Drinking Coffee Elsewhere

Drinking Coffee Elsewhere is a very interesting story that brings up a number of thought-provoking issues in a relatively short format. Among these are questions of race, identity, and stereotyping. The narrator of the story is a young woman named Dina who feels lonely and confused in her new surroundings. As a poor, African American female at Yale (which the narrator portrays as a rich, male, and subtlety racist institution) she has difficulty adapting to the expectations of the university. From the very beginning, her differences set her apart from her classmates, until, from her point of view, she becomes a pariah, invisible and despised by the community. Of course, one must view these complaints with some skepticism. The narrator deliberately isolates herself with off-hand comments and antisocial behavior. She seems to take pride in her jarring attitude toward authority and friendliness. Only on rare occasions do we see her treated poorly by the other characters. While her behavior is rude and obnoxious, they seem to be welcoming and sincere in their attempts to reconcile her depression. It soon becomes apparent that Dina finds comfort in her intentional isolation. She takes some satisfaction from stereotyping others unfairly and irrationally, since stereotypes provide a simple and lazy detour around human interaction. The narrator in Drinking Coffee Elsewhere has many problems with communication that prevent her from forming healthy relationships. During her sessions with the school psychiatrist, his probing questions provide a window into some of the difficulties she has. One of his most insightful statements is that Dina’s constant deceptions and dismissals have accustomed her to an offensive reaction. Whenever someone asks her a question her response belittles and mystifies them. Because she has set herself up for this attitude it is a natural custom. For example, in the first few pages, during an exercise designed for incoming freshman, the students choose an object they would like to be. The game inspires creativity and helps the freshmen get to know each other. Dina, disgusted by her classmate’s insipid choices, states that she would be a revolver. This response, obviously meant to shock and discomfort her peers, earns Dina her psychiatric evaluations. Many other examples occur throughout the story. In a meeting with the psychiatrist, the doctor asks Dina about her sexual history. This question create tension in different ways, such as sexuality, class, relationships, and shame. Typically, Dina invents a ridiculous story about losing her virginity spontaneously and foolishly. Because of her stereotyping attitude, Dina assumes that the white, male doctor would expect her, a poor, black girl, to do these sorts of things. She derails what could have been an important and intriguing discussion of Dina’s insecurities into what she thinks the doctor expects. Later, he calls this attitude her survival mechanism of a â€Å"black living in a white world. † It’s an interesting assertion, if not entirely fair to the people of all races who succeed without such pointless and insulting tactics. Ultimately, Drinking Coffee Elsewhere is a story of regret. At the end of the tale, Dina gives a heartfelt reminiscence of her college days, now long past, and the opportunities she missed and friendships she broke. One person in particular, Heidi, could have been a close and important friend. Instead, Dina’s harsh and unpleasant demeanor severed a deep connection. In fact, Dina’s quick and thoughtless speaking leads her to belittle the death of Heidi’s mother. This error draws attention to Dr. Raeburn’s original warning: that Dina’s tendency to speak nonsense would become an unfortunate habit. The warning applies to the reader as well, encouraging us to speak thoughtfully and honestly in all human interactions.

Safety Regulations in the Petroleum Industry

It is common knowledge that petroleum and petroleum gas (LPG) are good sources of energy. Imagine that petroleum did not exist. This simply means that all the technology that has been developed around petroleum will not be there. To say the least, development in the energy sector has been greatly enabled by petroleum. As fears of future deficit of petrol continue to be entertained by the superpowers, there has been an effort to shift the focus from petroleum to other sources of energy such as solar, hydro electricity, safe nuclear power, bio oil among other alternative sources of energy. Despite the fact that petroleum is a very useful source of energy, it is also a very dangerous, volatile and flammable liquid or gas that can rein havoc if mishandled. Based on its volatile and inflammable nature, there is every need to uphold a high degree of safety measures so as to prevent explosion and fire disasters. The petroleum industry has a number of safety regulations often set by the government that need to be observed. Any organization that handles petroleum oil and gas can only be certified and allowed to operate after satisfying the safety regulations that are specified by the government. The difference of these safety regulations throughout all countries is minimal because after all the petroleum oil and gas is the same. The safety regulations govern every activity in the petroleum industry ranging from drilling, refining, transportation (either through road, ship, air, rail or pipeline), packaging (especially for gas) to safety at the premises in which some of the activities take place. This paper seeks to explain a number of health and safety precautions and regulations that need to be adhered to by every actor in the petroleum industry (Williamson, 1979). Taking US as our working example, we witness tight safety regulations governing the petroleum industry. These regulations are created and enforced by the Occupational Safety and Health Administration (OSHA). OSHA is an agency in the US labor department which was created by congress under the legislation of the Occupational Health and Safety Act (OSH Act) to set safety standards that will guarantee that workers do not suffer from any kind of work related deaths, injuries or even illnesses. The OSHA agency is aided, in the release of occupational health and safety standards, by the National Institute for Occupational Safety and Health (NIOSH) whose main function is to conduct research into the areas that pose safety and heath threats to the worker in the petroleum industry. Unlike OSHA, NIOSH does not lie under the US department of labor. Some of these safety standards are explained in the following paragraphs (Joseph, 2006). The regulations governing occupational health and safety are industry specific those that apply to the petroleum industry are based on the fact that petroleum is flammable, inhalation of petroleum vapor is dangerous and harmful to health and for those who drill, exposure to natural gas can trigger cancer and the natural gas is poisonous. The first regulation is base on the Permissible Exposure Limits (PEL). This is specifically important because exposure to petroleum vapor is harmful. However, it should be noted that the effects of the exposure depend on the concentration of the vapor and the amount of time one is in exposure. Inhalation of petroleum vapors can cause nervous effects such as dizziness, headache and even nausea. It can also cause respiratory irritation. Chronic exposure affects the blood, kidney and the nervous system. Very high exposure can lead to coma and death. Gasoline contains benzene which is a human carcinogen and thus the petroleum products that come to contact with the skin may be absorbed and eventually may cause skin cancer and myeloid leukemia. Based on these health risks, OSHA released a PEL regulations that specifies the amount of petroleum vapor that petroleum industry workers (especially those working in petroleum refineries) are supposed to be exposed to. Benzene-containing gasoline requires an 8 hour 1ppm with a maximum of 5ppm short term exposure. The other hydrocarbons also have their specific exposure limits. The limits are not supposed to be exceeded to avoid health hazards (National Safety Council, 1990). OSHA Personal Protection Equipment (PPE) regulations in the petroleum industry require a number of protective equipment. Some of this protective equipment includes the use of goggles, face shields and safety glasses to protect the eye and the face from metal or wood flying objects, dangerous light or even chemicals. The Fall Protection regulation requires that those working in excavation sites such as petroleum drillers and those laying petroleum tankers and pipelines need to be protected against fall by use of guard rails, personal fall systems and safety nets that will protect the workers in an event that they fall. Foot & hand and arm protection is also encouraged through the use of metatarsal guards, special shoes with anti puncture soles and toe shields and gloves ranging from heavy metal to soft cotton gloves respectively. The head, respiratory and other parts of the body are also protected. Each part of the body requires specific protective equipment against a specific hazardous stimulus. Respirators are also part of the OSHA regulations (Olishifski, 1999). According to OSHA 1910:134, the employers in the petroleum industry are supposed to provide respirators to the workers to protect them inhaling excessive petroleum vapor which is harmful to their health. This regulation calls for special kind of air purifying or air supplying respirators depending on the exposure situation. In this way, the worker is protected from vapor in excess of the OSHA PEL. Those working in enclosed premises processing, mining or handling petroleum should either be supplies with respirators or ventilation of the premises should be maintained at the OSHA regulations. All this is in a bid to maintain the concentration of petroleum vapor in air within the OSHA PEL brackets (Roughton, 2002) When handling the flammable or combustible liquids, OSHA proposes a number of guidelines that must be adhered to prevent fire and explosions. To avoid fire, there is need to prevent accumulation of petroleum in the air in such vapor-air mixture concentration that exceeds one quarter of the least flammable limit. This is achieved by encouraging ample ventilation to avoid this vapor accumulation. Explosions on the other hand are likely to occur due to pressure building in tanks holding the flammable or combustible liquid. For this reason, tanks are to be built of heat resistant steel, corrosion resistant steel or if built of any material should be built based on sound engineering designs as per the principles governing the material used. The tanks should also be vented to prevent any possible development of a vacuum or pressure which can lead to explosions (Penton/IPC, 1984) The handling of LPG requires that it be odorized so as to enable detect its presence in air to a concentration that exceeds one fifth of the lower flammable limit. The odor should be distinct and easy to detect. However, odorizing is not necessary if it proves harmful if the LPG shall be used for further processing. Odorizing is necessary to prevent fires incase of a leakage from cylinders and pressure tanks used to hold the gas (because LPG is highly volatile and flammable) because one is able to detect it early and thus take remedial measures. Regarding the cylinders that hold the LPG, one is not allowed to carry out any welding on the shell, head or any section of the pressure container. This is to prevent possibility of explosion of the container due to welding. Further, any fittings shutoff valves and any accessories fitted to the LPG pressure container should meet the 250 p. s. i. g pressure specifications. The shutoff valve should not be made of cast iron because of its less resistance to fire and heat. Incase of heat or fire, the valve is likely to expand or open leading to a leakage and hence fire or explosion. All these specifications are for safety purposes to avoid possible leakage from the pressure containers holding LPG. Areas with high temperatures require lower vapor pressure LPG in a high pressure container so as to prevent the opening up of safety valves as a result of the high temperatures. The OSHA regulations governing the petroleum industry are very diverse and go down to greater finer details. Despite all that the bottom line is the fact that these regulations were set to protect the workers and even the consumers of products originating from the petroleum industry. If these safety and health regulations are followed to the letter, it will lead to a high degree of safety in the petroleum industry. As said earlier, petroleum is a very important component in the energy sector development but posses a great danger to health and property if no handled with care (Olishifski, 1999). Any organization under the petroleum industry needs to adhere to these rules to avert any possible disaster that can result if the regulations were not adhered to. However stiff the regulations may be, for safety purposes, they need to be followed. The OSHA’s regulations have often been criticized by the petroleum industry players for lacking practicability. The department of labor under which the OSHA agency exists should set out modalities of working closely with the industry’s stakeholders to encourage a health and safety culture among the key players in the industry. If the regulations seem to be expensive and the specifications too much specific, then OSHA has no alternative than to liaise with engineers and some other professionals so as to supply the equipment and services which are compliant with the safety and health specifications to the ministry players.

