Drunk as drunk Essay

Drunk as drunk This poem is about the lustful relationship between two people. The pair lay in the flowers under the night sky and kiss each other til’ what seems like months later. I think the couple depicted are in the early stages of their relationship. They spend all day with their bodies pressed against one another and kiss in the flowers. They are so consumed in each other that they neglect sleep, food, and water. I think it’s all a bit exaggerated but it is definitely depicting a young, passionate love. Neruda uses many similes in this poem for the effect of creating a pair of lust filled lovers. He likens them to â€Å"fish under a net of our kisses. † The two spend all of their time together, and can’t think of anything other than that. He also uses imagery, saying miour wet body wedged between my wet body and the strake of our boat that is made of flowers. † He uses imagery to depict two lovers lying on the grass, and pressed against each others’ bodies. He makes it seem like the lust (and love) between these people is wedged together, i. . inseparable. The tone of the poem is very loving and romantic. The narrator is one of the lovers, which makes you see their connection better. The use of similes, metaphors and tone in this poem show the strength of Neruda’s writing. He makes you â€Å"drunk as drunk on turpentine† from his writing. Girl. Themes The Danger of Female Sexuality Even though the daughter doesn’t seem to have yet reac hed adolescence, the mother worries that her current behavior, if continued, will lead to a life of promiscuity. The mother believes that a woman’s reputation or respectability determines the quality of her life in the community. Sexuality, therefore, must be carefully guarded and even concealed to maintain a respectable front. Consequently, the mother links many angential objects and tasks to the taboo topic of sexuality, such as squeezing bread before buying it, and much of her advice centers on how to uphold respectability. She scolds her daughter for the way she walks, the way she plays marbles, and how she relates to other people. The mother’s constant emphasis on this theme shows how much she wants her daughter to realize that she is â€Å"not a boy’ and that she needs to act in a way that will win her respect from the community. The Transformative Power of Domesticity The mother believes that domestic knowledge will not only save her daughter from a ife of promiscuity and ruin but will also empower her as the head of her household and a productive member of the community. She basically believes that there are only two types of women: the respectable kind and the â€Å"sluts. Undoubtedly for many Antiguan women, domestic knowledge leads to productivity, which in turn wins respect from family and society. Household work therefore brings power and even prestige to women in addition to keeping them busy and away from temptation. Readers recognize the reverence the mother has for the power of domesticity because of the numerous specific instructions she gives her daughter, such as how to ook pumpk in fritters, sweep, grow okra, buy bread, and wash clothes. For her, domesticity brings respectability; sewing up a dress hem thus becomes more than an community. Motifs The mother repeatedly emphasizes food throughout her lecture to reinforce her belief that happiness comes from domesticity. The acts†and art†of making pumpkin fritters, tea, bread pudding, doukona, and pepper pot thus take on greater meaning as elements that link women to their families, their households, and the greater community. In many ways, food will also be the mother’s greatest legacy as he passes old family recipes and culinary traditions down to her daughter and future generations of women. Interestingly, foods such as doukonaand pepper pot also act as anchors that squarely place the story in Antigua and the Caribbean. Mentioning these specific regional foods allows Kincaid to recreate a world that’s vivid and different from our own without ruining the storys structure with unnecessary descriptions. Cloth Cloth and its relationship to appearances and proper housekeeping reappear throughout the story to highlight the importance of respectability. The mother knows hat a person’s clothing reveals much about character and personality and that shabbiness implies laziness and poverty. Washing, sewing, and ironing allow women not only to project their status but also their productivity and self-worth. Neatness in appearance also corresponds to the community’s perception of a woman’s sexual respectability and morality. Organized, productive, well-groomed women appear competent and in control and consequently have much less chance of falling under suspicion of having had illicit relationships with men. The mother therefore stresses the importance of dress and appearance to save the daughter from a life of isrespect. Symbols Benna Antiguan folksongs, or benna, symbolize sexuality, a subject the mother fears her daughter already knows too much about. Historically, native Antiguans sangbenna to secretly spread scandalous rumors and gossip under the uncomprehending British people’s noses. Singing benna in Sunday school, therefore, represents not only disobedience but also sinful, forbidden knowledge that can’t be discussed openly in public, let alone in church. Even though the daughter may not consciously equate benna with sexuality as her mother does, her protestations nevertheless uggest she knows full well benna’s seductive power, mystique, and forbidden qualities.

Police Misconception

There are many popular misconceptions about police officers. One popular misconception is that they protect their own. What people don’t understand sometimes is that police officers are properly trained, they went to police training and the trainings main goal is to ensure that officers avoid taking unnecessary risks.This means calling and waiting for back-up, and always having a partner when using direct confrontation, the way the media portrays police officers on television, in movies is like their jobs is always about protecting their own and that being a police officer is about power, when in reality police officers are trying to protect us from all the unnecessary violence and keep us safe just as much as themselves. The police officers are just like us going to work to do their responsibilities and returning home safely.A lot of people don’t realize that some police officers put their lives out on the line for them when they do cases like for example catching a mu rder, rapist, burglar, and so forth, their lives are on the line just as much as ours, maybe more. Another popular misconception that is said daily about a police officer is that they’re racist. Police officers being racist are true but not every police officer is racist, some are not. Think about it, there is racism everywhere we go, in schools, churches, stores, clubs, jobs and so forth, you meet a lot of people who are racist, not only police officers.Racism is everywhere in the world, everyone should be aware of that. Lastly, another popular misconception is traffic enforcement. People say that police officers should be arresting criminals and getting them off the streets, not writing traffic tickets but what people don’t know is that traffic enforcement identifies criminals and results in their arrests. When police officers do their routine traffic stops that’s when they find drugs, weapons, contrabands, fugitives, in the vehicles which helps get the crimin als off the street.

Botox Case Study Example | Topics and Well Written Essays - 1250 words

Botox - Case Study Example SWOT analysis Strengths: Allergan has the possibility for dominance on several niche markets because of the uniqueness and appeal of their product. The main consumers of the product Botox are celebrities from many fields, which include actors and television artists. Thus, the element of celebrity endorsement is a great advantage. Facial beauty is a major concern in the modern world and the ability of a product to remove wrinkles and black marks on the skin will likely work as an element of strong attraction for customers. Botox also cures migraine, constant neck and back pain, extreme sweating, and possible convulsive disorders. These are major attraction for enticing customers to the product. The appeal becomes all the more significant because the consumers will think of it as a panacea for countering various ailments. Thus the product can command major share in all the market where it is introduced or available. Fashion industry has a commandeering position in the modern world and people’s affinity towards cosmetic products offers immense opportunities for products like Botox. People are prepared to invest hefty sum on body and skin care products and this trend opens for Allergen a floodgate of avenues to maximize its sales and to generate huge volumes of profit. Botox’s product caters to high end clients for whom the cost factor may not be a major element. Thus, they can remain in a position to provide high quality, variety and other attractions for promoting the product. Weaknesses Allergan depends too much on Botox sales. The other products of the company do not have any significant prospects for sales like Botox. Though lasting for only a short time, Botox cosmetics are known to cause serious side effects, which may repel some of the customers. It is prone to hamper some of the facial expressions like causing wrinkles while frowning etc, which may create a negative impact on actors and TV artists. The effective life span of Botox cosmetic tr eatment is only three to six months, which may create problems for low end consumers, when the cost factor is high. This may compromise the product’s popularity among the low income group of customers. Opportunities Expanded variety of Botox suggestion and indications would make stronger the future sales. Use of well-known position in ophthalmic, neurotoxin and linked markets to enhance the sales and current market situation. By measuring the current advantages of products, especially Botox multiple advantages, the company could focus more on developing the minute benefits of the products and launch the products with more specialities. Botox cosmetic treatment lasts only three to six months, so all the side effects are temporary. The company authorities could mention this temporary side effect issue and could attract more customers especially Celebrities. Threats Allergan stands to face tight competition from Alcon, a company which is into the manufacturing of surgical produc ts, pharmaceutical products, optical care products etc. Risk of calculating erosion of Botox’s market share by other neurotoxin products. Due to the successful market career and larger sales of products, other companies may try to launch substitute products similar to Botox. Boxton’s usage is creating more side effects; in order to prevent that company should develop prevention methods. Marketing Mix Marketing mix is an essential component of the marketing plan and strategy of any company. Developing a marketing mix implies the development of a strategy for the optimization of the five Ps of marketing, which are product, price, promotion, place and package. There are a number of essential components which need to be kept in mind while determining a marketing mix. The product must have an definite target market, the price must be within a specified budget appropriate to the

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

Reflections - Assignment Example There are also other researches that have been recommended to be conducted in future about all the topics learned in the lecture. However, the lecture is quite wide thus lack of concentration could lead to an individual failing in the entire lecture. There are four projects that are presented in the transportation engineering lecture. The first one is travel behaviors that investigate the behaviors that individuals undertake in the course of their travelling. The second one is SUT RN, automated cars and finally in food deserts. Automated cars make it easier for individuals to drive than the manual cars. One of the engineering projects that I found interesting is automated cars. This topic is interesting since I was able to learn more about this self driving car. It is capable of fulfilling the capabilities of a manual car. I was interested in learning that this car is able to sense the surrounding environment and navigate without any human input. Overall, the lecture was an interesting one to learn. I was able to know new things and understand what happens in transportation engineering. The lecturer was able to ensure that all students understood what was being taught. In addition, the lecturer made the lecture more fun by ensuring that all students were thoroughly

