Thursday, December 26, 2019

The Theory of Finance and the Business Investments the Business and the Financial Risks Free Essay Example, 5000 words

The managers of the firms take credit rating aspect into consideration at the time of making decisions relating to capital structure. For instance, it was reported by Wall Street Journal (2004) that EDS used the equity route to raise $1 billion in order to avoid and downgrade in its credit ratings. As reported by Barrons (2003) Lear Corp lowered its debt level in order to receive a higher bond rating from the BB-plus from the credit rating agency Standard Poors. In 2002, it was reported by WSJ that the Fiat company was working towards narrowing down its debt exposure on fears of a possible credit rating downgrade. In the studies conducted by Graham Harvey (2001), it has been revealed that credit ratings are considered to be crucial by the company CFO at the time of capital structure determination. Nearly 57% of the CFOs admit that the credit ratings play an important role in the choice of equity and debt. In fact, it has been reported by Graham Harvey that credit ratings are more crucial than various factors recommended by the traditional theories on a capital structure like interest tax shield. We will write a custom essay sample on The Theory of Finance and the Business Investments: the Business and the Financial Risks or any topic specifically for you Only $17.96 $11.86/pageorder now The level of credit ratings determines whether certain investor groups like pension funds or banks can invest in the bonds issued by the firm. Moreover, the credit ratings give information to the market participants with regard to firm quality thereby influencing their investment behaviour. If the market participants consider ratings to be informative, the firms are grouped on the basis of this rating and therefore any change in the ratings leads to distinct changes in the cost of capital of the firm. Other than this, a change in the credit rating can trigger events that can result in various costs like a change in the coupon rate of the bond, loss of valuable contract or make commercial paper market inaccessible. The empirical tests conducted by Kisgen evaluate whether the decisions relating to the capital structure are impacted by credit rating concerns. His studies reveal that business entities with a rating of minus or plus like AA- or AA+ issue lesser amount of debt as compared to firms that do not have a rating of minus or plus like AA.

Wednesday, December 18, 2019

The Sociology Of Rape Culture - 1524 Words

In feminist theory, rape culture is a setting in which rape is pervasive and normalized due to societal attitudes about gender and sexuality. The sociology of rape culture is studied academically by feminists. There is disagreement over what defines a rape culture and as to whether any given societies meet the criteria to be considered a rape culture. The notion of rape culture has been used to describe and explain behavior within social groups, including prison rape, and in conflict areas where war rape is used as psychological warfare. Entire societies have been alleged to be rape cultures. Evidence suggests that rape culture is correlated with other social factors and behaviors. Rape myths, victim blaming, and trivialization of rape have been found to be positively correlated with racism, sexism, homophobia, ageism, classism, religious intolerance, and other forms of discrimination. Origins and usage The term rape culture was first coined in the 1970s in the United States by second wave feminists, and was applied to contemporary American culture as a whole. During the 1970s, second-wave feminists had begun to engage in consciousness-raising efforts designed to educate the public about the prevalence of rape. Previously, according to Canadian psychology professor Alexandra Rutherford, most Americans assumed that rape, incest, and wife-beating rarely happened. The concept of rape culture posited that rape was common and normal in American culture, and that it was oneShow MoreRelatedGender Socialization : The Real World1442 Words   |  6 Pagesto act a certain way based on their â€Å"gender†. Through the following agents: family, schools, peers, and media, gender socialization is emphasized and made very real in the world today. 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This terrible crime has been around for longer than records have been kept. Throughout world history, the primary targets of these crimes have been women but not exclusively limited to women. Sexual related crimes are crimes of power rather than crimes of passion or lust. These are crimes of ignorance that continue because it is tolerated by both man and society. First, we as a society have toRead More The Reality of Rape Essay1651 Words   |  7 Pages Running head: THE REALITY OF RAPE nbsp;nbsp;nbsp;nbsp;nbsp;Rape is a crime of violence and aggression that not only hurts a victim for the moment, but it shatters her entire life. According to the Britannica Encyclopedia, rape is defined as â€Å"any kind of unlawful sexual activity, usually sexual intercourse, carried out forcibly or under threat of injury and against the will of the victim.† This definition has been redefined to cover same-sex attacks and attacks against those who are incapableRead MoreShould College Campuses Be Safe Learning Environments?1648 Words   |  7 Pagesis rape. The latter grew, in a rampant way, in and around college halls. A crime, whose physical scars may heal, its psychological effects may last for years, and sometimes even a lifetime. Indeed, recent surfacing incidents of sexual assaults, and of male students’ crude language and impertinent behavior towards female students, have brought campus rape into the focus of the public eye. These incidents were reported in bot h western and eastern countries. 1.1 General Overview of Campus rape Read MoreSexual Assault Against Women During The United States1381 Words   |  6 PagesIntroduction to Sociology Montgomery College September 26, 2014 â€Æ' Violence against women has been ever-present throughout time and place in our world and in recorded history. Although violence against women encompasses a whole range of related acts, rape and sexual assault perpetrated against women is the focus of this paper. Men and boys are also victims of sexual assault, but the numbers of women who are sexual assaulted are much higher. We will be examining the definition of rape, the effectsRead MoreExplain How Culture and Socialisation Interact in a Sociological Context1719 Words   |  7 PagesExplain how culture and socialisation interact in a sociological context? Culture is our knowledge we gain from birth as a result of our immersement into our cultural group. Socialisation is the way in which we learn this information we gain from such contact. When we look at the two ‘Culture and Socialisation’ and study how this interaction occurs, what is gained, changed, modified, etc we are defining the interaction of culture and socialisation and how they react to each other we are using ‘Sociology’

