Member states1957 – the Treaty of Rome: European Economic Community (EEC) formed by 6 European countries. 1993 – the Maastricht Treaty: base of the current legal framework.
Single market: • freedom of movement of people, goods, services and capital • common policies: trade, agricultural, fisheries, regional development • 1999 common currency introduced (adopted by 13 member states)
Schengen Agreement: - passport control and customs checks between many member states abolished. Population: over 492 million Nominal GDP: €11.6 ($15.7) trillion (2007)
Institutions: • the European Commission • the European Parliament • the Council of the European Union • the European Council • the European Court of Justice • the European Central Bank Citizens elect the Parliament every 5 years. EU represents its members in WTO and observes the G8 summits.
Europe’s mission in the 21st century is to: • peace, prosperity and stability for its people • overcome the divisions on the continent • ensure safety for its people • balanced economic and social development • meet challenges of globalisation and preserve diversity of peoples of Europe • uphold the values (sustainable development, sound environment, respect for human rights, social market economy)
Milestones: 1957 – European Economic Community founded (BeNeLux, Fr, It, FRG) 1973 – Denmark, Ireland and the UK joined 1981 – Greece 1986 – Portugal and Spain 1987 – The Single European Act: single economic area from 1993, called the European Community 1991 – The Maastricht Treaty signed, reinforcing economic and monetary union 1993 – In November 1st the organisation became the EU 1995 – Increased to 15 countries: Austria, Finland, Sweden 1999 – The single European currency the EURO was launched 2004 – 10 countries joined the EU 2007 – Bulgaria, Romania 2013 – Croatia
9.Международные коммерческие термины (цель, классификация). Сопроводительные документы (Shipping documents). Incoterms – set of international rules (drawn by the International Chamber of Commerce) for interpretation of terms in foreign trade, describing duties and responsibilities of seller and buyer.
Aim: to avoid disagreements (resulting from differences in trading practices).
E;F - most favourable for exporter the term E is EXWorks (с площадки экспортера): - maximum obligation for buyer (all costs and risks) - goods ready for collection at seller’s factory - all forms of transport can be used
Categories: 1. E: goods available to the buyer at the seller's premises (EXW) 2. F: seller delivers to carrier appointed by buyer • FCA (Free Carrier) - доставка до транспортного средства. Goods are delivered to a named place where the carrier can load them onto a truck, train or aeroplane. • FAS (Free Alongside sheep) - доставка до борта судна. The seller delivers goods to the quay (ку) next to the ship in the port • FOB (Free on Board) - доставка на борт. The seller pays for loading the goods onto the ship 3. C: seller pays for carriage, has no liability after shipment and dispatch • CFR (Cost and Freight) - стоимость и аренда. Used for ocean Freight. The buyer is responsible for insurance • CPT (Carriage Paid to) - used for air freight and land freight. The buyer is responsible for insurance • CIF (Cost, Insurance and Freight) - used for ocean freight. the seller arranges and pays the • CIP (Carriage and Insurance Paid to) - the seller arranges and pays the insurance 4. D: seller bears all costs and risks in shipping goods • DAF (Delivered at frontier) - на границу. The importer is responsible for preparing all the documentation and getting goods through customs If the goods are delivered by ship to a port, the two parties can choose who pays for unloading the goods onto the quay. The two possibilities are: • DES (Delivered Ex Ship) - на судно, разгружает импортер. The buyer pays for unloading the goods from the ship • DEQ (Delivery Ex Quay) - на причал. The seller pays for unloading the goods from the ship to the quay, and for the payment of customs duties and taxes If goods go through customs and are delivered to the buyer, there two possibilities: • DDU (Delivered Duty Unpaid) - the buyer pays any import taxes • DDP (Delivery Duty Paid) the seller pays any import taxes. Most favourable for importer. The Bill of Lading - a transfer document, most important one in shipping - The exporter writes the importer's name on the bill of lading -it is a document of title - gives ownership of the goods to the person named on it. the words "to order" written on it /under the heading "consignee"/ - means that it is a negotiable document, can be traded. In this case it will be endorsed on the back and if the endorsement is blank there will be no restrictions on ownership. Bills are also marked " clean " to indicate that the goods were taken in good condition or " dirty/claused " if the packing or the goods were damaged. This protects the shipping company from claims. 10.Способы привлечения капитала. (Ценные бумаги государственного образца, акции, выпускаемые компаниями.) 2 ways to raise capital: • By selling shares to investors, investors become part-owners of the public limited company in question. • By obtaining loans from investors, in the form of government stocks and debentures (долговые). securities- shares and loans collectively
Government Stocks or bonds (gilts) – loans to government, fixed high rate of interest, can be bought at Post Office or through banks or stack exchange, repaid after a certain number of years or undated, absolutely safe (government is not likely to go bankrupted), yields are high, but they do not provide protection against inflation. Local authorities bonds – issued by city, town or country councils when they need more income, sold on the Stock Exchange or directly to the public trough the local authorities own finance department, fixed rate of interest (higher than gilts have), repayable after a number of years (fixed date), but shorter period than gilts, secure.
Company shares can be bought when a firm starts trading or issues more shares, or when other investors are selling their shares.
Debentures (when you buy a share, you become a part owner of the business. When you buy debenture, you become an owner of a «paper») • not shares but direct loans to a company • fixed interest (not depending on company’s profit) • are always paid first (before shareholders) • may be bought and sold on the Stock Exchange
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