Media hint

IntroductionMedia has always been in the forefront as a radical voice all over the world, and naturally, it has invited the wrath of all the regimes autocratic and democratic alike. Among the media types, the broadcast media, particularly television has suffered the greatest suppression, whether it is in the Europe, the Americas, Africa or in the East. The most recent example comes from Pakistan, a Muslim nation in South Asia, where the military ruler Parvez Mushrraf had shut down the television stations soon after he suspended the constitution and imposed emergency.Broadcasting – the transmitting of programmes to be heard simultaneously by an indefinitely large number of people – is a social invention, not a technical one. (Curran J. & Seaton J., 2003). Television is perhaps the only modern media that had played a dual role, as a voice of the radical opinion and as a media of propaganda. The emergence of the global television has made revolts of the people and radical opinion in any part of the world irrepressible. This has always made headaches for the ruling elites to respond in the same manner, to use television itself in order to suppress the opinion.Revolt against televisionIncidents of revolt against television as a mirror of the truth have occurred before the advent of the satellite television, where the regimes controlled the broadcasting system. The history can be traced from the wide spread information suppression and the iron curtain that characterised the erstwhile Soviet regime. Later we numerous incidents around the world, mostly in autocracies where the official television run by the regime, disseminated the news suppressing any other viewpoint. This has occurred in Iraq, in other states of the Middle East like Saudi Arabia, Iran and mostly many of the Muslim Sheikdoms.Suppression, ideology and televisionCommunication has the power to define, persuade, inform and to disinform. An analysis of communication at the level of community and nation is obliged to recognise that truth is not necessarily separated from falsehood; rather, the process of propaganda blurs the elements in order to be persuasive. Taylor (1986) puts the matter succinctly:‘Communication with a view to persuasion is an inherent human quality. I can take place in a private conversation or a mass rally, in a church or cinema, as well as on a battlefield. It can manifest itself in the form of a statue or building, a coin or painting, a flag or a postage stamp.’ To the above list Taylor adds ‘speech sermons,songs, art, radio waves, television pictures.’Whether they operate between individuals or people in millions, the task of the analyst remains the same – to investigate the intent of the act of communication and the ways in which members of the intended audience respond to that communication. It is arguable that most mass communication, whether it is a party political broadcast, the TV news, a pop song, a soap op era or sitcom is in some way or another, to a greater or a lesser extent is an exercise in propaganda. (Bagdikian A.,1987)Thompson identifies four forms of power exercised in society- economic, political, coercive and symbolic. Economic power emanates from the possession of wealth or the means by which wealth is generated; political power rests in decision making arising from being in a position of elected, appointed or inherited authority; coercive power springs from the use of, or potential use of, superior strength. Other classifications include position, resource, and charismatic power each overlapping with Thompson’s categories and each one somehow connected with communication processes.Yet the media have never been either separate from or independent of the forces which create them and which in turn they shape and influence. They work as Thompson points out, within institutional frame works. As such, they operate as cultural apparatus, part of the machinery of state or of most powerful interest groups within the state. Historically media have more often served as the voice of the powerful than of the people. They have been classified by Althusser as one of the prime Ideological State Apparatuses, along with religion, family structures ad education: that is, they are crucially important channels for the transmission of ‘rules of conduct’ in society; the guardians of a culture’s dominant norms and values. They play a part in all power forms, including – in a contributory sense – coercive power.The Chinese revoltThe memorable television images that emanated from Beijing on June 4, 1989 indicated to viewers that the China’s revolutionary activity had been effectively extinguished. The military show of force at Tiananmen Square preserved the political authority of Deng Ziaoping and the Chinese Communist Party for the short term. Following the historic Third Plenum of the Eleventh Central Committee meeting of the CCP in December 1978- a satellite based national television system was made a top priority for achieving a wide range of   propagandist objectives.Television was peaking as a communications medium in China during the troubled 1980s and had itself become a significant symbol of the national modernization. By the middle of the decade nearly every urban household had bought a television receiver. But when push came to shove, televised reports of the military invasion of the student-worker encampment at Tiananmen Square were not transmitted in China. While the rest of the world tuned in to pictures of courageous students, intellectuals, and workers standing up to brute force of tanks and the political power of ageing bureaucrats, Chinese television viewers saw very different visuals and accounts of the tragic events in the capital city, and even those images came very late. Television had been forcibly restored to its original place as a blatant propaganda device.By managing televisi on coverage of the brutal crackdown and subsequently constructing a massive propaganda onslaught, Chinese government officials hoped to re-establish social stability, reassert the place of the CCP as the nation’s legitimate political authority, and minimize ideological damage brought by the economic, political, cultural and social stresses that China experienced in the late 1980s.Why television news is so fearful? – the other side of television newsThe research of the Glasgow University Media Group has been very controversial since the publication of Bad News in 1976, as well as the subject of a great deal of criticism, not least from the journalists and broadcasters. Bad News was concerned with the television coverage of industrial relations in 1975. the GUMG’s analysis of the television news led it to conclude that viewers had been given misleading portrayal of   industrial disputes, a portrayal that distorted the real situation.The group’s work conti nued with More Bad News in   1980, which examined the language used to describe the two sides in industrial disputes. The descriptions attached to management were such that they persuaded the audience of the rightness of the management position against demands made by the unions. Trowler (1996) has produced an excellent summary of the major findings of their studies.The vocabulary of broadcast news is biased against specific groups and this bias structures the listener’s perspective. Stories are selectively reported. The effects of strikes are reported more often than the causes of strikes. The ‘visuals’ used are again selective and help to structure the message being put across. The tactics of the protestors are reported more often than their viewpoints, especially when the tactics are deemed ‘antisocial’.There is a hierarchy of access to the media, so the voices we mainly get to hear are those of ‘experts’, specialist and the establi shment. News is reported from a particular ideological position. The media set the agenda for debate – they tell us what to think about. They also act as gatekeepers, thus excluding some stories and including others. This rationale of these findings can be applied not only in fighting the ‘bad news’ by television but also in fighting an anti-people regime and sometimes in propaganda. This has been the mainstay in most of the democratic nations around the world. Even the Gulf War telecast by the CNN fits to this agenda. (Jones M. and Jones E. 1997)ConclusionTelevision of course is itself an authoritarian institution of sorts, one that articulates confidently and widely. Critics in all societies around the world, complain that the medium has the power to serve the interest of its owners by creating a narrow agenda and monopolizing public opinion, that it debases culture, and that it nearly mesmerizes viewers psychologically. Thus it has invited suppression around t he nations.Reference:Curran J. and Seaton J. (2003) Power without responsibility: The press, broadcasting and new media in Britain, London: Routledge. Boyd-Baret et.al. (ed). (1997) Media in global context: A reader, New York: Arnold. Philip.M.Taylor M.P. (1986) Munitions of the mind: A history of propaganda from the ancient world to the present day, New York : Arnold Thompson J.B. (2002) The media and modernity: A social theory of media, London : Sage Jones M. and Jones E. (1997) Mass Media, London : Macmillan. Bagdikian A. (1987). The Media Monopoly, Massachusetts: Beacon Press.

Closed and Open Macro-Economy Systems

Closed And Open macro-economy Systems Todd Gray ECON224-1204A-04 Macroeconomics American Intercontinental University- Online In today’s business world it is important to understand the difference between an open and closed Macroeconomic system. Each time you go out to purchase a good or service you need to be aware of how your hard earned money is being distributed across the economic system. There are two types of systems that I will discuss an open system and a closed system. Closed System:In a closed system the money is caught up in a circular flow and is considered to be a closed system. When looking at the closed system you will notice right off that only the domestic exchanges are counted and the foreign agents are not counted within the closed system. In a closed system there should not be any leaks due to the fact that there are no foreign agents, government, or a system of savings or investments. Furthermore in a closed system there are no taxes, savings, or import ex penditures that are not returned to the economy.When look at examples of a closed economy you don’t have to look very far to find a good example is the Amish they produce all of what they need and only do business within their community there is no form of savings or taxes within the economic system. The goods and services are made of home grown materials and there is no imported materials used within the closed system. This is a very small system but a good example of the closed system at work. The inner flow in a closed system functions in the following way.Goods and services are delivered from the factories to the consumer and the land labor and capital is provided by the consumers to the factories. The outer flow in a closed system functions in the following way. Consumers provide the money to the factories and the factories provide the wages and rentals to the consumer. Open system: In an open economic system the good and services are counted that are exchanged both dome stically and between nations. One major difference is the introduction of leaks which can inject money into the open system.The money comes from the government, households and firms from the foreign countries that are traded with. Another type of Leak is the goods and services that the government purchases like building materials and office goods for example. The final type of leak is the money that households save it can be in the form of checking accounts or saved within the stock market and reinvested to increase the value of the money. In an open system there are a few ways that an injection of cash can happen and they are as follows.When foreign firms send wages to the United States firms and send rent payments for foreign workers staying in the United States this creates an injection within the system. The next type of injection occurs when foreign households purchase goods and services from the United States that have been produced by the American companies. In an open system the outer flow is as follows: The factories pay the employees the wages that they use to pay the rentals then the people that buy the products produced by the factories the factories then use those funds to stay in production.The inner flow of the open system works as follows: The people buy the goods and services and the factories use the money to purchase land to build more factories in order to provide for the people who are purchasing the products produced. In this same inner circle the government collects taxes from the people and the factories which is then injected back into the economy. Public services are provided to the people and the factories in exchange for the cash.A personal example of a leakage would be for myself to take the wages paid to me by my place of employment and places those wages into a savings account and not use them to purchase goods and services. A personal example of an injection would be providing a rental apartment to a foreign worker who is receiv ing the rent money from the foreign country. When I use this money to buy goods and services provided in the United States it injects that money back into the economy.References http://www. wisegeek. com/what-is-a-closed-economy. htm

