Delta Airlines Inc. is a household brand not only the United States but also in 64 other countries around the world. The company was founded on May 30, 1924, marking a 91 years reign since it first opened doors as a crop dusting operation, Huff Daland Dusters, in Macon, Georgia. Delta started providing passenger services on June 17, 1929, making it one of the oldest airlines in the world. In 2013, Delta Airlines Inc. was reported to be the world's largest airline based on the number of scheduled passengers. The company was the second largest concerning the revenue passenger ...
Depreciation Research Papers Samples For Students
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Financial Analysis: Microsoft
Introduction:
For the purpose of the project and adhering to the requirements, we have selected Microsoft Corporation as the company to be analyzed. The company is a renowned name in the computer industry around the globe and is listed on NASDAQ under the ticker symbol of ‘MSFT’. Headquartered in Washington, the company is primarily involved in manufacturing and distributing of computer software, consumer electronics and personal computers. Microsoft is the world’s largest software maker in terms of revenue and is also one of the most valuable companies in the world. Below are some of the products of Microsoft ...
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Printed in the United States of America.
ISBN ...
Conise Management
a)Caledonia should focus on cash flows instead of accounting profits while making their capital-budgeting decisions because cash flows represents the actual cash that Caledonia receives from the project and can reinvest it in other viable ventures. The timing of the actual costs and benefits can only be analyzed using the cash flows and not the accounting profits. Accounting profit includes some non-cash expenses such as depreciation which do not represent actual cash outflows at that point in time.
In making capital budgeting decisions, it is only the incremental cash flows and not the accounting profit that are of ...
Guillermo owns the Guillermo Furniture store, which is specialized in making high and mid-end grade furniture. The company faces foreign competition from a company that makes use of advanced technology to produce quality products at low process. This has necessitated Guillermo to study various approaches of making his enterprise profitable and have a competitive advantage, as well as maintain his market share. The store will either be managed through high-tech or become a broker, to achieve the aforementioned goal. The paper analyzes the various alternatives, which are available to Guillermo that includes sensitivity analysis.
The case presented is demonstrative of a typical ...
Background
Solow Growth Model is one of the basic Macroeconomic model in the neoclassical era. It was first introduced by Robert Solow in 1956 (Verner, 1995). The model tries to explain the long term economic growth of an economy. The dependent variable of the Solow Model is long term rate of economic growth (output) and independent variables are capital accumulation, labor (also expressed in terms of population growth) and increase in productivity (technological innovation) (Verner, 1995).
Figure: Solow Equation: Y- Output, A- Productivity, And K – Capital Accumulation and L – Labor Growth (Boianovsky and Hoover, 2009)
The main assumption of Solow ...
- Cash flow
Caledonia should be focusing on free cash flow instead of accounting profit. This is due to reason that free cash flow may be used by companies to reinvest once again. Cash flow once examined can assist the company to analyse the benefit by timing it. Also, cash flow is the only available to the shareholders after taxation. To add to that, incremental cash flow are the increased values to the company from accommodating the project becoming the marginal benefits.
- Depreciation
Depreciation is the decrease in value of an asset, but not a cash ...
Ceslav Ciobanu
Saving and Investment in Closed and Open Economics
Introduction
Savings and investment are the foundation of long-term economic growth of any country. Investments and savings are closely related: there are no investments without savings, but not all of the savings can turn into investments. Investments are only those savings that are directly or indirectly invested in the production development for the profit in the future (Economicshelp.org, 2008).
Today's understanding of the investment comes from the fact that the investment refers to only those savings that are invested in a variety of factors of production and activities in order to ...
Introduction
The US Dollar is the authorized currency of the United States and other foreign countries. In different countries, it is used as the official currency. Therefore, it value is very crucial both to the United States as well as to other nations in the globe. Being the most favorable form of currency in the world, the US Dollar is used as a mark for the value of other currencies. One of the most competitive upcoming currencies is the China Yuan. This is the official currency for the China Republic. Following the rapid economic growth of China, this currency is appreciating ...
Abstract
This study analyzes the effects of Solow growth model in the Chinese economy. The study also illustrates how Golden rule affects the operations of an economy. The study stipulates the significant effects of both the Solow model and the Golden rule in the economic and population growth in the Chinese. Various factors and variables such as the savings rate, capital growth rate and the labor ratio in the Chinese economy. The study specifically uses the characteristics of the Solow model in the Chinese economy to stipulate the growth in China. The GDP of China is thus explained by the ...
