capital as panacea to developing countries. Amongst the proponents of foreign direct investments are Peter Drucker, Harry Johnson, Gerald Mier, Sanjaja Hall, Paul Strcter, Carlos, F, Ludiak, l. A, Manle, . F, Author Nwankwo and many more. Harry Johnson argued that foreign investments bring to the home country, â€Å"a package of cheap capital, advanced technology. Superior knowledge of foreign market for final products and capital goods, immediate inputs and raw materials†. Similarly, Drucker has argued that developing countries need to employ export oriented development strategies in order to meet their foreign exchange and employment requirements and that such orientation is much more likely to succeed if these countries can acquire â€Å"capital export markets†. Such markets he maintained are precisely what multinational companies with their worldwide sourcing and marketing can offer. Gerald Mier contends that from the stand profit of national economic benefit, the essence of the case of encouraging the inflow of capital is that the increase in real income resulting from the act of investment is greater than the resultant increase on the income of the investor. This is also the view held by Mactougal when he stated that a moderate inflow of investment in an economy is beneficial. The chief benefit of foreign direct investment, according to these writers, is the accompanying â€Å"package deal† of technical and managerial skill. This may be costly, difficult or impossible to obtain in other alternative investment means. The less developed a country is, the less able it is as a rule to utilize patents, technical advice and contract management assistance without taking the whole package. This view was supported by Penrose (1961) and Chenery (1966). 2. 1. ANTI-PROPONENTS — some analysts (known as the dependence school) are strongly opposed to pro foreign direct investment perspectives. Their arguments are based on series of studies and research carried out. Such analysts include Dos Santos, Ronald Multer, Cardose, Euzo Falleto, Dr. Fashola and many others. Theofonio Dos Santos argued that developing countries’ economic difficulties do not originate in their isolation from advanced countries, but that the most powerful obstacle to their develo pment came from the way they are oined to their international system. Multer, R maintained that multinational corporations transfer technologies to developing countries that result in mass unemployment; that they monopolize rather than inject new capital resources; that they displace rather than generate local business and that they worsen rather than ameliorate the country’s balance of payment. Overall, the dependent school rejects the pro foreign direct investment analysts’ depiction of the benefits derived from participation in the international economy. Dr Fashola, for example argued that most of the policies adopted by Nigeria since the SAP era are qualitative in nature and as such are yet to be effective in turning round for the better economic fortunes of the nation. More recently, a new body of literature emerged and challenged the pro-foreign direct investment optimist about the long-term negotiating and benefiting prospects of the world. What might be labeled the structuralized school has argued that developing countries may in fact experience a long-term decrease in their power over high technology manufacturing system. Their arguments were based on what scholars learnt empirically about the behaviour and effects of multinational companies in developing countries. Results of some of their studies are. i)Bornshier and Jean in a multiple regression analysis of variance in growth of GNP per capital in 76 developing countries (Nigeria inclusive) between 1960 to 1975, found out that their flow of foreign direct investment were associated negatively with growth in income per capital. Other studies by Michael Dolan and Brain Tomlin appeared basically to confirm Bormshier’s observations. Also, Robert Johnson in his regression analysis of growth per GNP in 72 countries between 1960 to 1978, found stocks of foreign direct investment to be positively associated with economic growth at statistically significant level for relatively advanced economies. He therefore concluded that once the size of a developing country is taken into account, the level of direct investment has no consistent effect on growth. i)Vincent Mahler (1976) carried out an analysis of 68 least developed countries and found a statistically significant association between income concentrated in the 6 percent to 20 percent of the population and foreign direct investment in manufacturing but not in mining and agriculture. iii)Several studies were also conducted to estimate the economic desirability of the technology brought to developing countries by multinational corporations. It was found that royalty payments, technical tees, tie-in-clause leading to the purchase of over priced immediate goods, export restrictions and other limitations had resulted in technology acquisition during most of the sixties to become major burden In conclusion, considering the wide range of conflicting empirical studies on how foreign direct investment in developing countries affect the rate of aggregate growth, distribution of income, employment and some non-economic indicators like culture and political structures, one cannot draw conclusions from them with any minimal acceptable level of confidence. Perhaps the warning of Arthur Nwankwo is appropriate in this context where he warned that no nation could provide for the welfare of its citizens as long as its economy is fettered. More so, many studies have shown that multinational corporations are highly adaptive social agents and therefore, the degree to which foreign direct investment helps or hurts a developing country will be heavily influenced by the policy choice of the host country. 