Zaire - Economic Development In Post-Independent Africa Essays

Zaire - Economic Development In Post-Independent Africa Mobutu Sese Seko's Zaire Economic Development in Post-Independent Africa The situation in Zaire (today The Democratic Republic of Congo) under the reign of Mobutu Sese Seko is a good illustration of an African tragedy. A nation so rich in national resources ? having some of the largest diamond mines in the world ? destined for success and growth, becomes victim to one of the worst administrators (if you can even call him that) of the 20th century and one of the best ?corruption artist? of all time. Corruption engulfed the young nation shortly after independence and it hasn't seen daylight ever since. In a time when Asian countries, Central American countries, and South American countries are making magnificent headway towards development, a tyrant thief who embodies everything evil, sets one of Africa's main prospects in reverse. This was the situation in Zaire that we shall look at today and examine. We shall focus on the country of Zaire (1965 ? 1997), which was Mobutu's. Mobutu has been toppled as of May 16, 1997 and the country renamed The Democratic republic of Congo. The Oxford American Dictionary defines a ?State? as, ?an organized community under one government.? Zaire was anything but organized, anything but a community, and had anything but a government. To justify the claim that Zaire is a good illustration of a ?failed state,? we shall show several examples that support this statement. Examples and illustration include Mobutu's acceptance of bribes from foreign governments, misuse of government budget, embezzlement of export earnings, diversion of foreign aid and loans, a failed Treasury, a failed Central Bank, a highly centralized government, chronic wide-spread rent-seeking, a lack of long-term planning, no political development and stability, near agricultural failure, nepotism, bad investments, inability to repay national debt, human services failure, and overall government failure. All of these contributors to this ?failed state? are a direct result of corruption. ?Corruption has detrimental effects on economic development. It decrease s the efficiency of the civil service and its ability to formulate and implement government development policies, and it robs the country of vast sums of foreign exchange needed for investment? (George Ayittey 262). In other words, corruption puts a ?stranglehold on the economic and political levers of powers? (Kempe Ronald Hope Sr. 90-91), thus making it virtually impossible for a government to operate. The cause of the failed state rest directl Political Issues Essays

Strengths and weaknesses of reason Essays

Strengths and weaknesses of reason Essays Strengths and weaknesses of reason Essay Strengths and weaknesses of reason Essay Reason is a way of thinking characterized by logic. It is the ability to think, understand and draw conclusions. It is often contrasted with emotionalism, which is thinking driven by desire, passion, or prejudice. [1] Reasoning is very important in our daily life. Every time we do something there is a reason behind it. Reasoning is a way of knowing, which will bring about a logical conclusion to what we are doing. Whether what we are doing is right or wrong. For example: A casual smoker can reason whether smoking is good for him or not by reasoning out. As he knows that smoking will affect his health and he will ruin his life. There is no gain in smoking but he is wasting his time and money which is not worth it. He is risking his life for few minutes of pleasure. So he can clearly see that what he is doing is wrong. Reason gives you more confidence to work ahead and achieve your goal. When ever you reason, you have expectation which keeps a fire aflame. For example when a businessman is working in an organization he is working to make maximum profit. That is also one of the reasons and expected outcome why he/she is working for. In initial stage he might make losses but he/she shouldnt get discouraged by it. Flame of a fire should be there to give inner strength to work upon it. Anything you do in your life has a reason behind it. For example, a student has an option of choosing different courses for his/her career. At that time, when student chooses an International curriculum there is reason behind it that he/she might wish to go to abroad for their further education. International curriculums like IGCSE, IB Diploma, A-Level and so on. When one wants to acquire education nationally then they would choose National or State education. In life often you have to make choices which involve opportunity cost. [1] http://en. wikipedia. org/wiki/Reason In Todays generation every one would wish to know the reason for what they are doing. Working without a reason is like travelling in a bus without a destination. For example: When a student goes to school he questions himself why am I going to school. At that time he has an ambition which is reason for him. He might wish to see himself as a doctor, engineer, businessman, lawyer, policeman, journalist, teacher and many more for which he/she works rigidly. A business man for example: Reliance is a company which started with initial capital of just $300 . The founder of this company was Dhirubhai H. Ambani. Today we can see that this is Indias largest private sector company with revenues of $16. 7billion. We always reason when we are learning something new. Reasoning will always be based on circumstances, experience, experiment, research, knowledge. For example: when a child is told not to play with a knife he will not listen. No matter how many times his parents warn him. He will only understand what it means when he is injured by that sharp knife. He will go through the pain and bleeding. That is a childs experience and knowledge about this object. He will be careful in the future. He will learn as he grows up. His parents warned him because they had knowledge about the sharpness of knife and how injurious it can be. They have also learnt it the same way. So the next time we do something we will try reasoning it. In science and mathematics we reason with facts and proved theorems. It acts as backbone for us to deal with experiments and solving. Scientist does research with reason that they can discover or invent new facts. Newtons Third Law stated that Every action has equal and opposite reaction [2] this was derived by many experiments. A very simple example to support this law is in sports. Cricket, when the ball is coming towards the batsman it is hit by the bat and the ball goes in the opposite direction with a greater speed due to the force applied by the bat. This is how they reason out. [2] International Baccalaureate Physics 2nd Edition Greff Kerr, Nancy Kerr ,Paul Ruth In mathematics we have different theorems and formulas which are derived by many researches from which they came into a rational conclusion. For example: We have theorems like sum of equilateral triangle is 180 degree ,the opposite angles of isosceles triangle are equal, in squares all sides are equal and each angle is of 90 degree. These are few plane geometric theorems which are proven by Euclid Alexandria. [3] This is the way how students are able to understand mathematical concepts. In this there is deductive reasoning. However like everything there are two sides to the coin. So here strength is one side of the coin and weakness is another side of the coin. Despite all its advantages, the process of reasoning has many shortcomings which make it inapplicable in various situations. In psychology, for example emotion plays a more important role than reasoning. The psychologist needs to understand the emotional situation of his client. If he uses his reasoning to solve his client problem he would fail to help him in any way. Here understanding of emotions plays vital role. For every emotion there is not a reason behind it. So there is no reason for having mental problem. The illness is natural by which there is change in the human behavior. The behavior which he has is an abnormal behavior for which a psychology can do this by tracing out or understanding his problems. Also for analyzing any historical character it is important to understand his thought process and emotional situation at that time. Reasoning his actions with the basic principles of behavior and psychology is not an effective method of understanding the history. Aurangzeb was a religious bigot. He did everything in the name of religion even though his actions generated unhappiness. There was no reasoning behind his planning. Literature is another area of knowledge where reason remains an individual approach and can vary from person to person. Writing and understanding literature involves an empathy and a thorough understanding of the various human characters. [3] http://derrel. net/math/euclid/euclid. htm More than reason, emotions and feelings play a greater role in a language as a way of knowing. It is more important to explore the feelings of the characters so that the readers can relate it to their life, rather than reason it with wit and ethics. For Example: In Dolls house Nora has an attitude towards spending more money than the total income. Here she has attitude of living life in a luxurious way. So to understand her character, language and emotions play imperative role in knowing them. Another area of knowledge where reason proves to be subjective and personal is art. An artist makes more use of the artistic sense/skill within him to produce his painting. Creativity and his own concepts are portrayed in an artists work, and consequently reasoning is personal based on his own ideas and conventions of art. Here people have different perception about the different art. Perception greatly varies from one people to another people. Reason is an indispensible part of a judgment for decision making but it can be subjective and not necessarily identical to another persons point of view. Reasoning depends on the premises of logic if premises are right my conclusion through reasoning will be correct and if the premises are weak my interpretation will be wrong. Reasoning is best when it is supported by fact and information and analyzed systematically without bias and prejudice. Bibliography  http://en.wikipedia.org/wiki/Reason

