Summary and 3 learnings Essay Example | Topics and Well Written Essays - 250 words - 1

Summary and 3 learnings - Essay Example Israel and United States have worked jointly to advance Stuxnet in to an extent that it can infect computers. The U.S has developed implants out of Stuxnet that infect the â€Å"firmware†; an embedded software preparing a computer’s hardware before its operating system starts. The implants are beyond the reach of most security controls and existing antivirus products, making it virtually impossible to stop it. Equation Group has been active for approximately two decades. It uses techniques of cyber attacks that surpass anything known to be sophisticated and complex in the virtual environment of networks and computers. The group has managed to perform firmware attacks, giving it the power to control almost anything concerning nuclear enrichment plants of U.S adversaries (Perlroth and Sanger). There are three issues which I have learnt from the articles. The first one is that American government Agencies do not use security software products made by Kaspersky Lab. This is because the lab was founded by a person who once served the Russian military, which is closely watched by the American agencies. The second one is that it is difficult to perform a cyber attack on computers with an â€Å"air gap system†; a system that separates computers from the outside world and is mostly used by U.S adversaries. The last issue learnt from the article is that the U.S Equation Group has made an effort of mapping out the so- called air-gapped

The perception of the perfect body image Essay Example for Free

The perception of the perfect body image Essay It is only now she realises that she got favoured over the less attractive staff and got more pay rises than most people do. He didnt even know my cousin, but flirted with her constantly because of her outside appearance. This eventually grew until she could take no more. Unfortunately she had to leave her job as a consequence. All because she was the victim of the perfect body beautiful. He hadnt known what her personality was like, he just seen a woman and abused that fact. This too is becoming a huge problem, not only is it the ugly people being targeted but also, the beautiful people. So what is it better to be? There are problems on both sides of unwanted attention and heavy flirtation that can become overwhelming and a nuisance yet these women shouldnt have to suffer because of their appearance. There is no escaping this type of prejudice. How could this be allowed to surface in the first place? Yet again it shows how shallow our society has become, when is it going to stop? Will it ever stop? Has it gone to far beyond repair? Theres no doubt about the influence of the media on womens self-esteem and appearance. On ITV they had a program Make me Beautiful, this is added pressure of women feeling so insecure about themselves that they are prepared to undergo plastic surgery to see themselves as beautiful. The program in itself is wrong as it is recognising that women have an issue with beauty, but is letting them change their bodies to justify this and make the social image of the perfect body beautiful become acceptable. This is also against Christian beliefs but because it isnt recognised as such, it makes it hard to deem an act against Gods word. Nevertheless, women should not become reconciled to the medias pressure. They neednt stick to the artificial images, but instead try to be beautiful in their own way. Women even tend to diet often which can lead to serious illnesses that include eating disorders, this is because of the media attention that is given to attractive women. People are fooled into thinking that if they can be a size six they will be beautiful, but often this isnt the case, and when the result isnt pleasing. Depression slides into play. It is an evil downward spiral of deceit that comes from the media pressure of celebrities. As most celebrities themselves support a range of diets and are painfully thin. This can be seen my Lindsey Lohan, a well-known teen actress who has suffered from strain of the public eye and has became increasingly thin. Which is worrying, as she is a role model for teenage girls. Yet there are some magazines that acknowledge this, we open The Sun and go to Bizarre column and we see the latest gossip about who is too thin. Although this has been recognised, the media and society do nothing to follow through their findings. A womans beauty comes from the centre; it is where her heart lies, where her personality beams up her whole body, it can be her interests, or what makes her happy. Or it can be just her simple loving thought. Women are cheated of their right to happiness. It isnt fair but until the public address the seriousness of this situation, when eating disorders rise, when suicides from bullying rocket and when more and more women become depressed, it may make the world wake up. The government is solving the waste problem; it is solving the peace problem, even the health problem with the recent non-smoking ban. But when will the time come to solve the body image problem that plagues our streets and will become one of the worlds top killers, which has been proved by Anorexia Wastes Life Association. The time to act is now, but is it too little too late when the statistics show death? Two weeks later the woman in this picture aged 22, died of Anorexia. All because she too wanted the Perfect Body Beautiful. i i Stefanie Jameson Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Miscellaneous section.

