Analysis Of Walk Two Moons By Sharon Creech - 848 Words

4 Walk Two Moons Expository Essay4 4 In the Novel Walk Two Moons by Sharon Creech, the character Salamanca has had internal and external forces that has affected Sal, Phoebe, and Margaret. In the book, Walk Two Moons Salamanca has faced many challenges internal and external forces, and we are going to take a look to see these forces, so put on your seatbelt and get ready for the journey. 4 4First we are going to talk about how Salamanca’s Forces have affected Phoebe. â€Å"I didn’t know it then, but that girl’s face belonged to Phoebe Winterbottom, a girl who had a powerful imagination, who would become my friend, and who would have many peculiar things happen to her.†(Creech 2) Let me explain, She met Phoebe Winterbottom an external†¦show more content†¦Next Evidence,†The longer I stared up at the leaves, the more it seemed the tree itself was singing.† When Sal was visiting her mother she saw this â€Å"singing tree† which is an external force that makes her th ink back to her childhood. This piece of evidence is an amazing one that I could talk about for hours â€Å"Some of the cement grouting between the bricks had to de replaced, and he wrote her name in the new cement. He wrote Chanhassen, not sugar† This is not only an external force for Sal it’s also an internal force, not only was it an actual cement wall that would haunt Sal forever but also a touching piece to Sal’s life. In peroration there isn’t only external forces but a lot of internal forces that affect Salamanca.4 Now for the final character Margaret Cadaver, which is honestly the most important character in the novel, first the portrayed antagonist but then the protagonist. This piece of evidence is when she was the antagonist â€Å"I plunged on. I didn t want him to explain. I wanted to warn him. Phoebe and I saw her slashing and hacking away at the bushes in her backyard. Is thereShow MoreRelated_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 Pagesto Statistics and Data Analysis This page intentionally left blank Introduction to Statistics and Data Analysis Third Edition Roxy Peck California Polytechnic State University, San Luis Obispo Chris Olsen George Washington High School, Cedar Rapids, IA Jay Devore California Polytechnic State University, San Luis Obispo Australia †¢ Brazil †¢ Canada †¢ Mexico †¢ Singapore †¢ Spain †¢ United Kingdom †¢ United States Introduction to Statistics and Data Analysis, Third Edition Roxy Peck

Section 5 of the Voting Rights Act - 1699 Words

In 1965, at a time of racial discrimination in America and the emergence of a strong Civil Rights Movement, congress enacted the Voting Rights Act (VRA), which prohibits discrimination in voting. Congress could not end racial discrimination in voting by suing one jurisdiction, state, etc. at a time. Rather, Congress passed Section 5 of the VRA, which required states and local governments with a history of racially discriminating voting practices to get the approval of the U.S. Attorney General or a three-judge panel for the U.S. District Court for D.C. (â€Å"preclearace†) in order to make any changes to their voting practices. Section 4(b) said that the preclearance requirement applied to states and political subdivisions that used a â€Å"test or†¦show more content†¦The defendant argued that Congress found substantial evidence of racial discrimination in voting in the jurisdictions that are covered and that even if voting dilution does not violate the 15th Amendme nt, it does violate the Equal Protection Clause of the 14th Amendment and therefore Congress can protect against vote dilution. Next, the plaintiff argued that the ruling in the D.C. Circuit, which would allow Congress to determine for itself the constitutional significance of the evidence, threatened to remove the limitation that Congress may enforce but not interpret the 14th and 15th Amendments and that the D.C. Circuit used to absence of discrimination to prove that the preclearance requirement is effective and still necessary. On this issue, the defendant argued that Congress correctly determined that Section 5 continues to ward off discrimination in voting that would violate the Constitution. Third, the plaintiff argued that even if preclearance is justified, the coverage formula is not rational since it is based on decades old data and also because the factors that are considered are â€Å"first generation† ballot access issues, while the Voting Rights Act is meant to defeat â€Å"second-generation problems† such as vote dilution. The defendant argued that Congress determined which jurisdictions should be covered and then engineered a formula that would cover those specific jurisdictions, so the formula is still relevant because it specifies the areas which CongressShow MoreRelatedThe Voting Rights Act Of 19651575 Words   |  7 Pagesthe Voting Rights Act initially enacted in 1965. There are two sections of the Voting Rights Act of 1965 that are of particular concern in most cases, sections 4 and 5. Section 5 of the Voting Rights Act requires certain states, districts, and localities to obtain federal preclearance before making any changes or alterations to their election laws or practices (Overby). Section 4 specifies a formula for determining whether a geographical area is subject to section 5 (Overby). When the Voting RightsRead MoreReviewing The Constitutionality Of The Voting Rights Act1283 Words   |  6 Pages Summarizing and Ana lyzing Justice In 2013 a court case â€Å"Shelby County, Alabama v. Holder† that challenged the constitutionality of the Voting Rights Act, the Supreme Court in a 5-4 decision ruled that Section 4 of the Voting Rights Act of 1965, which was an act that †¦..was unconstitutional because it was based off of old data and no longer applied to those certain nine states which were Alabama, Texas, Alaska, Arizona, Georgia, South Carolina, Mississippi, Louisiana and Virginia. (Excerpt fromRead MoreEssay on Relevancy of the Voting Rights Act in Modern Times1730 Words   |  7 PagesEdmund Pettus Bridge in Selma, Alabama, President Lynden Johnson decided it was time to create some legislation to prevent incidences such as this from happening in the future. The Civil Rights Act of 1964 and the Voting Rights Act of 1965 have been hailed as some of â€Å"the most far-reaching bills on civil rights in modern times† (Schmidt et. al. 2010, 98). At that time in history, they were exactly what t he country needed to stop itself from the discriminatory practices that were so wide spread. BothRead MoreTexas s Voter Id Law1633 Words   |  7 Pagesdiscriminatory intent if they were to rule against the State. Looking at precedent from Hunt v. Cromartie, for the evidence to be sufficient, it must show that discrimination played a predominant role in the making of the law and that it focuses upon voting behavior. Texas’ voter ID law is one of the strictest in the nation. Discriminatory evidence the majority opinion might see is in the list of acceptable forms of identification. There are seven acceptable forms of identification, which includesRead MoreThe Voting Rights Act Of 19651549 Words   |  7 Pagesenactment of the Voting Rights Act of 1965 sought to empower the minority groups to participate in the electoral processes, and to eliminate the barriers that existed in the political landscape. Some of the achievements of the act included the elimination of legislations that promoted profiling of prospective voters. For example, the law eliminated the need for literacy test before one could be registered as a voter, especially in the southern states. Decades later, the US Supreme Court made a 5-4 rulingRead MoreThe Civil Rights Movement During The 20th Century1422 Words   |  6 PagesAfrican- Americans fought for the right to vote and went into great strengths to receive the equ al power as a white American. The Civil Rights Movement was the starting point for many African-Americans to gain there full rights in the United States. The Civil Rights movement was the challenge to segregation that caused laws that separated blacks and whites. With this movement not only was the goal achieved to end racial segregation in the United States, but the Voting Rights of 1965 was modified to helpRead MoreThe Voting Rights Act1549 Words   |  7 Pagesthe Supreme Court made its final decision on the Shelby County, Alabama v Holder, deeming Section 4 of the Voting Rights Act, passed by Congress in 1965 and extended several times, unconstitutional. Section 5, although not being struck down, became insignificant without its triggering formula, Section 4, to determine the coverage. This Supreme Court decision took away the key parts of the Voting Rights Act, which was an important method for the federal government to oversee and enforce the enfranchisementRead MoreThe Votin g Rights Act Of 1965862 Words   |  4 Pagesdecided to gut the Voting Rights Act of 1965 in Shelby County v. Holder by deciding Section 4(b) of the Voting Rights Act is unconstitutional. The Voting Rights Act was meant to prevent historically discriminatory states from passing discriminatory voting laws. The purpose was to end racial discrimination in voting. Section 4(b) lays out the formula for which these states are selected. Basically, if the state had a history of restricting votes through tests or other means, their voting laws would be subjectRead MoreThe Implementation Of Senate Bill 14916 Words   |  4 PagesYour question concerns the implementation of Senate Bill 14, which added new voter identification requirements for in-person voting statewide. Prior to June 26, 2013; Texas and a number of other states and political subdivisions could not alter their voting requirements without preclearance from either the U.S. Attorney General or a three-judge panel sitting for th e U.S. District Court of the District of Columbia. Following the Supreme Court decision in Shelby County, Ala. v. Holder, states beholdenRead MoreHow Does One s Disability Affect Their Political Participation Within Society? Essay1695 Words   |  7 PagesSeveral years after Congress took steps to guarantee equal access for the disabled at the voting polls, studies showed that in the United States â€Å"during the 2012 election cycle, 1 in 5 voters with disabilities said they were kept from casting their ballot on their own and more than half said they encountered hurdles† (Heasley). Disabilities can be defined as an impairment that may be physical, cognitive, intellectual, mental, sensory, developmental, or a combination of impairments that causes restrictions

