Cocoa trees in an African plantation Essay Example

Cocoa trees in an African plantation Essay If you want to feed the people of the third world eat chocolate. Discuss. Human use of the cocoa bean can be traced back to around 600 BC where it was used as part of an ingredient in a hot, liquid beverage consumed by the Mayans in Central America. Around 2 millennia later, in 1491 AD, Christopher Columbus introduced cocoa into Spain. Columbus had discovered these seemingly dull and un-important beans during his expeditions to the Americas where at this time cocoa was being drunk by the Aztecs, in much the same way as it had been by the Mayans. There was one difference though, chocolatl (meaning warm liquid) was a regal drink and very few people, mainly only the Emperor, ever had the chance to taste it; let alone the actual people who cultivated the bean. This situation appears to have remained the same for over 500 years, but just broadened to an international scale. In terms of the chocolate industry we are very much a global microcosm of the Aztec society. In England the average person will spend $98 per year on chocolate. 7 years ago the European chocolate industry was valued at $18,463 billion. Chocolate is a multinational industry and is sold everywhere in the world. However, chocolate has humble beginnings. Grown in many places from The Ivory Coast to Indonesia to Brazil, cocoa often starts its existence in poverty. Poor cocoa farmers in these countries grow acres of cocoa trees in plantations similar to the one in Figure 1. Cocoa farming does not depend on seasons, the countries that grow cocoa tend to have equatorial climates with evenly distributed annual rainfall. Fig. 1 Cocoa trees in an African plantation. We will write a custom essay sample on Cocoa trees in an African plantation specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Cocoa trees in an African plantation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Cocoa trees in an African plantation specifically for you FOR ONLY $16.38 $13.9/page Hire Writer So, with an all year round growing season it takes an expert eye to recognise by appearance which fruits are ripe. When these pods are identified they are removed one way or another dependant of their location on the cocoa tree. Machetes are now used to open each pod; a worker who is proficient with a machete can open up to 500 pods per hour. 20 to 50 cream coloured beans can now be removed from the pods; the husks and membranes are discarded. A dried bean from an average pod weighs around 50g. Around 400 of these beans are needed to make a pound of chocolate. This means that approximately 20kg of dried cocoa beans are needed to make 450g of chocolate (or one pound of chocolate). The beans are then usually piled into heaps in the sun and covered with leaves to ferment for 3 to 9 days, this removes the bitter taste from the cocoa. When the bean appears a rich brown colour they are ready to be dried. Drying varies from country to country depending on the weather they experience but the method tends to be simplistic and natural. When the beans are dry they are sacked (to the weight of anything from 55kg to 90kg) and stored in the shipping centres to await buyers. Presuming the cocoa is going to a chocolate producer the beans are shipped to the manufacturer and stored very carefully. If the beans come into contact with strong odours they tend to absorb an off-flavour. The beans are thoroughly cleaned as a precaution and then weighed. To develop the beans chocolate taste they are roasted in large rotary cylinders for varying amounts of time at around 140 degrees Celsius. The beans are quickly cooled and have their shells removed by a winnowing machine that passes the beans along serrated cones that crack the thin shell. The product is the nib which is about 53% cocoa butter. The nibs are now ground to create enough frictional heat in order to turn them into chocolate liquor, which is poured into moulds and allowed to solidify. Ingredients are added accordingly at this point depending on the desired chocolate end product. The mixture becomes dough like and is passed under rollers to make it into a thin paste ready for conching. Conchings function is to develop the flavour of the chocolate by mechanical kneading for hours or even days, this is often replaced or supplemented by the emulsification of the mixture to break up sugar crystals resulting in a smoother chocolate. When finished the chocolate is tempered with interval heating, then cooled and then reheated so it can be cast into the shape of the final product. The chocolate is packaged and then distributed. Two major chocolate manufacturers are Cadburys and Nestle, both of these companies have their names inserted into chocolate history; John Cadbury