Is War Inevitable?

1 Is War Inevitable? The modern human mind has sought to present findings and evidence that would lead to some form of an indication or conclusion regarding the inevitability of war through the multifarious fields of science and technology; anthropology; political science; economics; psychology (both humanist and evolutionary); and cultural studies.The general perception for most people – gauged through academic surveys and Social Networking websites – is that the innate biological tuning, socio-cultural infrastructure, geo-political systems, economic scarcity, and the massive amounts of arsenal possessed by mankind will never allow humans to transcend the atrocities of brutality, violence and aggressive bloodshed. Unfortunately, those general perceptions are not unsubstantiated: latest scientific research in the field of genealogy has blamed the Y-Chromosome for man’s propensity to wage war.Further anthropological studies have reiterated and reinforced the fear that clearly lays down the innateness of a tendency towards war, which, subsequently, implies that war is inevitable. However, that is not the complete picture. â€Å"Statistically, it is more common for humans to be cooperative and to attempt to get along than it is for them to be uncooperative and aggressive towards one another,† says anthropologist Robert Sussman from Washington University in St. Louis, Missouri.With a growing number of experts now arguing that the urge to wage war is not innate, and that humanity is already moving in a direction that could make war a thing of the past, this essay will, based on further research done in the above stated fields, argue against the inevitability of war based on the following grounds: biologically, new research combined with cross-cultural findings and a deeper insight into the evolutionary development of human beings will show how the â€Å"innateness† of war is a myth; socially, we will take a look at the development of a new society in the modern era that compels a change in social ideology that will inevitably lead to more peaceful times wherein war will not be inevitable. Anthropological and ethnic studies have shown that, long before the emergence of modern nation-states, human beings waged war in the tribal setting, basing these conclusions on archeological findings. Furthermore, observance of the behavior of our closest evolutionary cousins, the chimpanzees, has encouraged the perception that just the way chimpanzee troops tend to wage war on other chimpanzees – sometimes even beating them to death – similarly, we too are biologically programmed and naturally hardwired for aggression. In â€Å"Are Humans Hardwired to Behave Aggressively? Margie Wylie says that a new and upcoming field of genealogy suggests that the Y-Chromosome in human beings causes us to be, at least in part, â€Å"hardwired for aggression and troublesome behavior†. The question is posed to any logi cal mind: can we allow ourselves to conveniently use this as an excuse for war and crime? No. We can not. Yale’s â€Å"Human Relations Area Files† (Ember), a database of around 360 cultures around the world from the past and present, shows that nearly nine-tenths of these cultures have engaged in warfare. However, the frequency, intensity, and time spans of these wars varies vastly from one culture to the next. â€Å"There is variation in the frequency of warfare when you look around the world at any given time,† says Melvin Ember. â€Å"That suggests to me that we are not dealing with genes or a biological propensity. Even if we do consider the biological propensity and the arguments based on genetic findings, further studies with regards to these have painted a clearer picture that war is not, in fact, inevitable. Harvard anthropologist, Richard Wrangham, argues that humans have made evolutionary steps towards being less aggressive. In comparison to our ances tors, our brains are ten percent smaller than they used to be, following a trend similar to the Bonbonos: domesticated animals, bred for docility. Our ability to live in big cities without attacking each other all the time shows that we are learning to control our violent behavior, at least inside groups (Wylie, 2003). This coming from a propagator of the school of thought that believes in the innate tendency for war, it shows that in current times we can safely say that war is not inevitable.The â€Å"Us versus Them† syndrome that has plagued the human mind, thus naturally developing a propensity to wage war, is not quite as strong anymore. Bigger groups, with stronger and more complex bonds for internal cohesion have proven to be victors of war throughout history. They tend to become more inclusive, history is proof of that. The population explosion, increasingly obvious environmental challenges, and the threat of nuclear war leading to mutual annihilation are all modern wo rld indicators of the inevitability of war, however, like our ancestors ten thousand years ago, we are being forced by the results of our own actions and successes to mutate into a new kind of society based on a new organizing principle.The implications of globalization, the internet, the new concept of universal human rights, the political incorrectness of ethnic humor, the growth of transnational economic institutions and regional political ones, new thinking about gender relations: it all is part of a massive change in the way people live and think. It is only inevitable now that a new progression based on competition between ideas; schools of thoughts and philosophies will take over and will not need to enter armed conflict. (Coon, 2000) To conclude, we can easily say that given the biological developments concerning evolution, combined with changes in the psychological arena and in socio-cultural norms, war is not inevitable.The inevitability of war, in fact, was overestimated even before, as findings in this essay prove. The future progression of humankind may be slow and difficult, as it has always been, for change is not something engineered in design and geared in direction. But the future holds that war is not inevitable. Works Cited Coon, C. (2000). Is War Inevitable. Retrieved from Progressive Humanism: A New Approach to the Humanist Philosophy : http://www. progressivehumanism. com/war. html Ember, C. a. (n. d. ). Human Relations Area Files. Retrieved from Yale University: http://www. yale. edu/hraf Wylie, M. (2003). Are Humans Hard-Wired to Behave Aggressively? Toronto Star (Canada) .