Tuesday, December 10, 2019

Strategic Cost Management Comprehensive Analysis

Question: Describe about the Strategic Cost Management for Comprehensive Analysis. Answer: Introduction The report is aimed to provide a comprehensive analysis of the public sector departments in Australia. The report provides both the financial and the nonfinancial aspects of both the Government departments. The report further shows the exploration of the literature review with respect to the use of strategic management techniques, which is most promeinetly, related to the improvement of the selected Governmental agencies. The report also provides the objectives and the strategies of the selected organization. The latter part of the report discussed about the key strengths and the weakness in terms of the availability of the resources and capabilities of the selected Governmental department. The two Government departments of Australia selected of the purpose of this assignment are Australian defense industry and Department of immigration and border protection. The Australian defense force (ADF) established in the year 1903 was founded with the basic principle to drive the self-reliance of the defense system in Australia. The defense industry operations are accountable to Commonwealth parliament, which efficiently which is represented by the people of Australia and aims to effectively carry out the defense policies of the Government of Australia (Commonwealth of Australia, 2016). The department of the immigration and border protection is responsible for the immigration and adherence to the customs border policy. The department directly comes under the jurisdiction of commonwealth of Australia, with its sole motto to develop Australia through a well managed and settlement of the people. The department is headed by the department of sectary of the department of immigration and border protection. It has been furher noted that the administrative arrangements are broadly classified in to matters relating to various types of the ethnic affairs, border immigration control, entry stay and departure of the non citizens. It also provides the various types of the facilities for the people who are in need of services such as citizenship of Australia (Border.gov.au. 2016). Public Sector Analysis Department of Defense Scope of the Department The scope of the department is seen in form of total employee strength of 65647 (as recorded in the year 2016) employees and maintaining an annual budget of $ 32.4 billion. Impact of Australian GDP The department of defense constitutes 1.92% of the total GDP of Australia. The total amount allocated by the Government of Australia to the defense organization is $ 31.9 billion in the present financial year of 2015-2016. This is seen as an increase of $ 25.4 billion allocated in the previous year. Nonfinancial Impact The non-financial impact is seen in form of The Australian Defense Force (ADF) and Financial Services Consumer Centre (ADF Consumer). These institutions are responsible for providing independent and professional financial education assistance to the ADF members so that the ADF personnel can experience a greater benefit in terms of the financial security (Adfconsumer.gov.au. 2016).The non financial impact is also seen with possession for various types of the nonfinancial assets of the company. These assets include Land Buildings, specialty military equipment, infrastructure, plant and equipment, intangibles and many more. The total possession of the non-financial assets of the defense department is seen to be around 80 million in the year 2014-2015. Financial Impact The chief financial officer of the department of defense is responsible for driving the improvement program for the defense and the make the necessary financial amendments for the improvement in the defense activities. The financial benefits are seen in form of providing assistance during short term financial difficulties or emergencies. In a distressed situation, the members of the ADF can access the different types of financial services such as loans and grants through the welfare services. The financial assistance is further is seen in form of departments application of various types of schemes related to Home ownership assistance, which helps the members of the ADF to achieve the home ownership and offering the eligible members a subsidy for the interest. The department is also responsible for providing financial assistance through salary packaging system, which allows the defense employees to restructure the income and deal in range of pre tax products. This is done through Navy Relief Trust Fund, Army Relief Trust Fund or RAAF Welfare Trust Fund. The department is further seen to have an income of $ 51 Million in the year 2014-2015 (Defence.gov.au. 2016). The defense expenditure as a proportions to the total expenditure and proportion of the GDP is shown below with a line graph as follows Figure 1: Defense expenditure as a proportion total expenditure and GDP (Source: Aph.gov.au.2016) Department of Immigration and border protection Scope of the Department The scope of this department is seen with total employee strength of 8506. It has been further observed that the annual budget of the Department of Immigration and Border Protection is 15 million, with a total funding of 46 million. Impact of Australian GDP The department of immigration and Border Protection has been seen with a total contribution of 5.9 percent in the GDP per growth. The GDP is further expected to grow by 10% in the year 2050 (Australia.gov.au.2016). Nonfinancial Impact The department of the immigration has taken several initiatives such as humanitarian program, citizen program and border security program and immigration detention programs. In year 2016-17 the administered assets is expected to increase by $ 54.3 Million from $ 208087.7 million. This particular increase is mainly seen due to the increase in the overall non-financial assets. It has been further seen that the non-financial assets of the company comprises of the property, plant and equipment, land building, intangibles and inventories. The highest amount of the non- financial assets is seen in land and building of the company. It has been observes that the department is maintaining a total of $ 1402691. The treatment of the immigration is further seen in the conceptual framework of the Inter-Generational Reports. The immigration features are seen as the exogenous inputs of the size of the population and the segregation of the same based on the age and gender (Dss.gov.au. 2016). The dif ferent types of the en financial assistance is seen in form of adhering to the formalities for the people entering or leaving Australia, people seeking Visa support and individual requiring the support for studying in Australia. The migration rationale to the Australia has been shown below with then diagram as follows: Figure 2: Rationale and outcome of migration to Australia (Source: Border.gov.au. 2016) Financial Impact The overall financial performance of the department is seen with an operating deficit of $ 85.3, million. The department is further seen to incur an amount of $ 109.9 million as the departmental depreciation cost. The financial impact of the department of immigration and Border Protection has been studied with the help of the studying net cost of the services and other comprehensive income of the company. It has been observed that the Immigration department contributes negatively. The loss from the comprehensive income attributable to the Government of Australia is $ 53 Million. This is mainly due to the increased cost of the services such as suppliers, personal benefits, grants and subsidies, depreciation and amortization and the increase in the values related to the impartment cost of the assets. Although the depart is able to earn a total revenue of $ 1880110 in the year 2015, but due to the increased cost of the aforementioned expenses of the company it is not able to maintain th e adequate level of the cost of the services (Border.gov.au. 2016). Literature into Public Sectors use of strategic management techniques Department of Defense The defense strategy of the Government is prepared based on the response of the interest of the of the military force. The basic interest of the strategic defense is seen in form of three strategic defense interest is seen in form of the significance of the strategic defense planning. The basic strategy is seen in form of securing the country from any form of threat from other countries. The strategic management concepts implemented in the current system is directly related to the concepts of alliance and mergers (Smith 2015). At present, the Department of Defense aims to focus on strategies related to enhancement of ADF capability and maintenance of a high axis and intelligence for military capability and collaborating with United States. The main goals of the department also lies in generating and sustaining Australias global and regional influence and accentuate more on the security partnerships through effective deployment of the ADF needs. The department further aims to strength en the international security residence. This is done by supporting a strong regional security architecture, which is aimed to protect Australias interests and avoid risk of portion and instability due to conflicts of various opinions (Flanagan 2016). In order to achieve the present strategic objectives the defense team of Australia has entered into bilateral defense relationship with arrangements made for multiple security needs. The benefits of the various types of the alliances are seen in form of alliance with countries such as United States, China, Japan, Malaysia, UK, New Zealand and Republic of Korea. The strong alliance with United States will ensure that the ANZUS treaty signed in the year 1951 provides a formal basis of the relationship (Davis 2016). The treaty mainly recognized that the armed attack in the Pacific area of the United States or Australia could pose a threat to both the countries and hence this needed to be prevented. The strategic management concepts are also seen in terms of leadership skills. With respect to the leadership skills United States had shown several international coalitions respond to the global challenges in combating power and making influence for bringing both the country as to whether in cluding Australia and sharing the burden of international security and paving the way for meaningful contributions in terms of international coalitions (Marquis et al. 2016). Department of Immigration and border protection The main strategic objectives of Department of immigration and border protection are seen in the interconnection of the modern world with the exposed activities and the geopolitical developments made in several corners of the globe. The department aims to resolve the growing concerns relating to conflicts, instability and factors driving civil unrest and epidemic corruption in the fragile areas of the world. It works for assisting the flow of the displaced individuals in continuing their present challenge for procedure concern the bilateral and multilateral effort and thereby ensures the coordination among the people (Pickering and Weber 2013). The strategic management conceptualization is also seen with advancements made with technology and implementing various tools such as biometric technology and data analytics and several initiatives taken for management of people, goods and issues concerning the border security. The government of Australia for the purpose of digital transformat ion and easy availability of the services have laid an augmented focus to the business enterprises. The exposure to the technological constraint is becoming important for increased cyber attack and crypto currency (Border.gov.au. 2016). The key strategic objective of the department of immigration and border protection seen in form protecting the country, promotion of responsive migration, advancement in trade and revenue and enhancing the technology and border innovation. (Border.gov.au. (2016). The department further aims to work based on a cohesive and secure policy framework, which is designed to support the government expectations. It is further seen as a targeted deregulation, which acts as the most important tool for meeting the requirements of clients, industry and business. The department further ensures that the policy development and the accountability of the program is in line with the migration and visa reform agendas of the government. The department is responsible for setting the appropriate delivery channels and meets the different requirement of the clients (Hollifield, Martin and Orrenius 2014). The various types of strategies further aims for maintaining the highest form of integrity relating to the Australia citizenship program needs and promotion of the acquisition and recognition within the community. The policy set by the department directly relates to the strategic ability to acquire and use the identity information through several developmental, international, and inter-jurisdictional agreements and promotion of using greater amount of biometric technology. The department further ensures to measure the developmental and implementation agendas decorated into the effective skills targeting and temporary or permanent migration program of the clients. It also supports for continuous enhancement with the implementation of students program and making the ongoing development for a robust and sustainable communication strategy, which promotes the overall acquisition and value of Australian citizenship (Nethery, Rafferty-Brown and Taylor 2013). Presentation of departments objectives and strategies Department of Defense The strategic defense objectives of the department are formulated different the strategic defense interests. The government of Australia has prepared a three equally weighted strategic defense objectives for outlining the government expectations and use of military power with respect to strategic defense interests. The strategic defense objectives are mentioned below as follows: Deter, defeat and denial of attacks or threats to the Australian land and protecting its national interest and the northern approaches. Making an effective contribution in terms of supporting the securities of Southeast Asia and the government of Timor-Leste, Pacific Island countries and Papua New Guinea Contribution of the military capabilities for the coalition operation and supporting the countrys interests in terms of rule based on the global orders (Moroney et al. 2013) The strategies of the Department of Defense are Prepared According to the future challenges and the development, which can be made in both global and regional environment are classified as both short term and long term strategies. The elaboration of the Pacific strategies is given below as follows: Deter, defeat and denial of attacks or threats (Long Term): - the government is responsible for providing enhanced domestic security capabilities for responding to the threats of terrorism attacks within Australia. The specialized strategic support will be seen in form of protection of countries offshore oil and gas infrastructure and in order to protect these the government of Australia will taken several initiatives in assigning of tactile assault groups who can be deployed rapidly support the local enforcement of operations.. The government has further decided to invest on the ADF capabilities for ensuring the effective contribution of combating counterterrorism at domestic level. This will further include enhancement of tactile mobility, situational awareness of Special Forces and advancements made in equipment and weapons. The strategic objective also includes countering the growing threat of the cyber terrorism and hence the government will take several improvements and initiat ives for protecting the national cyber security gave capabilities and protecting the informational networks of ADF. Supporting the security of maritime Southeast Asia Timor-Leste, Pacific Island countries and Papua New Guinea (Short Term): the government of Australia will seek to continue the security partnerships in aiding the most important program of Pacific maritime security program and replacement of the patrol boats to the 12 Pacific Island countries, which will be initiated, from the year 2018. The government further strives to work with the Pacific Island countries for strengthening the internal, border security challenges and providing natural resource to build strong resilience for facing natural disasters. This strategy also includes production of lives of Australians were staying abroad the proximity of the country and providing adequate evacuation operation in a situation of emergency whether it is a consequence of instability or a response to the natural calamity in that particular region. The defense will take further several initiatives for providing disaster relief security and st abilization operations in Bougainville and respond to devastations caused in tropical cyclone Pam at Vanatu in the year 2015. The area was observed to enhance the maritime operations and amphibious capabilities for providing a more responsive assistance to the neighboring regions as and when required. Contribution to the military capabilities (Short Term).: Australia is seen to have a sophisticated and expanding military gullibility and the current military contribution is seen as a multinational partnership between United States in combination with the maritime forces fighting in Middle East region responsible for eliminating terrorism, smuggling drugs and piracy. The government has decided to provide continuous support with the special forces in the international coalition to defeat Daesh and regularly monitoring the progress of the same. The government is further seen to maintain important contribution for providing provisions in providing assistance for humanitarian and disaster relief programs in the Indo Pacific region. Australia is known for being the most active supporter of United Nations and the same will be depicted in terms of the defense need in providing a tailored contribution to the operation of US and supporting the growing needs of the country in future. Hence th e government strives to continue working with United States and responding to the global security challenges and targeted the funding to help you and in developing standards and training for peacekeeping operations. Department of Immigration and border protection The strategic objective of immigration and border protection lies in the development and operation planning at national level. The objectives of the department seen in form of: Providing protection to Australia Promotion of a more responsive migration policy Advancement in trade and revenue Leading of border innovation The strategic initiatives taken by the government is explained below as follows: Providing protection to Australia (Long Term) - the Government of Australia has taken several initiatives to maintain sovereignty and protecting the borders of the country across both the land and the maritime operations. It has further taken the initiatives to contribute to the law enforcement and the outcomes from the national security. It has also taken the necessary initiatives to maintain the security within the country and ensured integrity and people, systems and information. The initiatives are also taken in case of managing trade risks in border continuum and issues related to trade risk. Promote responsive migration (Long Term) - The strategies are related to facilitating the movement and the providing support to the Australian economy and strengthen the overall social cohesion. The Government is also responsible to contribute to the Global management of the displaced populations and the assisting the refugees. It has further taken several strategies for prevention of the unauthorized people across the border of the continuum. Advance trade and revenue (Short Term) The Government has taken several initiatives to optimize and legitimize the trade operations across the borders of the different countries and prohibit the flow of the goods. It is also related to the management and enhancement in the collection of the revenue. Lead border innovation (Long Term) - The various types of the strategies are related to enhance the technology and strengthen the border operation of the country. The developments have been further seen in the developments of the organizational and the technological innovations for an effective flow of management of the border operations. The Government of Australia has collaborated into effective collaboration within Australia and supports the necessary objectives of the country Strengths and Weakness of the departments Department of Defense Strengths The main strengths are seen with its bilateral alliance with China and United States. This will help to protect significantly the Indo-Pacific region of the country. Weakness The weakness is seen in the limited storage facility of the ammunition supplies providing adequate safety standards in the planning of the facilities. The Department of defence was unable to procure effectively the H-60 spare parts in the year 2015. Opportunities The Australia and the indo pacific region are on the verge of showing a significant amount of transformation, which will result in a greater opportunity for increased demand of goods and services. Threats The threats are related to terrorism at home and abroad. Moreover, the spread of the extremism is on the verge of being worsened by foreign terrorist fighters. Department of Immigration and border protection Strengths The department is significantly able to contribute in achieving of strong national security, economy and promotion of a prosperous and cohesive society and opportunity for more revenue. The department has been able to provide continued amount of support for managing the physical border and the offshore operations in both air and maritime operations (Immigration.gov.mw. 2016). Weakness Inadequate physical infrastructure is seen as the major weakness. Apart from this the department lacks human and financial resources. The weakness are further seen in lack of training, work orientation, absence of deliberate policy, declining work ethics, unavailability of adequate training institution and poor record management system. It has been further seen that the department does not consider recruiting fresh graduates which are in line with the departmental job description (Immigration.gov.mw. 2016). Opportunities The department needs to constant consultation with the key stakeholders and the partners for the enhancement in the ownership. The department further needs to continuously improve the performance measurement tools and continuously monitor the objectives. It also needs to formulate a reward system, which can enhance then staff morale and consolidate with the efficiency of the work performance (Immigration.gov.mw. 2016). Threats The threats are seen in form of unavailability of a personal chapter in the Republican constitution. There is also absence of local and international training programs. The threats are also seen in form of increased number of the illegal immigrants, regional conflicts and wars. It has been further observed that the in several instances the travelling document generated is fraud due to corrupt practices concerning the human resource system (Immigration.gov.mw. 2016). Performance measurement of the departments Department of Defense The department is seen to maintain a strong alliance with United Sates and China. The main strength is seen in form providing significant amount of protection to the country and ensuring security in the Indo-Pacific region of the country. The department of defense is seen to be responsible for the protection of the country and the promotion of the various types of the responsive policies pertaining to migration. The agency is further seen to make the necessary strategies for the advancements in the trade and revenue sector. The objective is also seen as making innovations leading to the border innovation policies. Department of Immigration and border protection The main strength of the department is seen in maintaining a unique knowledge of the public sector, which arises from the capacity building in public management and administration. It is further seen that the department is responsible legally mandated to perform variety of types of the operational, performance. It has further given the opportunity to generate more amount of revenue to the country and in attempting for reducing corruption within the country. Then long-term objectives of the department is seen in form of providing various types of the initiatives to maintain the sovereignty and provide protection to the borders of Australia. Department of Immigration and border protection has also taken the necessary initiatives to maintain the security within the country and ensured integrity and people, systems and information. The long-term objective is further seen in promoting a responsive migration plan. The department is observed to be responsible enough to contribute to the Glo bal management of the displaced populations and the assisting the refugees. The short- term objective is seen in promoting optimize and legitimize the trade operations across the borders of the different countries and prohibit the flow of the goods. Lastly then long-term objective of the country is seen in form leading border innovation program. This is related to the enhancing the technology and strengthening the border operation of the country. Recommendation The analysis based on the two-commonwealth department of the Government clearly states that department of defense is in a better position to contribute to the overall welfare of the country. It has been also observed that the department maintains a positive comprehensive income of $ 510933000. The department of immigration and border protection on the other hand is seen to be in an inferior condition with operating deficit of $85.3 million in the year 2015. Conclusion The report provides an extensive analysis of the various types of the objectives and strategies implemented by the department of defense and immigration and border protection. It can be further observed that the department of defense is in a better position to contribute to the economy both financially and non-financially. Although department of defence only constitutes a smaller portion in the GDP it is still observed to perform better than the latter industry List of Reference Adfconsumer.gov.au. (2016).ADF Consumer Centre. [online] Available at: https://adfconsumer.gov.au/ [Accessed 26 Oct. 2016]. Aph.gov.au. (2016). [online] Available at: https://www.aph.gov.au/~/media/05%20About%20Parliament/54%20Parliamentary%20Depts/544%20Parliamentary%20Library/BudgetReview/2013-14/Defence-1.jpg?la=en [Accessed 27 Oct. 2016]. Australia.gov.au. (2016).Statistics | australia.gov.au. [online] Available at: https://www.australia.gov.au/about-australia/facts-and-figures/statistics [Accessed 26 Oct. 2016]. Border.gov.au. (2016). [online] Available at: https://www.border.gov.au/ReportsandPublications/Documents/annual-reports/DIBP-Annual-Report-2014-15.pdf [Accessed 26 Oct. 2016]. Border.gov.au. (2016). [online] Available at: https://www.border.gov.au/CorporateInformation/Documents/strategy-2020.pdf [Accessed 26 Oct. 2016]. Border.gov.au. (2016). [online] Available at: https://www.border.gov.au/CorporateInformation/Documents/pub-org.pdf [Accessed 26 Oct. 2016]. Border.gov.au. (2016). [online] Available at: https://www.border.gov.au/ReportsandPublications/PublishingImages/migration-to-australia.png [Accessed 27 Oct. 2016]. Border.gov.au. (2016).Who we are. [online] Available at: https://www.border.gov.au/about/corporate/who-we-are [Accessed 26 Oct. 2016]. Commonwealth of Australia, D. (2016).About Defence : Department of Defence, Australian Government. [online] Defence.gov.au. Available at: https://www.defence.gov.au/AboutUs.asp [Accessed 26 Oct. 2016]. Davis, P.K., 2016. Capabilities for Joint Analysis in the Department of Defense. Defence.gov.au. (2016). [online] Available at: https://www.defence.gov.au/annualreports/14-15/downloads/DAR_2014-15_Vol_2.pdf [Accessed 26 Oct. 2016]. Dss.gov.au. (2016). [online] Available at: https://www.dss.gov.au/sites/default/files/documents/01_2014/economic-fiscal-impact-of-immigration_access.pdf [Accessed 26 Oct. 2016]. Flanagan, S., 2016. Australia and Japan Security Ties: An accelerating partnership. Hollifield, J., Martin, P. and Orrenius, P., 2014.Controlling immigration: A global perspective. Stanford University Press. Immigration.gov.mw. (2016). [online] Available at: https://www.immigration.gov.mw/images/strategic-plan.pdf [Accessed 27 Oct. 2016]. Marquis, J.P., McNerney, M.J., Zimmerman, S.R., Archer, M., Boback, J. and Stebbins, D., 2016. Developing an Assessment, Monitoring, and Evaluation Framework for US Department of Defense Security Cooperation. Moroney, J.D., Pezard, S., Miller, L.E., Engstrom, J. and Doll, A., 2013.Lessons from Department of Defense disaster relief efforts in the Asia-Pacific Region. Rand Corporation. Nethery, A., Rafferty-Brown, B. and Taylor, S., 2013. Exporting detention: Australia-funded immigration detention in Indonesia.Journal of Refugee Studies,26(1), pp.88-109. Pickering, S. and Weber, L., 2013. Policing transversal borders.The Borders of Punishment. Migration, Citizenship, and Social Exclusion, pp.93-110. Smith, E., 2015. National disaster preparedness in Australiabefore and after 9/11.Australasian Journal of Paramedicine,4(2).

