Federal and State Sentencing Essay

In 1998 the District of Columbia Sentencing and Criminal Code Revision Commission was charged with developing a comprehensive structured sentencing system for the District. The Commission concluded that the District could benefit from a comprehensive structured sentencing system. Next, the Commission embarks the difficult task of creating workable sentencing guidelines for felonies. As Washington, DC follows the lead of other jurisdictions as well as an earlier effort in the District, the Commission developed two grids: one for drug cases and one for all other cases in the direction of the dominant factors in sentencing: the offense of conviction and the criminal history of the offender. The Commission also established standards for departing from the recommended prison ranges in extraordinary cases, rules for imposing concurrent or consecutive sentences, along with adjustments and exceptions to sentencing. Together, the grids, standards, rules, adjustments and exceptions form the Voluntary Sentencing Guidelines for the District of Columbia. (ACS, 2012-pg.9) Sentencing for a felony conviction is usually heard by the judge/court in a separate hearing which is held several days or weeks after the verdict. There is so many types of offenders with varied backgrounds and criminal histories that the act of sentencing them is one of the most stressful and complex decisions made by judges. (Champion, D., Hartley, R. & Rabe, Gary. 2008, 2002). At the felony sentencing hearing, the prosecution makes a recommendation of punishment, and the defendant usually argues for leniency. The Supreme Court’s decisions that struck down state and federal criminal sentencing guidelines have caused a cascade of prediction of disaster. Shephard shows  in his study how sentencing guidelines have actually increased crime and not decreased crime. It has also been shown that in a landmark Blakely and Booker decisions, the Supreme Court had found that Washington State and federal sentencing system violated the Sixth Amendment and has identified nine other states whose regimes may also be unconstitutional (ACS, 2012-pg.9). Some guidelines were deemed invalid because they allowed the judge to determine factual issues during the sentencing that should have been decided by a jury. References ACS, (2012). Voluntary Sentencing Guidelines Manual. Retrieved, Feb. 22, 2015, from DC Sentencing and Criminal Code Revision Commission (Formerly Office of Advisory Commission on Sentencing): http://acs.dc.gov/acs/frames.asp?doc=/acs/lib/acs/pdf/2012_Voluntary_Sentencing_Guidelines_Manual.pdf Champion, D., Hartley, R. & Rabe, Gary, (2008, 2002). Sentencing and Appeals: Chapter Ten p.405, Criminal Courts: Structure, Process, and Issues -Second Edition, Upper Saddle River, NJ 07458

Problems of Population

Pollution is today, probably, the greatest problem that faces mankind. There is a saying in English that it is an ill bird that fouls its own nest. And human beings are, collectively speaking, fouling their nest at the increasing rate. It is an alarming picture. We are polluting the air, which we need to breathe, the earth from which we derive all our food, and the waters from which wÐ µ, of course, derive the water we need to live, to drink, and for other purposes.So all the elements that surround us — there are three elements: earth, air and water — are being increasingly polluted by the activities of man, by industrial activities, for the most part. And pollution, of course, knows no frontiers. One country that pollutes will export its pollution to others. The radioactivity, for example, that was generated by the catastrophe at Chernobyl four years ago, four or five years ago, was carried in clouds across Europe, and some of these radioactive clouds, something which have been polluted in this way, actually produced rains which fell on parts of England and Wales.And we had a problem with the cattle which, of course, are fed on the grass, which had been rained on, by this polluted water, so we had problems in a small way, even in England as a result of the Chernobyl disaster. But Chernobyl is only one instant among many. It's a dramatic and alarming symptom of what is going on in all societies, all advanced industrial societies, not just in one. It's common to all, it's a common problem for all of us and in fact, in a sense, it takes us beyond all our ideologies. We must, in fact, look at this in a totally neutral, totally objective way, not for the blaming of one, one economic system or another.It's something which is, as I say, frowning both ends. It's really a function of advanced economic systems, of advanced, technologically advanced countries. It's basically the result of the industrialization which began in England, of course, in the 18th century and in above all, it's a result of the increasing use of and dependence upon fossil fuels: primarily, of course, coal and oil for both industry and transport. Modern industry, modern civilizations are run almost entirely on oil, mainly upon oil, to a less extent also, of course, on coke coal.But oil, it is which quite literally†¦ oil's the wheels of industry throughout the world. And the desire for oil, the need for oil, the craving for oil, the guzzling of oil is one of the great phenomena of the 20th century. We know, of course, that oil is decreasing, the stocks of it are decreasing inevitably and that someday, since they are finite, they will run out altogether, but that day hasn't, of course, arrived yet and new reserves are found from time to time, to enable us to go on in the same old ways.But the problems are increasing. Some day we shall have to find means of transportation by means of inventing some new kind of transport which isn't dependent on oil, perhaps, upon electri ­city or something, like that, because electricity itself is oil-dependent to some extent. We shall have to become less and less oil dependent, whereas, in fact, in the last hundred years or so, we've become more and more oil-dependent.First, dependence on oil is something, this rapidly dwindling resource is one of our major problems, and we hope all of us, I think, that the scientists will be able to find alternative sources of energy, solar energy, water, water power from the seas, so to say, and it is derived from sea power and the building of dams. This will take the place, we hope, on the oil-fired and coal-fired power stations which we depend on so much today and, of course, nearly all our transport is fuelled by oil or by its derivative — petrol. We shall have to do something about that.There'll be required a technological revolution. We hope we'll acquire one, at any rate, which will bring about a new way of life which is less pollutant, less polluting , less dangerous to our environment. Let us look a little bit at the picture today. We are all aware of this; in order to satisfy our almost boundless need for oil today we send huge tankers to trans ­port it from one country, where it is to be found, where it is drawn up from the ground, to many countries, of course, that have no oil of their own at all, they have to import it.And then, of course, the issued tankers sometimes sink and sometimes have collisions, and vast spillages occur, causing oil slicks which are sometimes miles and miles long. As a result of these oil slicks, which gradually come towards the coast, we have a poisoning of fish life and sea birds, and this makes the beaches unfit for either the local residents or for holiday-makers to use. And it's a dirty sight, a tragic sight.The sea birds, for example, are covered in thick black oil, and they have no chance of survival unless people can get to them early and clean their bodies, clean their wings of this oil. So the great cost to natural life – we've been endangering the other creatures of Earth in our greed for more and more oil. And the cost, the economic cost of cleaning up these oil slicks is enormous and, of course, fines that are imposed upon owners of tankers from which oil is spilt, but the fines themselves are derisory, they are not nearly heavy enough.Many tanker captains deliberately flush out the holes of their vessels in foreign ports leaving the foul mess for other people to clean up, and the fines they pay, if they are caught, which is not always the case, are literally peanuts. And then there are carbon emissions from our factories and from the traffic. The emissions from the exhausts of cars and other vehicles on the roads are largely responsible for the atmospheric pollution from which we are suffering these days.These emissions cause acid rain which, when it falls upon the ground, is harmful to plant life, and to some extent, to animal life too. We are told by t hose who are supposed to know about these things that the atmospheric temperature throughout the world, the average temperature is rising very slightly, and the result of this is so-called global warming, which is only by 1 or 2 degrees, perhaps not even as much as 2 degrees will be the so-called greenhouse effect.This can be described in the following way: the ice at the Pole caps, the North Pole and the South Pole, will begin to melt as a result of this global warming and causing the level of the oceans to rise, and this, in turn, will flood low-lying coastal areas in various parts of the world, thereby, of course, not only causing disaster to people who live there, but also depriving man of some of the soil — the earth which he needs to grow his food on.And as further results will be, this happens, that the climate in many parts of the globe will change, maybe, of course, some parts will become warmer and may be better from that point of view, but others undoubtedly will s uffer. We can't know in total whether this will be a good or a bad thing, but we shouldn't just assume blindly that all will be well. We must try and plan and look on the gloomy side in a sense. We must assume the worst; we must take the worst case analysis, as it's called in England.It’s really quite a moot point today whether mankind will perish by flood or by frying, whether it'll be flooded out of existence or fried out of existence. For many decades after the Second World War, once the atom bomb had been invented, people were afraid above all of a nuclear war. Nu ­clear war was what it was feared, would wipe out mankind because, if there were Ð ° wÐ °r and nuclear weapons were used, and rockets with the nuclear warheads — â€Å"nukes† as the Americans call them – were used, then there's little hope for mankind, there'll be no victor in such a war.Everybody would be vanquished and, of course, the pollution would occur as a result, as well as the d evastation would probably, or could easily wipe out mankind, or if not wipe out mankind, then make lives, all life that was left unbearable, as to be almost not worth thinking about, not worth contemplating. There is, of course, an ever horrifying doomsday scenario, from which it's to be really gloomy about this sort of thing. This is the possibility of the Sun baking us all, frying us all.I haven't spoken about the possibility of flood from melting of the ice caps at the two Poles, but there's this other possibility which is opening up now as a result of man's activity in space and on earth, of course. Some of the hydrocarbons that we release into the atmosphere, es ­pecially those from the aerosol cans together, it is believed, with the rockets that we launch into space cause holes to appear, large holes to appear in the ozone layer above the Poles, above the Pole caps.And it is this layer, and this alone, incidentally, this ozone layer which prevents us all and which protects u s, in fact, from the harmful effects of the ultraviolet rays given off by the sun. Were there no ozone layer, Ð ¾f course, life would not be life as we know it. It would not be sustainable, and for our type of life it would be too hopeless, the rays, ultraviolet rays would harm us. We know this is so, when we go sunbathing we give caution not to expose our bodies too much to the effect of the sunrays. As if all this were not enough, we pollute our water in various other ways.We pollute it not only, that is to say, with oil slicks, spillages of one source or another. In many places, and certainly this is true in England, and probably true in other countries, I'm sure, it's true in many continental countries on the Mediterranean coast, for example, in many places untreated sewage is discharged directly into the sea, instead of being treated and used on the land, as would seem to be possible, of course. Side by side with this, we use huge quantities of chemical ferti ­lizers in our agriculture.Some of these fertilizers seep down into the underground water shelves and aquifers and finds its way into the river system together with chemicals discharged by factories, which are often sited near rivers and lakes, of course, straight into the river or the sea. We are polluting our waters with chemicals, with oil and with untreated sewage. And, of course, the oceans are huge, of course, they cover more of the earth surface than land, as we all know, but they can't endlessly prove a kind of flushing system, purification system for modern civilizations.The harmful chemicals which are deposited in one way or another into our rivers, our seas, our lakes and our oceans, get into parti ­cularly harmful metals, such as lead and cadmium; get into the food chain and the water supply. And, of course, we are absolutely depen ­dent on food, on safe food and water which is fit to drink. However, we mustn't be too gloomy about this, the mankind is capable not only of dirtying, of messing up the planet, it is also capable of cleaning it up, if he applies himself rationally to this problem.Many rivers have in recent years been cleaned up, that is to say, made a lot cleaner and the matter is clean as long as they would wish and they certainly have been improved immensely, the Thames in London is an example of this. Fish which have not been seen in the river Thames for decades are now reappearing there now. Of course, many of them are put in deliberately as the river is restocked. But the fish which would not have stood a chance of surviving in the Thames a few years ago are now able to survive in that environment, which is very encouraging, of course.There is another form of pollution I'd like to speak of briefly. It is not quite so harmful to the human race as a whole, but it is certainly deleterious, has a deleterious effect on the environment. It is one another environmental problem we have to deal with. This is the, what I call, noise pollution. This can come from various sources, for example, aircraft with the loud engines. These engines can be made quieter, and there is much effort going into making them less noisy all the time, but they are still enormously disruptive in their effects.Anybody who lives near an airport knows what a terrible noise these planes can make after they take off or when they are land ­ing. Some people can adapt to this, but not everybody can. It is not true that if you live near a noisy place, you'll adapt to it. I know from personal experience that a noisy traffic can have a continuously bad effect on one's health, because it disturbs one's sleep, keeps one awake and keeps one in a nervous state. Some people adapt to it, but many people, quite a large minority of people never adapt to noisy conditions.And the traffic noise and the bubble aircraft noise are the worst offenders in this respect. It's not only, of course, aircraft or road vehicles which cause a noise, but other things, such as the well-kn own ghetto blasters, as they call these, they are very loud hi-fi systems, or loudspeaker systems that they have in pubs and other places of entertainment. These are played at full blast, hence the name â€Å"blasters†, and they are very harmful to people's health. In the long run they can affect hearing.There is no doubt about it, scientists have shown that young people who are habitually exposed to very loud noises, to this deafening loud music, will in a course of years suffer an impairment in their hearing and can, in some cases, become deaf, which is a heavy price to pay for listening to loud rock music or something else of the kind. They can enjoy just as well at a lower volume surely, but the fashion today is to play these things as loud as possible, without regard for those around who, perhaps, don't want to hear these things.It's not uncommon for people in our country to play their transistors in their cars and then to open the car window and the sound comes out, and everybody hears whether they want to or not. I usually don't want to hear it. This is an offensive thing to do to one's fellow creatures to impose a sudden noise on them if, so to say, they don't want to hear. It's antisocial, to say the very least of it. It annoys me in ­tensely.And some shops where they sell hi-fi equipment will have that equipment, will have some music playing usually, usually junk music, I call it, playing very loud and such you can hear from the street. Why should I be, why should I be punished, as if my ears be afflicted with the sounds of music I don't wish to hear, which I don't regard in any way artistic or aesthetic, just because some other people are thoughtless, too thoughtless to turn the sound down. So we have created a problem, perhaps, of a nuisance. The same thing happens, of course, to transistors.Young people sometimes take a transistor with them, say, to a beach in the country and even in the town, and play it loud. And so all people are force d to listen to, are forced to hear it. This shouldn't be possible in fact, on our railways, I'm not sure about the buses, and other forms of public transport, certainly on our railways, it's illegal, it's technically illegal to play a transistor. It's perfectly acceptable to play one of these players, one of these personalized hi-fis which you wear, you just have earphones, walkmans, but not to play a transistor.We've created smokeless zones in our cities to rid ourselves of some of the pollution. Now, of course, we are not allowed to burn coal on our fires in most areas in England. In the country you still can have this kind of smoke, but in the towns one is not allowed to have an open fire which burns coal. One has to have a special smokeless fuel, and this, of course, has reduced the pollution and the fog and the smoke in the towns enormously. And even in my life-time I've noticed a huge difference in this respect.When I was a young man, it was common in November, particularly at the end of the year, to expe ­rience terrible fogs — â€Å"pea-soupers† we used to call them. And that was a mixture, of course, of industrial smoke, of smoke from all the chimneys in the houses and fog, and it really did look green, and the description of â€Å"pea-soupers† is very appropriate. It did look greenish, a horrible colour. It choked you, of course, and you got black deposits in your nose and so on. It was foul. People used to walk around with handkerchiefs and scarves wrapped around their noses and their eyes.They got into your eyes, as well, and it's really quite dreadful. We've managed to overcome that problem by the introduction of smokeless zones, I think some time in the late 1950s or early 60s. We could and should do something about the noise that we're creating, that is creat ­ing a nuisance for us. In a similar way, we could, in fact, impose re ­strictions on people. We have started in a small way but we need to go a lot further in th is respect. So all these problems, these problems of pollution are man-made problems.It is we, the human race who have caused these problems by failure to appreciate the extent of the damage we're doing to our environment by mismanagement, even when we do know the effects, we don't always take measures to secure a clean and safe environment. But we know now more and more of the matter, how very delicately balanced the ecology of our world is and that if we go on as we are doing, we might, well, disrupt it and alter it irreversibly, and to the detriment of all, all the human race. We've got to be extremely careful how we're moving in this respect.There is, as we say, only one spaceship — earth; we have only one planet, we are all in the same spaceship, all in the same boat, as we say. And we could perish unless we alter our attitudes, alter our industrial methods and ruthlessly punish those who are responsible for polluting parts of our Earth. And if we don't, I can quite trut hfully say that the sands of time are running out for mankind. *Sort some of the underlined vocabulary under the following headings (to have at least 5 items for each): a.words and phrases that show the attitude of people to environmental issues; b. the hottest environmental problems we are facing; c. the dramatic consequences of man’s activities; d. reasons for / causes of /sources of pollution and other ecological problems; e. ways of dealing with these problems; words and phrases that show the attitude of people to environmental issues; the hottest environmental problems we are facing; the dramatic consequences of man’s activities; reasons for / causes of /sources of pollution and other ecological problems; ways of dealing with these problems;