Advice and support

The role of domiciliary, respite and day services that may contribute to end of life care can be resumed such as the respite care service, by; they put their life on â€Å"pause† to provide the care that is required. It's a very important responsibility. The role of funeral directors that may contribute to end of life care is varied. A funeral director has many responsibilities that entail preparing the body for burial, making arrangements for viewing and services and coordinating all aspects of the service.This includes making sure that the individual wishes and key people wishes are carried out including religious customs. 6. 2 The role and value of an advocate in relation to end of life care is to support and enable individuals to express their views and concerns, to access information and services, to defend and promote their rights and responsibilities, and to explore choices and options 6. 3 While using an advocate, individuals at the end of life and their key people can focus more on recuperation or end of life care rather than handling the details surrounding care.Using the services offered by an advocate can reduce individual and key people stress, lessen the chance of treatment and billing errors and help foster a greater sense of cooperation between the individual, key people, medical professionals and health insurance providers. 6. 4 Support for spiritual needs, such as religious beliefs are especially important for an individual at the end of life because during a particular difficult event of life, such as end of life that is a major event of life, the faith of an individual will help to access, with prayers, to give courage and to accept the situation. 5 A range of sources of support to address spiritual needs can be found by having access to spiritual support from your local community faith leaders. For example, if you are a member of the Christian religion, you can access spiritual support by going in your own church and determine the sp iritual needs that cover your faith best.To resume, a range of sources of support to address spiritual needs means to have access to related spiritual support in accords of respect of your own beliefs, religion and culture. 7 7. 1 Line manager or Social worker: Support would best be offered by other members of he team such as, line manager or social worker, when an individual need to organise help with housework, shopping and cooking, or a personal care assistant to help with tasks such as washing and dressing.Religious representatives: Support would best be offered by other members of the team such as, religious representatives, when an individual's religious factors or cultural beliefs may impact on the decision making process of end of life care and so it is important to determine as far as possible whether they practised any particular faith as well as being able to ascertain cultural eliefs.Specialist nurse: Support would best be offered by other members of the team such as, sp ecialist nurse, because a specialist nurse, district nurse or GP can tell to an individual how to access these healthcare professionals and about the specific types of help and support available in the area of the individual. Occupational or other therapist: Support would best be offered by other members of the team such as, occupational or other therapist, because they can visit the individual at nome to assess whether specialist equipment that would help the ndividual to move around and to be able to do as much as possible the individual can do. . 2 Specialist palliative care nurses: Specialist palliative care nurses are experienced in assessing and treating your symptoms and also provide counselling and emotional support for you and your carers. Most specialist palliative care nurses work closely with a wider hospital or community palliative care team, which includes doctors and other healthcare professionals. Specialist palliative care nurses are sometimes referred to as Macmill an nurses. However many Macmillan professionals are nurses ho have specialist knowledge in a particular type of cancer.You may see them when you're at clinic or in hospital. Doctors: Doctors specialising in palliative medicine give expert medical advice on managing people with advanced disease. They work closely with palliative care nurses and may visit people at home if needed. Nurses: Some community palliative care teams have nurses who can visit you at home and provide practical care such as washing, dressing and giving drugs. A specialist palliative care nurse will usually arrange care from these nurses.Physiotherapists: Physiotherapists can help ill people to move around. They can also help with pain relief and if you have breathing problems. Counsellors: Counsellors are trained to help people in all types of situations. Seeing a counsellor can help people to understand and express their feelings, and cope better with their situation. Spiritual care coordinators or chaplains: S piritual care coordinators or chaplains offer spiritual care and support for an individual. 8. 1 To support individual's care through the process of dying in my own role, means I will use the correct techniques; that include; timings; hygiene; use of equipment; safe isposal; and recording information, to offer appropriate support to individuals and key people such as family, friends, carers and others with whom the individual has a supportive relationship when they have been told about the time-scales of the individual's death and the process of their dying.I will treat the individuals with values that adherence to codes of practice or conduct where applicable to my own role and the principles and values that underpin in my work setting, including the rights of children, young people and adults.That include the rights; to be treated as n individual; to be treated equally and not be discriminated against; to be respected; to have privacy; to be treated in a dignified way; to be prote cted from danger and harm; to be supported and cared for in a way that meets their needs, takes account of their choices and also protects them; to communicate using their preferred methods of communication and language; and to access information about themselves.Preferred method of communication and language can include the individual's preferred spoken language; the use of signs; symbols; pictures; writing; bjects of reference; communication passports; other non-verbal forms of communication; human and technological aids to communication. Also, I have to take into consideration, factors that may affect the health, well-being and development of individuals.Such factors may include adverse circumstances or trauma before or during birth; autistic spectrum conditions; dementia; family circumstances; frailty; harm or abuse; injury; learning disability; medical conditions (chronic or acute); men health; physical disability; physical ill health; poverty; protound or complex eeds; sensory needs; social deprivation; and substance misuse.Caring