Corporate finance Essay Example | Topics and Well Written Essays - 2000 words - 6

Corporate finance - Essay Example Company’s capital structure can comprise of majority of equity or debt component, an equal combination of both or only one of them. Each approach includes its own advantages as well as disadvantages. The hypothesis on capital structure from the Modigliani & Miller is considered as one of the significant developments or progress in the area of corporate finance (Miller, 1988). The report will highlight the main foundations and implications of Modigliani & Miller approach towards the capital structure. It will also focus on how this theory is related to the purpose of weighted average cost of capital (WACC) for a company. Further, the report will take into consideration the practical applicability and usefulness of the theory in real life business. There are five assumptions of this approach which involves: no taxes; transaction price/cost for selling and buying securities and also the cost of bankruptcy is nil; there is evenness of information which means that the investor will have the right to use the similar information that the corporate would and it also means that the investors are required to behave rationally; the borrowing cost is same for companies as well as investors; and financing of debt does not involve any effect on the firm’s earnings before interest and tax (EBIT). The approach of Modigliani & Miller signifies that the value of leveraged company (i.e. the company having the mixture of equity and debt) is similar to the unleveraged company’s value (i.e. the company which is completely financed by means of equity) if the future prospects and the operating profits are same. It further explains that if the investor buys leveraged firm’s share, it would rate him on the same scale as purchasin g the unleveraged firm’s share (Casamatta, 2003). The theorem of Modigliani & Miller makes the basis of contemporary corporate finance. It defines that this

Louisiana vs. Kennedy Essay Example for Free

Louisiana vs. Kennedy Essay Louisiana vs. Kennedy was a petition to the case that involved a death penalty that was imposed to a 42 year man who had raped his stepdaughter. The petition took place on June 2008. It was a punishment that was sentenced to him by the Louisiana court for having been convicted of committing the crime. In accordance to the law, the murders are supposed to be sentenced to death but for the past three decades, only two cases that did not involve murder were registered one for Patrick Kennedy and another one. He was sentenced to death penalty by the Louisiana court on 22nd May 2007 in a case No 05-KA-1981 Louisiana vs. Kennedy. In 2008, Patrick Kennedy decided to challenge the decision by the Supreme Court that was reached in 2007 citing that the sentence was a violation of the 8th constitutional amendment which stated that depending on the rarity of the case, death penalty may not be imposed. Was it in order for the supreme court of America to sentence to death a step father who raped his 8 year old stepdaughter? This is what this research paper will discuss about. Patrick Kennedy was sentenced to death after he was convicted by the Supreme Court to have raped his step daughter who was less than twelve years old. Initially the girl had refuted the claim that he was raped by his step father but after further investigations were done, the girl changed her story and said that it was her step father who raped her and told her to say it was the two boys that were her neighbors. It was established that the victim was assaulted for three times but the last time involved sexual intercourse. Even blood stains that Patrick had tried to clean were seen in her â€Å"After police were called to investigate the rape of the girl on March 2, 1998, Kennedys stepdaughter initially told them that two neighborhood boys had raped her after dragging her from her garage to a side yard. Police, however, found evidence of blood in her bedroom that Kennedy apparently had tried to clean up. The stepdaughter testified later that Kennedy had raped her and urged her to relate a false account. † (The Supreme Court in the Kennedy case, O7. 373. PDF) Ever since the death penalty was reinstated in US about 30 years ago, justices have been looking for ways to revoke the death penalty on child rapists which according to them was unconstitutionally imposed on Patrick Kennedy. According to the Death Penalty Information Center, (2008) of about 3,350 inmates in the death row because of murder, only two cases were different and they involved rape. Patrick Kennedy could not understand which statutes were used to sentence him. In his argument, it was a violation of the 8th amendment of the constitution. In another rape case, Coker vs. Georgia, the offender was accused of raping a 16 year old lady but on this case, the Supreme Court ruled that this case was not punishable by death because the victim was more than twelve years old. In the light of the above ruling, it was asked if the stepfather who raped his stepdaughter but did not kill her was bound by the constitution to be sentenced to death. (Hamilton, 2008) According to the Louisiana state, committing such a crime was equal to killing and the only appropriate sentence was death penalty. The majority of the United States had not passed the law but five of them namely Montana, Texas, Oklahoma, Louisiana and South Carolina had already passed it and were in use for example, it was the one that was used in Louisiana to sentence Patrick to death. Though these laws existed in books, they were limited to persons who were in the past convicted of committing crime of assaulting a minor but this only applied to the four states with the exception of Louisiana. The other states were contemplating to extend the death penalty to child rapists. According to the statistics given by the Death Penalty Information Center, death sentence has been on the decline in America for the past years. â€Å"The number of executions has dropped steadily since, hitting a 10 year low of 53 in 2006. † (Lithwick, 2008) According to a survey that was done by Gallop in 2006 concerning the preference between death penalty and life without parole, it was established that more people prefer life sentence to death sentence but this was due to a number of factors for example, some people were sentenced to death judging them on their race. Despite this, majority advocated for murders to be sentenced to death. The decision to review the decision to impose death penalty on child rapists was due to Patrick Kennedy’s case and the pressure that was amounted by the National Association of Social Workers, the Louisiana Foundation against Sexual Assault, and the Texas Association Against sexual assault as well as the National Alliance to end Sexual Violence. These organizations pressurized the supreme court of America to review its ruling on the case. In Patrick’s petition, it was stated that Patrick, â€Å"is the only person in the United States who is on death row for a non-homicide offense. He has been sentenced to die for the crime of rape, an offense for which no person has been executed in this country for over forty years since Missouri executed Ronald Wolfe in 1964. † (Denniston, 2008) The arguments that were put forward by these organizations were that death penalty for child rapists worsen the problem in that many cases of sexual abuse went unreported. Secondly, they argued that no child molester would leave his victim alive to avoid being reported therefore this acted as an incentive to kill victims. The third argument was that those statutes subjected the raped child to many trials and appeals thereby keeping those memories a fresh instead of them being repressed. (Death Penalty Information Center, 2008) It is for these reasons and the appeal that was made by Patrick that led to the reviewing of the ruling by the Supreme Court on 16th April, 2008 in a case between Louisiana and Kennedy. (Hamilton, 2008) It is in this case that it was ruled that the decision to execute Patrick Kennedy for raping his stepdaughter was a contravention to the 8th constitutional amendment that bans death penalty on rare and cruel cases. The majority’s argument was that the penalty should be reserved for the few offenders who are most egregious. (Linda G. , 2008) According to Justice Anthony Kennedy, death penalty was to be imposed on murders. He also differentiated between the first degree murder which is also referred to as intentional murder and the non homicide crime such as rape. He said that the later was more devastating in terms of moral depravity but he said that murder cases due to their nature, severity and irrevocability could not be compared with non homicide. The dissenting judges led by Samuel Alito objected to this observation arguing that, â€Å"The harm that is caused to the victims and the society at large by worst child rapists is grave. †(Biskupic, 2008) In justifying its decision, the state of Louisiana in its briefs argued that raping a child under twelve years is not different from other crimes because its results are devastating and lasts for a life time but in his argument, Justice Kennedy argued that the Supreme court’s decision to nullify Patrick’s case was reached objectively by the judges and this was backed by the fact that many American states were not in agreement with the statute and that was why they had not passed it. (Richey W. 2008) In response to the conclusion reached by Justice Kennedy, Justice Samuel objected to this arguing that many judges and lawyers misinterpreted the 1977’s Coker’s decision on capital punishment. They understood that death sentence should not be applied on any rape cases but that was not the case because in that case the victim was married and had assumed the status of an adult thus she was no longer a minor. He noted that due to this reason, the state’s legislatures have not understood the societal standards in terms of decency. â€Å"Evolving standards of decency must embrace and express respect for the dignity of the person and the punishment of criminals must conform to that rule. † (The Supreme Court in the Kennedy case, O7. 373. PDF) According to the Supreme Court’s statutes, rape is said to be committed where anal sex or virginal sexual intercourse is done without the consent of the victim and if the victim is less than twelve years, lack of knowledge of her age is no defense. If convicted of having committed aggravated rape, punishment should be life imprisonment without parole, suspended sentence or probation but the offender could be punished by death if the District Attorney seeks for capital verdict. In the light of the above, Patrick Kennedy’s case was a rare occurrence and thus he did not deserve the death sentence but deserved life sentence without parole. (Biskupic, News Washington 2008). The decision to reject death penalty was greatly opposed by the conservative judges. Even the two presidential candidates were opposed to the move though no one had been executed since 1964. Justice Kennedy argued that of all the 3300 people on the death row, only two were there for the reasons apart from murder. Justice Samuel questioned this majority logic that murders are more morally depraved than child rapists. â€Å"I have little doubts that the eyes of ordinary Americans, the very worst child rapists-predators who seek out and inflict serous physical and emotional injury or defenseless young children are the epitome of moral depravity. † (Barnes, 2008) In conclusion of this research paper, it is okay to say that the decision by the Louisiana’s Supreme Court to execute Patrick Kennedy for raping his step daughter was harsh and was a contravention to the 8th amendment. Of all the inmates in the death row, only two inmates whose cases were not murder. Patrick’s case was one of those rare cases that were addressed in that amendment. The appeal acted as an opportunity to interpret law as it is this was because according to Justice Samuel, most legislatures misunderstood the decision that was made on Coker’s case and assumed that he meant that death penalty should not be applied on rape cases. References. The Supreme Court in the Kennedy case. Accessed at http://www. supremecourtus. gov/opinions/07pdf/07-343. pdf Linda G. 26th June, 2008. Supreme Court Rejects Death Penalty for Child Rape. Available at http://www. nytimes. com/2008/06/26/washington/26scotuscnd. html? _r=2hpor ef=sloginoref=slogin Scotus Blog. June 25th, 2008Commentary: Death penalty options narrow. http://www. scotusblog. com/wp/commentary-death-penalty-options- narrow/#more-7553 Barnes R. June 26, 2008. High Court Rejects Death For Child Rape Penalty Reserved for Murder And Crimes Against State. Available at