Monday, December 2, 2019

Interpretation free essay sample

The interpretations that will be analyzing argue whether the Marshall Plan was mainly motivated by the altruistic desire to help the economic recovery of Europe. It is my view that nothing is altruistic and that every action has varying degrees of a self- beneficial motive. Michael Buffalo writes in The Adversaries published in 1981 his view that the Marshall plan was a protective device against that potential spread of communism. Buffalo suggests that hunger due to economic downfall results in people turning to communism for a solution to their hardship.However, Buffalo did not think that the Marshall Plan alone was strong enough to deter communism, he envisaged a plan to boost capitalism and build a strong military presence in Europe. In the passage, Buffalo admits that .. He Plan would never had been granted by congress unless a considerable amount of emphasis had been laid on the danger of communism in Europe . We will write a custom essay sample on Interpretation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The US does not want to conclude World War Two by entering into an ideological war with communism, therefore congress would vote against any action that could be viewed as taking an offensive maneuver against communism more specifically, the Soviet Union. This extract brings into question the validity of any reference that Buffalo makes about the threat of communism because evidence or strategies presented before congress would be exaggerated or modified in other ways to try to invoice them to take action against communism. One non-aggressive action that Buffalo suggests is to Win the mouths and minds of the West European peoples so as to prevent them from turning communist . It was common knowledge that Greece and Turkey especially were facing a very rapid increase in poverty, with many families unable to feed themselves. Marshall himself thought that poverty was a breeding ground for communism. If the people of Europe saw capitalism as a reliable means of sustainability during times of economic hardship, they would be less inclined to turn to communism as the solution to their hunger. Buffalo goes on to say that the Marshall Plan was initially motivated by soft tactics to defend against communism, but Later came to be given a more military significance Buffalo saw Rupees Great Powers (Britain and France) as crippled and weak. Britains economy was devastated after the war and France had been ravaged by the prolonged Nazi occupation.Buffalo saw the plan as a means Of [Providing] armies which would be strong enough. .. To recover the position which had been lost between 1944 and 1947 . J. C. Caddis agrees with Buffalo that the greatest threat to western interests was.. . The risk that anger, poverty, and despair might cause Europeans to vote their own communists into office. It was not the external communism force from the Soviet Join that was the biggest concern, rather than the small, but slowly growing, communist groups within the European nations themselves that was the issue.However, Caddis does not mention any military significance or motivation to the Marshall Plan. Speaking in 2003, Secretary of State Colic Powell explains that if you only have hard power (referring to military power) then you are often faced with situations that are impossible to resolve. .. . It was not soft power that freed Europe. It was hard power. And what followed immediately after hard power? Did the United States ask for dominion over a single nation in Europe? No. Soft power came in the Marshall Plan. (Powell, 2003). This challenges Buffalos view that the Marshall Plan later accumulated a military motive (hard power) by saying that any military involvement would not help Europe recover after the World War. Buffalos interpretation of the Marshall Plan being a tool to prevent the spread of communism throughout Europe is backed up by providing details of real threats to capitalism in Europe and how the Marshall Plan was used to eliminate those threats whilst also aiding Rupees recovery using soft tactics.Although the military significance is disputed, Buffalo gives an interpretation of the Marshall Plan not being altruistic. The Long Telegram identified the Soviet Unions growing hostility of the nations of Europe, but did not offer a solution to the threat of communism. The European Recovery Programmer was the answer to the problem. It is the interpretation of J. L. Caddis, writing in The Cold War, published in 2003, that it was a political grand strategy for gaining political superiority in the emerging cold war through economic means. As mentioned in the previous arcograph, Caddis sees the main threat that nations own communist parties will be elected into office as a result of hunger and despair. The communist parties who would rise to power Would obediently serve Moscow wishes . This was a good strategy implemented in various situations by the Soviet Union to gain control of a nation without any direct involvement regarding the capture of the country, but instead would use communism as a natural link between both states. Naturally, the Soviet Union would take the leading role, influencing communist nations politics. Caddis views that Marshall plan s a remedy to this problem by offering an alternative to voting communism and stopping people thinking of communism as a solution in the first place: American economic assistance would produce immediate psychological benefits and later material ones that would reverse this trend . Caddis goes on to say that such an act would put more strain on the Unites States-Soviet Union relationship as Stalin would not allow such aid to be given to satellite states And that the USA could then seize the geopolitical and the moral initiative in the emerging Cold War .Caddis identifies that the US did not offer Marshall Aid exclusively to Europe, but also offered financial assistance to the Soviet Union. This could be viewed as a tourist because in offering aid to the Soviet Union, the Plan no longer acts against communism. However, The United States only offered Stalin aid because they knew that he would never accept it; therefore the Marshall plan could take an offensive stance against communism whilst under the guise of offering impartial, altruistic assistance to all nations, capitalist and communist alike.The fear of elected communist parties being controlled by the Soviet Union was entirely justified. Founded in 1947, the Communist Information Bureau was an official forum of the international communist movement. Its intended purpose was to coordinate actions between Communist parties under Soviet direction . This supports the view that the Marshall Plan was used to stop independent communist parties in Europe from rising to power and eventually uniting under one banner. Caddis interpretation supports Buffalos interpretation by identifying the threat of poverty encouraging support of communist movements.Furthermore, it presents the Marshall plan as a solution to this problem, whilst providing economic assistance to Europe. Therefore, it is Caddis view that the Marshall Plan did not have an altruistic motive, but an altruistic disguise. It is the interpretation of Martin McCauley, writing in The Origins of the Cold War, published in 1 983, that the Marshall Plan was a way of uniting Europe both politically and economically. It would unite Europe through a united capitalist market by providing aid to Europe as one single entity, rather than to offer assistance to individual divisions within Europe.McCauley says that . .. Small economic units in a divided Europe could not prosper; Europe had to unite so as to provide a market large enough to justify modern mass- production techniques . During the war, Americas economy boomed as they sold countless war supplies to the allied forces. The US economy relies on a strong European economy to trade with. The growth of communism throughout Europe can be seen as Americas trade market decreasing. Objectively, a strong capitalist European economy would take an increasing amount of IIS goods, benefiting the US economy. Moreover, Strong Europe would be a powerful bulwark against communist expansion . If Europe as a single entity is united by capitalism, communism will find it incredibly difficult to establish a foothold. On the other hand, if the Marshall Plan was to only offer aid to a number of individual entities within Europe, there are gaps in the defensive barrier (capitalism) that communism could take. Macaulays interpretation is challenged by Tony Judd; The fact that money from Marshall Aid was to be confined to the West. .. Made it easier for Truman to secure passage [of the Marshall Plan] through congress .This is similar to what Buffalo says in his interpretation (that information had to be manipulated in such a way so that congress would not see the Marshall Plan s an offensive strategy against eastern communism). Judd goes on to say that Marshall Aid was to be offered to countries without distinction between capitalists and communists. This challenges the view that Marshall Aid was introduced to unite Europe under capitalism. On the other hand, there are statistics that show the expansion of Rupees economy as a result of funding from the US; . ..Economic assistance given to Europe amounted to a small percentage (1. 2%) of US gross national product, [but] it produced good results in Europe Rupees GNP rose from about $1 20 billion in 1947 to almost $1 60 lion in 1951 . McCauley interpretation is altruistic to a point. He views the Marshall Plan as a means to solve Rupees economic problems collectively whilst keeping countries such as France secure. However, the fact that a strong economy in Europe correlates to a strong American economy cannot be ignored. Overall, McCauley interpretation is not altruistic.Tony Just interpretation is the most altruistic of the four and is similar to McCauley interpretation. Judd argues that the motive behind Marshall Aid was to reform the European economy as a whole and to promote free trade ND prosperity in Europe. Judd tells us that initially congress was told that Marshall Aid was to be exclusive to Western Europe to persuade congress to support the motion. However this soon changed; In June 1 947 The offer of aid through Marshals new programmer was made to all European countries without distinction .In addition, the US supported European countries tremendously. The programmer obliged governments to plan ahead and calculate future investment needs.. . It [introduced constraints] to collaborate in planning increased rates of output and conditions likely to facilitate them The productivity missions funded by the Marshall Plan , brought to the LOS many thousands Of managers, technicians and trade unions to study the American way of business . This was so much more than merely offering Europe financial aid, it was indeed the economic reform of Europe.McCauley only goes as far as to say that America gave Europe money so that the economy would grow. This is not altruistic as the growth in the European economy would boost the US economy in turn. The small investment would yield a far greater return. However, if that small investment was something much more than simply 1 of Americas gross national product, but additional assistance in the form of the implementation of plans and teaching foreign workers how to prosper as a business, the interpretation becomes more supportive of the Marshall Plan having an altruistic motive.