3. 0 EMPIRICAL ANALYSIS 3. 1MODEL SPECIFICATION The under listed variables are used in building the model. FDIForeign Direct Investments GFCF Gross Fixed Capital Formation GDPGross Domestic Product llPIndex of Industrial Production The models will therefore be: GPD = b0 + b1FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (equation 1) GFCF b0 + b1FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (equation 2) lIP = bo + b1FDI +u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. (equation 3) These models, which are used in gauging and assessing the performance of the economy, make the economic indicators functions of the level of cumulative foreign direct investment. If we assume a linear relationship (logarithm), then the model equations become. Log GPD= b0 + b1Iog FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (equation 1) Log GFCF= b0 + b1log FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (equation 2) Log lIP= b0 + b1log FDI + u†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (equation 3) Fromthe model Log GOP=b0 + b1 FDI Log GOP=0. 159 + 1. 237 log FDI Standard Error (Se)=0. 158 Correlation coefficient (r)=0. 99 t1=1. 03 t2=0. 037 3. 2 Interpretation of Results The first noticeable thing about the above result is that Gross Domestic Product is positively related to foreign direct investments. The responsiveness of GDP to FDI to 1. 237 indicates that a one percent increase in foreign direct investment leads to a more than proportionate increase of 1. 24 percent in gross domestic product. A correlation coefficient of 0. 9 indicates a very strong relationship between economic growth (measured by GDP) and foreign direct investments, thus leading to the rejection of our alternative hypothesis and acceptance of our null hypothesis, which states that there is a relationship between foreign, direct investment and economic growth. Also, a test of the significance of the intercept and gradient of our model is found to be statistically significant through a test of standard error. Thus given that: H0 : a = 0 H1 : a + 0, for significance of intercept And H0 = 0 H1 : B + 0, for significance of gradient. For t1 since the computed value of 1. 02 is less than 2. 042 (value from t table), we reject H1 and accept H0 which states that there is a relationship between foreign direct investment and economic growth. For t2 since the computed value of 0. 037 is less than 2. 042 (value from t table), we reject H1 and accept H0 which states that there is a relationship between foreign direct investment and economic growth. From the model Log GFCF=b0 + b1 FDI Log GFCF=0781 + 0. 873 log FDI Standard Error (Se)=0. 199 Correlation coefficient (r)=0. 95 Tl=9. 41 t2=41. 57 3. 3 Interpretation of Results The results from this model shows that there exist a direct functional relationship between foreign direct investment and standard of living, such that the elasticity of gross fixed capital formation with respect to foreign direct investment is 0. 873. A correlation coefficient of 0. 95 indicates a very strong relationship between foreign direct investment and gross fixed capital formation (which could be used as a measure of standard of living). Also, a test of the significance of the intercept and gradient of our model is found to be statistically significant through a test of standard error. Thus given that H0 : a = 0 H1: a + 0, for significance of intercept And H0: B = 0 H1 : B + 0, for significance of gradient For t1 since the computed value of 9. 41 is greater than 2. 042 (value from 1 table), we reject H0 and accept H, which states that the inflow of foreign direct investment has not affected the standard of living of Nigerians. For 12 since the computed value of 41. 57 is greater than 2. 042 (value from t table), we reject H0 and accept H, which states that the inflow of foreign direct investment has not affected the standard of living of Nigerians. 3. 4 Interpretation of Results The above results show a positive relationship between foreign direct investment and industrial production. The elasticity of the index of industrial production with respect to foreign direct investments of 0. 14 indicates that one percent increase in foreign direct investment will lead to fourteen percent increase in the level of industrial output. The coefficient of explanatory variable of foreign direct investment is also significant, statistically at 8. 5 percent. The correlation coefficient of 0. 78 shows high positive relationship between foreign direct investment and index of industrial output. Also, a test of the significance of the intercept and gradient of our model is found to be statistically significant through a test of standard error. Thus given that: Ho:a = 0 H1 : a + 0, for significance of intercept And H0 : B= 0 H1 : B + 0, for significance of gradient. For t1 since the computed value of 936 is greater than 2. 042 (value from t table), we reject H0 and accept H, which states that the inflow of foreign direct investment is not associated with the rate of increase in index of industrial production. For t2 since the computed value of 7. 05 is greater than 2. 42 (value from t table), we reject H0 and accept H1 4. 0 CONCLUSIONS AND POLICY RECOMMENDATIONS 4. 