The Human Impact On Environment

The Human Impact On Environment In many peoples opinions mans impact on the environment is a big issue in our life which is easily neglected, as humans are responsible for a staggering amount of damage on the earth. Nature manages its own components. Since the outbreak of technology and industrialisation humans have greatly had a negative impact on the environment, such as; air pollution, habitat destruction, water pollution, the burning of rainforests and land pollution. In this essay I intend to give facts and discuss the effects and causes on these topics and discuss the solutions being carried out to improve the conditions. Air pollution effects people in areas of emission sources, such as, power plants, local industry and major roads. Humans contribute to pollution by the use of machinery in industry causing pollution to the environment. More effects of air pollution on the environment involve using diesel fuel for vehicles and coal for power along with the lack of emission controls for vehicles and industry. Another cause of air pollution is the greenhouse gas CO2, this gas warms the earth through living things as they emit CO2 when breathing which contributes to humans also, as we add to this statistic through breathing also. CO2 is usually thought to be involved with cars, aeroplanes and power plants, in the past 150 years , CO2 has been polluting our atmosphere through the sources mentioned, this is the highest CO2 emissions recorded for a long time. More causes of air pollution is methane gas which comes from swamps which are contributed to man through flooding. Cfcs are another major cause of air pollution by man through the use of fridges and deodorants (aerosols) which harms the earths ozone layer. Solutions to Air Pollution Solutions to air pollution include driving and flying less, recycling, and conservation. Governmentsare limitting emissions of carbon dioxide and other greenhouse gases through the Kyoto Protocol;this is an agreement between countries that they will cut back on carbon dioxide emissions. Another method being put into practice is to put taxes on carbon emissions or higher taxes on gasoline. ( http://environment.nationalgeographic.com/environment/global-warming/pollution-overview.html ) Acid Rain Acid rain has a big effect on the environment and is caused through men by the emission if nitrogen oxides through road transport, power stations and industry, over 2000 tonnes of nitrogen oxide was polluted into the air in 1990 along with over 3000 tonnes of sulphur dioxide through power stations and industry. Sulfur dioxide is known primarily as a cause of acid rain. But they also reflect light when released in the atmosphere, which keeps sunlight out and causes Earth to cool. Another adverse effect of these gases being emitted into the atmosphere by humans is the weathering of buildings, particularly those made from limestone, marble and sandstone. For example sulphate-rich precipitation reacts with limestone and is easily eroded. Many method have been used to reduce the effects of acid rain, one is to add powdered limestone to lakes to increase their pH values, however the only real effective and practical solution is to reduce fossil fuel consumption by using alternate energy so urces that do not produce nitrate or sulphate gases (hydropower or nuclear power). Water Pollution Asian rivers are the most polluted in the world. They have three times as many bacteria from human waste as the global average and 20 times more lead than rivers in industrialized countries. Thirty percent of Irelands rivers are polluted with sewage or fertilizer. The King River is Australias most polluted river, suffering from a severe acidic condition related to mining operations.100, 000 marine mammals, 1 million sea birds and other aquatic lives are killed due to plastic waste in water and coastal area. Bangladesh has some of the most polluted groundwater in the world. In this case, the contaminant is arsenic, which occurs naturally in the sediments. Around 85% of the total area of the country has contaminated groundwater, with at least 1.2 million Bangladeshis exposed to arsenic poisoning and with millions more at risk. Pollution of freshwater is a problem for about half of the worlds population. Each year there are about 250 million cases of water-related diseases, with roughly 5 to 10 million deaths. The main problem of water pollution is that it kills life; Dead fish, birds, dolphins, and many other animals often wind up on beaches, killed by pollutants. Pollution disrupts the natural food chain as well. Pollutants such as lead and cadmium are eaten by tiny animals. Later, these animals are consumed by fish and shellfish, and the food chain continues to be disrupted at all higher levels. humans are affected by this process as well. People can get diseases such as hepatitis by eating seafood that has been poisoned. Ecosystems can be severely changed or destroyed by water pollution. Many areas are now being affected by careless human pollution, Solutions to Water Pollution  · stabilising wetlands to act as a buffer zone to runoff and to assist in filtering pollutants  · Drive less to reduce the amount of air pollution being emitted into the environment and minimize the amount of nitrogen deposition.  · Improve the sewage treatment system to stop the leaks in the pipes.  · Conserve water  · Improve storm water management.  · Monitor watershed  · Stop deforestation to soak up the rain water and prevent runoff from occurring. Land Pollution The human impacts related with land pollution involves the Increase in urbanization as Construction uses up forestland. More constructions means increase in demand for raw materials like timber. This leads to the exploitation and destruction of forests, the Increase in agricultural land As the human population grew there was a greater demand for food. This caused more land allocated to agriculture. Forests were cut down for this purpose, Agricultural activities Besides domestic waste, pesticides and herbicides used by farmers to increase crop yields also pollute the land when they are washed into the soil and Industrial activities are also a contributing factor to land pollution. For example, in open cast mining, huge holes are dug in the ground and these form dangerously deep mining pools. Heaps of mining waste are left behind and these waste often contain several poisonous substances that will contaminate the soil. The effects on humans is that the Pollution is likely to affect over a billion people around the world, with millions poisoned and killed each year.The World Health Organization estimates that 25 percent of all deaths in the developing world are directly attributable to environmental factor. Some researchers estimate that exposure to pollution causes 40 percent of deaths annually. Many people are not aware of the impact that such industrial pollution can have on the earth. By helping to make it known, you can be one of the voices that will draw attention to the issue thus helping to inspire change. Solutions to Land Pollution New laws and regulations such as, reduce use of plastic, recycle and reuse have greatly reduced the amount of commercial and industrial pollution, Habitat Destruction/Deforestation Habitat destruction is happening all over the world and closer to your home than you might think. Tropical rain forests in Central and South America and in Southeast Asia and Oceania are being threatened. Rainforests now occupy less then  ½ of the land that they did 100 years ago (thats less than 2% of the earths surface). Humans are a major cause of habitat destruction. The causes include, logging, agriculture, the building of roads and cities, and forest fires. Logging involves Humans cutting down the forests and rain forests for wood and wood products. Usually, only large prime trees are cut down, such as mahogany. However, smaller trees can be destroyed in the process and never replaced. Logging can cause soil erosion, and the logging roads that are built can damage rivers and streams. Agriculture involves Wild lands being cleared for crops and domestic animals. The single biggest cause of deforestation is farming. Animals that are used to living in a biodiverse habitat cannot survive in an area with one crop. Humans impact on habitat destruction is majorly involved in the building of roads and cities, although essential for life, this still causes a problem for biodiversity as Humans are clearing trees and wild lands to make room for roads and cities. Cities replace the natural habitat of many species of plants and animals. Highways and freeways can destroy plants and also keep animals from safely travelling through their natural habitat. Recent effects of humans on the environment Humans have recently had a massive impact on the environment with the nuclear power plant disaster in Japan following the biggest earthquake/tsunami ever recorded cooling systems failures that led to radiation escaping from a reactor at one location. The emergency declarations, which include five reactors at the two plants, followed Fridays 8.9-magnitude earthquake off the countrys northeast coast. In a troubling announcement, Japan Nuclear and Industrial Safety Agency official Ryohei Shiomi said a monitoring device outside the plant detected radiation that is eight times higher than normal and an evacuation zone has been expanded from three kilometres around the plant to 10 kilometres. ( http://news.slashdot.org/story/11/03/12/038218/Nuclear-Emergency-Declared-At-2-Plants-In-Japan?from=rss ) The impact this had on the environment was really frightening as fears of people being exposed with radiation which was life threatening and people were even evacuated from their homes and told not to go outside, there is now fears that the food produced there may be contaminated with radiation and they are stopping all exports. This radiation from Japan has the potential to cause worldwide biological disruption Referencing/Sources Buz/ed Causes and effects of land pollution [Online] Available: http://www.buzzle.com/articles/causes-and-effects-of-land-pollution.html (accessed 20th march 2011) Biodiversity lectures [Online] Available: www.uws.ac.uk National Geographic Air pollution [Online] Available: http://environment.nationalgeographic.com/environment/global-warming/pollution-overview.html (accessed 20th march 2011) Goudie, A. and Viles, H.(1997) The Earth Transformed An introduction to human impacts on the environment Images Radioactive waste [Online] Available: http://homepages.uel.ac.uk/u0852279/Docs/Radioactive.html Picture (accessed 20th march) Air pollution [Online] Available: http://homepages.uel.ac.uk/u0852279/Docs/Air.html (accessed 20th march 2011) Land Pollution [Online] Available: http://homepages.uel.ac.uk/u0852279/Docs/Land.html (accessed 20th march 2011 Water Pollution [Online] Available: http://homepages.uel.ac.uk/u0852279/Docs/Water.html (accessed 20th march 2011) Image [Online] Available: www.imagesfrom.co.cc (accessed 20th march 2011) Water Pollution [Online] Available: http://library.thinkquest.org/26026/Environmental_Problems/water_pollution_-_effects.html (accessed 20th march 2011) Habitat Destruction [Online] Available: http://www.library.thinkquest.org/08aug/00473/habitatdestruction.html (accessed 20th march 2011) Japan Earth Quake [Online] Available: http://news.slashdot.org/story/11/03/12/038218/Nuclear-Emergency-Declared-At-2-Plants-In-Japan?from=rss (accessed 21th march 2011) Water Pollution [Online] Available: www.peakwater.org (accessed 22nd march 2011) University of the West of Scotland (n.d.) Student Services Mini Guide: Hamilton Campus. s.l.: UWS

My Philosophy of Life Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  I can remember as a child always asking myself the â€Å"why† questions of life. What is the purpose of life? Why are we here? What is the purpose of life? Why do certain things happen? And is there really a God? I had always kept these questions to myself and eventually pushed them out of my mind altogether. I was raised in a Christian household and you just were not allowed to ask questions of that nature and doubt the faith. The world is the way it is because God made it that way and that is all there is to it. I was really excited to take this class because it would finally give me the opportunity to exercise my personal thoughts and beliefs. I have come to agree with Socrates that â€Å"the unexamined life is not worth living.† In my opinion life is a combination of philosophical ideas such as morality, respect, free-will and scientific issues.   Ã‚  Ã‚  Ã‚  Ã‚  The study of philosophy is a very complex and complicated task. There are so many different questions on many different topics and philosophy tries to explain them all. It tries to provide answers to the many questions that science and religion cannot explain. And from this it urges you to think about issues that may otherwise be ignored.   Ã‚  Ã‚  Ã‚  Ã‚  I agree with the goal of autonomy, that philosophy is having the freedom to make your own decisions and beliefs by using your own reasoning capabilities. I believe that we all have the God-like quality of reasoning ...

