Finance

Something new that I learned from this chapter is ‘deferrals and accruals’.  I learned that organizations find it difficult to measure revenues and expenses. However, with the two concepts ‘deferrals and accruals,' the company can keep records on revenue and expenses, and make adjustments if needed.  I have also understood that accrual entries record all recognized revenues or expenses without counting other business transactions. On the other hand, deferral entries record all events associated with revenue and expense without recognition of revenues and expenses. The cool thing with what I am learning is that I can now differentiate deferral entries and accrual entries.  I now know that in recording all financial statements, companies must understand recognition so that they can recognize the revenue and expenses.

            The concept that is unclear to me is the ‘adjustment processes. First, I understand that all tentative financial statements are recorded in a trial balance. Then, needed adjustments may be made so that a final financial statement can be made. However, I need clarity on whether some transactions such as prepaid insurance, prepaid rent, among other prepaid expenses that do not fit the annual reporting period should be included.

Response

I agree with the statement that the adjustment process is matching the expenses with revenues.  It is also important to note that the adjustment process is important as it ensures that the financial statements help the organization evaluate its financial position and performance. As a result, the organization managers are able to make decisions on how to control the financial resources.  In addition, the adjustment process allows the organization to evaluate whether the asset values met the real value.

On accruals and deferrals, it is important to understand that both are accounting adjustment entries. The former occurs before payment and the later occur after a payment. Accruals involve reporting of all expenses prior to the receipt, and deferral involves the reporting of all payments of expense even if the payment was made in prior periods such as insurance and rent. 

Financial reporting

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Financial reporting

Financial reporting is the process in which an organization produces reports often referred to as statements, which are used to give financial data to users of the financial statements within the organization. The statements, and the information they contain is useful in that it assists in making financial decisions such as determining the type of resources to dedicate to specific operations within the organization. Since the data collected from the organization’s daily activities is merged into one simple format, it makes it easy to make decision as well as allow financial reporting in real time. It is therefore an important part of business operations and successful implementation allows the business to better manage its resources.

As part of its financial reporting process, ICBI should first understand the stages a budget goes though before implementation and then incorporate the use of financial reporting systems. The first stage in the budget cycle is the preparation and submission where an organization factors in its numbers and how they will be impacted by decisions made (CCS, 2019). Since ICBI is made up of different departments that all hand in projections regarding the need they want the budget to address, the organization must factor in all the requirements when preparing the budget and then submit it for review. After submission, the cycle moves into the approval and execution stage where elected officials and managers decide whether the budget is applicable (CCS, 2019). Once approved, the execution stage begins and this is often during the organization’s accounting period such as the fiscal year. During this stage, the budget can be adjusted accordingly to ensure that the business is able to meet its overall objectives.

Lastly is the audit and evaluation stage which normally takes place after the accounting period has ended. Auditors go over the financial activities undertaken by the organization throughout the accounting period to assess whether operations adhered to the provisions created by the budget as well as measuring the level of accuracy in the financial projections made while the budget was being created (Lander, 2019). A final report is then created with suggestions on hat budget cycle to use in the next financial year. In the case of ICBI, the company can greatly benefit from financial reporting if it uses an activity budget instead of an operating budget.

An activity based budget operates by first identifying the opportunities that an organization could benefit from various activities and then structures the budget in such a way that will enable the organization to benefit from each activity. The activities are determined by the goals already set by the organization and prioritizes the activities by providing resources needed to fulfill each activity (Lander, 2019). An operating budget on the other hand observes the previous year expenses and revenues for an organization where data used is made up of growth forecasts and projections made by a business. It also considers past growth trends for an organization and economic factors within the industry that could affect the goals set by the business.

One major reason why ICBI should use an activity based budget is because the business is new and therefore does not have the records and statements needed when using an operating budget. The process is better suited for the company as it will help in identifying areas within the organization that need more capital allocations than others (Sessoms, 2018). Being a new company, the business has to rely on various methods that will ensure it remains competitive and is able to allocate resources accordingly. The company can also rely on the activity based budget to evaluate all activities that consume resources. Since the process evaluates all activities that occur within the organization, ICBI will be able to identify all the steps involved in actions taken to produce goods and services. Doing so has an advantage in that it allows the business to do away with irrelevant activities, and therefore saves resources and capital in the process.

There is also the option of the operating budget which focuses on what the company is likely to spend on activities projected for a given duration of time, usually a company’s financial year. Although the operating budget approach could be applied in ICBI operations, its success will be limited by the fact that the company is new, and therefore lacks the statements and information needed to predict likely outcomes for the business in the next fiscal year (Gaffney, 2019). The reliance on previous data is what differentiates the operating budget from the activity based budget and also makes the latter the most applicable approach for ICBI.

In order to implement and benefit from its budget, ICBI should try to follow the basic budgets guidelines to aid in its operations. Among these guidelines is the need to set a realistic budget for the company. Enough research and analysis should be conducted to ensure that the guidelines provided by the budget are applicable and can be achieved (Pant, 2019). Another guideline will be to make the budget flexible enough to accommodate any changes. Although a lot of research is conducted when making a budget, most of the predictions of future events is likely to evolve. The budget must therefore be flexible enough to accommodate any deviations from the laid out plan.

Like any organization, ICBI will rely on its budget to determine the nature of actions to undertake and what activities to invest in. since the business is new, it will benefit the most from an activity based budget especially due to lack of past statements on business performance. Other than having the correct approach, the company must also adhere to the guidelines set to guide the implementation of the budget so as to ensure that the most profitable outcome is achieved and in so doing, help meet the set goals and objectives.

References

Credit Counseling Society, (2019) “How much money you should spend on living expenses:        Budgeting guidelines for income” retrieved from,          https://www.nomoredebts.org/budgeting-guidelines

Gaffney, Cynthia, (2019) “What is an operating Budget?” Chron

Lander, Steve, (2019) “Phases of a budget cycle” retrieved from,    https://smallbusiness.chron.com/4-phases-budget-cycle-71723.html

Pant, Paula, (2019) “Five simple budgeting guidelines to follow” The Balance,

Sessoms, Gail, (2018) “What is a budget cycle?” USA Today, retrieved from,             https://yourbusiness.azcentral.com/budget-cycle-2165.html

Introduction

If one shows interests in financial fields such as the mechanisms operating the financial market, stocks, bonds and other financial related fields, then a financial major is worth their time. Financial majors help one cultivate and improve analytical skills for the sake of evaluating financial statements and reviewing financial status of organizations and other institutions. Also after completing financial major and horning skills, one acquires the ability to analyze a document quantitatively and qualitatively hence formulating business strategies that seek to improve the well fair of the entire business operations. This paper will discuss two fincial career choices that a person with financial major can follow after graduating, the core skills the career brings to the table and come up with the recommendation for one of the career choices.

