Cash Flows Essay Example for Free

Cash Flows Essay â€Å"The statement of cash flows reports the cash receipts, cash payments, and net change in cash resulting from operating, investing, and financing activities during a period† (Weygandt, Kimmel, Kieso, 2010, p. 614). Companies are required to prepare a statement of cash flow because it contains important information about the company that deems useful for external sources, such as investors, to make educated decisions about a company. The information contained in the cash flow, such as the company’s ability to generate cash and meet obligations, assists creditors and investors to determine the adequate decision regarding extending credit or investing. The statement of cash flows is divided into three sections: Operating activities, investing activities, and financing activities (Weygandt, et al, 2010). Each of these sections have reflect their own characteristics of transactions and other events. First, operating activities include transactions that create revenues and expenses; these are included in the determination of net income (Weygandt, et al, 2010). Second, investing activities has two purposes: includes the acquisition and disposing of investments and property, plant, and equipment, and lending money and collecting the loans (Weygandt, et al, 2010). Third, financing activities include two purposes: obtaining cash from issuing debt and repaying the amounts borrowed, and obtaining cash from stockholders, repurchasing shares, and paying dividends (Weygandt, et al, 2010, p. 615). Operating activities, which include income statement items are: Cash inflows – from sale of goods and services, and from interest received from dividends received; Cash outflows – to suppliers for inventory, employees for services, and others for expenses (Weygandt, Kimmel, Kieso, 2010, p. 616). Investing activities – investments and long-term assets: Cash inflows – from sale of property, plant, and equipment, and collections on loans to other entities; Cash outflows – to purchase property, plant, and equipment, purchase investments in debt, and making loans to other entities (Weygandt,  Kimmel, Kieso, 2010, p. 616). Financing activities involves long-term liabilities and stockholders’ equity: Cash inflows – from sale of common stock, and from issuance of long-term debt; Cash outflows – to stockholders as dividends, and to redeem long-term debt or reacquire capital stock (Weygandt, Kimmel, Kieso, 2010, p. 616). References Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2010). Financial accounting (7th ed.). Retrieved from The University of Phoenix eBook Collection database.

Western Art: Types, History and Famous Artists

Western Art: Types, History and Famous Artists Art which is followed by European countries are referred as Western Art, and also those art are accepted by those countries. When we see about the history of western art it takes us to the middle of the ancient middle east and ancient times of Egypt and also the civilization of ancient Aegean. It aates back to the 3rd millennium. On the same time line, when the western art is carried on there are also one or the other form existed among Europe. The influence of the western art lasted for the next two thousand years, that fell into the memory of the medival period. Even western art is divided into many style of periods and those periods are also subdivided. History These are furthers of subdivided. Western art is art of European country. It developed in the 3rd millennium period. At the beginning art was started like just to fill up. The flat surface. Then it developed into representing optical illusions. On the other hand, western art is influenced by secularism. Since the classical times. Where for the past 200 years the art made was done without any ideology or without any reference with any religion. Whereas western art is often influenced by politics of one or the other of that period. This drive towards pictorial of the realism gone to the peak and they came to the invention of photography. There beginnings of the arts were they like the still lives. Here I am going to compare the contrast between Cubism and Surrealism. Types of western art Sumerian art Persian art Celtic art Roman art Romanesque art Gothic art Renaissance Baroque art Realism Impressionism Post impressionism Fauvism Expressionist Decorative arts Cubism Surrealism Pop art Islamic art Egyptian art Ancient Greek art Modern art Cubism Cubism is invented by Pablo Picasso in (1881-1973) another artist is Georges Braque in 1882 and consider the revolt movement of the art. He use the cubes style, triangles and the some normal shapes of paint anything because. This is the most famous painting Juan Gris. Juan Gris Portrait of Picasso (1912) Cubism is the most fundamental, ground-breaking, and influential ism of twentieth-period art. It is wholerejection of Traditional conception of loveliness. Cubism was the joint creation of two men, Pablo Picasso and Georges Braque. Their success was made the base of Picassos initial work then advanced to a Synthetic Cubism. As the many stages of Cubism occurred from their workshops, it developed strong to the art world that rather of countless meaning was trendy. The essential inventions of the new grace muddled the public, but the avant-garde saying in them the upcoming of art and original test, Sizes, biological truth and endurance of life examples and substantial objects are wild. Painting resembles a field of broken glass as one spiteful opponent renowned. This geometrically logical method to form and colour, and crushing of article in effort into geometrical sharp-edged bony smithereens baptized the drive into Cubism. A near look exposes very logical obliteration or somewhat deconstruction into bony 3-dymensional cool surfaces, some of which are giving others convex. Cubism suspicions whole images apparent by the retina, reflects t hem artificial and conventional, based on the effect of historical art. It discards these images and knows that perspective interplanetary is an illusory, lucid invention or a sign system congenital from everything of art since the Renaissance. History of Cubism (c.1908-12) The first work of Picasso is still life with chair caning. There are many types of phases of Cubism. The Cubism paintings will look fantastic, like more broken pieces. But all the edges are connected to other pieces. They were the analysis of form and breaking down the paintings. The right-angled lines and straight lines Were looking