Gogol’s Namesake Essay

Immigrants moving to the United States are faced with the pressing question of whether or not to assimilate into American culture. Many of those involved in diasporic situations feel that adapting to the social norms of their new surroundings is an act of betraying their roots in which their heritage and all preexisting traditions will be lost. Jhumpa Lahiri’s novel The Namesake highlights this struggle through the eyes of the Ganguli family. The novel ultimately shows us that one can simultaneously belong to two cultures, in this case Indian and American culture. Many scholars are hung up on the fact that protagonist Gogol must belong to one culture or the other. Heinze’s â€Å"Diasporic Overcoat?† suggests that Gogol puts on an â€Å"overcoat† through the switching of his name to represent the switching of his identity across various relationships and social situations. In doing so, he says â€Å"by implication one is never totally free of an overcoat, there is no such thing as a pristine and authentic identity†¦ (Heinze 197-198)† This quote demonstrates Heinze taking a stand and stating that there is no fixed identity. I suggest that Gogol does indeed obtain a national and cultural identity. The characterization of Gogol’s identity can be viewed as a spectrum that is continuously changing. At one end of the spectrum is his Indian cultural identity and the other is his American. At different points in his life Gogol has different degrees of American and Indian cultures present within him. So rather than arguing Gogol has no set identity, instead his identity is classified by his movement along his hybrid cultural spectrum. Other scholars that write on the issues of cultural hybridity focus on the idea that the person involved in diasporic situations are caught some where between their two given cultures. The author of an article applying concepts of cultural hybridity in music, particularly Arabian Jazz states that those with hybrid identities create a new â€Å"imagined community’ in which cultures may interact and influence each other in a state of co-existence and a â€Å"third space† is created. He defines this third space as â€Å"the inter- the cutting edge of translation and negotiation, the in between space that carries the burden of the meaning of culture† (Al-Joulan 640). Rather than being part of one culture or the other he is saying that identity of ones culture is defined as being in this third space. For the sake of my argument Gogol’s third space is the area on between his Indian culture and American culture. Gogol’s position in his third space changes at  different points in the novel. Gogol’s birth not only marks the start of his life but it also marks the start of his movement away from the Indian side of his hybrid cultural spectrum. Although it is clear the presented naming process for the Ganguli baby is one that typically appeals to Bengali tradition, American pressures results in the vanishing of those traditions. â€Å"Ashima’s grandmother has mailed the letter herself, walking with her cane to the post office, her first trip out of the house in a decade. The letter contains one name for a girl, one for a boy. Ashima’s grandmother has revealed them to no one.† (25) This quote indicates the importance of naming in Bengali tradition, particularly done by an elder in the family. The fact that the grandmother is leaving the house for the first time in ten years to personally see the letter off shows it is of great importance. However, when the letter does not arrive in time, his parents fail to name him according to Bengali tradition. â€Å"For they learn that in America, a baby cannot be released from the hospital without a birth certificate. And that a birth certificate needs a name.† (27) The Ganguli’s must abide to American laws even if it means abandoning essential Bengali traditions and we see young Gogol’s position on the spectrum of two cultures sway away from his â€Å"Indian-ness.† Perhaps this is Lahiri’s way of communicating to her audience that sacrifices must be made in order to establish a hybrid cultural identity. During the infancy stage of Gogol’s life another series of events instills his divergence from the Indian side of his identity spectrum. The Ganguli’s invite their Bengali friends over in celebration of Gogol’s first consumption of solid food. Gogol is also offered a number of items to represent what profession he will grow to attain. â€Å"Gogol frowns, and his lower lip trembles. Only then, forced at six months to confront his destiny, does he begin to cry.† (40) This quote demonstrates how Gogol’s refusal to participate in traditional Indian rituals, begins at an early age. He does not reach for any of the items symbolizing his rejection of Indian culture ultimately pushing him further towards American assimilation. Throughout adolescence and early adulthood Gogol’s movement along the spectrum continues away from the Indian side. During this stage in his life the movement is represented through the rejection of his name to mimic his rejection of his Bengali heritage. Despite the fact that the pet name given  to him at birth is in fact a Russian name, the concept of having a pet name and good name all together is the â€Å"Bengali way† and not typical for Americans. We see this in Gogol’s petition to his parents to change his name when he asks â€Å"Why do I have a pet name in the first place? I don’t get it†(Lahiri 99). His mother responds simply with â€Å"It’s our way, Gogol. It’s what Bengali’s do†(Lahiri 99). When Gogol is asked by his new college suitemate whether Gogol is his first name or last name, he gives a new answer that is of great significance. â€Å"Normally that question agitates him. But today he has a new answer. ‘Actually, that’s my middle name,’ Gogol says by way of explanation, sitting with them in the common room to their suite. ‘Nikhil is my first name. It got left out for some reason’†(Lahiri 103). We know this statement is false due to the fact that in a previous passage of the novel Gogol’s mother explains to his principle that he does not have a middle name at all, he has a good name and a pet name. In Judith Caesar’s article about Gogol’s namesake she says, â€Å"Although Nikhil is an Indian name, it enables him to try on a sophisticated identity he thinks he wants, sexy, cool, ‘normal’†(Caesar 110). I believe what Caesar is referring to as â€Å"normal† is in fact â€Å"more American†. Making the claim that Gogol is his middle name marks his attempt at appearing like a typical American kid with a first, middle, and last name. In essence he is rejecting his pet name to represent the rejection of his Indian heritage. Conversely the acceptance of this so-called â€Å"middle name† represents his acceptance of American culture continuing his movement away from the Indian side of the spectrum. It is not until the adulthood stage in Gogol’s life that he comes full circle and begins his movement in the other direction, back towards the Indian side of his hybrid cultural identity spectrum. The first way in which he does this is through the development of his relationship with Moushumi. Moushumi, being a childhood family friend also of Bengali heritage, first met Gogol as Gogol rather than Nikhil. It is â€Å"the first time he’s been out with a women who’s once known him by that other name†(Lahiri 193). The fact that Gogol goes through with meeting a girl who already knew his pet name, a Bengali custom, represents a step towards accepting his name and a willingness to begin his movement in the other direction towards his â€Å"Indian-ness.† Ironically the very thing they bond over is their identical  hybrid identity situation. â€Å"They talk about how they are both routinely assumed to be Greek, Egyptian, Mexican – even in this misrendering they are joined† (Lahiri 212). Neither Gogol nor Moushumi ever thought they would date another Bengali due to the fact that it is what their parents had continuously drilled into their heads as their wishes. They know that their blossoming relationship will please both their parents, and they each find some comfort in this surprising thought. The reason the two met up after not seeing each other since childhood was a result of a request by Gogol’s mother. She is the one who suggest he call Moushumi. Gogol proceeding with the call and arranging to meet Moushumi marks the start to his movement and reconnection to his Indian culture. The second way Gogol begins his journey of moving back towards the Indian side, is through his exploration and acceptance of what his pet name meant to his father. In the final chapter of the novel we see adult Gogol returning to his family home in which he goes into his old bedroom, discovering the book by author Nikolai Gogol that his father had given to him years ago. He opens the book to find what his father had written in it â€Å"For Gogol Ganguli†¦ the man who gave you his name, from the man who gave you your name†(Lahiri 288). It is only out of respect for his father that he takes the time to explore what the name meant to him. Had Gogol’s father not have passed away, he may have again snubbed the book and its significance to his father as he did when he first gifted it to him. This may be Lahiri’s way of conveying to readers that although it is too little to late in the aspect of reestablishing a relationship with his father, it is not yet too late to reconnect with his Bengali heritage. The moment Gogol begins to read â€Å"The Overcoat† marks just the beginning of his exploration and acceptance of his Bengali heritage and finding its role in the grand scheme of his double-sided identity spectrum. In conclusion we see different degrees of Indian and American culture present within Gogol representing his continuous changing position across his hybrid culture identity or â€Å"third space†. In the early stages of his life we see his divergence from â€Å"Indian-ness† through his parents failure to name him according to Bengali tradition, his own rejection of important  Bengali ceremonial traditions and the rejection of his pet name. Finally in adulthood he begins his journey in the other direction, his journey at exploring at reconnecting with this Indian roots marking the start of his movement back towards â€Å"Indian-ness.† This movement is achieved through his developing relationship with Moushumi, another Bengali-American character, as well as his acceptance to explore the meaning of his name given to him by his father. Works Cited Al-joulan, Nayef. â€Å"Diana Abu-Jaber’s Arabian Jazz: An Orphic Vision of Hybrid Cultural Identity.† Neophilologus 94.4 (2010): 637-52. ProQuest Research Library. Web. 11 Dec. 2012. Heinze, Ruediger. â€Å"A Diasporic Overcoat? Naming and Affection in Jhumpa Lahiri’s the Namesake.† Journal of Postcolonial Writing 43.2 (2007): 191-202. MLA International Bibliography. Web. 11 Dec. 2012. Caesar, Judith. â€Å"Gogol’s Namesake: Identity and Relationships in Jhumpa Lahiri’s the Namesake.† Atenea 27.1 (2007): 103-19. MLA International Bibliography. Web. 11 Dec. 2012.

Overview of Political Geography

Overview of Political Geography Political geography is a branch of human geography (the branch of geography concerned with understanding the worlds culture and how it relates to geographic space) that studies the spatial distribution of political processes and how these processes are impacted by ones geographic location. It often studies local and national elections, international relationships and the political structure of different areas based on geography. History of Political Geography Politische Geographie Another early theory in political geography was the heartland theory. In 1904, Halford Mackinder, a British geographer, developed this theory in his article, The Geographical Pivot of History. As a part of this theory, Mackinder said that world would be divided into a Heartland consisting of Eastern Europe, a World Island made up of Eurasia and Africa, Peripheral Islands, and the New World. His theory said that whoever controlled the heartland would control the world. Both Ratzel and Mackinders theories remained important before and during World War II. By the time of the Cold War, their theories and the importance of political geography began to decline and other fields within human geography began to develop. In the late 1970s however, political geography again began to grow. Today political geography is considered one of the most important branches of human geography and many geographers study a variety of fields concerned with political processes and geography. Fields within Political Geography European Union Modern political trends also have an impact on political geography and in recent years sub-topics focused on these trends have developed within political geography. This is known as critical political geography and includes political geography focused on ideas related to feminist groups and issues gay and lesbian as well as youth communities. Examples of Research in Political Geography Ellen Churchill Semple Today political geography is also a specialty group within the Association of American Geographers and there is an academic journal called Political Geography. Some titles from recent articles in this journal include Redistricting and the Elusive Ideals of Representation, Climate Triggers: Rainfall Anomalies, Vulnerability and Communal Conflict in Sub-Saharan Africa, and Normative Goals and Demographic Realities. To learn more about political geography and to see topics within the subject visit the Political Geography page here on Geography at About.com.

Financial Outcomes Paper Essays (1249 words) - Dividends, Dividend

Financial Outcomes Paper Essays (1249 words) - Dividends, Dividend Financial Outcomes Paper FIN/419 October 26, 2015 Sarah Newton Introduction Dividends Dividends are meant to be a great thing for shareholders because this is when companies give out returns on the profit that was made throughout that year. There are three important things to consider with dividend such as dividend dates, the distribution date, record date, and the ex-distribution date. These dates tell shareholders when dividends will be distributed (distribution date), list of when shareholders that will receive a payout (record date), and a date for pending transactions to be completed (InvestorGuide, 2013). Apple is paying their shareholders a quarterly dividend but in comparison to other companies it is not nearly the amount as they should. In 2012 Apple made its first dividend payback in almost 17 years. Apple gave out 2.5 billion to shareholders quarterly and has been taken in 10 billion in cash flow quarterly. Now for the shareholder when trying to figure out whether or not to invest one must consider the product and the growth of the company. Jared Cummans fr om Dividend.com wrote an article in which he compared Apple to other companies. It should be to no surprise that Apple gave the least back to its shareholders while Intel paid 30-40% of its free cash flow and Microsoft paid out 20%. What does that say about Apples growth? Apple doesnt offer a low cost phone and companies like Samsung and Microsoft are killing the competition. How many ways can Apple reinvent the iPhone? Companies are appealing to the consumer when Samsung is creating an android phone that is lower in cost and does the same thing. We believe that profits Apple is buying back from its shareholders should be reinvested in creating a new, low cost products to consumers. This will increase Apples cash flow which will in return allow for larger payouts for shareholders. Beats- Positive or Negative Outcome? In todays financial market for a business to have continued growth and remain profitable they have to provide consumers with products and services that benefit their lifestyles. Many consumers have become attached to music services such as iTunes, Spotify, and Beats, Apple has seen that the market for this product and service has had a dramatic increase in the last ten years. By paying attention to global consumer trends they were able to acquire a company that related the music to the users choice, not only providing a service but products that enhanced their experience. When Apple decided to purchase Beats Music and Beats Electronics for three billion dollars, they attracted a large amount of attention from the technological industry. The co-founders of Beats, Dr. Dre and Iovine, had a small following of users for their live streaming service and a larger audience for their electronics that are satisfy both fashion and function. There is a problem however, with the acquisition of Beats they expected an increase in market share and that has not been the case. While their overall company shows The tremendous customer demand for our products and services in the March quarter drove revenue growth of 27 percent and EPS growth of 40 percent, ("Apple Reports Record Second Quarter Results", 2015). While many analysts say that they made a purchase unworthy of the sale price the group feels that the numbers agree with the prediction. This is a 19 billion dollar industry and digital music sales in iTunes were down even more nearly 14% worldwide in 2014 (Neiger, 2015). Its sales of books, music, movies, and TV shows in the iTunes Store actually declined by 4% for the third consecutive quarter, and 5% in the first six months of fiscal year 2015 (Neiger, 2015). The outcome of this decision has not led to extra profits for the company, but an overpriced acquisition that has yet to prove that it can increase their market share. Overall, this financial investment was overpriced and unwarranted as the revenue could be used toward research and development. This company has taken many risks financially, but since they have a new president his choices have limited the financial growth of the company and saddled it with companies that are not conducive to their growth. Capital Return- Apple Owned When a company returns capital it