1 CONCLUSION Given the above situation and the fact that Nigeria’s economic recovery efforts and growth requires major private sector investment in modern equipments that can industrialize the agricultural sector and the economy as a whole, then the Nigeria’s foreign investment policy should move towa rds attracting and encouraging more inflows of foreign capital by moving ahead with economic programmes that includes measures easier set-up and expansion of businesses. In the years ahead, Nigeria (and many other African and third world countries) in trying to pave way for more foreign direct investment faces greater problems, especially with poor external image problem and particularly the concept of European Economic Unity that includes Eastern Europe. This translate to the fact that investment flows that would ordinarily have come from countries of surplus capital like Western Europe to capital deficient countries like Nigeria would now be going to poor European Economic Communities which includes Eastern Europe. Except African countries are able to adopt new strategies, this development will further compound the crises of under-development confronting countries like Nigeria. A very important challenge of management in the coming years would therefore be the development of indigenous technology and entrepreneurial capabilities as the involvement of multinational companies in our economy may dwindle as a result of new bigger and attractive opportunities that are likely to emerge from Europe. With the up and down movement of foreign direct investment, Nigeria needs to juxtapose foreign investment with domestic investment in order to maintain high levels of income and employment. The problem therefore does not lie so much with the magnitude of investment flows to Nigeria as with the form in which it Is given. We could emphasize that foreign investment cannot contribute much to the economic development of Nigeria if it is directed primarily to capital supply than to investment projects. Foreign investment can be very effective if it is directed at improving and expanding managerial and labour skills. In other words, the task of helping a â€Å"poor beggar† can be made less generous and yet more fruitful if it is directed at teaching him a trade rather than giving him food to eat. The analysis presented in this work does not offer a simple version of multinational corporation investment in Nigeria because the picture in complex. Foreign direct investment can make a valuable contribution to third world countries’ development in general and Nigeria in particular, but not all foreign direct investment doe so. Greater flows of investment fund’s climate in the Nigeria economy are important but a good investment climate is not synonymous with what multinational corporation prizes most. In conclusion, in order to further improve the climate for foreign investment in Nigeria, the government must appreciate the fact that the basic element in any successful development strategy should be to encourage domestic investors first before going after foreign investors, considering the fact that they constitute the bulk of investment activities in the economy. Thus, the most effective strategy for attracting foreign investment is to make the Nigerian economy very attractive to Nigerian investors first. 4. 2 POLICY RECOMMENDATIONS The following policies are hereby recommended to policy makers and government, if it is desired that foreign investment contribute to the growth and development of Nigeria. ? The Nigerian government should encourage the inflows of foreign direct investment and contact policy institutions that can ensure the transparency of the operations of foreign companies within the economy. In evaluating foreign direct investment, the screening process should be simplified and improved upon. For example, export investment projects that consistently generate positive contribution to national income can be screened separately and swiftly, while projects in import competing industries should be screened separately. ? Efforts should be made to engage in joint ventures that are beneficial to the economy. Joint ventures provide for a set of complementary or reciprocating matching undertakings, which may include a variety of packages ranging from providing the capital to technical cooperation. The government should intensify the policy to acquire, adopt, generate and use the acquired technology to develop its industrial sectors. ? Efforts should continue, this time with more vigor at ensuring consistency in policy objectives and instruments through a good implementation strategy as well as good sense of discipline, understanding and cooperation among the policy makers. ? The Nigerian government needs to come up with more friendly economic policies and business environment, which will, attracts FDI into virtually all the sectors of the economy. The Nigerian government needs to embark on capital project, which will enhance the infrastructural facilities with which foreign investors can build on. ? The current indigenization policy should be pursued to the letter as a way of preventing absolute foreign ownership in the key sector of the economy. ? The Nigeria government should also carry out the liberalization of all the sector of the economy so as to attract foreign investor s, so that the current efficiency and growth noticed in the telecommunication sector can also be enjoyed there. For Nigeria to generate more foreign direct investments, efforts should be made at solving the problems of government