 Financial analyst

A financial analyst studies both macroeconomics and microeconomics contexts together with an organization’s basics in order to come up with informed recommendations, which in turn help managers, make decisions and control the forces operating the financial market. In fact, financial analysts normally recommend a certain sequence of action namely, acquiring more stocks or reselling stocks depending on a particular situation. A financial analyst takes his or her to inform others on latest developments within the field and comes up with monetary replicas to foresee the near future fiscal circumstances and then formulate recommendations from which managers can formulate marketing strategies for business enterprises.

            A part from formulating recommendations, a financial analyst compiles reports for easier decision making. A tactful way of disseminating financial information effectively is via other firm’s market information. It is up to the financial analyst to collect information and compile a report that will give insight and inform on strategic mechanisms. Indeed a financial analyst has the ability of evaluating a specific market and draw out recommendations and conclusions from it.

 In the fiscal services sector, a financial analyst is a sought-after career as a person with such qualifications can work at any capacity, junior and senior. The niche opens up to other valuable financial specialties. The core duties of a financial analyst range from assessing financial data to utilization of outcomes to assist organizations remain afloat and make informed decisions. Repeatedly, the career entails investing and growing a business for the better part of the day.

 In terms of expertise and educational background, financial analyst qualifications are definite and simple to attainable. Unlike fields like medicine, the field is not wide hence, one can take a short time studying basic concepts. Whether one meets any compulsory, licensing relies on issues such as the employer and particular job responsibilities.

In the present corporate world, a degree in financial analysis is a vital more skill, even more important than engineering. The cutthroat competition is high and average degree flood the job market hence presenting no challenge. Thus, financial analyst tends to meet various market demands of in the corporate world. Be it a bank, university, financial analyst skills keep up with the constant changes and ever changing in the corporate world and constantly keeping the things up with the ever-increasing competition.

 Treasurer

A treasurer is a watchdog or regulator position that caters to all facets of financial administration, operating closely with various members of administration board to protect a business enterprise’s finances. It is vital to take note of the fact that treasurers guarantee their financial responsibilities are reliable and not one can delegate their duties to other people.

 The main responsibilities of a treasurer pertains to each administration committee has its specific manner of carrying out activities and the style of working depends on certain skills, benefits or time allocation. Hence, managers must make sure the roles their treasurer plays matches the current trending with the market.

The key roles of treasurers preserve permanent records and keep track of money flowing in and any financial dealings taking place at a particular time. The treasurer chairs budgetary boards and makes yearly budgets for the implementation by the entire organization. On a daily basis, the treasurer ensures all finances paid or received are put under record. Even though huge firms have record keepers for some of the repetitive work, the treasury usually, monitors the bookkeeper’s information. In sizeable business with negligible financial activities, the treasurer may double as a bookkeeper inclusive of putting money in banks, and generating financial checks.

All in all, in terms of recording financial information, once per quarter, the treasurer also generates financial statements for the manager. Financial statement review a firm’s profits, losses, financial investments, and savings. A treasure should be able to manage figures and money, keep records in an orderly manner while developing a rational thinking while dealing with huge amounts of money. Therefore, between the two financial careers, a financial analyst is more important because he is able of formulating strategies and independently inform through compiling reports. In addition, a financial analyst takes his time and evaluates financial situations from a holistic perspective unlike treasurer who deals with record keeping mainly.

Planning, Programming, Budgeting, and Execution System

1. Execution

The quotation refers to the execution phase of the PPBE process, which involves the evaluation of the result of the established program. The review aims at prioritizing the various programs that would ensure that the strategic goals are met. Hence, it involves assessing the actual performance of the program and whether it aligns with the planned performance. The execution of the budget and the program should align with the overall goal of the process, including implementation of the policy direction and creation of the desired capabilities.

The execution is indicated by the fact that there is progress being made with the radars on the Fire Scouts. The major goal, in this case, is to connect the H-60 aircraft with Fire Scout, which is an unmanned platform. The connection of radars on Fire Scouts has to ensure that the desired link between the aircraft and the platform has to achieve what Roux want to achieve in the process. The phase involves mainly the project manager and the operating team. It takes place at the close of the financial year.

1. Budgeting phase

The phase indicated by this quotation is the budgeting stage. The major commands in the department come up with budgets that can be used in justifying the decisions made during the programming phase. The budgeting process also involves placing a request for appropriations for the approved programs. The phase is led by the Financial Officer or the Comptroller who is guided by the Office of Management and Budget. The officer reviews the prepared budget to make sure that the right funding and fiscal controls are obtained, and determine the viability of executing the budget within the current funding period.

During the phase, the comptrollers also work his or her counterparts in the service to examine the budget requests and align them with the general defense budget. The Secretary of Defense can use the budget review to direct where changes should be made. The final product, in this case, is a planned budget that allocates resources to the project being undertaken.  The appropriation of $ 100 million for the UONs is done after the reviewing process has been completed, and the funding of the project has been approved by the Secretary of Defense. The completion of the budget means that AN/ZPY-1 radar can be used in the modification of the Fire Scouts Fleet. The final product of the phase has to be submitted every December by the Office of Management and Budget.

1. Budgeting phase

The quotation is also an indication of the budget phases, specifically the review process. The Comptroller has to ensure that the right funding for the project has been done. The reviewing of the budget is done to establish any discrepancies and shortcomings and making the changes needed for the budget to achieve the desired funding goals.  As aforementioned, the Secretary of Defense can use the review to direct the financial officer to make the relevant changes. The military service has to make an update on the budget to ensure that the budget complies with the decision made. As indicated, the Navy added the further 90% modification to the regular budget for Aircraft modification, which shows that some changes had to be introduced. The final product is still a PB, which has to be submitted in December.