Decide If Private School is Worth the Money

Decide If Private School is Worth the Money When assessing if private school is worth the money, its important to consider all the factors look at many students’ experiences at private school from a cost-benefit perspective and many come up with the conclusion that attending a private school does not in any way guarantee access to an Ivy League or equivalently competitive college.  There is no clear answer to the cost-benefit analysis of whether private school is â€Å"worth it,† but here are some ways to think about the equation. Examine Your Criteria Most articles that seek to answer the question about whether private school is worth the cost look at one factor; college admission. Particularly, many choose to look at admission  to a very selective bunch of schools, namely the Ivy League and other similar colleges and universities. However, these elite colleges and universities may not be the goal of all or even most private school parents and students. In fact, many private school graduates are fortunate to have the added bonus of working with highly qualified college counselors whose jobs are to help graduates find the best fit higher education institutions, and not the most prestigious. What good is an ivy league degree if youre not getting the support you need to succeed and do well? Yes, its true that  some private schools thrive on advertising the admission of their recent graduates into Ivy League and equivalent schools, but college admissions results can never sum up the true value of private school education. Does an ivy league education guarantee  success and fulfillment? Not always. But that isnt necessarily the one deciding factor to consider. Instead, parents and students who want to understand what a private school education offers them need to look at the process of the education and what it has provided students in order to prepare them for life after high school. Improved time management skills, increased independence, introduction to a diverse community and rigorous academics; these are just a few of the skills that private school students gain from their experiences that cant necessarily be captured by their college admission lists. Understand the True Value of Private School The benefits of a private school education may not always be summarized in the list of where recent graduates attended college. For example, one study found that the benefits of a boarding school education extended well beyond students’ senior year of high school and the college admissions process. The graduates of private boarding and day schools felt much better prepared for college than did public school students in the survey, and graduates of boarding schools achieved advanced degrees and career success to a greater extent than did the graduates of private day or public schools. Parents and students can often understand what private schools offer when they look at the complete trajectory of graduates’ education and careers. Want to learn more about life at an all-girls boarding school? Find the Best Fit for Your Child In addition, statistics and summaries of vast numbers of students do not always help you understand what type of education is best for your child. The best school for any child is the one that fits his or her needs. For example, if your child loves horseback riding or surfing or English poetry or another academic or extra-curricular interest, a certain school may provide him or her with the best environment for advancing his or her interests and development. It is by no means true that a private school is always better than a public school, and it is true that public schools can often be more diverse than many private schools. However, the cost-benefit analysis of any particular school must be carried out with a particular student in mind. The true value of a school is what it offers to that student, not just what it offers in terms of college admissions. The true value lies in what the school offers with regard to a student’s life-long learning. Applying to private school, despite the hefty price tag, might be the best thing youve done yet.

Analyzing Aspects of Service Recovery Essay Example | Topics and Well Written Essays - 1750 words

Analyzing Aspects of Service Recovery - Essay Example In relation to theoretical aspects of measuring service quality in healthcare, it is important to note that the issue of quality in healthcare services always generates immense pressure to the healthcare providers (Rubenstein 2006, p. 70). It is of paramount importance that the patients get assurance of quality care and services that they subscribe to. It is also reasonable when the customers and patients expectations are not only met but also clearly understood under the constraints the hospitals must operate in. It can be quite difficult to measure the quality of services because intangible specifications are the ones used to determine it. An example is colour, width, height, depth among others. Many organizations have chosen a methodology called SERVQUAL (service quality) to measure the quality of their services. It is a service quality questionnaire that uses 5 dimensions in its quest for quality. The five dimensions include: responsiveness, reliability, assurance, empathy and ta ngible qualities such as appearance of physical facilities among others. Each dimension is measured on a scale of 1 to 7 together with its expectation and perception. The weight of each point is done according to customer importance (Schoeman 1992). The score from each dimension is then multiplied by the weighting. After this, the expectation score is subtracted from the perception score to get the Gap Score. If the Gap Score is negative, it indicates that the actual service (the perception score) is below expectation (the expected score). The Gap is the reliable indicator of the five dimensions of service quality. Decision making models can help the health care sector to assess the perceived service quality in the sector (LaCombe 1995, p. 558). . The model rates performance of hospitals. Hospitals should put more emphasis on providing health care services with empathy, reliability and professionalism to give qualified services that are satisfactory. The hospitals can improve their service quality and better service delivery to their consumers if they addressed their individual issues highlighted by SERVQUAL methodology. Considering intergenerational service preferences in health service management and delivery, health care needs vary with age and health care for the older persons has generated a number of services and programmes. This is in response to the need of a more oriented and community-based care for the ageing population. In America, the young population is fast changing to the middle-age population. This has resulted to a greater demand for health care services and products and vast competition amongst the health care providers (Porter and Teisberg 2004, p. 66). The development of a health care plan for the elderly has been directed by a range of principles and concepts that influence it. The World Health Organization (WHO) has also come up with guidelines and policy statements through the WHO Active Ageing Policy Framework that influence the commun ity health care development program. The health care programs aim is to introduce value and new scope to the existing primary health care program by adding integrated social and health services. This will be achieved through a partnership with the public and private health care providers to meet the increasing needs of the elderly. The process of building a comprehensive program for the elderly requires consideration of some overarching facts as a guiding

Wine studies Research Paper Example | Topics and Well Written Essays - 500 words

Wine studies - Research Paper Example Aromas are imparted through transferring wines into oak barrels for maturing process. Australia ranks among the top ten wine exporting and producing countries globally. The Hunter Valley remains one of the globally recognised wine producing regions in Australia. The Hunter Valley Semillon remains the globally recognised iconic wine from the region. The Hunter Valley region remains extensively covered by vineyards for producing wine grapes utilised in processing of wine. The region is naturally flat and irrigated by the Hunter River and its tributaries, which flow through the region. The Hunter Valley wine industry is significantly boosted by the proximity to Sydney, which provides market form the produced wines (Schamel & Anderson, 2003). Trading links between the valley and the city have existed since the nineteenth century. The streaming number of individuals from the city into the valley continues to drive the Hunter Valley economy through the wine and tourism industries. The Hunter Valley has been the largest wine producing region in the entire Australia. The region has utilised this global recognition in marketing itself as tourist destination to many tourists visiting the country. The proximity to the city of Sydney further provides essential support to the tourism and wine industry within the valley. The region consists of beautiful scenery, adorned by hectares of large vineyards producing wine grapes. The globally acclaimed wineries and vineyards within the valley remain the fundamental features, which tourists anticipate to see. The Hunter Valley continues to gain international acclamation with increased growth in the wine production industry. The region has been extensively marketed as a perfect destination for an extremely unique tourism element – wine tourism. Wine tourism involves the process where individuals

Business research methods Essay Example | Topics and Well Written Essays - 1500 words

Business research methods - Essay Example In order to study this topic, the researcher would make use of primary as well as secondary data and analyse them using quantitative approach as well as qualitative approach. Statistical analysis of the data would help in understanding the relationship in a robust way and also allow illustrating the results in a visually comprehensive manner. Qualitative analysis of the data would help in gaining deep insights regarding employee behaviour that leads to the concerned level of organizational effectiveness. Aim of the Research The research work would be done with the aim of analyzing the impact of innovation on the level of organizational effectiveness in terms of organizational performance and efficiency of business strategies. Introduction Innovation has become the key to success and survival in the modern business world. During the late 1970s organizations faced a spacious business field with much lesser competition than the current business scenario. In the present business scenario , companies are operating in an intricate and complex external environment and a highly volatile market place (Vuuren, 2013). This paper aims at studying the level of organizational innovation and assessing the impact it casts on organizational effectiveness. To serve this purpose a global business firm has been chosen. The chosen company is Dell Computers. This company has a strong history of innovation and it is one of the leading companies in the field of technology. Research objectives In the current business platform, companies are required to make efforts to move beyond simple modification of their operating processes and take real innovative actions in terms of product features and service quality. Dell has a proven track record of making huge investment in its research and development department that enables the company to come up with ground breaking innovations. The company competes with the global leaders in the industry and ranks third after Hewlett-Packard Company (HP) and Lenovo. Dell makes constant innovations and utilizes modern technological knowhow in order to throw steep competition for its rivals. The company also updates itself with the changing preferences of its customer base. This fine tunes the new innovations of the company with demands of the market, which in turn increases organizational effectiveness. There are three research objectives of this study. The primary research objective is mentioned below, followed by the secondary and tertiary research objectives. To critically evaluate the theories of organizational innovation and study the manner in which organizational innovation might influence organizational effectiveness To investigate the company’s decision making in the context of their plans to expand their product range, other than computers, in the field of Information Technology To identify the strategies that might help Dell to beat the position of Hewlett Packard and become the leading supplier of personal computer s in the world market Research questions The central topic that is being explored in this paper is the relationship between organizational innovation and organizational effectiveness. To study this topic the researcher has framed three research questions. These have been mentioned below: What are the implications of current business strategies on Dell’s current level of research and deve

99 Cent V. Lancaster Redevelopment Coursework Example | Topics and Well Written Essays - 500 words

99 Cent V. Lancaster Redevelopment - Coursework Example The loss of Costco would result in the loss of over $400,000 generated from sales tax each year. The 99 Cent Only store only generated about $40,000. Lancaster tried to use the power of eminent domain to obtain the property of the 99 Cent Only store but was sued - and lost.Similar to the decision of the Supreme Court, I would have ruled in favor of 99 Cent Only Stores. While laws would have allowed Lancaster Redevelopment Agency to remove and redevelop a slummy, blighted area, the 99 Cent Only Store was not found to be blighted. "Under Health & Safety Code 33030, a blighted area is one which is 80% urbanized, and a physical and economical liability which cannot be reversed or alleviated without redevelopment." (Fergusson, 2005). The Fifth Amendment protects property owners from having their property taken by the government unless it is for public use. It seems to me that if Lancaster seized the property from 99 Cent Only Stores, it would be for Costco's use (so it could expand) and f or Lancaster's own use (so it could obtain greater revenue from sales tax).However, if brought to court today, after the decision made by the Supreme Court in 2005 regarding the case of Kelo v. City of New London, the result of the 99 Cent Only case would quite likely be different.