Brida by Paulo Coelho Evaluation

1. ABSENTATION: As an introduction of the lead character, Brida came to the mountain in search for the Magus. There, she asked him to be his teacher. He then approved of it and made her sit down at the top of the mountain and leave her there to test whether she can overcome her fears. 2. INTERDICTION: Upon her search for the Magus, she traveled for over 90 miles, when she came to the village and asked the people, they warned her that the Magus had already tried to seduce one of the village girls. 3. VIOLATION of INTERDICTION: Though having been warned by the village people, Brida still continued on her journey to find Magus.She is eager to learn magic. 4. RECONNAISSANCE: She went in search for the Magus. 5. DELIVERY: Brida found out that he is a Teacher of the Tradition of the Sun, and that there are two traditions, the Tradition of the Sun and the Tradition of the Moon. When one masters a tradition, he/she shall teach the other tradition. And in order to learn, one must be completel y honest. 6. TRICKERY: It is Brida’s mind playing tricks on her, it is her mind that makes her imagine things, hindering her from going into the bridge and seeing the invisible world. Her mind is preventing her from completing the Magus’ first lesson. 7.COMPLICITY: Since Brida had courses in schools, she is having a hard time trying to let go. She limits herself to what she knew from school, that’s why she had a hard time doing her tasks. 8. VILLAINY or LACK: Brida is the protagonist and at the same time, antagonist of this story. When she went to Wicca, a Teacher of the Tradition of the Moon, what she learned in school about tarot cards was given confusion. Wicca’s ways was far different from what she was taught. When Wicca told her to spend an hour of her choosing to lay down the tarot cards and just let them show her what she needs to know at the moment, she was at irst, excited. But when she noticed that it was only her imagination working and not mag ic. She doesn’t know now which to trust, Wicca’s words or the lessons in school. She was torn. 9. MEDIATION: Brida, now going against all her normal habits, decides to smoke cigarette before breakfast. She has given up with her tarot card reading. She felt crying after each time she does the reading. She felt vulnerable and alone and had a sense that a great opportunity is slipping through her fingers. She thinks she had failed. 10. BEGINNING COUNTER-ACTION: Brida phoned Wicca, telling her that she can’t come to her next appointment.She doesn’t know that Wicca already know that. Wicca used the phone call to make Brida spread the Tarot cards. The Tarot cards revealed themselves to Brida. 11. DEPARTURE: Brida came to Wicca, to go into the bridge and see the invisible world. 12. FIRST FUNCTION OF THE DONOR: Wicca made her close her eyes, imagine things, made her enter a library in which she found a book. She then found out that in her past life, she was a so ldier’s wife, Loni. And those voices have been with her since she was born. 13. HERO'S REACTION: Brida then forced herself to work, to avoid thinking, to avoid her thoughts about the Magus and Wicca, of her past life.She wanted to escape. 14. RECEIPT OF A MAGICAL AGENT: After her time travel into her past life, she now accepts that she may be or can be a witch, like what Wicca told her. She had accepted that the power is within her all along; she only had to let it out, to embrace it. Like what her past lives had done. 15. GUIDANCE: Brida’s boyfriend, Lerons, even if he really can’t believe what Brida was saying is possible; he still thinks it is true. He even compared Brida’s story with the composition of an atom, telling her that even scientists have encountered situations like such. 16.STRUGGLE: Brida was fighting her true calling, to be a witch. She has a fear of committing herself. Though her travel to her past life showed her who she really was and knew that it comes to her naturally, it also brought upon her the fear of committing herself to such beliefs. 17. BRANDING: Brida, is now wearing, though it was invisible, one of the Four Rings of Revelation, the Witch. 18. VICTORY: Brida now is able to walk into the bridge. She has resolved the tricks her mind played on her. She have been writing down all that Wicca taught her in the book of shadows. She also had found her Soulmate, the Magus. 19.LIQUIDATION: Magus showed her the way into the Two Traditions, the Tradition of the Sun and the Tradition of the Moon. He showed Brida how grateful he is that he found Brida and that Brida had recognized him as her Soulmate. They traveled through space and time. Brida saw meadows full of flowers, animals she had inly read in books, mysterious castles and cities that seemed to float on clouds of light. 20. RETURN: Brida didn’t know whether to feel disappointed or relieved, but they have to part. They just confessed their love for eac h other. It was hard to leave your soulmate once you’d found them. Brida went back to Dublin.

Jay Greenberg Essay Example | Topics and Well Written Essays - 250 words

Jay Greenberg - Essay Example The musical prodigy was discovered in 2004 during a CBS 60 minute news segment and from there he grew into a professional and sought after composer. His first CD was released in 2006 by Sony Classical which featured the Symphony #5 and Quintet for Strings performed by the London Symphony Orchestra as well as the Juilliard String Quartet with Darrett Adkins respectively (â€Å"Jay Greenberg†). Some of Jay’s most famous works have been the Violin Concerto produced in 2007, the Four Scenes in 2008 with a double string quartet, and Concerto for Piano Trio and Orchestra. His beautiful works have been publicly performed both nationally and internationally by such renowned orchestras as the Pittsburgh Symphony, the New Haven Symphony Orchestra, the Minnesota Orchestra and the Orchestra of St. Luke's (â€Å"Jay Greenberg†). In 2009 Jay’s work was even commissioned and premiered at Carnegie Hall for the youth orchestras, Skyline Dances (â€Å"Jay Greenberg†) . Jay produces most of his brilliant work on a computer using notation programs and feels that he hears the music taking shape inside his head. There is no doubt that this young and gifted composer will go a long way. Works Cited â€Å"Jay Greenberg.† schirmer.com. G. Schirmer Inc., Mach, 2011. Web. 26 Apr. 2011

Recovery Hydrogen sulphide from Oil Refinery an enviroeconomic study Essay

Recovery Hydrogen sulphide from Oil Refinery an enviroeconomic study - Essay Example Additionally, the iron sulfide can cause upsets in treating systems and plugging in disposal wells. Aside from its corrosive nature, H2S is also a very toxic and very flammable gas. At low levels, H2S has a "rotten egg" smell. At levels of 100 ppm, H2S will paralyze the olfactory system, making it appear odorless. At levels above 700 ppm, H2S can kill instantly. To add to the threat this creates, H2S is heavier than air, allowing it to creep along the surface where it becomes a potentially life threatening, explosive hazard. Therefore it is extremely important to extract this compound from refineries for safety of humans and expensive machinery. However, Hydrogen Sulphide also has some significant uses. The most important industrial use of hydrogen sulfide is as a source of about 25% of the world production of elemental sulphur. The manufacturing process is based on burning about 1/3 of hydrogen sulfide to sulphur dioxide, then letting the resulting SO2 react with H2S. Other uses are in metallurgy for the preparation of metallic sulfides. It also finds use in preparation of phosphors and oil additives, in separation of metals, removal of metallic impurities, and in organic chemical synthesis. Hydrogen sulfide is also used in nuclear engineering, in the Girdler Sulfide process of manufacturing heavy water. The primary source of H2S is the Desulfovibrio sulfide reducing bacteria (SRB). SRBs reduce naturally occurring sulfate found in oilfield waters to hydrogen sulfide, which in turn reacts with iron to form iron sulfide. They are especially efficient in low-oxygen environments, such as in swamps and standing waters. Some other anaerobic bacteria liberate hydrogen sulfide when they digest sulfur-containing amino acids. Hydrogen Sulphide can be created anywhere where sulphur comes in contact with organic material at high temperatures. Processes for Hydrogen Sulphide recovery The most obvious method to avoid creation of Hydrogen Sulphide is to eliminate the sulphate from water prior to its injection. This can be done by using a nanofiltration membrane which removes all particles greater than one one-thousands of a micron resulting in high quality injection water free of silica and bacterial materials thereby insuring continued injection rates reflective of initial reservoir conditions.This process is very cost effective because it reduces the cost related to sour gas and oil treatment or dedicated "sour safe" pipelines and allows use of less costly metallurgy for the operation due to reduced stress cracking and corrosion. It also reduces the potential for necessary addition equipment on a platform with limited space and weight capacities. Another method for removing Hydrogen Sulphide is by caustic washing. Caustic treating (sweetening) removes all the hydrogen sulphide and convert most of the mercaptans to disulphides. Chlorine is also used to control odor and for H2S control. Continuous chlorination is a widely used and effective method for oxidizing hydrogen sulfide, especially if the water pH is 6.0-8.0. Chlorine is usually administered as sodium hypochlorite, which reacts with sulfide, hydrogen sulfide, and bisulfates to form compounds that do not cause foul taste or odors. Other oxidizing agents besides chlorine can be added to the water to oxidize H2S. These include hydrogen peroxide, potassium