appear as sculptures. In the collage media works he used some painting on the media. Development of modern art It has been radical film impressionism and the post impressionism. The idea of the space was found in the new method of cubism. The geometrical shape is filling their complete plane. Created by Pablo Picasso (1881 to 1973) and Georges Braque (1882 to 1963) and measured to be the radical program of modern art, Cubism was a more intelligent stylishness of painting that travelled the two-dimensional picture by present diverse views of the same object, classically agreed in a sequences of overlapping remains somewhat like a photographer might take some photos of an article from altered angles, before cutting them up with cutters and reorganizing them in hit-or-missfashion on a flat surface. This analytical Cubism (which created by Picassos Les Demoiselles d Avignon) rapidly provided way to synthetic Cubism: when performers began to include found article in their paintings, such as collages made since newspaper cutting. Famous Cubists contain the artists Juan Gris (1887 to 1927), Fernand Leger (1881 to 1927), Robert Delaunay (1885 to 1941), Albert Gleizes (1881 to 1953), Roger de La Fresnaye (1885 to 1925) Jena Metzinger (1883 to 1956), and Francis Picabia (1879 to 19 53), Marcel Duchamp (1887 to 1968) he is a avant-garde artist, and the sculptors Jacques Lipchitz (1891 to 1973) and Alexander Archipenko (1887 to 1964) short lived its highly influential, Cubism introduce new styles of collage (1912 onwards) Orphism (1912 to1916, Purism (1920s) Precisionism (1920s, 1930s) Futurism (1909 to 1914) Rayonism (c.1901 to1920) Suprematism (1913 to 1920) Constructivism (c.1917 to 1921) and Vorticism (c.1913 to 1915). Famous artists Fernand leger Albert gleizes Roger de la fresnaye Jean metzinger Francis picabia Marcel Duchamp Sculptor Jacques Lipchitz Alexander archipenko Surrealism (Beginning in 1924) The Elephant Celebes by Max Ernst(1921) It was acreative movement that transported together artists, philosophers and investigators in search of sense of look of the unconscious. They were penetrating for the meaning of new artistic, new humankind and a new social order. Surrealists had their forerunners in Italian Metaphysical Artists (Giorgio de Chirico) in early 1910s. As the artistic movement, Surrealism came into existence after the French writer Andre Breton 1924 published the first Manifested du surrealism. In this book Breton optional that balanced supposed was oppressive to the controls of originality and fancy and thus hostile to artistic look. An admirer of Sigmund Freud and his idea of the subliminal, Breton felt that contact with this hidden part of the mind might produce lyricalfact. Mostly entrenched in the anti-art civilizations of the Dada movement (1916 to 1924), in addition to the psychoanalytical thoughts of Sigmund Freud and Carl Jung, Surrealism was the more influential art. Rendering to its chief philosopher, Ander Breton, it sought to syndicate the comatose with the aware, in instruction to make a new super-reality a surrealism the movement crossed a huge range of styles, from concept to true-life realism, characteristically interrupted with unreal imagery. Significant Surrealists included Salvador Dali (1904 to 1989), Max Ernst (1891 to 1976), Rene Magritte (1898 to 1967), Ander Masson (1896 to 1987), Yves Tanguy (1900 to 1055), Joan Miro (1893 to 1983), Giorgio de Chirico (1888 to 1978), Jean Arp (1886 to 1966), and Man Ray (1890 to 76). The movement has a major impact of European during in (1930) period, it has major forerunner to Conceptualism, and lasts to fine supporters in fine art, works and photography. The psychoanalytical idea of the sigmud Freud and the cral Jung. Surrealism was the influential of art style of the interwar year. Famous artists Max Ernst Rene Magritte Andre Masson Yves Tanguy Joan miro Giorgio de Chirico Jean arp Man ray R.Manimaran

The Views from Matisse?s Windows :: essays research papers

The Views from Matisse’s Windows   Ã‚  Ã‚  Ã‚  Ã‚  The menagerie of emotions that Henri Matisse evoked in his paintings spanned from enchanted enthusiasm to somber contemplation. In his paintings, Open Window and French Window, the artist depicted two vastly different views from possibly the same window, each nearly opposite in value, yet both impetuous in color. Various research studies have explored the psychology of color and have found that humans do relate color with emotion instinctively. One such study found that light, â€Å"warm†, colors encourage positive emotion, while darker, â€Å"cool†, colors spur negative emotion in most people. The bevy of warm colors in Open Window arouse elated emotion, while the cool colors in French Window innerve an icy feeling of solitude because the relationship between color and emotion is psychologically significant in the human process. Henri Matisse was the leader of the Fauvist movement of early Modernist art, a method that used true, brilliant color in often distorted brush strokes on canvas. The artists involved were titled the Fauves, French for wild beasts, because of their untamed and avant-garde approach to painting. They evaded detail and used the placement of color to create movement. Matisse’s new approach shook the art world and heavily influenced future artists, as he has been referred to as the â€Å"Master of Color†. In Matisse’s work, entitled Open Window, his oil sodden brush strokes illuminate the canvas with images of sailboats on a blush sea in the background and pots of crimson blooms in the foreground. The piece is drenched with life. His colors, vibrant and unnatural, range from cobalt to alabaster. A periwinkle, rose and ivory sky lingers above bobbing boats of coral masts, and hulls of azure and ebony. Greens flecked with varying amounts of yellow create hues of olive and amber in the foliage draping the windowsill. Indigo and terracotta pots hold bright scarlet and jade flora near the viewer. The window’s open doors reflect the image ahead; it’s glass panes mirroring the misty rose-colored water. The turquoise and lilac walls inside reveal that the window is in the corner of the room. A palette of colors full of vigor drenches the painting. Blues, greens and reds are the predominant colors in Open Window, and the 1996 research of Michael Hemphill will conclude that this is why one feels a surge of pleasure and vivacity while viewing this work. Of the 40 men and women in his color-emotion study, more than half cited blue as their favorite color.

