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Friday, February 10, 2012 

Standard & Poor’s downgraded Egypt’s currency rating for the second time in four months based on the country’s shorfall in foreign reserves and shaky political transition. It’s the latest development for a nation facing mounting economic diffuclties.

Egypt’s foreign reserves fell by over 50 percent last year to about US$16 billion. Egypt has requested US$3.2 billion from the International Monetary Fund to bolster its reserves and prevent a devalation but that could take months.

Experts say that Egypt’s problem of attracting foreign investment and tourists, which are two sources that would increase reserves, has already caused the Egyptian pound to lose 1 percent of its value and if the country doesn’t solve the shortfall in foriegn currency, it could even lead to a further currency devaluation within the next two to three months.

The long-term solution is to restore tourism and foreign investments but both are suffering because of the continuing unrest.

Egyptian tourism suffered this past year as a result of a revolution, a transition to an elected government, and continuing signs of unrest and instability.

The Egyptian Revolution began on January 25 last year and President Hosni Mubarak resigned over two weeks later on February 11. The protests have continued as Egyptians grew uncomfortable with the military’s control over the transition. At the start of this month, 79 people were killed at a soccer event in Port Said.

Tourism in Egypt accounted for US$12.5 billion in 2010 but fell 30 percent, or US$8.8 billion, in 2011, according to Mounir Fakhry Abdel Nour, Egypt’s tourism minister. Tourism accounts for 11.6 percent of Egypt’s GDP.

Last week, two U.S. female tourists and their Egyptian guide were abducted in the Sinai peninsula by Bedouin tribesmen and released shortly afterward.

The kidnapping took place in broad daylight on a busy road while the tourists travelled after a visit to St. Catherine’s Monastery. Masked tribesmen stopped their bus, abducted the tourists by gunpoint, and escaped into the mountains. Three other tourists of unknown nationalities were left on the bus. Local authorities organized a search which ended in negotiations with local Bedouin tribesmen. The Bedouin demanded the release of recently apprehended tribesmen, who had been detained for drug trafficking and robbery. The US hostages were released unharmed, Abdel Nour said.

As a location, Egypt boasts ancient pyramids, the Nile River, Biblical sites like Mount Sinai, museums, and Red Sea coastal resorts. Last year the number of tourists plunged from fifteen million people down to nine million, which is a 40 percent drop.

The low amount of tourism to Egypt has also affected tourism in other countries. Stas Misezhnikov, Israeli tourism minister, said that Israeli tourism is down because the flow of tourism from Egypt’s Sharm el-Sheikh resort is “almost nonexistent right now.”

Egypt’s current investment climate is also severely hampered by the perception that the climate is not yet right for investment.

Mulyani Indrawati, managing director of the World Bank, said investors were not ready to get back into the markets of the Arab Spring countries until stability is restored but the situation has also been exacerbated by the precarious state of the regional and international economy.

Egypt’s domestic politics is threatening one of the country’s largest stable sources of foreign investment. The United States’ annual military aid to Egypt accounts for US$1.5 billion. U.S. politicians have threatened to withhold that aid package, however, because of an investigation into pro-democracy NGOs that involve 19 American citizens and more U.S. money. Senator John Kerry said the Egyptian investigation is a “dangerous game that risks damaging both Egypt’s democratic prospects and the U.S.-Egyptian bilateral relationship.”

Faiza Abou el-Naga, who is the Egyptian minister who distributes Egypt’s aid money, a former Mubarak loyalist who survived through the transition, and one of Egypt’s most visible female politicians, claims the NGOs are meddling in her country’s sovereignty. Both the Muslim parties who won the election and the generals in power are backing those hearings. Her argument that foreigners are meddling in Egypt also has a populist appeal.

The military government’s slow transition is also stalling foreign investments. Khaled bin Mohamed al-Attiya, foreign minister of Qatar, said a few weeks ago his government is holding back from making US$10 billion in investments because power has not been transferred to an elected government. The other Middle Eastern countries that pledged investments, such as Saudi Arabia and United Arab Emirates are also waiting.

The Egyptian government announced this week that it was investigating Yasser el-Mallawany, an investment banker with EFG Hermes based in Cairo, for allegedly paying soccer fans to riot at Port Said, a charge which el-Mallawany dismissed and attributed to gossip.

Meanwhile, investors within Egypt are looking for other investment vehicles such as real estate as they fear holding cash in a period of devaluation.

Florence Eid, who is an expert on Middle Eastern economies at U.K. Arabia Monitor, said the situation throughout the Middle East could get worse. “People are frustrated because the reasons that they revolted against to begin with, are still there,” Eid said. “Whoever said this was going to be smooth was naive.”