Wednesday, November 27, 2019

Child Marriage Facts and Causes

Child Marriage Facts and Causes The Universal Declaration of Human Rights, the Convention on the Rights of the Child, the Convention on the Elimination of All Forms of Discrimination Against Women and the Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment (among other charters and conventions) all directly or indirectly forbid the degrading and mistreatment of girls inherent in child marriage. Nevertheless, child marriage is common in many parts of the world, claiming millions of victims annuallyand hundreds of thousands of injuries or deaths resulting from abuse or complications from pregnancy and childbirth. Facts About Child Marriage According to the International Center for Research on Women (ICRW), 100 million girls will be married before the age of 18 in the coming decade. Most will be in sub-Saharan Africa and the Asian Subcontinent (Nepal, India, Pakistan, Bangladesh). In Niger, for example, 77% of women in their early 20s were married as children. In Bangladesh, 65% were. Child marriage also occurs in parts of the Middle East, including Yemen and the rural Maghreb. In the United States, child marriage is still permissible in some states, with parental or judicial consent.Globally, according to UNICEF, 36% of women aged 20 to 24 were married or in a union, forced or consensual, before theyd reached 18.An estimated 14 million girls between the ages of 15 and 19 give birth each year. They are twice as likely to die during pregnancy or childbirth than women in their 20s.Girls who marry between the ages of 10 and 14 are five times as likely to die during pregnancy or childbirth as women in their early 20s. Causes of Child Marriage Child marriage has many causes: cultural, social, economic and religious. In many cases, a mixture of these causes results in the imprisonment of children in marriages without their consent. Poverty: Poor families sell their children into marriage either to settle debts or to make some money and escape the cycle of poverty. Child marriage fosters poverty, however, as it ensures that girls who marry young will not be properly educated or take part in the workforce.Protecting the girls sexuality: In certain cultures, marrying a girl young presumes that the girls sexuality, therefore the girls familys honor, will be protected by ensuring that the girl marries as a virgin. The imposition of family honor on a girls individuality, in essence, robbing the girl of her honor and dignity, undermines the credibility of family honor and instead underscores the presumed protections actual aim: to control the girl.Gender discrimination: Child marriage is a product of cultures that devalue women and girls and discriminate against them. The discrimination, according to a UNICEF report on Child Marriage and the Law, often manifests itself in the form of domestic violence, marital rape, a nd deprivation of food, lack of access to information, education, healthcare, and general impediments to mobility. Inadequate laws: Many countries such as Pakistan have laws against child marriage. The laws are not enforced. In Afghanistan, a new law was written into the countrys code enabling Shiite, or Hazara, communities to impose their own form of family lawincluding permitting child marriage.​Trafficking: Poor families are tempted to sell their girls not just into marriage, but into prostitution, as the transaction enables large sums of money to change hands. Individual Rights Denied by Child Marriage The Convention on the Rights of the Child is designed to guarantee certain individual rightswhich are abused by early marriage. Rights undermined or lost by children forced to marry early are: The right to an education.The right to be protected from physical and mental violence, injury or abuse, including sexual abuse, rape, and sexual exploitation.The right to the enjoyment of the highest attainable standard of health.The right to rest and leisure, and to participate freely in cultural life.The right to not be separated from parents against the childs will.The right to protection against all forms of exploitation affecting any aspect of the child’s welfare.The right to eventual employment. Case Study: A Child Bride Speaks The 2006 Nepal Report on Child Marriage includes the following testimony from a child bride: I was married to a nine-year-old boy when I was three. At that point of time, I was unaware of marriages. I dont even remember my marriage event. I just remember that as I was too young and was unable to walk and they had to carry me and bring me over to their place. Getting married at an early age, I was destined to suffer a lot of hardships. I had to carry water in a small clay-pot in the mornings. I had to sweep and swap the floor every day. Those were the days when I wanted to eat good food and wear pretty clothes. I used to feel very hungry, but I had to be satisfied with the amount of food that I was provided. I never got to eat enough. I sometimes secretly ate corns, soybeans, etc that used to grow in the field. And if I was caught eating, my in-laws and husband would beat me up accusing me of stealing from the field and eating. Sometimes the villagers used to give me food and if my husband and in-laws found out, they used to beat me up accusing me of stealing food from the house. They used to give me one black blouse and a cotton sari torn into two pieces. I had to wear these for two years. Never did I get other accessories like petticoats, belts etc. When my saris got torn, I used to patch them up and continue wearing them. My husband married three times after me. At present, he lives with his youngest wife. Since I married at an early age, early child-delivery was inevitable. As a result, I now have severe back problems. I used to weep a lot and consequently, I faced problems with my eyes and had to undergo an eye operation. I often think that if I had the power to think like I do now, I would never go to that house. I also wish I had not given birth to any children. Retrospective sufferings make me wish not to see my husband again. Nevertheless, I do not want him to die because I dont want to lose my marital status.

