Study of Initial Public Offerings in Saudi Arabia

Study of Initial Public Offerings in Saudi Arabia This research focuses and does a relative comparison of initial public offerings (IPOs), their motivation and pricing within Saudi Arabia and the United Kingdom (UK). It looks at their respective trading bourses or stock exchange markets and the process companies go through in order get publicly listed on these trading bourses and in an attempt to raise capital from the public. The paper also addresses the economic dimension of IPOs within the respective countries, and its impact on the companies that do decide to issue and go through an initial public offering (IPO). The overall approach used to accomplish the research involves a comparative study of initial public offering (IPO) processes, the motivation of going public for companies in both Saudi Arabia and the United Kingdom, and the pricing structures for the initial public offering (IPO). Needed information or data involves a look at both countries regulatory bodies, in this case the capital markets authority (CMA), from which much needed information on trading processes is be inferred from, as well as looked at. The use of questionnaires to top management of selected firms is used to give an insight into the motivations for private firms desiring to do an initial public offering (IPO). It becomes clear at the end of the study that the motivation for going public remains primarily the same across both countries, the only difference being within their regulatory bodies and requirements for doing so. Background of the Study During the last two decades, initial public offerings (IPOs) have seen a dynamic expansion in markets around the world. A literature search indicated that substantial research has been done on this topic and it has attracted policy makers attention. In addition, the IPO market has proved to involve potential uncertainty and risk due to the large amount of money invested (Ritter, 2002). Initial public offerings of stocks are the foremost important channel of new capital flow to young companies (Gregoriou, 2006). It is also defined by (Draho, 2004) as An IPO is the first time that the shares in a company are sold to public investors and subsequently traded on the stock market. Going public process is a stage when a company sells shares traded equity for the first time. For a private firm to enter the IPO, it needs an established business plan to indicate to stakeholders of the goals in which the firm will be working towards. Moreover, IPOs is a way to increase liquidity of the company that need for growth through the sale of companys owners shares to investors who believe that the company has a successful future. Going public process is preceded by the most vital process which is valuation and the principle behind this process is to justify the price of the shares which are offered to the public. Evaluation process is essential for the company to consider its value in comparison with other firms in the stock market. Moreover, it tells the company the highest price should be offered, and it will inform the buyer that the lowest price should be pay. The company should have a skilled team management, qualified accountants and underwriters to satisfy the requirements of going public and to identify the future aims and strategy after going public. (Stanley, 2005). Thereafter, other stage should take place known as Due Diligence in order to ensure that there is no opportunity for uncertain information. This stage includes advertisements which taken out in newspapers must present the entire company prospectus. The going-public process will also include a group of banks and brokers, as mentioned, to establish a price per share and the proposal must be admitted to the official list by the listing authority in the issuing country. After this is accomplished, an underwriting period allows shareholders to sell their shares to the public at the issue price; this period varies from company to company depending on company goals. It is obvious that this procedure requires time and money however; it is worth if considering long term benefits (Geddes, 2003). With regard to motivations, this study will cover the most common to give a better understanding of the advantages. Several factors are considered by decision makers to encourage companies to go public, including the chance to increase shareholders wealth by expanding operations, to enhance the companies reputation and prestige, create better organization by attraction of employees. Going public promotes a firms acquisition value and boosts customer confidence. In addition, an IPO is an easy way to finance a firm and to diversify its operations (Benton, 2005).Rousseau and Wachtel (2002) argued that the stock market provides a developed mechanism to improve the economy and raise growth rate due to liquidity exist to investors which can be used in new projects. However, financial factors are still the most important considerations in going public (Madura, 1998). IPOs are attractive and occur more regularly when other investment opportunities are not as attractive as these offerings, but as with any decision, going public has disadvantages as well as advantages. If a companys shares are traded on the stock market, it will lead to a change in ownership structure as well as a loss of control by principals; therefore, the decision making will be shared(Albarak,2005) Regarding an IPO in Saudi Arabia, transformation of enterprises companies in the kingdom to the join -stock ones is not a new experience, but the number of joint- stock companies was very little.In 1984, a decision was decree to start trading shares through local banks. In the same year, it was formation of a ministerial committee to oversee the market. Saudi Monetary Agency took over control and supervision of the market operations in 1985. 