1. Planning phase

The quotation indicates the planning phase of the budgeting process. The phase entails establishing a strategic plan that will ensure President's National Security Strategy, Secretary of Defense National Defense Strategy, and the National Military Strategy is in line with the goals of the Administration Policy. It also involves considering the potential threats, the structure in place, readiness and other relevant aspects. The parties involved in the phase consist of Office of Secretary of Defense, Joint Chiefs of Staff and the Service Secretary. The strategic planning enables the service to analyze the current capabilities, and identify any gaps and overestimations. The phase involved cutting the POM-16 budget and stretching the installation schedule to 2019 when resources will be available. The final output for this phase is POM which has to be submitted at the beginning of the financial year.

1. Programming

 The programming phase aims at analyzing the anticipated impacts of decisions that have presently been made. The overall goal involves identifying any overmatches or gaps between the capabilities and established strategies and producing programming objectives.  The programming phase translates the general objectives of the policy as per the plan into various activities or products. It involves analyzing the alternatives, reviewing and evaluation of various proposals, and receiving executive feedback. The individuals involved in the phase include the Program Evaluation Office. Director of Cost Assessment Roux anticipates that Seahawk will undergo mid-life upgrades in the future so that it can remain relevant. The team hopes that more information will be taken, while a clearer view of the battlefield is achieved. The output of the phase is Program Objective Memorandum, which is submitted mid of the financial year.

White Collar Crime

Introduction

For years, money laundering remains to be a severe economic and legal issue in the United Kingdom and across the globe. Money laundering is considered as a process whereby lawbreakers attempt to cover and differentiate their actual source and possession of funds from criminal operations thus avoiding prosecution, sentence, and benefits from illegal cash. Money laundering is accomplished following several stages such as placement, layering as well as integration. During the initial stage, the dirty money is usually put into the financial system for cleaning. This criminal activity usually cost the economy and society millions, and thus all those involved must be held accountable for their involvement. Based on the connection of money laundering and international terrorism, lawmakers are highly focused on putting in place rather strict measures to deter involvement of parties such as financial institutions which are highly involved in cleaning the money. In the effort to reduce and deter the potential of money laundering lawmakers have over the years come up with regulatory measures for financial institutions as a way of eradicating such organized crimes. Banking institutions are therefore required to offer training to their staffs with regard to identifying any activities of laundering by recognizing the transactions that amount to such crimes such as terrorist financing[1]. Thus, if the institutions fail to adhere to the regulations, then they are held accountable for the proceeding crimes. However, the law in the UK has made life very challenging for financing institutions particularly banks which is prompted mainly by the UK’s money laundering regulations. The law has made significant modifications in the manner in which banks deal with clients and their saving accounts. This report offers a detailed analysis to illustrate how the obligations imposed by the UK’s money laundering provisions adversely impact the relationship of financial institutions with their customers.

Based on the Money laundering Regulations of 2007, in the United Kingdom banks as well as other financial institutions are required to ensure that they do not facilitate criminal offenses as indicated by POCA (2002) as well as under counter-terrorism legislation. Also, they are a subject to some critical responsibilities of operating their enterprises in full compliance with the money laundering provisions[2]. Hence the regulations normally usually have some direct impacts on banks with reference to money laundering as well as terrorist financing. In this case, the institutions are required to implement systems and procedures for lowering the potential for such criminals and thus play a part in assisting authorities in noticing money laundering and financing of terrorist activities that are likely to harm the economy and threaten societal wellness and security. The unique characteristic of the regulations is that the institutions should embrace risk sensitive methodologies that contain enforcement procedures that regulate the occurrence of crime. It is worth noting that the regulations require the assessment of the client to determine the value of their businesses and the intended motives of their finances. This helps in determining any suspicious activities that would entail money laundering or any illegal financing[3]. The approach must be applied before acting on the respective client following risk-sensitive approaches all which seek to deter money laundering. However, in most cases, the institutions frequently experience extreme challenges while trying to create a balance amid their obligations to clients and the law since the demands from each party differs.

Financial institutions have the obligation of detecting laundering activities since they are involved in the placement stage of the crime which is prime in further proceedings. It is not just that during the phase, it is quite easy to detect the offense, but during this level, the activities are closely associated to a crime which would result in the apprehension of perpetrators of the offense as well as confiscation of the activities. Since the responsibility that is imposed to the financial institutions by the regulations are supported by the criminal sanction which means that criminal punishments can be subjected to any bank that fails to comply makes it even more challenging even for the honest institutions[4]. It is worth noting that with the diversity of society today and with more people getting involved in international businesses, it becomes somewhat challenging to detect such crimes. Most of the banks operate in an honest manner where they tend to prioritize on the needs of their clients which mainly involves confidentiality protection but find themselves in a dilemma as the law demands more from them which makes their relationship with the clients unfocused leading to negative implications on their businesses. Most clients tend to participate less in placing their funds in the institutions for fear of their privacy being breached by the very institutions that should be protecting them.

The Money Laundering Regulations has made the life of banks very challenging as it has made some notable changes with regard to how they deal with clients and their respective accounts[5]. One of the challenges that the institutions experience is related to the conflict amid their duty to provide their customers with confidentiality as well as the responsibility to ensure that they detect and report any doubt as related to money laundering or illegal financing of terror groups across the globe as indicated by the legislation. In general, this is the primary issue as related to the law as banks seek to apply their obligations, but there is more. In the case that an institution gains doubts that some criminal activities are ongoing following a customer’s account, then it experiences intense challenges while trying to respond to the issue[6]. If nothing is done and thus the client is permitted to gain access to the money, then this exposes it’s to a criminal liability particularly by participating in offense arrangement. Besides, if the banks freezers the account to ensure that the client does not access their account, this is an infringement of their contract since consent has not been obtained. If the suspicions are not reported to SOCA, then it has committed an offense. However, if it acts by reporting it is likely to become a subject of breaching the trust of the customer

The fact that the obligations imposed by the money laundering provisions in the UK negatively affects the relationship between banks and their client is widely proven by the case of Per Laddie J [at 62] in Bank of Scotland v A Ltd v The Serious Fraud Office Interested Party [2001] C.P. Rep. 14[7]. In this case, the banking institutions were seeking for clarification from the court on the information that it should provide in ongoing defence proceeding against it. In the instance that one of its customers was being suspected of engaging in money laundering operations noting that disclosure is likely to make the institution liable for violating its obligation to the customer as noted by the Criminal Justice Act of 1988[8]. The ruling of the case was that the bank was in a real dilemma of the actual thing that it is supposed to do, but in the case, SFO was the best defendant rather than the customer. This, therefore, shows that banks are subjected to the trauma of having to adhere to the law while in turn damaging their relationship with clients in general. As part of their obligations, they are expected to protect their customers while at the same time assisting the legal authorities in countering crime which creates conflict. The dominance of such dilemmas has resulted in the rise of litigation as illustrated above, but the institutions have acquired limited guidance. Besides in the case of C v. S, the institution acquired a court order that demanded information disclosure amid the client and the person accused of fraud[9]. Having made a report, it was afraid of being exposed to the threat of tipping an offense thus exposing the client, and the court held that the bank should negotiate on the information to be offered to create an agreeable solution that does not affect their relationship with their customer.

