Sarbanes Oxley Act and Independence Responsibility View Research Paper

Sarbanes Oxley Act and Independence Responsibility View - Research Paper Example The scandals not only adversely affected the share price but also the general public lost trust on the securities market. Hence the Sarbanes Oxley Act was formed to increase the accountability of the public company so that in future such type of scandals can be avoided. In this project a detail analysis has been made on the Sarbanes Oxley Act and independence responsibility view. The US GAAP has also been analyzed in the view of the Sarbanes Oxley Act. The US companies prepare the financial statement as per the US GAAP but due to the enactment of this act the public companies has to give some more disclosure apart from GAAP. This project involves a detail analysis of the problems of the Sarbanes Act and the US GAAP. The study also includes how and to what extent the act has impacted to the investor, officers of the company, directors, members and other stakeholders. At the end recommendations have been made on how the problems of this act can be solved and investor’s interest can be protected. Brief Overview of Sarbanes Oxley Act of 2002 Sarbanes Oxley Act was enacted on July 30th, 2002. It increased the sanders to be maintained by all the public companies, its management and accounting firms.... It increased the sanders to be maintained by all the public companies, its management and accounting firms. The name of this law was given after the name of the US senator and US representative Paul S Sarbanes and Michael G Oxley respectively. This act has eleven main elements. They are as follows:- a) Public Company Accounting Oversight Board- This part contains nine sections. These are related to administration, establishment, audit, commission, accounting standards etc. This board also gives guidance on registration of auditors and also specifies the rules and procedures for conducting audit. b) Auditors Independence- This title mainly signifies the standards regarding the independence of the external auditors. It contains nine sections. These sections deals with the criteria for approval and preapproval of auditors, rotation of audit partners, audit reports and everything related to the auditors and their work. c) Corporate responsibility- This part contain eight sections which d eals with the company’s responsibility toward financial reports, forfeiture of profits and bonuses, audit committees of public company etc. As per this title the executives of the company should make sure that the financial reports are accurate and complete. It also signifies the penalties for non compliance of the guidelines. d) Enhanced financial disclosure- This part contains nine sections. This part signifies that the financial statements should also disclose those transactions which are not represented in the balance sheet. It also signifies the ethics to be followed by the financial officers. e) Analyst Conflicts of Interest- This part signifies the measures which should be taken so that the investor can trust the security analyst’s reports. It contains

Tokugawa Shogunate Regime Essay Example | Topics and Well Written Essays - 1000 words

Tokugawa Shogunate Regime - Essay Example This period was characterized by economic growth and prosperity, very strict social orders, an increase in both environmental protection isolationist foreign policies, popular enjoyment of arts and culture. This form of regime was organized and administered from Edo in Japan in the 1603 by a ruler named Tokugawa Ieyasu. The Tokugawa regime had established a ruling dynasty at the Tokugawa castle, which was based in Edo. Tokugawa regime came into power following a coup that toppled the administration of Oda Nobunaga at a battle known as the battle of Sekigahara at a period known as the Azuchi-Momoyama period. After this battle, Tokugawa Ieyasu who had taken over as the leader of the battle in 1600 took over the administration of Edo area and later on, this administrative power became hereditary to his family. After He later took over the administrative powers, he gained the title shogun, also known as noble military ruler since he was a descendant of the ancient Mina Moto clan. Unlike the previous regimes of the Shogunate, the society in the Tokugawa period was supposedly based on strict, hierarchy which was originally established by Toyotomi Hideyoshi.Unlike other common dictatorial regimes, the Shogun administration was characterized by economic growth and prosperity. The regime had adopted various principles that saw the country prosper both economically and socially. One of the greatest factors t hat saw the prosperity of the Tokugawa regime was the long-standing peace period, which lasted for two hundred and fifty years. Through this long tome peace, the country was able to develop and gain political and economic prosperity. This period of long time peace, also saw the populations of the country largely increase therefore forming a big army known as the Samurais. The large group of Samurais also contributed a lot in protecting the country from future attacks by its enemies. Moreover, the Samurais also engaged in other economic activities such as farming which contributed to the growth of the country’s economy. However, the change from Sengoku meant that they were obliged to work as bureaucrats in the Tokugawa government. The Tokugawa government forced various changes in the different life style of the people of Japan. All the sectors of the society were limited to follow their traditional roles in a stricter manner than it was done in the previous regimes. This form of traditional confinement begun during the administration by Toyotomi Hideyoshi. This harsh imposition saw the regime begin an administration that formed the four-tier class structure, which imposed and enforced rules even regarding small details such as which classes of people could use deluxe silks for their clothing or tortoise shell for hair-pins. In order to enforce their laws, the ruling regime in Japan banned the practice of other religions in the country in 1614 by Tokugawa Hidetada. This move mostly targeted the Christians who were converted by Portuguese traders and missionaries in previous years. In order to make compulsory this law, the Shogunate made it compulsory for all citizens to enlist themselves with their native Buddhist temple. However, those who refused to comply with this orders were considered disloyal from the regime of the Bakufu. This move by the Shogunate saw the eradication of the Shimabara Rebellion, which was comprised mostly of Christian peasant farm ers between 1637 and 1638. The Japanese Christians were later expatriated, executed, or driven underground, and Christianity ceased from existence in the country. Despite this dictatorial regime, the Tokugawa shoguns controlled the country over a long period of peace and relative prosperity in Japan. The long peaceful regime generated the