1990 it was the year of introducing the first electronic system for trading shares in Saudi Arabia. In 2001, was launched (Tadawel) trading system, add modern techniques and characteristics to keep pace with developments in the world. Financial market environment has been developed; rules and the issuance of new regulations were established. As a result of these developments Capital Market Authority was established in 2003 according to the latest standards and foundations. The combination of stock market and oil prices, has given a strong boost t o the Saudi market. CHAPTER TWO: LITERATURE REVIEW 2.1 Introduction This chapter tends to expound on the comparison between the initial public offering (IPO) process, pricing, and the IPO implication to firms in Saudi Arabia and in the United Kingdom (UK). Several researches have been undertaken throughout the world, discussing IPO processes and its impacts on economies and businesses. Most of these previous researches have been pursued by considering a specific country; have but lacked effective comparisons with other economies. In this study, the extra mile is achieved by selecting two entirely different economies, in terms of IPO processes and financial regulations. Discussion on early researches have been made along with the effective exploration and comparison of the existing IPO process, its implications and pricing issuesà ¢Ã¢â€š ¬Ã¢â‚¬ considering Saudi Arabian and UK economy. Initial public offerings of stocks are the foremost important channel of new capital flow to young companies (Gregoriou, 2006). It is also defined by (Draho, 2004) as the first time that the shares in a company are sold to public investors and subsequently traded on the stock market. The going public process is a stage in which a company sells shares to the general public and traded as equity on a trading bourse for the first time. For a private firm to enter the IPO, it needs an established business plan to indicate to stakeholders of the goals in which the firm will be working towards. Moreover, IPOs are a way to increase liquidity of the company that need for growth through the sale of companys owners shares to investors who believe that the company has a successful future. 2.2 Initial Public Offerings (IPOs) When a private company undertakes to go public via divestment of its private equity or stock, it is said to be getting into an initial public offering (IPO). The two main reasons most firms go public include acquisition of additional capital to finance growth or the raising of finances to pay off debt. Since initial public offerings (IPOs) denote the public trading of a firms shares, it has long been documented by various literatures that many first-day trading is usually abnormal. Huge price gains are the norm in IPOs between the offer price and the closing price by the end of trading on day one. This difference in the gain in prices is rarely justifiable since the main aim of IPOs is to raise money for the company, yet as seen, money is left on the table in most instances that the company could have gained from. Academic scholars and financial experts continue to research and look into this anomaly that has continued to baffle the industry (Ritter Welch, 2002). 2.2.1 The IPO Process in Many Countries For many countries globally, the steps of going public are pretty much the same. The regulatory body in each country is usually the Securities and Exchange Commission (SEC), whose main role becomes a security agent in the prevention of fraud and in the protection of investor interest. Most IPOs begin with the selection of the investment bank(s) who serve as the companys underwriters. As an underwriter, the bank purchases shares from the company and sells them to the general public on behalf of the company. Due to the legal complexity IPOs can impose, attorneys are used to aid through the entire setup process. In certain instances, some firms opt to sell their shares directly to the public, but this is seldom the case. Registration statements are then prepared and submitted to the SEC. The statement contains reports of the companys fiscal health as well as the business plan during and after the IPO. Since the SEC is the regulatory body, it scans these statements and carries out its due diligence on the bank to ensure that it is in compliance with all rules and regulations needed to carry out an IPO. After finalizing with registration statements and while still waiting for SEC approval, a company needs to prepare what is known as a preliminary red herring prospectus. This is prepared with aid from the firms underwriters. The prospectus details the companys financial records, plans for the future, as well as specifications of what the price for the floated shares will be. This prospectus is primarily used by potential investors seeking more detailed information on a firm prior to buying shares and has a legal warning preceding the IPO as it awaits SEC approval. Completion of the prospectus gives way to a roadshow in which both underwriters and company officials visit various trading hubs within the country and promote the IPO. In other countries, this information is given to the public via gazette notices, broadcast announcements and distribution of prospectuses. The aim of this is to give potential investors as much information as possible regarding the company and attain feedback in relation to what potential investors feel about the whole process. Once the SEC has gone through the prospectus and given information and is satisfied all regulations and requirements have been heeded, it gives a nod for the proceeding of the IPO. Amendments are made by the company if the SEC still needs corrections to be made prior to their approval. In countries which have more than one stock exchange, the company must choose the exchange where its intended