Business Aspects in Banking and Insuarance

Present Scenario of insurance in business The liberalization, privatization and globalization policies of the nation along with the revolution in the field of Information Technology and communication have been advantageous for the insurance sector in India. ? Entry of private players and foreign collaborations: It was on the recommendation of the Malhotra Committee that private players were allowed to enter into the insurance market. Today there are almost 22 players who have entered the Indian insurance market besides the giant Life Insurance Corporation of India (LIC).Another major development that has taken in the field of general insurance is the de-linking of the 4 subsidiaries of the General Insurance Corporation of India (viz. Oriental Insurance Company Ltd. , New India Assurance Company Ltd. , National Insurance Company Ltd. and United India Insurance Company Ltd) from the parent company. ? Marketing strategies and approaches: The entry of private players and their foreign pa rtners has given domestic players a tough time, because the opening up of the sector has not brought in only foreign players, but also professional techniques and technologies.The present scene in India is such that everyone is trying to put in the best efforts. One can see strategies being more for survival than growth. But the most important gift of privatization is the introduction of customer-oriented services. Utmost care is being taken to maximize customer satisfaction. Insurance Sector Today: Opportunities and Challenges Opportunities As compared to the Western countries, where they have already reached a stage of saturation, India can exploit some golden opportunities in the following fields. 1. Mass MarketingIndia is a highly populated country and would continue to be so in the near future. New players may tend to favour the â€Å"creamy† layer of the urban population. But, in doing so, they may well miss a large chunk of the insurable population. A strong case in po int is the current business composition of the dominant market leader – the Life Insurance Corporation of India. The lion's share of its new business comes from the rural and semi-rural markets. In a country of 1 billion people, mass marketing is always a profitable and cost-effective option for gaining market share.The rural sector is a perfect case for mass marketing. Competition in rural areas tends to be â€Å"kinder and gentler† than that in urban areas, which can easily be termed cutthroat. Identifying the right agents to harness the full potential of the vibrant and dynamic rural markets will be imperative. Rural insurance should be looked upon as an opportunity and not an obligation. A smaller bundle of innovative products in sync with rural needs and perceptions, and an efficient delivery system are the two aspects that have to be developed in order to penetrate the rural markets. 2. Job OpportunitiesJob opportunities are likely to increase manifold. The liber alization of the insurance sector promises several new job opportunities for those who are equipped with degrees in finance. Finance professionals who had witnessed a slump in the job market would be much relieved. There will be demand for marketing specialists, finance experts and human resource professionals. Apart from this, there will be high demand for professionals in streams like underwriting and claims management, and actuarial sciences. 3. Inflow of Funds There could be a huge inflow of funds into the country.Given the industry's huge requirement of start-up capital, the initial years after opening up are bound to see a strong inflow of foreign capital. A rise in the equity share of foreign partners to 49 percent will act as a boost to them. 4. Reinsurance Huge capacity is likely to be created in the area of reinsurance. Apart from pure reinsurance activities, which involves providing insurance protection, there will be a revolution in service-related fields like training, seminars, workshops, know-how transfer regarding risk assessment and rating, risk inspections, risk management and devising new policy overs, etc. 5. Marketing Strategies Also, with more players in the market, there will be significant increase in advertising, brand building, and this will benefit whole lot of ancillary industries. A substantial shift is likely to take place in the distribution of insurance in India. Many of these changes will echo international trends. Worldwide, insurance products move along a continuum from pure service products to pure commodity products. Initially, insurance is seen as a complex product with a high advice and service component.Buyers prefer a face-to-face interaction and place a high premium on brand names and reliability. As products become simpler and awareness increases, they become off-the-shelf, commodity products. Sellers move to remote channels such as the telephone or direct mail. Various intermediaries, not necessarily insurance compan ies, sell insurance. In some countries like Netherlands and Japan, insurance is marketed using the Post Office's distribution channels. At this point, buyers look for low price.Brand loyalty could shift from the insurer to the seller. 6. Bancassurance In other markets, notably Europe, this has resulted in bank assurance: banks entering the insurance business. The Netherlands led with financial services firms providing an entire range of products including bank accounts, motor, home and life insurance, and pensions. Other European markets have followed suit. In France, over half of all life insurance sales are made through banks. In the UK, almost 95% of banks and building societies are distributing insurance products today.In India too, banks hope to maximize expensive existing networks by selling a range of products. Many bankers have shown an inclination to enter the insurance market by leveraging their strengths in the areas of brand image, distribution network, face to face cont act with the clients and telemarketing coupled with advanced information technology systems. Insurers in India should also explore distribution through non-financial organizations. For example, insurance for consumer items such as refrigerators can be offered at the point of sale. 7. Information TechnologyWorldwide interest in E-commerce and India's predominant position in Information Technology and software development are also likely to be major factors in the marketing of insurance products in the immediate future. The number of Internet account is increasing and the trend has already been set by some of the leading insurers and insurance brokers worldwide. Challenges If one has opportunities, one has to face challenges; it is like two sides of the same coin. No doubt India has a lot of opportunities coming her way, but there are a few challenges and threats as well.The four main challenges facing the industry are product innovation, distribution, customer service, and investment s. Unit-linked personal insurance products might find greater acceptability with rising customer awareness about customized, personalized and flexible products. Flexible products and new technology will play a crucial role in reducing the cost and, therefore, the price of insurance products. Finding niche markets, having the right product mix through add-on benefits and riders, effective branding of products and services and product differentiation will be some of the challenges faced by new companies. . Technology In today's highly competitive financial services environment, effective organizations will employ technology in a strategic way so to achieve a competitive edge. Technology will play an increasing role in aiding design and administering of products, as well in efforts to build life-long customer relationships. At the same time, investment in technology will only help as long as firms find the right people: people with the right attitude, values, and ethics, commitment to excellence, and focus on customer service.The critical success factor is a top-down emphasis on exceeding customer expectations with quality people, excellent products, and legendary service. As has been seen in other financial services, the entry of private players ensures that the customer will be the beneficiary in the long run. It will also result in enlarging the market and extending the reach of insurance across the country. 2. Competition Thus, apart from the normal issues facing any new company, many new Indian private insurance players will need to cope with the challenges of working with a joint venture partner.They will be competing with large and well-entrenched government-owned players. They have to overcome regulatory hurdles, change the attitude of new recruits and satisfy some very high customer expectations. Also, the players will have to consider the Indian market as a long-term investment, and maintain clear-cut objectives and constant monitoring at all levels. Co nclusion ? Nationalized players will continue to hold strong market share positions: Over the past three years, around 40 companies have expressed interest in entering the sector and many foreign and Indian companies have arranged anticipatory alliances.The threat of new players taking over the market has been overplayed. As is witnessed in other countries where liberalization took place in recent years, we can safely conclude that nationalized players will continue to hold strong market share positions, but there will be enough business for entry to be profitable. ? Recognizing the potential market Opening up the sector will certainly mean new products, better packaging and improved customer service. Both new and existing players will have to explore new distribution and marketing channels.Potential buyers for most of this insurance lie in the middle class. New insurers must segment the market carefully to arrive at appropriate products and pricing. Recognizing the potential, in th e past three years, the nationalized insurers have already begun to target niches like pensions, women or children. ? Facing competition and challenges Competition will surely cause the market to grow beyond current rates, create a bigger â€Å"pie,† and offer additional consumer choices through the introduction of new products, services, and price options.Yet, at the same time, public and private sector companies will be working together to ensure healthy growth and development of the sector. Challenges such as developing a common industry code of conduct, contributing to a common catastrophe reserve fund, and chalking out agreements between insurers to settle claims to the benefit of the consumer will require concerted effort from both sectors. Objectives of Insurance: 1. Risk Sharing: insurance is mechanism adopted to share the losses that might occur to an individual or his family on the happening of a specified event.The event may be death of earning member of the family in case of life insurance, marine perils in marine insurance and other certain events in miscellaneous insurance. The loss arised from thee events if insured are shared by all the insured in the form of premium. Thus, risk is transferred from one individual to a group. 2. Co-operative Device: Insurance is a cooperative device under which a group of persons who agree to share the financial loss may be brought together voluntarily or through publicity or through solicitation of the agents.An insurer would be unable to compensate all the losses from his own capital. Therefore, by insuring a large number of persons, he is able to pay the amount of loss. Like all other cooperative devices there is no compulsion on anybody to purchase the insurance policy. 3. Saving: Insurance is a saving device, particularly the life insurance. The claim is certain in case of life insurance, while it is not certain in general insurance. Therefore, life insurance is considered as saving because; the insu red party gets the sum assured plus bonus at time of maturity.Therefore, life insurance is considered as a savings device. 4. Economic Security: Insurance provides economic security for such losses arising out of happening of insured event such as personal accident. Insurance is a protection against uncertainties of life. It provides monetary compensation for losses suffered due to happening of uncertain events, insured under the policy of insurance. Insurance is a shelter against financial losses arising out of occurrence of an anticipated accident. Thus, it provides economic security to the family of insured person or his property. 5.Economic Development: One of the most important factors contributing to the process of economic development is the capital formation. The relation ship between capital formation and insurance services in both the developed and developing economies of the world has been quite prominent and noteworthy. The savings from the household sector constitute th e major proportions of the total savings in the country. The household savings constitute physical and financial. The insurance is a financial savings. As the economy progresses and attains maturity, progressively larger proportion of savings is invested in the financial assets like insurance. . Capital formation: Capital formation is the increase in capital stock of a country consisting of plant, machinery, equipments, tools, factory buildings, raw materials etc. Capital has always been regarded as a means of increasing production, in the economy and thereby contributing to the future stream of income to the economy as a whole.The process of capital formation envisages real savings, channelising savings and the act of investment. Insurance service acts as a tool to mobilize savings and indulge in direct investment. Principles of Insurance ) Utmost Good Faith: It means a positive duty to disclose accurately and fully all the facts material to the risk being proposed, whether request ed or not. Every circumstance is material whish would influence the judgement of a prudent insurer in fixing the premium or determining to accept the risk. The breach of utmost good faith arises due to misrepresentation or non-disclosure. Insurance is a contract, and each party can examine the item or service, which is the subject matter of the contract. Therefore, the proposer (the one taking the policy) should disclose accurate information as asked by the insurance company, e. . facts relating to age, health, habits, and personal history. If any information is considered to be fraudulent, then the contract is null and void. Under Sec 45 of the Insurance Act, 1938, the insurance company can cancel a policy up until 2 years, but not after after the policy is signed on the grounds of inaccurate or false statement. 2) Insurable Interest: Insurable interest is the legal right of the insurer, arising out of a financial relationship recognized under law between the insured and the subjec t matter of insurance.The interest in the subject matter of a contract of insurance provides the insured person with the right to enforce the contract. All risks are not insurable. In order to be insurable, the risk must be capable of financial measurement. Insurable interest is said to exist when the person insuring stands to lose, if the event insured against occurs. E. g. a person has insurable interest in his own life. Husband and wife have an insurable interest in each other. The main objective of insurable interest is to prevent people from wagering or gambling on the lives of the others. An insurance company cannot issue a policy without insurable interest.In case of non-life insurance, the existence of insurable interest is:- a) Ownership of a property or asset like a car, flat, etc. clearly establishes insurable interest in the property. b) An employer has an insurable interest in the employees working with him in good health. c) A bank has an insurable interest in the loya lty and integrity of its cashiers and managers. d) A businessman has an insurable interest in the stock of goods, vehicles, furniture and machinery. e) A vehicle owner has an insurable interest even in an unknown third party, who may be potentially injured in any accident involved with the vehicle. ) Indemnity: The basic purpose of insurance is to compensate loss and not to allow profit from insurance contract. The insurance company pays compensation to the insured party only in case of loss due to some perils. If there is no such loss, no compensation is to be paid. According to the principle of indemnity, the actual loss incurred by the insured party is to be compensated by the insurance company, as per the terms and conditions laid down in the policy. For this purpose, the insured has to make a claim to the insurance company within a specified period after the occurrence of certain event.The insured party should not make a profit from any insurance contract. The object of insuran ce is to restore the financial position of the insured. 