Finance Essays - Foreign Exchange Currency - Free Essay Example

Sample details Pages: 10 Words: 2996 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Level High school Did you like this example? Foreign Exchange Currency The term foreign exchange is normally used to denote foreign currency surrendered or asked for in any of its current forms, i.e. a currency note or a negotiable instrument or transfer of funds through cable or mail transfer or a letter of credit transaction requiring sale and purchase of foreign exchange or conversion of one currency into another, either at the local center or an overseas center. The banks, dealing in for exchange and providing facilities for conversion of one currency into another or vice versa are known as Authorized Dealers or Dealers in Foreign Exchange. Don’t waste time! Our writers will create an original "Finance Essays Foreign Exchange Currency" essay for you Create order A bank is said to buy or sell foreign exchange when it handles the claims drawn in foreign currency or the actual legal tender money, i.e., foreign currency notes and coins of other countries. The theory of Foreign exchange covers different means and methods by which the claims expressed in terms of one currency are converted into another currency and specifically deal with the rates at which such conversion takes place. With partial or complete exchange control, as exercised by countries since World War II exchange markets are no longer free. Exchange rates today are not entirely determined by market forces but are officially fixed and maintained by Central Forex Markets The foreign exchange market, like the market for any other commodity, comprises of buyers and sellers of foreign currencies. The operations in the foreign exchange market originate in the requirements of customers for making remittances to and receiving them from other countries. But the bulk of transactions take place among banks dealing in foreign exchange for their own requirements as they do cover operations. Banks undertake large and frequent deals with other banks through the agency of Exchange Brokers, and it is these deals which give the market its significance. In addition, there are other transactions which take place in the foreign exchange market. All transactions of the exchange market may be divided into five categories: Transactions between banks and their customers. Transactions between different banks in the same centre. Dealings between banks in a country and their correspondents, and overseas branches. The purchase and sale of currencies between the central bank of a country and the commercial banks. The transactions of the central banks of one country, with central banks of other countries. There is not much difference between one market and another as far as the international transaction between markets at different centres is concerned. But local dealings, among members of the same market are organized in two different forms. One of them is the pattern adopted in Great Britain, U.S. A. and some other countries, where foreign exchange dealers never meet each other but transact business through a network of telephone lines linking the banks, with exchange brokers who act as intermediaries. In India also the foreign exchange market is organized on these lines. The other type is the markets in countries of Western Europe, where the dealers in Foreign exchange meet on every working day at a meeting place for business proposals-They fix the exchange rates for certain kind of business particularly with-customers. The foreign exchange markets in these countries are like commodity exchange or stock exchange. However, the global important of these markets, is comparatively small. ( Bhalla, V.K (june 2000). International Finance Management. 6th ed. New Delhi: Kalyani Publishers ) Indian Foreign Exchange Market A Historical Perspective The evolution of Indiarsquo;s foreign exchange market may be viewed in line with the shifts in Indiarsquo;s exchange rate policies over the last few decades from a par value system to a basket-peg and further to a managed float exchange rate system. During the period from 1947 to 1971, India followed the par value system of exchange rate. Initially the rupeersquo;s external par value was fixed at 4.15 grains of fine gold. The Reserve Bank maintained the par value of the rupee within the permitted margin of plusmn;1 per cent using pound sterling as the intervention currency. Since the sterling-dollar exchange rate was kept stable by the US monetary authority, the exchange rates of rupee in terms of gold as well as the dollar and other currencies were indirectly kept stable. The devaluation of rupee in September 1949 and June 1966 in terms of gold resulted in the reduction of the par value of rupee in terms of gold to 2.88 and 1.83 grains of fine gold, respectively. The exchange r ate of the rupee remained unchanged between 1966 and 1971. Given the fixed exchange regime during this period, the foreign exchange market for all practical purposes was defunct. Banks were required to undertake only cover operations and maintain a lsquo;squarersquo; or lsquo;near squarersquo; position at all times. The objective of exchange controls was primarily to regulate the demand for foreign exchange for various purposes, within the limit set by the available supply. The Foreign Exchange Regulation Act initially enacted in 1947 was placed on a permanent basis in 1957. In terms of the provisions of the Act, the Reserve Bank, and in certain cases, the Central Government controlled and regulated the dealings in foreign exchange payments outside India, export and import of currency notes and bullion, transfers of securities between residents and non-residents, acquisition of foreign securities. ( Sukumar,N (1996). international finance: the Indian perspective. 3rd ed. Pune: National Institute of Bank Management. ) With the breakdown of the Bretton Woods System in 1971 and the floatation of major currencies, the conduct of exchange rate policy posed a serious challenge to all central banks world wide as currency fluctuations opened up tremendous opportunities for market players to trade in currencies in a borderless market. In December 1971, the rupee was linked with pound sterling. Since sterling was fixed in terms of US dollar under the Smithsonian Agreement of 1971, the rupee also remained stable against dollar. In order to overcome the weaknesses associated with a single currency peg and to ensure stability of the exchange rate, the rupee, with effect from September 1975, was pegged to a basket of currencies. The currency selection and weights assigned were left to the discretion of the Reserve Bank. The currencies included in the basket as well as their relative weights were kept confidential in order to discourage speculation. It was around this time that banks in India became interested in trading in foreign exchange. The impetus to trading in the foreign exchange market in India came in 1978 when banks in India were allowed by the Reserve Bank to undertake intra-day trading in foreign exchange and were required to comply with the stipulation of maintaining lsquo;squarersquo; or lsquo;near squarersquo; position only at the close of business hours each day. The extent of position which could be left uncovered overnight (the open position) as well as the limits up to which dealers could trade during the day was to be decided by the management of banks. The exchange rate of the rupee during this period was officially determined by the Reserve Bank in terms of a weighted basket of currencies of Indiarsquo;s major trading partners and the exchange rate regime was characterized by daily announcement by the Reserve Bank of its buying and selling rates to the Authorized Dealers (ADs) for undertaking merchant transactio ns. The spread between the buying and the selling rates was 0.5 per cent and the market began to trade actively within this range. ADs were also permitted to trade in cross currencies (one convertible foreign currency versus another). However, no lsquo;positionrsquo; in this regard could originate in overseas markets. As opportunities to make profits began to emerge, major banks in India started quoting two-way prices against the rupee as well as in cross currencies and, gradually, trading volumes began to increase. This led to the adoption of widely different practices (some of them being irregular) and the need was felt for a comprehensive set of guidelines for operation of banks engaged in foreign exchange business. Accordingly, the lsquo;Guidelines for Internal Control over Foreign Exchange Businessrsquo;, were framed for adoption by the banks in 1981. The foreign exchange market in India till the early 1990s, however, remained highly regulated with restrictions on externa l transactions, barriers to entry, low liquidity and high transaction costs. The exchange rate during this period was managed mainly for facilitating Indiarsquo;s imports. The strict control on foreign exchange transactions through the Foreign Exchange Regulations Act (FERA) had resulted in one of the largest and most efficient parallel markets for foreign exchange in the world, i.e., the hawala (unofficial) market. ( siddiki, J (1998). ; Black market exchange rates in India, an empirical analysis. surrey: kingston upon thames, faculty of human science, kingston university. ) Formative Period: 1978-1992 By the late 1980s and the early 1990s, it was recognized that both macroeconomic policy and structural factors had contributed to balance of payments difficulties. Devaluations by Indiarsquo;s competitors had aggravated the situation. Although exports had recorded a higher growth during the second half of the 1980s (from about 4.3 per cent of GDP in 1987-88 to about 5.8 per cent of GDP in 1990-91), trade imbalances persisted at around 3 per cent of GDP. This combined with a precipitous fall in invisible receipts in the form of private remittances, travel and tourism earnings in the year 1990-91 led to further widening of current account deficit. The weaknesses in the external sector were accentuated by the Gulf crisis of 1990-91. As a result, the current account deficit widened to 3.2 per cent of GDP in 1990-91 and the capital flows also dried up necessitating the adoption of exceptional corrective steps. It was against this backdrop that India embarked on stabilization and structural reforms in the early 1990s. ( Srinivasan, V (2001). Structural changes in the Indian foreign exchange market; an empirical investigation. storrs: Center for International Business Education and Research (CIBER). Post-Reform Period: 1992 onwards This phase was marked by wide ranging reform measures aimed at widening and deepening the foreign exchange market and liberalization of exchange control regimes. A credible macroeconomic, structural and stabilization programmed encompassing trade, industry, foreign investment, exchange rate, public finance and the financial sector was put in place creating an environment conducive for the expansion of trade and investment. It was recognized that trade policies, exchange rate policies and industrial policies should form part of an integrated policy framework to improve the overall productivity, competitiveness and efficiency of the economic system, in general, and the external sector, in particular. As a stabilization measure, a two-step downward exchange rate adjustment by 9 per cent and 11 per cent between July 1 and 3, 1991 was resorted to counter the massive draw down in the foreign exchange reserves, to instill confidence among investors and to improve domestic competitiveness. A two-step adjustment of exchange rate in July 1991 effectively brought to close the regime of a pegged exchan ge rate. After the Gulf crisis in 1990-91, the broad framework for reforms in the external sector was laid out in the Report of the High Level Committee on Balance of Payments (Chairman: Dr. C. Rangarajan). Following the recommendations of the Committee to move towards the market-determined exchange rate, the Liberalized Exchange Rate Management System (LERMS) be put in place in March 1992 initially involving a dual exchange rate system. Under the LERMS, all foreign exchange receipts on current account transactions (exports, remittances, etc.) were required to be surrendered to the Authorized Dealers (ADrsquo;s) in full. The rate of exchange for conversion of 60 per cent of the proceeds of these transactions was the market rate quoted by the ADrsquo;s, while the remaining 40 per cent of the proceeds were converted at the Reserve Bankrsquo;s official rate. The ADrsquo;s, in turn, were required to surrender these 40 per cent of their purchase of foreign currencies to the Reserve Bank. They were free to retain the balance 60 per cent of foreign exchange for selling in the free market for permissible transactions. The LERMS was essentially a transitional mechanism and a downward adjustment in the official exchange rate took place in early December 1992 and ultimate convergence of the dual rates was made effective from March 1, 1993, leading to the introduction of a market-determined exchange rate regime. The dual exchange rate system was replaced by a unified exchange rate system in March 1993, whereby all foreign exchange receipts could be converted at market determined exchange rates. On unification of the exchange rates, the nominal exchange rate of the rupee against both the US dollar as also against a basket of currencies got adjusted lower, which almost nullified the impact of the previous inflation differential. The restrictions on a number of other current account transactions were relaxed. The unification of the exchange rate of the Indian rup ee was an important step towards current account convertibility, which was finally achieved in August 1994, when India accepted obligations under Article VIII of the Articles of Agreement of the IMF. With the rupee becoming fully convertible on all current account transactions, the risk-bearing capacity of banks increased and foreign exchange trading volumes started rising. This was supplemented by wide-ranging reforms undertaken by the Reserve Bank in conjunction with the Government to remove market distortions and deepen the foreign exchange market. The process has been marked by lsquo;gradualismrsquo; with measures being undertaken after extensive consultations with experts and market participants. The reform phase began with the Sodhani Committee (1994), which in its report submitted in 1995 made several recommendations to relax the regulations with a view to vitalizing the foreign exchange market. ( Srinivasan, V (2001). Structural changes in the Indian foreign exchange m arket; an empirical investigation. storrs: Center for International Business Education and Research (CIBER). ( Khasnobis, B (1998). sensitivity of the rupee dollar exchange rate, a VAR analysis. Mumbai: Indira Gandhi institute of development research. ) Indian Foreign Exchange Market The Indian foreign exchange market, broadly concentrated in big cities, is a three-tier market. The first tier covers the transactions between the Reserve Bank and Authorized Dealers (Ads). As per the Foreign Regulation Act, the responsibility and authority of foreign exchange administration is vested with the RBI. It is the apex body in this area and for its own convenience, has delegated its responsibility of foreign exchange transaction functions to Ads, primarily the scheduled commercial banks. They have formed the Foreign Exchange Dealersrsquo; Association of India which framers rules regarding the conduct of business, coordinates with the RBI in the proper administration of foreign exchange control and acts as a clearing house for information among Ads. Besides the commercial banks, there are money- changers operating on the periphery. They are well-established firms and hotels doing this business under license from the RBI. In the first tier of the market, the RBI buys an d sells foreign currency from and to Ads according to the exchange control regulations in force from time to time. Prior to the introduction of the Liberalized Exchange Management System, Ads had to sell foreign currency acquired by them from the primary market at rates administered by the RBI. The latter too sold pounds sterling or US dollars, spot as well as forward, to Ads to cover the latterrsquo;s primary market requirements. But with the unified exchange rate system, the RBI now intervenes in the market to stabilize the value of the rupee. The second of the market is the inter-bank market where Ads transaction business among themselves. They normally do their business within the country, but they can transact business also with overseas bank in order to cover their own position. Through they can do it independently, they do it normally through a recognized broker. The brokers are not allowed to execute any deals on their own account or for the purpose of jobbing. With in the country, the inter-bank transactions can be both sport and forwards. These may be swap transactions. Any permitted currency can be sued. But while dealing with the overseas Ads, because the Indian market lacks depth in other currencies; the Indian banks can deal mainly in two currencies, viz, the US branches must cover only genuine transactions relating to a customer in India or for the purpose of adjusting or squaring the bankrsquo;s own position. Forward trading with overseas banks is also allowed if it is done for the above two purpose, that is for covering genuine transactions or for squaring the currency position, and does not exceed a period of six months. In case the import is made on deferred payment terms and the period exceeds six months, permission has to be obtained from the RBI. Cancellation of forward contracts is allowed in India, although it has to be referred to the RBI. Previously, the banks used to get the forward transactions covered with the RBI, bu t since 1994-95 the RBI has stopped giving this cover and has permitted the banks to trade freely in the forward market. Cancellation of a forward contract involves entering into a reverse transaction at the going rate. Suppose US $1,000 was bough forward on 1 February for three months at Rs. 40/US $. On 1 March, it is cancelled involving selling the US dollar at the rate prevalent on this day. If the exchange rate on 1 March is Rs. 39.50/US $ there will be a loss of Rs. 500 (the dollar sold for Rs. 39.5 minus dollar bought at Rs. 40.00). The loss is borne by the customer. If the value of the US dollar is greater on the cancellation day, the customer shall reap the profit. The third tier of the foreign exchange market is represented by the primary market where Ads transact in foreign currency with the customers. The very existence of this tier is the outcome of the legal provision that all foreign exchange transactions of the Indian residents must take place through Ads. The t ourists exchange currency, exporters and importers exchange currency, and all these transactions come under the primary market. (Pandey, I M (1999). International Finance management. New Delhi: Kalyani Publishers. )