Dubai Property Market Economic Theory

Dubai Property Market Economic Theory With this dissertation what I would like to achieve is the following: I will carry out extensive research on the economic theory behind booms and bursts. I will look at some of the booms and bursts throughout history. I will attempt to make my own economic model behind what caused a boom and its subsequent burst and see if this model can be applied to the economic situation of the property market in Dubai. If a number of variables existed that suggested a burst might be coming, why was nothing done to stop it? 1.2: A brief history of Dubai Thirty years ago almost all of modern Dubai was desert. In the mid 18th century a small nomadic group settled there and built a small town. This small towns underlying asset being pearls. The pearl trade attracted people from all over the middle east, all with dreams of prosperity. The town was named Daba after a local locust that consumed everything it encountered. This rapidly growing town was soon acquired by the Gunships of the British army. Britain maintained control of the area until 1971(The Independent2009). In 1971 Dubai and five surrounding sheikhdoms (Abu Dhabi, Al Fujayrah, Ajman, Umm al Qaywayn and Sharjah) agreed on a federal constitution and became The United Arab Emirates or UAE. In February 1972 a seventh Sheikhdom, Ras al Khaymah joined the UAE. At this point Sheikh Zayid Ibn Sultan Al Nuhayyan of Abu Dhabi became the first president of the UAE. The ruler of Dubai, Sheikh Rashid ibn Said Al Maktum was named vice president, and his eldest son, Sheikh Maktum ibn Rash id Al Maktum, the prince of Dubai, became prime minister. In 1990 Sheikh Maktum succeeded his father as ruler of Dubai and as vice president and prime minister of the UAE (Library of Congress2007). It was around 1971, as the British were leaving that oil was first discovered. However to say that Dubai relied on oil for its growth would be wrong. Dubai had very little oil relative to its neighbouring emirate Abu Dhabi. So Sheikh Maktum had to diversify. He used oil revenues to create something he thought sustainable. Israel used to boast it made the desert bloom; Sheikh Maktum resolved to make the desert boom (The Independent 2009). It became a hub for tourism and financial services, Attracting capital and expertise from all over the globe. He invited the world to come tax free, and people came in their millions. A city seemed to descend from the heavens in thirty years. Would it be sustainable? (Source : The Independent, The Dark side of Dubai, 7 April 2009) (Source: Country Profile : UAE. Library of Congress Federal Research division, July 2007) 1.3: From Boom to bust over night. I arrived in Dubai in 2007 at a point when it was said that a third of the worlds construction equipment was in Dubai. It was the second fastest growing city in the world (second to Moscow) and appeared to be one big construction site. Skyscrapers were appearing over night to cater for increases in demand in property. However, a large part of this demand for property was merely speculatory. Investments in property appeared to be highly attractive and beneficial, especially to foreign investors earning in non dollar currencies. I say this because the dirham is pegged to the dollar (3.75 dhms per US Dollar). It was around late 2007 early 2008 that the dollar reached its weakest point making property in Dubai cheaper to people earning pounds for example. People also assumed that the dollar would one day appreciate; therefore giving investors that extra incentive. Dubais popularity was rapidly increasing and it was booming in the true definition of the word. However in September of 2008 things changed. See the following line graph of average residential sales prices to appreciate the extent of the crash. Figure 1 Residential sale prices (AED/ft2) Source: Landmark Advisory Board 2010. As you can see in Q408 both the average price of apartments and villas plummet from a mutual peak of 1500 AED/ft2 to around 900 AED/ft2 from one month to the next. This is a massive average decrease of 40 percent. I will attempt to demonstrate why this rapid increase in residential prices occurred and its subsequent decline and decide whether the boom and bust can be considered a bubble bursting in its true economic definition. Literature Review The Economic Theory and History behind Bubbles 2.1 An introduction to bubbles Essentially an economic bubble is an increase in the price of an asset or stock above its fundamental value and its subsequent decrease in value and implosion on the bubble is referred to as a burst. When asset prices increase speculators are overwhelmed by a sense of euphoria, chasing short term capital gains. A phenomenon that former chairman of the federal reserve Alan Greenspan memorably called irrational exuberance (Nial Ferguson, The Ascent of Money). Contrarily, when speculators primitive instincts turn from greed to fear, the bubble created by the initial irrational exuberance can burst with astonishing abruptness; almost overnight. Charles Kindleberger defined a bubble as a sharp rise in price of an asset or a range of assets in a continuous process, with the initial rise generating expectations of further rises and attracting new buyers generally speculators interested in profits from trading in the asset rather than its use or earning capacity. The rise is usually followed by a reversal of expectations and a sharp decline in price often resulting in financial crises (Bubble, Bubble, Wheres the Housing Bubble?) The initial boost in augmentation of the economy acts as a catalyst for both lenders and investors optimism about the future and asset prices rise swiftly. Nial ferguson refers to investors as an electronic herd, happily grazing on positive returns one moment, then stampeding for the farmyard gate the next (Nial Ferguson, 2008, 2009). 2.2 Bubbles in History The big ten economic bubbles (Charles P Kindleberger, Robert Z Aliber 2005) 1. The Dutch Tulip Bulb Bubble 1636 2. The South Sea Bubble 1720 3. The Mississippi bubble 1720 4. The late 1920s US stock price Bubble 1927-29 5. The increase in bank loans to Mexico and other developing countries in the 1970s 6. The bubble in real estate and stocks in Finland, Norway and Sweden 7. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 8. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 9. The increase in foreign investment in Mexico 1990-93 10. The Bubble in over the counter stocks in the United States 1995-2000. Also known as the .com bubble Over and over again asset, security and stock prices have reached unsustainable highs and subsequently come crashing down. From boom to bust, this process is consistently associated with ruthless insiders exploiting asymmetries of information attempting to make a profit at the cost of first time investors. In Dubai, every three months or so Emaar one of the big real estate developers (of which it is alleged that the absolute ruler of Dubai, Sheikh Mohammed has a thirty percent stake) released property for sale at increasing prices, almost instigating the bubble themselves very similar to what John Law (a convicted murderer and gambling addict) did with shares of the joint stock company named Company of the West (Compagnie dOccident) which resulted in the Mississippi bubble of 1720(Nial Ferguson, 2008, 2009). All these bubbles in History have followed similar paths; Nial Ferguson believes it possible to dissect all bubbles into five stages. 2.3 Nial Fergusons Five Stage Model (Nial Ferguson, 2008, 2009) 1. Displacement: An incident or innovation in the economy that generates new and lucrative possibilities for investors/speculators. Kindleberger refers to this as the expansion stage of the business cycle (Charles P Kindleberger, 2005). In the cases of the Dutch Tulip Bulb, The South Sea and Mississippi Bubbles this displacement was the creation of the Joint Stock Company. In the case of the US .com bubble the displacement or expansion was innovations in technology like the internet. In Dubai It could be argued that the displacement stage of the bubble was when developments were open for sale to foreign investors as opposed to previously when only locals could purchase land and property. This initial process causes a rise in spending which leads to inflated prices and increased consumption which combined translate to economic growth. 2. Euphoria/overtrading: Rising expected profits induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. In Japan in the eighties Japanese investors had access to mountains of credit made available by nave bankers that didnt even contemplate a crash and the Japanese went on an investment spree. In the US in the 1990s, during the time preceding the crash .dom companies had access to almost infinite funds from venture capitalists with distorted perceptions of the future profitability of these firms (Charles P Kindleberger and Robert Z Alibir). Dubai was the same pre crash credit was very accessible; I will asses this further in my analysis segment of the dissertation. 3. Mania/bubble: The anticipation of rapid, easy capital gains entices first time investors and unscrupulous, esoteric brokers cater for this demand, in a ruthless attempt to sell assets and shares before a crash, which a seasoned broker is capable of predicting. 4. Distress: Insiders become aware that prices of assets and shares exceed their fundamental values and exploit the asymmetries of information by selling at profit. 5. Revulsion/discredit: prices begin to plummet and the electronic herd stampedes to exit the market causing the bubble to implode. The value of commodities bonds, stocks, land, buildings and houses decline to levels that are 30 to 40 percent below peak prices (Charles p kindleberger and Robert Z . Aliber, 2008, 2009), this adheres perfectly to residential duelling prices in Dubai (refer to figure 1). (Nial Ferguson, 2008, 2009). The Fundamentals behind this model are asymmetric information, availability to rapid, relatively cheap credit and the capability of capital to flow freely over geographical borders. This five stage model is accurate but basic. I will now progress to more specific models in detail behind the creation and existence of economic bubbles. 2.4 The Hyman Minsky model of instability in the supply of credit. This model created by Hyman Minsky can be used to explain financial fragility in economies. Minsky focuses on changes in the availability of credit. During periods of growth the supply of credit increases and during economic slowdowns this supply decreases. In times of growth, usually following an economic displacement like mentioned in Nial Fergusons model, investors feel more confident about the profitability of a number of investments and seek to finance these investments with credit. In the meantime, lenders become more enthusiastic about providing credit, even for investments, that prior to the expansion, had appeared too risky they become far less risk averse, reducing minimum down payments, minimum margin requirements. For individual lenders the cost of borrowing has to remain competitive too to maintain market share. However, when the mood changes, the economy slows down and fear kicks in, investors act much more cautiously. Lenders react similarly and their risk averseness increases and they supply less credit. Minsky believed that these cyclical changes in the availability of credit are a major catalyst to financial instability and are a factor in causing bubbles (Charles p kindleberger and Robert Z . Aliber, 2008, 2009). I am certain that minskys model was apparent in Dubai and definitely a defining factor of the recent burst. I will go on to prove this in the critical analysis part of the dissertation. Minsky also mentions an over-estimate of prospective returns, or excessive leverage (Charles p kindleberger and Robert Z . Aliber, 2008, 2009) during the euphoric period. Speculation suggests the acquisition of assets for the capital gain from expected surges in their value as opposed to income generated by one of these assets or for their use. The income generated by an asset or the use of an asset is considered to be the fundamental value of an asset and in bubbles the prices of assets fluctuate far from their fundamental values. This point is made clearer in the next part of the literature review. Minsky also states that a sense of euphoria or depression in one country maybe contagious in another country. I believe that the recent housing bubble in the United States and its subsequent burst influenced the real estate bubble in Dubai and was a significant cause of the crash. 2.5 Fundamental Value Researchers seem to concentrate on one of the following elements when considering a bubble: rapid appreciation of assets, overly optimistic predictions of future prices, a discrepancy between price and fundamental value and obviously a vast depreciation of assets when the bubble pops (Margaret Hwang Smith and Gary Smith, 2006). Karl Case and Robert Shiller believe that A tendency to view housing as an investment is a defining characteristic of a housing bubble (Margaret Hwang Smith and Gary Smith, 2006). However, Margaret Hwang Smith and Gary Smith, in their 2006 journal titled Housing, Housing, where is the housing bubble? disagree. They argue that housing can be considered a legitimate investment and that the best way to spot a bubble is to determine the discrepancy between the actual prices of houses and the fundamental value of these houses. Speculators in general do not make an attempt to calculate the underlying value of a house, they respond to expected capital gains. Margaret Hwang Smith and Gary Smith define a bubble as a scenario where the equilibrium price of an asset is higher than the present value of the anticipated cash flow from the asset (Margaret Hwang Smith and Gary Smith, 2006). Nonetheless, fundamental values may rise rapidly (for example an increase in population and therefore an incre ase in the acquisitions of houses for their use as opposed to expected capital gains, or an increase in rent) may stimulate a legitimate increase in the prices of houses. Equilibrium house prices may also increase rapidly and not necessarily be considered a bubble if their actual price is lower than their underlying fundamental value. They state that the real defining characteristic of a bubble is when equilibrium market prices cannot be answered for by the assets anticipated cash flow. Case and Shiller refer to the real estate market as being populated by amateurs making infrequent transactions on the basis of limited information and with little or no experience in gauging the fundamental value of the properties they are buying and selling'(Margaret Hwang Smith and Gary Smith, 2006). If this is true and I believe it was, in Dubai, to a certain extent (through knowing investors on a personal level) how can one expect for fundamental values to equal market prices? Most agents within the real estate market i.e. brokers, buyers and sellers seem to use what is known as comps when dealing within the real estate market. Comps are the latest sale prices of homes with similar specifications within the same area. Comps tell us how much other individuals are prepared to pay but not whether these prices are justified by the fundamental value (Margaret Hwang Smith and Gary Smith, 2006). Attempting to demonstrate whether market prices differ from fundamental prices isnt easy. Figures for average real estate prices are infamously imperfect. This is mainly due to the fact that houses are not homogenous in their specifications and environments. However, the National City Corporation use a multiple regression which considers a ratio of house prices to household income in a given area to mortgage rates, population density, the ratio of household income in the given area to the national average and historical prices to determine how much actual prices deviate from their real values (Margaret Hwang Smith and Gary Smith, 2006). The reason a ratio of house price and household income is used is based on theory by Karl case and Shiller that argue that housing prices are a bubble waiting to pop if the average investor is priced out of the market'(Margaret Hwang Smith and Gary Smith, 2006). There are problems with this model e.g. the historic house prices may not be based on fundamental value. Some economists including Edward Leamer argue that if house prices have increased in a larger proportion than rents a bubble exists (Margaret Hwang Smith and Gary Smith, 2006). I will attempt to look at rents versus house prices in my critical analysis section of the dissertation to determine whether this was apparent in Dubai. I will also attempt to look at the population density because I believe that it is relevant to fundamental value because an increase in population causes an increase in the demand for residential properties that will be used as dwellings. Minsky stated that a fundamental value of an asset was to do with is use and the income (rent) generated from the asset. 