floated shares are to be sold and listed against. Arguably the most complex of all decisions in an IPO process is the decision on the price the floated shares will be sold at and how many of the same should be issued to the public. This is done with consultation with the companys underwriters. The underwriters buy huge stakes of the companys shares for sale to the market. Huge investors are also at times given the privilege to buy the same shares a day prior to listing the shares on the stock market. In countries like the US where the general public gets to buy shares in the secondary market and in which the company does not really gain from the sale at this point, the IPO process concludes for the company after underwriters and huge investors have bought the companys shares. In other countries, the general public is permitted to acquire shares from the primary market directly through stock brokers who deal directly for the company. 2.2.2 Initial Public Offering (IPO) Pricing and key Influencers/Players Traditionally, the IPO pricing was done by agreeing upon and fixing an issue price based on the capital they were trying to raise. This price was agreed upon by the company and the merchant banker. The general public was simply left with the obligation of looking at the price offered and deciding whether or not they would fill in an application form at the given price and subscribe to the issue. Researchers worldwide have arguably revealed that this method is the single largest reason for IPO under pricing (Stanley, 2005). Many IPOs are known to under price the value of a companys shares by as much as fifty percent. Said and done, neither the company nor the investment banker really ever knows the real price of the companys shares. Ironically, the answer to how much a share should be sold for falls at the discretion of the buyers since they are the ones who predetermine at the open of trading how much they are willing to pay for a share of stock. This is what can be described as the hallmark of a healthy IPO market (Shah, 1999). While this is not a realistically possible way to determine what price to sell the stock at, the underwriter looks at elements such as the value of the firm and compare it with that of similar firms, how much capital is needed from the IPO, conducts preliminary research to find out how receptive the market may be, and finally, sets upon the final decision on the price that should be floated to the general public for sale. Easy at it sounds, setting the IPO price is a very delicate and sensitive procedure that takes the effort of many stakeholders and combined calculations from accountants (Draho, 2004). Undeniably, the most important player during the IPO process is the underwriter. The underwriter in many instances is also the investment banker and his primary importance becomes that he has the appropriate distribution channels and contacts necessary for the companys shares. The underwriter also assists in determining the price of the IPO and creating enthusiasm for its listing (Geddes, 2003). The other key players include those involved in the IPO process like the SEC who are in charge of ensuring correct practices are adhered to, and last but not least the private equity company itself. The latter is extremely vital in the process as they have all insider information of the newly-to-be-listed company and any action from them can trigger a response within the trading bourse at the stock exchange. 2.3 Initial Public Offering (IPO) Process in Saudi Arabia In comparison with other developed stock exchange markets, the Saudi Stock Market (SSM) is much newer and classified as an emerging market within the Middle East and North African region. According to Al-Barrak (2005, p.32), there is no explicit list of documented IPO cases in Saudi Arabia and of all the listed companies on the SSM, just ten IPO cases occurred in Saudi Arabia from 1988 until 2004. In Saudi Arabia, companies, by law adopt the book-building process to go public. CMA handles all the application process and takes the decision on whether a company can go public or not. Eighty-five investment companies in Saudi Arabia took part in the book building process in 2009. According to the CMA, fraudulent activities can be handled beforehand, and this process ensures transparency, fairness, and equality in the system (Capital Market Authority (CMA), 2009, p 29). Oil revenues have provided great liquidity in the process of introducing new IPOs in Saudi Arabia. Investment banking in Saudi Arabia was still in its infancy until 2004, and very few firms had gone through an IPO (Al-Barrak, 2005). 2.3.1 Capital Markets Authority (CMA) Evaluation of IPOs The CMA binds firms and makes those requesting to have an IPO or seeking permission to get involved in other investment activities adhere and meet all legal, operational and financial regulations. In the process, companies are required to convince the CMA that the financial activity the company intends to get into or start is proper. Firms are also supposed to provide the evidence of all required financial and managerial expertise for any said financial undertaking (Ritter, 2002). 2.3.2 Future Developments Improvements are underway in the IPO and financial regulation process. Many private and family-owned businesses are thinking of going public due to the provision of an exit route through IPO. Regulations regarding any take-over by a company have also been laid out in an attempt to avoid hostile takeovers, and in ensuring fairness and transparency in the process. Other encouraging steps taken by the CMA have been in the defining and writing down of the listing rules, information and disclosures investors can get. These regulations, though not a quantum leap toward an ideal financial market, certainly boosted investors morale. Investors showed confidence, and Saudi Telecom experienced over 900,000 subscribers. Al-Hilad performance was amazing as the bank raised SR9 million of excess capital in 2005  [i]  . 