Analysis Of The Book Lien - 2038 Words

First impressions are everything. When people hear this phrase, many will often associate it with meeting new people. However, this concept can just as easily be applied to literature. Authors put great care into how they describe a character or a setting because the reader has nothing but words off of which to base their perception. This can be problematic if the author is not able to create a compelling enough picture in the reader’s mind, but it can also be used to the author’s advantage, often by tricking the reader with their words into believing something, and then revealing it to be the opposite. This story, â€Å"Lien,† was created with the intention of exploring the way people perceive reality and how they decide on the true nature of their surroundings, which is accomplished through the use of geographical concepts, intertextual examples found in famous fictional pieces, and descriptive language. In the overall narrative, the main character is lost and is trying to find his way back home. Both he and the readers are never supposed to be sure if he is awake, dreaming, or a little bit of both, which relates to the uncertainty and tricks played by the unconscious, both of which are brought up by the movie, Inception. In this movie, the subject of a dream often does not realize that he is in one, which is a concept the authors of the overall narrative are trying to imitate (â€Å"Inception† 2010). In the process of trying to return home, the protagonist ends up at inShow MoreRelatedLakeside Auditing728 Words   |  3 PagesExercises Exercise 1 Following his discussion with Rogers, Andrews talked briefly with Carole Mitchell concerning the warehouse expansion. She indicated that Art Heyman had already prepared an analysis of the repairs and Maintenance account (see Exhibit 9-4). In addition, based on the debits to the Warehouse account (see Exhibit 9-5) he had located the invoices substantiating the capitalized transactions (see Exhibit 9-7) while reviewing the invoices received by Lakeside subsequent to the end ofRead MoreInternet And Its Impact On Society Essay1388 Words   |  6 Pagesmore efficient. Though the internet has many advantages, it has brought a lot of negative impact to our society. 1.2 Definition of the internet The word Internet comes from the words â€Å"Interconnection of Networks† (Greenfield, 1999). According to One book projects, the Internet is a worldwide interconnection of computer networks that transmit information from one place to another using the standard Internet Protocol. It is also knwn as the Net. In order to understand how the internet has an impactRead MoreThe Impact Of Internet On Our Society Today Essay1502 Words   |  7 Pagesthe words â€Å"Interconnection of Networks† (Greenfield, 1999). 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EffectsRead MoreA Research Project On Credit Risk Management Basic1515 Words   |  7 PagesThe theoretical framework or theoretical review can be defined as a set of linked idea that facilitate to better understand the content of a research project. ( Investopedia.com) According to Van Gestel and Baesens in their book â€Å"Credit risk management basic† in order for banks to ensure a good credit risk management and to maximize its profitability it is very important that banks pays particular attention to four practices. Those practices are the selection of a solvable counterparty, limitationRead MoreConstruction Laws And Construction Law2221 Words   |  9 Pagessome of the types of surety bonds. 4. Construction Liens Construction liens are designed to protect builders, contractors and suppliers from the risk of not being paid for the services they provided. Any professional who has supplied labor and material has to be paid for his services irrespective of the quality of work provided by them. Construction lien ensures that the payment is made. The term construction lien is adopted from Mechanic’s lien which is associated with the automobile industry. WhenRead MoreImplementation Of The Loan Resolution1259 Words   |  6 Pagesin counseling the borrower we can consider either a short sale or short payoff if the property is worth less than what is owed. Additionally, accepting a deed-in-lieu of foreclosure may be an option if the property is free and clear of any other liens or encumbrances, with the exception of outstanding real estate taxes, or assisting the borrower in disposal of the property if it has been determined the borrower cannot support the debt. The following procedures will be implemented over a 30-dayRead MoreBank Of America Corporation : A Bank Company1127 Words   |  5 PagesIts merchandise embody fixed- and adjustable-rate first-lien mortgage loans for home purchase and refinancing wants, HELOC and residential equity loans. The worldwide Banking section provides a variety of lending-related merchandise and services, integrated capital management and treasury solutions to purchasers, and underwriting and consultative services. The worldwide Markets section offers sales and commerce services, which has analysis to institutional purchasers across mounted financial gainRead MoreCommercial Liens - a Potent Weapon Essay32374 Words   |  130 PagesCOMMERCIAL LIENS A MOST POTENT WEAPON Version 1.0 |Edited by Build Freedom staff | |[with acknowledgments and credit to Alfred Adask (Publisher of AntiShyster magazine), Richard Boalbey, David | |DeReimer, and the various lien authors, for providing some of the content] | |(Applicable To The U.S.A.; Adaptable For Some Other Countries) Read MoreEmail Business Environment : The Importance Of Email, And General Guidelines For Professional Use Email1879 Words   |  8 PagesCommon mistakes made when communicating through email †¢General guidelines for a professional use of email Primary research was no conducted in this project. Secondary research constitutes peer review sources, sources from WSJ, Electronic Library books and periodicals. Results from this research are better discussed in this report. I would be very please to discuss this research report and its conclusions with you at your request. Thank you for your confidence in selecting me to present to you