The nurses' responsability in the prevention of medication errors Essay - 1

The nurses' responsability in the prevention of medication errors - Essay Example egarding medical malpractices, the quality of care needs not be assumed and must at all times be considered as a crucial aspect in medical practice (Reason, 2000). The author continues to argue that medical practitioners have faced disciplinary issues, shame, and threats due to malpractices. Since nurses are major players in offering medical care, they are concerned with the health of an individual from the onset of medication till the end (Cohen, 2007). In light of this argument, it is argued that nurses play the major role of ensuring that they understand the major factors that lead to errors in the medical provision. This role of prevention of errors is crucial in the prevention of medical errors (Cohen, 2007). These errors include incorrect calculations of medical dosages, improper consultations, inexperience, and failure to adhere to the set protocols amongst others (Cohen, 2007). With these avenues of medical errors in place, the quality of medical service is then jeopardized. In this case, the nurse should play the major role of ensuring that they minimize the avenues of cropping up of medical errors as possible. A good example is that of the nurses’ conversance with the FEMA (Failure Mode and Effect Analysis) that has been instrumental in alleviating chem otherapy errors (Hartranft, Sheridan-Leos, & Schulmeister, 2006). Nurses are able to come up with thoughts on how to safeguard the safety of the patient care. Despite the fact that Cohen (2007) indicates that the nurses are mostly forced by the management to cause some of these errors, they should be on the frontline to ensure that they minimize as many challenges as they can. Secondly, in the medical setting, they must have vast experimental knowledge in the concerned field (Cohen, 2007). This allows the nurses have a big picture of the entire case, always countercheck the medical history of a patient prior to making any form of conclusion (Cima, ‎2011). This means that the nurse is able to offer

Market Entry into China (According to case study finish a Report) Essay

Market Entry into China (According to case study finish a Report) - Essay Example China becomes a hot favourite for investment in the sectors of cooperative enterprises, joint ventures. â€Å"According to Zhang (2005), the impact of the overseas Chinese on China’s FDI inflows can be seen at least in two ways. First, the overseas Chinese invest in China based on language and historical bonds; accordingly they possess advantages in operations in China. Second, the overseas Chinese act as a bridge through which foreign investors understand the Chinese culture.† (Devinney et al 2010). The country, however, did not allow solely foreign-owned ventures earlier, and they had limitation of technological support. This situation has now changed and through export from other countries they now have all the infrastructural facilities. China has now removed many limits, which were also different from their WTO promises and encouraged foreign-owned ventures to guide in higher technology and add to their export quantity. Thus, only foreign-owned enterprise under joint venture model is the most accepted structure of FDI in China. There are a mixture of FDI available in China and the most common among them have been the Equity Joint Venture, Co-operative Joint Venture, and, to rising quantity, completely Foreign Owned Enterprise. However, they have a viable system of legislation and ground rules for creating such ventures and suitable government approvals and business licenses are mandatory. Hong Kong and East Asia are the main sources of FDI in China. Presently Taiwan is also a major source of China’s FDI with increasing amount of investment. Taiwan positions as the second place of FDI in China. â€Å"During the past two years, the government has been working to reform the foreign investment approval system. The approval procedure for five categories of foreign investment has now been vastly simplified, as the central government has allocated significant approval power to its local counterparts.   For foreign investment projects with

The High Middle Ages Research Paper Example | Topics and Well Written Essays - 4000 words

The High Middle Ages - Research Paper Example Since Latin was the language of the Catholic Church, which dominated Western and Central Europe, and since the Church was virtually the only source of education, Latin was a common language for Medieval writings, even in some parts of Europe that were never Romanized. However, in Eastern Europe, the influence of the Eastern Roman Empire and the Orthodox Church made Greek and Old Church Slavonic the dominant written languages. The common people continued to use their respective vernaculars. A few examples, such as the Old English Beowulf, the Middle High German Nibelungenlied, the Medieval Greek Digenis Acritas and the Old French Chanson de Roland, are well known to this day. Although the extant versions of these epics are generally considered the works of individual (but anonymous) poets, there is no doubt that they are based on their peoples' older oral traditions. Celtic traditions have survived in the lais of Marie de France, the Mabinogion, and the Arthurian cycles. A notable amount of medieval literature is anonymous. This is not only due to the lack of documents from a period, but also due to an interpretation of the author's role that differs considerably from the romantic interpretation of the term in use today. Medieval authors were often overawed by the classical writers and the Church Fathers and tended to retell and embellish stories they had heard or read rather than invent new stories. And even when they did, they often claimed to be handing down something from an actor instead.

Self reflection Report Essay Example | Topics and Well Written Essays - 1500 words

Self reflection Report - Essay Example I owned a personal training company and was in charge of management of the business, gaining valuable real life experience. I expect to grow and be able to use the results of this report to improve my performance in the remainder of my degree course. The results of the personality analysis showed that I am primarily an Implementer and secondarily a Shaper. This means I am organized, rely on common sense and demonstrate self-discipline. I like to approach problems systematically and map out a solution with a series of steps. When working in a group, I tend to focus on the best interests of the group rather than my own. I am useful in groups because I can keep on track and persist until the task is completed, regardless of difficulty. Some flaws or weaknesses in my personality include a possible lack of flexibility and a resistance to unproven ideas. This is where my secondary personality trait becomes useful. As a shaper, I am outgoing and dynamic. I am highly motivated and have ample energy a desire for achievement. I often push others to work hard and find ways to overcome obstacles. I can handle confrontation and sometimes find it useful. However, my personality as an Shaper will help me deal with high pressure, stressful situations, and deadlines [Appendix A]. In my learning style analysis, I discovered that my learning style is evenly spread across the four learning styles and I have at least a moderate preference for all the learning styles. I had a slightly stronger preference for the reflector learning style. This means that I prefer to observe, consider all angles, and think. I like structured experiences, case studies, and reports because they contain thorough information and evidence. However, my ability to learn using all four styles makes me adaptable to any learning situation. This can be very useful and keep my education balanced as I continue through my degree program [Appendix B]. My Shaper characteristics complement my

PROJECT 3 Essay Example | Topics and Well Written Essays - 750 words

PROJECT 3 - Essay Example Practical mode of action research allows the researcher and the practitioner to communally merge so as to identify the actual potential problems. While working in a single unit, they are able to find out the underlying causes and to formulate possible solutions and stratagems (Newton and Burgess, 2008). According to Blaxter, Tight and Hughes (2010), mutual understanding is usually sought in practical action research, while the main goal is set to understanding practice and finding solutions to problems at hand. Practical mode of action research is known to adopt a non-positivist, ductile and a pliable technique to change. This kind of action research is commonly used in the field of education and other arenas, such as practitioner and human service development. Practical action research can therefore be summarized as an essential, a spot on and an immediate procedure that is specifically designed to tackle a concrete problem and provide a reliable solution. Other modes of action research tend to singularly identify a problem and tackle it in isolation, divorcing it from other contexts. One key feature or component of practical action research is the variation of knowledge that can be obtained while seeking solution to the problem. There are three main conditions which must be satisfied for a condition to be regarded as a critical, practical action research. The three conditions are individually essential and jointly competent in meeting practical action research requirements. The three are: 1. The project must involve the people responsible for the problem at hand at all moments of the activity. This aspect enables the project to widen the participation borders to gradually include any other parties that might have been affected by the problem at hand. The collaborative nature and control of the project must also be maintained. 3. The project must pass through, and successfully meet all the requirements of planning,

Comparison of Nursing Process Theory','Helath Promotional Theory' and Essay

Comparison of Nursing Process Theory','Helath Promotional Theory' and 'Health as Expanding Consciousness Theory' - Essay Example To date, most of the research in nursing has been of the theory-testing variety with little concern for where and how theories were developed. Theoretical progress in a discipline is measured to a great extent by the number and the quality of the theories developed by its scholars. From that point of view in nursing, the most useful measure of research outcome is the growth in sound theory on which to base nursing care and education (LoBiondo-Wood. & Harber, 2006). Nursing theories may be classified by their levels of abstraction along a continuum from grand theories to practice theories. As alluded to above, grand theories are broad and abstract and do not easily lend themselves to application or testing. In contrast, narrow-range theories are very precise and restricted in their focus. It is evident that for a theory to be usefully generalized to other nursing situations, it needs to be abstract. However, this means that it is difficult to operationalize the concepts within a theory. Being abstract means, there are no measurable indicators, and this it becomes very difficult to test the concepts and propositions through systematic and rigorous research. Mid-range theories go some way towards solving this problem. They are moderately abstract and inclusive but are composed of concepts and propositions which are measurable. Therefore, midrange theories, at their best, balance the need for precision with the need to be sufficiently abstract. Mi d-range theories are more focused than grand theories. They have fewer concepts and variables within their structure, are presented in a more testable form, have a more limited scope and have a stronger relationship with research and practice. Mid-range theories provide nurses easy applicability in practice and enough abstract ideas to be scientifically interesting (Tomey & Alligood, 2006). Comparison In this assignment, three nursing theories will be compared. These are "Nursing Process Theory", "Health Promotional Theory" and "Health as Expanding Consciousness Theory." Background of the Theorists Ida Jean Orlando was born in 1926 in New York. Her nursing education began at New York Medical College School of Nursing where she received a diploma in nursing. In 1951, she received a Bachelor of Science degree in public health nursing from St. John's University in Brooklyn, New York, and in 1954, she completed a master's degree in nursing from Columbia University. Orlando's early nursing practice experience included obstetrics, medicine, and emergency room nursing. Her first book, The Dynamic Nurse-Patient Relationship: Function, Process and Principles (1961), was based on her research and blended nursing practice, psychiatric-mental health nursing, and nursing education (Tomey & Alligood, 2006). Dr. Jean Watson has earned undergraduate and graduate degrees in nursing and psychiatric-mental health nursing and holds a doctorate in educational psychology and counseling. Dr. Watson's published works on the philosophy and theory of human caring and the art and science of nursing are used by clinical nurses and