2.4 Initial Public Offering (IPO) Process in the United Kingdom (UK) Within the United Kingdom (UK), there has been only one IPO between 1980 and 2003. The reason for this slow pace was deepened in the poor regulatory frameworks, and dual processes for having a conversion from a Limited Liability Company to publicly listing one. A strong regulatory framework could act as an incentive to the merger or listing, but such benefits have not been found within the UK in the IPO process (Ritter Welch, 2002). 2.4.1 Due Diligence To make sure that the company going public meets all necessary requirements, it is required by UK law that the companys accountants and legal advisors provide a comprehensive written report after reviewing the company from a complete legal, financial, and commercial perspective. In some cases like real estate where valuation matters a lot, the concerned investment banks are also required to submit a detailed due diligence report about valuation (Draho, 2004). 2.4.2 Pre-Initial Public Offering (IPO) Research Prior to starting any IPO promotion activity, the investment banks research analyst is responsible to make a research note on the company. This research note is issued two days prior to the IPO launch. Pre IPO law helps to educate and protect investors by providing the impartial review of the companys valuation. The research analyst provides the financial projections with their own perspective about company; which illustrated an element of impartiality in the entire process. This research also becomes a marketing tool and automatically sets market expectations regarding the company. The research note is written in light of the available companys data (Rousseau Wachtel, 2000). 2.4.3. Investor Presentation of IPO After completing all the pre-IPO requirements, presentations are used by management to promote the companys IPO. This process continues until three weeks prior of the listing. The sales team of the involved investment bank provides all the information needed by investors, and follows up the potential buyers. As investors have the option of submitting orders with their prices, the receiving or investment bank gets an idea about average price of a share that investors are willing and able to pay. While choosing the investors, companies prefer institutional investors due to long-term commitment they show. This is contrary to hedge funds which can affect a share price for short-term gains (Draho, 2004). 2.4.4 Disclosure Document The preparation of the companys prospectus is highly important for an advisor, as it can be used as a marketing tool to attract investors and for meeting the disclosure requirements of AMI and the prospectus rules for the listing companies. 2.4.5 Underwriting Agreement Within the underwriting agreement, two types of negotiations are involved: The first is between a company, its shareholders, and its respective legal advisors. The second is between an investment bank and its legal advisors. Involvement of a private equity investor is highly desired in the process (Benton, 2005). 2.4.6 Post Initial Public Offering (IPO) Requirement After a company registered as a listed company, both the investors and the board must follow the UK law, and operate the companys affairs within the stipulated UK regulatory regime. Adherence according to the financial services and market act of 2000 stipulates that insider trading laws, disclosure, and transparency rules must be ensured, as well.

Body and Nature as Signifying System in A Thousand Acres Essay

Body and Nature as Signifying System in A Thousand Acres The female body, in literature as in other texts, functions as a kind of signifying system; a site of continuous signification. Traditionally, this has been understood in terms of transposing patriarchal or even misogynist cultural values onto the construction of the female body. In A Thousand Acres, however, Smiley turns this around. Just as this novel tries to gain control of the discourse of King Lear, and of metaphors of women therein, it also foregrounds the body as a textual matrix through which the subject can understand herself and the world. For Ginny Cook, social interaction escapes the realm of language, because so much of what is going on is hidden and because Larry is this silent signifier that only has to be to signify. Instead, she processes the information bodily. Thinking of Caroline's snubbing of her sisters when getting married, Ginny "realized that I felt the insult physically, an internal injury." (139) Later, shame, one of the feelings most often arising in Ginny with impetu... Body and Nature as Signifying System in A Thousand Acres Essay Body and Nature as Signifying System in A Thousand Acres The female body, in literature as in other texts, functions as a kind of signifying system; a site of continuous signification. Traditionally, this has been understood in terms of transposing patriarchal or even misogynist cultural values onto the construction of the female body. In A Thousand Acres, however, Smiley turns this around. Just as this novel tries to gain control of the discourse of King Lear, and of metaphors of women therein, it also foregrounds the body as a textual matrix through which the subject can understand herself and the world. For Ginny Cook, social interaction escapes the realm of language, because so much of what is going on is hidden and because Larry is this silent signifier that only has to be to signify. Instead, she processes the information bodily. Thinking of Caroline's snubbing of her sisters when getting married, Ginny "realized that I felt the insult physically, an internal injury." (139) Later, shame, one of the feelings most often arising in Ginny with impetu...