out my own role, to support an individual's care through the process of dying, request a perfect hygiene and use of the personal protective equipment; such as apron, gloves and mask. Infection control is very important, washing of hands before and after wearing of personal protective equipment according to my workplace policy. For example; after disposed of my apron, gloves and mask in the clinical waste bin, I will washes and dry my hands thoroughly with the full hand washing technique to not contaminate myself or others.Where possible, I will promote active support that encourages individuals to do as much for themselves as possible to maintain their independence and physical ability and encourages people with disabilities to maximise their own potential and independence. I will provide individuals with privacy and facilities to meet their immediate needs and give them time to adjust to the knowledge that they are dying. I wi ll communicate with the individuals using their preferred method of communication and language, in an appropriate manner, and at a level and pace with which they are comfortable.I will support individuals and key people to identify any information they want. I will work with others people within and outside my organisation that are necessary for me to fulfil my Job role, to enable the information requested by individuals and key people to be accessed, within confidentiality agreements and according to legal and organisational requirements, and I will complete records in ways that can be understood by all who are authorised to access them.In my own role, to support individual's care through the process of dying, means I will provide appropriate support and time to ndividuals who wish to express their feelings and communicate their concerns and to express their beliefs and preferences about their death, but in the same time, I will avoid pressurising them to talk about their death. Wh ere an individual finds it difficult or impossible to express their own preferences and make decisions about their life, achievement of this standard may require the involvement of advocates or others who are able to represent the views and best interests of the individual.Where there are language differences within the work setting, achievement of this tandard may require the involvement of interpreters or translation services. Some individuals that have their key people, may want to identify the people they wish to be informed about their death, so I will contact calmly and without delay, the identified people so that they can be with the individuals when they die. I will fulfil any wishes expressed by individuals that are within my own role, responsibility and competence.Appropriate action have to be take to inform others people within and outside my organisation of changes to individuals' condition and any expressed ishes and preferences, that means I have to record and report o n actions, procedures and outcomes within confidentiality agreements and according to legal and organisational requirements within my work place. Last, I have to manage appropriately any of my own feelings that have been aroused by the individual's death. 8. Addressing any distress experienced by the individual promptly and in agreed ways through the process of dying, do echo to understand the distress due to end of life care through the process of dying for an individual. End of life care encompasses alliative care, which tocuses on managing pain and other distressing symptoms, providing psychological, social, and spiritual support to individuals, and supporting their key people such as; family members; friends; individual's carers; and others with whom the individual has a supportive relationship.Palliative care can be provided at any stage in the progression of an individual's illness, not only in the last days of an individual's life when the focus of treatment has generally mov ed from trying to actively manage disease and prevent deterioration to managing the ndividual's symptoms and keeping the individuals comfortable. The most difficult and sensitive decisions through the process of dying are often those around starting, or stopping, potentially life prolonging treatments such as cardio pulmonary resuscitation, renal dialysis, clinically assisted for nutrition and hydration, and mechanical ventilation.These treatments have many potential benefits including extending the lives of the individuals who otherwise might die from their underlying condition. But in some circumstances they may only prolong the process of dying or ause to the individual unnecessary distress. The benefits, burdens and risks of these treatments are not always well understood and concerns can arise about over or under treatment, particularly where there is uncertainty about the clinical effect of a treatment on the individual, or about how the benefits and burdens for that individua l are being assessed.Doctors and nurses, with other members of the team, such as; line manager, religious representatives, specialist nurse, occupational or other therapist, social worker, GP, district nurses, nurses who specialise in a specific isease, specialist palliative care nurses, physiotherapists, counsellors, spiritual care coordinators or chaplains, and key people involved in the decision making process may also be unclear about what is legally and ethically permissible, especially in relation to decisions to stop a potentially life prolonging treatment. 8. To adapt support to reflect the individual's changing needs or responses, make think why the individual needs or responses are changing. Individual's changing needs or responses can be cause due to many factors. Be aware of possible signs of dementia in the individuals with whom you work. Dementia is a term used to describe various different brain disorders that have in common a serious loss of brain function that is us ually progressive and eventually severe, in an individual previously unimpaired, beyond what might be expected from normal ageing.That means, when individuals seen confused in their needs or responses, it's can be cause of dementia. In the majority of situations, change might be in relation to; changing environments (example ward to ward, hospital to home, home or hospital to residential care); changing physical and/or mental conditions and functioning; and sudden disability. Adapt support to reflect the individual's changing needs or responses are best meet with an Advance Care Planning.Advance Care Planning is a process of discussion between an individual and the people in their support network. It usually takes place when it is expected that an individual's condition is likely to deteriorate and following serious deterioration, the individual may not be able to make decisions or communicate their wishes. Make decisions or communicate the wishes of the individuals, pass through by many methods of communication, including; the objects of reference; communication passports; other non verbal forms of