What is Culture Free Essays

According to Kroaber and Kluckhohn, culture is a compound word which is not easy to explain. The word was used mainly in the late ninetees and the scientists became fascinated from this. To really get to know about culture, some suppositions are to be taken. We will write a custom essay sample on What is Culture? or any similar topic only for you Order Now This is generally based on the person himself how he perceives it and react to it, the special values that are showcased by him, certain features of culture can be seen directly. Culture is not a thing that a person born with it, it is relocated by personal experience and by the society itself. In ancient times, people don’t know much about culture so they think it’s a thing a person is born with. The suppositions that are taken are generally unquestionable. Most of the behaviour features that a person obtains are from interacting with the society. These features creates ideas in our how to respond to incentives. Culture is shared among people not contained in himself. The more compound the system becomes basis on class, religion the more compound the culture becomes. As values and morales comes from within the same way culture comes from within. As branches of culture widens, the norms come into existence for the maintenance and regulation of it. culture is like knowledge that can’t be created but passed from one generation to other generation by maintaining the norms and the rules and regulations. But due to these norms their thinking capabilities gets restricted and face consequences. As its passed from generations, it gets evolved over a period of time, by sharing and taking the ideas from others. Mixing of the culture is not an easy task, it is highly questionably and more chances of getting rejected. Only some characteristics can be taken easily which benefits their benefits. University of Groningen the Power of Culture a Short History of Anthropological Theory about Culture and Power Hans Schoenmakers According to this there are certain relationship of culture with power. There are certain factors that can reinterprate the social and the so called political relations in a region. It is necessary for the people to know about the relationship between the political power and the culture as mainly in manifestos this is a topic which is being raised many times to gain vote for winning the elections. By many researches it was found that it was not easy to co relate it with power. It is dependent on certain assumptions. Political science is mainly focused on the fact that has an orginal source, concepts, theories. It can be co related with the society as individuals or group may takedown others. This has to be thought by having a critical thinking about the politics to relate it. Researchers introduced an idea that culture and power are the two fields that gives structure to the society. Certain philosophers brought ideas of civilisation that the way a person lives and works according to it. As there are many definitions of culture given by different philosophers, social researchers that it became very difficult to interrelate these all definitions were given by their own experience, researches. Wolf states that cultured is not something that is simply shared but is evolved and came into existence by the group that has power. Wolf mentions that his inspiration is Marxism to think about the structural power. Marxism is all about class struggles like the aristrocrates and peasants.Today we are living in a society which is under stress and is busy in work that they don’t even question the system how they are exercising or misusing their powers to run the system. Is Female To Male As Nature Is To Culture -Sherry B. Ortner My interest in this case is more than academics. To look changes in the social groups of the doors that are opened for men as well as women. According to my experiences and from research I conclude that we are up for something big and not seems easy to gain without any bads. Many parts of the country women are still treated as inferior comparing with men, their main job is to serve the family take care of their children and is not allowed to go outside. Here the dominant group is men as women are not opposing them, there can be certain reasons for it because they get a feel of security from the outside and a roof to live in and the pleasures she can get. Each person borns freely and dies freely but the culture in a society tells you how to live and die. In every research related to status of women in ancient times they were always placed below men and prohibited to do task that men does and some are treated very badly and the infamous sati system. For the continuation of culture, each individual have to be socialised among them. The culture here doesn’t plays the role of devaluing the women but restricting the access to live and enjoy certain rights and to move along with men shoulder to shoulder. Political institutions are now recognizing the position of women imposing policies for the upliftment of them, reservations for them so this will increase our economical and national reputation. How to cite What is Culture?, Papers What Is Culture Free Essays WHAT IS CULTURE? Culture is a word frequently used by people everywhere most times they use it to make a point clear to someone else in the way they see and interpret things. We all practice culture in one way or another even though most people do not notice it. One thing clear to us is that culture is attached to everything we do. We will write a custom essay sample on What Is Culture or any similar topic only for you Order Now Williams and Geertz both portrayed quite similar and different ideas towards culture in their essays. Williams noted that culture is a whole way of life, (pg. 1) this is in the sense that in everything we do we apply culture. The way we talk, eat, worship and so on culture is depicted inside it. For example, in a family it is possible that before they eat they wash their hands and say a prayer; right there a part of culture is shown. Also in a way it shows that culture is ordinary. Culture does not necessarily mean it has to be something of a big event, the tiniest things we do can portray culture. Geertz divided his view of culture into three parts known as culture theory. He also mentioned that culture is an acted document and also described it to be public. For culture to exist it has to be practised. Geertz made a point by saying culture is an acted document because the name culture is not something we just have to know, we put culture into action and for it to be public means people have to notice it. If a particular group of people have a certain culture they depict it is important that others are aware about it, because that way they can share ideas and appreciate the works of others. This shows that culture is included in everything we do. Williams also included in his essay that culture is like a journey. He used the word like to distinguish the distance between culture and journey. Culture is like a journey in the sense that it continues to grow from generation to generation. Even if the people decide to stop such culture, it will still be in history that they practiced it and history cannot be erased. Again culture is included in everything we do including the way history is being taught. According to Geertz’s essay he said that, ’Culture has different meanings and is shown in different ways’. In a world filled with over a billion people we do not expect everyone to be exactly the same. We all have our different likes and dislikes, we have different attitudes and we look differently. The same thing applies to culture our way of life does not have to be the same as the person next to us, that is what makes culture interesting and broad. Our culture and the way we see and read meaning to it might not be the same way a stranger sees and interprets it. And for culture to be shown in different ways proves the fact that culture is also a form of being creative. Again culture is attached to everything we do including creativity of the body and mind. Williams described culture in another way he used the teashop as an example of where cultivated people went to. When people use the word uncultured the first thing that comes to their mind is when someone does something insane or disgusting. In the case of the teashop Williams said he was intimidated by the people that went to the teashop meaning he felt uncultured he did not get why they went there to just sip tea or coffee meanwhile to them it was a normal thing. If people find going to a teashop very intriguing and important as little and unimportant as it may look it shows that they follow a certain style of culture, this is just another idea that culture is attached to everything we do. Geertz said that people should read meaning to culture (pg. 13). When we meet other people with different culture, it is courtesy to understand their culture. We should not start judging them because of the things they do. Most times when they figure out that we appreciate their culture they tend to open up more easily and that is the best way to start a relationship with another. How to cite What Is Culture, Essay examples What is Culture Free Essays According to Kroaber and Kluckhohn, culture is a compound word which is not easy to explain. The word was used mainly in the late ninetees and the scientists became fascinated from this. To really get to know about culture, some suppositions are to be taken. We will write a custom essay sample on What is Culture? or any similar topic only for you Order Now This is generally based on the person himself how he perceives it and react to it, the special values that are showcased by him, certain features of culture can be seen directly. Culture is not a thing that a person born with it, it is relocated by personal experience and by the society itself. In ancient times, people don’t know much about culture so they think it’s a thing a person is born with. The suppositions that are taken are generally unquestionable. Most of the behaviour features that a person obtains are from interacting with the society. These features creates ideas in our how to respond to incentives. Culture is shared among people not contained in himself. The more compound the system becomes basis on class, religion the more compound the culture becomes. As values and morales comes from within the same way culture comes from within. As branches of culture widens, the norms come into existence for the maintenance and regulation of it. culture is like knowledge that can’t be created but passed from one generation to other generation by maintaining the norms and the rules and regulations. But due to these norms their thinking capabilities gets restricted and face consequences. As its passed from generations, it gets evolved over a period of time, by sharing and taking the ideas from others. Mixing of the culture is not an easy task, it is highly questionably and more chances of getting rejected. Only some characteristics can be taken easily which benefits their benefits. 2. UNIVERSITY OF GRONINGEN THE POWER OF CULTURE A SHORT HISTORY OF ANTHROPOLOGICAL THEORY ABOUT CULTURE AND POWER HANS SCHOENMAKERS According to this there are certain relationship of culture with power. There are certain factors that can reinterprate the social and the so called political relations in a region. It is necessary for the people to know about the relationship between the political power and the culture as mainly in manifestos this is a topic which is being raised many times to gain vote for winning the elections. By many researches it was found that it was not easy to co relate it with power. It is dependent on certain assumptions. Political science is mainly focused on the fact that has an orginal source, concepts, theories. It can be co related with the society as individuals or group may takedown others. This has to be thought by having a critical thinking about the politics to relate it. Researchers introduced an idea that culture and power are the two fields that gives structure to the society. Certain philosophers brought ideas of civilisation that the way a person lives and works according to it. As there are many definitions of culture given by different philosophers, social researchers that it became very difficult to interrelate these all definitions were given by their own experience, researches. Wolf states that cultured is not something that is simply shared but is evolved and came into existence by the group that has power. Wolf mentions that his inspiration is Marxism to think about the structural power. Marxism is all about class struggles like the aristrocrates and peasants Today we are living in a society which is under stress and is busy in work that they don’t even question the system how they are exercising or misusing their powers to run the system. 3. IS FEMALE TO MALE AS NATURE IS TO CULTURE -SHERRY B. ORTNER My interest in this case is more than academics. To look changes in the social groups of the doors that are opened for men as well as women. According to my experiences and from research I conclude that we are up for something big and not seems easy to gain without any bads. Many parts of the country women are still treated as inferior comparing with men, their main job is to serve the family take care of their children and is not allowed to go outside. Here the dominant group is men as women are not opposing them, there can be certain reasons for it because they get a feel of security from the outside and a roof to live in and the pleasures she can get. Each person borns freely and dies freely but the culture in a society tells you how to live and die. In every research related to status of women in ancient times they were always placed below men and prohibited to do task that men does and some are treated very badly and the infamous sati system. For the continuation of culture, each individual have to be socialised among them. The culture here doesn’t plays the role of devaluing the women but restricting the access to live and enjoy certain rights and to move along with men shoulder to shoulder. Political institutions are now recognizing the position of women imposing policies for the upliftment of them, reservations for them so this will increase our economical and national reputation. How to cite What is Culture?, Papers

Investigation of Pulleys free essay sample

This is due to the fact that less effort is used when there are more wheels, meaning that there is a smaller number to be divided into the never changing load (9. 8 N). As for the efficiency, with the increasing number of wheels it decreases. This is because efficiency is (100% x Work output) / Work input and as the wheels increase the work output becomes less than the work input. Sources of Error: Our main error was in the presence of friction. It was basically unavoidable and was attained through the strings rubbing against each other and through the strings rubbing against the pulleys. Another error that could have occurred was not having a sufficient amount of time to complete the lab and fully analyze the results. The last probably apparent error was in the calculations and recording of data, this is because human error is hard to avoid. Conclusion: Theoretically, the work done should be the same each time. We will write a custom essay sample on Investigation of Pulleys or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page When the effort force was greater, the distance we had to pull was less. However, when the effort force was less, the distance it needed to be pulled was greater.

