Impact of Monetary Policy on Companies Profitability and Its Valuation Essays

Impact of Monetary Policy on Companies Profitability and Its Valuation Essays Impact of Monetary Policy on Companies Profitability and Its Valuation Essay Impact of Monetary Policy on Companies Profitability and Its Valuation Essay Meaning of monetary policy Monetary policy is the management of money supply and interest rates by central banks to influence prices and employment. Monetarypolicy works through expansion or contraction of investment and consumption expenditure. Monetary policy is the process by which the government, central bank (RBI in India), or monetary authority of a country controls : (i) The supply of money (ii) Availability of money (iii) Cost of money or rate of interest In order to attain a set of objectives oriented towards the growth and stability of the economy. Monetary theory provides insight into how to craft optimal monetary policy. Monetary policy is referred to as either being an expansionary policy, or a contractionary policy, where an expansionary policy increases the total supply of money in the economy, and a contractionary policy decreases the total money supply. Expansionary policy is traditionally used to combat unemployment in a recession by lowering interest rates, while contractionary policy involves raising interest rates in order to combat inflation. Monetary policy is contrasted with fiscal policy, which refers to government borrowing, spending and taxation. Credit policy is not only a policy concerned with changes in the supply of credit but it can be and is much more than this. Credit is not merely a matter of aggregate supply, but becomes more important factor since there is also issue of its allocation among competing users. There are various sources of credit and other aspects of credit that need to be looked into are its cost and other terms and conditions, duration, renewal, risk of default etc. Thus the potential domain of credit policy is very wide. Where currency is under a monopoly of issuance, or where there is a regulated system of issuing currency through banks which are tied to a central bank, the monetary authority has the ability to alter the money supply and thus influence the interest rate in order to achieve policy goals. Monetary policy, also described as money and credit policy, concerns itself with the supply of money as so of credit to the economy. Objective of monetary policy The objectives are to maintain price stability and ensure adequateflow of credit to the productive sectors of the economy. Stability ofthe national currency (after looking at prevailing economicconditions), growth in employment and income are also looked into. The monetary policy affects the real sector through long and variable periods while the financial markets are also impacted through shorttermimplications. Major objectives can be summarized as under: i) To promote and encourage economic growth in the economy amp; ensure the economic stability at full employment or potential level of output. It aims to achieve the twin objectives of meeting in full the needs of production and trade, and at the same time moderating the growth of money supply to contain the inflationary pressures in the economy. ii) Sectorial deployment of Funds. Depending upon the priorities laid down in the plans, the RBI has determined the allocation of funds, as also the interest rates among the different sectors. There are four main channels which the RBI looks at: * Quantum channel: money supply and credit (affects real outputand price level through changes in reserves money, moneysupply and credit aggregates). * Interest rate channel. Exchange rate channel (linked to the currency). * Asset price. Price stability has evolved as the dominant objective of monetary policy for sustaining economic growth and ensuring orderly conditions in the financial markets with increasing openness of the Indian economy The fundamentalidea is that it is only in a low and stable inflation environment that economic growt h can be continued. Monetary policy also aims to be directly supportive of growth by ensuring that the credit requirements of various segments are met adequately through an appropriate credit delivery and credit pricing mechanism and a conducive credit culture. Monetary decisions today take into account a wider range of factors, such as: * short term interest rates; * long term interest rates; * velocity of money through the economy; * exchange rate * credit quality * bonds and equities (corporate ownership and debt) * government versus private sector spending/savings * international capital flow of money on large scales * financial derivatives such as options, swaps and future contracted. Monetary policy tools The monetary authority uses various instruments of monetary control in order to influence the goal variables in desired directions and degrees. The target variables are variables which the monetary authority tries to control or influence so as to influence the goal variables in the desired manner. To serve the target function well, a chosen target variable should possess the following four qualifications: a) It should be closely related to goal variables and this relation should be well understood and reliably estimable, b) It should be rapidly affected by policy instruments, c) Non-policy influences on it should be relatively small,i. , small relative to policy influences, and d) It should be readily observable (a measurable) with little or no time lag. Traditionally three variables have served as candidates for monetary-policy targets. They are: money supply, bank credit, and interest rates in securities market. Various Monetary policy tools are: i. Monetary base Monetary policy can be implemented by changing the size of the monetary base. This directly changes the total amount of money circulating in the economy. A centra l bank can use open market operations to change the monetary base. The central bank would buy/sell bonds in exchange for hard currency. When the central bank disburses/collects this hard currency payment, it alters the amount of currency in the economy, thus altering the monetary base. ii. Reserve requirements The monetary authority exerts regulatory control over banks. Monetary policy can be implemented by changing the proportion of total assets that banks must hold in reserve with the central bank. Banks only maintain a small portion of their assets as cash available for immediate withdrawal; the rest is invested in illiquid assets like mortgages and loans. By changing the proportion of total assets to be held as liquid cash, the Federal Reserve changes the availability of loanable funds. This acts as a change in the money supply. Central banks typically do not change the reserve requirements often because it creates very volatile changes in the money supply due to the lending multiplier. iii. Discount window lending Many central banks or finance ministries have the authority to lend funds to financial institutions within their country. By calling in existing loans or extending new loans, the monetary authority can directly change the size of the money supply. v. Interest rates The contraction of the monetary supply can be achieved indirectly by increasing the nominal interest rates. Monetary authorities in different nations have differing levels of control of economy-wide interest rates. The Federal Reserve can set the discount rate, as well as achieve the desired Federal funds rate by open market operations. This rate has significant effect on other market interest rates, but there is no perfect relationship. In the United States open market operations are a relatively small part of the total volume in the bond market. One cannot set independent targets for both the monetary base and the interest rate because they are both modified by a single tool - open market operations; one must choose which one to control. In other nations, the monetary authority may be able to mandate specific interest rates on loans, savings accounts or other financial assets. By raising the interest rate(s) under its control, a monetary authority can contract the money supply, because higher interest rates encourage savings and discourage borrowing. Both of these effects reduce the size of the money supply. v. Currency board A currency board is a monetary arrangement which pegs the monetary base of a country to that of an anchor nation. As such, it essentially operates as a hard fixed exchange rate, whereby local currency in circulation is backed by foreign currency from the anchor nation at a fixed rate. Thus, to grow the local monetary base an equivalent amount of foreign currency must be held in reserves with the currency board. This limits the possibility for the local monetary authority to inflate or pursue other objectives. 1. Instruments of monetary policy in India The monetary policy is nothing but controlling the supply of Money. The RBI takes a look at the present levels and also takes a call on what should be the desired level to promote growth, bring stability of price (low inflation) and foreign exchange. The Reserve Bank of India (RBI) as a designated monetary authority has no control over the deficit financing of the central government and only limited control over its foreign exchange assets, we discuss below in detail the instruments of control used by the RBI: : A. Quantitative measures: 1. Open Market operations: It means the purchase and sale of securities by central bank of the country. The sale of security by the central bank leads to contraction of credit and purchase thereof to credit expansion. It is useful for the developed countries. In India, the RBI enters into sale and purchase of government securities and treasury bills. So the RBIcan pump money into circulation by buying back the securities and vice versa. In absence of an independent security market (all Banks are state owned); this is not really effective in India. The major Limitations are that * When the central bank purchases the securities the cash reserve of member bank will be increased and vice versa. The bank will expand and contract credit according to prevailing economic and political circumstances and not merely with reference to their cash reserves. * When the commercial bank cash balance increase the demand for loan and advance should increase. This may not happen due to economic and political uncertainty. * The circulation of bank credit should have a constant velocity. 2. Bank rate policy :Popularly known as repo rate and reverse repo rate, it is the rate at which the RBI and the Banks buy or exchange money. This results into the flow of bank credit and thusaffects the money supply. Bank rate- It is the minimum rate at which the central bank of a country provides loan to the commercial bank of the country. Bank rate is also called discount rate because bank provides finance to the commercial bank by rediscounting the bills of exchange. When general bank raises the bank rate, the commercial bank raises their lending rates;it results in fewer borrowings and reduces money supply in the economy. Reverse repo rate– It is the rate that RBI offers the banks for parking their funds with it. Reverse repo operations suck out liquidity from the system. Major limitation is that : * Well organized money market should exist in the economy. Repo rate * It is introduced through which RBI can add to liquidity in the banking system. Through repo system RBI buys securities from the bank and there by provide funds to them. * Repo refers to agreement for a transaction between RBI and banks through which RBI supplies funds immediately against government securities and simultaneously agree to repurchase the same or similar securities after a specified time which may be one day to 14 days. A repurchase agreement or ready forward deal is a secured short-term (usually 15 days) loan by one bank to another against government securities. * Legally, the borrower sells the securities to the lending bank for cash, with the stipulation that at the end of the borrowing term, it will buy back the securities at a slightly higher price, the difference in price representing the interest. 