Saturday, November 23, 2019

Nelson Mandela - A Biography

Nelson Mandela - A Biography Nelson Mandela was elected the first black president of South Africa in 1994, following the first multiracial election in South Africas history. Mandela was imprisoned from 1962 to 1990 for his role in fighting apartheid policies established by the ruling white minority. Revered by his people as a national symbol of the struggle for equality, Mandela is considered one of the 20th centurys most influential political figures. He and South African Prime Minister F.W. de Klerk were jointly awarded the Nobel Peace Prize in 1993 for their role in dismantling the apartheid system. Dates: July 18, 1918- December 5, 2013 Also Known As: Rolihlahla Mandela, Madiba, Tata Famous quote:   I learned that courage was not the absence of fear, but the triumph over it. Childhood Nelson Rilihlahla Mandela was born in the village of Mveso, Transkei, South Africa on July 18, 1918 to Gadla Henry Mphakanyiswa and Noqaphi Nosekeni, the third of Gadlas four wives. In Mandelas native language, Xhosa, Rolihlahla meant troublemaker. The surname Mandela came from one of his grandfathers. Mandelas father was a chief of the Thembu tribe in the Mvezo region, but served under the authority of the ruling British government. As a descendant of royalty, Mandela was expected to serve in his fathers role when he came of age. But when Mandela was only an infant, his father rebelled against the British government by refusing a mandatory appearance before the British magistrate. For this, he was stripped of his chieftaincy and his wealth, and forced to leave his home. Mandela and his three sisters moved with their mother back to her home village of Qunu. There, the family lived in more modest circumstances. The family lived in mud huts and survived on the crops they grew and the cattle and sheep they raised. Mandela, along with the other village boys, worked herding sheep and cattle. He later recalled this as one of the happiest periods in his life. Many evenings, villagers sat around the fire, telling the children stories passed down through generations, of what life had been like before the white man had arrived. From the mid-17th century, Europeans (first the Dutch and later the British) had arrived on South African soil and gradually taken control from the native South African tribes. The discovery of diamonds and gold in South Africa in the 19th century had only tightened the grip that Europeans had on the nation. By 1900, most of South Africa was under the control of Europeans. In 1910, the British colonies merged with the Boer (Dutch) republics to form the Union of South Africa, a part of the British Empire. Stripped of their homelands, many Africans were forced to work for white employers at low-paying jobs. Young Nelson Mandela, living in his small village, did not yet feel the impact of centuries of domination by the white minority. Mandelas Education Although themselves uneducated, Mandelas parents wanted their son to go to school. At the age of seven, Mandela was enrolled in the local mission school. On the first day of class, each child was given an English first name; Rolihlahla was given the name Nelson. When he was nine years old, Mandelas father died. According to his fathers last wishes, Mandela was sent to live in the Thembu capital, Mqhekezeweni, where he could continue his education under the guidance of another tribal chief, Jongintaba Dalindyebo. Upon first seeing the chiefs estate, Mandela marveled at his large home and beautiful gardens. In Mqhekezeweni, Mandela attended another mission school and became a devout Methodist during his years with the Dalindyebo family. Mandela also attended tribal meetings with the chief, who taught him how a leader should conduct himself. When Mandela was 16, he was sent to a boarding school in a town several hundred miles away. Upon his graduation in 1937 at the age of 19, Mandela enrolled in Healdtown, a Methodist college. An accomplished student, Mandela also became active in boxing, soccer, and long-distance running. In 1939, after earning his certificate, Mandela began his studies for a Bachelor of Arts at the prestigious Fort Hare College, with a plan to ultimately attend law school. But Mandela did not complete his studies at Fort Hare; instead, he was expelled after participating in a student protest. He returned to the home of Chief Dalindyebo, where he was met with anger and disappointment. Just weeks after his return home, Mandela received stunning news from the chief. Dalindyebo had arranged for both his son, Justice, and Nelson Mandela to marry women of his choosing. Neither young man would consent to an arranged marriage, so the two decided to flee to Johannesburg, the South African capital. Desperate for money to finance their trip, Mandela and Justice stole two of the chiefs oxen and sold them for train fare. Move to Johannesburg Arriving in Johannesburg in 1940, Mandela found the bustling city an exciting place. Soon, however, he was awakened to the injustice of the black mans life in South Africa. Prior to moving to the capital, Mandela had lived mainly among other blacks. But in Johannesburg, he saw the disparity between the races. Black residents lived in slum-like townships that had no electricity or running water; while whites lived grandly off the wealth of the gold mines. Mandela moved in with a cousin and quickly found a job as a security guard. He was soon fired when his employers learned about his theft of the oxen and his escape from his benefactor. Mandelas luck changed when he was introduced to Lazar Sidelsky, a liberal-minded white lawyer. After learning of Mandelas desire to become an attorney, Sidelsky, who ran a large law firm serving both blacks and whites, offered to let Mandela work for him as a law clerk. Mandela gratefully accepted and took on the job at the age of 23, even as he worked to finish his BA via correspondence course. Mandela rented a room in one of the local black townships. He studied by candlelight each night and often walked the six miles to work and back because he lacked bus fare. Sidelsky supplied him with an old suit, which Mandela patched up and wore nearly every day for five years. Committed to the Cause In 1942, Mandela finally completed his BA and enrolled at the University of Witwatersrand as a part-time law student. At Wits, he met several people who would work with him in the years to come for the cause of liberation. In 1943, Mandela joined the African National Congress (ANC),  an organization that worked to improve conditions for blacks in South Africa. That same year, Mandela marched in a successful bus boycott staged by thousands of residents of Johannesburg in protest of high bus fares. As he grew more infuriated by racial inequalities, Mandela deepened his commitment to the struggle for liberation. He helped to form the Youth League, which sought to recruit younger members and transform the ANC into a more militant organization, one that would fight for equal rights. Under laws of the time, Africans were forbidden from owning land or houses in the towns, their wages were five times lower than those of whites, and none could vote. In 1944, Mandela, 26, married nurse Evelyn Mase, 22, and they moved into a small rental home. The couple had a son, Madiba (Thembi), in February 1945, and a daughter, Makaziwe, in 1947. Their daughter died of meningitis as an infant. They welcomed another son, Makgatho, in 1950, and a second daughter, named Makaziwe after her late sister, in 1954. Following the general elections of 1948 in which the white National Party claimed victory, the partys first official act was to establish apartheid. With this act, the long-held, haphazard system of segregation in South Africa became a formal, institutionalized policy, supported by laws and regulations. The new policy would even determine, by race, which parts of town each group could live in. Blacks and whites were to be separated from each other in all aspects of life, including public transportation, in theaters and restaurants, and even on beaches. The Defiance Campaign Mandela completed his law studies in 1952 and, with partner Oliver Tambo, opened the first black law practice in Johannesburg. The practice was busy from the start. Clients included Africans who suffered the injustices of racism, such as seizure of property by whites and beatings by the police. Despite facing hostility from white judges and lawyers, Mandela was a successful attorney. He had a dramatic, impassioned style in the courtroom. During the 1950s, Mandela became more actively involved with the protest movement. He was elected president of the ANC Youth League in 1950. In June 1952, the ANC, along with Indians and colored (biracial) people- two other groups also targeted by discriminatory laws- began a period of nonviolent protest known as the Defiance Campaign. Mandela spearheaded the campaign by recruiting, training, and organizing volunteers. The campaign lasted six months, with cities and towns throughout South Africa participating. Volunteers defied the laws by entering areas meant for whites only. Several thousand were arrested in that six-month time, including Mandela and other ANC leaders. He and the other members of the group were found guilty of statutory communism and sentenced to nine months of hard labor, but the sentence was suspended. The publicity garnered during the Defiance Campaign helped membership in the ANC soar to 100,000. Arrested for Treason The government twice banned Mandela, meaning that he could not attend public meetings, or even family gatherings, because of his involvement in the ANC. His 1953 banning lasted two years. Mandela, along with others on the executive committee of the ANC, drew up the Freedom Charter in June 1955 and presented it during a special meeting called the Congress of the People. The charter called for equal rights for all, regardless of race, and the ability of all citizens to vote, own land, and hold decent-paying jobs. In essence, the charter called for a non-racial South Africa. Months after the charter was presented, police raided the homes of hundreds of members of the ANC and arrested them. Mandela and 155 others were charged with high treason. They were released to await a trial date. Mandelas marriage to Evelyn suffered from the strain of his long absences; they divorced in 1957 after 13 years of marriage. Through work, Mandela met Winnie Madikizela, a social worker who had sought his legal advice. They married in June 1958, just months before Mandelas trial began in August. Mandela was 39 years old, Winnie only 21. The trial would last three years; during that time, Winnie gave birth to two daughters, Zenani and Zindziswa. Sharpeville Massacre The trial, whose venue was changed to Pretoria, moved at a snails pace. The preliminary arraignment alone took a year; the actual trial didnt start until August 1959. Charges were dropped against all but 30 of the accused. Then, on March 21, 1960, the trial was interrupted by a national crisis. In early March, another anti-apartheid group, the Pan African Congress (PAC) had held large demonstrations protesting strict pass laws, which required Africans to carry identification papers with them at all times in order to be able to travel throughout the country. During one such protest in Sharpeville, police had opened fire on unarmed protestors, killing 69, and wounding more than 400. The shocking incident, which was universally condemned, was called the Sharpeville Massacre. Mandela and other ANC leaders called for a national day of mourning, along with a stay at home strike. Hundreds of thousands participated in a mostly peaceful demonstration, but some rioting erupted. The South African government declared a national state of emergency and martial law was enacted. Mandela and his co-defendants were moved into prison cells, and both the ANC and PAC were officially banned. The treason trial resumed on April 25, 1960 and lasted until March 29, 1961. To the surprise of many, the court dropped charges against all of the defendants, citing a lack of evidence proving that the defendants had planned to violently overthrow the government. For many, it was cause for celebration, but Nelson Mandela had no time to celebrate. He was about to enter into a new- and dangerous- chapter in his life. The Black Pimpernel Prior to the verdict, the banned ANC had held an illegal meeting and decided that if Mandela was acquitted, he would go underground after the trial. He would operate clandestinely to give speeches and gather support for the liberation movement. A new organization, the National Action Council (NAC), was formed and Mandela named as its leader. In accordance with the ANC plan, Mandela became a fugitive directly after the trial. He went into hiding at the first of several safe houses, most of them located in the Johannesburg area. Mandela stayed on the move, knowing that the police were looking everywhere for him. Venturing out only at night, when he felt safest, Mandela dressed in disguises, such as a chauffeur or a chef. He made unannounced appearances, giving speeches at places that were presumed safe, and also made radio broadcasts. The press took to calling him the Black Pimpernel, after the title character in the novel The Scarlet Pimpernel. In October 1961, Mandela moved to a farm in Rivonia, outside of Johannesburg. He was safe for a time there and could even enjoy visits from Winnie and their daughters. Spear of the Nation In response to the governments increasingly violent treatment of protestors, Mandela developed a new arm of the ANC- a military unit that he named Spear of the Nation, known also as MK. The MK would operate using a strategy of sabotage, targeting military installations, power facilities, and transportation links. Its goal was to damage property of the state, but not to harm individuals. The MKs first attack came in December 1961, when they bombed an electric power station and empty government offices in Johannesburg. Weeks later, another set of bombings were carried out. White South Africans were startled into the realization that they could no longer take their safety for granted. In January 1962, Mandela, who had never in his life been out of South Africa, was smuggled out of the country to attend a Pan-African conference. He hoped to get financial and military support from other African nations, but was not successful. In Ethiopia, Mandela received training in how to fire a gun and how to build small explosives. Captured After 16 months on the run, Mandela was captured on August 5, 1962, when the car he was driving was overtaken by police. He was arrested on charges of leaving the country illegally and inciting a strike. The trial began on October 15, 1962. Refusing counsel, Mandela spoke on his own behalf. He used his time in court to denounce the governments immoral, discriminatory policies. Despite his impassioned speech, he was sentenced to five years in prison. Mandela was 44 years old when he entered Pretoria Local Prison. Imprisoned in Pretoria for six months, Mandela was then taken to Robben Island, a bleak, isolated prison off the coast of Cape Town, in May 1963. After only a few weeks there, Mandela learned he was about to head back to court- this time on charges of sabotage. He would be charged along with several other members of MK, who had been arrested on the farm in Rivonia. During the trial, Mandela admitted his role in the formation of MK. He emphasized his belief that the protestors were only working toward what they deserved- equal political rights. Mandela concluded his statement by saying that he was prepared to die for his cause. Mandela and his seven co-defendants received guilty verdicts on June 11, 1964. They could have been sentenced to death for so serious a charge, but each was given life imprisonment. All of the men (except one white prisoner) were sent to Robben Island. Life at Robben Island At Robben Island, each prisoner had a small cell with a single light that stayed on 24 hours a day. Prisoners slept on the floor upon a thin mat. Meals consisted of cold porridge and an occasional vegetable or piece of meat (although Indian and Asian prisoners received more generous rations than their black counterparts.) As a reminder of their lower status, black prisoners wore short pants all year-round, whereas others were allowed to wear trousers. Inmates spent nearly ten hours a day at hard labor, digging out rocks from a limestone quarry. The hardships of prison life made it difficult to maintain ones dignity, but Mandela resolved not to be defeated by his imprisonment. He became the spokesperson and leader of the group, and was known by his clan name, Madiba. Over the years, Mandela led the prisoners in numerous protests- hunger strikes, food boycotts, and work slowdowns. He also demanded reading and study privileges. In most cases, the protests eventually yielded results. Mandela suffered personal losses during his imprisonment. His mother died in January 1968 and his 25-year-old son Thembi died in a car accident the following year. A heartbroken Mandela was not allowed to attend either funeral. In 1969, Mandela received word that his wife Winnie had been arrested on charges of communist activities. She spent 18 months in solitary confinement and was subjected to torture. The knowledge that Winnie had been imprisoned caused Mandela great distress. Free Mandela Campaign Throughout his imprisonment, Mandela remained the symbol of the anti-apartheid movement, still inspiring his countrymen. Following a Free Mandela campaign in 1980 that attracted global attention, the government capitulated somewhat. In April 1982, Mandela and four other Rivonia prisoners were transferred to Pollsmoor Prison on the mainland. Mandela was 62 years old and had been at Robben Island for 19 years. Conditions were much improved from those at Robben Island. Inmates were allowed to read newspapers, watch TV, and receive visitors. Mandela was given a lot of publicity, as the government wanted to prove to the world that he was being treated well. In an effort to stem the violence and repair the failing economy, Prime Minister P.W. Botha announced on January 31, 1985 that he would release Nelson Mandela if Mandela agreed to renounce violent demonstrations. But Mandela refused any offer that was not unconditional. In December 1988, Mandela was transferred to a private residence at the Victor Verster prison outside Cape Town and later brought in for secret negotiations with the government. Little was accomplished, however, until Botha resigned from his position in August 1989, forced out by his cabinet. His successor, F.W. de Klerk, was ready to negotiate for peace. He was willing to meet with Mandela. Freedom at Last At Mandelas urging, de Klerk released Mandelas fellow political prisoners without condition in October 1989. Mandela and de Klerk had long discussions about the illegal status of the ANC and other opposition groups, but came to no specific agreement. Then, on February 2, 1990, de Klerk made an announcement that stunned Mandela and all of South Africa. De Klerk enacted a number of sweeping reforms, lifting the bans on the ANC, the PAC, and the Communist Party, among others. He lifted the restrictions still in place from the 1986 state of emergency and ordered the release of all nonviolent political prisoners. On February 11, 1990, Nelson Mandela was given an unconditional release from prison. After 27 years in custody, he was a free man at the age of 71. Mandela was welcomed home by thousands of people cheering in the streets. Soon after his return home, Mandela learned that his wife Winnie had fallen in love with another man in his absence. The Mandelas separated in April 1992 and later divorced. Mandela knew that despite the impressive changes that had been made, there was still much work to be done. He returned immediately to working for the ANC, traveling across South Africa to speak with various groups and to serve as a negotiator for further reforms. In 1993, Mandela and de Klerk were awarded the Nobel Peace Prize for their joint effort to bring about peace in South Africa. President Mandela On April 27, 1994, South Africa held its first election in which blacks were allowed to vote. The ANC won 63 percent of the votes, a majority in Parliament. Nelson Mandela- only four years after his release from prison- was elected the first black president of South Africa. Nearly three centuries of white domination had ended. Mandela visited many Western nations in an attempt to convince leaders to work with the new government in South Africa. He also made efforts to help bring about peace in several African nations, including Botswana, Uganda, and Libya. Mandela soon earned the admiration and respect of many outside of South Africa. During Mandelas term, he addressed the need for housing, running water, and electricity for all South Africans. The government also returned land to those it had been taken from, and made it legal again for blacks to own land. In 1998, Mandela married Graca Machel on his eightieth birthday. Machel, 52 years old, was the widow of a former president of Mozambique. Nelson Mandela did not seek re-election in 1999. He was replaced by his Deputy President, Thabo Mbeki. Mandela retired to his mothers village of Qunu, Transkei. Mandela became involved in raising funds for HIV/AIDS, an epidemic in Africa. He organized the AIDS benefit 46664 Concert in 2003, so named after his prison ID number. In 2005, Mandelas own son, Makgatho, died of AIDS at the age of 44. In 2009, the United Nations General Assembly designated July 18, Mandelas birthday, as Nelson Mandela International Day. Nelson Mandela died at his Johannesburg home on December 5, 2013 at the age of 95.

Thursday, November 21, 2019

Research on single mother Term Paper Example | Topics and Well Written Essays - 500 words

Research on single mother - Term Paper Example The research method used is based upon facts and credible sources in the form of surveying. Te main idea of the article focuses on which geographical areas, ethnic groups and peoples of certain wealth participate in breast feeding. It is proven that breastfeeding or human milk offers the breastfeeding child the best chances at fighting and preventing diseases. Since the use of human milk is so beneficial, it is important to get the information out there to those who are unaware of the benefits of breast milk. Programs such as the WIC (Women, Infant and Children Program) are quite beneficial at encouraging woman of low income or minority groups to breastfeed their children. Although the program encourages women to breast feed, the program does not encourage the continuation of breastfeeding. (Forste, Hoffmann2008) Data that has been collected can help to determine which targets need to be met and the benefits of meeting these targets. The article uses facts collected to provide accura te method. The method uses data that has been collected from the National Immunization Surveys. There data is collected from the US Centers for Disease Control and Prevention. These surveys took place in 2003 and 2004.

Wednesday, November 20, 2019

Discuss artistic production during the Byzantine period Essay

Discuss artistic production during the Byzantine period - Essay Example The history of artistic production in the Byzantine period Arguably, artistic production denotes the creation of objects that viewers would perceive as significant or rather beautiful. Further, art highlights on the important factors prevailing in a certain community over a given period. During the Byzantine period, Emperor Constantine ruled the territory and enforced construction of Aelia Capitolina, which served as the main city after replacing the ruins of Jerusalem city (Nici 261). He emphasized that the whole empire needed to profess the Christian faith thus inhibiting the inhabitants from adapting or embracing any other religions presented in the kingdom. Fig. 1 Constantine Sculpture Therefore, Constantine served as a major stimulating factor towards the renowned artistic production in the empire as he ordered the building of some of the historically renowned churches in the Middle East (Richardson, Angeliki, and Kim 82). For instance, Constantine ordered for the building of th e Basilica church and other monuments around the city. Chronological accounts further present that the Byzantine society built the Rotunda during the reign of Emperor Constantine as an owner to his mother’s dreams about the tomb of Jesus Christ (Jeffreys 132). Further, the society had other numerous distinctive cultures that prevailed over several dynasties. Mainly, the building of streets marked the second largest and globally recognized cultural activity of the Byzantium dynasty. For instance, the building of the Cardo street and narrowing of the Roman-built streets such that the Byzantine streets intersected at the empires city square and extended perpendicularly to other worshipping sites in the North and South regions, and the East and West regions of the empire. Further, Constantine elevated numerous monuments along the streets that led to the worshipping centers to honor numerous biblical teachings (Onians 164). Therefore, it is sound to argue out that Byzantine art wa s a form of denoting Christian teachings and promoting the religion during the barbaric period. Further, the empire’s culture contributed to the recognition of the Renaissance period after the evasion of obstacles that focused on savoring the empire into rubbles. Some of the period’s most renowned artistic productions The empire’s artists were well known for their passion in the creation of monuments and mosaics for example, creation of â€Å"The Image of Christ of Pantocrator.† The artistic production is one of the most infamous mosaics of the Byzantine period, from the Hagia and Sophia in Constantinople period. Mainly, history assumes that most of the Christian paintings targeted to draw the involvement of Christianity in the region despite the threat of Muslim invaders who were apparently seeking to spread their religion across the Asian and European regions (Richardson, Angeliki, and Kim 85). Fig.2 the mosaic of Christ of Pantocrator Since the Constan tinople Empire toppled the Roman Empire, it did not readily produce its own art but continued to develop the Roman Empire’s arts. Mainly, the Byzantine art coincided with the Greek artwork since the predecessors had borrowed their artistic designs,