Managed investment scheme Essay Example

Managed investment scheme Essay In Australia, investor can choose from a wide vvariety of investments which include managed investment schemes (MIS) and direct investment which consist of shares, debt and hybrid securities. Each investment scheme will a set of corporation act to protect its investor, as it is important to make iinvestors feel confident and secure. Iinvestors can choose the types of investments to invest in depending on their personal traits and ambition as the different investment contains different characteristic. We will dive in more on MIS, direct investment and hybrid investment together with each of their advantages and disadvantages next. Managed investment schemes Manage investment schemes, otherwise known as collective investment schemes, are schemes in which funds are gather from different investor to invest in a common investment, usually a high risk investment that deals with huge amount of money. Under s 9 of the corporation act 2001, a manage investment schemes consist of three elements. Investor contributes money or moneys worth, theres a generation or intended generation of a financial return or benefit and the investor do not have day- to-day control over the use of the money. We will write a custom essay sample on Managed investment scheme specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Managed investment scheme specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Managed investment scheme specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Under s 601 EA(4) states that a registered MIS requires to have a responsible entity (RE) which would be responsible for any losses or damages from violating Ch 5c. The RE is also a trustee of the scheme. The RE also have to fulfil his duties, under the s 601 FC (1), he must act honestly, exercise a degree of care and diligence, act in the best interest of the members, treat all members equally and he cant make use of information gathered as RE to gain improper advantage or cause detriment to members. Under s 601 MB, Contracts is considered as voidable at the option of the investor if the MIS is found guilty of violating any of the act. The advantage of MIS is that the investment will be undertaking by a professional investment manager which could offer a better returns and risk management because of his experience and knowledge. Moreover, it can help reduce risk by diversification, it works by investing in different company, usually companies that has a negative co-relation, reducing losses if the price of one company drop. Another benefit is that it the cost is shared among the other investor. The disadvantages of MIS is the loss of owners rights, allocation and uses of funds will be determine by the fund manager. Although MIS is a very lucrative piece of investment, the amount of returns will be reduce because of the cost of the fund manager, normally they will expect a ppercentage of returns from the overall earnings. Debt financing Debt financing is a type of tool companies used to raise capital through borrowing. Creditors are entitled to fixed interest pay out and will be able to get back the invested amount at the maturity date. Debt financing are usually considered as a stable and low risk investment thus the return are lower than the others. Debt financing consist of bank finance, trade finance, debentures and private debt. Debentures is the rights to enforce a companys undertaking to repay the debt owe as stated in s 9 or the corporation act. Section 124 of the Corporations act 2001 allow companies to issue debentures and to borrow through the use of the debentures. Deoentures can De rea011y transTer ana can De llstea on tne Australlan stock exchange (ASX). The advantage of the form of investment is that the interest pay-out is fixed and the investor will be able to get back the amount invested at the predetermined maturity date. Lenders are place ahead of equity holder in the event of liquidation. The downside to this is that there wont be any growth on the principle of loan because it is fixed. Unlike equity holders, creditors cant get involve in the day to day operation of the company or vote. Equity Equity financing is one of the ways a company can use to raise money through the sales of shares. Shares consist of ordinary shares and preference shares. By buying the shares of a company, investor will also gain owinership of company, the size of the owinership will depend on the amount of shares one held. Under section 124 of the corporation act 2001, any of the company will be able to issue shares but only a ublic company will be able to offer its shares to the public. Disclosure document such as the prospectus, profile statement and offer information statement are required under chapter 6d of the corporation act. The prospectus offers protection to the investor who wish to purchase shares from a company by disclosing all information. The benefits of investing in shares is the ability to collect dividends, dividends will be decided by how much the company has made. Another major benefits is the ability to make capital gain by selling shares, because shares are known to be volatile, prices may move up and down at any time, capital gain can be ade if shares is sold when it is rising. The negative side of investing in shares is that it is risky. Shares prices might crash and investor would suffer losses. Furthermore, equity holders are ranked before bond holders when the company goes into liquidation, shares holder may or may not be able to get their money back. Hybrid securities Hybrid securities are a form of securities that combines debt and equity instruments. The most common form of hybrids is convertible bonds. Convertible bonds allows the owner to convert bonds into shares at todays price. The main advantages is that it as a fixed interest repayment like a bond, iinvestors can also choose to convert it to a shares if the company is doing well. Making a profit from the dividend or by capital gain. The downside is that it has a low interest pay out as compared toa bond and it is ranked after bonds holder in the event of liquidation. I would invest the $10 000 into government bonds. Government bonds are consider as one of the safest investment and it will be logical to invest in it as I wanted income first and growth second. Besides, I would be able to collect the interest pay out and the invested amount at the maturity date.

buy custom Significance of Mercantilism in 16th Century Europe essay

buy custom Significance of Mercantilism in 16th Century Europe essay Mercantilism was an economic doctrine that said government control of foreign trade was supposed to be paramount. Its importance was ensuring prosperity and security of the states that practiced it. This practice continued in Europe for almost two centuries (16th to 18th). It is known to have caused some diplomatic friction among states. This was because the practice had several characteristics that did not favor fair trade. The significance of this doctrine was favored by its policies. By implementing these policies, mercantilism controlled trade to the favor of the European states. The polices included high tariffs on manufactured goods, monopolizing of markets, exclusive trade with colonies, restricting trade in foreign ships, offering export subsidies, banning exportation of silver and gold entirely, promotion of manufacturing of goods through subsidies or research, using cheap labor, maximization on use of locally available resources, and restriction of domestic consumption of g oods with non-tariff barriers to trade. The era of Colombus on his serial discovery of lands, mercantilism was still in play but there was a minimal degree of its use. Colombus discovered numerous lands and islands. The discovered lands and islands were made European colonies. By this, trade was not between the colonies and the European states, but it was partially utilizing cheap labor and abundant resources. Colombus discovered America; this led to colonization of America by European powers. The form of trade that existed between the colony and the colonizer in this case of America and the European states was labor-for-goods. Mercantilism and its policies had all the routes and ports secured for trade. To the advantage of the European states, mercantilism blocked trade between a colony and other states. The presence of powerful monarchs and abundance of resources enabled European nations to secure all productive lands while exploiting cheap labor through slavery. From South America to North America, southern Asia and almost the entire of Africa; European states had taken control of trade. Securing land and slaves provided grounds of trade and cheap labor; these were vital resources to the trade. Industrialization in America began extensively in the 17th century. However, this is not the period when decision to industrialize America took shape. It was before then that plans to develop America were decided on. The indigenous people who existed in the lands that were discovered were treated and referred to as natives. The European states using the mercantilism doctrine did not actually follow the policies filed under the doctrine. This is because the doctrine was in favor of the Europeans nations only and was not in any way favoring the colonies. For example, trade was exclusive with colonies. The interpretation of this policy has it that the European states were free to do trade with whoever they wished but constraints restricting trade betwee n colonies and other parties. With the above goals by the European states, the significance of mercantilism was to control trade by channeling all the resources to their side. It was in the best interest of the 16th century Europe toacquire the necessary resources at that period. They were securing the future of industrialization and economic development by controlling the flow of resources, raw materials, and labor. By restricting ports, it is only the ships of the colonies and their own that would dock that those ports. Standardization and classification of ports as trade points was to ensure that invaders and trade rivals were kept at bay. ] Colombus was Both a Hero and Villain Christopher Colombus was one of the highly recognized and respected voyagers. In other words, he was a hero looking at one side of the picture and a villain looking at the other. During his time, Colombus was devoted to making history by discovering as many ne lands and islands as he could. His determination paid off in that he was able to discover many historic islands and continents. His effort doesnt mean that he was taking people to live in those areas he discovered. It means that he brought the lands and the islands to the recognition of the European monarchs. This recognition led to what we can now call sophistication. Europe is one of the wealthiest continents in the world. This was an added advantage the Europeans had over the rest of the world. They would use their wealth and organized nature to conquer and retrieve land and slave for their own use. Colombus didnt bring sophistication to the world, but he helped those who could by incorporating determination and passion to voyaging. Many are times that he asked for funding from monarchs with conditions that upon discovery of new territories he would be incorporated in their management. Several attempts failed to yield success with winning the support of the monarchs. He did not give up with his petitions for support in exploiting his ideas. His insistence paid off in that he got the support he required. The journey towards discovery was full of challenges brought by mere estimations and wrong interpretation of data. Among the data that was interpreted wrongly involved direction and distance. The wrong interpretations and misjudgment of quantifiers led to even more discoveries that would not have been made if specificity and accuracy was observed. As a villain, Colombus and his men were responsible for humanitarian atrocities. During the first and the second voyages, Colombus record was clean an undented. On the third and the forth voyages, his record of discovery was drawing a bad picture considering the good he had done. After discovering several territories and islands, Colombus was placed to be in charge of the Indies. His reign was controversial in that he used to take gold from the people as a means of taxation. 14 years olds were some of his victims; those who could not afford gold to pay their tax had their hand chopped off. Most of hisvictims died from bleeding in these cases. After being banished from throne, Colombus and his brothers were shipped back to Spain. Still confined at some prison in Spain, Colombus wrote a letter to the king at that time, claiming that he was being disrespected by being chained considering all he had done for them. This was exploitive move to get his brothers and himself out prison. As a human being, this was the period he was supposed to take responsibility for thee deaths he was responsible for. However, he chose to buy himself out by laying claims that all he had done in terms of discovery was enough to exempt him from facing punishment and reinstating his leadership position. Talking to Children about Colombus and the Appropriate Age for it Children can be the wrong audience when choosing who to tell about Colombus. However, we do not have the control of all sources that may find out from. Assuming that all sources that can make children discover about Colombus were rendered inactive, the decision of talking to them is a personal choice that should be thought about carefully. The truth about Colombus can have both positive and negative impacts on the lives of the children we choose to talk about it with. The minds of children develop relative to age. At age 6-10, that can be referred as the infantry stage. From age 13 onwards is a better stage to consider talkingto children about Colombus. At this stage, the minds of the children are able to process information that carries some weight in it. The effect that the information may have on the lives of the children is a vector entity. It can be either positive or negative, but a sure thing is that knowing the truth behind the history of their country cannot lessen the pride they have for their countries. Killing is wrong and committing atrocities because we are protected by the laws is despicable. If children understand that Colombus was an important person who turned villain; would be a lesson to them that would teach them how to be better leader when they get the age of it. On the other hand, the good side of Colombus may have guaranteed positive effect on the lives of the children if they are motivated well enough. Striving to achieve the best and not being afraid to lose track, are some of the good qualities that a child can learn from being talked to about Colombus. Children need to know the history of their countries and some of the well known personalities behind the making of the history. This should only be done at a stage when their minds are fully developed. Sources Used In writing history, accountability and accuracy play a great deal in making the information valid and reliable enough. Archeological evidence and secondary data from reliable sources is crucial when compiling history. The discovery narrative about Colombus is written following research on the archeological evidence like water ways, land marks, and direction of wind. These are necessary for the accountability of time, direction, destination, and purpose. Secondary data is used from paintings and written literature. The combination of archeological evidence and secondary data is sought to ensure accuracy of the information. The inquiry of sources in this reading furthers my understanding in that before making my judgment, I convinced that the author took his/her time to research thoroughly before putting down the findings. Compiling information from one type and nature of source brings out biasness. Collectors of archeological data and the writers of history books when working separately, their individualopinions could be immensely flawed. The opposite is true if they join hands or if one refers to both when writing. Buy custom Significance of Mercantilism in 16th Century Europe essay