3. Cash Reserve ratio (CRR): This is the percentage of total deposits that the banks have to keep with RBI. And this instrument can change the money supply overnight. Changing cash reserve ratio is an excellent instrument of control. The bank has to keep certain amount of bank money with themselves as reserves against deposits. * The increase in the cash rate leads to the contraction of credit only when the banks excess reserves. * The decrease in the cash rate leads to the expansion of credit and banks tends to make more available to borrowers. . 4. Statutory Liquidity Requirement (SLR)amp;liquidity adjustment facility ( LAF )-this is the proportion of deposits which Banks have to keep liquid in addition to CRR. This also has a bearing on money supply. * LAF is the instrument of monetary policy from June 2000 to adjust on daily basis liquidity in the banking system. * Through LAF, RBI regulates short-term interest rates while its bank rate policy serves as a signaling device for its interest rate policy in the intermediate period. RRBs are required t o maintain SLR at 25 per cent of their NDTL in cash or gold or in unencumbered government and other approved securities. Unlike in the case of scheduled commercial banks, balances maintained in call or fixed deposits by RRBs with their sponsor banks are treated as â€Å"cash† and hence, reckoned towards their maintenance of SLR. As a prudential measure, it is desirable on the part of all RRBs to maintain their entire SLR portfolio in government and other approved securities, which many of them are already doing. All RRBs may maintain their entire SLR holdings in government and other approved securities. B. Qualitative measures: 1. Credit rationing: Imposing limits and charging higher/lower rates of interests in selective sectors are what you see is being done byRBI. 2. Moral suasion: We hear of RBIs directive of priority lending in Agriculture sector. Seems more of a directive rather than persuasion. It implies the central bank exerting pressure on banks by using oral and written appeals to expand or restrict credit in line with its credit policy. It is a combination of persuasion and pressure which RBI is always in a position to use on banks in general and errant banks in particular. This is exercised through discussions, letters, speeches, and hints thrown to banks. This can be used by the RBI to urge banks to keep a large proportion of their assets in the form of government securities, lend their helping hand to develop a broad and active market in treasury bills and government securities, and not borrow excessively from the bank when it is engaged in fighting the forces of inflation. The main interst sensitive sectors are banking sector,automobile sectorand real estate sector Let me examine how the monetary policy impact on the major interast sensitive sectors ie banking sector and automobile sector. oth sectors are linked with the policy measurs of the RBI. the change in interst rate casues a big impact on the profit earning capacity of the two sector companies Firstly the banking sector . This  analysis  takes  a look at  Indian monetary  policy  and  how it  will  impact:   Ã‚  Ã‚   a. Banks   Profitability b. Availability   of  Ã‚   funds  Ã‚   to   trade   and  Ã‚   industry   Ã‚  Ã‚   c. Other   factor Interest on loans are the main income of the banks. when the reserve bank take an action which effect interest rate it will affect the banks income and profitability. It may be positive or negative. Cost of fund will increase and it will reduce banks net interest margin to keep the net interest margin all banks raises lending rates When RBI hikes CRR it will directly affect by the profitability of banking companies. When RBI increase the CRR it will cause reducing the deposits available with the banks to make loans . Banks charge a very high interest rate on the loans they give. Banks take this measurer to retain the profit rate which earned during former CRR rate.. when the lending rate are high, general public and corporate postpone heir work to future period. so this cause to reduse the lending from banks,then the profit will decrease If the RBI reduce the CRR and SLR rate ,the banks can give more loans at lower interest rate. the low interst rate attract more companies and people to take loan. so this cause to increase the profit of the banks Cash Reserve Ratio (CRR)| 6. 00% (w. e. f. 24/04/2010)| Increased from 5. 00% to 5. 50% wef 13/02/2010; and then again to 5. 75% wef 2 7/02/2010; and now to 6. 00% wef 24/04/2010| Now the CRR is 6. 00%. it from 24-4-2010. RBI increased CRR from 5. 00% to 6. 00% during the 4th quarter of 2009-2010 and 1st quarter of 2010-11. this change also change the net interest margin of the banks. 1% increase caused a negative impact of the profitability of the banks. Statutory Liquidity Ratio (SLR)| 24%(w. e. f. 18/12/2010)| Decreased from 25% which was continuing since 07/11/2009| No more change in the SLR rate after 7-11-2009 have made an impact on the profit earning capacity of the banks Bank rate impact It is the minimum rate at which central bank provides loan to commercial banks. It is also called discounting rate because bank provides finance to the commercial banks by rediscounting the bill of exchange. When central banks raises bank rate commercial banks raises lending rate and vice-versa When RBI rises the bank rate ,the commercial banks rasies rasies its lending rates, it will adversely impact on the profitability of banks. Bank’s net interest margin will reduce. Repo rate impact When ever there is deficient of the fund with the banks then the banks barrow money from RBI, Repo rate is the rate at which all banks barrow rupees from RBI. When RBI increase repo rate ,no banks ready to take loan from RBI. IF the RBI decrease the repo rate, bank will go to RBI to take loan at lower interest rate. If the RBI increase the rate it will reduce the profit margin. Reverse repo effect If the RBI increase the reverse repo rate banks get high interest by putting money to safe hands. but it reduce the money supply in the economy . bank not have money to give loans to public and get interest on loan. so interest earned on loans will decrease and the net interest margin reduced. Reverse Repo Rate| 6. 25% (w. e. f. 03/05/2011)| Increased from 5. 75% which was continuing since 17/03/2011 [Till 03/05/2011, reverse repo rate was an independent rate and announced by RBI. However, in the monetary policy announced on 03/05/2011, RBI has decided that now the reverse repo rate will not be announced separately, but will be linked to Repo rate. Reverse Repo rate will be 100 bps below the repo rate] | How monetary policy affect on the returns of auto sector The automotive industry remains one of the highest revenue-earning industries in India and contributed over 5% to India’s GDP in 2009, providing direct and indirect employment to more than 13 million people. The market outlook for the industry remains promising, especially in the small car segment. The Indian automobile market is currently dominated by the two-wheeler segment but with an expanding middle class population, growing earning power and industrial development, the demand for passenger cars and commercial vehicles will increase exponentially. Also, the low vehicle presence (with passenger car stock of only around 11 per 1,000 population in 2008) indicates a very low base with significant growth potential. As per ‘Just-Auto’ analyst reports, sales of passenger cars in 2008-2016 are expected to grow at a CAGR of around 10%. In addition to increased domestic demand, there is also likely to be increased investment by global auto manufacturers to India due to its strong technological capability and availability of trained manpower at competitive prices. Currently, the foreign auto companies with assembly plants in India include, General Motors, Ford, Hyundai, Honda, Suzuki, Nissan Motors, Toyota, Volkswagen, Audi, Skoda, BMW, Fiat and Mercedes Benz. With the introduction of the Tata Nano, the cheapest car in the world at USD 2200, and FDI from Suzuki Motor Corp, Hyundai Motor Co, and Nissan Motor Co to make India their manufacturing hub for small cars, India has made huge inroads in the compact car segment. In fact, in 2009, India overtook China in the global auto exports of compact cars for the first time. Increase or decrease in interest rate will directly affect the automobile industry because a majority of people are depending on  car loans  or two wheeler  loans for  buying vehicle. So if the interest rates are increasing, people won’t be able to afford this and normally the demand for automobiles will come down this will have a very bad impact on the industry TATA MOTORS: TATA MOTORS Tata Motors is India’s largest automobile company It is the leader in commercial vehicles and among the top three in passenger vehicles. The company is the worlds fourth largest truck manufacturer, the worlds second largest bus manufacturer. Tata Motors has auto manufacturing and assembly plants in Jamshedpur , Pantnagar , Lucknow , Ahmedabad , Sanand and Pune in India, as well as in Argentina, South Africa and Thailand. Products : Passenger cars and utility vehicles Concept vehicles Commercial vehicles Military vehicles Financial results of tata motors 2009-10 2008-09 2007-08 ) Gross revenue38,364. 1028568. 2133093. 93 2) Net revenue(excluding excise duty)35593. 0525629. 7328739. 41 3) Total expenditure31414. 7723877. 2925807. 82 4) Operating profit4178. 281752. 442931. 59 5) Other income1853. 45925. 97483. 18 6) Profit before interest and depreciation6031. 732678. 413414. 77 7) Interest and discounting charges(net)1103. 84673. 68282. 37 8) Cash profit4927. 892004. 734057. 84 Rising interest rates  had a negative impact on company because when interest rates was raised, the cost of borrowing money rosed. Ultimately, the company profitability and ability to grow was reduced. When a company profits (or earnings) dropped, its stock became less desirable, and its stock price falled . A company success comes when it sells its products . But increased interest rates negatively impact its customers. The financial health of its customers directly affected the company ability to grow sales and earnings. When interest rates rise, investors start to rethink their investment strategies i. e Investors sell shares in interest-sensitive stocks that they hold. Interest-sensitive industries include electric utilities, real estate, and the financial sector. Interest rates rises –sales effects profitability is affected dividend payments too effected. The price of a stock depends on the earnings of the company. If the earnings slow down (because of higher interest rate payments), the prices of the stocks will dip and overall, the stock market will be hit. A rise in interest rates also cools down the economy . demand for goods and services rise. If the supply is not immediately forthcoming, the price of those goods and services rise. That leads to inflation. Low interest rates are good for business, it makes it cheaper to borrow funds, invest in new projects, expand supply, etc. Low interest rates also increases consumption as  debt finance becomes cheaper and people’s disposable income rises as existing interest payments are reduced. A decrease in interest rates therefore increases revenue expectations for most businesses. car sales down as compared to the previous year. reducing costs wherever possible, consolidating brands and dropping model lines and deferring Ramp;D projects to conserve funds.