The World of Finance Essay Example | Topics and Well Written Essays - 750 words

The World of Finance - Essay Example Both Amex and NASDAQ are similar since both the companies are based on the stock market. Both handle major clients and many different exchanges. Both also deal with the buying and selling of stocks. Each is widely known and capitalizes on their investors. There are some differences in the operations of two companies. NASDAQ is more of a corporate's corporation. It handles mostly technological clients and uses technology to electronically handle everything. Amex on the other hand, likes to be more personalize and does not handle everything electronically. Amex uses floor exchanged and is thought to be slower in handling things. NASDAQ is extremely competitive and continues to try to find way to better its company. In September 2002, New York State Attorney General Eliot Spitzer sued five corporate executives (former WorldCom chief executive Bernard Ebbers, Qwest chairman Philip Anschutz, former Qwest CEO Joseph P. Nacchio, Metromedia Fiber chairman Stephen Garofalo and former McLeod CEO Clark McLeod) for repayment of funds garnered through profiteering in Initial Public Offerings (IPOs) and phony stock ratings given by Salomon Smith Barney in return for investment banking business. In January 2003, Spitzer reached a "global" settlement with top Wall Street firms. They pledged to pay $1.4 billion to settle federal and state charges. Bernard Ebbers was head of WorldCom. WorldCom had merged with one of the biggest technological companies MCI in April, 2003. This was one of the biggest technological mergers. This merger had broken up monopolies such as AT&T that had dominated the telephone industry. But after the scandal WorldCom was changed. The company filed for bankruptcy. For a time, WorldCom (WCOM) was the United States' second largest long distance phone company. (Liqi, 2006). PART - II Economic Functions of Financial Intermediaries Financial intermediaries are involved in performing very important economic function of channelizing the excess funds that depositors have, towards satisfying the fund requirements of the borrowers. Financial intermediaries aggregate small amounts of funds into big pools, then invest it in a diverse portfolio of primary securities to achieve more efficient diversification of risk than an individual investor. In this way, financial intermediaries are able to use savings that would otherwise not have been available to produce economic activity. Brokers' Roles in Financial Markets Brokers perform very important function in financial markets. They obtain relevant information that is required by the clients to make informed investment decision. This information ranges from market conditions to government regulations. In addition, brokers carry out clients' portfolio investment planning and provide guidance to the clients about most optimal investment decisions. Brokers have high level of control of a financial market. However, the advent of internet has brought about changes in the way businesses are conducted. The financial markets are no exception. NASDAQ makes use of the internet to provide value added information to the clients. The investment

International economics Essay Example | Topics and Well Written Essays - 250 words

International economics - Essay Example The main advantage of this system was the elimination of the costs of converting currencies and exchange rates uncertainties. This system also brought with it increased transparency, efficiency, and inward investment. Among the disadvantages was the one size fits all policy. When one country was doing badly and the rest were booming economically, the central bank might be interested in increasing the interest rates, this would make the situation worse for the country experiencing a recession. Also some countries may be reluctant to improve their economy with the hope that countries doing well would bail them out. Portugal, Greece and Spain have been the poor performers of the Eurozone. These countries have shown the disadvantages of having a fixed currency regime. Ever since these nations adopted the Euro, they have been unable to implement the required measures for independent monetary policy in order to mitigate the effects of an economic downfall in the Eurozone. European Union leaders have been giving stabilization packages to bail out these countries and maintain stability in the Eurozone but these countries are still lagging behind. Despite the many advantages a fixed currency regime has to offer, Portugal Greece and Spain prove

How my parent motivate me to study Essay Example | Topics and Well Written Essays - 250 words

How my parent motivate me to study - Essay Example [My parents provide me with insights on how to improve in my studies by talking to me and asking me my experiences in various subjects.] [The information I give to them helps them to create solutions on how to strengthen my weak areas and improve in my studies.] [My parents also provide me with the tips necessary for studying especially using their experiences while they were in school.] [Despite being discouraged after failing to meet my study objectives,] [my parents comfort me and help me set new targets that were not only achievable,] [but targets that are also realistic.] [Although it is the responsibility of all parents to meet the needs of their children,] [it is evident that not all parents meet the needs of their students.] [However, my parents ensure that all my needs at home and in school are catered for, which makes my school life easy and motivate me to

Broadcast and Film Business Plan Assignment Example | Topics and Well Written Essays - 1000 words

Broadcast and Film Business Plan - Assignment Example In this situation, I have been chosen to shoot a documentary which will basically consist of 4 interviews in 4 locations. Each of the interviews will last for 5-10 minutes so keeping that in mind, I have designed the budget accordingly. Yet later enhancements in Polaroid picture quality have limited the hole between the semi-professional Polaroid taking a toll  £4,500 and the show Polaroid fetching  £40,000. Thusly, consummately satisfactory presentations could be made with the shabbier supplies at a part of the past expense. However, in any case, you need to utilize talented experts to get great comes about so this may not be the right decision unless you are taking a shot at a quite little plan. A few shots will oblige unique areas, huge lighting apparatuses, Polaroid cranes and extra processing staff. Often the maker will twofold as the executive. Computerized supplies are much more generally accessible than customary 16mm and 35mm film Polaroids and there is an extensive number of nearby organizations that possess Polaroids that might be contracted – in some cases even obtained – by parts of general society. Guide into your neighborhood filmmaking group and you may be stunned by what is accessible for a quite ease and now and again actually for nothing. There's a heap of diverse Polaroids accessible, contingent upon which organize you are shooting. Furthermore the fundamental Polaroid, you may require a set of lenses, a zoom, a head, a tripod, and assuming that you are shooting ready for playback, possibly a movie help (permitting you to see what you have barely shot, as film necessities to be handled before it could be view

Should People Be Able To Vote Online Essay Example | Topics and Well Written Essays - 500 words

Should People Be Able To Vote Online - Essay Example the main reason due to which promoters of online voting are favoring the system is that they believe that such a voting system will increase the participation of the youth which forms the majority of the population throughout the world and are even the majority in the case of internet users. Online voting may increase the participation of the youth but may result in a digital divide. This means that only those individuals will be able to case votes online that have access to internet while those who do not have access to this resource will be left behind. Due to this the outcome of the elections will be favoring a few and will become a disadvantage for others. According to Cavanagh, during the period of 2003 a total of only 30% of those individuals who belonged to families earning less than $25k per year had internet access, while more than 90% of those who belonged to families that earned more than $100k had internet access (Cavanagh, 2007, p.65). This means that online voting will benefit only those who belong to higher income earning families. Another reason due to which people are in favor of internet voting is that it is inexpensive as it does not require the government to print ballot papers and hire individuals for the voting process. Government might be able to save money by implementing online voting but at the same time government expenditure will rise as the government will have to spend money on first developing such a system, they will have to spend money on educating people about the system and helping them understand the system. Chapman states that educating the public about the electronic voting system will alone cost  £9million (Chapman, 2011). This is just the cost of educating people, there are various other monetary costs associated with creating and adopting online voting system. The third reason for supporting online voting system is that it will provide accurate results. it can never be appropriate to suggest that online voting system will

Theoretical Analysis of The Cabinet of Dr Caligari Essay

Theoretical Analysis of The Cabinet of Dr Caligari - Essay Example ical Imaginary, the parallels between the enchanting and hypnotizing Caligari and a German authoritarian regime are abundantly clear (Elsasesser, 2004, p. 72). The film seems to equally represent the disturbed German psyche and act as prescient element of the later Nazi regime. This political analytic frame is influenced by Fredric Jameson who criticized structuralism by offering a meta-interpretation of the text. Indeed, the overarching political formulations in this essay will be understood in terms of Jameson’s Political Unconscious (2002) that â€Å"conceives of the political perspective not as some supplementary method, not as an optional auxiliary to other interpretative critical methods current today -- the psychoanalytic or the mythcritical, the stylistic, the mythcritical, the structural -- but rather as the absolute horizon of all reading and all interpretation (p. 17)." Even as Jameson argues for the overarching necessity of interpreting the text through political analysis, this essay also develops a contrasting trajectory for the structural dramatic analysis of The Cabinet of Dr. Caligari (1919). The analysis largely follows the historical ontology established by Keir Elam in Semiotics of Theatre and Drama (1980). In keeping with the Saussurean understanding of the shifting nature of the linguistic sign, when possible the analysis adheres to direct critical source material from the early formulations of the Prague School to contemporary Post-Structural incarnations of the cultural object. In all instances the analysis has attempted to go beyond mere critical examination, and also indicate the practical applications a semiotic understanding of theatre and film holds for a dramatic performance. This essay advances both a political and structural analytic framework in the examination of The Cabinet of Dr. Caligari (1919). While this theories many be seen to contradict each other, the essay argues that examining the film with these corresponding critical

Life and Margaret Atwood Essay Example for Free

Life and Margaret Atwood Essay This quotation was taken from Margaret Atwoods story, Homelanding. This story recounts many aspects of human existence from an outside view, as if it was being told to an alien race. This story tells about human appearance, sex (both difference and the act of), sunbathing, sleeping, death, and many other human functions in a scientific way. This story takes a step away from the normal way of describing these objects. For example, Margaret Atwood talks about eating and describes it by saying I destroy and assimilate certain parts of my surroundings and change them into myself. Most people who have had human contact their whole life consider eating putting food in their mouths, chewing, and swallowing. This quotation at the beginning of the story shows that the author knows that she is writing this for a human audience. She starts this off with the line, Where should I begin? This is more of a conversational style that draws the reader into this as if she was talking directly to the reader. The human reader is supposed to take the role of the alien race. The reader has to take a duality of being both a human and from an alien race who has no knowledge of anything human. The next line restates this with, After all you have never been there; or if you have you may not have understood the significance of what you say or thought you saw. An alien race would never have been to earth, yet the human reader has spent his whole life on earth if never stopping to think of the significance of what he is seeing. The next line is: A window is a window, but there is looking out and looking in. This can be seen in all the number of times that someone sees something in someone else that the person does not see in himself. For example, often a teacher is responsible for helping a student develop a talent that was there but the student did not know that he had it. This story is attempting to do the same and show the reader characteristics that mankind has but do not know it has. In the next line, this is reiterated with the statement, The native you glimpsed, disappearing behind the curtain, or into the bushes, or down the manhole in the mainstreetmy people are shymay have only been your own reflection in the glass. This shows the reader is the reflection in the glass and is seeing a portrait of himself in the story. Storytelling is often used to teach a lesson to the reader or listener. One of the most read examples of this is the Bible. Jesus often spoke in parables to help teach lessons to his listeners. This story attempts to make us take a step away from  ourselves and see ourselves in a different light so we could possibly understand ourselves better.