Analysis of the Influences That Make People Risk Takers

Analysis of the Influences That Make People Risk Takers What Makes People Take Risks? Have you ever felt you are on risk before? If yes, how do you feel at that moment? And would you like to do it again? The answers can be very different for each person. In order to know what the differences are we should know what risk is. Risk is some kind of possibility of suffering harm or loss or a situation involving uncertain danger. From the meaning of risk, people can look at risk in different point of view. Some people dont want to take or to deal with risk at all but some people want to take risks because of many reason; biological factors, getting self-confidence, and getting away from boring life. First of all, people have risk taking instinct, which causes them to deal with any dangerous situation eagerly. This might be due to a dangerous, difficult, and uncertain past that ancestors passed on that made them strong and well trained for taking risks. In the article Taking the Bungee Plunge, Bensimhon (cited in Men’s Health, 1992) mentions the same thing that human being are intrinsic risk takers who survive and who thrive on risks. By this reason, it is obvious that some people want to take risk because they have risk taking instinct. In addition, Israeli scientists have found one kind of gene know as D4DR that influences people’s characteristics. The scientists believe that people who have the gene tend to look for thrills. This kind of gene, D4DR, is also called thrill-seeking gene. (â€Å"For Our Ancestors, Taking Risks Was a Good Bet†, 1999) In other words, the thrill-seeking gene in human is another reason that influenced people to take risk. Secondly, it’s mentioned in the Bensimhon’s article also about how people get confidence after thriving risks. In this case, people have the best moments when their body or mind is stretched to its limits while they are taking risks and after accomplishing it, they feel very confident. In addition, in the article â€Å"Risking Nature†, the author also mentions the same idea that people seek out nature even though it’s dangerous because of a desire for self-reliance. (â€Å"Risking Nature†, 1999) Naturally, people like to have freedom or to be self-reliance, so when they take risks, it’s like they can control their destiny by themselves. For example, when students have a chance to go study abroad, it’s taking a risk because they have to make the decision to come to another country which they have to deal with strangers, a new culture, a new language, and different kinds of food. They can’t meet their family, friends, or girlfrien d/boyfriend. Its a very big difference for them to adapt to everything new in their life. They might be unhappy staying oversea which is a risk. However, they still want to try to get over this risk because they have the wish to reach their goal and to succeed in their education. In addition to the reasons mentioned above, people who take risks also want to get away from their boring life. According to Bower cite in the article â€Å"Going over the Top†, a number of athletes who do the extreme sports is increasing and the reason is to get away from their boring life and to seek something exciting and challenging. The players think adventure sports are relatively safe but worth trying. Also in the article, Douglas says that every day life’s dissatisfaction causes the spread of extreme sports. In conclusion, I think some people take risks because of different reasons based on what that they think or want to get from the risk they are going to take. It could be good for their mental or physical health or maybe both. Doing so should be based on awareness, carefulness and safety of that people. Then no harm will happen to a risk taker.

Marine Fisheries Research Paper Example | Topics and Well Written Essays - 1250 words

Marine Fisheries - Research Paper Example Due to marine fishing, the number of stock that is available for the fish breed to ensure their sustainability for the next years has always reduced. Therefore, there is need to ascertain whether marine fishing has reached to a point where it threatens the extinction of some species of marine fish and relate these to environmental ethical issues. The main aim of the study is to ascertain the impact of marine fisheries and how it relates to some of the environmental ethical theories. The following research questions will assist in attaining these research objectives. Is the level of marine fisheries threatening the sustainability of some marine fish? How does these relate to the environmental ethical theories like utilitarianism? Any entity that is engaged in harvesting or rising of fish is referred to as a fishery. The terms that typically define a fishery are types of fish or species, individuals involved, the area of seabed or water, fishing method, the activities, purpose or the class of the boats. Fishers as well as fish are usually combined in the definition with the latter utilizing similar gear types to fish similar species. Aquatic culture, fish farming or capturing wild fish may be involved in a fishery. Fish stocks are continuously being reduced due to overfishing that has led to fish being taken beyond sustainable levels. (Jennings et al, 78)

Disintermediation in Tourism Essay Example | Topics and Well Written Essays - 1000 words - 1

Disintermediation in Tourism - Essay Example The impacts of disintermediation are various. It has impacted the travel and tourism industry significantly. The supply chain of travel and tourism industry involves tour operators, travel agencies, travel agents and others. Traditionally prospects and people have been depended on these mediators largely for their information and booking needs. Development of web technologies helped the service providers in travel and tourism industry such as airlines, car rentals, hotels and others to offer their services and information through their website. In the image below (Image 1) of WTO 2001 report on E-Business for Tourism, it clearly presents the number of intermediaries which are replaced by the Internet. However, it is evident that these intermediaries co-exist with the internet even in the countries where the internet users are high in number. The use and growth of website services depend on the number of factors like number of internet users, technological platforms available and many others. There are various reasons of disintermediation in the tourism industry. The primary reason is the development of technological platforms offering alternates to the traditional intermediates. The other reason is the cost reductions due to the removal of intermediates. The Internet offers a platform where tickets can not only be booked online but various tourism packages can be customized more effectively than the traditional methods. It makes the marketplace highly competitive as information available to the consumers as well as the options available to them is numerous. More destination choices, there detailed information including videos and availability of an interactive platform such as internet benefits the customer groups. The service providers are able to offer services at the lower cost as the commissions and charges involved for the intermediates are reduced.

The Metamorphosis & Existentialism Essay Example for Free

The Metamorphosis Existentialism Essay Franz Kafka’s The Metamorphosis is a masterfully written novella about Gregor Samsa, a man who devotes his life to his family and work, for nothing in return. Only when he is transformed into a helpless beetle does he begin to develop a self-identity and understand the relationships around him. The underlying theme of The Metamorphosis is an existential one that says that any given choice will govern the later course of a person’s life and that a person has ultimate will over making choices. In this case, Gregor’s choices of his part in society cause him to have a lack of identity that has made him to be numb to everything around him. One morning Gregor awakens to find himself transformed into a beetle. Although the reader is never enlightened on how Gregor morphed into a beetle, or shown that Gregor gives much thought to having a body of an insect, Kafka gives the strong impression that Gregor is very devoted to his work and is the sole support of the family, none of which work themselves. Gregor devotes himself to a life of work and self-sacrifice, â€Å"[d]ay in, day out- on the road† (Kafka 4), following ever order, and expectation to a scurrilous degree. His life could be linked to that of a drone in an ant colony, and thus gives an explanation to Kafka’s logic when he is transformed into an insect, and thinks nothing of it. In fact upon finding himself transformed he immediately prioritizes his work above everything else; The next train left at seven o’clock; to make it, he would have to hurry like a madman, and the line of samples wasn’t packed yet, and he himself didn’t feel especially fresh and ready to march around. (5) Through his transformation into a beetle, Gregor abandons his mislead obligation to society and instead devotes the rest of his life to himself. Because of this Gregor’s family quickly grows to resent him as a burden to the household. Society and his family had no further use for him, so Gregor starves to death is his bedroom. On the opposite end of the spectrum, Gregor’s father began the story as a lazy and non-productive human being. He relied solely and completely on his son. After Gregor’s transformation, his father followed suit. He became a proud and productive individual of the lower bureaucracy. He found the balance between work and leisure that Gregor could not. According to Kafka and existentialism, people have both an individual side and a side with the commitment of society. It is our choices that must be in moderation of the two, to maintain balance. If a person chooses himself over society, he will lose the support of society; however, if a person chooses society, he will lose his individuality. Gregor initially chooses society over himself, which in turn transformed him into the working drone he was. After his physical transformation, he is forced reassert his focus to himself, and society abandons him. Through Gregor’s plight, his family became cohesive and productive in society, each contributing through work and leisure. Gregor learned to live for himself too late to become a whole person. Gregor begins to look for entertainment and fun in the form of a bug, a form that knows nothing but work, by crawling up to the ceiling and hanging from there, or from wall to wall over the various objects, this gave him a feeling of â€Å"almost happy absent-mindedness† (32). Haven given up any hope of returning to his human form or being a civilized working part of society ever again, this was one of the only joys Gregor had left in his life. By ignoring the purpose of being an insect, Gregor defeats the purpose of living in his new form of life, and in effect, dies. The Metamorphosis advances the existential view that choice is the opportune of the individual. It is the responsibility of the individual to maintain a balance between work and leisure. The Metamorphosis lends the idea that, if one chooses to devote their life entirely to work, they are no more than droning insects, yet if they devote their lives to leisure, they are no better off. A balance needs to be found. As rational beings, the burden of moderation between value to society and value to self must be assumed by the individual. One must be productive in order to be valuable to society, and one must have leisure in order to be valuable to them.

Revolutionary War Essay -- essays research papers

How the Revolutionary War Begun Following the French and Indian War, or otherwise known as The Seven Years War, Britain was in major debt as with many countries after war. On the other hand the Colonies were thriving from trade and agriculture. At the end of the war the parliament in England had no organized plan to reduce the enormous debt they had bestowed upon themselves. Financing the French and Indian War had almost doubled the national debt. The parliament had stumbled into the beginning of the Revolutionary War without even knowing it. They were looking in an entirely different direction when the colonies exploded with a rage that eventually turned into the American Revolution. The Seven Years War 's outcome also affected the impacted the Revolution by giving soldiers experience that would later help them lead armies and make decisions to win the Revolution. Among these men were the prestigious names of Paul Revere, Ethan Allen, Horatio Gates, Charles Lee, Daniel Morgan and the man who is known as our founding father George Washington. During the French and Indian War Washington was assigned a mission which was a success and he was considered a hero which later helped his success in the revolution and the presidency later on . The King's minister were trying to find a way to finance the King's military policy. During the French and Indian Wars England had paid for the defense of the Colonies as well as providing most of the troops and leadership in the war. But, rather than demobilize at the end of the war, King George III decided to keep the army at 3/4 strength. Eighty five regiments were kept on alert in case of renewed hostilities between the British and French. There was still the problem of paying for the regiments though. They could not tax the countryside any more because of current taxes that were already too great. The solution, however, was to station most of the army in Ireland and the Colonies requiring locals to house and feed the soldiers. They also made up the Sugar Act, Stamp Act and the Towshend Duties to cover the Å“359,000 needed yearly to sustain the regiments in the Colonies. The first of all the taxes or Acts was the American Revenue Act of 1784, or called the Sugar Act. It wasn't even a new tax even. It was a change of an old customs duty. In order to stop trade from the West Indies to the Colonies Parliament in 1733 had passed... ...on the outside, that it was for change it was mostly to keep things the way they were. Without having to pay new taxes or having to change to be ruled by England. A leading historian once said, "A salient feature of our Revolution was that its animating purpose was deeply conservative. The colonials revolted against British rule in order to keeps things the way they were, not to initiate a new era." We agree with this completely. Instead of accepting change as it came. Every bit of change from Britain was challenged in America by revolutionists and even Loyalists. All the new taxes no matter if they were good or bad were hated. Then again there is always the taxation without representation saying. That is true but they still did not want to be represented that was the last thing they wanted. They wanted local government and taxation like it was before the Seven Years War. The driving force behind the war was the continuing effort to keep thin! gs that same and not different. But after the war they were not prepared for the drastic changes that would come about. But we still got out independence from England and now have the most powerful, successful country in the world.