A Visit to a Famous City Free Essays

A few months ago my father and I visited Singapore, one of the most famous cities in Asia. Singapore, a small island, lies at the southern and of West Malaysia. A long and narrow piece of land joins Singapore with Johore Hahru, the southern-most town of West Malaysia. We will write a custom essay sample on A Visit to a Famous City or any similar topic only for you Order Now Singapore is now an independent state. The city of Singapore is extremely beautiful. It is well known for its centers of business and other activities. There are many places of interest such as the Tiger Balm Garden, the Botanical Gardens and Raffles Museum. There are also many important centers of learning such as the University of Singapore, Science Centre, the Nanyang University and the Polytechnic. Being a famous city, hundreds of people come everyday from various parts of the world to do business or to enjoy the sights of the city. Singapore therefore has large and beautiful airports and its harbors are full of ships. There are many night schools where people who cannot go to the day schools for some reason or other can continue their studies. And, the government of Singapore is still doing its best to make further improvements in the city for the benefit of the people. During my stay in Singapore, I went out everyday with my father to see the beautiful and interesting places and things in the city. One day we went to the Tiger Balm Garden where I saw several statues of people, animals and other strange creature beautifully made and kept. The sea near this garden makes it a pleasant place to visit. We spent almost half of the day at this place. Another day we visited the museum where I saw hundreds of curious things preserved for scholars and others. It was indeed an education to see all those things. There is so much to learn here that every visit by any person is sure to add to his knowledge. I also visited some of the harbors and saw the large ships anchored there. The sight of the ships aroused a desire in me to cross the oceans and go round the world. I was indeed deeply impressed by activities at the harbor. Then every night, I went round the town and visited some of the parks and other places of interest. The numerous lights and the constant stream of traffic kept the city alive. I visited a few of the cinemas as well. In short, I enjoyed every moment of my stay in this famous city of Singapore. How to cite A Visit to a Famous City, Essay examples