Characteristics of the Modern Bureaucracy Coursework

Characteristics of the Modern Bureaucracy - Coursework Example The administration includes all state functional organs, and it is quite significant influencing the vast portion of the society in the modern world (Scheidel, 2014). Bureaucracy has several roles in the public life since it keeps the government functional. It affects the implementation of law and policies made by elected officials within the government. It also provides the necessary administrative functions like collecting fees, issuing permits and licenses. Bureaucratic administration conducts government operations by regulating the various performances of state organs (Findly, 2014). Since the bureaucracy deals closely with the governmental issues, it would not be easier to hire and stop the civil servants according to their performance in their duties. It is mainly because the bureaucratic workers need specialized training, which cost the government a lot of money to sponsor and maintain. The high performing civil servants should get the merit-based compensation like their counterparts in the private sector since they have skills and experience to deliver well. The private sector consists of privately owned organizations that are not part of the government such as the non-profit and profit corporations. The public sector consists of government-owned institutions like the federal, provincial, state, or municipal governments. In the private sector, there is greater fluidity in job changing and flexibility in pay rise than in the public sector that is its importance over the public sector (Eyben & Moncrieffe,

Israel and Palestine Assignment Example | Topics and Well Written Essays - 500 words

Israel and Palestine - Assignment Example en attack Jerusalem and Jordan parts controlled by the Israeli while Israelites attack Palestinians in Jordan, Jerusalem and Gaza as a means of retaliation and maintenance of security from what they term as terrorism from the Palestinians. Although the international community has shown interest in reconciliatory and mediation roles, I think the problems of Israel and Palestine can only be resolved by mutual consent by the Jews and the Palestinians. Reconciliation attempts had been made since 1948 when independent Palestine State and independent Jewish State were established (Sela, 2002). The move seemed to bring an end to a serious conflict in the region, but the struggle between the two countries is still on until now. There is need for the Palestinians and the Israelis to change their attitudes towards each other, but this is difficult because each side has strong and radical conviction about their religion, territories, power and security. International community may play the role of advising and encouraging both sides to loosen their demands, but the final road to peace will be created by the two nations willingly. The Jews and the Palestinians agreed that Palestine actually deserved to be a free state. West Bank and Gaza was considered to be acceptable locations of the Palestinian State. However, disagreements ensued on the shape and boundaries of those regions (Sela, 2002). The two regions have been the main centers of fights between Israel and Palestine. This clearly shows that the Israeli-Palestine conflicts are fueled by disagreements on boundaries. In this case, no international body will come to the region and tell Israel that this land belongs to Palestine, so just leave it, or tell Palestine the same thing. Israelites and Palestinians alone have the ability to sit and agree on the boundaries, but because each one of them wants to take control, they never seem to come to such an agreement. That is why conflict does not seem to be ending soon. What

Analyzing Advertisements Essay Example | Topics and Well Written Essays - 1750 words - 1