Performance and Reward Management Assignment Example | Topics and Well Written Essays - 750 words

Performance and Reward Management - Assignment Example Organizations need HR data in order to make rational and informed decisions for adequate performance management. In order to make sure that hardworking employees are rewarded and disloyal and unproductive employees are penalized, it is imperative that HR data is collected and maintained. Such data includes but is not limited to employees’ attendance, their productivity in terms of goal achievement, their discipline and conduct, and their professional growth and skill development. Having detailed recorded information of all these aspects enables the managers to quantify the results and ensure that the resources are adequately utilized for the benefit of the organization. Collecting data related to employees’ performance helps HR admin in rational decision making. Resources in an organization are limited. In order to achieve organizational goals, it is essential to assign these resources proportionately among the employees considering their needs and past performance. HR admin needs employees’ performance data during the performance appraisal process. This data helps HR admin reach the decisions of promoting certain employees and demoting others, offering increments to certain employees and decrements to others, and selecting employees to be sent as expatriates to other countries. Data related to sick absences is needed by the HR admin not only for monitoring the productivity of employees but also to ensure the provision of adequate medical care to the employees. An employee with a lot of sick absences clearly displays signs of poor productivity and wastage of time and resources. Besides, the organization might incur significant costs in paying the increased insurance premiums for such employees. It is the responsibility of the HR admin to watch out for employees who are using organizational resources for personal gains and report them to the top management. Electronic record storage, as the name implies, is the storage of information in a

Graduate Reflection Paper 3(a) Essay Example | Topics and Well Written Essays - 1250 words

Graduate Reflection Paper 3(a) - Essay Example Many employees will come from the neighborhood but many managers will be brought into the community from other areas. When so many people come together, they bring with them their attitudes, their insecurities and often their personal problems. Sometimes the manager helps an employee get to a counselor or find other resources in the community that they may need to continue in the organization. Managers must be cognizant of the fact that internally, they are the ones who set the climate and create a positive or negative experience for their employees. The organizations have changed drastically over the last thirty or forty years. As an example, organizations now deal with a wider diversity of employees that can include different ethnicities, religions and disabilities. Gays, lesbians and transgendered employees have specific needs, some of which have become controversial and each all employees bring their skills and abilities to the workplace. Effective leaders must understand how to work with all these team members and help them work with each other. This action creates one of the many functions of management. There are several models that are important to organizational change. The conventional model suggests that an individuals perception is based on the knowledge and information they receive (Rouse, 1998). This can be one of the reasons why employee behavior can be so different and why managers must be sure to understand who their people are and how to make them into a team. Abraham Maslows Hierarchy of Needs is another model for leadership. Most people are familiar with the hierarchy and managers must understand that their employees may be at any level of need at any given time. The manager must be aware of resources in the organization and outside the organization that can assist employees. They must also build a relationship with employees that

99 Cent V. Lancaster Redevelopment Coursework Example | Topics and Well Written Essays - 500 words

99 Cent V. Lancaster Redevelopment - Coursework Example The loss of Costco would result in the loss of over $400,000 generated from sales tax each year. The 99 Cent Only store only generated about $40,000. Lancaster tried to use the power of eminent domain to obtain the property of the 99 Cent Only store but was sued - and lost.Similar to the decision of the Supreme Court, I would have ruled in favor of 99 Cent Only Stores. While laws would have allowed Lancaster Redevelopment Agency to remove and redevelop a slummy, blighted area, the 99 Cent Only Store was not found to be blighted. "Under Health & Safety Code 33030, a blighted area is one which is 80% urbanized, and a physical and economical liability which cannot be reversed or alleviated without redevelopment." (Fergusson, 2005). The Fifth Amendment protects property owners from having their property taken by the government unless it is for public use. It seems to me that if Lancaster seized the property from 99 Cent Only Stores, it would be for Costco's use (so it could expand) and f or Lancaster's own use (so it could obtain greater revenue from sales tax).However, if brought to court today, after the decision made by the Supreme Court in 2005 regarding the case of Kelo v. City of New London, the result of the 99 Cent Only case would quite likely be different.

Graduate Reflection Paper 3(a) Essay Example | Topics and Well Written Essays - 1250 words

Graduate Reflection Paper 3(a) - Essay Example Many employees will come from the neighborhood but many managers will be brought into the community from other areas. When so many people come together, they bring with them their attitudes, their insecurities and often their personal problems. Sometimes the manager helps an employee get to a counselor or find other resources in the community that they may need to continue in the organization. Managers must be cognizant of the fact that internally, they are the ones who set the climate and create a positive or negative experience for their employees. The organizations have changed drastically over the last thirty or forty years. As an example, organizations now deal with a wider diversity of employees that can include different ethnicities, religions and disabilities. Gays, lesbians and transgendered employees have specific needs, some of which have become controversial and each all employees bring their skills and abilities to the workplace. Effective leaders must understand how to work with all these team members and help them work with each other. This action creates one of the many functions of management. There are several models that are important to organizational change. The conventional model suggests that an individuals perception is based on the knowledge and information they receive (Rouse, 1998). This can be one of the reasons why employee behavior can be so different and why managers must be sure to understand who their people are and how to make them into a team. Abraham Maslows Hierarchy of Needs is another model for leadership. Most people are familiar with the hierarchy and managers must understand that their employees may be at any level of need at any given time. The manager must be aware of resources in the organization and outside the organization that can assist employees. They must also build a relationship with employees that

History of Federation of Malaya Essay Example for Free

History of Federation of Malaya Essay The Federation of Malaya (Malay: Persekutuan Tanah Melayu) is the name given to a federation of 11 states (nine Malay states and two of the British Straits Settlements, Penang and Malacca) that existed from 1 February 1948 until 16 September 1963. The Federation became independent on 31 August 1957. It was reconstituted as Malaysia with the addition in 1963 of Singapore, Sabah, and Sarawak. History After World War 2, the British came again to Malaya and Britain suggested the formation of the Malayan Union. Malayan Union not only took away the power of the Malays over their nation, but also the rights that belong to the Malays. Then, the people of Malayan Union started to realise that their country has to be ruled by their own people and not to be ruled by other people of other nations. Due to opposition from Malay nationalists, the Union was disbanded and replaced by the Federation of Malaya, which restored the symbolic positions of the rulers of the Malay states in 1st of February 1948. The British government and Malaya leaders signing the agreement of establishing Federation of Malaya at King’s House, Kuala Lumpur. Within the Federation, while the Malay states were protectorates of the United Kingdom, Penang and Malacca remained British colonial territories. Like the Malayan Union before it, the Federation did not include Singapore, despite its traditional connections with Malaya. The Federation achieved independence within the Commonwealth of Nations on 31 August 1957. In 1963, the Federation was reconstituted as Malaysia when it federated with the British territories of Singapore, Sarawak, and British North Borneo (renamed Sabah); the latter territory was claimed to be a part of the Sultanate of Sulu. Singapore separated from Malaysia to become an independent republic on 9 August 1965. Agreement of Federation The Federation of Malaya Agreement was formulated by the British–Malay Pleno Conference between June and December 1946. At the end of the meeting, the Pleno Conference produced a 100-page Blue Book. The Federation of Malaya Agreement was signed on 21 January 1948 at King House by the Malay rulers, and by Sir Edward Gent as the representative of the British government. The Agreement superseded the Agreement creating the Malayan Union, and prepared for the establishment of the Federation of Malaya on 1 February 1948. The position of the Malay rulers was also restored. As with the Malayan Union, the Federation excluded Singapore, despite its traditional links to Malaya. List of member states * Johore * Kedah * Kelantan * Malacca * Negeri Sembilan * Pahang * Penang * Perak * Perlis * Selangor * Terengganu System of Government The government of the Federation of Malaya was headed by a British High Commissioner with executive powers, assisted and advised by the Federation of Malaya Executive Council and the Federation of Malaya Legislative Council. * The Federation of Malaya Executive Council comprised 7 official and 7 unofficial members. The Federation of Malaya Legislative Council comprised the High Commissioner as the Council President, 14 official and 50 unofficial members representing the Straits Settlements, business groups and all races. Additionally, 9 State Council Yang Di Pertua (heads of state), Chief Ministers and 2 representatives from the Straits Settlements became unofficial members. * The Malay Conference of Rulers would advise the High Commissioner on immigration issues. The British Resident was replaced with a Chief Minister in each state of the federation. Conditions of citizenship The conditions of citizenship of the Federation of Malaya were further tightened using law enforcement and naturalization by application. Under the laws, the following were automatically granted citizenship: 1. Citizens of the Sultan of any state 2. British citizens born in Penang or Malacca who have lived continuously for 15 years in the federation 3. British citizens born in the federation whose fathers were born or lived continuously for 15 years in the federation 4. Anyone born in the federation, conversant in the Malay language and following Malay traditions in his or her daily life 5. Anyone born in the federation whose parents were born and lived continuously for 15 years in the federation Via naturalization (by application), one could achieve citizenship, given these criteria: 1. Born and lived for at least 8 of 12 years in the Federation of Malaya before the application was made 2. Lived in the Federation of Malaya for at least 15 of 20 years before the application was made In both cases (via naturalization), applications must be well-behaved, swear allegiance and clarify their reasons for living in the federation, and are fluent in either the Malay or the English language. The Federation of Malaya, through its constitution, guarantees the rights and special position of the Malay people as well as rights, powers and sovereignty of the Malay rulers in their respective states. Separation of powers of the federal and state governments The federation agreement Perjanjian Persekutuan set the powers of the federal and state governments. Financial matters must be handled by the respective states. The Sultan was given full power on religious issues and Malay customs. Foreign policy and defense continued to be administered by the British government.