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

Financial Statement Essay Example | Topics and Well Written Essays - 500 words

Financial Statement - Essay Example The vehicles are not a part of the operations for the next three years. The furniture and fixtures are depreciated at a useful life of five years. Equipments are depreciated at four years of useful life and building is also the part of the balance sheet for the first 3 years. The company will invest in buildings once the brand is known to the consumers. The account of reserves of bad debts are to be increased at the rate of five percent of the reserves of bad debt accounts of the previous year. The increase in the cash in hand, cash at bank and accounts receivable is estimated to increase with an average rate of five percent that are subjected to the projected estimates for the revenues. The projections of the sales of the company vary according to the seasonal changes due to which there is a fluctuation in the sales volume of the company on the basis of its monthly accounts. Looking at the cash flow of the company it can be noted that the company does not announced to pay off any of dividends or any additional cash against its current assets, borrowings or long-term assets. It can also be noted that the inflow of the cash relies on the sales of the company. Hence, it can be noted that the cash from the operations of the company and the outflow of the cash is mainly focused to the payments of the utilities, bills and cash spending (AASB 139 Financial instruments: recognition and measurement. 2014).   The company does not intend to create reserves for earnings or dividends to its shareholder.

Works of Karl Marx and Georg Simmel Essay Example | Topics and Well Written Essays - 2500 words

