International: Economics and Australia

A PESTEL investigation of the Australian market Australia is the fifteenth most extravagant country in per capita terms and is the sixth most established persistently working majority rules system on the planet. Australia has the fourteenth greatest generally speaking economy on the planet and the ninth greatest economy. Australia’s economy is open and inventive. Over the previous decade strong efficiency gains have been joined by low expansion and loan fees. Additionally Australia has low barrieirs to exchange and venture .Australia outside and exchange arrangements advance the security and long haul success of Australia in a worldwide setting. Australia’s economy is profoundly helpless to the effect of environmental change. In 2008 the Australian Government resolved to make an association called â€Å"Infrastructure Australia† to give another national way to deal with arranging ,actualizing and subsidizing the countries future. Being a sheltered, steady and pro sperous nation Australia is an inexorably alluring center point for global and territorial business and business operations.According to ongoing review it very well may be said that Australia’s monetary accomplishment in the only remaining century depended on its bounteous horticultural, mineral and energizes assets. Various elements have added to this improvement Informations and correspondences innovation is a key driver in financial growth,other calculates, for example, propels travel,exchanging of ideas,broader accces to measures to trainings and so forth have additionally added to this achievement. Australia’s ICT showcase merits an expected $89 billion with all the more just about 25,000 organizations utilizing 236000 IT pros Political environmentIn Australia, it is a liberal-industrialist majority rules system. The state continues meddling generously in the economy using different jobs; for example the parliament may choose to set up importation charges planned to secure the national economy, or it may make ecological assurance laws meant to ensure the characteristic legacy of the nation. This influences universal business since when assessments continue changing and expanding particularly there will be an effect on the economy which thusly will influence the trade rates and cash rate.Also as indicated by the current circumstance as referenced in The Australian Financial Review 2010: there isâ fear that the hung parliament will contrarily influence the economy. Australia's pace of monetary development eased back down among July and September as the high estimation of the Australian dollar delved into send out income. The nation's total national output rose only 0. 2% during the second from last quarter period, down from development of 1. 1% among April and June. Experts derived that Australian customers were likewise hit by higher financing costs. In any case, the Australian economy is set to keep on developing, drove by request from Chin a for its crude materials.According to Michael Blythe, boss financial analyst at the Commonwealth Bank, the most recent monetary development figure was a â€Å"disappointing result . Since Australia is helped by its immense fares of iron mineral and other crude materials, it has kept away from downturn for a long time. One of the nation's biggest iron metal makers is the Anglo-Australian gathering Rio Tinto, which is expanding creation, has declared $7. 2bn in new interest in the area since July 2010. As indicated by studies Australia's economy kept on social event pace in March as world interest for products helped the country's coffers.However because of ongoing vulnerability from the European obligation emergency could bring down desires for monetary development later on. Financial Environment Australia is an island mainland in the Southern Hemisphere, lying among Antarctica and Asia. It is encircled by the Indian Ocean toward the west; the Timor, Arafura, and Coral Seas toward the north; the Pacific Ocean toward the east; and the Tasman Sea and Southern Ocean toward the south. At the end of the day its situation is an additional bit of leeway to business since with regards to fare and import, Australia resembles a driving place.Much of the landmass is low, level, and dry. The region of the mainland is 2. 97 million square miles and the populace is about 20 million Due to the cruel physical condition has urged individuals to stay near the prolific beach front territories therefore urban and rustic tenants expressive diverse monetary and social interests. Individual home proprietorship is a shared objective, and the country has one of the most elevated home possession rates on the planet. Accordingly design and land business has a decent extension in Australia.Australians are among the world heads in inexpensive food utilization, cheap food outlets are abundantly, drinks bites and inexpensive food organizations have a perceived name in Australia and differe nt nations since Australian gourmet experts are known worldwide for their â€Å"fusion cuisine† Australia is a significant local monetary focus and an imperative machine gear-piece in the worldwide budgetary framework. The Australian Stock trade and the Sydney Futures trade converged in 2006 to frame the world’s eighth biggest recorded trade. Australia has probably the most noteworthy level of investors in the world.Share showcase is one of the primary perspectives in worldwide business and since the measure of individuals who put resources into shares in Australia is high universal business is likewise advanced truly well. Exchange has consistently been an imperative segment in Australia’s financial success. The signs of its exchanging achievement have been solid framework and stable establishments. A gifted workforce, rich assets and a decent agrarian base are included advantages. The merchandise and enterprises charge (GST) is imposed at 10 percent and applie s to practically all products and ventures exchanges over the economy. Other than that there is just a level corporate duty of 30 percent.When there was little degree for mechanical or business undertakings, the peaceful business turned into a key power in financial turn of events. Specifically, development in the fleece propelled rest of the economy. Gold outperformed fleece as the country's significant fare during the 1850s and 1860s, bringing about a fast development of banking and business. A push toward privatization at the state and region levels of government has been picking up force since the mid 1980s. A few states, for example, Victoria, have grasped this move substantially more than others have. Australia is profoundly incorporated into the worldwide industrialist economy.The economy is solid in the administration segment corresponding to merchandise creating enterprises which incorporate farming, ranger service, angling, mining, assembling, development, and vitality. It contributed around 31 percent of total national output during the mid-1990s, while then again the administrations enterprises contributed 60 percent. Products creating ventures gave around a fourth of work, with the rest gave by administration businesses. In 1996 and 1997, producing was the most critical area. In 1996 and 1997, producing was the most critical sector.Another significant donor was the property and business administrations industry. Essential ventures in mining and farming are of key monetary significance. The improvement of huge mines in some remote locales has been related with the foundation of towns and expanded work. Arranged by monetary noteworthiness, Australia's present significant exchanging accomplices incorporate the United States, Japan, China, United Kingdom, , and New Zealand. Australia is one of the world's biggest exporters of fleece, meat, and wheat. Australia is a significant provider of sugar, dairy items, natural products, cotton, and rice.The abov e being the fare of Australia the imports are traveler engine vehicles, broadcast communications gear, and rough oil oils. Australia is progressively moving toward a data economy that depends on a high-expertise base. In this manner, the laborers most in danger of joblessness are workers, assembly line laborers, and the individuals who get familiar with their abilities at work. Exceptionally gifted chiefs, clinical specialists, instructors, PC experts, and circuit testers have the most minimal danger of joblessness. Social condition Australia is a country formally dedicated to ethnic and racial inclusiveness.For a great part of the country's history, there has been an emphasis on absorbing distinctive social gatherings into the prevailing British Australian customs. Australia is a collectivity of various people groups living in a moderately youthful society. Be that as it may, the divisions inside the country keep on discovering articulation in open life, emerging from social contra sts in race, ethnicity, social class, and sexual orientation. In spite of the fact that the effect of ecological variety is profoundly obvious in the customary societies of indigenous Australians, it has not been as solid a factor in outsider cultures.The most noteworthy way of life contrasts are influenced basically by varieties in atmosphere. Australia has six states ,Western Australia, South Australia, Victoria, Tasmania, New South Wales, Queensland, and two domains ,the Northern Territory and the Australian Capital Territory, lion's share of the populace lives in urban zones around the coast. . The prevailing language since colonization has been English, with little multi-lingualism among the lion's share populace. Australia’s culture can be almost certain supposed to be cosmopolitan.Factors that have formed the national culture incorporate the early little female populace comparative with that of men, which is said to have established the frameworks for a boundless philo sophy of mateship. The contribution of Australian and New Zealand troops in World War I has been portrayed as the emblematic birth of the country. Australia is an advanced exchanging country and it is a broadened and solid provider of excellent merchandise and enterprises to more than 200 nations with a modern import advertise for items from everywhere throughout the world.The primary purpose behind this is the due to Australia’s dynamic and proficient ocean and air terminals along the broad coastline which permits huge measures of iron mineral, coal and cluster of other normal assets to be sent.

Icbc free essay sample

In October 2006, the Industrial and Commercial Bank of China (ICBC), Chinas greatest bank had a noteworthy double posting on two stock trades, the residential part of the stock offers on Shanghai stock trade (A Shares) and offers on Hong Kong stock trade (H shares), which was for the most part for the worldwide speculators. Because of the gigantic oversubscription of IPO, ICBC had the option to practice the greenshoe, or over-apportioning alternative, which empowered it to sell up to 14. 95 billion. ICBC chose to give value offers to outside financial specialists to make this uber IPO an enormous achievement, as much as $430 billion dollars, â€Å"almost double the estimation of Citicorp, the world’s biggest bank† (Hill, 2011). It was the best way to improve its capital quality, capital ampleness, benefit and manageability. Since it has nearness in 13 nations and areas all around, the outside ventures can decrease the section obstructions in different nations. The outside venture was important to improve the banks accounting reports, hazard the executives and modernize the banks different frameworks to withstand rivalry. We will compose a custom article test on Icbc or on the other hand any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Hence, Merill Lynch, China International Capital Corporation (CICC) and ICEA Capital were made joint worldwide organizers for the deal and Credit Suisse and Deutsche Bank were joint book sprinters to support up the remote speculation. ICBC needed the speculators with a drawn out point of view; along these lines it was searching for outside financial specialists. This demonstrated worthwhile for ICBC as the IPO was oversubscribed and was a colossal achievement. It helped it to clear out a billion of dollars of terrible obligations, which, thus helped ICBC in its development and improvement. There was no drawback of this choice (ICBC greatest IPO, 2006). The fundamental fascination of the ICBC posting for outside financial specialists was the developing and productive possibilities of ICBC, as it is a state claimed bank extending itself in the U. S. , European countries like Paris, Brussels and Asian nations like Indonesia and Thailand. Due to the super tremendous size of the IPO, enormous resource scale and income base of the bank, the IPO cost was relied upon to be 2 to 2. multiple times the loan specialists book esteem. It could carry a lot of premium to the financial specialists. Since there was a significant remote interest in ICBC in February 2006, when Goldman Sachs, American Express and Allianz Group purchased US$3. 78 billion stake in it for helping it in proceeding with advancement by using their particular abilities. This was done through issuance of new common offer in ICBC. This was an ideal occasion for urging other remote financial specialists to put resources into it. Around then, the Chinese economy was developing at an exceptionally quick pace and was having a GDP development pace of 10% and subsequent to seeing the development story of China during SARs emergency in 2003, there was no preferable spot over China to contribute. This pulled in remote financial specialists as it could assist them with making pain free income. Because of the good possibilities of the bank, the financial specialists could expect the profit yields or different advantages additionally which they got in 2009 when ICBI offered a correct issue of 1. 1 billion An offers and 3 billion H shares. The dangers related with the remote speculation are that the bank has long reputation of awful obligations, loaning embarrassments and confronting intense rivalry in the business which could influence the gainfulness (Yan Lijun, 2010).