School Locker Search Persuasive Essay

School Locker Searches: Protecting Your Children â€Å"The National School Board estimates that more than 135,000 guns are brought to school each day† (Debate). Besides weapons, drugs like marijuana are reportedly used by up to 22. 6 percent of 12th graders (Drugabuse). With rising danger in schools, locker searches seem like the right thing to do. A locker is owned by the school and loaned to the student, therefore entry is always legal. With this legal authority, schools should flex their rights and protect their students. With rising crime rates and high-profile shootings, firearms are often stored in the schools’ lockers.If these are searched daily or even weekly, students would be in a much less dangerous setting. Finally, frisks can stop some of the biggest issues in school: drug dealing. A simple run-through can remove some of the most dangerous substances in school   In short, locker searches prove to be legal, cause a safer-feeling environment, and prevent cr imes. First off, lockers are school property, and therefore subject to any search. Although students are protected by the fourth amendment, lockers do not have to follow this guideline (Nytimes).This reasoning has been tested in numerous court cases, namely in the Supreme Court’s decision of New Jersey v TLO (Nytimes). In this ruling, a it was stated that School officials do not have to follow the strict Fourth Amendment guidelines in school. Furthermore, lockers must also be maintained. This means that they require entrance for regular maintenance and custodial problems, like rotting food. If this isn’t done, health hazards could be a massive problem for students in the building. Finally, in every Lakeville South handbook, students agree to locker searches when they start school.It is written that locker searches will be conducted at random. This gives a very civil warning for the students. For these reasons, locker searches are not only legal, but fair. Next, locker frisks can provide a peace of mind for individuals in the building. According to one New York Newspaper, 200 students were evacuated after a shooting threat was found in the women’s bathroom (Smithtown). Acts like this terrorize students, and disrupt the daily learning. Martha Kaufeldt, an established author and educator states, â€Å"The brain gives priority to processing incoming data that poses threat to survival. (Dialogueonlearning) This means that in threatening habitats, students will perform worse than average. To combat this issue, locker searches could help provide a feeling of safety, thus allowing students to fully apply themselves to school. Simply put, locker searches will create a safe and enjoyable atmosphere. Lastly, schools must protect against the use of lockers in serious crimes. In January 1999, a bomb explosion in a Kansas High School locker sent 11 students to the hospital (Schoolsecurity).If a search had discovered the bomb, students could have been e vacuated to a safe area and protected from the blast. Adding to the issue, a half pound of marijuana was found in a 13 year old’s locker (Thenewsdispatch). He later confessed to police that he intended to sell the drug. In both these cases, the school became a dangerous environment and disrupted daily learning. Had the school regularly frisked lockers, students could be confiscated of dangerous materials or even discouraged from bringing them in the first place. Actions like this can increase safety and student involvement in class.In short, locker checks create a safer, more efficient environment for everyone in school. All in all, there is no reason a school shouldn’t search lockers. As its property, an institution can search anything it owns, without a reason. While removings drugs and firearms, these searches protect students and faculty alike, creating a safe and efficient workplace. Finally, locker frisks will promote a safer feeling environment, preventing unnec essary absences by students. With the dangerous crime rates, it only endangers students to skip much-needed locker frisks.

Four Business Types – Pros and Cons

In my opinion, Corporation is the best form suited to venture as intended by Victoria & Quentin because it is separate legal entity distinct from its owners & have well defined registered by laws. These organizations are highly regulated & attract capital even from outside source very easily & existed infinitely. The main issues concerning the Intellectual property rights in providing licensing Marvel's intellectual property to Universal studios are Copyright and Trademark protections to the theme parks which Disney proposed to develop by using Thor, The Hulk, Iron man etc. Law related to copy rights gives the author or creator of work the exclusive rights for limited time span in order to promote creativity & allow control over use of artistic creations. Authors have been given powers to manage the characters (like The Hulk, Iron Man etc) as created by them & any one copying it definitely attract legal provisions (Chapter 17 of the United States Code). However there is the right of public to benefit from the authors work but that too exist on supposition that once copyrightable work enters public domain, others should be allowed to benefit from it and can make make it better for the excellence of all. Where Copyright law protect original writings of an author & dealt with character development and individualization protection trademark laws actually take care trademarks commercial value & designed to safeguard endures against confusion as to source or authorization of an item. Therefore trademark owner has given control over use of the sign or mark in association with those goods and services for which mark symbolizes. The Securities Act of 1933 which originally introduced on account of economic crisis of 1929 and mainly focus on two main objectives: First, to ensure more transparency in financial statements so as to facilitate investors to take informed decisions and second, to establish stringent laws to curb fraudulent activities/misrepresentation in securities markets. Whereas the Securities Exchange Act of 1934 derived to provide for governance of securities transactions in secondary market & to regulate stock exchanges and intermediaries (broker-dealers) to protect public investments. The main purpose of Securities Act of 1933 was to maximize the disclosure of financial through the detailed process of registration of securities. In case investor suffers losses on account of misleading information, they have recovery rights on proving that losses arises due to incomplete or inaccurate information. Whereas by means of Securities Act of 1933, Securities and Exchange Commission (SEC) was created which has broad powers & authority over all aspects of the securities market inclusive of brokerage firms, transfer agents, and clearing agencies and even nation's securities self regulatory organizations (like New York Stock Exchange, the NASDAQ Stock Market, Chicago Board of Options, Financial Industry Regulatory Authority etc). This act also provides the Commission with disciplinary powers over various regulated entities and persons associated with them & include provisions for periodic reporting of certain information by companies whose shares are publicly traded. A company planning for an IPO must appoint a lead manager (book runner) who helps to determine appropriate price of shares to be issued, which can be done by either of the two methods i. e. ither through lead managers or through analysis of confidential investor demand data, which is to be compiled by the book runner known as book building process. IPO requires effective planning comprising of development of an impressive management and professional team, significant growth of company's business so have known public marketplace, available audited financial statements following Internationally accepted accounting principles, compliance's of various act, good corporate governance practices etc. Victoria & Quentin fund raise not amount to IPO but a private placement/funding in which funds can be raised not directly from public but through private investors/ merchant bankers or private equity firms on which minimum regulations are applicable & statutory provisions of an IPO are not applicable. Patent: Patent protects an invention which is novel, useful, and non-obvious. Whereas invention refers to any new article, new machine, or any process or combination thereof or any new use developed by human being but that invention must not form part of public domain nd not previously known in the public before invented. It must be new. Also that invention must be non obvious to person skilled in art. Copyright: Copyrights usually protect the works of an author like writings, music, artistic work or art work which can be expressed in tangible form. It generally gives protection to software, web, course materials, publications, electronically or non electronically, printed or non printed. Trade Mark: Trademarks gives protection to the words, names, marks, symbols, or colors etc. hich differentiate between the goods and services and direct to the source of those goods or services. Trademarks can be renewed forever to the extent they can be Trade Secret: A trade secret is an information which the organizations generally keep secret or undisclosed so as to give them advantage on their opponents/competitors. In the given instances, there is an infringement claim of patent which is design with respect to chip clip for multiple bags of potato chips & another is an infringement of Copyright & trademark when to use the words â€Å"Astroclaw†Ã¢â‚¬  similar to â€Å"Atomic Claw†. In order to make case their effective Victoria & Quentin must prove that, there is no infringement of Intellectual Property rights. They can give evidence to prove that the designs & music has already been created by them as new without copying and their claims & application filed by Gunnar & Alexander fails to serve the test of patentability. Shareholders defined as individuals or artificial legal person who issued stock/shares in a company with a view to get benefit with the hope of earning of profits by company. It is a sort of investment in ownership of company and get rights to the extent of their investment. Whereas stakeholders are the persons who impacted by the policies, rule, regulations & working of an organization. This is the broad term comprises of whom an organization directly or indirectly associated with. It referred to as somebody who has stake or interest in actions of the company at large or even small scale. This term in connection with a corporation consists of its staff, employees, customers, supplier, vendors, dealers & society in wider context. This is the term generated out of need of suitable corporate governance as well as part of corporate social responsibility. Shareholder owes fiduciary duties to minority shareholders as well as to other stakeholders comprising of society at large, means they must act in their self interest so as to maximize their profits by following corporate governance principles. I support Mr. Garfield as he is the supporter of new ideas of capitalism & believes in restructuring & revival mechanism of capitalism. He believes that instead of running a failing or loss making business, shareholders should accept beneficial proposal so as to evade compulsory winding up which impacted other business. He appears to be an ethical person when denied to take money from a widow. On the other hand, Mr. Andrew seems to be sympathetic towards employees, workers but actually he not grown up as manger & not taken any action to replace discard technology & owing to above reasons I vote in favor of Mr. Garfield as the organization runs to make profits & if an organization not works well, it must be restructured in a manner so as to maximize wealth of shareholders.

Bilingualism in the US essays

Bilingualism in the US essays Bilingualism has had a bad rap lately. Prop 227, the Unz Initiative, successfully passed removing bilingual education from California schools replacing it with English immersion. For some reason, Americans feel that only one language is necessary and that language is English only. Although the general consensus is to remove any form of bilingualism in this country, research has shown that being bilingual is not bad but is actually a good trait to have. Bilingualism is defined as people who use two languages in the course of their every day life are not identical to those people who use only one language to communicate. For bilingual individuals their two languages form a unitary whole (Valdes, 6). What that means is that anyone who can effectively communicate in two different languages is bilingual. Whats added to the definition is an aspect that creates a separation between a mere familiarity with two languages and full communicative skills in two languages. That is important because there are two kinds of bilingual people: elective bilinguals and circumstantial bilinguals. Elective bilinguals are those who choose to become bilingual by taking classes to learn a foreign language (Valdes, 12). Those are people who took French or Spanish in high school or any other form of educational environment. Circumstantial bilinguals are those who learn another language in order to survive (Valdes, 12). These are usually immigrants f rom foreign countries with different languages. The biggest difference between the two is choice. Elective bilinguals choose to be bilingual while circumstantial bilinguals have no choice. This is important because this paper focuses on circumstantial bilinguals because I will emphasize on the uniqueness of the immigrant experience and why that uniqueness should be embraced rather than shunned. Richard Rodriguez in his book Hunger of Memory writes about his experience as a second-generation Me...