APA Style Research Paper

APA Style Research Paper APA Style Research Paper APA Style Research Paper The most commonly requested format for research paper writing is APA style. APA style is commonly used in the social sciences and is consider as the most influential research paper writing style. Nevertheless, different fields may have some aberration, so consult your advisor on research paper writing requirements. If the teacher asks you to write APA style research paper, you have to follow specific rules which make the presentation of written material more understandable. Research paper APA style covers the following elements: punctuation and abbreviations, construction of tables, selection of headings, citation of references, presentation of statistics as well as many other elements that are a part of every academic essay. Research Paper Help The first thing you should do is to define a research paper topic. You have the possibility to demonstrate your research skills: collect information, examine it and make your own contribution to the existing knowledge. Every research paper topic should be focused on a problem or question which has to be solved or answered. Determine the main aspect of your research paper topic.  Library resources will help you to understand the topic problem and to arrange research paper ideas. Collect information on given phenomenon, inform about experiments that have been already done. Reading a scientific literature will help you to find out the most important and relevant data for your research paper writing. Title page, the text of the research paper and list of references are the basic issues of an APA style research paper. Writing a research paper you have to use other elements such as: abstract, references, appendices, footnotes, tables etc. Let's take a look at some elements. Title page is the separate first page. The title should be in the center about halfway down the page. The information including your name, college, course, professor etc. should be below the title. Make sure that the title is meaningful. It should signal to the reader what your research paper topic is. Bibliography list should be presented at the end of your research paper. The list begins on a new page. The purpose of including a bibliographic reference is to allow your readers to track down your sources. While writing bibliography, you need to include standard bibliographic information: author, title, place of publication, publisher, and year of publication. Custom Written Research Papers If you are not sure how to format your research paper in proper APA style, ask our writers for research paper writing help and the formatting will be done for free!   In addition to custom written research paper you receive free bibliography list, free title page, and free plagiarism report!   Only professional and experienced writers working at are entrusted to work on your research paper writing!

International Relations Essay Example | Topics and Well Written Essays - 500 words - 11

International Relations - Essay Example ing â€Å"The Evolution of International Society† by David Armstrong, thereby accounting for existence of historical alteration and comparative weights between pluralist forms of international society and solidarism forms of international society. Historically, international society is perceived through the narratives regarding the emergence of European state systems, which were attributed to principles of sovereignty and non-intervention. This period is marked by the formation of an association referred to family of nations or the international society, which was founded on conservation the sovereignty based on the set of values of civilization. In fact, this signified the members of the international society since they were under the jurisdiction of the principles of sovereign equality. Furthermore, these members were free from any forms of interventions and rules of international law. Pluralistic form of international society entailed a narrow degree of shared norms while the Solidarist form of international society had a high wide of shared norms, and it focused on the substantial element regarding the elements emphasizing on rights entitled to an individual. For example, Greek international society was a form of Solidarist form, which emphasized on shared moral understanding concerning the rightful international conduct based on the religious norms. In fact, this related to areas such as the sanctity of treaties, diplomacy, war and declaration of an enemy’s death. An example of pluralistic form of international society is ancient India, which has numerous religious norms through they were not always in practice; in fact they were only applied to only to international relations, such as in a situation of war. There is a mutual exclusion of both pluralism and solidarism in the criterion of sovereignty, which is perceived to be synonymous to property. Therefore, pluralism and solidarism were also considered distinctive attributes of international society,

The Greatest Failure of the Current Wave of Financial Globalisation Essay

The Greatest Failure of the Current Wave of Financial Globalisation - Essay Example Those countries that are able to integrate with the environmental changes will be experiencing more economic growth while others will be experiencing the economic recession. Globalisation has resulted from many years of human inventions and technological improvement. It pertains to the integration of economic activities all over the world through endless trading of products and services as well as the exchanging of cash flows. Sometimes, globalization relates to the constant movement of technology and business people including the skilled and unskilled workers. Even intangible thing such as knowledge and skills are also being transferred from one country to another. During globalization, the local and international markets are promoting efficiency because of the tight competition worldwide. Even the workforces have to become more competitive and flexible so they could keep up with their job. The global markets open a wider opportunity for these people to tap into larger markets all over the world. The global business cycle that we are dealing today is actually creating huge imbalances between UK’s cash inflow and outflows. As globalization contin uous, the global financial trend also changes. These changes will eventually be considered as one of the greatest failure of the current financial trend due to globalization. The effect of international trade on a country’s economy can be examined and measured by looking at the changes in the ratio of international trade, the total export plus the total imports to the output of GDP of an economy. According to Dollar and Kraay (2001), globalization reduces poverty.