4) Subrogation: Subrogation means the automatic transfer of rights and remedies of the insured to the insurer upon the insured having received the benefits of insurance. For example, a company has insured a car. If the car meets with an accident which damages the car beyond repair, and the company pays full value of insurance to the person for the car, the company has full right to take away the damaged car. The person has no rights left on the car.The principle of subrogation arises from the basic principle of indemnity. When the insurer indemnifies the insured to the extent to his loss and not more than that, the salvaged property goes towards reducing the loss of the insurer. 5) Contribution: The principle of contribution applies when the insured has taken more than one insurance policy for the same risk from more than one insurance company. In case of loss or damage is incurred and if the insured gets benefits from all the insurance companies, the insured will get more profit than his actual loss.The principle on indemnity will not be followed in such a case and it will be against the law of insurance. Therefore, insurance contracts include the principle of contribution expressly. The principle of contribution works in a manner where each insurer pays only that proportion of the risk, as is represented by proportion off the sum assured to the overall sums assured by the different insurers. Whenever, the principle of contribution applies, the insurers make the insured responsible to file the claims in the correct proportion with the insurers. E. g. , A person takes a policy for Rs. 0000, Rs. 100000, and Rs. 150000 for the same thing. He will claim the insurance in the ration of 1/6, 1/3, and ? respectively. 6)Nature of contract-It is the fundamental principle of insurance required for a valid contract. A contract of insurance comes into existence when therte is an offer or proposal ; acceptance of the same by other. It has to satisfy all essential elements of a simple contract. To insurance contract to be valid one must be competent enough ; with sound mind. Premium is yhe consideration that must be given for the commencement of insurance contract.The object of the contrct should be lawful. 7) Risk must attach-It is essential for a valid contract of insurance. A contract of insurance can be enforced only if the risk is being attached. Premium is the consideration of the risk by the insurance companies. If there is no risk in the subject matter there should be no premium. 8)Mitigation of loss-It is applied in valid insurance contract. In the event of some mishap to the insured property ,the insured must make necessary effort to safeguard his remaining property ; minimize the loss as much as possible. ) Terms of policy- An insurance policy is for a specific period or time often the nature of risk against which insurance is sought determines the period or the life of the policy. a c ontract of fire insurance is normally for a period of one year. The primary functions of insurance include the following: Provide Protection – The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.Collective bearing of risk – Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Assessment of risk – Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also Provide Certainty – Insurance is a devic e, which helps to change from uncertainty to certainty.Insurance is device whereby the uncertain risks may be made more certain. The secondary functions of insurance include the following: Prevention of Losses – Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured.Small capital to cover larger risks – Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of larger industries – Insurance provides development opportunity to those larger industries having more risks in their settin g up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. The other functions of insurance include the following:Means of savings and investment – Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange – Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. Risk Free trade – Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.IRDA The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. IRDA is the admi nistrative agency of Government of India for insurance sector supervision and development. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is â€Å"to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority. The Authority is a ten member team consisting of (a)  Ã‚  Ã‚   a Chairman; (b)  Ã‚  Ã‚   five whole-time members; (c)  Ã‚  Ã‚   four part-time members, They are all appointed by the government of India. [pic]The law of India has following expectations from IRDA:- 1) To protect the interest of and secure fair treatment to policyholders. ) To bring about sp eedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy. 3) To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates. 4) To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard. ) To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery. 6) To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players. 7) To take action where such standards are inadequate or ineffectively enforced. 8 ) To bring about optimum amount of self-regulation in day to day working of the industry consistent with the requirements of prudential regulation.Slow Growth Of Insurance Business In India 1) Volatile market The people in India who invest their money in the volatile market of India see the upper layer of the insurance industry and say that one can think positive about this sector, but the index chart showing the recent growth figures are having different story to tell. 2) Security downfall in insurance sector Many in India consider the insurance sector as the secured one but the recent downfall in the premium income of private and public life insurance and eneral insurance companies clears this myth. The figures that came out in the light, regarding the premium income of insurance industry clearly show that Insurance in India is not recession proof. Downfall started from the life insurance sector of India where the major and most trusted companies have not recorded much impressive premium income. 3) Mixed results of growth and downfall of insurance business The insurance industry of India is not only witnessing this decline in life insurance sector but is also looking south with its general insurance biz.The recent data shows the slow negative growth of the general insurance industry in India with both public and private companies giving out mixed results. In the first quarter of the current fiscal where the public sector general insurance companies like United India, New India Assurance and Oriental Insurance have recorded the growth of 14%, 7% and 10% respectively, while PSU National Insurance has resulted in the negative growth of 2%. 4) Low penetration of general insuranceThe penetration of general insurance in India remains low on account of low consumer preference, largely untapped rural markets and constrained distribution channels, one of the biggest constraints facing the general insurance business is the lack of reach beyond the cities. With the pri vatization of the Indian insurance sector in 2000, competing among the insurance players has increased manifold ; each insurance player is coming up with innovative channels ; insurance products to meet the needs of different people. Thus, it is clear that the face of life insurance is changing.But with the changes come a host of challenges ; it is only the credible player with a long term vision ; a robust business strategy that will survive. According to the latest figures released by the Insurance Regulatory and Development Authority (IRDA), of the total 22 life insurance companies, only nine companies managed to mop up new business premium, most of them being smaller companies. Among major players, only Reliance Life and SBI Life managed to get more business and witnessed a growth of 6. 88 and 0. 89 per cent respectively.At present there are 22 life insurance companies in India, including the State-run Life Insurance Corporation Swiss Re, the largest reinsurance company, has sai d that insurance in the emerging markets is expected to grow at a slower pace in 2008 and 2009, but its longer term growth prospects remain positive. In India growth of new business in life insurance fell from 145. 7% in 2006 to 9. 6% in 2007. Annual growth is likely to drop from the 2002 to 2007 levels of 11. 4% in life and 10. 6% in non-life to 7-10% in life and 3-8% in non-life between 2008 and 2013, said the company its latest Sigma report.Growth in the life market slowed from 18% to 14% in 2007. Speaking of private general insurance companies, some big players like Reliance General Insurance and Tata AIG General Insurance have witnessed the negative growth. The other players in the same category like Bajaj Allianz General and ICICI Lombard Insurance have reported the southward growth of 13 and 21 percent respectively in the June quarter. Lack of good insurance advisors. Reasons for Slow Growth 1. Slackness in the economy and the markets has put the brakes on the high speed grow th of private life insurance companies. 2.Life insurance companies have slowed down recruitment due to tardy growth in the new business and focus on cost-cutting 3. Ineffective distribution networks 4. Delay in settlement of claims – lengthy procedures 5. Fraud cases : Fraudulent and dishonest claims are a major problem for the insurance industry. An example of life insurance fraud is the John Darwin disappearance case, an ongoing investigation into the faked death of British former teacher and prison officer John Darwin, who turned up alive in December 2007, five years after he was thought to have died in a canoeing accident.Darwin was reported as â€Å"missing† after failing to report to work following a canoeing trip on March 21, 2002. He reappeared on December 1, 2007, claiming to have no memory of the past five years. Reasons for Slow Growth (contd) 1) Poor marketing strategies: India is a developing nation and is new to all these marketing strategies if compared at international standards. Keeping in mind the poor literacy rate of the country, there should be such strategies prepared which not only target the urban areas but also tap and concentrate on the rural areas for basic and vital insurance policies. ) Low consumer awareness: Due to lack of awareness, yet, nearly 80% of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This, itself is an indicator that growth potential for insurance sector is immense, however, it is slow, one reason being lack of awareness.In order to spread awareness, the insurance companies should have differences in approach for rural and urban areas as per the lifestyle, literacy of people. For eg : crops insurance, house insurance for people in rural areas and farmers with low sources of in come should be made aware of in a less complex manner. 3) Lack of competition: public and private insurance companies more or less offer policies with similar terms and conditions. Hence, differentiation lacks which leads to less competition in the insurance sector. ) Government monopoly: there are private and public insurance companies in the insurance sector. However, the government provides financial aid and encouragement only to its own public institutions. Evidently, the government will only support and favor its own agencies. There is concentration of power and due to this there can’t be an overall and fair development in the insurance sector.5) Inefficiency in management: there is a lot of scope and potential for growth in the insurance sector if men, material and money are managed in the best manner. All sections of society should be tackled in an organized anner with suitable strategies so that the objectives of insurance are materialized. 6) Liquidity crunch: due to reasons such as recession, liquidity has dried-up in the economy and hence people are hesitant concerning long-term investments such as insurance. Only when the liquidity situation eases, will the people become comfortable with locking in money for insurance as it is a long-term commitment and requires payment at regular intervals on a quarterly or yearly basis. 7) Financial malpractices: due to inefficiency and lack of verification there are financial malpractices.For eg: car insurance, the insurer may claim more than the actual damage of his car and give other causes for the accident when it is probably his fault. Such practices are illegal. FUTURE PROSPECTS OF INSURANCE IN INDIA With a huge population base and large untapped market, insurance Industry is a big opportunity area in India for national as well as Foreign investors. India is the fifth largest life insurance market in the emerging insurance economies globally and is growing at 32-34% Annually. Life insurance market ha s propelled the Indian lifeInsurance agents into the ‘top 10 country list' in terms of Membership to the Million Dollar Round Table (MDRT) — an Exclusive club for the highest performing life insurance Agents. Total life insurance premium in India is projected to grow Rs 1,230,000 Crores by 2010-11. — Total non-life insurance premium is expected to increase at a CAGR of 25% for the period spanning from 2008-09 to 2010-11. A major study on the Indian insurance sector by consultancy firm McKinsey & Co says less than a third of the life insurance agents meet minimum raining and sales standards set by their companies. It said the life insurance market could easily double to $100 billion in five years Entitled India Insurance 2012: Fortune Favours the Bold, it estimates that higher per capita income will be the key driver of higher demand for insurance products. By 2012, Indian household will be paying premium of up to Rs 4,100 from the current Rs 1,300 India’s ratio of life insurance premium to its GDP is around 4% against 6-9% in the developed world. But, the report claims it could rise to 6. % by 2012, in tandem with the country's demographic profile By 2012, almost 40% of the urban population is likely to have some form of life insurance cover, while in rural areas too it could touch 35%. Current levels are 30% and 25%, respectively FUTURE PROSPECTS OF INSURANCE IN INDIA (CONTD.. ) Insurance 10 years back in India basically was popular only for Life and to some extent for cover against Fire with only players like LIC,GIC etc. and this was one of the contributing factors for the growth of insurance being slow in India.This scenario changed with the entry of private players in the market. With competition came more innovation which ultimately is benefiting this industry in general. Latest 2 examples of innovations are agricultural/crop insurance and wedding Insurance. Bajaj Allianz Insurance has plans for protection against any losses in wedding preparations. The prospect that Insurance industry in India has a bright future can also be believed as not only big corporate houses like Reliance, Tatas and Birlas have stepped in this sector but also big banks like ICICI, SBI, HDFC are a part of it.This is a very positive indication for this sector with also more foreign players trying to come to India. India has an ever increasing population which just increases more and more market for the insurance industry. With more terror attacks and man made calamities and increasing natural calamities like rain deluge, draught, earthquakes etc. there is an increasing feeling of insecurity which is exactly what this industry thrives on. Hence, Insurance has very bright prospects in India. [pic]

