BioPharma Case Study Essay

BioPharma Case Questions 1. How should BioPharma have used its production network in 2009? Should any of the plants have been idled? What is the annual cost of your proposal, including import duties? This solution was obtained using the tables displayed below. Note that Germany and Japan produced none of the Relax product and that side of their plants has been idled. The annual cost of this solution is: $24.85Total Transportation Cost (millions) $1,268.31Total Production Cost (millions) $195.15Total Tariffs (millions) $1,488,315,983TOTAL COST Highcal Production Plant Latin America Europe Asia w/o Japan Japan Mexico U.S. Brazil 7 0 0 1.23 0 0 Germany 0 15 0 0 0 0 India 0 0 5 3.77 0 0.35 Japan 0 0 0 2 0 0 Mexico 0 0 0 0 3 12.65 U.S. 0 0 0 0 0 5 Total 7 15 5 7 3 18 Relax Production Plant Latin America Europe Asia w/o Japan Japan Mexico U.S. Brazil 7 0 0 2.77 0 0 Germany 0 0 0 0 0 0 India 0 0.65 3 5.23 0 0 Japan 0 0 0 0 0 0 Mexico 0 11.35 0 0 3 0 U.S. 0 0 0 0 0 17 Total 7 12 3 8 3 17 Total Plant Output Plant Total Brazil 18 Germany 15 India 18 Japan 2 Mexico 30 U.S. 22 2. How should Phil structure his global production network? Assume that the past is a reasonable indicator of the future in terms of exchange rates. Phil should note that the Dollar and Peso have been getting killed by the Euro, Real and the Yen the last three years. Over the five year period, the net movement has not been a disaster, and recognition of business cycles would suggest that it would be wise to retain capacity and capabilities throughout the entire supply chain so that production can be diverted as currencies move against each other. 3. Is there any plant for which it may be worth adding a million kilograms of additional capacity at a fixed cost of $3 million per year? It doesn’t appear this improves the solution shown in question 1. The plants that are at capacity in part 1 are Brazil, India, Mexico, and the U.S.; adding a million kilograms of capacity to those plants does not result in a lower overall cost for the entire supply chain. 4. How are your recommendations affected by the reduction of duties? A reduction in duties to 0% across the board results in the following costs: $38.25Total Transportation Cost (millions) $1,325.40Total Production Cost (millions) $0.00Total Tariffs (millions) $1,363,650,824TOTAL COST The solution matrix is far less sparse; virtually every market receives imports from every other market with the exception of Mexico and Asia without Japan. Production increases in Germany and Japan at the expense of India, Mexico, and the U.S. Highcal Production Plant Latin America Europe Asia w/o Japan Japan Mexico U.S. Brazil 1.20 2.28 0.62 1.20 0.00 4.90 Germany 1.52 2.90 1.23 1.52 0.95 2.98 India 1.12 2.50 .83 1.12 0.55 2.58 Japan 0.53 1.91 0.25 0.53 0.00 1.99 Mexico 1.52 2.90 1.23 1.52 0.95 2.98 U.S. 1.12 2.50 0.83 1.12 0.55 2.58 Total 7 15 5 7 3 18 Relax Production Plant Latin America Europe Asia w/o Japan Japan Mexico U.S. Brazil 1.20 1.48 0.00 1.48 0.00 3.65 Germany 1.52 2.46 0.95 1.66 0.95 3.03 India 1.12 2.06 0.55 1.26 0.55 2.63 Japan 0.53 1.47 0.00 0.67 0.00 2.04 Mexico 1.52 2.46 0.95 1.66 0.95 3.03 U.S. 1.12 2.06 0.55 1.26 0.55 2.63 Total 7 12 3 8 3 17 Total Plant Output Plant Total Brazil 18.00 Germany 21.67 India 16.87 Japan 9.93 Mexico 21.67 U.S. 16.87 5. The analysis has assumed that each plant has a100 percent yield (percent output of acceptable quality). How would you modify your analysis to account for yield differences across plants? To adjust for yields less than 100%, the capacity of each plant could be adjusted down by the loss percentage. Another approach would be to leave capacity as stated but adjust the amount shipped down by the scrap percentage. 6. What other factors should be accounted for when making your recommendations? This global supply chain is exposed to a variety of risks as enumerated below. Supply chain decisions should be made after careful assessment of the likelihood of these events and the effectiveness of possible mitigation plans. Disruptions – disasters, war, terrorism, labor disputes Delays – inflexibility or poor yield of supply, insufficient supply Systems – IS breakdown, system integration issues Forecast – inaccurate forecasting Intellectual property – vertical integration and global sourcing Procurement – exchange rate movement, industry-wide capacity issues Receivables – number and financial strength of customers Inventory – rate of obsolescence, holding costs, uncertainty of demand Capacity – cost and flexibility of capacit