Business Planet and Society Environment

Question: Discuss about the Business Planet and Society Environment. Answer: Introduction: The current report is based on the assessment of business values governing a business environment. Universally business ethical values are defined as the set of guiding principles, which encourage individuals in an organisation to undertake decision based on the organisations, stated belief and attitude towards a business practice within its industry (Schrempf et al., 2015). The current report is based on the evaluation of business ethics and social responsibility of Air China and Qantas both operating under the aviation industry but from different country. Air china limited is considered as the chief carrier of the peoples republic of china having its head quarter in Shunyi District, Beijing. Air china established and commenced its business operations during the year 1988 on 1st July. The company carries flight operations largely from the Beijing capital international airport. On the other hand, Qantas, which is considered as the flag carrier airline, company of Australia having the largest airline by fleet size with worldwide flights and worldwide destinations (Investor.qantas. 2017). Qantas is considered as the worlds third oldest airline company in the world following KLM and Avianca. Qantas was founded in Winton, Queensland in the year 1920 as Queensland and Northern Territory Aerial services limited. Differences between the two companies in terms of social issues Community strategy and partnerships Qantas community strategy forms the spirit of Australia. Qantas is committed to the journey of reconciliation, promoting and displaying the best of Australia. Qantas engages its workforces in order to re-enforce their brand values through annual community investment (Cheng et al., 2014). Qantas forms partnerships with organisations, which promotes positive changes to enrich their community. Reducing the use of resources is the primary focus of Qantas towards future planet. Qantas also aims to reduce its dependence on water by 20% by the end of 2020. Other social issues such as it are specifically aimed to reduce the instance of waste to landfill by 30% with 35% reduction in electricity by 2030. Qantas is also focused towards achieving carbon neutral growth by the end of 2030 and aims to cut down its emission by 50% by the end of 2050 in comparison to their 2005 level of emission. Social responsibility and ethical operations forms the fundamental part of Qantas business activities. Qantas understands its brands valuation and aims to protect it through robust social policies and processes. Qantas continues to prioritise its social responsibility by addressing unethical business practices such as corruption (Rupp et al., 2013). It continues to priorities the development of its business through rigorous anti-corruption framework. Qantas establishes a cross functional responsibilities by steering the executive group towards developing anti-corruption strategy and policy. Air china on the other hand, has consistently followed a high standard business ethics. At the same time it Air china endeavours to uphold its social image by contributing its resources towards building a fair and harmonious social atmosphere (Airchina.com. 2017). Air china have continued to progress with their campaign of combating corruption and promoting integrity by implementing work plan for building integrity culture and develops an educational network based on integrity culture. Relevant issues such as customers services, corporate culture, operational safety, lower carbon emission, energy efficiency and reduction in emission. Air china further works towards addressing community development through public welfare activities and investors communications. With sustainable development in the background, Air china encourages its participation of stakeholders under the principles of practicality along with completeness to identify the issues. This consists of the identification of relevant issues, confirmation of the practical issues, approval of reporting content and reviewing procedures. This allows Air China to monitor responsibility and strengthen the accountability mechanism upon anti-corruption (Korschun et al., 2014). This allows air china to push forward the prevention and control function of their social integrity by strengthening the construction of their integrity monitoring mechanism. The various types of the differences related to the corporate social responsibilities of Air China and Qantas have been shown below as follows: In case of Qantas the various types of the corporate social responsibilities has been seen in terms of the support for corporate social responsibility, which includes working with an alliance towards a membership with Supplier Ethical Data Exchange (SEDEX). It has been further seen that the various types of the audit report, which are being shared on this platform, are directly related to the areas of concern for maintenance of labour standards, health, safety, and maintenance of integrity in the business. The main social responsibility has been seen with extensive assessment of the onsite audits, which are conducted in the workplace. Since 2009, the company has been committed in maintaining highest form of efficiency of fuel usage and improving the same to 5%. This has been observed to a considerable sector for the area related to the overall development on terms of the corporate social responsibility. It has been further stated that the various types of the factors related to the variables affecting the fuel efficiency has been seen to be accelerated in terms of increasing the existing fuel efficiency and reducing the carbon emissions in compared to other airlines (Investor.qantas.com. 2017). The corporate social responsibility of Air China has been seen in form of the release of the state owned supervision of the assets and the administration commission of the state council. The notice related to the acceptability of the CSR has been seen in form of the guidelines stated by Shanghai Stock Exchange. The various types of the CSR strategy development has been further seen with the usage of the positive engagement with the stakeholders in areas related to operation, safety, service, talent and environment (Airchina.com.cn. 2017). On 23rd April 2014, the company introduced environmental protection related to public interest, which was done under the theme of walking for a better health and for the protection of the environment. The program consisted of 100 employees and more than 160 volunteers took part in the same. In another instance, Air China was known to introduce the intelligent policy for recycling of plastic bottles. In this initiative, it has been observed that the employees can place the empty bottle after receiving of RMB0.5-1.5 credit in the mobile apps of the respective users. It is also regarded as the first central state-owned company to respond to the Beijing Municipal Governments call (Airchina.com.cn. 2017). Quality of social accounting approach The notion that that the corporations should be held responsible for their social presentation has progressively turned acceptable over the last five years. According to Jacobson et al., (2014), a considerable amount of debate has been raised regarding the process adopted by the companies to address the social responsibility and what constitutes their finest practice in social accounting. Vital principles concerning the fundamental philosophies of best practice is that companies, which are socially responsible, must engage themselves with their stakeholders and generate the social report, which is an account of their social performance. According to the Zadek et al. 1997 theory, social accounting undertaken by Qantas for management control purpose is designed to support and facilitate the achievement of the companys own objectives. Such responsibilities include assessment of risk, management of stakeholders, preconisation of social responsibility, maintenance of public relations and efficiencies. Air china on the other hand, has undertaken the responsibility of accountability, democratic and sustainability purpose, which is designed to support and facilitate society in pursuit of its objectives. Such reporting covers the rights of the stakeholders, balancing power with responsibility empowerment of stakeholders by promoting transparency and openness demonstrating the social and environmental cost of economic success. Whilst there shall be often be overlap between these two companies as neither of the company is simply homogeneous since they possess differences in fundamental approach. The management control perspective of Qantas put the organisation first and typically it focuses on society first hardly makes any assumption regarding the organisation. Air china stakeholders engagement is essential towards sustainable development. According to the Zadek theory, air china has channelized its resources to promote dialog with the stakeholders. The overall social responsibility of air china lays down the impact of decisions in the economy in terms of both environmentally and socially (Fooks et al., 2013). Air china evaluates and monitor the progress of the companys response towards stakeholders demands and its efforts to create comprehensive values against the set of pre-established performance indicators. This helps in identifying the problems and challenges within the prescribed time to continuously improve the accountability management system of Air china. The extent of social report reporting the stated values of Qantas and Air China: Social responsibility has several benefits for the organisations regardless of the industry in which it operates. These benefits consist of enhancing the brand image, promoting customer loyalty and increased ability to retain employees. The idea of social responsibility is contently evolving (Zheng et al., 2014). Amongst the most highly recognised changes is increased involvement of stakeholder, creation of business ethics and code of conduct to promote financial transparency. Social responsibility of Qantas plays an important and progressive role domestically in Australia across the overseas global network. Qantas continues to challenge the notion by promoting customer loyalty and satisfaction forming a vital part of their business. Qantas promotes environmental leadership by working together with their customers and communities by becoming the first airline company in the world to introduce a voluntary carbon offsetting programme. Furthermore, Qantas does not generate any revenue from such programmes and uses the funds obtained to purchase verified carbon offsets with yearly contribution of more than 1.2 million. Qantas promotes social responsibility through risk control based on the supplier, industry and location (Doh et al., 2013). It also sets up a network concerning ethics and compliance throughout the wide range of business sectors in order to share knowledge and initiatives. Following the consultation with their key stakeholders, it periodically revises the code of conduct and ethics serving in the form of compliance guide for the managers. Air china manages social responsibility by developing opportunity and maintaining communications through positive engagement with its stakeholders. Air china not only faces social responsibility directly but also utilises the social demand in order to explore bigger market to realise continuous sustainable growth. Air china pays special attentions to co-operate with their industry peers in order to attain a rational allocation by realising the general values for the entire industry (Goetsch Davis, 2014). On the other hand, suppliers forms the key part of air china values chain by strengthening the management of suppliers responsibility. The company also anticipates its suppliers to follow the practices of common principles. This can help in establishing closer co-operations with the company, which may ultimately assist them in raising developmental abilities. In addition to this, air china also implements the green purchases towards environmental protection forming an essential conditions in air chinas supplier choice. The company also ensures to strengthen its safety management in order to improve the quality of the companys operational safety (Fooks et al., 2013). Air china promotes the application of its safety management, which focuses on the introduction of new safety measures along with the control of critical risk through management of safety emergency. Conclusion: Upon conclusion, it is found that Air China fulfils the responsibility to its customers and endeavours to improve the quality of the service throughout the entire process. The report also provides that the company focus on seamless service by laying down clear guidelines to improve the customer experience. Air china significantly fulfilled its responsibility towards sustainability by reducing its dependence on fuel and striving towards energy conservation. The company has earnestly fulfilled its social responsibility by being thoughtful to its social and communal development. It was also found that air china is focuses on energy conservation by implementing improved fuel efficiency and lower noise level. On the other hand, Qantas reported to prioritise its social responsibility by dealing with unprincipled business practices such as corruption. The study further provides that it continue to priorities the expansion of its trade by adopting rigorous anti-corruption framework. Qantas launched a cross functional responsibilities by navigating the executive group towards developing anti-corruption strategy and policy. To conclude with social responsibility for both the company is directed towards building harmonious and spirited team in order to stimulate their pride in their profession. This in turn helps in promoting prosperous growth for both the companies. Reference list: Airchina.com.cn. (2017). [online] Available at: https://www.airchina.com.cn/en/images/en/investor_relations/csr/2015/08/27/B2B27B4F4034CA5FF7C6899C32FC1240.pdf [Accessed 11 Jan. 2017]. Airchina.com.cn. (2017). [online] Available at: https://www.airchina.com.cn/en/images/en/investor_relations/csr/2013/11/27/012EEFF4ACA84E26C830A3B923132C00.pdf [Accessed 11 Jan. 2017]. Arnold, D. G., Goodpaster, K. E., Weaver, G. R. (2015). Past Trends and Future Directions in Business Ethics and Corporate Responsibility Scholarship.Business Ethics Quarterly,25(04), v-xv. Cheng, B., Ioannou, I., Serafeim, G. (2014). Corporate social responsibility and access to finance.Strategic Management Journal,35(1), 1-23. Chin, M. K., Hambrick, D. C., Trevio, L. K. (2013). Political ideologies of CEOs the influence of executives values on corporate social responsibility.Administrative Science Quarterly,58(2), 197-232. Doh, J., Husted, B., Yang, X. (2013). Ethics, Corporate Social Responsibility, and Developing Country Multinationals.Business Ethics Quarterly,23(04), 638-639. Fooks, G., Gilmore, A., Collin, J., Holden, C., Lee, K. (2013). The limits of corporate social responsibility: techniques of neutralization, stakeholder management and political CSR.Journal of Business Ethics,112(2), 283-299. Goetsch, D. L., Davis, S. B. (2014).Quality management for organizational excellence. pearson. Grosser, K., Moon, J., Freeman, R. E., Nelson, J. (2014). Special Issue on: Gender, Business Ethics, and Corporate Social Responsibility.Business Ethics Quarterly,24(02), 303-306. Investor.qantas.com. (2017). [online] Available at: https://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF1tpgyw/file/annual-reports/qantas_annual_review_2015.pdf [Accessed 11 Jan. 2017]. Jacobson, K. J., Hood, J. N., Van Buren, H. J. (2014). Beyond (But Including) the CEO: Diffusing Corporate Social Responsibility throughout the Organization through Social Networks.Business and Society Review,119(3), 337-358. Korschun, D., Bhattacharya, C. B., Swain, S. D. (2014). Corporate social responsibility, customer orientation, and the job performance of frontline employees.Journal of Marketing,78(3), 20-37. Laczniak, G. R., Murphy, P. E. (2014). The relationship between marketing ethics and corporate social responsibility: Serving stakeholders and the common good.Handbook of research on marketing and corporate social responsibility. Murphy, P. E., Schlegelmilch, B. B. (2013). Corporate social responsibility and corporate social irresponsibility: Introduction to a special topic section.Journal of Business Research,66(10), 1807-1813. Rupp, D. E., Wright, P. M., Aryee, S., Luo, Y. (2015). Organizational justice, behavioral ethics, and corporate social responsibility: Finally the three shall merge.Management and Organization Review,11(01), 15-24. Schrempf-Stirling, J., Palazzo, G., Phillips, R. (2015). Historic corporate social responsibility.Academy of Management Review, amr-2014. Zheng, Q., Luo, Y., Wang, S. L. (2014). Moral degradation, business ethics, and corporate social responsibility in a transitional economy.Journal of business ethics,120(3), 405-421.

Poor Boys Blimp Essays - Airships, Blimp, Trout Mask Replica

Poor Boys Blimp There once was a little boy that grew up in the Brooklyn projects. He was extremely poor. Some how he managed to have some of the better things of life like a treadmill and an obsolete computer from the 80's. His life long dream was to own a $650 Lead Zeppelin remote controlled blimp. He asked his parents every year for six years if he could have it and every time they would say no they couldn't afford it. So on the boys fourteenth birthday he went and applied for a job at the local Nathaniel's. After talking to the manager Steve and getting the job he ran home and told his parents that he started the job tomorrow. The next day the when he got to work he looked around and noticed Steve was gone. He asked another worker where Steve was. The worker responded he was fired for being too stupid. The boy laughed and returned back to work. After weeks of hard work he finally made $600 of the $650 he needed for the blimp. On his way home one day he noticed a new store. He read the stores name "Iraqi Pete Discount plutonium and models". So only being human he walked in to look around. The moment he walked in he was surrounded be a green glow that was so bright it would put a helicopter's searchlights to shame. After his eyes adjusted to the glow he saw the storeowner eating pineapples and watching TV in black and white. The owner of the store heard the door shut and went to the boy and said hello. The boy being polite said hello as well. The owner asked if there was a certain item he was looking for. The boy asked if he had a Led Zeppelin remote control blimp. The man said yes we do right there in the corner. So the boy thanked him and walked to the corner and his eyes lit up brighter than the radiation from the plutonium. It was the blimp for $600 tax-free. The boy asked if the blimp was really $600 the owner said yes why wouldn't it be. The boy grabbed it, bought it, and left the store. Quickly he ran home and saw his father. Daddy, daddy he said look what I bought. The father yelled shut up. I just worked double time triple time at the hospital I need coffee and sleep. Not affected by his father's routine yelling the boy went to his 5th story window and read the directions and then started the blimp. The sound of the engine thrilled the boy. Now the time had come for the first flight the boy flew it out the window and outside where everyone could see it. He was having the time of his life until it happened. The blimp for no apparent reason went putt, putt and started on its first and last decent. Crashing into the courtyard in a loud flaming mess the boy almost passed out. He ran down the stairs fast to see how bad the damage was. It was totaled the blimp would never fly again. He started to cry when he noticed something he didn't smell gas. He dipped his finger in the gas tank and tasted it. It was watered down desil he was swindled by Pete. Angry, sad and confused he ran back to the store he walked in screaming and crying. Then all of a sudden he noticed something there where ten INS agents in Pete's store. He also saw Pete in handcuffs. One of the agents saw him and quickly took him out of the store and drove him home. When he got home the boy walked slowly up the stairs like a lifeless zombie. When he finally got back to his apartment he sat in front of the window and watched the birds thinking to himself why couldn't I have just waited. The moral of the story is if it seems to good to be true it probably is.