IT Ethics and Security Essay Example for Free

IT Ethics and Security Essay The bill of Children’s Internet Protection Act or CIPA is included in the United States Congress and is recommended to keep a tight rein on children’s disclosure to obscene websites and explicit material available on the internet and online. This bill was proposed by the Senator of Arizona, Mr.  John McCain who wanted CIPA to be in United States Senate in the year 1999; however it was not included until various other delegates launched it in the United States House of Representatives, subsequent to which an absolute version was made and passed on the 15th December, 2000 after President Bill Clinton brought it into Law on 21st December, 2000 which after a few years on 23rd June, 2003 finally got defended by the Supreme Court of United States of America (US District Pennsylvania, 2010). This law requires the schools and public libraries to use internet safety filters for the reception of certain national financial support. Therefore the Supreme Court of United States of America has followed on constitutionality CIPA and has been providing them with the relieves to acquire reasonably priced telecommunications and Internet (Willard, 2007). Supreme Court of United States of America’s ruling on CIPA The purpose of CIPA was to provide the libraries and schools of the USA with support for internet and telecommunication facilities and this has been followed perfectly since the Supreme Court of USA approved it however it has certain limitation. A legal apprehension for instructors is lawsuits brought through anxious parents and associations. Through certain internet filters the minors can be saved from the explicit content on the internet which may rot their minds at a very early age so this helps in preventing the data of school from being seen by some other sources and, therefore from all points provide maximum security to the children and their families (US District Pennsylvania, 2010). As mentioned there are certain limitation to the support program which includes that as per CIPA, schools and libraries under CIPA do not obtain the concession accessible through the E-rate program, which is a concession that provides the facility of internet to schools and libraries, until they confirm that they have all the internet security measures in place which include the filter of blockage of pictures which are obscene, which may contain explicit material or certain data which might be bad for the children’s mind, therefore the schools which have CIPA facility need to have proper monitoring system which is too under check of the USA authorities jus in case of any violation (Willard, 2007). Also the educational institutions and libraries under the watch and aid of CIPA have to implement an authority and are inquired about to check the children while they use the internet, send any electronic mail or use some kind of chatting resource through the web while special check on certain hacking or misuse of internet by a minor is done and all the information is under supervision of the authorities however it does not need tracing of internet and the websites used by the children or any adult during the subjection to CIPA as it can be done by the supervisor of the place where the internet is being used (US District Pennsylvania, 2010). Hence this has been one of the greatest steps taken by the United States government and surely has a brilliant positive effect on the minors as they not only learn the use of internet but are also protected through it. Conclusion The united states government has always taken steps for the betterment of its citizen and the ones through which they can be benefitted therefore this step of CIPA ruling under the Supreme Court of the USA deserves appreciation and especially the people who donate funds to help the schools and libraries running and provide facilities the young minds

Safety Management Plan For Night Time Work Construction Essay

Safety Management Plan For Night Time Work Construction Essay In the previous in Chapter 1, the overview of this study was explained about and the problem was identified. Then from the overview, the aims of the study are to explore the challenges faced in construction site during night time, to identify the different factors associated with safety during night-time construction. Through the chapter, the elaborations of the topic are clearly described. The clarification of the sub-topic will studies about the night time construction, planning aspect, and the impact of night-time construction operations on safety, quality, environmental factors, and productivity. 2.2 Overview of Night work 2.2.1 Definition of Night work According to Derek Simpson (2005), night work is defined as a 7 hour period which includes that between midnight and 5am, usually 11pm to 6am. Anyone who normally works at least 3 hours of their working day during this night period is classed as a night worker. Night workers should not work more than an average of 8 hours in every 24. Where such work involves any special hazards or heavy physical or mental strain the 8 hours limit applies to each 24 hour period, not an average 8 hours over the reference period. According to the North Region Construction Night Work Guide (2007), night work is the most difficult and challenging time for the contractor to work to meet his contractual obligations and therefore the most difficult time for the inspector to ensure the work meets the standards and levels of quality while also ensuring that everything is done safely. 2.2.2 Safety Management Plan for Night time Work A management plan should be well documented and structured so that both employers and employees can benefits from its use. The following are recommended components of a safety management plan for night time works(: Site personnel responsibility It should be determined and stated clearly in the safety management plan the responsibility of each individual at construction site for night time works. Project Manager, Engineers, Designers, Safety Officer and Site Supervisors as well as workers each have their specific responsibility to make sure the highest level of priority are given towards safety and health issues. Permission to work at night Permission to work at night should be obtained from the relevant authority before construction works at night is carried out. Employers should submit their application for work permit to Local Government Authority and it is advisable to follow all requirements enforced by the authority prior to executing night time construction works. It is also recommended to notify the nearest police station, BOMBA, hospitals or clinics so that they can prepare accordingly in case of an emergency. It is also recommended that night work approved by the local authorities be informed to the residents/occupants of the surrounding neighbourhood. Inventory preparation for safety equipments Before night works are carried out, check the inventory of safety equipment to make sure they are sufficiently available, appropriate, and in good working condition. Purchase sufficient new safety equipment for a new construction project or to add existing inventory. Equipments such as retro-reflective signage, barriers, retro reflective tapes and lighting equipment are some example of safety equipment that should be provided for night time construction works. Material and Machine movement / coordination Employers should be aware that material and machine movement that is not well supervised could potentially cause serious injury and harm to workers and properties. Housekeeping Accidents can occur as a result of poor housekeeping. Hazards at construction site are the same for both day and night shift while the risks of injury are much higher during night works because of the inherent poor illumination. It is essential that the workplace is kept clean and tidy to ensure safety and prevent accidents. Emergency Preparedness and Response (EPR) One of the most important elements to consider before work at night is carried out is the EPR specifically for night time environment. A well established EPR can help both employer and employees to prepare; response and recover should a disaster occurs. Public safety When construction works involves public area, it is important to make sure the safety of the public. Consider the following when planning for night time work; identify the hazards for example construction vehicle movement or too much glare from lighting equipment and plan for vehicular movement to not interrupt peak hours and make sure adequate supervision is provided for such movement. Provide sufficient signage to warn the public and put barriers at a safe distance to keep the public away. Set up a safe walk ways where it is unavoidable to work near or in public vicinity. Arrange noisy equipments or machinery at farthest point from the public or adopt an engineering control to reduce the noise. When overhead crane is operating near the public, clear off the area and make sure adequate supervision is in place. Schedule for daily cleaning of the adjacent public road and filling up holes as well as uneven surfaces. Working hours manpower arrangement Employers should identify at which construction phase the need for night time work is required. Consider the following when planning for night time work; arrange a special team to work at night and allow for shift rotation and inform workers of the special hazards and risks at night to allow effective adaptation with the work environment. It is also recommended to send workers for health screening to make sure the workers are fit to work at night. Allowing an unfit worker to work at night will endanger the worker and other worker in the same work area. 2.3 Overview of Night-time construction According to the Guidelines for Construction Activities at Night (1999), there is an increasing demand for performing construction of highways and buildings at night, especially in the urban areas to reduce conflict between the public and the stakeholders of the projects. This approach can be beneficial in particular, for reducing traffic disruptions and meeting the completion deadlines. However, contractors should consider the increased safety risk at the workplace when conducting any construction activities at night. 