Bejjing(China) Need Blue Skies Essay Example | Topics and Well Written Essays - 250 words

Bejjing(China) Need Blue Skies - Essay Example This will includes the stringent measure of facing out backward production facilities which are the leading cause of the air pollution. Other than that, the government will start punishing the offenders without showing any form of mercy when using the law. This will prevent more people from causing the pollution or refusing to follow the law in as far as pollution measures are concerned. Since China has been pursuing economic growth more and at the expense of the environment leading to the increase in the levels of air pollution, the new government now vows to tackle the environmental issues first before economic growth can be pursued as the health of the Chinese people comes first. Lastly is that the government plans to work hand-in-hand with the citizens to clean the air as the success of the exercise needs the input of the public more (Kang Lim and Sui-Lee 1). Fisher, Max. â€Å"The most shocking photo of Beijing air pollution I’ve ever seen.† The Washington Post, February 28, 2013. Retrieved from: http://www.washingtonpost.com/blogs/worldviews/wp/2013/02/28/the-most-shocking- photo-of-beijing-air-pollution-ive-ever-seen/ Kang Lim, Benjamin and Sui-Lee Wee. â€Å"Chinese Premier Li Keqiang pledged on Sunday that his government would "show even greater resolve" in tackling Chinas festering pollution crisis, a source of increasing public fury.† Reuters, March 17, 2013. Retrieved from:

Gambling in Japan Essay Example | Topics and Well Written Essays - 1250 words

Gambling in Japan - Essay Example With around more than 4000 casinos worldwide, they currently are illegal in Japan; however, the prospect of having casinos established in Japan is not as alien as some people might think it is. Casinos are just a place located in hotels, restaurants, tourist spots and even cruises that accommodate all the gambling activities under one roof. Casinos are not virtual in Japan but this is the country that originated some of the famous game such as keno; online gaming facilitates this game service. Q1) The governor of the ultra right-wing Shintaro Ishihara of the Japanese government has been trying to make casinos legal in Japan (Yang, 2006). If he becomes successful, Japanese can themselves invest in such casinos and form wholly-owned casinos of their own. However, keeping the current dilemma of the Japanese government of legalizing casinos in mind, it is easy to conclude that no Japanese will be ready to invest all his capital in such a risky business. Considering the fact that Japan is a big market for casinos, especially in Tokyo and Osaka, the US based gaming company called ‘The Gamblers’ has decided to accept the jeopardy and plough a large sum of money into casinos in Japan. The company initially had franchising in mind; but after assessing that no Japanese was ready to become the franchisee due to the risk involved, The Gamblers had to drop the plan. It was then finally decided to form a subsidiary in Japan. Since, The Gamblers will form a subsidiary from t he scratch; this investment is technically called a Greenfield venture. The advantage of this type of an investment is that The Gamblers can have whatever culture it wishes; it will keep the same structure as that of US’s and when everything is run the way we wish, high profitability is likely to occur. However, there are disadvantages attached to this too - The Gamblers will have to study the Japanese market in great depth, will need to acquire information about the market, laborers, materials, people and culture; mistakes are inevitable. The best part remains; the US Gambler will have total control over the activities. However, it was decided by the US top level management of The Gamblers that later on if any Japanese would be interested in buying shares/investing and gaining some control over the casino, US management will be open to that. It is anticipated that Japanese will be interested in investing in the casino as it will be an innovative area with a big market to inv est in. Q2) For a fact, the market demand for casinos in Japan is extremely high. Not only people but some government officials such as Ishihara are working for the legalization of casinos. According to a news article in Singapore, the Japanese gaming adviser has held talks with global casino owners such as Las Vegas Sands and Harrah's Entertainment to become Japan's first ever casino. Japan chose Las Vegas Sands because it has made an investment in Singapore too; however, it is The Gambler's aim to make sure that they become the first ever legal global casino. The Japanese market is definitely lucrative because not only is the public in favor, but even the government is inclined towards lifting the ban. The government has a tourist perspective in mind - casinos usually attract the tourist influx, causing a rise in foreign exchange earnings. Apart from the tourists, there are about 128 million people who are ready to spend money on this form of entertainment. According to a survey to find out whether people support the ban lift of casinos in Tokyo, out of a sample of 13,236 people, 32.4% supported the legalization, 21.0% opposed it, 44.9% did not know and 1.8% did not answer (Ken Y-N, 2007). With the highest per capita income in Asia of $39,195 which