International Monetary System
Introduction
The exchange rate has a significant impact on foreign trade of the country, because the competitiveness of country’s products on world markets largely depends on the level of exchange rate. The exchange rate affects the direction of international capital flows. The decision about investing of the national capital in assets of any country is taken on the basis of the expected real return on invested capital, which depends on the interest rate and the expected changes in the exchange rate (Brigham and Houston, 2011).
The currency parity is at the heart rates of convertible currencies. However, the ...
Summary and Analysis
Piedmont Healthcare and its subsidiaries own and function as a network of hospitals, physician offices, and speciality centers. Piedmont Healthcare, formerly known as Piedmont Medical Center, was found in 1905 and is headquartered in Atlanta, Georgia.
Profitability
They reflect the effectiveness of the operating decisions on the company’s financial position. Total margin measures the total profitability of the business as a percentage of the total revenues. Since this margin includes both the operating and non-operating income, it will reflect a wrong picture if the non-operating income outweighs the operating income. The organization had maintained a total margin range of ...
The exchange rates in the market are bilateral, that is, comparing the values of a currency against the other. However there is a need to compare a currency with that of several counties .Effective Exchange Rate refers to the index describing the strength of a county’s currency in reference to the basket with other currencies. Let’s assume a country has M trading partners denoted by Trade i and Ei representing the trade and the exchange rates with country i. The effective exchange rate will be calculated as:
E effective =E1Trade1Trade+. + EM TradeMTrade
The Effective exchange Rate is divided into two namely: The Nominal Effective Exchange Rate and The Real Effective Exchange Rate.
Nominal Effective Exchange Rate (NEER):
This is the ...
Analysis of Financial Statements of Goldman Sachs
Introduction
A world renowned company, Goldman Sachs is an American Multinational Corporation that deals with the institutional clients offering investment banking, investment management and other related financial services. The following report will analyze some of the crucial items of the financial statements of Goldman Sachs including Earning per Share, Cash Flow Statement, Tax Deferrals, Share based compensation, Employee Compensation Plans. We are sure that by the end of this report, we will be able to have a comprehensive overview of the company’s financial statements.
Amount Disclosed
Footnote Information-Deferred Taxes
Note 24 of the Annual Report is ...
Company Information
i) NAME OF COMPANY:
The company we are analyzing is Under Armour ii) INDUSTRY - What, specifically, does your company do:
The company is engaged in the business of sports clothing, accessories and is leading supplier of casual wear and sports wear. Company also engaged in footwear business in 2005.iii) What is the address of your firm?
Under Armour is headquartered both in USA and Europe. In US, company is based in Maryland and in Europe the headquarters are based in Amsterdam. For Maryland headquarters following is the complete address of the company:
1020 Hull Street
Baltimore, Maryland 21230
iv) Does your firm have a web site? If so, what is the address? Attach a copy of the home page ...
Introduction
Financial statements are formal reports that summarize the key financial transactions and resources owned by a business. They are usually prepared on an annual basis. This paper seeks to evaluate and compare the financial statements of two companies in the beverage industry; Coca cola Company and Dr Pepper Snapple Group Inc. The U.S Securities and Exchange Commission has listed both Coca cola Company and Dr Pepper Snapple Group Inc. under the Standard Industrial Classification (SIC) number 2080; which is the code for the beverage industry. This paper seeks to list and explain the long term assets of both Coca cola ...
Our target companies are the United States’ Home Depot, Inc. and the Canadian Tire Corporation. The Home Depot is an American largest home improvement retailer that specializes in wide range of building materials, home improvement products, lawn, garden products, and as well offer some improvement related services. The company has over 2,200 stores that are spread throughout the United States, Mexico and has some operations in Canada. On the other hand, Canadian Tire Corporation is a family business based in Canada. The company’s revenue streams include royalty sales, retail sales for the products, merchant sales and sale ...
The Solow Model
For long, the concept of economic change has been interesting economists. The reasons why some of the countries are poor while others are rich or even the understanding of why some nations grow faster than others has constantly disturbed the understanding of most economists. The theory of economic growth has been put upfront in explaining the growth indices of different nations. In its place, the theory of economic growth aims at explaining whether poor countries can grow faster than their rich counterparts, catch up with them and close their income gaps, that is converge. Elaborated by Trevor Swan and ...