2.3.1 Planning of construction work at night Working during night time by its very nature is dangerous. Workers are exposed to many high risk unsafe working conditions at construction site. Common problems that might occur are poor visibility in the working environment, working in a drowsy condition, and communication problems with the day shift. This could contribute to other work related safety and health problems for example drug and alcohol abuse, psychological problems, and physiological problems. (Shane J.S., 2012). Therefore, it is very important to plan any works for night time is engaged. Employers need to plan before hand the workforce required, special arrangement for safety provision such as sufficient work area lighting, retro-reflective clothing, flashing lights on equipments or structures and retro-reflective tape at work area surroundings. 2.3.2 Factors affecting night time work In order to decide when to conduct night time work, factors (parameters) affecting night time work must be identified. The following factors were identified: (Douglas K.D., 2003) Risk Illumination Nuisances Productivity Cost Safety Risk Night time construction introduces numerous risks to a construction project. One clear set of examples is driver and worker fatigue and reduced visibility, which are factors that could increase safety risks. Other major factors contributing to the risks of night time work are human factors such as sleep, stress, work, social or domestic issues, and psychological characteristics, such as appetite and safety. Additional factors associated with the risks of night time construction work zones are reduced work space for machinery and equipment movement, inadequate lighting, high speed of traffic during the night, and long working hours (12 to 14 hours). (Shane J.S., 2012). Risk management process The best way to address night time construction work-zone risks and hazards is through risk management programs. It is suggested that agencies and contractors begin their risk management processes early and review the risk management program carefully prior to beginning night time work. Risk management is the term used to describe a sequence of analysis and management activities focused on identifying and creating a response to risks and, in the case of night time construction, to project-specific risks (Shane J.S., 2012). Various organizations use very similar steps, but slightly different terms, to describe their risk management approach. These are the important risk management steps: 1. Risk identification. 2. Risk assessment/analysis. 3. Risk mitigation and planning. 4. Risk allocation. 5. Risk monitoring and control. Risk identification is the process of determining which risks might affect the project and documenting their characteristics using tools such as brainstorming and checklists. Risk assessment/analysis involves the quantitative or qualitative analysis that assesses impact and probability of risk. Risk mitigation and planning involves analyzing risk response options (acceptance, avoidance, mitigation, or transference) and deciding how to approach and plan risk management activities. Risk allocation involves placing responsibility for a risk on a specific party or parties typically through a contract. The fundamental tenets of risk allocation include allocating risks to the party that is best able to manage them, allocating risks in alignment with project goals, and allocating risks to promote team alignment with customer-oriented performance goals. Risk monitoring and control is the capture, analysis, and reporting of project performance, usually as compared to the risk management plan. Risk monitoring and control assists in tracking and resolution. Types of Risk The first step in an effective risk management program is to identify possible risks. Specific concerns related to night time work zones include poor visibility and work quality, staffing issues, unwanted noise and glare, decreased worker and driver alertness, impaired drivers, higher vehicle speeds, increased labour costs, materials and traffic control, and problems in logistics and supervision. These risks are categorized broadly as safety, cost/production and schedule, quality, organizational relationships, technical, construction, economic, and environmental. Illumination Night time construction lighting arrangements have an impact on project safety, quality, cost, and productivity. One of the main reasons illumination levels have a strong impact on the other aspects of night time construction is the fact that light influences human performance and alertness. Recommended lighting level A major problem with night time work-zone lighting arrangements is the insufficiency of the lighting provided to perform the construction or maintenance task. The level of lighting needed for specific construction activities depends on factors related to the humans performing the activities, as well as factors relating to the task at hand and the environment in which it takes place. For example, visual ability is a human factor that is known to vary among workers. Therefore, lighting standards assume reasonable visual abilities that are considered to be normal, while giving some allowance for variations among individuals. This assumption allows for visual standards to be based mainly on the visual requirements of the specific tasks construction activities required (Shane J.S., 2012). Task Dependency Visual Standard Required Accuracy The higher the precision required in a task, the higher the level of illumination needed. Background Reflection The ability to visualize an object or a target depends on the contrast between that object and the background. Highly reflective backgrounds decrease the visibility of the target or object. Relative Speed The relative speed of the object/target or its observer is another factor directly affecting the level of lighting needed for the construction task. Faster moving objects or targets necessitate higher levels of illumination. Objective Speed The size of the target observed in construction tasks has an impact on the needed level of illumination for the task. The smaller the object, the higher the level of lighting needed. Seeing distance The distance between the observer and the target in each task is another determining factor in setting illumination levels. Larger distances necessitate higher levels of illumination. Table 2.1: Task-dependent visual standards Sources: A Guidebook for Nighttime Construction: Impacts on Safety, Quality, and Productivity. Nuisances Sound Sound is energy in motion as a pressure wave through the air produced by a vibrating body. A decibel (dB) is the basic sound level unit; it denotes a ratio of intensity to a reference sound. Most sounds that humans are capable of hearing have a decibel range of 0 to 140. Zero dB, by international agreement, corresponds to an air pressure level of 20 micro-Pascals (in other words, the agreed-upon threshold of hearing). A whisper is about 30 dB, conversational speech is about 60 dB, and 130 dB is the threshold of physical pain. Humans sense the intensity difference of one sound from another. A three-decibel change in noise level is a barely noticeable difference, while a 10-dB change is perceived subjectively as a doubling/halving in loudness (Shane J.S., 2012). Noise Noise can seriously harm human health and interfere with peoples daily activities at school, at work, at home and during leisure time. According to World Health Organization (WHO) (2004), the main health risks of noise identified are: Pain and hearing fatigue Hearing impairment including tinnitus Annoyance Interferences with social behaviour (aggressiveness, protest and helplessness) Interference with speech communication Sleep disturbance and all its consequences on a long and short term basis Cardiovascular effects Hormonal responses (stress hormones) and their possible consequences on human metabolism (nutrition) and immune system Performance at work and school Environment Critical health effect Sound level dB(A)* Time hours Outdoor living areas Annoyance 50-55 16 Indoor dwellings Speech intelligibility 35 16 Bedrooms Sleep disturbance 30 8 School classrooms Disturbance of communication 35 During class Industrial, commercial and traffic areas Hearing impairment 70 24 Music through earphones Hearing impairment 85 1 Ceremonies and entertainment Hearing impairment 100 4 Table 2.2: WHO Community Noise Guidance Sources: Occupational Noise-World Health Organization Vibration According to Shreve (1994), vibration can be defined as simply the cyclic or oscillating motion of a machine or machine component from its position of rest. Many types of construction activities cause vibrations that spread through the ground (ground-borne), most notably pile driving, hoe ram demolition, blasting, and vibratory compacting. Though the vibrations diminish in strength with distance from the source, they can produce annoying or objectionable audible and feel able levels in buildings very close to construction sites. Rarely do vibrations reach levels that cause structural damage to buildings. However, minor cosmetic damages can occur at lower vibration levels and, in the case of old, fragile, or historical buildings, a danger of significant structural damage always exists. Dust During the night, many households leave their windows open to take advantage of the cool night air. With urban night time construction projects being very close to peoples living space, dust can be a problem. Night time construction dust problems are accentuated by the lighting, which makes the particulate matter very visible. Fugitive dust may be generated by construction operations, and the contract specifications should require that the contractor prepare a dust control plan. In many cases, dust control is not a problem that is limited to night time activities; therefore, air quality or dust control plans should be for all hours of the day or night (Shane J.S., 2012).