2.6 A brief look at the recent financial crisis in the USA. Hyman minsky stated in his interpretation of a bubble that euphoria or depression in one country can be contagious and spill over into another. I believe that the bursting of the real estate bubble in the states and the subsequent lack of worldwide credit was highly influential in the bursting of Dubais housing bubble. As per usual the great real estate and leverage bubble in the US of 2007 was instigated by a pervasive macroeconomic displacement. Prior to the 2000s banks would give loans to home owners and keep those loans as assets in their books (Burton G. Malkiel, 2010). However, post 2000 the entire banking system changed. Banks carried on issuing loans for mortgages but instead of holding them as assets on their books they would keep them for a short period of time and then sell them on to investment banks who would bundle different loans with different credit ratings into mortgage backed securities, also known as collateralized debt obligations (Burton G. Malkiel, 2010). Loans are split into different risk classes or tranches. So, low risk loans and high risk loans are bundled together and sold as one financial product which was deemed a good investment. This caused deterioration in lending standards (Burton G. Malkiel, 2010). Employees in charge of originating loans to clients were reckless when assessing the risk of the individuals potential default especially when dealing with subprime mortgages because they knew that the bank was only going to hold these loans for a short period of time and then pass them on. Insurance companies were also insuring subprime loans with credit default swaps because they were too nave to foresee mass defaults. These innovations in the banking system made credit easily accessible to individuals who may have not been considered credit worthy before these changes (subprime). Many financial institutions held vast amounts of these new bundled securities based around mortgages and held less equity backed securities and increased their leverage ratios (Burton G. Malkiel, 2010) making them very vulnerable in the case of a crash. Highly accessible credit at attractive rates due to lowered lending standards led to a huge bubble in the prices of houses. The inflation adjusted price of a commonplace home was roughly identical in 1999 as it was in 1899; however, between 2000 and 2006 real home prices doubled (Burton G. Malkiel, 2010). This is portrayed in the following line graph based on data from the Case-Shiller home price index in the US. Figure 2 Case-Shiller Home price index, 1989 = 100. Source: (Burton G. Malkiel, 2010) As you can see from the graph there is a rapid ascent in prices from around 2000 followed by a quick fall in prices starting in 2007. Prices began to decline and euphoria turned to fear. Houses were worth less than the amount of money owed to the banks and individuals began to default in mass. With massive amounts of defaults occurring, the value of the bundled mortgage backed securities or collaterized debt obligations (cdos) decreased rapidly. Many highly leveraged financial institutions holding long term assets financed by the short term mortgage backed securities did not have sufficient liquidity to continue to function (Burton G. Malkiel, 2010). All credit markets were frozen, excluding the US Treasury securities markets and financial institutions did not have sufficient liquidity to cover their short term debts. In the case of a bank an example of a short term debt is a deposit and people began to fear for their deposits and runs on banks happened in the US and UK institutions with vast amount of money invested in the US housing market e.g. Northern Rock. The US government was forced to bail out a number of financial institutions to prevent a total financial collapse (Burton G. Malkiel, 2010). Banks all over the world became cautious about lending money. Amlak finance Dubai stopped lending money all together and I think this was significant in the bursting of the bubble; it ties in directly with Minskys model of cyclical changes in the supply of credit. Panic struck and a worldwide financial crisis ensued. 3 Critical Analysis In this section of my dissertation I will evaluate real life data and literature about the situation in Dubai. What caused the rapid increase in price in the housing market? and what caused the resultant rapid decline in prices. 3.1 Displacement. Economists appear to agree that every bubble starts with a displacement. A macroeconomic change, or innovation, that induces pervasive adjustments in how agents within the economy behave and perceive the future. It can also be considered a paradigm shift. In the case of the .com bubble the displacement was the availability of the interweb to mass users. In the case of the recent housing and leverage bubble of the US the displacement was innovations in the banking system and the creation of new bundled financial products and collaterized debt obligations. In Dubai I believe that there were three displacing factors: The first displacing factor occurred in May 2002. Dubai was never rich in oil like its neighbouring emirate Abu Dhabi so it focused on creating a hub for tourism and commerce. It also promoted the development of real estate. In 1997 publicly quoted Emaar Properties and Al Nakheel Properties were setup (http://realestate.theemiratesnetwork.com/articles/freehold_property.php). In 1998 emaar started developing the Dubai Marina and the Emirates Living Community; however, properties within these developments were released on leasehold contracts which mean that properties are leased out for ninety years as opposed to being owned freehold. These developments were not successful in the market. People were sceptical about the leasehold contracts. Things changed in May 2002 when the crown prince General Sheikh Mohammed bin Rashid Al Maktum implemented a new law, stating that ex pats were able to buy property in certain areas of Dubai. The following graph shows all transactions from 1994. The graph is based on data from REIDIN.com a company that provides data and information covering all deals and transactions in Dubai since 1973. The company is an exclusive partner of the Dubai Land Department the real estate registry for the emirate. (REIDIN, DUBAI FOCUS, 2010) Figure 3 Quantity of transactions in Dubai from 1994 (Reidin.com, DubaiFocus, 2010) The graph shows that as of the changes in law about the ownership of real estate from 2002 there is not a significant increase in the quantity of transactions. In fact, there is a decline in transactions until 2005 when quantity of transactions increase rapidly from there onwards. I would still, however, consider the innovations in the legislation behind the ownership of property a displacement because without the changes, ex pats would never have been able to own property on a freehold basis and the bubble would never have happened. I say this because the vast majority of investments into the property market have come from expatriate sources. See the following chart which depicts the value of transactions by nationality. Figure 4 Value (AED) of property transactions by nationality from 1973 (Reidin.com, DubaiFocus, 2010) As you can see from the chart foreign investment is very significant in value and this could never have happened if the changes in legislation had not been made. Also, cross border transactions are a key in the creation of a bubble and as you can see from figure 4 cross border transactions are huge. Another displacing factor was hype generated by the media about talks of a new GCC currency called the Khaleeji. Talks were being had about the possibility of the UAE, Saudi Arabia, Oman, Qatar, Kuwait and Bahrain creating a new currency for their states. These talks were being had around 2006/2007 and nothing was ever finalised but if it was to happen, especially at a point in time when the dollar was weak, this new currency would be valued higher than the specific currencies of the gulf states and investments in these countries would appear even more attractive to speculators as they would rise in value from the creation of a new currency. This ties in with the next displacing factor which is the weakness of the dollar due to financial fragility in the US. In the Spring of 2006 the dollar weakened dramatically due to financial instability in the US. Towards the end of 2006 it looked as if the exchange rate was rising towards $2. In April 2007 the Dollar depreciated to over $2 and on the 27th of July 2007 it got to $2.06 the weakest it has been since 1981, it continued to fluctuate around $2 for the next five months and on the 9th of November 2007 it was $2.11. After this point, on average, the pound began to decline in value as the global recession hit the UK. The importance of this analysis about the dollar exchange rate is that it shows that from around 2006 until 2008 the dollar was relatively weak compared to the pound. Transactions for Real Estate were booming during this period as portrayed in figure 3 and a huge portion of these transactions were fuelled by investment from the United Kingdom as portrayed in figure 4. I therefore believe that the weak dollar was statistically significant in the increase of transactions from UK investors. The exchange rate of the Dollar versus the Indian Rupee shows a similar story. From around January 2007 the dollar declines in value against the rupee to a peak of around 39 rupee to the dollar. Compare this to a value of around 55 rupee in 2003. Again the weakness of the dollar compared to the Indian rupee can be argued to have catalysed vast investment from Indian investors from 2006 as the dollar was depreciating until late 2008 when the global crisis begun to have consequences on other nations e.g. India and the UK. I therefore consider this a displacement which lead to increases in transactions, increases in prices of property and overly optimistic expected prices. Refer to graphs of the dollar exchange rates versus the pound and rupee in the appendix section of the dissertation. 3.2 Euphoria/overtrading If you refer back to Nial Fergusons five stage bubble model you will see that after a pervasive macroeconomic displacement in the economy, if it is tending towards a bubble situation, an economy will experience euphoria, also referred to as overtrading. Rising expected profits induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. If you refer back to figure 1 you will see that prices begin to rise steadily from 2005/2006. The number of transactions also increases rapidly from around the same period. Nial Ferguson also talks about the abundance of credit; this too ties in with minskys model of the pro cyclical supply of credit. It implies that many of these transactions were fuelled by credit or leveraged. Again this is similar to what was happening in the US before their crash. The following line graph shows the percentage of residential transactions fuelled by credit or leveraged. I have also included the percentage of residential transactions that are classed as other. I have put other transaction types into the equation because a substantial amount of transactions are classed as other. other refers to transactions that are none of the following transaction types: sale, mortgage, leasing, valuation, grant, rent, compensation and pre-registration. Im not entirely sure as to what types of transaction would be considered as other. This, I will consider a limitation in my data; however, this is data provided by a governmental entity and censorship is alive and well in Dubai. Figure 5 Percentage of residential transactions leveraged with credit. What figure 5 shows is a steady increase in the percentage of transactions fuelled by credit until 2006 when there is a vast decline in this percentage and a continuous decrease until 2009. I wonder if the global credit crunch caused by the US crash hit Dubai much earlier than people thought, however why did prices not stop falling until late 2008/2009?. There is a visible pattern here; as transactions leveraged by mortgages decreases, transactions classed by Dubai Land Department the real estate registry for the emirate as other increase. This appears to be rather dubious in my opinion; maybe the global credit crunch hit Dubai but in an attempt to maintain high prices until ruthless inside investors with asymmetries of information could leave the market with huge profits the quantity of transactions was kept high by the government, who have invested interests. Emaar Properties and Al Nakheel Properties are publicly quoted companies but ownership is predominately by wealthy governme ntal authorities. We all know that OPEC controls the supply of oil to maintain high prices; maybe something similar happened with property in Dubai. Nial Ferguson does mention ruthless inside investors have played a significant role in past bubbles; I think this could be apparent here. (Nial Ferguson, 2008, 2009). The graph shows that vast amounts of credit were used to leverage investments until 2006 when the amount declines rapidly. Probably because banks were influenced by the credit crunch in the US and feared they may have inadequate liquidity. I will analyse the pro cyclical supply of credit in a later section of my dissertation. 3.3 Mania/Bubble and distress Nial Ferguson refers to the next the next stage as mania or bubble, where first time investors are enticed to the market and seasoned investors who can predict a crash scramble to sell their investments at a profit before the crash. If you refer back to figure 3 that shows the quantity of transactions I would say that the mania/bubble stage was occurring from 2007 to 2008 at when the quantity of transactions are skyrocketing. At this point too, prices are still very high (refer back to figure 1). The closer to late 2008 the sillier the investment, as bubble bursts in october 2008. Therefore transactions around about this time have to be from first time investors who cannot see a crash. This is referred to by Nial ferguson as the distress period. 3.4 Revulsion/discredit Prices begin to plummet and the herd stampedes to exit the market causing the bubble to implode. This is apparent in late 2008 and 2009. Transactions stay high (Figure 3) but prices are declining rapidly (40 percent on average). So, investors are struck by fear and rush to sell properties even if it is done at significant los

