Dear Wife Analysis

John Downe’s letter to his wife creates an enthusiastic, persuasive tone to try to convince her to leave England and come to the United States. The diction he uses and the way he structures his sentences highlights the points he tries to make. He uses an array of rhetorical strategies and devices such as imagery, tone and attitude, and pathos to do so.Throughout most of the letter, Downe describes to his wife the lifestyle in the United States through imagery. The diction he uses gives a comforting, welcoming visual of what the United States has in store for his wife and family. Most of the persuading goes on in the first paragraph as he exemplifies all the great opportunities with leaving England and coming to the United States. He gives his wife a sense of security when he explains that people in the United States do not have to close or lock their doors and can enjoy their lives doing whatever they like, from picking fruits to going to get a drink. He gives her something to look forward to by describing the beauty of America and sharing his experiences.In the second paragraph, Downe gets into a more personal aspect with his word choice and sentence structure through pathos. Short, direct sentences are used to get his point across to his wife. He exemplifies his regret and remorse for leaving the family during his time of hardship and explains that he is back on his feet due to his choice of moving to the United States and starting a whole new life. Downe uses this to explain to his wife that her life can be changed if she comes also. He repeatedly used the word â€Å"dear† to refer to his wife and family and to make a point to personally address his wife.Downe’s tone and attitude throughout the whole letter is persuasive. It is important for him to get his family to move to the United States and enjoy a whole new life together. From describing the market place to trying to degrade England, his sole purpose is to convince his wife that th e United States is a better place for her and his family. He takes a shot at England when he said, that â€Å"there is no improper or disgusting equality† in the United States compared to England. He ends the letter with emotion when he tells his wife to give the children a kiss for him.John Downe uses different rhetorical strategies to try to persuade his wife to move to the United States from England. He paints an image of America that is welcoming and warm. His tone is very persuasive and he uses pathos to form a connection with his wife. Dear Wife Analysis John Downe’s letter to his wife creates an enthusiastic, persuasive tone to try to convince her to leave England and come to the United States. The diction he uses and the way he structures his sentences highlights the points he tries to make. He uses an array of rhetorical strategies and devices such as imagery, tone and attitude, and pathos to do so.Throughout most of the letter, Downe describes to his wife the lifestyle in the United States through imagery. The diction he uses gives a comforting, welcoming visual of what the United States has in store for his wife and family. Most of the persuading goes on in the first paragraph as he exemplifies all the great opportunities with leaving England and coming to the United States. He gives his wife a sense of security when he explains that people in the United States do not have to close or lock their doors and can enjoy their lives doing whatever they like, from picking fruits to going to get a drink. He gives her something to look forward to by describing the beauty of America and sharing his experiences.In the second paragraph, Downe gets into a more personal aspect with his word choice and sentence structure through pathos. Short, direct sentences are used to get his point across to his wife. He exemplifies his regret and remorse for leaving the family during his time of hardship and explains that he is back on his feet due to his choice of moving to the United States and starting a whole new life. Downe uses this to explain to his wife that her life can be changed if she comes also. He repeatedly used the word â€Å"dear† to refer to his wife and family and to make a point to personally address his wife.Downe’s tone and attitude throughout the whole letter is persuasive. It is important for him to get his family to move to the United States and enjoy a whole new life together. From describing the market place to trying to degrade England, his sole purpose is to convince his wife that th e United States is a better place for her and his family. He takes a shot at England when he said, that â€Å"there is no improper or disgusting equality† in the United States compared to England. He ends the letter with emotion when he  tells his wife to give the children a kiss for him.John Downe uses different rhetorical strategies to try to persuade his wife to move to the United States from England. He paints an image of America that is welcoming and warm. His tone is very persuasive and he uses pathos to form a connection with his wife.

Early years education Essay

1.1 – Summarise entitlement and provision for early year’s education There are many different types of early year’s provision which has been funded by the government for early years education. All three and four year olds are entitled to 15 hours of free early year’s education entitlement per week across the 38 weeks of the annual year. Theirs are five different settings where Parents can choose to give their child for their Free EY Entitlement they are: †¢Pre-school playgroup-. It is an early childhood program in which children combine learning/education with play and it is an organization that is provided by fully trained and qualified staff †¢Private Day nursery- A facility provided for the care and learning for children from the birth to 5 they are usually run by a business or a private organisation and are not linked with the government. †¢Child-minder (who belongs to a registered child-minder network)-child minders are self-employed providing the care for children in their own homes , they offer full time or part time places or flexible arrangements. Child minders are registered with the Ofsted and are inspected in accordance with the Ofsted procedures and regulations to ensure that he child-minder is providing and safe and suitable environment for the children. †¢Maintained nursery school- is a school for children between the age of 3 and 5. It is run by fully qualified and trained to staff who encourage and supervise education play and learning rather than just providing childcare. It is part of early childhood education. †¢Nursery or reception class in a primary or independent school -Nursery schools provide a more direct and structured education for early years children aged 3 to 5 Some may be part of an independent school for older age groupseg infant and primary schools. Reception classes are run by a qualified teacher. 1.3 – Explain the post 16 options for young people and adults

Literary Theme A Worn Path Essay

In â€Å"A Worn Path†, the theme though out the story is about a strong undying love an old woman has for her grandchild. According to Clugston 2010, the theme in a story is associated with an idea that lies behind the story. Every story narrows a broad underlying idea, shapes it in a unique way, and makes the underlying idea concrete. That’s how theme is created. In other words, the theme in a story is a representation of the idea behind the story. While a hard journey for an old woman, a grandmother’s undying love shows the depths she was willing to go to take care of her grandchild. When you love someone, there is no journey too far or too hard when that person is in need. The old woman took that journey to get the medicine needed to help the child. Although the medicine did not helping the child in the past, this woman had hopes that maybe, this time it would, and was willing to go to any length to find out. When it comes to a one’s child or in this case a grandchild, there are no lengths one would not go to make them healthy and happy. Though the story does not tell us where the mother of this child was, it does indicate that the child was depending on his grandmother to help him, and it also seems as though the child was all old Phoenix had, and she did not want to loose him. Any one who has children would do almost anything to protect that child, even if it meant walking miles through the deep woods in the blazing sun to make sure you did everything possible to make that child feel better. This story is about the sacrificial love this grandmother had for her grandson who was sick from swallowing lye and the only way to make his throat feel better was for this old woman to walk miles through treacherous woods to get medicine for him that may or may not work. The story is told in the â€Å"Third–person point of view which occurs when the speaker is not a participant in the story. It has two forms: omniscient point of view and objective point of viewâ€Å" (Clugston 2010, ch 5. 2). This can be seen in the narrator telling the story about an old Negro woman named Phoenix, making a journey to the Dr. ’s office, for her grandson’s medicine. The story is told from a limited omniscient point of view observed here: â€Å"On she went. The woods were deep and still. The sun made the pine needles almost too bright to look at, up where the wind rocked. The cones dropped as light as feathers. Down in the hollow was the mourning dove– it was not too late for him† (Clugston 2010, ch 6. 3). The point of view affects the narrative theme by the narrator telling what was going on in the old woman’s mind and showing the determination and the deep love she had for her grandson to enable her to brave the harsh elements of the sun and the woods to complete her mission. The point of view gives the reader more insight as to what was going on beyond what was being said, what old Phoenix was thinking. The story also had a lot of symbolism in it and Clugston 2010, tells us that a symbol is something that has a literal identity but also stands for something else—something that is widely understood and has been developed over a long period of time or by common agreement. This second identity (or referent) is always abstract in nature. Some of the symbolism in this story starts off with the old woman’s name, Phoenix, and according to Clugston 2010, a phoenix is a mythical creature that rises from its own ashes, â€Å"Her name was Phoenix Jackson† (Clugston 2010, ch 6. 3). The narrator giving the month of December which is winter, symbolizing death, stagnation and sleep, and considering the old woman’s age, showing that even after such a long journey, she temporarily forgot what she had traveled so far for. The narrator also tells how Phoenix is feeling during a certain point in the journey, â€Å"Seem like there is chains about my feet, time I get this far† (Clugston 2010 ch 6. ), with chains symbolizing a struggle. The oak trees that are spoken about, symbolized strength and wisdom, of which the old woman exhibited both of these traits, â€Å"Now down through oaks† (Clugston 2010 ch 6. 3), â€Å"She passed through the old cotton and went into a field of dead corn† (Clugston 2010 ch 6. 3), as well as the buzzard, also symbols of death. She also drank â€Å"water which symbolizes source of life and regeneration† as noted, â€Å"In a ravine she went where a spring was silently flowing through a hollow log. â€Å"Old Phoenix bent and drank† (Clugston 2010 ch 6. 3). In the end Phoenix did get the medicine and was so happy when she left the Dr. ’s office, she decided to buy the child a little toy from the nickel she found on the ground and the nickel the nurse had given her. She decided to buy her grandson a pinwheel, knowing this was something that would make him happy. The narrator made me feel that the journey home was a much lighter on Phoenix than the one going to the Dr. ’s office, not only because she had the medicine and she accomplished her mission, but also that fact that she was able to come back with a gift for the child, also showing her love for him. Indeed, while a hard journey for an old woman, a grandmother’s selfless undying love shows the depths she was willing to go to show it. When you love someone, there is no journey too far or too hard when the one you love is in need. Though the medicine was not helping the child, this woman had hopes that maybe this time it would, and would go to any length to find out. When it comes to your children or this case a grandchild, there are no lengths you would not go to make them healthy and happy.