Financial Risk Management in Mauritius Banking Sector

Financial Risk Management in Mauritius Banking Sector During the past 10 years, there have been great changes in the Mauritian banking sector and this is a continuing process that will not stop here. This is mostly because of fast innovations in the financial markets and the internationalization of the financial flows. Other factors like technological development and deregulation have both triggered competitive pressures and also provided new opportunities among banks. But these opportunities are also subject to complex risks that challenge traditional approaches to banking risk management. These factors have influenced the financial world on the international level and the Mauritian banking sector has not been left unaffected. The growth of international financial markets banks have been exposed to a wider access to funds. As a result of which banks have been developing new products, services and techniques. The receipt of deposits and granting of loans, being the traditional banking practice, is today only one part of a banks activities. These new instruments have also drawn interest to areas where financial risks were earlier thought to be relatively unimportant. Hence banks are now exposed to a greater variety of risks and their ability to measure, monitor and steer risks accordingly is becoming a decisive parameter for their survival. The aim of this project is to provide an overview of the management process of financial risks in our Mauritian banking sector as risk is the fundamental element that influences the financial behavior. Banking Risks Banks are faced with a wide array of risks in their course of their operations, as illustrated in the figure below. In general, risks are categorised into three different parts: Financial Risks, Operational Risks and Business Risks. Figure 1: Categories of Banking Risks Banking Risks Financial RisksOperational Risks Business Risks Interest Rate Risk 1) Business Strategy Risk1) Legal Risk. Foreign Exchange Risk 2) Internal System and Operational Risk 2) Policy Risk. Credit Risk 3) Technology Risk 3) Systemic Liquidity Risk 4) Management and Fraud (Country) Risk. Source: Annual Report on Banking Supervision 2000 BOM Financial risk concern the effective management and control of the finances of an organisation and the effects of external factors such as availability of credit, foreign exchange rates, interest rate movement and liquidity risk. For this project only the financial side of Risk Management is going to be considered. Focus will be on the four main types of risks which are: Interest rate Risk is the risk borne by an interest-bearing asset, for example in this case a loan, due to variation in interest rates. Foreign Exchange Risk is a form of risk that crop up due to the change in price of one currency against another. Credit Risk is the risk of loss due to a debtors non-payment of a loan. Liquidity risk is the risk to earnings arising from a banks inability to meet its obligations when they come due. Operational risks are related to a banks overall organisation and functioning of internal systems, including computer-related and other technologies, conformity with bank policies and procedures and measures against mismanagement and fraud. Although these types of risks are important, emphasis will not be put on them in this project. Business risks are associated with a banks business environment, including the macroeconomic and policy concerns, legal and regulatory factors and the overall financial sector infrastructure and payment system. Outline of Chapters Chapter 2:Literature Review This chapter will focus on previous studies and surveys carried out with respect to financial risks encountered by banking institutions around the world. It will also focus on the different techniques used to manage these types of risks. Chapter 3:Overview of the Mauritian Banking Sector This chapter aims at giving an overview of the current Mauritian banking sector and also information pertaining to risk management. Chapter 4:Research Methodology In this chapter an outline of the methods used to collect data and carry out the research is given. The way in which the interview questions have been set and how the data has been analysed using different techniques. Chapter 5: Presentation of findings and Analysis This chapter which is the main one aims at presenting and explaining the answers received from the different interviews and data from the annual reports of banks, in a structured way. Chapter 6: Recommendations and Conclusion This last chapter consists of the suggestions regarding financial risk management for the Mauritian banking sector and also the answer to the main question. 2. LITERATURE REVIEW 2.1 Defining Financial Risks Financial risks in the banking field are the probability that the result of an action or event could bring up unfavorable impacts. Such outcomes could either cause direct loss of earnings or capital or may result in limitations on banks capacity to meet its business objectives. Such constraints pose a risk as these could influence a banks capacity to perform its ongoing business or to take advantage of opportunities to advance its business Risks are frequently defined by the negative impacts on profitability of numerous separate sources of uncertainty. While the types and degree of risks of an organization may be exposed to depend upon a number of factors such as its size, complexity business activities, volume etc, it is believed that generally the banks face Credit, Market, Liquidity, Operational, Legal and Systemic risks etc. 2.2 Definition of Financial Risks as Per Basel II The role of risk management in banking has changed from the simple insurance of identified risks, to a discipline that concentrates on complex econometric and financial model of uncertainty. Financial risk management has been defined by the Basel Committee (2001) as a sequence of four processes: the identification of events into more or broad categories of market, credit, operational and ‘other risks and specific sub-categories; the assessment of risks using data and a risk model; the monitoring and reporting of the risk assessments on a timely basis; and the control of these risks by senior management. The first Basel Accord (1988) analysed only credit risks in the banking book; the Basel Amendment (1996) extended this to market risks in the trading book; and now the new Basel 2 Accord that will be adopted by all G10 and many other countries in 2007 refines credit risk assessments to become more sensitive and extends the calculation of risk capital to include operational risks. 2.3 Distinction between Risk Management and Risk Measurement? Risk measurement is a key part of the general risk management process, but its certainly just one of the parts. Other, similarly key parts include defining risks, setting policy risk limits and guidelines, and taking action when those limits are threatened of being breached. Risk management is as much about people, procedures, and communication, as it is about quantitative methods involved in risk measurement (Suren Markosov, 2001). Risk measurement, however, is important to the success of the risk management process. Part of the risk measurement task is to guarantee that the risk measures being used are suitable to the nature of the risks, and since these risks can be quite various in nature, so can the necessary choices of risk measures. 2.4 Why do Banks manage Risks? The analysis of risk management reported in Santomero (1995) gives us a lists of dozens contributions and at least four separate rationales considered for active risk management. These include managerial self-interest, the non-linearity of the tax structure, the costs of financial distress and the existence of capital market imperfections. Risk is a fundamental part of the banking business, it is not amazing that banks have been using risk management ever since there have been banks the industry could never have survived without it. The only modification is the degree of sophistication now necessary to reflect the new complex and fast moving environment (Laurence H Meyer, 2000). The Asian financial crisis of 1997 has shown us that ignoring necessary risk management can also add to economy-wide difficulties. The long period of extraordinary economic growth and prosperity in Asia had hidden weaknesses in risk management. Many Asian banks did not think about risk or conduct a cash flow analysis before giving way loans, but rather lent on the basis of their relationship with the borrower and the availability of guarantee despite the fact that the security was often hard to seize in the event of default. The result was that loans including loans by foreign banks grew faster than the capacity of the borrowers to repay. Risk management is clearly not free. In fact its expensive in both resources and in institutional disturbance. The cost of delaying or avoiding proper risk management can be extreme: failure of a bank and possibly failure of a banking system (Laurence H Meyer, 2000). 3.4 Determinants of Risks When banks are exposed to risk, this implies that they are vulnerable to financial distress and failure. Determinants of risk are thus causes of problem bank failure. The common causes of bank failure are: Management. Argenti (1984) attributed 17% of his A-scores to management style and composition. He attributed another 71% to accounting deficiencies, poor response to change, over-gearing, over trading and large projects; all of which hinge upon capabilities of management. Arguments that he put forward was that management is the primary and single most important cause of financial distress. Asset quality Loan and advances comprise a substantial portion (50%-80%) of commercial banks total assets and they account for more than 70% of their income. This highlights the banks role as financial intermediary. â€Å"Asset quality is the most important determinant of bank risk exposure†. This was pointed out by Hefferman (2000), Gonzalex-Hermossilo (1999), and Hardy (1998). The asset quality of a bank is affected by various factors such as, over concentration, insider lending and political loans. Over-Expansion Banks that grow quickly tend to have unjustified risks and often find that their administrative and management information system cannot keep up with the rate of expansion. Too much liquidity by way of rapid deposit growth could also be a problem in that management may undertake riskier credit proposals and this will adversely affect the asset quality. Capitalization Capital adequacy ratio is a function of adjusted risk assets. A bank can either maintain this ratio by increasing its capital or reducing of adjusted risk assets. The prime objective of this control is to protect depositors. However Blum (1998) found that with the incentives for asset substitution, capital adequacy requirements may actually increase risk. This was found in the case of J.P Morgan and Deutsche Bank. In Mauritius the BOM has adopted a capital adequacy ratio of 10% to match international standards. Fraud Fraud is one of the key determinants of risk. However it is closely related with the management competence that some fraudulent activities have passed off as incompetence. The BCI and Barings Bank are good examples. 2.5 HOW ARE RISKS MANAGED? As pointed out by Anthony M. Santomero (1997) there need to be essential procedures that must be put in place to carry out satisfactory risk management? In essence, what techniques are employed to both limit and manage the different types of risk, and how are they implemented in each area of risk control? The management of the bank relies on a series of steps to put into operation a risk management system. These can be seen as containing the following four parts: 2.5.1 Standards and reports, 2.5.2 Position limits or rules, 2.5.3 Investment guidelines or strategies, 2.5.4 Incentive contracts and compensation. In general, these tools are used to measure exposure, define procedures to manage these exposures, limit individual positions to acceptable levels, and encourage decision makers to manage risk in a manner that is consistent with the firms goals and objectives (Oldfield and Santomero, 1995). To see how each of these four parts of basic risk management techniques achieves these ends, we elaborate on each part of the process below. 2.5.1 Standards and Reports The first of these risk management techniques involves two unlike conceptual activities, i.e., standard setting and financial reporting (Santomero and Babbel, 1996). They are listed jointly because they are the sine qua non of any risk system. Underwriting standards, risk categorizations, and standards of review are all traditional tools of risk management and control. Consistent evaluation and rating of exposures of various types are essential to understand the risks in the portfolio, and the degree to which these risks must be mitigated or absorbed (Hodgson, 1999). The consistency of financial reporting is the next ingredient. Obviously outside audits, regulatory reports, and rating agency evaluations are necessary for investors to measure asset quality and firm level risk. These reports have long been standardized, for better or worse. However, the need here goes beyond public reports and audited statements to the need for management information on asset quality and risk posture. Such internal reports need similar standardization and much more frequent reporting intervals, with daily or weekly reports substituting for the quarterly GAAP periodicity. 2.5.2 Position Limits and Rules The use of position limits, and minimum standards for participation can be categorized as a second method for internal control of active management. According to Santomero (1995) risk taking is restricted to only those assets or counterparties that pass some prespecified quality standard. Then, even for those investments that are eligible, limits are compulsory to cover exposures to counterparties, credits, and overall position concentrations relative to various types of risks. While such limits are costly to set up and control, their imposition restricts the risk that can be assumed by any one individual, and therefore by the organization as a whole. In general, each person who can commit capital will have a well-defined limit. This applies to traders, lenders, and portfolio managers. Summary reports show limits as well as current exposure by business unit on a periodic basis. In big organizations with thousands of positions maintained, precise and well-timed reporting is difficult, but even more necessary (Lopez, 2003). 2.5.3 Investment Guidelines and Strategies Investment guidelines and recommended positions for the instant future are the third technique commonly in use. Cummins et al (1998) provide that under this means of management control, strategies are shaped in terms of concentrations and commitments to particular areas of the market, the extent of desired asset-liability mismatching or exposure, and the need to hedge against systematic risk of a particular type. The limits described above show the way to passive risk avoidance and diversification, because managers generally work within position limits and prescribed rules. Beyond this, guidelines offer firm level advice as to the appropriate level of active management, given the state of the market and the willingness of senior management to absorb the risks implied by the combined portfolio. Such guidelines lead to firm level hedging and asset-liability matching. In addition, securitization and even derivative activity are rapidly growing techniques of position management open to participants looking to reduce their exposure to be in line with managements guidelines. 