Training and Development of Employees Essay Example for Free

Training and Development of Employees Essay Objectives of the Project Report Training and Development of Employees Finding is the main objective of this project report and some of the sub-objective in this report. They are : * To know the effectiveness of the training programme conducted by the company. * To know whether employees are aware about their responsibilities and authorities or not. * To improve Organizational Climate and increase the morale of employees. * To know whether training programme is conducted successfully or not. * To know about the work culture of the organization. Training and Development of Employees : Training and Development of Employees : After employees have been selected for various positions in an organization, training them for the specific tasks to which they have been assigned assumes great importance. It is true in many organizations that before an employee is fitted into a harmonious working relationship with other employees, he is given adequate training. Training is the act of increasing the knowledge and skills of an employee for performing a particular job. The major outcome of training is learning. A trainee learns new habits, refined skills and useful knowledge during the training that helps him improve performance. Training enables an employee to do his present job more efficiently and prepare himself for a higher-level job. The essential features of training may be stated thus: * Increases knowledge and skills for doing a particular job; it bridges the gap between job needs and employee skills, knowledge and behaviors * Focuses attention on the current job; it is job specific and addresses particular performance deficits or problems * Concentrates on individual employees; changing what employees know, how they work, their attitudes toward their work or their interactions with their co-workers or supervisors * Tends to be more narrowly focused and oriented toward short-term performance concerns. Training is needed to serve the following purposes: * Newly recruited employees require training so as to perform their tasks effectively. Instruction, guidance, coaching help them to handle jobs competently, without any wastage. * Training is necessary to prepare existing employees for higher-level jobs (promotion). * Existing employees require refresher training so as to keep abreast of the latest developments in job operations. In the face of rapid technological changes, this is an absolute necessity. * Training is necessary when a person moves from one job to another (transfer). After training, the employee can change jobs quickly, improve his performance levels and achieve career goals comfortably * Training is necessary to make employees mobile and versatile. They can be placed on various jobs depending on organizational needs. * Training is needed to bridge the gap between what the employee has and what the job demands. * Training is needed to make employees more productive and useful in the long-run. * Training is needed for employees to gain acceptance from peers (learning a job quickly and being able to pull their own weight is one of the best ways for them to gain acceptance). Importance of Training : * Training offers innumerable benefits to both employees and employers. It makes the employee more productive and more useful to an organization. The importance of training can be studied under the following heads: Benefits to the business: * Trained workers can work more efficiently. They use machines, tools, and materials in a proper way. Wastage is thus eliminated to a large extent. * There will be fewer accidents. Training improves the knowledge of employees regarding the use of machines and equipment. Hence, trained workers need not be put under close supervision, as they know how to handle operations properly. * Trained workers can show superior performance. They can turn out better performance. They can turn out better quality goods by putting the materials, tools and equipment to good use. * Training makes employees more loyal to an organization. They will be less inclined to leave the unit where there are growth opportunities Benefits to the employees: * Training makes an employee more useful to a firm. Hence, he will find employment more easily. * Training makes employees more efficient and effective. By combining materials, tools and equipment in a right way, they can produce more with minimum effort. * Training enables employees to secure promotions easily. They can realise their career goals comfortably. * Training helps an employee to move from one organization to another easily. He can be more mobile and pursue career goals actively. * Employees can avoid mistakes, accidents on the job. They can handle jobs with confidence. They will be more satisfied on their jobs. Their morale would be high. Thus, training can contribute to higher production, fewer mistakes, greater job satisfaction and lower labour turnover. Also, it can enable employees to cope with organizational, social and technological change. Effective training is an invaluable investment in the human resources of an organization. Learning Principles: The Philosophy of Training Training is essential for job success. It can lead to higher production, fewer mistakes, greater job satisfaction and lower turnover. These benefits accrue to both the trainee and the organization, if managers understand the principles behind the training process. To this end, training efforts must invariably follow certain learning-oriented guidelines. Modelling Modeling is simply copying someone elses behavior. Passive classroom learning does not leave any room for modeling. If we want to change people, it would be a good idea to have videotapes of people showing the desired behavior. The selected model should provide the right kind of behavior to be copied by others. A great deal of human behaviour is learned by modelling others. Children learn by modelling parents and older children, they are quite comfortable with the process by the time they grow up. As experts put it. managers tend to manage as they were managed Motivation For learning to take place, intention to learn is important. When the employee is motivated, he pays attention to what is being said, done and presented. Motivation to learn is influenced by the answers to questions such as: How important is my job to me? How important is the information? Will learning help me progress in the company? etc. People learn more quickly when the material is important and relevant to them. Learning is usually quicker and long-lasting when the learner participates actively. Most people, for example, never forget how to ride a bicycle because they took an active part in the learning process. Reinforcement Positive reinforcement consists of rewarding desired behaviors. If a behavior is rewarded, it probably will be repeated. People avoid certain behaviors that invite criticism and punishment. A bank officer would want to do a postgraduate course in finance, if it earns him increments and makes him eligible for further promotions. Both the external rewards (investments, praise) and the internal rewards (a feeling of pride and achievement) associated with desired behaviors compel subjects to learn properly. To be effective, the trainer must reward desired behaviors only. If he rewards poor performance, the results may be disastrous: good performers may quit in frustration, accidents may go up, and productivity may suffer. The reinforcement principle is also based on the premise that punishment is less effective in learning than reward. Punishment is a pointer to undesirable behaviors. When administered, it causes pain to the employee. He mayor may not repeat the mistakes. The reactions m ay be mild or wild. Action taken to repeal a person from undesirable action is punishment. If administered properly, punishment may force the trainee to modify the undesired or incorrect behaviors. Feedback People learn best if reinforcement is given as soon as possible after training. Every employee wants to know what is expected of him and how well he is doing. If he is off the track, somebody must put him back on the rails. The errors in such cases must be rectified immediately. The trainee after learning the right behaviour is motivated to do things in a right way and earn the associated rewards. Positive feedback (showing the trainee the right way of doing things) is to be preferred to negative feedback (telling the trainee that he is not correct) when we want to change behaviour. Spaced Practice Learning takes place easily if the practice sessions are spread over a period of time. New employees learn better if the orientation programme is spread over a two or three day period, instead of covering it all in one day. For memorizing tasks, massed practice is usually more effective. Imagine the way schools ask the kids to say the Lords prayer aloud. Can you memorise a long poem by learning only one line per day? You tend to forget the beginning of the poem by the time you reach the last stanza. For acquiring skills as stated by Mathis and Jackson, spaced practice is usually the best. This incremental approach to skill acquisition minimises the physical fatigue that deters learning. Whole Learning The concept of whole learning suggests that employees learn better if the job information is explained as an entire logical process, so that they can see how the various actions fit together into the big picture. A broad overview of what the trainee would be doing on the job should be given top priority, if learning has to take place quickly. Research studies have also indicated that it is more efficient to practice a whole task all at once rather than trying to master the various components of the task at different intervals. Active Practice Practice makes a man perfect: so said Bacon. To be a swimmer, you should plunge into water instead of simply reading about swimming or looking at films of the worlds best swimmers. Learning is enhanced when trainees are provided ample opportunities to repeat the task. For maximum benefit, practice sessions should be distributed over time. Applicability of Training Training should be as real as possible so that trainees can successfully transfer the new knowledge to their jobs. The training situations should be set up so that trainees can visualise and identify with the types of situations they can come across on the job. Environment Finally, environment plays a major role in training. It is natural that workers who are exposed to training in comfortable environments with adequate, well spaced rest periods are more likely to learn than employees whose training conditions are less than ideal. Generally speaking, learning is very fast at the beginning. Thereafter, the pace of learning slows down as opportunities for improvement taper off. Areas of Training The Areas of Training in which training is offered may be classified into the following categories. Knowledge Here the trainee learns about a set of rules and regulations about the job, the staff and the products or services offered by the company. The aim is to make the new employee fully aware of what goes on inside and outside the company. Technical Skills The employee is taught a specific skill (e.g., operating a machine, handling computer etc.) so that he can acquire that skill and contribute meaningfully. Social Skills The employee is made to learn about himself and others, and to develop a right mental attitude towards the job, colleagues and the company. The principal focus is on teaching the employee how to be a team member and get ahead . Techniques This involves the application of knowledge and skill to various on-the-job situations. In addition to improving the skills and knowledge of employees, training aims at moulding employee attitudes: When administered properly, a training programme will go a long way in obt8ining employee loyalty, support and commitment to company activities. Types of Training There are many approaches to training. We focus here on the types of training that are commonly employed in present-day organisations. Skills training: Skill training is most common in organisations. The process here is fairly simple. The need for training in basic skills (such as reading, writing, computing, speaking, listening, problem solving, managing oneself, knowing how to learn, working as part of a team, leading others) is identified through assessment. Specific training objectives are set and training content is developed to meet those objectives. Several methods are available for imparting these basic skills in modern organisations (such as lectures, apprenticeship, on-the-job, coaching etc.). Before employing these methods, managers should: * explain how the training will help the trainees in their jobs. * relate the training to the trainees goals. * respect and consider participant responses and use these as a resource. * encourage trainees to learn by doing. Â  * give feedback on progress toward meeting learning objectives. Refresher training: Rapid changes in technology may force companies to go in for this kind of training. By organising short-term courses which incorporate the latest developments in a particular field, the company may keep its employees up-to-date and ready to take on emerging challenges. * It is conducted at regular intervals by taking the help of outside consultants who specialise in a particular descriptive. Cross-functional Training: Cross-functional Training involves training employees to perform operations in areas other than their assigned job. There are many approaches to cross functional training. Job rotation can be used to provide a manager in one functional area with a broader perspective than he would otherwise have. Departments can exchange personnel for a certain period so that each employee understands how other departments are functioning. High performing workers can act as peer trainers and help employees develop skills in another area of operation. Cross functional training provides the following benefits to an organisation (and the workers as well) (1) Workers gain rich experience in handling diverse jobs; they become more adaptable and versatile (2) they can better engineer their own career paths (3) they not only know their job well but also understand how others are able to perform under a different set of constraints (4) A broader perspective increases workers understanding of the business and reduces the need for supervision (5) when workers can fill in for other workers who are absent, it is easier to use flexible scheduling, which is increasingly in demand as more employees want to spend more time with their families. Eli Lilly and Company (India), for example, encourages cross-functional movements to make the organisation equally attractive to both specialists and generalists. Team Training: Team training generally covers two areas; content tasks and group processes. Content tasks specify the teams goals such as cost control and problem solving. Group processes reflect the way members function as a team for example how they interact with each other, how they sort out differences, how they participate etc. Companies are investing heavy amounts, nowadays, in training new employees to listen to each other and to cooperate. They are using outdoor experiential training techniques to develop teamwork and team spirit among their employees (such as scaling a mountain, preparing recipes for colleagues at a restaurant, sailing through uncharted waters, crossing a jungle etc.). The training basically throws light on (i) how members should communicate with each other (ii) how they have to cooperate and get ahead (iii) how they should deal with conflict-full situations (iv) how they should find their way, using collective wisdom and experience to good advantage. Creativity training: Companies like Mudra Communications, Titan Industries, Wipro encourage their employees to think unconventionally, break the rules, take risks, go out of the box and devise unexpected solutions. * Postpone judgment: Dont reject any idea * Create alternative frames of reference * Break the boundary of thinking * Examine a different aspect of the problem * Make a wish list of solutions * Borrow ideas from other fields * Look for processes to change or eliminate * Think up alternative methods * Adopt another persons perspective * Question all Assumptions. In creativity training, trainers often focus on three things: (a) Breaking away: In order to break away from restrictions, the trainee is expected to (i) identify the dominant ideas influencing his own thinking (ii) define the boundaries within which he is working (iii) bring the assumptions out into the open and challenge everything (b) Generate new ideas: To generate new ideas, the trainee should open up his mind; look at the problem from all possible angles and list as many alternative approaches as possible. The trainee should allow his mind to wander over alternatives freely. Expose himself to new influences (people, articles, books, situations), switch over from one perspective to another, -arrange cross fertilization of ideas with other people and use analogies to spark off ideas. (c) Delaying judgement: To promote creative thinking, the trainee should not try to kill off ideas too quickly; they should be held back until he is able to generate as many ideas as possible. He should allow ideas to grow a little. Brainstorming (getting a large number of ideas from a group of people in a short time) often helps in generating as many ideas as possible without pausing to evaluate them. It helps in releasing ideas, overcoming inhibitions, cross fertilising ideas and getting away from patterned thinking. Diversity Training: Diversity training considers all of the diverse dimensions in the workplace race, gender, age, disabilities, lifestyles, culture, education, ideas and backgrounds while designing a training programme. It aims to create better cross-cultural sensitivity with the aim of fostering more harmonious and fruitful working relationships among a firms employees. The programme covers two things: (i) awareness building, which helps employees appreciate the key benefits of diversity, and (ii) skill building, which offers the knowledge, skills and abilities required for working with people having varied backgrounds. Literacy Training: Inability to write, speak and work well with others could often come in the way of discharging duties, especially at the lower levels. Workers, in such situations, may fail to understand safety messages, appreciate the importance of sticking to rules, and commit avoidable mistakes. Functional illiteracy (low skill level in a particular content area) may be a serious impediment to a firms productivity and competitiveness. Functional literacy programmes focus on the basic skills required to perform a job adequately and capitalise on most workers motivation to get help in a particular area. Tutorial programmes, home assignments, reading and writing exercises, simple mathematical tests, etc., are generally used in all company in-house programmes meant to improve the literacy levels of employees with weak reading, writing or arithmetic skills.