John Steinbeck Research Paper Example | Topics and Well Written Essays - 1250 words

John Steinbeck - Research Paper Example The lower part of the Salinas valley was a shipping center. The demographic and the geographic location characteristics of John Steinbeck’s hometown were great factors that influenced a majority of his novels and indicated his characters had a strong identification with the land. Steinbeck even wrote to George Albee in 1933 telling him that he wanted to write the story of the entire valley, all the small towns and farms and all the ranches located in the wilder hills. Steinbeck had a comfortable childhood period in Salinas, though as a teenager his family faced numerous setbacks. His adorable father who had been working as a manager in Sperry Flour lost his job. He worked out his second option of opening a grain and feeds store, but unfortunately it failed too. Eventually, he was in a position to secure a job in Monterey County as the treasurer. Steinbeck loved his pony, which he named Jill, and this inspired him to write his later novel entitled â€Å"The Red Pony†. His writing career was greatly affected by his childhood even ts. On his ninth birthday, someone gave him a copy of Thomas Malory’s work, and he admits that when he first read it, he was charmed of words because the old fashioned words delighted him (Steinbeck 97). He keenly read the stories of King Arthur, and together with his sister, they would visualize the towers of Camelot amidst the sandstone erosions alongside the Pastures of Heaven where his aunt resided. Twenty years down the line, he adopted Arthurian tropes besides chapter headings of his novel Tortilla Flat. Steinbeck in his career would travel to England to prepare how the Arthurian tales would be updated for modernity. His mission wasn’t complete until his demise but his Noble Knights and Acts of King Arthur were later published posthumously. As a teenager, John Steinbeck displayed a robust interest in writing and in his high school days, he would work until the

MGMT402 U2 IP Research Paper Example | Topics and Well Written Essays - 1000 words

MGMT402 U2 IP - Research Paper Example Consequently, the harassed victim is forced to file a complaint in the company’s grievance committee. Further, the victim’s not finding redress by submitting a complaint to the company’s grievance committee. The non-action or unfavorable action of the grievance committee may force the sexual harassment victims to file a harassment case in the courts of law. If the Equal Employment Opportunity Commission (EEOC) investigation shows the employer knew and did not prevent the supervisor’s harassment, the 1995 Auto Corp is has vicarious legal liability (Conte, 2010). In the case of Ellerth and Fargher labor case, the Supreme Court reiterated the company has vicarious legal liability for the supervisor’s harassment of the workplace victims if two conditions are present (Dale, 2005). First, the company knows of the sexual harassment acts and refuses to take the appropriate action to stop the sexual harassment acts. Likewise, The Code of Federal Regulations Pt 1604.11 states that management is liable it did implement reasonable care to prevent the harassment. Second, the victims sought the redress from the company’s grievance committee (GPO, 2007). Vicarious legal liability means the employer and the supervisor are liable for monetary damages. Further, the EEOC investigation team will implement the corresponding penalties on the guilty person and the employer, 1995 Auto Corp (EEOC, 2014). Similarly, management will be penalized for not doing its share to prevent workplace sexual harassment. Management is required to set into motion a grievance process for the abused employees. Likewise management must implement preventive measures to reduce future sexual harassment acts (Conte, 2010). Furthermore, the company must prioritize mediation over litigation (Conte, 2010). Mediation (amicable settlement) is less costly than litigation. Mediation may take possibly one or more meetings to

A gay man's case against gay marriage Essay

A gay man's case against gay marriage - Essay Example Once these ingredients are compromised the outcome is a broken relationship. Homosexuals should not consider their relationships as a particular breed that require special treatment rather focus on promoting healthy marriages. In fact there is a greater possibility for same-sex marriages to fail compared to their opposite sex counterparts. The society considers it as a social disorder. The belief that marriage was originally between a male and a female is indispensable. According to the author, gays find it difficult to answer the fundamental question as to why they a fighting for this kind of marriages. From a gay perspective he even considers it myopic and pointless. Homosexuals should consider a revision of their agenda and focus on more pertinent issues. Pathos is an emotional appeal to the reader. Michael’s claims cannot be quoted out of context. The author is not against homosexuals crusading for their rights. In fact, he is of the view that they have a right to partake of civil marriage, the benefits that come with it. Furthermore, denial of legal status give to opposite-sex couples is discrimination. The point why homosexuals are pushing for legalization of their marriages is not precise. For example, some argue that the traditional heterosexual relationships are not the best hence the need to try a different kind. Due to the shallowness of this proposition they think that by changing the players they will change the game plan without really having an alternative game plan. The argument is emotional vulnerability and maturity. Simply because there are many cases of divorce, domestic violence, child abuse and adultery among heterosexual couples does not imply theirs will work better. It is even ironical to use adultery; a religious term specifically in Biblical context to push their agenda. It is critical to remind them that what they practice is an abomination according to the

An Art review of film Interstellar(20140 Movie Example | Topics and Well Written Essays - 750 words

An Art of film Interstellar(20140 - Movie Review Example The movie succeeds in showing that human beings can be courageous and innovative despite their human frailties. Sci-fi movies are often characterized by inhuman coldness. However, Nolan has made a deliberate attempt to refute this statement. He roots for a futuristic world that is represented by images of pastoral and corn fields. In addition, it alludes to the American Dustbowl aesthetic that followed the Great Depression. There is a deliberate attempt to refer to the old generation. Cooper’s father-in-law (John Lithgow) describes his childhood as one of the most productive eras in the history of humanity (Interstellar 1). The audio-visual cues provide the audience with an anchor in this barren future. Consequently, it forces the audience to forget its present generation and to look at itself in terms of an alternative future (Morgan 1). In the movie, Mathew McCaughey acts as Cooper, a former astronaut who turns to farming an infertile earth. The planet has revolted against humanity. As the central character, Cooper is forced to choose between his family and saving the human race. The dilemma is resolved through his utilitarianism. Consequently, Professor Brand (Michael Caine) of NASA sends him into space (Interstellar 1). His mission is to find a wormhole on the outer sphere of Saturn that the human race can use to search for a new land. One of the most significant things in the film is a close relationship between Cooper and his daughter Murph. The young character is played by three different actors as she progresses through the different life stages. Mackenzie Foy, Jessica Chastain and Ellen Burstyn play as Murph. The relationship between a father and his daughter becomes a significant spectacle of Nolan’s space era. When Cooper decides to leave, the audience sees the pain in both a father and the daughter (Kermode 1). Her inability to forgive her father for leaving serves as a constant reminder of

'Military interventions by Western states, in response to humanitarian Essay

'Military interventions by Western states, in response to humanitarian crisis since the end of the Cold War, have been motivat - Essay Example However, the legality of military interventions where there are humanitarian crisis is always in question. This is so since, there are no legal platforms that allow foreign country’s military forces to occupy or use force in another country without the consent of the invaded country’s government. Thus, this paper will examine how humanitarian interventions have been motivated by moral values rather than legal actions by carefully examining the major humanitarian intervention that western countries have undertaken since the end of the cold war and the ethical and moral theories that are considered when undertaking such interventions. On examining such interventions, it is possible for to determine whether morality is the factor behind humanitarian interventions by western countries. Body (for) Indeed military interventions due to humanitarian crisis have been motivated by moral values and not political or economic interests since there have been various military interven tions around the world where there is no political or economic gain in question. ... This turned into a civil war where the then government ordered the massacre of innocent civilians. The United Nation tried imposing economic sanctions but the atrocities did not end. Were it not for the actions of the United Nation to mandate a military intervention then the violation of human rights by the then Libyan government could not have come to an end. Kosovo is another good example of how military intervention motivated by moral values resulted in positive results. More than 230,000 people had been internally displaced due to the civil war in Kosovo and thousands of innocent civilians had been killed. The western countries could not sit and watch while crimes against humanity were being committed in Kosovo. As a result of their moral obligation in 1998 both the United Nations and NATO agreed and military intervention by western countries took place in Kosovo resulting in the end of the Humanitarian crisis in the country. The situations in the two counties clearly show that m ilitary intervention by western countries is morally right because it resulted in the saving of lives in the respective countries. Body (against) International politics are dominated by western countries that try to impose western ideologies o the other countries raising the question whether moral values or political interests motivate these interventions. This is because, western countries tend to warrant military intervention claiming their moral obligation whereas the truth of the matter is that some military intervention are actually carried out as a result of either economic or political gain. In fact Marxists cite the notion that former United States of America president Nixon comment that the USA offers aid to other countries in order to help themselves to prove that military

Intercultural Paper Essay Example | Topics and Well Written Essays - 1000 words

Intercultural Paper - Essay Example This culture simply identifies itself with codes of conduct that promote love and respect with the main aim of maintaining modesty and purity. Institutions lead to the establishment of norms that support individual survival in a social setting. Stability and functionality of society depend upon roles and responsibilities that are created and defined by different institutions. However many societies may differ, they all have institutions that influence the culture or rather the way of life of individuals. Religious institutions for instance control behaviour and determine the actions of individuals. The religious institution that defines the Hindu culture comprises of various religious practices of which people are expected to abide by. Being the most dominant religion in India, the religion emphasizes with humility, respect, purity and modesty. There are various religious practices that promote these four doctrines. For instance, touching people’s feet is considered a sign of respect. Touch the feet of individuals who are considered to be holy is considered a sign of humility (WordPress, n.d). Hindus also consider i t a tradition to offer gifts to priests and gurus as a sign of appreciating the spiritual blessings they receive. Religious institutions in the Hindu Culture consider purity to be of great essence. Purity takes three forms: purity of body, purity of thoughts and purity of deeds. In their daily activities, Hindus protect this purity through following their religious codes of ethics and living wisely (Sharma, 2002). Religious offerings are usually given to deities from time to time. These offerings are usually in the form of food or flowers. Sniffing of offerings is not allowed based on the belief that sniffing is meant for the gods. All items that are intended to be offered for offerings are cleaned and covered as a sign of purity. Their temples and shrines are