Conclusion

To sum up, based on the analysis above it is clear that the ability to create a balance amid legal and customer obligation under the money laundering provisions is quite challenging. The requirements lead to the conflicting interest that results in banks seeking clarification from the court. Even though banks are expected to make their reports when their suspicions are confirmed they are unable to determine the actual information that they are required to disclose without harming the confidentiality of their customers. Thus, there is a need to modify the measures to enable the institutions to strike a balance amid the obligations while seeking to deter crime in the UK.

References

Alldridge, Peter. "Money laundering and globalization." Journal of law and society 35, no. 4 (2008): 437-463.

Ellinger, E P, Eva Z. Lomnicka, C Hare, and E P. Ellinger. Ellinger's Modern Banking Law. Oxford: Oxford University Press, 2009. Print.

Lea, John. "Hitting criminals where it hurts: organised crime and the erosion of due process." Cambrian L. Rev. 35 (2004): 81.

Levi, Michael. "Money laundering and its regulation." The Annals of the American Academy of Political and Social Science 582, no. 1 (2002): 181-194.

Per Laddie J [at 62] in Bank of Scotland v A Ltd v The Serious Fraud Office Interested Party [2001] C.P. Rep. 14.

[1] Levi, Michael. Money laundering and its regulation (The Annals of the American Academy of Political and Social Pp.181-194)

[2]Lea, John Hitting criminals where it hurts: organised crime and the erosion of due process (Cambrian L. Rev 2004 81)

[3] Ellinger, Eva Lomnicka, Hare, and Ellinger. Ellinger's Modern Banking Law (Oxford: Oxford University Press, 2009)

[4] Levi, Michael. Money laundering and its regulation (The Annals of the American Academy of Political and Social Pp.181-194)

[5] Alldridge, Peter Money laundering and globalization (Journal of law and society Pp. 437-463)

[6] Lea, John Hitting criminals where it hurts: organised crime and the erosion of due process (Cambrian L. Rev 2004 81)

[7] Per Laddie J [at 62] in Bank of Scotland v A Ltd v The Serious Fraud Office Interested Party [2001] C.P. Rep. 14.

[8] Ellinger, Eva Lomnicka, Hare, and Ellinger. Ellinger's Modern Banking Law (Oxford: Oxford University Press, 2009)

[9] Ellinger, Eva Lomnicka, Hare, and Ellinger. Ellinger's Modern Banking Law (Oxford: Oxford University Press, 2009)

Introduction

 The sources of marine insurance are one of the most intriguing and sophisticated subjects ever raised throughout the history of business enterprises. One of the factors sparking this confusion emerges from the pioneer documentary sources that indicate ambiguity, leading to various interpretations. The legal writers who carried out an extensive research on the controversial issues surrounding marine insurance insists concentrating their efforts on specific documents dated between 13^th  and 14^th centuries. However, even early document give an inaccurate account of information, incomplete and filled with glaring errors. In other words, assessing marine insurance has not yielded any fruits. Rather than look into the tainted history of marine insurance, this essay will carry out an extensive research on risk selection process an underwriter undergoes before accepting an application for ocean cargo insurance and how the insurance policy manages shipments from losses.

 Role of Marine insurance

In the international transport industry, all stakeholders in the shipping of goods from one place to the next, acknowledges the vital role insurance plays in safeguarding the cargo of its clients (Rose, 2013). But still, many people miss the crucial role of marine insurance plays in ensuring the safety of their cargo.

            Accidents can occur at any time within the port area. For example, Karachi port gave an outline of risks linked with transporting goods overseas (Rose, 2013). Two container ships crashed head on. The first ship tried to docking against a stationary ship and sent its shipment flowing into water. The accident led to loss of millions of goods within seconds.

 It is vital to note that there two types of marine insurance, hull and cargo. In this case, the essay discusses cargo. Hence, this type of marine insurance covers ship cargo carried on a ship and from one port to another (Hodges, 2012). The ship itself falls under the hull insurance. After clarifying the difference between the two, the high competition in marine transport, ship owners face stiff competition among themselves and between other forms of transport systems. Hence, insurance plays a great role in ensuring that paying insurance premium regulates prices in the market.

 Risk selection process

The risk selection procedures of an insurance firm that  determines whether one is eligible for an marine insurance or not hinges on terms  and conditions of the  insurance company as well as premium that goes into insuring the ship. The party that controls the entire process is the underwriter (Hodges, 2012). After considering all the factors pertaining or not pertaining the applicant, the underwriter has to know the type of ship in need of insurance, For instance, the weight of the ship, type, and total value of the ship. Secondly, the legality of the ship. In some unique instances, it is illegal to insure some types of ships. The ship must have a registered government name before signing for insurance.

 The research methods used to look into the eligibility of a ship before an insurance firm fully accepts the responsibility of insuring the vessel is called qualitative researches. With a qualitative research, one can get details on the all the relevant data about the applicant’s cargo vessel (Hodges, 2012). For example, survey, interviewing the owners in order to reveal more information on the underlying factors. After getting the results from the qualitative research, the underwriter has to match them with the marine insurance firm’s policies and terms before deciding whether the cargo vessel passed the test.

No insurance company wants to reject applicants unnecessarily; hence, a thorough research has to go into unveiling data for the sake of making a good judgement at the end of the day (Hodges, 2012). The state also regulates the insurer and heavily controls the underwriting process from start to finish.

A ship is a capital intensive object; a ship owner’s objective is to safeguard his investment from loss and cater protect it by all means necessary. Thus, the insurance firm acts as a backup plan in case of an accident; it covers accidents that bond to happen at any time. Ships can capsize and cause tremendous loss. Therefore, insuring a vessel gives the owner a chance to salvage his property in time, phenomena referred to as protection and indemnity (Kingston, 2011). Both protection and indemnity safeguard a ship from effects of wear and tear, pollution, and even oil spillage. For instance, in case of an oil spillage, the insurance company will cover it if the community holds the particular vessel responsible crisis. The insurance has a duty of investigating an incident before releasing funds into the account of the owner. Clarity is vital for retaining a good work ethic filled with honesty. Simply put, the insurance company covers any losses incurred directly or indirectly in the course of the agreed terms and conditions.

