The Externalities of Petroleum Sector in Saudi Arabia Term Paper

The Externalities of Petroleum Sector in Saudi Arabia - Term Paper Example The production of petroleum accounts for one of the most environment-polluting activity around the globe which results in adverse side effects on the environments ability to support life. The same activity, however, accounts for the greatest revenue generating activity for major oil producing countries of the world including Saudi Arabia. The production of petroleum thus can be said to impact both positively and negatively on both people and the environment. Saudi Arabia is the leading oil producer and exporter in the world. With its petroleum-based economy, Saudi Arabia’s oil accounts for about 75% of the government revenues and 90% of the country’s total exports. The petroleum sector in Saudi Arabia contributes about 45% of the country’s Gross Domestic Product compared to the 40% contribution by the private sector (Alshehry and Belloumi, 2015). The Per Capita GDP in the country is estimated at $20,700. Despite the efforts for diversification in the petrochemical sector, the economy of the country remains highly dependent on oil in the second decade of the 21st century. As of 2011, Saudi Arabia produced approximately 10.782 million barrels of petroleum daily with a greater portion being exported. Domestic consumption of oil to generate electricity has been on the increase over the years. The country has the largest crude oil reserves in the world that account for about 18% of the world reserves as reported by the O rganization of Petroleum Exporting Countries. Saudi Arabia can economically be said to be a rentier state given that it depends on externally generated rents as opposed to the surplus production of its population. The categorization of the country as a rentier state is evidenced by the percentage of its petroleum rents in terms of total government revenues. As a rentier state, the rent-seeking behaviour is characteristic that cuts commonly across the public and private sector (Al-Thukair, Abed and Mohamed, 2007). The

The Human Society and its Environment Essay Example for Free

The Human Society and its Environment Essay Environment (HSIE) syllabus has a two-pronged objective that seeks ultimately to help scaffold students in their development both as persons and as citizens of local and global communities. It seeks to give them a sense of identity, and this involves an understanding of how their talents and opinions are relevant in their society. Research has shown that students (as human beings) develop, not in an isolated context or in a vacuum, but within the context of the family, community, and society in which they live (Panofsky, 2003, p. 411, Azmitia, 2002, p. 355). Therefore, allowing students to feel themselves true citizens of their society is an important aspect of creating identity and participation, according to the ideas of Vygotsky, Dewey, and Gibson, is therefore a key factor in learning (Rahm, 2002, p. 164; Wong Pugh, 2001). Separated into four strands (introduction, rationale, aims and objectives, and an overview of learning in HSIE), the syllabus’ introductory pages demonstrate how its objectives can be addressed in a classroom setting. Each strand clearly outlines how knowledge will be of benefit to the student and by extension to society. In fact, much thought and effort has been placed into determining the individual outcomes of particular aspects of the HSIE content. Though the syllabus is not particularly explicit about how these goals are to be achieved, nor does it clearly define the ideals of citizenship, it does give the teacher enough direction to facilitate the proper delivery of the information. A detailed look at the formulation of the goals in these introductory pages will demonstrate that the syllabus, though not explicit, is adequate in its explanation of how its aims are to be achieved. It will also present a view the interconnected aspects of the syllabus and how essential each is to the achievement of HSIE’s major goals. The introductory pages of the syllabus indicate that some of its content is taken from research into the thought processes of the children (Human Society and its Environment K-6, 2006, p. 9). Its writers have considered the fact that children might think differently about such issues than adults do, and have suggested suitable ways of teaching. This indicates that the syllabus intends to address how students are to be taught the material. The syllabus also indicates that the effective classroom practices of many previous teachers have informed its content, and this too indicates that effective strategies for instruction are to be included in the text of the syllabus. It appears that the strategies will involve equipping teachers with the tools necessary to create a classroom atmosphere in which students go beyond the level of hearing or reading the information to the level at which learning becomes an experience. It implies that teaching should begin on a plane with which the child is familiar and then branch of to less familiar areas, thereby building on schematic knowledge and making connections that allow them to assimilate the information gained (Human Society and its Environment K-6, 2006, p. 7). Though the explanation does not clearly delineate how the will be achieved, it is a promise that the syllabus itself will provide more explicit information on how to do this. Another way in which the introduction to the syllabus promises to demonstrate how to achieve its goals is in its deliberate organisation to allow for depth of understanding by its readers. It not only categorises the content according to the knowledge, values, and skills students ought to take from the class, but it further breaks down these areas, creating in effect a checklist of goals that teachers can try to incorporate into the planning of each lesson (Human Society and its Environment K-6, 2006, p. 8). It suggests to a certain extent the different aspects of the subject that the teachers are meant to emphasise. The goals are explicitly defined, though methods are not. Therefore, though details are not given as to how teachers should teach the lesson, this may mainly be seen as a method of allowing the creativity of each teacher to surface. The syllabus’ introduction appeals to the creativity of the teacher in its conciseness, yet does offer some direction through the thorough way in which the goals are dealt with. For example, though it does not suggest tasks that students should be made to perform in learning about the transmission of culture, it clearly states a number of ways through which culture transmission can be achieved (Human Society and its Environment K-6, 2006, p. 10). Another example is in the reference to the students’ gaining a sense of identity through their environment. The syllabus points toward learning the use of globes, diagrams, maps, and other tools that give direction and perspective about the local and global environment. Though it does not expressly tell how to teach the lessons that incorporate them, it does demonstrate that their use will aid in the achievement of the overall aims of the HSIE syllabus. The syllabus demonstrates a connection among its three main aspects and among the content from different disciplines that make up each of these parts. It argues that knowledge/understandings, skills, and attitudes/values are related in such a way that the student cannot be expected to fully grasp the ideas being presented them unless they have an adequate grasp of each of the areas (Human Society and its Environment K-6, 2006, p. 10). The knowledge provides a basis for students to gain appreciation for themselves and others, as well as for their societal groups. They are able to gain perspectives on cultures, systems, the environment, and historical facts on how these systems came into being. A key factor that contributes to the interrelatedness of the syllabus’ content is the fact that all knowledge cannot be acquired within a classroom setting. Along with exposure to this knowledge comes a similar exposure to the tools and skills that will allow students opportunity to acquire more knowledge on their own. It is to be noted that according to Howard Gardner, people have different ways of perceiving the world (Mbuva, 2003) and should learn different skills that allow them to use their own type of intelligence. All these skills allow for participation, investigation, the ability to identify biases, and the use of higher- and lower-order thinking skills. Yet the knowledge gained through these methods cannot, by itself, lead to understanding without a suitable way of processing it (State of NSW, 2003, p. 7). According to A classroom practice guide published by the Department of Education and Training of the State of New South Wales, the difference between deep knowledge and deep understanding lies in the assimilation of content that defines students’ learning (2003, p. 7). Quality instruction blended with the attitudes and values that students are desired to learn will grant them a way of processing the knowledge that they gain through classroom and out-of-class lessons (Human Society and its Environment K-6, 2006, p. 13; 2003, p. 7). They allow students to see what use they can make of the knowledge that they gain about themselves, others, their history and their environment. It inculcates a level of respect for other cultures and allows them to develop a sense of societal responsibility. Because, for example, the student understands how the society and its governmental systems work—why each part is necessary—he or she is able to appreciate the need to become a good citizen and to preserve the civilisation which he or she has inherited (Harris, 2001, p. 3). The student, being cognisant of the struggles that ancestors have gone through to create the society, will further respect and honour the traditions that have been passed down. Further historical and cultural studies will also grant respect for other cultures within the Australian society and those of the rest of the world. Students will be able to have respect for the differences between theirs and Aboriginal cultures, and this will enhance their citizenship as they will learn how to treat those citizens whose actions might portray differences to their own (Human Society and its Environment K-6, 2006, p. 13-14). After considering how each aspect of the syllabus relates to the others, it becomes evident that all sections are necessary to the complete education of the student in HSIE. Though the student might have the resources that contain knowledge, they will not be able to access that knowledge without skills that allow them to tap such repositories as the library, internet, and even textbooks. Even once this knowledge is gained, it is necessary that students be able to process it in order to turn that knowledge into understanding and into good citizenship, which is the reason usually cited for teaching HSIE (Reynolds Lewis, 1995, p. 3). Another important aspect of HSIE is to transform students into lifelong learners. All parts of the HSIE learning programme are necessary in order to add meaningfulness to the sense of knowledge acquisition so that students might consider it necessary and worthwhile to use their skills continually to gain knowledge for the betterment of society. It is often problematic that teachers have the ability to make value judgements about particular outcomes of lessons. Students often place high value on teachers’ preferences and pay keen attention to how teachers speak and feel about certain topics. However, teachers may use their influence to an advantage. Demonstrating openness especially to diversity of culture and frowning upon intolerance especially as it regards other people’s values and belief systems will help create a more tolerant class and ultimately a more tolerant society. Related to this is the fact that students will become more exposed to different religions and political views—a situation that might offer some discomfort to parents. It is important that parents be assured that culture sensitivity and tolerance (and not indoctrination) are the main goals of this kind of education. Human Society and its Environment attempts to delineate the different facets of societal groups, show how they connect with each other, and demonstrate to the student how he or she fits within one or all of them. It desires to show the variety of organisations that exist, how these organisations work, and how students with varied interests can become a part of them. It also involves the inculcation of the individual’s debt and responsibility to society—lessons that can be learned through history, environmental, and civil education. The syllabus connects three perspectives: knowledge/understandings, skills, and attitudes/values which students master through the acquisition of low- and high-order thinking skills. Yet all these facets depend upon the provision of quality instruction in a quality learning environment in order to produce deep understanding (State of NSW, 2003, p. 10). References Azmitia, M. (2002). â€Å"Interpretative reproduction: a tool for unpacking the sociocultural dynamics of development. † Human Development. Vol. 45, 355-359. Harris, C. (2001). â€Å"Curriculum control: at what cost to teachers? † AARE Annual Conference 2001. Notre Dame University. Retrieved 3rd August 2006 Available: http://www. aare. edu. au/01pap/har01535. htm Human Society and its Environment K-6: syllabus. (2006). Board of Studies, HSW. Sydney. www. boardofstudies. nsw. edu. au

Investigating Alcoholic Fermentation and the Affects of Yeast on Dough :: essays research papers

Biology Lab Report Investigating Alcoholic Fermentation and the Affects of Yeast on Dough Aim: The aim was simply to investigate whether or not yeast had any affect on causing dough to rise when baked and to experiment with alcoholic fermentation eg. to see if it gave off carbon dioxide. Introduction: Following a few weeks of fermentation theory, groups of three to four were assigned and told to conduct a series of experiments involving the affects of fermentation. My group consisted of myself, Won Jin, Brendan and Sun-Ho and we chose to investigate alcoholic fermentation and the affects of yeast on dough, more specifically to see if yeast caused the dough to rise in anyway. We followed the instructions in our biology textbook on page 129. Hypothesis: According to what I’ve learned, I would expect that the yeast does indeed cause the dough to rise due to the carbon dioxide gas given off by the yeast. For our alcoholic investigation, I can safely assume that carbon dioxide will be given off as the formula for anaerobically respiration in alcoholic fermentation for turning glucose into alcohol is [ Glucose -> Alcohol + Carbon Dioxide + Energy ] so obviously Carbon Dioxide is a part of this. Also I assume that the fermentation will give off heat and the sugar will probably be turned into alcohol. Materials:  Ã‚  Ã‚  Ã‚  Ã‚  ca. 100 g flour   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Water   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Yeast   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  10 per cent solution Glucose   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Liquid Paraffin   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Four Test Tubes   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Lime Water (Used as an indicator) Practical: Our first experiment was to see if yeast impacted dough in anyway and to do this we brought in supplies such as flour and yeast. We followed the instructions and made three groups of dough. For each group we added 50 g of flour and added a little bit of water while mixing it. Due to my lack of â€Å"kitchen skills† I had to throw away my first two attempts, as they had gotten too sticky. But like they say, third time’s the charm and we finally made suitable dough. We mixed warm water and yeast together in a bowl and added about 10 g of sugar, which is necessary for the dough to expand. We split the dough into two smaller mounds and added the yeast solution with only one of them to see the difference of dough with yeast and dough without yeast subjected to the same conditions to analyse the difference. We placed both mounds of dough on top of a windowsill where we would leave it for an hour.