2.5.4 Incentive Schemes Banks can enter incentive compatible contracts with line managers and make compensation linked to the risks assumed by these individuals, and then the need for complex and costly controls is decreased. However, such incentive contracts require precise position valuation and proper internal control systems. Such tools which include position posting, risk analysis, the allocation of costs, and setting of required returns to various parts of the organization are not irrelevant. Despite the complexity, well designed systems align the goals of managers with other stakeholders in a most desirable way. In fact, most financial debacles can be traced to the absence of incentive compatibility, as the cases of the deposit insurance and so clearly illustrate. The association of managerial compensation to book earnings can bring about acquisition of investments with negative convexity, duration mismatch risk, liquidity risk and credit risk, whose book profits are higher than their expected return (Cummins et al., 1998). STRATEGIES USED BY BANKS TO MANAGE RISKS INTEREST RATE RISK All banks face interest rate risk. This type of risks occurs when long term mortgages are funded by short term deposits. Interest rate risk is like the â€Å"blood pressure for banks and is vital for their survival.†(Ron Feldman and Jason Schmidt) Furthermore, according to the Basel Committee (2001) â€Å"interest rate risk is the exposure of a banks financial condition to adverse movements in interest rates. Accepting this risk is a normal part of banking and can be an important source of profitability and shareholder value.† According to the Bank of Jamaica each banking institution needs to establish explicit and prudent interest rate risk limits, and ensure that the level of interest rate risk exposure does not exceed these limits. Interest rate risk limits need to be set within an institutions overall risk profile, which reflects factors such as its capital adequacy, liquidity, credit quality, investment risk and foreign exchange risk. Interest rate positions should be managed within an institutions ability to offset such positions if necessary. Gap analysis, duration analysis and stimulation models are interest rate risk measurement techniques used by the Bank of Jamaica (2005). Each technique provides a different perspective on interest rate risk, has distinct strengths and weaknesses, and is more effective when used in combination with another. Gap Analysis A simple gap analysis measures the difference between the amount of interest-earning assets and interest-bearing liabilities (both on- and off-balance sheet) that reprice in a particular time period. Duration Analysis Duration is the time-weighted average maturity of the present value of the cash flows from assets, liabilities and off-balance sheet items. It measures the relative sensitivity of the value of these instruments to changing interest rates (the average term to repricing), and therefore reflects how changes in interest rates will affect the institutions economic value, that is, the present value of equity. In this context, the maturity of an investment is used to provide an indication of interest rate risk. The longer the term to maturity of an investment, the greater the chance of interest rates movements and, hence, unfavourable price changes. Simulation Models Simulation models are an important complement to gap and duration analysis. Simulation models analyse interest rate risk in a dynamic context. They evaluate interest rate risk arising from both current and future business and provide a way to evaluate the effects of strategies to increase earnings or reduce interest rate risk. Simulation models are also useful tools for strategic planning; they allow a banking institution to effectively integrate risk management and control into the planning process. FOREIGN EXCHANGE RISK It is the current risk to earnings and capital arising from negative movements in currency exchange rates. It refers to the impact of adverse movement in currency exchange rates on the value of open foreign currency position. The use of hedging techniques by the Bank of Jamaica is one means of managing and controlling foreign exchange risk. Many different financial instruments can be used for hedging purposes, the most commonly used, being derivative instruments. Examples include forward foreign exchange contracts, foreign currency futures contracts, foreign currency options, and foreign currency swaps. Generally, few banks will need to use the full range of hedging techniques or instruments. Each bank should consider which ones are necessary for the nature and extent of its foreign exchange activities, the skills and experience of trading staff and management, and the capacity of foreign exchange rate risk reporting and control systems. CREDIT RISK Credit risk is the oldest and important risk which banks exposure and important of credit risk and credit risk management are increasing with time because of some reasons like economic crises and stagnation, company bankruptcies, infraction of rules in company accounting and audits (Dr.Adem Anbar, 2006). For the Norinchukin Bank in Japan (2006), transactions involving credit risk are one of the most important and strategic sources of earnings. In addition to assessments of the risks present in individual loans and other assets, the bank conducts comprehensive risk management from the perspective of its overall credit risk portfolio. In this way, the bank works to generate earnings proportionate with the level of credit risk it takes. While frequently strengthening its credit analysis capabilities, the bank conducts expert checks on the standing of borrowers, taking due account of their characteristics as cooperatives, private corporations, public entities, or non-residents. To conduct credit analysis on private corporations and public corporations, the bank has established the Credit Risk Management Division, which is separate from the Corporate Business Management Strategy Division, to prepare credit analyses by industry, drawing fully on the expertise the bank has historically acquired. To achieve greater accuracy in assessments, each senior credit analyst in charge of a certain industry assesses each client and business through comparisons with competitors in the same business, making use of industry research capabilities. Credit risk is measured for loans, guarantees, foreign exchange and securities, such as corporate bonds, as well as for swaps and other off-balance transactions. Measurement of risk volumes are conducted according to types of transactions partners, including domestic and overseas corporations and financial institutions. Based on estimates of the total credit extended, the bank uses information related to credit risk— such as rating transition ratios that measure the probability of rating changes and are computed based on background history and future business prospects, default ratios by rating, recovery ratios in the event of default and correlations among the creditworthiness of corporations and other entities to conduct tens of thousands of simulated scenarios, under various assumptions regarding defaults and rating changes for its customers and their products—to determine the distribution of potential losses. For the estimated potential losses, the bank calculates two risk volumes: the â€Å"expected loss† that corresponds to the loss that can be expected on average over the next year and the â€Å"probable maximum loss,† which is defined as losses that can be expected under the worst case scenario. This enables the bank to check expected profitability against risk and determine the risk capital to be allocated for each business category. LIQUIDITY RISK Liquidity risk is the risk that could occur if an institution does not have enough funds accessible to meet all its cash outflow obligations as they become due. Liquidity risk management ensures that funds will be available at all times to honour the institutions obligations (Bank of Mauritius). A liquidity risk management involves not only analyzing banks on and off-balance sheet positions to forecast future cash flows but also how the funding condition would be met (Bank of Pakistan). The latter involves identifying the funding market the bank has access, understanding the nature of those markets, evaluating banks current and future use of the market and monitor signs of confidence erosion. Banks use a variety of ratios to quantify liquidity. These ratios can also be used to create limits for liquidity management. However, such ratios would be meaningless unless used regularly and interpreted taking into account qualitative factors. Ratios should always be used in conjunction with more qualitative information about borrowing capacity, such as the likelihood of increased requests for early withdrawals, decreases in credit lines, decreases in transaction size, or shortening of term funds available to the bank. To the extent that any asset-liability management decisions are based on financial ratios, a banks asset-liability managers understand how a ratio is constructed, the range of alternative information that can be placed in the numerator or denominator, and the scope of conclusions that can be drawn from ratios. Because ratio components as calculated by banks are sometimes inconsistent, ratio-based comparisons of institutions or even comparisons of periods at a single institution can be misleading. Cash Flow Ratios and Limits. One of the most serious sources of liquidity risk comes from a banks failure to roll over a maturing liability. Cash flow ratios and limits attempt to measure and control the volume of liabilities maturing during a specified period of time. Liability Concentration Ratios and Limits. Liability concentration ratios and limits help to prevent a bank from relying on too few providers or funding sources. Limits are usually expressed as either a percentage of liquid assets or an absolute amount. Sometimes they are more indirectly expressed as a percentage of deposits, purchased funds, or total liabilities. Other Balance Sheet Ratios. Total loans/total deposits, total loans/total equity capital, borrowed funds/total assets etc are examples of common ratios used by financial institutions to monitor current and potential funding levels. EMPIRICAL EVIDENCE ON FINANCIAL RISK MANAGEMENT TECHNIQUES USED BY BANKS CREDIT RISK MANAGEMENT Credit operations are traditionally the main source of income as well as risks for banks. I am going to elaborate on the result and analysis of market central bank meeting participants carried out by Ramon Moreno in 2005. It was found that 40% of the respondents to his survey cited credit to household as an important source of credit risk. According to Moreno, a distinct increase in credit to the household sector has altered risk exposures and he also found that in some countries there is significant credit risks on the banking book associated with asset price fluctuation for example lending for residential real estate accounts for around 25% of total loans in Hong Kong and Korea, around 19% in Hungary, Poland and Israel, but lower in Colombia and Mexico. Another study carried out by Santomero in 1997 found that banks usually use a credit rating procedure to evaluate investment opportunities in order for credit decisions to be made in a consistent manner and to limit credit risk exposure. By using such a procedure banks were able to monitor the quality of its loan portfolio at any time. It was found that the credit quality report signals changes in expected loan losses, if the system is meaningful. Also many banks are starting to develop concentration reports, indicating industry composition of the loan portfolio. Moody had developed a system of 34 industry groups that may be used to report concentrations. Reports such an industry grouping to illustrate the kind of concentration reports that are emerging as stand in the banking industry. Moreover a credit risk survey study was done in the Turkish Banking by Dr Adem ANBAR, where he found that there is main quantitative credit risk measurer. There are expected loss (EL), unexpected loss (UL) and credit value at risk (CVAR). Although these credit risk measures are used for measuring credit risk of one asset, particularly they are used for measuring portfolio credit risk. Only 35% of the bank used these measures. According to Dr Anbar, 30% of the banks said they measured credit risk using a portfolio credit risk model and software developed mostly by them. Furthermore 95% of the bank used internal credit rating system and a credit scoring model in credit risk analysis. This technique was used to determine credit limits, to determine problematic credit and credit risk measurement. According to the study there are 3 approaches in Basel II for credit measurement. These are Standardised Approach (SA), Foundation Internal Ratings Based Approach (FIRBA), and Advanced Internal Rating Based Approach (AIRBA). It was found that 60% of the banks used the first method and 20% the FIRBA and 20% the AIRBA. Dr Anbar found that in general the tools which are used by Turkish banks are collateral, credit limits and diversification but they dont use methods like loan selling, securitization, credit insurance for transferring credit risk. One reason for that was that these types of methods havent been developed in Turkish sector yet. INTEREST RATE RISK MANAGEMENT The tradition has been for the banking industry to diverge somewhat from other parts of the financial sectors in the treatment of interest rate risk. According to Santomero (1997) institutions that do not have active trading businesses, value-at-risk has become the standard approach. Many firms use this model but in some cases it is still in an implementation process. According to his analysis, commercial banks tend not to use market value reports and guidelines but rather, their approach relies on cash flow and bank values. This system has been traditionally been known as the GAP reporting system. This system has been supplemented with a duration analysis. (Hempel, Simonson and Coleman, 1994) Most banks, however have attempted to move beyond this gap methodology, they have concluded that the gap and duration reports are static and do not fit well with the dynamic nature of the banking market. Furthermore, according to the survey, many banks are using balance sheet simulation models to find the effect of interest rate variation on reported earnings overtime. This system requires relatively informed repricing schedules as well as estimates of prepayments and cash flows. The simulation system being completed, reports the resultant derivations in earnings associated with the rate scenarios considered. Officials then make use of cash, futures and swaps to reduce this risk. 2.7.3 LIQUIDITY RISK MANAGEMENT The liquidity risk that does present a real challenge is the need for funding when and if a sudden crisis arises. Standard reports on liquid assets and open lines of credit, which are germane to the first type of li