Cuban Situation :: Cuba Politics Economy Economics Essays

Cuban Situation Cuba needs cows. In January of 2004, a Cuban delegation visited Florida to inspect beef and dairy cows to repair Cuba’s languishing cattle industry. Moreover, under the auspices of the U.S. Trade Sanctions Reform and Export Enhancement Act in 2000, the United States exported $350 million dollars worth of American agriculture products to its island neighbor in 2000 (Bussey 1). This budding trade relationship is symptomatic of a broader move by Cuba to fully re-insert itself in the global economy. Deprived of the protective cocoon of Soviet trade agreements and faced with economic crisis and stagnation, Cuba’s leaders have responded with limited economic reforms. It is clear, however, that Cuba will not emulate the rapid liberalization of much of Eastern Europe and Latin America. A brief review of Cuba’s economic performance since the fall of the Soviet Union reveals a trend of liberalization bred of necessity. Nevertheless, the mixed performance of the Export-Pro cessing Zones and the government’s grudging acceptance of tourism reveal a tension between Cuba’s need for foreign currency and direct foreign investment and a desire to insulate and preserve Cuba’s existing domestic apparatus. This tension underlies Cuba’s ongoing economic transition and has prevented wholesale market liberalization. Cuba’s future movement towards market reforms will be carefully managed by the Castro government to protect Cuba’s revolutionary legacy and to maintain control of political opposition. The fall of the Soviet Union devastated the Cuban economy. Cuba’s GDP contracted by 35-50% from 1989-1993 (LeoGrande quest 5). As a percentage of total Cuban trade, the Soviet Union’s share fell from 66% in 1990 to 15% in 1994 (5). Moreover, Russia reneged on its oil agreement, and fitful exports caused energy shortages in Cuba. Production and consumption plummeted. From 1986-1991, Castro undertook a rectification campaign to stabilize the economy as the Soviet Union decreased its support and eventually collapsed. The plan â€Å"focused on re-centralizing economic planning authority, dismantling the [Soviet-sponsored socialist management system] and market mechanisms, abolishing the free farmers markets launched in 1980, and combating corruption† (4). In addition, Castro tried to address the massive trade imbalance by reducing imports and reinvigorating the export sector. This program was a resounding failure. More domestic and far-reaching reforms were necessary to save the economy from crisis. Economic disaster had erected a serious challenge to Cuba’s socialist program. In 1991, Castro’s announcement of a â€Å"Special Period in a Time of Peace† marked the beginning of Cuba’s new era of liberalization.

Intellectual Capitalism (Swot and Industry Analysis of General Motors)