Frankenstein Essay Topics

Frankenstein Essay TopicsFrankenstein essay topics offer plenty of opportunity for students to discuss the themes of the novel. The topics cover all the necessary bases from the creation of the monster to his emergence as a hero. Students can study from various sources including newspaper articles, film noir, and classic horror novels. The essay also includes some ideas for creative writing skills for the student.The writer should have a strong interest in the topic at hand, as well as a passion for literature and historical studies. The student should be ready to examine various different perspectives, such as the many men who portrayed the monster as human. The fiction and non-fiction literature available through the internet provides students with an excellent resource for learning about the novel and the writer. A single page of the writing can provide useful insight into the human psyche, especially when it comes to how we fear and loathe the unknown.Many people struggle to fini sh an essay on any topic, especially one as complex as Frankenstein. The idea behind an essay is to learn something and not to memorize a bunch of facts and figures. Yet, the lesson to be learned from the essay should be backed up by evidence and argument. By using the ideas of an essay topic and a classic literature source, students will find they have a richer, more detailed perspective on the topic.Another benefit of using essays on this topic is that it is easier to expand upon the ideas presented within the essay. The reasons are many. Whether one has to do this through collaboration or simply by reading between the lines, the resources available to provide many ways to enhance the content.Students should also understand that while writing a piece is considered to be a process, they do not have to develop their own ideas. They can choose a topic they find interesting and use the arguments and findings from Frankenstein essay topics as a guide. This should not cause the student to change the theme, as they can still adapt to any changes that occur throughout the course of the project.Writing a Frankenstein essay is fun, exciting, and challenging. Students should not be concerned with the exact time required for completion of each task. Students should remember that the goal is to increase their knowledge of this important piece of literature. By reading and comparing the different resources available to them, students will discover there is an abundance of literature available that covers the various topics that pertain to the text.In addition to using essay topics to understand the literary works, students will also find that they have a deeper understanding of the history of horror literature. An understanding of the genre will help students connect to an entire new world of literature. Not only will the essay help them become better writers, but it will also help them explore other possibilities in writing fiction.Frankenstein essay topics provide stude nts with many choices to increase their knowledge of the work. The process of researching and writing the essay can help a student to expand their perspective on what horror literature means. Through the use of an essay on this topic, students will gain the needed knowledge to be more informed about the genre and their own writing.

The Development Of A Child - 899 Words

Modern society depends on highly educated and knowledgeable individuals to fulfill its most crucial tasks. Governments around the world mandate that their citizens receive some form of education. In the United States, children are required to receive a general education. Societies throughout history have improved the way they educate their citizens, and continue to improve today. As one observes the development of a child, he or she may discover that there are many factors that influence this development. For years, researchers have studied the process of learning and how it takes place. Many discoveries have been made on this topic, and they continue to come. Scientists have located methods that can both improve and harm an individual’s education. Findings like these cause many to wonder how small differences in educational types can produce such drastic differences in one’s intellect. People of all ages participate in activities that stimulate their interest. Small children may enjoy coloring or playing in a sandbox, while teenagers and adults favor other actions. There are countless amounts of activities in which individuals can participate, but some are more beneficial than others. For example, music is an activity that is known for stimulating cognitive abilities. People unknowingly utilize music to assist in building their intelligence on a daily basis. Someone may listen to his or her favorite song while exercising or practicing for athleticShow MoreRelatedThe Child And Child Development Essay2146 Words   |  9 Pagesalways come natural to the child so the caregiver or teacher has to help the child be able to do task that will be necessary to grow (Fogel, 2014). The child’s development can be categorized into five different domains: physical (fine and gross motor), social-emotional, cognitive, communicative/language and adaptive. One way to examine these developmental domains is to observe the child while he or she is interacting with other children or alone. By observing the child caregiver or teacher can determineRead MoreChild Development1167 Words   |  5 Pageslearning experiences (Montessori, 1977). Factor generating an amazing child Law of Will A child’s development of will has been regarded as one of the laws of development as per Montessori’s observations. She herself has clearly indicated how she observed this development of a child’s will. When a child does any action just by himself, without having any form of assistance, this clearly signifies the fact the child is consciously making decisions. In this regard therefore, the will shouldRead MoreThe Development Of Child Development1986 Words   |  8 PagesAs children grow older they go through a process known as child development which is defined as the discipline dedicated to the understanding of all characteristics of human development from birth to adolescence. I reflected on each of the eight chapters that we covered in class and will use that information to apply it to my neighbor Sebastian. Sebastian is a 7 year old child who lives next door to me and I have taken care of him since he was four months old. I have had the opportunity to apply Read MoreChild Development924 Words   |  4 PagesThe Parents’ Role in Creating a Safe Environment for Child Development A sweet, innocent, newborn baby is taken home by the parents for the very first time, which means that it is now the parents’ vital responsibility to create a secure home for their child. Since children’s learning foundation is built in the home from the time they are born, it is important for parent’s to create a safe learning environment as their child grows and develops. Parents can create a safe learning environment in theRead MoreChild Development2033 Words   |  9 Pagesplaced end to end and lined with child size chairs sat in front of built-in cabinets that stored the teacher’s supplies and children’s rest mats. Underneath a set of these cabinets were hooks for the children to hang their jackets and backpacks on. The philosophy of the school states: â€Å"The purpose of the KidsFirst Program is to extend the ministry of and help accomplish the purpose of First Baptist Church of Arab by providing care, education, and development for each c hild enrolled to his/her greatestRead MoreThe Development Of The Child1766 Words   |  8 Pagesimmediately and directly have impact on the child s development. It includes the family, school, neighborhood, religious institutions and peers. It was developed to explain how these elements influence the development of the child (Mancini Roberto, 2009). The second system is mesosystem that describes the interconnections existing between the microsystems. Interactions between the family of the child and the teachers, the relationship between the peers of the child and the family. Exosystem is anotherRead MoreChild : Child Development And Crime2388 Words   |  10 PagesChild Development and Crime Imagine you are part of a daycare. It is recess. You see kids running and playing with each other, dogs barking for attention, and some parents taking photos to capture the peaceful moment in time. You then notice a little boy sitting alone, far from the other children. He has bruises on his face and worn out clothing, just like every other day. His expression, always devoid of joy, is filled with fear and tears. And then you realize why- he is being abused. AccordingRead MorePhysical Development And Child Development929 Words   |  4 PagesPhysical development may be the first thing that parents noticed when their child starts to develop, because it is the more physical and bigger movements for a child and baby to make. Physical development itself is ‘comprising changes in body size (growth) and proportions, the order and acquisition of motor skills, and perceptual and motor capacities’ (Doherty and Hughes, 2009, p.8). This is why parents see physical development firs t, it is not just the movements that the children achieve it is alsoRead MoreChild Development And Childhood Development1564 Words   |  7 PagesChild Development 2 to 5 Years By creating a decent understanding of parenting strategies and childhood development, this will help parents understand and comprehend exactly what to expect and how to provide what their child needs during each developmental stage of their life. All parents can benefit, also those who work with children can benefit greatly by increasing their knowledge, awareness and understanding of overall childhood development. The stage of child development I have chosen to discussRead MoreThe Development Of A Child s Development1297 Words   |  6 Pagesoutline those areas where you hope your learning and development will occur. (300 words) As I begin studying the Professional Experience module, my aims and aspirations for this module are to develop knowledge and understanding on how to carry out observations, as well as gaining more understanding of the role of observations in a child’s development. I aim to gain more understanding on how to use observations to evaluate the child’s development, by linking theory to practice, and I aspire to develop