Exploring Section Essay

Abstract Since the Labour Relations Act 66 of 1995 came into effect the South African labour market has undergone numerous changes. Such a consequence is the rise in the number of employees engaged in atypical or non-standard employment. This paper responds in the affirmative to Cheadle’s assertion that the Labour Relations Act 66 of 1995 provides inadequate protection to vulnerable workers such as non-standard employees. I explore the recent attempts to extend the protection of certain labour and social security laws to some categories of non-standard employees and I recognise their shortcomings. I suggest that senior and middle management employees no longer require statutory protection from unfair labour practices as such protection can be attained through contractual means. I propose that there is presently an urgent need to create a statutory arrangement which affords adequate protection to non-standard workers. 1. Introduction The current South African labour legislation is one which affords too much protection to those who do not need it and far too little to those who require it most. In his paper Cheadle explores the consequences of the changes to the labour market since 1994 and recognises that the current conceptual structure has failed to accommodate these changes. The first source for reform is that there is â€Å"a huge protection hole – casual workers are not protected, informal workers are not protected, marginalised workers are not protected. † This results from the changes undergone by the labour market and the fact that the current remedies for unfair labour practices in the Labour Relations Act 66 of 1995 have â€Å"never been subject to careful scrutiny†. The most effective response to this problem is a re-evaluation of the current labour legislation. Cheadle’s main argument is that there is no longer a need to protect the working class against unfair labour practices as they are able to protect themselves through contractual means. I concur with Cheadle’s affirmations and in strengthening my argument I focus firstly on the brief history and development of the concept of an unfair labour practice. Through this exploration I evidence how the lack of proper scrutiny of unfair labour practices has resulted in an ill conceived provision. I argue that the current labour legislation does not extend protection to non-standard workers this based on the fact that protection rarely goes beyond the employment relationship. I further argue that if middle and senior employees can contractually negotiate â€Å"their hours of work and rights to any payment for overtime work† then surely this is possible for purposes of unfair labour practices. 2. Origins of unfair labour practices The first observation made by Cheadle is that the ‘jurisprudence relating to the individual employment relation was fully codified in respect to dismissal but only roughly codified in respect of the residue. † Cheadle questions the lack of scrutiny applied to the definition of section 186(2) and argues that there is a need to revise and reconsider the practicality of unfair labour practices listed in section 186(2) of the LRA. The idea of unfair labour practice was first introduced into the South African labour law by the Industrial Conciliation Amendment Act. Under The Industrial Conciliation Amendment Act unfair labour practice was widely defined follows: â€Å"any labour practice which in the opinion of the industrial court is an unfair labour practice. † This wide definition was a mechanism intended to protect white workers against â€Å"less favourable conditions of employment in the face of an extension to black workers of access to occupations previously reserved for whites. † Because of this wide definition the legislature was obliged to intervene and in 1980 the concept of an unfair labour practice was more comprehensively defined. The protection regarding the right to strike, refusal to negotiate in good faith, selective dismissal or re-employment, and the use of derogatory language were then built in to the jurisprudence. However this was considered a rather strange jurisprudence as it governed both individual employment relationships and collective bargaining relationships. By 1995, in devising the Labour Relations Act, the unfair labour practices were built into the Act by way of the whole portfolio of organisational rights. The LRA was then negotiated and a set of transitional provisions relating to unfair labour practice where deferred until the Basic Conditions of Employment Act would be dealt with. When the time came the drafters failed to incorporate unfair labour practices and it was left as a transitional provision. It was finally incorporated through the 2002 amendments, where as Cheadle states, â€Å"a couple of words were changed† and it now constitutes the body of the statute known as a â€Å"charter for middle and top management. The history of unfair labour practice therefore strengthens the argument for the need to re-view the current legislation and to align it with the protection of vulnerable workers. 