Different Aspects of Love in Poetry Essay -- Love Poetry Poems Poets E

Different Aspects of Love in Poetry WHAT DO WE LEARN ABOUT DIFFERENT ASPECTS OF LOVE FROM POETRY SPANNING A PERIOD OF SEVEREAL HUNDRED YEARS? We have studied the greatest love poems ever written by men and women. These poets have used poems to emphasise their feelings and experiences of love and relationship. From these love poems written by famous poets, we find out that love is a complex subject matter and different poets intend to illustrate the aspects of love in their poems. These aspects are categorised into three different sections: firstly we see the joy of love; secondly the sexual desires of love and finally the pain of love. All of these aspects of love come from different periods of time. This era includes: William Shakespeare-16th Century; Donne and Marvell-17th Century; Byron, Wordsworth and Clare-19th Century: time of the romantic poets, Barrett Browning and Rossetti-late 19th Century: time of the Victorian poets. The following essay will express how these poets deal with the aspects of love and what we learn about different aspects of love from poetry spanning a period of several hundred years. â€Å"Sonnet 18†, written by William Shakespeare (1564-1616). He was an English playwright and a poet, recognised in much of the world as the greatest of all dramatists. Scholars have written thousands of books and articles about his plots, characters, themes and language. He is the most widely quoted author in history, and his plays have probably been performed more times than those of any other dramatist. ===================================================================== Shakespeare was also known for his plays and his sonnets are still among the world’s best-loved poems. =======... ...mparing it to positive and personal things and also believing that your love will last forever even after death will signify the trust and love that two people shared. In addition I have learnt you can use persuasive devices to convince your partner to give into your desires and also the loss of a loved one or the disappointment of love when it isn’t returned can have a profound effect on a person’s well being mentally and physically, this was expressed through the emotional and dramatic Romantic poems. To summarise, I have learnt that love can lead to happiness, where there is trust, love and care between two people to the sexual stress, where you want your partner to give into the sexual side of love to the end or loss of love, where someone you love dearly dies or the person you love doesn’t feel the same way about you and your love isn’t returned.

Have You Ever Acted as a Change Agent? :: MBA College Admissions Essays

Have You Ever Acted as a Change Agent? Â   My company is a family owned organization run by conventional management techniques, which include visiting the plant everyday and solving problems as they occur. As the technical director, my responsibility, among others, is to maintain product quality. However, I noticed the company had no communication with its customers and could not identify the desired quality of yarns and fabrics in the local market. With management ignoring dealers' complaints, I and my colleagues in the technical department decided to establish a system to gather customer feedback. Our plan ultimately changed our attitude towards quality. Â   To communicate with our customers, we placed address information forms in every 50kg carton of finished goods and asked the customers to fill out and return them for company calendars and diaries. We collected 267 forms within the first three months and to my surprise found that those 267 processing mills serve 95% of our customers. A number of complaints required as little effort as shifting a lever in the winding machine from one position to another to give a desired winding pattern. We also followed up on the widespread suggestion to replace the paper board carton for packing with jute bags which could be used for other purposes; since jute bags were less expensive, we were happy to follow this advice. Most importantly, we established a mechanism whereby we could immediately and costlessly discover problems with our products. Â   Management initially regarded my idea as 'western' and ineffective in China where customers are perceived as being too concerned with money to answer the questionnaires. While lobbying constantly, I had to wait a month to get the printing and stationary bills cleared. Now, our success is obvious as the attitude towards quality has changed.

Richard Nixon And The Notion Of Presidential Power :: essays research papers

Richard Nixon and the Notion of Presidential Power "Actions which otherwise would be unconstitutional, could become lawful if undertaken for the purpose of preserving the Constitution and the Nation." The idea that certain actions are not illegal if used to preserve the best interests of a nation has drawn sharp criticism from the time of Lincoln through today. Presidents of the United States do take a solemn oath in which they promise to â€Å" . . . preserve, protect, and defend the Constitution of the United States†, but the means which they have employed to accomplish these ends have greatly differed and have occasionally sparked great controversy. The unjustified means which Richard Nixon used to defend this nation and its Constitution have drawn a great deal of attack not only on his methods but also on the greater notion of Presidential power. Many Presidents have faced many different tumultuous challenges and obstacles which have posed potential threats to American societal stability and security. Yet very few have used such controversial means to overcome these threats. For example, after the birth of the nation, Executives faced the threats of political division and the ideas of the many dangerous paths prescribed for the Union. As the debate over slavery escalated, the future of the states and of the Union seemed uncertain. Furthermore, as the nation moved rapidly through the Industrial Revolution, the future of the nation's labor force and of its general welfare seemed uncertain. As time passed, the nation would encounter the greatest economic depression of all time, and the challenges would continue. Our nation would still battle the divisive issues of racism and discrimination. Yet none of the Presidents who governed during these daring times exploited the authority of their position in unwarranted manners. The Nixon Administration would however, exploit its authority and attempt to justify its actions based on the ‘similar' actions of Abraham Lincoln. During the Civil War, this nation's greatest test of will and spirit, President Lincoln felt it incumbent upon the President to assume certain authority and responsibility not specifically granted to the Executive by the Constitution. His rationale stemmed from his desire and oath to preserve the Constitution and the Union as a whole. On the eve of the Civil War, Lincoln, fearing a strong Confederate threat, initiated a blockade of all Southern ports; ordering no vessels in or out of the South. Clearly an act of war, Lincoln faced immediate challenge from Congress and Confederate leaders. His reasoning, though, for carrying out such a dangerous and controversial act was his belief that it would tame the South and prevent massive bloodshed in the future.

Modern technology today Essay

With the advent of more modern technology today, and the expansion of corporate markets, commercial transactions between industries grow by the day. As commerce, in its basic sense, pertains to the trading of something of economic value, be it goods or services, information, and most of all, money, it is required of an individual to know how to analyze the economic systems that guide every transaction and endeavor related to commerce. As an empowered individual, my enthusiasm and desire for learning the commerce of man is very strong, at the same time I possess the capability to initiate ideas and activities that help in conceptualizing products or services that may be â€Å"traded† for value. To further learn the intricacies of the field of commerce, I have decided to take up the Bachelor of Commerce program. I believe I will be successful in this field. When assessing basic market financial records in newspapers, I easily comprehend economic trends that I often imagine myself as a good financial analyst. Coupled with the fact that I have enough experience in dealing with different kinds of people in economic terms, I know that ill be successful in this field. The rise and fall of economies in every country influence events globally. I was intrigued with this issue that this pushed me to exert effort in realizing my dream of taking up Commerce as a course. At the micro-level, I am attentive in class, like to recite and debate on issues relating to economics and commerce. The pursuit of education is to be encouraged to better understand the world around us and to contribute to its development. In my own opinion, I can serve this purpose by learning things related to commerce, and with the qualities I possess, I can provide additional knowledge to the study of commerce.

Activity theory Essay

Cognitive changes: There are several changes that occur with aging, one of which is cognitive slowing. The slowing that occurs in all cognitive tasks where speed of response is a component is considered the most pervasive cognitive change in developmental aging. The probable locus of slowing is in the central nervous system (Bob & McCallum, 1998). Pigment lipofuscin builds up in the brain during old age and it gradually results in brain degeneration. The aged brain weighs less, the lateral ventricles tend to be dilated, and the ribbon of cortical tissue is narrowed (Hurlock, 1986). Such degeneration is held accountable for a decline in the brain’s capacity to function. But the average person’s intelligence is not likely to be seriously impaired before age 70 or 75 (Peterson, 1989). With good physical and mental health, adequate educational levels, and intellectual stimulation, it appears that there is not as a great decline in intellectual abilities with age as previously thought, especially in the 60 to 75 age group. Emotional changes: Emotional changes over the adult life span are a topic of considerable importance for psychotherapists working with older adults. At the psychological level, the older adults are more difficult to arouse but also have more difficulty returning to a state of calm once aroused (Woodruff, 1985). The accumulation of experiences leads to more complex and less extreme emotional experiences in later life. A review of research, using the Minnesota Multiphasic Personality Inventory with older adults, noted that older adults were lower on scales associated with anger, impulsivity, and confusion and argued that people may become less impulsive with maturity (Gynther, 1979, in Bob & McCallum, 1998). It was concluded that as a whole, emotionality in older adults may be both more complex and subtler than that of younger adults. Theories on Aging Attempts to understand and explain the lives and activities of those who appear to age successfully have led to the different formation of theories on aging. There are fourmain theories: (a) Disengagement theory: It is based on the notion that as people age they progressively withdraw from social, physical, and emotional interaction with the world. As they gradually disengage themselves, the society too withdraws from its engagement with the aging person (b) Activity theory: It stresses that older people should remain active as long as they possibly can. When certain activities and associations must be given up (for example, employment), substitutes should be found because life satisfaction is highly dependent upon continued social, emotional, and physical involvement. In a positive environment older people generally moved toward activity and informal contacts, rather than disengagement (Butler, Lewis & Sunderland, 1998). (c) Socioenvironmental theory: This approach is based on the understanding that people respond to the social meaning of events. Two factors that affect the meaning old people place on events-and thus their interaction patterns-are the physical proximity of other persons and the age homogeneity of an environment (Gubrium, 1973, 1975, cited in Butler et al. , 1973). (d) Developmental theory: Erickson (1963) and Peck (1997) present a theory that describes human development in terms of progression through a series of stages. Old age is a stage of life in which the individual must try to balance the search for ego integrity with a sense of despair. Out of this conflict emerges wisdom the human virtue most commonly associated with old age. The negative emotions associated with this stage, are in part a result of the limitations of a person’s physical and psychological energy (Butler, Lewis, & Sunderland, 1991). (e) Biological or medical perspective. Moberg (2002) further elaborates this physical and psychological decline and it’s effect on the elderly. Highlighting aging from the biological/medical perspective of physical decline along with losses of friends, employment, mobility, income, and so forth, has contributed to a pervasive negativism among biosocial scientists that is evident in their different way of talking to (hardly with) elderly persons, avoidance of touching seniors, and other indications of ageism. Opportunities for service are withdrawn from many who are retired, even in churches that use the Bible with its high value for elders, so ‘disengagement theory’ becomes a self-fulfilling prophecy. Time spent in solitude and meditation can be wholesome, contrary to assumptions of ‘Activity theory’ that lonely outer activities are worthwhile, for being alone is not the same as being lonely!