Analysis of Brothertons Theories of Hospitality

Analysis of Brothertons Theories of Hospitality Introduction: Brotherton Brotherton investigates the issues lying at the depth of what professional scholars and experts convey; it is indirectly addressed to being good neighbours and its administration. It basically audits the definitions and points of view on these basic issues referred in the modern day accommodation, a clear perspective of what accommodation handling potrays. It tries to accomplish the objective Brotherton of their basic definitions and points of view, a large portion of which are acknowledged by experts. , Brotherton tries to convey with new definitions for Hospitality and hospitality management (Brotherton, 1999) and also motivation of both professional scholars and scientists in the next probably thousand years. Carol A. King Hospitality associations that call their clients Guests are utilizing friendliness as an term for their employees a type of relationship with those customers. The utilization of the this term is proposed to advise workers that they should treat the individuals who treat their operation even though they are visitors. In any case, workers realize what that implies. This paper studies the history of accommodation and proposes a model of friendliness for use in client benefit associations. It will contend The approach of friendliness, it has developed in the business sense, it is the expectation and arrangement of whatever is required to satisfy a visitor, and that the predecessor of business accommodation is the conduct of the subject toward his sovereign or master. Visser watched that social graces are an arrangement of enlightened taboos that work to lessen strain and shield visitor and host from each other in a circumstance loaded with potential risk. The laws of Hospitality keep hos t and visitor from assaulting each other with blades at the table or when the visitor is exposed. Entertainment originally referred to play music or dancing or enjoyment, but later became synonymous with hospitality, as it is today (A.King, 1995) Hemmington Disappointment enough to characterize or comprehend cordiality as a business marvel has made a divided scholarly condition and a schizophrenia in the business that can possibly restrain its improvement as a worldwide industry. This article recommends that, by rethinking hospitality as conduct and experience, another viewpoint rises that has energizing ramifications for the administration of hospitality organizations. A structure to portray cordiality in the hospitality business space is proposed. This structure recommends an emphasis on the host-visitor relationship, liberality, theater and execution, heaps of little amazements, and the security of outsiders; a concentration that furnishes visitors with encounters that are close to home, essential and enhance their lives This conceptual article aims to explore and extend the debate surrounding hospitality in commercial environment (HEMMINGTON, 2007) Summary:- Brotherton:- Some non hospitality associations hoping to enhance clients have attempted to refer their clients as Guests, applying accommodation model to their operations. a few challenges of conveying friendliness are expressed. Some non friendly associations hoping to enhance consumer loyalty have attempted to rethink their clients as Guests, applying an accommodation model to their operations. a few challenges to conveying accommodation are talked about. Despite the fact that the words hospital and hospitality have a similar root, hospital facilities and non-benefit associations and even a couple of business organisations have swung to a friendliness model of client administration to enhance customer loyalty. A few associations like Disney, where amusement clients are guests and each employee is a host, paying little respect to employment work. Disney has been recognized as one of the best model in America. Hospitality associations that call their clients Guests are utilizing friendliness as an term for their employees a type of relationship with those customers. The utilization of the this term is proposed to advise workers that they should treat the individuals who treat their operation even though they are visitors. In any case, workers realize what that implies. This paper studies the history of accommodation and proposes a model of friendliness for use in client benefit associations. It will contend The approach of friendliness, it has developed in the business sense, it is the expectation and arrangement of whatever is required to satisfy a visitor, and that the predecessor of business accommodation is the conduct of the subject toward his sovereign or master. Carol A. King Some non hospitality associations hoping to enhance clients have attempted to refer their clients as Guests, applying accommodation model to their operations. a few challenges of conveying friendliness are expressed. Some non friendly associations hoping to enhance consumer loyalty have attempted to rethink their clients as Guests, applying an accommodation model to their operations. a few challenges to conveying accommodation are talked about. Despite the fact that the words hospital and hospitality have a similar root, hospital facilities and non-benefit associations and even a couple of business organisations have swung to a friendliness model of client administration to enhance customer loyalty. A few associations like Disney, where amusement clients are guests and each employee is a host, paying little respect to employment work. Disney has been recognized as one of the best model in America. Hemmington:- Brotherton investigates the issues lying at the profundity of what expert researchers and specialists passes on; it is by implication of being great neighbours and its organization. It fundamentally reviews the definitions and perspectives on these essential issues in the current convenience, an unmistakable point of view of what settlement dealing with portrays. It tries to finish the target Brotherton of their essential definitions and perspectives, a substantial part of which are recognized by specialists. , Brotherton tries to pass on with new definitions for sincerity and amicable organization and furthermore inspiration of both expert researchers and researchers in the following most likely thousand years. Methodology:- The key commitment of these 3 papers is to basically investigate propels made since the presentation of hospitality as an advanced education subject, to catch contemporary considering, and to bolster the acknowledgment of the scholarly advantages for hospitality administration hypothesis and practices of an educational programs educated from a sociology based point of view. the restricted scholastic level headed discussion has been overwhelmed by the use of non specific business and administration hypothesis. Without a doubt, as the vagrants of the scholastic world, hospitality academics have maybe jumped too promptly into the universe of administrations administration, with little thought for the genuine importance and ramifications of this point of view for the idea of hospitality and the global hospitality industry. Great Quotes:- Carol A. King 1. Although the words hospital and hospitality have the same root, hospitals are often not very hospitable places. (King, 1995) Ans. The author tries to convey that hospitality is a sector where people are welcome and people would love to go, whereas hospital is the place where people would have to go reluctantly. 2. The middle Ages brought feudalism and chivalry (A.King, 1995) Ans. The author tries to convey that during 5th to 15th Century the rich nobles and knights were expected to behave politely and courteously to subordinates. 3. The use of rituals associated with hospitality serves social and psychological needs of both guest and host. (King, 1995) Ans. The author tries to convey that being hospitable became a ritual psychologically from the point of view from guest and host. 4. There were norms not only dictating the hosts behaviour toward the guest, but also the guests behaviour toward the host (King, 1995) Ans. The author tries to convey that as not only the hosts but also the guests are expected to be polite and courteous. (A.King, 1995) 5. Hospitality involves reciprocal interactions between individuals, who may be of differing social status (A.King, 1995) Ans. The author tries to convey that hosts and guests are expected to be polite and courteous, irrespective of their caste, culture and status in Society Brotherton:- It is also rarely clear where the boundaries of hospitality are drawn (Brotherton, 1999) Ans. The author tries to convey that it is not clear besides hospitality organisations where else a person can show hospitality What we need is a sound theory of hospitality based on research (Brotherton, 1999) Ans. The author tries to convey what we need to analyse hospitality to the core . hospitality management research community has been content to promulgate the supposed (Brotherton, 1999) Ans. Here the author conveys that the scholars of hospitality management are not yet clear about their thesis and knowledge. hospitality may be subdivided into private, public and institutional contexts (Brotherton, 1999) Ans. Here the authors convey that hospitality could be categorized according to private functions, wedding, ceremonies, birthdays, meeting and conferences. This purported characteristic is so historically and socially value laden (Brotherton, 1999) Ans. the features of hospitality is traditional and has lot of values Hemmington:- In the academic world, the dominant approach is one based on business and management. (HEMMINGTON, 2007) Ans. the author tries to explain that in academic world, the management and business has a strong hold. how might commercial hospitality be made more hospitable (HEMMINGTON, 2007) Ans. The author wants to know how small institutions like motels, inns can show good level of hospitality and how could it be measured. Hospitality to strangers is equated with hospitality to God (HEMMINGTON, 2007) Ans. Hospitality to strangers who could be guests came from the moral value of religion, where serving the strangers is considered serving god, as god could come as a stranger asking for help Hospitality is a process: An earnest invitation, cheerful entertainment, faithful protection (HEMMINGTON, 2007) Ans, hospitality is showing friendliness, warm reception, providing entertainment to the guests and protecting their well being. The retention of a customer perspective is essential to the effective delivery of hospitality products (HEMMINGTON, 2007) Ans. customers will come back to your hotel when hospitality products will be effectively delvered. Referencing:- Brotherton, B. (1999). Towards a definitive view of the nature of hospitality and hospitality management. International Journal of Contemporary Hospitality Management, 165. HEMMINGTON, N. (2007). From Service to Experience: Understanding and Defining the Hospitality Business. Understanding and Defining the Hospitality Business, 2. King, C. A. (1995). WHAT IS HOSPITALITY. Defination of Hospitality, 210. Comments: Brotherton:- The aim of this paper has been to critically review the nature of hospitality and hospitality management to provoke both academic and practitioner colleagues alike into considering these concepts more deeply. In view of this it is to be expected that reactions may range from the view at one end of the sequence its a lot of unrelated nonsense which only serves to confuse the matter further, to that which sees this exercise as a thrilling and saving contribution. Whatever the specific nature of the reaction it is certain that there will be one, and hopefully it will contribute to the furtherance of this debate Hemmington:- Five key measurements of friendliness as a business experience are recognized; the host-visitor relationship, liberality, theatre and execution, loads of little shocks and wellbeing and security. To finish up, Hospitality organisations must concentrate on the visitor experience and stage vital encounters that empower every one of the five detects. They should act like hosts assuming liability for the experience and making loads of little shocks. They should delegate and build up their staff as entertainers and the cast in the experience. They should make a sentiment liberality, dodge niggardliness, and not permit money related and operational control strategies to command the visitor encounter. Hospitality organisations that can catch this feeling of theater and liberality will increase upper hand by giving their visitors encounters that are close to home, paramount and enhance their lives. Carol A.King The possibility of hospitality dates from ages. Travel was to a great degree unsafe, and to be without haven for the night could mean passing by presentation to the components or wild creatures, or theft and murder on account of outlaws. Numerous social orders built up an ethic of friendliness to permit a level of security of travellers; without that, there could be no travel and no exchange. In this way hospitality was not simply the arrangement of safe house and sustenance the fulfilment of physiological need, additionally some level of security mental solace in the confirmation that ones host was bound by a code of hospitality that guaranteed that a visitor in his home would not be burglarized or endure substantial mischief. In the meantime, the guests was under a commitment not to do damage to the host. Conclusion: Brotherton:- The aim of this paper has been to critically review the nature of hospitality and hospitality management to provoke both academic and practitioner colleagues alike into considering these concepts more deeply. In view of this it is to be expected that reactions may range from the view at one end of the continuum that this is a lot of unnecessary nonsense which only serves to confuse the issues further, to that which sees this exercise as a stimulating and liberating contribution at the other. The definition of hospitality offered here potentially opens up a Pandoras box of possible orientations, issues, and comparisons which hospitality researchers may have previously considered to be outside the realm of hospitality. Indeed, it raises the central question of whether hospitality research should be limited to the domain of commercial hospitality provision, If hospitality management research and practice are to progress those associated with it must reflect more deeply over both its ess ential nature and practical manifestation. Without such discourse it is unlikely that both the academic and practical aspects of the hospitality field will progress to higher levels in the next millennium. Hemmington:- this article has looked to outline a course through contemporary talk, and between the hypothetical and down to earth, to distinguish the vital and operational ramifications of friendliness in business situations. It proposes that by investigating and characterizing accommodation as experience, new points of view rise that have essential ramifications for hospitality in business settings. These suggestions take friendliness past administrations administration to a place where accommodation, a feeling of theatre and liberality are focal Carol A.King The Dutch scholar Henri Nouwen (1975) talked about the spiritual aspects of hospitality, and characterized it as the production of a free and friendly space where outsiders can enter in and get to be companions. He then describes three types of hospitality that are very unique in relation to that discussed in this paper: the hospitality of the family towards the youngster, the hospitality of the educator towards studies, and the cordiality of the counsellor or expert s toward patients. For each situation, the beneficiary or guest has a free and amicable space to develop. We could convey this idea further by making free and well disposed, accommodating spaces for workers, in which they could develop and create finish ways of life as people.