3. Regulated flexibility One of the underpinnings of the Labour Relations Act is the concept of regulated flexibility. Cheadle explains that in formulating the LRA the focus was channelled at achieving â€Å"efficiency, productivity and adaptability, but within the parameters or th e limits of protection. This ties in with the concept of labour market flexibility which gives rise to â€Å"new types† of employment which include but not limited to, â€Å"non-permanent employment for instance fixed-term and part-time work, through labours broker, tele-work, seasonal work, student jobs, working from home, self-employment and subcontracted work. † The current position is that there is insufficient statutory protection for workers employed in a typical work. Difficulty is further encountered in that the protection afforded under collective agreements does not extend to these forms of employment. Employers’ attempts to avoid protective labour legislation and restraints of the traditional employment relationship have also contributed to the rise in atypical employment. This constitutes the crux of the discussion in that law reform should rather shift its focus from increasing regulation to the achievement of labour market flexibility in order to adapt to the changing economic environment as well as to extend the protection under labour legislation to marginalised workers. 4. Contract of Employment and the â€Å"protection whole† The contract of employment creates a standard form of employment. It is the source from which protection and social security afforded under South African labour law is derived. According to the definition of employee in the LRA and BCEA this would mean that workers employed in a typical or non standard employment are ultimately excluded from the protection afforded under current labour legislation. Despite the wide definition of employee in that it includes â€Å"any other person who in any manner assists in carrying on or conducting the business of an employee†, non-standard workers such as part-time workers or home workers are still not protected by current labour laws. Cheadle argues that the reason labour law legislation does not extend protection to these non-standard worker is based on the history of labour law and the contract of employment. He makes an interesting argument in that the link to the contact of employment must be severed so as to accommodate any worker who works in a sector irrespective of the existence of a contract of employment. I fail to see the rationale behind this assertion. Cleansing the labour legislation of the employment contract would only open up the flood gates for unwarranted litigation and confusion as this is the only source for structure and order. Rather than tearing down well serving structures law reform should rather work on incorporating protective provisions into the legislative framework. A recommendation made by Mathias Nyenti is that trade unions should become more actively involved in extending protection to non-standard workers. However, trade unions are of two minds, on the one hand there is the need to promote the working conditions of non-standard workers but on the other is the fear that supporting labour flexibility will only increase non-standard employment and potentially corrode their support base. . Anti working class law? The next argument made by Cheadle and perhaps the most controversial is that, it has become unnecessary to protect middle and top management against unfair labour practices. The assertion is that these categories of workers can protect themselves through contractual means or otherwise through the common law. However, I question whether the common law is adequately equipped to deal with fai rness in the workplace? For instance, if an employee is presented with a situation where there is no contractual rrangement in place providing for promotional prospects, such an employee cannot claim that the employer acted unfairly in not promoting that an employee. Cheadle further argues that there â€Å"is no need for the judicial regulation of the selection decisions (hiring, training, promotion) and those aspects of discipline short of dismissal (suspension, demotion and other disciplinary measures). † In his breakdown of statutory unfair labour practice Cheadle first addresses the issue of recruitment and hiring and questions the reasoning behind its exclusion from the list of unfair labour practices. He concludes that the legislation has put mechanisms in place to protect against victimisation, discrimination, and corrupt appointments and those should therefore constitute the parameters in which the legislation should operate. Simply put legislation should not interfere with the operational personnel decisions of the employer. The issue of promotion is an interesting one. Cheadle questions why senior and middle management are given the right to challenge a promotion whereas this has never been a problem for ordinary workers. This mirrors the position in appointment and hiring. Which brings us back to the