Business report about Mountain West Health Plans Inc Essay

Business report about Mountain West Health Plans Inc - Essay Example This had become a problem to the management because it was labor intensive and consumed two thirds of the annual budget. Therefore, the company’s management had been yearning for Evelyn Gustafson’s replacement so that they could curb the increasing labor costs. Evelyn Gustafson had a long history with the company because she had worked there for a long time. She started her career as a customer service staff until she was promoted to being the director of customer service. Her leadership style was centered on putting oneself in the position of the subordinates. She used this style due to her experience in working in that department, and she understood what the employees went through. In her leadership style, she focused on involving the employees in the tasks by making them understand the company products and policies. She also focused on the quality of service that the subordinates offered to customers. In addition, Evelyn emphasized on employee training on the product s, problem solving and customer service techniques, which helped to ensure customer satisfaction. Her relationship oriented leadership style also involved ensuring the comfort of employees when performing their tasks by allowing them flexible schedules and breaks. However, her leadership style was not was not appealing to the top management, and they endeavored to change it after her retirement by appointing Erick Rasmussen to the post of director of customer service. Erik Rasmussen is a fresh college graduate in business administration, and therefore, he has no experience in the post. He sought to embrace a leadership style that ensured that the top management objectives of lowering costs of operation were achieved. He used a no-nonsense bureaucratic approach in directing and controlling the employees. He introduced the use of performance measurement standards to measure efficiency and performance of employees. This method measures employee performance based on the number of calls or customers that they handle per hour. This approach emphasizes on working speeds of subordinates, and requires them to handle as many customers as possible during their working time. This method would help to reduce the number of employees being employed in the department. His method also introduced a regulation requiring employees to work in monitored schedules. He ensured that employees spent minimal time on each customer they attend to with an objective of reducing call hold time. This method was completely different from the previously used method, which the employees were used to. Through Rasmussen’s method, the company achieved its objective of efficiency and non-flexible scheduling and cutting back on costs associated with employees. A leader should focus on being in charge of command, organizing and directing, setting processes in motion, and being the reason for others to act or change (Scouler and Chapman, 2012). Leadership styles are classifications of the leader ’s behavior in performance of their duties, during our study of the Mountain West Health Plans Inc’s customer service department; we identified several leadership issues, which are highlighted below. Firstly, there is no connection between the leader and the employees (Hendricks, n.d). We found that the leader does not understand the needs

The United States Air Force Case Study Example | Topics and Well Written Essays - 2500 words

The United States Air Force - Case Study Example Enlisted members are the â€Å"backbone† of the Air Force. They perform the primary jobs that need to be done. Enlisted members are â€Å"specialists†, trained to perform specific specialties in the military. As enlisted personnel progress up the ranks, they assume more responsibility, and provide direct supervision to their subordinates. Commissioned officers primary function is to provide overall management and leadership in their area of responsibility. Commissioned officers do not specialize as much (with certain exceptions such as pilots, doctors, nurses, and lawyers). Commission officers are commissioned through specific commissioning programs, such as one of the military academies. There are ten commissioned officer grades and commissioned officers outrank all enlisted personnel. In the process of making decisions, there are at least two acceptable processes; (1) rational, and (2) political. By definition and by practice the made a concerted effort to base its de cision-making on the rational process, which rests heavily on a analytic process. An analytic process can be defined as one which there are agreed upon methods for generating alternative solutions to problems, and for assigning values to the 2 benefits and costs expected from each of the alternatives. The USAF has computational methods readily available for calculating benefits and costs ratios once these values are assigned. assigned. The critical point here being, given the structure, size, importance and power influence, there is a strategic need to continually be in sync with the DOD, the President, Congress, and fellow military personnel. The essence of the rational process is the belief that, "all good persons, given the same information, will come to the same conclusion". USAF History According to the National Security Act of 1947 which created the Air Force, "In general the United States Air Force shall include aviation forces both combat and service not otherwise assigned. It shall be organized, trained, and equipped primarily for prompt and sustained offensive and defensive operations. The Air Force shall be responsible for the preparation of the air forces necessary for the effective prosecution of war except as otherwise assigned and, in accordance with integrated joint mobilization plans, for the expansion of the peace time components of the Air Force to meet the needs of war"( Act of 1947) The Air Force came into being after more than 30 years of debate on how best to incorporate an airpower presence into the nations demanding national defense program. The Air force approached the defense scene with the awesome ability to make a formidable presence known, seen,and felt across the globe, and provided the US with an immediate presence in the geopolitical arena. Melinger makes a salient point on the impact of the Air Force into the theatre of war, he says, "the USAF history is more than

Open Market Operations- How and Why They Are Conducted Term Paper

Open Market Operations- How and Why They Are Conducted - Term Paper Example During inflationary periods, there is a lot of money supply in the economy and the government needs to take drastic measures to control the money supply before the rate of inflation worsens. The securities are offered at a higher interest rate than those of private institutions which attract most investors to acquire them and relevant deductions are then made from their bank’s reserves/ accounts. This reduces the money supply in the economy as the amount of money available for consumption to the members will reduce and so will the amount of money available in commercial banks reserves for lending which means that even the lending rate will increase. When the money supply in an economy is limited, the government may decide to increase the supply by buying back part or most of its securities from the public. The government buys them back at the rates agreed during time of sale to the investor. This means that some money will be deposited in the respective investors’ accou nts which will increase their disposable incomes and subsequently their spending. This will also increase the cash reserves of commercial banks hence they can lend money to the general public at lower rates. Open Market Operations – how and why they are conducted Marketing is something which must be performed in the right way possible in order to promote increased sale of a product. This should incorporate all components of a marketing plan and functions in addition. The marketing plan in that manner becomes the central application, which has the competency to improve the sales of a product in the global perspective. The marketing of a product largely relies on the marketing plan established in any given organization. Open markets operations are the principle tool of U.S monetary policy in which central banks buy and sell bonds and securities. The principle has been in use for several years and it functions to maintain reserve balances. It is worth noting that the United Stat es employs open market operations through the Federal Reserve Bank. There are several activities, which are conducted by the Federal Reserve Bank in order to make such operations worth running. However, this is a paper that critically explores open markets operations in terms of how and why they are conducted. It is worth noting that a critical review of the area under discussion is performed from a broad point of view. The Federal Reserve System was established in 1913 when the congress passed the Federal Reserve act. Although it is independent of the government, it is accountable to the congress because the congress can amend the Federal Reserve act when necessary. The Fed is called a "decentralized" central bank. By manipulating reserve balances the Federal Reserve can control the price of reserves in the market. The theory of open markets operations is quite simple; the fed buys securities when it wants to increase the flow of money and credit, and sells securities when it wants to reduce the flow of money and credit (Harvey 4). What they designate as their target interest rate speaks for what they are trying to fight. If they lower the interest rate they are fighting recession. If they raise the interest rate they are fighting inflation. The fed can choose from among many financial instruments to conduct open market operations: corporate bonds, corporate stocks, commercial paper, etc. it uses treasury

I - SEARCH PAPER Essay Example | Topics and Well Written Essays - 1250 words

I - SEARCH PAPER - Essay Example economy to an extent that can only be speculative. What is known is that the impact will be nothing short of catastrophic regarding both the earth and economy. In much of the previous century, oil was largely viewed worldwide as an economic asset and ever-expanding tool for increasing mobility needs and is today the primary cause of air pollution through the medium of oil-burning automobile engines. The dependence on oil now threatens many national economies, their security and the environment as well. Not only can the world not endure fossil fuels being pumped into the atmosphere at the current rate for the next 30 years, most experts agree that in 30 years, the world’s supply of oil will be largely depleted. Only by quickly implementing alternative sources of automobile fuel and electricity on a large scale can this looming disaster be averted. Hybrid cars seem to provide at least a temporary answer until better technologies are developed. Because they burn less oil, hybrid cars are considered a step in the right direction. This discussion will review many aspects of the hybrid car including an explanation of what a hybrid car is and how they save fuel thereby emitting fewer pollutants, their popularity and their risks. In An Inconvenient Truth, former Vice-President Al Gore demonstrates with clever use of computer graphics the extent to which the U.S. is, by far, the unenviable world leader in fossil fuel emissions. His plea to change energy use habits is good advice for everyone and every nation but is unambiguously directed at an American audience. â€Å"First, we need to make major changes in our preferences and habits concerning our personal cars, housing patterns, and consumption patterns. This is true especially in the U. S. because our nation consumes the lion’s share of the world’s fossil fuels to sustain our rich standard of living† (â€Å"An