William Shakespeare Essay -- essays research papers fc

William Shakespeare Ask anyone who Shakespeare was, and he or she will immediately rattle off at least three different plays that were required readings in English, not to mention a few blockbuster movies bearing his name. Many revere the works of Shakespeare as paramount in the world of literature, dedicating entire books, classes and festivals to the study and celebration of his work. Although the ancient language is a common stumbling block for even the most seasoned readers, his varied tales of love, hate, fear, betrayal, laughter, defeat and victory are just as fitting today as they were four hundred years ago. He is amazingly timeless. Yet, while we might know what Shakespeare is, will we ever really know who Shakespeare was? Ah, there’s the rub! Much about the Bard is a mystery to even the most scholarly enthusiasts. The hard facts that are actually known about him could fill one neatly handwritten page, but what is speculated and complete legend could fill volumes of books. So, what is fact and what is fiction? According to the little documentation that chronicles his life, Shakespeare was not even a true ‘Shakespeare’ at all; he was born in April 1596 and entered in the baptismal record as â€Å"Gulielmus filius Johannis Shakspere.† Even his actual date of birth is somewhat of a mystery. While we do know that he was baptized on April 26th, 1564, there is no existing record of his birth date. We can assume that he was born on April 23rd judging by the customary three-day period that most families waited before baptizing their children, but this is only speculation. Since the records of the Stratford grammar school have not survived, we cannot prove that Shakespeare attended school. In all actuality, we have no evidence that he was even literate. His father had no educational training, so it is quite possible that he also lacked in schooling, but that’s only guesswork. The next piece of hard information that we come across in our search is a register entry showing a Wm. Shaxpere being granted a license to marry Anne Whateley on November 27, 1582. The very next day this same register records a marriage bond issued to William Shagspere and Anne Hathwey. Six months later Anne gave birth to their first child, daughter Susanna Shakspere, and then in February 1585 she gave birth to twins, Hamnet and Judith. It is presumed that Shakespeare made it to London ar... ...peare’s literature will probably never be laid to rest, it will always contribute to the enjoyment of studying his work. Students of the subject are compelled to read and re-read the plays and sonnets in an attempt to gain a better understanding of who was holding the pen. Debates involving fact and fiction keep the name Shakespeare in constant movement, reminding us that we have not outgrown him, not even after four hundred years. The writing of Shakespeare, whomever Shakespeare is, is a gift for us to continue unwrapping, and pass down to our children to appreciate as well. One must hope that the mystery will never be solved, so that it may never lose it’s magic. WORKS CITED Charters, Ann. The Story and Its Writer. 5th ed. Boston: Bedford/ St. Martin’s, 1999. Mowat, Barbara A. and Werstine, Paul, ed. A Midsummer Night’s Dream The New Folger Library. New York: Washington Square Press, 1993. Shakespeare Oxford Society. 27 Jun. 2001. Van Duyn, Barbara. Edward de Vere, 17th Earl of Oxford. 5 Aug. 2000. http://www.calvin.edu/academic/engl/346/proj/barb/ All Shakespeare. Allstudyguides.com.

Concept of Beauty

When you hear or read that word, there is something that emerges from our mind. I find myself very much perplexed when I am asked â€Å"Kinas among panhandling as atone classmates? â€Å". I don't think there is no one that is â€Å"pià ±ata† among all the human beings but rather Omni beautiful when it comes to beauty . Everyone is beautiful. Everything is beautiful. But how do we call someone or something beautiful? What makes us think that they are really beautiful? How do people perceive beauty?How come we have different perception towards beauty? When we internalize this, we go back again to history to answer these confusing yet very interesting questions. Our concept of beauty is influenced by many things. The society is the very first foundation to where we discover, realize, understand, and come to know things. The society plasters in front of our faces these people with bodies that ripples and shines like the gods; faces with prominent nose, perfectly straight teeth , protruding lips;Hair that is straight, soft and shiny and presents it to everyone as the concept of what is beautiful. Eventually, everyone that has seen that idea has perceived it in his/ her mind of what beauty exactly is. Everyone with the looks that is similar to the model eventually commits the sin vanity while the others who don't eventually look down on their selves. We must be able to obliterate this mindset. We should keep in mind that beauty is not and never will be tangible.We should put to an end the doings of moments that determines which is the most beautiful woman, in short the beauty pageants. Because as what Vie written above, everyone and everything is beautiful. Every day, we see beauty in many forms and shapes. There is beauty in art. We see beauty in the display of human creativity and passion. There is beauty in nature. Imagine seeing the sunset in a slow-MO; A bee swaying with the wind; The trees that grow long Greene stems and roots through the years.There is palpable beauty that e see in human beings. No, not only those who are in the magazines and televisions are beautiful. For me, those who appreciate the beauty of others and not only herself is beautiful. Those who dream, who delights in helping other people, who never oppress others, and never gives up are beautiful because beauty are the qualities in a person or object that give pleasure to the senses or spirits ND being good in the inside is enough reason for a living being to be called beautiful.