Salem Witch Trial Theories

Brennyn Mackey 2 May 2011 The Secret War of Salem Exposing the Culprit behind the Mass Hysteria The Salem Witch Trials were a series of infamous events that demand an explanation for their occurrence. The trials that took place in 1692 caused neighbors in the community of Salem Village in the colony of Massachusetts to turn on one another out of paranoia, accusing one another of witchcraft. According to Carol Karlsen, a longtime author of the subject, nineteen people were hanged and about 200 others were imprisoned (40).A few theories have been offered in order to explain the root of this mass hysteria. The theories in question need to be examined to see which holds the most credibility. Most historians who have studied the subject agree on the chronological order of events that set this dark episode of history into motion. They believe it began in the household of Reverend Samuel Parris. Reverend Parris owned a West Indian slave named Tituba. Tituba would tell the young girls storie s of her experiences in sorcery when the reverend was away.This small group of girls started with Abigail Williams, the reverend’s niece, and Elizabeth Parris, his daughter. Soon, a few girls from neighboring homes joined. Eventually, the girls began to exhibit exceptionally erratic behaviors. They would have hallucinations and convulsions. A physician checked the girls, but he failed to find a natural cause for their behavior. He attributed their ailments to a supernatural cause (Salem Witch Trials). The girls began to claim they were being afflicted by witches and started making accusations. Thus, the panic ensued.Those who have studied the subject of the Salem Witch Trials have very few disagreements on these events. Though history may have documented the events, it has not presented a clear underlying cause to their occurrence. Why did the girls act in such a manner? Scholars have presented their own theories for this mystery. One theory that attempts to explain the hyste ria is that there was a fungal poisoning such as ergot in the bread that the girls ate. This would be an ideal explanation for their convulsions. Another theory is that witchcraft was actually being practiced.This theory states that the incredibly odd behavior of the girls was attributed to the practices that Tituba was teaching them. A final theory that draws much interest is that the girls were acting. Scholars have looked at these events from a political perspective and suggest that Reverend Parris persuaded the young girls to act in an odd manner. The theory that answers the most questions without raising an equal number of new questions is the best explanation. The theory that Reverend Parris used the girls to gain wealth holds such a status.The theory that there was an ergot infestation is advocated by a professor named Linnda Caporeal. Caporeal has argued that a fungal poison known as ergot, which grows on rye, had been ingested by the girls, causing their behaviors. She goes on to explain that â€Å"all the symptoms [of ergot poisoning] are alluded to in the Salem Witch Trials† (Caporeal). This theory does not make sense when considering why the only ones affected were the young girls in the Parris household. Convulsive ergot poisoning most often affects small children, but the Salem Village had hundreds of residents.The whole village ate grains harvested from the same fields and this theory does not have an account of anyone else exhibiting the slightest convulsions. It is far too coincidental that the only ones affected were a few young girls. This theory has also been attacked by researchers such as Spanos and Gottlieb. They address the point previously mentioned as well as the nutritional condition of the villagers. In another article, they responded to Caporeal’s arguments regarding the afflicted girls as well as the villagers’ nutritional susceptibility.Spanos and Gottlieb state that â€Å"the fact that most individuals [â⠂¬ ¦] living in the same households as the afflicted girls showed no signs of symptoms is attributed by Caporeal to wide individual differences in susceptibility to ergot poisoning. † They also discuss vitamin A deficiency. According to their research: Ergot poisoning in individuals with adequate vitamin A intakes leads to gangrenous rather than convulsive symptoms. Vitamin A is found both in fish and in dairy products. Salem Village was a farming community and Salem Town, which bordered the village, was a well-known seaport; cows and fish were plentiful.There is no evidence to suggest a vitamin A deficiency in the diet of the inhabitants, and it would be particularly unlikely for the so-called â€Å"afflicted girls,† some of whom came from well-to-do farming families. The absence of any instance of gangrenous symptomatology makes it highly unlikely that ergot played any role in the Salem crisis (Spanos). The theory that there was an ergot infestation does not seem to h old up to the accounts of Spanos and Gottlieb. The theory of ergot infestation has slowly lost credibility due to these pieces of evidence.Another theory that attempts to explain the paranoia is the theory that witchcraft was being practiced in the community. The word â€Å"witch† came into English from Wicca, an Anglo-Saxon word that means â€Å"wise one† (Buckland 26). Witches have been viewed throughout history as servants of Satan, spreading misfortune. This is an exaggerated stereotype similar to the misconception that witches fly around on broomsticks and transform into animals. A Wiccan author known as Sheena Morgan addresses issues regarding false stereotypes of witchcraft. She states that people â€Å"have lots of misconceptions about what Wicca and witchcraft actually entail.People seem to confuse witchcraft with Satanism or devil worship [†¦] Wicca [†¦] does not seek new adherents† (14). The author implies that Wicca is a pantheistic religio n that promotes harmony with the natural world and does not entail bloodletting rituals. All the â€Å"Halloween† aspects of Wicca are stereotypical misrepresentations of their beliefs. The Puritans had a deep fear that those dark conceptions were a reality. Such preconceived notions and religious beliefs that the Puritans had regarding witchcraft must have been the fuel for the trials. According toPuritan beliefs, witches worshipped Satan. Melanie Gauch, a lifetime Wiccan, has stated that Wiccans do not believe in a devil. That is a Christian notion that the Puritans associate with paganism. The Puritans exercised complete intolerance of the Wiccan beliefs and created the paranoia in their own minds when they felt threatened. In the Bible, Exodus 22:18 states, â€Å"Thou shalt not suffer a witch to live† (King James Bible). The puritans followed the Bible wholeheartedly, and their beliefs carried them to accusations, and then on to interrogations.However, the main pro blem with the witchcraft theory is that it cannot be proven. The accusations themselves could not even be proven. One way to accuse someone of witchcraft was by use of spectral evidence. If an apparition appeared to an individual, they could point a finger at someone and accuse that person of afflicting them (Salem Witch Trials). This spectral evidence was only witnessed by the afflicted, but was generally accepted as credible evidence. Due to fear and hysteria, accusations could be made without proof of any witchcraft.It is highly unlikely that witchcraft played any part in the terror of the trials. The theory that Reverend Samuel Parris was the true incendiary behind the trials carries the most logic. Samuel Parris was closely associated with the Putnam family and had been given a minister’s contract that included all the usual benefits, such as a decent salary, a house and free firewood. However, Parris had received all this in addition to a title and deed to the parish, w hich enraged the residents who did not want to be congregationally separate from Salem Town (Saari 35-6).He was in desperate need of securing his position as minister and the outbreak of witchcraft accusations was the best way to do it. In a time of such paranoia regarding satanic forces, the villagers would be in desperate need of his services. Ernest King and Franklin Mixon Jr. authored an article discussing that concept. According to them: Salem Village, both before and through the witchcraft trials, was a religion-based community, allowing its minister to exert a level of political–economic control over its citizens. During the height of the itchcraft episode, there was an increased demand for ministerial services (salvation) in the Salem area. Recent research has argued that the minister used the witchcraft episode to maintain and build upon personal and corporate wealth (King and Mixon). This demonstrates that Reverend Parris had the political motives for taking advanta ge of the girls’ behavior. When witchcraft accusations arose, some of the Salem residents who had opposed the reverend’s contract had no choice but to attend church and pay any offerings they could. If they did not do so, they would run the risk of being accused of witchcraft.This was a simply perfect solution for Reverend Parris. Before continuing to examine the reverend, it is necessary to understand his background. Samuel Parris was born in London and grew up to inherit his father’s plantation. After a hurricane devastated the plantation, he became a merchant. However, when his business failed, he decided to be a minister (Orr 16). It seems the reverend’s life had a series of failures. According to Frances Hill, author of numerous books on the subject, Parris’s first misfortune had been dropping out of Harvard (117).After all the other hindrances, he was ready to accept a job as minister of Salem Village, but then demanded more and more changes to his contract over time, continuously negotiating matters such as firewood and corn provisions, the deed to the ministry house and salary (118). The Putnam family controlled most of the farmland in Salem Village and played a large part in his ministerial contract. This evidence shows there may have been a political partnership between the two. Salem Village and Salem Town were in a period of great political tension.During this time, the Putnam family owned most of the farmland in Salem Village and wanted to become separate from Salem Town, the nearby thriving seaport on which the other villagers depended upon for economic reasons (Salem Witch Trials). This divided the village, and the Reverend Samuel Parris became minister during this turmoil. Other than political division, the villagers had everyday worries such as Indian raids and smallpox outbreaks, which increased tensions. This was the social situation at the time of Parris’s ascent to position of minister.In order to gain political power, Reverend Parris would have had to do something about those who opposed him. The authors Paul Boyer and Stephen Nissenbaum examine the social history of the Salem community in their book, Salem Possessed and they have noticed a pattern. A series of petitions against the reverend were collected and the names of those who opposed Parris in the past were the ones most often accused of witchcraft. The names included the majority of the Proctor family and Rebecca Nurse (183-6). The most astounding case was the account of George Burroughs, the previous minister of Salem Village.When George Burroughs spoke out against the trials that Reverend Parris was championing, he was immediately tried for witchcraft. He was found guilty. Soon before he was hung, he had recited â€Å"The Lord’s Prayer,† which was supposedly impossible for a witch (Salem Witch Trials). Unfortunately, it is not known for certain whether or not Reverend Parris had been advocating agains t him until his moment of death, but this was another accusation that worked in Parris’s favor. The Salem Witch Trials may have been an irrational event, but they still have a rational explanation.Numerous scholars have attempted to explain away the events with multiple theories, but only one explanation has withstood questioning. The theory that Reverend Parris used the girls to gain political influence is most sensible. The reverend would have lost his job and after so many setbacks in his earlier life, he would not have been prepared for another loss. The relationships between two of the girls and the reverend makes the reverend highly suspect, but even more so was the fact that the accused were the ones who had usually opposed Parris in the past.The accounts of George Burroughs and the political partnership between the Putnam family and Reverend Parris carries also carries a lot of weight. In the end, the evidence shows that Reverend Samuel Parris was the culprit behind t he mass hysteria. Works Cited Boyer, Paul, and Stephen Nissenbaum. Salem Possessed: The Social Origins of Witchcraft. Harvard, 1974. Print Buckland, Raymond. Witchcraft from the Inside: Origins of the Fastest Growing Religious Movement in America. St. Paul: Llewellyn Pub. , 1971. Print. Caporeal, Linnda. Ergotism: The Satan Loosed in Salem? † Science Vol. 192 (1976) Web. 30 Apr. 2011. Gauch, Melanie. Facebook Personal Message Interview. 1 May 2011. Hill, Frances. The Salem Witch Trials Reader. Cambridge: Da Capo P. , 2001. Print. Karlsen, Carol F. The Devil in the Shape of a Woman: Witchcraft in Colonial New England. Ontario: Penguin Books Canada, 1987. Print. King, Ernest W. , and Franklin G. Mixon. â€Å"Religiosity and the Political Economy of the Salem Witch Trials. † Social Science Journal. 47. 3 (2010): Abstract.Business Source Premiere. Web. 29 Apr. 2011. Morgan, Sheena. The Wicca Handbook: A complete Guide to Witchcraft and Magic. London: Vega, 2003. Print Orr, Tamra. People at the Center of: The Salem Witch Trials. Farmington Hills: Blackbirch Press, 2004. Print. Saari, Peggy. Witchcraft in America. Detroit: UXL, 2001. Print. â€Å"Salem Witch Trials. † In Search of History. History Channel. A&E Television Networks, 1998. DVD Spanos, Nicholas and Jack Gottlieb. â€Å"Ergotism and the Salem Village Witch Trials† Science Vol. 194 (1976) Web. 30 Apr. 2011.

LPN -BS TRANSITION Essay Example | Topics and Well Written Essays - 750 words

LPN -BS TRANSITION - Essay Example There are three basic aspects that can be used to distinguish between these two levels of nurses: education, the amount of salary paid and their responsibilities. In terms of education, each level requires different educational approach from the other. Even though both RNs and LPN requires basic BS, the duration for completing the program differs. In United States of America, most institutions take between one and one and half years to train LPN nurse. On the other hand, it takes from two to three years to train RN nurse. Upon completion of the training, the RN nurse graduate with professional nursing degree while LPN nurse graduate with practical nursing degree. Therefore, both training results to an award of BS but it is clear that RN is advance more than LPN. The reason why RN training takes more time as compared to LPN training in universities and colleges is that RN has additional courses such as community health, biology as well as administrative courses (Sherri, Jean, Kathryn, & Katherine, 2012). Consequently, any student with an intention of becoming a RN must devote an additional studying time as opposed to LPNs. However, there are differences between RN and LPNs as far as responsibilities are concerned. Broadly, the RN supervises the operations of the LPNs. It is the responsibility of the LPNs to undertake the basic nursing roles of reporting to both the RN and doctor. In particularly, LPNs perform the following roles: administration of the basic nursing care, supporting the patients both socially and physically, reporting to supervisor any changes in a patient, and passing any information regarding treatment to a patient. It should be noted that LPNs are not allowed to perform certain duties such as initiation of IV in certain jurisdictions. Depending on the state, there are different strategies and legislations that

Synthesis Paper Nature Themed Term Example | Topics and Well Written Essays - 1000 words

Synthesis Nature Themed - Term Paper Example Moreover, as the analysis will indicate, the authors both use a level of subtle persuasion via exquisite description to engage the reader with the ultimate take-away that their respective pieces exhibit. Edward Abbey’s â€Å"The Serpents of Paradise†, describes a very rural and natural environment that is only punctuated by man’s presence within the story. As the author looks out over the rough and natural landscape, he is made aware of the fact that nature springs from all corners and would otherwise forget that he was even in the story should he not make his presence known. Although a great deal of the story centers around the interplay that takes place between the author, the rattlesnake, and the gopher snakes, the ultimate point that is exhibited over and over again is the fact that the environment itself is practically oblivious to his presence. Although unstated, what this serves to impress upon the reader is the way in which mankind is merely like every ot her naturally occurring plant or species, limited, finite, and soon to pass out of existence. Such a realization is further impressed upon the reader by the fact that the nature in Abbey’s story is, unless disturbed or made aware of his presence, completely oblivious to the fact that he exists in the first place. This serves to impress upon the reader a further level of appreciation for the processes and exposition of life within the natural world due to the fact that these representations are so unaware of humanity’s impact that it is and should remain up to the human guardians of such habitats to ensure that no harm or disruption comes to the creatures that dwell within it and call it home. Such a representation of live and let live is of course referenced with regards to the way in which Edward Abbey deals with the rattlesnake at his back door steps. Says Abbey, â€Å"There’s a revolver inside the trailer, a huge British Webley .45, loaded, but it’s o ut of reach. Even if I had it in my hands I’d hesitate to blast a fellow creature at such close range†¦it would be like murder† (CITE). This representation of such a passive approach to the environment and its right to coexist peacefully in a habitat invaded by humans is a point that Abbey discusses throughout the course of his brief short story (Luke 173). In much a similar and comparable way, the needs of the environment and nature to continue on unabated in the processes that they have engaged in since the beginning biological life is illustrated by Linda Hogan in her piece entitled, â€Å"Walking†. In much a comparable way to Abbey, Hogan spends the bulk of her analysis describing the natural landscape that greets her eyes as a result of the walk that she takes around the property she has come to call home. In this way, many of the same reverences for nature and the role that it plays, ignorant of the sheer existence of humanity, is brought to the reader ’s attention. Says Hogan, â€Å"In this one plant, in one summer season, a drama of need and survival took place. Hungers were filled. Insects coupled. There was escape, exhaustion, and death. Lives touched down a moment and were gone†

Gender Portrayal and the Idea of the Gaze Essay Example | Topics and Well Written Essays - 500 words