Insecurity and Currency Devaluation in Africa: A Case Study of Nigeria
Insecurity and Currency Devaluation in Africa: A Case Study of Nigeria
Introduction
Geography and history have truly taken its toll on Africa. Africa, the cradle of civilization, continues to be an enigma to the rest of the world. The continent commonly referred to as the Dark Continent has suffered from gross prejudice, stereotype, discrimination, and neglect from the rest of the world. Most Europeans and Americans see Africans as inferior, living in the jungle (forest), uncivilized, primitive, violent cannibals and so forth. But obviously, recent occurrences in Africa have proved them true even though not in toto. The genocide and ...
Introduction
Americans through different activities at different times have the obligation to contribute to public spending, which means paying taxes. These are one of the sources of income of the country and are extremely important for the national economy. Individuals can provide services, conduct business, lease property, work for wages, among others. Depending on the activity performed and their average earnings belong to a specific tax regime. The physical development of its actions people need to meet their tax obligations. For that, the federal department announced the applicable tax regimes according to the activities and proceeds, its implications, privileges and how ...
Fraud is an intentional action to do something that is illegal or unethical. It is done to cause damage to the receiving party. Many a times fraud is also done to gain something which could be money or inside information or knowledge. Fraud is a criminal offence. It cannot be justified. Many companies have gone through the fraud and there have been cases where the fraudster has been punished.
Revenue fraud is a type of fraud which affects the revenues of a company. It is done to manipulate the accounts and earn profits. Simply overstating or manipulating the revenues can cause a revenue ...
Introduction
Inflation refers to the increase in universal level of prices for goods and services in an economy for given timeline. Through increase in prices for the value of the currency used in the country drops since each currency unit can only afford fewer commodities in comparison to normal prices. Inflation has both positive and negative impact to an economy. Inflation may be influenced by various factors with money supply being the main cause of inflation. The main element of measuring inflation rate is the annual advance of price index in an economy over a given period of time. The United ...
Conventional versus Islamic
Y M
Fin399-P
Dr. N E
Abstract:
The current paper relates financial analysis of commercial and Islamic banks in UAE. The aim of this paper is to evaluate financial performance of commercial and Islamic banks in UAE and make appropriate conclusions regarding comparative advantages and disadvantages of the two groups of the banks. The evaluation between commercial and Islamic banks was carried out with the help of financial analysis. Analysis of financial ratios was used as the main technique of financial analysis in this paper. There were four groups of financial ratios analyzed, namely: liquidity ratios, solvency ratios, ...
Guillermo’s furniture is a company that specialized in the production of furniture products whose location is in North America. Navallez Guillermo is the owner of this business. He was a recognized business man when his business was at its highest level this was up to around late 1990’s when reality checked in and things started going against his plans. Guillermo is being faced with a challenge of continuing with his work of production due to increased competition and the weakness of the economy. The alternative he has is shifting to being a distributor and quit manufacturing. The purpose of this paper ...
Introduction
China Currency Trade Bill is a law that was approved by the United States Senate in September 2011. It is a law that proposes an addition of tariffs to nations, with China as the most notable, established to be devaluing their currency. The bill's main intention is to make expensive the imports from these nations, equalling the trade discrepancy and declining the nation’s imbalanced economic gain. The bill is contentious bill since China holds a huge economic impact, being top U.S. trading associates, and grips a huge U.S. debt.
Imports and exports in totality will actually fall from 2013 onwards, but ...
A-Level Research Paper On Full Disclosure In Financial Reporting-Verizon Communications For Free Use
Publicly traded companies such as Verizon Communications are required to prepare and file fully audited financial reports according that adhere to U.S. generally accepted principles (GAAP) and International Financial Reporting Standards (IFRS) guidelines. The importance of preparing financial reports is to assist users with information regarding a company’s financial performance to make decisions. Financial reporting analysis helps to determine whether financial reports have any material misstatement or omissions that would influence a potential investor’s decision. An analysis of Verizon Communications’ 2015 annual report will highlight whether the company is complying with accounting policies to ensure information provided ...