Difference in Hercules and Spiderman Essay Example for Free

Difference in Hercules and Spiderman Essay In many Greek hero myths and stories, protagonists are presented with a series of hardships or task they must past. In the book Mythology by Edith Hamilton Hercules tries to achieve atonement. He brainlessly accepts all the challenges that Eurystheus gave him, while Spiderman thinks thoroughly before he performs his actions. The tradition of achieving atonement has deteriorated away from modern culture myths. In the book Spiderman the hero of Stan Lee’s novels, Spiderman tries to achieve security and stability for his community. Hercules is driven to serve the society because of his guilt while Spiderman serves the society willingly, which shows the difference between the Greek and modern idea about serving the society. The guilt that drives Hercules and the effort to make the society a better place drives Spiderman, shows that the idea of atonement has faded away in modern myths. Greek heroes such as Hercules show heroism that is not displayed in modern day myths. Heroes such as Hercules do many things without thinking such as, encountering many creatures and performing tasks they would have never thought possible. For example, as Hercules tries to achieve atonement for the horrible acts that he has committed against his family and he must complete twelve tasks, one of which involves going down into the underworld: â€Å"His task was to bring Cerberus, the three-headed dog, up from Hades† (Hamilton 174). This task requires a lot of strength and courage as mentioned by Hamilton, â€Å"He lifted him and carried him all the way up to earth and on to Mycenae† (Hamilton 174). Without Hercules this task could not be accomplished by anyone. All twelve of the tasks that Hercules was to perform didn’t not require much intelligence or cleverness, just strength. In many Greek myths there are no brains involved in the deed or action executed, just senseless killing and other tests of strength. On the other hand Spiderman performs his heroic acts with not only with his strength but also with intelligence. By using intelligence Spiderman has a much better chance of accomplishing his duty. For example, while the Green Goblin tied up Spiderman he was, â€Å"†¦to quickly think how to escape† (Lee 87). Greek myths have evolved form heroes performing actions brainlessly to heroes performing action with intellectual aid. Many Greek heroes perform lawful acts for their community that modern day heroes do not perform. Many Greek heroes serve their community because they want to achieve atonement for the acts that they have performed. In the case of Hercules, â€Å"†¦a wrong who has sent the madness upon him† (Hamilton 169). Hercules had gone mad after his wife, Megara has borne him three sons, â€Å"He killed his children and Megara, too, as she tried to protect the youngest (Hamilton 169). As the story continues to go on Hercules lives the rest of his life wanting to avenge his own life for the awful act that he has committed. As Hercules rushes out to kill himself his friend Theseus stood before him telling him why he shouldn’t kill himself: â€Å"Even so, suffer and be strong,† (Hamilton 170). Theseus is implying that that Hercules should be strong and wait for death because, â€Å"†¦ he rejected the idea that a man could be guilty of a murder when he had not known what he was doing† (Hamilton 170). And so Hercules went on to his cousin Eurystheus and there his cousin gave him twelve tasks that he must perform in order to achieve death. As Hercules performs this action, he almost accomplishes them with ease and after finishing all of the tasks no death had been brought upon him so he brought death upon himself, and therefore avenged his actions against his family. In the case of Spiderman, he serves his community in order to have a safe and secure community for himself and for the city. Spiderman willingly risks his life to keep the community in which he lives a safe place. Clearly myths and stories have evolved from serving the community in order to achieve eternal piece to thinking about others and performing deeds for others. In conclusion, Hercules and Spiderman have many differences but their biggest difference is that Hercules performs his duties and heroic acts brainlessly, while Spiderman performs his heroic duties with intelligence and strategy. Our modern day myths no longer have the idea of atonement instead, the heroes serve their community willingly. This is what makes a hero a true hero.

The General Information For Anti Globalization

The General Information For Anti Globalization Anti-Globalization was defended as a belief shared by various political groups that people must oppose globalization (=the process of making something such as a business operate in different countries around the world) because of bad effects it has on people, especially in developing countries, and because of the damage it does to the environment the Longman Dictionary of Contemporary English Advanced Learners. Almost the anti-globalization activities are spontaneous, the people whose benefit was affected stood up then performed the anti-globalization activities such as demonstration, ask for relieveà ¢Ã¢â€š ¬Ã‚ ¦ In fact, the activities which are opposite to globalization can be divided into 2 groups: Anti-Globalization and Alter-Globalization. The anti-globalization group directly opposes to the globalization activities; they think that the movement of people over the frontier must be controlled strictly; explorer other countrys natural resources and human resources are not permitted. This group argued that biodiversity and natural resources can be damaged permanently; and mainly call for democratic representation, advancement of human rights and more egalitarian states. The targets of this group are the World Bank (WB), International Monetary Fund (IMF), the Organization for Economic Co-operation and Development (OECD) and the World Trade Organization (WTO) and free trade treaties like the North American Free Trade Agreement (NAFTA), Free Trade Area of the Americas (FTAA), the Multilateral Agreement on Investment (MAI) and the General Agreement on Trade in Services (GATS). Alter-globalization is the name of a social movement that supports global cooperation and interaction, but which opposes the negative effects of economic globalization, feeling that it often works to the detriment of, or does not adequately promote, human values such as environmental and climate protection, economic justice, labor protection, protection of indigenous cultures and human rights. Wikipedia The different between anti-globalization and alter-globalization is anti-globalization against any kinds of globalization but the alter-globalization just mentioned about human rights, the environment, national sovereignty, and cultural diversity and so on. There are 2 popular forums for anti globalization: World Social Forum and World Economic Forum. Chapter 2: Why anti-globalization still exist? To analyst the reverses of globalization, we focus on three objects that the globalization affected to: local companies, local population, and the local economic. Firstly, the local firms: When the nation open to globalization too soon, and too sudden, the local firms had not prepare enough to face with the competitive of over sea corporations will go to bankruptcy easily. It is easy to find the example for Chuong Duong company Secondly, the local population: If the globalization incurred, local firms go bankrupt will cause the unemployment, the new organizations which had not established enough yet can not hired these new unemployees, this cause the high unemployment rate. This is the main reason for indigent at Africa. Disease can move from country to country very fast because the people can travel to other countries by air, by bus, trains or other transportation in the short time. This cause the diseases spread very fast and became the reason of thousand cases of dead at 2006 for bird flu from Indonesia and spread to other countries, 774 cases for SARS in 2003 at China and other East Asia countries, millions people dead because AIDSà ¢Ã¢â€š ¬Ã‚ ¦ Brain drain: talent will go out of the poor countries to the richers. This situation can be seen much at Africa, India and many poor countries all over the world. These countries finance to these students to go over sea study but they have never come back after graduated. Income distribution: Thirdly: local economic: The economic can not stable: when the nation join to the worlds market, it will be easy affect by the world situation, let came back to the crisis at 1997, the economic of the world had been affected. The developed countries force the developing countries to reduce trade barrier but they keep for themselves by hamper the developing countries to export agriculture products which are very important for they to receive foreign currency earning. If the nation opens the market too soon, sooner than establishing of the local organizations, the creating new jobs will less than the loss. The export of this nation will not develop, the import infringe instead, deficit become serious day after day. This nation will poorer and poorer. Finally: the local society: The develop countries will export the pollution to the developing and undeveloped countries by invest the pollution goods industries, second hand goodsà ¢Ã¢â€š ¬Ã‚ ¦ to these countries. Chapter 3: Advantages and disadvantages of anti- globalization: Advantages: Anti-globalization can warn to the world the significant problems of the world such as warming of the earth, pollution, forest destroy, greenhouse affect, and so on. So that the governments and organizations can perform the actions to reduce these affects. Pollution: as many countries Racial discrimination: Sex discrimination: The war at Iraq and others To disclosure the truth that have never disclosure themselves of IMF, WB, WTOà ¢Ã¢â€š ¬Ã‚ ¦ Anti-globalization also calls for help the world: when the actives raise the problems, the people all over the world can catch them then they may perform some activities to solve these problems. Disadvantages: The demonstrations affected to social securities, many people die due to the extremist actions of the demonstration activities. The governments also have to perform many actions to control these extremist activities. The power of the voice of the anti-globalization still weak, the persuade ability of this organization also weak, can not appeal large group of people to do things, almost the activist just stand alone or just at a small group. The anti-globalization are always action without organization, they just a group of people who were hurt by the activities of one organization then stand up and perform anti actions. Lack of evidence: Lack of effective: Chapter 4: The anti-globalization activities at Vietnam: In general, the anti-globalization activities of Vietnam are not many. This is because Vietnam performs globalization too late. After 30 Apr 1975, Vietnam was achieved to be an independence country. Almost people agreed that during ten years after the independence date was the black period of Vietnam economic. Almost activities become stagnation; famine incur in many areas event at Mekong delta which was the biggest farm in the country; education, health care and other social welfare were totally ignored. The globalization of Vietnam begins at 1986 with the open market policy name socialist-oriented market economy. Thank to this policy, the economic of Vietnam reversed, farmers got his own land (event in temporary) for manufacturing and alive. Up to Dec 2001, US-Vietnam Bilateral Agreement was signed; this is the very important step for recover the economic and became the first step to join into World Trade Organization (WTO). These are just some activities at Vietnam for this event: to strike for higher rate of pay in the industrial zone Binh Duong province and Bien Hoa city at 2008 for some Taiwan firms; Conclusion: According to Yin Yang theory of Chinese, every thing has 2 faces: positive and negative, the existing of anti-globalization also belongs to this theory, anti-globalization will exist parallel with globalization, this also the rules of the existing: opposition to develop, and develop must contain opposition. Einstein also issued the theory for relative: every thing