Gender Portrayal and the Idea of the Gaze - Essay Example Gender refers to the characteristics associated with men, women and children. This is usually based on the understanding and belief that men and women behave differently and this is usually caused by their traditions, culture and experiences. People have always associated some behavior with a particular gender and this has led to stereotyping that associated one sex with a certain way of behaving (Gurley 12). Gender has been portrayed in different ways by the media, literature, society and traditions. Education has also contributed to gender stereotypes that have affected the performance of students. The media plays an important role of educating the public about various issues that affect their lives. In addition, it entertains, persuades and informs the public about past, present and the future events that play significant roles in their affairs. However, films, cartoons and documentaries aired in the media have depicted women as weak and that they cannot do anything without being assisted by men (Gurley 25). This belief has been developed in youths who think that all women are weak. On the other hand, men have been depicted as heroes and that they can manage all situations that women cannot even dream of solving. In addition, learning institutions have also contributed to gender stereotype by separating boys from girls in various activities. Schools have different games for boys and girls and it is very rare to find them playing together even if it is a similar game (Gurley 33). In addition, most girls are discouraged from taking since subjects since these are perceived to be difficult and only boys can manage them. The family has also contributed to gender stereotypes by advocating for different shoes, clothes and toys for boys and girls. It is very common to hear a parent telling a young boy to stop crying like a girl and most girls are discouraged from climbing trees since this is associated with boys. The society plays a significant role in educating

The Greenpower Car Assignment Example | Topics and Well Written Essays - 1750 words

The Greenpower Car - Assignment Example Introduction The components that will be analyzed here will heretofore include: 1) the brake disc which is made out of metal; and 2) the tyre which is made out of rubber. The Metal The metal on the brake disc is key as a component. The metal that is usually used on cars is metal that is made out of various kinds of metals that are mixed together—often known as combined metals. Brake discs made out of these metals are made with various different types of metal mixed together because the recombinant metals are stronger when mixed with each other. So, instead of just using pure silver—which is very soft, by itself and in its most purest form—a little bit of silver may be mixed with large amounts of other types of metals, including copper, bronze, and iron, in varying amounts. It really depends upon what the exact type of object is that is being formed, but, without a doubt—for brake discs, mixed or recombinant metals are definitely a major factor in deciding how to put a product together. Without a doubt, the metal that is used in brake discs goes a long way in terms of determining what type of metal will be therefore utilized for the ultimate design of the car. The Rubber Tyres are obviously going to be a big component of the car. And of course, the main focus about the tyre is going to be on the rubber in the tyres. Usually, rubber is used for various parts of the car that require a malleable material to produce a product. Rubber is actually a form of plastic—and it can be highly useful in terms of designing a car. For tyres, rubber can be extremely helpful in determining how a car part will be produced. Rubber is an at-times harder form of plastic which is useful in the production of several various auto parts—including, of course, the tyres. Of course, it would definitely depend upon the car part being produced, but generally speaking, for tyres, rubber is perfect for being integrated in the actual car part itself. Rub ber has many uses where car manufacturers simply do not want or need to have very expensive parts utilized—and this is especially true of tyres, which can turn out to be very expensive. Further, it is better to place rubber products in a car where metals are not necessary. It’s very difficult to ascertain, but usually where plastic or rubber will suffice, it is used at every turn. For certain, it is probably most important that either plastic or rubber can be used for several various purposes, and that is why it is so helpful as a substance. Conclusion Whether it is metal or rubber that is used for brake disc(s) and tyre(s), both of these substances have most certainly had a profound effect on the way cars have been produced. Metals—usually combined metals—are utilized in order to make several different parts of the car. Of course, metal is not to be outrivaled by rubber—and also, alternatively, plastic—when it comes to having to use it in o rder to put extra parts on a car. Metal and rubber are both invaluable parts of any car for brake discs and tyres respectively, and it is hoped that these elements will be more utilized in the future in order to compete in a global economy. Metal and rubber are two very necessary substances in order to produce cars. Therefore, the production of metal and rubber must continue to be encouraged in foreign countries where such substances are supposedly produced more cheaply. No

Communication or marketing strategies Case Study

Communication or marketing strategies - Case Study Example There are three basic objectives behind communication strategy. These are to create awareness about the brand, to shape the consumer's outlook towards it and also to stimulate her purchasing intent towards the brand. This process has become significantly more important nowadays due to influx of huge numbers of alternative products in any category and due to the ever increasing number of choices in front of the consumer; in the automobile industry the situation is not any different. So to entice the consumer towards a brand and to excite her to buy the product, then making sure that she stays on with the brand and makes a repeat purchase are some of the fundamental imperative objectives of any communication strategy. (Vos M., Schoemaker H., Rusland G., 2004). Ford Motor Company was established in the year 1919 in US. The company produces a range of automobiles from cars to trucks and buses under brands like Ford, Lincoln, Mercury, Volvo. The company also deals in financial services, the prominent among them being Ford Motor Credit Company also know as Ford Credit. (Full Description, April 2009) Under Cars the brands are Focus sedan, Focus Coupe, Fusion Mustang and Tauras.I n Hybrids the brands are Fusion hybrid an Escape hybrid. The crossover brands are Taurus X, Flex and Edge. SUVs comprise of Escape, Sport Trac, Expedition and Explorer. The trucks range consists of Ranger, F-150, F-250 Super Duty, F - 450 Super Duty and E-Series. Important marketing campaigns: Important marketing campaigns in recent times; objectives, target and strategies: Bold Moves Campaign - In 2006 May, Ford launched a new campaign under the concept 'Bold Moves' to inspire buyers to recognize and appreciate the company's bold new image. The campaign uses famous singer Kelly Clarkson's music with images and video portraying cars and buyers. The goal behind the campaign has been to change the mindset of the consumer towards Ford vehicles which have not been selling in large number. Critics have argued about the campaign pointing out that only a bold campaign would not be making any difference rather a bold product portfolio would help the company in notching up sales. Some experts said that the company had launched the campaign keeping in mind the future also. They said Ford might be using this campaign to make the consumer ready for its future launch of bold vehicles. JWT Marriott was the agency behind the campaign and they claimed that the campaign was a long term one with a complete turn around of the brand on their minds. The turn around effort w as termed the Way Forward by the company.( Ford's bold moves fall flat with viewers, August 2006) The Bold Moves campaign was used massively for the Ford crossover vehicle the new EDGE. The company planned to spend more than $100 million behind advertising for the EDGE model. The campaign consisted of television ads on various language TVs which included English, Chinese, Korean, Spanish, etc. famous singer Beyonce Knowles was roped in for singing in the ads.

Florida electorate's buyer's remorse of governor Rick Scott and Essay

Florida electorate's buyer's remorse of governor Rick Scott and Florida's lack of a recall process - Essay Example Indeed 68% of those interviewed agreed held this viewpoint as shown by the poll results (Brown 1). The State of Legislatures are also sharing same disapproval from the Florida voters just like the governor, and their rating is 56-27% as at may 2011, while in April it was 47-35 (Brown 2). In spite of this low rating of Governor Rick Scott, voters have little option since they cannot send him back home until his term ends. This is because Florida State lacks gubernatorial recall process. This paper thus examines these twin issues facing Florida State, the dissatisfaction of the Florida electorate with Governor Rick Scott and Florida's lack of a gubernatorial recall process. The dissatisfaction of the Florida electorate with Governor Rick Scott Governor Rick Scott does not merely seem more detested, he is, indeed, increasingly getting unpopular. As pointed out by Marc Capato in his â€Å"Poll shows increase in Florida voters' dislike for Gov. Rick Scott† published by Times/Herald , this has been revealed by most recent survey done by Quinnipiac University that involved 1,499 registered voters in Florida. The poll results indicated that 48% of voters disapproved his work as a governor; this was double the figure in a poll done in February, 2011 by the same university. Those who approved his work were merely 35%, showing a decline in the percentage (Capato). However, the Governor in responding to the poll results stated that, he was not worried about the poll results; rather he was concerned with solving problems (Capato). There are varied reasons that have contributed to Scott’s popularity decline, there include economy that is not doing well, with 60% stating their dissatisfaction on how he is running the economy, Power struggles with other legislatures from his Republican party, A recently rejuvenated left that highly dislikes him, and a hard-right governing approach he used that appears to annoy Democrats and independent votes (Capato). Another majo r reason for his declining popularity is his proposed budget. In this budget Scott proposes deep cuts in financing and a layoff of 6,000 jobs of state workers (Capato). In deed, the results from the Quinnipiac University show that over 53% of voters oppose the proposed budget. This is because they view it has unfair to them, only 37% approve the budget measures (Brown 2). A third of voters approve the manner in which the Governor has handled the budget issue, but 55% do not (Capato). The results further show that more that 50% voters feel that the cuts are very drastic, 29% feel the budget is â€Å"okay†, and only 16% feel more cuts should be taken (Capato). However, there is a general agreement that the state’s budget needs to be readdressed as 95% of voters said (Brown 2). According to Brown (2) the numbers on perceived fairness of the budget proposed by the Governor is very critical. He notes that, when voters by nearly 2-1 state that his Scott’s approach to the budget is unfair to them, then that is a big political warning indicator for the Governor (Brown 2). In deed Brown categorically warns that â€Å"when voters think that they are being treated unfairly, they seem to react negatively† (Brown 2). In spite of the new property insurance law that was signed by Scott, voters assert that getting insurance today is more difficulty and more costly. Accordingly, 63% of the polled voters

Chinese women and their problems during the High Qing era Essay

Chinese women and their problems during the High Qing era - Essay Example   Ã‚  Ã‚  Ã‚   Writing of the elite-dominated the analysis of gender in High Qing times.   Sitting in the ivory towers, the intellectuals recorded their scholarly observations.   Susan extends the scope to the grassroots level. She deals with her contribution in the farm, household, entertainment by the courtesan, and the participation of women in rituals and domestic religious festivities; and above all, the important issue of women’s poetry. The sensibilities expressed by various women poets are great historical documents to the time during which these poems were written. They provide valuable information about the emotions of women, moral values, and social relations and to an extent, political judgments. Yuan Mei’s recollections of the women poets with whom he was acquainted with, were full of catkin images, especially the stories of child intellectuals who were brilliant poets. So also, Xie Daoyun of willow catkin fame was known for upstaging their male frien ds and relatives in verbal combat and poetry contests.That was a strange position, which Mann noticed and elaborated in her book, about the elite Chinese women. The patrilineal family demanded that elite women demonstrate family prestige by remaining secluded and restrict their activities. But they enjoyed a new type of freedom in the Qing constellation. They could write and reinterpret their own history. The elite women had a pragmatic approach to their role in the society. They did not challenge the familial traditions or the social structure and the question of â€Å"women’s identity† that in a way challenged men, was of no consequence to them. They exploited and enjoyed the possibilities of autonomy that was prevalent within their society.