Examining The Early Churches Strengths And Weaknesses Religion Essay

Examining The Early Churches Strengths And Weaknesses Religion Essay The purpose of this essay is to see how the church began 2,000years ago, with a small group of disciples empowered by the Holy Spirit, who preached, and taught, healed in synagogue, and everywhere they went, lives and society was changed in the name of the Lord Jesus Christ. The Strengths of Early Church The early church did not just start to grow after Jesus ascension by its own enthusiasm. The disciples on the day of Pentecost were all together in one place. One of the strength of the early church is their ability to wait on God. Jesus instructed his disciples to wait (Matt 28:19-20, Luke 24:49) first for the Holy Spirit in order to do the work he commissioned them for. The disciples waited until when the Spirit descended on them on the day of Pentecost. The power received at the out pouring of the Holy Spirit enabled them to fulfil their mission. Waiting is sometimes part of Gods plan in order to be truly effective. Descent of the Spirit The apostles and disciples were the first recipients of the outpouring of the spirit with the evidence of speaking in tongues (Act 2:6). They received power to function like Jesus Christ; to preach the gospel with boldness, with signs and wonders following. The disciples spoke in prophetic speech that people of diverse nationalities represented at Jerusalem recognised their languages, which drew their attention unto God. Peters sermon on the day of Pentecost led to revival that caused salvation of over three thousand people. Followed by diverse forms of miracles, and healings enhancing the spread of the gospel. The Church was Bold Initially the disciples were very timid. But after the outpouring of the Holy Spirit they were filled with boldness to do mighty works and witnessing effectively. The outpouring of the Holy Spirit inspired evangelism and proclamation of the gospel of Jesus Christ. From the day of Pentecost when Peter spoke to community of believers the gospel has spread from Jerusalem to Syria, Asia, Europe and Africa. Despite persecutions, oppositions, imprisonments, plots they never relent, they kept on moving never dare to go to a new place to preach the word of God. The Early Church was very Prayerful Another characteristic of the early church was that they are very prayerful, committed to Gods will through prayer (Act 1:14). As it faces challenges the churches always came together to pray so that healings, miraculous signs and wonders will take place (Acts3:1-3, 4:1-10). The Church was in one accord One of the strengths of the early church is unity. The church was one, and there was no proliferation in the body of Christ. There were house fellowships where believers met for teachings and breaking of bread. None of the early Christians felt that what they had was their own; they never allowed any of the brethren to suffer when others had plenty. The unity brought by the Holy Spirit increased loyalty, commitment and love for God. Without unity, the church could not have survived; therefore they had everything in common. Perform miraculous signs and wonders Signs and wonders followed the apostles everywhere they went. The healing of the man at the Beautiful gate by Peter and John created a stir in Jerusalem that saved five thousand people (Act 3:1-3). The early Church did much miraculous work through the help of the Holy Spirit as the Lord had done. They confirmed the gospel with great power, miracles and abundant grace as they spread the good news. A lot of people were attracted to the early church by expressions of Gods power at work. People of Prayer The early Christians devoted themselves to prayer. They understood that Gods kingdom could only be manifested in its full power through fervent prayer. (Act 1:14, 2:42, 3:1, 6:4, Eph 6:18). In those days devote Jews pray 2 or 3 times a day and it was the custom of the disciples to follow this devotion. Peter and John went to pray at the temple (Acts 3:1), while Luke and Paul did the same (Acts 16:16). God rewarded Cornelius for keeping to hours of prayer (Act10). Weakness of the early church External Opposition: The early church was not without its own problem. The church experience both miracles and opposition the same time. There is external opposition from Jewish leaders who became uncomfortable with message of Christian liberty preached by the early believers, which undermined Jewish legalism. Besides the opposition from religious circle believers found themselves in conflict with social patterns of the day, because they no longer participate in emperor worship, refused to take part in bloody roman sport and pagan shrines. As a result persecution arose, many were exiled, killed, mocked and imprisoned. Jewish and Gentile Conflicts: God has no favourite nation or race, he only favours and accepts anyone who turns from sin and believed him. The Apostles initially want all people to be saved but did not understand that salvation was no longer restricted to Israel alone, but for everybody. The Jewish-Gentile conflict is the greatest barrier to the spread of Gospel in the 1st century. Until the issue was resolved, in council at Jerusalem, it was a barrier. Administration: as the early church increased in size, so did her needs and challenges. The new believers were moved by the Holy Spirit to share their possession (Acts 4: 32-37). But as the numbers increased, it became difficult for equal distribution of goods to meet the needs of everyone. The Hellenist believing widow felt neglected. To rectify this, the Apostles created the office of deacon to oversee the physical needs of the people. Later we see the Pastoral epistle written by Paul to Timothy and Titus, about the spiritual and character qualification expected for church leadership; in order to keep the church from false teachings (1Tim 3:1-13, Tit 1:5-9). Dishonesty and Greed: In order to gain recognition Ananias and Saphira lied about their giving to the church. (Moreover any unrighteousness move in the church prevents the working and movement of the Holy Spirit). God dealt harshly with the couple in order to reveal his hatred to all greed, deceit and dishonesty in the kingdom. The Peril of Heresies: The early church was not immune against false teachers and heresies. Already Jesus had warned his disciples several times in the Gospels to watch out for leaders who would introduce destructive heresies among Gods people (Matt. 24:11, 24:24-25). For example the book of Jude was written against false teachers who are distorting the gospel of Gods rejecting traditional Jewish and Christian teaching about morality, advocating sexual licence. In their teachings they denied original apostolic revelation about the person and nature of Jesus Christ (Jude 8, 16, 2pet 2: 1-3:4). Comparism between the early church and the church today The early church relied much on the leading of the Holy Spirit to get the gospel to the whole world, which I believe todays church need to learn from. Paul and Barnabas were commissioned by the Antioch church through the leading of the Holy Spirit, were directed by the spirit of God to specific areas to be a witness on their missionary journey. Our evangelistic or missionary moves should be according to the leading of the Holy Spirit. (Act 13: 1-5). Churches today do so many things in the name of the Lord with ulterior motives. Many at times we tend to do what we want in the name of the lord rather than what Gods want. The early churchs motives were pure. Their aim was to spread Christianity as far as they could. Some churches today are being run under the idea of men not of God. The Spirit of God had being relegated or given a minor role in the church. Making many worship centres to lack power thus dry and lukewarm. During the apostolic age the early church was established on apostolic pattern. But tragically the church today have departed from apostolic faith and doctrine but patterned itself according to human ideas and modern thought that now proliferate our churches today. Conclusion The gospel cannot be confined to one corner of the world. Therefore what the early church did is possible in our generation. The church was bold, filled with power because the early disciples were committed to the task of evangelising the world. Churches need to be committed to the work of soul winning and world mission, for example in the west secular humanism has become the dominant philosophy for many and the church is not immune to all this. We need to be more involved in world issues by ministering to the social ills of our environment, by our evangelistic move.

Comparing Fahrenheit 451 and Modern American Society :: Comparison Compare Contrast Essays

Fahrenheit 451: Similarities to American Society Fahrenheit 451 is a science fiction book that still reflects to our current world. Bradbury does a nice job predicting what the world would be like in the future; the future for his time period and for ours as well. The society Bradbury describes is, in many ways, like the one we are living in now. We are always demanding more advanced machinery, and from the past, we have grown into a much more technological society. Lately, more and more people not only want more technology, they want them to be quicker. Things such as quicker computers, quicker connections to the internet, better cell phone connections, pagers, cars with more power, voice mail, palm pilots, etc. are in greater demand. People don't want to waste time anymore. We want things done quicker without as much effort. We want things to take less time to do them so we can have more time for other things. Their society is exactly like ours. Besides having advanced technological machines, they also have much larger speed limits, so people could get where they want a lot faster. Clarisse and Montag make it obvious to the reader that they live in a fast-paced world when they first meet each other. Before Clarisse runs into her house, they notice how fast drivers go that they "'don't know what grass is, or flowers because they never see them slowly,' she said. 'If you showed a driver a green blur, Oh yes! he'd say, that's grass! A pink blur! That's a rose garden! White blurs are houses. Brown blurs are cows. My uncle drove slowly on a highway once. He drove forty miles an hour and they jailed him for two days'"(9). Their speed limit is so high that everything that they see seems like blurs. They never see objects; they only see colors. Our speed limit isn't as high as theirs is, but people usually go much faster than the speed limit is. Another reason their society reflects the one we live in is that the people there are becoming more and more violent towards each other. Clarisse tells Montag that she's "afraid of children my own age. They kill each other... Six of my friends have been shot in the last year alone. Ten of them died in car wrecks. I'm afraid of them and they don't like me because I'm afraid" (30).

Alcohol Television Commercials are Misleading Viewers Essay -- Media

Alcohol Television Commercials are Misleading Viewers At any given time a person can turn on their television and find a commercial of some sort. Their main purpose is for them to throw information about their product to anyone who will listen. It is also common for this form of advertisement to be promoting an alcoholic beverage. Whether it’s a catchy song with the chorus chanting â€Å"This Bud’s for you!† or three frogs belching â€Å"Bud-Wei-Ser!†, viewers learn the slogans and use them in their own lives. Needless to say, alcohol companies have mastered the art of grabbing the attention of their audience by imbedding their images and words through commercial advertising. Although clever, these advertisements can be misleading their viewers to think that drinking brings unattainable excitement and pleasure rather than the serious consequences that frequently arise. Statistics for drinking are alarming for any age group. However reports about adolescent drinking are possibly the most alarming, and are a large indicator that alcohol advertisements mislead their audiences. The National Institute on Media and the Family has reported many disturbing facts about the false portrayals of alcohol consumption. For example, the institute reports that â€Å"by the time teenagers reach driving age, they will have seen 75,000 alcohol ads† (Baran, 2004, p. 445). This means that adolescents are exposed to almost 13 alcohol advertisements a day. Whether it’s subtle or obvious, children still get the message that alcohol consumption leads to parties and happiness. In fact, statistics show that â€Å"56% of children in grades 5 through 12 say that alcohol advertising encourages them to drink† (Baran, 2004, p.445). By the use of image ad... ...d federal mandated warnings), research has shown that they hurt the cause as opposed to helping. The boomerang effect expresses just this: â€Å"drinkers perceive alcohol as having more benefits when the warning is present† (Lapin, McKinnon, 1998, p.3). Alcohol is almost like a forbidden fruit, which makes the idea even more exciting and its consumers to feel as though they are overcoming the infringement on their own rights. This research, as discomforting as it is, makes it almost impossible to find a solution to overcoming the misleading information handed out through alcohol commercials. As long as alcohol is sold, it will have to be advertised with the enthusiasm and appeal that it does now, in order to maintain the consumer’s attention. Sadly enough, this has to be done through false conditions which will steadily impact our society’s view of drinking.

An American novelist Essay

An American novelist, historian, and literary historian-that was Alfred Bertram Guthrie, Jr. Having shown an excellent writing style and due to his love of Montana he went on to win the Pulitzer Prize for his fiction The Way West in 1959. This book mainly talks about Dick Summer’s return to the Wild West to guide some settlers on the hard journey to Oregon through a dangerous trail (Joseph, Guthrie, & Peter, 1959, 18). A. B. Guthrie wrote with a unique sense of style, skill, artful simplicity and eloquent sentiment and these are all apparent in the opening, the discovering, the settling, the emergent and the exploiting of the American West. At the point in his life when he was merely a university graduate in journalism, he pioneered the hard knowledge that has helped young novelists ascend to greater heights. Guthrie gave much of himself and his time to advise young writers just as Professor Theodore Morrison, his mentor, did for him. Guthrie’s ability to pay attention to historical accuracy, his love of nature, an unfailing ear for dialect and realistic dialogue and the skill to create unforgettable characters that readers easily adapt to care about are the traits that set him aside from other writers. The distinctiveness of his ability to frame vivid, tightly compressed scenes in which those characters intermingle is pure intellect (Joseph, Guthrie, & Peter, 1959, p. 31). In defining the American experience, Guthrie’s The Big Sky is a big aid in attempting to understand the conflict during this time. It provides descriptive evidence of the attitude of pioneers, the readiness of the pioneers, the empathy for the land that fur-trappers and backwoodsmen had during that time and how all the diverse people merged to form a nation. Guthrie’s most outstanding accomplishment is demonstrated in his ability to affirm the range, complexity, and the intensity of the colonization of the Missouri and Columbia drainage basins by real people which was his large subject (Joseph, Guthrie, & Peter, 1959, p. 45) . Work Cited Joseph Howard, A. B. Guthrie & Peter Hurd. Montana: High, Wide, and Handsome. Yale University Press, 1959, 18, 31, 45