Study On Currency Risks Handled By Indian Firm Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3000 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? The objective of this project is to examine how the impacts of currency exchange risks are dealt by the Indian Firms. Currency Exchange Risk in Global Market is a burning issue for any firm or corporate involved in business overseas. In this scenario, India is of course the one country where we have a lot of scope to focus on as far as the study of currency risk in business is concerned. Don’t waste time! Our writers will create an original "Study On Currency Risks Handled By Indian Firm Finance Essay" essay for you Create order If we see the world wide scenario, the financial sector is facing a lot of adjustment problems in the rapid changes in the economic financial environment. Now Indian financial system cannot be indifferent to this universal phenomenon. I would like to take the example of the Indian IT giants with special emphasis on TCS, in this exploratory paper to see how the currency swings affected the business of TCS in last couple of years and would try to provide some supportive data to show the same. It is very interesting to see how the companies like TCS uses different derivative instruments to keep the sustainability of its performance in the financial market by hedging the financial risks, specially related to the volatility of the money market and foreign currency exchange rates. How Companies use Derivatives for Hedging Risk Management Hedging Hedging, in simple words, says controlling or reducing risk. This controlling or reducing risk is done by taking a position in th e futures market that is opposite to the one in the physical market with an objective to reduce or limit risks associated with price changes. A simple example will help us understand it better. A wheat farmer can sell wheat futures to protect the value of his crop prior to harvest. If there is a fall in price, the loss in the cash market position will be countered by a gain in futures position. 2.2. Derivatives Derivatives are those financial instruments whose values depend on the value of not only the underlying financial instruments but on any underlying asset. We can take the same example of the wheat farmer. Here, the wheat farmer can protect itself of any fall in price by entering into a contract with the merchant. Some of the derivative instruments are: Futures, Swap, Options, and Forwards. To summarize, Hedging can be defined as a method where one can reduce the financial exposure faced in an underlying asset due to volatility in prices by taking an opposite position in the derivatives market in order to off-set the losses in the cash market by a corresponding gain in the derivatives market. This above definition captures the basic essence of derivatives hedging. Now having understood the basic meaning of hedging and derivatives, we would now see how corporate use these derivative instruments for hedging. 2.3. Foreign Exchange Risks The most common corporate uses of derivatives is for hedging foreign-currency risk, or foreign exchange risk, which is the risk that a change in currency exchange rates adversely impacts business results. Lets consider an example with Infosys Technologies, a multi-national IT company which even exports soft wares to other countries, and mainly to US. Lets make an assumption that Infosys Technologies exports software worth 1000 Crores to US in 2006-07 when the price of per US Dollar was at Rs. 40 (assumption). When the rupee per dollar exchange rate increases from Rs. 40, Rs. 42, Rs. 44, it takes more rupees to buy one dollar, meaning the rupee is depreciating or weakening. As the rupee depreciates, the softwares which Infosys exports would translate into greater sales in rupee terms. This demonstrates how a weakening rupee is not all that bad: it can boost export sales of Indian companies. Now lets illustrate a simple hedge that a company like Infosys Technologies might us e to minimize the effects of any Rupee / USD exchange rates, Infosys purchases 2000 foreign-exchange futures contracts against the Rupee / USD exchange rate. The value of the futures contracts will not, in practice, correspond exactly on a 1:1 basis with a change in the current exchange rate (that is, the futures rate wont change exactly with the spot rate), but we will assume that it does anyway. Each futures contract has a value equal to the gain above the Rs. 40 Rupee/USD rate. (Only because Infosys took this side of the futures position, somebody the counter-party will take the opposite position.) Of course, its not a free lunch: If the strategy of Infosys goes against it, that is, if the dollar were to weaken instead, then the increased export sales are mitigated (partially offset) by losses on the futures contract. 2.4. Hedging Interest Rate Risks Companies can hedge interest-rate risks in various ways. Consider a company that expects to sell a division in one year and at that time to receive a cash wind-fall that it wants to park in a good risk-free investment or a company had an unexpected profit, if the company strongly believes that interest rates will drop between now and then, it could purchase (or take a long position on) a treasury futures contract. The company is effectively locking in the future interest rate. Fair Value Hedges The Company [XYZ] had two interest rate swaps outstanding at January 1, 2008 designated as a hedge of the fair value of a portion of fixed-rate bonds. The change in fair value of the swaps exactly offsets the change in fair value of the hedged debt, with no net impact on earnings. XYZ Company uses an interest rate swap. Before it entered into the swap, it was paying a variable interest rate on some of its bonds. (For example, a common arrangement would be to pay LIBOR plus something a nd to reset the rate every six months.) Now lets look at the impact of the swap, the swap requires XYZ to pay a fixed rate of interest while receiving floating-rate payments. The received floating-rate payments are used to pay the pre-existing floating-rate debt. XYZ is then left only with the floating-rate debt, and has. Therefore, managed to convert a variable-rate obligation into a fixed-rate obligation with the addition of a derivative. Here we can call this as a perfect hedge: The variable-rate coupons that XYZ received compensates for the companys variable-rate obligation. 2.5. Commodity or Product Input Hedge Companies that depend heavily on raw-material inputs or commodities are sensitive, sometimes significantly, to the price change of the inputs. Airlines, for example, consume lots of jet fuel. Historically, most airlines have given a great deal of consideration to hedging against crude-oil price increases although they need to be very careful and a great forecasting before going for such a strategy because the strategy itself would cost them a lot. As we reviewed here three of the most popular types of corporate hedging with derivatives. There are many other derivative uses, and new types are being invented. The derivatives that are reviewed are not generally speculative for the company. They help protect the company from unanticipated events: adverse foreign-exchange or interest-rate movements, and unexpected increases in input costs. The investor on the other side of the derivative transaction is the speculator. However, in no case are these derivatives free. Even if, for exam ple, the company is surprised with a good-news event like a favorable interest-rate move, the company (because it had to pay for the derivatives) receives less on a net basis than it would have without the hedge. Warren Buffetts stand is famous: he has attacked all derivatives, saying he and his company view them as time bombs, both for the parties that deal in them and the economic system. Foreign Exchange Risk Management Firms dealing with multiple currencies face risk in terms of unanticipated gain/loss on account of sudden/unanticipated changes in exchange rates, quantified in terms of exposures. Exposure is defined as a contracted, projected or contingent cash flow whose magnitude is not certain at the moment and depends on the value of the foreign exchange rates. The process of identifying risks faced by the firm and implementing the process of protection from these risks by financial or operational hedging is defined as foreign exchange risk management. My paper limi ts its scope to hedging only the foreign exchange risks faced by firms like TCS. 3.1. Kinds of Foreign Exchange Exposure Risk management techniques vary with the type of exposure (accounting or economic) and term of exposure. Accounting exposure, also called translation exposure, results from the need to restate foreign subsidiaries financial statements into the parents reporting currency and is the sensitivity of net income to the variation in the exchange rate between a foreign subsidiary and its parent. Economic exposure is the extent to which a firms market value, in any particular currency, is sensitive to unexpected changes in foreign currency. Currency fluctuations affect the value of the firms operating cash flows, income statement, and competitive position, hence market share and stock price. Currency fluctuations also affect a firms balance sheet by changing the value of the firms assets and liabilities, accounts payable, accounts receivables, inventory, loans in foreign currency, investments (CDs) in foreign banks; this type of economic exposure is called balance sheet exposure. Transactio n Exposure is a form of short term economic exposure due to fixed price contracting in an atmosphere of exchange-rate volatility. The most common definition of the measure of exchange-rate exposure is the sensitivity of the value of the firm, proxied by the firms stock return, to an unanticipated change in an exchange rate. This is calculated by using the partial derivative function where the dependant variable is the firms value and the independent variable is the exchange rate (Adler and Dumas, 1984). 3.2. Necessity of managing foreign exchange risk A key assumption in the concept of foreign exchange risk is that exchange rate changes are not predictable and that this is determined by how efficient the markets for foreign exchange are. Research in the area of efficiency of foreign exchange markets has thus far been able to establish only a weak form of the efficient market hypothesis conclusively which implies that successive changes in exchange rates cannot be predicted by analyzing the historical sequence of exchange rates.(Soenen,1979). However, when the efficient market theory is applied to the foreign exchange market under floating exchange rates there is some evidence to suggest that the present prices properly reflect all available information (Giddy and Dufey, 1992). This implies that exchange rates react to new information in an immediate and unbiased fashion, so that no one party can make a profit by this information and in any case, information on direction of the rates arrives randomly so exchange rates also fluctu ate randomly. It implies that foreign exchange risk management cannot be done away with by employing resources to predict exchange rate changes. 3.3. Foreign Exchange Risk Management Framework Once a firm recognizes its exposure, it then has to deploy resources in managing it. A heuristic for firms to manage this risk effectively is presented below which can be modified to suit firm-specific needs i.e. some or all the following tools could be used. Forecasts: After determining its exposure, the first step for a firm is to develop a forecast on the market trends and what the main direction/trend is going to be on the foreign exchange rates. The period for forecasts is typically 6 months. It is important to base the forecasts on valid assumptions. Along with identifying trends, a probability should be estimated for the forecast coming true as well as how much the change would be. Risk Estimation: Based on the forecast, a measure of the Value at Risk (the actual profit or loss for a move in rates according to the forecast) and the probability of this risk should be ascertained. The risk that a transaction would fail due to market-specific problems4 should be taken int o account. Finally, the Systems Risk that can arise due to inadequacies such as reporting gaps and implementation gaps in the firms exposure management system should be estimated. Benchmarking: Given the exposures and the risk estimates, the firm has to set its limits for handling foreign exchange exposure. The firm also has to decide whether to manage its exposures on a cost centre or profit centre basis. A cost centre approach is a defensive one and the main aim is ensure that cash flows of a firm are not adversely affected beyond a point. A profit centre approach on the other hand is a more aggressive approach where the firm decides to generate a net profit on its exposure over time. Hedging: Based on the limits a firm set for itself to manage exposure, the firms then decides an appropriate hedging strategy. There are various financial instruments available for the firm to choose from: futures, forwards, options and swaps and issue of foreign debt. Hedging strategies and in struments are explored in a section. Stop Loss: The firms risk management decisions are based on forecasts which are but estimates of reasonably unpredictable trends. It is imperative to have stop loss arrangements in order to rescue the firm if the forecasts turn out wrong. For this, there should be certain monitoring systems in place to detect critical levels in the foreign exchange rates for appropriate measure to be taken. Reporting and Review: Risk management policies are typically subjected to review based on periodic reporting. The reports mainly include profit/ loss status on open contracts after marking to market, the actual exchange/ interest rate achieved on each exposure, and profitability vis-Ã  -vis the benchmark and the expected changes in overall exposure due to forecasted exchange/ interest rate movements. The review analyses whether the benchmarks set are valid and effective in controlling the exposures, what the market trends are and finally whether the ove rall strategy is working or needs change. Figure 1: Framework for Risk Management Effect of Currency swings in Indian market Cross-currency volatility is gnawing at the profit margins of almost every tech company. The movement of non-dollar currencies has undone the gains from rupees downward movement against the US dollar. When Indian IT companies were first exposed to the rupee-dollar volatility in 2007 (that time the Indian currency was strengthening against the greenback), they had hedged themselves against the dollar. However, while the rupee movement reversed again, IT companies and their CFOs were caught off guard as other currencies showed unexpected volatility for which they had very little hedges in place. As per the research and news: Indias total trade now accounts for over 40% of its GDP, and this highlights the increasing openness of the Indian economy and its reliance on foreign trade. However, as companies revenues increasingly come from cross-border trad e, they also become more vulnerable to fluctuations and swings in currency rates. There are many such examples amongst the Indian business. A midsize iron ore manufacturer and exporter suffered losses to the tune of $9.5 million due to adverse currency movements and losses of derivative transactions, which caused its profitability to slump to 4.5% as compared with 15% in the previous year. In another example, a mid-size auto component manufacturer suffered exchange losses of $1.2 million in the fiscal year ended March 31, 2009. This was because the company did not have a foreign exchange (forex) strategy in place to proactively counter this risk. It has now started hedging on selective basis by way of plain vanilla forwards as a corrective step. Looking at the cases like these, companies are now stepping up their cross-currency hedges. Example of TCS As per the annual report of TCS in the year 2007-2008, we get the following details, which reflect the derivative instr uments used by TCS to hedge the forex risk. Derivative financial instruments The Company, in accordance with its risk management policies and procedures, enters into foreign currency forward contracts and currency option contracts to manage its exposure in foreign exchange rates. The counter party is generally a bank. These contracts are for a period between one day and eight years. The Company has following outstanding derivative instruments as on March 31, 2008: The following are outstanding Foreign Exchange Forward contracts, which have been designated as Cash Flow Hedges, as on: Â Â March 31,2008 Â Â Â March 31,2007 Â Foreign Currency No. of Contracts Notional amount of forward contracts (million) Fair Value (Rs. In crores) Â No. of Contract Notional amount of forward contracts (million) Fair Value (Rs. In crores) Â Gain/(Loss) Â Gain/(Loss) U.S.Dollar 14 290 25.21 Â Sterling Pound 3 15 3.91 Â 5 21 0.32 Euro 3 19 11.78 Â Â Â 0.35 The following are outstanding Currency Option contracts, which have been designated as Cash Flow Hedges, as on: Â Â March 31,2008 Â Â Â March 31,2007 Â Foreign Currency No. of Contracts Notional amount of forward contracts (million) Fair Value (Rs. In crores) Â No. of Contract Notional amount of forward contracts (million) Fair Value (Rs. In crores) Â Gain/(Loss) Â Gain/(Loss) U.S.Dollar 67 3871.50 (88.70) Â 27 830.00 32.71 Sterling Pound 7 55.65 (2.23) Â 5 47.50 (1.93) Euro 12 99.25 (38.75) Â 11 76.50 (0.60) Net loss on derivative instruments of Rs.21.83 crores recognized in Hedging Reserve as of March 31, 2008, is expected to be reclassified to the profit and loss account by March 31, 2009 The movement in Hedging Reserve during year ended March 2008, for derivatives designated as Cash Flow Hedges is as follows: Particulars Year ended March 31, 2008 Year ended March 31, 2007 Â (Rs. In crores) (Rs. In crores) Balance at the beginning of the year 73.71 4.42 Gains / (losses) transferred to income statement on occurrence of forecasted hedge transaction 64.91 4.42 Changes in the fair value of effective portion of outstanding cash flow derivatives 174.78 29.64 Net derivative gain/(losses) related to a discontinued cash flow hedge 150.83 44.07 Balance at the end of the year 15.15 73.71 In addition to the above cash flow hedges, the Company has outstanding foreign exchange forward contracts and currency option contracts aggregating Rs. 2167.95 crores (previous year : Rs.2062.61 crores), whose fair value showed a loss of Rs.4.46 crores as on March 31, 2008 (previous year : gain of Rs 6.76 crores), to hedge the future cash flows. Although these contracts are effective as hedges from an economic perspective, they do not qualify for hedge accounting and accordingly these are accounted as derivatives instruments at fair value with changes in fair value recorded in the profit and loss account. Exchange gain of Rs.283.96 crores (previous year gain of Rs.45.13 crores) on foreign exchange forward contracts and currency option contracts have been recognized in the year ended March 31, 2008.