Qualities of a good leader Essay Example for Free

Qualities of a good leader Essay Whenever and wherever human beings are gathered together in large numbers, they need leadership. Even children need their school prefects and schools captains ! Armies need Generals. Civilians need governments, captains of industry and intellectual leaders of thought as well. Men whether of the East or the West, require to be led and each group throws up its own leaders in each succeeding generation. Whether in the school-room, or on the battlefield or in governmental deliberations, people who are natural leaders and who are chosen to lead, always have the same qualities of character and of outlook. In the first place, it is the personal qualities that count for most, in other words, the personality. A leader, in any location, must be someone who can be looked up to and respected. His personal judgment must be trusted and he must be able to evoke love and warmth from those he leads. So the, the first quality of a leader is that he must have the ability to win over mens hearts. Secondly, he must have intellectual control over his followers and a mind that is capable of assimilating what is true and what is right and then of exerting this over others. It is useless, no matter what personal qualities or what intellectual prowess a man may have, if he lacks the initiative and the will to lead and to rally men around him. He must also, in his search for truth, have great powers of concentration. Again, a leader must possess this mysterious thing we call character or strength of will, clarity of mind, tenacity and determination. In other words character is knowing what you want to do and being ruthlessly determined to do it. Men and women will not follow a gloomy person! Therefore a kind sense of humor and a sense of optimism are two other essential qualities of a good leader. He must also, not only be a good judge of thins and of events, but of people too, so that he can select good subordinates. He must also show and practice such virtues as self-control, temperance and moderation, so that not only his body, but also his mind are always at their best, healthy  and sharpened like finely tempered steel. There is, too the good leader and the bad leader, of which Hitler, is a striking example of bad leader because it is possible to have all the qualities of leadership without the most important one of all. This is a moral sense of right and wrong and the right kind of love which is emphasized in many of the worlds great religions. This is true not only of international figures like Adolf Hitler, but also in smaller figures. The gangs of youths, typical of both East and West, whose members are led to violence and lawlessness are invariably led and inspired by leaders without a moral sense of right and wrong. The final test of a good leader is, of course, the question: Do men follow him? The answer will be Yes if, combined with strength of character, the ability to evoke love, a clear brain and a fair minded outlook, he also has a knowledge and respect for truth, honesty and fair play. Such a man surely possesses the spark of leadership and men will look up to him and follow him.

Principles of Maritime Administration and Policy

Principles of Maritime Administration and Policy I. Introduction Clearly stated in Article 94 UNCLOS 1982 that one of the duties of flag state is to take such measures for ships flying its flag as are necessary to ensure safety at sea, which required to conform to generally accepted international regulations (UNCLOS, 1982). Having consider that States should not only become party to the convention, but also fully implemented their obligations, IMO establish Resolution A.996(25) Code for the Implementation of Mandatory IMO Instruments. Based on this code, there are strategies that should be developed by the States in order to achieve objective of the code, which is enhancing global maritime safety and protection of marine environment (IMO, 2007). Indonesia through its maritime administration should establish system which develop this strategy to fulfill their duty as flag state. This paper try to compare four strategies mention in Resolution A.996(25) with system established in Indonesia in general; and specifically explore the consequence of the c ode for Indonesia in terms of casualty investigation. II. Strategy for enhancing maritime safety and protection of marine environment Based on Resolution A.996(25), there are 4 strategies should be developed by the States. First strategy, implementation and enforcement of IMO convention; Implementation of flag state responsibility cover many aspect, such as convention interpretation, education and manning, flag state inspection, certification issues,   authorization and monitoring RO, and casualty investigation. However, these implementation and enforcement are fully depends on ability and willingness of member parties. Contracting Governments enforce the provisions of IMO conventions as far as their own ships are concerned and also set the penalties for infringements, where these are applicable (IMO, 2009). Ratify a Convention and bring it into full and complete effect through internal law is not easy for contracting government. To establish effective maritime legislation, after set it up, it should be easy to change and keep updated with IMO change, set up IMO legislative tracking, attend IMO meeting and m aintain effective communication with other parts of government (Belcher, 2009). Survey and certification is one of the ways to enforce standard developed by administration. In some cases, countries which are lack of expertise and experience have found convenience in delegating their functions to Recognized Organizations (Villanueva, 2004). Many developed administrations also decided to delegate part of their function to RO, in order to effectively expand their capabilities on worldwide basis. RO such as classification society have believed as professional solution for global surveyor network and technical expertise (Schlott, 2009). However, some problems arise regarding statutory work delegation. For example, audit of Denmark shows the needs of more effective monitoring of statutory survey record held by RO (VIMSAS-Denmark, 2007). Therefore in term of authorization, Maritime Administration should fully refer to Resolution A.789(19) â€Å"Specifications on the survey and certification functions of recognized organizations acting on behalf of   administrat ions† and Resolution A.739(18) â€Å"Guidelines for the authorization of organizations acting on behalf of the administration† (Schlott, 2009). Second strategy, adherence to international recommendations; apart from Mandatory instrument such as Load Lines, SOLAS and COLREG, flag state should also refer to international recommendation such as IMO resolution or circular which contain guidelines or other non mandatory code. Thirdly is continuous review and verification of international obligation compliance effectiveness. One way of review is by evaluating port state control statistics. PSC usually published annual reports that contain statistics on the performance of flag States and RO. Casualty statistics also can give picture of compliance effectiveness. In addition, comprehensive measurement of flag State ability to enact and effectively enforce maritime legislation is through Voluntary IMO Member State Audit Scheme. The importance of VIMSAS in verification of flag State compliance is emphasized by IMO (Mansell, 2009). Purpose of VIMSAS is not to shame or point a finger at a state, but to assist them in fulfilling their duties and obligations which promotes flag State performance. The result of this audit is known only to the State concerned, auditors and IMO secretariat, and reports from audits are published as anonymous (Franson, 2009). Last strategy is achievement, maintenance and improvement of overall organizational performance and capability. Human resource development will influence organizational performance; and good quality system can assure achievement and maintenance of organization performance. Administration can apply ISO 90001 or other equivalent quality system. Furthermore, improvement can be done through introduce new public management principle. It is move away from administration to achievement of result, change from classic bureaucracy to flexibility and defines organizational and personal objectives through measurable performance indicator (Schrà ¶der, 2008). Although almost impossible to implement all of NPM strategies, many administration in developing countries are implementing selected aspects of NPM notably granting more autonomy to public sector organizations, emphasis on results, accountability for performance and results, introduce competition, contracting, and customer orientation (Singh ,2001). Multi-state cooperation for capacity-building is one example of new public management implementation to overcome the limitation of organization through international cooperation (Manuel, 2009). III. Flag state implementation in Indonesia Indonesia is a huge Archipelago country comprised of 17508 islands, with 5.8 million square kilometres total area of sea and 95181 km length of coast line (Indonesian Maritime Committee, 2008). This given condition generates high dependency on maritime transportation and also obstacle to develop high qualified and reliable maritime transportation system. Three main strategies in maritime transportation development of Indonesia for 2009 are improvement of national transportation service, improving safety and security of maritime transportation and improving quality of human resources (Ministry of Transportation, 2009). Indonesia also published long term development strategies 2005-2025 for maritime safety, inter alia, maintain traffic scheme, monitoring seaworthiness and vessel status regularly, assessment of technical aspect and operational of vessel, controlling implementation of planned maintenance systems, developing crew career, monitoring environmental protection and improving S AR operation (Ministry,2008a). Specific short term target are explained in roadmap of maritime transportation safety improvement for 2006-2009 plans which include facilities, law enforcement, regulation, restructure organization, human resource, institution revitalization and community socialization (Ministry,2008b). Specifically as a flag state, Indonesia is bound to the obligation of flag state duties as mention in UNCLOS. Based on Transportation Information Book 2007, Indonesia has 7,237 national fleets in 2007 (Ministry, 2008c). Compare to the world, Indonesia is in number 11 in merchant marine with 971 vessels in 2008 (CIA,2009). To maintain and assure that all vessels have fully complied with regulation is not easy task for Indonesia. As 4 strategies mentioned in Resolution A.996(25) which should be established, some are fulfilled and some are not yet accomplished. a. Implementation and enforcement Indonesia already ratify several conventions such as SOLAS 74 protocol 78, Load Line 66, Tonnage 69, COLREG 72, STCW 78, MARPOL 73/78 Annex I/II and some other convention such as CSC, STP, Facilitation and INMARSAT (IMO,2009a). Ratification processes are take time since it has to be legalizing through parliaments. However, although there are some conventions, protocol or annex not yet ratified, Indonesia always try to keep in track to recent important regulation development. For example, as mention in roadmap of maritime transportation safety improvement, Indonesia has continuous improvement in ISPS and ISM implementation (Ministry, 2008b). In terms of classification, Directorate General of Sea Transportation give authority to Biro Klasifikasi Indonesia regards hull construction, electrical and machinery. Other aspect such as radio communication and safety equipment are inspected by Directorate through their Marine Inspector (Rusdi,2009). This multiple classifications should not be a problem if every part of regulation is strictly implemented. However, often people argue that BKIs position is not helped by its close links with the Ministry of Transportation, where decisions are often described as politically-motivated (Indonesian Class, 2007). Indonesia also tries to improve law enforcement such as technical audit to passenger vessel and ro-ro ferry, sanction for careless harbourmaster and marine inspector, licence revocation for negligent operator and condition assessment survey for safety requirement in ro-ro ferry which older than 25 years. In 2007, there are 4 official and 1 operator were sanctioned (Ministry, 2008b). Unfortunately, in several cases, inadequate safety equipments are still founded. For example, in KM Levina accident case, it was proved that the sprinkle can not work. Ironically, for safety equipment certificate, the ship have complete certificate. There are possibilities that safety equipment not carefully inspected (Rusdi, 2009). As Gunther, chairman of interferry, comments that many problem are caused by poor operator administration (High waves, 2009). This problem should be cover by port clearing requirement; therefore, law enforcement should be much stricter. b. Adherence to international recommendations Overall, Indonesia has trying to implement and enforce mandatory instrument; however, Indonesia should more pay attention to international recommendation. Although ISPS are not cover in Resolution A.996(25), ISPS code including Part B which is not mandatory is one example of recommendation that already implemented in Indonesia.   Indonesia already established International Ship and Port Facilities Security since 1st July 2004 (Ministry, 2008a). c. Review and verification of the effectiveness Port state control data, accident statistics and audit are the ways to review and verify flag state implementation effectiveness.   Unfortunately, port state control statistic for Indonesian vessel not gives good news. In Tokyo MoU annual report 2008, Indonesia is in 6th place in highest detention report with 19.14% or 40 detentions. With 634 inspections from 2006 to 2008 there are 123 detentions which put Indonesia in black list.   However, Biro Klasifikasi Indonesia can prove that they have better performance, which in Tokyo MoU, BKI has medium performance level (Tokyo MoU, 2009). Number of vessel accident in Indonesia also relatively high. Figure 1 shows the statistics from 2003 to 2008. It tends to increase from 2003 to 2007 and the highest number occurs in 2007 with 145 accidents. However it shows good progress when in 2008, number of accident sharp decrease to 44 accidents. This probably prove that after second biggest ferry disaster in Indonesia, Senopati   Nusantara, happened at the end of 2006, government trying hard to improve vessel safety in Indonesia. Furthermore, Indonesia has not yet volunteered for VIMSAS. Apart of realizing that some obligation not yet fulfilled, one of the problems is probably cost which should be afforded for the audit. However this problem should not be as a reason to refrain from applying the audit. Integrated Technical Co-operation Programme (ITCP) can provide assistance to prepare audits and/or implement corrective measures in response to audit findings and, if necessary, funding part of the cost for the audit (Franson, 2009). Considering benefit of this audit, applying VIMSAS could be the starting point for Indonesia to find the right solution. d. Achievement, maintenance and improvement of overall organizational performance and capability In order to ensure achievement and maintenance of organizational performance, Indonesia realized urgency of improving human resource development. Since 2006, each year Indonesia trained approximately 600 people in various training such as marine inspector, hydrographic, Global Marine Distress Safety System, SAR, ISPS-Code, Port State Control Officer, Advance Fire Fighting, ISM Code and Radar Simulator Arpa Simulator. In terms of organization improvement, Directorate General of Sea transportation determined tasks based on competence based evaluation. Indonesia also planned to restructure and reform Biro Klasifikasi Indonesia to be more independent and professional (Ministry, 2008b). Although we can categorized Indonesian Maritime administration has traditional public administration style with its classic bureaucracy, Indonesia has implemented some element of new public management. Authorization of Biro Klasifikasi Indonesia for ISM audit also shown Maritime administration orientation in result, with realized their limited capability for doing too much task. Directorate has also published minimum standard of services which mention performance indicator (Directorate, 1999). Certainly, all deficiency should be overcome, one of the solution is by implementing the code in Resolution A.996(25). However, there are many possible consequences have to be faced by Indonesia in order to fully implement the code. One example of important parts is regarding casualty investigation. IV. Consequence of the code for casualty investigation in Indonesia As part of the strategy, casualty investigation is one of flag state responsibility that should implement.   Resolution A.996(25) point out that flag state should carried out investigation following a marine casualty or pollution incident. Three consequences that should considered regarding casualty investigations are provide qualified investigators, publish the result for certain cases, and report to IMO according to the guidelines (IMO,2007). Wherever the location of casualty or incident, flag State should be prepared to provide qualified investigators. Individual investigators should have working knowledge and practical experience in those subject areas pertaining to their normal duties. Additionally, in order to assist individual investigators performing duties outside their normal assignments, flag State should ensure ready access of various expertise such as expertise in navigation and Collision Regulations, causes of marine pollution, interviewing techniques, evidence gathering, and evaluation of the effects of the human element (IMO,2007). High qualified investigator can conduct good investigation which finds not only the direct causes but also the root causes to avoid the reoccurrence. In terms of investigator, Indonesia only has 6 individual investigators. As Karmoyono, head of maritime transportation sub committee NTSC said, to promptly deal with all accident happen in Indonesia at least 30 individual investigato rs is needed, with 1 investigator for each province (Yunita,2008). Addressing this problem, Indonesia can try to develop its capability through program offered in UNDP; as long as conform to UNDP global mandate and follow the process, Common Country Assessment, United Nations Development Assistance Framework and Common Country Programme Action Plan (Jopap,2009). Along with developing internal capability, Indonesia can also explore possibility to take advantage of multi state cooperation with get professional expert from other country. Moreover, the investigation result should be informed to every party involved as input for improvement.   According to Smith and Schmidt, â€Å"When investigating accident, success is measured by the degree to which the party efficiently receives the information it needs and is able to act in its own best interest based on that knowledge† (Smith Schmidt, 2005, p.210). It is fits to requirement of the code, which is to publish the result of investigation to the public, especially any accidents involving personal injury necessitating absence from duty of three days or more and any deaths resulting from occupational accidents and casualties to ships. In 2008, among 44 accidents, 4 accidents which considered as major accident were investigated by National Transport Safety Committee, and 40 were investigated by Directorate General of Sea Transportation (NTSC, 2009a). Among this 4 major accident only 2 of the report are published in NTSC website (NTSC, 2009b). Last consequence is requirement to report in accordance with MSC/Circ.953-MEPC/Circ.372, Reports on marine casualties and incidents, and revised harmonized reporting procedures which is reports required under SOLAS regulation I/21 and MARPOL 73/78 articles 8 and 12. V.Conclusion Strategies mentioned in Resolution A.996(25) has give comprehensive measure to implement IMO convention. Indonesia as flag state has developed short term and long term strategic plans which in line with some part of the code. Indonesia also conducted the strategy; however, there are still many deficiencies occurred, especially in enforcement, adherence to the international recommendation, and verification of effectiveness. Realizing the benefit of the code, it is every hope that all possible consequences which arise from implementing the code in Indonesia can be managed.