Ethnography - Inter-team Conflict with the Coach :: Ethnography

Ethnography - Inter-team Conflict with the Coach Recently, two strong sophomore players quit the varsity women’s water polo team. They said that they were no longer having fun, one saying that the time commitment â€Å"just was not worth it anymore,† while the other said that playing polo at Oxy was making her more and more unhappy.† Earlier in the season, one of the players who was named first team All American and MVP of the National Tournament, also almost quit the team for good. Again, her reasoning was that the game was not fun for her anymore. She also expressed that she felt unappreciated by the coach for her efforts at Nationals, as well as for her leadership on the team on a regular basis. These withdrawals reminded me of the last two years when I was on the team. I recall how often I would hear the other players express their discontent about being on the team. However, the problem did not lie in the team in itself, but rather in the coach and his ways. Interestingly, although I was a member of the team, I truly was not aware of the problem at hand. I, above and beyond, was a novice player and almost never received anything but positive encouragement from the coach. It is important to realize that I had never played, or even seen, the game of water polo before coming to Oxy, and therefore learned a lot by coming to practice and watching and learning from the reminders and criticism that the coach would give. Nevertheless, I did have a lot of experience swimming under various coaches—some of whom where the meanest of the mean. It is for this reason that I felt that the other players were often being overly sensitive to the criticisms (which I viewed more often than not as constructive) that the coach would give. Of course, there would betimes that I felt that he would pick on (or yell more at) certain players. But I believe that there are few coaches that specifically try to bring down moral and cause players to hate the game. Yet, despite the fact that the coach may not mean to bring down moral and cause players to hate the game, it seems he has done something to cause two, almost three, players that played in the National Championship tournament to quit the team.

How Does Social Media Affect Society Essay

Social media has taken a big toll on our everyday lives. Social networking sites like Facebook, Instagram, and Snapchat allow you to connect with just about anyone. According to Cornell University’s Steven Strogatz, social media sites can make it more difficult for us to distinguish between the meaningful relationships we foster in the real world, and the numerous casual relationships formed through social media. Social media has become an unquestionable part of our everyday lives. According to Booth, studies have shown that people actually are becoming more social and more interactive with others, but the style of that communication has changed so that we’re not meeting face-to-face as often as we used to and he also says, â€Å"We’d rather email than meet, and we’d rather text than talk on the phone. â€Å"Hearing from our friends and family makes us feel important and loved†¦. We don’t want to be the last to know about some important, or even trivial, event of interest,† says Dr. Joanne Cantor. And our gadgets help quell that insatiable curiosity that we’ve had since we were babies. Social media isn’t always negative. It can help build self-esteem such as when you post a picture on Instagram or Facebook and you see comments saying, â€Å"You’re beautiful† or â€Å"that’s a pretty picture.’’ Negative Effects of Social Media Teenagers are negatively impacted by social media view by the way they show their personal image and beauty standards. The sizes of celebrities often influence teens. Magazine advertisements also encourage teens to think they have to look a certain way to be considered beautiful or handsome. Teens should be taught to value their own talents and beauties. TV and movie programs encourage characters to use drugs, alcohol, and violence. The satisfaction and successfulness of drugs, alcohol, and violence are making it hard for teenagers to make responsible decisions. It is up to the parents to teach their teens about the negative consequences  that come with risky behavior activity. Being on to much social media can lead to addiction and take away time to do other tasks. Secondly, kids can see images on social media that encourage violence and sexual activity. Another negative affect of the social media is that users shares too much information which can pose a threat to them. Even with the heavy security settings your personal information may spill out on the social sites. Posting your videos or pictures and copying your status is an easy task and can be done within few clicks.

How does Shakespeare adapt the holinshed chronicles to create an entertaining piece of theatre? Essay