Everyday Use (Contrast and Compare Wangero and Maggie)

Maggie and Wangero (Dee) are sisters. Maggie still lives with their mother in the family home. Wangero has moved on and lives in the city. Wangero has changed her name from Dee to get more in touch with her heritage. After years of shunning her African American background, Wangero now wants to embrace it. Wangero is used to getting her way. Her mother has never not given her everything she‘s asked for. She’s educated, clothed, and has grown into an attractive young woman. Maggie on the other hand is still living on the farm.She didn’t receive the same opportunities as her sister. A fire has left her scared, more than just physically. She is more introverted then Wangero. She’s not used to getting her way but still plodding through life with the expectations of a future. She knows her life will be servitude to her future husband John Thomas. Life has just passed her by when it comes to the values that her sister Wangero holds dear. The only things the two ha ve in common are two quilts handed down from generation to generation.The quilts are made from bits of clothing from their ancestors past. Hand sewn these quilts are the fabric of their families history. Each piece of cloth that is sewn in the quilt has a story of its own. Each has its place in the family’s’ long history. This is the common bond between the two. Wangero wants these to try and recoup her lost history. She has lost her roots. Roots she not so long ago scoffed and pushed aside for a new life, a new culture. Two quilts that she wants to use as a symbol of her heritage.She wants people to see her heritage. Bits of old cloth sewn together demonstrating her oppressed past. Allowing people to see, she has over come her past. That she is no longer oppressed. In contrast Maggie has lived her family’s values. She is part of the family’s history its heritage. One day she will add a piece of cloth to the quilts and pass them down to her children. Unli ke Wangero she has worked and toiled through life. She lives her heritage on a daily basis. Wangero and Maggie’s mother promised the quilts to Maggie.The quilts are most probably the only thing that Maggie values. Maggie is upset with the fact that Wangero just takes them. Wangero clutches the quilts to her chest with a sense of ownership. Maggie in the tradition of her heritage is willing to let Wangero keep them. She is upset with her siblings’ selfishness. She knows that the quilts are rightfully hers. She is willing to part with them to allow Wangero to regain her concept of the family heritage. Maggie knows that no matter what Wangero tries she will never truly regain what she has thrown away.The mother tells Wangero that the quilts are Maggies and she may choose other ones but not those quilts. Wangero realizes that her mother prizes Maggie’s sense of family. She knows that Maggie will add to them and to the family’s history. The quilts for Wangero are a symbol of her heritage. Maggie is part of her heritage. She is a piece of fabric in the quilt. Wangero may never be part of the quilt. She shunned her heritage years ago. Works Cited Kennedy, X. J. , Dana Gioia, and Alice Walker. â€Å"Everyday Use. † An Introduction to Fiction. Boston: Longman, 2010. 455-61. Print.

Booker T. Washington Up from Slavery

Chapter One Although not officially recorded, Booker T Washington was born in Franklin County, Virginia either in 1858 or 1859. He is unsure of the exact date, but does know that he was born near a crossroads post-office called Hale’s Ford. Born a slave, Booker describes his surroundings as miserable, desolate and discouraging, even though his owner was not too cruel. He had no record of his ancestry or name because he did not know his father. His mother worked as the plantation cook and he helped. He was in charge of the sweet potatoes; he often stole a few when he could.He had no schooling or education. The information the slaves received usually came from the slave that went to the post office to retrieve the mail. The slave would linger around as long as he could, listening to people’s conversations. The biggest news he got was from listening to his mother pray that Lincoln and his army would be successful and the slaves would be free. The slaves spent their lives d eprived while white people took for granted the things the slaves lacked like coffee, tea, sugar, and other articles the slaves weren’t accustomed to.Booker’s first pair of shoes was uncomfortable and loud because the bottom was made from wood. Unlike most salves, the slaves on Booker’s plantation did not completely hate their masters. After they were freed they still cared for their masters and provided them with gifts and money. Chapter Two Once most slaves became free they knew only two things; they needed to change their names and they needed to leave the plantation for at least two days to try out their freedom.Booker and his family went to West Virginia where his step father had already gotten them jobs and a place to live. After begging, his mother finally bought him a book. It was a spelling book that would help him to read and write. Later on a young colored boy came to town who knew how to read and write. The young boy offered to teach a class. Unfortu nately, Booker’s work schedule would interfere with the time the class would be taught. His work end and school started at the same time, making Booker often late for school.Eventually Booker would speed the hands on the clock causing him to get off work early. Before long, Booker’s boss locked the face of the clock. Whenever Booker would run into a problem his mother would find a way to save the day. Booker received special attention. Booker imagined the feelings of a white boy who had no limits; he was envious because he had to struggle to get an education. Chapter Three One day while working Booker overheard two men talking about a school that was open to colored people in Virginia.The school provided opportunities to work while learning to do a trade. To continue to earn money Booker got a job in the home of General Lewis Ruffner, the owner of the mines. Working for his wife, Booker began to build his own library; often he was rewared for his ambitions. After a lon g time of saving Booker decided that he would leave to be on his own. With his mother being in poor heath he said goodbye, knowing he may not ever see her again. He set off realizing that about half way through he probably wouldn’t have enough money to finish the trip.Being turned away from places of shelter because of the color of his skin, he was forced to sleep under the side walk. After going a while without food he went to ask for a job at a ship, unloading cargo. After saving enough money Booker finished his trip to Hampton. He tried to enroll but a rejected because of the dirt on his clothes. Given a chance to redeem himself he was told to go and clean the adjacent room. Realizing his hard work, the teacher allowed Booker to enroll in the school.

The effects of debt Essay Example | Topics and Well Written Essays - 2000 words

The effects of debt - Essay Example Thus investors can receive a higher return on their investment. However, debt also leads to higher chance of bankruptcy and may restrict managerial behaviours. Thus the firm becomes more risky and on lower levels of return the earns to stock holders declines. The effects of debt on weighted average cost of capital (WACC) are uncertain. It is known that debt reduces the weighted average cost of capital since debt is cheaper than common equity due to tax saving. But since a higher return is demanded from common stock holders the actual effect is not know. Agency costs as well as financial distress may limit the usage of debt. Distress costs are usually higher for firms with significant intangible assets. The precise identification of a firm's optimal capital structure is impossible. There is also no exact measure for the effects of capital structure of a firm on its cost of capital or on the firm's stock prices. Based on this we can only estimate to an extent only what the optimum capital structure would be. The trade-off theory of leverage is one in which a firm trades off the favourable corporate tax treatments, that are, the benefits of debt financing, against high interest rates and costs of bankruptcies. Thus the firm optimizes the capital structure of the firm and balances the debt and equity in an optimum ratio. The trade off theory in effect realizes that agency cos... The higher the leverage of the firm the higher are the chances of distress faced by the managers. Thus as the level of debt increases in the firm, the cost of debt also increases. This makes debt more expensive as we take more debt. Similar is the case with equity as the debt level increases in the firm, the return on equity demanded by common stock holders increases. The salient features and implications of the trade-off theory are: 1. Debt becomes less expensive than common or preferred stock as interest paid on it is a deductible expense and thus debt provides tax shelters. However, firms do not use 100% debt since this increases the risk of the firm and thus to reduce costs of bankruptcies. 2. The tax benefits attained from low levels of leverage outweigh the bankruptcy costs but the bankruptcy costs outweigh the tax benefits at high levels of leverage. Thus a balance of the leverage in a firm has to be kept. 3. Nonetheless optimal capital structures do exist that can balance the benefits of tax shelters attained from leverage against its bankruptcy costs. The method adopted to minimize the weighted average cost of capital is as follows: The cost of debt and the cost of equity is evaluated at different levels or ratios of debt. Based on this a weighted average cost of capital (WACC) is calculated by assigning market value of capital and market value of debt. This then gives the point where WACC can be minimized. This point is the optimum capital structure. Agency Costs of Free Cash Flow Jensen explains that excess cash flow is the excess cash flow over the required to fund all projects with a positive net present value. Thus essentially free cash flow is the cash flow available for dividend payout.