Impact Of The Collapse Of Pan Electric Industries Finance Essay

Impact Of The Collapse Of Pan Electric Industries Finance Essay Pan-Electric Industries was a Singapore-based company that specialized in marine salvage work and had 71 subsidiary companies, it including hotel and property interests with a market capitalization of S$230 million (Wikipedia). The main business of Pan-Electric Industries was the manufacture of refrigerators. In March 1985, Pan-Electric Industries Ltd had joined Tan Koon Swans business kingdom. Pan-Electric defaulted on S$7.5 million installment for S$75 million syndicated loan by Standard Chartered Bank. It also voluntarily requested Stock Exchange Singapore and Kuala Lumpur Stock Exchange to suspend its shares on 18 November 1985. The reason given is need to revise right issue and restructure financing. Besides, two other Tan Koon Swan related companies, Sigma and Growth Industries Holdings also request and are granted suspension. Consequently, when it announced a rights issue for S$80 million meant to generate more liquidity, it causes the underwriters to look more closely at Pan-Electric Industries financials and fiscal fundamentals. It also discovered that the company was S$453 million in debt from 35 banks, which there is S$283 million is unsecured. The rights issue was then cancelled and a rescue plan to improve Pan-Electrics position proposed. On the other hand, the loan package for Pan-Electric Industries is unveiled; gain the financial assistance from the banks. There are two ways that the company get loan: (1) to be raised S$200 million through the equity and right issues from other investors of the company. (2) Get the interest-free loan of S$40 million from Tan Koon Swan. When the rescue plan falls through, Tan Koon Swan refuses to pump in the S$40 million unless the repayment priority is raised. However, the creditors are refused to do that. Besides, the legal impediment arises. That money from Tan Koon Swan comes from Sigma, which owns more than 20 percent of Pan-Electric and is therefore not allowed to lend it money under the Companies Act. Due to these reasons, Pan-Electric Industries was officially insolvent and was consequently placed in receivership. This was the trigger that started the domino effect of defaults on forward contracts. In the end, the company collapsed due to unsettled forward contracts, and forcing the stock exchanges of both Singapore and Malaysia to shut down for three days during the year of 1985. The collapse of Pan-Electric following its huge debts and incapability to make good on forward contracts precipitated a systemic crisis that threatened the entire then-nascent stock broking industry. At its demise, the company had a total debt of S$480 million, and all its shares held by 5,500 shareholders were found to be worthless overnight. After that, all the receivers were appointed, and the significant decision was to suspend all trading on Stock Exchange Singapore to forestall panic dumping which threatened to wipe hundreds of millions off the exchange. Tan Koon Swans case was the first ever case of stock manipulation in Singapore which went to the extent of shutting down the Stock Exchange Singapore for three days. Because of that, it is representative of the trend of the white-collar crimes becoming gradually more sophisticated and impressive. In the end only one count was proceeded upon against Tan Koon Swan is that abetting Pan-Electrics finance director, Tan Kok Liang, to commit that the criminal breach of trust of about S$145,000 (which belonged to Pan-El) for which Tan Koon Swan was jailed two years and fined S$500,000. The amount embezzled was applied to pay the interest on three million of Grand United Holding (GUH) shares bought by a Pan-Electric subsidiary, Orchard Hotel. The Orchard Hotel purchase the sh ares were in turn a part of the scheme by Tan Koon Swan to artificially boost the GUH share price. However, Tan Koon Swan was spared any market manipulation charges. As a result of the collapse for Pan-Electric Industries Ltd in December 1985, the key people in the company such as Peter Tham, Tan Kok Liang, and Tan Koon Swan were prosecuted and given varying jail sentences. The collapse of the company shook public confidence in the Stock Exchange Singapore, causing prices of stocks to plunge. -Stock Exchange Singapore had closed trading for three days. The collapse of Pan-Electric Industries Ltd, though incorporated in Singapore, led to the unprecedented closure of both the Singapore Stock Exchanges in December 1985 for three days from 2 December until 4 December. This is due to the failure of a large public company, Pan-Electric Industries Ltd. Since that, the prices of property fell by over 30 percent. The combination of tight liquidity, low inflation and a sharp decline in share and property prices exposed to the financial over-commitments of many entrepreneurs. Moreover, the court issues an order that Pan-Electric Industries has been put into liquidation and accounting firm believed that it had also been dismissed as the conglomerates provisional liquidators. The Pan-Electric along with its 71 subsidiaries had owes about US$168 million to more than 30 banks. Besides, Pan-Electric subsidiaries that cannot be sold as going concerns will be liquidated later but the larger properties, such as the Orchard Hotel in Singapore, and Selco Marine, a salvage operation, had attracted some potential buyers. Creditor banks suspended talks to rescue Pan-Electric soon after Tan Koon Swan, a major Pan-Electric shareholder, also a Malaysian businessman and political leader was arrested as a result of Government investigations into the financial dealings of Pan-Electric. In December 1985, when Pan-Electric went into receivership after failing to meet US$187 million in debt payments, the Singapore and Kuala Lumpur stock exchanges were forced to close for three days. It was a series of inter-linkages which dragged six brokerages to the demise together with Pan-Electric and caused a crisis of confidence that caused the stocks markets to plunge when the Singapore Stocks Exchange re-opened in December 1985 after 3 days of closure. In the local context, it is a day that known as Black Thursday. In addition, it created a movement for stricter regulation of the Singapore Stocks Exchange by Monetary Authority of Singapore. After that, the market had transformed from a self-regulated entity to a tightly-regulated one, in particular with regard to brokerage capital requirements, gearing and margin limits, as well as reserve fund requirements. Because of that, this has since loosened to a disclosure-based regime, where the obligation is on the individual investor to exercise caveat emptor. During the closure of the stock exchange, the Association of Banks and the Stock Exchange of Singapore held some emergency meetings as the affair cast further gloom on the economy, they already forecast to shrink by 2 percent during that year. Besides, there are many comments about the effect of the market to the public and the actions will take by the government. The Singapore Stock Exchange Chairman Ong Tjin An declared that the decision was taken to cool off the market and the public to digest the news of the receivers being appointed at Pan-Electric Industries. There are no details were immediately available, however, some stockbrokers thought that the stock exchange was running out a new plan to strengthen the deficiently shaken local securities industries while banks sought to minimize losses and tighten the credit lines. Furthermore, the financial daily Business Times said that no matter what is the next incident in the Pan-Electric crisis brings, Singapores reputation as a fi nancial capital had suffered as a consequence of this debacle, the gravest in the republics financial history. However, the Stock Exchange of Singapore and the Kuala Lumpur Stock Exchange did not indicate when they would allow trading to resume, but stockbrokers expected the suspension just will last up to a week. Yet, a senior bank official said: Once you close, there is never a good time to open. Share prices are definitely going to slide. A prolonged closure will worsen market sentiment. In other way, those stockbrokers generally welcomed the suspension in both exchanges, which they believed prevented panic selling and a possible collapse of the stock market. The Stock Exchange of Singapore and the Kuala Lumpur Stock Exchange work closely because most of the shares are quoted on both exchanges. When the trading was resumed on 5 December 1985, all the share deals had to be conducted on an immediate delivery basis. This means that all the payment had to be made within 24 hours of a trade. Trading on a settlement basis (payment within a month) was suspended indefinitely, while forward trading (payment more than a month later) was completely banned. This settlement period was subsequently changed to T+5 on 6 January 1986, after some overseas clients complained about difficulties in fulfilling the 24-hour delivery rule. At the moment, the settlement cycle is on a T+3 days basis, where all share deals have to be settled three days after the transaction has been entered into. As a result of the shorter settlement timeframe, there is less uncertainty. -Economy of Singapore. The stock market prices of Singapore to plunge. Furthermore, the economy of Singapore seriously gets influence by the Pan-Electric collapse during the year 1985. This is because Singapore was the third most important financial centre in the Asia after Tokyo and Hong Kong by the mid-1980s. In the financial sector, Singapore have sustained double digit growth over the past few decades, accounted for some 23 percent of Gross Domestic Product (GDP) and employed about 9 percent of the labor force. However, the growth in the financial sector slowed to just 2.6 percent and Singapore Stock Exchange had suffered a Pan-Electric crisis which forced to close for three days in the December. Due to the major crisis in the year 1985, this had troubled domestic economy and there are some people worried that Singapores future as a financial centre looked a bit problematic. Besides, the market underwent a major, prolonged reorganization following the collapse of a Singaporean company, Pan Electric Industries which revealed a massive web of forward share dealings based on borrowed money. The collapse resulted in a tighter regulation of the financial futures market and the securities industry. In addition, the Singapore Stock Exchange Chairman Ong Tjin An said to cool off the market and for the public to digest the news that Pan-Electric Industries had fallen into receivership. The S$230 million Singapore-based conglomerate had collapsed because a complex web of forward contracts involving its shares could not be unwound. The Pan-Electric debacle hurt Singapores reputation as a financial centre. When the Pan-El crisis hit, the Straits Times Index (STI) was already deep in a downward spiral of a bear market that dated back more than two years to May 1983. Because of that, there are a few companies have collapsed and the arrests have started in the wake of the Singapores Black Thursday stock market crash. The economic fallout and political repercussions are expected to last for months as authorities try to untangle a complex maze of transactions that involving banks, stock exchanges, brokerages and speculators in the shares of listed companies in this island state, one of As ias leading financial centers and in neighboring Malaysia. Everyone was hopes for an orderly solution to the financial crisis ended in the late January with the arrest in Singapore of Malaysian financier-politician Tan Koon Swan and the abandonment of efforts to rescue the Pan-Electric Industries Ltd conglomerate. On the other hand, it was replaced by two new committees of the banker-creditors. The purpose to replace the two new panels is that one of the banker-creditor is try to keep the Selco salvage unit afloat as a going concern until a buyer can be found, the other to sell off other divisions. Selco describes itself as the worlds second-largest marine salvage operation and the profits are erratic. However, since they depend on unpredictable events like ships being wrecked by accident, or fighting between Iran and Iraq. The Netherlands-based Smit Tak International BV, the marine salvage industry leader, and the Singapore government-controlled Sembawang Shipyard Ltd have been mentioned in published reports as possible buyers of Selco. One foreign banker who served on the steering committee, and who spoke on condition that he remain unidentified, said any hope of reviving Pan-Electric ended when the Singapore government declined to guarantee new financing. Some brokers say the uninhibited us e of forward contracts led to Pan-Electrics downfall. These now-outlawed agreements to buy or sell shares at predetermined prices three to six months in the future often were used as collateral to raise cash. Hundreds of millions of dollars worth of forward contracts that contributed to the financial squeeze still threaten the markets stability, brokers say. Extensive financing on margin of stock purchases by brokers buying both for their own and the accounts of their clients helped maintain share prices at inflated levels until October. The market became nervous and began drifting lower after Pan-Electric shares were suspended from trading on November 19. It was ordered into receivership by a court on November 30 after the collapse of negotiations aimed at restructuring nearly US$199.7 million in bank debt. The steering committee blamed the breakdown of talks partly on Tan Koon Swan, widely recognized as the most politically powerful and economically influential Chinese in Malaysia. It is quite important to highlight the impact that the Pan-Electric collapse had on the financial system which caused the Singapore Stock Exchange to take such a drastic step as to suspend all stock trading for three days. The forward contracts that Pan-Electric Industries entered into implicated a whole food-chain of banks and brokers. On the other way, an Monetary Authorities of Singapore paper summarised that With forward trading, a whole chain of parties is linked via promises of sale and purchase to the same lot of stock, the line only ending with a purchaser which either wants to keep the stock, or that cannot find someone else to sell it to. If this last purchaser is unable to meet its obligations to pay for the stock when they fall due, a domino effect is created and defaults could occur down the chain. -Investors and stock broking firms. Many investors could not get back their principal money. On the same time, the stock broking firms had make losses. The Pan-Electric crisis can be broken down into two parts. First, there was a systemic threat to the survival of the whole stockbroking industry as the forward contracts the stockbroking firms were involved in came due without buyers, they were forced to settle these purchases, which in some cases amounted to the entire capitalisation of the company many times over. Second, there was a widespread loss of