Currency Risk Management in Indian Banks

Currency Risk Management in Indian Banks EXECUTIVE SUMMARY The objective of the project is to study the attitude of Indian corporates towards currency risk management and the problems faced by the companies dealing with their currency exposure which occur as a result of exports or imports or both. The study has also included the problems faced by the banks, the authorised dealers of foreign exchange in India, in managing their forex (foreign exchange) market operation as it has large implication on the corporate currency exposure. Indian corporates have an attitude of staying away from the currency market. Companies consider hedging as unwanted cost centres. Periods of exchange rate stability bred complacency. Importers are confident that the Central banks shall intervene to halt any rupee decline where a exporters are of the view that rupee has always been over rated and that there is no way that it shall appreciate from the present value. These reason keep them away from hedging their exposures. Companies which are involved in hedging, go the conservative and orthodox way to hedge their exposure. Not a single company surveyed, take financial derivatives other than forward contracts as tool for hedging their exposure. This is mainly because of lack of awareness and experience. Many of the companies feel that the importance of currency risk management will increase, in coming years but very few of them are making themselves ready to face the situation. Banks that act as facilitators are also suffering from acute problems. Public sector banks, which control 75% of Indian forex market, have always been under staffed and governed by bureaucratic rules. The market for derivatives other than forward contracts is very shallow. Many of the banks reason it out to be as a result of corporate reluctance and lack of information and technology. Most of the banks in public sector do not merge the forex and money operation and they do not treat their forex operation as a separate profit centre. This bred inefficiency in their working which has affected the corporate sector. The corporates have been recommended to look strategically into their exposure and take prudent decision in hedging. This decision should be backed by professional treasurers, an efficient back office and good forecasting techniques. They have been asked to go in for various other derivatives that are flexible and cost effective. The banking sector has been recommended to recruit specialised personnel for the job with latest technology to deal in the market. They should start providing variety of other derivatives to the industry. They should also merge their money market and forex operation and treat is as a separate profit centre. These all measures will definitely make the forex market deep and vibrant, which will make the work easier for corporates in dealing with the currency exposure. 1. INTRODUCTION â€Å"We have to sleep with one eye open† Managing director of an Indian company with investments in Indonesia. This was in reference to the Indonesian rupiah crash which followed the nearly 100 percent, Thai currency plunge after the bahts free float last July with the Indonesian currency in downward spiral and interest rates shooting northwards, Indian companies with investment in South-east Asia are in the midst of the maelstrom and are desperately scrambling to get a grip of this unprecedented situation even as they wonder: what next? If only they could have got the wind of the disaster things would have been bit different for them. The spate of Southeast Asian currency plunge has sent warning signals to the developing economies to set their level in order to face crisis. Companies have to set their house in order and give a micro as well as macro look at the currency exposure which they are facing. With increase in volume of business in external sector, companies should make themselves tuned to the dynamics of foreign exchange (currency) market. 1.1 Currency RISK MANAGEMENT An asset or a liability or an expected future cash flow stream (whether certain or not) is said to be afflicted with currency risk when currency movement changes (for better or for worse) the home currency value. There is always a possibility of the exchange rate changing between the home and foreign currencies, interest rate differentials widening and inflationary effects amounting, to an adverse reaction for the expected cash flows . The concept of currency risk also emanates when an investor is planning to diversity his portfolio internationally to improve the risk- return trade off by taking advantage of the relative correlation among risks on assets of different countries. This involves investing in a variety of currencies whose relative values may fluctuate , it involves taking currency risks. The foreign exchange market is psychological in nature. A large number of transactions are speculative in nature which depends upon expectations of a large number of participants. People tend to hitch their expectations to one fundamental. For example, they might look at the money supply in the USA. The logic is that an increase in money supply will result in : Þ An increase in inflation Þ FED squeezing money Þ Interest rate rising Þ Dollar becoming more attractive for holding. But this event of money supply could also lead to a different series of outcomes an shown by the following logic. According to fisherman equation, Nominal rate = Real rate + Inflation rate. An increase in inflation would mean the interest rates would be higher. Higher interest rates on bond and equity prices would make them less lucrative and thus lead to a bearish effect. There would be a selling pressure on the dollar and hence the exchange rates would tend to move against the dollar. Dealings in foreign exchange market is said to be around $ 1000 billion each day. Out of this sizeable chunk of more than 75% is on speculative basis. And this speculation has been pointed out as major cause of the south Asian turmoil. Since the mid 1970s a potent mix of fast-interlocking market and a revolution in information technology has increased the speed, frequency and magnitude of price changes in the financial markets, which, in turn have multiplied both opportunity and risk for the CFO. Not, surprisingly, in the developed markets, much innovative energy has been devoted to devising instruments and mechanisms that enable CFO to survive this turbulence. While creative financial engineering has opened the floodgates for a deluge of products, two broad classes of risk management have evolved. The first deploys a natural hedge to manage exposure to risk. Typically, this means explicitly factoring in risk perceptions when choosing the components of the financing mix. Or, to neutralise exposures in a particular market, a natural hedge could involve taking a counter position in another market. The second class of tools however creates a synthetic hedge by utilising specific financial instruments. Notably, derivatives. 1.2 Problems in Indian foreign exchange market Our foreign exchange market suffers from several constraints. i) There are a lot of ceilings on open positions and gaps and hence there is a virtual absence of market making and position trading. ii) There is prohibition of initiating transactions in the cross currency in the overseas market. iii) Besides the forward contracts, there is no free access to the other products like futures, swaps, etc. The market lacks the required liquidity and depth for the derivatives to be economically viable. 2. Literature review 2.1 THE NATURE OF EXPOSURE AND RISK The value of a firms assets, liabilities and operating income vary continually in response to changes in economic and financial variables such as exchange rates, interest rates, inflation rates, relative prices and so forth. The impact of every financial decision on the value of the firm is uncertain and various options can be evaluated in terms of their risk return characteristics. The nature of uncertainty can be illustrated by a number of commonly encountered situations. An appreciation of the value of a foreign currency (or equivalently, a depreciation of the domestic currency)., increases the domestic currency value of a firms assets and liabilities denominated in the foreign currency receivable and payables, bank deposits and loans etc. It will also change domestic currency cash flows from exports and imports. An increase in interest rates reduces the market value of a portfolio of fixed rate bonds and may increase the cash outflow on account of interest payments. Acceleration in the rate of inflation may increase the value of unsold stocks, the revenue from future sales as well as the future costs of production. Thus the firm is â€Å"exposed† to uncertain changes in a number of variables in its environment. Let us begin with the definition of foreign exchange exposure. Foreign exchange (Currency) exposure is the sensitivity of the real value of a firms assets, liabilities or operating income, expressed in its functional currency, to unanticipated changes in exchange rates. Note the following important points about this definition. Values of assets, liabilities or operating income are to be denominated in the functional currency of the firm. This is the primary currency of the firm and in which its financial statements are published. For most firms it is the domestic currency of their country. Exposure is defined with respect to the real values i.e. values adjusted for inflation. While theoretically this is the correct way of assessing exposure, in practice due to the difficulty of dealing with an uncertain inflation rate this adjustment is often ignored i.e. exposure is estimated with reference to changes in nominal values. The definition stresses that only unanticipated changes in exchange rates are to be considered. The reason is that markets will have already made an allowance for anticipated changes in exchange rates. For instance, an exporter invoicing a foreign buyer in the buyer currency into the price. A lender will adjust the rate of interest charged on the loan to incorporate an allowance for the expected depreciation. From an operational point of view, the question is how do we separate a given change in exchange rate into its anticipated and unanticipated components since only the actual change is observable? One possible answer is to use the forward exchange rate as the exchange rate expected by the â€Å"market† to rule at the time the forward contract matures. Thus suppose that the price of a pound sterling in terms of rupees for immediate delivery (the called spot rate) is Rs. 60.000 while the one months forward rate is Rs. 60.20. We can say that the anticipated depreciation of th e rupee is 20 paise per pound in one month. If a month later, the spot rate turns out to be Rs. 60.30 there has been an unanticipated depreciation of 10 paise per pound. In contrast to exposure which is a measure of the response of value to exchange rate changes, foreign exchange risk is defined as. The variance of the real domestic currency value of assets, liabilities or operating income attribute to unanticipated changes in exchange rates. In other words, risk is a measure of the extent of variability in the values of assets etc. due to unanticipated changes in exchanges rates. 2.2 Classification of Foreign Exchange Exposure and Risk Three types of foreign exchange exposure and risk can be distinguished depending upon the nature of the exposed item and the purpose of exposure estimation. These are as follows. Transaction Exposure: This is a measure of the sensitivity of the home currency value of assets and liabilities which are denominated in foreign currency, to unanticipated changes in exchange rates, when the assets or liabilities are liquidated. Transaction exposure can arise in three ways: * A currency has to be converted in order to make or received payment for good s and services. * A currency has to be converted to repay a loan or make an interest payment (or, conversely, receive a repayment or an interest payments) or. * A currency has to be converted to make a dividend payment. Suppose a firm receives an export order. It fixes a price, manufactures the product, makes the shipment and gives 90 days credit to the buyer who will pay in his currency. A company has acquired a foreign currency receivable, which will be liquidated before the next balance sheet date. The exposure affects cash flows during the current accounting period. If the foreign currency has appreciated between the day the receivable was booked on the day the payment was received, the company makes exchange gain which may have tax implications. In a similar fashion, interest payments and principal repayments due during the accounting period create transaction exposure. Transaction risk can be defined as a measure of uncertainty y in the value of assets and liabilities when they are liquidated. Translation Exposure: Also called accounting Exposure is the exposure on assets and liabilities appearing in the balance sheet but yet to be liquidated. Translation risk is the related measure of variability. The key difference between transaction and translation exposure is that the former involves actual movement of cash while the latter has no direct effect on cash flows. (This is true only if there are no tax effects arising out of translation gains and losses). Translation exposure arises when a parent multinational company is required to consolidate a foreign subsidiarys statements from its functional currency into the parents home currency. Thus suppose an Indian company has a U.K subsidiary. At the beginning of the parents financial year the subsidiary has real estate, inventories and cash valued at pound 1,000,000, pound 200,000 pound 150,000 respectively. The spot rate is Rs. 60 per pound sterling. By the close of the financial year, these have changed to pound 1,200,000, pound 205000 and pound 160,000 respectively. However during the year, there has been a drastic depreciation of the pound to Rs. 56. If the parent is required to translate the subsidiarys balance sheet from pound sterling into rupees at the current exchange rate, it has â€Å"suffered† a translation loss. Note that no cash movement is involved since the subsidiary is not to be liquidated. Also note that there must have been a translation gain on the subsidiarys liabilities. There is broad agreement among theorists that translation losses and gains are only notional accounting losses and gains. The actual numbers will differ according to the accounting practices followed and depending upon the tax laws, there may or may not be tax implications and therefore real gains or losses. Accountants and corporate treasurers however do not fully accept this view. They argue that even though no cash losses or gains are involved, translation does affect the published financial statements and hence may affect market valuation of the parent companys stock. Whether investors indeed suffer from â€Å"translation illusion† is an empirical question. Some evidence from studies of the valuation of American multinationals seems to indicate that investors are quite aware of the notional character of these losses and gains and discount them in valuing the stock. for Indian multinational, translation exposure is a relatively less important consideration since the law doe s not require translation and consolidation of foreign subsidiaries financial statement s with those of the parent companies. Operating Exposure: Unanticipated exchange rate changes not only affect assets and liabilities but also have significant impact on future cash flows from operations. Operating Exposure is a measure of the sensitivity of future cash flow and profits of a firm to unanticipated exchange rate changes. Consider a firm that is involved in producing goods for export and or import substitutes. It may also import a part of its raw materials, components etc. A change in exchange rate (s) gives rise to a number of concerns for such a firm. 1. What will be the effect on sales volume if prices are maintained? If prices are changed? Should prices be changed? For instance, a firm exporting to a foreign market might benefit from reducing its foreign currency price to the foreign customers following an appreciation of the foreign currency. A firm that produces import substitutes may contemplate an increase in it domestic currency price to its domestic customers without hurting its sales. 