Bag of Bones essays

Bag of Bones essays Bag of Bones is the best book Stephen King has written in years. As shocking as Carrie, as mysterious and menacing as The Shining, as funny and honest about writers as Misery, as evocative of place as his record-setting bestseller The Green Mile, this is a horror novel steeped in all the finest qualities of our favorite Stephen King stories. And yet it is also a bold step beyond, toward a more mature vision of marriage, sex, loss, family-and, especially, evil. Narrator Mike Noonan is a best-selling writer of romantic thrillers-"V.C. Andrews with a prick," as he ruefully puts it. Plagued by nightmares and writer's block following the sudden death of his wife, Mike escapes to their lakeside summer house, known as Sara Laughs. But this is King territory, and Mike's beloved Yankee town has its dark side. A century ago, a group of local men murdered a black blues singer and her family. The killers' heirs have paid the price ever since. But this is only one of the buried secrets Mike unearths. The community is held in the grip of Max Devore, a powerful millionaire with a wicked past. Devore is obsessed with taking away his granddaughter, Kyra, from her young widowed mother, Mattie. As Mike falls in love with Mattie and comes to adore Kyra, he has to decode the warnings that only he and the child are receiving-from ghosts. He must do all these things, or the killing won't stop. It would be unfair to reveal any more of King's story, a complex web of relationships, rivalries, and revenge. Refrigerator magnets that spell out warnings and a spooky trip back in time to a country fair are just the beginning of a long and scary ride. By the end, King has given you a larger sense of the interrelatedness of past and present-and of the wages of sin. Bag of Bones, then, is the author at his best, and something more. ...

Diversified workforce Essay Example | Topics and Well Written Essays - 500 words

Diversified workforce - Essay Example anization because such a workforce helps in making better decisions, helps in satisfying customer needs and creates a positive image of the organization. A very important element in the success of an organization is the way decisions are made in the organization. A successful organization is one which is able to take creative decisions in order to compete in a highly competitive environment. Decision making is one area which helps in enhancing the creativity of the organization. In the process of decision making, it is essential for the organization to define an issue from different perspective and develop different solutions for a particular issue. Having a diversified workforce can enable the organization in broadly defining the issues it is facing and developing different solutions to a problem. For example: a workforce comprising of people having who have ample amount of experience and who have recently graduated can come up with solutions that have already been tested and solutions that are new. Another key element of organization is its customer and customers of the organization are considered as the heart of the customer. Customer satisfaction is considered very important in order to attract and retain old and new customers. To satisfy the needs of a diverse range of customers organizations require a diversified workforce. A diversified workforce can interact with customers and develop customer intimacy and identify the needs that they want to be fulfilled. This enables the organization in developing goods and services which caters to the needs of different customers which enables the organization in attracting and retaining customers. A third key element of the success of the organization is the image that it creates in the mind of its stakeholders. Organizations that do not have a diversified workforce are considered as organizations that practice discrimination by employing only individuals that belong to one particular group. Due to this they face

Conscientiousness Research Paper Example | Topics and Well Written Essays - 750 words

Conscientiousness - Research Paper Example Leadership is the power to motivate people by words, actions and deeds using vision, belief and truthfulness (Northouse, 2009). Conscientious leadership, which becomes ethical leadership, means â€Å"ethically motivating others in ethical directions† consisting of both â€Å"procedural† and â€Å"substantive† (character-based) aspects (Chumir, 1992, para.1). The procedural dimension of conscientious leadership includes problem-solving and decision-making techniques within the circle of moral principles. For example, conscientious leadership demands that the leaders, before putting their decisions into action, inform and discuss them with the parties which are going to be affected by their decisions. This means that the concerned parties are being given due respect and importance. The substantive aspect of conscientious leadership includes knowledge, strong standards and courage to follow ethical directions despite strong opposition. Also, the values that a person inherits or learns later in his life play a very important role in constructing his inner self, and in developing conscientiousness. By understanding and polishing basic values, a leader develops a sense of moral obligation of enhancing the betterment of the company. A conscientious leader actually expresses transformational leadership (Brown & Travino, 2006), in which the leaders produce such an effect on their subordinates that they inflict a â€Å"transforming effect† on them, thus, producing â€Å"sweeping changes in organizations and societies† (Priyabhasini & Krishnan, 2005, p.1). A conscientious leader knows in what direction must the action go, and what the consequences of that action will be. He has a strong vision, and so, he is able to go in the depth of the problem to relate its solution with ethical values. It is the conscience of the inner self of the leader that leads him to do good decisions. The

Discuss Internet as a tool to International marketing Essay

Discuss Internet as a tool to International marketing research(implications, advantages & disadvantages) - Essay Example   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Market   research   is   a   systematic,   objective   collection   and   analysis   of   data   about   a   particular   target   market,   competition,   and/or   environment.   This   type   of   research   must   always   have   some   form   of   data   collection,   whether   it   be   secondary   research   or   primary   research,   which   is   collected   direct   from   a   respondent.   There   are   two   types   of   research:   quantitative   and   qualitative.   Quantitative   research   involves   numbers.   An   example,   a   fast   food   chain   might   ask   customers   to   rate   the   service   as   excellent,   good,   poor   or   very   poor.   Qualitative   research   tries   to   understand   how   or   why   things   are   the   way   they    are.   The   research   involves   more   Ã‚  face-to-face   contact.   An   example,   a   research   might   ask   a   consumers   why   they   have   decided   to   buy   a   certain   type   of   soft   drink.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The   Internet   has   changed   how   marketing   research   has   changed   internationally.   Why,   percentage   wise,   half   the   homes   in   the   United   States   have   computers.   This   movement   came   about   for   four   reasons:   the   prices   of   personal   computers   are   decreasing,   current   home   connections,   slow,   but   are   now   becoming   more   rapid,   companies   are   spending   large   amounts   of   money   on   small   internet- only   computers,   and   the   introduction   of   web   television.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   All   these   factors   have,   and   will   continue   to   increase   the   number   of   people   with   access   to   the   internet.   What   will   also   increase   is   the   potential   to   gather   information   from   consumers,   access   secondary   data   sources,   advertise   and   sell   products.   This   is  