Nicotine as a Means for Weight Control Essay -- Smoking Tobacco Diet P

Nicotine as a Means for Weight Control: Tobacco drieth the brain, dimmeth the sight, vitiateth the smell, hurteth the stomach, destroyeth the concoction, disturbeth the humours and spirits, corrupteth the breath, induceth a trembling of the limbs, exsiccateth the windpipe, lungs, and liver, annoyeth the milt, scorcheth the heart, and causeth the blood to be adjusted." Tobias Venner Via pecta ad vitam Longam, 1693 (Fielding, 1992) Introduction: Since around the 1950's-60's, smoking has been a target of attack for the scientific community and rightly so. Smoking, as well as other forms of tobacco use, has been proven to be linked with serious health problems and diseases such as lung cancer and emphysema. Research has become so extensive that actual causal and not simply correlational relationships have been proven. Yet, smoking remains the number one preventable cause of premature death and disability in theunited States (390,000 death per year.) (gopher:flminerva.acc.Virginia:70/00/p ... ubstancetfacts/substance/drucl/tobacco.txt.) So after all the negative evidence of smoking and other uses of tobacco products, why do people insist on continuing? The presence of a substance called nicotine partly answers this question, Nicotine effects in tobacco products are associated with addiction, tolerance, and motivation reasons for use. One motivation less focused on but none the less very important is the use of nicotine as an ap petite suppressant. Many people, especially young women, associate nicotine with weight loss and dietary control. Two questions arise: Is the claim that nicotine as a means to control weight grounded in factual evidence, or rather the product of an image portrayed by the tobacco industry?... ...nce Abuse, 5, 391-400. Richmond RL- Kehoe L-, & Webster IW. Weight change after smoking cessation in general practice. Medical Journal of Australia, 158, 821-2. Schwid SR., Hirvonen MD., & Keesey 13E. (1992). Nicotine effects on body weight a regulatory perspective. American Journal of Clinical Nutrition, 55, 878-84. Seah Mi., Raygada M., & Grunberg NE. (1994). Effects of nicotine on body weight and plasma insulin in female and male rats. Life Sciences. 55, 925-31. Winders SE., Dykstra T., Coday MC., Amos JC., Wilson MR>, & Wilkins DR. Use of phenylpropanolamine to reduce nicotine cessation induced weight gain in rats. Psychopharmacology, 108, 501-6. Winders SE., Wilkins DR. 2d, Rushing PA., & Dean JE. (1993) Effects of nicotine cycling on weight loss and regain in male rats. Pharmacology, Biochemistry & Behavior, 46, 209-13.

The “hongs” or Trade Houses of Hong Kong

Hong Kong, the pearl of Asia has been the center of trade and finance in Asia since the early 20th century. In a short history of about 150 years, Hong Kong has become the source of growth for many nearby economies. In a certain sense, it can be even said that it is a merchant city founded and managed by Traditional â€Å"hongs† or trade houses of Hong Kong were the pillar of the economy. Jardine Matheson and Hutchison were major hongs that led the economy and the Hong Kong & Shanghi Bank were the financier of these hongs and has today grown to become one of the largest bank in the world. These firms were the critical factors of the growth for Hong Kong's economy. Their role however has changed overtime. They are no longer the de facto leaders of Hong Kong as they were in the mid 1800's. Their role has diminished as Hong Kong grew to become more international, and the 1997 handover to the People's Republic of China has further altered their position. Some hongs that adapted well to the changing times prospered while others either The territory of Hong Kong is located at the mouth of the Pearl River, a little southwest of the Guangdong Province of the PRC. Hong Kong was ceded to the British after the Opium War in 1842. Many believe that the British hongs were behind lobbying the British government into fighting the Chinese Government and the settlement of the island. Kowloon was annexed in 1860, and the New territories were leased for 99 years in 1898. In 1984, the British and the PRC government agreed that Hong Kong as a whole would return to Chinese soverienty in 1997. However, a system of one country two systems were also agreed upon where Hong Kong would retain its status as a free port, with it's laws remaining unchanged for 50 years. It's main mphasis is to preserve Hong Kong's laws and economic freedom, thus to enhance the position of Hong Kong as a economic center. The Large British owned hongs were originally trade and warehouse companies established by the British in the early days of Hong Kong colonialism, they have since grown in to major commerical conglomerates. They hold interest in cargo handling, manufacturing, real estate, and even retailing. They are the engine of the Hong Kong economy. Since Britain took over the port city in 1842 to use as a gateway to the Chinese markets, the business of Hong Kong had been business, and the power was eld by the hongs. The first traditional hong was the Jardine Matheson. It was once seen to be more influential than the colonial government but nowadays it has become a minor player compared to Li Ka Shing's Hutchision Whampoa. Li Ka Shing, the Chairman or â€Å"Taipan† of Hutchision Whampoa, became the first Chinese to own a traditional hong. Li's drive and business ability helped foster Hutchision into a global conglomerate. Hong Kong Bank grew from a small trader's bank into one of the Jardine, Matheson & Co. was founded by 2 Scottish merchants, William Jardine and James Matheson in Guangdong in 1832. It was an opium trader that were the pioneers into the China trade. Eventually James Matheson takes control from 1836. It played a key role in the founding of Hong Kong and became the first to purchase land from the colonial government in 1842. Jardine expanded into other trade products in other Asian countries like Japan and South East Asian countries and also enters the ship/cargo handling industry and the real estate business. After World War II, Jardine moved their head office from Shanghi back to Hong Kong and it offically goes public in the Hong Kong Stock Exchange in 1961. The 1970's saw Jardine orming many ventures and aquisitions such as the joint venture with the Robert Fleming of UK to create the Jardine Fleming & Co. , a holding company the aquires many foreign and local firms and diversifies Jardine's business. The mid- 1980's saw some mismanagments and misguided aquisition especially after the 1984 Sino-British announcement on the return of Hong Kong. Jardine wanted to diversify more abroad in fear of the Chinese takeover because their relations with the PRC was not good. It aquired the British construction giant Trafalgar House and ther various retail chains in Europe o that Jardine could emphasize more in Europe, but these investments would turnout to be disappointing in the future. The current taipan, or CEO is Alasdair Morrison. He has tried to undo many past mistakes and to rejuvenate the 160 year old hong. Morrison has sold off many losing companies and has a greater emphasis on profitability. The management has been changed to more aggresive and experienced managers such as Ronald J. Floto who previously worked as Kmart Corp. and is known for his turn-around ability. But most importantly, Morrsion has been trying to improve ties with Beijing. He realises that the China market as an indespenable location and has tried repeatly to mend the differences made by the previous Today, the Jardine Matheson group is a multinational enterprise that operates in over 30 countries and employs some 160,000 people. It is divided into eight core companies : Jardine Pacific(general trading), Jardine International Motors(Car dealership), Jardine Fleming, Jardine Lloyd Thompsion(Insurance), Jardine Strategic, Dairy Farm(supermarket and convenience stores), Hong Kong Land(Commerical property), and the Mandarin Oriental(luxury hotel chain) . Last year's sales were US$11. 2 billion and a operating profit of US$190 million was made. The profits fell 34% from last year, and share prices have fallen almost 60% since it moved its primary listing from Hong Kong to Singapore. The main problem with Jardine is that it needs to use its large cash resources to boost market shares in existing profitable businesses and make aquistions in core business while assests in Asia are still cheap from the Asian crisis. It also needs to refocus on Asia, because it is where it's main expertise and connections are, but the controlling family, the Keswicks with nly a 4. 9% share are reluctant to invest heavily back to Asia and especially China. The Keswicks have held control through cross ownership to build a financial defense against hostile takeovers. Li Ka Shing has tried but failed to take over Jardines in 1988 but many still believe that Li has not given up but is rather waiting for an opportunity. Although the current taipan, Morrison is trying to shape up Jardine again, many are doubtful as long as the Keswicks still retain the controlling shares. Jardine Matheson has had a astonishing past, but many fear that the golden days of the past John D. Hutchison Company was founded in 1828. Being one of the first major traditional hongs in Hong Kong, it had made vast investments in port facilities and other infrastructure projects in the colony. In the 1960's, in an effort to revitalize the hong, John Douglas Clague, the last British CEO of Hutchision made huge investments in not only in Hong Kong but It reoragnized itself to the Hutchision International and up til the early 1970's, many believed that Hutchision would indeed make a comeback as a dominant firm in the colony. However, losses started to occur from 1973, and being overstretched and hort in liquidity it lost the favors from its investors and creditors(most importantly the Hong Kong Shanghi Bank). Eventually the Hong Kong Bank would step in to take up 33% of Hutchision International and within 2 years merge with a subsidary, the Whampoa Dock Company and create the Hutchision Whampoa. Hong Kong Bank was looking for a suitable investor to take over the pre-opium war hong and eventually they chose a rising real estate tycoon, Li Ka Shing. There are many reasons that Hong Kong Bank chose Li Ka Shing, but two reasons stand out the most, His reputation as a honest nd able businessman and his contacts with the government in Today, Hutchison Whampoa has grown into one of Hong Kong's largest blue chip companies with over 70,000 employees worldwide. The Group operates five core businesses : Property Development and Investment, Ports and related services, Retailing and manufacturing, Telecomminications and Media, and Hutchison Whampoa Property develops residential and commerical properties for sale and lease. Its portfolio includes some of Hong Kong's largest private housing projects and several landmark developments in the Mainland. The group's expertise in port investment and management stems form its pioneering operations in Hong Kong. Its port operations arm, Hutchison International Port Holdings, is now exporting its professional experience and expertise to ports in different Watsons operates three of Asia's most innovative retail chains:Park'N Shop supermarkets, Watson's personal care stores, and Fortress, selling domestic electrical appliances. The manufacturing division produces and distributes a wide range of food and beverages throughput Hong Kong, the mainland and other Hutchison Telecom operates a wide range of intregrated elecommunications services worldwide and is one of the world's major providers of mobile communications The Group has major shareholding in Cheung Kong Infrastructure, which holds interests in infrastructure and related businesses, and power plant projects such as the Hong Kong Electric. It is the sole supplier of electricity to Hong Kong Island. Husky Oil, is one of Canada's largest privately owned oil and gas For the fiscal year ending in December 31 1998, The Hutchison Whampoa Group had a net profit after tax of HK$8. 7 billion. It was lower than HK$12. 2 billion from 1997. The Asian crisis which rought on pressures on the entire Asian region. It experienced a period of unprecedented asset and price deflation coupled with severe recessionary conditions. These conditions had the hardest impact on the Property/Development and Retail/manufacturing operations of the group in 1998. Li Ka Shing's another main weapon in Asian business is his strong ties to the Chinese Government. He has been favored since being the first Chinese to take over a western hong in the late 1970's. He also played a large role in the transition period for the `97 handover of Hong Kong. Currently he has a trong influence in the policies that effect Hong Kong both through his contacts with Beijing and the Chief executive, Tung Headquartered in London, HSBC holdings is one of the world's largest banking and financial services organizations. The HSBC Group's international network comprises more than 5,000 offices The HSBC Group is named after its founding member, The Hong Kong and Shanghi Banking Coporation limited. Hong Kong Bank, as it is known for short, was established in 1865 to finance the growing trade between China and Europe. The inspiration behind the founding of the bank was Thomas Sutherland, a Scot who was then working as the Hong Kong Superintendent of the Peninsular and Oriental Steam Navigation Company. He realised that there was considerable demand for local banking facilities in Hong Kong and the China coast and he helped to establish the bank in March 1865. Then, as now, the bank's headquarters were at 1 Queen's Road in Hong Kong and a branch was opened in April 1865 in Shanghai. Throughout the late nineteenth century and the early twentieth century, the bank established a network of agencies and branches based mainly in China and South East Asia but also with epresentation in the Indian sub-continent, Japan, Europe and North America. In many of its branches the bank was the pioneer of modern banking practice. From the outset, trade finance was a strong feature of the bank's business with bullion, exchange and merchant banking also playing an important part. Additionally, the bank also issued notes in many locations throughout the Far During the Second World War the bank was forced to close many of its branches and the head office was temporarily moved to London. However, after the war the bank played a key role in the reconstruction of the Hong Kong economy and set about further iversifying the geographical spread of the bank. The post-war political and economic changes in the world forced HongkongBank to analyse its strategy for continued growth in the 1950s. The bank diversified both its business and its geographical spread through acquisitions and alliances. However, the bank remained committed to its historical markets and played an important part in the reconstruction of Hong Kong where its branch network continued to expand. In 1965 the bank purchased a controlling interest in Hang Seng Bank, which had been established in Hong Kong in 1933. By the 970s the policy of expansion by acquisition of subsidiaries with their own identities and specialisations was firmly in During the 1980s the bank concentrated on moving into those markets where it was not yet fully represented. Hongkong Bank of Canada was established in 1981 and HongkongBank of Australia Limited in 1986. In 1987 Marine Midland Bank, based in New York State, became a wholly owned member of the Group and its principal subsidiary in the United States. HSBC Holdings plc, the parent company of the HSBC Group, was established in 1991 with its shares quoted on both the London and Hong Kong stock Already almost two years have passed since the handover Hong Kong to the PRC. It is hard to judge the impact of the handover to the Hong Kong economy, due to the Asian Financial Crisis in 1997. What is definite however is that Hong Kong has suffered a difficult 1998 and is still in the process of recovering. The good news is that the fallen prices of 1997 got rid of a lot of the bubbles that was being accumulated in the territory. Large landowners like Li may have had some losses but 1999 saw the economic prices and activities picking up again. Many say that the worst is over and that recover is in process. Already land prices have recovered a lot of its losses during the 1997-8 The problem in the territory is more a political one. Many incidents have brought attention to the problem of implementing the â€Å"one country, two system† policy, which is fundamental in the Hong Kong Basic Law and which will guarntee the independent governing of Hong Kong. The main attraction that has made Hong Kong what it is today is it's efficiency and lassie faire approach of the government. If the mainland interferes too much in Hong Kong, it status will decline as the international free port city that has made it so prosperous.