Every cargo carried in a ship has a specific value. From a tiny item to a huge product, all have a monetary value attached to it (Kingston, 2011). The owners of the cargo can accurately attach a price tag to each item no matter the size. In case of an accident, the ship owner would want extra money to compensate the owners of the cargos. Thus, marine insurance steps in to fill the space and time an accident would create.

More so, Marine insurance is an essential aspect of international commerce or trade and under a set of rules and regulations in each and every phase of its operation. Furthermore, The Marine Insurance Act enacted in 1963 aimed at overseeing and regulating shipment the manner in which marine insurance companies go about their businesses (Kingston, 2011). Everyone knows the economic consequences of neglecting a valuable asset without insuring it in equal measure with its value. However, the legal framework put in place to facilitate and enable operators to successfully implement methods that would prevent overexploitation while keeping the trading centers attractive to all people who wish to join the industry.

 Basics of Marine Insurance

Marine insurance is a business and involves getting into agreement or contracts with cargo vessels via legal means (Rose, 2013). In addition, marine insurance can extend to warehouses used in the storage of goods after a ship reaches the port. Hence, insurance is a business of possessing other’s risks and in case of an emergency, covering or meeting the losses in terms of finances.

The underwriter ensures quantifies a risk in terms of payment or commonly known as premium. More so, the premium is a form of surety against the eminent risks likely to face the cargos in the seas (Rose, 2013). The amount of the premium reflects on the magnitude of the risk. Hence, the greater the risk, the higher the premium and the greater the loss that might result of anything happens to the vessel.

 How insurances control losses

 The only unique item about marines is the underlying capability to control losses. Marine insurances include risk management and tasks patterned to minimize the chances of losses in case of an accident (Rose, 2013). Managing losses implies defining the sources of the potential risks, and formulating a possibility of actions needed to counter the risks by both the client and the insurance firm.

 Insurance damage control assists minimize the obvious risks, both sides of benefit through insurance. Marine insurance takes an extra step in confirming that the client does not claim anything in case of an accident. To achieve this, they have to list all the specific things they insure (Rose, 2013). Hence, an insurance company only compensates specific items, anything out of that is invalid. Insurers give incentives to marine policyholders. For example, the marine insurance organizations tend to try to minimize the premium of a ship owner takes an educational course in the navigating a ship. This implies that the ship owner will reduce his risks and the insurance firm will have fewer aspects to manage in the event of an accident. Marine insurers may need a person to carry out a certain activities to cover up susceptible risks. They may require a sprinkler system in case of fire or placing fire extinguishers in case of a fire emergency.

In summary Marine insurance achieves insuring cargoes by controlling potential risks. Marine insurance is an essential component of trade and gives investors a backup plan when an accident comes knocking at the door of an investor. Placing in context of the world, the marine insurance regulates prices and lessens the burden of ship-owners.

Reference

Rose, F., 2013. Marine insurance: law and practice. CRC press.

Hodges, S., 2012. Cases and Materials on Marine Insurance Law. Routledge-Cavendish.

Kingston, C., 2011. Marine insurance in Philadelphia during the Quasi-War with France, 1795–1801. The Journal of Economic History, 71(1), pp.162-184.

Rose, F., 2013. Marine insurance: law and practice. CRC press.

Funding Option

 The Bank loan is the best funding option as it directly or indirectly indicates the status of the capital market, which in turn gives values the business based on the current and global values, placing the firm in a better position to reevaluation its niche and future growth process (DeYoung, Gron, Torna, & Winton, 2015).

Debt loan

More so, the loan will be under a debt and not equity (DeYoung, Gron, Torna, & Winton, 2015).. A debt is more favorable for a startup enterprise. In addition, the lender does not get a share of the business profit. Simply put the debtor does not dilute the value of the business.

Tire shop Business plan

Yes, a complete business plan is essential in measuring the amount borrowed against the financial needs required to jump-start the business and make it operational (DeYoung, Gron, Torna, & Winton, 2015).. Thus, a business plan materializes the plan into reality and exposes any finances loopholes that can leak money and waste time. Therefore, a business plan gives a glimpse into the future of the business at an early stage and can prevent early collapse of the business. In other words, it should be airtight and reliable enough.

Sustainable financing of the business

After identifying a source of capital and business plan the Tire shop will use data generated on daily business days to dictate the utilization of its resources. Generally, a small business financials statement is private as it is not public traded (DeYoung, Gron, Torna, & Winton, 2015).. Therefore breaking daily expenditure into tiny bits can help in the financing process. In summary, cutting on recurrent expenditure based on daily data will help save the business from unnecessary expenditure and direct the money to other sections of the business. Secondly pumping most of the profits back into the business would allow for more growth.

References

DeYoung, R., Gron, A., Torna, G., & Winton, A. (2015). Risk overhang and loan portfolio decisions: small business loan supply before and during the financial crisis. The Journal of Finance, 70(6), 2451-2488.

Life Insurance And Estate Planning

Introduction

Estate tax liability is the tax imposed on the property by the government when the owner of the property dies and leaves the estate to the heirs. A fair market value is considered in calculating the gross estate which includes real estate, saving accounts, personal properties, collections, family corporations and more. The gross estate will assist in coming up with the net asset and finally understand the estate federal liability. Following the death of the father, there are many things that the son should do to protect the properties and enjoy the economic benefits. In other words, he should possess an incident of ownership by changing the beneficiary and making possible changes to secure the benefits. Generally, there are important actions that should be taken to conclude the case that is; calculate the gross estate, deduct all the liabilities, evaluate the value of the estate, and transfer ownership.

The federal estate tax is imposed on the property beneficiaries after figuring out the exemption amount. The issue at hand covers the subject of the estate planning where estate tax considerations become the primarily important thing (Gardner et al, 2008).  The major purpose of the estate plan is to determine the amount of income that the beneficiary should receive.

