I. DEFINITION A LETTER OF CREDIT (Documentary Credit) is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase‚ the bank will be required to cover the full or remaining amount of the purchase. • A letter of credit is often abbreviated as LOC or LC‚ and is also referred to as a documentary credit. The parties to this document are usually an applicant who
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financial system‚ and the economy‚ at large. It spread quickly to the developed economies in Europe‚ including the United Kingdom‚ and Asia -with Japan becoming well affected. The emerging economies were not isolated. A transmission channel of the global financial crisis‚ which has been referred to as the “Globalised Synchronized Slowdown” is the stock market SERE-EJEMBI‚ (2008). Around the world stock market indicators started falling. The capital market‚ vis-à-vis the stock market‚ is a channel through
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Debits & Credits In each and every accounting transaction‚ there are at least two elements (accounts) involved. These accounts are either debited or credited‚ with the amount that is reflected in the transaction‚ depending on the nature of the account (Real/Personal/Nominal) and the rule applicable to it. Golden universal rules of Debits & Credits Accounting elements are categorized into three groups; Real - examples are cash‚ equipment‚ furniture etc. Personal - Proprietor’s Capital
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financial crisis 2008 b. Chapter 2: the world effect a. How did the financial crisis affect the whole world b. Why did the financial crisis affect the world c. Chapter 3: The Egyptian economy before the financial crisis a. the economy before b. GDP before c. Inflation d. Unemployment e. Net exports d. Chapter 4: The Egyptian economy after the financial crisis a. the economy after b. GDP before c. Inflation
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addressed on priority‚" Minister of State for Petroleum and Natural Gas‚ R.P. N. Singh said at the 4th Asian Energy Ministerial Round Table in Kuwait. Mr. Singh said the current rise in international oil prices is a cause for worry not only for emerging economy like India but for the entire world as the recovery from recession is still fragile. Crude oil is currently ruling at around $108 a barrel‚ necessitating either a sharp increase in domestic fuel prices or a hefty subsidy payout by the government.
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This paper investigates the economy structure‚ the situation and structure of the energy market and the national energy strategy of Slovenia‚ the impact and effects of the current ETS and of the new ETS proposal on Slovenia and Slovenia ’s position and priorities concerning the Commission proposal 1. Economy situation Slovenia‚ with its small transition economy and population of approximately two million‚ is a model of economic success and stability for its neighbors in the former Yugoslavia
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come as a result of institutions or assets being overvalued‚ and can be exacerbated by investor behavior. A rapid string of sell offs can further result in lower asset prices or more savings withdrawals. If left unchecked‚ the crisis can cause the economy to go into a recession or depression. A situation in which the supply of money is outpaced by the demand for money. This means that liquidity is quickly evaporated because available money is withdrawn from banks (called a run)‚ forcing banks either
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Individual Case Report on Bank of America and the Chinese Credit Card Market Introduction & Problems Identification With its double-digit growth in revenue and net income in 2005‚ and successful merger with MBNA Corporation (MBNA) on January 1‚ 2006‚ Bank of America Corporation (BAC) has become the largest credit card issuer in the United States in terms of credit card balances. However‚ strong competitors in the American credit card market such as JP Morgan Chase and Citigroup have pushed BAC to
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Long-term effects of global tourism on economy Tourism is the travel tour activities which provides travelers leisure facilities and service industry. And it is also a kind of leisure entertainment that has complex social phenomenon‚ involves the politics‚ economy‚ culture‚ history‚ geography‚ law‚ and other social fields. Generally speaking‚ tourism has a profound impact for the country. Tourism gradually has become a prevalent activity all over the world. Compared to 2009‚ there were 1002
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The Effects of Oil Prices on Our Nation’s Economy Introduction As one may have noticed in the past few years the price of oil has risen drastically. Either at the gas pump or at home in the winter with the heating bill the price of oil effects everyone. The beginning of this paper discusses what OPEC is‚ what it does‚ and why it is good or bad. Also it will begin to discuss the price of oil in the global oil market but mostly in our nation’s economy: who‚ what‚ when‚ where‚ why‚ how.
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