A Guide to Similes vs. Metaphors - Freewrite Store

A Guide to Similes vs. Metaphors - Freewrite Store A picture is worth a thousand words. It’s an old saying that means you can convey a lot of information with a single image.  As a writer, you generally don’t have the benefit of imagery to go along with your words, so instead, you need to find simple and effective ways to paint vivid mental pictures for your readers. Ideally, you want your writing to be richly descriptive without using long-winded explanations. One way to do this is with the use of similes and metaphors. Both are ways of describing something by comparing it to something else, but there’s one subtle difference: A simile is when you say something is like something else. A metaphor is when you say something is something else. The best way to understand each method is to examine some examples. Similes â€Å"All at once he sprang into jerky agitation, like one of those flat wooden figures that are worked by a string.† (from Lord Jim by Joseph Conrad) Remember those toys? Their limbs had joints at the shoulders, elbows, hips and knees. One pull on the string dangling down from their back would cause their arms and legs to fly in all directions. By applying this mental image to a human body, you can clearly picture the action that Joseph Conrad was describing. â€Å"By this time Scarlett was boiling, ready to rear like a horse at the touch of a strange rough hand on its bridle.† (from Gone With The Wind by Margaret Mitchell) Margaret Mitchell could have said â€Å"Scarlett was very angry,† but by comparing her to an easily-startled horse, she has conveyed the explosive nature of the emotion simmering just under the surface, ready to burst out at the slightest provocation. â€Å"The guinea pigs, awake and nibbling, were making a sound like that of a wet cloth rubbed on glass in window-cleaning.† (from Arrowsmith by Sinclair Lewis) Anyone who has cleaned a window knows the distinctive noise that comes from the friction of a damp cloth on the glass. This quirky simile makes the sentence much more interesting than if Sinclair Lewis had merely said the guinea pigs were squeaking. â€Å"I had no choice but to hobble like an off-balance giraffe on my one flat, one four-inch heel arrangement.† (from The Devil Wears Prada by Lauren Weisberger) The use of a giraffe in this simile is perfect because it’s so easy to picture its long, gangly legs, and the way that a baby giraffe struggles to control its limbs when it first gets up after being born. As you can see from these examples, the object that the writer uses as a comparison is something that is easily identifiable to the reader, and that creates a distinct mental image, engaging the reader’s memory and imagination. Metaphors â€Å"Life is a highway.† (from the song by Tom Cochrane)â€Å"Life is a rollercoaster.† (from the song by Ronan Keating) Obviously, life is not actually a highway or a rollercoaster, but both these metaphors convey the fact that life is a long, twisting journey that has highs and lows. Both highways and rollercoasters conjure up images of adventure, excitement, fear, elation, beginnings and destinations. They’re both something that you travel on, and they present you with diverse experiences along the way. For comparison, the movie Forrest Gump contains the famous simile, â€Å"life is like a box of chocolates.† â€Å"Love is a snowmobile racing across the tundra, and then suddenly it flips over, pinning you underneath.† (from Matt Groening, The Big Book of Hell) While comparing love to a snowmobile crash might seem an unusual metaphor, it’s an effective one. It’s suggesting the rush and the exhilaration as you speed across the snow is much like the joyous out-of-control feeling when you fall head over heels for someone. Then, before you know it, the shock of commitment hits and suddenly you feel trapped. â€Å"Mr. Neck storms into class, a bull chasing thirty-three red flags." (from Speak by Laurie Anderson) While Mr. Neck isn’t really a bull, the imagery of him acting like one is highly evocative – wild eyes, flaring nostrils, huffing and puffing, each of his thirty-three students a red flag causing his rage. â€Å"‘Life,’ wrote a friend of mine, ‘is a public performance on the violin, in which you must learn the instrument as you go along.’† (from A Room with a View by E.M. Forster) If you’ve ever listened to a novice violinist, you’re probably familiar with the painful screeching noise that often accompanies their early attempts at music. The violin is notoriously hard to learn and can take many years to master, but the results can be glorious if you put enough work in, which makes it an excellent metaphor for life. â€Å"What light through yonder window breaks? It is the East, and Juliet is the sun!† (from Romeo and Juliet by William Shakespeare) No, Juliet is not a flaming ball of gas. The sun definitely is – but it’s much more than that. It’s the source of all life. It provides solar energy to feed plants which in turn feed other creatures and create oxygen. It governs the water cycle in our atmosphere. Without the sun, we’d cease to exist. And that’s how Romeo feels about Juliet. She is everything to him, and he cannot survive without her. William Shakespeare could have used a simile and said that Juliet was like the sun, suggesting she was radiant and beautiful, but that would have been much less powerful. How to use similes and metaphors Sophie opened the back door and stepped into the garden. It was hot and humid. Now, let’s use a simile and a metaphor to describe the same event. Simile: Sophie opened the back door and stepped into the garden. It was like walking into a sauna. Metaphor: Sophie opened the back door and stepped outside. The garden was a sauna. Either method works well and is more interesting than just stating it was hot and humid. The simile and metaphor both encourage the reader to recall the feeling of entering a sauna – the oppressive, close, muggy heat that makes sweat trickle down your back without evaporating. When you’re using similes and metaphors, there are a few things you need to avoid: 1. Awkward Comparisons If you say, â€Å"the smell hit me like falling rock†, it sounds awkward because a smell is not a physical object, and because smells don’t drop from the sky. 2. Overused Cliches A lot of similes and metaphors are clichà ©s, and these should be used very sparingly. A few examples: Dead as a dodo Stubborn as a bull Quiet as a mouse Raining cats and dogs The calm before the storm 3. Mixed metaphors A mixed metaphor is where you combine two or more incompatible metaphors, often with ridiculous results. â€Å"Sir, I smell a rat; I see him forming in the air and darkening the sky, but I'll nip him in the bud.† (attributed to Sir Boyle Roche) â€Å"Yes, you just like to play the cool Will Truman while I'm all the intense crazy one. Well, once the bowling shoe is on the other foot, look who's the good cop and look who's the bad cop.† (Grace Adler from Will Grace) â€Å"'I don't like it. When you open that Pandora's box, you will find it full of Trojan horses.† (Ernest Bevin, Labour Foreign Secretary) 4. Overuse Like all good things, similes and metaphors should be used in moderation. If you’re using several per paragraph, that’s probably too many. Use them conservatively for maximum effect. That's everything you need to know about when to use metaphors vs. similes in your writing.   Do you have a metaphor or simile that you are particularly proud of?   Let us know in the comments below!         About the author: Claire Wilkins is a freelance copywriter and editor from New Zealand. She loves to write about travel, health, home, and proper punctuation. After a career in financial services spanning almost three decades, Claire left the corporate world behind to start Unmistakable - her writing and editing business. She creates website copy, blogs, and newsletters for creative agencies and small businesses, and  specialises  in polishing existing content until it shines. In her spare time, Claire enjoys cloud-spotting, singing in the car and editing video.