Q2) : What information is provided and how can this be useful in understanding your chosen company’s strategic situation? The profile covers many different areas that pertain to the strategy of the General Motors ranging from history to a swot anaylsis. History- the history of the firm will allow us to study how General Motors has acted to fulfill its mission in the past and thus give us clues to their future decisions. The history section of the profile basically lists all of the investments and divestment of GM since its inception in 1909.The list is too long to put into this case, but the lists shows that GM is not by any means strictly a car company. The list also shows that General Motors has been an international company for over 90 years. So strategically speaking GM is mildly protected from some shocks, but as we saw in 2009, they are not protected from very large global shocks to the automobile industry. Products and Services- The report also lists the car types of ca rs (12) and brands (11) they produce.Along with the finished automobiles they are actively involved in the inputs that are necessary for the production of the automobiles. They also provide a financial service for the automobiles. Revenue analysis- The revenue analysis section states the revenue figures for the company from the last two years also showing the percent increase. The section also breaks down these figures into different business segments such as GM North American and GM Asia.These more detailed figures can be used in conjunction with market share and growth of entire market to form a strategy plan for the company. For example if South America’s market is largely made up of local brands and growing at a very fast rate, it would be more beneficial for GM to concentrate their production and capital there instead of a saturated market like that of the United States. SWOT- This section included the most information from a strategic stand point. It includes strengths and weaknesses as well as opportunities and threats.An example of the firms strengths would be â€Å"strong market position and brand portfolio†. A weakness would be â€Å"underfunded pension funds†. Strengths and weaknesses are characteristics of the firm as opposed to opportunities and threats which are characteristics of the firm’s environment. One of GM’s opportunities is â€Å"increased demand for cars in BRIC nations†, and one of their threats is â€Å"intense competition†. The SWOT framework is used ideally to strategically take advantage of a firms opportunity with their strengths.For example, GM should use their strong brand image and profits from strong market positions around the world to fund a stronger entrance into Brazil, Russia, India, and China. Also the converse of that strategy would be to avoid weaknesses and threats to the firm. Q3): Based on the information provided, what are the three most important things you can say about your company’s industry? 1) The effect of the financial crisis on the American Automobile market. Obviously the crisis had a major effect on the automotive market, but the effect is underestimated in the news.According to the industry report in the business source complete database the amount of passenger vehicle decreased by six million units from 2006 to 2009, so even if the saturation level of the market is at the 2006 level which is very unlikely since the population has grown since then, the U. S. market has not reached the pre-crisis levels saturation. These levels paired with renewed customer confidence and the ease of attaining credit will fuel an increase in the U. S. utomobile market. Although the increase may be gradual, it is still a realistic goal for an established brand such as GM. 2) The emergence of China as the largest automobile market in the world. As a result of increasing incomes paired with sales incentive and decreased tariffs caused by China joi ning the WTO has resulted in a booming automotive industry in China. Even though the year-to-year growth of car ownership in the nation is over 30% the market has very low saturation levels.Only 35 people per 1000 own cars in China which compared to the United States, 600 per 1000, shows there is ample room for growth in the market. Most major car manufacture has a presence in the market, but political forces limit the penetration of these companies. According to report in Business source complete, the Chinese government is even pressuring domestic companies to grow and force out foreign competition. But this goal of the Chinese government cannot be realized until the smaller local manufactures can somehow combine so they may compete with larger foreign firms. ) Environmental issues are also a main concern within the industry. This issues stems from two areas Gasoline and CO2 emissions. Gasoline a major factor pertaining not only to the consumption of cars but also the type of car t hat is demanded by consumers. While the United States gasoline prices are relatively lower than other nations, car producers world-wide are still producing different cars in the wake of high gas prices. The low emission car is the new fad in the industry and has jointly led to the production of the alternative resources cars.The combination of high gas prices and threat of damaging the environment from combustible engines has increased the consumer’s demands for automobiles to run off of alternative resources. This new development plays well into the strengths of GM because General Motors is already heavily devoted to R&D. Q4): Based on the information provided, how would you characterize the company’s competitive situation? Well I think the best way to answer this question will be to separate each answer due to the three questions. ) The financial crisis almost crippled the entire U. S. automobile industry with the both GM and Ford receiving bailout money for the Unit ed States government, but the crisis could have a created an opportunity for GM. As I stated earlier, car registration is down six million since 2006 but population has not decreased so there must be a portion of the car market that wants a car but did not have the means during the financial down turn. GM may use this period of time to gain the re-emergence of this demographic to gain market share in a semi-saturated market. ) Although China has become the largest automobile market in the world, I do not think that GM has a strategic position in the market. However, GM may be able to be very profitable in because the market is growing so fast, but the fasted growing segments are luxury cars and SUV which do not create a strategic advantage for General Motors. Also, the Chinese government will heavily regulate the growth of the market as well as give every possible advantage to the domestic manufactures. 3. ) The change in demand due to environmental pressure is an interesting factor in the automotive industry.Toyota has been the market leader in electric and alternative fuels but that doesn’t necessarily give them strategic leverage in the market. The environmental pressures will just create another segment of products for the industry much like SUV or Sedans so having experience with the technologies will not necessarily create a boost in Market Share. GM’s commitment to R&D will enable them to compete, and the use of their strong brand and supply chain management will help GM gain market share. Q5) :What useful information is provided to help you understand the competitive situation of your company?The market research report listed in Business source complete was written by Marketwatch which is also the same company that produced the company profile used in the second question. Instead of a stagnant overview of the companies past this report deals with recent moves within the industry by all of the major companies within the industry. The repor t starts off with an industry update which is the details of new investments and operations of major automotive manufactures around the world. General Motors announced to invest $450 mil in additions to one of its plants in Argentina. MarketWatch: Automotive) The investment seems like a good choice for the company since the region is growing so fast. However, the article also reports BMW’s $200 mil investment into the same region so competition will be fierce in the future especially in South America. (MarketWatch: Automotive) Along with the potentially bad news from BMW, the report also includes a recall from Toyota involving over 7 mil cars globally. The recall could signal to General Motors to act quickly, so they may be able to capture market share from Toyota’s unsatisfied customers.After the industry overview, the next section is a comment on movement within the industry away from Navigation systems. The introduction of free Google Maps paired with the popularity of the cell has severely decreased the demand from in dash and even after-market navigational systems. General Motors may be able to use this information and decrease the models in production with navigational systems, so sales are not affected by unwanted accessories. The next section is simply a report featuring some of the companies’ performances.General Motors’ metrics were not reported in this issue. The report mainly included foreign companies mostly in Europe. For example, Audi’s sales increase 14%, BMW sales increase 12%, and Renault sales decrease 29%. (MarketWatch: Automotive) These figures are very useful in understanding the competitive situation of General Motors because they allow the company to benchmark it’s success against it’s competitors. Q6) What three items did you find that are most interesting to you? Why? 1) Who may be responsible for the growth of the Chinese Automotive industry?Article from Manufacturing Engineer about Ch inese manufacturing was wrong, China’s growth in production and consumption has grown faster than estimates and this could be fueled by western investment. Companies all over the world including GM wanting to capture market share in what is now the largest market for automobile in the. According GM China’s president, GM’s plan to penetrate the market is to use Chinese researchers in China. (Nick Santhanam) I found this interesting because a side effect of the penetration into the market could be the training and development of domestic researchers within China.The two problems restricting China’s automotive manufacturing industry growth are lack of graduate level researchers and a highly fractioned industry. Both of these problems may be solved by foreign joint ventures with Chinese companies. 2) I also found it strange how the market leader in this industry is the slowest to change. The companies specialize themselves to the point where there products la ck demand in the market, and their brand and market share lose value. Ford Motor Co. was the first company to mass produce the automobile and through this innovation captured the majority of the U.S. ’s market share. However, the overemphasis on mass production sacrificed choices for the consumer which allowed General Motors to penetrate the market. General Motors then gained almost 50% of the U. S. market share by the 1960’s. But the entrance of the Asian manufactures decreased their market share slightly at first. General Motors first case was about the bankruptcy of general motors and the companies revival through a government buyout and an ipo which lead to a decrease in 40b in costs at the same levels of revenue.The case asks are these profit margins and growth figure robust or are they just because the market is recovering and the company is on a short leash. Another thing that is very interesting is how slow the companies respond to market changes especially whe n they are the market leader. The article was an interview with GM China’s president. He describes how GM will penetrate the market by taking advantage of the â€Å"talent† from local universities. He believes that the best way to innovate in China is to use younger local researcher to develop products for the Chinese market. General Motors: Leading US Car Maker Emerges From Bankruptcy. (Cover Story). †Ã‚  General Motors: Leading US Car Maker Emerges From Bankruptcy(2012): 1-16. Business Source Complete. Web. 9 Apr. 2013. â€Å"SPECIAL REPORT: Automotive Manufacturing. (Cover Story). â€Å"Manufacturing Engineer  84. 6 (2005): 26-27. Business Source Complete. Web. 9 Apr. 2013. Nick Santhanam, et al. â€Å"Automotive Innovation In China: The View From General Motors. †Ã‚  Mckinsey Quarterly  1 (2012): 85-92. Business Source Complete. Web. 9 Apr. 2013.