Food Regulations in the Usa Essay Example for Free

Food Regulations in the Usa Essay Everyone has heard the stories about mad cow disease and other food-borne diseases coming into the United States from countries such as United Kingdom and China. Besides that locally, foodborne illnesses are among the top of deaths within the United States. Cause of these deaths, most could be prevented if better rules and regulations were in place federally and locally in the United States. In this paper I will be discussing insight on how the US Government can improve the effectiveness of state and local food safety programs. Food safety responsibilities at the state and local levels reside in too many agencies (health, agricultural, industry, etc. ) With all of these agencies it is hard for all of them to cooperate together when detecting and reporting said incidences to the federal level. Without an effort to build a comprehensive national regulation that cover the three basic elements of prevention, detection, and rapid response. When it comes to the area of surveillance, there is a lack in the communication chain between federal agencies, state, and local health agencies. A good example of this lack of surveillance was back in 2008, when Federal Drug Administration found traces of melamine in infant milk products. However, the FDA concluded melamine or cyanuric acid alone, at or below 1 part per million in infant formula do not raise public health concerns in babies. (2008 Chinese milk scandal) Melamine is a toxic chemical that can be harmful if swallowed, inhaled, or absorbed through the skin. According to FDA scientists, melamine can be absorbed into the blood stream forming clots that can cause kidneys to malfunction. United States FDA’s limit was put at 0. 63 mg, but was later reduced to 0. 63 mg daily. The World Health Organization’s food safety director estimated that the amount of melamine a person could stand per day without incurring a bigger health risk, the tolerable daily intake (TDI), was 0. 2 mg per kg of body mass (â€Å"Melamine†) To eliminate such risks from entering into the United States, FDA needs to improve on monitoring and/or inspection of the food safety practices of foreign food producers and suppliers. A solution to this surveillance problem would be improved communications and collaboration between federal agencies, state, and local health jurisdictions involved in food safety surveillance. As well as promote access to information from multiple passive foodborne outbreak surveillance databases by federal, state, and local health jurisdictions such as Pulse-Net. With better surveillances put into place, the next step would to concentrate on the inspection and regulation phases. There was an article written in 1956 (Eat, drink, amp; be wary, 1956) that explains how FDA does not regulate everything the same. The article goes on to explain about how Florida oranges and the additives that are used and how three of the dyes were deemed â€Å"highly toxic. It also states that if the FDA were to make new laws, which can take years for them to be passed. Another way is to mandate uniformity in product dating so consumers and regulators can differentiate between production dates, â€Å"sell by† dates, â€Å"use by† dates, and if dates are based on food safety concerns or product freshness considerations. Woteki amp; Kineman wrote an article entitled â€Å"Challenges and approaches to reducing foodborne illness† how the science of foodborne illnesses are accelerating faster than laws that can protects against said illnesses. While American consumers benefit from one of the world’s safest food supplies, the existing framework is a patchwork of laws and regulations that are frequently inconsistent and lag far behind current scientific knowledge of the risks posed by foodborne pathogens and toxic chemicals. (Woteki, Kineman, 2003) With proper regulations now in place, working on proper inspection procedures would be the next step to ensure safer food being imported and exported within the United States. Federal government needs to support continued development of a uniformed food safety inspection program for all state and local health jurisdictions and encourage its adoption through federal funding. The FDA has been working on this by developing Model Retail Food Standards. (NEHA, 2011) However, to improve the regulations that are needed the FDA have areas for improvement; such as encouraging (but not mandate) more uniformity in regulatory codes nationwide. Another solution in the inspection process would be to have a secure database where all the proper documents to be accessible by user-defined personnel. There was an incident where a local health department had to file a request for a copy of the most recent inspection of a food manufacturing plant from a certain federal agency. By the time that request was processed, six months had passed and the inspection was outdated and useless. (NEHA, 2011) Overall, the United States does ok in the prevention and detection of severe cases of foodborne illnesses. However, I believe that the FDA should do a better job in communicating with state and local government to better prevent and detect said type illnesses. Again some ways that could happen is to try to get a uniformed code of regulations across nationally. Now by doing this I am not saying we will prevent foodborne illnesses totally but we, as a nation, would be better off to indicate and be able to take the corrective actions needed.

Legal Arguments on Same Sex Marriage

Legal Arguments on Same Sex Marriage Yoel Reina Dicks in the Court The limitation of marriage to opposite-sex couples may long have seemed natural and just, but its inconsistency with the central meaning of the fundamental right to marry is now manifest, claimed Justice Anthony M. Kennedy, whom has tailored all court decisions which recognize gay rights. With that knowledge, must come the recognition that laws excluding same-sex couples from the marriage right impose stigma and injury of the kind prohibited by our basic charter. The news on June 26, 2015 captivated American citizens all around the country, news that may have seemed as too much to absorb. If an individual was near a live television set, or near the proximity of any telecommunication broadcast, the chants of victory over laws restricting same-sex couples to marry could be heard at an amplified rate. The issue of gay marriage is a strange one, one which is surrounded by much fervor, emotion and unknown consequences. One must ask, what consequences would that be?, Jim Obergefell fought and won the case of Obergefell v. Hodges, a case that Jim did not have to succumb to as his partner passed away in 2013, just two years prior to his victory. The person I love was physically falling apart, and I was happy and privileged to be able to be there to help him what else would I do? Jim Obergefell (Geidner). To answer the question, the consequence is love. The love to feel and be with someone else regardless of their creed and sexuality, the right all human beings should have. The loss Jim faced was tragic, but the tenacity wielded by this individual to take on thousands who opposed his right to marry is immeasurable. The case of Obergefell v Hodges, begins when two same-sex individuals bring their case into their respective district, another fourteen same sex couples follow suit. These cases reflect the denial of each individuals right to marry, or the right to have a marriage which was performed at a different state be recognized in their home state. These cases were heard in the states of Ohio, Michigan, Tennessee and Kentucky. The marriage is between a man and a woman, were the current outlook and law by the defined states. Strangely enough so early on, each state corresponding to its petitioner ruled in their favor. Unfortunately, the representatives of the current law (marriage between a man and a woman), petitioned the decision by the courts. In turn this caused the Court of Appeals for the Sixth Circuit to rule in favor of the respondents which in turn reversed the previous ruling by the state courts. The original petitioners decided to continue fighting by escalating the matter to the Sup reme Court. Alas once the petitioners received certiorari by the Supreme Court, each petitioner argued that the reversal by the respondents violate the Fourteenth Amendment by restricting the individuals right to marry or denying its recognition. This situation makes it nearly impossible for an individual to be recognized as a married coupled as the laws are not static nationwide and each state can permit or deny gay-marriage. The emotional approach taken by the petitioner is the claim that they viewed marriage by the institution at a high level and they sought that form of value, and it wasnt an approach to diminish marriage. However, the respondents approach to the situation was that the individuals were attempting not attempting to seek the recognition of marriage, but were in fact looking for a new and unestablished right to marry within the same sex. The respondents reminded the court that marriage is naturally between a man and a woman, the respondents included that the ability for a same- sex couple to marry would demean marriage by its core definition. The respondents also claimed that there is an insufficient amount of democratic discourse to decide on an issue as important as the definition of marriage. Oddly enough the inclusion of a statement as bizarre as same sex couples inability to marry due to the severance of marriage and procreation was also claimed. Both legal arguments were weighted out by the Supreme Court and a decision was to be made, one which sadly did not pass by a large majority ruling, but a ruling in favor of gay marriage was made none-the-less. The Court ruled by majority of 5 to 4 in favor of the petitioners. The verdict, carried by Justice Kennedy (Ginsburg, Breyer, Sotomayor, and Kagan, JJ. joined), initially measured the matter arising from the cases of Michigan and Kentucky, of whether states are obligated to record same-sex marriages (Oyez). The first testament made by the majority ruling in favor of gay marriage was the fact that marriage has evolved over time due to legal and social attributes. A statement identifying every states disarray on the decision of gay marriage was also brought into light. The Fifth and Fourteenth Amendment also contain a due process clause. Due process deals with the administration of justice and thus the due process clause acts as a safeguard from arbitrary denial of life, liberty, or property by the Government outside the sanction of law. The due process clause was strongly used in winning the rights to marry for same sex couples, as liberties protected by the clause extend to choices that are central to a persons dignity and autonomy. These dignities and autonomous action also stretch into personal beliefs and identity. The Supreme Court parried the respondents arguments of the petitioners not seeking to pursue a right to wed, but in its place pursued an innovative right to same sex marriage, with being inconsistent with the Courts prior method to essential rights, as well as that of matrimonial pairing. The claim that rights could not be restricted only by individuals who have previously exercised them was also made. If this was the case, law would be stale and would not evolve with the times and social changes. This informal approach would restrict groups from invoking rights denied to them in the past (womens right to vote, black equality, etc). Furthermore, same-sex marriage is protected by the equal protection clause, stating that the Court recognized that new insights and societal understandings can reveal unjustified inequality within our most fundamental institutions that once passed unnoticed and unchallenged. The marriage laws confronted by the petitioners are in its core unequal. The laws deprived same-sex couples all the benefits approved to opposite-sex pairs and labor as seriously committing harm, in essence serving to disregard and declare gays and lesbians as inferior. At the end the respondents showed no evidence of marriages severance due to the acceptance of gay marriage. The four Justices who were not in favor of the ruling made their dissenting judgements. Chief Justice Roberts, joined by Scalia, Alito and Thomas, dissented from the majority claiming that the Constitution of the United States does not allow judges to refabricate the definition of marriage as it is a decision to be made by the legislature. Chief Justice Robert finalized his dissent by claiming that the majority had no legal basis for its conclusion. Scalia was in agreement with Justice Roberts dissent but included that citizens were robbed of their freedom to govern themselves. After reading over the case and assessing the competition Jim had I am overwhelmed with joy and thanks to this individual and all those who have fought for my right to legally get married. It is a horrendous thought and a very treacherous approach to deny an individual rights granted to another individual. There was reservation saved specifically for Judge Thomas who is of African American heritage, an individual who shared a history of ancestors whom faced a similar struggle towards equality. Although the African American struggle was much harsher than that of gay rights, it was a struggle none-the-less which should give an understanding and compassion towards the importance of civil liberties and rights for all, one he seemed to forget. I could not imagine a world where I could not marry the person I love, to be told that I am different and do not have that right. This case is one that puts law into a perspective that not everything is set in stone. Law mutates, it changes and adjusts to the times may they be impacted by the environment or social changes. It also begs to question the Constitution as a whole, does it not? What is the difference between a dream and the U.S. Constitution when both can be translated based on the outlook of the individual, in this case the courts. Alas, although the Courts did have a majority ruling for gay rights, unfortunately there are dicks (no pun intended to the case), whom are still sitting in the court whove not adjusted to the times itself.