Comparing the Opening Scenes of Romeo and Juliet and Macbeth Essay

The opening scene of any play is extremely important because it can play a major role in establishing key elements throughout the rest of the performance. The main elements are the characters, themes, language, settings and plot. The audience can form a basic idea of these elements involved to spark their interest in the play. There is a great deal of contrast between the opening scenes of â€Å"Macbeth† and â€Å"Romeo and Juliet†, both by William Shakespeare. The first scene of â€Å"Macbeth† by William Shakespeare is very short, but full of impact. The thunder and lightning alone give it a dramatic opening, which grabs the interest of the audience, as it is representative of evil. These dramatic sound effects help to set the eerie and supernatural atmosphere that Shakespeare wanted to create along with the witches. The witches introduce us to a dark, dangerous play, in which the theme of evil is central. The witches say little but we learn a lot about them from this first scene. The mood of the play is set in this opening scene, although the action doesn’t start until the next scene. The presence of supernatural forces in the opening scene of â€Å"Macbeth†, provides for much of the play’s dramatic tension and the mounting suspense. â€Å"When shall we three meet again? In thunder, lightning, or in rain?† This is the opening line of the play â€Å"Macbeth†. It immediately draws the audiences attention and captures their imagination, as the supernatural world fascinated people in Elizabethan England. At the time the play was first performed and at the time that Shakespeare was writing it, witchcraft was a great enemy of the state and people became enthralled by these peculiar, suspicious witches. Witch-hunts took place and many people were convicted o... ...beth† and â€Å"Romeo and Juliet† are utterly contrasting, they are both interesting and enjoyable in their own unique ways. Works Cited and Consulted Bradley, A.C. Shakespearean Tragedy. Toronto: Penguin Books Canada Ltd., 1991. Bryant, Joseph A., ed. William Shakespeare’s The Tragedy of Romeo and Juliet. New York: Penguin, 1990. Edwards, Terence. Twentieth Century Interpretations of Macbeth. New Jersey: Prentice-Hall Inc., 1977. Hunter, G.K. "Macbeth in the Twentieth Century." Aspects of Macbeth. Ed. Kenneth Muir Shakespeare, William. Tragedy of Macbeth . Ed. Barbara Mowat and Paul Warstine. New York: Washington Press, 1992. Watts, Cedric. Twayne's New Critical Introductions to Shakespeare: Romeo and Juliet. Boston: Twayne Publishers, 1991. Scott, Mark W. (Editor). Shakespeare for Students. Gale Research Inc. Detroit, Michigan. 1992 Comparing the Opening Scenes of Romeo and Juliet and Macbeth Essay The opening scene of any play is extremely important because it can play a major role in establishing key elements throughout the rest of the performance. The main elements are the characters, themes, language, settings and plot. The audience can form a basic idea of these elements involved to spark their interest in the play. There is a great deal of contrast between the opening scenes of â€Å"Macbeth† and â€Å"Romeo and Juliet†, both by William Shakespeare. The first scene of â€Å"Macbeth† by William Shakespeare is very short, but full of impact. The thunder and lightning alone give it a dramatic opening, which grabs the interest of the audience, as it is representative of evil. These dramatic sound effects help to set the eerie and supernatural atmosphere that Shakespeare wanted to create along with the witches. The witches introduce us to a dark, dangerous play, in which the theme of evil is central. The witches say little but we learn a lot about them from this first scene. The mood of the play is set in this opening scene, although the action doesn’t start until the next scene. The presence of supernatural forces in the opening scene of â€Å"Macbeth†, provides for much of the play’s dramatic tension and the mounting suspense. â€Å"When shall we three meet again? In thunder, lightning, or in rain?† This is the opening line of the play â€Å"Macbeth†. It immediately draws the audiences attention and captures their imagination, as the supernatural world fascinated people in Elizabethan England. At the time the play was first performed and at the time that Shakespeare was writing it, witchcraft was a great enemy of the state and people became enthralled by these peculiar, suspicious witches. Witch-hunts took place and many people were convicted o... ...beth† and â€Å"Romeo and Juliet† are utterly contrasting, they are both interesting and enjoyable in their own unique ways. Works Cited and Consulted Bradley, A.C. Shakespearean Tragedy. Toronto: Penguin Books Canada Ltd., 1991. Bryant, Joseph A., ed. William Shakespeare’s The Tragedy of Romeo and Juliet. New York: Penguin, 1990. Edwards, Terence. Twentieth Century Interpretations of Macbeth. New Jersey: Prentice-Hall Inc., 1977. Hunter, G.K. "Macbeth in the Twentieth Century." Aspects of Macbeth. Ed. Kenneth Muir Shakespeare, William. Tragedy of Macbeth . Ed. Barbara Mowat and Paul Warstine. New York: Washington Press, 1992. Watts, Cedric. Twayne's New Critical Introductions to Shakespeare: Romeo and Juliet. Boston: Twayne Publishers, 1991. Scott, Mark W. (Editor). Shakespeare for Students. Gale Research Inc. Detroit, Michigan. 1992

Anatomy of a Research Paper -- essays research papers

Wodge: A Definition "I don't want a great wodge of prose, but about double what we have at present." (Ezra Pound, 1913) The word wodge, whose meaning can be surmised from its heavy, lumpish sound, is not particularly common in American usage. It is, however, a wonderful word that ought to be given more recognition. It offers a more vivid description than its synonyms, for example, blob, cluster, or clump. A highly descriptive word, wodge is developed from a combination of the words wad and wedge, the sound of which evokes images of weight and sedentariness. The word wodge has sprung from a combination of two other words, wad and wedge, but is vastly more entertaining than either. A wedge is generally two principal faces of hard material meeting at an acute angle to be used for raising, holding, or splitting an object; or also to squish or cram oneself or another object into an ill-fitting space in the manner of a wedge. A wad, on the other hand, is a small lump, mass, ball, roll, or bundle of some matter, usually soft or fibrous, i.e., cotton, wool, straw, cloth, paper, or money. Wodge embodies both of these concepts. Resting somewhere between wedge, which has a more mathematical, precise, and triangular meaning, and wad, which is crumpled, disorderly, and usually made of paper, wodge seems to be lumpy, u...