Project Management for Small to Medium Enterprises

Project Management for Small to Medium Enterprises Work breakdown structure, critical path and costed time strategy The chart below illustrates the project’s work breakdown structure. This goal has been achieved by identifying the task, the duration, and the resource requirement in order to execute the task effectively and within the set time.Advertising We will write a custom essay sample on Project Management for Small to Medium Enterprises specifically for you for only $16.05 $11/page Learn More Chart 1: WBS Task name Duration [days] Start time Finish time Resource Analysing the green fashion market in Australia 12 4thOct. 2013 1 5thOct.2013 Marketing manager Selection of store location 12 4thOct. 2013 1 5thOct. 2013 Entrepreneur Developing the project business plan 15 4thOct. 2013 19thOct. 2013 Entrepreneur Compliance with legal and environmental 3 17thOct. 2013 19thOct. 2013 Entrepreneur Seeking sponsorship from charity organisations 18 4thOct. 2013 19thOct. 2013 Entrepreneur Furni shing and decorating the store 15 17thOct. 2013 31stOct. 2013 Project team Attracting consigner 12 20thOct. 2013 15thNov. 2013 Entrepreneur Finalising the shops self-owned system 26 15thNov. 2013 26thNov. 2013 Project team Implementing the green fashion concept will play a critical role in minimising the rate of environmental pollution. In a bid to establish the Green Fashion Store, effective time management is essential. Approximately, the store will take 70 days to be completed. It is projected that this duration is sufficient to complete the project. However, taking 70 days will lead to increase in the resource requirements, which are scarce. Thus, effective time scheduling is paramount. The project manager will reduce the project duration with 20%, which means that the project will take 56 days to be implemented. Crashing strategy will be used in order to arrive at the critical path as illustrated by chart 2 below. By crashing the time, the Green Fashion Store will be com pleted within 56 days and the likelihood of the entrepreneur conforming to the time constraint will increase. The areas shaded in black illustrate the critical path that will result in optimal resource utilisation. Chart 2: the critical path Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Project Manager estimates that the project will require $19,200 in order to be successfully implemented. Budget and resource allocation In establishing the new business, the entrepreneur is focused towards ensuring that resources are effectively utilised. In this project, the resource that the Project Manager is mostly focused on relates to time. The green fashion project is time constrained. The Project Manager intends to complete the green fashion project in 56 days. Thus, the entrepreneur will ensure that time is effectively utilised. Levelling resource allocation technique will be used. This will aid in effective utilisation of slack time by delaying non-critical activities. Moreover, the levelling technique will aid in reduction resource demand, peak resource demand in addition to minimising the amount of resource fluctuation. Some activities will be undertaken concurrently in order to eliminate slack time. Chart 3: Estimated budget before crashing the amount of time by 20% Work package 1stOct.- 15thOct 17thOct-19thOct. 20thOct.-31stOct. 1stNov. -15thNov. 16thNov- 26thNov. Total by activity Market research $2,000 $2,000 Developing the store’s blue print. $500 $200 $700 legal and environmental analysis $1,000 $1,000 Seeking sponsorship $600 $400 $1,000 Furnishing the store $8,000 $4,000 $12,000 Attracting consigner 1,000 1,000 Finalising the self-owned store system 1,500 1,500 Cumulative 19,200 However, reducing the amount of time required to complete the project with 20% is expected to increase the amount of financial capital required. Thus, it is estimated that the project budget will increase by 20%. Thus, the green fashion project will require $ 23,040 in order to be completed. Quality management and control A number of elements quality management elements as illustrated the chart below will be taken into account in the green fashion store. The project will be implemented as a one-off expense hence eliminating the need to revisit the project upon its completion. The chart below illustrates the variables that will be taken into account in ensuring effective quality management. Advertising We will write a custom essay sample on Project Management for Small to Medium Enterprises specifically for you for only $16.05 $11/page Learn More Figure 1: quality control A comprehensive cost-benefit analysis will be undertaken in order to maintain the project within the desired quality. This will be achieved by controlling the prevention cost, external and internal fai lure, control, and appraisal cost. This will improve the quality of the project. The Project Manager will ensure that the green fashion store addresses the customer’s needs adequately. To achieve this, a substantial amount of appraisal cost will be incurred. The appraisal cost will entail product audits, product inspections, and reviews. Some of the elements that will be integrated in assessing the appraisal cost include evaluating whether the process of implementing the store takes into account the desired conditions. For example, an appealing store ambience will be ensured in order to develop unique customer experience. Moreover, the Project Manager will conduct a comprehensive evaluation of the green fashion products collected from the sponsors to ensure that they are aligned with the specified environmental requirements. One of the ways through which quality of the products collected will be ensured is by conducting an intensive training on the parties charged with the re sponsibility of collecting the second hand products. Moreover, the appraisal cost will also entail assessing whether the green fashion store is effectively designed. The Green Fashion Store entrepreneur is cognisant of the fact that the project may be affected by to lack of sufficient support from the sponsors. For example, customers might not adopt the concept of green fashion as expected. A comprehensive project quality plan will be developed to minimise the adverse effects of quality costs.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The quality plan will outline the standards that the project manager will be required to adhere to in order to satisfactorily fulfil the quality requirement. Regular meetings involving all the team members will be conducted to generate ideas on how to deal with contingencies that arise in the process of implementing the project. The above quality control chart will be used. Project team performance The entrepreneur is aware that the Green Fashion Store will depend on the input of all the team members. Consequently, it is imperative for the project manager to ensure that effective team performance is attained. Optimal team performance can be achieved by incorporating the principles of team management such as organising, leading, controlling, and planning. In a bid to attain optimal team performance, the project manager will take into account a number of issues as illustrated in the table below. Chart 4; project team performance Approach Strategy Significance to team performance Leadership Transformational leadership style will be adopted The style will provide team members an opportunity to share ideas on how to improve the project. -Transformational leadership will lead to development of a sense of inclusion amongst the team members. Communication Horizontal, vertical, upward, lateral diagonal and downward channels of communication will be adopted. Formulating an effective feedback mechanism Communication will ensure that the team members are adequately informed about the project and their roles. Establishment of an effective working relationship Optimal conflict resolution The feedback mechanism will lead to development of optimal understanding of the project. Decision making Inclusive team meetings Team meetings will give the manager insight on the team members’ perception and attitude regarding the project. Including employees in the decision, making process will provide the manager insight on how to minimise employee resistance. Including t he team members will lead to development of a sense of project ownership amongst team members. Developing a strong project team Effective selection of project team members and integration of volunteer part-time team members Effective volunteer management Formulation of an optimal volunteer training programme The manager is cognisant of the fact that unforeseen forces may affect completion of the project. For example, multitasking amongst the project team members may limit their effectiveness. In a bid to deal with this challenge, the Project Manager is focused towards attracting volunteer part-time team members. This goal will be achieved by designing an effective volunteering programme. Currently, individuals are embracing the concept of volunteering in different organisations in an effort to develop a wide range of knowledge and skills. Sufficient awareness on the contribution of the green fashion project to environmental conservation will be undertaken. The training wil l be aimed at ensuring that the volunteers are acquainted with the project objectives and goals. The Project Manager will educate the volunteers the contribution of the Green Fashion Store in minimising climate change. Reward management Comprehensive and continuous appraisal of the team members’ performance Recognising project team members with optimal performance The appraisal will aid in the determination of the team members effectiveness in executing the duties assigned Reward management will lead to increased level of motivation towards achievement of the set project milestones. By implementing the above strategies, the project manager will be able to improve the outcome of the project. Project team meetings In a bid to ensure that the project is successful defined, planned, and executed, a number of project team meetings will be conducted. A number of issues will be discussed during the project team meetings as illustrated by the figure below. Figure 2 Project team identity In a bid to ensure that the project team members are committed to the green fashion store, the project manager will ensure that adequate team identity is established. Developing team identity will contribute towards development of a high level of commitment amongst the team members. The team members will identify with the green fashion store. Thus, their efforts will be focused at achieving the project’s goals. The project manager intends to create team identity by conducting frequent meetings. The meetings will lead to improvement of the team members’ attitude and opinion towards the project. Consequently, the likelihood of developing team behaviour will be increased. Team identity will also be developed by nurturing a high degree of interaction and information sharing amongst the team members. This goal will be achieved by utilising the co-location technique. Virtual teams will not be used in the project. Thus, the project team members will have an opportun ity to interact with another thus developing a strong working relationship. The phrase ‘green fashion’ will be used as the project team name. This name will make the project team more tangible. Moreover, an appealing team logo will be designed. The logos will be designed on T-shirts and caps that will be worn by the project team members. As a result, the project team members will love being associated with the project. In addition to the above strategies, the project manager will ensure that effective team rituals are developed. The rituals will lead to establishment of strong and unique team identity. One of the rituals that will be developed entails giving the team members a T-shirt inscribed with the milestones achieved. Monitoring and evaluation This process improves the project outcome by identifying areas that require adjustments. Furthermore, monitoring and evaluation allows the project manager to evaluate the achievements that have been accomplished. The process of monitoring and evaluating the Green Store Project will take into account a number of issues, which include the project costs, resources, project sponsors, and the entire project management team. Participatory monitoring and evaluation strategy will be adopted and this strategy will entail taking into account all the project stakeholders. The project sponsors will be evaluated in order to determine whether they are providing the necessary project guidance. On the other hand, the project team members will be monitored in order to determine whether their actions are positively influencing the completion of the project. Monitoring and evaluating resources will play a critical role in ensuring that the project resources, which are scarce, are optimally being utilised. By integrating effective project monitoring and evaluation, the project manager will be in a position to promote the development of positive behaviours amongst the team members. The entrepreneur intends to complete the Green Fashion Store within 56 days. Consequently, optimal monitoring and evaluation with regard to how time is utilised in implementing the project will be undertaken. The project will monitor the project’s progress by tracking the Gantt chart by incorporating a baseline Gantt chart. The respective activities in the Gantt chart will be tracked. Periodic reports regarding the project process will be formulated by developing a control chart. Consequently, the project manager will be in a position to determine the project’s trend. For example, the project manager will assess whether the project progress is ahead or behind schedule, and hence report to the stakeholders more effectively. In addition to the above types of evaluation, the project manager will also evaluate the customers’ opinion regarding the green fashion store. One of the elements that will be taken into account entails assessing whether the target customers have integrated the concept of green fashi on in their consumption processes. Consequently, the project manager will be able to determine the likelihood of obtaining support from the customers. To evaluate the performance of project amongst potential customers, the entrepreneur will conduct a market survey through the green fashion website that will be established. Moreover, emerging social media platforms will also be used. Project closure Projects have a definite timeframe and must be completed within the set deadline and transferred to the owners. Consequently, it is imperative for project managers to ensure effective project closure. The project manager is of the opinion that the project will be successfully completed. Consequently, normal project closure technique will be undertaken. The closure will comprise a number of activities, which include, Conducting a post project audit to determine the degree of project success Undertaking wrap-up closure activities [which include paying out the bills and closing the project accounts] Conducting individual and team evaluation Preparing a final report that summarises the entire project. The final report will be comprised of a number of elements which include; Project performance review- This will be achieved by reviewing whether the project is in conformity with the set standards. Project analysis Lessons learnt and recommendations on how to improve future projects The project team members and the volunteers will be acknowledged and thanked for their effort. The acknowledgement will be undertaken by identifying each of the team members’ contribution to the establishment of the green fashion store. Potential obstacles The project life cycle will be comprised of three main stages, which include the start, project life, and finish. A number of activities, which include project definition, planning, execution, and project delivery, will be undertaken during the project life cycle. However, various obstacles might affect project implementation and s uccess adversely. Consequently, it is imperative for project managers to adopt effective preventive measures. Some of the risks potential obstacles that might be experienced in this project are discussed herein. Implementation challenges One of the major obstacles that might affect the project relates to lack of commitment amongst the team members. Such occurrences may limit the likelihood of the project being completed within the set timeframe. The project team members may lose momentum, hence drifting from the set project goals. Development delays- The entrepreneur intends to cut the amount of time required to complete the Green Fashion Store project with 20% and to achieve this goal, the project manager will adopt the crashing strategy. Considering that the Green Fashion Store is a new entity, the firm does not have adequate staff. Consequently, the likelihood of some project team members multitasking is high as some activities and assignments will have to be completed within the same time. Multitasking may limit the effectiveness with which the project team members undertake their duties. Moreover, excessive multitasking may lead to time loss hence affecting the project completion. Cost increment- Existence of resource bottlenecks is another major obstacle that might affect the project. Risk management Occurrence of risk might hinder the project implementation. Consequently, comprehensive risk management process will be adopted. Four main risk management aspects, which include risk identification, risk response control, risk assessment, and risk response development will be incorporated. The project manager will integrate the following risk management strategies. Assessment of the milestones- The project manager will evaluate whether the set milestones are achieved. Balancing project activities with personal activities, the project manager will integrate optimal time management strategies to prevent the team members’ infectiveness because of multit asking. Effective allocation and control of project resources; this will prevent deviation from the predetermined project budget. Summary and recommendations Implementing the above project plan will improve the likelihood of the Green Fashion Store succeeding. The feasibility of the project is enhanced as the project will contribute towards environmental protection and the project will promote consumption of ‘green fashion’, hence minimising environmental pollution and climate change. Moreover, the project feasibility is enhanced by the fact that customers are increasingly becoming conscious of the environment. Therefore, project sponsors will be committed in supporting the project. The success of the project will depend on the effectiveness with which the available project resources are managed. Time is one of the most important resources in the process of implementing the Green Fashion Store. By implementing the time crashing strategy, the project manager will minimi se the duration within which the project has to be implemented. As a result, the amount of resources required will go down. The project manager will be required to assess the work breakdown structure in order to determine the most effective way to crash the project time. Analysing the WBS will enable the project manager to define task durations effectively. In a bid to improve the project outcome, effective quality management, and control should be integrated, by formulating optimal quality standards. Through effective quality control, the project manager will eliminate non-conformities. Non-conformities underscore aspects that add no value to the project but they might be inevitable in a project management process if the project manager fails to observe effectiveness for optimal results. The success of the Green Fashion Store project will be determined by the commitment of all the team members, which underscores the importance of optimal project team management. The project manager can achieve this goal by integrating effective team formation and development strategies such as effective conflict management and communication, which will improve the effectiveness with which the project team members interact. The project manager should ensure that effective monitoring and evaluation mechanisms are developed by integrating Gantt charts, which should be tracked continuously to improve the likelihood of identifying and adjusting deviations that occur. Upon its completion, the manager should ensure that effective project closure is undertaken by conducting an audit of the project in order to determine its success. The success of the project might be subject to various internal and external challenges. Consequently, it is imperative for the project manager to integrate effective risk management strategies by ensuring that risks are identified effectively in a bid to address any challenge that might arise during the project management process.