Sunday, November 17, 2019

Telecommuting Essay Example for Free

Telecommuting Essay Historically, Americans have slavishly followed the corporate structure of working in an office and relaxing at home. In the 1980’s when computers begin to catch on so did the idea of a flexible work arrangement. In researching, one found that the implementation of telecommuting in the workforce has greatly improved the performance of businesses, increased employee satisfaction, and helped the environment. This research is based on historical data recorded from the 1990’s to present day in reference books, journals, and web based articles. This paper intends to expound on the ways telecommuting can be harmful or beneficial in the workplace. Telecommuting refers to workers doing their jobs from home for part of each week and communicating with their office using computer technology. Telecommuting is growing in many countries and is expected to be common for most office workers in the coming decades. This paper will discuss the origins of telecommuting, define the term telecommuting, and predict the future of telecommuting in the U.S. How will society be affected by the growth of telecommuting? One will discuss the benefits and hindering aspects of telecommuting in the work place. Will companies save money initially and hurt their business in the future? Often times before looking to the future it is helpful to glance at the past. States without labor laws relating to homework fall under the jurisdiction of the US Department of labor and its Fair Labor Standards Act (FLSA) of 1938. The work-at-home sourcebook by Lynie Arden discussed how the FLSA initially prohibited seven industries from using home workers. Congresswoman Olympia Snowe of Maine introduced the Home Employment Enterprise Act in the House of Representatives. Congresswoman Snowe told the House, â€Å"cottage industries play a vital role in the economy of the state of Maine, large parts of New England, and other areas of the nation. The independent nature of homework and the unavailability of alternative employment opportunities make working at home ideal. It is time to safeguard the freedom to choose to work at home† (Arden, 4). Before the bill was voted on, prohibitions on industrial homework in five of six industries were lifted by the U.S. Department of Labor in 1989. This along with Alvin Tofflers image of the electric cottage helped change the social construction of the workplace. Between 1980 and 1990 the annual consumption of personal computers rose by approximately 900 percent and expenditures on personal computers rose by 1100 percent (Biocca, 1993: 81). Professional occupations clutched onto the idea of using the computer as a space-flexible work tool. Eventually a new identity was carved out for this employee niche as well. People who work at home are enjoying a newfound respectability. In the early 1980s, many executives shied away from being called home workers. But it is now increasingly accepted behavior. With this acceptance the identity of home workers has changed (Braus, 1993a: 42). Respectability as a computer operator, according to this view, has been regained and has been transferred into the home as well as in the office. Ann McLaughlin, Secretary of Labor, said â€Å"Workforce flexibility is a critical element of our effort to create jobs, enhance the quality of work life for American workers and improve our competitive edge in the world markets. The changing workforce demographics demand that we provide employment opportunities that allow workers the freedom to choose flexible alternatives including the ability to work in one’s own home† (Arden, 5). Politicians with foresight were in tune with the coming change and the introduction of telecommuting into the workforce world. Many people define a telecommuter as anyone who works outside of a traditional office, whether at home, in a satellite office, or even out of a car. The Midway Institute for telecommuting education, a group that consults with businesses by conducting feasibility studies and implementation seminars, defined telecommuting as â€Å"an off-site work arrangement and that permits employees to work in or near their homes for all or part of the work week. Thus they commute to work by telephone and other telecommunications equipment rather than by car or transit† (Shaw, 6). Telecommuters can work from home, work from a telework center, or use a concept called hoteling. When working from home employees may have a home office that may contain the same kind of equipment that you get in a central office. Telework centers are typically satellite offices located some distance from the companys main office. Telework centers have an advantage over home offices in that technology and computer equipment can be shared rather than purchased separately for each telecommuter. Telecommuting employees work a couple of days a week from the telework center on a rotating basis, ensuring that computer terminals and workstations are in constant use. Equipment in home offices lies dormant when the telecommuter comes to work at the main office. Hoteling is a form of telecommuting used most often by sales staff who dont need a fixed desk in an office, but must have somewhere once a week to pick up mail, plug into the companys main database, or meet a client. This employee may check in an office in the north of a region one week, using a vacant desk or conference room for a couple of hours, and telecommute from the southern part of the region the next week. These three kinds of telecommuting are defined by location and structure. Telecommuting can have a downside and is not for everyone. Some people feel isolated without the regular social contact of the office and find it difficult to be motivated. Other obstacles include not being able to stop working at the end of the day, being distracted by the refrigerator or TV, and friends and family that don’t respect work time. There is no direct supervision of teleworkers, which could cause diminished productivity. The remote access needs of telecommuters could cause a security issue depending on the nature of the business. Sometimes removing the presence of a very positive or knowledgeable employee out of the office to telecommute could affect the morale of other team members (Career Builder). There are several reasons why employees and employers are thinking about telecommuting. The number one reason for employees is that people have begun to see that work isnt everything. They want to be better integrated with work and personal lives, and telecommuting is one way to free up more time. Other reasons include the desire to break through the glass ceiling, increased job stability, or just dislike for the traditional corporate structure. Telework give companies another avenue to do their part with reducing air pollution and being compliant with the Clean Air Act mandated by the federal government. One of the largest sources of pollution is the automobile. In heavy traffic automobiles are moving slower and causing even more problem to our environment. In most cities construction is taking place on roads to increase the size to help with this problem, but an even better solution is to encourage people who can to telecommute, so we will not need additional highways, parking lots, and airports in the future. Companies can enhance their recruiting efforts because they are not limited to hiring employees in a specific geographic area. Telecommuting helps companies achieve savings with real estate costs and overhead (Career Builder). Companies can grow without the need to create additional workstations or build new office spaces. The option to telecommute eliminates the number of employees who resign because they want or need to move to a new location. It is predicted that telecommuting will become an increasingly popular work option in many businesses and industries, and its usage is expected to increase in the future due to new innovations in computer and communication technology. This trend is driven by several factors. Linda Shaw, author of Telecommute! Go to Work without Leaving Home, wrote that the labor pool of employees with specific talents will shrink, making employers more willing to make concessions to keep valued employees happy. A smaller labor pool combined with an increasing demand for highly skilled laborers has fueled employee-driven change in working environments. Scarce, highly skilled workers have begun to demand more flexible work arrangements, especially as they choose to live farther and farther from their employers (Shaw 18). Shaw and other observers also note demographic changes within the American work force as a factor in the growth of telecommuting. These analysts contend that new generations of workers are less willing to sacrifice time with family than their counterparts of previous eras. This desire to spend more time at home and avoid long commutes is advertized as a key factor in making telecommuting an attractive benefit. Finally, new technologies have made working from home a viable alternative. With the advent of high speed modems, fax machines, voice mail, powerful personal computers, electronic mail, and cell phones to name a few, workers can now perform their jobs without losing touch with employers and customers. We are on the edge of a new era of telecommunications that will impact our lives and how we work and how we become productive in the 21st century. Society will be enhanced with workers that are happy with their work and life balance, the environment will be made better and companies that invest time in their telecommuters will continue to help their bottom line. Telecommuting may prove to be an effective means to enhance our lives and improve our productivity on this new frontier and I conclude that the strategy should be to find ways to enhance the capabilities for future telecommuters.

Friday, November 15, 2019

Shakespeare :: essays research papers fc

William Shakespeare was born in the year of 1564 in Stratford-upon-Avon, England. His exact birth date is unknown but it is traditionally celebrated on April 23. In England this day is known as the feast of St. George. He was the third of eight children born to John and Mary Arden Shakespeare. John Shakespeare was a tanner, and a glove maker. He served a term as the mayor of Stratford, a town council man, a justice of peace, and an ale-taster. Unfortunately John could not write. John Shakespeare died in 1601. Since William was his eldest son he received what little land his father owned. Little is known about his mother's life. It is known that she came from a wealthy family. Her family also paid her husband a handsome dowry. William Shakespeare went to a very good grammar school in Stratford-upon- Avon. Two of his instructors were Oxford graduates, Simon Hunt and Thomas Jenkins. William's studies were in Greek and Latin. He developed the ability of keen observation of both nature and mankind. It is said that his education ended here. On November 27, 1582, when William was 18 years old, he married Anne Hathaway. She was ten years older than him. Their first daughter, named Susanna, was born the next year on May 26, 1583. The couple also had twins, Hamnet and Judith, in 1585. Hamnet died at the age of eleven, but it is unknown how. Between the years of 1585 and 1592 no evidence of what happened in Shakespeare's life is known. These years are called "The Hidden Years". It is said that during this stretch of time, he ran away from the law or was the apprentice of a butcher, although a man named John Aubry was told by Christopher Beston that Shakespeare was a school teacher up until 1592 somewhere in London. Beginning in 1592, in London, he became known as an established playwright. In 1593 he found a patron, Henry Wriothsley, to sponsor him. William Shakespeare was also an actor, writer, director, and stockholder in "The King's Men" company. He acted for a company called "The King's Men". This company became the largest and most famous acting company simply because William was performing and working for them. Shakespeare wrote two long poems. His first, "Venus and Adonius", was written in the year 1593. Then a year later he wrote, "Rape of Lucrece".