Sase study Essay

What is the break-even point in passengers and revenues per month?†¨Ã¢â‚¬ ¨Ã¢â‚¬ ¨ First we have to figure out the contribution Margin = Sales per fare – variable expense per unit:†¨ $160.00 – $70.00 = $90.00 (Contribution Margin.†¨Ã¢â‚¬ ¨Ã¢â‚¬ ¨ Break Even point in passengers= Fixed costs (divided) contribution Margin:†¨ $3,150,000 / $90 = 35,000 passengers.†¨Ã¢â‚¬ ¨Ã¢â‚¬ ¨ Break-even point in revenues per month = Fare sales to breakeven (X) Sales per unit.†¨ 35,000 x $160 = $5,600,000 †¢What is the break-even point in number of passenger train cars per month?†¨ At 70% load = 90 x 70% = 63†¨ Breakeven point in passengers = 35,000/63 = 556 cars†¨Ã¢â‚¬ ¨Ã¢â‚¬ ¨ c) If Springfield Express raises its average passenger fare to $ 190, it is estimated that the average load factor will decrease to 60 percent. What will be the monthly break-even point in number of passenger cars?†¨Ã¢â‚¬ ¨Ã¢â‚¬ ¨ 90 seats x 60% = 54†¨ Contribution Margin = $190 – $70 = $120†¨ Fixed costs $3,150,000/ $120 = 26250 Passengers†¨ 26250/54 = 486 cars d) (Refer to original data.) Fuel cost is a significant variable cost to any railway. If crude oil increases by $ 20 per barrel, it is estimated that variable cost per passenger will rise to $ 90. What will be the new break-even point in passengers and in number of passenger train cars? Contribution margin = ($160 – $90) = $70 3,150,000/70 = 45,000 Breakeven point in number of passenger cars per month: 90Ãâ€"70% = 63 45,000/ 63 = 714 cars e) Springfield Express has experienced an increase in variable cost per passengers to $ 85 and an increase in total fixed cost to $ 3,600,000. The company has decided to raise the average fare to $ 205. If the tax rate is 30 percent, how many passengers per month are needed to generate an after-tax profit of $ 750,000? New Contribution Margin: $205- $85 = $120.00 Profit=after tax profit/tax rate = $750,000x 70% = $1,071,429 Breakeven point in passengers = $3,600,000 + $1071.429 = $4,671,429 (divided) $120 (CM) = 38,929 Passengers f). (Use original data). Springfield Express is considering offering a discounted fare of $ 120, which the company believes would increase the load factor to 80 percent. Only the additional seats would be sold at the discounted fare. Additional monthly advertising cost would be $ 180,000. How much pre-tax income would the discounted fare provide Springfield Express if the company has 50 passenger train cars per day, 30 days per month? CM= $120 – $70 = $50 Load Factor = 80% – 70% = 10% Additional Rider CM = 50 cars x 90 seats x 10% = 450 Per day Revenue: $160 x 3150 = $504,000 + $54,000 ($120 x 450) = $558,000 Variable cost per day: 70 x 3,600 (total seats) = $252,000 Per day income: $558,000 – $252,000 = $306,000 x 30 days = $9,180,000 Profit = $9,180,000 – $3,150,000 – $180,000 (addtl. monthly advertising cost) = $5,850,000. g). Springfield Express has an opportunity to obtain a new route that would be traveled 20 times per month. The company believes it can sell seats at $ 175 on the route, but the load factor would be only 60 percent. Fixed cost would increase by $ 250,000 per month for additional personnel, additional passenger train cars, maintenance, and so on. Variable cost per passenger would remain at $ 70. CM = $175 – $70 = $105 Number of passengers x load factor = 90 x 60% = 54 CM per ride: ($175 – $70) = $105 x (90 x 60% load) 54 = $5670 x 20 rides = $113,400 (per month) 1. Should the company obtain the route? I don’t think it would be profitable unless we can increase the number of passengers a month for this route in order to break even 2. How many passenger train cars must Springfield Express operate to earn pre-tax income of $ 120,000 per month on this route? Profit = CM x Q – fixed expenses $175x – $70x – $250,000 = $120,000 $105x = $370,000 X = 3,524 3524/54 = 65 train cars 3). If the load factor could be increased to 75 percent, how many passenger train cars must be operated to earn pre-tax income of $ 120,000 per month on this route? CM = $105 90 x 75% = 67.5 67.5 x $105 x 20 cars = $141,750 $175 – $70 = $105 $105 = $370,000 ($250,000 + $120,000) 3,524 passengers 3,524/67.5 = 52 trains 4) What qualitative factors should be considered by Springfield Express in making its decision about acquiring this route? Considerations in decision making in addition to the qualitative or financial factors highlighted by incremental analysis. They are the factors relevant to a decision that are difficult to measure in terms of money. Qualitative factors may include effect on employee morale, schedules and other elements, relationships with and commitments to suppliers, effect on present and future suppliers and effect on present and future customers.