The Holinshed Chronicles, first published in 1577, contained factual accounts of the reign of Macbeth, and was used as the source material for Shakespeare’s play ‘Macbeth’. During this essay, how Shakespeare used, edited and manipulated this information will be analysed. There are several reasons why Macbeth was a good choice for Shakespeare to base a play on. Firstly, Banquo, a character in ‘Macbeth’, was related to the current King of England and Scotland, James I, so if Shakespeare portrayed Banquo as a good person, his play would gain instant popularity with the royal family. Another reason Shakespeare was drawn to Macbeth was because the factual story of Macbeth included the predictions of three strange women, or witches, and as people in the early 17th century took witchcraft very seriously, it added extra tension for the audience, and once again suited the interests of James I, who had a well known interest in witchcraft. It was typical for Shakespeare’s plays to derive from other people’s work, for example, ‘Macbeth’ was taken from the Holinshed Chronicles. Another example of this is the play ‘Romeo and Juliet’, which was taken from an Italian poem, and turned into a play by Shakespeare. When creating ‘Macbeth’, Shakespeare’s main aims were for his play to be popular with the Royal Family, and therefore popular with the general public, which meant that he would make a lot of money from the production. It was also important that the play wasn’t too long, and was easy to perform on stage. Shakespeare included three witches from the beginning of ‘Macbeth’ to incorporate Macbeth into the central role of the play straight away. According to Holinshed, there were not only witches, but also â€Å"certeine wizzards† who prophesied about Macbeth. Rather than include too many ‘supernatural’ characters and complicate the performances on stage, Shakespeare created Hecate, a very powerful witch to make up for lack of witches and wizards from the Holinshed Chronicles. From their first appearance, the witches are in full control of what happens around them, â€Å"When shall we three meet again?† And where and how they appear. This is crucial to the play, as it gets the interest of the audience from the very first scene, because at the time when the play was first produced, there was a very strong belief about witches and the supernatural. Shakespeare is very creative with the way he uses the witches to incorporate the audience into the play. The witches often equivocate when talking to Macbeth, misleading and confusing him, â€Å"The power of man, for none of woman born shall harm Macbeth.† This technique is also effective when used to create dramatic irony, for example when it is used at the beginning of the play, â€Å"All hail Macbeth, that shalt be king hereafter.† Shakespeare clearly highlighted the witches power throughout the play by using the various aforementioned techniques throughout the play. The witches language also helped for them to be taken seriously by the Shakespearean crowd, because they talked in iambic pentameter, and the people watching the play most probably wouldn’t speak like that, so it helped to give the witches an extra ‘edge’ in the performance. The inclusion of the witches in the play was of up most importance, and was most probably a factor in Shakespeare’s decision to use the story of Macbeth for his play. It must also be taken into account that the play wasn’t being performed with any effects, just a stage, so it was crucial that Shakespeare made the scenes possible to perform, (Shakespeare’s plays were never meant to be read) whilst still using some form of stagecraft. A good example of this is from the â€Å"witches dance† scene. This would have looked good on stage, but it was equally simple to perform, with no additional effects required. In ‘Macbeth’, Shakespeare portrays Duncan as a good ruler, who is well respected and liked. This conflicts with the Holinshed Chronicles, which suggest that Duncan was a terrible leader with little support or respect. Even though Shakespeare uses the Chronicles as the main source for his play, he mixes factual information with fiction, to make the play more appealing and exciting. Duncan first appears in the play in battle, and seems like a commanding character in control of his actions, but is later revealed to make errors in judgement, â€Å"He [the traitor] was a gentleman on whom I built an absolute trust.† His judgemental errors show again when he admires Macbeth’s castle, â€Å"This castle hath a pleasant seat† which will ultimately be the place of his murder. Despite this, Shakespeare again portrays him as a good king, as this is the main reason that Macbeth has doubts over his murder. One of the main reasons Shakespeare wanted to portray Duncan as a good king was to make the murder of him more dramatic. If he had portrayed Duncan as a bad monarch whom people disliked, his murder wouldn’t have been such a terrible act, and Macbeth would have faced little consequences. Instead, we are given an opportunity to see Macbeth rise to his zenith and quickly fall to his nadir shortly after in the play. Another reason for the murder of a ‘good’ Duncan was to grab the attention of an audience that were watching the play at a time when there was a great belief in the Divine Right of Kings. It is widely believed that Shakespeare changed Duncan’s character in a similar way to the other characters he portrayed differently than Holinshed – to cater to James I, the current King of England and Scotland. Throughout ‘Macbeth’, Banquo is seen as the opposite of Macbeth, where as in the Holinshed Chronicles, it’s written that Banquo was as eager as Macbeth, and willing to support him throughout his plots and kingship. We first see Banquo at the beginning of the play, with Macbeth when they meet the witches, who tell the prophecies about Macbeth. Whilst Macbeth is thinking about the prophecies and plotting his next move, Banquo shows doubts, â€Å"Are ye fantastical, or that indeed which outwardly ye show?† This highlights the contrast between Macbeth and Banquo from the beginning of the play. As the play advances, we see the relationship between the two put under great strain, as Banquo is the only person who knows about Macbeth’s plots and murder of the king, â€Å"I fear thou played’st most foully for’t.† Despite this, Banquo still pledges his loyalty to the new king, but is however murdered anyway due to the paranoia of Macbeth, and the seriousness in which Macbeth takes the witches predictions of Banquo’s children becoming king. There were several reasons why Shakespeare would have wanted to do this to Banquo’s character in ‘Macbeth’. Firstly, it highlighted the contrast between Macbeth, and his once close friend. It also highlighted Macbeth’s paranoia over the predictions of the witches, so much so that he was driven to murder his close friend to keep his throne. It is also another adaptation of Shakespeare’s that emphasises how he tried to adapt the play to suit the current king of England and Scotland, James I. At the time of writing it was believed that the king was a descendent of Banquo, so Shakespeare would have wanted to portray him as a good character, therefore gaining the approval of the Royal Family and making the play instantly popular. Macduff, a crucial character in the plot of ‘Macbeth’, is only first seen in the middle of Act 2, and plays a rather scarce role in the play. However, this does not reduce the significance that he has on the plot of the play. Macduff is suspicious of Macbeth as soon as he takes the throne, and suspects that he killed Duncan. Macduff’s suspicions of Macbeth are key to the plot, as it is he who flees to England to build an army capable of challenging Macbeth when he hears that his family have been murdered by Macbeth, â€Å"Within my sword’s length set him. If he scape, heaven forgive him too.† This is another example of a character being the friend of Macbeth at the start of the play, and turning against him as the play progresses. â€Å"Bring thou this fiend of Scotland and myself†. In productions of ‘Macbeth’, Macduff’s main scene’s, such as his campaign in England and final battle with Macbeth, are hard to produce on stage. This has resulted in many productions cutting his scene in England, and Shakespeare changing the location of Macbeth’s final battle. According to Holinshed, when Macbeth finds out about Macduff being born by Caesarean section, â€Å"Macduff was from his mother’s womb untimely ripped.† he flees, and is pursued by Macduff. However, in the play, Macbeth and Macduff fight at Dunsinane and Macbeth is ultimately slain. This is an example of how stagecraft was a major hurdle in Shakespeare’s productions, and how they were written. Shakespeare based Lady Macbeth on a person from Holinshed, Queen Gruoch of Scotland, however, he strongly exaggerates and changes the character to suit her role in the play. Lady Macbeth plays a key role in the plot of the play from the first time we see her, at the end of Act 1. Without Lady Macbeth, it is very probable that the play’s plot wouldn’t be able to exist, as it is Lady Macbeth who fuels Macbeth’s ambitions throughout the play. She is constantly twisting the thoughts of Macbeth and propelling him to do the awful things that he does throughout. In Lady Macbeth’s first appearance, when she hears of the witches predictions she calls on evil spirits to assist her in her plans for Duncan’s murder, â€Å"Come, you spirits that tend on mortal thoughts, unsex me here and fill me from the crown to the toe topfull of direst cruelty.† As the play progresses, we see Lady Macbeth overpower the will and thoughts of Macbeth, for example, when she proposes the murder of Duncan, Macbeth goes back on his word, saying that he wants nothing to do with the murder. At the end of that same scene, however, Lady Macbeth has managed to manipulate his thoughts, and get him to go through with the murder, â€Å"I have given suck and know how tender ’tis to love the babe that milks me: I would, while it was smiling in my face, have plucked my nipple from his boneless gums and dashed the brains out, had I so sworn as you have done to this.† Even though it’s Lady Macbeth who is in control of events in the play, she too suffers great anxiety after all the terrible things she does. By the end of Act 3, there are signs of her conscious taking over her, with her taking no part in the murder of Macduff’s family, a major plot in Act 4, an act in which she doesn’t feature at all. By the beginning of Act 5, Lady Macbeth starts to sleepwalk, and give away everything that her and Macbeth have plotted and done, â€Å"The Thane of Fife had a wife. Where is she now? What, will these hands ne’er be clean?† This adds dramatic effect to the end of a scene to keep the audience interested in the play, and offers a different perspective on a strong looking character. Macbeth is the main character of the play, and is probably the most interesting character to analyse. We first see Macbeth in the first half of Act 1, where he is a military hero, with no real ambition but to do the best he can for his country. Throughout ‘Macbeth’, we see him manipulated by his wife and murder his way to kingship, sometimes against his will, but other times, such as when Macduff’s family are murdered, there is no mention of outside influence. Although it seems like it is Lady Macbeth who is in command of what happens to potential threats and Macbeth, she never actually commits any of the murders herself. This could suggest that she knew what consequences could come from the beginning, and wanted it to be on Macbeth’s shoulders, not hers, however, she also suffers from mental illness due to the murders later on in the play. During his transition from hero to hated villain, we see how much Macbeth is plagued by his conscience and the knowledge that what he is doing is wrong, â€Å"We will proceed no further in this business, he hath honoured me of late.† There are two factors that prevent his conscience from taking command however, the witches and Lady Macbeth, both of whom he can’t ignore. As the play progresses, Macbeth struggles to trust anyone, even his wife, who he earlier said was his â€Å"dearest partner of greatness†. This leads to the murder of a lot of people that Macbeth doesn’t trust, including Banquo, who was his good friend, and ally for a short period of time. Although he is easily manipulated, he can also manipulate other people, depending on who he’s around, for example, when talking to royalty, or important people, Macbeth could talk in verse, or iambic pentameter. He also had the ability to talk well to â€Å"low-status characters†, such as the Porter or the Murderers, speaking in prose. We also see a different side to Macbeth during his soliloquies, as we see what he is thinking at crucial parts of the play. For example, in Act 5, Scene 5, when he performs his famous â€Å"Tomorrow† soliloquy, we see an insight into his emotions and feelings about how he feels he has lost his friends and family. Shakespeare’s use of the soliloquies of Macbeth throughout the play creates a unique opportunity for the audience to see a glimpse of what Macbeth is thinking and feeling, creating a better audience response throughout, and maybe giving the audience a chance to feel sorry for Macbeth, before he dies honourably in battle. There are many different techniques that are used throughout the play, and a lot of language in different styles and formats. It is crucial to remember that Shakespeare’s plays were written in the 16th Century for the 16th Century, not for us to read in a book 400 years later. Shakespeare uses lots of imagery in his plays, which was crucial for an audience of that time, as the play was only performed on stage with no special effects, (apart from the occasional trap door†¦) so the use of imagery in the play allowed the audience to get a better picture on what was happening in the play. Shakespeare’s ability to use both iambic pentameter and prose makes ‘Macbeth’ stand out, because you are given a chance to see the intelligence of characters such as Macbeth, who use both iambic pentameter, â€Å"To know my deed, ’twere best not know my self† and prose, â€Å"I did so, and went further, which is now the point of second meeting.† The language that Shakespeare chooses to use is also crucial to understanding the relationships between characters, such as Macbeth and Lady Macbeth. In the early scenes, the two use iambic pentameter when talking to eachother, which shows a trust and understanding between them. However, in the later scenes, this trust is broken, and the language used in the scenes containing these characters reflects that as their consciences start to eat away at them, â€Å"Out, damned spot! Out, I say! One, two. Why then ’tis time to do’t?† Stagecraft was of up most importance when the play was performed in the 16th century (and now) as the play was never meant to be read, just performed. With limited equipment/effects, it was difficult to produce a play that was easy to perform on stage, however, Shakespeare wrote his plays in such a way that they grabbed the attention of the audience whilst being simple to perform at the same time. A particularly good example of stagecraft is the witches’ dance from the beginning of Act 4, â€Å"Double, double told and trouble; Fire burn, and cauldron bubble.† This is particularly effective, as it can be performed easily on stage, but it also grabs the attention of the audience to keep them interested. Also, because it doesn’t require any spectacular effects, it could be performed fairly easily in 16th century Britain. Because the play is limited to a number of acts/scenes, it was necessary for Shakespeare to either miss out sections mentioned in Holinshed entirely or edit them to make them more performable. A good example of this is the final battle between Macbeth and Macduff. According to the Holinshed Chronicles, Macbeth tried to flee from his castle, but got caught by Macduff and killed. In ‘Macbeth’, the whole scene takes place at the castle. This allows the scene to be performed whole on stage, so there is no loss of tension between scenes, and it makes it easier and cheaper to perform, because less sets are required and it isn’t as broken up. In reality, Macbeth’s reign over Scotland lasted 17 years before he was killed, however, this would have been inappropriate for a play of this length, so Shakespeare had to narrow his reign down to only a few months. This helped the performance, because it made it much more dramatic, creating a better audience response. Settings of the play also had to be narrowed down, due to time, cost and convenience on stage. For example, in reality, there was lots more English involvement, and Shakespeare only covers a very small scene in England. This is because the play is explained well enough without the English scene, so it was un-necessary to add more scenes which weren’t needed. After having the chance to study the play from both the book and movie, it’s clearer what limitations Shakespeare had. For example, in a film, special effects can be added, and more scenes made available in the production. On stage however, there are more limitations, for example, when Birnam Wood ‘moves’ towards Dunsinane Castle, effects can be added in a film, but on stage you are limited to basic props and no additional technology. This changes how the audience interprets the story, because you get a better idea of how it was from a movie, with more advanced editing, compared to watching it how it was probably performed originally on stage, In conclusion, there are various ways in which the Holinshed Chronicles are adapted to make an entertaining piece of theatre, but in my opinion there are a few key points. Firstly, I think that ‘Macbeth’ has been so entertaining and successful, because there was already an interesting plot and opportunity to impress the current king. Secondly, Shakespeare’s use of iambic pentameter and prose makes the language of the play very interesting and it is clever how the information in Holinshed is twisted, manipulated and made more dramatic to create a very entertaining piece of theatre.