Analyzing Advertisements - Essay Example Tommy Hilfiger and Guess? by Marciano are two high-end clothing lines that use a strong image and theme to sell their brands, both of them memorable, but both completely different from one another. In this way, both Tommy Hilfiger and Guess? become strongly associated with their respective themes, which creates their image and brands as distinctive and compelling. The first ad campaign is for Tommy Hilfiger. One campaign is a commercial for the 2011 spring line (tommyhilfiger). The other campaign that will be analyzed for Hilfiger is his ad campaign for the fall of 2010 (AndreDouglasFanClub). The Tommy Hilfiger ad for his spring 2011 line features a fake family of Hilfigers. Each member of the family identifies themselves by name, and, after they each introduce themselves, there is a little girl who says â€Å"and we are the Hilfigers.† The â€Å"family† features two black men, a dark man who appear Hispanic or Italian, several WASPY women, two men with longish hair who look like 1970s throwbacks, and two children – a boy with crazy curly hair, and a young girl dressed in a coat. The ad unmistakably attempts to tie these people together as a family, and a wealthy family at that. The cast of characters are seen throughout the ad, in different, stylish clothing that usually marries something super casual, like a striped gol f shirt, under something more formal, like a blazer. They are unmistakably at a country club, as they are playing games like ping pong and tennis. Meanwhile, there are bikinied women around playing the games with the Hilfigers. There is also another man, unidentified, who has a high afro and is joining in the fun. There are even two dogs, two basset hounds, presumably the family dogs. Throughout the commercial, new people are introduced, and they all have the same look - casual, mixed with formal elements, usually wearing sunglasses. Blazers with with a crisp white shirt mixed