Introduction
Multinational corporations across the world usually consolidate and present their operational results in financial and non-financial terms at the end of every term, usually a year. The financial aspect of reporting is supposed to comply with a clearly prescribed set of regulatory standards. The adoption of the International Financial Reporting Standards and GAAPs was meant to ensure that all compliant firms across the world produce financial statements that conform to the industry specific reporting frameworks and thus achieve a degree of uniformity in reporting. Different firms in operating in multiple locations operate under the strict guidelines of the specific ...
1. United States v. Cesarini, 296 F.Supp. 3 (N.D. Ohio 1969), is a historical case that decided by United State District Court, the court ruled that property for treasure trove included in gross income for the tax year when realized.
2. § 1.74-1 Prizes and awards. b) Excluded from gross income. Section 74(b) it happens when such prize or award was made solely in recognition of achievements in the past of the recipient in religious, charitable, literary, educational, artistic, or civic fields (Arkin)
3. Yes. It's not common within the IRS, section 7430 of the Internal Revenue Code. IRC ...
Accounting and Recording
Summary
Financial accounting and reporting is a mode of communication used by different companies to communicate with the investors. This study uses two modes of accounting and reporting recognized by the international accounting and reporting body. The two methods used in this study are the Handelsgesetzbuch, HGB, which are the German commercial code and the US GAAP. The two multinational firms used in this study are from German and USA but operate in the global market. The German firm has its headquarters in Germany but operates in the international market while the USA firm also has it’s headquarter ...
Introduction
As the business world of today is highly influenced and driven by globalization pressures, it is imperative that organizations should manage their financial and non-financial resources efficiently and effectively for gaining competitive edge in their respective marketplaces. Equally important is that organizations, particularly manufacturing businesses, should consume their resources and activities wisely so that the costs should be controlled and revenue could be generated. Therefore, the primary focus of this research is to make an important discussion about Activity-Based Costing (ABC) considering different dimensions.
Not only is the concept of Activity-Based Costing (ABC) illustrated based on literature review (gained ...
Introduction and background information
The underground market is a precise example of free economic activity at work. The markets are entirely unregulated except by the participants themselves. No taxation takes place, and it is possible to pursue activities in the underground market which are illegal. The market can be very popular. Indeed, the smugglers (the earlier form of underground markets) were sometimes, known as ‘free traders ‘in medieval Europe.
The major factor influencing the growth of the underground market is high taxation by governments. The increased tax is because of the ever increasing public expenditure with dwindling resources at the disposal. Reversal is ...
(A case for a parent firm in a net oil exporting country with subsidiaries in a net importing country that has free market economy, politically stable, positive currency speculation and possibility of government defaulting on its debt)
Oil Prices and Exchange Rate
Oil price dynamics have a bearing on the ability of multinational to precisely model the future exchange rates. In most instances, in order to manage the foreign exchange rate risk that the firm is exposed in the international business arena, most multinational will hedge against the risks that are associated with exchange rate fluctuations. As a result, these multinationals minimize the possible ...
Inflation and Employment
Inflation and Employment
The world’s economy is in a constant growth and countries are doing their best to keep up with it. New technologies, green energy sources, and cheap labor help propel an economy in the right direction. However, it has its disadvantages towards the citizens; most are simple while others are quite severe. Inflation and employment move hand in hand with each entity affecting the other. The higher the inflation, the higher the rate of unemployment. Struggling countries are trying their level best to keep up with the economic changes by creating substantial jobs for its citizens. ...
IMF Role and its Determination in Exchange Rate Variation
It is imperative to appreciate that managers need to understand how exchange-rate changes impact on business decisions and the different operations that are carried out in an organization. Moreover, it is also important to appreciate the meaning of exchange rate as the cumulative number of units that one currency is exchanged for another. It is for this significant reason that administrators of any organization need to understand the different issues that are taken into consideration by the government in setting the exchange rate and factors behind the exchange rate variation so as to anticipate effectively for the change. The ...
“Dollar rally” has become probably the top news on foreign exchange markets, which can have serious consequences for the US economy (Graph 1, appendix). Stronger dollar is a kind of head wind for American exporters while import from other countries becomes more competitive. Strong currency can theoretically become a stimulus for the Federal Reserve System provoking increase of interest rates. Many companies all over the world borrowed US dollars for investments or development; therefore, dollar strengthening provokes their debts increase. In current situation Central Banks, foreign exchange traders and exporter all over the world keep a close eye on ...