Currency Exchange Rates, Management, and Speculation

Currency Exchange Rates, Management, and Speculation Read about the ways government and investors can manage and speculate on the value of their currencies. Currency exchange rates have become a global issue in the past year, particularly for developing economies which are generally performing better than the economies of the US, Europe, and Japan – the three sources of the â€Å"reference currencies† that essentially determine the value of the rest of the world’s money. This article is a short primer on the basics of currency exchange. It explains the ways in which governments and private investors can manage and speculate on the value of their currencies. Fixed vs. Floating Exchange Rates The value of the currency is always relative to something else, whether some commodity (gold has historically served as a reference) or other currencies. A fixed exchange rate also called a peg is a value that is determined by a government’s central bank, which must engage in the market trade of its currency for the reference currency in order to maintain the peg value. The main requirement for a fixed exchange rate scheme is that the central bank holds a large reserve of the reference currency. In a scheme in which the currency is pegged to a single reference currency, maintaining the peg is relatively straightforward. The value of the local currency is a simple function of the amount of the reference currency in the financial system, and changes in the currency value are reflected as price inflation or deflation; in order to exercise control over the local currency, the central bank sells the reference currency to move the value of the local currency higher, or purchases the reference currency to reduce the value of the local currency. Read more:  Money Makes the World Go Around A single currency peg is impractical  because the value of the reference currency always fluctuates. Let’s say that an example country – we’ll call it Examplestan – sets the value of its currency, the clam, at 5 clams to one US dollar. If a merchant in Examplestan imports $20 worth of goods from the US, he pays 100 clams. At the same time, he imports $20 worth of goods from Europe, whose euro is equal to $1.20; therefore, he only receives $16.67 worth of goods for his 100 clams. That means to earn back his 100 clams from selling the goods, he has to inflate the price by 16.65%, because the goods he bought from Europe are only worth 83.35 clams. The relative value of the clam is also affected by price inflation or deflation in the US; the actual amount of goods received for the equivalent of $20 will differ as inflation increases or decreases, which causes inflation or deflation of the clam as a follow-on effect. The opposite end of the spectrum from a fixed exchange rate is a floating exchange rate, in which market forces determine the value of the currency. The currency in a floating exchange rate system is treated as a commodity, and its value is determined by supply and demand.   There is no country that uses a fully floating exchange rate scheme, but some of the effects of what it can do to a local currency can be seen in emerging markets where large inflows of foreign investment money have driven the value of the local currency higher. The Philippines, which currently has the best-performing stocks in the world, is a good example. The high inflow of foreign money into the local stock market represents high demand for the Philippine peso – the investors are trading their dollars, euros, yen, and other currencies for equity, valued in pesos, in Philippine companies. Thus the value of the peso is growing, meaning that fewer pesos can be exchanged for one unit of a foreign currency. This is good for the economy in one respect because it makes imports cheaper, but it increases the cost of exports and tends to dampen demand for local labor and goods. Dirty Floats and Currency Hedges In order to find a â€Å"happy medium† between imposing strict control over the currency value and allowing it to seek an efficient value through market effects, most governments practice what is called a managed float, sometimes also referred to as a â€Å"dirty float†. Instead of setting a fixed exchange rate for its currency, the central bank will set a target range. Rather than fix the currency at 5 clams = $1, the central bank of Examplestan might instead choose to let the value of the clam fluctuate, so long as it does not fall outside a range of 4.50 to 5.50 clams per dollar. There is a number of advantages to maintaining a dirty float. Allowing the currency to fluctuate within a controllable range reduces the number of foreign reserves the central bank must hold, which frees up financial resources and permits the central bank to speculate on the future value of the currency to a degree by issuing bonds denominated in either the local or foreign currencies. This is a form of hedging, because the bonds lock in a future value, in the sense that the amount of a bond issue represents a known release of either the local or foreign currency in the future when the bonds reach their maturity. This is similar to the forms of hedging and speculation that private investors can engage in by treating currency as a commodity, including options contracts, forward contracts, currency swaps, and futures contracts. In the private sector, currency hedging and speculation are particularly useful for companies whose trade involves a large amount of foreign currency. For example, the trader in Examplestan may wish to purchase an option to swap a certain number of clams for US dollars at a fixed rate lower than the present exchange rate, say 5.10 clams to the dollar, if he suspects that when he completes a future purchase of US imports, the rate will be even lower than that. If when the time comes, the actual exchange rate is 5.12 clams to the dollar, he exercises the option and lowers his purchase cost by 0.1% not a lot, but for companies whose transactions are in the millions of dollars (or clams), the difference can be very significant. Naturally, foreign currency exchange rates is far more complex theme than what is described in this brief article, but to help understand its intricacies, just remember the basic point that the value of a currency is determined by its amount in a financial system compared to other currencies in the system, and that managing the values of those is really only a matter of managing quantities.

Free Essays on Stephen Crane

Stephen Crane was the youngest of fourteen children. His father was a strict Methodist minister, who died in 1880, leaving his devout, strong mother to raise the rest of the family. Crane lasted through preparatory school, but spent less than two years in college, excelling at Syracuse in baseball and partying far more than academics. After leaving school, he went to live in New York, doing freelance writing and working on his first book Maggie, A Girl of the Streets. His times in New York City were split between his apartment in the Bowery slum in Manhattan and well-off family in the nearby town of Port Jervis. Crane published Maggie, a study of an innocent slum girl and her downfall in a world of prostitution and abuse, in 1893 at his own expense. It was especially scandalous for the times, and sold few copies. It did attract the attention of other critics and writers, most notably William Dean Howells, who helped Crane receive backing for his next project, The Red Badge of Courage . Published in 1895, The Red Badge was quite different from Maggie in style and approach, and brought Crane international fame and quite a bit of money. Rather than plod through moral tropes, the book is subtle and imagistic, while still being firmly entrenched in the realism of the late 1890's in America. Crane's rich portrayal of Henry Fleming's growth through the trials and terrors of a Civil War battle betray the fact that he himself had not yet seen any fighting or battles when he wrote the book. Many veterans of the Civil War (only thirty years had gone by since its end) praised the book for capturing the feelings and pictures of actual combat.... Free Essays on Stephen Crane Free Essays on Stephen Crane Stephen Crane was the youngest of fourteen children. His father was a strict Methodist minister, who died in 1880, leaving his devout, strong mother to raise the rest of the family. Crane lasted through preparatory school, but spent less than two years in college, excelling at Syracuse in baseball and partying far more than academics. After leaving school, he went to live in New York, doing freelance writing and working on his first book Maggie, A Girl of the Streets. His times in New York City were split between his apartment in the Bowery slum in Manhattan and well-off family in the nearby town of Port Jervis. Crane published Maggie, a study of an innocent slum girl and her downfall in a world of prostitution and abuse, in 1893 at his own expense. It was especially scandalous for the times, and sold few copies. It did attract the attention of other critics and writers, most notably William Dean Howells, who helped Crane receive backing for his next project, The Red Badge of Courage . Published in 1895, The Red Badge was quite different from Maggie in style and approach, and brought Crane international fame and quite a bit of money. Rather than plod through moral tropes, the book is subtle and imagistic, while still being firmly entrenched in the realism of the late 1890's in America. Crane's rich portrayal of Henry Fleming's growth through the trials and terrors of a Civil War battle betray the fact that he himself had not yet seen any fighting or battles when he wrote the book. Many veterans of the Civil War (only thirty years had gone by since its end) praised the book for capturing the feelings and pictures of actual combat....