A Explanation Of Different Financial Terms Finance Essay

A Explanation Of Different Financial Terms Finance Essay The main objective of the Finance Manager is to manage funds in such a way so as to ensure their optimum utilization and their procurement in a manner that the risk, cost and control considerations are properly balanced in a given situation. To achieve the objective the Finance Manager performs the following functions in the following areas:- The need to estimate/forecast the  requirement of funds  for both the short term (working capital requirements) and the long term purpose (capital investments). Forecasting the requirements of funds involves the use of budgetary control and long-range planning Helps to decide what type of  capital structure  the company needs to have return: whether these funds would be raised: from loans/borrowings or from internal source (share capital) To raise sufficient long term funds to finance fixed assets and other long term investments and to provide for the needs of working capital Investment Decision In projects using the various capital budgeting tools like payback method, accounting rate of return, internal rate of return, net present value. Assets management policies are to be laid down regarding the various items of current assets like accounts receivable by coordinating with the sales personnel, inventory with production Dividend Decision Taking into consideration, earnings trend, share market price trend, fund requirement for future growth, cash flow situation and others. Financial negotiation Plays a very important role in carrying out negotiations with the various financial institutions, banks and public depositors for raising funds on favourable terms. Cash Management The finance manager needs to ensure the supply of adequate, timely and cheap fund  to the various parts of the organization. That there is no excessive cash idling around. Evaluating financial performance To need to constantly review the financial performance of the various units of organization generally in terms of ROI (return on investment. Such review assists management in seeing all the funds have been utilized in the various divisions and what can be done to improve it. Dealing with relevant parties in the Financial Markets Where the company is a listed entity, the need to interact with the Stock Exchange To deal with money markets and capital markets for financing or investment of idling funds To foster relationships with bankers, investors, underwriters of equity and bond issuances and other government regulatory bodies. For those who are uninformed, they tend to think the sole function of this position is that of the head of Accounts Payable and Accounts Receivable, but it goes far beyond that capacity. In fact, the finance manager is in charge of any  financing  and accounting function throughout the company. The role of this position involves that of not only financing functions such as Accounts Payable, Accounts Receivable, and Billing, but it also involves that of budget projections and working with the Chief Financial Officer to make sure that the companys funds are stable and assisting with any budget cuts that become necessary. The finance manager is the head of both the Accounts Payable and Accounts Receivable areas of the company. As such, he will be the one to set policy and direct procedures for both areas of  business. That includes hiring staff based upon need, following budget guidelines for expenses including staffing, assuring that procedures are followed by all staff members, setting reasonable quota system to assure work is completed in a timely fashion, and interacting with department supervisors on a regular basis in order to stay abreast of happenings within the department. The finance manager will also compile reports that show all of the conditions within his department including expenditures, open invoices, production standards, quality control standards, and timeliness of both payment of invoices and processing of payments. The finance manager is also responsible for the billing operation of the Accounts Receivable Department and making sure that guidelines for timely billing are followed as well. The finance manager also is the one who will work with other executives in order to develop the budget for each year. He will work with the Chief Finance Officer and Chief Executive Officer in order to develop an equitable solution for each years expenditures in both staff, office supplies, and any other needs that the company has including training, business trips, out of town meetings, and staff entertainment expenses. The finance manager has a very important position within a company, and his decisions will determine the financial stability of the company, at least within the areas that fall under his control. It is also his job to make certain that other departments and areas of the company follow their budgets and make the most use of the companys  money  by avoiding frivolous expenses. Nature of Financial Management Financial management is that part of total management which is concerned primarily with the financial affairs of an organization and the translation of actions, both past and proposed, into meaningful and relevant information for use in the management process. It includes the functions of budgeting, accounting, reporting, and the analysis and interpretation of the financial significance of past events and future plans. It sometimes also includes other related functions such as internal auditing, management analysis, and others. It is not primarily concerned with the technical procedures and methodology of those individual functions. Rather, it is characterized by the coordination and correlation of those functions into an effective and broad system of financial control that will assure that they, collectively more than individually, become an integral part of the management of the organization. Financial management involves the art of interrelating data to obtain a perspective of the total financial situation that will assist managers in program planning and decision-making. A very simple operating program may require only a minimum of financial management, and this, in some cases, can be provided by the manager himself. Financial Management is also an important field of Management Sciences. It is a combination of Managerial Finance and Corporate Finance. Managerial Finance concerns with the managerial use of financial techniques, whereas on the other hand, corporate finance deals with corporate financial decisions. In both the cases, it is extremely important for Managers in an organization. Financial Management is used to determine the best way to use the  money  available to an organization in order to improve the future opportunities to  earn  money. Thus the financial managers use techniques such as Valuation, Portfolio management, Hedging and capital structure etc for better decisions about the future of an organization. On the other hand, it is also used to interpret financial results in a given year or time period using financial analysis techniques. This helps in judging the actual performance of an organization in that time period. Financial management helps in proper allocation of costs, anticipate future expense, and budgeting for the future. Retained Earnings The accumulated net income that has been retained for reinvestment in the business rather than being paid out in dividends to stockholders. Net income that is retained in the business can be used to acquire additional income-earning assets that result in increased income in future years. Retained earnings are a part of the owners equity section of a firms balance sheet. Retained earnings also called retention ratio or retained surplus, it is the percentage of net earnings not paid out as dividends but retained by the company to be reinvested in its core business or to pay debt.  Retained earnings are one component of the corporations net worth and increase the supply of cash thats available for acquisitions, repurchase of outstanding shares, or other expenditures the board of directors authorizes. It is recorded under shareholders equity on the balance sheet. It is calculated by adding net income to or subtracting any net losses from beginning retained earnings and subtracting any dividends paid to shareholders, as shown here: Smaller and faster-growing companies tend to have a high ratio of retained earnings to fuel research and development plus new product expansion. Mature firms, on the other hand, tend to pay out a higher percentage of their profits as dividends. In most cases, companies retain their earnings to invest them in areas where the company can create growth opportunities, such as buying new machinery or spending the money on research and development. If a net loss is greater than beginning retained earnings, retained earnings can become negative, creating a deficit. Debenture A debenture is a debt instrument, which is not backed by collaterals. Debentures are backed by the creditworthiness and reputation of the debenture issuer. Besides, a debenture is a long-term debt instrument issued by governments and big institutions for the purpose of raising funds. The debenture has some similarities with bonds but the terms and conditions of securitization of debentures are different from that of a bond. A debenture is regarded as an unsecured investment because there are no pledges (guarantee) or liens available on particular assets. Nonetheless, a debenture is backed by all the assets which have not been pledged otherwise. Normally, debentures are referred to as freely negotiable debt instruments. The debenture holder functions as a lender to the issuer of the debenture. In return, a specific rate of interest is paid to the debenture holder by the debenture issuer similar to the case of a loan. In practice, the differentiation between a debenture and a bond is not observed everytime. In some cases, bonds are also termed as debentures and vice-versa. If a bankruptcy occurs, debenture holders are treated as general creditors. The debenture issuer has a substantial advantage from issuing a debenture because the particular assets are kept without any encumbrances so that the option is open for issuing them in future for financing purposes. Usually, debentures are categorized into the following types and their definitions are also given below: Convertible Debenture:  Convertible bonds  or bonds that can be converted into equity shares of the issuing company after a predetermined period of time. Convertibility is a feature that corporations may add to the bonds they issue to make them more attractive to buyers. In other words, it is a special feature that a corporate bond may carry. As a result of the advantage a buyer gets from the ability to convert; convertible bonds typically have lower interest rates than non-convertible corporate bonds. Non-convertible debenture: Simply regular  debenture cannot be converted into equity shares of the liable company. They are debentures without the convertibility feature attached to them. As a result, they usually carry higher interest rates than their convertible counterparts. Corporate Debenture:   Debentures issued by companies and they are insecure in nature. Bank Debenture:  This type of debentures is issued by banks. Government Debenture:  This includes Treasury Bond (T-Bond) and Treasury Bill (T-Bill) issued by the government. They are usually regarded as risk-free investments. Subordinated Debenture:  This is a particular type of debenture, which ranks below regular debentures, senior debt, and in some instances below specific general creditors. Corporation Debenture:  Corporation debentures are issued by various corporations. Exchangeable Debenture:  They are like convertible debentures, but this debenture can only be converted to the common stock of a subsidiary company or affiliated company of the debenture issuer. Seed Capital Seed capital means the initial capital used to start a business.  