Introduction
The monetary policy of Colombia has undergone numerous changes from 1994 to 2014. The primary purpose for doing so is to target inflation and stabilize the financial status of the country. For this object, state agencies and other monitoring authorities had occasionally evaluated the response of such policy in relation to various financial variables. Although there is not any specific and explicit target regarding real or nominal exchange rates and the monetary policy has to rely upon mainly on the variation of short-term exchange rates. Therefore, in an open economy like Colombia, exchange rates are considered as the most ...
International Finance Trilemma
After 2007-2012 global economy recessions, many nations are striving to sustain their economy stability in the efforts of meeting the respective governments and citizens’ fundamental needs. Primarily, Trilemma of international finance hold that a country or nation cannot concurrently peg the exchange rate, maintain the independent monetary policy and permit free financial flows cross-borders (Feenstra & Taylor, 2008). International finance Trilemma states that under no given scenario that a country will enjoy steady foreign exchange rates, capital mobility and monetary policy that is independent. Based on international finance Trilemma, the central bank is often tasked to ensure that the economy is stable ...
Compare the Notes to Consolidated Financial Statements
Compare the Notes to Consolidated Financial Statements
The company of my choice is Coach Inc. and its closest competitor is Michael Kors. Michael Kors was chosen as it belongs to the same industry as Coach and has nearly the same characteristics as it. This means it is its closest competitor available considering the scope of the business. Comparison of the two consolidated financial statement will make Coach aware of where and when they went wrong in order to try and rectify in the future. This will enable them to plan effectively and analyze their previous cases hence enabling ...
[Document title]
[Document subtitle]
Since 2000, Syria’s economy was being managed centrally. Supported by the IMF and the World Bank, the structural adjustment program was used by Syria. The five-year plan started in 2006 and ended in 2010. Changing the economic strategy to a liberal market led was the main purpose of the program.
The contents of the plan were based on five main purposes. 1. Respecting the human rights, 2. The rule of law, 3. Making sure the society participates in the political process, 4. Preparing the economy to a social market, 5. Making sure the ...
Introduction
CBRE Group is a real estate company that is based in California though it has more than 300 offices in different parts of the globe. In 2003, it was the highest ranked real estate company by the fortune 500 (Orr 1). The author would like to work for the company in the future, and that is why he is interested with its financial performance. The financial performance of CBRE group Inc. has not changed much in the last few years despite the growth in revenue (CBRE Group Inc. Annual Report 2013). The management of the company has attributed this little ...
Impact of Currency Devaluation on Argentina’s Economy
In January 2014, Argentina devalued its currency, peso, by 15 per cent against the United States dollar; this represented the sharpest decline since the 2001 devaluation when Argentina had failed to pay its foreign debt. Previously, the Argentine economy experienced current account surpluses due to high commodity prices and competitive exchange rates. Nonetheless, poorly formulated and implemented policies led to a decline in the current account balance and finally into a deficit. The devaluation of the currency will significantly lower the price of Argentine products in the international market increasing their competitiveness. In the converse, imports will be more expensive. In ...
INCOME STATEMENT
Statement for the Year 2010:
Total Revenue: $1500,000,000
Operating Expenses and Depreciation: $500,000
Marketing Expenses: $25000
Net Income: $1499475000
Statement for the Year 2011:
Total Revenue: $1250,000,000
Operating Expenses and Depreciation: $300,000
Marketing Expenses: $25000
Net Income: $1249675000
Fall in Income from 2010 to 2011: $249800000
The detailed Income statement is as follows:
The statement clearly shows that there has been a fall in net income in the year 2011 from 2010 to the tune of $249,800,000 which represents a fall by 16.66%. But this does ...
STATEMENT ANALYSIS FOR NINTENDO
Statement Analysis for Nintendo Co Ltd
Introduction
This statement analysis outlines the Nintendo’s financial statements and highlights important information concerning Nintendo’s operating environment, products and services, competitive market, and the overall management structure. These relates the effects weaknesses and strengths of the firm to the company’s investment potential and credit worthiness. Findings from the analysis will be used to offer recommendations and advice on areas of weakness for the company.