public confidence that followed the collapse of Pan-Electric and the financial troubles of many of the stockbroking firms; this evinced itself in plummeting prices on the Stock Exchange of Singapore. This was what happened during the Pan-Electric, given that the massive amount of forward contracts it had entered into, when Pan-Electric was unable to find a seller for these stocks, its liquidity position, already unstable, was plunged into insolvency. This in turn affected the numerous companies who had contracted to sell shares to Pan-Electric and who now had no buyer for these shares. In addition, stockbroking firms, which had acted as financiers in putting up the margins for forward contracts while the latter were in the process of being re-sold, found that their financial commitments far outweighed their net worth when the pool of buyers dried up. Brokers and bankers in both countries said a number of smaller companies caught in Pan-Electrics stock swap deals, might be forced to close if the banks do not bail them out. Pan-Electrics problems included forward purchases of stocks for US$64 million by some of its subsidiaries. The Singapore Stock Exchange is suspended trading in Pan-Electric and two of its related companies on November 19, and the stock index has since fallen by nearly 70 points to 691.81. The temporary closure does not mean the end of buying and selling. Traders can still come together in the gray market, which will be unsupervised. Besides, concern over Pan-Electrics problems spilled into Hong Kong, where stock prices fell sharply during that time, with the market index dropping 22 points to 1,694.57. Some stockbrokers said the prices were forced lower as Singapore interests sold shares in Hong Kong to raise cash. There is one European broker in Hong Kong said that the retreat was widespread as local and foreig n (investment) institutions joined the Singaporeans in selling today. In addition, a Singapore broker said that the whole affair has left us numb and almost every investor just wants to get out of the market. Other than that, these investors in the stock would have their individual hard-luck stories, all 5,500 of them who ended up with nothing, but the biggest loser in the fiasco was the man at the centre of the storm: Tan Koon Swan, a substantial shareholder of the company holding an indirect 30 percent stake, and the most well-known Chinese politician in Malaysia, as newly-elected President of the Malaysian Chinese Association (MCA). Exercising tremendous influence over Pan-Electrics directors in the entering into of forward contracts that were to bring the company to dire straits in 1985, he was later found guilty off and jailed for attempting illegal funds transfers from various sources, including from Multi-Purpose Holdings, the commercial arm of the MCA, during the Pan-Electric crisis period in 1985 in his vain attempt to raise capital to rescue the company from insolvency. A witch-hunt always follows a debacle, that much is certain; and in this case it brought an end to both Tan Ko on Swans business and political careers. Most analysts agree that the system of forward contracts, in which shares are re-sold before their purchase has been settled, was the crux of the Pan-Electric crisis. With forward trading, a whole chain of parties is linked via promises of sale and purchase to the same lot of stock, the line only ending with a purchaser which either wants to keep the stock, or that cannot find someone else to sell it to. If this last purchaser is unable to meet its obligations to pay for the stock when they fall due, a domino effect is created and defaults could occur down the chain. Impact in Malaysia Kuala Lumpur Stock Exchange had stopped trading for three days. Due to the Pan-Electric crisis, the Kuala Lumpur Stock Exchange actually closed for a few days in the December 1985. The main reason is the failure of the large public company Pan-Electric Industries Limited. This crisis had brought a big crash on the economy of Malaysia. The property prices fell by over 30 percent. The combination of tight liquidity, low inflation, and a sharp decline in share and property prices exposed the financial over-commitments of many entrepreneurs. In addition, with the three-day suspension of the Kuala Lumpur Stock Exchange, and the subsequent collapse of the share prices where $10.8 billion shares value was wiped out on the resumption of trading because of Tan Koon Swans Pan Electric crisis scandal. Malaysian attention had been distracted from a radical departure from NACSE Endorsed Provider (NEP) guidelines. This is the government decision recently too arbitrarily, without nation or consultation, to raise the bumiputra quota for new shares issue from 30% to as high as over 70%. On the other way, there is a latest report from Singapore that four more Pan Electric Industries subsidiaries have been placed in the hands of receivers and managers highlight the gravity and complexity of the Pan Electric crisis, which had cause the three-day suspension of the Kuala Lumpur and Singapore stock exchanges, and wiping out $10.8 billion of the total shares value in Malaysia on the day Kuala Lumpur Stock Exchange resumed trading. Political of Malaysia had been affected because chairman of Malaysia Chinese Association (MCA) involved in the crisis. During the year of 1985, Malaysia government plan to hold a general elections in end February or early March at that year, but it was sabotaged by the following scandal of the arrest in Singapore of Malaysia Chinese Association (MCA) President, Tan Koon Swan, on 15 charges on criminal breach of trust, cheating and fraud in connection with the Pan-Electric crisis, which closed down the stock market of two countries for three days and wiping out S$10.8 billion from the Kuala Lumpur Stock Exchange. However, after a month of the Tan Koon Swan MCA leadership, it is clear that the MCA had never had such weak and unsuccessful new leadership in the MCA party history. MCA can never hope to have any effective voice in the government as long as the MCA leadership and in particular Tan Koon Swan is bogged down by the Pan Electric crisis. The Pan Electric scandal also has weakened the hand of MCA leadership that it dare not put pressure on the UMNO leadership on any issue, for it had to depend in the final analysis on the government to help bail out Tan Koon Swan, whether directly or indirectly by giving government blessings and encouragement to UNICO to salvage Tan Koon Swan. Furthermore, the Pan-Electric crisis not only weakens the MCA leadership but also the politic of Malaysia. The new MCA President, Tan Koon Swan has failed the Malaysian Chinese community for up till now, they have refused to let the people know the full story of the Pan Electric crisis. No wonder, the MCA leaders are unable to press for the publication of the Ahmad Nordin Inquiry Committee final report into the $2.5 billion BMF loans scandal in Hong Kong. The new MCA leadership should hold an emergency meeting to discuss the Pan Electric crisis, and how the MCA has been made more ineffective and impotent by Tan Koon Swans personal involvement in the Pan Electric crisis. Instead, the new MCA leaders seem to be more interested with building up their new political empires. Besides, the new MCA leaders are spending a lot of time and money renovating the MCA Headquarters, where every floor that is occupied by the MCA is being renovated, and the express could be as high as a million dollars. Other than that, if the MCA leaders, branches and members could not differentiate between charges involving corporate crimes, leading to a crisis which resulted in the three-day suspension of the Kuala Lumpur and Singapore stock exchanges and billions of dollars of shares losses by the invertors and politics, then it is a sad indication on the level, quality and standard of the new MCA. The MCA leaders, branches and members had been organising demonstrations throughout the country, stop the Singapore cars at the Johor causeway, threatening the economic boycott of Singapore goods and services and even threatening to out the water supply from Johor to Singapore. However, by making all these empty threats, those people are doing more harm than good. As they follow the MCA leaders, branches and members in such wild threats. It has also not escaped the attention of the Malaysian Chinese that on vital issues affecting the fundamental political, economic, educational, cultural, and religiou s rights of the people and future generations, the MCA leaders, branches and members are incapable of any demonstrations. At the same time, Tan Koon Swan had explain that the conflict with his explanation last December on his rescue of Pan Electric Industries. The $23 million controversial sum of Multi-Purpose is becoming more and more out of the ordinary. The explanation by Tan Koon Swan about the circumstances of the loss of the $23 million by MPH last November, conflict with his explanation last December on his attempts to save Pan Electric. Tan Koon Swan said yesterday that on 21st of November 1985, the MPH Board passed a resolution authorizing to the company to make a $23 million investment in Pan Electric. This is to relieve the MPH of its shipping company which was facing grave losses and authorized the sun to be disbursed on Tan Koon Swans instructions. But on 3rd December 1985, after the collapse of Pan Electric and the three-day closure of the stock exchanges of Malaysia and Singapore, Tan Koon Swan mid that he had been having sleepless nights for the past two weeks trying to come out with a financial package to help save Pan Electrics problems. This means that when the MPH Board met on 21st November 1985, Tan Koon Swan was already unable to sleep over Pan Electrics problems. Clearly, he could still sleep over MPHs problems. But how, we are to believe that even at that date, Tan Koon Swan was trying to save MPH from its shipping losses, rather than save Pan Electric. Pan Electric shareholders have expressed out their great shock at the latest revelations, for this was in total conflict with the picture that Tan Koon Swan had presented later, but Tan Koon Swan went to the rescue of Pan Electric without any personal interest. What is involved here is not just what exactly transpired in last November, as to whether Tan Koon Swan was trying to save Pan Electric or Multi-Purpose or merely himself, but the question of the credibility of the President, of MCA, which claims to represent five million Malaysian Chinese. The MCA central Executive Committee to publicly declare their agreement that a public inquiry be recognized into this matter, to determine the exact circumstances leading to the pay-out of $23 million of MPH funds into Pan Electirc, it resulting in a total loss. Tan Koon Swan should bear the full $23 million although he had explained that this decision was taken by the MPH with full knowledge of the circumstances of Pan Electric, then it is most unreasonable whether legally or morally. This should be the moral responsibility of every MPH to share in its losses, including the MPH chairman, Datuk Lee San Choon, and the MCA youth Leader and Deputy Minister of Trade and Industry, Kee Yong Wee, who was also a MPH Board Member for the full year in 1985. If the MPH Board are so heartless as to make Tan Koon Swan to bear responsibility for the $23 million, when it is public knowledge that Tan Koon Swan is hard-pressed for money and the MPH Board Members owe the people an explanation for thei r merciless conduct. After that, the press have reported that the balance of $5 million had not been paid, as the cheque was not presented for payment. At the end, Tan Koon Swan was responsible for tens of thousands of people using their hard-earned savings to buy MPH shares and were also prevailed not to sell by Tan Koon Swan who phoned up from London- or they would not have to face so great a lost where MPH shares is struggling between 35 to 40 cents a share. Not only that, there could be no heated discussion that Tan Koon Swans voice in the highest Barisan Nasional council is so weak that he had to try to rally Gerakan support, although it was none other than Gerakan President, Dr. Lim Keng Yaik, who predicted early of the month that the MCA would disintegrate into another major party feud within 30 days-showing utter lack of confidence and contempt in Tan Koon Swans leadership. After Keng Yaiks contemptuous statement, Lee San Chooh or even Neo Yee Pan would have pleaded for Gerakan support like Tan Koon Swan. UMNO leaders will never allow Tan Koon Swan to forget that if not for their intervention in the 22-month MCA crisis, Tan Koon Swan would have no chance in being elected as MCA President on November of 24.There is now circulating in the country the talk that over the Pan Electric affair, a top government and UMNO leader had intervened with the Singapore authorities on behalf of Tan Koon Swan. If this is true, then Tan Koon Swans voi ce and influence in the highest Barisan Nasional councils is even less than before. Malaysia Chinese Association (MCA). The Chairman of MCA Mr. Tan Koon Swan had been jailed due to this crisis. During the Pan-Electric crisis, Tan Koon Swan was charged in the district court with six counts of abetting criminal breach of trust that designed to dishonestly dispose of the equivalent of S$2.6 million worth of assets in the Pan-Electric group. Pan-Electric is involved in marine salvage, real estate, hotels and manufacturing. It has more or less 5,500 stockholders and 1,500 employees in 68 subsidiaries and affiliates in Singapore, Malaysia, Hong Kong, Brunei and the United States. A steering committee representing Pan-Electrics 38 creditor banks disbanded in the late January of 1986 after agreeing to orderly disposal of the companys assets. Later on, Tan Koon Swan has been arraigned with another nine new charges, bringing to a total fifteen charges which he had to stand trial in Singapore in connection with the Pan Electric crisis, covering the breach of trust offences, fraud and cheating. Tan Koon Swan was required to hand over another S$20 million for the additional charges, breaking his own world record when he had to post S$20 million for the first six charges-bringing a total of S$40 million bail. On 23rd of January 1986, As mention that Tan Koon Swan was charged with six counts of criminal breach of trust offences amounting to S$5.6 million, there was surprise and shock that such a sum of S$20 million bail was required. Similarly, a total of fifteen charges involving more than S$29 million were read out against Tan Koon Swan, there was also surprise and shock a total bail of S$40 million was required. But what is even more surprising and shocking is why Tan Koon Swans lawyers had not raised any objection to the gi gantic bail in both instances, whether the initial S$20 million bail was imposed, or yesterday, when a total of S$40 million bail was called for. At the end, Tan Koon Swan is being jailed for two years and fined S$500,000 due to the Pan-Electric crisis that had a huge impact to the stock exchange of the two countries which are Singapore and Malaysia.