Seed capital often comes from the company founders personal assets or from friends and family.  The amount of money is usually relatively small because the business  is still in the idea or conceptual stage.  Such a  venture  is generally  at a pre-revenue stage and  seed capital is needed for  research development, to cover initial operating expenses  until a product or service can start generating  revenue, and to attract the attention of venture capitalists. Seed capital is needed to get most businesses off the ground. It  is considered a high-risk investment, but one that can reap major rewards if the company becomes a growth enterprise. This type of funding is often obtained in exchange for an equity stake in the enterprise, although with less formal contractual overhead than standard equity financing. Banks and venture capital investors view seed capital as an at risk investment by the promoters of a new venture, which represents a meaningful and tangible commitment on their part to making the business a success. Frequently,  capital providers  will  want to wait until a business is a little more mature before making the larger investments that typify the early stage financing of venture capital funding. Seed capital in other words can be said as money used as the initial investment for a new product or service launch. Seed capital enables businesses to launch a new product or service without depending fully on a business loan. The funds for this form of financing are typically provided by private investors who are looking for a high return on their investment of at least 30 percent. The investors look to invest in an industry with a market of at least $1 billion, and they also want an industry with few competitors for the business. Businesses that typically obtain seed capital are young companies around one year of age that have not produced a product or service for commercial sale yet. The companies are so new, so it can be difficult to obtain a regular commercial loan that is sufficient for covering all of the related start up expenses. Cash Credit and Overdraft Cash credit  is  a short-term cash loan to a company.  A bank provides this type of funding, but  only after the required security is given to secure the loan. Once a security for repayment has been given, the business  that receives the loan can continuously draw from the bank up to a certain specified amount. This type of financing is similar to a line of credit. Furthermore, cash credit is a facility to withdraw the amount from the business account even though the account may not have enough credit balance. The limit of the amount that can be withdrawn is sanctioned by the bank based on the business cycle of the client and the working capital gap and the drawing power of the client. This drawing power is determined, based on the stock and book debts statements submitted by the borrower at monthly intervals against the security by hypothecating of stock of commodities and/ or book debts. The excess withdrawal of cash is made generally on demand from the customer and the customer has to pay interest on the excess amount he/she has withdrawn. The cash credit facility is quite useful to those businesses where cash payment like wages, transportation, cash purchases are to be made and the receivables are not realized in time. An overdraft facility is a formal arrangement with a bank which allows an account holder to draw on funds in excess of the amount on deposit. Overdraft facility financing is most commonly used by businesses as a way of making their  working capital  more flexible, although it can also be available to individuals. Banks which offer this service typically have a number of expectations from customers who use it, and it is important to be aware of these expectations before entering an overdraft facility agreement. The idea behind overdraft facility agreements is that sometimes one needs a bit more money than is available on deposit to deal with various expenses. For example, a business which is always slow in March and April might like to use its overdraft facility to make  payroll  and keep current with all accounts and creditors. Or, a business might need to make a big one-time expense which exceeds the funds on deposit. With an overdraft facility, people can repay the funds at their convenience. The bank may charge an overdraft fee for accessing the overdraft facility, and the  interest rate  can be higher than that for other types of loans. The bank also has the right to demand repayment in full. Balancing an overdraft facility wisely can free up capital and make people more stable financially, but unwise use can lead people into a spiral of debt which may be difficult to escape. The amount of an overdraft facility is also curbed; people are not allowed to continually take money out and not repay it. The amount of the overdraft is usually pegged to account history and financial information, with the goal of ensuring that people do not end up borrowing more than they can realistically repay through an overdraft facility. The agreed limit can be negotiated with the bank, and some banks are willing to reevaluate if customers feel that their circumstances have changed. Similar to personal overdraft facilities, a business overdraft is a prearranged spending limit with your bank. Many businesses find an overdraft useful for those times when cash flow is a problem for a short period of time. Overdrafts are not a good option for funding larger needs, such as capital or expansion expenses. For these needs it is less expensive to obtain a separate business loan. Business overdrafts  may also be subject to more fees than a personal overdraft. Examples include fees to open the overdraft, to renew the overdraft, or sometimes even a fee for not using the overdraft. When used judiciously, overdraft facilities can be a great help in managing the occasional financial shortfall. Commercial Paper Commercial paper is a form of financing that consists of short-term, unsecured promissory notes issued by firms with a high credit standing. Generally, only large firms of unquestionable financial soundness are able to issue commercial paper. Most commercial paper issues have maturities ranging from 3 to 270 days. Although there is no set denomination, such financing is generally issued in multiples of $100,000 or more. A large portion of the commercial paper today is issued by finance companies; manufacturing firms account for a smaller portion of this type of financing. Businesses often purchase commercial paper, which they hold as marketable securities, to provide an interest-earning reserve of liquidity. Commercial paper is sold at a discount from its par, or face, value. The size of the discount and the length of the time to maturity determine the interest paid by the issuer of commercial paper. The actual interest earned by the purchaser is determined by certain calculations. Commercial paper is not  usually backed by any form of collateral, so only firms with high-quality debt ratings will easily find buyers without having to offer  a substantial discount (higher cost) for  the debt issue. For the most part, commercial paper is a very safe investment because the financial situation of a company can easily be predicted over a few months. Furthermore, typically only companies with high  credit ratings  and credit worthiness issue commercial paper. Over the past 40 years, there have only been a handful of cases where corporations have defaulted  on their commercial paper repayment. There are two methods of issuing paper. The issuer can market the securities directly to a  buy and hold  investor such as most money market funds. Alternatively, it can sell the paper to a dealer, who then sells the paper in the market. The dealer market for commercial paper involves large  securities  firms and subsidiaries of  bank  holding companies. Most of these firms also are dealers in  US Treasury securities. Direct issuers of commercial paper usually are financial companies that have frequent and sizable borrowing needs and find it more economical to sell paper without the use of an intermediary. In the United States, direct issuers save a dealer fee of approximately 5 basis points, or 0.05% annualized, which translates to $50,000 on every $100 million outstanding. This saving compensates for the cost of maintaining a permanent sales staff to market the paper. Dealer fees tend to be lower outside the United States. Bridge Finance Bridge financing  is a method of  financing, used to maintain  liquidity  while waiting for an anticipated and reasonably expected  inflow of cash. Bridge financing is commonly used when the cash flow from a sale of an asset is expected after the cash outlay for the purchase of an  asset. For example, when selling a  house, the owner may not receive the cash for 90 days, but has already purchased a new home and must pay for it in 30 days. Bridge financing covers the 