2. Since a part of the inputs are imported, material costs will increase following a depreciation of the home currency. 3. Labour costs may also increase if cost of living increases and wages have to be raised. 4. Interest costs on working capital may rise if in response to depreciation the authorities resort to monetary tightening. In general, an exchange rate change will affect both future revenues as well as operating costs and hence the operating income. As we will see later, the net effect depends upon the complex interaction of exchange rate changes, relative inflation rates at home and abroad, price elasticities of export and import demand and supply and so forth. Operating exposure and the related risk are extremely difficult to analyse, estimate and hedge against. 2.3 THE INDIAN FOREX MARKET Indian foreign exchange market as compared with their American and European counterparts is till in its infants. The post liberalisation period has witnessed many exchange controls been lifted and introduction of few â€Å"hedging† tools like cross currency option, Range forwards, currency swaps etc. which provide a degree of flexibility to corporates in using the forex markets effectively. The Rupee has been made fully convertible on current account accepting the article VIII status laid down by IMF. This step has seen increased volume of trade in the Indian forex market. Tarapore committee has put the proposal for capital account convertibility. It proposes to deregulate the foreign exchange by year 2002 in three phases. 2.4 PRESENT STATUS Exchange control in India is administered by the Reserve Bank of India, which is empowered by the Foreign exchange regulation Act. The figure shows the players involved in the foreign exchange market from administrative point of view. Foreign Exchange Regulation Act, 1973 Govt. of India Reserve Bank of India Foreign Exchange Dealers Association of India Authorised Dealers Authorised Money Changers Full Fledged Restricted Administration of Foreign Exchange in India. The foreign exchange market in India functions with a three-tier structure which includes (1) Reserve Bank of India, at the apex level, (ii) authorised dealers/money changers conducting foreign exchange trading activities, and (iii) customers which include exporters/importer, corporates and other foreign exchange earners like NRIs etc. The market is highly influenced by State Bank of India and Reserve Bank of India because of their Sheer Size. The RBI constantly intervenes to keep the rupee from appreciating and is responsible for highly liquid spot market as it is a last resort buyer of dollars. The forward market in India is fairly liquid and quotes are easily available up to six months. The RBI prohibits any international speculative access to rupee. 2.5 SIZE AND DEPTH OF THE MARKET The daily turnover in the Indian Foreign exchange market is over US $400 million that is dominated by dealings in dollars. The foreign exchange reserve of $30 million provides the market with enough liquidity. 2.6 INDIAN EXCHANGE CONTROLS Exchange Controls refer to the regulation, restrictions, guidelines that a country issues with respect to foreign exchange transactions. In the absence of any exchange control one would expect to do anything with the foreign exchange reserves that the company has-convert to any other currency, speculate, buy or sell option, freely export foreign exchange etc. etc. In India, forward contract is the single largest product which the companies employ as a tool to manage their foreign exchange risks, though the cost has changed over the period of time. Before LERMS (liberalised exchange rate management system) importers rushed to book forward contracts expecting a devaluation of Re against US$. The cost was as high as 18% in Feb.92. The cost of the forward premium came down sharply reflecting a more stable foreign exchange markets. The Indian exchange market do not provide frequent quotations for ore than 6 months so for any long term forward cover rollover of the contract after every 6 months is needed. Rollover means cancellation of the old contract and re-booking of 6-month forward contract. Under this, care should be taken to cancel the old contract and re-book the next at the time when the cost of rebooking is least i.e. forward dollar is relatively cheap. Further, in December 1994, RBI has allowed the corporates to bet on the third currency movement even if one does not have an underlying transaction exposure in the â€Å"third currency†. This means that a corporate with an underlying exposure in Dollar-Re can bet on the Dm-Dollar rate and book a forward contract for Dm against Re and on the maturity may change Dm to Dollar at the spot rate. This has been allowed as Indian Re has been pegged with US$ and there has not been many fluctuations on which the companies could speculate. There can be other ways to take advantage of this RBI circular. Consider an importer with $ payable after 6 months. He may buy $ forward against Yen (third currency) and after 6 months may buy Yen against Rupee at the spot rate. This position may be taken if the company expects Yen to depreciate against the Dollar within these 6 months. Nevertheless the speculative attempts to earn profits may also backfire to give losses if the exchange rate moves in the opposite direction. RBI has also made it obligatory upon the banks, which extend the third currency cover, to maintain â€Å"initial† and â€Å"variation† margins before offering such a facility. This has been done to avoid any default risk. Another peculiar feature of ‘The Indian Exchange Control is that the â€Å"hedging† can be put through in case of transaction and translation exposures only. Economic exposures cannot be hedged. Cross Currency option was introduced on 1st Jan. 1994, under which companies could enter option contract for hedging non-dollar exposure against dollar. As for now Rupee option does not exist in India. Essar Gujarat has been one of the innovative corporates who discovered this new concept and has benefited considerably by writing option in Dm- Dollar in Jan 1994. Indian Exchange controls do not allow cancellation of cross currency options in parts and once the option is cancelled it cannot be re-booked, unlike forwards. In the overseas markets minimum lot traded is $ 3m whereas Indian corporate by for lesser amount, this increases the premium paid by them for the option. Recently, ANZ Grindlay has offered to arrange a loan of $ 50m to Ranbaxy by making effective use of call and put options to defend both the parties against unfavourable movements in exchange rates. Cross currency forward cover for importers who have taken $ loan for their imports but receive goods invoiced in say a Dm. They can enter forward cover for the delivery of Dm against the currency of loan i.e. -$. This is the cross currency forward cover. Some of the foreign Exchange controls are that export of foreign currency is not permitted, unless it has special RBI permission. â€Å"Exchange controls also they list the permitted currencyâ€Å" and a method of payment as approved by RBI for translation across the countries. It also contains guidelines relating to â€Å" Foreign currency assets† covering permission as for repatriation of capital profits dividends etc. Exchange controls also allow FC to be retained up 50% (in case of EOU EPZ units) and 25% (in case of ordinary exporters with banks in Indian and also abroad under EEFC a/c and FCA a/c. Exchange controls also state under-invoicing and over-invoicing of exports as a crime attracting penal provisions. Further, all sale proceeds in FC should come into the country within 180 days. RBI permission is required for any extension beyond 180 days. In case of failure to get RBIs nod, the tax and other export incentives are not provided to the exporters. Further, exchange controls give details and guidelines for different accounts for NRI and foreign investors such as Ordinary Non- Resident Rupee a/c, Non-Resident External; Rupee a/c FCNR (B) a/c etc. Introduction of complex hedging tools like futures, options is still a long way to go, Recently, the government lifted the ban on futures, option trading in equity (stocks) after 40 years, This could be regarded as a step ahead to come closer to introduction of more complex tools in the currency markets in India. In the near future Standard Chartered plans to introduce rupee-based derivatives in India subject to the clearance and approval by exchange controls, with many companies now making use of different tools effectively, the Indian foreign exchange markets are moving ahead towards more relaxations and towards making the foreign exchange markets more vibrant and versatile, IDBI is one of the most active user of financial derivatives in Indian market. It made considerable savings over the last two year by using the entire range of products available in Indian forex markets. 2.7 FINANCIAL DERIVATIVES USED IN INDIAN MARKET A derivative instrument is commonly defined as one whose price is derived from an underlying quantity that could be an interest or an exchange rate (in this case exchange rate) we refer to derivatives of money and foreign exchange market prices as â€Å"financial derivatives†. The history of using financial derivatives to hedge foreign exchange exposures by corporates in India is fairly recent. Early 90s witnessed few foreign currency call options written by some Indian corporates. The limited use and general lack of interest in the available instruments can be explained by the fact that dependence on external sources of funding was very limited and the external sector wasnt really developed. But after liberalisation and current account convertibility, the whole scenario has changed. Risk management has under gone a paradigm shift, new financial derivatives have been allowed in the market to provide for exposures arising out of increased business activity in the external sector. We shall discuss the various hedging tools is operative. 2.7.1 FORWARD CONTRACTS The Definition: A forward contract is simply an agreement to buy or sell foreign exchange at a stipulated rate at a specified time in the future. It is a contract calling for settlement beyond the spot date. The time frame can vary from a few days to many years. Instrument: A forward contract locks you to a particular exchange rate, thereby insulating the CFO from exchange rate fluctuations. In India, the forward contract has been the most popular instrument employed by corporates to cover their exposures, and thereby, offset a known future cash outflow. Forward contracts are usually available only for periods up to 12 months. Forward premiums are governed purely by demand and supply, which provide corporates with arbitrage opportunities. The premiums in this market are quoted till the last working day of the month. Internationally, the forward premiums or discounts reflect the prevailing interest rate differentials. Arbitrage opportunities are therefore limited. As a rule, a currency with a higher interest rate trades at a discount to a currency with a lower interest state. Since there is a forward market available for longer periods, the forward cover for foreign exchange exposures can stretch up to five years. The premiums or discounts are quoted on a month-to-month basis. That is, from the spot date to exactly one month, or two months, or even a year. AN EXAMPLE.A corporate has to make a payment of US $I million on March 31, 1998. They can book a forward contract today, and fix the exchange rate at which he will make the payment. Assuming that the dollar-rupee spot rate is Rs 36.40, and the forward premium on the dollar for delivery on March31. 1998, is Rs 0.30 the effective exchange rate for the remittance becomes Rs 36.70 (36,40+30). The Regulations: In March 1992, in order to provide operational freedom to corporates, the unrestricted booking and cancellation of forward contracts, for all genuine exposures, whether trade-related or not, was permitted. In January 1997, the RBI allowed the banks to quote rupee forward premiums for more than six months. This has resulted in the development of a local forward market for up to one year. However, as the link between the local money market and the foreign exchange markets is not strong, and as prices and determined by demand and supply, activity in the long -term forward market has been limited. 2.7.2 FORWARD TO FORWARD CONTRACTS The Definition: A forward -to-forward contract is a swap transaction that involves the simultaneous sale and purchase of one currency for another, where both transactions are forward contracts. It allows the company to take advantage of the forward premium without locking on to the spot rate. The Instrument: A forward-to-forward contract is a perfect tool for corporates that want to take advantage of the opposite movements in the spot and the forward markets. By locking in the forward premium at a high or low level now, CFOs can defer locking on to the spot rate to the future when they consider the spot rate to be moving in their favour. However, a forward-to forward contract can have serious cash-flow implications for a corporate. Before booking a forward-to forward contract a CFO should carefully examine his cash flow position bearing in mind the immediate loss that he would make if the spot rate did not move in his favour. The Example. An exporter believes that forward premiums are high, and will move down before the end of December 1997. Also he expects the spot rate to depreciate in the next few months. Then, the optimal strategy would be to lock in the high forward premium now, and defer the spot rate to a future date. So, he opts for a forward-to forward contract for end December. 1997, to end March of 1998. Paying a premium of say a Rs 0.64 By entering into such a contract the exporter has the opportunity to lock on to the spot rate any time till December 31, 1997. Alternatively, if the three-month premium between end-December and end-March moves below the Rs 0.64 level he can cancel the contract and book his profits. Forward -to-forward contracts The SCenario Company A is due to receive the payment for goods exported three months earlier. Currently, three-month forward premiums are high, but Company A expects the sport rate to depreciate further. The Instrument The forward-to-forward pay-off matrix DS>EF DS>EF Lack in the Current Premium By Purchasing A Forward-To-Forward Contact EF>SF Better Than Simple Forward, But Worse Than Uncovered Strategy Optimal Strategy Choose The Spot Rate Within A Stipulated Time-Period, Thus Determining Effective Forward Rate SF>EF Worst Strategy Better than Uncovered Strategy, At the end of the months, Convert Export Proceeds to Rupee at the Effective Forward Rate SF : Simple Forward Rate EF: Forward-to-Forwar