Female Genital Mutilation Essay -- History Human Rights Research Paper

Female Genital Mutilation Female Genital Mutilation is believed to have started in Egypt 2,000 years ago and spread from there. Only a few years ago, FGM was considered a cultural tradition, but now the United Nations has labeled it as a violation of human rights. Canada, Denmark, the Netherlands, and the United States has declared Female Genital Mutilation grounds for seeking asylum and is a punishable offense (1).   Ã‚  Ã‚  Ã‚  Ã‚  Many of us never heard of Female Genital Mutilation until the story of Kauziya Kasinga, a woman from West Africa. Her father did not believe in polygamy, forced marriage, or "female circumcision". He died when she was 17 and the father's sister inherited the home, banished the mother, ended Fauziya's schooling, and arranged a marriage as a fourth wife to a man she had never met. The aunt scheduled her for the circumcision and she ran with 3,000 dollars that one of her aunts had saved.   Ã‚  Ã‚  Ã‚  Ã‚  What is female circumcision? The female genital mutilation term covers three main varieties of genital mutilation (2). There is the "sunna circumcision"; this consists of removal of the prepuce and/or the tip of the clitoris. Ironically, sunna in Arabic means "tradition". This is done because it is believed that the clitoris is a very dangerous part of the female anatomy. In our culture, Freud stated in his book, Sexuality and the Psychology of Love, that the "elimination of clitoral sexuality is a necessary precondition for the development of femininity. In 1979, the "Love Surgery" was performed on women in the United Sates. Dr. James Burt, the "Love Surgeon", introduced "clitoral relocation" (sunna circumcision) to the medical field. He believed and acted upon the idea that excision does not prevent sexual pleasure, but enhances it. Dr. Burt practiced in Ohio for almost ten years before he was exposed after which he gave up his license.   Ã‚  Ã‚  Ã‚  Ã‚  Clitoridectomy, also referred to as excision, removes the entire clitoris and the removal of the labia. Thirdly, there is a procedure called an infibulation. This is the most extreme form of circumcision, it consists of the removal of the clitoris, the labia, and the joining of the scraped sides of the vulva across the vagina, where they are secured with thorns or sewn with thread. A small opening is kept to allow passage of urine and menstrual blood. A woman with this type of circumcision must be cut ... ...is "absolutely certain that if similar tortures were inflicted on boy children the whole world would rise up to stop it by all means". Works Cited 1. Atrocities Against Women: Female Genital Mutilation. Mason, Marcia L. Sept. 1995. HTTP://WWW.WORLDCITIZEN.ORG/ISSUES 2. FEMALE GENITAL MUTILATION: AN INTRODUCTION. National Organization of Circumcision Information Resource Centers FGM Awareness and Education Project. Box 2512 San Anselmo, CA 94979 3. Female Genital Mutilation. http://www.hollyfeld.org 4. Female Genital Mutilation. http://www.hollyfeld.org 5. Associated Press Article, Feb 1998, web site found at http://www.feminist.org/news/newsbyte/february98/0218.html 6. Female Mutilation in Africa, Middle East and Far East; anon. http://www.religioustolerance.org/fem_cirm.htm 7. ABU-SAHLIEH Sami, "To Mutilate in the Name of Jehovah or Allah: Legitimization of Male and Female Circumcision: available online at Http://wwwhollyfeld.org 8. Nawal El-Saadawi, "The Hidden Face of Eve, Women in the Arab World," translated and edited by Sherif Hettata, Zed Press, London, 1980, pg.33 9. The Women's Watch, Spring 1996 Vol. 22 No. 2, pg.44-49. Fran Hosken, Editor.