 The case at hand states that the property owner had unused unified credit and had no deductions at the time of his death.  Having understood the case, it is important to apprehend that the estate is subject to the federal taxes and the taxable value of the estate will be calculated by using the gross value of the estate (Gardner et al, 2008). Even though there were no deductions at the time of death, there must be a calculation in the ‘Gross Estate' to figure out the net value of the estate. In this case, it is the role of the executor of the estate to calculate the gross estate such as real estate, stocks, taxable lifetime gifts, bank account, investment and personal property (Gardner et al, 2008). The purpose of calculating the gross value is to deduct any liability such as funeral expenses, administrative costs and more and come up with the net estate value.

 To arrive at the client's estate tax liability, it is important to understand the federal estate tax exemption. The latter plays a significant role in allowing the estate owners to pass their property to the heirs and it also reduces the estate tax rates (IRS, 1988). Thus, understanding the total exemption available is important as the amount will assist in calculating the total estate tax liability. In solving the case, I would inform the deceased client's son that the estate liability tax will be evaluated by calculating the net estate and the unused unified credit will be considered. The current federal law affirms that the executor should calculate the gross estate including life insurance proceeds, gifts, wealth transfers and more.

 It is also important to understand that the deceased client's son needs a legal title to the property.  In this case, the incidents of ownership mean that the deceased has the right or the power to transfer police ownership and change the life insurance policy. For example, focusing on the life insurance policies, the father had agreed on insurances policies such as universal life or term life or whole life. In this case, the beneficiary has the power to cancel the policy since the proceeds of life insurance are subject to estate tax (Stephens, 2008).

 For the deceased to be insured the incidents of ownership, he is supposed to change a beneficiary and personal life insurance policy. By so doing, the decedent will create an investment and derive income, he will be able to manage the property an income and he will have the right to use and control. The important thing in possessing an incident of ownership is having the ownership of the life insurance. Thus, the son should own the policy to enjoy the death benefit, reduce the estate tax burden and the children will also own the policy (Stephens, 2008). In general, the major fact that would have to change to receive the insurance proceeds from the insurance company is to transfer the ownership.  In the process of ownership transfer, the decedent may also create a life insurance trust for the purpose of legal control.

Conclusion

            The above case requires an estate planning to help the deceased client's son figure out the taxes that will be incurred and the amount of benefit that will be gained. The heir need to understand the tax liability and in this case,  it is important to calculate the market value of the property which is done by calculating the gross estate, make deductions and figure out the net estate. Also, the heir is required to transfer the property such as change the life insurance contract, cancel the policy and create an Irrevocable Life Insurance Trusts. Generally, it is easier to know the estate tax liability by measuring the value of the estate, subtracting the deductions and figure out the net estate.

Reference

Gardner, R., Daff, L., McClintock, M., & WealthCounsel. (2008). WealthCounsel estate planning

strategies: Collective wisdom, proven techniques. Kansas City, Mo: Wealth Builders Press.

Stephens, G. R. (2008). Estate planning with life insurance. Toronto: CCH Canadian.

United States. Internal Revenue Service (IRS).  (1988). A selection of Internal Service Tax Information

Publications.  Volume 4-5.  The Service  

Money Laundering Operations within the United States

Introduction

Developing a computer program to counter money laundering activities involves development of softwares that manages databases and this would involve the using “Big Data”. The program would involve analyzing large volume and types of information or data that describes the activities being carried out by an organization or individuals those results in money laundering. The use of the program is likely to raise various ethical issues regarding privacy of information, confidentiality and privacy of the data. The program would require analyzing information, some personal, of a large population, and then zeroing in on specific individuals whose activities that are mimicked by the determined transaction patterns. The ethical issues would arise from the fact that such a program would violate the privacy of many people while trying to identify and possibly apprehend individuals suspect of the crime.

In the consideration of the ethical and moral issues arising from analysis of private information, there various issues that should be noted. To begin with, the meaning of privacy involves rules governing the management of personal information.  The development of the program must take into account the rules governing the collection, using and storage of personal data (King & Richards, 2014).  In this case, the ethical issue relates to the use of private information using analytical systems belonging to a third-party.  The other issue involved whether private information that has been shared remain confidential. The sharing of information by the services trusted by user can raise legal issues, especially because the generation of share information does not negate the confidentiality of such data including address book and financial data.  The use of data for inferences, the ethical or moral issue concerns whether there is transparent by the organizations or individuals (King & Richards, 2014).  Where “Big Data” is involved, there can be a compromise of an identity. The analysis of big data can enable institutional surveillance, and identity can be compromised while moderating and determining the personal involved in money laundering even before they commit the crime.  These calls for the Department to consider the kind of data inferences that can be allowed and the ones that has to be disallowed.  The ethical and moral guidelines may draw various lines even if the fraud and money laundering are totally unethical (King & Richards, 2014).

 The adoption of the program would require the Department to implement “Big Data Analytics “ and the process involves the establishment of aggregated and undesirable externality since it involve a bigger surveillance system in terms of breadth of collected information . Furthermore, organizations that gather data and aggregate it are usually not visible to users (Martin, 2015).  As matter of fact, the surveillance process will totally be in conflict with a person’s need to remain unobserved, to be unique and their sense of self.   The personal space of the person allows “unconstrained, unobserved physical and intellectual movement to develop as an individual and to cultivate relationships” (Martin, 2015).  When the department adopts the computer program, it will be engaging in surveillance which may be harmful since it the personal metaphorical and personal space are compromised and violated.  Personal space is necessary for the person to develop and especially within some relationships (Martin, 2015).  The privacy of a large population will be violated if their information is exposed through the analysis process.

A major moral issue involves public knowledge that their private information is being accessed and analyzed by the Department. It can give rise to the fear of someone watching their activities and being subjected to judgment due to causes of other people criminal activities.  The space provided through the surveillance will function differently in comparison with a space that is not exposed, since individuals’ way of thinking and behavior will be changed (Someh et al 2016).  Moreover, the surveillance functions by affecting both the person being watched and those who are not under watch.  By believing that their activities are being watched, people are likely to act as if they are watched. The use of the computer program may involve use of algorithms where individuals are profiled according to their income, social class and gender while observing their transactions (Someh et al 2016). A major issue that may arise relates to self-determinism or freedom to choose how their data will be used by any organization. However, it can be argued that benefiting from such surveillance involves a cost of losing one’s privacy or even control of their information (Someh et al 2016). Another issue involves the possible control of the information by the Department when it dominates the access of personal information as they observe their transaction activities.  The possible result is the creation of knowledge asymmetries and this can lead to control of the society by the observing organization. The fact that the present guidelines and principles aimed at protecting  the privacy rights of a person is not at par with technological advancement can leave a loophole that may be exploited by rogue individuals to target others (Someh et al 2016). The issue of morality arises in that the improper use of such information can lead to abuse by those who have power for self –serving interests.