Accounting Laws Memo Essay

Re: Process and Laws that apply in Puerto Rico to establish a business corporation. It is a pleasure to help and guide you through the process of regulations and steps in establishing a community pharmacy in Puerto Rico. This type of business is very regulated and includes both state and federal laws. -The first thing that must be done is to get incorporated in the Department of State in accordance with the corporations law 164 of 2009 with a company name that is not registered yet and offering a physical address into which municipality will be the headquarters. Then a business social security issued by the Department of Treasury Internal Revenue Services must be obtained. This number will identify the corporation when doing business among other business and when paying taxes to the state and municipality. See more: My Writing Process Essay -A merchant registry number (Registro de comerciante) must be obtained also by the department of treasury, here you will specify the exact mailing and physical address and what type of business will be conducted under that corporation. Additional documents are needed: Lease Contract Use Permit (Obtained in the municipality if it is autonomous, if not in OGP offices) and is granted by ARPE Fire Department endorsement (Extinguishers and emergency exits) Health department endorsement. (Requires a minimum of two bathrooms and at least one with the dimensions for handicapped persons.) Structure blueprints Explicative letter CRIM certification (Centro de Recaudaciones de Ingresos Municipales) -With a provisional patent issued when completed the above steps, then you will need to get the permits for the pharmacy licenses at the Health Department of Puerto Rico and AMSCA (Administracion de Servicios de Salud y Contra la Adiccion) and DEA (Drug Enforcement Administration) Requirements for Pharmacy permits: Regent or Ruling certified Pharmacist endorsed by the College of Pharmacist $75 biological License fee $100 Pharmacy License fee Requirements for AMSCA: Health and Pharmacy permit Lease Contract Medicine cabinet for controlled drugs Security Cameras Pharmacist Permit $200 fee Requirements for DEA permit: Fill all documents at the DEA website $500 fee – Once completed you must go to the municipality where the business is going  to be and request the final patent to operate. Under the commonwealth of Puerto Rico, accounting principles are established by FASB (Financial Accounting Standards board). It is very important to follow these standards and laws established by the government to avoid any penalties and fines. Accounts and deposits must be made under the same name of the corporation. (Act 981m) Funds, Accounting, and tests accounts must be specified and communicate how the funds should be managed. This is verified by the Controller of Puerto Rico (Act 671i) With the Commercial Registry (Registro de comerciante) a sales tax must be paid by the 10th of every month. Income tax and employee social security must be informed every three months and the contribution retained of the employees is paid every month to the department of treasury. Employee social security contribution is paid monthly to the IRS. Every three months unemployment insurance fee and incapacity is paid to the Department of Labor. Every six months insurance to the State Insurance Fund (Fondo del Seguro del Estado) must be paid. This is in accordance with Act 45, approved on April 18, 1935, known as the Compensation System for Occupational Accidents. This protects employees and covers the monthly payment to them in case of an accident in the workplace. Public responsibility insurance to protect the corporation against third party accidents is highly recommended. If you follow these steps and suggestions, I can assure you that you can get your business running and be assured that the laws are being followed. The process may take some time, but it is worth the time and money in the future. PYMES are needed in the country for the local economy to progress, and I am more than welcome to help you in the process. My ultimate advice is to get a certified CPA to work with you in the accounting functions of the business to help minimize errors and fines when is time to pay.

Automobile Industry in Oman

No. 8 24 January 2012 GLOBAL FLOWS OF FOREIGN DIRECT INVESTMENT EXCEEDING PRE-CRISIS LEVELS IN 2011, DESPITE TURMOIL IN THE GLOBAL ECONOMY HIGHLIGHTS Despite turmoil in the global economy, global foreign direct investment (FDI) inflows rose by 17 per cent in 2011, to US$1. 5 trillion, surpassing their pre-crisis average, based on UNCTAD estimates (figure 1). Figure 1. Global FDI flows, average 2005 2007 and 2007 to 2011 (Billions of US dollars) 1 969 1 744 1 480 1 472 1 180 1 290 1 509 740 0 pre-crisis average 2005-2007 2007 2008 2009 2010* 2011** Source: UNCTAD. * Revised. * Preliminary estimates. FDI inflows increased in all major economic groupings developed, developing and transition economies Developing and transition economies continued to account for half of global FDI in 2011 as their inflows reached a new record high, at an estimated US$755 billion, driven mainly by robust greenfield investments. In this group, the 2011 increase in FDI flows was no longer driven by South, Ea st and South-East Asia (which saw an increase of 11 per cent), but rather by Latin America and the Caribbean (increase of 35 per cent) and by transition economies (31 per cent).Africa, the region with