The Abolition of Man by C.S. Lewis Essays -- Lewis Abolition of Man Es

The Abolition of Man by C.S. Lewis      Ã‚  Ã‚  Ã‚  Ã‚   The Abolition of Man is perhaps the best defense of natural law to be   Ã‚  Ã‚  Ã‚  Ã‚   published in the twentieth century. The book is outstanding not because   Ã‚  Ã‚  Ã‚  Ã‚   its ideas are original, but because it presents so clearly the common   Ã‚  Ã‚  Ã‚  Ã‚   sense of the subject, brilliantly encapsulating the Western natural law   Ã‚  Ã‚  Ã‚  Ã‚   tradition in all its Greco-Roman and Judeo-Christian glory. Interestingly,   Ã‚  Ã‚  Ã‚  Ã‚   Lewis' defense of objective morality here resonates not only with ideas   Ã‚  Ã‚  Ã‚  Ã‚   from the giants of Western thought (including Plato, Aristotle, Augustine,   Ã‚  Ã‚  Ã‚  Ã‚   and Aquinas), but also draws on the wisdom of the East, including Confucius and the sages of Hinduism.      Ã‚  Ã‚  Ã‚  Ã‚   In "The Abolition of Man" C.S. Lewis developed three lectures entitled   Ã‚  Ã‚  Ã‚  Ã‚   "Men without Chests'', "The Way", and "The Abolition of Man". In them he   Ã‚  Ã‚  Ã‚  Ã‚   set out to attack and confute what he saw as the errors of his age.   He   Ã‚  Ã‚  Ã‚  Ã‚   started by quoting some fashionable lunacy from an educationalists'   Ã‚  Ã‚  Ã‚  Ã‚   textbook, from which he developed a general attack on moral subjectivism.   Ã‚  Ã‚  Ã‚  Ã‚   In his second lecture he argued against various contemporary isms, which   Ã‚  Ã‚  Ã‚  Ã‚   purported to replace traditional objective morality. His final lecture,   Ã‚  Ã‚  Ã‚  Ã‚   "The Abolition of Man", which also provided the title of the book   Ã‚  Ã‚  Ã‚  Ã‚   published the following year, was a sustained attack on hard-line      Ã‚  Ã‚  Ã‚  scientific anti-humanism.      Ã‚  Ã‚  Ã‚  Ã‚   The first essay, "Men without Chests," indicted the modern attempt to   Ã‚  Ã‚  Ã‚  Ã‚   debunk objective virtues and sentiments. According to Lewis, traditional   Ã‚  Ã‚  Ã‚  Ã‚   moral theorists believed that virtues such as ... ...world, by   Ã‚  Ã‚  Ã‚  Ã‚   the dictates of conscience and by the constituted order of things in   Ã‚  Ã‚  Ã‚  Ã‚   nature. That is why, all that being so, "we have cause to be uneasy",   Ã‚  Ã‚  Ã‚  Ã‚   because faced with this Law (Tao) of God, with Absolute Goodness, and   Ã‚  Ã‚  Ã‚  Ã‚   demands therein, we see we that we have "all sinned and come short of the   Ã‚  Ã‚  Ã‚  Ã‚   glory of God" (Romans 3:23).      Ã‚  Ã‚  Ã‚  Ã‚   When we take some time to ponder the meanings of The Abolition of Man and   Ã‚  Ã‚  Ã‚  Ã‚   its writings, we see that Lewis' essays were not new ideas at all.   In the   Ã‚  Ã‚  Ã‚  Ã‚   contrary, they were reminders of what man has intrinsically known since   Ã‚  Ã‚  Ã‚  Ã‚   the beginning of time.   As Samuel Johnson once said, 'Man is in need more   Ã‚  Ã‚  Ã‚  Ã‚   frequently of being reminded than informed.' Works Cited: Lewis, C. S. The Abolition of Man. Ontario: The MacMillan Company, 1947.

Colombia Report Essay -- essays research papers

The Deaf population in the United States is composed both of individuals Deaf since early childhood and individuals who lost their hearing later in life. The "Deaf Community", a heterogeneous mix of people from all walks of life, represents every socio-economic and racial category. However, this group of people consider themselves "a community" because they are bound by a common culture, history, heritage and, most importantly, a common language. This language, which forms the foundation of the Deaf Community, is known as American Sign Language (ASL). ASL is a beautiful and expressive visual language that holds the Deaf Community together. (Lake) Unfortunately, deaf/Hard of hearing people have long been victims of discrimination. Lacking a â€Å"voice†, hearing people have assumed that Deaf people are incapable, and have made decisions for Deaf people on their behalf. Even today the attitude toward Deaf people is that they are incapable of accomplishing anything including their own dreams. This message of incapability is sinking into the heads of many Deaf children and adults. Deaf people as a group are underemployed or unemployed period. Many community based services are unwilling to make accommodations to meet the needs of this unique population. Being deaf means that you can’t hear the conversations in supermarkets, in banks, at the post office, at work, at school, etc. All of these which hearing people take for granted. This means that a deaf person is often found in situations where they can’t follow what is being said and are often confused, scared, and isolated. The attitudes of hearing people toward Deaf people tend to pervade deaf/HOH people’s relationships with their family, educational environment, employers, and fellow co-workers. Some examples are, accepting lower expectations of themselves based on perceptions of hearing people, and lacking confidence as a result of being raised in an overprotective environment, or having things done for them. When it comes to education, deaf/HOH people are also discriminated against. Unfortunately, residential schools for the deaf are often sorely deficient in actual education. The teachers rarely use ASL or teach Deaf history and in most places are not required to. The administrations are often made up of hearing people who are still... ...imination that goes on is to start raising awareness of the deaf community. There are some very easy things that you can do to learn about the deaf culture. One very easy way is to attend a deaf awareness event. Many amusement parks such as Paramount Kings Dominion in Virginia and Six Flags hold deaf awareness days. There are also many baseball teams that hold deaf awareness nights at the ballpark. Many schools, programs, and organizations for the deaf also hold annual deaf awareness events or festivals. These are some very easy ways to learn about the deaf culture and have fun at the same time. Another way is to join or volunteer to an organization. There are many deaf groups and organizations that are in need of volunteers to get involved and help with the deaf community. As I said before, we are lacking interpreters and people to interact with the Deaf and we can start to improve that area by having more people get involved and learn about the deaf community. In conclusion, deafness is a disability of communication. Given equal opportunities to communicate at home, in school, and at work, the Deaf individual can and will succeed and make a positive impact on the community.