On the other hand, the use artificial intelligence to analyze data and carry out surveillance can be very beneficial in prevention and mitigating money laundering operations. The technology can be play a big role in identifying the money laundering activities and the criminals involved. The individuals involved in money laundering crimes can be identified from the available list (Hipgrave, 2013). By recognizing their transactional patterns, the integration of data from internal and external sources will enable the Department to control cases of money laundering.  The mitigation of the crime can be dealt with locally, nationally and across different countries so that the entire system is destroyed.  The department can engage the population by helping them in understanding and balancing their need for privacy and control over personal  transactional information with the benefits related with the process especially in preventing and dealing with money laundering. When the population is made aware of how their data is being used, they will support the adoption of the artificial intelligence (Hipgrave, 2013). This will ensure that economic power will not be transferred to criminals from citizens and their government.

Conclusion

The adoption of artificial intelligence is bound to raise concerns related to violation of privacy when transactional data has to be used. The process involves the use of Big Data Analytics that calls for upholding process to be moral and ethical by not allowing profiling and discrimination. The benefits of preventing and dealing money laundering are significant but the public has to be sensitized on the need to forego privacy for common good.

References

Someh, I. A., Breidbach, C. F., Davern, M. J., & Shanks, G. G. (2016,). Ethical Implications of Big Data Analytics. In ECIS (pp. Research-in).

Martin, K. E. (2015). Ethical issues in the big data industry. George Washington University. Retrieved from: http://misqe.org/ojs2/index.php/misqe/article/viewFile/588/394

Hipgrave, S. (2013). Smarter fraud investigations with big data analytics. Network Security, 2013(12), 7-9.

King, J. H., & Richards, N. M. (2014). What’s up with Big Data ethics? Retrieved from: https://www.forbes.com/sites/oreillymedia/2014/03/28/whats-up-with-big-data-ethics/#303ddff35913

Money

Without money, humans would revert to carrying out transactions through the system of barter trade where goods and services are directly exchanged. In global economy where the market is composed of many goods and services, the absence of money as the measure of value would results to exchange of products directly without considering their real worth. The absence of money means that a person wishing to buy or sell the goods and services or property would have to find another person who thinks that an exchange with what is being offered leads to fair trade.  A major advantage associated with money is that it increases the speed of conducting business and thus, reduces losses related to delay (Beattie, 2015). Also, if a person needs something within short-time and they keep trading for it, they would not always be given a good deal unlike using money where the prices are set. The changing if the terms of the exchange would also be necessary so as to have the other person agree to the terms. Thus, products that are valuable are likely to be exchange with those lower value, hence a lack of trade balance.

 High inflation makes the currency of a country to significantly lose value in that very few goods can be bought by a large sum of money.  Also, the inflation makes the prices of basic goods and services to increase to levels that are unaffordable to the population.  The currency loss of value negatively affects the exchange rates so that it becomes unsafe to hold cash in it (Kennon, 2018).  The option is to shift to a currency of another country which is more desirable in terms of holding the cash asset.

References

Money

Credit cards and debit cards are not considered to be form of money.  The Federal Reserve Bank explains the three definitions of money, consisting of M1, M2 and M3 which are measures of money supply. M1 comprises of the currency in public hands including various deposits such as demand deposits, against which they write a check.  M2 consists of M1, in addition to time deposits below $100,000 and other balances “money market mutual funds” (Amadeo, 2018). The M3 comprises of M2 in addition to time deposits in large –denominations, Institutional money funds balances, various repurchase liabilities given out by depository firm and Eurodollars.  The credit and debit cards do not belong to any of these measures of money supply hence are not viewed as forms of money supply.  Debit cards are usually linked to the holders’ bank account and the money they spend is deducted from their accounts (Chand, n.d).  They are alternative to money (cash) more so if the holder does some online shopping. On the other hand, credit cards enable a person to money belonging to another person to pay for products or services and then repay the money later. Since the card allows for credit purchases, it has attached interest rates unless the holder of card pays within the stipulated billing period.  The issuer of the card pays for the products on behalf of the holder. The obligation that the card holder has for payment either presently or in future cannot be considered as money.  The obligation is to pay the issuer of the credit card (Chand, n.d).  The part of transaction considered as money arises between the two after the holder of credit card pays.

 That money supply will finally decrease by a fraction if the change in monetary base after open market purchase by the Fed is a false statement.  To begin with, when the Fed purchases the government securities in an open market, the amount of money in supply will increase but not decrease. Secondly, the results through money multiplier shows that the change in supply of money will increase so that it is greater than the first monetary base change. The purchase in an open market indicates that the government is purchasing securities from the market ( the public and banks)  the Fed will  eventually pay money for these securities which means that more is being released into the hands of the public (Amadeo, 2018). Moreover, after making the purchases, the supply of money will increase by multiple times, in relation to the money initially paid by the FED.

The purchase of the securities aims at increase the reserves of the bank so that more money is available for the banks to loan out in the market (Amadeo, 2018).  In this case, there will be an increase in the yields of the bank reserves which is equal to the increment in the monetary base but not a fraction of the same. Then, when the banks give out the moneys as loans in the open market, the amount of money in supply will be more by a multiple of the same quantity.  Thus, the increase in the quantity of the money will be equal to monetary base change times the applicable money multiplier.  The assumption is that the individuals and business borrowing the money from the financial institutions aims at spending the money (Amadeo, 2018). As they buy products in the market, the income for individuals, firms and their employees increase indicating an increase in the amount of money in circulation.  

The three major tools that the Fed can use to increase the money supply in the market include the Open Markets Operations, Reserve requirements and discount rate.  The Open Market Operations involves the Fed’s purchasing the government securities which in turn affect the amount of reserves in the banking sector (Amadeo, 2018).  When the Federal Reserve purchases more securities from the banks, the bank’s reserves increase which means that more money is available for lending to individuals and firms in the market.  Open market in this case means that the Federal Reserve has no power to decide which dealer of the securities it can conduct business with on a given day.  The choice stems from a market in which there various securities dealers who are competing and the Fed buys the securities from any of them and this providing them with more money that they can use to lend. The firms and individuals who buy borrow the money use it to buy goods and services in the marker thus increasing the quantity of money in circulation (Amadeo, 2018).