Case study Coursework Example | Topics and Well Written Essays - 3500 words

Case study - Coursework Example This could mean that bundle packages can be drafted in within the Furnishings for You so that the customers can be enticed into coming into the stores and checking out for their own selves as to what exactly they would require. This would attract them immensely well and ask of them to be on their feet at all times whenever there is a new deal or package in the stores. The aims and objectives of the promotional activity should always bank upon the aspects related with understanding where anomalies exist within such measures and how these could be made substantially better in order to produce results that Furnishings for You can eventually enjoy. The promotional activities that Furnishings for You must undertake should focus on giving something of value because it is much needed on the part of the customers who might not purchase something quite easily as compared to how the same came about when economic downturn had not set in within the geographical zones. There is a vast amount of d ifference now to what was experienced by Furnishings for You in the past and the role of Furnishings for You in such a situation is to extend itself to make sure that it is listening to the customer requirements and doing its best to win them back from time to time. The marketing communication or promotional mix tools which can be employed for the sake of Furnishings for You would rely specifically on bringing the customers back to the stores and ensuring that they purchase furniture at the same time. If they come back to the stores, this is indeed half the job done and hence focus should be on these tangents as far as the marketing communication and promotional mix tools are concerned. Indeed these will employ the usage of advertising, personal selling, sales promotions, direct marketing and a bit of public relations entities. Also the

HMV Group Case Study Example | Topics and Well Written Essays - 3500 words

HMV Group - Case Study Example This report highlights the various strategic options available to the HMV Group as well as an analysis of the potential effectiveness of these new strategies based on the current strategic position of the organisation. an isolated incident which did not stem from higher consumer patronage and online sales, but from the sale of HMV Japan (Bryant, 2008). It appears that HMV Group was experiencing minimal sales volumes in the Japanese division of the company, thus the sale of this particular business unit was performed in order to increase total company liquidity and make the company's stock appear more viable for long-term investment. The implementation of the Japanese HMV division did not bring adequate sales results to the company, thus this was an initial failure at diversifying the company's total business portfolio. Additionally, and much to the surprise of the HMV Group leadership, the company experienced its best Christmas sales in December 2008, largely due to video game sales in the HMV division (Financial Times, 2008). This seems to have taken the company on a new strategic direction by January 2009, with a much higher focus on video game sales and less focus on music sales and downloads. The 3.0 Strategic options for HMV Group The company is currently facing a considerable amount of competition stemming from the rise of online retailers, the digital download environment competitors and also supermarkets which appear to be attempting to cash in on music and other digital media sales (Bryant). There is no research evidence which suggests why consumers are moving toward supermarkets and online retailers for their music and digital media selections, however since these competitors are eroding the firm's total profitability, the company needs to select several new strategies in order to build competitive advantage and emerge, again, as the leader in this type of digital format sales. Pricing Strategy: From a sales and marketing perspective, the company would benefit from taking both a price-based strategy and a differentiation strategy in order to build the type of sales growth expected by the company. In today's difficult economic environment, it is relatively common knowledge that many consumers have cut back on their spending habits due to fear of the short-term effect on personal consumer income. The company should adopt a low price strategy and a

General Overview of United Utilities Group Plc Term Paper

General Overview of United Utilities Group Plc - Term Paper Example By doing this, the company helps in the smooth flow of about 7 million people as well as 200,000 businesses in the North West and it does this by the provision of fresh and clean water on a daily basis. The company also takes away and treats the North West waste water which then helps in keeping the beaches and rivers quite clean. The company plans to finance its operations using debt securities instead of conventional bonds. This plan matches the market trends as the market, or the sector across the globe has been opting for the issuance of conventional debts due to the low interest rates attracted by bonds. Bonds usually pay a fixed income and the issuance of bonds in the utilities sector in the United Kingdom only account for half of the total funds raised in the equity capital markets. Firms in this sector just like the United Utilities Group Plc are opting for the issuance of debt securities even though it has high risks of threatening the market viability. Data also showed that only 8.7% of the funds raised were through equity capital markets while the remaining portion being raised through the use of debt securities. ... b. General Overview of the issued debt Debt security is an instrument which can be sold or bought between two different parties and include corporate bonds, collateralized securities, preferred stock and zero-coupon securities (Fabozzi et.al 2003). The interest rate on a debt security is usually determined by the borrower’s repayment ability. Debts securities are quite safer than equity securities as the principal amount is usually returned to the lender upon the maturity of the security. This is what United Utilities Group Plc plans to use as it mode of raising finance. 2. Evaluation using the Annual Financial Reports and accounts a. The position of the company to issue debt securities The annual profits for the company have decreased from ?909.20 million in March 2008 to ? 316.5 million in March 2012. Its EBITDA has been fluctuating over the period with an increase only being recorded on March 2009 after which the company recorded a continued decline. The company has also re corded a decrease in its Free Cash Flows for the Firm (FCFF) from ? 562.7 million in 2011 to ?559.8 million in 2012. The company borrowed ?215 million during the 2012 financial year in order to offset the dividends of ?209 million. Free Cash Flow to Equity (FCFE) is low for the firm as the firm’s equity is higher than the free cash flow. From the March 2012 annual statement, it is quite evident that the company has made maximum use of debt securities as it net debt is quite higher than the one recorded during the previous year which then reflects the additional borrowing done by the company as a way of funding its capital investment programmes. The gearing ratios for the company are also quite

Attraction and mating Essay Example | Topics and Well Written Essays - 750 words

Attraction and mating - Essay Example Some of the most fundamental issues examined within biological sciences relate to the core concepts of attraction and mating. In general terms mating is understood as the coming together of two opposite sex organisms into a form of copulation that results in reproduction. Attraction is broadly understood as the process wherein these individual creates attract the opposite sex organism that they will copulate with in the act of mating. While these are broad understandings of this terminology, there is also a large amount of scientific research that goes into understanding these elements in terms of the differences and specific elements within species. This essay considers these elements from a variety of perspectives in order to come to a greater understanding of their key elements. In terms of attraction there are a number of broad issues that scientists have identified as key concepts within this field of understanding. One of the primary elements of attraction that has been identif ied is the idea of symmetry. Symmetry is the scientifically research construct wherein animals are more drawn to the symmetrical nature of other animals’ faces and bodies. The theoretical understanding behind this concept is that strong symmetry demonstrates that individuals have demonstrated the ability to go through the development process in a strong fashion and as a result are healthy and demonstrate fertility for mating. A biologist at the University of Mexico stated, "It makes sense to use symmetry variation in mate choice," said evolutionary biologist Randy Thornhill of the University of New Mexico" If you choose a perfectly symmetrical partner and reproduce with them, your offspring will have a better chance of being symmetric and able to deal with perturbations" (Carey 2007). Research has been conducted that has demonstrated that individuals with more symmetrical faces are perceived as more attractive by members of the opposite sex. The exact numbers of sexual partne rs vary between men and women, with research indicating symmetry being a more important part of a man’s composition than a woman’s. Another central element of attraction is body shape. In these regards, the waist to hip ratio, or the WHR as it has been referred is one of the primary aspects in these regards. Scientists have even measured the waist to hip ratio that has been shown to be the most effective in attractive members of the opposite sex; in these regards, it has been demonstrated that a waist to hip ratio of .7 is the most effective ratio in which to attract members of the opposite sex. In terms of men, there is what is referred to as the Adonis index. This feature considers that women are most attracted to broad shoulders and a V-neck body shape wherein from the torso to the pelvis a V neck tapers of through muscle and skeletal structure. In addition to this element men are also judged by their waist to hip ratio. In these regards, the most effective waist to hip ratio for men is slightly larger than that of women. For men the ideal ratio is between .8 and 1.0. While there are a number of elements that scientists have attempted to discern in the waist to hip ratio’s relation to attractiveness, research has focused on a few specific points. One of the primary determinants is the belief that the waist to hip ratio functions to allow potential partners know if the individual will have enough energy to be able to care for their offspring. For women, this involves a complex interaction between estrogen and fat deposits that send signals to the opposite sex as to if they will have the proper energy necessary for reproduction and offspring care. For men, this relation is between testosterone and fat deposits. It’s been demonstrated that individuals residing in this ideal waist to hip ratio face less challenges with diseases, such as cardiovascular and other such complications; women in this range have also been demonstrated to ha ve an easier time during pregnancy. There also exists elements of related to attraction and