Arab-Israeli conflict essays

Arab-Israeli conflict essays September 11th was one of the main examples on how foreign policy is always changing and in most moments contradicting. Preceding these attacks, Pakistan had been considered a rogue nation . Yet, after this tragedy, America saw the urgency of which they needed Pakistans alliance in the war on terrorism. Pakistan is bordering Afghanistan, whose government has been blamed for the terrorist attacks. In previous years, as stated before, America had placed Pakistan on the list of rogue nations. The reason for such action was because of its millenarian dictatorship, and its stubbornness in the conflict over Indian- controlled Kashmir. Another reason for such conflict with Pakistan would be the way that the leader of that nation came into power. General Pervez Musharraf came into power through a military coup in October 1999. Soon after these attacks Musharraf had suddenly been in favor of the idea to assist in the war on terrorism. This change had been completely unforeseen due to the fact that Pakistan is a Muslim nation and usually these types of nations defend one another. America realized the geographical importance of its support. Pakistan lies bordering Afghanistan and it would serve as a crucial location from which to attack Afghanistan. In order to soften the Pakistani government to bend for the American government was by donating $1.1 billion to help Pakistan solve the problems it has with debt. Also, all sanctions that had been previously placed on Pakistan were lifted. The Bush administration also made it clear that assistance from the Pakistani government in the war against terrorism was anticipated. In return, The United States expected the Pakistani territory to be accessible to the military. The government also wanted Pakistans Inter-Services Intelligence Directorate to serve as a conn ection to the Taliban and to also provide America with information on the whereabouts of the most wa...

Specific Actions Should Christains Take in Regards to the Environment Essay

Specific Actions Should Christains Take in Regards to the Environment and Its Preservation - Essay Example Specific Actions of Christians In Regard To Environment and Its Preservation Environment has faced serious moments of degradation and depletion across all corners of the world. The beginning environmental depletion and degradation could date back to the early industrialization periods that emerged in Europe and, which spread to other countries of the world. Environmental degradation have involved emission of poisonous smokes, clearing of forests for cultivation and settlement, uncontrolled use of hazardous chemicals, poor methods of solid waste disposal and overexploitation of natural resources. Furthermore, environmental degradation have encompassed and not limited to water pollution, uncontrolled noise, poaching of game animals and overfishing among others. All the mentioned human activities have led to significant change of environmental conditions with the most felt effect being global warming that threatens to devastate the world if prompt and serious actions are not taken. All the causes and elements of environmental degradation can be rightfully attributed to the failure of human beings to perform and meet the responsibilities given to them by God the Creator. ... This achievement will only become possible when Christians in collectiveness agree to stop depletion of forests that reflects and defines the actual nature. Forests are in fact the habitats of many animals and sources of rivers that supply fresh water for human and animal consumption. Belopopsky (2012) sufficiently recommends that, â€Å"human beings should sacrifice part of their wants to meet the standards of preserving nature as demanded by God†. In a nutshell, Belopopsky (2012) argues that human activities and desire for prosperity has led to uncontrolled rates of environmental degradation and it is high time Christians should adhere to the Bible and accept foregoing certain basic needs for the sake of preserving the natural environment. Christians should make sacrifices and set small parcels of land for their settlement and cultivation and leave a proportionately large part of land for inhabitation by forests and wild animals. Sacrificing wants as recommended by Belopopsk y (2012) also means that Christians should forego certain economic needs that would lead them into destroying the natural forests for economic gains. Dennison with reference to the book of Proverbs 12:10 recall that, â€Å"Bible commands respect for animals in their own sphere†. Christians therefore should work hard and in conformity to the Biblical ordinances to ensure protection and maximum respect of wild animals that are in the verge of extinction. In achieving the mission, Christians have to contribute and solicit for funds for establishing game parks and animal reserves to safe keeping of the endangered species from the target of the poachers. Christians should also set in place strict laws and rules that recommend for severe

Operations management unit 9 project Essay Example | Topics and Well Written Essays - 1250 words

Operations management unit 9 project - Essay Example The companys employee base, including those that work for the companys franchises has reached 130,000 by 1998. In 1998, Radissons president Brian Stage, and executive vice president Maureen OHanion, has been contemplating major change in the companys operations in order to gain competitive edge. The two executives think of adopting a different brand strategy which promises higher quality of service across all Radisson hotels. Commitment to improving the service quality and achieving higher customer satisfaction is something that the two executives see that Radisson needs in order to secure its position in the industry. The companys service guarantee should be defined in the following manner: â€Å"let us know if there is a problem and well have it fixed; otherwise, your accommodation is free.† This shows the companys strong commitment to provide excellent service that if the customer is not satisfied, then the service becomes free. This guarantee does not serve to reward picky and troublesome customers, but to convince the customers about the message the company is trying to convey with regard to its commitment to improving service quality, similar to the following manner: â€Å"the company will try to do its best to please you, and if you are not pleased then well shoulder the fees, as part of the cost of your dissatisfaction.† In order to implement this, the company has to gain the support of the different stakeholders such as owners, managers and front-line employees. By knowing that a dissatisfied customer costs a lot to the company and may affect their interests being stakeholders of the company, commitment to customer satisfaction can be strengthened. Improving the companys service quality cannot be cost-effective without information technology. As stated in the case (Schroeder 458), the two information systems are key to

Ethics, Law and Health Care Assignment Example | Topics and Well Written Essays - 1000 words

Ethics, Law and Health Care - Assignment Example However, there is only a female doctor in the hospital at the time and therefore Omar finds himself in a dilemma in deciding what to do. This case raises the issue of ethics in health care. The main ethical issue in the case is on whether it is ethically correct to disclose the patient’s information to his mother and the doctor without going against the rights of the patient (Sullivan, 2009). Identifying Issues The main problem in this situation is that failure to disclosure the patient’s information may mean that he will not receive prompt medical attention. The other problem is to ensure that caregivers do not contravene the rights of the patient or the provisions of the Code of Ethics. Any action taken in this case should ensure that the involvement of the patient and his family (Curtin, 2004). Furthermore, the team of caregivers should also be involved in the action chosen. To address this dilemma, Omar should refer to the Code of Ethics that specifies all the ethic al standards that nurses should adhere. The Code of Ethics also serves an indicator to the community on the standards on human rights and ethical values expected from nurses (Fleming, 2007). The issues arising in this case are entrenched in an unwritten social contract between the public and healthcare givers. The family goes to the health care to receive treatment and care and health care givers are supposed to offer satisfactory care (Fleming, 2007). Evaluating the Issue The issues in the case of Omar and Tim touch on various areas discussed in the Code of Ethics (Australian Nursing and Midwifery Council, 2008b). For one, the issue is based on the requirement to ensure that nurses offer quality care to all people. Particularly, the nurse should recognize that all patients are entitled to quality care (Australian Nursing and Midwifery Council, 2008b). According to the Australian Nursing and Midwifery Council (2008), Value statement 1(2): â€Å"Nurses recognize that people are enti tled to quality nursing care and will strive to secure them the best available nursing care. In the pursuit of this aim, nurses are entitled to participate in decisions regarding a person’s nursing care and are obliged to question nursing care they regard as potentially unethical or illegal†. Consequently, the nurse should ensure that Tim receives holistic care but in making decisions, it must be able to meet the threshold of being ethical and legal. The Code of Ethics also requires that nurses ensure that patients receive quality care from colleagues and therefore Omar has a duty to ensure that Tim receives quality treatment from the doctor. Australian Nursing and Midwifery Council (2008), Value statement 1(3): â€Å"Nurses take steps to ensure that not only they, but also their colleagues, provide quality nursing care.† The other issue arising in this case discussed in the Code of Ethics is the importance of respect and kindness to self and others. Australian N ursing and Midwifery Council (2008), Value 2 (2): â€Å"Respect for people who are health consumers recognizes people who are health consumers recognize their capacity for active and informed participation in their own health. Nurses actively preserve dignity of the people through practiced kindness and recognizing the vulnerability and powerlessness of people in their care†. The way Tim is handled at the hospital can have implications on his dignity and

Xipe Totec Research Paper Example | Topics and Well Written Essays - 1000 words

Xipe Totec - Research Paper Example The Aztecs conducted ceremonious events to celebrate their life. For instance, they would conduct or play a series of mock confrontations between groups of young adults. One group wore skins made from war captives and sat on mats. Xipe Totec was present in the ceremony dressed in the skin. The opposing side approached the relaxed and seated group, and provoked them in a mock war with their taunting. They would retaliate and chase their opponents. A person who was would succeed to catch his opponent could confine him to jail and awarded a gift of hanging over personal ownership. In regards to Xipe engagement in cults, it has been theorized that the origin of Xipe relate to a cult believed to be responsible for human liberation. This illustrates that the skin and the flesh of humanity is what is keeping the soul captive thus making Xipe Totec a god of hostage or bondage. Not only did Xipe Totec participate in sacred rituals, but also the Aztecs had a conviction that he was the deity th at sent eye and skin problems to the earth. The emergence of these convictions or believes have been traced to distinct renditions of Xipe Totec often shown with bursting or blistering eye. This is symbolic to the Aztecs in that it shows one of the motivators for sacrifices in the Aztec culture. Therefore, the Aztec’s believed that in order to achieve enlightenment and inversion, it was significant to conduct sacrifice. Xipe Totec also had a great influence to the craft industry in that Xipe was linked with obsidian artisan. The ceremony would be followed by a visit to people’s houses where they would ask for alms in exchange for blessing Xipe Totec. Xipe Totec tells us much about the culture of the Aztec people. It reveals that the Aztecs were primarily an agricultural culture that relied on farming for their livelihood. In addition, it is easy to realize that these people were dedicated to their religion in the sense that through the picture of Xipe Totec, there is e vidence of human sacrifice that was prevalence in their ceremonies to the gods. The dress was also a significant part of the Aztec faith and daily life style. The Aztec people had an advanced civilization for their government participation, religious faith, and family life they lived a productive and

