International Corporate Finance College Essay Example | Topics and Well Written Essays - 2000 words

International Corporate Finance College - Essay Example Its population is estimated to be about 1,306,313,812 as of July 2005 making it the world's most populous nation. It has strictly advocated the "One child policy" in 2002 to control its population but the downside of it is that it is now one of the rapidly aging nations in the world. Its population is said to peak to 1.6 billion by 2050 before stabilising. Culture: In China, business meetings are often very slow, and the businesses are built on assurance of a good relationship. The person in charge is addressed most respectfully, and refusal of ethnic or exotic food or drink is considered as a slight. All business done in China will need to be programmed for a long term since it takes a while to establish trust and run the enterprise in the Chinese landscape. Business deals and negotiations are better done with the presence of a local partner who not only deals with the corruption in the government sector but is also accustomed to dealing with local labour and mitigates risks due to cultural differences. Economy: China's economy grew at an average rate of 10% per year during the period 1990-2004, the highest growth rate in the world. China's gross domestic product (GDP) grew 9.3% in 2003, and even faster, 9.5%, in 2004, despite attempts by the government to cool the economy. China's total trade in 2004 surpassed $1.1 trillion, making China the world's third-largest trading nation after the U.S. and Germany. The Chinese government is firmly committed to economic reforms and opening up to the outside world. Government policies have moved markedly towards allowing market forces influence economic activity and have been reformed in order to assist in the progress of the price determination, foreign trade and investment, exchange rates, entry barriers, internal markets etc. All this seems to have paid off and at this current rate of growth China is supposed to have the fourth largest GDP by 2010. The immediate years to follow are crucial for China. China's accession to the World Trade Organization (WTO) in 2001, China presents a vast market that has yet to be fully tapped and a low-cost destination for export-oriented production because it is labour intensive and has a surplus of labour due to its enormous population. Environment and infrastructure: China is one of the most polluted nations in the world due to its rapid industrial advancement at the cost of its natural resources. A 1998 World Health Organization report on air quality in 272 cities worldwide concluded that seven of the world's 10 most polluted cities were in China. It is no surprise that respiratory and heart diseases related to air pollution are the leading cause of death in China. Most of its rivers are polluted to some degree and half of its population does not have access to clean water. Water scarcity is a rampant problem. China's leaders are increasingly paying attention to the country's severe environmental problems. In recent years, China has strengthened its environmental legislation and in 1999, China invested more than 1% of GDP in environmental protection, Beijing is investing heavily in pollution control, as it is the host of the 2008 Olympiad. Education: China was long lagging behind India for its mastery over the English language.

Sharia Law and International Commercial Arbitration and Enforcing Dissertation - 1

Sharia Law and International Commercial Arbitration and Enforcing Foreign Judgments - Dissertation Example The purpose of the study was to explore the possibility of a conceptual harmonisation of conventional and Islamic arbitration between parties in different countries. The dissertation commences with a review of the historical development of arbitration in Islamic countries under Sharia law, in order to gain an understanding of the manner by which aspects of arbitration are perceived by the Muslim faithful. The discussion proceeds along this line to the philosophy behind salient concepts in the Islamic faith, particularly those elements that are seen to be of greatest disparity with conventional concepts. After examining these differences specifically as they pertain to Saudi Arabian law, the accession of the Kingdom to the various international conventions governing arbitral judgments and awards, their recognition and enforcement, as discussed. From this vantage point, the likelihood of integration of international legal development and legal development under Sharia law is assessed. The paper concludes that conceptual and philosophical consistencies exist between both systems that could viably form the basis for a harmonised law – an international arbitration law embodying provisions that blend with Sharia principles, and the evolution of Sharia law to be consistent with international law. Acknowledgements Table of Contents Abstract 1 Table of Contents 4 7 Chapter 1: Introduction and Research Question 8 1.1Chapter Overview 8 1.2Background to the study 9 1.3Alternative dispute resolution systems 10 1.4Background of international commercial arbitration and award enforcement 11 1.5 Research objective and research question 14 1.6 Research methodology 14 1.7 Scope and Limitations 15 15 16 CHAPTER 2 16 Chapter 2: Development of Arbitration Law in the Islamic countries( Middle East) 16 2.1 Chapter Overview 16 2.2 History and Development in Middle East regional arbitration law 17 2.3 Conflicts between International Commercial Arbitration and Sharia law 22 2.4 Re conciliation of ICA with Sharia principles 32 2.5 On the possibility of harmonising Sharia principles with international arbitration law 34 2.6 Chapter Summary 36 37 CHAPTER 3 37 Chapter 3: Islamic Principles In Commercial Law and Arbitration 38 3.1 Chapter Overview 38 3.2 Islamic teachings related to business and commerce 38 3.3 The practice of Sulh 40 3.4 The Islamic principle of Ijtihad 41 3.5 The teachings of Islam with regard to arbitration 43 3.6 Arbitration in terms of the perspective of Sharia Law 46 3.6.1 Legality of Arbitration from the Quran 46 3.6.2 Legality of Arbitration from the Sunnah 48 3.6.3 Legality of Arbitration from the Secondary Sharia Sources 49 3.7 Enforcing foreign judgments and awards 50 3.8 Chapter Summary 52 54 CHAPTER 4 54 55 Chapter 4: Implementation of International Commercial Arbitration in Saudi Arabia 55 4.1 Chapter Overview 55 4.2 The acceptance by Islamic countries of the global system of arbitration 55 4.3 Arbitration in terms of the perspective of Saudi Law 57 4.3.1 The concept of Arbitration in Saudi Law and its Characteristics 57 4.3.2 International Commercial Arbitration in Saudi Arabia 57 4.4 Chapter Summary 59 Chapter 5: Synthesis of Saudi Arbitration Law and International Commercial Arbitration 61 5.1 Chapter Overview