question–do senior and middle management really need such protection? The next unfair practice is the issue of demotion and I question why such a practice is regulated because as Cheadle asserts one cannot be demoted without their consent. If a worker is given an alternative between demotion and dismissal and the worker refuses to be demoted, that can be challenged under the law of dismissal. â€Å"Cheadle’s argument is therefore not for greater inclusion but rather an acknowledgement of the remedies and relief under existing common law and contract law. 6. Business perspective From a business perspective it is argued that an increase in labour market flexibility will attract foreign investment resulting in high employment levels and the mitigation of poverty. The argument is that over-regulated labour markets tend to have the opposite effect, reducing global engagement and the prospect of employment. â€Å"However, trade unions believe tha t government needs to protect its vulnerable workers against exploitation if it is to achieve its social transformation objectives. † 7. Conclusion The recent changes in the labour market have thrown vulnerable workers in a â€Å"protection hole† and the current labour legislation unfortunately fails to remedy this position. The bottom-line is that labour reform should be focused on protecting those employees who need protection the most such as workers in atypical employment. There is a great need not only for legislative reform but also reform of the institutions which implement the legislation such as the Commission for Conciliation, Mediation and Arbitration. While I am in agreement with Cheadle’s assertions on the most part, the suggestion that the employment contract should be done away with is a highly controversial and one which I do not agree with. One provision which should be reviewed or even removed however is one which offers unwarranted protection to senior and middle employees who are able to protect themselves through contractual means. Section 186 no longer has a place in the legislative framework and should either be re-evaluated to include vulnerable workers or removed in its entirety. Bibliography Books Van Jaarsveld et al 2001 LAWSA 8

Contemporary Christian Music Essay - 902 Words

No bullet can stop us now, we neither beg nor we wont bow; Neither can be bought nor sold. We all defend the right; Jah - Jah children must unite: Your life is worth much more than gold. Were jammin (jammin, jammin, jammin) And were jammin in the name of the Lord Lyrics from Jammin, a song performed by Bob Marley The Wailers Change is a major part of every teenager’s life. Teenagers experience physical, mental, and social changes. The most major change in my life was when I developed my own taste in music. I went from contemporary Christian to listening to almost anything and everything. Now I listen to Christian metal, pop and rock. Contemporary Christian music now that I have discovered Christian metal and†¦show more content†¦(Wikipedia) The band was started by the lead singer Mark Hall at First Baptist Church as a part of the youth group. (Wikipedia) The band moved to McDonough Georgia some of the band members’ work as ministers at Eagles Landing First Baptist Church. (Wikipedia) Mark Hall the lead singer has written two books Lifestories and Your Own Jesus. (Wikipedia) They are partnered with World Vision. I saw them in concert once and the concert was on a Saturday and they had to drive back to Georgia to preach on Sunday. Tenth Avenue North is an American Christian band they formed in West Palm Beach Florida they got their name from a road in Palm Beach County. (Wikipedia) The band has four independent albums and two studio albums; Broken Down, Don’t Look Back, Speaking of Silence, God With Us EP, Over and Underneath, and The Light Meets the Dark. (Wikipedia) The band was formed at Palm Beach Atlantic University. (Wikipedia) The band won â€Å"New Artist of the Year† at the 40th GMA Dove Awards in April 2009. (Wikipedia) Amy Grant also known as â€Å"The Queen of Christian Pop† she remains to be the best selling contemporary Christian music singer. (Wikipedia) She started singing in the 1980’s. (Wikipedia) In the 1990’s she crossed over in to mainstream pop she put out two mainstream albums Unguarded and Heart in Motion. (Wikipedia) Since 1977 she has produced twenty one albums and six compilations in her career.Show MoreRelatedOld Oratorio New Contemporary Christian Music1019 Words   |  5 PagesOld Oratorio New Contemporary Christian Music Music has always been very important to religion, and the music has always been changing. At the beginning, the music told a story of a biblical event. The current day music tells a story about life and how Jesus Christ can fix the problem because he is all powerful. Oratorio is one example of older religion music. The current type of religion music is called Contemporary Christian music. There is a lot of different types between these two. Oratorio andRead MoreHungry for Worship Book Review Essay4525 Words   |  19 Pageshave tried to shift