Assume your company has decided to expand their US business into an Term Paper

Assume your company has decided to expand their US business into an international business. You have been asked by your company - Term Paper Example The country that I would recommend to my CEO for international expansion is China. This is mainly because China is a country that is developing very fast and thus, if the country starts an international branch in China it will be sure to attract a large number or customers (Li, 2010). The economy of China is indeed stable and well performing with a Gross Domestic Product of approximately 7.33 trillion (The College of Staten Island's Modern China Studies Group, 2012). This is a very large and promising figure. Therefore, starting a new branch in the country will assure the company of positive returns. On the other hand, the GDP per capita is approximately $ 9, 100. This shows that the country is highly productive and thus, it is unlikely that the bank will make losses once it expands to China. China has a very large population of approximately 1.35 billion. Therefore, there is sufficient labour for all organizations in the country. Therefore, of the country expands to China, it will b e sure not to have high labour costs, or labour shortages. On the other hand, China has established itself in export and import trade (Li, 2010). Therefore, the country has a large number of economic activities that lead to the need for banking services. Importers and exporters of products in and out of China demand banking services and thus, Victory State bank will be very beneficial to them. In addition, the large number of economic activities in China requires finances. Therefore, the demand for loan services in the country is very high. When the organization expands to this country, it will have a large number of customers demanding loan services. The infrastructure of China is also well developed and efficient (The College of Staten Island's Modern China Studies Group, 2012). This is given by the study of China’s roads, machinery and latest technology. Recent studies show that the country has invested over $ 1 billion to enhance its transport and communication infrastruc ture. With developed infrastructure, the business will also thrive since operations will be smooth and effective (Li, 2010). China is made up of a large number of industries that require banking services. In addition, recent studies show that the growth rate of these industries is approximately 14.5% (The College of Staten Island's Modern China Studies Group, 2012). This is a high figure, which assures the bank that as the industries continue to grow, the demand for banking services will increase and thus the bank will grow. On the geographic factors of the country, the country has a climate that favors business operations all through the year. Therefore, the business is sure not to be affected by disasters such as floods and earthquakes. The environment in China has also been well conserved and thus; the organization will have a favorable environment to perform its operations with no environmental issues (Li, 2010). China is a politically stable country and thus, issues of politica l instability will not disrupt operations in the organization. Since China is a communist country, it is unlikely that it faces issues such as political unrest or clashes (The College of Staten Island's Modern China Studies Group, 2012). The regulatory requirements of establishing a business in China are also few and thus, the organization will only require a license and the minimum sum of money required in order to start a bank. The only other laws that the company will have to follow

Food and Culture Individual Country Project Lab Report

Food and Culture Individual Country Project - Lab Report Example which took place between Mexico and the US, which took place between 1846 and 1848, in which the US was attempting to take control over independent Texas. In the end, the US army defeated the Mexican leading to the signing of the peace treaty between Texas, New Mexico and California in which Mexico lost its land by almost a half. The events that took place in Mexico right from independence fostered the economic, political and social assimilation of different social groups contained by the nation and made the state and nation building stronger. The most relevant civil wars that took place that made a lot of significance in Mexican history are the Mexican Revolution that took place in 1910. The war led to an estimated loss of life of about one million Mexicans. The war ultimately ended with the formation of the new constitution at the beginning 1917, but it still lasted a few decades before peace to finally set in the nation. The reconstruction after the revolution affected all aspects of the society and gave a totally new significance to the nation. Put simply, the Mexican culture simply stands out from other cultures. The differences and variations that one can find in Mexico can be incomprehensible. Mexican people are generally renowned for their artistic and creative nature. In addition, they take such pride when it comes to culinary matters. It is not strange to find people in a hot debate about food. It is what defines them as a culture. The dances are also unique to the nation only, although most modern societies are adopting them and changing them in one way or another (Sanchez, 28). Unlike their neighbors, the dominant language in Mexico is Spanish, which can be said to be as a consequence of being colonized by Spain. Mexico possesses a comprehensive and refined culinary culture, with a vast variety of local dishes. However, there are three main common dishes that constitute the heart of most Mexican foods: beans, corn and hot peppers or as commonly

Psychedelia and Vietnam Essay Example | Topics and Well Written Essays - 500 words

Psychedelia and Vietnam - Essay Example In this way one considers that the narrator in the song speaks about having to avoid mortar shells. In great part the specific musical components contribute to this song’s message. In this way the guitar is low-key and thoroughly allows the vocals to shine through. Another prominent recognition is that Paxton’s voice is subdued, yet contains a significant degree of ethos, leading the listener to empathize with his message. Another prominent song with a war message is Johnny Wright’s ‘Hello Vietnam’. This song is less explicit in its criticism of the Vietnam War. While the song alludes to the arbitrary nature of the war, it is more concerned with articulating a story about a lost love going abroad to fight in the war. This seems to be the song’s most effective part. To an extent the song can even be interpreted as embracing the war. In this way the song speaks of American’s mission abroad and the importance of stopping communism before it becomes a larger problem. Specifically, the song implements a lyrical metaphor in comparing communism to a fire that must be put out or risk a larger problem. In terms of the specific musical components, to an extent one can argue that they interfere with the song’s message. The song adopts a lackadaisical country western musical approach that seems more concerned with the love story than conveying any sort of meaningful politi cal message. Finally, Sgt. Barry Sadler’s ‘Ballad of the Green Berets’ presents another perspective on war. While the first two songs made specific comments on the Vietnam War, this song instead constitutes a firm embracement of American military values. In this way, as the title suggests, the song functions as a ballad for the Green Berets. To a large extent the Green Berets are presented as heroic and brave individuals. While the song lacks a political message, this may actually be its strongest part;

Point of Service Plans Article Example | Topics and Well Written Essays - 1000 words

Point of Service Plans - Article Example The health care sector has changed its insurance plans which used to be high but were being paid in large amounts by the employers to a â€Å"more cheaper, manageable and consolidated† plan where the patient (employee of the family member of the employee) receives medical care from one point and the physician acts as the point of service of the patient (Point of Service health plan). The new plan as explained in detail by the article reduces the health care costs but at the same time increases other costs like family deductibles, premiums and even the out-of-pocket expenses. All these expenses are almost fully paid by the employee and not the employer and hence increasing event he burden of health care further than it previously was before this new merger of Preferred Provider Organization plan (PPO) and Health Maintenance Organization plan (HMO) that brought about the birth of Point of Service plan (POS) was formulated and implemented. The latest statistics collected by the Bureau of Labor Statistics (BLS) in the United States of America show that the employer no longer fully caters for the health care plans of their full time employees. The statistics indicate that in 1998, over 86% of the employees participated in a medical insurance plan which catered for all their health problems. However, data collected in 2011 shows that only an average of 82% of the employees are involved in a medical plan. The plan the government employees were being offered and are still being offered is the Point of Service Plan. The decline in the health care plan has been pin-pointed to certain services like dental care, prescription drug coverage for outpatients and even in visual care. This is attributed to the fact that these services are costly and hence the employees cannot afford to pay for them. These services are also usually not provided in local health care centers and hence requires the

How Muslim practises reflect Islamic teaching on the role and status of women Essay Example for Free