60 day gap in cash flows. Another type of bridge financing is used by companies before their  initial public offering, to obtain necessary cash for the maintenance of operations. These funds are usually supplied by the  investment bank  underwriting  the new issue. As payment, the company acquiring the bridge financing will give a number of  stocks  at a  discount  of the issue price to the underwriters that equally offset the loan. This financing is, in essence, a forwarded payment for the future sales of the new issue. Bridge financing may also be provided by  banks  underwriting  an offering of  bonds. If the banks are unsuccessful in selling a companys bonds to qualified institutional buyers, they are typically required to buy the bonds from the issuing company themselves, on terms much less favourable than if they had been successful in finding institutional buyers and acting as pure intermediaries. There are 2 types of bridging finance which are closed bridging and open bridging. Closed bridging finance is where there is a date for the exit of the bridging finance and is sure that the bridging finance can be repaid on that date. This is less risky for the lender and thus the interest rate charged is lower. Open bridging is higher risk for the lender. This is where the borrower does not have an exact date for the bridging finance exit and may be looking for a buyer of the property or land. Capital Market A capital market is a market where both government and companies raise long term funds to trade securities on the bond and the stock market. It consists of both the primary market where new issues are distributed among investors, and the secondary markets where already existent securities are traded.  In the capital market, mortgages, bonds, equities and other such investment funds are traded. The capital market also facilitates the procedure whereby investors with excess funds can channel them to investors in deficit. The capital market provides both overnight and long term funds and uses financial instruments with long maturity periods. The financial instruments are traded in this market such as foreign exchange instruments, equity instruments, insurance instruments, credit market instruments, derivative instruments, and hybrid instruments. The primary role of the capital market is to raise long-term funds for governments, banks, and corporations while providing a platform for the trading of securities.  This fundraising is regulated by the performance of the stock and bond markets within the capital market. The member organizations of the capital market may issue stocks and bonds in order to raise funds. Investors can then invest in the capital market by purchasing those stocks and bonds.  The capital market, however, is not without risk. It is important for investors to understand market trends before fully investing in the capital market. To that end, there are various market indices available to investors that reflect the present performance of the market. Every capital market in the world is monitored by financial regulators and their respective governance organization. The purpose of such regulation is to protect investors from fraud and deception. Financial regulatory bodies are also charged with minimizing financial losses, issuing licenses to financial service providers, and enforcing applicable laws.   Capital market investment is no longer confined to the boundaries of a single nation. Todays corporations and individuals are able, under some regulation, to invest in the capital market of any country in the world. Investment in foreign capital markets has caused substantial enhancement to the business of international trade.   The capital market is also dependent on two sub-markets the primary market and the secondary market. The primary market deals with newly issued securities and is responsible for generating new long-term capital. The secondary market handles the trading of previously-issued securities, and must remain highly liquid in nature because most of the securities are sold by investors. A capital market with high liquidity and high transparency is predicated upon a secondary market with the same qualities. Money Market The  money market  is a component of the  financial markets  for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves  Treasury bills,  commercial paper,  bankers acceptances, certificates of deposit, federal funds, and short-lived  mortgage-backed and  asset-backed securities.  It provides  liquidity  funding for the  global financial system. The money market consists of  financial institutions  and dealers in money or credit who wish to either borrow or lend. Participants borrow and lend for short periods of time, typically up to thirteen months. Money market trades in short-term  financial instruments  commonly called paper. This contrasts with the  capital market  for longer-term funding, which is supplied by bonds  and  equity. The core of the money market consists of banks borrowing and lending to each other, using  commercial paper,  r epurchase agreements  and similar instruments. The money market is a subsection of the  fixed income  market. We generally think of the term fixed income as being synonymous  to  bonds. In reality, a bond is just one type of fixed income security. The difference between the money market and the bond market is that the money market specializes in very short-term debt securities (debt that  matures in less than one year). Money market investments are also called cash investments because of their short maturities. Money market securities are essentially IOUs issued by governments, financial institutions and large corporations. These instruments are very  liquid  and considered extraordinarily safe. Because they are extremely conservative, money market securities offer significantly lower returns than most other securities.   One of the main differences between the money market and the stock market is that most money market securities trade in  very high denominations. This limits access  for the individual investor. Furthermore, the money market is a dealer market, which means that firms buy and sell securities in their own accounts, at their own risk. Compare this to the stock market where a broker receives commission to acts as an agent, while the investor takes the risk of holding the stock. Another characteristic of a dealer market is the lack of a central trading floor or  exchange. Deals are transacted over the phone or through electronic systems.   Venture Capital Funds Venture capital  (also known as  VC  or  Venture) is a type of  private equity  capital typically provided for early-stage, high-potential,  growth  companies in the interest of generating a return through an eventual realization event such as an  IPO  or  trade sale  of the company. Venture capital investments are generally made as cash in exchange for shares in the invested company. It is typical for venture capital investors to identify and back companies in high technology industries such as biotechnology and ICT (information and communication technology). A  venture capital fund  refers to a  pooled investment  vehicle that primarily invests the  financial capital  of third-party investors in enterprises that are too risky for the standard  capital markets  or  bank loans. Venture capital funds mean an investment fund that manages money from investors seeking private equity stakes in startup and  small- and medium-size enterprises with strong growth potential. These investments are generally characterized as high-risk/high-return opportunities. Theoretically, venture capital funds give individual investors the ability to get in early at a companys startup stage or  in special situations  in which there is  opportunity for explosive growth. In the past,  venture capital investments were only accessible to professional venture capitalists. While a fund structure diversifies risk, these funds are inherently  risky. Most  venture capital funds  have a fixed life of 10 years, with the possibility of a few years of extensions to allow for private companies still seeking liquidity. The investing cycle for most funds is generally three to five years, after which the focus is managing and making follow-on investments in an existing portfolio. This model was pioneered by successful funds in  Silicon Valley  through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product. In such a fund, the investors have a fixed commitment to the fund that is initially unfunded and subsequently called down by the venture capital fund over time as the fund makes its investments. There are substantial penalties for a Limited Partner (or investor) that fails to participate in a capital call. It can take anywhere from a month or so to several years for venture capitalists to raise money from limited partners for their fund. At the time when all of the money has been raised, the fund is said to be closed and the 10 year lifetime begins. Some funds have partial closes when one half (or some other amount) of the fund has been raised. Vintage year generally refers to the year in which the fund was closed and may serve as a means to stratify VC funds for comparison. This  free database of venture capital funds  shows the difference between a venture capital fund management company and the venture capital funds managed by them. Present Value Present value means the  current worth  of a future sum of money  or stream of cash flows  given a specified rate of return. Future cash flows are discounted at the discount rate, and the higher the discount rate, the lower the present value of the future cash flows.  Determining the appropriate discount rate is the key to properly valuing future cash flows, whether they are earnings or obligations. The calculation of discounted or present value is extremely important in many financial calculations.  For example, net present value, bond yields, spot rates, and pension obligations all rely on the principle of discounted or present value.   If offered a choice between $100 today or $100 in one year  ceteris paribus, a rational person will choose $100 today. This assumes a positive interest rate for the time period. This is described by economists as Time Preference. Time Preference can be measured by auctioning off a risk free security like a US Treasury bill. If a $100 note, payable in one year, sells for $80, then the present value of $100 one year in the future is $80. This is because you ca