Effects of Privatization on Performance

Effects of Privatization on Performance This research study investigates the impact of privatization on the Pakistan Telecommunication Company Limited (PTCL) financial performance which is privatize in 2005.The variables Net Profit Margin, Operating Profit Margin, Return on Assets and Earnings per Share and Number of trades of shares are used as representation for financial performance. The paired-samples t test for mean difference has been used for comparing the pre and post privatization performance. Analysis of the financial data shows decline in the net profit margin, operating profit margins, return on assets and earnings per share after the privatization; but the impact is insignificant for all the variables except the operating profit margin. The effects of privatization on employees performance and management remain a potential problem and issue for further research due to shortage of resources and knowledge. Effect of Privatization on Performance Poor performance of many companies and public institutions in general has shown that in principle the government is not a good businessman. In this regard Privatization, a global phenomenon considered as a tool that leads to economic growth, increase in productivity, efficiency in utilization of resources and expansion in output and employment. The rational consumer takes benefits from competition among private firms in the form of better quality services and low prices especially in banking, air travel and telecommunication sectors. Due to rigidity in our culture, Public Sector companies do not become flexible and more dynamic as compared to Private companies. In general, it can be claimed that privatization is a part of a broader economic policy which is referred to as the economic release or connecting to the world economy by some governments. Privatization is the process of changing the conditions of governmental activities so that the major context is fixed but the atmosphere of the sectors changes and the effect of atmosphere and conditions of markets on companies performance is likely to consider private sectors mechanisms Telecommunication plays a vital role in the economic development of any country. PTCL was privatized in 2005. Due to the privatization of PTCL, overall financial performance and the share prices of the PTCL became volatile. This purpose of this study is to study dynamic aspects of privatization and compare the pre and post privatization financial performance of the company. An overview of PTCL In 1947, after independence, Pakistan had an insufficient telecom base. Only 14,000 land lines were there in whole country and only one department of Telephone and Post Telegraph. In 1962 these two departments were alienated as Postal department and Telephone and Telegraph Department (TT). Pakistan started gradually enhancement in telecommunication sector in 1990. The brief history of PTCL is as follows: Telegraph and Postal Department was established in 1947. Telephone and Telegraph Department was established in 1962. Pakistan Telecom Corporation was established in 1990-1991. PTCL was listed in the Karachi Stock Exchange in 1996. Internet and mobile subsidiaries was established in 1998. Policies of Telecom sectors were finalized in 2000. Deregulation policy of Telecom sector was announced in 2003. Objectives of Research This research study aims to examine the effect of firms privatization on the performance of the Pakistan Telecommunication Limited (PTCL). The objectives of the study are as follows: To evaluate impact of privatization on the financial performance of PTCL. To understand whether privatization how much privatization is effective To help policy makers and other authoritative bodies regarding decision making about privatization. Literature Review Memon (2007) argue that privatization and the preparations for privatization are very important to minimize the social costs and dislocations caused by such initiative. Most South Asian countries have come to realize that privatization for the purpose of reducing fiscal deficits has caused them to off-load those enterprises which are loss making first. Such action has not inspired private sector confidence, and has resulted in large-scale worker retrenchment. Privatization is the key factor that enables markets to work properly and appropriately. According to Megginson Netter (2006) from last two decades most countries of the world shifted their firms from state ownership to privatization. In 1999 the revenue of privatization firms was $ 1 trillion around the globe. Given the importance of the subject, a lot of studies have been performed to analyze the impact of privatization in a number of countries. Taghizadeh (2009) compared 12 privatized telecom corporations with 12 non-privatized (governmental) ones regarding their per capita cost of operating, per capita cost to fix damages and per capita wage and costs of labor maintenance and conclude that the costs were lower in privatized centers regarding all three above mentioned domains. A recent study (Farinos et al., 2007) while investigating the companies privatized in Spain through the years 1990-2001 argue that privatization has had a great impact on efficiency, sale income and employment. Warzynski (2003) in his study of 300 Ukrainian firms finds that competition does not have a significant effect on firm performance measured by productivity and profitability while privatization has a marginal positive significant effect on profitability and an insignificant effect on productivity. He points out; however, that competition and privatization might be complementary measures, as he finds that competition increases the performance of privatized firms. Boubakri et al. (2005) study the post privatization corporate governance of firms and show that performance gains are associated with the type of dominant owners. Choi and Hassan (2011) argue that Privatized banks, on average, perform better than established banks, whereas this is not true where we do not consider country differences across privatizations. They conclude that although governance and foreign ownership are significantly correlated with decreased performance deviation of privatized banks relative to the established bank group, banking freedom (regulations) and extensive deposit insurance schemes in respective economies are associated with increased performance deviation. A recent study (Okten Arin, 2006) on the effect of privatization argues privatized firms improve productive efficiency by increasing their capita l and decreasing their labor endowment. But this effect disappears when we control for changes in market structure using a measure for market concentration. Hence, while private ownership has a robust positive effect on productive efficiency, whether gains in productivity will be passed on to consumers in the form of lower prices will depend on the market structure ensuing from privatization. Kerr et al., (2008) studied the privatization process in New Zealand and Australia through which they confirmed that the performance of companies after being privatized has improved greatly and privatization has increased the annual growth of New Zealand companies up to 12% and Australian companies up to 9%. Another study (Sarboland, 2012) conducted in Iran conclude that privatization has increased the overall financial performance of the corporation, however financial (debt) leverage ratios also increase, which reflects the companys poor performance in the years after privatization because in such a situation creditors will have less assurance and, moreover, in the view of lenders the less financial (debt) leverage ratio, the better. Some research studies found average performance after reforms, whereas, some studies found positive effect of reforms. However, most of the literature suggests that there is a significant relation between privatization and efficiency and due to the importance and the role that privatization has in increasing efficiency and optimum use of resources, more research is needed to confirm or reject the findings of previous studies. To do so, this current study has been tried to investigate the relation between privatization and efficiency in PTCL. Methodology The study basically focuses on the impact of Privatization on the financial performance of PTCL. Since the domain is PTCL, financial ratios of years 2000-2004 (before being privatized) and financial ratios of years 2005-2009 (after being privatized) have been analyzed, research population and sample are the same. Information and data needed for this research has been collected from the annual reports of PTCL. Since used data was obtained from company documents and financial records and accounting, the data is considered reliable. For measuring financial performance the following four variables have been used: Operating Profit Margin Net Profit Margin Return On Equity Earnings per share Number of Share trade In this study, to analyze data obtained from documents available in finance department, first, after separating and identifying the data of two periods (i.e., after and before privatization), the paired-samples t test for mean difference has been applied to analyze the data. This test explains volatility and significance of the variables, with the assumptions that the distribution of the variable is normal and that the variance of the variable is same in both set of populations. The test id done with help of Microsoft excel and SPSS. Analysis and Findings Refer to Table.1 in appendix, the shows summary of result of Paired-samples t test for the variable operating profit margin. Mean value of the operating profit margin is lower in the post privatization period. On the other hand, standard deviation is higher in the post privatization period as compared to pre privatization period. It indicates that privatization has negative impact on the net profit margin; moreover, it has also become more volatile after privatization. Whereas, the significant value is less than 0.05 which indicates that significant change has been observed in the operating profit margin after privatization. Refer to Table. 2, 3, 4 in appendix, the result shows summary of result of Paired-samples t test for the variable Net Profit Margin, Return on Equity, and Earning per Share respectively. Results show that all of these three variables have declined after privatization, and have become more volatile. The significance value is greater than 0.05 which indicates that changes in these variables are not statistically significant. Refer to Table. 5 in appendix, the result summarizes result of paired t test for the variable Number of trades. The mean value of the Number of trades is almost double in the post privatization whereas, the standard deviation for the number of trades is high in the post privatization period. P or significant value for the variable Number of Trades is highly significant as it is less than .005 indicating that the number of trades per day is significantly affected due to privatization. Conclusion Based on the results obtained, it was shown that there is a significant effect of privatization on the average number of trades of shares. This effect is being found positive as well. However, Analysis of the financial data shows decline in the financial performance of the company after privatization measured by operating profit margin, net profit margin, return on equity and earnings per share ratio. These entire four variables show decline in the post privatization period but the change is significant only in the variable operating profit margin. Hence we can conclude that privatization of PTCL has not been found analytically favorable. It is recommended, based on the result of the research, the legislative agencies should make appropriate policies to achieve a suitable market for Pakistan. Information clarification, choice of investor and a transparent privatization process should be the top priorities of authoritative bodies in order to make privatization more effective and effic ient. As suggested by Zeitun and Tian (2007) a privatization reform should go gradually and government should provide all necessary social securities to reduce the negative social impact of a firms liquidation. Issues for Future Research Many issues are not covered during the study due to shortage of resources and time. Based on the findings of the current research the following suggestions are recommended for further research: To examine the relation between privatization and management performance. To examine the impact of privatization on employees sense of job security. To examine the failures of financial ratios in decision makings. To examine the analysis of financial ratios in decision makings. To examine the impact of privatization on staffs efficiency.