Transnational Corporations Essay Example | Topics and Well Written Essays - 3000 words

Transnational Corporations - Essay Example Basically, TNCs' aggregate yearly sales would correspond to or are greater than the annual gross domestic product (GDP) of most countries. A classic example would be Itochu Corporation's sales which exceed the gross domestic product of Austria, while those of Royal Dutch/Shell run parallel with Iran's GDP. Together, the sales of Mitsui and General Motors are greater than the GDPs of Denmark, Portugal, and Turkey combined, and US$50 billion more than all the GDPs of the countries in sub-Saharan Africa (UNCTAD 1994). Because of their considerable size, TNCs are likely to control and dictate in industries where output and markets are oligopolistic, or converged in the hands of a comparatively small number of firms. The top five car and truck manufacturers are responsible for nearly 60% of motor vehicles' global revenues. The five leading oil companies account for over 40% of the industry's world market share (The Economist 1993). TNCs' operations cover the whole world; however, they are based for the most part in Western Europe, North America, and Japan. The Swiss electrical engineering giant ABB has facilities in 140 nations, while Royal Dutch/Shell digs up for oil in 50 countries, conducts refining activities in 34 homelands, and markets its products in 100 nation states. Offices of the US food processing firm H.J. Heinz cover six continents and Cargill, the US's largest grain company operates in 54 countries. Britain's major chemical firm ICI has manufacturing operations in 40 nations and sales affiliates in 150 countries (Hoover 1993). The term transnational corporation means a "for-profit enterprise" which is explicitly identified by two salient features -- 1) engages in enough business activities -- including sales, distribution, extraction, manufacturing, and research and development -- outside the country of origin so that it is dependent financially on operations in two or more countries; 2) management decisions are made based on regional or global alternatives (Hadari 1973). In essence, transnational corporations are recognised as prime components of capitalism and a most important conduit of globalisation. Globalisation, TNCs and Host Governments In this age of frenetic globalisation, the transnational corporation is indisputably the free markets' first-class and "untouchable" agent. Economically, these corporate giants dwarf the resources of many developing countries and evidently such status can be attributed to its extraordinary capacity and swift faculty to create wealth. Dubious however, is its reputation as an economic distributor, as a democratic contributor, and as a supporter of human rights in general (Letnes and Westveld 2004). These issues are specifically debatable in developing countries where some view the transnational corporation as a vehicle of development while others see it as nothing but a neo-colonial tool of exploitation. Interaction is Motive-Dependent In the face of contradictory motivations and intentions and the fact that TNCs overshadow many of the smaller economies in bargaining power (Evans 1985, 216-21; Walters and Blake 1992, 124), TNCs engage in positive dialogues with host countries economic and social conditions (especially in the sphere of human rights) -- out of either a genuine sense of social responsibility or out of respect for the market force of the spotlight phenomenon

1973 Chilean coup d'tat Research Paper Example | Topics and Well Written Essays - 750 words

1973 Chilean coup d'tat - Research Paper Example The poems of this artist were conveying the message of the dilemmas of being deep-seated in a brutal, harsh and oppressive political establishment. When he was released from custody, Zurita facilitated the establishment of group of radical artists that was against the oppressive acts of Pinochet. In his writings, Zurita rolled out the prevailing conditions that were there before the coup, during the coup and what followed after the coup. The coup was carried out three years after Salvador Allende was elected president of Chile (Zurita 25). Salvador was the person in charge of the Chilean Socialist party, and he became the first president to be elected to office through a free and fair, diplomatic election. Salvador’s government experience grave economic tribulations with very high rates of inflation and unemployment. He developed strategies that would control these problems including price con trolls and nationalization of industries and firms. He also reinstated the diplomatic relations with the neighboring countries (Zurita 29). Everything was running smoothly, and all artists including young Zurita had a lot of freedom to do all manner of arts, until Salvador appointed Augusto Pinochet as commander in chief of the Chilean army. With the help of the CIA, Pinochet plotted to overthrow the Salvador’s government through a military coup on September 1973 that left Allen de dead (Zurita 32). What followed Augusto’s victory was what Zurita responded to in his writing. The Chilean parliament was closed down, and the constitution was suspended. Further, Augusto debarred all the political actions, and the trade union agreements that existed as well as strictly muzzling the media. Augusto allotted himself as the president, and he ordered the killing of more than of Salvador supporters. Anyone who was suspected of holding liberal meetings was either suspended from their job or jailed

Journal review Essay Example | Topics and Well Written Essays - 750 words

Journal review - Essay Example There are various clinical manifestations that are similar in appendicitis and some other diseases such as acute gastroenteritis, pyelonephritis, ectopic pregnancy, and pelvic inflammatory disease etc. There is no diagnostic test for the confirmation of appendicitis but surgeon’s experience, the patient’s past record or the physical assessment help in the diagnosis. One of the major techniques used for the diagnosis of appendicitis is abdominal computed tomography scan; other techniques include ultra sound, X-ray of the kidneys, ureters, and bladder. If the appendicitis is not diagnosed by any of the technique the surgeon must diagnose it by the clinical manifestations made by the patient. If it is not diagnosed properly it may lead to life threatening effects. A patient with the risk of appendicitis must have proper nursing facilities; they should be kept in health care centers until they recover, their treatment should be looked upon on strictly i.e. antibiotic therap y in order to reduce any inflammation or septicemia. If the general practitioner thinks inflammation has occured in the appendix he must use some special techniques i.e. laparoscopically or by laparotomy in order to minimize the chances of further perforation. In a typical examination it is observed that 80% of the patients having acute abdominal pain experience appendicitis and only 20% of patients that undergo appendectomy remain safe from these pathological conditions. If this infection of appendix is not diagnosed properly it may cause perforation of appendix. It is also observed in 80% of the patients that perforation usually occurs after 48 hours of appendicitis. Untreated appendicitis may also become life threatening. Appendicitis should be properly cured or else it may lead to acute inflammation. Proper treatment should be given to patients

Town and Milton Fl. Essay Example for Free

Town and Milton Fl. Essay Physical system Human system Convince someone to move to a U. S. city of your choice, by describing the location using terms from the lesson. Be sure to include the name of the city and state you are writing about and make your response at least one paragraph in length. Part-1 1. Plymouth, England, to Plymouth, Massachusetts-3,349 miles 2. St. Louis to Ft. Clatsop near the Pacific Ocean-1,400 miles 3. Omaha to San Francisco-1,430 miles Part-2 If I had to describe the town I live in I would describe it as a little ole farm town that neighbors with a more city oriented town to the West, then two more farm towns to the North of them, and one to the East, and finally some more city oriented/beach style areas to the South. The relative location for Milton Fl. would have to be Baker Fl. they share the same type of features and style of people. Milton Fl. s a place of farm land, rivers, stream, creeks, and little restaurants in the city limits. Milton and its surrounding towns and cities share a common region of the language, characteristics, climate, and culture. Our human system is filled with all sorts of people with different characteristics and they all work in a unity to supply, fix, and protect our area. They would be trades workers like roofers, mechanics, drivers, farmers. People like our firemen and women, police, and emergency services. Part-3 I think if you are a city person then Milton is not the area for you but if you like the country with rivers in your back yard and a gator on the other bank than this is the area for you. Milton is a fun filled city but it is also filled with hard working families and animals as well. Overall Milton will be my resting place for new comers just spend some time on our river banks and farm fields and you will not want to leave.