The Social Problem That I Chose For My Final Paper Is Poverty

Daniel DeGroat Social Issue Paper Intro to Sociology 9 December 2015 Poverty in America The social problem that I chose for my final paper is Poverty in America. Poverty is the general scarcity, dearth, or the state of one who lacks a certain amount of material possessions or money. Since the early 1800s, industrialization and immigration has brought poverty of a new kind and on a new scale to American cities. I have chosen the topic of poverty because it is apart of my everyday life and world. Being a city kid from New York, I see homeless and poverty filled streets to the extreme. It has now become a normal lifestyle for millions of people to withstand. Seeing how millions of people are constantly on the streets with a lack luster of money has connected me with these people on a strong level. Poverty in the United States is widespread through out all 50 states. The poverty rate of the United States as of 2014 has risen to 15%. The state with the smallest unemployment rate is North Dakota with only 2.8%. The state with the largest was Nevada 7.8%. Approximately, 49.7 m illion people are living in poverty, which makes every one in six Americans poor. Poverty in America is a lot more common than we acknowledge; nearly half of the people in the U.S. who are poor either do not realize that they are poor or do not label or identify their self as poor or â€Å"lower class.† Isabel V. Sawhill wrote an article in 2008 titled â€Å"Poverty in the United States†. She talks about how povertyShow MoreRelatedPolitical Ideology and Social Problem Analysis1944 Words   |  8 Pages Abramovitz (2003) states, â€Å"To a large extent, the history of social services and social welfare policy consists of the evolving recognition of social needs and the organization of society to meet them† (p. 130). 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A Pinter puzzle still unsolved Essay Example For Students