Impact of Grey Marketing on Indian Economy Essay

â€Å"An unofficial market in which goods are bought and sold at prices lower than the official price set by a regulatory agency Grey marketing (also sometimes known as â€Å"gray market†) involves the trade of legal goods through unauthorized, unofficial, and unintended channels of distribution. Hence, trademarked products are often exported from one country to another and sold by unauthorized individuals or firms. This practice is also often known as parallel importing, product diverting, and even arbitrage, and typically flourishes when a product is in short supply, when manufacturers resort to skimming strategies in specific markets. A good example is the trading of crude oil by an individual. The grey market includes services that are typically unregistered to evade taxes. Perfectly legitimate occupations, such as domestic help, babysitters, part time beauticians and freelancers, may not be registered. Not only is it difficult to detect such defaulters, the punishment is usually mild. For example, even as Apple, Inc., rolled out its latest third-generation iPhone on July 11, 2008, several retail stores throughout the world, including those in China and Thailand, continued to take orders even though this product was not being sold in those markets. Their computer codes were unlocked, so that the phones could be used with different mobile service providers. Even in India, one of the fastest-growing markets for cell phones, Apple delayed the release of the original iPhone until mid-2008, a year after the release in the United States and six months after its release in Europe, because of the fear of grey market sales. A wide range of goods and services have been sold through grey markets, including automobiles, broadcasting delivery, college textbooks, pharmaceuticals, photographic equipment, video games, and even wines. Research has demonstrated that every one of the world’s eight major export regions has experienced grey marketing activity damaging to their operations. Parallel market is further encouraged by periods of war or any other crisis. During harsh political conditions or natural disasters, scarce goods are rationed by the government. People have the tendency to violate restrictions or rationing laws to secure the products they desire. In the United States, grey market goods are prohibited according to Section 526 of the Tariff Act of 1930, which expressly forbids importation of goods of foreign manufacture without permission of the trademark owner. However, the implementation of regulation by the U.S. Customs Service and the courts’ interpretation of the law have not been in line with each other. In a recent study, about 13 percent of the firms in North America have reported some form of grey marketing. A positive outcome of grey markets is that they provide brand-name goods at lower prices to the customer. They can create incremental sales in markets not in direct competition with sanctioned dealers, and sometimes help companies overcome distribution bottlenecks because of local government regulations. Occasionally, it is less expensive to tolerate grey marketing than to shut down the operations completely because of the time and resources required to monitor the violations. Finally, eradicating grey marketing activities can provide a firm with sound marketing intelligence regarding customers in these markets and their buying behavior. On the other hand, the phenomenon obviously also has several drawbacks for companies. It simultaneously undermines the manufacturer’s distribution arrangements and their ability to control quality it creates the dilution of exclusivity and damages existing channel relationships. Official dealers may not choose to offer significant services in order to compete with the grey market price for the product. There is likely to be an erosion of the brand’s global image, and the firm is unlikely to have the ability to use traditional pricing strategies, thus having less control over their overall marketing strategies. 2.According To World Health Organization: 2.1.Parallel Imports: Parallel imports are imports of a patented or trademarked product from a country where it is already marketed. For example, in Mozambique 100 units of Bayer’s ciprofloxacin (500mg) costs US$740, but in India Bayer sells the same drug for US$15 (owing to local generic competition). Mozambique can import the product from India without Bayer’s consent. According to the theory of exhaustion of intellectual property rights, the exclusive right of the patent holder to import the protected product is exhausted, and thus ends, when the product is first launched on the market. When a state or group of states applies this principle of exhaustion of intellectual property rights in a given territory, parallel importation is authorized to all residents in the state in question. In a state that does not recognize this principle, however, only the patent holder who has been registered has the right to import the protected product. Sometimes referred to as â€Å"grey market† imports, parallel imports often takes place when there is differential pricing of the same product – either brand-name or generic drugs – in different markets (usually owing to local manufacturing costs or market conditions). The Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement explicitly states that this practice cannot be challenged under the World Trade Organization (WTO) dispute settlement system and so is effectively a matter of national discretion. Parallel imports can reduce the price of health products and pharmaceuticals by introducing competition. However, they can also affect the negotiation of tiered pricing regimes with pharmaceutical companies. If a private pharmaceutical company agrees to sell a product at a lower price in poor countries, it will need some assurance that the cheaper product will not be imported back into its rich country markets, undercutting its profits (product di version). 3.Grey Marketing by Industry: 3.1. IPO Grey Marketing in India: Cities like Ahmedabad, Kolkata and Rajkot are the most active centers for the IPO (initial public offerings) grey market. Trades done in the grey market are settled on the day of listing. Once the deal is done at a stipulated price, the seller must deliver the shares after he has been allotted the shares by the company. If the seller falls short in receiving the exact number of shares that he has sold in anticipation, then he must buy the shares on the market (once the share is listed) to honor his commitment. Most of the recently-concluded initial public offerings are quoting at a significant premium in the grey market, compared to their issue prices; this means that the issues are perceived to have been underpriced. Many traders short sell in the grey market if they feel that the premium on offer is unwarranted and that the stock may list at a price lower than what most market players expect it to. Though grey-market operators say that there is a constant change in the grey-market premium, it largely depends on the subscription on the last day and the market conditions, post issue closing. 3.1.1. In the stock market, what is the concept of grey marketing? Grey marketing is a trade of something legal but through unofficial and unauthorized distribution channels. In contrast, black marketing is a trade of illegal goods or services through illegal channels. The grey market of goods is to import and sell products through market channels which are not authorized by the manufacturers. It occurs when the prices of a product differ significantly in different countries. The grey market of securities markets and IPO (Initial Public Offer) is to buy and sell the shares to be allotted in the future. Once the trading is done in the grey market at a stipulated price, the seller must deliver the sold number of shares to the buyer on the day of listing to honor the commitment. 3.1.2.Effect of Grey Market Trading on Indian Economy 3.1.2.1Grey Market: Rs. 1L in Reliance Power IPO will earn 9% in 20 days [pic] AHMEDABAD: Reliance Power (REPL) seems to have electrified grey market operations in Ahmedabad with operators willing to shell out as much as Rs. 9,000 for every application of Rs. 1 lakh. In the bustling grey market in Gujarat, such high rates are unheard of. The last benchmark for hectic activity was the Mundra Port and SEZ IPO in November when the grey market started buying applications for Rs. 7,500 in the last stages of the issue. With the REPL offer ready to hit the market on January 15, the grey market is trading the shares and the applications. It basically means that if you have Rs. 1 lakh to invest when the IPO opens, you have a secured 9% return within 20 days of closing of the issue when the stock would be listed. After SEBI cleared REPL’s IPO, grey markets had resumed trading in the stock with premium saudas (trades) at Rs. 340-350 and application buying rate at Rs. 7,500. While the premium has zoomed to Rs. 390-400, the applications rate touched Rs. 9,000 and could break the Rs. 10,000 mark by the time the IPO hits the market, sources said. The excitement on the counter in the grey market has come on the heels of news that REPL will offer 5% discount to retail investors, who will also get an option to pay only 25% of IPO amount at the time of application. 3.1.2.2.Reliance Power IPO: Grey market sees Rs. 2000 crore loss: [pic] AHMEDABAD: The dismal debut of Reliance Power on the bourses may result in losses to the tune of Rs. 2,000 crore in the grey market. Operators also fear a payment crisis as many investors are threatening to hold back payments. Grey market players — both operators and investors — who were expecting the stock to list in the range of Rs. 550-Rs 600 per share, were in shock as Reliance Power opened at Rs. 430 and closed at Rs. 372.50 on its first day on the exchanges. This could also adversely impact the premium transactions in forthcoming IPOs (initial public offers). Ever since the grey market began trading in this IPO, the premium on Reliance Power shares had peaked at Rs. 450 over and above IPO price of Rs. 450 per share. Majority of trading in R-Power IPO in the grey market was done at an average premium of Rs. 300 per share. As the issue closed at Rs. 372.50, most market operators, who had taken huge exposures, have lost Rs. 377 per share. It is estimated the grey market has already taken an exposure of five crore equity shares, leading to losses worth Rs. 1,900 crore. It is also learnt that many investors in Jaipur have refused to honor their payment commitment to grey market operators in Ahmedabad, as the IPO plunged after listing. This could well result in operators losing out on large sums of money and have a cascading effect in the market. 3.1.2.3.Grey market bets big time on DLF IPO: [pic] AHMEDABAD: Only time can tell whether you could get the elusive pit of gold at the end of the DLF IPO rainbow. But, street savvy investors in Gujarat have already started earning a secured 4% return on their investment in the initial public offer of the country’s biggest realty developers, much before the offer hits the market on June 11. Large numbers of investors, who want to earn secured interest earning up to 4%, are selling their IPO applications to grey market operators in Ahmedabad. Although the DLF IPO is opening from May 11, IPO applications are being sold anywhere between Rs. 3,800 and Rs 4,000 for a single application worth Rs. 1 lakh. Activities in the Ahmedabad’s grey market, popularly known as Sakar Bazar, has gradually been heightening as the market enters the final week before a deluge of public offering hit the primary markets. Led by DLF IPO, the next two months could see close to Rs. 50,000 crore being raised from the market. On one hand, the grey market is witnessing huge trading in IPOs, which are yet to be listed on the bourse. On another hand, people are selling their IPO applications to the grey market operators for a secured interest. Even as DLF shares are yet to be listed on the bourse, operators in Ahmedabad’s grey market are trading DLF shares at a premium of Rs 37 to Rs 38 on its issue price of Rs 500-Rs 550. Similarly, Meghmani Organic is fetching a premium of Rs 5 over its issue price. And, it’s not only in the case of these two IPOs. All IPOs are traded in the Ahmedabad grey market, which seems to have a handle on the pricing of IPO listings. It has been found by most market participant of the capital market that majority of the IPOs’ listing prices are normally close to the last trading price of the IPO in the Ahmedabad’s grey market. 4.WINE: The grey market in wine flourishes, particularly in the case of champagne. Many large champagne producers do their own importing, and desire to maintain independent price points in different markets. Thus a bottle of Champagne might cost US$35 in the United States while the same bottle might be only 15 Euros in France. It is often profitable to buy the wine in Europe from an authorized distributor, and resell it in the US. In the case of enormous pricing disparity, it is not uncommon to find a grey-marketed wine selling for less at retail than the wholesale price of the authorized distributor. In the case of a large availability disparity between the US and Europe, the grey market price may be the same or higher than the authorized price. Typically the importer of a wine is the one most concerned about grey market sources. The winemaker may or may not care what happens to the wine after it is sold, although he or she might complain to appease an importer. 4.1.India imports 72,000 cases of wine a year PUNE: The Indian wine market is growing at 30-40% annually and this rate will continue for the next 5-6 years in keeping with global trends. However, the current per person per year consumption of wine in the country is as low as 9-10 ml. The Maharashtra Industrial Development Corporation has mentioned this in its note on the grape wine industry of Maharashtra, based on a report prepared by Rabo International Bank. The highest wine consuming countries such as France and Italy has per person wine consumption as high as 60 to 70 liters annually. Those in China consume four liters, the report stated. Domestically, 80 % of wine consumption is confined to major cities like Mumbai (39 %), Delhi (23 %), Bangalore (9 %) and Goa (9 %) whereas rest of India has only 20 % consumption. The MIDC report further stated that India currently imports 72,000 wine cases (nine liters to a case) a year. About 32,000 of this are bottled at origin and the other 40,000 cases are imported in bulk flexi bags, which are subsequently bottled by Indian wineries. Besides this, about 12,000-15,000 wine cases are sold through the grey market. In 2009-2010, some seven lakh liters of wine worth Rs. 5.92 crore was exported to France, Italy, Germany, US, UK, Singapore and Belgium from Maharashtra. The state had announced its `Maharashtra Grape Processing Industrial Policy 2001†² on September 19, 2001 with wine as an important part of it. According to a report by MIDC, four components are required to make good wine. Those are soil, climate, vines and human factor – that is the people who brew wine. A lot depends on finding the ideal balance between the characteristic of soil, the microclimate and the grape varieties. At present wine grapes are grown on a 7,000 acre area in the state. In 2010 there were a total of 74 wines making units (36 in Nashik, 13 in Sangli, 12 in Pune, 5 in Solapur, 4 in Osmanabad, 3 in Buldana and 1 in Latur district) that had started production in the state. At present, total production of wine in the country is 1.45 crore litres from 90 wineries in the country. Of that, 1.32 crore litres wine is produced by 75 wineries in Maharashtra. The total investment in wineries was Rs 431.71 crore in 2009 which rose to Rs 452.10 crore in 2012. France, Italy, Spain, Germany are the main grape wine producing countries in the world. Nearly 32,000 million litres wine is produced per annum. 