Quid E Azam as a Role Model for Emerging Leaders Essay

Quaid-i-Azam Mohammad Ali Jinnah the most revered leader of the Muslims of the Subcontinent was a man having inter alia a strong moral character unmatched by any other contemporary leader of those days. He is quoted as an example of impeccable integrity on which he never compromised. He is a role model for those who believe that in a Muslim nation personal character of leadership is as important as other necessary inherent qualities of leadership which get radiated to inspire people at large. He took firm stand on principles, remained adamant in face of unruly opponents and ported a strong sense of self-respect. Even with colonial masters of the day he would neither put up with improper behavior nor would tolerate a slight. It would who was an embodiment of qualities of head and heart. IQuaid-e-Azam always fought with the British and the Hindus politically with great courage and bravery. It was his courageous and bold leadership that made him a great leader. Quaid-e-Azam had a charming personality as his manners were polished and his appearance pleasing. His character was flawless. Nobody could point a finger towards his character. His character was worthy of praise. Strong He was a determined and resolute person. Quaid was a great human being. a great man and a great lea t is rather strange and beyond understanding that most of the subsequent political leadership in Pakistan instead of looking at and emulating the most successful and adored personality of Mohammad Ali Jinnah . . Above all, he was an upright and honorable person. His personal qualities and his commitment to the cause of Pakistan had infused in him such a degree of confidence that he could converse with Mountbatten without fear and argue to win his case for creation of a new state. Compare it with disposition of most of the political masters who followed him. We at international level have come under pressure on account of alleged inability to do enough on terrorism. An impression has been created that we have become apologetic and are acting at the behest of foreign powers for economic gains but at the cost of self esteem. We must work our destiny in our own way and present to the world an economic  system based on true Islamic concept of equality of manhood and social justice. We will thereby be fulfilling our mission as Muslims and giving to humanity the message of peace which alone can save it and secure the welfare, happiness and prosperity of mankind† Speech at the opening ceremony of State Bank of Pakistan, Karachi July 1, 1948 In the end it is essential to describe Quaid’s reaction to a situation that after creation of Pakistan, the newly born state had to pass through difficult times. Millions of refugees migrated to Pakistan from India and makeshift camps were set up to house them. There was a big camp set up at Walton Lahore. Having been subjected to worst atrocities by rioters refugees were in miserable condition mentally and physically. On the other hand there was an acute shortage of resources in the new state. Quaid-i-Azam came to Walton to meet with these homeless citizens of Pakistan. He felt disturbed and was deeply moved. He extolled their sacrifices but told them frankly that he had nothing to give to them. His proposition was that â€Å"Let us resolve to work hard jointly to solve all the problems and build a prosper Pakistan†. He motivated and instilled hope in them. It is a matter of record how all refugees were settled. This is the sort of politics we need. Learning from this leadership should take people into confidence, show commitment and work sincerely for their betterment. It is only instructive that Quaid’s sayings, speeches and actions are studied and disseminated to create a proper political and leadership culture worthy of a democratic welfare state. Only then we shall be able to guard our national sovereignty with honour and pride and shall be able to face the challenges of the new world order.

Dreams as Narrative Structure in Wide Sargasso Sea

Dreams as Narrative Structure in Wide Sargasso Sea â€Å"I waited a long time after I heard her snore, then I got up, took the keys and unlocked the door. I was outside holding my candle. Now at last I know why I was brought here and what I have to do† (190). Jean Rhys’s novel, Wide Sargasso Sea (1966),  is a post-colonial response to Charlotte Bronte’s Jane Eyre (1847). The novel  has become a contemporary classic in its own right. In the narrative, the main character, Antoinette, has a series of dreams which serve as a skeletal structure for the book and also as a means of empowerment for Antoinette. The dreams serve as an outlet for Antoinette’s true emotions, which she cannot express in a normal fashion. The dreams also become a guide for how she will take back her own life. While the dreams foreshadow events for the reader, they also illustrate the maturity of the character, each dream becoming more complicated than the previous. Each of the three dreams surface in Antoinette’s mind at a crucial point in the character’s waking life and the development of each dream represents the development of the character throughout the story.   The first dream takes place when Antoinette is a young girl. She had tried to befriend a black Jamaican girl, Tia, who ended up betraying her friendship by stealing her money and her dress, and by calling her â€Å"white nigger† (26). This first dream clearly outlines Antoinette’s fear about what happened earlier in the day and her youthful naivety: I dreamed that I was walking in the forest. Not alone. Someone who hated me was with me, out of sight. I could hear heavy footsteps coming closer and though I struggled and screamed I could not move  (26-27). The dream not only points out her new fears, which have stemmed from the abuse received by her â€Å"friend,† Tia, but also the detachment of her dream world from reality. The dream points out her confusion about what is happening in the world around her. She does not know, in the dream, who is following her, which underlines the fact that she does not realize how many people in Jamaica wish her and her family harm. The fact that, in this dream, she uses only the  past tense, suggests that Antoinette is not yet developed enough to know that the dreams are representational of her life.                                                   Ã‚   Antoinette gains empowerment from this dream, in that it is her first warning of danger.   She wakes up and recognizes that â€Å"nothing would be the same. It would change and go on changing† (27). These words foreshadow future events: the burning of Coulibri, the second betrayal of Tia (when she throws the rock at Antoinette), and her eventual departure from Jamaica. The first dream has matured her mind a bit to the possibility that all things may not be well. Antoinette’s second dream occurs while she is at the convent. Her step-father comes to visit and give her news that a suitor will be coming for her. Antoinette is mortified by this news, saying â€Å"[i]t was like that morning when I found the dead horse. Say nothing and it may not be true† (59). The dream she has that night is, again, frightening but important: Again I have left the house at Coulibri. It is still night and I am walking towards the forest. I am wearing a long dress and thin slippers, so I walk with difficulty, following the man who is with me and holding up the skirt of my dress. It is white and beautiful and I don’t wish to get it soiled. I follow him, sick with fear but I make no effort to save myself; if anyone were to try to save me, I would refuse. This must happen. Now we have reached the forest. We are under the tall dark trees and there is no wind.‘Here?’ He turns and looks at me, his face black with hatred, and when I see this I begin to cry. He smiles slyly.   ‘Not here, not yet,’ he says, and I follow him, weeping. Now I do not try to hold up my dress, it trails in the dirt, my beautiful dress. We are no longer in the forest but in an enclosed garden surrounded by a stone wall and the trees are different trees. I do not know them. There are steps leading upwards. It is too dark t o see the wall or the steps, but I know they are there and I think, ‘It will be when I go up these steps. At the top.’ I stumble over my dress and cannot get up. I touch a tree and my arms hold on to it.   ‘Here, here.’ But I think I will not go any further. The tree sways and jerks as if it is trying to throw me off. Still I cling and the seconds pass and each one is a thousand years. ‘Here, in here,’ a strange voice said, and the tree stopped swaying and jerking. (60) The first observation that can be made by studying this dream is that Antoinette’s character is maturing and becoming more complex. The dream is darker than the first, filled with much more detail and imagery. This suggests that Antoinette is more aware of the world around her, but the confusion of where she is going and who the man guiding her is, makes it clear that Antoinette is still unsure of herself, simply following along because she does not know what else to do.   Secondly, one must note that, unlike the first dream, this is told in the present tense, as if it is happening at the moment and the reader is meant to listen in. Why does she narrate the dream like a story, rather than a memory, as she told it after the first? The answer to this question must be that this dream is a part of her rather than simply something she vaguely experienced. In the first dream, Antoinette does not recognize at all where she is walking or who is chasing her; however, in this dream, while there is still some confusion, she does know that she is in the forest outside Coulibri and that it is a man, rather than â€Å"someone.† Also, the second dream alludes to future events. It is known that her step-father plans to marry Antoinette to an available suitor. The white dress, which she tries to keep from getting â€Å"soiled† represents her being forced into a sexual and emotional relationship. One can assume, then, that the white dress represents a wedding dress and that the â€Å"dark man† would represent Rochester, who she eventually marries and who does eventually grow to hate her.   Thus, if the man represents Rochester, then it is also certain that the changing of the forest at Coulibri into a garden with â€Å"different trees† must represent Antoinette’s leaving the wild Caribbean for â€Å"proper† England. The eventual ending of Antoinette’s physical journey is Rochester’s attic in England and this, also, is foreshadowed in her dream: â€Å"[i]t will be when I go up these steps. At the top.† The third dream takes place in the attic at Thornfield. Again, it takes place after a significant moment; Antoinette had been told by Grace Poole, her caretaker, that she had attacked Richard Mason when he came to visit. At this point, Antoinette has lost all sense of reality or geography. Poole tells her that they are in England and Antoinette responds, â€Å"‘I don’t believe it . . . and I never will believe it’† (183). This confusion of identity and placement carries on into her dream, where it is unclear whether or not Antoinette is awake and relating from memory, or dreaming. The reader is led into the dream, first, by Antoinette’s episode with the red dress. The dream becomes a continuation of the foreshadowing set forth by this dress: â€Å"I let the dress fall on the floor, and looked from the fire to the dress and from the dress to the fire† (186). She continues, â€Å"I looked at the dress on the floor and it was as if the fire had spread across the room. It was beautiful and it reminded me of something I must do. I will remember I thought. I will remember quite soon now† (187). From here, the dream immediately begins. This dream is much longer than both previous and is explained as if not a dream, but reality. This time, the dream is not singularly past tense or present tense, but a combination of both because Antoinette seems to be telling it from memory, as if the events actually happened. She incorporates her dream events with events that had actually taken place: â€Å"At last I was in the hall where a lamp was burning. I remember that when I came. A lamp and the dark staircase and the veil over my face. They think I don’t remember but I do† (188). As her dream progresses, she begins entertaining even more distant memories. She sees Christophine, even asking her for help, which is provided by â€Å"a wall of fire† (189). Antoinette ends up outside, on the battlements, where she remembers many things from her childhood, which flow seamlessly between past and present: I saw the grandfather clock and Aunt Coras patchwork, all colours, I saw the orchids and the stephanotis and the jasmine and the tree of life in flames. I saw the chandelier and the red carpet downstairs and the bamboos and the tree ferns, the gold ferns and the silver . . . and the picture of the Millers Daughter. I heard the parrot call as he did when he saw a stranger, Qui est la? Qui est la? and the man who hated me was calling too, Bertha! Bertha! The wind caught my hair and it streamed out like wings. It might bear me up, I thought, if I jumped to those hard stones. But when I looked over the edge I saw the pool at Coulibri. Tia was there. She beckoned to me and when I hesitated, she laughed. I heard her say, You frightened? And I heard the mans voice, Bertha! Bertha! All this I saw and heard in a fraction of a second. And the sky so red. Someone screamed and I thought Why did I scream? I called Tia! and jumped and woke. (189-90) This dream is filled with symbolism which are important to the reader’s understanding of what has happened and what will happen. They are also a guide to Antoinette. The grandfather clock and flowers, for example, bring Antoinette back to her childhood where she was not always safe but, for a time, felt like she belonged. The fire, which is warm and colorfully red represents the Caribbean, which was Antoinette’s home. She realizes, when Tia calls to her, that her place was in Jamaica all along. Many people wanted Antoinette’s family gone, Coulibri was burned, and yet, in Jamaica, Antoinette had a home. Her identity was ripped away from her by the move to England and especially by Rochester, who, for a time, has been calling her â€Å"Bertha,† a made up name. Each of the dreams in Wide Sargasso Sea has an important significance to the development of the book and the development of Antoinette as a character. The first dream displays her innocence to the reader while awakening Antoinette to the fact that there is real danger ahead. In the second dream, Antoinette foreshadows her own marriage to Rochester and her removal from the Caribbean, where she is no longer sure she belongs. Finally, in the third dream, Antoinette is given back her sense of identity. This last dream provides Antoinette with a course of action for breaking free of her subjugation as Bertha Mason while also foreshadowing to the reader events to come in Jane Eyre.