Works of Karl Marx and Georg Simmel - Essay Example The so-called "commodity fetishism," as Marx (1976) tell us, is the fact that a "definite social relation between men themselves' assumes here, for the, the fantastic form of a relation between things, [or] to the producers' the social relations between their private labours appear' as material relations between persons and social relations between things." (p. 165) This concept was conceived wherein humans are the real actors whose social relationality was obscured in the reified commodity form. (Brah & Coombes 2000, p. 116) The concept of "autonomy of objective culture", on the other hand, is Simmel's characterization of the prevalence of monetary relations in modern society. Here, he is suggesting that, paradoxically, it is the fact that money empowers us that accounts for the fragmentation of subjective life and that monetary freedom is abstract and devoid of substance because it becomes alive and valuable only through being incorporated into the substance of real social relations. (Dodd 1999, p. 38) This principle by Simmel is, in a way, an extension of Marx's commodity fetishism to cultural production in line with the idea that objective culture exists in an autonomous realm that follows an immanent developmental logic. Here, the commodity, money and capital - with money as the "consummate fetish" of money making more money - appear in such a way that they are immediately present on the surface of the bourgeois society but their immediate being is pure semblance. (Simmel 200p, p. xxvi) The comparison of the commodity fetishism and autonomy of objective culture is best illustrated in Marx and Simmel's discourse on money, the aesthetic sphere and freedom. On Money A common ground between Marx and Simmel is their extensive discourse on money and its effects on culture. Marx utilized the Shakespearian theme of money in Timon of Athens wherein it was said that money is an unnatural power which converts the morally bad into the morally good, the antisocial becomes social and that the ugly becomes beautiful. In Shakespeare's Timon of Athens, Timon talked about his gold: Thus much of this will make black, white; foul, fair; Wrong, right; base, noble; old, young; coward, valiant' Thou common whore of mankind, that putt'st odds Among the rout of nations. (Timon of Athens: Act 4, scene 3) Marx adopted this and elaborated more in his effort to illustrate that money is an alien medium - one that conceals the true value of labor and that it takes upon itself and its possessor qualities that are external to man. To quote: That which money can create for me, that for which I can pay (i.e., what money can buy)- that I, the possessor of the money, am. The extent of the power of money is the extent of my power. The properties of money are the properties and essential powers of me - its possessor. Thus what I am and what I am capable of is in no way determined by my individuality. Therefore I am not ugly, for the effect of ugliness, its power of repulsion, is destroyed by money. I - according to my individual nature - am lame, but money gives me twenty legs, therefore I am not lame. I am wicked, dishonest, unscrupulous, stupid man; but people honour money, and therefore also its possessor. (cited in

Managerial Decision Making Essay Example | Topics and Well Written Essays - 500 words - 2

Managerial Decision Making - Essay Example ore.   Of course, there are also innumerable ways to "turn off" your associates and it is equally important to recognize these poor practices so that they can be avoided.   A disgruntled salesperson is unlikely to present a shining countenance to a prospective customer (Nowduri, 2013). Some store owners and/or managers prefer to drive rather than lead and this manifests itself in a tense and uneasy store atmosphere.   Fear destroys confidence as well as pride in ones place of employment; its effect on productivity is negative and destructive in the long run. It is desirable for management to be highly enthusiastic, articulate and effervescent although each person comes across in a different way (Al-Zhrani, 2010). Sincerity, fairness and candor are essential.   True personal interest in your associate’s problems is valuable. One of the very best ways to motivate is to consciously try to help bring out the very best in your staff and to do everything in your power to develop leadership talent and knowledge.   There is great satisfaction in being able to point to successful people and honestly claim that you contributed to that success.   This kind of interest comes through to all your people and enhances the image of your store (Riabacke, 2006). Motivation and teaching are closely related.   They should start from the first day of employment. Discipline as well as rewards are part of the motivation program.   Both should be thoroughly and constantly explained to be effective. Loyalty and pride are instilled by making people feel they are important to the business; that their opinions are sought and listened to; that they are respected as persons and treated accordingly and that they will share in the success of the business in the degree of their productivity and contribution.   This all comes under the umbrella of involvement;  Involving people to bring out the very best (Bazerman, 2012). No matter the size of your company, having a team of motivated,

3600 Essay Example | Topics and Well Written Essays - 750 words

3600 - Essay Example Therefore, the evolution of the word clearly indicates that this branch of anthropological study actually deals with procedure pertaining to qualitative research methodology, precisely in anthropological studies or in social sciences and implies to the gathering of empirical data pertaining to human culture and science. The ethnography therefore focuses on the myriad aspects pertaining to socio-cultural milieu of a particular tribe or people residing in some of the particular geographical terrains. The ethnography by Daniel Neuman is about the music in the northern part of India known as â€Å"Hindustani Music† in the local language by the canon of musicians related with it. Music is a primitive language for communication in human civilisation. Various socio-cultural and historical perspectives of the people residing in a particular geographical area evolve through music or folklore and folk culture of that area. Likewise, â€Å"Hindustani Music† bears the typical cultural essence of North India and is an incarnation of the rich heritage and culture of the area with its myriad blend and influences. The ethnography, â€Å"The Life of Music in North India† is a journey through the history witnessing the origin and the development of ‘Hindustani Music’ and the way it nurtured in the hands of the magician musicians through ages. The ethnography is very strong as it bears the testimony and experience of these musicians who dedicated their life and passed on their legacy to the future generations even for the cause of the particular music and its development. The research content of the ethnography is based primarily on the field work which can be treated as the primary research too. The first-hand survey done by Neuman during the year 1969 to 1971 in Delhi forms the base of the ethnography. Neuman interviewed musicians during this time and he made a trip to the northern part of India, precisely the cities those are situated