How Muslim practises reflect Islamic teaching on the role and status of women Essay Explain how Muslim practises reflect Islamic teaching on the role and status of women Islamic teaching and theories are such so that they can be applied to modern life. Islam recognizes the fact that men are generally physically stronger than women, but does not place men above women. They are given different skills to do so women are given the duty of providing food for the hungry, refuge for the weary, hospitality for the guest, comfort for the distressed, peace for the troubled, hope for the insecure and encouragement for the weak. They are expected to cook for the family, clean and give love to her husband. This sounds all very one sided, however marriage in Islam is a team effort- the husband has his expectations and requirements to. Islam treats women as equals to men and that their role is as important as men. The rights of a woman are sacred; ensure that women are maintained in the rights assigned to them [Hadith] A Muslim woman has the right to stay a virgin, unmolested by anyone. She has the right to be looked after when in pain. She does not have to fast during Ramadan, because she is going through so much pain, therefore she must be treated with respect. It is a privilege given to women because Islam recognizes the crucial role they play in life. Since they are burdened with the responsibility of upholding the home and bringing up the children, she is not expected to work or earn money. Allah says in Quran, surah 2, verse 228, and women shall have the rights similar to the rights against them, according to what is equitable A man came to Prophet Muhammad asking, O Messenger of Allah, who among the people is the most worthy of my good companionship? The Prophet said, Your mother. The man said, Then, who is next? The Prophet said, Your mother. The man said, Then, who is next? The Prophet said, Your mother. The man further asked, Then who is next? Only then did the Prophet say, Your father. This shows the importance that Islam gives to women. Islamic teaching about modesty states that men and women, but especially women, should cover themselves up and present themselves modestly so that men do not stare at them. This is not compulsory however, but most women choose to do it anyway. This shows that women do not feel that they are treated inferior to men and being forced to wear it. Instead of totally covering themselves up completely in some countries, they just dress modestly by covering their heads or wearing a scarf. They never wear anything tight. Modesty and faith are joined closely together; if either of them is lost, the other goes also. Every religion has a special character; the characteristic of Islam is modesty [Hadith] This is an example of how Islamic teaching about women is applied in every day life. Men also have to dress modestly. Women do not have to go to the mosque, but instead pray at home. This reflects the teaching about women having to bring up the household. Since this is their duty, they are allowed to pray at home. Because women are not seen as objects, but as equals to men they are given a dowry from the husband when they get married. This is to show that the woman is not just an object to fulfil any sexual desires, or work for him, but that she is a human being. A man being allowed to have more than one wife is not just a benefit to the man. The woman chooses whether or not she wants to marry a man with a wife already, or if the man she is marrying is allowed to have more than one wife after her. It is entirely her choice. By allowing her husband to have more than one wife she will benefit by the fact that there will be someone else to help her bring up the children and to bring up the household. The man is allowed to have more than one wife, but the woman decides it in the end. In Islam, the woman can have any job she pleases, since they are equals. If a woman chooses to work, it is entirely her choice but she does not have to. The husband should treat the wife with respect and not take her for granted. He should not think of her a servant and that she must make his dinner. She doesnt but she probably does because marriage in Islam is give and take. He should consult her when making decisions, because women are just as important and clever as men. So Muslim couples discuss things and work things out together and do not take each other for granted. Women have as much of a right to pray in a mosque as a man, since everyone is equal. All people are equalas the teeth of a comb. No Arab can claim merit over a non-Arab, nor a white over a black person, nor a male over a female [Hadith] What happens is that the men pray at the front, while the women pray at the back behind a sheet or curtain. The reason for the men being at the front is not that men are superior, but to prevent any flirtatious thoughts by the men and help them focus on Allah rather than the opposite sex. There are many rules concerning women, and these have been incorporated into modern life so that they still hold true to the rule.

Effects of Derivatives

Effects of Derivatives Abstract Banks and other financial institutions have progressively understood the need to measure and manage the credit risk they are exposed to. Derivatives, therefore have ascended in retort to the surge in demand of financial institutions to create vehicle tools for hedging and shifting credit risks. Derivatives over the years have become a valuable financial tools with system-wide benefits. However as innovative as the derivatives have been, they carry inside themselves so many threats that in the hand of inexperienced market participants, destabilize the whole economic system. Inside such a Pandora box were the instruments that would participate in amplifying the 2008 financial crisis. This paper postulates that derivatives may have contributed to the 2008 crisis. Derivative contracts are probabilistic bets on future events, as defined on Investopedia they are securities with a price that are dependent upon or derived from one or more underlying assets. Many people argue that derivatives reduce systemic problems, in that participants who cannot bear certain risks are able to transfer them to stronger hands. These people believe that derivatives act to stabilize the economy, facilitate trade, and eliminate bumps for individual participants (Buffett, 2016). We have now reached the stage where those who work in finance, and many who work outside finance, need to understand how derivatives work, how they are used, and how they are priced (Hull, 2015). For this reason, derivatives are at the center of everything. However, in 2008 the world witnessed a financial and economic hurricane that left massive financial and economic damages. It was universally recognized as the worst economic crash since the Great Depression. The old saying has it that success has a hundred fathers, but failure is an orphan (Davies, 2016). In this situation, it was the opposite as this failure had a long list of guilty men. While some argued that the changes in the law are the cause of the crisis, others pointed out the role derivatives played via the crash in the value of subprime mortgage-backed securities. The main thesis of this paper is that, while derivatives contributed a lot for the financial market would we be better off them? After a discussion of the positive effects of derivatives (their ability in refining the management of risk), the paper will analyze the negative aspects of them (enhancing risk-taking, evading taxes and creating financial crises). And we finish by looking at how derivatives fueled the financial crisis. Derivatives are instruments that derive their performance from some other instruments or assets. In contrary to the spot market, derivative markets require less capital and usually are more liquid.   Higher liquidity means more efficiency such that prices change more rapidly in response to new information, which is a good thing (Chance, 2008). There are different types of derivatives that an individual can use to protect himself against volatile time. Derivatives confer to the financial market different types of benefits such as risk management, price discovery, enhancement of liquidity. Fundamentally they are instruments that permit the transfer of risk from a seller to a buyer. Exporters, exposed to foreign exchange risk, can reduce their risk using derivatives (forward, futures, and options) (Viral Richardson, 2009). Derivatives can be viewed as insurance; one party gives up something in order for the other party to accept the risk. Some say that derivatives are nothing mo re than gambling (Peery, 2012). But derivatives can be compared more to insurance than be called gambling. In insurance, we have an insurer collecting the premiums where in derivatives, we have speculators receiving fees for speculation. Without speculators, hedging risk is impossible. Another benefit is price discovery; derivatives provide information to the market about the expectations of people on the future spot price. The ABX indices (i.e., a portfolio of collateralized debt obligations (CDOs) of subprime mortgages) which were one of the first instruments to provide information to the marketplace on the deteriorating subprime securitization market (Viral Richardson, 2009). Moreover, they also give the opportunity to market participants to extract forward information instead of historical information. Such information is used, among others, by central banks in making policy decisions, investors for risk and return decisions on their portfolios and corporations for managing financial risk (Viral Richardson, 2009). An additional positive benefit is the enhancement of liquidity. When derivatives are added to an underlying market, it brings additional players who use the derivatives and give the opportunity to companies to earn income that would not be available to them or available but the cost would be high. By and large, spot markets with derivatives have more liquidity and thus lower transaction costs than markets without derivatives (Viral Richardson, 2009). If derivatives provide to the financial market all those useful benefits, how come they were accused of player a role in the financial crisis of 2008? Derivatives play an important role in reducing the risk that companies face, but they are a synonym of danger to the stability of the financial market and in doing so, the economy in general. Within the field of finance, derivatives are the most dynamic instruments because they have no limits unless parties, markets, or governments set them (Peery, 2012). In his annual letter to shareholders in 2002, Warren Buffett branded derivatives as time bombs, both for the parties that deal in them and the economic system (Buffett, 2016). However, that fear of derivatives existed way before Warren Buffett expressed it.   Max Webers 1896 essay on the stock exchange lingered over the concern that derivative contracts encouraged speculation and increased market instability (Maurer, 2002). Years after the financial crisis, (Hoefle, 2010) argued that derivatives were doomed from the start, that they were the answer to the stock market crash of 1987, the demise of the SL industry, and bankrupt cy of U.S banking system. Why are some people against the use of derivatives? At first, derivatives were tools that can be used to hedge against pre-existing risks, in another word a form of insurance. But as time went on, people realised that they can use derivatives in another form than insurance. They went from hedge to speculation, implying that they tried to earn a profit by prophesying future events better than another can, including future asset prices, interest rates, or credit ratings. While doing that most companies got themselves hugely exposed to derivatives. As you can see in the example I have in the appendix Table 1, most of those companies total assets cannot match the leverage the companies are facing throughout the use of derivatives. And when the corporations exposure becomes large to the overall market, that could translate to problems, for example the collapse of Long-Term Capital Management in 1998. The company at that time had capital of $4 billion, assets of $124 billion, but their exposure to derivatives was more than $1 trillion. How all of these translated into becoming one of the causes of the financial crisis? The Bank for International Settlements has only published statistics on the Credit Derivatives market since the end of 2004 when the total notional amount was $6 trillion (Stulz R. M., 2009). The market grew hugely and by the time we get to the middle of 2008 the notional amour was $57 trillion. Quickly Credit Derivatives became an important tool to manage credit exposure. There are different reasons to why market participants have found credit derivatives appealing.   First you do not need a deep pocket in order to take a position, secondly, CDs can be used as insurance against any type of loans, not just a specific. In addition to that, the largest derivatives market is for swaps. With a swap, two parties exchange the rights to cash flows from different assets (Stulz R. M., 2009). In principle, credit default swaps should make financial markets more efficient and improve the allocation of capital (Stulz R. M., 2009). As time went on people were more focused on CD contracts o n subprime mortgages. Although subprime mortgages carried inside them significant default risk, as other mortgages they were securitized. As (Stulz R. M., 2010) explained in his article, mortgages are placed in a pool, and notes are issued against that pool. In the pool, the highest notes always have an AAA rating. In the case of mortgages default, the lower-rated notes suffer first, but as the default losses increase the higher rated notes will be affected too. In 2006 the ABX indexes were introduced, it was based on the average of credit default swaps for identical superiority securitization notes. Every six months, ABX indexes played an important role as they made it possible for an investor to take positions on the subprime market, even though they have no ownership of subprime mortgages or as insurance for subprime exposure. As a result, it was possible for investors to bear more subprime risk than the risk in outstanding mortgages (Stulz R. M., 2009). As all good thing must co me to an end, in 2008 financial institutions faced counterparty risks in derivatives that they had never factored in their calculations. Renà © M. Stulz (2010) offers a more detailed explanation of the counterparty risks and the problem that can arise. As for the causes of the counterparty risk, some people argued that derivatives lead to huge web exposure across financial institutions. In case one of the financial institution fails, the others will follow. And as we saw with the failure of Lehman, which had at that time derivatives contracts with other financial firms. Those firms were expecting payments from Lehman on their derivatives. Sadly, for them, Lehman at that time had filed for bankruptcy. While they could have managed their exposure to the counterparty risk, as they were high rated counterparties something unexpected happened. The failure of Lehman had as consequence a huge increase in the price of derivatives, at that moment the collateral amount would not be enough to cover the default of other counterparties default. As a domino effect, most firms were hit by the default of Lehman and without the help of the government to bail them out some would not have survived. The CDs market grew too fast for its own good and it created a bubble that fooled the financial markets. The lack of regulations, transparency, and clarity in financial statements made it hard to prevent. And before people realised we were in what some people call the worse financial crisis of all time. No matter the instruments you give to someone the results will depend on his intention. A good instrument in the hand of an evil person who focuses on profit over ethics will make that instrument look evil. Pablo Triana in his book The number that killed us gave a perfect example of a situation where a red Ferrari was involved in an accident that had civil casualties. Should we blame the car for the accident or the driver who was guilty of speed driving in the past? Same dilemma with the derivatives, we have seen how derivatives allow firms and individuals to take risk efficiently and to hedge risks. However, they can also create risk when they are not used properly. And the downfall of a large derivatives user or dealer may create a systemic risk for the whole economy. Which is why as for any instruments that may harm the world, derivatives should be regulated more effectively. We did not ban the atomic bomb after Hiroshima, nor we did with planes for their risk of a crash, but bett er regulations were introduced to make them safe as sense to be. While derivatives have been blamed, sometimes wrongly, for large losses from Barings to Enron the benefits are widely dispersed and may not make for good headlines. On balance, the benefits outweigh the threats (Balls, 2016). Appendix Table 1 References Ahmad, I. M. (2010). Greed, financial innovation or laxity of regulation? a close look into the 2007-2009 financial crisis and stock market volatility. Studies in Economics and Finance, 110-134. Alnassar, W. I., Al-shakrchy, E., Almsafir, M. K. (2014). Credit Derivatives: Did They Exacerbate the 2007 Global Financial Crisis? AIG: Case Study. Procedia Social and Behavioral Sciences, 1026-1034. Balls, A. (2016, 12 12). The Economics of Derivatives. Retrieved from nber.org: http://www.nber.org/digest/jan05/w10674.html Buffett, W. E. (2016, 11 28). Letters. Retrieved from berkshirehathaway: http://www.berkshirehathaway.com/letters/2002pdf.pdf Chance, D. M. (2008). Essays in Derivatives . New Jersey: Jonh Wileys Sons. Crotty, J. (2009). Structural causes of the global financial crisis: a critical assessment of the new financial architecture. Cambridge Journal of Economics, 563-580. Davies, H. (2016, 11 20). The Financial Crisis: Who is to Blame? Retrieved from Google Books: https://books.google.ie/books?hl=enlr=id=MNH6q2YGEUkCoi=fndpg=PR1dq=financial+derivatives+and+crisisots=2_ZzDDFPS3sig=JW59MDMZt2HWvDWthLHWtyDyZwcredir_esc=y#v=onepageq=financial%20derivatives%20and%20crisisf=false Hoefle, J. (2010). Ban, Dont Regulate, Derivatives. Executive Intelligence Review, 32-34. Hull, J. C. (2015). Options, Futures, and other Derivatives. New York: Pearson Education. Lebron, M. W. (2016, 12 20). Derivatives: The toxic financial instrument on par with terrorism . Retrieved from rt.com: https://www.rt.com/op-edge/325982-derivatives-toxic-instrument-review/ MacKenzie, D., Millo, Y. (2016, 11 12). Negotiating a Market, Performing Theory: The historical sociology of a financial derivatives exchange. Retrieved from SSRN Electronic Journal : https://ssrn.com/abstract=279029 Maurer, B. (2002). Repressed futures: financial derivatives theological unconscious. Economy and Society, 15-36. Peery, G. F. (2012). The Post-Reform Guide to Derivatives and Futures. New Jersey: John Wisley Sons. Stout, L. A. (2011). Derivatives and the legal origin of the 2008 credit crisis. Harvard Business Law Review, 1-38. Stulz, R. M. (2009). Financial Derivatives: lessons from the subprime crisis. The Milken Institute Review, 58-70. Stulz, R. M. (2010). Credit Default Swaps and the Credit Crisis. Journal of Economic Perspectives, 73-92. Triana, P. (2012). The Number That Killed Us: A Story of Modern Banking, Flawed Mathematics, and a Big Financial Crisis. New Jersey: John Wiley Sons. Viral , A. V., Richardson, M. (2009). Restoring Financial Stability: How to Repair a Failed System. John Wiley Sons.