Impact of Lyndon B. Johnson

Impact of Lyndon B. Johnson Discuss the historical significance of Lyndon B. Johnson LBJ, LBJ, how many kids have you killed today? Was one of the principal protest chants of the 1960s in the United States. It was directed at President Lyndon B. Johnson. It was about the war in Vietnam that the American government under the Johnson administration had been steadily become more involved in each passing year after he came to office following Kennedys assassination in November 1963. One can only imagine how this must have hurt for a man of Johnsons pride and character. Being accused of killing children is not something that anyone takes lightly. His reputation as a connoisseur of Washington hid visionary leadership qualities. He knew how to get what he wanted and when. He realized that American society had to change as the first post-World War Two generation was clamouring for a greater voice in society. His election in 1964 was one of the biggest majorities ever. It is hard to find a historical figure that does not have more than one facet or side to their political legacy and life, and Lyndon Johnson was no exception, but in his case, it was so much more pronounced. Yes, he was historically significant. Itis impossible to argue that he was not. This significance is firstly in his ‘Great Society legislation and philosophy, and secondly in his prosecution of the war in Vietnam. Each of these will be discussed in turn. Part A) Visionary: Kennedys footsteps and Great Society. Any president who comes to office following the death, accidental or not, of another president finds himself or herself in that shadow of that person. The position of vice-president is not an easy one in American government and politics. It carries no power and limited stature. One constantly feels second to holder of the office of president. Naturally, the vice-president is part of the cabinet and provides advice, but the political ideals and program belong to the current president. Looking at Kennedy and Johnson, one can only see differences, but the political need of Kennedy for Southern votes in 1960 made him choose Johnson. His victory created the myth of Camelot, which still stands to this date. He believed in civil rights for all Americans and wanted a more peaceful relationship with the Soviet Union. He was young and handsome, which generated a huge amount of charisma. His death robbed the United States of a leader of great potential. On November 22, 1963, Lyndon Johnson step ped into his shoes following his assassination. He lacked Kennedys charisma, but soon showed confidence. His reputation as a master of the Senate was proof of competence and knowledge. These skills would be soon into great demand as he was immediately confronted with the need to resolve multiple societal problems, such as race relations in the South and health care; issues that Kennedy had started looking at in his brief tenure as president. Johnson felt he had to bring the solutions to fruition, both for the country and Kennedy, and lastly for himself, which meant putting his imprint on them. The United States of the 1960s was in the throes of racial tensions and economic retardation. Southern states were resisting and ignoring federal attempts to impose civil rights for blacks. The result of which was the low voting levels and harassment of blacks in the American Deep South. There were periodical racial riots requiring at times the intervention of federal National Guard to quell them. Unemployment was rising and many Americans had no kind of medical coverage. The American constitutional order placed checks and balances on every level of power, but as the source of the racial inequalities was being ignored for very many reasons that are beyond the scope of this discussion, although one of them was that many presidents were reluctant to rock the boat fearing electoral and legislative setbacks. Such fears did not scare Johnson, as he had earned and cherished a Senate reputation of bending and cajoling other lawmakers to his way of thinking. He could be many things to many p eople. His birth in the Southern state of Texas gave him the image of a good olboy, which could be utilized to great effect. This appeal and experience would be highly beneficial as he was able to push through many legislative reforms by the end of 1965. Every January, the current American president gives a State of the Union address during which he or she proposes various ideas and programs for that year. At this point, Johnson declared a War on Poverty  and called for the passing of Kennedys tax cut and civil rights bill; the first easily passed its hurdles, while the second quickly got delayed. Part of his war on poverty involved creating jobs through massive government aid and intervention, very much on the scale of Roosevelts Great Deal in the 1930s, which served as his inspiration as he understood that the state could not stand by while the people suffered. This realization was in stark contrast to his view of the United States as the true representative of freedom in the world, which meant bringing violence and suffering to people around the world as everyone had their own There were two other major legislative elements of the Great Society, namely Medicare and Medicaid, and the Higher and Elementary and Secondary Education Acts in 1965;the former two set up health care funding for the elderly and the needy, while the latter two provided federal aid to schools. Some of his opponents argued that these reforms were federal involvement in state affairs and fought court cases to resist or delay them. A country of the stature of the United States could not claim to be torch bearer of democracy and freedom,  when a quarter of citizens were denied their rights and many governmental institutions either colluded in their denial or stood by while it occurred. Kennedy recognized this horror, although his predecessor Eisenhower had started redressing the ill when he ordered the National Guard to intervene during the Little Rock crisis in 1957. The Civil Rights Act was passed in July 1964, while the Voting Rights Act in 1965. The riots and violence soon became things of the past except when Martin Luther King Jr. was assassinated in April 1968resulting in riots across 100 cities. A new Civil Rights Act was passed later that year. On a more personal level, he was the first American president to nominate a black person to the Supreme Court and the Cabinet, who were Thurgood Marshall previously having served as the solicitor-general of the United States in 1967 and Robert Weaver as secretary of housing and urban development in 1966. Both decisions opened some of the last bureaucratic rooms to racial integration despite the racist cringing of many Southern senators and governors. Part B) Ideologue: Cold War and the quicksand of Vietnam. The war in Vietnam would become Johnsons undoing. Like almost any other project or idea that he had, he wanted to fight and win it. His major pieces of legislation had been passed by early 1965 or were on their way. This freedom permitted him to increase the American presence in Vietnam. He ordered the first combat troops into Vietnam reversing a Kennedy policy of pulling out of Vietnam as he believed in the ‘Domino Theory whereby if one country fell to Communism, others would follow, so a stand had to be made and Vietnam fulfilled that role. This geo-political theory developed in the 1950s and soon became a guiding principle of many elements of American foreign policy, but sadly it was very blinkered way of thinking, because the theory soon became the reality as facts were manipulated, or even created, to fit into it. The inability to grow beyond it would hamper much of Johnsons thinking on Vietnam. The initial American involvement in Vietnam dated from 1955 after the French h ad been defeated atDien Bien Phu when the United States under Eisenhower felt it had to buttress non-Communist forces in South East Asia. The world of the 1960s was in the throes of a cooling-off period in the Cold War after having closely brushed with nuclear Armageddon in Cuba in October 1962, and the growing American involvement was perceived as a renewed hot period. Not everyone believed in this war, as they realized that it was a battle between two opposing ideologies, Capitalism and Communism; both of which had their supporters and critics, and the question was why did someone have to choose between them. Many counties did ignore the two superpowers and formed the Non-Aligned Movement. ‘Unsurprisingly, this act angered both superpowers. The nature of this war was that the United States and Soviet Union never actually fought each other, but used proxies to fulfil their ideological agendas. Ironically, the political nature of many of these proxies was that they were corrupt, repressive and dictatorial; for instance, in the case of Vietnam, the Diem government in the South supported by the Johnson administrati on was suppressing opposition to its rule, while Ho Chi Minh in the North was widely praised and respected. In atwist of irony, the repressive policies of the Diem government led the American government to overthrow him, but this only further destabilized the country and accelerated its slide into chaos. The basic Cold War philosophy meant that the legitimate democratic needs and hopes of millions were ignored, and it can be argued that this fact damaged the United States more than it did the Soviet Union as the United States claimed to be leader in world democracy and freedom. Johnson’s belief in the American mission to bring democracy to the world was one of his justifications to get involved in Vietnam. This argument begs belief. In the end, this contradiction could not be resolved, and it became the source of the American military and political loss. When Lyndon Johnson came to office, there were only about 16000 advisers in Vietnam, but he would raise the number of combat soldiers to almost 50000 by the late 1960s. He increased the number of bomber missions in the hope of crushing the spirit of the Vietnamese. Not only was the cost in lives was enormous, but also in infrastructure, as bridges, dams and building were destroyed. Such destruction put a stop to any development projects by the Vietnamese. One of the consequences of such a massive bombing was the scarring of the landscape whereby huge holes were made across the country creating impediments to agricultural development. One of the more tragic episodes of the Vietnam War was the authorization to use a weed killer to defoliate trees and shrubs in the hope of uncovering supply routes used by the Vietnamese. It was code-named Agent Orange and was sprayed from planes flying over jungles. It was a pesticide and was never thought of as being dangerous to the health of humans. Protests quickly grew as claims were raised that it was causing various forms of cancer in both Vietnamese civilians and American soldiers, and recently studies have slowly tended to support such views. The psychological success but military failure of the North Vietnameses Tet offensive in 1968started the American military withdrawal process. In a major reversal, Johnson stopped increasing troops and thought of ways to extricate himself and his country from Vietnam. The failure of Johnson to realize that the war was based on the desire of independence of a people at all costs meant that regardless of how many military victories were achieved, the war never ended. It has been a standing law in American politics to not bring back soldiers in body bags as it is politically damaging. Every death was a nail in Johnson’s political coffin. The chant How, Ho Chi Minh shouted by American protesters must have been devastating to Johnson as they cheered his opponent in a war that he su pported. In other areas of the gloomy world of the Cold War, Johnson was quite forward thinking and deserved credit. The close call of nuclear destruction during the Cuba Missile Crisis meant that a special red phone line was installed so that the leaders of the United States and Soviet Union could talk to each other quickly. To accelerate communication and travel, a new air route was installed between Moscow and New York City. His meeting with Premier Kosygin in June 1967 was another in a recent line of summits between American and Soviet leaders, and their discussions led to proposals to reduce the development of nuclear weapons, which later grew into the Treaty on the Non-Proliferation of Nuclear Weapons ratified internationally in March 1970, but unfortunately as this was passed by the American Senate in 1969 after Johnson had left office, much of the credit went to his successor, Richard Nixon. This agreement was one of the first major limitations of nuclear use and was the father of the Strategic Arms Limitation Talks, otherwise known as SALT. Conclusion According to ancient Egyptian mythology, the soul of every person was weighed measuring his or her good and bad deeds to decide their place in the Afterword. This view has both negative and positive aspects as every action has a value, but one huge good or bad act can outweigh a lot of small bad or good ones. Depending on whom you ask, both the Vietnam War and the Great Society can be either, but prosecuting an unnecessary war is hard to defend, while programs designed to help the needy is so much easier to do so. The war in Vietnam failed to achieve any of its objectives of liberating people and extending American power in the region, while the Great Society opened American society to new levels and made more people feel part of it. In this regard, a very simple description of Lyndon Johnsons place in history is that he was a divisive figure. He was the author of two great things in American society; firstly the Great Society and secondly the Vietnam War, although the present use of the term great is in its sense of social grandeur and socially revolutionary. He is remembered affectionately and hated deeply for each of them, but not always in the way that some of us might think. It is a mark of this divisiveness, which he himself recognized, that he stepped aside from running again as president in March 1968. His successor as president was Richard Nixon. Bibliography Morris, Errol. The Fog of War. DVD. Columbia Tri Star, 2004. Johnson, Lyndon. The Vantage Point: Perspectives of the Presidency, 1963-1969. Holt, Rinehartand Winston, 1971. Caro, Robert A. Master of the Senate: the years of Lyndon Johnson. Cape, 2002. Bernstein, Irving. Gunsor Butter: the presidency of Lyndon Johnson. Oxford University Press, 1995. Dallek, Robert. Flawed Giant: Lyndon Johnson and his times, 1961-1973. Oxford University Press,1998.

