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.

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.

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.

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,

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.

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".

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.

Reaction paper on “The little prince” Essay

I. Brief Summary of the Book The story begins when the narrator look back his childhood life. He drew a boa constrictor digesting an elephant. He showed it to the adults he failed to get hearten with their comments. He felt bad with the grown-ups because they told him to stop his drawing career, instead became a pilot, as they believe that it is the sensible thing to do. So he decided to became a pilot and live his life alone. One day, his plane crashed in the middle of the Sahara desert, a thousand miles from any human habitation. At his first night, he went to sleep, he was awakened by the odd voice came from the little boy who asked him to draw a sheep. He was surprised of what he saw. He drew the sheep that the boy wanted, but again he failed by his drawing until he came up with a box and threw out an explanation to it. That is how he made his acquaintance to the little prince. He took him a long time to know where he came from, but little by little he learned that the prince came from asteroid B-612. Everything there is small. Through their conversation, everything was revealed to him. The little prince took much care of his planet. He doesn’t want anything destroyed his home. One day, a rose appeared on his planet. For him, it is the most beautiful creature ever. He fell in love with it but he caught the rose lied to him. So he decided to leave her and not to trust the rose anymore. To cure his loneliness, he went to the other planets to explore. He found himself in the near planet where he met the king who’s clad in royal purple and ermine, which was at the same time both simple and majestic seated upon the throne. For him, all men are just a subject. The king believed that he can rule over everything even the moon, the stars and the sun. Then the little prince asked him to order the sun to set. But the king can’t do that just right away. So the little prince decided to leave even though the king offered him to be a minister in his planet. He thought to himself that the grown-ups are very strange. In the second planet, he met the conceited man who believed that he is the most handsome, best dressed, and richest and the most intelligent man in that planet. He thought that the  little prince is just an admirer. But the little prince him remind him that he is the only man in that planet. Then he leaved the conceited man with his thought that grown-ups are very odd. In the third planet, he met the tippler who lived alone with his collection of empty bottles and full bottles. He spent his time in drinking just to forget the ashamed of drinking. Little prince puzzled and thought that grown-ups are very, very odd as he continued his journey. In the fourth planet, he met the businessman who was very busy that don’t even notice his arrival. The businessman count the stars and write the numbers on a paper then put it on his bank for so many years because he claimed that he own the stars. But little prince explained to him that he just wasting his time in a matter of consequences just what he did in his flower. Then he continued his journey. In the fifth planet, he met the lamplighter. It was the smallest of all but it was strange. The lamplighter was forever putting out his lamp and lightning it again. He said that he just followed the orders. The little prince thought that the lamplighter was so faithful to his orders. In the sixth planet, he met the geographer. His planet was the most magnificent but he has no way of knowing if there are mountains, rivers, or seas in planet because it is not important for him to waste his time to explore. He can’t leave his desk. He just wrote on his thick book the informati on that the explorer gave to him. He advised the little prince to visit the earth because it has a good reputation. The seventh planet he went is the earth. He lands in the middle of the desert and can’t find any humans. Instead, he met a snake who was pleased to stay in the little prince company because he is innocent and honest in all matters and its poison can send back the little prince to its own home. But little prince ignored the offers and continued to explore. He then found a three-petal flower, climb the highest mountain where he found the echo that makes him confused. He also found a rose garden, which surprises and