A Pinter puzzle still unsolved Essay The Roundabout Theatre Companys new mounting of Harold Pinters The Homecoming opened in New York last October just a few days after the tragicomic, hothouse confrontation between Clarence Thomas and Anita Hill. Suddenly, this once enigmatic play (routinely referred to in the late 60s as Pinters puzzle) seemed all too clear, almost didactically so. Ruth, the lone woman in the Homecoming, is involuntarily dragged into an all-male household, where three predatory members of the clan proceed to project upon her various male fantasies of womanhood: madonna and whore, earth mother and bitch goddess. In Anita Hills version of this story, only the fantasies were changed: spurned-woman-out-for-revenge, innocent dupe of Thomass political opponents, nut-case whose delusions were so powerful she could successfully negotiate a polygraph test. But the most compelling parallel between life and art was the role played in both by a nerdish character named Teddy: Pinters (as well as the Senate Judicia ry Committees) embodiment of detachment, ineffectuality and moral cowardice. It was as if The Homecoming had transformed before our eyes into one of those disease-of-the-week docudramas culled from the pages of People magazine. Of course, at the same time, it also felt as if Thomass confirmation hearings had been secretly scripted by Harold Pinter. As in: Who put the pubic hair on my Coke can? Is there a more Pinteresque moment anywhere in Pinter? All of the playwrights classic stategies were in evidence: the defamiliarizing of the commonplace, the sexualizing of objects, the verbal power plays, the territorial imperatives. Pinter, weve all been taught, is supposed to be about the weasel under the cocktail cabinet. But here, on the Senate committee, the weasels were very much out in the open: a Hatchetman named Orrin, the smarmy Specter of Arlen, and a Simpson considerably less benign than Bart. The Homecoming had never seemed timelier. And that was precisely the problem. Timeliness and relevance are ultimately impovershing to all great plays (and I believe that The Homecoming will prove to be the most enduringif not endearingof Pinters works). Such plays (we used to call them classics) always by definition transcend the period in which they were created. But thats because they simultaneously speak to and transcend every period, including the one in which theyre revived. Without an aura of strangeness and distance, great plays shrink in stature. They deliver only a quick fix that fades as fast as the headlines they momentarily, if powerfully, evoke. (Literature, as Ezra Pound once reminded us, is news that stays news.) So in approaching Pinters play we might bear in mind Andre Gides famous admonition to his eager admirers: Please, do not understand me too quickly. Where then does the problem lie? With the Roundabouts production? The Zeitgeist? The headlines? The play itself? Arguably, all of the above. But rather than assigning blame, Id prefer to raise a few questions that may help to clarify the nature of my complaint. Is the only problem that the Roundabouts production makes the play seem paaraphrasable, that it enables us all too easily to say what Pinters Puzzle is about (e.g., the objectification of women or something that sounds similarly fashionable)? Put differently: Should an ideal production of The Homecoming be infinitely more ambigous than this one? Not necessarily. For despite all the talk about puzzles and puzzlement, the most distinctive quality of the legendary Peter Hall/Royal Shakespeare Company production of The Homecoming that came to Broadway in 1967 was not its opaqueness or ambiguity, but rather its clarity, its concreteness and specificity. Not specificity of meaning, mind you but of sound and gesture, a palpable physicality which strongly suggested that any search for meaning would ultimately lead one back to the clean, sensuous surface of the production. For me, this was the theatre experience that best illustrated the wisdom of Susan Sontags then immensely influential essay, Against Interpretation. Transparence, wrote Sontag, is the highest, most liberating value in art. . . .Transparence means experiencing the luminousness of the thing in itself, of things being what they are. And in her oft-quoted, aphoristic conclusion to the essay, she maintained, In place of a hermeneutics we need an erotics of art. But Sontags essay and Pinters play were written in the mid-1960s. Clearly, times have changed. Is it possible to ever again view this play the way we did then? The answer to that question is yesyou can go Homecoming again. That at least, was what I concluded after seeing Peter Halls 25th anniversay staging of Pinters play in London last spring. Perhaps the earth didnt move beneath my feet as it seemed to in 1967 when I saw the RSC production of the play in New York. But it convinced me that I hadnt been merely imagining, misremembering or embellishing things all these years. What I remembered deserved to be remebered as one of the three or four most formative experiences of a theatregoing life. In 1967, I was a precocious (maybe precious is the more accurate word) 18-year-old, determined to appear More Sophisticated Than Thou. My principal enthusiasms of the period included Alain Robbe-Grillets and Alain Resnaiss Last Year at Marienbad, Bergmans Persona, Antonionis Blownup, Andy Warhols silkscreens of Marilyn Monroe, the music of the Velvet Underground, the dances of Merce Cunningham and, of course, the essays of Sontag. Was there a place for the theatre in this celestial pantheon? Halls production of The Homecoming went a long way toward persuading me that the theatre might, on occasion, be able to hold its own alongside this cool, brainy, elegant company. The heart of Halls and Pinters strategy seemed to me to lie in Ruths response to the pseudo-philosophical bantering of Lenny and Teddy (e.g., Take a table. Philosophically speaking, what is it?). Lenny prattles on about this business of being and non-being, but Ruth emphasizes the palpability of the here and now. She may or may not speak for Pinter at this moment; but it seems to me that she affirmed (by physically embodying through speech and gesture) the very same values that distinguished this glacially elegant production as a whole: The Renaissance condition EssayLenny: Excuse me, shall I take the  ashtray out of your way? Ruth: Its not in my way. Lenny: It seems to be in the way of  your glass. The glass was about to fall.  Or the ashtray. Im rather worried  about the carpet. Its not me, its my  father. Hes obsessed with order and  clarity. He doesnt like mess. So, as I  dont believe youre smoking at the  moment, Im sure you wont object if I  move the ashtray. (He does so.) Lenny gets a laugh when he suggests that his father is obsessed with order and clarity: but the obsession he describes is evident nonetheless throughout the production. Given the fact that John Burys setting for the Hall production was so uncluttered to begin with, the ashtray and glass assumed an eerie prominence and intensityrather like the remaining pieces in the final moments of a championships chess match. Lenny continues the match as follows: Lenny: And now perhaps Ill relieve  you of your glass. Ruth: I havent quite finished. Lenny: Youve consumed quite  enough, in my opinion. Ruth: No, I havent. Lenny: quite sufficient, in my own  opinion. And then a few lines later: Lenny: Just give me the glass. Ruth: No. (Pause) Lenny: Ill take it, then. Ruth: If you take the glass. . .Ill take  you. Whether it was the moment when Lenny first invades Ruths private space by searching across her body for the ashtray, or the moment when Ruth decides to retaliate by pressing her hand firmly down on top of the glass, the blocking was wo cleanly chiseled that the results were positively sculptural. This was equally true of many other moments in Halls production: the stunning physical tableau at the end (Ruth sitting in the displaced patriarchs chair as he pathetically grovels on the floor, begging her for a kiss) or the scene in which Teddy, Ruths husband, is left holding her empty coat while she slow-dances with one of his brothers and then rolls on and off of the couch with another brother, or the precisely choreographed way in which the elderly uncle Sam collapses, presumably of a heart attack, toward the end of the play. These sequences were always realistic and yet strangely ritualized, as physically palpable as that glass of water, yet mysteriously reverberent, evoking distant ec hos of Lear, Oedipus and Greek tragedy. Ironically, Halls original production arrived at the very moment the American experimental theatre was becoming increasingly committed to a theatre of the body. (And as coincidence will have it, playing concurrently with Roundabouts revival of The Homecoming was a reconstruction at nearby La Mama ETC of Tom OHorgans production of Rochelle Owenss Futz, which also originally played in New York in 1967.) But the physical concreteness of The Homecoming was very different from the sort of physicality that informed the work of OHorgan, the Living Theater, the Open Theater or the Performance Group. The overtly choreographic stylization in a production like Futz was bodily with a vengeance, but it often bordered on group mine. And as a result, ones attention was ultimately deflected away from the body itself and onto what the body represented. In addition, much of this work was so determined to advertise the new freedom presumably offered by the liberated life of the body that it lacked the exacting physical discipline of Halls production. That sort of discipline was presumably at odds with the orgiastic and egalitarian ethos at the heart of so much of the company-created work of the period. So, paradoxically, at least for me, the most palpable and sensual theatre of the body was not to be found in the perpetual motion machines of Tom OHorgan (or for that matter, even in the work of Jerzy Crotowski) but in the unmistakably British collaboration of Harold Pinter, Peter Hall and the Royal Shakespeare Company. Critic Roger Copeland teaches at Oberlin College.