Essays --

Gilgamesh (needs better title) Kyle Frum Experience is an important part of being an epic hero. This quality allows someone to succeed where others will always fail. Gilgamesh displays far more experience and knowledge than Sundiata, thus making him a better hero. He displays 3 main qualities that show he has experience. He is far more powerful and influential at the beginning of the story, he has more success in his early adventures, and (((((???))))). "Epic" heroes such as Sundiata simply cannot compete with someone like Gilgamesh. He is already a strong, powerful king when Sundiata is crawling around on all fours. The first page in Gilgamesh already shows his power. It states "a goddess made him, [Gilgamesh] strong as a savage bull." However, strength is not all he has. Gilgamesh is the king of Uruk, proven by the text, "Gilgamesh the king." This is a very good position, as Uruk is a powerful and large city, and "in Uruk he [Gilgamesh] built walls, a great rampart." This proves that he must have done many great deeds. A final clear indicator of Sundiata's early weakness is the f...

Why I need a degree in Christian ministry

I am a devoted Christian with a calling to serve human kind so as to convert as many people as possible to Christianity.   For me, nothing makes more sense that preaching the word of God.   Although I believe that Christianity is a matter of spirituality and the Holy Spirit is largely responsible for teaching Christians and especially preachers and ministers the word, I appreciate the role of studying the Christian ministry.With an increasingly elitist society, more people turning lukewarm to the word of God, with an increasingly rebellious youth and society, it is the high time that Christian ministers changed their approach in preaching and teaching the word of God so as to address the emerging situation.Preaching the word of God today is different from what it used to be in the past three decades or so. The preaching of the word of God requires a combination of spiritual knowledge and formal knowledge acquired through studies.A lot of contemporary issues affecting todayâ€℠¢s churches such as high rate of divorce and infidelity even amongst Christians is a cause for worry.   Even amongst the top leadership of churches, Christian leaders are often differing in the open on some issue affecting the society something which is threatening to tear apart the church. There is a need for church leaders to be equipped with leadership skills; these are only attainable through further studies.An issue such as the accommodation of homosexuals in the church is an example of an emerging challenge for the church leadership.   To handle the fresh challenges, a quality education and training in the word of God is very important.   Leading the church today needs managerial qualities as much as the spiritual issues.Studying a degree in Christian ministry combines teachings of the bible with other contemporary issues such as leadership.   A degree in Christian ministry is ideal for a church minister in that, a sense of management skills as well as leadership skill s has become a necessity in the management of modern institutions.For me a chance to pursue a degree in Christian ministry will grant me the opportunity to gain the management and leadership skills.   These management skills gained in education helps a lot in the management of churches; some of which are big enough and have congregations of tens of thousands with a network stretching many countries.I am already a Christian and I really need the training given the fact that I am planting a church in Haiti, a foreign country, with different culture from mine and under a totally different environment.   I need a combination of skills so as to be able to lead the new church into prosperity.   In preaching, it has become very important for the preachers to balance the sermons in order to meet the diverse needs of the congregation.   For instance, there could be some members of the congregation who are faced with parenting problems, others who are faced with financial challenges a nd others could be faced with marriage problems.The congregations look up to the ministers for hope, inspiration and for assurance.   To meet the needs such as those mentioned above, preachers must be competent in such matters.   This requires training and for me; the need for a degree in Christian ministry.Additionally, it has become very important for preachers to change the approach in missions.   For example, taking the example of nations where Christianity has not yet reached everybody or is faced with stiff opposition, there is a need for preachers to use the professional approach.   For instance, there are countries whereby a Christian teacher can not be allowed to preach.If one is trained and they have a degree, such a preacher can go into that country not necessarily as a preacher but an employee of non-profit making organizations.Once already in the areas where preaching is forbidden, it is very easy to preach in a work station.   Therefore a degree in the Christ ian ministry allows an individual to fit in many situations where the services of a minister are needed.A lot of scholarly materials have been discovered in the course of time which has served to fortify the belief and faith of Christians.   The best place to learn about historical discoveries on Christian issues is in the university.A degree in Christian ministry gives the student good background knowledge on topics surrounding the church, which become very useful in the conversion process whereby converts may question some teachings.   For preachers who have been through the university, they are better placed to solve such issues.ConclusionI am a devoted Christian, a Sunday school teacher and a traveling missionary with an aim of reaching the unreached and delivering the good news to those who have not has the wonderful opportunity. I really would love to pursue a degree in Christian ministry if I am granted the opportunity.ReferencesBarkley, Nella, and Sandburg, E. (1995).   Taking Charge of Your Career.   New York:   Workman