the responsibility of growing the church away from the pulpit and onto music. While music is a great asset to have in the local church, it is the preaching of God’s word that impacts the growth of the church. They quote the Apostle Paul when he says â€Å"God uses the foolishness of preaching to save a lost world†. The common theme of this chapter that the authors make clear is that Christians as a whole must be hungry for worship . This means that the passion of one’s life must be theRead MoreJesus Made Today By Stephen J. Nicholas1359 Words   |  6 Pagesthe state of the use of Jesus in contemporary music from the 1950s up to the current times. Back 3in the 1950s there were contemporary artists who putting out albums of hymns, like Johnny Cash’s Hymns of Johnny Cash. Not surprisingly, the most significant time for Christian gospel music was during the hippie era in the 1960s. During that time, gospel, youth, and music had merged together into songs that preached about Christ and love. Many people became Christians during that time to protest theRead MoreSpiritual and Religious Music1831 Words   |  7 Pagesthat belong to a certain religion participate in rituals, religious holidays or perform traditional music that belongs to that religion. Music has the power to control the emotions and thoughts of its listeners. Furthermore, religious music is able to initiate or deepen the spiritual connection between the listener, performer, and the higher being regardless of sect. Can different genres of music that belong to various religions share similar musical or spiritual elements? Three songs that are ofRead MoreA Pastoral Intern At The Evanston Vineyard Church Essay940 Words   |  4 Pagespresently in service. In response to my VFCL assignment of interviewing a pastor from my Field Site, I interviewed the Vineyard Community Life Pastor, Elizabeth (â€Å"Liz†) Hawes. Liz shared some information about the historical emergence of the Vineyard Christian Church of Evanston that is also available on the church website. According to its history, the Evanston Vineyard was founded in January of 1976. The founders of this church include the Senior Pastor and his wife, Steve and Cindy Nicholson, the ExecutiveRead MoreGospel music Essay1072 Words   |  5 PagesGospel Music Gospel music began in the cotton fields of the old south. It originates from slaves singing songs of freedom about Jesus and has integrated into today’s music. Gospel music is a standard version of sanctified music that has encouraged Christian beliefs and stimulated the practice of Christian ethical principles, both inside the context of worship services and as music entertainment. Gospel music began with Thomas A. Dorsey, the Father of Gospel Music. Gospel, mean good news, it wasRead MoreFundamentalism and Rock and Roll Essay1013 Words   |  5 PagesHolding onto the five fundamentals, as many Christian fundamentalists call them, is according to the doctrinal truths within the movement. They believe in the inerrancy of Scripture, which reveals Christ as the Messiah, His virgin birth, the atonement in His blood, and His bodily resurrection. Additionally, embedded within the movement is the belief that they, â€Å"the saved,† are engaged in a cosmic war that is taking place here and now. As Reza Aslan explains a cosmic war or religious war is, â€Å"an earthlyRead MoreMusic Makes Children Smarter : Music Essay1610 Words   |  7 PagesMusic Makes Children Smarter Music in many ways. has a potential to allure an individual, especially children, to improve their intellect, when involved in music. Schools and organizations had researched and estimated that schools with music curriculum, have more graduation and successful rates than school that do not doesn’t have music subjects. Universities have concluded that a specific part of our brain had a major role that can progress to become intellectual when exposed to classical musicRead MoreThe Affect of Sacred Music on Secular Music875 Words   |  4 Pagesâ€Å"Swing Low Sweet Chariot† has been said to be a favorite song of secular music star Beyonce. To some this may come as an incredibly shocking revelation as Ms. Knowles lyrics and public antics often are seen as everything but the acts of a true Christian woman. It is also a known fact that the things one partakes in during their youth greatly shapes the rest of their lives. Beyonce growing up in the church is reflected to the public by one of her favorite songs being a classic gospel song. â€Å"When youRead MoreSympathizing with Shylock in William Shakespeares The Merchant of Venice1596 Words   |  7 PagesShakespeare wrote his plays, and they were performed, the contemporary audience would have mainly consisted of Christians. Jews were often persecuted, as they were the minority. The Christian audience would have been quite arrogant, and Shakespeare would have had to pander to this audience, to make the play appeal to them. He did this through Shylock. In Act 3 Scene 3, Shylock tells of how he is abused by the Christians, they call him a misbeliever a cutthroat dog, they spit