Gigantism and Dwarfism Essay

When the pituitary gland overproduces the growth hormone a rare disorder known as Acromegaly or gigantism may develop. The overproduction of the growth hormone most of the time is caused by a tumor. Swelling and thickening of the skin, growth and enlargement of the bones, especially if the hands, feet and face are caused by excess growth hormone. Acromegaly or gigantism is a rare hormonal disorder than can develop when your pituitary gland overproduces the growth hormone. Most of the time this overproduction of the growth hormone is caused by a tumor. The excess growth hormone causes swelling, thickening of the skin, tissue growth and enlargement of the bones, especially in the hands, feet and face. The overproduction of the growth hormone in children can lead to a condition known as gigantism. This may lead to an abnormal increase in the height and bone growth. Overproduction of the growth hormone in middle aged adults causes acromegaly. The treatment of choice in pituitary tumors is surgery. When surgery cannot be performed or if the entire tumor cannot be removed, then the treatment of choice is medications. Somatostatin analogues (SSA) are synthetic versions of the hormone in the brain somatostatin. Two SSA’s are octreotide (Sandostatin, Sandostatin LAR) and lanreotide (Somatuline Depot). Somatostatin is a hormone that inhibits the release of the growth hormone. SSA’s can decrease the growth hormone levels by blocking the excess production in the pituitary gland. Common side effects are pain at the injection site, intestinal cramping, diarrhea and gallbladder problems. Growth hormone receptor antagonists (GHRAs). The medication pegvisomant (Somavert) blocks the effect of growth hormone on the body tissues. It is administered daily by a subcutaneous injection. This medication can normalize growth hormone levels and relieve symptoms in most people affected by acromegaly. Some common side effects are headache, nausea, diarrhea and fatigue. Dopamine agonists such as Cabergoline (Dostinex) and bromocroptine (Parlodel) are given to reduce production of the growth hormone and to shrink tumors. Both of these medications can be taken orally in pill form. They are not as effective as the SSA’s and GHRA’s. Sometimes doctors will prescribe a combination of Dopamine agonists with somatostatin analogues for treatment. Side effects that are common include headache, nausea and intestinal cramping. Pegvisomant has been used to treat acromegaly, or gigantism. It is a form of a growth hormone antagonist known as B2036. This growth hormone has increased disposition in one binding site and a lowered disposition in the second binding site. It has been shown that this molecule still enables reaction of the growth hormone receptor at the cell surface, but does not allow the necessary conformational changes. A growth hormone deficiency may result in a condition known as dwarfism. Dwarfism can be defined as a short height, that is the result of a genetic or medical condition. Adults with dwarfism are usually less than four feet ten inches tall. Treatments for conditions relating to dwarfism do not increase height, but may lessen complications. Surgery is one treatment option for dwarfism. Some of the common procedures that are done surgically are to insert metal staples into the ends of long bones into the growth plate in order to correct the direction that the bones are growing. They can divide a limb bone, straighten it and insert a metal plate to hold it in place. They may insert rods or staples to correct the shape of the spine. They may increase the size of the opening in the vertebrae to alleviate pressure on the spinal cord. Lengthening of the limbs is a treatment choice of people with dwarfism. During this procedure, the surgeon divides a long bone into two or more sections, slightly separates the sections and braces the bone and the limb with external metal â€Å"scaffolding†. Pins and screws on this frame are periodically adjusted to keep the tension between the sections, enabling the bone to grow back together gradually into a complete and longer bone. Dwarfism is treated with injections of a synthetic version of the growth hormone. Children receive injections daily for several years until they reach a maximum adult height. Often this is the average adult range for their family. People with dwarfism may encounter discrimination. Family support, social networks, advocacy groups and adaptive products enable most people with dwarfism to address challenges in educational, work and social settings. Growth hormone deficiency is treated with injections of a synthetic version of the hormone. In most cases, children receive daily injections for several years until they reach a maximum adult height — often within the average adult range for their family. Treatment may continue throughout adolescence and early adulthood to ensure adult maturation, such as appropriate gain in muscle or fat. The treatment may be supplemented with other related hormones if they are also deficient. Treatment for girls with Turner syndrome also requires estrogen and related hormone therapy in order for them to begin puberty and achieve adult sexual development. Estrogen replacement therapy usually continues throughout life until a woman reaches the average age of menopaus

Ulysses S. Grant Essays - Ulysses S. Grant, Julia Grant, Galena

Ulysses S. Grant Essays - Ulysses S. Grant, Julia Grant, Galena Ulysses S. Grant Ulysses S. Grant rose to command all the Federal armies in the Civil War and lead them to victory. He was respected so much that he went on to be president of the United States for two terms. His time of glory didn't last forever though, he developed cancer and died bankrupt. Ulysses Hiram Grant was born April 27, 1822, in a two room frame house at Point Pleasant, Ohio(Ulysses S. Grant 1). His father, Jesse Root Grant, was foreman in a tannery and a farmer. His mother, Hannah Simpson Grant, was a hard working frontier woman. When Ulysses was a year old, the family moved to Georgetown. There his father bought a farm, built a house, and set up his own tannery. Jesse and Hannah had five more children there, two boys and three girls(Ulysses S. Grant 1). Grant love horses and learned to manage them at an early age. When he was seven or eight he could drive a team and began hauling all the wood used in the house and shops. From that point on until he reached seventeen, Grant did all the work done with horses; such as breaking up the land, furrowing, plowing corn, bringing in the crops when harvested, and hauling wood(Ulysses S. Grant 1). Three months each winter when work was minimized Grant went to a one room schoolhouse, and that's how he was educated until he went to West Point at age seventeen. When Grant turned seventeen, his father got him an appointment to the United States Military Academy at West Point. The congressman who made the appointment did not know Grants' full name, so he left out Hiram and added Simpson. Simpson, was Grants', mothers' maiden name(Ulysses S. Grant 1). He was pleased with his new name because he disliked his old initials H.U.G. Cadet Grant did not care for military life and never expected to stay in the army. He was good in mathematics and hoped sometime to teach it. In other subjects he was about average. He was, however, the finest horseman at the academy. Quiet and shy, he made few friends(The Civil War). When he was commissioned, Ulysses was ordered to Jefferson Barracks, near St. Louis, Missouri. While stationed there he met Julia Dent, daughter of a slave owning Southern family(Ulysses S. Grant 2). Within three months he proposed to her and was accepted. Since he had only his pay as lieutenant, the wedding was postponed(Ulysses S. Grant 2). Grant was in almost every battle of the Mexican War. He fought on foot, observing many different commanders and how they lead their troops. This experience, he said, was of great value to him, because he became acquainted with nearly all the officers of the regular army. Some of them including the great soldier Robert E. Lee were to be on the Confederate side in the Civil War(Krick 15). Grant came back from Mexico a captain, with favorable mention. He at once married Julia and took her to his new station, Sackett's Harbor, New York. During the Mexican War Grant formed the habit of drinking. At Sackett's Harbor he joined a temperance society, but he forgot the pledge the next year when he was sent to Detroit(Ulysses S. Grant 1). In 1852 Grant?s regiment was ordered to the Pacific coast by way of the Isthmus of Panama. Mrs. Grant stayed with her parents because she didn?t want to take their two year old child on a trip like that. Cholera attacked the regiment in Panama. Grant showed great leadership and resourcefulness in getting the mules to carry the delirious men across the isthmus(Krick 16). He kept his cool and showed how he could lead men when times got rough. Grant spent two years on the Pacific coast. He missed Julia and wasn?t there when his second child was born. He turned again to drink and wore slovenly uniforms. His colonel asked for his resignation, and Grant borrowed money to return home(Ulysses S. Grant2). Julia?s father gave Grant 80 acres to farm, near St. Louis. Grant called the place Hardscrabble(Ulysses S. Grant2). He cleared the land, built a log cabin, and worked hard but could not make farming pay. Two more children were born and Grant couldn?t support his family. Grant sold his stock and implements and turned to selling real estate in St. Louis. He failed again and walked the streets looking for something to do. Finally his father persuaded his younger sons to take Grant into their leather business at

