Abstracts » Business

The best place to do business?

Article Abstract:

The imminent return of Hong Kong to China in 1997 and the massacre in Tiananmen Square in June 1997 have clouded the economic future of the British colony and has lead to increased emigration and capital flight. The Chinese have guaranteed Hong Kong's laissez-faire economy for 50 years after the union in 1997 and Hong Kong remains an attractive environment for foreign business due to: low taxes; laissez-faire government economic policies; and a sophisticated banking infrastructure. Foreign investment in Hong Kong continues to take advantage of: a skilled workforce; low wages; and efficient transportation. Growth has slowed and inflation is expected to drop from 12% to nine percent in 1990. Additionally, foreign businesses seeking to establish operations can take advantage of cheap rents.

United Kingdom, China, International business enterprises, Multinational corporations, International relations, Hong Kong, Great Britain

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Accountants stand by as East meets West

Article Abstract:

Eastern European countries need to replace their accounting systems, which were predicated on the demands of a command economy, with management and accounting systems conducive to market economies. The accounting systems of the Eastern European countries typically are abysmal and non-effective in accurately portraying costs, and lack auditing functions. The inadequacies of Eastern European accounting systems has necessitated the importation of Western accounting skills. The Polish system, while ahead of the systems of other Eastern European countries, remains inadequate by Western standards since it cannot identify profits or production costs. An overview of the economies, accounting systems, and financial management needs of Eastern European countries is presented.

Accounting

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Getting down to business

Article Abstract:

A KPMG Peat Marwick McLintock survey revealed that 70% of the leading European and US companies reexamined their business plans following the political and economic changes in Eastern Europe and the USSR. UK exports to the USSR have increased to 237.7 million pounds sterling in the first quarter of 1990 from 158.5 million pounds in the first quarter of 1989. There is a general consensus among businesspeople that those companies that enter the market first will be best placed to exploit any opportunities that arise. A review of the economic and business conditions of Hungary, Poland, Czechoslovakia, and the USSR is presented.

Business, Poland, Hungary, Surveys, Soviet Union, Czechoslovakia, Peat Marwick Main and Co.

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