involvement in business; relative closed economy; corruption; weak public institutions; and poor external image. It is therefore advised that the government continues with its privatization programme, external image laundry, seriousness and openness in the fight against corruption, and signing of more trade agreements. REFERENCE Ahmed A. (1993) Strategies for foreign investment in Nigeria. A central Bank perspective Economic and Financial Review volume 26. Ajayi S. I. (1992) An Economic Analysis of Capital flight from Nigeria: World Bank Working Paper series No 993. Aremu, J. A(1997) Foreign private investment: Issues, determinants and performance. Paper presented at a workshop on foreign investment policy and practice, organized by the Nigeria institute of Advance legal studies, Lagos, March Arthur, Nwankwo (1981) Can Nigeria survive 4th dimension publication. Enugu. Berham N. J. (1970) National Interests and Multinational Enterprise: Tensions among the North – Atlantic Counties. Engle Wood Clifts: Prentize Hall. Bhattachary A, Montie P. J and Shame (1997) How can sub-saharan African attract more private capital in flow. Buckley P & Casson M. (1976) The future of multination enterprises: Macmillan press Limited, London. Caves R. E. (1988) Exchange rate movement and foreign direct investment in the United State, New York University Press. Classens S. (1993) Portfolio Capital flows: Hot or Cold? The World Bank Economic Review Vol. 9, No1 page 153-174. Drucker P. F. (1974) Multinationals and developing countries: myths and Realities. Foreign affairs No. 53. Dunning J. H. (1994) Re-evaluating the benefits of foreign direct investment, Transnational Corporations, Vol. 3, February, No 1, 23-51. Federal Republic of Nigeria (1988) industrial policy of Nigeria: Policies, Incentives, Guidelines and Institutional frame work. Federal Ministry of Industries, Abuja. Fernandez – Arias, E. (1996) The new wave of capital inflows: push or poll? Journal of Development Economics Vol. 48, 389 – 418. Frost K. and Stein J. C (1991) Exchange rates and foreign direct investment: an imperfect capital market approach. Quarterly Journal of Economics, Vol. 4, No 4, 1191-1217. Hartman D. G. (1984) Tax Policy and foreign direct investment in the United States. National tax journal, Vol. 34, No 4, December, 175 – 488. International Monetary Fund (1985) Foreign private investment in developing countries. A study by the international monetary fund research Department. Occasional paper No 33. Meier G. M. (1984) leading issues in economic Development. Oxford University Press, 4th edition. Mahmoud M. I. (1986) The Determinants of foreign investment in African countries, Dakar, Senegal. Nigerian Economic Society (1988) Rekindling Investment for economic Development in Nigeria. Selected papers for the annual conference. Nwankwo G. O. (1988) foreign Private Capital flows to Nigeria 1970 – 1983, Economic and financial Review. Volume 28, March. OjO . M. O. (1988) Nigeria Economic Crisis: Causes, Solutions and Prospects. A paper delivered at the AHQ garrison annual officers training, April. Stephen J. K. (1997) Foreign Direct investment, Industrialisation and social change. Contemporary studies in Economic and financial Analysis. Vol. 9, JAI Press, Greenwich connecticut.

My Hialeah Story

Since I came to live in the United States five years ago, I being in Hialeah all the time, this is my city and my neighborhood. I have found the place where I fell like home a large part of my family lives here and I have found the best people and friends here and full the space left empty when I left my country. In the future I may have to change the city, State or maybe just move to another city but I doesn’t matter where I am Hialeah will always be in my memories and I will never forget it. A day of May of two thousand and six I have to sadly move out of my country, leaving behind my city my house, family and friends, the school and all the places and the people that I grow up with and spend very good moments, the most precious things for a seventeen years old boy, and before I could realize all this changes I was already in Hialeah, this when my Hialeah story begins. At this moment everything turns very confusing and inacceptable but now I look back and I don’t regret anything, Hialeah it was the place where everybody welcomes me with open hands and smiles, the reunion with my family was a memorable moment, many of them that I haven’t saw for teen years other I didn’t even know personally and other like my parent and my sister I was crazy to hug them an kiss them. When I realize that I have to start a new life I thought it would be hard but actually it was easy in the school everybody was friendly and helpful the teachers great and the school beautiful at this moment I star felling in home or could say better at this new home. With the pass of the time I would notice that in my new hometown I have many things that I didn’t have in the old one and with a short time I star missing less and less until the day of today that in working and living in the same place, all my family lives here I have many friend and a lifetime of memories build around Hialeah my city. To resume I would say that I’m very happy to end up in Hialeah. Now that I know more people from here and from my country not everyone have the opportunity to live in a fun and happy city like mine. The City of The Progress offer me a lot of opportunities and is situated in a great sunny place with a close beach and best people of the word and because of this and more I love Hialeah.