What Is The Cost Of Capital Structure Finance Essay

What Is The Cost Of Capital Structure Finance Essay The cost of capital is the cost of a companys funds (both debt and equity), or, from an investors point of view the expected return on a portfolio of all the companys existing securities. It is used to evaluate new projects of a company as it is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. In order to be a worthwhile investment, the expected return on equity is greater than the cost of capital. The capital cost of the return to capital is expected to earn in an alternative investment with similar risk. If a project similar to the average risk to the companys business, it is reasonable to use the companys average cost of capital underlying the ratings. The companys securities are typically in the debt and equity, the expected, both because of the cost of debt and equity costs of determining the companys capital. The cost of debt is relatively simple to calculate, since the interest rate is paid. In practice, the interest rates paid by the company modeled as a risk-free rate plus a risk component (risk premium), which also includes the expected probability (and the amount of recovery given default). For companies with similar credit risk or the interest rate is largely exogenous (to be explained by the use of external in this context). The cost of equity is more challenging to calculate as capital is not a fixed return to investors. Than the cost of the loan, the cost of equity, broadly defined as the estimated risk-adjusted returns that investors require, which yields a barely known. The cost of equity, therefore, conclude by comparing the investment and other investment (like) with similar risk profiles to determine the market cost of equity. If the cost of debt and equity costs have been established, a combination of the weighted average cost of capital (WACC), calculated. The WACC is then used to estimate the discount rate for project cash flows. In this paper I will explain, first, 1 chapter, the capital as well. From the second chapter, Sources of Capital, and finally, 3 chapter, capital will be explained. CAPITAL Capital, the most basic conditions for the money. All companies need capital to purchase assets and maintain operations. Corporate capital is available in two main forms: debt and equity. Debt refers to loans and other loans to be repaid in the future, usually with interest. The capital, however, generally do not impose a direct obligation to repay the amount. Instead, investors have a rule in the form of ownership shares in the company. The capital, wage describes the various means by which the capital of the people who save money for businesses that need money. Such transfers can be direct, which means that a company sells shares or bonds directly to investors, who own a business in return. Transfer of capital can also be made indirectly by investment bank or a financial intermediary such as a bank, broker or an insurance company. The indirect transfer through an investment bank, is selling the business assets of the bank, which in turn sells them to investors. In other words, the easy flow of capital investment bank. The indirect through a financial intermediary, however, a new form of capital, which is actually created. The intermediary bank or fund raise capital to invest and issue its own securities exchange. Then the broker uses the funds to buy stocks and bonds of companies. 1.1 Capital Structure Because of the small business capital is expensive, it is particularly important for small business owners to define the structure of the target companys capital. The share capital structure of debt and equity is achieved. Trade-offs are involved: increases the risk of liability to the companys revenue, which tends to reduce the companys stock. However, the debt lead to a higher expected return, which tends to increase a companys share price. As Brigham stated, The optimal capital structure is the one that strikes a balance between risk and return and thereby maximizes the price of shares and simultaneously reduce the cost of capital. Capital structure decision depends on several factors. One of the companys business risks and risks related to operations, which the company participates. Companies in the hazardous industries, such as high technology, lower than the optimal level of debt than other firms. Another factor in the companys capital structure involves tax situation. Since interest on debt is tax deductible, debt is usually better to use the company tax rate is high, and not many are able to protect income from taxation. The third important factor is the companys financial flexibility, or ability to raise capital in less than ideal conditions. The companies that are able to maintain a strong balance sheet resources generally can be more reasonable terms as other companies in the economic downturn. Brigham suggested that each company has a power reserve borrowing to defend themselves in the future. In general, tends to a stable level of sales, assets, collateral for loans to be good, and the high growth rate using a higher debt than other firms. On the other hand, the companies that have conservative management, high profitability, or poor credit ratings that they want to rely on equity instead. 1.2 The Modigliani and Miller Theorem 1.2.1 Definition The Modigliani-Miller theorem states that if there are no taxes, bankruptcy costs and asymmetric information, the efficient market, the companys value affects how it is financed with the equity shares or bonds, or a combination thereof, or what is the dividend policy. The kit is also known as capital structure is essentially irrelevant. A number of principles underlying rate, which agrees with the adoption of the tax and no taxation. The two main principle is that, firstly, if there is no tax, thus increasing the benefits of power does not create value, and second, that if there are taxes, the benefits in the form of interest tax shield occurs when you leverage and / or elevated. The price compares to the two companies one unlevered (ie, funded entirely of their own capital) and the second levered (ie, partially financed by equity and partly debt) and says that if the same value in all other ways the two companies are identical. For example, why it must be true, it is assumed that an investor buys a company or a levered or unlevered company. The investor buys shares in the companys levered or unlevered firm buys shares in a loan of an equivalent amount of money borrowed from the levered company. In both cases, the return on investment should be the same. Thus, the cost of the levered firm is the same as the unlevered firm minus the price of borrowed money, with the value of the levered companys debt. There is an implicit assumption that the investors cost of borrowing money is the same as the levered company, which is not necessarily true in the presence of asymmetric information, or in the absence of efficient markets. A company that is risky debt, as debt-equity ratio increases, the weighted average cost of capital is constant, but there is a higher return on equity, due to a higher risk for shareholders in the companys debt. 1.2.2 Advantages and Disadvantages of Modigliani and Millers Theorem Advantages: In practice, this can be said that none of the assumptions are met in the real world, but we teach the lot, that capital structure is important because one or more assumptions will be violated. Using mail-equations, economists find the determinant of an optimal capital structure and see how these factors affect the optimal capital structure. Disadvantages: Modigliani-Miller theorem, which justifies virtually unlimited economic power has been used to increase the economic and financial activities. However, its use also led to increased complexity, lack of transparency and greater risk and uncertainty in these activities. The global financial crisis of 2008, which saw a number of highly leveraged investment banks, has been partly attributed to the excessive leverage concepts. SOURCES OF CAPITAL 2.1 Debt Capital Small businesses can obtain debt capital from various sources. These sources can be divided into two broad categories, public and private sources. Private sources of debt financing according to W. Keith Schilit in The Entrepreneurs Guide for Preparing a winning business plan and venture capital, such as friends and relatives, banks, credit unions, consumer finance, commercial finance companies, trade financing, insurance, factor companies and leasing companies. Public sources of debt financing from a number of loans granted by the state and federal governments to support small businesses. Many types of debt financing to small businesses, including a private placement of bonds, convertible debentures, industrial development bonds and leveraged buyouts, but by far the most common type of debt financing in the conventional loan. Credits include the long-term (longer than a year) and short-term (maturity of less than two years), or the loan (for more immediate borrowing needs). These may be approved by the signatory, as the government, or secured to the property, debts, stocks, savings, life insurance, stocks and bonds, and purchased the product on the loan. In the evaluation of a small company, a loan, Jennifer Lindsey said in his book Guide to the contractor in the capital, the lenders prefer to have a two-year operating history, stable management team, a desirable niche in the industry, market share growth, strong cash flow and the ability to get short-term loan to supplement the funding from other sources. Most lenders require a small business owner to prepare a full proposal for a loan or credit application. The lender will then determine the application taking into account several factors. For example, the lender will consider the small business credit card, and look for evidence of their ability to repay the loan in the form of previous earnings or revenue forecasts. The lender will also consider how much equity in the business, and that management has sufficient experience and skills to function effectively. Finally, the lender seeks to determine whether the small firms in a reasonable amount of guarantee for the loan. 2.1.1 Cost of Debt The cost of debt is estimated by the risk-free interest rate bonds, whose length is equal to the yield curve for corporate debt and then add a default premium. This is the standard premium will increase in debt increases (since all else being equal, all other factors, increased the risk of increasing debt). Since in most cases, the debt burden of the deductible expense is the cost of after-tax cost of debt is expected to be comparable to the cost of equity (after tax). Thus, profitable companies, is debt at a discount. The formula can be written as: (Rf + credit risk rate)(1-T) where T is the corporate tax rate and Rf is the risk free rate. 2.2 Equity Capital Equity capital for small businesses is also available from many sources. Some possible sources of equity include the Farmer family and friends, private investors (the general practitioner, to groups of local business owners to wealthy entrepreneurs known as angels), employees, customers and suppliers, former employers, venture capital companies , to investment banking firms, insurance companies, corporations, and government-backed Small Business Investment Corporation (SBIC). There are two main methods that small businesses use to obtain equity finance: the private equity investors or venture capital firms, public stock issues. The private placement is easier and more common for young companies or start-ups. Even if the stock still closed with a number of federal and state securities laws, does not require formal registration with the Securities and Exchange Commission. The main requirements for private equity that the company did not advertise the offer, and you have to do the transaction directly to the customer. However, the public stock offering includes a lengthy and costly registration process. Indeed, it charges, the public stock offering in more than 20 percent of the capital. As a result, public stock offerings are generally a better choice for mature companies, as a starter. Bids may benefit from intervention maintaining control of a small company, but also expand the participation of different groups of investors, but by concentrating it in the hands of a venture capital company. 2.2.1 Cost of Equity Cost of equity = Risk free rate of return + Premium expected for risk Expected Return The expected return (or required rate of return for investors) can be calculated with the dividend capitalization model, which is: That equation is also seen as: Expected Return = dividend yield + growth rate of dividends. THE COST OF CAPITAL The capital required for a productive, as with any other factor is that there is a cost by Eugene F. Brighams book Fundamentals of Financial Management. In this case, the cost of debt capital the interest which the company must pay to borrow. In the capital cost shall be repaid to investors in dividends and capital gains. Since the amount of available capital is often limited, it is distributed in various companies on the basis of price. Business is the most profitable investment opportunities are willing and able to pay most of the capital and thus attract out inefficient firms, or those for which such goods are not in demand, Brigham explained. The good thing is that in most industrialized countries (eg USA, Germany, Japan, Britain, etc.), there are agencies that help individuals or groups of loans on favorable terms. Among those eligible for such assistance to small businesses, certain minorities, and the company is willing to build plants in areas with high unemployment. As usual, the cost of capital for small businesses tend to be higher than the big, established companies. Because of the higher risk for both service providers and charge a higher price for equity funds. Several researchers found that small stock portfolios have consistently achieved the higher average returns than large company stocks, it is called the small business impact. In fact, its bad news for small firms, where small companies effect means that the market requires a higher return on capital stocks of small companies than otherwise similar stocks of large companies. Therefore, the cost of equity is higher for small businesses. The weighted average cost of capital of the companys return that investors expect the various debt and equity issued by the company, according to Richard A. Brealey and Stewart C. Myers, in his book, Principles of Corporate Finance. Table 1 Cost of Capital 3.1 Capital Asset Pricing Model Capital Asset Pricing Model (CAPM) is used to determine the economics of the theoretically appropriate price of the asset as security. 