Evolution of Microfinance and Poverty Reduction in Ghana free essay sample

In more than thirty years it has gained a reputation for being one of the most effective instruments in fighting poverty globally. Ghana’s financial sector in the past two decades has undergone a significant transformation especially with the promulgation of PNDC Law 328 of 1993, that allowed the establishment of different types of non-bank financial institutions, including savings and loans companies, finance houses, credit unions, as well as rural and community banks (RCBs). This policy transformation has given rise to a number of microfinance programmes and activities ranging from Government, Donors and NGOs. The microfinance industry in the early 1980s, was dominated by non-governmental organizations (NGOs) and experimented with innovative programmes in an attempt to address what they perceived as the failure of markets and governments to provide financial services to the poor. These organizations were heavily dependent on external grant funding. Generally, global perspective on microfinance is changing with even the meaning of the term â€Å"microfinance† altered. We will write a custom essay sample on Evolution of Microfinance and Poverty Reduction in Ghana or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page According to Consultative Group to Assist the Poor (CGAP) as recently as a few years ago, it meant, â€Å"†¦ a credit methodology that employs effective collateral substitutes to deliver and recover short-term, working capital loans to micro-entrepreneurs†. Today, the term encompasses a broad spectrum of financial services that includes not only microcredit but also savings, insurance, and money transfers. Perspectives on the target group for microfinance have also expanded in recent years to include low-income men, women and poorest of the poor. Another significant change is that microfinance services are no longer considered a niche market activity that should be confined largely to the development community and carried out solely by specialized microfinance institutions. Today, it is believed that if microfinance is to achieve its full potential, it must be fully integrated into a developing country’s financial system with access to vast amounts of human, physical, and financial resources and management know-how. A paradigm shift toward market-based approaches to poverty reduction is also taking place. In the larger business world, a growing number of established companies including some multinational corporations have achieved impressive results in reaching the poor in innovative ways with their products and services. This reaffirms the feasibility of large-scale commercial microfinance and strengthens private sector interest. Hence the acceleration in the creation of commercial microfinance institutions which is demonstration effect of the profitability of the sector, combined with market forces in the newly-liberalized financial markets. . 1? STATEMENT OF THE PROBLEM The main objective of Ghana’s Growth and Poverty Reduction Strategy (GPRS II) is to ensure â€Å"†¦sustainable equitable growth, accelerated poverty reduction and the protection of the vulnerable and excluded within a decentralized, democratic environment†. The main objective is to eliminate widespread poverty and growing income inequality, especially among the productive poor who constitute the m ajority of the working population. This group is however characterized by lack of access to credit. Littlefield and Rosenberg (2004) argue that the poor are generally excluded from the financial services sector of the economy. The liberalization of Ghana’s financial sector in the past two decades has led to the emergence of a number of Micro – finance institutions (MFIs) with the mission of extending micro-credit and other financial related services to the productive poor. The microfinance industry has now been in existence for over two decades serving the poor through the provision of financial and related services. The industry which has been predominantly run by NGO, microfinance institutions is going through an increasingly growing wave of commercialization. In addition, the transformation of many non-governmental organisations (NGOs) into microfinance banks has led to a strong increase in client deposits and refinancing lines extended under market conditions. Moreover, low default rates and an increasing number of sustainable MFIs, showing a positive return to equity; demonstrate that banking with the poor can be a successful business. While in the past MFIs had to rely almost exclusively on socially oriented non-profit donors and international financial institutions, they have recently been able to tap broader sources of fund considering the social and economic benefits and the large unmet demand for microfinance. This has attracted new investors and encouraged substantial commercial involvement in the industry. Microfinance is becoming more commercial as traditional non governmental organizations (NGOs) dedicated to microfinance are transforming into licensed banks and non-bank financial intermediaries in order to access public funds or small savings deposits. While there has been some research on the general impact of Microfinance on poverty, little has been written about the current trends in the Microfinance industry. There is the need to determine the effects of the current trends in the industry on microenterprises. This study examines the nature of the current trends in the industry commercialization of the microfinance industry and it’s impact on their clients who are mostly the poor in the Awutu Senya West District. 1. 2? OBJECTIVES OF THE STUDY The study which is conducted in the Awutu Senya West District in the Central Region has as its main objective to highlight the nature of the current trends as in the commercialization of the industry and examine its effects on the profitability of microenterprises in the district. The study also intends to give a brief history of microfinance and then attempt to forecast the future direction of the industry. 1. 4? SIGNIFICANCE OF THE STUDY Micro and Small enterprises contribute significantly to national economic development hence the need for their sustainability and growth. Microfinance is an effective development tool for poverty reduction for the simple reason that financial services enable poor to take advantage of economic opportunities, to build assets, and to reduce their vulnerability to external shocks that adversely affect their living standards. Financial services cannot function in isolation as a magic bullet to lift people out of poverty, but the close relationship between financial services and poverty reduction provides strong justification for putting financial systems for the poor at the center of development agenda (ADB report 2004). The transformation of the concept of Microfinance has been an ongoing process making it therefore imperative for both the industry players and their clients to be fully aware of the consequence thereof. There is the need to point out what exactly the changes are and the implications to the poor and low-income clients of Microfinance Institutions. Realizing these effects the industry players may streamline their operations in order to remain in balance. 1. 6? METHODOLOGY The research shall employ survey methodology. It shall combine relevant aspects of quantitative, qualitative, and participatory methods within the framework of impact assessment techniques. Microfinance institutions who are the providers of financial services to the poor and the client form the population of the research. Simple random sampling will be used to select two (2) microfinance institutions, while stratified sampling technique shall be employed to select sixty 60 clients of three microfinance institutions namely Express Savings and Loans, EB ACCION and Last Stop Microfinance in the Awutu Senya West District. 1. 7? SCOPE AND LIMITATIONS The scope of the study is on the state of the Microfinance industry as of today, its effects on poverty alleviation through microenterprise activities and the future prospects of the industry. Quiet a number of constraints are envisaged in undertaking this research, prominent among which is time constraints. This does not make it possible to make use the vast amount of materials available. However, it is hoped that a considerable amount of information would be gathered to enable an in-depth study to be undertaken. 1. 8? ORGANISATION OF THE STUDY The study will be presented in four main chapters. Chapter will include and introduction to the study, the objectives of the study, scope of the study, limitation of the study and methodology. Chapter two will entail the literature review which will give a brief historical background of the Microfinance industry in Ghana, Current trends in the Microfinance industry, Factors which accounted for the commercialization of Microfinance. Chapter three will cover the effects of commercialization of Microfinance on microenterprises in the Awutu Senya West District in the Central Region. The chapter four will essentially center on the conclusion and recommendations.

Advantages of Business Transaction Online Essays

Advantages of Business Transaction Online Essays Advantages of Business Transaction Online Essay Advantages of Business Transaction Online Essay Conducting business transaction online is gaining popularity among the generation, what are the advantages and disadvantages made of transaction? OR. List two advantages of online transaction. Business transaction online is an interaction in the technology world, usually between an enterprise and a person where something is exchanged. It is gaining popularity among the young generation nowdays. I believe there are many advantages of business transaction online such as get a better customer service and curtail of transaction cost. Most of the people today have using business transaction online because it easy and get a better customer service than doing real business transaction. When we are on visiting website, we can greet with customer by a pop-up chat window. Customer service also always ready and will help in encouraging the customer to know more about the product or service. Moreover, payments can be made online and product can be shipped to the customer without the customer having to leave the house. Furthermore, E-Business also has resulted in improved customer service, so if we have any problems, we can leave our comment for the seller. In general, we could see that young generation today had chosen to use this method. This is because they can choose their favourite’s things as long as they want and it also curtail of transaction cost. It is different when we buy the thing in a real life, maybe we will be cheated by the sellers or they will up the price of the things. Websites are sufficiently loaded with direction to facilitate stress-free transaction. Simple and succinct instructional tabs, generally, save the potential buyer from predicaments of any surf. In addition, buy online is easy for us to know that the product or service original or not because internet has a lot of connection with other peoples, so we can use media social to get recommendation from others about the thing that we need to buy. In conclusion, there are two reasons why I had preferred business transaction online, because it is easy way for us save our time and items purchased.

Mini Research Project Proposal Example | Topics and Well Written Essays - 1000 words

Mini Project - Research Proposal Example When the world real Gross Domestic Product was having a howling dread, the GDP of China was pretty much sturdily moving upward in an open contrast (Easterly, 2011). The underlying research project aims to spotlight the off budget fiscal activity and the effectiveness of the emergency fiscal policies implemented by the Chinese government by making use of the IMF’s published augmented fiscal data. Data were originally augmented by adding the general statistical output up with the off budget fiscal data. Though, this is a secondary research including the subjective approach by analyzing a number of theoretical sources to make a solid and theoretical inference so far. However the augmentation in the fiscal data is an aid to understand the underlying course of activity rather to replace the general purpose government released statistics. It was not possible to draw the judgments by using each and every part of the published augmented data; hence here I am going to exclude some of t he figures to reduce the complexity and intricacy i.e., policy banks fiscal activity data, ministry of railway net borrowing etc. In the period of the world economic crisis, local government aimed to implement several plans to reduce the impacts. Out of the most prominent activity, the most observable can be reported as the infrastructure investments to support and boost up the economic development in the country. It remained a popularized countercyclical tool to foster the internal developmental course. This developmental spending was categorized as an off budget expenditure and managed through the sales of the government inland property or Local Government’s Finance Vehicle borrowings so far internally. Thus IMF introduced the concept of augmentation in order to measure the impact of the budgeted and off budgeted fiscal activity within the economy. Without complementary augmented data, it is quite thorny to analyze the total effect and stimulus towards the tradeoff to the crisis.

Contingency Theory and Global Leadership Essay Example | Topics and Well Written Essays - 1000 words

Contingency Theory and Global Leadership - Essay Example Since, parties in a global market come from diverse backgrounds, global leaders have challenges in assessing the diverse demands of the parties (The Leadership Trust, 2008). Indeed, every cultural group has different demands. Moreover, the existence of boundaries between geographies and markets derives complexities in assessing the demands of parties in different geographies since there are no universal demands that apply to all geographies (The Leadership Trust, 2008). The rapid global impact of unforeseen events poses a great challenge to the global leaders since they cannot predict the occurrence and the effects of such events on the demand and thus assessing the demands of a situation given a global role. A global leader will also encounter challenges that emanate from social, economic, and political change. The global leader will also face the challenge of developing a creative approach in assessing the demand and implementing the solutions to various problems in the global mark et. Furthermore, lack of inspiring visions that can apply across cultural and organizational boundaries without losing meaning is also a challenge in assessing demands of a situation given a global role (The Leadership Trust, 2008). ... Developing self-reflective leadership, effective conflict resolution, and adopting diversity in the management and assessing demand will resolve the problems associated with assessing demand in a global situation. Moreover, the practice of creating global ethics and global strategies that will be flexible to multicultural differences will be very fundamental in this case (O’Brien, 2009). The creation of a vision and strategy as well as systems that managers can manage would play a significant role in resolving the above named problems. Furthermore, the presence of a Global Leadership and Public Policy as well the focus on organization and teamwork would help in addressing the challenges related to assessing demand in a global situation. Indeed, we can adopt the leadership theories to develop an organizational design that would relate to the global challenges in this context. A practice that relates to the situational variables and establishing an organization with internal fea tures that matches the demands of the diverse environments will help in assessing the demands in a global situation. The contingency theory asserts that there is no one best way to organize and that any way of organizing is not equally effective. The Contingency Theory asserts that a global leader must match their leadership style with the situational demands (Northouse, 2012). Ideally, the contingency theory confirms that no leadership style suits all situations and that specific variable like the dynamics of the situation, leadership style, and characteristics of the followers define the success of any leadership style. Personally, I experienced this when our marketing manager used contingency theory in a global role