Tuesday, November 12, 2019

Role of Finance Companies

Role of Finance Companies Traditional role of Finance Companies The finance companies are much smaller in scale compared with commercial banks, and they are also saddled with more restrictions which will be discussed later in the report. Traditionally, they relied on their personalized and flexible services to attract clients. This is because there are always consumers who are rejected by the commercial banks because adding these consumers to their portfolios would be uneconomical for these commercial banks as their economies of scale cannot offset the transactional costs these clients would bring because of the small margins these smaller consumers bring. These mainly include people or companies who do not have the capital to meet the relatively higher capital requirements of the commercial banks compared to finance companies. One example would be the current business account for companies. The major banks such as DBS and OCBC also offer low startup requirements, but charge a monthly management fee if their balances fall below $10,000 , not a big amount for businesses but possibly a stretch on new and small scale businesses. Hence, finance companies plug that gap with much lower balance requirements that would be more attractive to these business owners. Another example would be home loans by which finance companies offer a wider range of interest rates for a different range of financing needs compared to commercial banks who offer more generic rates on a whole. Emerging opportunities for Finance Companies Financial companies are however, now exploring new opportunities that they have not been able to capitalize on before. For example, Hong Leong has recently been awarding underwriting rights by the MAS, a traditional stronghold of commercial banks. This has redefined the boundaries that a traditional finance company in Singapore held due to regulations under the finance companies’ act. Wealth management, a relatively fast growing new segment in Singapore, has seen Hong Leong also wrestling in with a slice of the pie that many expected the commercial and investment banks monopolize. Industry Performance Finance companies form a small and unique portion of the financial services sector here in Singapore. A large part of their income comes in the form of interest income from loans and also commission fees for services that they offer. By focusing on domestic opportunities, they have managed to avoid exposure to the credit crisis that many others in the sector have been affected by. This has thus helped all 3 firms in the sector to post stellar results over the past year. As shown below, Singapore’s GDP growth YoY was 7. 7%, a slight moderation from the 8. % in 2006. This represents opportunities as the need for financial services increase as people in Singapore gain affluence. Growth of profit for Finance Companies Growth on EBIT ranged from a low of 38. 7% to a high of 65. 2% riding on increased receivables for all 3 finance companies. This is exceptional considering the cloud that has shrouded the financial sector in recent times. In dollar terms, their p rofits grew by SGD$43million to a total of over SGD$150million. Also, operational efficiency was a strong driver of the profit growth. Revenues remained rather stable and it was the decreased operating costs that led to higher profits according to the financial reports released. This could be due to reasons such as improved technical systems or improved employee proficiencies. Growth of property & construction revenue segment There is a strong focus on the â€Å"heartland† consumers and increased demand for housing, particularly in HDB flats, has led to opportunities that finance companies have leveraged on to cement their stake in this niche market. Although commercial banks also offer housing loans, finance companies are able to adapt each individual loan to consumer’s requirements because they enjoy greater flexibility especially for smaller loans that larger financial institutions do not want to accommodate to enjoy the relatively small returns. Looking at the breakdown of loans and advances of Finance Companies, we can see a large part is driven by the building and construction sector in Singapore, which was booming last yea. The building sector was driven by the construction of the 2 integrated resorts and a booming property market last year. A key driver of the industry, construction growth, which represents a large portion of finance companies’ interest income, grew at a rate of 20. 3% in 2007, compared to 3. 6% in 2006. The bull run in the property market, as mentioned, has also contributed to the sector’s good performance. Property agents have described in particular, the HDB resale market as the kingpin of the real estate sector. Projected unit sales are estimated to be at 30,000 by industry players. Average prices rose 17% for 2007. This, coinciding with a new government initiative to encourage singles to live with their parents by providing a grant of up to $9000, has led to a boom for the property market domestically in recent times. The government’s policy to target an eventually population size of 6million citizens would lead to an increased demand for housing as more and more immigrants look to plant their roots here. Thus, we can expect housing loans to continue to be a strong driver of performance for finance companies into the foreseeable future. Increase in SME initiatives The government’s initiative to increase SME competitiveness and promote entrepreneurship has also facilitated the expansion of this revenue segment for financial companies. The founding of organizations such as SPRING help to spur and stimulate the growth of target sectors for these financial companies. Initiatives such as the Micro Loan Programme under SPRING create direct market share for these finance companies for those who are rejected by the commercial banks for loans. A look through the Hong Leong Finance website shows at least 11 initiatives directed at SMEs alone. This shows the importance of this particular revenue segment to finance companies. Therefore, the future of this key driver of finance companies’ success looks to be rosy given the support that SMEs receive domestically from the government. It is also important to note that finance companies give incentives by positioning themselves as service providers for smaller enterprises who require greater flexibility in terms of financing requirements. As mentioned earlier in the report, this is due to the fact that it is uneconomical for commercial banks to process some enquiries and loans because they are uneconomical given the scale of operations. Summing up, the performances of finance companies have been exceptional with impressive growth figures. However, as the recession worries and full effects of the sub-prime issues slowly uncover, finance companies may yet be exposed to underlying issues that may influence performances in the near future. Next, we shall examine some of the trends in the finance company sector and try to identify key issues that may offer insights into what we can expect from these finance companies in the future given what we have already discussed. We would also examine a key player to try and gain insights into how these finance companies operate. TRENDS AND ISSUES IN THE FINANCE COMPANIES SECTOR: SINGAPORE 1. Consolidation within industry One of the most pervasive trends identified in the last decade in the finance companies sector is the consolidation of the industry. This is evident from the number of finance companies that have ceased operations. Some of these companies were forced out of the industry due to regulatory changes, while others, like OCBC Finance, simply merged with their principal companies. Since 1996, 19 finance companies have surrendered their finance companies’ license, with only 3 main finance companies remaining by the end of 2007. Accordingly, the assets and liabilities of finance companies as a whole have declined dramatically over the past decade, before stabilizing and increasing steadily over the past 3 years to around 10 billion dollars. Finance companies’ assets decreasing before stabilizing and recovering, and consolidation. 1. 1 Regulatory changes One of the catalysts for this consolidation is no doubt the regulatory changes that MAS has put into effect. Since December 1994, the Finance Companies Act was revised to raise the minimum capital requirement for finance companies from $0. to $50 million, and existing finance companies were given until 2003 to gather the required amount. This effectively meant that finance companies which did not have the required capital had to either merge with other players in the industry including banks, or raise the required capital. Hong Leong Singapore Finance, the finance company in Singapore today, is the result of such a merger between Hong Leong and Singapo re Finance. Examples of mergers with their parent banks include Maybank Finance, and Overseas Union Trust, which of course was subsequently absorbed into UOB. It could be argued that even without regulatory changes, mergers and acquisitions are inevitable for the smaller companies to survive. Regardless, the changes put into place by MAS has forced the industry to evolve into one with lesser, but stronger players. 1. 2 Increasing competition In 1998, then DPM Lee Hsien Loong remarked in a parliamentary session that the rationale behind these regulatory changes was to â€Å"enable finance companies to have the resources to compete more effectively and increase public confidence in them. Hence, another major reason for the consolidation in the industry can be attributed to the increasingly intense competition from commercial banks and other financial institutions which provide similar services. Loans and other services catered to SMEs, which the full banks typically deemed unprofitable, were traditionally the strong suit of finance companies. From data gathered on the 3 existing finance companies, loans and services to SMEs forms over 40% o f their portfolios. However, in the past decade, many commercial banks have started divisions to tap into the SME market made popular by finance companies. Finance companies thus now have to contend not only with each other, but commercial banks as well. This means that badly run finance companies simply could not contend with the competition and were targets for other finance companies’ acquisitions to boost their own ability to compete. 1. 3Niche markets Finance companies are usually able to compete with commercial banks because they offer services to niche markets (usually SMEs) which then form a large part of their portfolio. In today’s financial markets, Hong Leong Singapore Finance is known to target clients within the SME, consumer housing and the silver industry. Sing Investments and Finance has loans in the construction and property development sectors amounting to 68% of their loans portfolio. However, the population of such niche markets are usually much smaller than mainstream financial markets, and companies need to be able to capture a larger market share within the niches to be able to offer products with a competitive edge over commercial banks. Under the basic tenets of economics, this means that a only a small number of firms are needed to satisfy demand in such niche markets. Hence, there is necessarily a trend towards consolidation of similar firms within the separate niche markets in a ‘survival of the fittest’-style competition, which is the situation being faced with today. 1. 4 Global mergers and acquisition trends Mergers and acquisitions have been widespread and plentiful in recent times, and although this directly impacts the trend of mergers within the finance companies sector, there are also indirect effects to be discussed. One must consider that the increasing prevalence of large, merger companies necessarily means that the pool of smaller companies, of which finance companies cater to, is steadily decreasing. Such large merger companies usually go to commercial banks for the more sophisticated and diverse range of credit options which finance companies are simply unable to provide, either because of regulatory restrictions from the Finance Companies Act, or because they do not have the resources to do so. Again, this results in a net effect of finance companies having to merge themselves to operate effectively and efficiently to capture this diminishing pool of available business. TRENDS AND ISSUES IN THE FINANCE COMPANIES SECTOR: INTERNATIONAL International finance companies Unlike in Singapore, a legal definition of ‘finance company’ exists, there is no clear definition on what constitutes a finance company in the overseas financial markets. However, there is a general consensus that finance companies provide mainly lending services to consumers and small businesses. As with finance companies in Singapore, international finance companies typically target these clients that the major banks overlook, or have specializations in specific industries that make them more attractive to customers seeking credit services within these industries. Unlike Singapore, where only 3 such companies now operate, there are literally thousands of such companies overseas catering to different industries and customer bases, and it will be definitely be out of the scope of this report to discuss each one in detail. Also, the nature of the finance companies sector is such that they are more influenced by regulations and performances of industries within the countries in which they operate, and less affected by global financial trends. A simple example of this is in Singapore, where finance companies have been fairly shielded from the turmoil in overseas financial markets led by the subprime crisis in the US. Instead, they have been doing well, largely owing to the boom in the local property, auto and SME markets. It is thus more appropriate to examine the issues and trends of nternational finance companies in the context of the local markets which they serve, rather than to identify and global trends that affect all financial markets. Hence, we have decided to focus our attention on finance companies operating within 3 countries where financial markets are relatively mature and established, and whose activities are more transparent and in the limelight. These are Australia, Japan and USA. 2. Fin ance companies in Australia The finance companies scene in Australia is thriving, and has witness continued growth in the last 3 years. Another good year was recorded in 2006/2007 with both business and personal lending continuing to grow. Finance companies in Australia have long been a significant sector in the Australian financial services market, offering a wide range of products including business leasing, fleet leasing and personal lending. Such companies provide an alternative source of borrowing to the banks, building societies and credit unions. The two largest finance companies operating in Australia are Esanda and Capital Finance, which collectively represents almost 40% of the sector’s operating profits after tax. Some of the key issues which have impacted profits in the last 2 years include: ? asset growth of 7. 1% leading to an increase in interest income ? increased competition leading to reduced margins and fee income ? increased bad debts expenses ?reduced profits on motor vehicle lending 2. 1 Australia – Reliance on Auto Industry and Industry Trends The auto industry is a major driver of performance of the finance companies sector in Australia, no doubt because the majority of the finance companies are exposed to the sector. This may be in the form of lending to consumers and businesses to purchase their motor vehicles, financing auto dealers’ purchase inventories, or providing fleet management businesses. The growth of finance companies coincides with the auto industry’s boom in the past 5 years, with 4 consecutive years of record sales up to 2005. Provision of loans to purchase large cars dropped 18 percent largely due to the change in consumer purchasing habits from the price hikes in oil. Instead, smaller car sales were up 21 percent, contributing to increased revenues for finance companies. However, the increased affordability of new cars in the last 5 years has created difficulties for finance companies which provide fleet management services, such as BMW Finance and ORIX, since such companies suffer reduced profits on the sale of cars at the end of their lease. In recent times, the focus of many of the larger finance companies have shifted to diversification of services. This is similar to Hong Leong Singapore Finance’s strategy in Singapore, which is to take on the major banks at their own game, such as providing property and construction facilities. GE Money’s expansion into credit cards, mortgages and on-line savings provide another example of Australian finance companies’ diversification. Just as the finance companies are expanding their services to include services provided by major finance players such as banks, so are the majors entering into sectors traditionally dominated by finance companies. This includes areas such as lending secured on receivables, consumer and low-doc lending. This has increased competition among Australian finance companies, which is further crowded by new entrants such as Aussie Home Loans’ plans to target car and personal lending markets. . 2 Australia – Growth in Assets, Personal and Business lending Total assets of the finance companies surveyed increased 7. 1 percent to $37. 5 billion, slightly down from 8. 1 percent growth in the previous year, but this still represents a strong rate of growth. This trend has been observed for the past 4 years, and can largely be at tributed to lending growth in the business and personal sectors. Even though finance companies in Australia only accounts for 5 percent of total Australian loans and advances, their market share is considerably higher in traditionally key markets of business lending and personal lending. This is estimated to be around 10 and 15 percent approximately. Since finance companies in Australia are typically not exposed to the housing mortgage market, they are not affected much by the decline in the housing market that is being experienced in global markets. However, the quality of the assets seem to be an issue for finance companies. Total bad and doubtful debt expense increased 32 percent from 2006. Even when viewed in context in the growth of receivables, the ratio of bad debts to average receivables increased. Hence, unlike in Singapore, it does seem that Australian finance companies suffers somewhat from increase in credit losses. However, this is to be expected since finance companies typically engage in less secure lending to less credit worthy customers in exchange for a higher margin. It must also be said that the amount of credit losses increases pales in comparison with the subprime losses that major international banks have faced even with supposed tighter credit checks. 