“One year on: Egyptians mark anniversary of protests that toppled Mubarak” — Wikinews, January 25, 2012

Egyptian Pound (EGP) in US Dollar (USD)



Submitted by: Leland Kacprowski

June article one

A small business accounting software is really a technique of tracking fiscal transactions using a computer system including a total array of accounting tools almost invariably relying upon the size of enterprise becoming catered for. Accounting software for business, can range from an premium remedy for important organizations to straightforward organized lists of cash flow and purchases.

The necessities for a Australian Accounting Software are diverse with all the most complex and complete monetary accounting software including economic tracking info and operated by sets of qualified accountants backed up by accounts clerks, secretaries and substantial input from computerized info resources. On the other stop of your coin a self employed freelancer may well use subcontractor accounting themselves and create a collection of financial accounts of the fiscal year in a afternoon.

Unique accounting standards are required in the accounting software for business deals dependent upon the fitness for function and consumer wants. Double entry bookkeeping accomplished by means of a computerized program and most likely arranged through financial modules might ordinarily be the the selection of preference the vast majority of public companies. Solitary entry bookkeeping won’t be an acceptable accounting remedy for a freelancing organization because of audit requirements and legal responsibilities.

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Sole entry bookkeeping does having said that hold its spot inside the market place towards the smaller sized much less complex organizations who keep financial control via a intimate knowledge of every monetary transaction. The most important objective of the individual subcontractor is far more possible being the manufacturing of the tax accounts and finish the periodic and annual tax return documents.

Probably the most sophisticated level of best bookkeeping software inside the largest companies matches the accounting capabilities in those organisations with numerous records for accounts receivable, accounts payable, stock handling, basic ledger and fixed assets. These accounting modules may even be integrated with other business tasks for example manufacturing and communication capabilities and also divided into unique modules inside the accounting function.

In bigger companies the product sales daybook and knowledge entry of gross sales turnover would generally be the responsibility of 1 division though the accounts receivable operations may very well be separated which has a specialist credit ratings controller inside that accounting module. A different team may well also incorporate income administration and buyer information. Similarly the accounts payable function may be segregated between the purchasing team , accounts payable invoice department, and also a legal team for outstanding payments.

Best bookkeeping software is generally a process of data entry of important transactions that contain product sales cash flow, acquirement costs and funds and financial institution transactions. The entry of such fundamental files being included to the repository which automates the double entry bookkeeping rules and produces equally accounts receivable, accounts payable and common ledger databases.

Some accounting understanding is usually required to manage a accounting software for business technique and that fiscal information is generally available inside the corporate as most businesses that have accounting software for contractors also have a bookkeeper or accounts clerk to input data and in slightly much larger companies also have competent accountants to handle the accounting functions.

The requisite for accounting expertise within a database system is partially to understand the data entry techniques as well as the relevancy in the policies that are needed to be kept but also comprehending of accounting ideas is needed to understand what on earth is occurring with the database immediately after input. And most important, a qualified accountant holds the monetary understanding, education and professional experience to understand what the process needs to be generating and how you can query the repository to get important information.

Furthermore to including the main revenue and costs particulars essentially the most beneficialaspect of the data source process would be the degree of manage the information it contains can provide the corporate administration and financial directorship. The accounting perform also has the security of creating trial balances, periodic revenue and loss accounts, harmony sheets and other monetary and statements for tax and handle reasons.

Best bookkeeping software requiring minor or no accounting knowledge are also accessible.

Small businesses must receive a small business accounting software based upon double entry bookkeeping principles as to producing a earnings and loss account plus a trial balance to establish accuracy and soundness from the fiscal records also, a balance sheet is essential for reporting purposes. Accounting best practices involve the independent firm to obtain a process of economic management and a small business bookkeeping software is surely an important device in attaining this.

Economically for the individual self employed freelancing segment of the economic spectrum, the demands from a accounting software for contractors may very well be totally diverse. Gone are the polish of management accounts, trial balances and several elements of monetary control. The most important part of self employed accounting is often to produce a arrangement of accounts for tax needs.

Self employed and small organizations that don’t need a balance sheet can use accounting computer software based mostly upon sole entry bookkeeping as opposed to double entry and while using diminished requirements for monetary control then less financial searches to your technique are expected. In these situations the simpler an accounting solution is an advantage and within this marketplace an accounting remedy penned on spreadsheets that will generate the full taxable profit should match the small business accounting software needs of the user.

About the Author: I have, over the course of my writing careermade on promoting, properly presently staying, and diet for a number of numerous various many years, He is degrees in promotion, company, and finance. The Author is40 decades ancient.has become creating on-line for the reason that late 90sis married using a lovely wife and several amazing little onesis posted often in his city’s locasl newsletterFor any private writing requests, please send an email with the subject “freelance job offer” to the email attached to my profile. Thanks very much and do enjoy my content!has degrees in Business, finance, and promoting

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Tuesday, June 3, 2008 

Yesterday, federal agents, assisted by local police, raided the businesses, homes, and offices of Frank Colacurcio Sr., and his son, Frank Junior in Washington, in the United States Pacific Northwest. Approximately 50 years after federal authorities first labeled Colacurcio Sr. as an organized crime figure, they allege the 90-year-old strip club magnate and convicted racketeer is still active in violating the law. Local police with federal authorities enacted their raids in three separate counties along Puget Sound. Local police have described it as the most significant probe into organized crime in Seattle, Washington’s history. The Colacurcios face allegations that include evidence of prostitution, money laundering and mail fraud.