Pnl Explain

P&L Explain – Bonds and Swaps Tony Morris antony. [email  protected] com MICS – DKS Manila Contents 1. Bond Pricing – basic concepts 2. P&L sensitivities of a bond i. PV01 ii. CS01 iii. Theta iv. Carry 3. Extension to interest rate swaps 1. Bond Pricing – basic concepts Let’s say you have a 4 year 10% annual coupon bond, with a yield (‘yield to maturity’ or ‘yield to redemption’) of 12%. From this information, the price can be calculated as 93. 93%. The price is calculated by pricing each of the bond’s cash flows using the yield to maturity (YTM) as a discount rate.Why? Because the YTM is defined as the rate which, if used to discount the bond’s cash flows, gives its price. We could picture it like this: Bond Cash Flows on a Time Scale Each fixed coupon of 10% is discounted back to today by the yield to maturity of 12%: 93. 93% = 10 + 10 + 10 + 110 (1. 12)1 (1. 12)2 (1. 12)3 (1. 12)4 All we are doing is obse rving the yield in the market and solving for the price. Alternatively, we could work out the yield if we have the price from the market.Bond price calculators work by iteratively solving for the yield to maturity. For a bond trading at par, the yield to maturity and coupon will be the same, e. g. a four year bond with a fixed coupon of 10% and a yield of 10% would be trading at 100%. Note that bond prices go down as yields go up and bond prices go up as yields go down. This inverse relationship between bond prices and yields is fairly intuitive. For our par bond above, if four year market yields fall to 9% investors will be willing to pay more than par to buy the above market coupons of 10%. This will force its price up until it, too, yields 9%.If yields rise to, say, 11% investors will only be willing to pay less than par for the bond because its coupon is below the market. For a detailed example of the bond pricing process, see Appendix 3. For now, note that the dirty price of a bond is the sum of the present values of the cash flows in the bond. The price quoted in the market, the so-called â€Å"clean† price or market price, is in fact not the present value of anything. It is only an accountants’ convention. The market price, or clean price, is the present value less accrued interest according to the market convention. . P&L sensitivities of a bond As we saw above, the price of a bond can be determined if we know its cash flows and the discount rate (i. e. YTM) at which to present value them. The yield curve from which are derived the discount factors for a bond can itself be considered as the sum of two curves: 1. the â€Å"underlying† yield curve (normally Libor), and 2. the â€Å"credit† curve i. e. the spread over the underlying curve The sensitivity of the bond price to a change in these two curves is called: i. PV01, and ii. CS01 respectively. Related essay: â€Å"Support Positive Risk Taking For Individuals†In terms of the example above, the discount rate of 12% might be broken down into, say, a Libor rate of 7% together with a credit spread of 5%. (Note, in the following, it is important not to confuse the discount rate, which is an annualised yield, and the discount factor, which is the result of compounding the discount rate over the maturity in question. ) In addition to the sensitivities described above, we can also consider the impact on the price of the bond of a one day reduction in maturity. Such a reduction affects the price for two reasons: ) assuming the yield curve isn’t flat, the discount rates will alter because, in general, the discount rate for time â€Å"t† is not the same as that for time â€Å"t-1† b) since one day has elapsed, whatever the discount rate, we will compound it based on a time interval that is shorter by one day The names given to these two sensitivities are, r espectively: iii. Theta, and iv. Carry Note that, of these four sensitivities, only the first two, i. e. PV01 and CS01, are â€Å"market sensitivities† in the sense that they correspond to sensitivities to changes in market parameters.Theta and Carry are independent of any change in the market and reflect different aspects of the sensitivity to the passage of time. i)PV01 Definition The PV01 of a bond is defined as the present value impact of a 1 basis point (0. 01%) increase (or â€Å"bump†) in the yield curve. In the derivation below, we will refer to a generic â€Å"discount curve†. As noted earlier, this discount curve, from which are derived the discount factors for the bond pricing calculation, can itself be considered as the sum of two curves: the â€Å"underlying† yield curve (normally Libor), and a credit curve (reflecting the risk over and above the interbank risk ncorporated in the Libor curve). The PV01 calculates the impact on the price of bu mping the underlying yield curve. Calculation For simplicity, consider the case of a zero coupon bond i. e. where there is only one cash flow, equal to the face value, and occurring at maturity in n years. Note, though, that the principles of the following analysis will equally apply to a coupon paying bond. We start by defining: P = price or present value today R(t) = discount rate, today, for maturity t FV = face value of the bond Then, from the above, we know:P = FV/(1+r(t))^n Now consider the impact a 1bp bump to this curve. The discount rate becomes: R(t) = R(t) + 0. 0001 The new price of the bond, Pb(t), will be: Pb = FV/(1+[r(t)+. 0001])^n Therefore, the sensitivity of this bond to a 1bp increase to the discount curve will be: Pb – P = FV/(1+[r(t)+. 0001])^n – FV/(1+r(t))^n Eqn. 1 The first term is always smaller than the second term, therefore: * if we hold the bond (long posn), the PV01 is negative * if we have short sold the bond (short posn), the PV01 is pos itive We can also see that: the higher the yield (discount rate), the smaller the PV01. This is because a move in the discount rate from, for example, 8. 00% to 8. 01% represents a smaller relative change than from 3. 00% to 3. 01%. In other words, the higher the yield, the less sensitive is the bond price to an absolute change in the yield * the longer the maturity, the bigger the PV01. This is more obvious – the longer the maturity, the bigger the compounding factor that is applied to the changed discount rate, therefore the bigger the impact it will have.To extend this method to a coupon paying bond, we simply note that any bond can be considered as a series of individual cash flows. The PV01 of each cash flow is calculated as above, by bumping the underlying yield curve at the corresponding maturity. In practice, where a portfolio contains many bonds, it would not be practical, nor provide useful information, to have a PV01 for every single cash flow. Therefore the cash f lows across all the positions are bucketed into different maturities. The PV01 is calculated on a bucketed basis i. e. by calculating the impact of a 1bp bump to the yield curve on each bucket individually.This is an approximation but enables the trader to manage his risk position by having a feel for his overall exposure at each of a series of maturities. Typical bucketing might be: o/n, 1wk, 1m, 2m, 3m, 6m, 9m, 1y, 2y, 3y, 5y, 10y, 15y, 20y, 30y. Worked example: Assume we hold $10m notional of a zero-coupon bond maturing in 7 years and the yield to maturity is 8%. Note that, for a zero coupon bond, the YTM is, by definition, the same as the discount rate to be applied to the (bullet) payment at maturity. We have: Price, P = $10m / (1. 08)^7 = $5. 834mBumping the curve by 1bp, the â€Å"bumped price† becomes: Pb = $10m / (1. 0801)^7 = $5. 831m Therefore, the PV01 is: Pb – P = $5. 831m – $5. 835m = -$0. 004m (or -$4k) Meaning In the example above, we have calcul ated the PV01 of the bond to be -$4k. This means that, if the underlying yield curve were to increase from its current level of 8% to 8. 01%, the position would reduce in value by $4k. If we assume the rate of change in value of the bond with respect to the yield is constant, then we can calculate the impact of, for example, a 5bp bump to the yield curve to be 5 x -$4k = -$20k.Note, this is only an approximation; if we were to graph the bond price against its yield, we wouldn’t see a straight line but a curve. This non-linear effect is called convexity. In practice, while for small changes in the yield the approximation is valid, for bigger changes, convexity cannot be ignored. For example, if the yield were to increase to 9%, the impact on the price would be -$365k, not -(8%-9%)x$4k = -$400k. Use The concept of PV01 is of vital day to day importance to the trader. In practice, he manages his trading portfolio by monitoring the bucketed yield curve exposure as expressed by PV 01.Where he feels the PV01 is too large, he will perform a transaction designed to either flatten or reduce the risk. Similarly, when he has a view as to future yield curve movements, he will position his PV01 exposure to take advantage of them. In this case, he is taking a trading position. ii)CS01 The basis of the CS01 calculation is identical to that of the PV01, only this time we bump the credit spread rather than the underlying yield curve. The above example was based on a generic discount rate. In practice, for any bond other than a risk free one, this rate will be combination of the yield curve together with the credit curve.At first glance therefore, we would expect that, whether we bump the yield curve or the credit spread by 1bp, the impact on the price should be similar, and described by Eqn. 1 above. What we can also say is that, bumping the yield curve, the overall discount rate will increase and therefore, as for PV01: * if we hold the bond (long posn), the CS01 is neg ative * if we have short sold the bond (short posn), the CS01 is positive From the same considerations as for PV01, we can see that: * the higher the credit spread, the smaller the CS01 * the longer the maturity, the bigger the CS01In practice, when we look at multiple cash flows, the impact of a 1bp bump in the yield curve is not identical to a 1bp bump in the credit spread. This is because, inter alia: * the curves are not the same shape and therefore interpolations will differ * bumping the credit spread affects default probability assumptions that will, in turn, impact the bond price In general though, PV01 and CS01 for a fixed coupon bond will be similar. The exception is where the bond pays a floating rate coupon. In this case, the sensitivity to yield curve changes is close to zero so, although the PV01 will be very small, the CS01 will be â€Å"normal†.Worked example: A worked example would follow the same steps as for PV01 above, only this time we would bump the cred it spread by 1bp rather than the underlying yield curve. Theta and Carry We now look at the two sensitivities arising from the passage of time (â€Å"1 day decay†, to use option pricing terminology). First, let’s calculate what the total impact on the value of a position would be if the only change were that one day had passed. In particular, we assume that the yield and credit curves are unchanged. Again, for simplicity, consider the case of a zero coupon bond i. . where there is only one cash flow, equal to the face value, and occurring at maturity in n years. Again, we note that the principles of the following analysis will equally apply to a coupon paying bond. Following the previous notation, the value (or price) today will be: P(today) = FV/(1+r(t))^n The value tomorrow will be: P(tomorrow) = FV/(1+r(t-1))^(n-1/365)Eqn. 2 There are two differences between the formula for the value today and that for tomorrow. Firstly, the discount rate has moved from r(t) to r(t- 1). Here, r(t-1) is the discount rate for maturity (t-1) today.We have assumed that the discount curve does not move day on day, therefore the rate at which the cash flow will be discounted tomorrow is the rate corresponding to a one day shorter maturity, today. Secondly, the period over which we discount the cash flows has reduced by one day, from n to n-1/365 (we divide by 365 because n is specified in years). Theta and Carry capture these two factors. P(tomorrow) – P(today) gives the full impact on the price due to the passing of one day. This impact can be approximated by breaking down the above formula into its two component parts i. e. he change in discount rate and the change in maturity, as explained below. iii)Theta As before, we define: P = price or present value today r(t) = discount rate, today, for maturity t FV = face value of the bond In addition, we define: r(t-1) = discount rate, today, for maturity t-1 (e. g. for a bond with 240 days to maturity, if the 240 day discount rate today is 8. 00% and the 239 day discount rate today is 7. 96% then: r(t) = 8. 00% and r(t-1) = 7. 96%) We now define Theta as: FV/(1+r(t-1))^n – FV/(1+r(t))^n We can see that, compared to the formula for the full price impact above (Eqn. ), this sensitivity reflects the change in the discount rate but ignores the reduction by 1 day of the maturity. In other words, Theta represents the price impact due purely to the change in discount rate resulting from a 1 day shorter maturity but ignores the impact on the compounding factor of the discount rate resulting from the shorter maturity. Note that the sign of Theta, in contrast to PV01 and CS01, can be both positive and negative. This is because r(t-1) can be higher or lower than r(t), depending on the shape of the yield curve.That said, in practice, given that yield curves are normally upward sloping, we would expect r(t) to be higher than r(t-1). Therefore Theta will normally be positive. In the same way, if th e yield curve is flat, then Theta will be zero. iv)Carry Using the standard notation, we define Carry as: FV/(1+r(t))^(n-1) – FV/(1+r(t))^n Comparing to the formula for the full price impact above (Eqn. 2), we see that this sensitivity reflects the change in maturity on the compounding factor to be applied to the discount rate but ignores the impact on the discount rate itself of moving one day down the curve.In other words, Carry represents the price impact due purely to the change in discount factor resulting from a 1 day shorter compounding period but ignores the impact on the discount rate resulting from the shorter maturity. Where discount rates are positive (r(t) > 0), Carry will always be positive since the first term will be larger than the second. Using the Taylor expansion, we can obtain a simplified approximate value for Carry. Remembering that: 1/(1+x)^n = 1 – n. x + (1/2). n. (n-1). x^2 – †¦ we have: Carry = FV. 1-(n-1/365). r(t)) – FV. (1-n. r(t)) = FV. r(t). 1/365 Note that r(t). 1/365 would represent one day’s â€Å"interest† calculated on an accruals basis since, in the case, the yield equals the coupon rate. (Note, where a position is accounted for on an accruals basis, and therefore valued at par, the yield will always equal the coupon. ) In other words, this definition ties in to the intuitive idea of carry that we have from, say, a deposit where the carry would be equal to one day’s interest, based on its coupon.We can also see that Carry is directly proportional to the yield. We have now seen that, between them, Theta and Carry attempt to capture the two components affecting the price move arising from the passing of 1 day, all other factors being kept constant. There will be certain â€Å"cross† effects of the two that will not be captured when performing this decomposition. In other words, Theta + Carry will not exactly equal the full impact (as per Eqn. 2). The difference, ho wever, will not normally be material.In general, for a long bond position, both Theta and Carry will be positive as, with the passing of one day, not only will the annualised discount rate be less (reflecting the lower yield normally required for shorter dated instruments) but the compounding factor will be smaller (reflecting the shorter maturity). Worked example: Assume we hold $10m notional of a zero-coupon bond maturing in 240 days and the yield to maturity today is 8%. Also, the yield today for the 239 day maturity is 7. 96%. Theta = $10m/(1. 0796)^(240/365) – $10m/(1. 08)^(240/365) = $23,159 Carry = $10m/(1. 8)^(239/365) – $10m/(1. 08)^(240/365) $20,047 Theta + Carry = $43,205 To compare, the full price impact of a 1 day â€Å"decay† is: $10m/(1. 076)^(239/365) – $10m/(1. 08)^(240/365) = $43,113 Summary We have now analysed the key sensitivities that explain the 1 day move in a bond’s mark to market value. To summarise some of the main featur es; for a long bond position: PV01 / CS01: * negative * for a fixed coupon or zero coupon bond, PV01 and CS01 will be similar * the higher the yield/credit spread, the smaller the PV01/CS01 * the longer the maturity, the bigger the PV01/CS01 for a floating rate coupon (with a Libor benchmark), PV01 will be very small but the CS01 will be â€Å"normal† Theta * positive * the flatter the curve, the smaller the Theta Carry * positive * proportional to the yield 3. Extension to interest rate swaps In essence, all the above applies equally to interest rate swaps (IRSs) when calculating/explaining daily P&L. We start by noting that an IRS is simply the exchange of two cash flows, one fixed and one floating. Extending the analysis we made for bonds, we can say: a) The PV01 of the floating rate leg will be close to zero. This is as noted for a floating rate bond.In both cases, as the yield curve changes so do the expected future cash flows but, at the same time, so will the discount rates at which they are PV’d. The two effects will broadly cancel out. (The PV01 will not be exactly zero because, once the Libor fixing occurs, the next cash flow becomes fixed and therefore effectively becomes a zero coupon bond, on which there will be PV01. ) b) The fixed leg is similar to the fixed coupon stream on a bond and can be considered as a series of zero coupon bonds. Therefore the exact same analysis as applied to bonds above will apply to the fixed leg. An IRS that ays floating and receives fixed will have a PV01 sensitivity similar to that of a long bond position. c) IRSs are normally interbank trades where it is assumed that there is no credit risk over and above Libor. Therefore, the CS01 will be zero. d) Theta and Carry may be either positive or negative. Appendix 1 : Date Conventions There are several methods for computing the interest payable in a period and the accrued interest for a period. A particular method applied to a transaction can affect the yie ld of that transaction and also the payment for a transaction. Counting the Number of DaysThe conventions used to determine the interest payments depend on two factors: 1) The number of days in a period and 2) The number of days in a year. The conventions are: 0 Actual/360 1 Actual/365 : sometimes referred as Actual/365F (seldom used now) 2 Actual/Actual 3 30/360 European: sometimes referred to as ISMA method (30E/360) 4 30/360 US (30U/360) The first three methods (Actual/360, Actual/365 and Actual/Actual) calculate the number of days in a period by counting the actual number of days. For each method the number of days in a year is different. Actual/365 and Actual/Actual are similar except: 1.Periods which include February 29th (leap year) count the number of days in a year as 365 under Act/365 and 366 under Act/Act; 2. Semi-annual periods are assumed to have 182. 5 days under Act/365 and however many actual days under Act/Act. Eurobond markets use the 30E/360 basis. This calculatio n assumes every month has 30 days. This means that the 31st of a month is always counted as if it were the 30th of the month. For 30E/360 basis, February is also assumed to have 30 days. If the beginning or end of a period falls on a weekend the coupon is not adjusted to a good business day.This means that there are always exactly 360 days in a year for all coupons. For example a coupon from 08-November-1997 to 08-November-1998 of 5% is a coupon of 5%, even though 08-November-1998 is a Sunday. There is no adjustment to the actual coupon payment. The various European government bond markets are described below: Country| Accrual| Coupon Frequency| Austria| Act/Act| Annual| Belgium| Act/Act| Annual| Denmark| Act/Act| Annual| Finland| Act/Act| Annual| France| Act/Act| Annual| Germany| Act/Act| Annual| Ireland| Act/ActAct/Act (Earlier Issues)| AnnualSemi-Annual| Italy| Act/Act| Semi-Annual| Luxembourg| Act/Act| Annual|Netherlands| Act/Act| Annual| Norway| Act/Act| Annual or Semi-Annual| Portugal| Act/Act| Annual| Spain| Act/Act| Annual| Sweden| Act/Act| Annual| Switzerland| Act/Act| Annual| United Kingdom| Act/Act | Semi-Annual| Appendix 2 : Calculating Accrued Interest Even though Eurobond coupons are not adjusted for weekends and holidays, the accrual of a coupon for any part of the year has to use the correct number of days. The difference between European and US 30/360 method is how the end of the month is treated. For US basis the 31st of a month is treated as the 1st of the next month, unless the period is from 30th or 31st of the previous month.In this case the period is counted as number of months: | 30/360 European| 30/360 US| Beginning DateEnding Date| M1/D1/ Y1M2/D2/Y 2| M1/D1/Y1M2/D2/Y 2| If D1 = 31| D1 = 30| D1 = 30| If D2 = 31| D2 = 30| If D1 = 31 or 30Then: D2 = 30Else: D2 = 31| The difference occurs when the accrual period starts and ends at the end or beginning of a calendar month: European and US 30/360 Examples Start| End| European| US| Actual| 3 1-Jul-01| 31-Oct-01| 90| 90| 92| 30-Jul-01| 30-Oct-01| 90| 90| 92| 30-Jul-01| 01-Nov-01| 91| 91| 94| 29-Jul-01| 31-Oct-01| 91| 92| 94| 01-Aug-01| 31-Oct-01| 89| 90| 91|Euro money markets: 0 Day count basis: actual/360 1 Settlement basis: spot (two day) standard 2 Fixing period for derivatives contracts: two day rate fixing convention Euro FX markets 3 Settlement timing: spot convention, with interest accrual beginning on the second day after the deal has been struck 4 Quotation: ‘Certain for uncertain’ (ie 1 Euro = x foreign currency units) U. S. Conventions Product| Day Count Convention| USD LIBOR| Act/360| USD Swap Fixed Rate in U. S. | Act/Act s. a. | USD Swap Fixed Rate in London| Act/360 p. a. | T-Bills| Act/360 discount rate| Government Bonds| Act/Act s. a. |Agency and Corporate Bonds| 30/360 s. a. | Appendix 3 : Detailed worked example of bond price calculation We can check the pricing of bonds in a more complicated example by using the following German governmen t bond (or Bund) : German Government Bund (in Euros) Coupon:| 5. 00%| Maturity:| 04-Feb-06| Price (Clean):| 102. 2651%| Yield:| 4. 43%| We are pricing this bond on 27/July 2001. It matures on 4 Feb 2006 and has a coupon of 5%. The table below shows that the bond price (the ‘dirty price’ or invoice price) is simply the sum of the present value of all of the coupons discounted at the yield to maturity.Pricing the German Euro Denominated Bund Dates| AA Days| Periods| Cash Flow| Cashflow PV| 04-Feb-01| | | | | 27-Jul-01| | | | 104. 6350%| 04-Feb-02| 192| 0. 5260| 5. 00%| 4. 8873%| 04-Feb-03| 557| 1. 5260| 5. 00%| 4. 6800%| 04-Feb-04| 922| 2. 5260| 5. 00%| 4. 4814%| 04-Feb-05| 1288| 3. 5260| 5. 00%| 4. 2913%| 04-Feb-06| 1653| 4. 5260| 105. 00%| 86. 2950%| The market convention uses the yield to maturity as the discount rate, and discounts each cash flow back over the number of periods as calculated using the accrued interest day-count convention.In the case of Bunds, the day -count convention is the Act/Act convention. Appendix 1 contains more details of date conventions – it is recommended that you read this at the end of the module. The part of a year between the settlement date (27 July 2001) and the next coupon (4 February 2002) is: Day Count 192/365 (ie Actual days/Actual days) = 0. 5260 The price of the first coupon can therefore be calculated in the following way: PV of First Coupon = 4. 8873% All of the other cash flow present values are calculated in the same manner. Adding them up gives us the price of the bond.Accrued interest is calculated from 04 February 2001 to 27 July 2001 (173 days) : Accrued Interest Accrued = 5% x 0. 47397 = 2. 3699% There is more detail on Accrued interest in Appendix 2. It is recommended that you read it at the end of this module. Notice that the quoted price of the bond (the ‘clean price’) is 102. 2651% not 104. 6350% (which is the ‘dirty price’ or invoice price – ie the pric e actually paid for the bond). The dirty price is the sum of the present values of the cash flows in the bond. The price quoted in the market, the so-called â€Å"clean† price or market price, is in fact not the present value of anything.It is only an accountants’ convention. The market price, or clean price, is the present value less accrued interest according to the market convention. Practitioners find it easier to quote the clean price because it abstracts from the changing daily accrued interest (i. e. it avoids a â€Å"saw-toothed† price profile). This publication is for internal use only by Deutsche Bank Global Markets employees. The material (including formulae and spreadsheets) is provided for education purposes only and should under no circumstances be used for client pricing.Examples, case studies, exercises and solutions may use simplifying assumptions that do not apply in practice, and may differ from Deutsche Bank proprietary models actually used. 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Ethan from †Realism Essay