The Fed also uses the Reserve Requirement which means the money every bank should hold each day.  The Federal Reserve can maintain the reserve requirement low so that to enable the banks to lend out more of the available deposits (Amadeo, 2018). The reduction of the reserve requirement creates credit for the market.  The Fed targets the lending rate which has the same results as alteration in reserve requirement. If a certain bank is able to meet the set reserve requirement, it can borrow from other banks with excess cash which also help in increasing money supply. The discount rate refers to rate if interest charged on banks from any loans obtains from the Federal Reserve Bank over the short-run (Amadeo, 2018).  An increase in the discount rate makes the borrowing from the bank very costly which means that the banks will access less money. Thus, there will be less money available for lending to the individuals and firms in the market.

The above explanation fits an expansionary monetary policy whose main aim is to increase money supply, and reducing the interest rates. The reduced interest rates make it possible for individuals and firms to borrow from the banks.  The reduced rate of interests means that firms can increase their investments while consumers can spend more on goods and services.  In addition, the lower rates of interest means that the mortgage interest costs will be lower and thus encouraging repayments. The households will be given more disposable income which encourages more spending (Carbaugh, 2009).  The incentive to save among the consumers is reduced since they can easily obtain more funds.  The value of dollar will also decline which means that exports will be cheaper and this increases the demand for exports in the country.  The lower dollar value means that the exchange rate will also be lower. Moreover, the financial account for the country will be weakened and the current account will be strengthened (Carbaugh, 2009). A restrictive policy would bring about opposite results where interest rates will be higher and money supply will be lower.

References

Amadeo, K., (2018).Federal Reserve Tools and How They Work. Retrieved from: https://www.thebalance.com/federal-reserve-tools-and-how-they-work-3306134

Amadeo, K., (2018). Monetary Policy Tools: How They Work, US Economy. Retrieved from: https://www.thebalance.com/monetary-policy-tools-how-they-work-3306129

Financial feasibility

Opening micro-brewery in Shanghai

In Asian pacific locations, people like American beer. In the near future, there is a projection of growth the beer industry. More so, in America it accounts for an estimated 450,000 jobs. In fact, benefits are not in America lone .But, craft beer gains popularity everywhere in the world with each passing day. Shanghai is a populous city in China and seems to be a good ground for a startup microbrewery business venture. Shanghai is part of the Asian pacific region. In this region. The craft beer business may grow to $202.0 billion dollars in the next five years. Hence, it is a god decision to invest in the sector (West Coast Brewery Co).

Starting up a microbrewery in Shanghai is economically sound due to its high population and its drinking habits are not that much differing form the western world. The average worker in a microbrewery takes home $ 18.62 per hour which is enough rendering other factors constant. Brewery business in Shanghai projects to experience 3% growth rate annually. Most of these growths will be because of microbrewery enterprises. Moreover, microbreweries tend to succeed due to the regulated surrounding in which they conduct the business. For instance dominant brewers that can sell as much as 60,000 barrels annually, part with $18 per barrel in terms of exercise tax. On the other hand, small microbreweries part with only $7 for every barrel sold within a day (Technical feasibility Tullio (1).

Target market

Shanghai is a location that attracts millions of people every day. Tourists, photographers, politicians and business conferences all take place at the Centre of the city. Hence, it offers a potential spot to start up a microbrewery and   tap into potential customers within the market. Therefore, the target market will focus on everybody including corporates, businessmen, etc (Technical feasibility Tullio (1).

Input

Craft beer needs certain ingredients in right quantity and quality. For example, water. Accessibility should not be an issue as production of beer heavily depends on fast transportation and production under certain calm conditions. All types of alcohol sold will have the same ingredient content to cover an extent economic scale. The craft supplies of Shanghai will be the main supplier of ingredients to the microeconomic business venture. For each 1000l of 7.2% alcohol, the price of craft beer will vary. Water costs $0.81 for each cubic meter used. For each production, the total cost of water is equal to $45.67.Hop is one of the ingredient that will cater for the production of craft alcohol and it will cost $73 per 15kg.Yeast is sold in units and one unit incurs $37. Malt is an essiential1 component in making craft beer and costs an estimated $ 246.In short ingredients and other associated inputs will account for $1330 (Technical feasibility Tullio (1).

Cost of production

The cost of operation after setting up a microbrewery system is $75,000. To break it down further, type one beer will cost $45,000.Type two beer will cost $15000.Type 3 will cost $15000.This translates to $75000 annually.200, 000 liters barrels of beer per year is the aim of the business venture. Cleanliness in the brewing industry is mandatory. Equipment used in brewing process cleaned per session to avoid germ contamination. In fact, hot water is essential for most clean ups and the equipment requires intensive care and maintenance. In effect, hygiene requires specialized labor, electricity and other associated. All these costs are under the production costs (Technical feasibility Tullio (1).

Information collection and laws

In in order for make a business into reality, there must be some financial factors to put into consideration .All the resources required need to be specific and defined .Capital debt establishes the production stage of the business and gives it a red light to proceed with the business venture. The services permit needs approval from the county government of Shanghai before the microbrewery assemblage begins. After approval, the form proceeds to other offices for clarification and documentation of the matter. This procedure may take time and consume financial resources to cover the expenses of the procedures (Technical feasibility Tullio (1).

The system is set to produce 200,000liters of beer but has the capacity to double the rate of production to 400,000litres.Hence; the business will meet future needs of the market and can expound further to deliver mores services (Technical feasibility Tullio (1).

Labor and management

Cheap labor is an essential factor that needs deep consideration. Nonprofessional activities will require cheap labor. For example, sweeping, plumbing and maintenance of cleanliness cheap labor will come in handy. This cheap labor can come in form of annual contracts or long terms contract. For instance a bar attendant in Shanghai earns $55.For every 1000litres of alcohol containing 7.2% the costs vary based on time and type of services rendered. For example, cooking for a maximum   five hours is equal to $27.5.Washing and checks for around two hours or two hours thirty minutes costs $11; Drumming within the brewery for 3hours costs $16.5.Other miscellaneous services can account for 2hours and may cost   an estimated $66.Putting into consideration labor gives the business ‘legs’ to move forward and enter into production (Technical feasibility Tullio (1).

References

Technical feasibility Tullio (1)

West Coast Brewery Co