William Shakespeares Sonnet #55 Essay -- English Literature Shakespea

William Shakespeare’s Sonnet #55 is a Shakespearian sonnet. It contains three quatrains, or four line stanzas, and ends with a couplet. The poem is written in iambic pentameter William Shakespeare’s Sonnet #55 is a Shakespearian sonnet. It contains three quatrains, or four line stanzas, and ends with a couplet. The poem is written in iambic pentameter. The speaker is the older man. This is the same speaker in many of Shakespeare’s sonnets. In this sonnet the speaker is telling the young man, beautiful, male addressee that he is not sharing his beauty with the world, but is selfishly keeping it all to himself. He’s explaining to the addressee that he needs to have children to spread his beauty and share it with the world. In the first quatrain the speaker is telling the addressee about how he will live eternally in the poem. Shakespeare writes, â€Å"Not marble nor the gilded monuments/ of princes shall outlive this powerful rhyme† (Shakespeare lines 1-2). He uses a metaphor comparing the beauty of the young man to â€Å"upswept stone besmeared with sluttish time† (Shake...

Dantes Inferno - A Religious and Morally Challenging Experience :: Divine Comedy Inferno Essays

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Lecture note

In English Composition l, you learned how to analyze an argument for effectiveness, specifically looking at the use of logos (logic), ethos (credibility), and pathos (emotion). This week, you'll learn how to craft your own arguments. Starting with this week's Discussion, we'll take a closer look at constructing logic (logos), which Includes using both deductive and inductive reasoning.With inductive reasoning, you move â€Å"from a et of specific examples to a general statement,† making the â€Å"inductive leap from evidence to generalization† (Rosa & School, 2012, p. 540). For instance, after looking at a month's worth of sales receipts, you could determine that Saturday afternoons are when most patrons prefer to shop in your store. Deductive reasoning â€Å"moves from a general statement to a specific conclusion† and works from the model of a â€Å"syllogism, a three-part argument that consists of a major premise, a minor premise, and a conclusion† (Ros a & School, 2012, p. 0). Please note that in order to accept your conclusion/argument, your audience should accept the major and minor premises as truths. See the below example, which could be the start of one argument In support of a vegetarian diet: Major premise: Beef contains cholesterol. Minor premise: Too much cholesterol Is bad for one's health. Conclusion: To remain in good health, people should eat less beef. For the Discussion this week, you'll practice creating argumentative statements, including your own syllogism.In this week's Assignment, you'll take it a step further and write detailed and supported arguments, either for or against the thesis of a professional essay. This will be the first draft of your Synthesis Essay, which you'll revise in Week 4. It's important to remember that in a Synthesis Essay, you need to add something new to the conversation. You start with existing knowledge on an Issue (in this case, a professional essay), and then create new knowledge (y our argument), making unique and Insightful points. Objective(s):

How far can Shakespeare’s presentation of Lady Macbeth and Macbeth be seen as typical of their gender? Essay