the most least developed countries (LDCs), continued its decline in FDI inflows. FDI flows to developed countries also rose by 18 per cent, but the growth was largely due to cross-border merger and acquisitions (M&As), not the much-needed investment in productive assets through greenfield investment projects. Moreover, part of the M&A deals appear to be driven by corporate restructurings and a focus on core activities, especially in Europe. Looking forward, UNCTAD estimates that FDI flows will rise moderately in 2012, to around US$1. trillion. However, the downward quarterly trend in FDI projects over the final quarter of 2011 indicates that the risks and uncertainties for further FDI growth in 2012 remain in place. Global FDI flows rose in 2011, surpassing their pre-crisis level Globa l FDI inflows rose in 2011 by 17 per cent compared with 2010, despite the economic and financial crisis. The rise of FDI was widespread, including all three major groups of economies developed, developing and transition though the reasons for this increase differed across the globe (see below).During 2011, many countries continued to implement policy changes aimed at further liberalizing and facilitating FDI entry and operations, but also introduced new measures regulating FDI (see UNCTAD's Investment Policy Monitor). UNCTAD’s global FDI quarterly index remained steady during 2011, underscoring the increased stability of flows witnessed during the year. Unlike foreign portfolio flows that have dramatically started to decline in the third quarter of 2011, FDI flows maintained their upward trends at least until this period (figure 2).However, as preliminary data from cross-border M and greenfield investment projects suggest, FDI flows are expected to slow down in the fourth qua rter of 2011. Figure 2. UNCTAD’s global FDI quarterly index compared with global foreign portfolio investment index , first quarter 2007 to last quarter 2011 (Base 100: quarterly average of 2005) 350 300 250 200 FDI 150 100 Foreign portfolio investment 50 0 Q1 – 50 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2007 2008 2009 2010 2011 – 100 Source: UNCTAD. Notes: The Global FDI Quarterly Index is based on quarterly data of FDI inflows for 67 countries.The index has been calibrated so that the average of quarterly flows in 2005 is equivalent to 100. The similar index for global foreign portfolio investment is also based on quarterly data of portfolio investment inflows for the same 67 countries. This index has also been calibrated so that the average of quarterly flows in 2005 is equivalent to 100. Figures for the last quarter of 2011 are UNCTAD estimates. After three years of consecutive decline, FDI flows to developed countries grew robustly in 2011, reaching an estimate US$753 billion, 18 per cent up from 2010.While FDI flows to Europe increased by 23 per cent, flows to the United States declined by 8 per cent (annex 1). These trends stand in stark contrast with the previous year, which saw a strong recovery in the United States and a continuing decline in Europe. Large-scale swings (from contraction in 2010 to expansion in 2011 or vice versa) were also observed for a number of major FDI recipients, including Denmark, Germany, Italy, Sweden and the United Kingdom. Ireland witnessed a large increase in FDI flows due entirely to equity and debt movements in the financial sector.The rise in FDI in developed economies, mainly in European countries, was driven by crossborder M which in most cases appear to be driven by corporate restructuring, stabilization and rationalization of their operations, improving their capital usage and reducing the costs. Rising crossborder M in developed countries were partly due to the sale of non-cor e assets (e. g. Carrefour SA of France completed the spin-off of its Distribuidora Internacional de Alimentacion in Spain for US$3. billion), and targeted opportunistic deals due to the lower currency values and fire sales caused by lower prices of stock exchange markets. However, these general trends were not shared equally by all developed countries. For example, FDI in Greece and Germany was down, but up in Italy and France. The differences also manifested themselves among different FDI components (figure 3). In the majority of developed countries, the share of equity investment declined to less than 40 per cent; reinvested earnings accounted for almost half of FDI flows while other capital flows (primarily intra-company loans) increased.In Europe alone, these debt flows swung from -(minus) US$25 billion in the first three quarters of 2010 to +US$36 billion in the same period in 2011, reflecting parent firms’ responses to the financial difficulties faced by their European affiliates. Figure 3. FDI inflows by components for 27 selected developed countries, average 2005–2007 and 2007–2011 (Percentage) 100 80 60 40 20 0 Average 2005-2007 2007 2008 2009 2010 2011 Q1-Q3 Equity flows Reinvested earnings Other capital flows Source: UNCTAD.Notes: Selected developed countries included here: Australia, Austria, Belgium, Bulgaria, Canada, Czech Republic, Denmark, Estonia, Finland, Germany, Hungary, Ireland, Israel, Japan, Latvia, Lithuania, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Sweden, Switzerland, the United Kingdom and the United States. Data for 2011 cover the first three quarters only. Developing and transition economies continued to absorb half of global FDI inflows in 2011, though with a somewhat