depresses him because his rose had told him that she was the only one of her kind. He met a fox whom he look after and attempts to tame. He also met some humans, who seemed strange to him. A railway switchman who is unsatisfied, and knows people are unsatisfied, except for children who are the only ones that know what they are looking for. And a merchant, who sells pills that, will quench thirst and save valuable time. The story of the little prince was ended in the desert where he was with the narrator  pilot. They finally find a well to satisfied their thirst and they both agree in knowing that people didn’t see the truly importance of life but just lead mechanical or an empty lives. However, the little prince missed his planet so much that he looked for the snake again to bite him and send him back to his planet. But before he leaved, he gave laughing stars to the narrator pilot. And the plane was able to fix then. He is confident that the little prince has returned to his asteroid. The narrator looked at the lovely and sad landscape of the desert and to the star of his new friend that brightly shining in the sky. II. Analysis of the book’s content The moral is the importance of looking, listening and understanding, exploring and experiencing to find the real and true meaning of a thing. At the beginning of the story, the narrator point out that the grown-ups doesn’t see the real meaning of his drawings, instead, they just look at the surface without even understanding and knowing its deeper meaning. Grown-ups forgot how to appreciate little thing, how to understand life better, how to learn from own mistakes and how to live simply, and how to value true friendship. This story reminds us not to be like the grown-ups who don’t care anyone, just himself. Not to be like the rose who is liar, obsessed and very demanding. Not to be like king who rules the things that shouldn’t be ruled. Not to be a conceited man who is self-centered. Not to be a tippler who is nothing to do but to drink liquor forever just to remove his ashamed of drinking. Not to be a businessman who is claimed the things that don’t belong to him just to be rich. And not to be a geographer who doesn’t have time to look around sees what his real world is. Instead, it tells us to be like the lamplighter who is faithful in the orders and very dedicated to do his task. To be like the pilot who admits his mistakes just because of a matter of consequences. To be like the little prince who lives simply, knows how to value friendship and appreciate little things. That’s what the story wants us to learn. It’s better for us to look closely, listen well and understand deeply, explore somewhere and experience everything first for us know how to value life and appreciate everything without hurting and destroying someone and for us not to end for such a fool. III. Relate the moral of the story to any philosophical concept I relate the moral of the story to St. Augustine on the Moral Evil and Moral Obligation. Moral Evil – man’s abuse or misuse of his freedom; Evil is the very negation and privation of being and cannot be the object of God’s positive act of creation. The grown-ups, the king, the conceited man, the tippler, the businessman and the geographer was abused their freedom because of their wrong doings in themselves and in other creatures of God. The grown-ups don’t appreciate little things and their rude comments that hurt the feelings of other people; the king was greedy in power for him to rule the things that should be ruled only by God; the conceited man was selfish and forgot to value people around him; the businessman was not contented of what he had, he wanted to own the other creatures of God; the tippler was abused his health every time he drinks liquor for his only purpose of removing his shame; and the geographer that the only thing he knows is to write the information that the explorer given to him without providing a little time to look at the creations of God. These people are selfish because they just think about for their own happiness. Moral Obligation – humanity must do good and avoid evil; all human are responsible to their neighbors as they are to their own actions. The lamplighter, the narrator pilot and the little prince are the humans that do good and avoid evil. The lamplighter is very responsible in doing his task and faithful even though there are no other people in his asteroid except him; the narrator pilot who knows how to treat a stranger and value a friendship even if he will not see little prince anymore; and the little prince knows how to appreciate little things, how to love all the creations of God and just like the narrator pilot, he knows also how to value a friendship.