Company Overview
Nintendo Co., Ltd designs, develops, manufactures, and sells equipment for home leisure. The company markets and manufactures software and hardware for home video game ...
<Student’s name>
<Professor’s name>
A firm investing in production factors uses them to produce competitive products.
Monetary value of the use of economic resources of the company for the production and sale of products or services is called the cost of production or cost of services .
Cost of products (services) is a set of costs on a production and marketing costs associated with the provision of services . In cost reflects all costs incurred by labor and materials costs in the form of raw , material , fuel and energy resources , depreciation of fixed assets, wages. Cost ...
assignment
Answer 1)
i)Basis of Presentation and Principles of Consolidation:
The financial statements of the company are consolidated and are prepared in accordance to US GAAP and as per rules of Security Exchange Commission. The consolidated Statements consists of the accounts of Panera Bread Company and its wholly owned subsidiaries both direct and indirect.
ii)Fiscal Year:
The fiscal year of the company is reported to be last tuesday of every december.
iii)Use of Estimates:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the ...
- Company Background
Morgan Stanley is a band holding company founded in 1935 that provides financial services worldwide. The Company serves both individual and institutional investors offering securities globally. Morgan Stanley also operates an asset management business and serves investment banking clients. There are three segments Morgan Stanley is currently operating: institutional securities, asset management, and global wealth management (Reuters, 2013).
Morgan Stanley was a pioneer in global expansion to capital markets broadening horizons of strategic transactions. It serves individual, corporate, government, and institutional clients in 40 countries. Morgan Stanley has a number of affiliates and subsidiaries. The Company issues ...
CVP and break even analysis
Introduction
Entrepreneurs utilize cost volume profit analysis (CVP) to identify levels of business activities essential in limiting loses emanating from lack of adequate monitoring and evaluation of business performance. As such, CVP offers a viable option for use to give a reflection of the estimates amounting as variable costs. Also known as break even analysis, it specifically gives an overview of how profits fluctuate due to variation in sales price, fixed costs, variable costs and quantity off products or services.
Start-up costs $60, 000 to 184,000
Fixed operating expenses $4000 per month
Lease equipment $2000
Break-even 300 members
a) According to the Cost-volume-profit (CVP) analysis, ...
Introduction
Shenzhen, a metropolitan in Southern China, has a house price to income ratio as high as 41.15 according to Property Investment Index 2012. This is not surprising news for Chinese real estate market, as the average housing prices in China had already tripled from 2005 to 2009. Chinese property bubble is an ongoing real estate bubble in both residential and commercial real estate. While this phenomenon has caused many social, economical and cultural problems in the country, there was a heated discussion about the causes of this bubble. This essay will discuss the main causes of this bubble and further connect the ...
The Effect of the USA Economic Collapse on the Saudi Arabia Economy
Chapter 1
The foundation of the Saudi Arabian national economy is the petroleum market. As early as 1986 Saudi Arabia (SA) linked its riyal to the US dollar (USD) (Sultan 2011, p. 237). The US economy as the leading economy in the world can have a deep impact on the Saudi economy which is a leading oil exporter in the world. The United States experienced a global financial crisis which caused a domino effect of economic problems throughout the world.
The crisis spread to the world’s economy; having a special effect on the Saudi Arabian economy. Affects on the Saudi banking ...
Introduction
Outsourcing is gaining popularity in both the public and the private sector. During the mid-1990s, outsourcing was considered a viable solution to attaining cost control and improving production efficiency (Mani, Barua, & Whinston, 2010). Because of this perception, many companies started incorporating outsourcing in their business strategies and plans. As a result of the success that have been recorded in using outsourcing, many corporations are turning to outsourcing to support a range of functions ranging from logistics to customer relations. Companies cite different reasons for turning to outsourcing. The reasons are generally related to their rationale of turning to outsourcing. Some of the ...
In this part of the paper the subject of the discussion will be the history and various causes of inflation. We will talk about the history of inflation, the factors which influence it, the mechanism of inflation and its effects, as well as the way government policies deal with inflationary pressures.
History of inflation
In the first step, it is important to discuss the history of inflation and the reasons for its existence. For centuries the problem of money supply increase appeared all over the world. Therefore, countries used to change the type of currency quite often. Thus, initially many countries used ...