A Deep Look At Elisa Allen in Steinbecks The Chrysanthemums Essay

The Chrysanthemums by John Steinbeck is not just a simple short story. Yes it is a short story about a country housewife that lives a boring life and grows beautiful flowers. She is then mislead to believe that a perfect stranger has interest in her flowers and is moved to reveal to him her secrets in growing them and even give him not only some of her prized shoots from the flowers but also some work so that he is given what he originally wanted. She then finds her shoots thrown haphazardly on the side of the road. She begins to ask for wine and becomes very saddened and begins to weep. On the surface it seems like a very superficial story about how a woman could be deceived by a man into believing that he has interest in what she can accomplish. However when one reads the story from a higher critical perspective, especially the last line one realizes how deeply profound the story really is. The last line of the story where the main character Elisa Allen declares that a little wine will be enough and she begins to cry like an old woman reveals that she has grudgingly accepted her lot in life and accepts that she can only experience so much fulfillment due to her position in society and the fact that it has stolen her youth and left her a bitter old woman. Elisa Allen is a strong hardworking woman that is very skilled at growing Chrysanthemums. Her husband recognizes her skill however he does not truly appreciate what is behind it. He instead attempts to encourage her to use her skills for a more practical and therefore supposedly more meaningful endeavor such as growing apple trees. â€Å"Her husband, Henry Allen does not understand her mind; his interest is focused not on the point that she likes to grow it but on the possibility o... ...en, as even her husband had made a joke about taking her there. However she desires to go and although envisioning such bloodshed repulses her it is also alluring. â€Å"In other words, the imbalance between the relatively restricted setting and Elisa's vaulting desire to wander into the unknown territory is chiefly designed to strengthen the overall imagery of Elisa, whose drive to experience the violent outer world.† (Compare Contrast Essay) So she decides to ask if she can have some wine instead and hopes for the excitement it might be able to bring although she knows that whatever momentary excitement it might bring it is not lasting. The next day she will continue to be a bored house wife, with a husband that largely ignores her and is boring and content. Even what she has to work on, the source of pride in her life the Chrysanthemums are meaningless. So she weeps. A Deep Look At Elisa Allen in Steinbeck's The Chrysanthemums Essay The Chrysanthemums by John Steinbeck is not just a simple short story. Yes it is a short story about a country housewife that lives a boring life and grows beautiful flowers. She is then mislead to believe that a perfect stranger has interest in her flowers and is moved to reveal to him her secrets in growing them and even give him not only some of her prized shoots from the flowers but also some work so that he is given what he originally wanted. She then finds her shoots thrown haphazardly on the side of the road. She begins to ask for wine and becomes very saddened and begins to weep. On the surface it seems like a very superficial story about how a woman could be deceived by a man into believing that he has interest in what she can accomplish. However when one reads the story from a higher critical perspective, especially the last line one realizes how deeply profound the story really is. The last line of the story where the main character Elisa Allen declares that a little wine will be enough and she begins to cry like an old woman reveals that she has grudgingly accepted her lot in life and accepts that she can only experience so much fulfillment due to her position in society and the fact that it has stolen her youth and left her a bitter old woman. Elisa Allen is a strong hardworking woman that is very skilled at growing Chrysanthemums. Her husband recognizes her skill however he does not truly appreciate what is behind it. He instead attempts to encourage her to use her skills for a more practical and therefore supposedly more meaningful endeavor such as growing apple trees. â€Å"Her husband, Henry Allen does not understand her mind; his interest is focused not on the point that she likes to grow it but on the possibility o... ...en, as even her husband had made a joke about taking her there. However she desires to go and although envisioning such bloodshed repulses her it is also alluring. â€Å"In other words, the imbalance between the relatively restricted setting and Elisa's vaulting desire to wander into the unknown territory is chiefly designed to strengthen the overall imagery of Elisa, whose drive to experience the violent outer world.† (Compare Contrast Essay) So she decides to ask if she can have some wine instead and hopes for the excitement it might be able to bring although she knows that whatever momentary excitement it might bring it is not lasting. The next day she will continue to be a bored house wife, with a husband that largely ignores her and is boring and content. Even what she has to work on, the source of pride in her life the Chrysanthemums are meaningless. So she weeps.

The Career of Engineering Essay -- Descriptive Careers Engineer Essays

The Career of Engineering Take a look around yourself. What do you see? Maybe books, chairs, a television, or even your clothes. All the day to day things that are man-made, you can be sure that an engineer helped make it. Engineers have shaped our world as we know it. There are many different kinds of engineers from chemical, mechanical, textile, civil, agricultural and structural engineers. Our civilization would be as advanced as the Stone Age without these people. This career demands a wide education of math and science. It is an ever-changing career with new advances in materials and the way products are produced. Engineering careers are very secure with respect to compensation. Regardless of this, it does have it’s disadvantages as well. All and all engineering is demanding, but well worth the work.   Ã‚  Ã‚  Ã‚  Ã‚  The education of an engineer is probably the most demanding as far as the mastery of the material given as any other degree. Usually in their first year, a student will be put into a special program that starts the course load with math and science. These are the basis for every engineer’s education. After the first two years of the program, the student chooses exactly what field of engineering he or she would like and finishes out their degree concentrating on that particular field. Towards the end of their college career, the student will usually be offered a job by recruitment or they are hired after they graduate. Most employers seek out four-year graduates with a degree in a specific area of concentration.   Ã‚  Ã‚  Ã‚  Ã‚   Engineering has many advantages to offer. The best would probably be the salary. A student with an engineering bachelors degree will be offered a higher paying job on average than any other bachelors degree offered. (Basta 12) An average annual salary in a starting Federal Government position was $96,370 in 1994. Along with high wages comes job security. Even when the economy is bad, unemployment of engineers will only rise one or two points on average. (Kirby 64) Other advantages include interesting work, creative work and working with the latest technological advances in the field you choose to go into. Engineering as a whole shows many superior qualities over other jobs, but it also has its disadvantages.   Ã‚  Ã‚  Ã‚  Ã‚  Engineering degrees require the most math and science of any other degrees offered. The study is extremely hard w... ...ix it by creating a new system or device and being able to say that I made that, I invented that. Being an engineer has been one of the most personally satisfying jobs I have ever had. (Steele) None the less, the career of engineering is one that provides many benefits to the ones who are willing to work for the degree. This field has a variety of areas to excel in. It provides creative work, the chance to work with a team, and the compensation is far from the average. Engineering is also one of the most important careers in our society. Without it, our civilization would be nothing like it is today; and the pleasures that many of us take for granted would not be here to comfort us. Bibliography Basta, Nicholas. Engineering Careers Lincohnwood, Illinois: Career Horizons 1996. Clancy, Tom. Submarine: A guided tour inside a Nuclear Warship. New York, New York: A Berkley Book, 1993. Kirby, Shelton, Richard. Engineering in History. New York, New York: McGraw Hillbrook, 1956 â€Å"Nuclear Engineering†. EXPAN Career Description. â€Å"Engineering†. Encyclopedia Britannica Online, Accessed February 23, 1999. Copyright, 1994. Joe Steele, Personal interview 3, March 1999.