European Union Law Essay Example | Topics and Well Written Essays - 2500 words

European Union Law - Essay Example Problems arise every now and then when the acts and decisions of these EU institutions overlap or run into conflict with the mandates of their national counterparts. For example, the ECJ has rendered decisions that member states found incompatible with their own statutes as observed by their national courts. This paper discusses the EU setup as a unique constitutional body whose implementing arms sometimes perform acts that encroach upon the functions and purposes of the national institutions of member states, but it nonetheless succeeds in stringing the disparate Community members into a cohesive whole. Special attention is given to the ECJ whose role it is to implement the EU Constitution and laws, as well as interpret the EC treaties as these apply to specific cases on the national levels. Under Article 234 of the Constitution, the ECJ is tasked with giving preliminary rulings on interpretation of the treaties, the validity or legality of any acts of the EC institutions, and interpretation of the statutes of bodies established by an act of the Commission. In 146/73 Rheinmuhlen (1974) ECR 139, it was emphasized that Article 234 is "essential for the preservation of the EC character of the law established by the EU Treaty and has the object of ensuring that in all circumstances, the law is the same in all states of the Community." When questions of EC law arises, national courts may apply to ECJ for a preliminary ruling on matters of interpretation or validity, after which they may apply the law for their own purposes. In effect, the ECJ reviews the legality of acts passed by the European Parliament and Commission. EC Website (2002) points out that in safeguarding fundamental rights, the ECJ is expected to draw inspiration from the constitutional traditions of member st ates, such that it cannot uphold measures that are incompatible with the fundamental rights recognized and protected by the constitutions of member states. On paper, the ECJ appears to have effectively played its role of shaping a polity instrumental in bringing the Union to new levels of peace, stability and economic growth. However, the Court of Justice contends with accusations from time to time that it pursues an agenda that departs from the spirit of the treaties, from which it really derives its powers. The rest of this essay examines the ECJ acts and decisions in relation to specific cases to determine if there is any validity to such accusations. Community Method The most salient feature of the new Constitution for Europe, which was finalized in 2004, is the provisions on the so-called Community Method and on "subsidiarity." For the first time, the Constitution also gives European citizens the right to ask the Union to launch initiatives. Under the Community Method principle, the EU law has primacy over the law of member states. This means that any EU law is an integral part of the law in each member state, whose courts are duty-bound to apply it. As for subsidiarity, this new principle enshrined in the new Constitution dictates that if member states cannot transpose EU laws into national laws, the Community would act to see that the

Xipe Totec Research Paper Example | Topics and Well Written Essays - 1000 words

Xipe Totec - Research Paper Example The Aztecs conducted ceremonious events to celebrate their life. For instance, they would conduct or play a series of mock confrontations between groups of young adults. One group wore skins made from war captives and sat on mats. Xipe Totec was present in the ceremony dressed in the skin. The opposing side approached the relaxed and seated group, and provoked them in a mock war with their taunting. They would retaliate and chase their opponents. A person who was would succeed to catch his opponent could confine him to jail and awarded a gift of hanging over personal ownership. In regards to Xipe engagement in cults, it has been theorized that the origin of Xipe relate to a cult believed to be responsible for human liberation. This illustrates that the skin and the flesh of humanity is what is keeping the soul captive thus making Xipe Totec a god of hostage or bondage. Not only did Xipe Totec participate in sacred rituals, but also the Aztecs had a conviction that he was the deity th at sent eye and skin problems to the earth. The emergence of these convictions or believes have been traced to distinct renditions of Xipe Totec often shown with bursting or blistering eye. This is symbolic to the Aztecs in that it shows one of the motivators for sacrifices in the Aztec culture. Therefore, the Aztec’s believed that in order to achieve enlightenment and inversion, it was significant to conduct sacrifice. Xipe Totec also had a great influence to the craft industry in that Xipe was linked with obsidian artisan. The ceremony would be followed by a visit to people’s houses where they would ask for alms in exchange for blessing Xipe Totec. Xipe Totec tells us much about the culture of the Aztec people. It reveals that the Aztecs were primarily an agricultural culture that relied on farming for their livelihood. In addition, it is easy to realize that these people were dedicated to their religion in the sense that through the picture of Xipe Totec, there is e vidence of human sacrifice that was prevalence in their ceremonies to the gods. The dress was also a significant part of the Aztec faith and daily life style. The Aztec people had an advanced civilization for their government participation, religious faith, and family life they lived a productive and

Business ethics Essay Example | Topics and Well Written Essays - 2000 words - 4

Business ethics - Essay Example The latter was a conspiracy to fix price but against which Virgin Atlantic blew an early whistle to stop prematurely. As one will notice, airline industry is full of stiff competition that takes all forms of unethical practices despite heavy fines that perpetrators are usually aware of (Fisman et al., 2005, p. 56). Ethical theories have majorly made general observations that the foundation of ethics is motivate by human desire to do good. It is a desire to good in the sense that the wish and the necessary action to accompany the wish are not usually mutually inclusive. Ethics therefore comes out as a concern on the way in which people apply moral principles to life. In other words, ethics is concerned with what s just, fair or acceptable by applying the fundamental that guide societal values. Business ethics is therefore guidelines that come out of concerns on how best a firm should relate with the society in a manner likely to promote the principles of justice and responsibility. Justice and responsibility come in the sense that business as a legal entity in its name or in the shareholders name, has a duty to make sure that its pursuit for profits is not motivated greed (Bob, 2006, p. 23). Business ethics therefore act to ensure that elements in business external environment are used in a manner likely to sustain their continued existence without any harm. Such a duty involves having to care for the environment and the community in which the business interacts with in the course of its daily activities. One should also note that business ethics also guide how a business firm will operate internally. In short, ethics in business is about applying all the values, principles, and regulations with the aim of being responsible to the welfare of the public (Hsieh, 2009, p.259). Business ethics is important majorly because it offers guidelines on how best

Understanding the Novel Housekeeping Essay Example for Free

Understanding the Novel Housekeeping Essay The novel entitled â€Å"Housekeeping† is written by one of the most famous and talented author, Marilynne Robinson. As one of the certified Pulitzer Prize-winning authors, Marilynne Robinson’s 1980 novel called the â€Å"Housekeeping† has been nominated for the category of Pulitzer Prize for Fiction, which later-on she also won for another novel entitled Gilead that paved the way for her Hemingway Foundation/PEN Award for best first novel. As of the present time, this novel continues to receive and gain broad recognitions and honors that commemorate the work and contribution of a great American author in the industry of publishing and American literary writing scene. In the year 2003, the Guardian unlimited, a British online site owned by Guardian Media Group, named the novel â€Å"Housekeeping† as one of their top 100 list of selection of greatest novels of all time. In addition to this, the Time Magazine, one of the giants in the publishing business, included the said novel of Marilynne Robinson â€Å"Housekeeping† in their TIME 100 Best English-language Novels from 1923 to 2005. This inclusion and recognition shows the sterling quality of the novel and its elements. In a sense, there are various reasons and apparent explanations as to how and why this novel of Marilynne Robinson continues to attract the interest of the readers and still remain as one of the ever significant stories that has been written. One of the better rationales is that â€Å"Housekeeping,† just like any other widely admired novels, is written with a very strong plot that is designed to directly present and depict a significant personality and character through the representation of Ruth, one of the leading characters in the novel. In this regard, this essay would directly draw a clear picture and discussion about the character of Ruth and her identity in the main narrative of the novel. In the novel, Ruth is mainly depicted and stood as a character which has a stong personality that is composed and firm despite the negative events that have happened in their family and between her and Lucille, who is her sister. Ruth is presented in the main narrative of the novel as a brave woman who is filled with hopes and beliefs with their family and their eccentric way of living. Set to live and grow-up with a dysfunctional family, where she and her sister, Lucille, are abandoned by their biological parents with their mother committing a suicide, it is observable that the presentation of Ruth in the novel is a paradigm that the author has used to illustrate specific characteristics of an individual who is brave enough to live and move on with what he or she believes is right. As for the own perception of Ruth, it is observable that staying and living under the eccentric way of life by their family is what makes her complete as a person and as a normal individual on this world. In respect to the representation of Ruth, it is apparent that the main narrative of the novel further strengthens the notion that Ruth, though has been through different pictures and stories of pain and difficulties with her experiences of a dysfunctional family, still has that belief about the primary stance and role of family to her life as a living entity in their community. As seen apparent to the novel’s story, Ruths standpoint is that her family is the primal basis that gives her that distinct identity as a normal entity in this world. Ruth believes that living and adhering to their unconventional family lifestyle, more especially according to the life of her Auntie, Sylvie, renders her the particular details as a living member of their society. Thus, unlike her sister, Lucile, Ruth takes pride in living her life according to the legacy of their family despite of all the difficulties and many questions that she has in mind. Despite of the many differences and misunderstandings that she has against her younger sibling, Lucille, she has remained to be a loving and caring older sister for Lucille. As seen apparent in the narrative of the novel, Ruth’s character is an example of a typical protective and concerned elder sister for Lucille where she has stood before her sister for security. Ruth also expressed her love for her younger sister through their shared collection of quality and happy moments spent together prior to the decision of Lucille to go the opposite way and live a conventional life with another family residing in town. In addition to this, Ruths character is also affectionate and emotional as she grieved with so much pain with the departure of her sister to live a different way of life. Moreover, it can also be said that Ruth, despite the characteristic of being brave and composed in pursuing and sticking with the what she believe is right, is a character filled with different confusions and questions which she tries to find specific answers and enlightenment for. As the main narrator of the novel, who tells mostly the story of her experiences from childhood up to womanhood, Ruth herself has numerous thoughts and issues that she can not even answer by her self. There are things and actions that she is seeing, more especially from the eccentric lifestyle of her Auntie Sylvie and her grandmother from the moment they are forsaken by their own parents. Thus, Ruth’s main personality and character is shaped by many of her own undertakings and events in her life that leads her to be coherent in such a way that she is independent to make any decisions that is based from her own way of thinking. As compared to her sister, Lucille, Ruth is more composed and firm as she refused to embrace the extensive influence of the outside forces such as the predominance of modern civilization and beliefs of many individuals that surrounds them. Ruth is a character in the novel which has played a rather distinct important role. She served as the narrator of the story and her viewpoint says the distinct taste of the novel and it is on her personality from which the story depends on. She has a little sister whom she grew up with and as she became nonetheless taller than the rest, there is the need for her sister Lucille to remove the heels of the shoes in order for her to be able to move more naturally and allow her to stand more normally. In this respect, it is seen that Marilynne Robinson, the author of the novel, has the similar characteristic where she remains taller than the rest but tries to remove the heels that sets her apart from the rest. More so, she tries to remove the false pretentions and high expectations which come from the current notions of fiction from the people. Another characteristic of Ruth in the story is her ability to follow and adopt a particular characteristic that is embodied in the values of her mother. According to one statement of Ruth in the novel, the requests of her mother to wait for her has â€Å"established in me the habit of waiting and expectation which make any present moment most significant for what it does not contain† (Robinson, 214). This particular characteristic of Ruth, as a character in the novel, has shown her to be a child patiently and dreamingly wishes of a parent who has abandoned her. As her mother left them in the care of one another, they have continuously and expectedly tried to contain all the hardships and patiently waited for something which they are unsure would come to them anymore. Works Cited Robinson, Marilynne. Housekeeping: A Novel. New York: St Martins Pr, 2004.