New Product Development is the Key to Apple's Marketing Success Coursework - 1

New Product Development is the Key to Apple's Marketing Success - Coursework Example One of the most innovative products of Apple was iPhone which was considered as one of the best-selling products. The business operations of Apple are expanded in almost all geographical nations (Apple Inc, 2012). Apple’s Strategies Apple seeks to apply its idea of being a digital heart in the field of electronic products because customers demand stylish and cohesive digital devices. Apple always attempts to distinguish itself from other brands so that it can put premium rates on their products. The business strategy for Apple is to find the accurate equilibrium between customer satisfactions and cost because this blend is vital for raising the product price for customers and thereby increasing profitability. In the consumer electronics market, Apple is known for premium price products because it invests huge amount of funds on new product development and innovation activities. The product differentiation is a major competitive strength for Apple as it can successfully increas e the perceived value of its products and help to generate more revenue in spite of premium cost (Iiiev & et. al, 2004). Quality products and innovation through wide practise of research and development (R&D) is the other key reason behind the success of Apple in the market. The main objective of Apple is to expand its customer base (Iiiev & et. al, 2004). Product Portfolio of Apple Traditionally, Apple manufactured and developed software applications and computer products; however, after the introduction of iPod as one of the preferable MP3 players for people, several new product lines have been included in product portfolio of Apple. The old and new product portfolios of Apple are described in following table: Product Portfolio Product Lines Software and Computer iOS, Mac Operating System, Professional and Business Application Programmes, Personal Computer Hardware Products Desktop Computer, Laptop Computer, iMac, Mac Pro, Mac Mini, iBook iPhone Mobile Phones, iPods, Digital Devic es, iPads iTunes Music, Applications, Bookstore iCloud Cloud Services Application Software iLife, iWork Display and other Fringe Products Printers, Storage Devices, Digital Cameras, Apple TV Source: (EDGAR Online, 2011). People Apple has a bureaucratic organisational structure where CEO is in the top position of hierarchy. The CEO and Vice Presidents gather reports about company’s business operations from both line and staff managers. Apple is highly dependent on manufacturing representatives on whom it has no direct influence. The positions of Apple in the organisational hierarchy are described below: Source: (Apple Inc., 2012). New Product Development New product development is all about introducing new product in any industry. It is a process for developing a product in order to certify progress or survival in the market. The aim of new product development is to strengthen or transform the strategic direction. An effective new product can help an organisation to add a new product line under the product portfolio (Takeuchi & Nonaka, 1986). Reasons for Launching New Product in the Market Developing new product signifies relocating or

The Role of Social Media Techniques in Influencing the Purchase Essay

The Role of Social Media Techniques in Influencing the Purchase Behavior of Customers towards Apparel Brands in China - Essay Example This research will begin with the statement that academics and practitioners alike are trying to understand how the engagement between brand and consumer is formed, sustained and nurtured. Historical artifacts suggest that this engagement between brand and consumer was formed through numerous customer touch points such as in-store messaging, advertising, personal selling, retail environment, brand usage and public relations. With the evolution of the internet era, this engagement is also viewed in terms of virtual interaction between brands and social communities and online seekers of information. Business communities, as well as academics, are particularly interested in means through which social media is useful or harmful during creating of customer experience. Consumers in today’s world can now access social media and information from virtually any place in forms such as shared recommendation, personal reviews as well as conversations after, during and before purchase. The background of the current research is set against the backdrop of increasing usage of social media techniques and their influence in purchase behavior of apparel brands across China. With the increasing usage of internet among Chinese consumers, they are also constantly coming in contact with various social media sites. Statistical surveys on Chinese internet usage revealed that the nation added 29.4 million new users of the internet in the year 2005. In the year 2006, the number of internet users grew to 162 million. Â  Overall, internet penetration in 2000 in China was 1.7 percent which increased to a whopping 12.6 percent in the year 2006. Also, broadband user numbers in the year 2007 were 122 million. In terms of gender ratios, 59.3 percent of Chinese networking citizens are male while 40.7 percent and females. Among these 57.8 percent are married compared to 42.2 percent which is unmarried. These networking individuals belong from diversified occupational platforms such as tec hnology experts, commercial and office managers, fishery and forest workers, transport and manufacturing workers, military, service sector workers, teachers and unemployed. However, the highest number of internet users is students.