Princess Catherine Ann Buan Gaviola Essays (491 words) - Free Essays

Princess Catherine Ann Buan Gaviola Essays (491 words) - Free Essays Princess Catherine Ann Buan Gaviola MAED- Social Studies Regional Differences There are some 120 to 175 languages and dialects in the Philippines , depending on the method of classification. Four others are no longer spoken . Almost all are Malayo-Polynesian languages , whereas one, Chavacano , is a creole derived from a Romance language . Two are official (English and Filipino), while (as of 2017) nineteen are official auxiliary languages .Including second-language speakers, there are more speakers of Filipino than English in the Philippines. The Komisyon sa Wikang Filipino enumerated 135 Philippine languages present in the country through its Atlas Filipinas map published in 2014. The indigenous scripts of the Philippines (such as the Kulitan , Tagbanwa and others) are used very little; instead, Filipino languages are today written in the Latin script because of the Spanish and American colonial experience. Baybayin however, one of the most well-known of the indigenous Filipino scripts, is used by the government in some applications such as on the Philippine Banknotes , where the word "Pilipino" is inscribed using the writing system. As well, the Arabic script is used in Muslim areas in some areas in southern Philippines. According to some ethnic and regional studies journalism of the Philippines by Lee S. Dutton : "Language and dialect affiliations are most important aspects of the Philippine there are some special importance of Cebuano, Ilokano, Tagalog and Hilganyon. It is also noted that the Geographic and linguistic diversity of the Philippines is paralled by the diversity of its ethnic and cultural group. Thus resulting to extreme regionalism by the Filipinos. The study conducted by Ronald E. Dolan titled: " Philippine: A country Study" he stated that the Philippine national identity emerged as a blendof diverse and linguistic groups when lowland Christians, called indios by the Spaniards, began referring to themselves as "Filipinos", excluding Muslims, upland triabal groups, and ethnic Chinese who had not been assimilated by intermarriage who did not fit to the category. It was also noted that a societal cleavage among groups in revolting against Spanish rule and later fighting the United States . The troops of the Indigenous people became increasingly conscious of a national unity transcending local and regional identities. A public school system brought at least elementary-level education to all but the most remote barrios and sittios ( small cluster of homes) during the 20 th century also served to dilute religious, ethnic and linguistic or regional differences as did improvements in transportation and communication systems and the spread of English as the lingua franca. Regional Differences do play a major role in shaping a nation for the language is a soul of a country but due to the fast changing times regional differences are more an expression of time lags and bound to diminish on the long run and we do see the gradual decline of it because the improved in transportation and mass media.

The Basics of Quantum Mechanics essays

The Basics of Quantum Mechanics essays Quantum Mechanics is the science of subatomic particles and their behavior patterns that are observed in nature. As the foundation of scientific knowledge approached the start of the twentieth century, problems began to arise over the fact that excellent physical ideas were not capable of explaining the observed behavior of subatomic particles. In 1913, the Danish physicist Neils Bohr proposed a successful quantum model of the atom that began the process of a more defined understanding of its subatomic particles. It was accepted in the early part of the twentieth century that light traveled as both waves and particles. The reason light appears to act as a wave and particle is that we are noticing the accumulation of many light particles distributed over the probabilities of where each particle could be. In 1923, Louis De Broglie hypothesized that subatomic particles exhibit wavelike and particle properties for the same reason. The success of these theories inspired physicists to dev elop a way to describe the behavior of subatomic phenomena regarding both waves and particles using mathematics. Newton's laws, the basis of classic physical ideas, help obtain precise information about the location of an object at any future time. Classical physics assumes all collisions and positions of particles can be measured at once. The dual wave-particle nature of electrons flew in the face of such beliefs. In a changing environment, as is the quality of the electron, classical physical attributes of position and momentum are fleeting phenomena. No atomic particle can have both of these properties at the same time. An electron cannot be observed without changing its state. The simultaneous measurement of two conjugate variables such as the momentum and position or the energy and time for a moving particle entails a limitation on the precision of each measurement. This observance is what Werner Heisenberg referred to as the principle of uncerta...

Current Issues in Parent-Child Relationships Research Paper - 1

Current Issues in Parent-Child Relationships - Research Paper Example The respect the parents derived from the children in the past was immense compared to present because of the care and concerns the parents had given to their children. In a divorced family the childbearing and childrearing has to be done by either the father or the mother. The divorcees take family life lightly at present and they don’t have many concerns about the future of their children. The social activities of a child from a divorced family will always create problems to the society. Such children may often engage in antisocial activities in order to take revenge upon the denied care he was getting from his family. Moreover the parent who is looking after him also may not be able to concentrate heavily on his activities because of his/her increased liabilities to manage the family alone. â€Å"Todays children are the first generation in the history who thinks divorce and separation are a normal part of family life† (Divorce Effects Society). It is a dangerous situation as far as the stability of family and society are concerned. Statistics shows that the divorced women are getting only 64% of the wealth at the time of divorce which is not enough for the expenses of the children (Divorce Effects

ENGLISH LITERATURE Essay Example | Topics and Well Written Essays - 1000 words

ENGLISH LITERATURE - Essay Example It is also apparent that this journey is never easy on her, yet one that she makes with all the care and love that she has in her. Phoenix Jackson thus emerges from the story as a fully developed human being despite the short space of time in which she is introduced. At the same time, her walk through the countryside and into the towns symbolizes many aspects of American history as it progressed from the dark aspects of slavery to a more understanding yet still imperfect society of equal rights. Through eloquent imagery and careful progression, Welty is able to present Pheonix Jackson in loving detail as a fully fledged human being as well as a strong representation of American history to the point at which she is found making her trek. The normal path of life can be traced through the various types of fields Phoenix takes in her journey to town. Her path starts in the evergreen forest full of springy needles and bright sun. These evergreen trees represent the springiness and immaturity of youth. Just as the wood of the pine tree is softer and easy to damage, the young Phoenix was malleable and easily moved to new actions. In youth, she was still full of bright hopes and dreams that were often â€Å"almost too bright to look at† (142). Phoenix herself seems to realize this analogy as she crests a hill. â€Å"’Up through the pines,’ she said at length. ‘Now down through oaks.’† (143) as she aged into something harder and less able to bend. This aging process is symbolized by the additional trials Phoenix must undertake, the prickly thorns of the brambles and the chains of gravity, before she is able to internalize the strength of the oak that is imprinted upon her forehead, à ¢â‚¬Å"Her skin had a pattern all its own of numberless branching wrinkles and as though a whole little tree stood in the middle of her forehead, but a golden