Shakespeare’s plays were written in a period of time, which we relate to people from by calling them ‘Elizabethans’. However ‘Macbeth’ was written in 1606, after the death of Queen Elizabeth I during the kingship of the newly appointed James VI of Scotland (now James I of England). The play was written with the new king in mind and was based around the chronicles of Scotland. Despite this, Shakespeare still changed details within the chronicles, for instance, Banquo within the real story was actually guilty, but being an ancestor of King James, within the play he made him into an innocent character. Religion although not being mentioned much in ‘Macbeth’, the play still relates to evil and spirits which Lady Macbeth also relates to within the play. During this period of time women would be persecuted for this so in a way she goes against all aspects of the typical women. Within the time it was written James I believed of ‘the divine rights of kings’, this basically states how that of the Gods appoints kings, being in a time of great religion many men would have also thought this. Macbeth however obviously doesn’t as he kills Duncan to become the king. It is debatable how Macbeth and Lady Macbeth can be seen as typical of their gender as they change so much within the play. During the play they seem to swap roles as one becomes strong the other becomes week. Macbeth is first heard of by ‘the captain’, he reports to Duncan of how he ‘bravely’ rips Macdonwald open from the navel to jaw. However by the end of the play no-one has a good word to say about him, changes like this occur many times within the play as during this period from a ‘hero’ to a ‘butcher’, Macbeths manly hood goes the opposite way from being ‘scared’ to taking everything in his own hands. Lady Macbeth on the other hand seems to go the complete opposite way to Macbeth altogether, she starts the play as a commanding, strong and in charge women whereas by the end of the play she is in so much self guilt that we here that she takes her own life as the her past sins are to much to take. The first major talking point towards the two’s gender issues comes prior to the murder of king Duncan. When Macbeth first thinks about the murder (Act1 Scene3 Lines 134-42) he states how â€Å"whose horrid image doth unfix my hair,/And make my seated heart knock at my ribs† basically meaning he is terrified of what he is thinking of but then says how fantastical it would be. Apart from this thought I don’t believe he has the ‘guts’ to commit the murder and just the thought of killing â€Å"shakes his single state of man† until Lady Macbeth steps in. She takes full control of the situation and at times seems more of the man than Macbeth. Lady Macbeth uses the fact that she sees Macbeth as frail and ‘petty’ and challenges this manhood of his. In an attempt to convince him to kill the King (Act1 Scene 7) she challenges him by calling him a â€Å"coward†.

For and against

This essay will also consider three broad areas in support of the statement mentioned such as validity, convenience and privacy and will explore arguments against the statement such as amusement, audience rating and riots. It is undoubtedly the case that media is a crucial approach for people to obtain the social information immediately. The validity of this information must include accuracy and practicability (Brigit, 2003). In other words, people secure the news useful and helpful for themselves. Because news is direct way to receive the data providing not only policy but also employment.In fact, most people tend to read the newspapers to gain the up-to-date news, when having a breakfast. If the news is unreliable or unavailable, nobody will trust it and news indeed lose its meaning. In addition, media brings us convenience in the routine, especially providing advertisement and entertainment. Contemporaries, people can Just stay at home and receive what they want, such as shopping and booking goods on the television. At the same time, people can receive the pleasure when watching some comedies and cartoon. Besides, paying more attention to expose the personal lives of famous people in the public is immoral.Walks(2013) states that everybody has the right to keep the privacy. To over concern their privacy is possible to make celebrities gloomy or stressful and this might lead to they get psychological disease. Although the favorable points of media reporting the relative news are apparent, its drawbacks can also be frustrating. Initially, famous people in magazine are the highlight when people read it. It is obvious that people in the developing rapidly society undertake numerous stresses come from live and work and they need relax.Therefore, amusement in media has become an essential factor when reading it in leisure time. Furthermore, if the news from media is totally about policy and employment, the readers must feel monotonous and annoyed and this probably leads to the audience rating is decreasing and affect the benefits of media. If media broadcasts the whole actual political issue on governments as negative, it is easy to cause mass rioting. People need the real and positive news to support contemporary government and to make a contribution to the society, but over-passive news will cause conflict and complaint to government.From what has been discussed above, the arguments in favor of media reporting the relative news are stronger than those against, on condition that appropriately putting some stories of famous people to increase the interests of reading or watching news. In conclusion, broadcasting relative news for media is necessary in order to deliver the news with reliability and practicability. This measure would not only bring convenience in routine life, but also protect celebrities' privacy.

Geez Luis the Making Essay

It is tricky to embrace historical globalization without re-inflicting devastation so the †¦ .com/essays/To-What-Extent-Should-Contemporary-Soiety-1015970. html †¦ To What Extent Should Contemporary Society Respond To The Legacies Of Historical †¦ To what extent should contemporary society respond to the legacies †¦ answers. yahoo. com †º All Categories †º Social Science †º Economics? Apr 21, 2009 – To what extent should contemporary society respond to the legacies of †¦ So I have to do this essay for my grade 10-1 social class and well I †¦ To what extent does society respond to the legacies of historical †¦ wiki. answers. com †º †¦ †º History, Politics & Society †º History †º Ancient History? Relevant answers: How should contemporary society respond to that legacy of historical globalization? We need to learn from thes actions of globalization and †¦ How should we respond to Legacies of Historical Globalization? For †¦ www. enotes. com/†¦ /how-should-we-respond-legacies-historical-393995? Apr 27, 2010 – What ever remnants of these historical legacies are present in the world today, should be routed out by sincere and concerted efforts. Also we †¦ [PDF] Chapter 8 Living with the Legacies of Historical Globalization – Home fc. gsacrd. ab. ca/†¦ /Exploring%20Globalization,%20Chapter%208. pdf? To what extent should contemporary society respond to the legacies of historical globalization? †¢ MHR. 188. Figure 8-2 One legacy of historical globalization in †¦ [PDF] Impacts of Historical Globalization.

Distinguish among the five types of customer markets Essay

Distinguish among the five types of customer markets - Essay Example Consumer durables are another subtype. Converse to the characteristics of FMCGs, these goods have low volume but high unit value. This can further be categorized into white goods and brown goods. Refrigerators, pressure cookers, dishwashers, washing machines, microwave ovens, etc are primary examples of white goods. Electronic items such as personal computers, video game consoles, multi-media players, etc are good examples of brown goods. Consumer Market is characterized by aggressive marketing campaigns, for consumers tend to be disloyal to brands and can easily switch from one to another. Also, competing companies are focused on innovating and improvising their products and production models to garner greater market share. *Business Markets â€Å"buy goods and services for further processing or for use in their production process, whereas Reseller Markets buy goods and services to sell at a profit.† (Part 2, p.66) The metals industry is a good example of Business Market. Her e, raw metals (sometimes in the form of ores) are bought by private companies from government agencies. The former then go on to process and add value to the metal before selling it to other industries or end consumers. A good example of Reseller Market is the retail industry, which comprises of Supermarket chains, Specialty stores, Chemists, and other retail dispensaries.

Ethical Decision-making and High Technology Essay

Ethical Decision-making and High Technology - Essay Example A wealth of literature addresses inappropriate and illegal use of technology in industry. Misuse of technology has resulted in significant corporate losses. Activities and behaviors causing these losses vary and include criminal activities such as hacking into systems, fraud and theft (Kreie and Cronan, 1999). Monetary losses to businesses are estimated to be in excess of billions of dollars annually and, too often, these misuses are carried out by the companys own employees. Reportedly, up to 80% of bandwidth use at some workplaces is due to non-work related electronic exchange of materials (Conlin, 1997). Accordingly, most businesses monitor how their employees use the Internet. This means that employers know, or can easily determine, what Web sites their employees are accessing while at work. According to a survey conducted by the American Management Association, 73% of U.S. businesses monitor their employees Internet use and largely due so to reduce loss and enforce ethics compli ance (Conlin, 1997). Several business studies conclude that educating employees about what the organization views as ethical behavior might have some positive influence on activities (Pearson, Crosby and Shim, 1997). Pearson et al. (1997) argue that should older, more experienced IS professionals act as mentors to identify and teach the ethical views of their organization to less experienced personnel, violation of information security and computing ethics policies will decrease. The term â€Å"computer ethics† was coined in the mid 1970s by Walter Maner to refer to the field of applied professional ethics dealing with ethical problems created by computer technology. The term has acquired a broader sense that includes applied ethics, sociology of computing, technology assessment and computer law. This broader scope of computer ethics examines the impact of computing and information technology upon human values using concepts, theories and procedures

How to Be a Good Manager Research Paper Example | Topics and Well Written Essays - 1250 words

How to Be a Good Manager - Research Paper Example They also note that it requires periodic evaluation in order to assess the performance of employees. The assessment is important because it aids managers in making decisions regarding delegation in future processes. There are a number of managers who struggle with the concept of delegation in their daily activities. They make every effort to hang on every task available within the organization and this makes it difficult for them to establish their goals in accomplishing such tasks. Some of the managers end up delegating work to the wrong persons while others end up delegating too much too soon (Gardner 320). In other instances, managers fail to acknowledge the efforts of those they have delegated, hence, making them feel unappreciated. It is important to note that one person cannot perform all the tasks within the organization and this is where delegation comes in. It is all about asking other people to carry part of the workload, taking responsibility for its completion and make re ports on the results of their efforts. Classical Approach to Delegating The classical approach to management views an organization as a structure and emphasizes on organizational efficiency just like scientific management. The approach is greatly attributed to the efforts of Henry Fayol who developed a number of principles. The principles include division of labor, authority, discipline, and unit address, the subordination of individual interests to the common good, compensation, centralization, hierarchy, order, equity, staff stability, team spirit and initiative (Mookherjee 67). There has been a close relationship between classical management and the concept of delegation. This relationship is brought about by the principles of authority and division of labor.  