Compare and contrast the sources of competitive Essays

Compare and contrast the sources of competitive Essays Compare and contrast the sources of competitive Essay Compare and contrast the sources of competitive Essay Compare and contrast the beginnings of competitory advantage in the Aero-engine and the food market retail market. Introduction Competitive advantage was a phrase coined by Michael Porter, a direction and economic expert from Harvard, and is used in many facets of strategic and concern direction to try to place the qualities that make a given company moral force, alone and profitable. Competitive advantage is defined by online concern website Prometheas as follows: Competitive advantage is the designation of places and beginnings of advantage that lead to coveted market public presentation results. Beginnings of advantage are superior accomplishments and superior resources. Positional advantages are superior client value and lower relation costs. Performance results are satisfaction, trueness, market portion and profitableness. Technological knowhow can besides supply a competitory advantage and a barrier of entry to competition in some cases. So, in kernel what we are looking at is the accomplishments and resources ; and public presentation, positional and technological effects in certain industries. This wi ll hopefully cast some light upon what precisely needs to be identified in both the Aero-engine and the food market markets. In this essay, I will look in more item at each of these specific points. Skills and Resources Human resources are of exceptional quality when sing the profitableness of a company, although certain personable assets have more importance in some industries than they do in others. For case, the Aero-engine industry relies less upon set uping direct contact with people than the food market industry, which frequently uses selling techniques to the general populace with greater frequence. Naturally, this would reflect upon the accomplishments gathered by the people working for the company. Besides, because food markets are a perishable, it is indispensable that they are distributed rapidly and efficaciously by a adept work force. Although it is still pertinent that an Aero-engine portion has to be distributed, it is likely non indispensable that stairss have to be made to guarantee that the engine is distributed with exceptional velocity. The labour intensity of food market retail is comparatively high in comparing to other industries, as the distribution, skill and sale of fresh g reen goods could supply the difference between the companies’ success and failure to procure a competitory advantage over other rivals. While human resources don’t have to orient to a really specific sort of skilled worker, it still remains of import that accomplishments are managed and coordinated really specifically, as a really good work force is about ever a possible beginning of competitory advantage, particularly in the smaller, more quality-oriented food market ironss. The aero-engine industry, on the other manus, is more concerned about a really specific skill-set of the work force, which can depend upon the part of production and other of import factors such as these. While the retail of perishable goods is non finally reliant upon the location of the mercantile establishment ; so in the companies that have managed to set up a competitory advantage over the resistance in the market, frequently it is the instance that companies will open stores in a viral manne r across the province, state and even, in the instance of supermarkets that tailor to food markets in the minor sense, the universe. Aero-engines, because they operate with a really high skills-base, and most of the labor has been automated due to developments in engineering, besides tend to precipitate a theory known as cluster dynamics or economies of scale . Michael Best ( 2001 ) posits that Behind each [ post-war engineering ] lies an impressive accomplishment base in technology-related subjects and technology methodological analysiss, which facilitate industrial passages, engineering diffusion, and long-run growing. For illustration, turbine engineering, cardinal to the part s planetary leading in jet engine production, has a family tree that began with inventions in H2O turbine engineering to power fabric Millss located in Lowell, Massachusetts in the mid-1800s. Techno-diversification is a effect of a passage to a new, unfastened systems concern theoretical account, a theoreti cal account more appropriate to work the chances offered by systems integrating at the technological level ( 18 ) . Therefore, because the production of jet engines is really specific to a certain country of the state where the industry was originally pioneered and developed, the location of the production base is per se linked to forces in a clearly geographical manner. The accomplishments and resources that are available in HR is indispensable to both the Aero-engine and grocery retail markets in sourcing competitory advantage, but it is besides indispensable that the two industries utilise concern theoretical accounts that reflect their peculiar industries, and to the full work the potencies of their ain workers. Human Resource Management is cardinal to unknoting this development and, particularly in a market driven by new engineerings such as the Aero-engine market it is of premier concern that the company remains every bit advanced as possible at the lowest possible cost. Positional Advantages Positional advantages include offering greater value to clients and cut downing the cost at the concern degree. Both Aero-engine and retail food market have to guarantee that clients get the greatest value for money, but the attack is really different in both industries. In food market retail, there are many factors that can be incorporated to minimise outgo while guaranting that clients are offered value for money , although depending upon the specific scheme and market in this wide sector, this perceived value for money could intend many things. Robert H. Lowson ( 2002 ) remarks that competitory advantage is facilitated through implementing certain, extremely focused schemes that target specific consumers used to having certain degrees of value and quality. Paraphrasing Porter, he argues that three attacks to scheme can be used in order to derive competitory advantage, although, he stresses, these are non needfully reciprocally sole. These are variety-based positioning , needs-base d positioning and action-based positioning ( 49 ) . Variety-based placement is the incorporation of niche-based selling that markets a specific corner of a given industry. Lowson ( 2002 ) posits that this is based on bring forthing a subset of an industry’s merchandises or services utilizing a typical set ofactivities ( 49 ) . For case, a food market retail merchant may take to specialize in a peculiar type or subset of food market retail, in order to go the best and to offer the greatest value for money in that specific field. An illustration of this would be with retail merchants of high-quality nutrient that are sourced more carefully than its mass-market equivalent. For case, the company Unicorn Foods is an organic retail merchant that focuses upon ethical, easy sourced food markets. On the web site ( http: //www.unicorn-grocery.co.uk/fruit A ; veg.php ) , they comment that We focal point on regionally produced, seasonal fruit and veggies and we are ever careful which gr owers we buy from [ †¦ ] . While this is doubtless more expensive and less convenient than mass-market grocers, the specific variety-based positioning as a retail merchant of a certain specific niche of the food market market means that achieving and sourcing a competitory advantage over much larger retail merchants will be easier to accomplish in this specific subset, while staying mass-market and non-exclusive in its overall selling run will guarantee that the market will stay comparatively high. Needs-based positioning is concerned about functioning the demands of merely a specific group of people with certain demands. The aero-engine market is comparatively inelastic on this forepart due to the limited array of chances available to sell engines, and because of the comparative catholicity and tangibleness of what makes a good end-product. Though it is still possible to know apart on the degree of scale – for case, a company could take to specialize in the production o f small-scale engines, though the specificity of this market tends to do production more cosmopolitan. The market for food markets nevertheless, being much larger and more diverse, offers all sorts of ways to specialize and to beginning countries where competitory advantage can be gained. For case, a food market retail merchant that lone caters to Chinese veggies would contract the market significantly but besides make the constitution of a repute for high quality food markets in this peculiar field much easier to get. This is because the focal point is strictly upon supplying this limited scope to a specific client base. Finally, action-based positioning is concerned about sectioning between clients who are frequently available in different ways. Although once more this isn’t peculiarly relevant to the comparatively fixed market of the Aero-engine, it can be applied to food markets in the signifier of convenience shops that frequently charge a higher monetary value but have more convenient gap hours. Other developments in this field include the development of Internet and place bringing services, which allow for a greater market to be accessed. Performance Results A competitory advantage can be sustained supplying that the given client base is happy with the terminal merchandise. The importance of this factor is dependent in many ways upon the positioning of the given merchandise, but can be an effectual beginning of rival advantage. Examples of positive public presentation results include satisfaction, trueness, market portion and profitableness. The former is arguably the most of import measure toward deriving competitory advantage in about any market, but is particularly of import in the aero-engine market and even to some extent in specific niches of the food market market. Because the aero-engine market is specifically targeted towards a engineering that can be measured in touchable footings ( power, velocity, efficiency ) , the production of a merchandise that is of a higher quality than rivals is indispensable in set uping market portion and deriving competitory advantage. Although client satisfaction is ever of import, convenience base d retail merchants tend to endure less if criterions are somewhat lower. This, nevertheless, is offset by other factors such as longer gap hours and geographical convenience. Loyalty is a really of import issue in doing certain that clients return in both industries covered. Because the aero-engine market is really specific, and frequently caters to really big companies, the trueness of that company is frequently equivalent to the really endurance of the concern. Therefore, it has to be ensured that the merchandise itself is of the highest quality. Grocery retail can use other techniques much more efficaciously than the aero-engine market. Loyalty can be cultivated through the pseudo-differentiation techniques of stigmatization and selling. For case, coca-cola, which is basically a sugar-water solution, has cultivated tremendous popularity and competitory advantage chiefly through stigmatization. Fiona Czerniawska and Gavin Potter ( 1998 ) remark that The intent of a trade name as exemplified by, say, soft drinks is to bring forth trueness for a merchandise that is basically uniform, in this instance, flavoured sugar and water ( 29 ) . Similarly, particularly in retail food market, stigmatization can be highly utile in cultivating trueness to a specific concern, increasing profitableness, and can hence be a really utile beginning of competitory advantage. While both markets are less passing than, state, the athleticss manner market ( Nike, Adidas etc. ) or the soft-drinks market, client trueness cultivated through stigmatization still remains an of import peripheral factor to the constitution of a client base, and leads to the growing of market portion. When used in combination with techniques discussed before, branding can besides take to increased overall profitableness. Technological Knowhow The construction of a company is an of import factor in raising efficiency and profitableness and, when implemented good, provides a beginning of competitory advantage in both industries analysed. The food market retail market, depending upon whether the company is concerned with the mass market, or in emerging markets such as the production of organic or high-quality goods, depends upon puting up a concern construction that facilitates the demands of the company. If moralss are a cardinal issue of the company, it is of import that the concern construction echoes this sentiment by set uping itself in a non-hierarchical manner. Similarly, if the food market retailer’s precedence is the mass cargo of goods, so the morale of forces working in the retail merchant must be high plenty to ease efficiency, while at the same clip staying inexpensive plenty to guarantee greater degrees of growing within the concern. The aero-engine market depends to a big extent upon its work force and the accomplishments that they can offer throughout the company. Certain recent developments in direction that focus upon Just In Time and Total Quality Management techniques are centrally of import when trying to retain the highest standard forces that can lend efficaciously to the concern. In order to make this, the concern theoretical account has to integrate staff at all degrees and, to an extent, be every bit non-hierarchical as possible. In all technological markets that are dependent upon invention, it is of import that the thoughts of the skilled work force are utilised to the greatest extent and that Fordist, hierarchal systems of direction are avoided. Michael Best ( 2001 ) suggests that this technique should be known as feedback , because it allows for any portion of the concern hierarchy to interact with any other portion, hence leting for inefficiencies to be filtered out by the overall mechanism of the concern hierarchy. Using Canon as an illustration, Best stresses tha t technology direction [ †¦ ] is non a additive procedure get downing with generic engineering. The procedure begins with developmental research for intents of merchandise invention on technological classs near or at the top of the engineering pyramid. This research is conducted on or following to the shopfloor. Findingss at this degree provender into applied research in design centres or concern degree labs which, in bend, leads to alterations in nucleus engineering ; where applied research is non plenty, cardinal research in corporate research labs is conducted at the generic engineering degree. Contributions here lead to technological progress that can feed back into scientific knowledge ( 43 ) . Indeed, new technological companies are boundlessly concerned about engineerings, and these engineerings in many respects are centralised around the effectual use of antecedently untapped accomplishments and resources of the people working at all degrees in the company hierarchy. Th e changeless development of new engineering is cardinal to the Aero-engine industry, as new developments in engineering would instantly put the company in a place where a beginning of technological competitory advantage is frequent. This concern construction and attack to human resource direction ensures that new engineering and technological developments, when assisted by Research and Development, are a changeless beginning of new thoughts and systematically offer the potency of competitory advantage over challengers. Decision The beginnings of competitory advantage can be attributed to positional advantages, public presentation factors and technological techniques. These tend to run in synergism to give the more successful companies a lead in the market place that generates competitory advantage. Although food market retail and aero-engine design are radically different in their markets, production civilizations and services, they can still be said to trust on these basic rules in order to keep a net income. Grocery retail companies, because the end-product is less easy measured in distinct footings, tend to utilize many of the positional techniques outlined above to specialize toward certain parts of the market, or upon presenting a specific type of merchandise or to a specific client base. These specialization factors, while cut downing the figure of possible clients, besides allows for a greater focal point to be placed upon the clients thatmakeexist, and hence enables a little concern to vie in a mark et where big corporations dominate the mass-market retail concern. Specialisation, hence, is an highly of import beginning of competitory advantage in food market retail. Besides, other factors such as trueness and repute can be cultivated by consistent selling schemes and branding that guarantee a certain food market mercantile establishment is remembered. Because aero-engine industry is already a specific market, and can be measured in more touchable footings, there tends to be less focus upon branding and specialization. HRM is highly of import in the aero-engine market to guarantee that the concern remains at the cutting border of new engineerings. Techniques as Entire Quality Management and non-hierarchical direction constructions help to retain a extremely skilled and competitory work force, and besides aids in using the abilities of the work force to develop new engineerings with improve efficiency and unafraid competitory advantage and increase overall profitableness. Bibliography Best, Michael ( 2001 ) ,The New Competitive Advantage: The Renewal of American Industry,Oxford: Oxford University Press. Czerniawska, Fiona A ; Potter, Gavin ( 1998 ) ,Business in a Virtual Universe: Exploiting Information for Competitive Advantage,London: Macmillan. Incubators Glossary from hypertext transfer protocol: //www.promitheas.com/glossary.php [ accessed 13 Feb 2007 ] . Lowson, Robert H. ( 2002 ) ,Strategic Operations Management: The New Competitive Advantage,London: Routledge. Unicorn Grocery Website, hypertext transfer protocol: //www.unicorn-grocery.co.uk/fruit A ; veg.php [ accessed 13 Feb 2007 ] .