What does an actor need to know about Bread and Puppet Theatre to Essay

What does an actor need to know about Bread and Puppet Theatre to produce and perform it - Essay Example The research is based on famous Bread and Puppet Theatre located in Glover in Northeast kingdom of Vermont, North America. The research gives an overview on principles and information an actor should know in order to produce and perform it."Theatre is as essential as Bread for daily Life"; "Theatre is a religion" are the principles on which exists the famous Obie Award winning Bread & Puppet Theatre founded in 1962 by Peter Schumann in New York City. Bread and Puppet theatre is one of the oldest, nonprofit and self supporting theatre companies in North America since 1960's.Bread and Puppet theatre, as the name suggests uses different arts in their shows like puppets (hand puppets and rod puppets), music, sculpture, dance etc. Bread and puppet is internationally recognized and renowned theatre group campaigning visually rich performance with slapstick, music and dance. Mostly all the performance of the group are done is streets or in farms or in large rooms (like churches). The partic ipants/actors onstage and offstage are mostly local volunteers. Internationally Bread and Puppet theatre performs massive spectacles with hundreds of participants devoted to social, political and environmental issues and sometimes of simple life issues.As the Bread and Puppet group believes in self dependency, The Company makes its own bread and patent of them is the distribution of self baked bread with "aioli" (garlic sauce) to the audience after every performance as a mean of creating community and from its central principle that "Art should be as basic to life as bread". The Bread and Puppet Group gained high visibility during early 60's and 70's during the time of Vietnam Wars for their Anti Vietnam War events. During the war times Bread and Puppet theatre staged processions involving hundreds of people. By the 80's the puppets had become emblematic of activist pacifism and a sine qua non of American Political theatre. All shows hosted by the group are antiwar, anti capitalism, anti globalization and pro Vermont independence. A brief background of the founder and the group will help a person to understand the foundations the theatre group is laid on. Peter Schumann, the founder of Bread and Puppet theatre was born in New York in 1934.Schumann studied and practiced dance and sculpture in Germany and in 1959 with a friend Dieter Starosky, he created dance group by the name "GRUPPE FUR NEUEN TANZ" (meaning New Dance Group). Schumann's work is not with formal or classical dance. He invented dance which was very different from traditional ballet and expressionist dance. Two years later, in 1961 with his wife Elka and two children he moved to the United States of America. He regularly attended lectures at Cunningham studio as he was heavily influenced by the radical innovations by John Cage and Merce Cunningham but very soon he separated himself from them. Peter was against the use of conventional form of dances ONLY, like Ballet which was a requirement for Cunningham. Cunningham refused to work with anybody who is not familiar with the Ballet form of dance. Peter Schumann-Founder of Bread & Puppet Theatre In 1970'sBread and puppet moved as theatre in residence to Goddard College where they practiced puppetry and exercised gardening and to make bread as a means of self dependency while living by the countryside. In 1974 the group moved into a 140years old hay farm in Glover, Vermont. The farm has a museum which is the resting place of many veteran puppets. Every year Bread and puppet group hosted Domestic Resurrection Circus which was a 2 day outdoor show which included skits highlighting many serious issues with a touch of humor. These Acts ranged from people dancing on Stilts to puppets lions dashing