Comparison Of Rate Of Convergence Of Iterative Methods Philosophy Essay

Comparison Of Rate Of Convergence Of Iterative Methods Philosophy Essay The term iterative method refers to a wide range of techniques that use successive approximations to obtain more accurate solutions to a linear system at each step In numerical analysis it attempts to solve a problem by finding successive  approximations  to the solution starting from an initial guess. This approach is in contrast to  direct methods which attempt to solve the problem by a finite sequence of operations, and, in the absence of  rounding errors, would deliver an exact solution Iterative methods are usually the only choice for non linear equations. However, iterative methods are often useful even for linear problems involving a large number of variables (sometimes of the order of millions), where direct methods would be prohibitively expensive (and in some cases impossible) even with the best available computing power. Stationary methods are older, simpler to understand and implement, but usually not as effective Stationary iterative method are the iterative methods that performs in each iteration the same operations on the current iteration vectors.Stationary iterative methods solve a linear system with an  operator  approximating the original one; and based on a measurement of the error in the result, form a correction equation for which this process is repeated. While these methods are simple to derive, implement, and analyze, convergence is only guaranteed for a limited class of matrices. Examples of stationary iterative methods are the Jacobi method,gauss seidel method  and the  successive overrelaxation method. The Nonstationary methods are based on the idea of sequences of orthogonal vectors Nonstationary methods are a relatively recent development; their analysis is usually harder to understand, but they can be highly effective These are the Iterative method that has iteration-dependent coefficients.It include Dense matrix: Matrix for which the number of zero elements is too small to warrant specialized algorithms. Sparse matrix: Matrix for which the number of zero elements is large enough that algorithms avoiding operations on zero elements pay off. Matrices derived from partial differential equations typically have a number of nonzero elements that is proportional to the matrix size, while the total number of matrix elements is the square of the matrix size. The rate at which an iterative method converges depends greatly on the spectrum of the coefficient matrix. Hence, iterative methods usually involve a second matrix that transforms the coefficient matrix into one with a more favorable spectrum. The transformation matrix is called a  preconditioner. A good preconditioner improves the convergence of the iterative method, sufficiently to overcome the extra cost of constructing and applying the preconditioner. Indeed, without a preconditioner the iterative method may even fail to converge. Rate of Convergence In  numerical analysis, the speed at which a  convergent sequence  approaches its limit is called the  rate of convergence. Although strictly speaking, a limit does not give information about any finite first part of the sequence, this concept is of practical importance if we deal with a sequence of successive approximations for an  iterative method as then typically fewer iterations are needed to yield a useful approximation if the rate of convergence is higher. This may even make the difference between needing ten or a million iterations.Similar concepts are used for  discretization  methods. The solution of the discretized problem converges to the solution of the continuous problem as the grid size goes to zero, and the speed of convergence is one of the factors of the efficiency of the method. However, the terminology in this case is different from the terminology for iterative methods. The rate of convergence of an iterative method is represented by mu (ÃŽÂ ¼) and is defined as such:   Suppose the sequence{xn}  (generated by an iterative method to find an approximation to a fixed point) converges to a point  x, then   limn->[infinity] = |xn+1-x|/|xn-x|[alpha]=ÃŽÂ ¼,  where  ÃƒÅ½Ã‚ ¼Ãƒ ¢Ã¢â‚¬ °Ã‚ ¥0 and  ÃƒÅ½Ã‚ ±(alpha)=order of convergence.   In cases where  ÃƒÅ½Ã‚ ±=2 or 3 the sequence is said to have  quadratic  and  cubic convergence  respectively. However in linear cases i.e. when  ÃƒÅ½Ã‚ ±=1, for the sequence to converge  ÃƒÅ½Ã‚ ¼Ã‚  must  be in the interval (0,1). The theory behind this is that for En+1à ¢Ã¢â‚¬ °Ã‚ ¤ÃƒÅ½Ã‚ ¼En  to converge the absolute errors must decrease with each approximation, and to guarantee this, we have to set  0 In cases where  ÃƒÅ½Ã‚ ±=1 and  ÃƒÅ½Ã‚ ¼=1  and  you know it converges (since  ÃƒÅ½Ã‚ ¼=1 does not tell us if it converges or diverges) the sequence  {xn}  is said to converge  sublinearly  i.e. the order of convergence is less than one. If  ÃƒÅ½Ã‚ ¼>1 then the sequence diverges. If  ÃƒÅ½Ã‚ ¼=0 then it is said to converge  superlinearly  i.e. its order of convergence is higher than 1, in these cases you change  ÃƒÅ½Ã‚ ±Ã‚  to a higher value to find what the order of convergence is.  In cases where  ÃƒÅ½Ã‚ ¼Ã‚  is negative, the iteration diverges. Stationary iterative methods Stationary iterative methods are methods for solving a  linear system of equations. Ax=B. where  Ã‚  is a given matrix and  Ã‚  is a given vector. Stationary iterative methods can be expressed in the simple form where neither  Ã‚  nor  Ã‚  depends upon the iteration count  . The four main stationary methods are the Jacobi Method,Gauss seidel method,  successive overrelaxation method  (SOR), and   symmetric successive overrelaxation method  (SSOR). 1.Jacobi method:- The Jacobi method is based on solving for every variable locally with respect to the other variables; one iteration of the method corresponds to solving for every variable once. The resulting method is easy to understand and implement, but convergence is slow. The Jacobi method is a method of solving a  matrix equation  on a matrix that has no zeros along its main diagonal . Each diagonal element is solved for, and an approximate value plugged in. The process is then iterated until it converges. This algorithm is a stripped-down version of the Jacobi transformation  method of  matrix diagnalization. The Jacobi method is easily derived by examining each of the  Ã‚  equations in the linear system of equations  Ã‚  in isolation. If, in the  th equation solve for the value of  Ã‚  while assuming the other entries of  Ã‚  remain fixed. This gives which is the Jacobi method. In this method, the order in which the equations are examined is irrelevant, since the Jacobi method treats them independently. The definition of the Jacobi method can be expressed with matrices  as where the matrices  ,  , and  Ã‚  represent the diagnol, strictly lower triangular, and  strictly upper triangular  parts of  , respectively Convergence:- The standard convergence condition (for any iterative method) is when the  spectral radius  of the iteration matrix à Ã‚ (D  Ãƒ ¢Ã‹â€ Ã¢â‚¬â„¢ 1R) D is diagonal component,R is the remainder. The method is guaranteed to converge if the matrix  A  is strictly or irreducibly  diagonally dominant. Strict row diagonal dominance means that for each row, the absolute value of the diagonal term is greater than the sum of absolute values of other terms: The Jacobi method sometimes converges even if these conditions are not satisfied. 2. Gauss-Seidel method:- The Gauss-Seidel method is like the Jacobi method, except that it uses updated values as soon as they are available. In general, if the Jacobi method converges, the Gauss-Seidel method will converge faster than the Jacobi method, though still relatively slowly. The Gauss-Seidel method is a technique for solving the  Ã‚  equations of the  linear system of equations  Ã‚  one at a time in sequence, and uses previously computed results as soon as they are available, There are two important characteristics of the Gauss-Seidel method should be noted. Firstly, the computations appear to be serial. Since each component of the new iterate depends upon all previously computed components, the updates cannot be done simultaneously as in the  Jacobi method. Secondly, the new iterate  Ã‚  depends upon the order in which the equations are examined. If this ordering is changed, the  components  of the new iterates (and not just their order) will also change. In terms of matrices, the definition of the Gauss-Seidel method can be expressed as where the matrices  ,  , and  Ã‚  represent the  diagonal, strictly lower triangular, and strictly upper triangular  parts of   A, respectively. The Gauss-Seidel method is applicable to strictly diagonally dominant, or symmetric positive definite matrices   A. Convergence:- Given a square system of  n  linear equations with unknown  x: The convergence properties of the Gauss-Seidel method are dependent on the matrix  A. Namely, the procedure is known to converge if either: A  is symmetric  positive definite, or A  is strictly or irreducibly  diagonally dominant. The Gauss-Seidel method sometimes converges even if these conditions are not satisfied. 3.Successive Overrelaxation method:- The successive overrelaxation method (SOR) is a method of solving a  linear system of equations  Ã‚  derived by extrapolating the  gauss-seidel method. This extrapolation takes the form of a weighted average between the previous iterate and the computed Gauss-Seidel iterate successively for each component, where  Ã‚  denotes a Gauss-Seidel iterate and  Ã‚  is the extrapolation factor. The idea is to choose a value for  Ã‚  that will accelerate the rate of convergence of the iterates to the solution. In matrix terms, the SOR algorithm can be written as where the matrices  ,  , and  Ã‚  represent the diagonal, strictly lower-triangular, and strictly upper-triangular parts of  , respectively. If  , the SOR method simplifies to the  gauss-seidel method. A theorem due to Kahan shows that SOR fails to converge if  Ã‚  is outside the interval  . In general, it is not possible to compute in advance the value of  Ã‚  that will maximize the rate of convergence of SOR. Frequently, some heuristic estimate is used, such as  Ã‚  where  Ã‚  is the mesh spacing of the discretization of the underlying physical domain. Convergence:- Successive Overrelaxation method may converge faster than Gauss-Seidel by an order of magnitude. We seek the solution to set of linear equations   In matrix terms, the successive over-relaxation (SOR) iteration can be expressed as where  ,  , and  Ã‚  represent the diagonal, lower triangular, and upper triangular parts of the coefficient matrix  ,  Ã‚  is the iteration count, and  Ã‚  is a relaxation factor. This matrix expression is not usually used to program the method, and an element-based expression is used Note that for  Ã‚  that the iteration reduces to the  gauss-seidel  iteration. As with the  Gauss seidel method, the computation may be done in place, and the iteration is continued until the changes made by an iteration are below some tolerance. The choice of relaxation factor is not necessarily easy, and depends upon the properties of the coefficient matrix. For symmetric, positive definite matrices it can be proven that  Ã‚  will lead to convergence, but we are generally interested in faster convergence rather than just convergence. 