Analysis of Cement Industry in India

Analysis of Cement Industry in India INTRODUCTION People invest in stocks to make their money grow. And to help investors identify the suitable and the appropriate way to invest, there are various modes of analysis. A number of approaches have been developed over time. One most important analytical approach among them is EIC analysis (E for economy, I for industry and C for company). EIC analysis is also sometimes referred to as Fundamental Analysis or the Top Down approach to Fundamental analysis. . In this approach, the investment decisions are taken on the basis of the strength of the economy, industry and company. The major objective of undergoing a project on EIC analysis or top down approach to fundamental analysis is to answer the question as What to buy. At economy level, fundamental analysis will focus on the economic indicators of the country to assess the present and future growth of the economy. Major economic indicators include the GDP growth rate, inflation, imports, exports, monetary and fiscal policies, foreign exchange reserves, IIP, etc. The basic assumption is that if the economy grows, companies would do well. At the industry level, apart from economy other factors like government attitude, entry barriers, competition level, threat of potential entrants, substitute products, cost structure, foreign entrants, also affect the way an industry evolves in time and hence affects the stock prices of companies in that particular industry. This industry analysis will also include Porters five force model (wherever applicable) which will give a better approach to it. The next task to be done in the project is to identify and analyze two companies i.e. ACC and Ultratech cement Ltd. For that a number of factors will be taken into consideration, say, the companys SWOT analysis and the financials of the company. Thus, on the foundation of some major factors, this EIC analysis will analyze the overall economy, industry and company which will give a clear picture and practical approach of stock identification. The second part of the project is Technical analysis which is a method of evaluating securities by analyzing the statistics generated by market activity, such as past prices and volume. Technical analysis looks at the price movement of a security and uses this data to predict its future price movements. Thus a technical analyst approaches a security from the charts. 2. ECONOMIC ANALYSIS EIC analysis is not just about balance-sheets or analysis of a companys financial performance. It is also crucial to look at the broader picture- the macro-economic factors that may directly or indirectly affect the economy, industry and stocks of the company. Economic Analysis is the First Step in a three step security analysis process. An economic slowdown has implications for the earnings and margins of companies. At economy level, fundamental analysis will focus on the economic indicators of the country to assess the present and future growth of the economy. It aims at analyzing the overall Economy and identifying the general direction, in which the economy is heading. Although there are many macroeconomic indicators that are relevant to markets, given below are some must-track-indicators GROSS DOMESTIC PRODUCT The GDP (Gross Domestic Product) growth rate is the most important macroeconomic indicator of a nations economic health. If the GDP is growing, so will economy, businesses, jobs and personal income. If GDP is slowing down, then businesses will hold off investing in new investments and hiring new employees, waiting to see if the economy will improve. If the GDP growth rate actually turns negative, then it means the economy is in a recession. Thus, on the basis of the GDP data, we can analyze the economy and interpret the future of Indias economy up to some extent. Given below is the data of real GDP growth rate from the year 2006 till the year 2010. In the year 2008, Indias GDP growing at 7.9%, was the lowest in three years and was indicative of slowdown in Indian economy. Recorded for the months of April-June 2008, Indias economic growth rate was 7.9% which was less than what it was at the same time last year. The economy had expanded by 7.6 per cent in the July to September quarter of 2008. Indias economic growth slowed to just 5.3 per cent in the last three months of 2008, its slowest pace of expansion in the last six years, as the global financial crisis took its toll on local manufacturers and farm output fell. The International Monetary Fund has forecast Indias economy to grow at 6.75 percent in 2009-10 and 8 percent in 2011-12 on the back of an expected pick-up in private consumption and investment. Indian economy grew 8.6 percent from January to March of 2010, keeping in line with governmental projections. During the quarter, mining and quarrying, manufacturing and trade, hotel, transport and communication saw year-on-year growth of 14 percent, 16.3 percent and 12.4 percent. The country strives to attain 8.5 percent growth of GDP in fiscal year 2010-2011 with the aim of realizing 9 percent growth in the following year. INFLATION Inflation is no stranger to the Indian economy. It is an increase in the price of a basket of goods and services that is representative of the economy as a whole. Inflation is an upward movement in the average level of prices. Because inflation is a rise in the general level of prices, it is intrinsically linked to money. It denotes too much money chasing too few goods. High rates of inflation can have critical effects on economy. It is characterized by depreciation in the value of money. Economists attribute a number of factors to inflation that can be broadly categorized under supply side factors like increased production costs and demand side factors like excessive demand created by tax cuts, cheaper borrowings etc. High rates of inflation can have serious consequences for the economy in general. Therefore, for governments all over the world, reducing movements of prices to a minimum is seen as a primary economic objective. The above effects can be exemplified by taking the current scenario of the Indian economy. Annual Inflation in India in May 2008 was 7.4% which was the highest since November 2004. As a result Industrial production growth declined to 8.6 % in February 2008 as compared to 11 % in February 2007. Thus, high inflationary rate is harmful because the value of the money falls, cost of living rises, reduces the value of savings, discourages future investment and savings and slows down the overall growth of the economy. The Indias economic story can be traced by seeing the general trend of inflation rate in the year 2008. In the Year 2008, RBI had revised its key rates several times to maintain the liquidity in the banking system. The lower interest rates will allow the banks to cut their benchmark lending rates, though the deposits will also see the reduction in interest rates. Lower commodity prices and crude oil prices is driving the Inflation on a downside. This will be wonderful as the lower inflation means, lower cost of credit, which drives the economy on the upside. For 2009, Indian inflation stood at 11.49% Y-o-Y. On March 19, 2010, the Reserve Bank of India raised its benchmark reverse repurchase rate to 3.5% percent, after this rate touched record lows of 3.25%. The repurchase rate was raised to 5% from 4.75% as well, in an attempt to curb Indian inflation. The inflation rate in India was 13.73 percent in June of 2010. This is because of the prices of pulses were up by 34.40 per cent from a year ago, milk by 21.12 per cent, fruits by 13.67 per cent, cereals by 5.41 per cent, rice by 6.76 per cent and wheat by 3.97 per cent. On 19th august, cheaper vegetables pull down inflation to 10.35%. UNEMPLOYMENT RATE India has been facing huge problem of unemployment and underemployment from years. Unemployment is much higher in urban areas than in rural areas and too women face the unemployment more. Various problems like enormous increase in the population, age, vocational unfitness and physical disabilities, technological and economic factors have caused this problem. Other problems also contribute towards unemployment. Several socio-economic problems like poverty, malnutrition, antisocial and criminal activities, drug and substance abuse, etc. are the result of ill effects of unemployment. Underemployment, Disguised unemployment, regional imbalances in the unemployment scenario in India are another important factor. The decline in job creation in agriculture has been identified as one of the important reasons behind the increasing unemployment in India. But players like TCS, BSNL WIPRO have announced their plan to hire more and more people in 2010. IMPORTS Indias merchandise imports witnessed a growth of 44.9 per cent during April-September 2008, and thereafter it showed a deceleration, reflecting the slowdown in industrial activities due to global economic crisis. The overall imports during April 2008-January 2009 at US$ 241.5 billion, recorded a lower growth of 24.4 per cent than 30.9 per cent recorded a year ago. POL imports during April 2008-January 2009 at US$ 82.1 billion, however, maintained broadly a similar growth of 30.6 per cent (31.9 per cent a year ago) reflecting the high pace of crude oil prices. Imports during January 2009 at US$ 18.5 billion also declined by 18.2 per cent for the first time during the current year 2008-09 so far, as against an increase of 64.0 per cent in January 2008, mainly due to sharp decline in oil imports. The overall imports during April 2008-January 2009 at US$ 241.5 billion, showed a growth of 24.4 per cent lower than that registered during the comparable period of previous year (31.0 per cent ) on account of deceleration in both oil and non-oil imports. Indias imports during March, 2010 were valued at US $ 27733 million (Rs.126175  Ãƒâ€šÃ‚  crore) representing a growth of   67.1 per cent in dollar terms (48.4   per cent in Rupee terms)   over the level of imports valued at US $ 16597 million ( Rs. 85022 crore) in March, 2009. Oil imports during March, 2010 were valued at US $ 7730 million which was 85.2   per cent higher than oil imports valued at US $   4175 million in the corresponding period last year.  Ãƒâ€šÃ‚  Non-oil imports during March, 2010 were estimated at US $ 20003 million which was 61.0 per cent higher than non-oil imports of US $ 12422 million in March, 2009. EXPORTS Indias merchandise exports, after recording a steady growth of 35.3 per cent during April-August 2008, declined in all the subsequent months so far, during the current year, viz., (-12.1 per cent in October), (-9.9 per cent in November), (-1.1 per cent in December) and (-15.9 per cent in January 2009) on account of global financial turmoil and economic slowdown. With the result, the overall exports during April 2008-January 2009 at US$143 billion increased by 12.4 per cent as compared with 24.1 per cent during the corresponding period of the previous year. Exports of labor intensive sectors such as, textiles, gems and jewelers, agricultural and allied products, ores and minerals, leather products have registered decelerated growth as these sectors have been adversely affected under the impact of demand recession, mainly in the developed regions, viz., the US and the EU. Exports in2009- 2010 is 90573 crore as compared to 66169 crore in 2008-09, hence showing a growth of 36.9%. EXCHANGE RATE Since the international business environment has no universal medium of exchange, exchange rates is a necessity for international trade. Presently, both translation and conversion of foreign currency involve the use of exchange rates. Therefore, in order to gain a more through understanding of foreign currency translation, it is important to examine the nature of exchange rates and the critical role they play in the international economy. The recent Asian currency crisis demonstrates how critically exchange rates impact economic developments. Economic factors affecting exchange rates include hedging activities, interest rates, inflationary pressures, trade imbalances, and market activities. The political factors influencing exchange rates include the established monetary policy along with government action or inaction on items such as the money supply, inflation, taxes, and deficit financing. Psychological factors also influence exchange rates. These factors include market anticipation, speculative pressures, and future expectations. MONETARY AND FISCAL POLICY Fiscal Policy Riding on the path of fiscal consolidation, in February 2008, the world economy was hit by three unprecedented crises first, the petroleum price rise; second, rise in prices of other commodities; and third, the breakdown of the financial system. The combined effect of these crises of these orders is bound to affect emerging market economies and India was no exception. The first two crises resulted in serious inflationary pressure in the first half of 2008-09. Series of fiscal measures both on tax revenue and expenditure side were undertaken with the objective of easing supply side constraints. These measures were supplemented by monetary initiatives through policy rate changes by the Reserve Bank of India and contributed to the softening of domestic prices. Additional budgetary resources of Rs.1, 50,320 crore was provided as part of stimulus package and various committed liabilities of Government including rising subsidy requirement, implementation of Central Sixth Pay Commission recommendations and Agriculture Debt Waiver and Debt Relief Scheme for Farmers contributed to the higher fiscal deficit of 6 per cent of GDP in RE 2008-09 as compared to 2.5 per cent of GDP in B.E.2008-09. The measures taken by Government to counter the effects of the global meltdown on the Indian economy, have resulted in a short fall in revenues and substantial increases in government expenditures, leading to a temporary deviation from the fiscal consolidation path mandated under the FRBM Act during 2008-09 and 2009-2010. The fiscal policy for the year 2009-2010 is continued to be guided by the objectives of keeping the economy on the higher growth trajectory amidst global slowdown by creating demand through increased public expenditure in identified sectors. Monetary policy India has rapidly integrated into the global system and has linkages with the rest of the world not just through trade channels, but also through two-way movements of capital and finance. As an integral part of a globalizing world, India cannot be expected to remain immune to a global crisis and in responding to the crisis, India has to share the uncertainty on the way forward just like the rest of the world. Both the Government and the Reserve Bank have acted to protect the economy from the adverse impact of the crisis since mid-September 2008. While the Government has announced three major fiscal stimulus packages, the endeavor of the Reserve Bank has been to provide ample rupee liquidity, ensure comfortable dollar liquidity and maintain a monetary policy environment conducive for the continued flow of credit to productive sectors. Towards this endeavor, the Reserve Bank has adopted both conventional measures such as, for example, reduction of the cash reserve ratio (CRR), as well as unconventional measures such as, for example, the dollar swap facility for banks. To improve the flow of credit to productive sectors at viable costs so as to sustain the growth momentum, the Reserve Bank signaled a lowering of the interest rate structure by significantly reducing both its key policy rates the repo rate and the reverse repo rate.   