World Music Essay Example | Topics and Well Written Essays - 500 words - 1

World Music - Essay Example Mizwid and nay are the Arabic instruments which are categorized as aero phones (Arab Music, 2009). Bassam Saba is the master player of nay (Arabic Musical Instruments, 2007). These are used abundantly in Arabic Music in the form of ud, buzuq, qanun and rababah (Arab Music, 2009). Mohammad Abdel Karim from Syria, Matar Muhammad from Lebenon and Ali Jihad Racy from Lebanon are master players of Buzuq (Arabic Musical Instruments, 2007). They create sound of music with strike, shake or pluck. In Arabic music, sijat and mihbaj used and can be categorized in idiophones (Arab Music, 2009). Zill is an example of idiophones used by musicians and belly dancers. It is a pair of small metal made round instrument. It creates a shrill sound with strike. Example of plucked Idiophone is Qanun. Master players of qanun are: Muhammad El Aqqad from Egypt) and Abraham Salman from Iraq (Arabic Musical Instruments, 2007). These are chiefly drums. They use stretched surface to create voice. In Arabic music, the instruments are tabl, darbukkah and riqq (Arab Music, 2009). Master players of riq include Mohamed El Arabi , Adel Shams Eddine , Hossam Ramzi from Egypt (Arabic Musical Instruments, 2007). Arabic music is based chiefly on sound as it expresses emotions. Arabic texture of music is monophony in nature as it remains monophonic in nature whether one or multiple instruments voices are used (Arab Music, 2009). Maqam sets the stage for Arabic Music which is a mix of melodies and Arab meter (Arab Music, 2009). Amr Diab is the best singer in this context as his voice has best quality, texture and Arabic influence which makes one realizes the state of

Black Boy Essay Example for Free

Black Boy Essay Most African American families in the South were lower class and committed dangerous acts to survive, â€Å"Richard suffered poverty and hunger experiences that later became themes of his work†. He would have to wait a long period of time before food was available for him, â€Å"You’ll have to wait till I get a job to buy food†. The lower class did desperate things to get money â€Å"Richard sneak into saloons and begs for pennies and drinks†. Many African Americans suffered horribly from poverty, â€Å"My mothers’ suffering grew into a symbol, gathering to itself all the poverty, the ignorance, the helplessness, the pain, hunger ridden days and hours†. The Jim Crow South brought many adversities for Blacks and poverty was a major part of that. Poverty not only took away the physical things in their lives, but also it took away from their internal selves as human beings. The things they had in their lives that they were deprived of, did not mean as much to them as losing who they are as a person, â€Å"I would send other words to tell, to march, to fight, to create a sense of the hunger of life that gnaws in us all, to keep alive in our hearts a sense of the inexpressibly human†. Racism in the Jim Crow South was brutal, unnecessary, and in some cases fatal. Racism in the United States South was a major theme, and impacted the life of Richard both in a positive and negative way. The only positive aspect of it was that he and many other African Americans overcame it and helped them become better people. In most cases racism affected lives in a negative way. Most African Americans were both physically and mentally pushed to their limit and caused permanent scars in their lives, â€Å"Having been thrust out of the world because of my race, I had accepted my destiny by not being curious about what shaped it†, The quote by Richard shows the racism was present and unfair, you can still move on and not let it be damaging to your daily lives and emotions. Richard experienced many abusive events resulting from racism, â€Å"He experienced some of the most severe abuses of racial oppression in Mississippi†. African Americans have the theory that White people are dangerous and not to be trusted, â€Å"the Jim Crow South was a system of racial segregation practiced in some states of the US, and it gave whites a reason to treat Blacks as second class citizens†. Richard falls into a category of Black youth who fears the White community and has a hard time interacting with them, â€Å"Richard feels psychological tension around Whites†. The major reason why Richard is a part of the Great Migration and fled North is because of racism. The segregation Blacks had to deal with also took away many educational opportunities, â€Å"No education could alter what the meaning of living, came only when one was struggling†. Racism took away many privileges and rights away from Blacks. Many African Americans in the South moved north for better opportunities, and this vast moment was known as the Great Migration. It was hard for many African Americans to leave the South because that was the only life they knew, â€Å"Nine out of ten African Americans lived in the American South in 1900, by 1930, 3 in 10 lived outside the house†. Richard Wrights’ Black Boy shows how racism destroyed the lives of many African Americans, but for some it did just the opposite, as for Richard it drove him to be the successful writer he is today. Violence affected African American youth in a negative way, and it varied how they let it affect the rest of their lives. Poverty took a major toll on the lives of African Americans during the Jim Crow South system, and affected the majority in an unconstructive way. Racism made a huge impact on the lives of the Blacks because it affected their emotions, physicality, home life, and way of being. For some, racism lead to death or completely ruined their lives, but others took the hardship of racism and went with it in the opposite direction. Richard Wright, once a trouble African American boy, now a flourishing writer.