The rise of Realism in 1855 was the time when farming began to industrialize, communication expanded through railroads, and Nationalism was yet again revived. On top of all these important transformations that have marked this period of time was the significance for literature with a new audience, new settings, and new characters. The novel, Ethan Frome, by Edith Wharton, is a magnificent example of literature from the Realistic period. First, Realism is a definite movement away from the Romantic period. Romantics wrote regarding the unique and the unusual, whereas in Realism, literature was written about the average and ordinary. The town where the novel takes place is Starkfield, an average farming community. There is not much in the town that is of interest or anything extravagant to be known for. In addition, literature from Romanticism focused on hopes, while Realistic literature illustrated skepticism and doubt. The narrator describes the scene where Zeena declares to Ethan that her sickness is getting serious, saying, â€Å"She continued to gaze at him through the twilight with a mien of wan authority, as of one consciously singled out for a great fate. I’ve got complications,’ she said† (108 Wharton). Hope for Zeena’s health is nonexistent, and she, being a hypochondriac, confirms the fact that she feels doubtful about life. The Romantics wrote about the unusual and hopeful, which are characteristics that are not strongly represented in Realistic literature. The second aspect of Realism is the idea of Regionalism. One indication of Regionalism in literature is the characters’ dialect. An excellent depiction of dialect is where Harmon Gow says, â€Å"Wust kind, . . . More’n enough to kill most men† (6). His regional accent is shown by the spelling and punctuation, allowing the reader to have an idea of how Harmon would have said it. Another aspect of Regionalism is the customs and the way of life of the characters. One way of life that the characters are accustomed to is the normality of marriage between cousins. As this practice is not enthusiastically accepted everywhere, it brings the Regionalistic aspect to the novel. Regionalism, which includes the characteristics of dialect and customs, is a critical component of Realism. Third, Realistic literature uses the concept of Naturalism. In Ethan Frome, the bleak winter setting is a primary clue that nature plays a key role in the story. Nature is displayed as a powerful and malevolent force that is indifferent to humankind. In the novel, the narrator once stated, â€Å"But when winter shut down on Starkfield, and the village lay under a sheet of snow perpetually renewed from the pale skies, I began to see what life there–or rather its negation–must have been . . . † (7). This statement depicts the winter seasons in Starkfield as gloomy and undesirable weather. Aside from the setting, the basic animal nature of humans also draws out the Naturalistic traits in Realism. The narrator tells what was going through Ethan’s mind following the smash-up, † . . . and far off, up the hill, he heard the sorrel whinny, and thought: `I ought to be getting him his feed. . . ‘ † (172). At such an intense moment, Ethan’s animal nature brings him to think about tending to his hungry horse instead of caring about his and Mattie’s teetering lives. These examples signify the sense of nature and its forces used in the literature of Realists. Edith Wharton’s novel, Ethan Frome, is a wonderful example of Realistic literature. Its style shows signs of a distinct shift away from Romanticism and illustrates the aspects of Regionalism and Naturalism, two major components of Realism. Authors of the Realistic period depicted life as typical, everyday people lived and knew it to be, using these important points. The ordinary characters that dealt with common problems and situations in the literature brought a new group of readers, establishing a unique new era that has changed the way people perceive life forever.