British Control of the Caribbean and Its Allusion

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Organized Crime Groups in UK Essay Example | Topics and Well Written Essays - 2000 words

Organized Crime Groups in UK - Essay Example If this the case then, who operates/ manages the affairs of these groups How are members recruited to join the groups Where do the finances for running the operations come from How are the gangs organized on such large scales to a point of attracting national or regional membership and loyalty to the group's operations The explanations to all the above questions may be hard to get yet apparently, the terror gangs do exist and form exhibit strong bonds that ensures that they operate in the way they desire. Some parts of the world especially Italy- Sicily and the United States of America, have experienced serious issues with the state and rate of crime within some parts of their nations. There seams to be well organized groups of criminal gangs that unleash terror and criminal acts against the masses and from the look of it, these groups may as well remain in operation for unknown periods apparently due to their careful organization. The crimes are operated in the circles of drug dealing where massive amounts of money are made, and other criminal acts like counterfeiting currencies and extortion. These and other forms of crimes have been perpetuated in the said areas by an outlawed secret society known as the Mafia. The mafia is a criminal society that is also know... The terror gangs are each referred to as a 'cosca' or a 'clan' or a 'family'. This criminal society has the widest membership from among Sicilian residents from where it was founded in the late 19th century but it also has audience and substantial following in the United States of America and in Australia. History The history of this criminal society dates back to the year of its initiation in 1812 where Sicily was undergoing through a transition from feudalism to capitalism. It is alleged this was the point at which the idea was conceived. Later when Sicily was then taken over by Italy in 1860, the idea was cemented. This transition period was marked by heavy criminal conduct where groups of bandits and artisan guilds utilized violence in plundering of people's property and as a way of enforcing law. For some reason, the Sicilian state was incapacitated from keeping law and order (Vaksberg 2007p24). The society at this point was predominantly rural and its membership comprised of plantation wardens and smugglers. The traditional setting of the society was only open to men though this rule has relaxed today to incorporate the women as well. The group flourished in the then lucrative citrus export industry in Palemo since the production system was fragile and hence provided an easy means of extortion. By the year 1898, its presence had cropped up into suburbs and the villages that bordered the city. These groups that operated in the suburbs and near the city were in full operation with evidences of criminal activities that included ransom kidnappings and robbery among other crimes. This group did on several occasions suffer organized repulsion from political forces that arose against their operations. In the year 1925, Benito Mussolini who was reigning