Business game

Reflection on Personal Performance in Business Strategy Game Business strategy games involving management process before confirming the decision to be made. Lesson learned taken from the business game, from the process and the content from the case (industry and situation condition of the business). Management Process Planning was the first process taken. Reading and understanding the relevant information was necessary and plays a significant role in planning process. Expectation was established in the planning, and followed stepping process until all aspects have been determined, including all distinctiveness in production (capacity, model, etc. ), transportation (shipping), labor, etc. Planning is critical, and it was indicated in the business strategy games, in which it required quite some time to achieve an agreement. Time was also a factor should be considered, and it drove the discussion on the planning to obtain the agreement. Organizing was also needed in the game to obtain optimal process. One opinion was listened and it organized the discussion and the direction of the process toward certain strategy. Other opinion was taking in to consideration, whether support or as devil advocacy to the strategy. The process also managed by organizing the flow of discussion to center on the strategy with already decided to be focused on. One person plays role as organizer at one time became a source person or follower in the other time. This approach of organizing made the progress of the discussion in the one focal point that describes the strategy taken which leads to the decision. When a member played the role as organizer, then the member did directing the process and content according to the chosen strategy, and also can happened that the strategy can be changed according to the expected result and considering assumption of strategy of the competitors. Some times in the process, one or more member can have their drive going down. In this situation other member did motivated the team to keep up the winning spirit. Controlling was also involved in the process, by focus on one thing and sacrifices in other thing, align with the strategy. These four processes of management were implemented in the process of gaining the final decision and in determining the content to be made (such as production/manufacturing, shipping, labor, price, etc. ), in which the final decision was made by consensus. The experience in the game gives the learning point in practicing of implementing management process, planning, organizing, directing, and controlling. Within a given time, group should be able to do planning (including crafting the strategy, and establish the goal), organizing the process (including agreed on the road map of the process, listening and expressing opinion, and adjusting to the characteristics of the group), directing (including do and accept direction, motivating others, make or initiate decision), and controlling (to be aligned with strategy). Management Functions Strategy plays a critical role in the process, and aim to make the company have differentiation that creates competitive edge compare with the competitors. Decisions are determined align with the chosen strategy. Strategy such as increasing market share and or increasing price to obtain more profit, and or have a low cost production by moving the manufacturing to the low cost location, and or lowering the labor cost, and or increasing the quality of the product, etc. , were became the issues discussed during the process. Any decision made in the process should be linked to the strategy and eventually to the expected result (goal). Marketing management initiatives plays important role in the process. Attention was put in the advertising or promotion program. The decision on the initiatives was made in relation with other initiatives, and initiative should be congruence to be able to reach expected impact. Operations management was also applied, in order to have efficient and low cost production, to be able to lower the price, or put emphasizing in better quality of product and therefore adjust the price to a higher number. Having different locations of manufacturing was also part of consideration in operation management, including the days needed for shipping, and inventory level. Financial management was critical. At the end of the day, the success of the strategy, whether the plan was achieved of not, was determined by facts and figures which was analyzed and interpreted in terms of financial. The situation or condition of the company was considering of profitable, safe or potentially bankrupt, and whether the strategy was effective or not was determined from numbers including financial ratios. Production plan and realization, exchange rate, labor cost, product sold or unsold, inventory level, price, etc. were contributed to the financial condition, and will be analyzed further for determining next strategy (for next run). Human Resource was also had major role in the decision process. Number of labor involved, salary and incentives, were several factors considered in human resource function. During the discussion it was also considered incentive factors as the factor that can boost the motivation of the employees, in which can increase the productivity and eventually proportionally can lower the cost. Experience in the business games told that the management functions will be more effective if it was take into consideration in integrated way. The strategy made was comprise of many functions of management, Working in Teams Team work was a factor that can smooth the progress of the practice toward a productive way. At one time one member took the role as leader, and expressed the idea or opinion which regarded as reference that was supported or argued by other members. The leader than guide or direct the process toward obtaining acceptable or best solution. Other member played role as follower, tried to understand point of view of the leader, and gave opinion to enrich the information for having the decision. In one process it can happened that the role of leader was switch from one member to another member, and lead the discussion toward the decision. Working in team in the business games demonstrated by listening to other opinions or ideas and, gave contribution to the group by doing analysis and expressing constructive argument and idea or opinion to the group. In the process of making group decision, group tried to obtain consensus, with all group members support the decision. Experience and Lesson Taken to Working Place In leading unit in the working place, it is important to have clear goals for the unit, which are determined in the process of performance planning that usually take place at the beginning of the year. The goals comprises of organization (unit) objective, and individual objective which should be clear and measurable (refer to SMART Goals principle) and cascaded from top to bottom, means that the goals are aligned from executive or manager position to staff position. Having a clear goals or expectations will make all employees within the unit know exactly what are expected to be achieved and will make the monitoring of performance become more effective, and eventually it will make the evaluation of the achievement more effective. Leader should be able to define the goals, which reflected what the unit wants to be, particularly for the respective year. For the unit, strategy than decided to define what is the best way to achieve the goals or answering how to get there. Leader should be able to determine the strategy, which should consider of having different way of doing rather than just following the same thing. Strategy should have put into consideration opportunities and obstacles that can potentially will be faced along the year. For the unit performance, flow of work, service level agreement, number of employee, training and development program that will have impact to the quality of work, compensation practice, etc. should be considered in order to have effective strategy. Every people in the organization have potential, and leader should put effort to unleash the potential of the individual and support them to perform in their work. Many initiatives of improvement or programs come from the people in the unit that can give positive impact to the unit. Motivation is needed to keep the work spirit not fall to the lower level. Leader should do coaching to ensure people in the unit understand and on track, make sure that people move to the same direction with same strategy. Every function of management can be implemented to achieve optimum result. Managing the operation implemented to ensure effectiveness and efficiency of work. Human resource management will help in ensuring what unit do are align with the business. Financial management can be implement whether in business or support function, for instance to measure Return on Investment of certain initiatives. As member of management team, we should contribute in a positive way by giving opinion and ideas, or doing what has been decided productively. Discussion should be conducted in conducive way, listen what other people say and express opinion to reach to the decision. When decision has been made, member should follow and committed to perform the decision in effectively. Success of the unit is also determined by the competency, performance, and contribution of the members. To have an optimum result, member should be able to look the purpose as unit purpose not individual purpose. This principle can create synergy between members in the team and can contribute more to the performance of the team. The business strategy games provide inspiration that can be applied in the working situation. Having competitors that can affect the result of one group convey the message that in establishing standard, one unit should not look into inside factors, but should also consider outside factors. The capability of the unit can be seen differently and will lead to different goals and strategy. Strategy can be different if the external condition is supportive and indicates opportunity and will be different if the external conditions are not accommodating. Macro and micro analysis can be conducted to have a more comprehensive analysis for obtaining effective and right decision. Read more: http://www. ukessays. com/essays/business/reflection-on-personal-performance-in-business-strategy-game-business-essay. php#ixzz2leirR8KT BUSINESS SIMULATION GAMES INDIVIDUAL REFLECTION PAPER On 10 November 2010 afternoon, Our Can group get a chance to get the materials business simulation games, the first time we were a little confused and not understand what the content and intent or purpose of this program. Until then we get the opportunity to play an active role play in the game by forming a company in our Group Can. Listen Read phonetically Dictionary View detailed dictionary I am a member of cans group discussion 3, in this business game, we manage the company named CHAMP. We chose the name CHAMP for our company becouse we hopes that companies will become a leader or a winner in this Business Simulation Game. Growth of our company in this game very interesting and gave many valuable lessons. Our company was ranked second on the game in first year, after making changes in the manufacturing and marketing strategy; we became the first winner in the game in the second year. In the third year we make changes in the shipping, manufacturing also marketing strategy again to maintain its position as champion, but in the fact that our ranking dropped to be number 3. In the fourth year we wanted to get back into champions. We did totally change the strategy in all sections and mainly to increase product awareness, we contracted with many famous artists paid a high price for promotion. But the results we slumped to the lowest ranking (sixth). This surprised us and made us confused to find out where our biggest mistakes in managing the company. Listen Read phonetically Dictionary View detailed dictionary noun camp compound Did not want to continue to decline, in the fifth year we try to flash back to learn the success stories in the first and second year, besides that we also study the companys strategy of competitors, then we create a new strategy and the results we were able to ride into fourth place. In the sixth year we try to make small changes to strategy in several sections and the results we rose again to number three. In the seventh year we do not make changes to our strategy and stay at rank 3. After doing business game above, there are many valuable lessons that I get. Those lessons were: About Management Process (Planning, Organizing, Directing, Controlling) In managing a company as a manager or owner of a business we must have: a. Planing ? Both long-term planning and short term, this really helps us to determine the strategy or action we should do in the near future or the preparation for long-term corporate strategy. b. Organization ? Complete, clear and transparent as one of the supporters because of the companys people are assets of a company†, the placement of people with appropriate knowledge and skills that will facilitate the acceleration of the process as well as the operations of a company. It also must be supported by a clear Job Description and detail-enter the respective functions of the organization. c. Directing ? In the governance of a company also must be supported by rules or standard operating systems or procedures are clear and understood by all line employees. we often call with company regulations, standard operating procedures etc. d. Controlling ? As a manager or owner in a company we still have to implement controls on employee performance, corporate governance, corporate operating costs and market conditions that support the smooth and that we manage the companys growth periodically. We can also be done with checking Monthly Report / Balance Sheet , hold on monthly meetings, etc. Listen Read phonetically Dictionary View detailed dictionary adjective inside deep indoor internal interior profound inland intrinsic cavernous thoughtful three-dimensional adverb deeply sound preposition in within on to inside under in the course of prefix endo- 2. About Management Function (Strategy, Marketing, Operations, Finance, Human Resources, etc. ) Strategy ? Corporate strategy should be set appropriately by considering several factors, including supporters of human capital, finance, market share and also that there are competitors in the same type of business with our company. In the governance of a business may take a few strategies such as for launching a new product needs some backup strategy, it is necessary whenever the initial strategy does not show results in maximum then we still have some alternative backup strategy, so it does not require a long time to take any action appropriate in market penetration. Marketing ? According to my opinion, the success rate of a company also backed with the full functionality of the marketing is true both in the company engaged in the services or products etc. Capable marketing, product master, around the existing market and marketing must knowing the strengths and weaknesses of competitors. Listen Operations ? Operational support from both system and service level aggrement factor in a process of corporate governance is very important. It also needs to be supported with the latest technology. Listen Read phonetically Dictionary View detailed dictionary verb hold conduct make organize provide establish arrange carry out throw take set up call launch institute stage put on bring about impose carry on incur exercise levy open put up effect float lay on negotiate afford touch off operate stage-manage generate phrase bring into being Finance ? A company can be said in good condition when to generate maximum profit. As a manager or the owners of a company we should be able to manage our capital versus operating costs required, the greater the profit earned by production costs that are not too large will show the healthy of a business. However, we also must consider the placement of funds and financial governance of our company, whether already in accordance with the budgeting or is not appropriate. In terms of business expansion or major factor that should we consider is the condition of our corporate finance, whether supportive or not, when lack of support but the potential or opportunities that we have a large, one financial source of our business is on loan from the Bank with a source of return and specific timeframe. Human Resources ? In addition to the above factors one important thing to note is that inadequate human resources that are reliable and have the skills to suit the needs of the company. A competent leader should be able to determine the amount of labor requirements and can put the right people-enter the respective divisions within an organization. 3. About Working In Teams To work as a reliable teamwork are some things we have to consider include: Get familiar with either all members of the team, it is useful to the division of tasks and towards solving problems that arise. We must be willing to hear opinions of all members of the team in making changes in strategy or action for operasinal company. Explore more information and opinion that reliable and resonable with the case or problem that we should solving as a good team work, eq. Browsing some data from internet or from any sourches. Putting the right people on the job or responsibilities in accordance with the characteristics of our team members are. Based on the experiences and lessons I got from the business game I have done, I plan to apply some advantages in my workplace. As the leader of my unit : A leader should have strong leadership and enough skills to manage the organization and the company. Planning, directing (also mentoring or choaching program) and controlling periodicly to all of my sub ordinate. Delegate some responsibilities to the deputy business with a fixed control function properly . Sharing knowledge to all sub-ordinate, sub-branch manager and exploring new knowledge, new technology and strategy for the success of Bank Mega Cluster Balikpapan Special Hire employee from another Bank (Manager or Marketing) to help me manage the company and make the vision 1000 of Bank Mega become reality (become the leader bank in Balikpapan – East Kalimantan Indonesia) As a member of my management team : Being more creative, proactive and always have new ideas to supporting the management team More details in targeting business opportunities and increase market share. Establishing a reliable team work with 2-way communication is effective and still value the opinions of other members of management team Read more: http://www. ukessays. com/essays/business/business-simulation-games-individual-reflection-paper-business-essay. php#ixzz2lej5YvdS REFLECTION PAPER – THE BUSINESS STRATEGY GAME About Management Processes From the Business Strategy Game, I learned that first important process for a company to determine its future business path was to set a strategic and realistic planning about what is the company goal, how long the goal will be achieved and how to achieve the goal among the competition. In setting the plan, company should define first what is their mission statement or strategic vision. This mission statement is a statement which indicates the purposes and activities of the company’s business/goals in brief, clear and focus words. Along with mission statement, company must clearly define its objectives quantitatively within certain period. From these quantitative objectives, company could set a realistic and attainable long term strategic planning to allocate budget and resources in the company. In strategic planning, company should define clearly its target market, financial objective and competitive position among the industry. This strategic planning will be the direction of the company in running its business. After setting the strategic planning, company should design an organization structure to manage the company effectively, by designating persons who will in charge in each roles and held responsibility in each area of the business in the company (marketing, finance, operation, sales and so on), especially the person who will be responsible as the leader of the company (as CEO). The role of CEO is very essential because he/she must lead company to the right direction in implementing company strategy to achieve company’s objectives. From the clear and effective organization structure, CEO and management will have clear legitimation and authority in directing all resources in the company to implement the company’s strategy. Finally, the company should closely and intensively controlling and monitoring the performance of the strategy during implementation to assess its progress against the pre-defined targets and ensure that all the company elements were doing their parts and responsibility in the right track. About Management Functions In a company, management should establish the right and important functions which will run the company operational activities, define what are the responsibilities of each functions and ensure that each functions performed in accordance with the company objectives. In order to give more value to the company in terms of profitability, management should work together to set a strategy in making company’s output (product or services) more competitive in the market by considering all aspects involved. As an example, to gain more profitability company could set pricing strategy to be higher or lower compare to market but before decided the price, company should consider other aspects such as costs, quality and resources needed in creation of the product or services. About Working in Teams In working as a team member in the company, it is very important to determine a clear designation about who will act as the leader and the follower. Because if there’s no clear designation, potentially will cause the resources in the company to move to the wrong direction and this will destruct company effort in achieving its objectives. As a leader, a person should show the ability to manage and to coach the entire team member to do their tasks properly, and he/she should has willingness to listen and appreciation to his/her followers insights at the same time. And as a follower, one should give respect to the leader and obey the leader decisions. But it is important too for the company to define what is the follower assignment and designation, because if it is not clearly defined, the follower couldn’t perform nor contributed optimally in attaining company’s objective process. What I plan to do in my work place from the experience and lessons I took from the BSG are : As the leader of my unit I will put more effort to be an effective and efficient leader of my unit and will put more awareness to all my team member that our jobs especially in designing the most efficient operational work flow in my company has essential impact in saving the company budget and optimizing company resources which will contributed in achieving the company’s objective especially in financial aspect and giving more value to the customer and shareholder. And furthermore I will spend more time and effort to evaluate designation and job description for each member of my team, to put the right person to the right job and responsibility. If the designation and job description were not fit or not clear to the team member, it will impact to the performance of the working unit itself because each team member do not know exactly what is their role in their working unit. As a member of my management team I will put more consideration and attention about financial impact of any decision that my management made. From the BSG, I see that all activities in each working unit must be contributed and affected to the company strategic planning especially in achieving financial goals. And I will put more respect to any member and any decision of my management team made, even though sometimes the decision seems to be hard to be implement, I will try to see it from wider perspective that the decision must be made deliberately and considered many important aspects which ending is to give more value for the company.