smaller share than in the previous year.FDI flows to developing Asia (excluding West Asia) the principal driver of the dynamic rise of developing and transition economies decelerated as the region suffered from t he protracted crisis in Europe. On the other hand, Latin America and the transition economies saw a significant rise in inflows, though not enough to increase the share of all developing countries and transition economies in global flows. FDI flows to developing Asia (excluding West Asia) rose 11 per cent in 2011, despite a slowing down in the latter part of the year.By subregion, East Asia, South-East Asia and South Asia received inflows of around US$209 billion, US$92 billion and US$43 billion, respectively. With a 16 per cent increase, South-East Asia continued to outperform East Asia in growth of FDI, while South Asia saw its inflows rise by one -third after a slide in 2010. The good performance of South-East Asia, which encompasses the Association of Southeast Asian Nations (ASEAN) as a whole, was driven by sharp increases of FDI inflows in a number of countries, including Indonesia, Malaysia and Thailand.FDI to China rose by 8 per cent to an estimated US$124 billion (US$116 bi llion in the non-financial sector) as a result of increasing flows to non-financial services, though FDI growth in the country slowed down in the last two months of 2011. FDI to Latin America and the Caribbean rose an estimated 35 per cent in 2011, to US$216 billion, despite a 31 per cent drop of the region's cross-border M&A sales. Most of the FDI growth occurred in Brazil, Colombia and offshore financial centres.Foreign investors continue to find appeal in South America's endowment of natural resources, and they are increasingly attracted by the region's expanding consumer markets. Particularly attractive are Brazil's market size and its strategic position that brings other emerging markets such as Argentina, Chile, Colombia and Peru within easy reach. In addition, uncertainty in the global financial market served to boost flows to the region's offshore financial centres. The fall in FDI flows to Africa in 2009 and 2010 continued into 2011, though at a much slower rate.The recover y in flows to South Africa did not offset the significant fall in FDI flows to North Africa: Egypt, Libya and Tunisia all witnessed sharp declines in FDI flows during the year. Central and East Africa experienced overall decreases in inward investment flows. West and Southern Africa, meanwhile, saw robust growth during the year. West Asia witnessed a 13 per cent decline in FDI flows to an estimated US$50 billion in 2011. Turkey stood out as an exception, with inward FDI registering a strong 45 per cent increase to US$13 billion, mainly due to a sharp rise in cross-border M&As sales.This consolidated the country's position as the region's second largest FDI recipient behind Saudi Arabia, where FDI dropped by 44 per cent, to an estimated US$16 billion in 2011. Transition economies of South-East Europe and the Commonwealth of Independent States (CIS) experienced a strong recovery of 31 per cent in their FDI inflows in 2011. This was mainly due to a number of large cross-border deals in the Russian Federation targeting the energy industry. Investors were also motivated by the continued growth of local consumer markets and by a new round of privatizations.Diverging trends in FDI modes accentuated in 2011 Cross-border M&As rose sharply in 2011 – especially mid-year – as deals announced in late 2010 came to fruition (figure 4). Rising M&A activity, especially in the form of megadeals, in developed countries and transition economies served as the major driver for this increase. The extractive industry was targeted by a number of important deals in both regions, while a sharp rise in pharmaceutical M&As took place in developed countries. M&As in developing economies fell slightly in value.New deal activity began to falter in the middle part of the year as the number of announcements tumbled dramatically. Completed deals, which follow announcements roughly by half a year, also started to slow down by year’s end. Figure 4. Value of cross-border M&A s ales and greenfield investment projects, First quarter 2007 to last quarter 2011 (Billions of dollars) 500 450 400 350 $ billion 300 250 200 150 100 50 0 Q1 Q2 Q3 2007 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 M&A value Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 Q2 Q3 Q4 2011 2009 Greenfield value Source: UNCTAD.Note: Data for the last quarter of 2011 are preliminary. Greenfield investment projects, in contrast, declined in value terms for the third straight year, despite a strong performance in the first quarter (figure 4). As these projects are registered on an announcement basis, their performance largely coincides with investor sentiment during a given period. Thus, their tumble in value terms beginning in the second quarter of the year was strongly linked with rising concerns about the direction of the global economy and events in Europe.For the year as a whole, the value of greenfield investment projects dropped 3 per cent, compared with the previous year, with nearly three quarters of this decline occurring in developed countries. Greenfield investment projects in developing and transition economies rose slightly in 2011, accounting for about two thirds of the total value of greenfield investment projects (annex 1). FDI prospects for 2012: cautiously optimistic Based