Powers of police Essay Example for Free

Powers of police Essay Polo Games limited was initially involved in manufacture and sale of electronic typewriters changed its product line and started developing and manufacturing hand held computer games and devices. From the scenario of this company it comes out clearly that the company was involved fraudulent and counterfeiting practices and as such it was suspected of having committed a crime. The police came to the business premises one day to search, arrest and seize suspected counterfeit materials used in the fraudulent activities. Police have the powers conferred up on them to do the search and make arrests. Such powers are outlined hereunder: Police and other government authorities have been conferred some powers to arrest, search and even seize property. These powers are available for use by such authorities only in the given circumstances and conditions. For instance the power to search a person for anything is allowed when the person can cover up evidence relating to an offence, or anything which might enable the person to escape from unlawful custody. Other reason or conditions is to search to an extent which is reasonably required to get the required evidence (http://www.11kbw.co.uk/html/articles/policepowers.html, assessed on April 1, 2008). Police have powers conferred to them that enable them to enter and search premises. These powers of entry and search states that: power to enter and search a premise in which a suspected person is hiding; the power only applies to the extent that the police man has reasonable grounds to in believing that there is evidence in the premises. Section 18 of the EPA (Emergency Provisions Act 1996) gives the police power particularly the cop who is the rank of inspector to gain entry into premises occupied by a person under arrest. The inspector in this case should have sufficient belief that there is some evidence in the premises. When such an officer gets into the premises they are covered by the power conferred to them to seize any materials which are suspicious or can be used as evidence in court. This power is deemed critical in cases where it is assumed that some delay may lead to destruction of evidence by the suspected person. Section 17 of the EPA also mandates the police to enter into premises of suspected people in order to execute a warrant of arrest or arrest a person who has committed an arrestable offence. Other reasons for entry and search could involve the capturing of a person who has escaped from the police custody. Such person could have had committed a business related offence. Also in the context of business, police enters or force their way into a premise when there is anticipated damage of the property or evidence. There is section 19 of the EPA which mandates the police officers to enter premises and seize all things obtained through commission of crimes or which act as evidence related to crime.   Police also have power to seize property where there is evidence that it relates to given offence. The basis of this is to prevent the suspect from concealing, losing, altering or destroying the evidence.   Police officers have powers to arrest any person whom they have sufficient evidence or reasonable ground to suspect as having committed or is about to commit crime. To enter business premises, police normally have to obtain warrant from Justice of Peace. The Justice of Peace only grants such warrants when fully convinced that there is sufficient strength of the offence committed. Police seeking such warrants must specify reasons for the search and the things or items to be looked for. Reference: Police powers of search and seizure, available at: http://www.11kbw.co.uk/html/articles/policepowers.html, assessed on April 1, 2008

An Overview Of Indian Bank Base Rates Finance Essay

An Overview Of Indian Bank Base Rates Finance Essay Abstract The paper deals about the issues arising out of implementing base rate for Indian banks. With effect from July 1st, 2010, all banks are supposed to lend at base rate or minimum level of interest rate to customers. The net impact of this for retail customer will not be much as cost of funds for banks are not going to change much and cost of funds determine base rate. Big corporates will be biggest losers as they had advantage of getting loans at sub-base rates. Biggest gainers will be small and medium firms who were getting raw deal earlier from banks. Banks may lose market share in short term but there is going to be greater transparency and trickling down of policies made by RBI across banks due to base-rate system. Game theory has been applied to explain the base rate transition scenario in the paper. Keywords- Base Rate, Private Bank, BPLR, Game Theory, Net Income Margin(NIM) Biographical Notes- Debasis Kumar Dash is a post Graduate from IIT Madras in field in Micro-electronics and VLSI. He is currently doing his MBA from IIM Kozhikode with Majors in finance. His major areas of interest are financial derivatives, Valuation models, risk management and banking sector. He has undertaken several finance projects in field of risk management, corporate finance and financial services. He worked as an intern in KPMG Global Services where he developed a model for Customer acquisition strategy for a financial services firm Introduction The base rate will be the new reference rate for determining lending rates for banks, and will be implemented three months later than earlier planned. It was implemented from July 1 across banks in India. What is the base rate- If you borrow money to buy a Mercedes car or computer or plush bungalow in Mumbai suburbs, you need to pay interest rate that you have to pay to the lender. The base rate is the minimum rate that a bank will offer money at. It is like a floor below which RBI will not allow banks to lend to you. Previously, banks used to give the loans based on a complex system called benchmark prime lending rate (BPLR). Each bank has its own BPLR calculation system which made it difficult for borrowers to compare rates across banks. Why Base Rate Was Introduced- Banks in India charge their largest corporate borrowers less than published prime rates, which they cannot do on new loans from July 1st,2010. The RBI had expressed concern over banks offering short-term loans well below their prime rates to companies and mortgage borrowers. Similar pattern had given rise to Sub-prime crisis in 2008 which had led to financial downturn. Due to competition, banks have been offering loans to first class borrowers with high credit rating at rates much below the BPLR in a non-transparent manner. Banks were charging higher rates from small borrowers in the retail, small business and agriculture segments. This resulted in cross- subsidization.RBI has been concerned about the lack of transparency in BPLR setting. There have been cases when SMEs faced discrimination due to credit policies of Private Banks. Trend has been whenever RBI raises policy rates and reserve ratios, banks are quick to increase their loan rates. But, when RBI reduces policy rates and reserve ratios, banks respond very slowly. This leads to downward stickiness in rates. It adversely impacts the monetary transmission mechanism in the banking system. One important aspect also is BPLR was set on historical market rates. It was backward looking rather than forward looking. It was not able to capture the present market condition and interest rates. Cost of Deposits prevalent in current market scenario was neglected in fixing the rate. Standardization of rates was another issue for RBI .The 3 major players in Banking Industry in India are- Public Banks, Private Banks and Foreign Banks. The Public banks were lending in range of 11-12 %, private players were lending at 14-17% whereas foreign banks used to lend in the range of 14-16%. Now major corporates were still prefering private banks due to better customer service, credit policies and sub-prime lending for big projects. One huge reason with the introduction of BRS as explained by experts is that it will help the Reserve Bank of India to transfer the changes in policy rates (Repo and Reverse Repo under LAF) in a better manner to banks. Under the BPLR, monetary policy transmission is weak due to lack of transparency. This has been detailed out elaborately by Deepak Mohanty Committees Report. Now, with the BRS, RBI expects that banks will respond immediately to RBIs policy rates Base Rate Implementation and Impacts- After the implementation of the new loan pricing system, existing borrowers would continue to pay at existing rates, while the base rate would apply to new customers. The actual lending rate charged to borrowers would be the base rate+ borrower-specific charges including operating costs, according to draft guidelines on the RBI website. The base rate will be more transparent in so far as it will be a function of the banks costs on its capital (or cost of deposits), operating costs, statutory requirements (CRR, SLR etc), credit-risk of the borrower, and the allowable profit margin. The graphs below give trends across the various players in banking sector with respect to cost associated with deposits. Fig-1- Variation of Cost of Deposits Fig 2- Variation of Cost of Funds The trend clearly shows that Cost of deposits is highest for old private banks. Thus by logic, the base rate should be highest for these banks. Similarly, the base rate can be expected to be low for foreign and public banks. The biggest impact is that the new Base Rates from private banks may be lower than the existing Benchmark Prime Lending Rates (BPLR). Due to heavy competition in the industry, some aggressive public banks, whose cost of deposits/funds is lower compared to industry levels, may peg their Base Rates very low. However the RBI Governor as well as several Banks heads are of the opinion that base rate is not going to vary much for retail customers from BPLR. The following graphs show the base rate, BPLR and differences between the rates for the 3 major players. Fig-3- Variation of Rates across Private Banks Fig-4- Variation of Rates across Public Banks Fig-5- Variation of Rates across Foreign Banks Effects on Banks The major categories of Banks mentioned above are expected to be expected in different ways. The graphs shown above indicate that the difference between BPLR and Base rate is maximum for Private banks. Clearly they are at a loss compared to Public and foreign Banks. The problem for private banks is their high cost of Funds and Deposits. So ideally their base rates should be higher compared to Public banks. But if they would have set base rates higher, it would have resulted in loss of customers. So the Net Interest Margin(NIM) for private banks will be affected in short term. The biggest gainers definitely are foreign banks who have the least difference between BPLR and Base rate. Customer attrition should be at a minimum for these banks as change is not significant. Public Banks normally have lower cost of funds and thus can afford low base rates. There is not much change in NIM expected for them due to changing rates. Private Banks can cut competition by offering premium service levels. They can attract corporates by offering value added services and concessions. The other strategy can be to give priority to clients who are financing for projects for national importance and concessions to pay in smaller installments for longer duration. Effects of Base-Rate Loans for Customers- Let us see three major players in customer segment- Retail, Corporate and SME . The critical thing is interest rates are not going to change much for retail customer. The method of calculating interest rates will be clearer to a retail customer but not much effect on EMI for a retail customer. There will not be much impact on banks interest spreads. Banks will have flexibility in controlling loan-pricing elements, like credit risks premium and product specific operating costs. As per various analysis done by experts, Cost of borrowing for Retail customer may decrease in short term but not significantly. Large private corporates will be biggest losers in this process. They were able to get away with sub-prime lending rates in the past due to higher negotiating skills. But with BRS, the corporate might have to go for Bond markets in short term. The other alternatives before them are ECB which have lower borrowing costs. Use of Commercial paper has shown significant growth in the first quarter of this year. It clearly indicates banks losing high networth customers to cheaper sources of finance. Long term impact will be that higher rating companies will have more negotiating power. Let us say Bank A offered loans at 6% previously to Corporates. Now base rate becomes 7.5%. So they now cant be given short term loans below say 8% for a period of 2 years. Previous loans which were given before base rate stays. Now say in money market, CP( Commercial Paper) is being offered at rates of 6.5%. So big corporates will move towards debt market. It will result in loss of market share and credit loans for banks. It will also lead to intense competition. SMEs will be biggest beneficiaries of this project. SMEs will be better compensated than before. They were getting short-changed because of better deals for big corporates. Now they will be willing to go to banks for getting loans. As SMEs form substantial market, so market share of banks will increase. Game Theory Applied to Base Rate Implementation- Below are Payoff Matrix applied to 3 categories of Bank and 3 categories of Customer. 1. Customer Retail Corporate SME BPLR 10,8 10,10 10,5 Public Bank Base 10,9 8,5 8,10 The retail customer is having higher payoff but it is not significant. SMEs are largest beneficiary. Corporates are leaving public bank, thus payoff of banks decreasing whereas larger base rate means lesser payoff for corporate. 2. Customer Retail Corporate SME BPLR 10,8 10,10 10,5 Private Bank Base 8,9 5,5 5,10 The retail customer is having higher payoff but it is not huge. Significantly, there is lower payoff for Private banks due to high cost of funds and rising competition from debt market. SMEs are largest beneficiary. Corporates are looking for alternatives to higher base rate , thus payoff of corporate decreases. 3. Customer Retail Corporate SME BPLR 10,8 10,10 10,5 Foreign Bank Base 10,10 7,7 10,5 The retail customer and SME are not affected.SME are not big market-share holders of foreign banks and hence do not affect payoff. Corporates are leaving foreign bank, thus payoff of banks decreasing whereas larger base rate means lesser payoff for corporate who are staying with public banks. The decrease however is not as significant as of private banks due to reasons explained earlier in the paper. Main advantages of Base rate syatem- Greater control for RBI in transferring effects of Repo rates to banks More transparency for customers in knowing about base rate as it is based on cost of funds. Stoppage of sub-prime loans to bigger corporate. Small and Medium Enterprises (SMEs) may get better rates. The SMEs and small borrowers are subsidizing the corporate loans. Deregulation of interest rates as banks will stop lending at lower rates to loans below Rs 2 lakhs. RBI has given freedom to banks to charge commercial rates for loans below Rs 2 lakh at rates linked to base rate. With this, RBI wants to increase the credit flow to small borrowers. Increase in liquidity of banks. As loans are not doled out on sub-prime rates, more money is left with banks. Conclusion Banks have to adjust to new system as quickly as possible. Cost of funds will play huge role in determination of base rates. Banks also need to look into new avenues for service quality in order to retain old customers. Old private banks face stiff competition from foreign and public banks. The need of hour for bank is product innovation and better customer service to differentiate itself from the rest of banks.