The statutory liquidity ratio (SLR) has also been reduced by one percentage point releasing funds to banks for credit deployment. In the space of just one quarter, the repo rate has been reduced from 9.0 per cent to 5.5 per cent and the reverse repo rate from 6.0 per cent to 4.0 per cent, thereby bringing down both of them to historically lowest levels. The Reserve Bank of India lowered its benchmark repurchase rate to 7.5 percent from 8 percent. At the same time the central bank also reduced the cash reserve ratio to 5.5 percent from 6.5 percent, and cut the amount of money lenders are required to keep in government bonds to 24 percent from 25 percent. But the measures taken by government and the Reserve Bank will continue to maintain vigil, monitor domestic and global developments, and restore the economy to its potential growth path. INDUSTRY ANALYSIS INDUSTRY SNAPSHOT The Indian Cement Industry with a capacity of around 125 Million Ton Per Annum (MTPA) is the fourth largest in the world after China, Japan and USA. However, the per capita consumption in the country is only around 90 kgs as compared to the world average of approx. 250 kgs. The Cement Industry is highly fragmented comprising of more than 50 players operating from more than 125 plants. The Cement Industry is cyclical and capital intensive. Cement is a key infrastructure industry. It has been decontrolled from price and distribution on 1st March, 1989 and delicensed on 25th July, 1991. However, the performance of the industry and prices of cement are monitored regularly. The constraints faced by the industry are reviewed in the Infrastructure Coordination Committee meetings held in the Cabinet Secretariat under the Chairmanship of Secretary (Coordination). Its performance is also reviewed by the Cabinet Committee on Infrastructure. The Cement Industry witnessed a slow start in the FY 2005 due to change in the Government at the centre; slow down in infrastructure spending during the transition and adversities of drought like conditions in the South and West. The subsequent regaining of momentum enabled the industry clock a dispatch growth of 7% for the full year. The Cement sector appears to be on a sustainable growth path, given the strong outlook for the housing sector and the renewed momentum in infrastructure spending. The Cement sector appears to be on a sustainable growth path, given the robust outlook in Government infrastructure spending. It is expected that the industry would grow at an average 8% annual growth in the long run. The industry has witnessed consolidation in the recent years which is likely to increase with the entry of global players. Cement being an energy intensive industry; power and coal are the major cost contributors. Logistics also form a significant portion of the cost. The looming coal shortage will not only affect the cost, but also the quality of coal. Cement prices are expected to firm up across regions in the medium term on account of a better demand- supply balance and greater consolidation. The induction of advanced technology has helped the industry immensely to conserve energy and fuel and to save materials substantially. India is also producing different varieties of cement like Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Blast Furnace Slag Cement (PBFS), Oil Well Cement, Rapid Hardening Portland Cement, Sulphate Resisting Portland Cement, White Cement etc. GROWTH PROSPECT The one Indian industry which is set for growth over the coming years is the Cement Industry. The industry is heavily dependent on 3 sectors; coal, power and transport. Energy and freight are the two major cost components. Over the last few years, while the proportion of energy cost has increased marginally, freight costs have declined. Increasing government expenditure on infrastructure sector and rising demand for commercial and residential real estate development has resulted in higher demand for cement in the country. According to a report by the ICRA Industry Monitor, the installed cement capacity is expected to increase to 241 million tones per annum by the end of 2010. It also expects that driven by higher domestic demand and increasing utilization, Indias cement industry may record an annual growth of 10% over the coming years. Taking cue of the global economic slowdown which was affecting cement companies in India last year, Governments initiative to re-impose counter-veiling duty and special counter-veiling duty this year will help provide a level playing field for domestic players. Moreover, it also appointed a coal regulator to facilitate timely and proper allocation of coal blocks to the important sectors like cement. As coal is one of the prime raw material used in cement production, this seems to be a positive move. Growth potential of cement industry can be judged by the fact that the per capita cement consumption (156 kg) in India is still well below the global average consumption (396 kg). This gap can be expected to be covered in the coming years. Besides, housing sector accounts for almost 50% of the total cement consumption in the country and the large young population will ensure that the demand for infrastructure stays put. The rising cost of energy, transportation raw material continues to pressure the industry as a whole. To sustain profitability, companies will have to explore alternate source of energy while at the same time enhance their operational efficiency. Industry experts opine that the cement industries should now increase their focus on investing adequately in developing human resources that will be capable enough to address the professional needs of construction industry including advanced technologies and construction practices, project management construction and litigation. We expect that the cement production and consumption both will grow substantially over the years. PORTERS FIVE FORCES MODEL Rivalry among Competing Firms Inter firm rivalry is very high in this sector. Reasons for this are manly large number of players in the market, intermittent overcapacity, marginal product differentiation, high storage cost and high exit barriers in the form of huge capital investment. Potential Entry of New Competitors In cement Industry technology and manpower are easily available but still entry of new firms is not that viable. This is because of huge capital investment, broad distribution network and oversupplied market. Potential Development of Substitute Products Only bitumen in road and engineering plastics in building offer some element of competition otherwise no close substitutes are popular in India. Bargaining Power of Suppliers The bargaining power of suppliers of raw materials and intermediate goods is very high. Because of monopolistic control of external cost elements i.e. coal, power, transportation and taxes suppliers are enjoying high bargaining power with the government. Bargaining Power of Consumers Rising share of retail purchase, declining share of bulk purchase by government has taken away the bargaining power of customers. SWOT ANALYSIS Strengths Second largest in terms of capacity- In India there is approximately 124 large and 300 mini plants with installed capacity of 200 million tonnes. Low cost of production- Because of easy availability of raw material and cheap labor. Weakness Demand supply gap, overcapacity- the capacity additions distort the demand supply equilibrium in the industry thus affecting the profitability. Increasing cost of production due to increase in coal prices. High interest rate on housing- increase in interest rate from 7% to 12% has resulted in slowdown in residential property market. Opportunities Increase in infrastructure projects- Infrastructure accounts for 35% of cement consumption in India. And with increase in government focus on infrastructure spending such as roads, highways and airports, the cement demand is likely to grow in future. Growing middle class- There has been a increase in purchasing power of emerging middle class with rise in salary and wages, which results in rising demand for better quality of life that further necessitates infrastructure development and hence increase yhe demand for cement. Technological changes- At present 93% of the total capacity in industry is based on modern and environmental friendly dry process and only 7% is based on old wet and semi dry process technology. The induction of advanced technology has helped the industry immensely to conserve energy and to save materials substantially and hence reduce the cost of production. Threats Excess overcapacity can hurt margins as well as prices. COMPANY ANALYSIS ACC LIMITED Established in 1936, has been a pioneer and trend setter in cement and concrete technology. A prominent overseas presence and figuring on the elite list of consumer super brands of India but most importantly acc has been amongst the first Indian companies to make environment protection as cornerstone of its corporate objectives. The historic merger of ten existing companies has led to the established of acc- melding into a cohesive organization in 1936. It offers the services of ready made concrete and consultancy services. This company is listed by Bombay stock exchange, National stock exchange and in London. During year 2007 company acquired 100% equity stake in Lucky Minmat Private limited for Rs 35 crores and also acquired 43% stake in Shiva Cement Limited. Meanwhile the company divested its entire equity shares in Almatis ACC limited to the Almatis group. The overseas contact with YANBU Cement Company in the kingdom of Saudi Arabia is successfully ongoing relationship from last 28 years and has been renewed up to Feb 28, 2011. The companys various manufacturing units are backed by a central technology support services centre the only one of its kind in the Indian cement industry. ACC has rich experience in mining, being the largest user of limestone. As the largest cement producer in India, it is one of the biggest customers of the domestic coal industry, of Indian Railways, and a considerable user of the countrys road transport network services for inward and outward movement of materials and products. The company has developed comprehensive expansion plans to meet the requirement of its agenda for growth with a view to attain leadership position in the cement industry, for that company made a project for augmentation of clinkering and cement grinding. Also it implements projects for augmenting grinding capacity at Madukkaria by 0.225 MTPA and New Wadi at 0.60 MTPA. Ready mix concrete business has been identified as area of strategic priority. ACC commissioned a Wind Energy Farm in Tamil Nadu to promote clean and green technology. The company foresees substantial scope for growth of this business in India. The company actively promotes the use of alternative fuels and raw materials and offers total solutions for waste management including testing, suggestions for reuse, recycling and co-processing. When we look at the values that are obtained using the DCF and the stock prices we can say that the prices of the companies stock are mispriced to a large extent. The intrinsic values for four consecutive years turned out to be negative which means that the shares are highly over priced. The investments in these stocks are very risky. ULTRATECH CEMENT Ultratech Cement Limited (UltraTech) is India-based one of the largest cement manufacturing company. UltraTech Cement was incorporated as a public limited company on 24th August 2000, as LT Cement Limited a 100% Subsidiary of Larsen Toubro Limited. The name of the Company was changed to UltraTech CemCo Limited with effect from 19th November 2003. The name of the company was again changed to UltraTech Cement Limited with effect from 11th October 2004. UltraTech Cement has an annual capacity of 18.2 million tones. It manufactures and markets Ordinary Portland Cement, Portland Blast Furnace Slag Cement and Portland Pozzalana Cement. It also manufactures ready mix concrete (RMC). The company has five integrated plants, six grinding units and three terminals- two in India and one in Sri Lanka. It is the countrys largest exporter of cement clinker. The export marketspan countries around the Indian Ocean, Africa, Europe and the Middle East. The company has an annual cement production capacity of 18.2 million tones. It is a subsidiary of Grasim Industries Ltd. The company operates two subsidiary companies namely, Dakshin Cement Limited and UltraTech Ceylinco (P) Limited. The company is headquartering at Mumbai in India. The company reported revenues of (Rupee) INR 66,643.30 million during the fiscal year ended March 2009, an increase of 16.43% over 2008. The operating profit of the company was INR 13,678.20 million during the fiscal year 2009, a decrease of 9.73% from 2008. The net profit of the company was INR 9,780.60 million during the fiscal year 2009, a decrease of 3.17% from 2008. According to the analysis done by DCF model the value of the share are 1403.89. five year daily data has been taken for the analysis. RISK ANALYSIS A risk analysis involves identifying the most probable threats to an organization and analyzing the related vulnerabilities of the organization to these threats. In quantitative risk analysis, an attempt is made to numerically determine the probabilities of various adverse events and the likely extent of the losses if a particular event takes place. Qualitative risk analysis, which is used more often, does not involve numerical probabilities or predictions of loss. Instead, the qualitative method involves defining the various threats, determining the extent of vulnerabilities and devising countermeasures should an attack occur. NOTE: The values given in the above tables are calculated for the daily data taken for a period of 5 years for both the companies and the BSE Index (1st January 2006 31st January 2010) ANALYSIS: From the values in the average return, variance and standard deviation we can understand that the return in cement industry was negative for an investor who invested his money in those stocks for that particular period. The risk associated with Ultratech company stock is very high as it has very high standard deviation and variance when compared to the other company ACC Cement. The standard deviation and variance of Ultratech stock are greater than that of Index. Risk Analysis: To analyze the risk associated with a stock we have calculated 3 parameters. Beta, Sharpe and Treynor à ¯Ã‚ Ã‚ ¢ (Beta) Co-efficient (A Measure of Systematic Risk): The beta is a measure of systematic risk or Non-diversifiable risk. The beta of a stock measures the sensitivity or volatility of the stock with reference to a broad based market index, e.g. SENSEX in India. Sharpes Measure of Performance: Sharpe Measure measures the risk Premiums of the portfolio (average portfolio return less risk free return) relative to the total amount of risk in the portfolio (standard deviation of the portfolio). It is also called reward-to-variability ratio. The Sharpe ratio tells us whether a portfolios returns  are due to smart investment decisions or a result of excess risk. The higher the Sharpe ratio for a portfolio, the better the portfolio has performed. Treynors Measure of Performance: The Treynor measure is a relative measure of performance for investment managers and measures the return premium per unit of systematic risk (risk that cannot be diversified) as measured by the beta or relative volatility of the portfolio. While a high and positive Treynors Index shows a superior risk-adjusted performance of a fund, a low and negative Treynors Index is an indication of unfavorable performance. It is also called reward-to-volatility ratio. Analysis: Rf: The risk free return taken is a government treasury bill which has a return of 8% per annum. When we compare the movemen