3.1.1 The Expected Return on Equity According to the Capital Asset Pricing Model Market risk is generally characterized by ÃŽÂ ²-parameter. Thus, investors would expect (or demand) that: Where: Es: The expected return of security RF: The expected risk-free rate in this market (bonds) Î’s: Sensitivity to market risk to the safety RM: The historical performance of the stock market / stock market (Rm-rf): The risk premium in the market risk-free assets in the assets. Writing: The expected yield (%) = risk-free interest rate (%) * + sensitivity to market risk (the historical performance (%) risk-free interest rate (%)) Other expected yield (%) = yield of the bonds closest to the concept of the project or the projects safety + beta * (market risk premium) historically the market risk premium of 3-5% Comments The models show that investors expect a return on risk-free rate plus a market risk sensitivity of the security times the market risk premium. A truly risk-free rate is the lowest offer price for the bonds market, such as government bonds. The risk premium varies over time and space, but some developed countries in the twentieth century, an average of around 5%. The real stock market returns are roughly the same as the annual real GDP growth. The gains in the Dow Jones Industrial Average is 1.6% per year over the period 1910-2005. The dividend increased by all the real return on average equity in the double, about 3.2%. Sensitivity to market risk (ÃŽÂ ²) is unique to each company and depends on the management to every business and capital structure. This value is not known ex ante (beforehand), but may not be retrospective (past) experience with similar guarantees and undertakings. 3.2 Cost of Retained Earnings/Cost of Internal Equity We must remember that the profits from the component of equity, and thus the cost of retained earnings (internal equity) equal to the cost of equity capital as described above. The dividends (income paid to investors, and should not be) part of the return on capital to shareholders, and to influence the capital cost of the mechanism. 3.3 Weighted Average Cost of Capital What makes the weighted average cost of capital WACC does this mean? This estimate is the companys cost of capital, which is weighted in proportion to their capital. Each source of capital ordinary shares, preference shares, debentures and other long-term debt include the WACC calculation. Each equal to the WACC of a company increases the return on equity beta and the woman, and notes a reduction in the WACC increases and a higher level of risk. The total value of equity (for a company that no outstanding warrants and is the same as the companys market capitalization) plus the cost of debt (the cost of debt should be continually updated as a result of changes in the cost of debt interest rate changes). It should also be noted that justice in the debt-equity ratio of the total market value of equity, no equity on the balance sheet. To calculate the weighted cost of capital, we must first calculate the cost of some funding sources, namely: cost of debt Cost of Preference Capital cost of capital. WACC is calculated by an iterative procedure that requires an estimate of market value of equity. WACC formula is: [Rd x D / V x (1-5)] [Re x E / V] Rd = Bond yield to maturity (Y / Y Calculator) D = Market value (NPV) of debt (1 T) = 1 tax shield on interest deduction for interest expense = Re = shareholder return requirements V = value of total capital (debt equity) Generally, a company or assets financed by debt or equity securities. WACC is the average cost of financing sources, each weighted by its use in a given situation. By taking a weighted average, we see that much interest the company must pay for every dollar it finances. Since a companys WACC is the overall expected return on the company as a whole, and as such are often used internally by company directors to determine the economic feasibility of expansionary opportunities and mergers. This is the appropriate discount rate to use the cash flow risk similar to the entire company. 3.3.1 Example of Weighted Average Cost of Capital (WACC) A Corporation issued 10,000 units of the bonds, which currently sells for 98.5. The coupon rate of 6% this year bonds, the interest semi-annually. The remaining period of these bonds is 3 years. The companys current share price of two million common shares for $ 10 a share. The stock beta 1.5, a 4.5% risk-free rate on government bonds and the expected return on equity of 14.5%. The tax rate is 30% Table 2 Bond and Stock Calculations Bond Calculations Stock Calculations N = 3 x 2 = 6 I/Y = ? (Rd) PV = 0.985 x 10,000 x $1000 = $9,850,000 (D) PMT = (-10,000,000 x 0.06) / 2 = $-300,000 FV = $-10,000,000 P/Y = 2 C/Y = 2 Solution: I/Y = 6.56% Re = Rf + B[Rm Rf] Re = 0.045 + 1.5 [0.145 0.045] Re = 0.045 + 0.15 = 0.195 (19.5%) Market Value of Equity = E Stock price x common shares O/S $10 x 2,000,000 = $20,000,000 V = Total Capital Structure V = 9,850,000 (bonds debt) + 20,000,000 (equity of common shares) V = 29,850,000 3.4 Cost of Capital in Islamic Banking Proper use of investment criteria is important for industry and agriculture as well. Although the assessment can be used for both public and private sectors of the economy, should the public sector in its own special problems considered complementary, because the social costs and benefits. Therefore, we will participate in the private sector and the problems of evaluating investments in various industrial projects. Contradictions abound in the relative merits of different methods of investment valuation. But the most important points with different match. It is worth noting that almost every economist in the treatment discounting as a method of evaluation, as the only possible way to choose between different investments. Essentially two methods frequently used economists, namely the net present value (NPV) and the enlarged internal rate of return (IRR). The concept of internal rate of return (IRR) was JM Keynes (perhaps better known as the marginal efficiency of capital MEC) schedule, called the marginal efficiency of investment (MEI). It is defined as the rate at which the present value of future income exactly equal to the market price for the project. In other words, this is Return on capital employed. It is, committed while the return of the project. NPV of the project is formally defined as the value today of the surplus that the company can do in addition to the investors own marginal. IRR on the basis of the extended to the negative cash flows are discounted back to the companys cost of capital as long as it does not outweigh the positive cash flow. Both methods (the extended NVP and IRR) on its own common deficiencies, such as non-IRR NVP can be used either in the usual way that the correct ranking of projects in situations where the entrance is a rationing system. But there are ways to eliminate gaps and allow them to appropriate methods of investment evaluation. We will have a higher degree of internal rate of return, which is simply called the internal rate of return. A simple rule of decision in cases where the decision is all or nothing about which projects should be chosen from the various investment options, to implement all the projects whose IRR exceeds the cost of capital. Cost of capital, the capitalist system, the rate that a loan company and the investment is likely to be, which is simply the interest. In other words, that cut off rate, in relation to the internal rate of return regulation, which are also found in the literature as a barrier percentage. Note that the NPV approach to investment decisions, it is essential that decision-making, that there is no explicit prior discount rate, which, as already mentioned, is nothing more than to get money market rates. But they did not have a pre-determined percentage of the IRR method, except when its time, where debt capital is rationed in the various projects. This makes it completely independent of the IRR method is very appropriate rate and can be used for investments in the Islamic interest-free option and follow the debate. In the case of capitalism, is the internal greater than or equal to the market, the project will be implemented. The project also encourages companies to maximize profits, which last carried out the projects internal rate of return equal to interest. Apparently, the internal time of a declining function of investment, more projects, which would reduce the internal rate of return (in the same trade, of course). Already adopted (the Western economists) that the interest rate plays a decisive role in determining which projects will be implemented and also how much capital to be invested in various projects. Roll the relationship between these two terms seem to be exaggerated. Since only one project, the established criteria are quite valid and applicable as the optimal size of equity should be considered. As the number of projects increases, the IRR should be calculated for each project will increase so much. Moreover, it happens to all nodes in the two IRRs. This complicates the problem, and this will reduce the importance of interest, especially if interest rates happen to be far from the IRR to the last possible projects. Given that an investors risk-taking entrepreneurs, he is usually in front of the chains of investment options from which to choose allegedly, the first of the highest IRR. Assuming that you know, a lot of project finance, there may be dozens of projects whose IRR is higher than the going rate. There is no doubt that these projects are attractive, but to varying degrees, the contractor and will be selected in descending order rate. This is the case in the real economy, the role of interest rates is rather passive, even useless. This is because in such circumstances, the project IRR rate range. This is beyond that point to the role that a reasonable interest rate, and the role of the cut-off ratio. In other words, it is a long process before the existence of the interest rate becomes irrelevant, because the IRR for a couple of projects related to each other because of the interdependence refers to the ratio of investment is not at all. Exogenous real interest rate in the sector (especially investment), it is ironically suggested the capitalist system and then used to determine the optimal level of investment. In addition, the speculators, who needs money market interest in the products, allowing decisions to lead the business, whose activities are so important to the economy. It seems reasonable to link the contrary, ie, because of the interest, but we assume it to be the real sector, led by the monetary sector, if any. The abolition of an Islamic state, it would not be an external variable such as interest, what type and level of investment. Investment projects, in this framework are competing with each other, and the investment will be needed to achieve full employment, that is, until there are idle production factors in the economy. This is particularly true of human resources make it necessary and inherent meaning, as we see in Islam, the authorities should not keep the unemployed, for the sake of the interests of capitalists. Can easily be shown that in an Islamic context, for each part of the money (ie, the potential capital) that comes out of the interest-free banks to finance various projects under various types of contracts, it becomes possible to go directly to the products and / or services. Is a term, and it is: a prerequisite for an Islamic state is strictly prohibited, and appear to prevent speculation in any market (be it either money or goods). It has long been a misunderstanding among some Islamic scholars in the financial support that speculation can take place, and the abolition of interest is permitted. Easy to show that one-to-one correspondence between the interest (rate), and speculation. Interest rate (rate) is necessary and sufficient condition for the speculation that takes place. Although the lack of clearly illegal-frame-rate, if speculation is allowed in any market, you will definitely be of interest in its own nature. Therefore, the prohibition of interest leads logically to a ban on speculation. This interdependence between interest and speculation is not only very rarely in the economic literature, but also its negligence was the source of serious misunderstandings. Economic relations are rarely a single direction. A collection of the IRR can be measured both by an Islamic bank, Islamic banking sector, an independent agency authorized to appropriate guidance on the nature and viability of the project. This measure is to be used so that the expected profits can be divided into an Islamic bank and finance company demanding. The matrix is very useful for determining how much funding should be allocated to projects that are in the priority list for economic development. To determine the companys share of the profits, various factors, such as the following may be considered: the risk premium, the rate of poverty in different parts of the countrys priorities for economic development plans, the degree of capital intensity, taxes, employment considerations of the burden of rates and the like. All of these factors, or a combination thereof may affect the companys demanding (my fiancee) share of the profits that can be safely manipulated without interfering with the market mechanism. It gives interest-fr ee banking system, the IRR method, the absolute advantage of the artificial manipulation of interest rates, which is quite often the case in capitalist countries, and an obvious interference with market mechanisms. This contrasts with the situation are often held in the Western economists who argue that market mechanisms should be avoided. Add to this the expected negative correlation between interest and investment as both a classical and Keynesian economists have empirically demonstrated that infertile. This is so, while the bill may be taken into account the positive correlation between the rate of profit and investment. This bill provides not only the interest cost of the capitalist system, but also that profit maximization is consistent with the aims of each company. Surprisingly, however, this goal is at the micro level, the capitalist will change textbooks without a logical explanation for the negative correlation between interest investment at the macro level. Using the IRR method of an Islamic state is not only compatible with the goal of maximizing profits (if proof was not suitable for such a system) and to avoid interfering with market mechanisms but it is an absolute advantage in another, so the opportunity cost of capital to zero. The logic is simple. This lack of interest, all projects compete with each other (with due regard to their own priorities), internal rate of return. Also, the fact that the investment projects against each other at each other and there is no reason to ensure that any external factors to determine the same extent as the cost of capital for each project. The capitalist system, the current interest rate to be logically the next best alternative, or the cost of capital for each project. The logic of the independence of the IRR for the project. The second best option not to report to the IRR for a project according to an account must be seen as the opportunity cost of capital. This is because of the interdependence of all projects do not meet any of the BMR in another appropriate opportunity cost of the project, otherwise it would cost hundreds of alternatives to the capitalist framework, while the interest rate will be to measure the opportunity cost of all capital investment. In other words, to allow costs to be met independent state. Failure to consider the interdependencies between projects and independent degree of internal rate of investment has led to that many writers to form the misconception about the opportunity cost of capital. This lack of interest, there is nothing to compare the IRR of the various projects (with the exception of the IRR of the project by themselves). Interdependent and common to the Islamic banks, these proje