buy custom Strategies in the Atrium Gallery essay

buy custom Strategies in the Atrium Gallery essay Atrium Gallery will use several inputs in producing its dresses where it would require materials of different types like silk, chiffon, and cotton which would appear in different colours which will be very appealing to the customers since they will be able to get a choice of the colour that they like because of the wide variety of colours that they will have to choose from. When Atrium Gallery uses very good materials to make their dresses, they would be able to change the quality of their dresses. Changing of quality standards could have both positive and negative impacts on a project. This is because the resources which are available to a company give it an added advantage by cutting costs required to implement the project. This is because the company usually has a prolonged benefit, which makes the creation of projects much easier due to the readily available resources. Production and Material Management Atrium Gallery is going to use the services of skilled and professional staff into the production of its dresses since the dresses have to be designed by designers who are good at that so it shows that to be able to come up with very unique dresses from the close competitors, the designers have to be very professional. When it comes to the quality of the dresses, there will be a skilled professional whose main work will be to inspect and see if the dresses will be very appealing to the customers since the dresses are being produced for consumption by high and middle income women. Critical Operating Factors for the Business to Operate (Key Success Factors) Advantages in sourcing material There are so many advantages of sourcing material which we as Atrium gallery have taken advantage of. The company purchases all the raw materials directly from the suppliers where the company is able to get better deals on the expensive materials which they use to make the luxurious dresses which are very unique. This outsourcing of materials has enabled the company to be able to produce a price which is pocket friendly to all the customers of the Atrium Gallery brand. Come of the advantages that Atrium Gallery gets from outsourcing material is that it gets a supply of materials which is guaranteed, it has simplified processes, it has a better leverage when it comes to the negotiation on the procurement, and it gives the company increased supply chain standards clarity where the company gets quality materials. Technological innovation in the manufacturing or distribution process Some of the technologies which are associated with Atrium Gallery have made it to be able to create markets for all its new designs. This success factor in Atrium Gallery has made the company to be able to leverage on the existing technologies and the new technologies which is more advanced to those that are being used by the close competitors which has enabled the Atrium Gallery to produce high quality dresses for all its global customers so that it can be able to increase its sales and total revenues which would further increase in the profit margin of the company. Atrium Gallery has adapted an online shopping, bar coding, and other computer aided designs which are all results of a better technology. With the adaption of this new technology, the company is able to reduce its costs of production, improve the quality of its dresses, and also lead to future innovation in the company which can be very beneficial to both the company and the customer. Effective pricing strategy A pricing strategy is a price planning which puts into consideration (maximization of profits, revenue maximization) buyers claim, product attributes, prices of competitors, and economic trends. Channel distribution is an organized group of institutions whose aim is to link producers and end customers so as to achieve the marketing goals. It involves activities such as selling, promotion, ordering, information and feedback. Atrium gallery has an effective pricing strategy where it makes use of the price penetration where it puts an initial low entry price for all its luxurious dresses with the expectations that the customers will shift to the new brand because of its low prices. Atrium gallery can put low prices for its dresses so as to increase its sales volume, rather than making short term profits. Advantages of using this pricing strategy are firstly the dresses for Atrium gallery will penetrate into the market quickly due to its fast adoption by consumers. Secondly, low price pe netration will discourage competitors thus giving it a sustainable competitive advantage. Thirdly, it will create a high stock turnover for the firm and lastly it is economically efficient since it is possible to base it on marginal pricing cost. Access to skilled employees Atrium Gallery has a pioneer advantage over all its competitive businesses like the Dolce and Gabbana because of its access to skilled employees. Human capital is very important to a business. Human capital is one of the greatest assets which are used by Atrium Gallery which is brought up by the presence of its internal designers who make up the Fashion and design department in the company (Gerald, 2004). Their innovation which is mostly constant is very important and crucial for the creation of the unique and luxurious designs. Atrium Gallery has a very good access to many talents and incorporates them into the company which can make the company to be an international Corporation (Gerald, 2004). Management Summary Indicative Content Description of team members The team members of Atrium Gallery include the managers and the employees of the company who are solely the people who are responsible for the success of the company. There are several managers who are in charge of the several departments like the accounting and finance department, sales and marketing department, Human resource department, and the production department. The managers and the employees make a very good team since there is the direct communication between the employees and the managers and vice versa. Qualifications All the team members in Atrium Gallery are highly skilled and professional. In order to qualify as a team member, one has to have enough qualifications which can suit him in the position of work. Managers One has to have at least a Masters Degree in Fashion and Design, Accounting, Human Resource, Sales and Marketing or any other Degree from an