on the current prospects of underlying factors, such as GDP growth and cash holdings by transnational corporations (TNCs), UNCTAD estimates that FDI flows will rise moderately in 2012, to around US$1. trillion. However, the fragility of the world economy, with growth tempered by the debt crisis, the uncertainties surrounding the future of the euro and rising financial market turbulence, will have an impact on FDI flows in 2012. Both cross-border M&As and greenfield investments slipped in the last quarter of 2011. M&A announcements continue to be weak, suggesting that equity investment part of FDI flows will slow down in 2012, especially in developed countries. All these factors indicate that the risks and uncertainties for further FDI growth in 2012 remain in place.Annex 1. FDI inflows, cross-border M&As, and greenfield investment by region and major economy, 2010–2011 (Billions of US dollars) a Host region / economy 2010 World 1 289. 7 Developed economies 635. 6 Europe 346. 8 European Union 314. 1 Austria 3. 8 Belgium 72. 0 Czech Republic 6. 8 Denmark – 1. 8 Finland 6. 9 France 33. 9 Germany 46. 1 Greece 0. 4 Ireland 26. 3 Italy 9. 2 Luxembourg 20. 3 Netherlands – 13. 5 Poland 9. 7 Portugal 1. 5 Spain 24. 5 Sweden – 1. 2 United Kingdom 51. 8 United States 228. 2 Japan – 1. 3 Developing economies 583. 9 54. Africa Egypt 6. 4 Nigeria 6. 1 South Africa 1. 2 Latin America and the Caribbean 160. 8 Argentina 7. 0 Brazil 48. 4 Chile 15. 1 Colombia 6. 8 Mexico 19. 6 Peru 7. 3 368. 4 Asia and Oceania West Asia 58. 2 Turkey 9. 1 South, East and South-East Asia 308. 7 China 114. 7 Hong Kong, China 68. 9 India 24. 6 Indonesia 13. 3 Malaysia 9. 1 Singapore 38. 6 Thailand 5. 8 S outh-East Europe and CIS 70. 2 Russian Federation 41. 2 Source : UNCTAD. a b FDI inflows b 2011 Growth rate (%) 1 508. 6 17. 0 753. 2 18. 5 425. 7 22. 8 414. 4 31. 9 17. 9 366. 3 41. 1 -42. 5. 0 -25. 9 17. 8 .. 0. 5 -92. 2 40. 0 18. 1 32. 3 -30. 0 – 0. 8 .. 53. 0 101. 3 33. 1 261. 0 27. 2 33. 8 – 5. 3 .. 14. 2 46. 7 4. 4 203. 3 25. 0 1. 9 22. 0 .. 77. 1 49. 0 210. 7 -7. 7 – 1. 3 .. 663. 7 13. 7 54. 4 -0. 7 0. 5 -92. 2 6. 8 12. 0 4. 5 269. 2 216. 4 6. 3 65. 5 17. 6 14. 4 17. 9 7. 9 392. 9 50. 4 13. 2 343. 7 124. 0 78. 4 34. 0 19. 7 11. 6 41. 0 7. 7 91. 7 50. 8 34. 6 -10. 0 35. 3 16. 4 113. 4 -8. 8 7. 4 6. 7 -13. 4 45. 1 11. 4 8. 1 13. 8 37. 9 48. 2 27. 6 6. 1 33. 1 30. 6 23. 4 Net cross-border M&As 2010 2011 Growth rate (%) 338. 8 507. 49. 7 251. 7 396. 3 57. 4 123. 4 191. 2 55. 0 113. 5 162. 8 43. 3 0. 4 6. 9 1 505. 6 9. 4 3. 9 – 58. 3 – 0. 5 0. 7 – 258. 4 1. 4 7. 7 431. 4 0. 3 1. 0 200. 6 3. 8 23. 6 524. 6 10. 9 12. 8 17. 2 – 1. 2 1. 2 – 201. 7 2. 1 2. 2 2. 5 6. 8 13. 4 98. 8 2. 1 9. 4 350. 9 4. 0 9. 4 134. 9 1. 0 10. 1 868. 3 2. 2 0. 9 – 58. 8 8. 7 17. 3 99. 1 1. 4 4. 4 203. 2 58. 3 34. 9 – 40. 1 80. 3 129. 7 61. 6 6. 7 5. 1 – 23. 9 82. 8 78. 8 – 4. 8 7. 6 6. 3 – 17. 1 0. 2 0. 6 198. 9 0. 3 0. 5 82. 2 3. 9 4. 4 10. 6 29. 5 3. 5 8. 9 1. 6 – 1. 6 8. 0 0. 7 45. 7 4. 6 2. 1 32. 1 6. 12. 0 5. 5 1. 7 3. 4 4. 6 0. 5 4. 3 2. 9 20. 3 – 0. 2 15. 1 0. 6 – 0. 9 1. 2 0. 5 52. 3 9. 5 7. 2 42. 7 9. 0 1. 0 12. 5 6. 5 4. 5 4. 5 0. 6 32. 2 29. 0 – 31. 3 – 107. 1 70. 5 – 65. 0 – 44. 5 – 84. 6 – 28. 8 14. 3 105. 8 251. 9 33. 2 50. 8 – 91. 5 125. 2 287. 8 31. 3 – 2. 1 24. 7 644. 5 895. 9 c Greenfield investments 2010 2011 Growth rate (%) 807. 0 780. 4 – 3. 3 263. 5 229. 9 – 12. 7 148. 9 145. 2 – 2. 5 143. 1 142. 2 – 0. 7 1. 9 3. 7 94. 6 4. 6 2. 8 – 39. 3 5. 5 4. 2 – 23. 7 0. 3 0. 5 53. 1 1. 5 1. 6 7. 0 8. 5 7. 3 – 13. 8 13. 7 13. 6 – 1. 2 1. 2. 0 95. 8 4. 4 5. 9 32. 6 10. 1 4. 8 – 52. 2 0. 4 0. 2 – 43. 4 9. 8 4. 3 – 55. 8 10. 0 9. 1 – 8. 9 2. 6 1. 0 – 61. 7 14. 8 9. 1 – 38. 6 1. 8 2. 3 27. 1 23. 6 31. 1 32. 2 57. 1 51. 3 – 10. 2 4. 5 4. 2 – 8. 0 491. 6 498. 1 1. 3 84. 1 76. 6 – 8. 9 13. 8 6. 1 – 55. 7 12. 5 4. 0 – 67. 7 5. 9 9. 1 55. 0 118. 2 7. 1 43. 2 8. 1 8. 8 14. 5 11. 6 289. 3 52. 0 9. 1 236. 2 84. 6 5. 0 45. 4 11. 7 12. 8 13. 6 7. 7 51. 8 33. 4 126. 9 11. 6 59. 7 11. 6 7. 7 15. 8 3. 8 294. 7 60. 2 6. 6 231. 4 81. 9 3. 9 51. 5 22. 2 10. 7 16. 6 3. 1 52. 3 19. 5 7. 3 62. 8 38. 2 43. – 12. 9 9. 1 – 67. 0 1. 8 15. 7 – 27. 9 – 2. 1 – 3. 2 – 21. 4 13. 6 90. 7 – 15. 7 22. 3 – 59. 7 0. 9 – 41. 4 Revised. Preliminary estimates by UNCTAD. c Net cross-border M&As are sales of companies in the host econom y to foreign TNCs excluding sales of foreign affiliates in the host economy. Note: World FDI inflows are projected on the basis of 153 economies for which data are available for part of 2011 or full year estimate, as of 19 January 2012. Data are estimated by annualizing their available data, in most cases the first three quarters of 2011.The proportion of inflows to these economies in total inflows to their respective region or subregion in 2010 is used to extrapolate the 2011 regional data. Annex 2. Cross-border M&A deals with a value of over US$3 billion in 2011 Value (US$ million) 25 056 7 057 6 041 5 629 4 948 4 800 4 750 4 546 3 895 3 832 3 800 3 800 3 549 Acquired company Industry of the acquired company Host economy Ultimate acquiring company Ultimate acquiring nation France Australia Australia Spain Norway United States Australia Germany Switzerland Spain United States United States United StatesGDF Suez Energy AXA Asia Pacific Holdings Ltd AXA Asia Pacific Holdings Ltd Bank Zachodni WBK SA Vale SA AIG Star Life Insurance Co Ltd Chesapeake Energy Corp. Porsche Holding GmbH Baldor Electric Co Turkiye Garanti Bankasi AS Universal Studios Holding