Norman Schwarzkopf :: essays research papers

Norman Schwarzkopf Norman Schwarzkopf and I are alike in many ways. He and I both have family in Germany. His father lives in Germany and my great grandparents live in Germany. He served in Vietnam and so did my grandfather. Norman and I also have many differences. His family has a popular military background and my family does not. He lived his whole life through the military and I am not going to do that. Norman also followed in his father’s footsteps that I am also not going to do. Now you see how many ways Norman and I are alike and different. Norman has accomplished many tasks in his lifetime, which I have not gotten a chance to yet. Norman Schwarzkopf got an education at West Point Military School and at Valley Forge Military Academy in Valley Forge, Pennsylvania. Valley Forge is a historic place known for its forces in the American Revolution. Almost all of Norman's family joined the military. His dad was in the military all of his life just as Norman was. The Schwarzkopfs are very well known in the military. Norman Schwarzkopf made many life choices in his military career. First, he chose to join the military following his father’s footsteps. Second, he chose to go to Valley Forge because the school he was attending, West Point, only taught students up to the tenth grade. One of his most important choices was in Vietnam. One of his fellow soldiers was shot and he carried him to safety when Norman already had four gun shot wounds in him. He was awarded three silver stars and controlled the air, ground, and water forces. I think anyone interested in joining the military, is currently in the military, or is just interested in these kinds of books, should read this biography by Libby Hughes. Others should think that Norman is a hero and that he should be widely known.