Was Sir Douglas Haig a Good or Bad Leader?

Was Sir Douglas Haig a Good or Bad Leader? The issue of Douglas Haigs role as a general on the Western Front, during the Battle of the Somme in 1916, has been thoroughly questioned by many historians to date. Through different views and opinions, Haigs skills have been both heavily celebrated and criticised. Therefore he has been viewed as both Butcher of the Somme and the Architect of Victory, much evidence supporting both arguments. However the majority of people seem to favour the idea of Haig being a merciless leader, which is completely understandable. For instance, the Battle of the Somme hugely affected almost every person in Britain, many losing family members. For them, it would have been easy to blame the British losses solely on General Haig, and many did just that. However many people saw him as a highly gifted soldier and leader, and there was a good side to Haig, for example, he did manage to eventually wear down the German army, and played a part in the result of World War 1. Therefore this controversial issue will perhaps be continually debated. The Battle of the Somme was a largely Scottish battle, with three Scottish divisions participating. This also applied to Douglas Haig, who was born in Edinburgh and was commander in chief. He was blamed for the enormous slaughter of the Battle of the Somme, during which there were around 60,000 British casualties on just the first day, a third of which were killed. This alone is evidence enough for a lot of people of Haigs failures as a general. However, many of the flaws in Haigs leading of the Battle of the Somme stemmed from the fact that he was commanding a group of sixty divisions, when the usual number was just six. This shows the extreme circumstances under which Douglas Haig was commanding at the Battle of the Somme. The Battle of the Somme was a significant event in history; this is mainly due to the absurd amount of deaths, even though they were no larger than were to be expected, however some people find fault in the fact that Haig kept the army fighting even when he became aware of the continuous height of casualty figures. Just like any general, Haig strove for success, however he had a major fault: he was extremely optimistic, and constantly believed that the German army was close to surrendering, therefore believing that a win was also close. This positive personality is shown by a quote which Douglas Haig himself said at the beginning of the war, The situation is never so good or so bad as first reports indicate. However, even though he felt that his army was fully capable of defeating the Germans, he wasnt correct, in fact, Haigs army didnt have the huge amount of soldiers, which the German army were able to take advantage of this clearly shows that his targets were impossibly to achieve , he was just too ambitious. Haig was also heavily criticised for the ridiculous length of the battle, this was simply because it could have been ended much sooner than it was, and this would have even prevented Britain in constantly finding fault in Haigs leadership skills. The main reason that Haig even allowed the battle to continue because he wished to straighten his trenches, as this would have had a great effect on his armys attacks. However Haig was also criticised for allowing the British army to fight in the appalling weather at the time of the Somme, although technically he cannot take the entire blame for this decision as the idea actually came from the French army officer. Haig was certainly one to override his army commanders, although this is understandable, as if he found their advice questionable then he had to trust himself to make the correct decision alone. However at the beginning of the battle of the Somme, Haig was overruled himself, by the governments of Britain and France, they asked Haig to attack the German army at that point in time, but Haig didnt agree this was because he felt that his armies werent ready; however his argument wasnt effective, therefore he was ignored. Haig understood that he would have to plan an attack quickly, because if he took too much time to do so then the alliance which stopped the French from attacking the British could be put in jeopardy, and that was a risk that Haig couldnt afford to take. At the start of the battle, the British army looked to have no chance in defeating the German army, in fact, Official History wrote that the Somme was the first time that the †¦British line been held with so few men and so few guns†¦. The British army were also overwhelmed by the power of the Germans and after just one day of fighting there were an enormous number of casualties, most of them due to bite and hold attacks. In the beginning, Haig was severely short of forces and, trying to find a solution, ended up having to leave Goughs twelve divisions alone to defend 42 miles of the front, this resulted in some having very few soldiers. Haig could have managed the Somme better, however by the end of the battle, the British were achieving success against the Germans and eventually the Germans did surrender, in fact the German General Ludendorff mentions in his autobiography, My war memories, As a result of the Somme we were completely exhausted on the Western Front. When considering Haigs skill as an army commander it has to be remembered that the situation at the Battle of the Somme was extremely unique, Haig was handling ten times the amount of forces, most of whom were learning the tactics of war as they went along. After the battle ended Haig was compared to other generals who sent hundreds of soldiers to their deaths, he was viewed as uncaring and constantly making horrible decisions. Although Haigs opinion of the turnout of the war was never made clear, it was suggested that he agreed with the result, as in 1919, Haig defended the fact that the Germans were offered a settlement at the end of the war. The relationship between Douglas Haig and David Lloyd George was a cause of major conflict and had an overpowering effect on Haigs reputation. Lloyd George was clear in the fact that he had no trust or liking for Haig, especially during the Somme, when he didnt understand why Haig was allowed the high casualty rates to continue, especially since this didnt give any advantage to the British. He saw Haig simply as a man with no intelligence, and no understanding, although he also never replaced him, or even stood up to him. However, it was no secret that a war was waged between Haig and Lloyd George. An example of the tension between these characters was on the 1st September, when Haig received a telegram from Henry Wilson, marked personal, this carried a warning, that Haig was to stop preventable casualties during the battle of the Somme. The clear reason for the telegram was for the protection of Lloyd George; however Haig took it that he could strike the Hindenburg line if he felt t he need to do so. The tension between them grew when Lloyd George published his war memoirs, in which he unleashed an attack on Haig, both, simply as a man and as part of the army. This was one of the very little books that really cause chaos for an important figures reputation, especially since when it became available, Haig had already passed and therefore he couldnt even protect his own reputation. However Lloyd George isnt the only politician that Haig had a significant relationship with, Haig and Winston Churchill also had a somewhat interesting relationship, in fact Haig helped out Churchill in the writing of his book, The World Crisis, by sending him parts of his personal diaries which he kept during the war. The reason that this is interesting is the fact that Churchill often criticised Haig, especially as a General during the war. However, Churchill did admit that when reviewing the war he began to think a good deal better if Haig than I did at the time. Unlike Lloyd George, Churchill felt that it would be impossible to find as good a general as Haig was to replace him. Haig didnt mind some criticism from Churchill in his book, but it was that criticism which strongly effected Haigs reputation. The conflict between these politicians and Haig meant that Haig had to fight the war against not only the Germans, but also those politicians. It wasnt just Churchills writing that affected Haigs reputation though; there were many different memoirs and accounts released after the war, by many different people, for example, David Lloyd George, Churchill and Gough. However when these records were released Haig mentioned to Foch that he couldnt release a book on the war, as it was too soon to tell the truth. If he had written them however, they would have not only been successful, but would have probably heightened his reputation. However Haigs Final Dispatch, published in 1919 actually had only a small effect on the opinions of the war. Yet, decades later, a revisionist historian, John Terraine revised these arguments and tried to re-build Haigs reputation. In fact, Terraines Douglas Haig: An Educated Soldier strongly defended Haigs reputation, his main point being that it was Haig who eventually wore down the German army. However historian, John Laffin, has the opposite opinion, he feels as though Haig should be accused beca use of his wilful blunders and wicked butchery. This shows clear argument between the two recent historians, both trying to challenge Haigs reputation. Terraine passed away in 2003, however before his death, he did manage to change the way that some people saw Douglas Haig, and he restored Haig to the position of serious commander. Haig was criticised and celebrated by different historians, few ever looking at both sides of things. Haigs reputation was heightened the most due to his input in helping and celebrating ex-servicemen. Haig devoted a large part of his life, after the war, to charity events and war-memorials. This shows that people were even slightly wrong about the fact that he didnt care about the young men fighting in the war. For example, in 1922, Haig travelled to Swansea and 4000 people turned out to see him lay a stone for the city memorial, and in 1925, the Haigs toured Canada; some 10,000 people came to see Haig lay a stone on a cenotaph in Toronto. Also, in Glasgow, in 1924, Haig revealed a monument. These days people may be shocked to find out that in 1925 Haig opened the Newfoundland Memorial Park; this was where the 1st Newfoundland attack took place in 1916. The fact that Haig was sought after to carry out the ceremony by the government, shows that even though there is constant argument over Douglas Haigs reputation, at this time he must have been highly thought of. This is why Haig was overwhelmed with huge amounts of requests to reveal all sorts of different memorials. Haigs speeches at these events were never completely neutral, the issues of sacrifice and the needs of ex-soldiers were constantly highlighted. This made his reputation improve to a lot of people, because they felt as if he was more caring. In the early 1920s Haig began to type up his wartime diary, he wished for this to be published after his death. In 1928 a line of war diaries and memoirs began being published, some attacking Haigs reputation seriously, however Haig wasnt alive to see this, as on the 29th January 1928, Douglas Haig died of a heart attack. This death came as a shock to Britain, many people in disbelief. Haigs wife believed that the strain of wartime command had worn out his heart, and the media began to print headlines, field marshal a war victim, Haig was treated just like any soldier who had fought in the war, and he too was seen as a war casualty. The real surprise after Haigs death was the extent to which the public mourned him; his death was treated much more graciously than any other British general. Therefore his coffin was escorted by the two future kings of England, showing that he was obviously an important member of the nation, even though some people viewed him as a callous butcher. This was reinforced because St Pauls, Wrens great cathedral was suggested as where Haig would be buried and if he had been then hed have been buried with Wellington and Nelson, two heroes from WW1, however Haig had wanted to be buried at home, in Edinburgh, therefore he body was sent north. A crowd of people waited for him to arrive, to pay their respects. Eventually he was buried in the grounds of Dryburgh Abbey. However the event of his death just brought more conflict to the argument of Haigs reputation. Again, Haigs reputation plummeted. Therefore Haigs reputation is constantly debated, going from one extreme to the other, barely ever balancing, or being fair to the actions of Haig. However much argument is presented in favour of Haig, the evidence is overpowered by the casualty figures of the battle of the Somme, by Churchills criticisms of Haig and by the tension in Haigs relationship with David Lloyd George, these are the facts people cant just forget and therefore the points which effect Haigs reputation. Haigs reputation was most significantly analysed through memoirs and accounts, for example of Churchill, Lloyd George, Gough and Terraine, although his reputation took a severe hit after his death also. Its clear that Haig will forever be viewed as heartless general, which is a fair judgement, considering the fact that he was the general in charge during the Battle of the Somme, and allowed the horrific casualty figures to present, and the fact that he let the battle go on for much longer than it should have, fo r personal or no gain, and thats why Douglas Haig will forever be condemned as Butcher of the Somme. Hedging Techniques: Analysis of pros and cons Hedging Techniques: Analysis of pros and cons This report will discuss the basics of hedging, advantages and disadvantages of hedging. There is description of methods and techniques used for hedging. This also discusses the primary need of hedging. Then follows the detailed calculations of the receivables of 500M pesos due in six months time and the best way of hedging to get the most of it. This report then goes on to discuss the forward contracts and futures along with forward options that are available for individual and basic differences between forward contracts and options Introduction: An unexpected change in exchange rates is the economic exposure which is commonly seen as a political disaster or natural disaster. The effect of economic exposures on exchange risks is kept out from this paper on one hand. On the other hand the cross-border firms do not get affected by the volatility of the exchange rates, in terms of the translation transaction exposures. Foreign exchange risk does not exist; even if it exists, it need not be hedged; even if it is to be hedged, corporation need not hedge it. When compared with certain results this