III Corp OAO â€Å"Vimm-Bill'-Dann Produkty Pitaniya† EMI Group PLCFirst quarter Natural gas transmission Belgium Life insurance Australia Life insurance Australia Banks Poland Iron ores Brazil Life insurance Japan Crude petroleum and natural United States gas Automobiles and other motor Austria vehicles Motors and generators United States Banks Turkey Television broadcasting United States stations Fluid milk Russian Federation GDF Suez SA AMP Ltd AMP Ltd Banco Santander SA Norsk Hydro ASA Prudential Financial Inc BHP Billiton Ltd Porsche Automobil Holding SE ABB Ltd BBVA GE PepsiCo Inc CitiGroup IncServices allied to motion United Kingdom picture production Second quarter Telephone communications, except radiotelephone Biological products, except diagnostic substances Land subdividers and developers, exce pt cemeteries Offices of bank holding companies Copper ores Drilling oil and gas wells Food preparations Electric services Personal credit institutions Radiotelephone communications Italy United States United States United States Australia United States Denmark United Kingdom United States Brazil Brazil Canada Russian Federation Australia United States United States United States Sweden United States BrazilWeather Investments Srl 22 382 21 230 Genzyme Corp Centro Properties Group 9 400 7 800 7 359 7 306 7 206 6 505 6 300 5 524 4 925 4 356 4 000 3 908 3 842 3 560 3 500 3 400 3 117 3 070 Morgan Stanley Equinox Minerals Ltd Pride International Inc Danisco A/S Central Networks PLC Chrysler Financial Corp Vivo Participacoes SA VimpelCom Ltd Sanofi-Aventis SA Blackstone Group LP Mitsubishi UFJ Finl Grp Inc Barrick Gold Corp Ensco PLC DuPont PPL Corp Toronto-Dominion BankTelefonica SA Cosan Ltd Cliffs Natural Resources Inc Total SA Rio Tinto PLC Unilever PLC Grifols SA Investor Group Inves tor Group Ventas Inc Sinochem Group Takeda Pharmaceutical Co Ltd BHP Billiton Ltd BP PLC Polyus Zoloto IPIC Rolls-Royce Group plc Solvay SA Bank of Montreal Investor Group Thermo Fisher Scientific Inc GE Shareholders Investor Group SABMiller PLC Microsoft Corp Metelem Holding Ltd Teva Pharmaceutical Industries Polymetal International Plc Mitsubishi Corp Chiron Holdings Inc Peabody Energy Corp Volcan Investments Ltd Liberty Global Inc UCL Holding BV Hutchison Whampoa Ltd Grupo Sura China Investment Corp Level 3 Communications Inc Netherlands France United States Japan Canada United Kingdom United States United States Canada Spain Brazil United States France United Kingdom United Kingdom Spain Singapore United States United States ChinaShell International Petroleum Co Industrial organic chemicals Ltd Consolidated Thompson Iron Iron ores Mines Ltd Crude petroleum and natural OAO â€Å"Novatek† gas Bituminous coal and lignite Riversdale Mining Ltd surface mining Perfumes, cosmeti cs, and Alberto-Culver Co other toilet preparations Talecris Biotherapeutics Pharmaceutical preparations Holdings Corp Frac Tech Holdings LLC Oil and gas field services Securitas Direct AB Security systems services Atria Senior Living Group Inc. Peregrino Project,Campos Basin Nycomed International Management GmbH Petrohawk Energy Corp Reliance Industries Ltd OAO â€Å"Polyus Zoloto† Cia Espanola de Petroleos SA {CEPSA} Tognum AG Rhodia SA Marshall & Ilsley Corp.Parmalat SpA Phadia AB Converteam Group SAS Distribuidora Internacional de Alimentacion SA{Dia} SPIE SA Foster's Group Ltd Skype Global Sarl Polkomtel SA Cephalon Inc OAO â€Å"Polimetall† Anglo American Sur SA Kinetic Concepts Inc Macarthur Coal Ltd Cairn India Ltd Musketeer GmbH OAO â€Å"Pervaya Gruzovaya Kompaniya† Northumbrian Water Group PLC ING Groep NV GDF Suez SA Global Crossing Ltd Skilled nursing care facilities Crude petroleum and natural gas Third quarter Pharmaceutical preparations Crude pet roleum and natural gas Crude petroleum and natural gas Gold ores Crude petroleum and natural gas Internal combustion engines Manmade organic fibers, except cellulosic National commercial banks Fluid milk Surgical and edical instruments and apparatus Motors and generators Grocery stores 13 683 11 776 9 000 6 256 4 964 4 723 4 640 4 095 3 599 3 540 3 200 3 140 3 033 10 793 8 500 6 611 6 311 5 499 5 390 5 139 4 949 4 542 4 495 4 223 3 837 3 614 3 259 Switzerland United States India Russian Federation Spain Germany France United States Italy Sweden France Spain Japan Australia United Kingdom Russian Federation United Arab Emirates United Kingdom Belgium Canada France United States United States France United States United Kingdom United States Cyprus Israel Jersey Japan United Kingdom United States United Kingdom United States Netherlands Hong Kong, China Colombia China United StatesEngineering services France Fourth quarter Malt beverages Australia Prepackaged Software Luxembourg Radio telephone Poland communications Pharmaceutical preparations Gold ores Copper ores Surgical and medical instruments and apparatus Coal mining services Crude petroleum and natural gas Cable and other pay television services United States Russian Federation Chile United States Australia India Germany Railroads, line-haul operating Russian Federation Water supply Insurance agents, brokers, and service Electric services Telephone communications, except radiotelephone United Kingdom Mexico France Bermuda 3 017 Source: UNCTAD. The next issue of UNCTAD’s Global Investment Trends Monitor will be released in mid-April 2012. The next issue of UNCTAD's Investment Policy Monitor will be released in the first week of February 2012.