Improving The Teaching of Physics :: Learning Education Papers

What this paper is all about I will attempt to provide answers to the question of how one can facilitate the acquisition of deep conceptual understanding of physical concepts and make learning more meaningful to students. I will do this by using the results of several physics education researches as anchored on some important difficulties physics educators have in teaching physics. The problems in physics teaching Over the years, physics education has been beset with a multitude of problems. The most compelling is how to teach physics to the students so that they will understand it, and appreciate it. An offshoot of this difficulty is the problem of retaining in the program those students who have initially decided to major in physics. Seymour and Hewitt’s (1997) study on why undergraduates leave the sciences revealed that students switch not because they lack the mental ability. The three main concerns for shifting are the lack or loss of interest, belief that a non-SME offers a better education, and poor teaching of SME faculty. Looking at these reasons, we realize that the situation is not at all hopeless. I believe that we could do something to address these issues. The scenario would have been pathetic if the primary reason for the switch is the students’ lack of mental ability. As I see it, the issue of lack/loss of interest and the belief that SME offers a better education is brought about or aggravated by the issue of poor teaching of SME faculty. If we can address the issue of poor teaching we will essentially be addressing the two other issues. If we can better teach physics then this can be a source of motivation for students to stay in physics. Another major problem in physics education is that students do not appear to gain as much knowledge out of their physics courses as desired. The most probable reason for this is the over-dependence of physics instructors on using the â€Å"traditional lecture†. Lectures in physics can be an incredibly passive experience for students, particularly dangerous for those who believe that if they can follow the professor, they’ve mastered the material (Tobias, 1990). In this paper I will be presenting ways in which we can improve large lecture classes in order to make learning more meaningful for students. The motivation for this is my belief that lecture halls will still continue to pervade physics departments. Reducing the number of student- teacher ratio is a far-fetched reality.

Communication Problems in Hugh Garner’s “The Father” Essay

Who is perfect; certainly not John Purcel in Hugh Garner’s short story â€Å"The Father† about a desperate alcoholic father (John Purcel) trying to get closer to his son (Johnny) who seems to be slowly drifting away from him. This will be demonstrated through out a series of examples which will prove the father’s drinking problem, his neglective attitude towards his son and his low self esteem. Alcohol can control a person’s life and make them irresponsible which affects their relationships. John Purcell showed a lack of judgment by stopping to have a drink before he even got home from work making him late for the scout meeting with his son. His irresponsibility continued when he met another irresponsible drunken father at the meeting. When the stranger offered John a drink, he gladly accepted the offer stating â€Å"you’re a lifesaver†. Due to his drunkenness, John Purcell embarrassed his son even further. â€Å"In a paroxysm of pride and happiness he grasped the boy’s hand, and facing the audience, held it aloft like a referee signaling the winner of a boxing bout. There was a short burst of embarrassed laughter from the tables†. His drinking affected his actions and caused his son to be humiliated in front of his friends. It is very difficult to have a healthy relationship with someone when you are controlled by alcohol. Building good relationships involves time and effort. John Purcell never put any effort into trying to know his son because â€Å"most of the time he was too preoccupied with other things to pay much heed to the boy’s activities†. He never encouraged or supported Johnny and never participated or went to any of his son’s events. He did not even know what baseball or swimming team Johnny was on. When the curate, Mr. Redpath, complimented Johnny on his exceptional swimming ability, the father realized that â€Å"he seemed to know less about the boy than anyone†. However, he made the excuse that his son â€Å"was only a twelve-year-old who wanted to be left alone†. Because the father was so involved in himself, he did not make the time or put forth the effort to develop a proper relationship with his son. A person who has low self-esteem finds it difficult to care for others and himself. John Purcell did not know the scout leaders and the other fathers; he stereotyped them as being â€Å"sissies and goons†. When he discovered that Johnny did not have the full scout uniform because of lack of money, his first response was â€Å"What’s the matter with this family anyway? God knows what the neighbours must think of me.† What others thought was more important to him than his own family. Even though he was cheap with his family, he didn’t want others to know about it. He was very insecure which caused him to feel out of place and unsure of himself. Even when he had made an effort to show an interest in his son, he had been â€Å"pointedly ignored† contributing more to his feelings of inadequacy as a father. When one feels like a total failure, it is difficult to have any positive relationships because you are always worried about what others think. In conclusion Johnny’s father finally realized he had to change in order to be closer to his son. It would be hard for John Purcell to have a close relationship with his son due to his lack of interest in him, his alcoholism, and his lack of self-esteem. John’s negative personality dominated his relationships with his son and others.

Aphorisms, Mottos and Sayings

Aphorisms, Mottos and Sayings Aphorisms, Mottos and Sayings Aphorisms, Mottos and Sayings By Maeve Maddox Many depictions of old people on American television–for example, Grandpa Simpson–reflect contempt for the elderly, but the language presents a different picture. The variety of words for â€Å"wisdom passed down the generations† suggests a tradition of respect for the experience of one’s elders. I’ve already written about the words proverb and adage. Here are a few more English words that mean â€Å"an often-repeated wise saying.† The dates in parentheses correspond to the earliest citations in the OED. Because so many of the definitions for these words contain the adjective pithy, I’ll define this word up front: pithy (adjective): of language or style; full of concentrated meaning; conveying meaning forcibly through brevity of expression; concise, succinct; condensed in style; pointed, terse, aphoristic. aphorism (1570) In a scientific context, an aphorism is the statement of a principle, but in general usage, an aphorism is a short pithy sentence containing a truth of general import. For example, â€Å"A living dog is better than a dead lion.† apothegm (1570) Also spelled apophthegm, an apothegm is a terse, pointed saying that embodies an important truth in few words. It will be pithy and may also be sententious, like one of Dr. Johnson’s oft-quoted sayings: â€Å"Patriotism is the last refuge of a scoundrel.† axiom (1578) This term is from Latin axioma, which in turn comes from a Greek word meaning â€Å"that which is thought worthy or fit, that which commends itself as self-evident.† In a scientific context, an axiom is a self-evident proposition requiring no formal demonstration. For example, it’s an axiom that the Earth revolves around the Sun. dictum (1586) A dictum is an authoritative pronouncement attributed to a particular person or source. For example, Harry Selfridge (1858-1947) is credited with the dictum, â€Å"the customer is always right.† maxim (1450) A maxim states a rule of conduct or action in the form of a proverb: â€Å"Early to bed and early to rise makes a man healthy, wealthy, and wise.† motto (1589) Nowadays we use the word motto to mean any maxim that a person tries to follow as a rule of conduct. For example, I once had a kitchen with very little counter- or drawer-space; my motto was, â€Å"If it will hang, hang it.† Motto originally referred to a word or sentence attached to a design, as in heraldry. For example, the emblem of the Prince of Wales is three white ostrich feathers with the German motto Ich dien, â€Å"I serve.† precept 1375 Similar to a maxim, a precept is a general command or injunction; a rule for action or conduct, especially a rule for moral conduct. A precept that has implications for personal privacy and security is, â€Å"A man’s home is his castle.† saw (c. 1000) The sayings of King Alfred (849-899) were known as saws, a word that comes from the verb â€Å"to say.† One of Alfred’s saws that I can recall without looking it up is, â€Å"Tell it to your saddlebow.† That means â€Å"Don’t go sharing your plans or worries with others; keep your own counsel.† saying (1303) Like saw, saying comes from the verb â€Å"to say.† The word can apply to any current or habitual expression of wisdom or truth. For example, â€Å"The experience of many lottery winners tends to prove the truth of the saying that a fool and his money are soon parted.† I’ll let you decide for yourselves which of these nine terms best describes each of the following expressions: A penny saved is a penny earned. A job worth doing is worth doing well. A lie often told becomes the truth. A little knowledge is a dangerous thing. Actions speak louder than words. All work and no play make Jack a dull boy. Beauty is in the eye of the beholder. Birds of a feather flock together. Charity begins at home. Curiosity killed the cat. Little drops the mighty ocean make. Love conquers all. No use crying over spilt milk. Opposites attract. Rome wasn’t built in a day. Strike while the iron is hot. Time is money. Two heads are better than one. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:50 Idioms About Legs, Feet, and ToesGrammar Quiz #21: Restrictive and Nonrestrictive ClausesA Yes-and-No Answer About Hyphenating Phrases