4.Symmetric Successive overrelaxation:- Symmetric Successive Overrelaxation (SSOR) has no advantage over SOR as a stand-alone iterative method; however, it is useful as a preconditioner for nonstationary methods The symmetric successive overrelaxation (SSOR) method combines two  successive overrelaxation method  (SOR) sweeps together in such a way that the resulting iteration matrix is similar to a symmetric matrix it the case that the coefficient matrix  Ã‚  of the linear system  Ã‚  is symmetric. The SSOR is a forward SOR sweep followed by a backward SOR sweep in which the  unknowns  are updated in the reverse order. The similarity of the SSOR iteration matrix to a symmetric matrix permits the application of SSOR as a preconditioner for other iterative schemes for symmetric matrices. This is the primary motivation for SSOR, since the convergence rate is usually slower than the convergence rate for SOR with optimal  .. Non-Stationary Iterative Methods:- 1.Conjugate Gradient method:- The conjugate gradient method derives its name from the fact that it generates a sequence of conjugate (or orthogonal) vectors. These vectors are the residuals of the iterates. They are also the gradients of a quadratic functional, the minimization of which is equivalent to solving the linear system. CG is an extremely effective method when the coefficient matrix is symmetric positive definite, since storage for only a limited number of vectors is required. Suppose we want to solve the following   system of linear equations Ax  =  b where the  n-by-n  matrix  A  is  symmetric  (i.e.,  AT  =  A),  positive definite  (i.e.,  xTAx  > 0 for all non-zero vectors  x  in  Rn), and  real. We denote the unique solution of this system by  x*. We say that two non-zero vectors  u  and  v  are  conjugate  (with respect to  A) if Since  A  is symmetric and positive definite, the left-hand side defines an  inner product So, two vectors are conjugate if they are orthogonal with respect to this inner product. Being conjugate is a symmetric relation: if  u  is conjugate to  v, then  v  is conjugate to  u. Convergence:- Accurate predictions of the convergence of iterative methods are difficult to make, but useful bounds can often be obtained. For the Conjugate Gradient method, the error can be bounded in terms of the spectral condition number  Ã‚  of the matrix  . ( if  Ã‚  and  Ã‚  are the largest and smallest eigenvalues of a symmetric positive definite matrix  , then the spectral condition number of  Ã‚  is  . If  Ã‚  is the exact solution of the linear system  , with symmetric positive definite matrix  , then for CG with symmetric positive definite preconditioner  , it can be shown that where  Ã‚  , and   . From this relation we see that the number of iterations to reach a relative reduction of  Ã‚  in the error is proportional to  . In some cases, practical application of the above error bound is straightforward. For example, elliptic second order partial differential equations typically give rise to coefficient matrices  Ã‚  with  Ã‚  (where  Ã‚  is the discretization mesh width), independent of the order of the finite elements or differences used, and of the number of space dimensions of the problem . Thus, without preconditioning, we expect a number of iterations proportional to  Ã‚  for the Conjugate Gradient method. Other results concerning the behavior of the Conjugate Gradient algorithm have been obtained. If the extremal eigenvalues of the matrix  Ã‚  are well separated, then one often observes so-called; that is, convergence at a rate that increases per iteration. This phenomenon is explained by the fact that CG tends to eliminate components of the error in the direction of eigenvectors associated with extremal eigenvalues first. After these have been eliminated, the method proceeds as if these eigenvalues did not exist in the given system,  i.e., the convergence rate depends on a reduced system with a smaller condition number. The effectiveness of the preconditioner in reducing the condition number and in separating extremal eigenvalues can be deduced by studying the approximated eigenvalues of the related Lanczos process. 2. Biconjugate Gradient Method-The Biconjugate Gradient method generates two CG-like sequences of vectors, one based on a system with the original coefficient matrix , and one on . Instead of orthogonalizing each sequence, they are made mutually orthogonal, or bi-orthogonal. This method, like CG, uses limited storage. It is useful when the matrix is nonsymmetric and nonsingular; however, convergence may be irregular, and there is a possibility that the method will break down. BiCG requires a multiplication with the coefficient matrix and with its transpose at each iteration. Convergence:- Few theoretical results are known about the convergence of BiCG. For symmetric positive definite systems the method delivers the same results as CG, but at twice the cost per iteration. For nonsymmetric matrices it has been shown that in phases of the process where there is significant reduction of the norm of the residual, the method is more or less comparable to full GMRES (in terms of numbers of iterations). In practice this is often confirmed, but it is also observed that the convergence behavior may be quite irregular  , and the method may even break down  . The breakdown situation due to the possible event that  Ã‚  can be circumvented by so-called look-ahead strategies. This leads to complicated codes. The other breakdown  Ã‚  situation,  , occurs when the  -decomposition fails, and can be repaired by using another decomposition. Sometimes, breakdown  Ã‚  or near-breakdown situations can be satisfactorily avoided by a restart  Ã‚  at the iteration step immediately before the breakdown step. Another possibility is to switch to a more robust method, like GMRES.  Ã‚   3. Conjugate Gradient Squared (CGS  ). The Conjugate Gradient Squared method is a variant of BiCG that applies the updating operations for the -sequence and the -sequences both to the same vectors. Ideally, this would double the convergence rate, but in practice convergence may be much more irregular than for BiCG, which may sometimes lead to unreliable results. A practical advantage is that the method does not need the multiplications with the transpose of the coefficient matrix. often one observes a speed of convergence for CGS that is about twice as fast as for BiCG, which is in agreement with the observation that the same contraction operator is applied twice. However, there is no reason that the contraction operator, even if it really reduces the initial residual  , should also reduce the once reduced vector  . This is evidenced by the often highly irregular convergence behavior of CGS  . One should be aware of the fact that local corrections to the current solution may be so large that cancelation effects occur. This may lead to a less accurate solution than suggested by the updated residual. The method tends to diverge if the starting guess is close to the solution.  Ã‚   4 Biconjugate Gradient Stabilized (Bi-CGSTAB  ). The Biconjugate Gradient Stabilized method is a variant of BiCG, like CGS, but using different updates for the -sequence in order to obtain smoother convergence than CGS. Bi-CGSTAB often converges about as fast as CGS, sometimes faster and sometimes not. CGS can be viewed as a method in which the BiCG contraction operator is applied twice. Bi-CGSTAB can be interpreted as the product of BiCG and repeatedly applied GMRES. At least locally, a residual vector is minimized  , which leads to a considerably smoother  Ã‚  convergence behavior. On the other hand, if the local GMRES step stagnates, then the Krylov subspace is not expanded, and Bi-CGSTAB will break down  . This is a breakdown situation that can occur in addition to the other breakdown possibilities in the underlying BiCG algorithm. This type of breakdown may be avoided by combining BiCG with other methods,  i.e., by selecting other values for  Ã‚   One such alternative is Bi-CGSTAB2  ; more general approaches are su ggested by Sleijpen and Fokkema. 5..Chebyshev   Iteration. The Chebyshev Iteration recursively determines polynomials with coefficients chosen to minimize the norm of the residual in a min-max sense. The coefficient matrix must be positive definite and knowledge of the extremal eigenvalues is required. This method has the advantage of requiring no inner products. Chebyshev Iteration is another method for solving nonsymmetric problems . Chebyshev Iteration avoids the computation of inner products  Ã‚  as is necessary for the other nonstationary methods. For some distributed memory architectures these inner products are a bottleneck  Ã‚  with respect to efficiency. The price one pays for avoiding inner products is that the method requires enough knowledge about the spectrum of the coefficient matrix  Ã‚  that an ellipse enveloping the spectrum can be identified  ; however this difficulty can be overcome via an adaptive construction  developed by Manteuffel  , and implemented by Ashby  . Chebyshev iteration is suitable for any non symmetric linear system for which the enveloping ellipse does not include the origin. Convergence:- In the symmetric case (where  Ã‚  and the preconditioner  Ã‚  are both symmetric) for the Chebyshev Iteration we have the same upper bound as for the Conjugate Gradient method, provided  Ã‚  and  Ã‚  are computed from  Ã‚  and  Ã‚  (the extremal eigenvalues of the preconditioned matrix  ). There is a severe penalty for overestimating or underestimating the field of values. For example, if in the symmetric case  Ã‚  is underestimated, then the method may diverge; if it is overestimated then the result may be very slow convergence. Similar statements can be made for the nonsymmetric case. This implies that one needs fairly accurate bounds on the spectrum of  Ã‚  for the method to be effective (in comparison with CG or GMRES).  Ã‚   Acceleration of convergence Many methods exist to increase the rate of convergence of a given sequence, i.e. to transform a given sequence into one converging faster to the same limit. Such techniques are in general known as series acceleration. The goal of the transformed sequence is to be much less expensive to calculate than the original sequence. One example of series acceleration is Aitkens delta -squared process.