Lighter-Than-Air Craft History

Lighter-Than-Air Craft History The history of lighter-than-air flight began with the first hot-air balloon built in 1783 by Joseph and Etienne Montgolfier in France. Immediately after the first flight - well, float might be more accurate - engineers and inventors worked toward perfecting a lighter-than-air craft. Although inventors were able to make many advancements, the biggest challenge was to find a way to successfully steer the craft. Inventors conceived numerous ideas - some seemingly reasonable, like adding oars or sails, others a little far-fetched, like harnessing teams of vultures. The problem wasnt solved until 1886 when Gottlieb Daimler created a light-weight gasoline engine. Thus, by the time of the American Civil War (1861-1865), the lighter-than-air crafts were still unsteerable. However, they quickly proved to be an invaluable military asset. In a tethered balloon several hundred feet in the air, a military scout could survey the battlefield or reconnoiter an enemys position. Contributions of Count Zeppelin In 1863, 25-year-old Count Ferdinand von Zeppelin was on a years leave from the Wurttemberg (Germany) army to observe the American Civil War. On August 19, 1863, Count Zeppelin had his first lighter-than-air experience. Yet it wasnt until his forced retirement from the military in 1890 at age 52 that Count Zeppelin began to design and build his own lighter-than-air crafts. While Daimlers 1886 lightweight gasoline engine had inspired many new inventors to attempt a sturdy lighter-than-air craft, Count Zeppelins crafts were different because of their rigid structure. Count Zeppelin, partly using notes he had recorded in 1874 and partly implementing new design elements, created his first lighter-than-air craft, the Luftschiff Zeppelin One (LZ 1). The LZ 1 was 416-feet-long, made of a frame of aluminum (a lightweight metal not commercially produced until 1886), and powered by two 16-horsepower Daimler engines. In July 1900, the LZ 1 flew for 18 minutes but was forced to land because of some technical problems. Watching the second attempt of the LZ 1 in October 1900 was an unimpressed Dr. Hugo Eckener who was covering the event for the newspaper, the Frankfurter Zeitung. Eckener soon met Count Zeppelin and over several years cultivated a lasting friendship. Little did Eckener know at this time that he would soon command the first lighter-than-air ship to fly around the world as well as become famous for popularizing airship travel. Count Zeppelin made some technical changes to the design of LZ 1, implementing them in the construction of LZ 2 (first flown in 1905), which was soon followed by LZ 3 (1906), and then followed by LZ 4 (1908). The continued success of his lighter-than-air craft changed Count Zeppelins image from the foolish count his contemporaries had called him in the 1890s to a man whose name became synonymous with lighter-than-air crafts. Though Count Zeppelin had been inspired to create lighter-than-air crafts for military purposes, he was forced to concede the advantage of paying civilian passengers (World War I again changed the zeppelins into military machines). As early as 1909, Count Zeppelin founded the German Airship Transport Company (Deutsche Luftschiffahrts-Aktien-Gesellschaft DELAG). Between 1911 and 1914, DELAG carried 34,028 passengers. Considering that Count Zeppelins first lighter-than-air craft had flown in 1900, air travel had quickly become popular.

Finance Growth Essay Example | Topics and Well Written Essays - 2500 words

Finance Growth - Essay Example Such decisions consist of allocation of the resources of the firms with carefully laid out plans to recoup the initial investment as well as adequate returns in the form of cash flows or other benefits that are expected to be generated during the economic life of the asset or investment. It is hard to reverse such capital budgeting decisions without severely disturbing an organization economically or in any other manner. Therefore it becomes critically important for any firm to make its capital budgeting decisions after a systematic and careful analysis of all associated risks and issues. But it must be noted that the capital budgeting decisions are many sided analysis. The process of this analysis involves estimation and forecasting of the current and future cash flows and the economic evaluation of alternative projects on hand. "Since in reality the cash flow estimations take place in a non-deterministic environment, full of complex interplay of conflicting forces, an exact descrip tion about cash flows is virtually impossible"(Chandra Prakash Gupta). Therefore it becomes important that the firm attempts to develop procedures and techniques that help the firm to make a meaningful analysis and evaluation of all the alternatives available in its hands before any decision is taken to invest money in any of the projects. This also makes the decisions of capital budgeting risky and difficult to retrieve. Capital budgeting is primarily concerned with fairly large investments in long-term assets. The assets may be tangible like property, plan, and equipment or intangible like new technology, patents, or trademarks. Irrespective of the nature of the assets, the capital expenditures have two characters; one is that they are meant to be a long term investment and secondly their benefits or cash flows are expected to be spread over many years. These characteristic features make the capital expenditure decisions very important for a firm. The capital expenditure decisions since have a considerable impact on the organization's future cash flows there is a considerable

Journal of Korean film Bedevilled (2010) Essay Example | Topics and Well Written Essays - 500 words

Journal of Korean film Bedevilled (2010) - Essay Example Cruelty of people, gendered violence, city and rural ways of being is remained to be the central problems that are involved into the film. It is possible to highlight two basic figures in the film that develop a plot and action. These are considered to be women those names are Hae-won and Pong-nam (Cho, 139-140). They have different characters and different faiths, but they both are presupposed to cruelty to some extent. The first one is represented as a cold lady with a severe and even brutal character. She works in a bank, lives in a big city, but is tired from all of this. She is used to behave impertinent and rude with all people around her. The moment that she becomes a witness of a crime and does nothing for the help of unfortunate woman proves the indifference and cruelty of her soul. Even when Hae-won’s old friend asks for the help she refuses despite the fact that she has been willing to provide it. The second woman represents the images of victim and murderer. This woman lives in a rural landscape and suffers from sexploitation and other bullying from people around her. Moreover, that is considered to be her husband, brothers and old women. Her soul is full of pain and infliction. Still, the patience of Pong-nam comes to an end when she loses her daughter and gets a refusal to save her from this hell. Since this moment Pong-nam becomes a murder. The thirst for revenge seizes this woman and she starts to requite for all pain that has been inflicted to her. In addition, it is relevant to admit the contrast between the settings that are represented in the film. The plot of â€Å"Bedevilled† develops in a huge city Seoul and rural place Moodo. Through these images it is possible to parallel civilized society and uncivilized one. City is viewed as a place where people can earn a lot of money and live better, while countryside is represented as a terrible and awful