My personal Management Experience Essay Example

My personal Management Experience Essay Example My personal Management Experience Essay My personal Management Experience Essay My Personal Management Experience Name; Course: Date: My Personal Management Experience I was employed as a store manager for a jewelry store that was only just opening. My boss called me one morning and said, â€Å"I want you to be in Eastridge Mall tomorrow,† and he gave me the address. I showed up the following day at the Mall as directed and found a store under construction. The whole place consisted of construction material and debris. There were Sheetrock walls, hanging wires from the ceiling and brand new showcases ready to be installed. He called me the same evening and surprised me by saying, â€Å"Congratulation, this is the store you will be running.† I accepted this new and greater responsibility with newfound confidence. I had worked as a jewelry sales person and I understood quite well the difficult task that lay ahead. This was bound to be a wonderful experience. I had always wanted to mange big assignments and this was one of them. My first management challenge consisted in establishing a clientele, forming a strong workforce and making a reasonable profit for the company. My boss believed in my vast experience as a sales person and he expected me to deliver the required results. . I had to strategize on how to kick-start the operations of the store and how to capture loyal customers. This was no mean feat for someone who has never had any management experience in the past. Running a new store is a challenging task. In the retail world, all businesses are driven by the desire to make profits. This was a difficult task considering the fact that I was given a brand new store with no clientele and located in a very unfamiliar market. I had to apply what I had learnt from my experience as a sales person and what I had learnt from my management classes to this challenge. I was required to takeover the planning from now onwards. As the manager, I was tasked with the responsibility of organizing the required resources whether financial or material to be delivered to the store. I was also responsible for the staffing. The store needed an adequate and competent workforce to be able to make it through this stage. For the operations to run smoothly, I had to be able to guide and motivate my workforce and ensure that everything was going according to the plans set down. This is just but a brief insight of the task that lay ahead of me. As a manager, I was supposed to do my work diligently. The construction was already underway, I had to incorporate my company’s designs into the already laid out designs. This was to make sure that the store is constructed according to the company’s standards. I therefore had to be present at the construction site to supervise the ongoing construction. This was my first assignment. I had to co-ordinate the construction process and I was leaving nothing to chance. Signs for example, were to be placed in the right places and given perfect angling; the lighting system had to meet the company’s standards. Since this business involves expensive jewelry, security was very important. I had to ensure that the security system was standard. All the display cases had to be secured to ensure no one tampers with the jewelry. These measures had to be taken to ensure that everything was in place. In this stage of the project, I applied management control. This assisted me in verifying whether the construction work was going accordi ng to my plan After overseeing the completion of the construction work, I had to focus on the opening of the store. This was one of the most important stages of this assignment. My mission was to put up a credible work force that will assist me in developing the store into a competitive and profit making outlet. I recruited a formidable sales team bout one month before the store commenced its operations. This was essential because without the right sales people I (Store manager) would not succeed. Coming up with the right team was quite difficult. I had set my own objectives on the kind of people I wanted for this job. I had to build a competent group of workers and so I chose those that really suited my descriptions for the best. As a manager I was guided by one principle, I gave my work the best I can and treated my customers with the respect they deserved. As quoted in Arnold et al’s article in the Journal of Retailing issue number 85 of 2009, â€Å"transformational managers attempt to act in the best interests of both the customer and the company to provide effective solutions to the needs of both groups (Bass, 1977)†. This principle motivates me to do my best and guides all my practices as a manager. A manager however does not work alone; he is assisted in his work by his sales team. I strived to instill these values in the team that I managed to create. I set goals for the sales team we had to get the business running and rake up sales within the first two months. These objectives guided my choice of candidates for the sales job. I laid out the minimum qualifications and the attributes of the sales personnel. My ideal candidate had to possess the following characteristics. First, they must be lovers of jewelry, a person who does not love what he/she is selling will find it difficult to passionately market a piece to a customer and convince them to purchase it regardless of its price. Second, the person must be enthusiastic; customers prefer sales people who are lively and appealing. Positive attitude will always result in customer satisfaction and eventually a sale. Third, the person must be ambitious; employees who want to advance in their careers in future always give their best. Keeping in mind all these expectations, I formed a sales team that consisted of seven dedicated people. They were lovers of jewelry, enthusiastic, and all desired to grow in their respective careers. They also had to fulfill my manager’s expectations. These p eople had to be proficient in whatever they were going to do so training was necessary. After hiring them, I trained them on the various roles they would take in the store. Several years ago, I was working as a sales person at my first job (Zale’s the Diamond Store). The manager at this store had a great relationship with his workers. I loved the way he related with those under him and he inspired me to be like him. He was also unbelievably talented in the art of marketing. He knew how lure the customer into buying something; he always knew the right words to use. .He taught me how to approach the customer, make a conversation, find out about their needs, and listen to them. He believed that through listening, we learn more about someone than when we talk. Roman et al in their article in the journal of marketing management say that listening skills can lead to higher sales performance â€Å"From the salesperson’s perspective, empirical research has shown that effective listening leads to higher sales performance† ( Roman et al, 2005 ). He inspired me and I strived to pass down his values to my sales team The staffing function required much more time than I had anticipated; I had to set up instruction/training sessions for my team on a daily basis. The training comprised education on customer service, product knowledge and listening and communication skills. The daily sessions are essential because they are also used to review the progress of our daily objectives and assist us in making corrections as appropriate. Through these meetings, we interact, highlight the problem areas, and propose solutions or improvements as appropriate. We have set up half hour opening and closing meetings where we talk about the store’s goals break it down to our individual goals, and then we discuss whether we have achieved those goals and what we ought to do in order to achieve them. In the closing meetings, we review the days work and evaluate individual as well as team performance. These meetings represent a minor form of performance appraisal. Another strategy that I employ when dealing with m y team involves role-play and building scenarios. This has an enormous impact on their learning. It is a great confidence builder and aids the team in their learning. The bottom line is I always recognize the efforts of my sales team and closely monitor their behavior and correct them in areas where they have gone wrong. My short-term goals were to be able to gain a consistent flow of sales and to attract a meaningful number of customers. With these goals in mind, we set out on the methods to achieve them. I identified several ways through which we could be able to gain and retain customers. One important was to have a motivated sales team, second was to carry out intensive marketing of the new store. These were key strategies for the achievement of our goals. I had to motivate my sales people and ensure that we marketed ourselves well. Together with the head office, we embarked on massive promotional campaigns on print and communication media and in the internet. We also put up a series of promotional billboards in the neighborhood. Our marketing campaign paid off very well and within a few days, customers started streaming into our store. The second step involved the motivation of workers, we offered incentives for those who achieved a certain amount of sales and the daily meetings enabled them to be participatory and hardworking. Overall, the performance of the sales team and the store in general exceeded my expectations. I agreed to become a manager because I believed in my ability to recognize the areas for potential improvement in my sales associates and correct it before became too late. I understood that every single flaw within my sales team would reflect ten times greater on my own portfolio. I achieve that by creating a great relationship with my team. Achieving our short-term goals was not as difficult as I had previously thought. With the motivated workforce and the regular clientele, we were way beyond our goals. My focus now shifted to the medium term goals. One of my medium term objectives involved the retaining of present customers and improvement of sales. We had to create an impression on the clientele to ensure that they will come back again. This was not an easy feat to achieve. Great and efficient customer service is a combination of patience, intelligence and understanding. The sales team had to be made aware of these three pillars of effective customer service delivery. I ensured that I reminded them about this in our daily meetings and instructed them on how customers should be handled. Another important step that I took was to enforce disciplinary actions, these were necessary in order to maintain a reliable and strong sales team. At the end of the day, the manager is responsible for the mistakes of his team. It is t herefore prudent to have disciplinary action taken against team members who violate the rules set to govern misconduct at the workplace. This is one way through which the work force can stay focused on the company’s objectives. When a manager metes out punishment on an employee it is always for the good of the employee and the company. When the employee is repeatedly involved in misconduct, he/she should be replaced. Some of these rules were agreed on as we embarked on the journey to achieve greater sales and to retain and gain more customers. As a manager, I prided myself in being a successful organizer. I had the roles of all my seven sales personnel well defined, each of them had a role clearly carved out for them. Teamwork was an important element of the sales process. If one member of the sales team found it difficult to convince a customer, it was normal practice to refer them to another member. If both failed to make a deal with the customer, I always intervene to save the situation and make the sale. I have never been a manager who works only to collect paychecks, but to gain my paycheck and deserve it. My participation motivates the team; they are aware of the need to be effective and to do their best. Having a rapport with your customer gives them the motivation to come again. They also recommend the store to their friends. Excellent customer service helps the company establish this rapport with the customers and in turn enables the organization to increase sales. I endeavored to ensure that the sales team mainta ined an excellent rapport with customers in order to achieve the goal of maximum sales and to gain more clients. Through these simple steps, we were able to establish ourselves as a formidable force within the jewelry market. Our sales soared at unbelievable rates and clients continued streaming into our store. My manager acknowledged my performance and even upgraded my store’s capacity due to the increasing sales that we were registering. We had made a lot of progress as far as the achievement of our goals was concerned. We attained parity in sales and the number of customers who called at our store had increased. However, one problem still troubled me; we had inconsistencies in the sale of a particular stock of diamond rings. This ring had registered the least sales despite being tone of the most valuable and most sought after rings in the country. I figured out that there might be a problem in its display station and made the decision to have it displayed at a different position. We deliberated on this as a team and I decided that this particular ring be displayed on the finest showcase for the customers to see. Each member was supposed to take keen interest on customers who showed their interest in the ring and attend to them with the tact and experience they had gained over the few months that the store has been in operation. Another problem that we had to contend with was the height of the showcases it was observ ed that the showcases were taller than the standard height. This made it difficult for the customers to have a comprehensive view of the jewelry showcased. This was identified as an impediment to the sales process. Some jewelry had intrinsic features that could only be noticed by an observant customer. Others like rings had minute details that can only be seen if the customer has the best view. This therefore posed a major problem. The showcases had to be replaced with others that were waist-length in order to allow the customers to have a comprehensive view of the jewelry. These two were some of the major challenges that we faced in the jewelry store. We were able to replace the showcases after receiving financial help from the head office. Our sales increased considerably with this new adjustment and we realized that customers could now see all the jewelry displayed in the store. Our sales staff also became busier than before since customers were now more interested in the detail. We have not yet achieved our goals as a company yet but according to my observation, we are right on track and given more time, we will be a force to reckon with in the jewelry market. As a manager, I believe I have employed the functions of management as taught in management class and that is the reason why I have a wonderful record of accomplishment. I planned my processes and objectives quite well and organized all the resources required to achieve them. I also ensured that I had a well, developed and qualified workforce for the job. I ensured that the workforce was well motivated and that communication in the store was open. Constant evaluation and reviews of the progress of operations also assisted me in troubleshooting potential threat areas and finding credible solutions to these threats. Recognizing the passion for what we do is the key to our success. The only reason why I have been featured on the company’s â€Å"newspaper† for several years now is because my store registered the highest profit margin. I am proud of myself simply because I always give the best of my efforts, set higher than normal expectations for myself and never lose hope in difficult times.