Electrical Essay Example | Topics and Well Written Essays - 1750 words

Electrical - Essay Example This section explains how to measure the velocity of propagation of a signal in a transmission line. This is done by using the step response method. Also, determining the relative permittivity of the dielectric material used to construct this line, which is based on the measured velocity of propagation. This section focuses on the actions of a transmission line terminated by various resistive load impedances when voltage steps are introduced into the line. Also, checking the characteristic impedance of a line can be carried out by two different methods: (1) with a variable load resistor; or (2) through measurement of the rising edge of the launched step. The definition of attenuation and distortion is provided in this section. The causes of attenuation and distortion, and how they affect the shape of the transmitted signal are also discussed. Finally, evaluating signal quality in high-speed transmission systems by using the eye-pattern method is explained in detail. This instruction booklet gives students the necessary theory and measurement skills to implement and test transmission lines. First, students will learn the principles and operational characteristics of transmission lines. Then, they will discover how to perform transmission line measurements through step testing and a sinusoidal steady-state setting. Lastly, students will build a foundation in theory and practice of time-domain reflectometry (TDR) as well as impedance matching and transformation. Another inclusion is an exercise that focuses solely on troubleshooting. For this exercise, students must establish and recognize the nature of faults introduced by the instructor along the transmission lines through using TDR. This way, students can develop their troubleshooting skills and test what they have learned. – Detailed laboratory procedure where the student

Self-discovery Essay Example | Topics and Well Written Essays - 1000 words

Self-discovery - Essay Example Some of the things that I have discovered with regard to synthesis include facts such as one of the main advantages of the aforementioned synthesis is the achievement of a neutral clarity that is guided by the connection of different perceptions whose missing pieces in a sense can be said to come together. The combination of these two accomplishments allows one to have a better understanding of their self in general. The discoveries that are learnt from each inventory allows the individual to dive deeper into their frame of thought and catch a glimpse of a part of them that may have not been visible to them at the beginning. As mentioned earlier, these inventories help an individual make a number of discoveries about their self that they can in turn use towards their benefit through proper planning and focus. These discoveries can play a large role in my life and as such have not been taken lightly but have instead been used to mold my activities to that which properly suit my intere sts and ambitions. The MBTI provided an opportunity to discover information about my character as well as any peculiar features that may arise. This assessment revealed that I can be described as an individual who is equipped with open thinking and intuition. I feel that these assessments are accurate to a general extent as a result of my nature to try and maintain a fair level of acceptance with other individuals no matter their different backgrounds as long as they do not infringe on mine or other people’s personal space with regard to their rights.

Addiction Essay Example | Topics and Well Written Essays - 1750 words

Addiction - Essay Example Addiction is as a result of many addictive things in the life of a person. For instance, peer pressure is a major contributor to dependency. An individual can abuse a drug or alcohol because one is forced to do so by the group of friends. There are different forms of addiction, and each of addiction poses its series of risks. While alcohol and drug use often begin as voluntary behaviors, addiction prompts chemical alterations in the brain of an individual. It affects memory, behavior, as well as perception of pleasure and pain (Hollander, 2012). If not controlled in time, addiction can have a lot of adverse impacts on the life of an individual. It is, for this reason, individual’s responsibility as well as of the government to control addiction at all cost. It is, for this reason, individual’s responsibility to ensure that one avoids peer influence at whatever cost. Technology is also another factor that can contribute to addiction, and can also be another form of dependency. Once an individual keeps on looking the deeds of other people in other countries will in one way or another distort the mind of a person. Being on the internet every time is also another addiction. However, once a person is affecte d, there will be greater consequences that will significantly affect once lifestyle. Combination of compulsive cravings with prolonged substance abuse can prompt physical consequences in the entire body of an individual (Haugen & Musser, 2013). In addition, the effects of drug addiction can include stress on the organs, respiratory system and venous that can cause a series of physical health issues. Furthermore, medical concerns like depression and anxiety can severely interrupt social and professional life, contributing to mood swings, chronic fatigue and low interest in previous hobbies and significant life events. Apart from the above medical concerns, chronic use of certain substances can result in long-term neurological

Critical evaluation Essay Example | Topics and Well Written Essays - 1500 words

Critical evaluation - Essay Example t supplementary facts that were expected from the implementation of the smoke-free legislation, as they acknowledge, â€Å"Our study is part of a comprehensive evaluation of Scotland’s smoke-free legislation† (Haw & Gruer, 2007: 549). The researchers successfully deal with the comprehensiveness of the topic of their study. Though previous researches on the air quality of the public places of Scotland refer to the subsequent impact of the smoke-free legislation, their acute limitation was that they do not tell much about the impacts on the private places. Haw and Gruer’s comprehensive approach to the research topic pertinently includes the exposure of the non-smokers in the private places. Such comprehensive approach to the changes in exposure aids the readers to achieve an overall picture of the change in exposure. Another thing is remarkable that the researchers are more concerned to prove the consistency of the findings of their paper with other studies than to clarify the concepts of â€Å"exposure to second-hand smoke† (Haw & Gruer, 2007: 549) and the parameters of â€Å"change† that they are dealing in the paper. Significantly their paper lacks any efficient literature review that could have clarified the outline of their research topic and other related concept. Also it lacks a sufficient literature review to support its methodology and other approaches to the research topic. Haw and Gruer do not tell anything about ethical approval by any ethic committee. Also they do not describe the maintenance of ethical issues for the paper. As to research method, Haw and Gruer chose the cross-sectional approach for their research. But the flaw within their methodological approach is that though in the first place they chose the cross-sectional method, they used longitudinal data also. Though they expressed the aim of the study as â€Å"to measure change in adult non-smokers’ exposure to secondhand smoke in public and private places after smoke-free legislation was

Nurse Leader Interviews Essay Example | Topics and Well Written Essays - 1000 words

Nurse Leader Interviews - Essay Example Again the Director of Surgical Services reflected a participative leadership approach while dealing with the subordinates in the organization. Finally as for the Director of Employee Assistance the leadership style reflected a transformational approach. Thus it is found that the different nursing leaders reflect different types of leadership styles in their conducts within the organization. It is found that the Chief Nursing Officer acting on the Servant Leadership approach aims to build trust and confidence in the minds of the subordinates so that they easily communicate with the upper hierarchy and share their feelings and problems. Again acting on such leadership approach helps the Chief Nursing Officer in understanding the areas where the people fall short in their professional pursuits. Thereby such leaders help enabling both resources and opportunities to help them develop their professional traits and conducts in serving the concern (Ebener, 2010, p.11-12). This leader was chosen on account that the leader takes care in hearing to the problems and queries of the nurses working in the organization and renders commitment to help the nurses develop their potential to render quality healthcare through rendering institutional help. The Director of Surgical Services reflects a participative leadership style while going about in the organizational conducts. Such participative style reflected by the director is done by involving and empowering the employees and sub-ordinate groups working in the concern in decision making activities. This leadership style helped the leader to gain the views of the subordinates in the decision making ventures and thus helped to avoid conflicts. Hence such leadership trait reflected by the director is held to bring success in managing the employees by the leader (Walsh, 2009, p.75). Finally the Director of Employee Assistance is found

Food Is More Than What We Eat Essay Example for Free

Food Is More Than What We Eat Essay The food we consume everyday has more to it than a source of fuel and part of our human essentials. Though we may not realise, food plays a part of many people’s culture, religion and even employment, where food plays a significant role in their everyday lives. Today, food serves a fairly major role in our society. Due to globalisation and other global factors, there has now been a mix and harmonious diversity in cultures around the world and food is one of the main evidence of that. This can just be seen by walking to your local stores where there are at least two or more food stores/ restaurants from different cultures. This is particularly evident in Australia, as immigrants from across the globe bring with them to Australia their cultures, beliefs and lifestyles to their new homes- with food being one of them. Many of these different cultures are now welcomed, accepted and shared, which provides employment for many people. This is not only evident in the Western continents, but many other Asian countries, where you would see many restaurants, snacks stores and street stores. Food is also used to distinguish the ‘classes of certain groups and/or areas. For example, in the city where there are more higher classed people, majority of the restaurants and cuisines tend to be a lot more expensive than those in the outer suburban areas. The functions of food in cultures vary between cultures, but majority of the time plays a significant role. There are different beliefs and morals, religious and food rules/ etiquettes that are associated with food of different cultures. An example of a food belief/moral would be in China noodles represent longevity, therefore it should not to be broken off or bitten off but put all into your mouth to chew to swallow. Food has not only been applied in beliefs and morals, but also religion. This can be seen in the Buddhism, where vegetarian dietary is preferred for serious believers. Sometimes food etiquette is incorporated into the religious side of food. For example in China it is considered extremely rude and impolite to stick your chopsticks upright in your rice as it is how it appears in funerals and is disrespectful to the elderly. The use of food in traditions and celebrations is another way to show how food has a deeper meaning that being sustenance. Traditions vary between cultures, but even families and individuals. Everyone has their own ‘style’ that they live with and pass on to their family who if they decide to continue the tradition passes on to future generations. Some of these traditions in terms of culture can be having rice has your main staple for most Asian cultures, while in Australia they have many different staples ranging from bread to grain foods. Food is also a big role player in celebrations. Many cultures have special foods that are only eaten or mostly eaten on certain days or events. For example in China on Chinese New Year, moon cakes are eaten, while in Australia, citizens have BBQs on Australia Day and eat ANZAC biscuits on ANZAC day. Food has also been a reason for unity of people. People like to eat whether it is at home or in restaurants in groups, where they not only enjoy the food together but can also start up conversations. For some families during dinner time may be the only time where they sit together and talk about their day. On a larger scale, food and global factors has allowed people of different backgrounds and cultures to accept and understand each other’s cultures. As previously mentioned, where we can now have food that are not from your culture. Because of food being eaten by many cultures, there are modifications to some foods so that more people can eat them. For example, there are now many vegetarian foods such as vegetarian pies and noodles for people with vegetarian diets.