hypothesis seems to be inconsistent. Different ways have been found out by some empirical researches to hinder different exposures. For instance, in some real cases financial instruments or netting was applied. Hedging and Importance Normally foreign exchange rates are dictated based on the supply and demand of two currencies and are persuaded depending on both the interest and inflation rates of the corresponding countries. For entering into a contract both the parties those are going to buy sell must have to be familiarised by the forward exchanging rate. Above all relationship between forward exchange rates, spot exchange rates, inflation and interest have to be introduced. Due to some factors such as government intervening and costs of transaction, relationship should not always be hold in the short run. But however the relationship could be hold on the long run by the four parties: purchasing power, expectations theory, the interest rate parity the international Fisher effect. Types of exchange rate exposures: In an international firm exchange rate losses those are unfavourable are protected by hedging currency exchange risk. Thus hedging currency exchange risk can be considered as one of the factors for eliminating risks. There are basically three forms of exchange rate exposures. Transaction exposure Translation exposure Economic exposure Transaction exposure: It is caused when the organisation is driven into certain financial agreements or obligations. The future gains or losses of an organisation are completely dependent on the changes caused to the exchange rates in the future cash flows of the agreements or obligations. The values that were before after the accounts received paid along with those engagements to buy or leasing financial cash flows do not match. The risk of transaction exposure is completely different from the risk of transaction exposure since the former one contains potential changes regarding cash flows. Translation exposure: Translation exposure is also known as balance sheet exposure or accounting exposure. It is a kind of exposure which occurs when if the financial statements of all the affiliates have been consolidated by the parent company. The denominated currencies of the affiliates are quite different when compared to their parents. Economic exposure: Economic exposure is also known as real exposure or operating exposure. It is mainly concerned about the risk of losses in exchange in association with the changes in future cash flows. It is completely different from the former two exposures which operate by long-term diplomatic decisions. There are mainly three barriers for non-financial organisations hedging currency risks compared to the financial organisations. Firstly, models to forecast forward are not well devised. Secondly, team of management is incessantly hesitant to hedge risks of FX the team seems to risk-averse with respect to FX risks. Lastly, the risk management is less in non-financial firms compared to financial firms. The main purpose of hedging FX risks for most of the non-financial firms is for variance reduction in future cash flows. Some of the advantages of corporate hedging are as below. It can predict the cash flows of the firm that are generated internally can arrange the financing plan of a firm either internally or externally. Also hedging helps for the smoothening of the net income of a firm, which proves to be valuable in the present financial market which focuses attention to quarterly earnings rather than the cash flows in the long-run. Based on the proponents of hedging, some of the many arguments are opposed to hedging. Spending on hedges of currency opt for an exceed in the loss in currency risk exposures. If the management fails in reducing the risks using hedging, rivalry arises between management shareholders, where as the value of the shareholder crumbles. There are several hedging instruments in order to protect our money from getting exposed to the above mentioned exposures/risks. These hedging techniques include spot, forward contracts, options, futures, currency swaps and so on usually referred to as derivatives. The most frequently used instruments are: Forward Contracts: The two parties enter a contract in which they agree on a favourable current exchange rate on a specified future date. Thus this guarantees a customized future payment and maturity date and eliminates future volatility. It is tailor made instrument that it includes and specifies all its parameters like money, date, exchange rate and denomination of payment. Also the cost of forward contracts is low comparing with other instruments and the settlement date is up to one year. Futures: These are similar to forward contracts but are more standardised in terms of volume that is about to be exchanged. This is generally intended to speculating profits. Spots: This allows us to buy or sell a currency at todays exchange price and the day of settlement will be no more than two business days. Currency Options: Options are like contracts but are more costly than contracts. It guarantees a worst-case exchange rate for the future purchase of one currency for another. There is a right to sell or buy but there is no obligation to do so as such giving the options holder substantial benefits. Currency Swaps: These are in general long term high value transactions. By swapping their future cash flow obligations the counterparties are able to replace cash flows denominated in one currency with cash flows in a more desired currency. As requested billing in U.S. dollars, forward contracts and money market hedge are some effective techniques of hedging and safe guarding the firm from any possible fluctuations and risks arising from the same. In U.S. dollar billing we charge the goods at the rate in their home country but enter a contract based on the spot rate on the day of sale, and which means they need to pay the equivalent amount in dollars when the payment is due. Irrespective of the fluctuations of the currency rates the company is bound to make the payment of that exact amount of dollars at the end of contract or due date. Forward contracts are mentioned above lock in the exchange rate on future currency transactions and thus reducing their exchange risk. The payment is due in future but the current exchange rate is used for entering into such a contract. Money market hedge is a technique where in the company relies on borrowing and investing funds via money markets and using the spot rate to lock in the amount from the receivable. We borrow in the home currency the same amount that we are expected to receive ad invest in the other currency. Billing in U.S. Dollars As per our previous exports made to Mexico, we will receive 500 million Mexican Pesos. The spot rate of Peso/USD is 15.3555-15.3561, one of 15.3555 is the bid price at which the trader will buy from us and 15.3561 is the price at which he will sell. So we need to buy 500 million Mexican pesos meaning we need to consider the spot exchange ask rate 15.3561. Thus the 500 million Mexican pesos will come to USD which is $32.5604 M. Therefore we will be receiving a definite sum of $32.5604 M after the end of contract which is 6 months. So what ever is the exchange rate at the end of 6 months or whatever be the range of fluctuations we will get $32.5604 M. But the company has to pay an equivalent of $32.5604M which is $32.5604M*15.3555 = 499.9812M pesos. This is mainly due to the depreciation of peso with respect to US dollars. Forward Contract Since the goods have been exported the importer is now short if 500 million Mexican pesos. By entering into a forward contract we sign an agreement with the importer, which states that the delivery of the equivalent of the amount due should be made after 6 months time at the forecasted forward rate which is 15.0123-15.0134 (peso/USD). So as in the previous case we will be entitled to a sum of USD which turns out to be $33.3036 M. Hence we now entered into a future contract which gives us $33.3036 M at the end of 6 months. While we receive $33.3036 M, as an equivalent to 500 M Mexican pesos, the importer needs to pay the trader an amount of $33.3036*15.0123 = 499.9636 M pesos. However if the future rate increases then the importer is obliged to pay the 500M pesos at the prevailing spot rate. But in case the spot rate goes down then the importer has to meet the previously agreed rate for the payment. Money Market Hedge Here we are expected to receive 500 M pesos, so we borrow the same amount from a Mexican bank at the borrowing rate of 2.6% p.a. and we convert them to US dollars and invest the exact same amount in US dollars at 3.1% p.a. We borrow 500M Mexican pesos at 2.6%, which is = 493.5834M and we convert them into dollars at the prevailing spot rate of 15.3561, which transforms to = $32.1425M and we invest them in US market at 3.1%, which gives us $32.1425*1.016 = $32.6568M. But once we receive the payment of 500M pesos the loan will have to be repaid and we have $36.6568M*15.0123 = 550.3029M pesos, whereas the loan amount is 500M*1.013 = 506.5M pesos. Which means we have a profit of 550.3029M-506.5M pesos = 43.8029M pesos, which in turn is = $2.9176M Best Hedge By observing the figures, it is clear that future contracts method is more beneficial than the rest of them. This hedging earns us $32.5604M by billing in U.S. dollars, $33.3036M in forward contracts and $32.6568M by money market hedging. Derivatives The derivative securities market has become quite large in recent years. In 2007, according to the International Swaps and Derivatives Association the notional value of all financial swaps stood at $587 trillion worldwide. The GDP of the entire world was only about $60 trillion by the year 2008. The swaps and derivatives transfer risk from those who do not want to bear to those who are willing to bear for a fee. It is almost like insurance on property or automobile. For example, a put option is to safeguard if the price of a stock is expected to fall. And, like the insurance industry, both parties are mutually benefitted by this type of transaction; it is called hedging. Bulk of the transactions in derivative securities is mainly based on speculation than for the purposing of hedging against foreign currency risks. These help in providing liquidity in the currency market apart transferring risk. The sizes of banks and stock brokerage firms in derivative securities may give rise to huge loss which may well bring the entire financial system to a standstill. At the same time, some participants in these derivatives markets are reporting huge profits. Swaps The derivatives market involves more than just put and calls options. There are also contracts involving swapping fixed interest rate payment streams for adjustable or floating interest rate payment streams. Simply put its mutual agreement of two parties which satisfy both the parties. Forward Contracts and Futures Swaps, caps, and floors are recent innovations in the derivatives markets. The derivatives market traditionally included forward contracts in addition to options (puts, calls, warrants). A forward contract involved a commitment to trade a specified item at a specified price at a future date. The forward contract takes whatever form the two parties agree to. There is also a market for standardized forward contracts, which is called the futures market. The standardization makes possible a wider market with greater liquidity and efficiency. Often the futures markets eliminate the ties between specific parties, the party and the counter-party, and the risk that the other might not fulfil the contract. In the futures market everyone deals with the clearinghouse who guarantees fulfilment. Forward exchange operations carry the same credit risk as spot transactions, but for longer periods of time; however there are significant risks involved. A forward contract requires delivery, at a fixed future date, of a specified amount of one currency against other foreign currency payment; the exchange rate is fixed at the time of writing the contract. It is to be noted that gain or loss on the forward contracts is irrespective of the current spot rate. The gain or loss exactly offsets the change in currency costs. The major active participants in forward markets are arbitrageurs, traders, hedgers who seek to reduce their exchange risks by locking in the exchange rate on future trade or financial operations. There are differences in even the quoted prices, commercial customers are usually quoted the actual price while the dealers quote the forward rate only as a discount/ premium on the spot rate. These contracts are usually available for 1,2,3,6 or 12 months delivery. However forwards for odd maturities can also be formulated. With the increase in the maturity and volatility of the currency the bid-ask spread rises. Forward Exchange Options Contract In the options market there has developed some terminology that is somewhat intimidating to the uninitiated. A call option is the right to buy a share of a stock, the underlying security, at a specified price, called the exercise price or the strike price. A put option is the right to sell a share of a stock at a specified price, the exercise price or the strike price. There is a limited time for the exercise of the call option. An American option can be exercised at any time up to and including the expiration date. A European option can only be exercised on the expiration date. The value of a call option at any time depends upon: The current market price of the underlying security The exercise price The interest rate Time remaining until expiration The volatility of the price of the underlying security. When any of these change the value of the option will change. The options terminology that is most obscure is the use of Greek letters to refer to the response of the option value to changes in the variables which affect it. Ά Delta = the change in the price of the option per unit change in the price of the underlying; i.e., the increase in option value if the current market price of the stock goes up by one dollar. Delta is important in creating a perfectly hedged portfolio. The rate of change of the delta of an option is called its gamma. à Ã‚  Rho = the rate of change in the price of an option in response to a unit change in the interest rate. ÃŽÂ ¸ Theta = the rate of change in the price of an option with respect to time; i.e., the change as the time until expiration decreases by one unit. Vega (this is not a Greek letter) = the rate of change in the price of an option for a unit change in volatility. Despite having the right to buy a call option or to sell a put option, the rights holder is not obliged to buy or sell but can do so at his will. This will give him total flexibility as to when to buy/sell his options