According to Robbie Burroughs of the Federal Bureau of Investigation (FBI), court documents have named the clubs “Rick’s” in Seattle, “Sugar’s” in Shoreline, “Fox’s” in Parkland, and “Honey’s” in Everett, as well as the businesses “Talents West” talent agency and “Accurate Bookkeeping” in Seattle. The Colacurcios themselves were named as subjects of the investigation and raids. The Federal government additionally enacted a restraining order, unusually, as evidence in similar investigations is normally not made public prior to any indictments being issued. The restraining order, which can only be contested for ten days, bars the Colacurcios or their agents from selling, reducing the value of, or transferring three strip clubs, Rick’s, Sugar’s, and Honey’s, or the related hiring and bookkeeping offices.

Seattle U.S. Attorney Jeff Sullivan has stated he plans to pursue the forfeiture of all the properties and businesses under the federal Racketeer Influenced and Corrupt Organizations Act (RICO). “For far too long, the Colacurcios’ organization has made big money operating their clubs as fronts for prostitution,” he said. “The Colacurcios have designed the clubs, the payment methods and the policies that encourage prostitution and to ensure they are the ones getting rich off these illegal sex acts.”

As of June 3, neither the Colacurcios nor their attorneys had spoken with the media or in public about the raids and investigation.

The Colacurcios have a long history involving law enforcement. Frank Sr. was convicted in the 1940s for having sexual relations with a 16-year old girl. In 1957, a United States Senate hearing on organized crime identified him as a racketeer. In 1971 he was convicted on the federal level of running a bingo racket, and received a three year sentence. In the mid-70s, he served two years in custody for a tax evasion that was overturned in an appeal. In 1981, he received a conviction for tax fraud from skimming profits on a night club, and in 1991 he and his son, Frank Jr., were convicted of a similar crime for clubs they ran in Alaska.

In January 2008, they both plead guilty for their role in Seattle’s “Strippergate” campaign-financing scandal which erupted in 2003. The scandal involved funnelling illegal campaign finances through various associates to the re-election campaigns of various Seattle City Council members, before a zoning election for a club they owned. The event is what led to the current raids and investigations.



Friday, March 30, 2007 

Dell Inc., a global leader in computer hardware manufacturing and sales, announced yesterday that it will delay filing of its annual performance report, the Form 10-K, required for compliance with U.S. Securities and Exchange Commission (SEC) and Nasdaq listing rules.

In a press release, Dell explained that an audit committee of the company’s board of directors is carrying out an investigation into accounting and financial reporting issues. The company stated that it would delay filing of the 10-K since the investigation had not been completed.

The internal investigation has found evidence of accounting errors, misconduct, and deficiencies in areas of financial control.

The chairman of Dell’s audit committee, Thomas Luce III, indicated that the delay in filing would extend past the April 3, 2007 deadline as well as an April 18, 2007 extension date. “As we move toward the conclusion of our investigation, we are committing the time and resources required to ensure a thorough and comprehensive review and resolution of all identified issues and the implementation of appropriate remedial measures,” said Luce.

The investigation is to determine whether the restatement of any financial disclosures are warranted, based on the accounting errors identified. The probe will also assess whether there are deficiencies in Dell’s internal control over financial reporting.



Friday, March 30, 2007 

Dell Inc., a global leader in computer hardware manufacturing and sales, announced yesterday that it will delay filing of its annual performance report, the Form 10-K, required for compliance with U.S. Securities and Exchange Commission (SEC) and Nasdaq listing rules.

In a press release, Dell explained that an audit committee of the company’s board of directors is carrying out an investigation into accounting and financial reporting issues. The company stated that it would delay filing of the 10-K since the investigation had not been completed.

The internal investigation has found evidence of accounting errors, misconduct, and deficiencies in areas of financial control.

The chairman of Dell’s audit committee, Thomas Luce III, indicated that the delay in filing would extend past the April 3, 2007 deadline as well as an April 18, 2007 extension date. “As we move toward the conclusion of our investigation, we are committing the time and resources required to ensure a thorough and comprehensive review and resolution of all identified issues and the implementation of appropriate remedial measures,” said Luce.

The investigation is to determine whether the restatement of any financial disclosures are warranted, based on the accounting errors identified. The probe will also assess whether there are deficiencies in Dell’s internal control over financial reporting.