Groups And Team Effectiveness

Groups And Team Effectiveness Organisational behaviour is a methodical learning of the behaviour and reactions of persons, groups and sub systems that actions to understand, explain, predict and change human behaviour that occurs in the organizational context. Organizational behavior can be defined as the study and application of knowledge about human behavior related to other elements of an organization such as structure, technology and social systems (LM Prasad). Stephen P Robins defines Organizational behavior as a systematic study of the actions and attitudes that people exhibit within organizations Groups and Teams Groups and teams in the association play a very significant in the performance of the association. For every achievement and breakdown in the organization teams and groups play a major role. Some groups and teams within the association function effectively while other disfunction. The employ of groups and teams inside an organization have enlarged on a worldwide scale in current years . Group: A group is nothing but two or additional persons who are interacting and mutually dependent, contain come together to attain a common objective. A work group is one which first and foremost interacts to share information and make decisions and to assist their collection members of their area. They dont enclose the chance to connect in collective work which wants joint attempt. Here production is just the adding up of individuals split work. Hence there is no much superior performance of work group. A figure of people who act together with one other are mentally aware of one another perceives themselves to be a compilation. Uniqueness of groups: Group consciousness A sense of shared purpose and identity Shared communication and net work Shared goals Interdependence Interaction Groups play a very important role on organizations. Groups are an essential feature of the work patterns of organizations. Types of groups: There are two types of groups: Formal groups In-formal groups Formal groups: Formal groups are created to achieve specific managerial objectives as well as be worried through the management of work activities Formal group include command groups, task groups, affinity groups Command groups are usually included in the organizational chart Task groups is created to perform specific task Affinity groups is created for new product development Formal groups tend to be relatively permanent, although there may be a change in the membership of the team Informal groups: In-formal groups serve to please the emotional and communal want of group members not connected essentially to the farm duties to be undertaken In-formal groups includes friendship groups and interest groups Friendship groups arises out of the cordial relationships among members and the enjoyment They get from being together. Interest groups are organized around a common activity or interest. They may be based on individual relations and association is able to hack across the official arrangement of the organization. Team: A team is a collection of people planned to work to gather interdependently and helpfully to gather the requirements of their clients by accomplishing a principle and goals. Teams are created for both long period and short period communication. Work teams have optimistic synergy which comes by their mutual effort. Hence the presentation level is better than sum of human being inputs and consequently work teams have superior capability and better production than employment group. Hence an association must own employment teams with following characteristics which are collective presentation, optimistic synergy, personality and mutual responsibility and balancing skills. . Team work can increase competitiveness by Improving productivity Improving quality and encouraging innovation Improving employee motivation and commitment Types of teams: There are different types of teams exist in organizations today. Some evolved naturally in the organizations others have been formally created at the suggestion of enlightened management. The most common type of teams is quality circles, problem solving, virtual teams, and management teams. Quality circles: Minute groups of workers as of the similar job region who frequently meets to talk about and advise solutions to occupation lay problems. Quality circles are Problem solving: Problem solving teams are temporary teams establish to attack specific problems in the work place Virtual teams: Teams where the major interaction amongst members is by various electronic information and message procedure Management teams: Consists of managers on or after a range of areas; they manage work teams. Motivation: Motivation refers to the psychological forces that determine the direction of peoples behavior, their level of effort and level of persistence. Motivation is an internal state that directs individuals toward certain goals and objectives. Source of motivation: How does employee motivation impact organizational performance? Employee motivation plays a great fraction in an organizations presentation and output consequences. Motivation encourages populace to try and attain their chosen job and goals. For many, motivation provides a sense of accomplishment and the good emotion of belonging to an association in control of their destination. Being part of something structured can frequently offer much motivation for employees. Lack of motivation among the work strength can result in low encouragement to achieve, promote negative feeling about the association and the organizations concerns about its workers. Organizations who promote optimistic motivation express consciousness and acknowledgement about their staff further attractive creativity and efficiency results Extrinsic motivation: Related to tangible rewards, e.g. salary, security, conditions of work promotion, Intrinsic motivation: Related to psychological rewards, e.g. a sense of challenge and achievement, receiving appreciation Management and leadership plays a major role in the behaviour of the organization, now we will see the relation they have towards there groups and teams. How Google motivate their employees? Google wrote a programme related to their employees they use their engineers what they did by the end of the week .Google use to send them email on every Monday, and focus the emails to collect in a file that everybody can examine. The mail will be transfer to every person and shames who did not respond by putting them top of the list. It has been fallowed every week from the time when we started, so each week of our companys history will have a evidence of what each person did. it`s good for presentation reviews, and if you are joining a development team, in a small number of minutes you can examine what your team members did the most recent weeks or months. How Google motivates employees Management: Management is about changing behaviour and making things happen, it is an everyday activity involving interactions between people. Management is defined as the process of achieving organizational effectiveness with in altering surroundings by matching competence, efficiency and fairness, obtaining the majority from incomplete resources, and functioning with and through other people. Elements of management: Planning Organizing Command Co-ordination Control Leadership: Leader ship is a matter of making difference and is a combination of persuasion and compulsion that results in making people do things they might not otherwise have done. Good management leadership helps to develop team work and the mixing of person and assembly goals, it aids essential motivation by emphasize the significance of the work people do and importance on interpersonal behaviour in a broader situation. A balance between management and leadership: In the organization the team leader seems to be halo affixed, whereas the phase manager is seen to have incredible of sigma. Leader establish direction for group and gain the group members commitment and motivate them to achieve goals to move in that direction, whereas manager brings to brain less-charismatic persons annoying to construct people in to more competent device in the business engine. Considering the definition of management we can see that leadership is actually a sub-category of management. Applying these concepts for manager and leader within the location of a team, we discover attractive results: If there be a team leader that is obvious to be uninterrupted by income of the team member necessities, or have a personality plan more important than the teams goals, then the leader is obvious to be more of a manager and become alienated from the team members. On the other hand, the team leaders most conventional and loyally followed are persons who reveal worry for the team members as folks with actual necessities, and are persons who put The reason of the group above there. Googles Organizational Behavior Main factors and procedures that organisational behaviour contributed to the success of Google: Google is one of the majority flourishing internet based industry. The achievement of the Google is fixed on its exceptional organizational practices and core competencies. Google formulae of accomplishment are not only its knowledgeable expertise but also its insistent ability to come up with both inventive and profit oriented projects. The inventive ability of Google combined with incorporated process in the supportive culture creates sustainable competitive benefit. For instance ,Google describes as investigate engine leader to facilitate create latest fangled opinion by physically powerful speed or what they call the 70-20-10rule where the staff predominantly engineers are buoyant to use 70%of their functioning time on top of central trade functions,20% on related business functions ,and 10% on areas completely of their own choice. The Googles are aggravated to put in their suggestions, thoughts, or no matter which that pertains to possible income gaining actions all the way through a range of means like meetings, intranet, and additional forms of message. Team work is another main factor for Google achievement. it is confirmed that engineers effort in teams in doing projects. The teams have whole independence relating to their projects and the habits in which they will attempt on it. Organizational communication is also a core means of Google. Communication serves four most important functions within a group or organization as well as control, motivation, emotional expression, and information. This serves as the lane through which ideas , suggestions, and in sights that would potentially produce alter and innovative features within the organization or discussed. On the feature of HRM, Google has a distinct employment method that is surrounded on the improved significance on appreciated intelligence and mind power more than experience. Major factors that make a payment to the extraordinary achievement of google are the capability on the way to innovate, exceptional teamwork in the middle of Googles, flourishing message process, and distintinctive service events. These are given critical factors and core competencies that make up the successful organizational. http://ivythesis.typepad.com/term_paper_topics/2009/08/googles-organisational-culture.html Negative aspects of Google culture: When there is positive aspect there are chances for negative aspects in the same way there are some negative aspects for Google. Google is having a very good reputation in the internet industry though they have a very good status in the internet business here are a small number of criticisms in the organizational background of the company. The negative features of Google culture are nonappearance of clear organization structure, work principles, poor worker relations and its casual work culture. The unclear definition of management structure leads to organizational divergence. Divergence is a hazard because staff has conflicting values and practice different situations. Management theorys used as a corpse of awareness that will direct the engineers and project managers in constructing excellent decisions for the advantage of the whole organization. Google is also criticized for its unique recruitment process. Critics describes the process of Google recruitment is narrow. Google is also called up on its problematic employee relations and in efficient organizational