Consciousness and fundamental act :: essays research papers

1. Consciousness is the fundamental fact of human existence, from the view point of persons examining their own experience. There are various aspects of consciouness, such as perception, mental imagery, thinking, memory and emotions. I believe that consiouness is a property of some lower animals and machines. An ant for an example has a conscious mind about staying in covered areas during the rain and to panic when something attacks it. This shows memory, perception and thinking which shows that it does have a conscious. Some machines have something similar to a conscious. A computer for example has a hard drive which is a lot like a â€Å"memory†, in which it stores something, and it has ram, which is basically information stored and ready to be used. If I were to open a web page browser and than open up a word document, I could instantly jump back to the browser because its stored on my hard drive, but loaded on my ram, which is a lot like how if we think about an old memor y, such as grade school, and than wash our hands, the memory of grade school is still fresh in our mind, and we can go back and instantly load it up with less difficulty than the first time. 2. The mind-body problem asks what is the relationship between the mind(conscious) and the body( brain). The two major positions are dualism and materialism. -Dualism holds that mind and body are made of different substances: the body is material but the mind is some immaterial soul stuff, and the mind interacts with the body to control human behavior. Out of body and near death experiences have also been offered in support of dualism, but alternative, naturalistic explanations of these experiences are available. -Materialism is the view that mind and body are inseparable: mental events are produced by brain events. There are 4 types: -Epiphhenomenalism is the view that conscious is a side effect of brain activity but it has no role in controlling behavior. -Identity theory says that mental events are identical brain event. For each mental event, there is a corresponding brain event. - Emergent interactionism- is the hypothesis that consciousness is an emergent phenomenon: it is produced by brain processes, but it has holistic properties of its own and it exerts downward control on brain processes. -Functionalism is the view that the functional characteristics of mental processes is their critical feature, and it doesn’t make any difference whether the physical substrate is a brain or a computer.

Little Prince :: essays research papers

A Fable For Adults -- The Little Prince by Saint-Exupery I guess that among people who have read the book The Little Prince which has an amazing amount of readers around the globe merely second to the Bible, there should be many more grown-ups than children, though the classic tale can be read on many levels and enjoyed by readers of any age. Undoubtedly, it is full of vivid imagery and beautiful illustrations that make it sweet enough for children. However, because of the symbols, metaphors, hidden sentimental atmosphere, especially the tragic ending -- children are used to such sentences as the princess lived happily together with the prince for ever and ever -- and the moral it conveys, teens will not have proper understanding and appreciation of this story. I ¡Ã‚ ¯d rather believe that Saint-Exupery had written The Little Prince which is simple yet profound for the adults who still keep child ¡Ã‚ ¯s hearts. The little prince came from a tiny unknown planet. He had left his beautiful rose, traveled to lots of places, and met all kinds of ridiculous things as well as a wise fox and a pilot the narrator. He was looking for something though he was not aware of it. After all, the little prince learnt life lessons and we adult readers learn more from him. Adults in the Prince ¡Ã‚ ¯s Eyes Leaving his own planet, one after another, the little prince met a king, a conceited man, a tippler, a businessman ¡Ã‚ ­ and finally he arrived on the earth. All the person he met is either stupid or selfish -- from children ¡Ã‚ ¯s point of view, adults are always hard to understand and they are doing inexplicable things. But it is true! Aren ¡Ã‚ ¯t we always pursuing empty things such as fame and fortune just as the king who ruled no subjects and the man who was extremely conceited? Aren ¡Ã‚ ¯t we always trapped in a circle set by ourselves just as the tippler and businessman -- drinking for forgetting drinking, selling stars for making more money to buy stars? Aren ¡Ã‚ ¯t we always keep working but forget the aim of working just as the geographer? As we are growing up, something much more valuable than money or social status deserts us little by little without our notice. Maybe we will begin to appreciate the simple things in life again and discover the real difference between children and adults after reading this beautiful tale. The Rose and the Fox