5.AUTOMOBILES: Automobile manufacturers segment world markets by territory and price, thus creating a demand for grey import vehicles. In the United Kingdom the term applies to vehicles imported either new from cheaper European countries or from Japanese domestic models imported secondhand from Japan or Singapore, which both have strict laws against older cars. This importation of secondhand models from Japan/Singapore tends to involve sports models that were never released in the UK or models that fetch a high price in the UK due to their performance or status. Although some grey imports are a bargain, some buyers have discovered that their vehicles do not meet British regulations or that parts and service are hard to come by because these cars are different from the versions sold new in the UK. In New Zealand, grey market vehicles comprise a majority of cars in the national fleet. These secondhand imports have achieved ‘normal’ status and are used and serviced without comment throughout society. A huge industry servicing and supplying parts for these vehicles has developed. After years of trying to stop grey imports the car companies themselves have become involved, importing in competition with their own new models. 6.MOBILE HANDSET: iphone Launch gets hit by Grey Marketing: 6.1.Low-cost handsets to get impacted, says industry: Nearly 75 per cent of the currently available mobile handset models in the market could get defunct or redesigned with the Government deciding to bring in new radiation norms for the telecom sector. The Department of Telecom has accepted a proposal by an inter-ministerial committee to lower the permitted radiation in mobile phones by 50 per cent. The move will impact almost all the handset makers, especially those who operate in the low-end segment. 6.2.Handset price: According to the Indian Cellular Association, the new radiation norm will jack up handset price by 5-30 per cent as handset makers will have to make additional investments to meet the new rules. According to the new guidelines, handsets should not have Specific Absorption Rate (SAR) of more than 1.6 watt/kg taken over a volume containing as mass of 1 gram of human issue. This is the same levels allowed in the US. India till now followed the European standards wherein handset makers are allowed to have SAR levels of 2 watt/kg on a 10 gram human issue. Globally, about 1,500 million mobile phones are sold per year out of which more than 80 per cent is sold in countries where European guidelines are followed. In India, there about 10 global brands, another 15-20 Indian brands and more than 4,000 importers who trade in unbranded Chinese phones. â€Å"Most of the handsets under Rs 11,999 which are approximately 645 or so would have to be redesigned. Effectively, this would disrupt the entire operation of more than 88 per cent of the legal handsets sold in the market (the legal market is approximately 70-75 per cent of India’s total volume market). All global brands and domestic brands will get seriously impacted by this,† Mr. Pankaj Mohindroo, President, Indian Cellular Association. 6.3.Chinese handsets: The industry is worried that the new guidelines will have no impact on the Chinese unbranded grey market phones, which is handled by over 4,000 importers with volumes between 3 and 4 million a month. The handset makers fear that the grey market will get a window of opportunity of approximately 6-9 months to rapidly expand their volumes before the branded companies start bringing redesigned phones. â€Å"If the Government is bringing new laws to address concerns of health and security then it should also set up good monitoring. While the branded phones will have to bear the costs to redesign phones, grey market devices will continue to be available without any check,† said Mr. S.N. Rai, Co-founder & Director, Lava International – one of the Indian handset Company. According to ICA, the industry would be able to redesign approximately 100 models in about 6-9 months and 200 in 24 months. There are about 850 handset models available in the market at present. â€Å"The legal industry will never be able to redesign all the models and the availability would constrict to at best 150- 200 models within 18-24 months of implementation of such norms,† Mr. Mohindroo said 6.4.Ultra low-cast models: ICA said that in the case of ultra low-cost handsets, it may not be possible to redesign these handsets and all the models in the ultra low-cost handsets less than Rs 1,500 could get knocked out of the market. Apart from lowering the permitted radiation levels, the new guidelines also make it mandatory for handset makers to display the SAR level on the handset. The DoT is expected to notify the new norms shortly. Keywords: mobile radiation norms, low-cost handsets to get impacted, Specific Absorption Rate (SAR) 6.5.Dark days for mobile grey market: The import duty on mobile phones has been reduced from about 16 per cent to around 4 per cent.Industry participants also believe that the shift from grey market to the legal market is by and large on the account of growing number of mobile retail stores. â€Å"The mobile stores provide accessibility to the consumers. Our mobile stores are at all the visible locations, so consumers can walk in anywhere and get the best deals possible,† said Subhiksha marketing vice-president Mohit Khattar. Industry analysts say that a huge grey market exists because of the differential of around 10 per cent to 25 per cent between legal and grey handset prices.With growing competition in the organized mobile retail market, players are offering products at lower prices. This, in turn, helps counter the grey market and bolsters footfalls in these stores. â€Å"Consumers can buy high-end, genuine branded handsets with guarantee of replacement or repair through the mobile retail stores. Trust is the predominant factor that consumers are turning towards the branded retail stores,† said HotSpot CEO Sanjeev Mahajan. Consumers are opting for accessibility and do not mind paying extra for it. The grey markets operate from a few areas in a city. On the other hand, mobile stores are more easily accessible as they are located in all prominent markets. The growing brand consciousness among the people, analysts say is also propelling the consumers to approach branded mobile retail stores. Mobile phone retail chains like Mobile Store, Mobi Retail, RPG Cellucom, currently account for just 7 percent of the overall mobile handset market, which has a market share of Rs 15,000 crore. â€Å"Currently, the impact of mobile retail stores on the grey market is minimal. However, considering the rapid growth rate of organized mobile retail, its contribution is set to increase in the next 3-4 years,† said retail consultancy Technopak Advisors chairman Arvind Singhal. Though the grey market in mobile phones has reduced, a large (75%) grey market still exists in mobile phone accessories such as batteries and chargers, which are often available at one-tenth the price of company branded accessories . Last year, the mobile phone makers asked finance ministry to reduce 34% duty on imported accessories, but nothing concrete has happened as yet. 7.PHOTOGRAPHIC EQUIPTMENT: Generally regarded as legal in most countries, parallel imports make expensive photographic equipment attractive to savvy users. The grey market in photographic equipment is thriving in highly developed and heavily taxed states like Singapore, with dealers importing directly from lower taxed states and selling at a lower price, creating competition against a local authorised distributor. Grey sets, as colloquially called, are often comparable to authorised imports. Lenses or flash units of parallel imports often only differ by the warranty provided, and since the grey sets were manufactured for another state, photographic equipment manufacturers often offer local warranty, instead of international warranty, which will render grey sets ineligible for warranty claims with the manufacturer. Due to the nature of local warranty, importers of grey sets usually mask the flaw in warranty with their own warranty schemes. These are often warranties with reduced benefits or lasting a shorter period of time. Grey sets do not differ particularly from an authorised import. They look and function identically, apart from the manufacturer’s warranties having been voided. 7.1.Grey market for digital cameras may bite the dust soon: KOLKATA: Grey markets for digital cameras may soon become a thing of past, feel the imaging majors in India. â€Å"It is certainly the year of demise for grey market in compact category, and the sun will set soon in DSLR (Digital Single Lens Reflex) segment,† said Alok Bharadwaj, senior V-P, Canon India. Though being an unorganized sector, it is spread in many metro cities, like in Kolkata, at Metro Galli, Kidderpore, and in Delhi, at Pallika Bazar. â€Å"Earlier, Nikon’s competition was Nikon grey but now the scenario has changed and grey market has shrunk a lot. Its no more a cause for concern,† said Sajjan Kumar, GM, imaging, Nikon India. According to Bharadwaj, the grey market in the country is mostly activated in DSLR segment and it’s roughly around Rs. 250 crore, but since India is the main focus for all the global camera majors and as a consequence of that, the market is also increasing rapidly, which is ultimately causing the death of grey market. â€Å"The general trend amongst consumers is to buy expensive lenses and camera bodies from the grey market at a cheaper rate, but now with most of the players providing the product at a place nearby them, with an extended guarantee period and free memory cards, people are ready to buy it from us officially,† said Kumar. â€Å"More awareness among the consumers and round-the-clock marketing have also stepped up the chances to diminish the grey market,† said Hiroshi Takashina, MD, Nikon India. It may be noted that Nikon India has recently doubled its marketing expenditure to Rs. 120 crore from last year’s Rs 60 crore. Another common feeling amongst the leading camera players is, if government reduces tax on the DSLR bodies, lens, accessories, then the process of erasing grey market will be rapid. â€Å"Currently, the basic duty on lenses and accessories is still at 10%, which makes it a little difficult for us to bring DSLR prices further down, despite a phenomenal growth in the sector,† said a top official of Olympus India. Currently only 1% of Olympus India’s sales is affected by grey market. â€Å"The Comprehensive Economic Partnership Agreement (CEPA) will benefit us surely to cut the excessive costing,† feels Bharadwaj. It may be noted that India and Japan have signed the CEPA Act, under which both the countries will enjoy some trade benefits during the bilateral trade. According to Takashina, India is a price conscious market where 75% of the sales are in the category of cameras priced below Rs.10,000, so with more shopping shop concept and 24 hour customer care backup, it is now more sensible for a customer to buy the gear from official dealers than to go and buy it from the grey market. 8.BROADCASTING: In television and radio broadcasting, grey markets primarily exist in relation to satellite radio and satellite television delivery. The most common form is companies reselling the equipment and services of a provider not licensed to operate in the market. 8.1Industry body opposes levy on TV sets: [pic] NEW DELHI: Consumer electronics industry said on Monday that sale of television sets would be hit and investment flows affected, if government imposes a license fee on TV sets. Also, share of the grey market would go up if such a proposal is accepted, Anoop Kumar president Consumer Electronics and TV Manufacturers Association (Cetma) said.[pic] Government is planning to impose a license fee of 10-15% on purchase price of each TV set, to provide financial help to Prasar Bharati. If the proposed levy is imposed, the level of taxation on TV sets would rise to 45-50% and the share of the grey market will certainly increase, a Cetma official said. When total incidence of taxes on ACs was about 50%, the grey market was more than 80%. With the reduction of taxes, the grey market for ACs has practically disappeared. The increase in the share of grey market for TV sets will ultimately result in loss of revenue to the government, Cetma added. Cetma said any â€Å"additional burden† would result in a major slowdown of the television industry, already reeling under heavy taxes. 9.VIDEO GAMES: Grey markets can sometimes develop for select video game consoles and titles whose demand temporarily outstrips supply and the local shops run out of stock, this happens especially during the holiday season. Other popular items, such as dolls can also be affected. In such situations the grey market price may be considerably higher than the manufacturer’s suggested retail price. Online auction sites such as eBay have contributed to the emergence of the video game grey market. 10.How to control the web of Grey Marketing? In order to reduce the impact of grey market goods, firms can take the following strategies: Enforcement of intellectual property rights Manufacturers or their licensees often seek to enforce trademark or other intellectual-property rights against the grey market. Such rights may be exercised against the import, sale and/or advertisement of grey imports. However, such rights can be limited. Examples of such limitations include the first-sale doctrine in the United States and the doctrine of the exhaustion of rights in the European Union. When grey-market products are advertised on Google, eBay or other legitimate web sites, it is possible to petition for removal of any advertisements that violate trademark or copyright laws. This can be done directly, without the involvement of legal professionals. eBay, for example, will remove listings of such products even in countries where their purchase and use is not against the law. Refusal to supply Manufacturers may refuse to supply distributors and retailers (and with commercial products, customers) that trade in grey-market goods. They may also more broadly limit supplies in markets where prices are low. Refusal to honor warranties Manufacturers may refuse to honor the warranty of an item purchased from grey-market sources, on the grounds that the higher price on the non-grey market reflects a higher level of service. Alternatively, they may provide the warranty service only from the manufacturer’s subsidiary in the intended country of import, not the diverted third country where the grey goods are ultimately sold by the distributor or retailer. This response to the grey market is especially evident in electronics goods. Reliance on regulation Local laws (or customer demand) concerning distribution and packaging (for example, the language on labels, units of measurement, and nutritional disclosure on foodstuffs) can be brought into play, as can national standards certifications for certain goods. Tracing grey-market goods Manufacturers may give the same item different model numbers in different countries, even though the functions of the item are identical, so that they can identify grey imports. Manufacturers can also use batch codes to enable similar tracing of grey imports. Parallel market importers often de-code the product in order to avoid the identification of the supplier. In the United States, courts have decided that decoding which blemishes the product is a material alteration, rendering the product infringed. Parallel market importers have worked around this limitation by developing new removal techniques.