behavior Google on no account kept their schedule or activitys on time and forever turns up late for clients presentation. Positive and negative aspects of organisation will have influence of groups and teams .in the organisation some teams and groups function effectively while some other groups and teams in organisation dysfunction. This will directly reflect on the positive and negative aspects of the organisation, now we will critically evaluate why some teams and groups in the organisation function effectively while some others dysfunctional? The exercise of groups and teams within organisations has enlarged on an international scale in current years. This detail on your own suggests with the intention of a group demographic confers several concrete benefits to an organisation. Group is a set of people brought jointly through the set of plan that their personality skills resolve to higher productivity when combined. The employees may comprise similar skills in a particular field of the companys movement. For ex. The group research and development employees brought to gather for the focus groups involved in the development of Google chrome. Google chrome: Google chrome is a browser designed by the Google to work exclusively with web applications. Designed goals and directions of Google chrome are as follows: User interface Architecture Remote application access Hard ware support Integrated media player Printing Like handling Security. http://en.wikipedia.org/wiki/Google_Chrome_OS Groups may also have complementary skills that allow them assist in the direction of a common goal. The staffs with in the corporation have enormous impact upon how the corporation functions and on its output, so it is significant for business to inspect and re-examine their organisational behaviour. Factors and process which influence group effectiveness: Task orientation- an efficient groups is the majority possible to stay alert on its aims and targets that some one personality on your own and will be a great deal more focused than a dysfunctional group. This possibly will be achieved of through an organization goals and targets for the group as they progress through a task. Motivation through hierarchical flattening- The introduction of equality by the adding up of management within the group structure. The crash of barriers stuck between support staff and organization can lead to extra stress-free working environment. Also organization with in group can uphold the focus and direction of the group. A successful group will be skilled to introduce a new member to the culture of the organization rapidly so the new member may not waste time in settling in. Group norms can serve to facilitate goal achievement- if each group member knows how he is to behave and what is expected of them, and then greater productivity is sure to ensue. If suitable rewards are deliberately offered to the maximum performing group then opposition will increase In a successful group the aims and targets are complete clear to all members, no one is puzzled or left exclusive of a task, nor are farm duties duplicated. Based up on social identify theory and the ordinary desire to uphold optimistic self perception; people like to identify with high status groups and subsequently will work hard to stay associated with them. The stereotyping of out-group factors can facilitate in -group unity High expectations placed upon a group can lead its members to function more effectively. Some possible benefits of high expectations are: Increased responsibility Independence and trust Praise Room for creativity Seek comments Over look minor setback A group working successfully will make easy cultural differences, for example, Americans and French tend to prefer not to work in a group where as the Japanese do. The construction of a successful group may be due to its members living and socializing jointly, for example; the Google employees live together in apartment style accommodation; this creates a sense of group harmony and also defines each members role in the strict hierarchy within the organization. Factors and process which influence groups to dysfunction: Group norms can delay goal achievement, particularly if an associate of the group is intractable. In a group where norms are unidentified or deviated as of certain employees; as an alternative of tolerant and adhering to the norms, it takes longer for upcoming members to connect in and be accepted. One of the major flaws in a dysfunctional group is similar to to be communal loafing; the responsibility of each person is diminished, they everyone feel they can get away with a minor amount of work than if they are functioning alone. This might be due to the idleness on the part of staff or inaccurate organizational behavior on the division of the employer, for example having groups consisting of too numerous members or not allocating the accurate quantity of work to a group. Unclear instructions or briefs provided by higher authority could lead to a team performing poorly. If a new member of the group joins, it will take time for them to learn the group norms, dysfunctional groups may be the result of regular membership reshuffling A dysfunctional group may be the result of combining contrasting cultures; an example of this is the fusion of Chrysler and Daimler-Benz-the cultures clashed and the groups of the two sets of employees did not get along. Motivational incentives can cause disharmony among group members, if members of the group pitted against one another in competition this can often backfire and be counterproductive with the faster slowing down to keep pace with their slower working friends. Competition for leadership can lead to loss of focus and productivity A social phenomenon called groupthink can result from certain conditions, usually when the group is successfully and has excited for a while. The symptoms of group think are: Pressure to conform applied by other members of the group- this can stifle individual input. Self censorship-a group member may hold their tongue if they feel they are in the minority Feeling of unanimity and invulnerability-individuals in a group, especially a successful one, may develop an arrogance that could lead the group in rash and risky directions A group may become dysfunctional if it is under threat; this is called the crises factor and can panic group members in to rash choices and sub-par work. A group can deteriorate in performance if it is rife with negative stereotyping-the perception-the perception of a whole individual based up on specific attributes has implications for selection, promotion and performance evaluation. If individuals do not feel pride in a group then they will attempt to change the status of the group and try to detach themselves from it A group may become dysfunctional if low expectations are placed upon them. Some negative impacts of low expectations include: Decreased responsibility Directive instructions Emphasis of mistakes Less attention paid to comments/suggestions To predict how groups behave; certain psychological models can be applied; specifically tuck mans model of group development and Gersicks punctuated equilibrium model. The following is a representation of tuck man and gersicks model superimposed: A group working effectively will progress through the stages quickly to the performing stage after resolving any leadership disputes and establishing norms early on. Effective groups will contain members that have complementary skills and personalities, a group may work well if they have been formed for a long time or if they have worked to gather before as this greatly diminishes the effects of stages1-3 of tuckman`s model. A dysfunctional group will spend longer on the earlier stages not performing this could be due to number of factors either attributable to the individuals within the group or the management that assembled the group. The management may have chosen individuals that are not suited to the task they may not posess the necessary skills, or have little cooperation or leadership qualitys. It could simply be due to the fact the group members do not get along socially, this can lead to lower productivity so it may be wise to form a group of individuals of prior acquaintanc e. This could however have a negative impact if the colleagues have a social relationship they may not focus up on the task in hand. General Electric Case Study Managing Groups and Teams within Organizations Recognize and understand group dynamics and development Understand the difference between groups and teams Compare and contrast different types of teams Understand how to design effective teams Explore teams and ethics Understand cross-cultural influences on teams In Durham, North Carolina, Robert Henderson was opening a factory for General Electric (GE). The goal of the factory was to manufacture the largest commercial jet engine in the world. Hendersons opportunity was great and so were his challenges. GE hadnt designed a jet engine from the ground up for over two decades. Developing the jet engine project had already cost GE $1.5 billion. That was a huge sum of money to invest-and an unacceptable sum to lose should things go wrong in the manufacturing stage. How could one person fulfill such a vital corporate mission? The answer, Henderson decided, was that one person couldnt fulfill the mission. Even Jack Welch, GEs CEO at the time said, We now know where productivity comes from. It comes from challenged, empowered, excited, rewarded teams of peopleà ¢Ã¢â€š ¬Ã‚ ¦ Empowering factory workers to contribute to GEs success sounded great in theory. But how to accomplish these goals in real life was a more challenging question. Factory floors, traditionally, are unempowered workplaces where workers are more like cogs in a vast machine than self-determining team members. In the name of teamwork and profitability, Henderson traveled to other factories looking for places where worker autonomy was high. He implemented his favorite ideas at the factory at Durham. Instead of hiring generic mechanics, for example, Henderson hired staffers with FAA mechanics licenses. This superior training created a team capable of making vital decisions with minimal oversight, a fact that upped the factorys output and his workers feelings of worth. Hendersons self-managing factory functioned beautifully. And it looked different, too. Plant manager Jack Fish described Hendersons radical factory, saying Henderson didnt want to see supervisors, he didnt want to see forklifts running all over the place, he didnt even want it to look traditional. Theres clutter in most plants, racks of parts and so on. He didnt want that. Henderson also contracted out non-job-related chores, like bathroom cleaning, that might have been assigned to workers in traditional factories. His insistence that his workers should contribute their highest talents to the team showed how much he valued them. And his team valued their jobs in turn. Six years later, a Fast Company reporter visiting the plant noted, GE/Durham team members take such pride in the engines they make that they routinely take brooms in hand to sweep out the beds of the 18-wheelers that transport those engines-just to make sure that no damage occurs in transit. For his part, Henderson, who remained at GE beyond the project, noted I was just constantly amazed by what was accomplished there.  © 2010 Jupiterimages Corpor ation Teamwork can make something as complex as an airplane engine possible. GEs bottom line showed the benefits of teamwork, too. From the early 1980s, when Welch became CEO, until 2000, when he retired, GE generated more wealth than any organization in the history of the world. Sources: Fishman, C. (September 1999). How teamwork took flight. Fast Company Issue 28, http://www.fastcompany.com/node/38322/print; Lear, R. (Jul/Aug 1998). Jack Welch speaks: Wisdom from the worlds greatest business leader, Chief Executive; Guttman, H. (Jan-Feb 2008). Leading high-performance teams: horizontal, high-performance teams with real decision-making clout and accountability for results can transform a company, Chief Executive, 231, 33. Conclusion: Many factors and process that influences group effectiveness or dysfunction has been highlighted. Organization should consider carefully when assembling and structuring any group or team because both the market and the organization should work under the organization .