acknowledged University, at least 5 years of experience from a good communication and interpersonal skills Employees One has to have at least a Bachelors Degree from an acknowledged university A higher Diploma Certificate is an added advantage Be a team player Management Philosophy, Strengths and Weaknesses of the Team Management philosophies are set of beliefs which can be used in the decision making process. The team in Atrium Gallery has very good management philosophies which are aimed at the making of good decisions in the company. The Team members have to be role models since they have to carry out their management responsibilities effectively. The management responsibilities of the executives in the Atrium Gallery include activities like training and management of staff performance, customer interface management, risk reduction in the company, and the engagement of the stakeholders of the company (Sadler-Smith, 2006). For Atrium Gallery to be able to survive in the competitive world, it has to have good leadership management strategy since leaders visualize, strategize, implement, evaluate, and review all the desired projects and programs, so as to be able to achieve their set goals. This information gathering performed by leaders helps in the decision-making processes of the company, which shows the importance of leadership in a business or organization (Bowman Asch, 1996). Good leadership of a company can facilitate the success of its performance through a proper strategy planning, which is initiated by the leaders of the organization through the utilization of the available resources, which, in addition, might be limited within a challenging environment, so as to be able to meet all the expectations of the stakeholders (Lynch, 2006). Financial plan Indicative content Capital requirements The capital financing for Atrium Gallery would come from the existing funds which will include the the cash balances, bank overdrafts, bank loans, shareholders capital, the working capital which we have already invested in the business (debtors and stocks), and the creditors (the suppliers). Most of the funding of the business will come from the owner with no additional investment required Financial projections The financial projections of Atrium Gallery include the income statements, cash flow statements, and balance sheets. The main aim of the financial projections for the company is to ensure that the business can be able to generate cash which is enough to be able to pay up all its backers and also that it can be able to fuel all the business incentives to succeed in the competitive business since Atrium Gallery is in the fashion industry which is a very competitive market. The income statement which is also called the profit and loss account shows all the expenses, the net loss, and the revenue for a specified time. The Net income is got by getting the amounnt by which the total revenue is in excess of the total expenses. The profit which is then got from this calculation is normally retained at the earnings account which has all the earnings which have accumulated of the business when the inception less dividends. The presence of a net loss leads to a reduction in the retained earnings account. The income statements which are projected actually show that the business can be able to earn profits over a specified period of time. The balance sheet on the other hand is a statement which shows the financial position of the business where: Total Assets = Total Liabilities + Owners Equity The owners equity is made up of the residual amount which is the total amount of all the assets that the business owner has a claim over because of the creditor claims and it can be derived from the paid-in capital which is usually the cash which is invested by the owner of the business, and the retained earnings which are usually the profits which have accumulated in the business. The balance sheet in the Atrium gallery helps in the reporting of the financial position of the business after a specific time. For the cash flow statements, revenue is usually not just a cash receipt and an expense in a business is usually not just a cash payment. The net cash flow which is the receipts less the cash payments, and the net income are termed to be very different. Assumptions underpinning the financial projections If inadequately planned or allocated, timing can affect the projects financial cost and companys budget it could show that the company has to incur additional costs, which could put additional strain on the budget, since the company would be forced to plan more costs in the form of labor to successfully complete the project within the stipulated time. Time management is a major key responsibility of a companys project manager. Therefore, a project manager should possess a good sense of time management, which is very important in project cost management. The assumptions for the financial projections are summarised in the table 1 below Table 1: The general Assumptions of the financial projections General Assumptions Year 1 Year 2 Year 3 Plan Month 1 2 3 Current Interest Rate 10% 10% 10% Long-term Interest Rate 10% 10% 10% Tax Rate 30% 30% 30% Other 0 0 0 The break-even point in a business is the point where the costs equals the expenses since there is no net gain and also no net loss meaning that it is the point when the business neither makes profits nor losses. For Atrium Gallery, in the first year, it expects to sell a total of about 97 pieces of dresses from the sales forecast where if it sells less than 1160 pieces of dresses, the business will automatically make a loss, but is it sells more than the 1160 dresses, and then the company would make a profit. It is then the work of the manager of the business to ensure that the dresses which are sold should be equal to or even more than 1160 dresses for the company to be able to make profits. To ensure that the company does not make losses if the number of dresses sold does not reach 1160 pieces, then the company could come up with strategies where they could reduce all the fixed costs by negotiating for the purchases of the materials and controlling all the other costs within the b usiness, they could also try reduce the variable costs, and the increasing of the selling prices of the finished dresses. The Break even analysis in Atrium Gallery indicates the monthly revenue which is needed for the business to reach a break-even point. Buy custom Strategies in the Atrium Gallery essay