Discussion 4 Assignment Example | Topics and Well Written Essays - 250 words - 2

Discussion 4 - Assignment Example For the second idea, Cose gives the fact of the passing of the McCarran-Walter Act in 1952 which removed racial restrictions in U.S. citizenship and its connection to the blurred definition of whiteness (113). How article supports its side of the issue: The article supports its side by using anecdotal experience and personal analysis of the present vagueness and purposes of America’s White Identity and by offering historical examples and law that assert the difficulty of defining and defending whiteness. Holes in arguments: Cose fails to acknowledge and to respond to counter arguments, specifically that immigration trends do have biased racial and ethnic beliefs and practices that challenge America’s White Identity. Good counterarguments: A good counterargument is: 1) Immigration trends do challenge America’s White Identity because of intermarriage and 2) Immigration dilutes whiteness boundaries through diversity in public institutions. Examples of bias, propaganda: Cose fails to analyze the underlying racism and ethnocentricism that come with the formation and protection of America’s White Identity, which can either be seen as a bias for non-whiteness or simply a propaganda to disregard racism in immigration. I agree that immigration patterns challenge America’s white identity because of intermarriage that reduces white homogeneity, and because immigration improves diversity in American society, which reduces the relevance of defining and promoting a white American identity. First, intermarriage across racial and ethnic groups makes it harder to define what is white. By category, a white second-generation American with a dark Hindu mother and a white Latino father, for instance, is white and not white, depending on how he explains his identity. Intermarriage blurs the concept of whiteness in American identity. Second, immigration improves diversity in American society which makes whiteness

Oklahoma Gas and Electric Company Dissertation Example | Topics and Well Written Essays - 2000 words

Oklahoma Gas and Electric Company - Dissertation Example The goals of the company also involve meeting individual needs of consumers in regards to the demands for energy services. The company has already taken promising actions towards the fulfillments of this particular mission by designing efficient energy management solutions for the end users and the customers Apart from that, the Oklahoma Gas And Electric Company is also focused towards the balancing of increase in load and in an effort to achieve this mission, the company is focusing its attention towards the maintenance of the existing infrastructures while replacing worn out ones. The company is keenly dedicated towards compliance with regulatory as well as legislative and regulative relationships. Through the accomplishments of the missions which are designed for the short term, the company is actively looking forward towards the achieving of its long term vision. The vision of the company is to actively defer the accusation plans for new plants that are focused towards the extrac tion of fossil fuel till the year of 2020 (Oklahoma, 2011). Market Demands The market demand for a sector is evaluated on the basis of the demand supply scenario, industry competitiveness, the economic factors as well as the level of elasticity. The US Energy Information Association has predicted that due to fall in energy prices, there will be a significant fall in energy retail prices. The association has projected that the average amount of crude oil production will be around 6.3 million barrels per day (US EIA, 2012). The Oklahoma Gas and Electric Company have been in the forefront of facing competition from various forms of government as well as municipal entities which own electrical systems due to the implication arising from the Oklahoma law concerning electricity distribution. The company also stands to face competition from electric cooperatives from rural regions as well as various private entities such as utilities, power marketers and cogenerators. The legislation and r egulatory based initiatives and decisions implemented by the state as well as the federal agencies have significant level of impact on the costs of doing businesses in this particular market. The impact of these government based frameworks has a dominant effect on the rate structures, besides having a significant impact on the competition in this particular market. The company faces significant level of competition from some major companies like NiSource Inc, South Carolina Electric & Gas Company, Wisconsin Energy Corporation and Pepco Holdings Inc. The output from the industrial sector has grown quite slowly as compared to the other sectors thereby reducing the consumption coming from this sector. This can be attributed to low demand due to the economic crisis in various countries. Business Strategy Options The largest energy company in the Oklahoma belt has several