Shallow Romeo and Stupid Juliet :: Shakespeare, Romeo and Juliet

Shallow Romeo and Stupid Juliet We just finished reading the play Romeo and Juliet by William Shakespeare. In this play we are introduced to the tragic story of their forbidden "love" which ultimately leads to their deaths. Although Romeo and Juliet is considered to be a timeless love story, I find Romeo to be too immature for this to be so. When we are first introduced to Romeo, he is involved with a girl by the name of Rosaline. Benvolio inquired about Romeo's situation with her to see if she was the cause for his melancholiness, when he discovered she was, he advised him to forget her and move on to another girl. "Tut man, one fire burns out another's burning; One pain is lessened by another's anguish. Turn giddy, and be helped by backward turning. One desperate grief cures with another's languish. Take thou some new infection to thy eye, And the rank poison of the old will die." Romeo takes the advise Benvolio offered, and not another word about loving Rosaline is spoken. On the same day, Romeo, Benvolio, and Mercutio went to the Capulet's party dressed in masks so their identities wouldn't be known. At the party, Romeo saw a beautiful girl dancing with Paris and instantly fell in love with her. He asked a servingman what her name was but he didn't know. "O, she doth teach the torches to burn bright! It seems she hangs upon the cheek of night As rich jewel in an Ethiop's ear- Beauty too rich for use, for earth too dear. So shows a snowy dove trooping with crows As yonder lady o'er her fellows shows. The measure done, I'll watch her place of stand And, touching hers, make blessed my rude hand. Did my heart love till now? Forsweare it, sight, For I ne'er saw true beauty till this night." I find this hard to believe that Romeo could instantly fall in love with Juliet by her looks alone. Even harder to believe, is that if he was

Mother-Daughter Relationships in Amy Tan’s Joy Luck Club Essay

Mother-Daughter Relationships in Amy Tan’s Joy Luck Club      In the Joy Luck Club, the author Amy Tan, focuses on mother-daughter relationships. She examines the lives of four women who emigrated from China, and the lives of four of their American-born daughters. The mothers: Suyuan Woo, An-Mei Hsu, Lindo Jong, and Ying-Ying St. Clair had all experienced some life-changing horror before coming to America, and this has forever tainted their perspective on how they want their children raised. The four daughters: Waverly, Lena, Rose, and Jing-Mei are all Americans. Even though they absorb some of the traditions of Chinese culture they are raised in America and American ideals and values.   This inability to communicate and the clash between cultures create rifts between mothers and daughters.      The hardest problem communicating emerges between Suyuan and Jing-Mei.   Suyuan is a very strong woman who lost everything she ever had in China: "her mother and father, her family home, her first husband, and two daughters, twin baby girls" (141). Yet she finds the strength to move on and still retains her traditional values.   She remarries and has Jing-Mei and creates a new life for herself in America.   She is the one who brings together three other women to form the Joy Luck Club. The rift is the greatest between Suyuan and June.   Suyuan tries to force her daughter to be everything she could ever be. She sees the opportunities that America has to offer, and does not want to see her daughter throw those opportunities away.   She wants the best for her daughter, and does not want Jing-Mei to ever let go of something she wants because it is too hard to achieve.   "America is where all my mother's hopes lay. . .There were so many ways for ... ...ght to America" (31).   The trip she makes finally helps her to understand just where her mother was coming from, why she was the way she was, and she began to forgive her for all the misunderstandings they had. The rifts between mothers and daughters continue to separate them, but as the daughters get older they become more tolerant of their mothers.   They learn they do not know everything about their mothers, and the courage their mothers showed during their lives is astounding.   As they get older they learn they do not know everything, and that their mothers can still teach them much about life.   They grow closer to their mothers and learn to be proud of their heritage and their culture.   They acquire the wisdom of understanding, and that is the finest feeling to have in the world. WORKS CITED    Tan, Amy. The Joy Luck Club. New York: Random House, 1989.

Australian company Law

Due to the nature of the transitory issues that have been faced by the workers from their shift from Casino Limited to caterers Limited, a solution regarding their salary and remuneration can only be solved through the application of the company law.Australian corporate and company constitute a divergent legislation due to the nature of the commercial activities in Australia.   Perhaps, the amendment of the commonwealth workplace Act in Australia has led to diversified laws regarding the employer and his employee.   Due to these amendments, employees are therefore faced with different legal requirement in regard to their work.The company law is responsible for the regulation of the corporate governance and the general administration of the company.   Within the corporation are different stakeholders who are responsible in performing different duties.This groups work together cordially and in harmony with another to ensure the smooth running of the corporation.   In the corpor ation, different parties should perform different duties.   In their performance of the duties, these parties are guided by different rights which ensure no conflict within the company. (Ferran, 1999)Among the parties to the company are the employees.   Like other employees in a company the employees of the Casino Limited whom have been divided with some becoming subordinate employees of the caterers limited, are entitled to specific rights in their recognition of them as been workers in the company.   To them they are entitled to good working environment and a remuneration which best improves their lives as workers.To the case between these employees and the Casino Limited, the employees had entered in to a contractual relationship with the management of the company in regard to their ruminations.   In this contract, they were to be paid wages and salaries that were to be in excess of other workers in similar resorts in Australia.This comes only to an agreement after a long dispute in relation to it with its employees.   However, the same contract is breached by the management after it expands to form another subsidiary company which is however wholly owned by the Casino Ltd. (Ferran, 1999)By statutes of the company law, any subsidiary company wholly owned by the mother company with all its profits diverted to the mother company is in itself regulated in the same manner as the other subsidiary.  Ã‚   Since caterers Ltd falls under this category, it has no other authority except to undertake its business in regard to the business law regulating the Casino ltd.In the company law, there are some basic concepts that denote whether two or more subsidiary companies should be operated under the same business law.   Firstly, the nature of directorship, where a subsidiary company with directions appointed from the broader company.   Company law states that, such a company is in a close regard to its mother company.Secondly, the nature of profit shares, in which, if subsidiary company pulls all its profit turnovers to the mother company, it implies equality in management and therefore should be guided by the same company laws as its mother company.   Equality in operations; where the subsidiary company operates the same business undertaking as the other.   Either, the nature of management, where two or more companies are under the same management, they are subject to same company law.Implied here is that, Casino and Caterers limited implied one and the same organization whose operations were to be as per the regulations of the same company law.   The structure of the corporate governance in these two companies’ was the same. (Cheffins, 1997)