3. Finance companies in Japan In early 2007, the consumer finance industry of Japan was valued at a total of ? 0 trillion with annual growth of 4%. The key factor influencing this previous growth in the industry might be traced to the equity and real estate bubble burst in the early 1990’s which lowered the collateral of several consumers. This provided a large market segment seeking uncollaterized loans, which were only provided by the consumer finance companies. At the same time, consumer finance companies had an advantage over the banks as they had a wider network of loan offices and had a reputation for quicker loan approval. 3. Japan – Regulatory elimination of ‘grey zone’ lending Significant change is expected in the consumer finance sector of Japan, as new regulations affecting consumer finance companies were passed in December 2006, and are to be withheld by the year 2009. The main crux of the new regulation would be that it lowers that maximum allowed interest rate chargeable on uncollaterized consumers. While the interest rate cap on consumer loans were capped at 20% by the Interest Rate Restriction law, the Capital Subscription law stated that a rate of 29. 9% could be charged, in the event that a written consent to the charges was provided by the consumer. Due to this law, several consumer finance companies in Japan have been providing loans to poor credit clients, at interest rates charged within the ‘grey zone’ (20%-29. 9%). What this new legislation entails would be that these consumer finance companies will need to adapt and reinvent themselves, as they can no longer depend on the ‘grey zone for survival’. What can be expected would be shakeout of the smaller consumer finance companies, consolidation as well as diversification of products. 3. 2 Japan – Regulatory Changes The Japanese Diet revised legislation regarding the Money Lending Business (MLB) law. A previous ceiling of 29. % for consumer loan interest rates set by the Capital Subscription law was repealed and reduced to 20%. This coincides with the ceiling set by the Interest Rates Restriction law, which has an interest rate cap of 20% per annum for such loans. Even then, this cap is only applicable for loans of up to ? 100,000 and below. Fo r loans with principal amounts ranging between ? 100,000 and ? 1,000,000, the cap is only 18% per annum. Loans with principal amounts over ? 1,000,000 are charged a maximum interest rate of 15% per annum. At the same time, the Bank of Japan has in recent years opted to abandon their zero-interest rate policy. At the moment, their interest rates have been set at 0. 5%. It is yet to be seen if there will be any increase in this rate, as it will probably depend on the performance of the Japanese economy as it adapts to this change, as well as the USA downturn. But essentially, with the bottom line raised and the top lines lowered, consumer finance companies are seeing their margins diminishing. The amendment also includes tighter entry restrictions for consumer finance companies, return of excess interest payments made to consumers, as well as restricts the maximum debt a consumer may hold to only one-third of his annual income. At the same time, the lid has been left open for more restrictions to be implemented between now and 2009, during which enforcement for the new regulation is going to be implemented. 3. 3 Japan – Effects on Performance In response to the new legislation, the industry has been suffering since. An estimated loss for the combined consumer loan sector for the fiscal year of 2006 has been made at ? 3 trillion. This can be directly attributed to the diminished market segment as well as several requests for refunds of excess loans from existing consumers. With stock prices of the 4 major players in the industry tumbling even before the announcement of the December 2006 ruling, mostly as a pre-emptive reaction, the situation is dire. This has left the consumer finance companies with the option of either leaving the market, or restructuring themselves to suit the new environment. The two main strategies for remaining in the sector would be expansion and diversification. 3. 4 Japan – Expansion At moment, there is estimated total of 10,000 registered money-lenders in Japan. Of these, there are only 4 major players (Aiful Corp. , Acom Co. , Promise Co. Takefuji Corp. ) that are currently listed on the Japanese stock exchange, whilst the rest are all individually casting small shadows. However, considering the increased requirements for operations as well as the diminished margins, it is now harder to maintain operations as a small player. More sophisticated risk management and cost-cutting are all necessary aspects that need impleme ntation for survival. It is expected that a large proportion of these smaller companies will eventually consolidate to be able to mount a substantial fight for survival or be forced to cease operations. Current estimates are that the eventually, Japan will only be left with 3,000 consumer finance companies. Already, that trend is starting to take shape. The current estimate of 10,000 registered money lenders have already dwindled from a previous figure of 14,000 as of February 2007. Two of the larger players, Acom and Promise have also taken a step further than anyone else in the industry, by negotiating partnerships with major banks, Mitsubishi UFJ Financial group and Sumitomo Mitsui Financial Group respectively. This strengthens their competitiveness, as these consumer finance companies will be able to provide the bank with their expertise in handling smaller and riskier consumer loans, whilst the banks will be able to support these companies as they transcend into a more developed state. 3. 5 Japan – Diversification of Products Traditionally, the Japanese consumer finance companies could be classified into two main group; those dealing in consumer loans; and those providing credit card services. While the former group has been hit hard directly by the new regulation, the latter has been relatively unscathed. The main reason would be that interest rates for credit cards were already below the 20% limitation. Consumer finance companies are now finding that there is an unexplored market that they can now explore, to make up for their losses in the consumer loan segment. To compound incentives for this strategy, the credit market has yet to truly blossom in Japan yet, due to a prior preference for cash instead. For example, credit card shopping only accounts for 10% of consumption in Japan, and this is relative to the 25% figure for the United States. 3Finance companies in USA There are many companies in the USA which provide consumer and business finance services in all sectors of the financial markets. Being the world’s largest financial market, USA has a very diverse group of finance companies that cater to auto, personal, small enterprise, insurance, and mortgage lending, among others. Citi Financial, HSBC Finance, GE Money, Prudential Finance, Zurich Financial, and Capital One are just a few examples of such finance companies. Just as in Singapore and other nations, these finance companies typically serve clients who are either too small or have poor credit ratings to obtain loans from the larger banks. The consumer finance industry in the USA is too large to be discussed in full detail in this report. Hence we will only be discussing a particular type of finance company which in the past year has come under scrutiny from all corners of the financial markets – subprime mortgage lenders. While major commercial and investment banks have all taken in losses amounting to USD 170b from writing down Colleteralized Debt Obligations and Mortgage Backed Securities, mortgage finance companies in the USA have mostly been responsible for the origination of such losses. 3. 1 USA – Subprime mortgage lending by finance companies Subprime mortgage lending by finance companies enabled consumers in the USA with poor credit histories to obtain loans to purchase homes with higher interest rates than that charged by banks. These consumers were previously unable to obtain such loans from the major banks and lenders due to their poor credit histories. To entice consumers to accept such higher interest rates, these finance companies typically include ‘teaser rates’ during the initial periods of the loan where the interest rates were lower, and the rates were then subsequently increased significantly after the introductory period. Because many consumers could no longer afford the high interest payments after the introductory period, many were forced to refinance their subprime loans with another subprime loan. This was acceptable pre-2005 since housing prices were on the rise, and this meant that home owners were building equity which enabled them to refinance loans easily. However, after 2005, home prices started to decline and fell below the value of the loan, and thus could not be used as collateral for refinancing. A steep rise in defaults and foreclosures caused more than 100 finance companies in the US to file for bankruptcy beginning late 2006. Even New Century Financial Corporation, then the nation’s second largest mortgage lender, was not spared. Excessive risk taking and making loans to subprime customers meant that such finance companies were exposing themselves to moral hazard excessively. 3. 2 USA – Securitization of subprime loans Many a subprime finance company did not actually hold on to the subprime loans as assets after making them. Instead they securitized, or sold off the loans to issuers and special purpose vehicles. These financial vehicles bought these loans and other investment grade instruments and repackaged them into the CDOs and MBSes that were to blame for the credit problems in financial markets today. These instruments were subsequently bought up by investment and commercial banks, and hedge funds, due to the impression that the risk from the subprime loans have been adequately spread out. However, this was not the case, since once defaults and foreclosures started to hit the issuers, the values of the CDOs were compromised, resulting in huge write downs by banks. What followed was a large credit crunch in financial markets, the effects of which are still unresolved today. Hence, what was supposed to be a mortgage finance sector problem has been spread to all areas of the financial markets through loans securitization, which was started by finance companies in the US. Regulatory Issues The Finance Companies Act (Cap. 108) was established in 1967 to regulate the growing finance companies sector. Listed in the Act are several restrictions that limit the activities of the finance companies. The purpose of these limitations is to protect investors, by controlling the exposure of the company to riskier asset classes and transactions, since finance companies are less able to diversify such risks away than the major banks. These limitations may include capital structure requirements, restrictions on dealings, necessary approval for expansion and others as well. In essence, the provisions within the Finance Companies Act require that finance companies seek MAS for approval to engage in activities other than the most basic lending and depositing services. Since the major banks have a similar set of banking rules and regulations to adhere to, we will be focusing our discussion on a few key regulatory provisions which are specific to the Finance Companies Act. One regulation of particular interest has already been briefly mentioned in the previous sections of this report. In s7 of the Finance Company Act, there are strict capital requirements in place for finance companies. S7 provides that a registered finance company will need a minimum of $50 million in issued and paid up capital. What this requirement does is to limit the industry to only the stronger players. This requirement, as put in place since January 1995, might be responsible for the running out of the several smaller finance companies, and serves as well as a substantially high barrier to entry. S23 of the Finance Companies Act lists out some of the prohibitions of dealings by finance companies. In particular, s23(1)(e) and (f) aims to limit the amount of risk which the finance companies are able to take. This is done by restricting the issuance of substantial loans which exceed 50% of their total credit facilities, and also by prohibiting unsecured loans and advances exceeding S$5,000. It can be seen from these regulations that MAS understands the higher risk nature of the customers served by finance companies, and tries to protect both the customers and the companies from over-exposure to such risks. While s23(1)(b) prevents investments in foreign currency, gold and other precious metals, and s23(1)(c) prevents any acquisition of shares, stock, debt and other convertible securities in foreign denominations, exemption from these restrictions might be granted as stated under s23(2)(a)&(b). S23(2)(a)&(b) states would be that concessions in these aspects might be granted depending on the ruling of MAS. Furthermore, s53 gives room for the authorities to exempt a finance company for some or all of the provisions in the Act. We feel that this shows that MAS recognizes that not all finance companies are ready to take on such dealings yet, but that they are not shutting the door on such transactions in the future. Prospects & Future developments of Finance Companies Effects of the credit crunch In the short run, we would expect that finance companies would experience a udden growth in their revenue segments due to commercial banks tightening credit. The sub-prime meltdown in the United States has severe implications for all industries. However, rather than affecting the finance companies negatively, we foresee that there is a possibility that they might profit from it instead. With several banks being hit severely, we are currently observing the beginnings of a credit crunch as banks start to tighten their credit and adopting a more conservative stance in negotiating loans. This would even be true in Singapore, as we uncover the extent of Asian banks exposure to collateralized debt obligations. DBS Bank has already booked S$200 million worth of write-downs while UOB has S$45 million worth of write-down. These commercial banks have reportedly tightened credit measures with more reluctance to take on risky debts. What this might imply would be that more consumers will have their loan applications rejected from banks, and will therefore look to finance companies for their capital needs instead. At the same time, the market for loans is expected to grow by 13% in 2008. While this is lower than the 20% growth recorded in 2007, it represents that the market is still expanding despite the tightening of credit by major lenders. At the moment, the total loans made by finance companies are sitting at S$8,389 million. The total loans made by commercial banks, however, stands at S$201,424 million. The above figures indicate that if banks were to lose even a small percentage of their market share in loans to finance companies, this would translate to a potentially significant percentage of loans growth for these finance companies. Hence, if finance companies are able to take advantage of the loss in confidence of the banks, and the tightening of credit by said banks to capture the market left behind by the banks in the wake of the sub-prime crisis, there will be room for growth. Consolidation of the segment In the long run however, we adopt a more pessimistic stance towards the development of finance companies. One of the trends that we mentioned was that of consolidation of the finance companies in the past decade. Three such finance companies remain and have performed relatively well over the past few years or so. However, commercial banks are encroaching into traditional strongholds of these finance companies, such as SMEs and smaller personal loans which were once considered unprofitable to service. This is as commercial banks now want to profit from the higher yielding consumer base that these finance companies rely on as they continue to look into other profitable segments that they have neglected in the past. DBS, OCBC and UOB have in the past decade started moving towards these opportunities that they had forgone in the past. There is also increased competition from new entrants such as GE Money and SingPost who now offer consumers more consumer finance choices instead of the remaining 3 finance companies. This increased competition may reduce revenues in the future, especially for Singapura Finance and Sing Investments, since Hong Leong is far and away the major player in this sector and may be able to better cope with these changes. These 2 smaller firms might find it more difficult to continue to perform as well when banks use their financial muscle and influence to try and break into this market. Thus, we foresee a real possibility of further consolidation and perhaps a change in the structure of the future finance company here in Singapore. Hong Leong Finance is special, in the sense that it is much bigger than the other finance companies in the scene. To brand it as a finance company in the same breath as the other 2 does not do Hong Leong’s reputation justice. However, when compared to the commercial banks, they still do not measure up as significant competition. The other 2 finance companies seem to stand little chance should the commercial banks and corporations start infringing on this niche segment that they have survived on. The implications of these is the sign that the finance companies are in a sunset industry and with the exception of Hong Leong, finance companies might struggle to eke out an existence once competition gets more intense. It may revert to a situation where the smaller firms have to merge or be acquired by a larger finance company, in this case, Hong Leong, or risk not being able to survive in the segment. Hong Leong, as mentioned, is unique in the sense that it is such a dominant force in the finance company sector, but yet unable to make the step up to be on the same level as even the smaller commercial banks. In the near future, we could see Hong Leong forming an entire classification on its own, as the alternative to the commercial banks. Following the entry of commercial banks and other competitors into its traditional revenue segments, Hong Leong has been actively looking for other opportunities to diversify its revenue generating segments. We have mentioned some of these earlier in the report. Recently, Hong Leong was commissioned to take up underwriting duties which provides it with a new area of development where they could vary their income sources. It has also established a wealth management arm in light of the growing sector in Asia as a whole.