was the first person to produce solid eating chocolate through the development of fondant chocolate in 1842 and Henri Nestle created the first milk chocolate by adding milk in 1875. Both companies now dominate the chocolate industry internationally. Chocolate manufacture is widespread and there are countless numbers of companies: Lindt, Toblerone, Mars and Aeschbach Chocolatier to name but a few. These companies are all multinational, their various branches (such as supply, manufacture, marketing and distribution) are located throughout the world. Certain individual aspects of the MNCs, however, tend to follow certain inclinations; suppliers of cocoa are always found in equatorial less economically developed countries (LEDCs) such as Ghana and Cameroon, factories of the chocolate MNCs are usually located in more economically developed countries (MEDCs) or the nation of origin, eg. Britain and Switzerland. Fig. 3 A world map showing cocoa producing areas of the world The production of chocolate, as we know, starts with the harvest of beans in the countries that produce cocoa, these can be seen in Figure 3. I will be analysing three of these countries: Ghana (Central Africa), Brazil (South America) and Belize (Central America), two of which are in the top five cocoa producing nations of the world (Ghana is second and Brazil is fourth). All three of these countries are LEDCs, and they are all situated around the equator as seen on Figure 2. This means that they have an equatorial climate, these climatic conditions produce high temperatures throughout the year, usually with a temperature range of less than three degrees Celsius. Rainfall throughout the year is heavy, normally over 2000mm annually, and most equatorial countries have an intense, punctual and daily precipitation. Figure 4 is a climate graph of a typical equatorial country, we can see how conditions remain much the same throughout the year meaning that plants that can survive under these circumstances can grow all year round. Fig. 4 A typical climatic graph of an equatorial country. One of these plants is Theobroma cacao, seen in Figure 1, which is commonly known as a cocoa tree. This tree is native to Brazil yet it is now grown along the equator in many different countries. The conditions required for the cocoa tree are fairly demanding and the areas of cultivation lie only within 20 degrees latitude of the equator. Further still within this latitude a temperature range of 21-32 is required, rainfall is largely insignificant as long as the soil is capable of retaining moisture. So we can see from Figure 4 that equatorial countries provide ideal and all year round growing conditions for the cocoa tree. As mentioned earlier all three of these countries (and every other equatorial country) are LEDCs, or less developed in relation to other nations of the world. Figure 5 presents us with a table outlining the basic properties of Ghana, Brazil and Belize that give an indication of the level of development within them compared with an MEDC; the United States of America. Fig. 5 A table comparing equatorial LEDCs with an MEDC. We can see from Figure 5 that the division between LEDC and MEDC is fairly obvious (Particularly in the case of GNP), Ghana is the least developed out of our three equatorial countries. We have briefly analysed three cocoa producing countries, but what about chocolate producing countries? The United Kingdom is an MEDC, it is a major global producer of chocolate and also a main consumer. In the UK people have a comparatively high standard of living, the GNP per capita is $18,882 and a life expectancy of 77 years. The UK has been producing chocolate well over 100 years, Britain was the first country in the world to create and distribute solid eating chocolate and many modern chocolate MNCs, such as Mars, Cadburys and Nestle, have their headquarters or factories in the UK. The UK produces around 545,095 metric tonnes of chocolate per year, the individual UK chocolate market having been valued at around i 6 billion. As a nation the UK spends i 3. 9 billion per annum on chocolate confectionary. These figures give us an insight as to just how much of an important role Britain plays in the chocolate industry. We are now familiar with the equatorial LEDCs climatic conditions, which are (excepting Hawaii) the only environmental circumstances that support the cultivation of the cocoa tree. We also know about the level of chocolate consumption and production that currently exists globally. So rationality would infer that these equatorial countries effectively dominating the cocoa market should be rolling in it. Yet we also know that these countries remain LEDCs, some stricken with poverty and disease. At this point reason intervenes and we must realise that somewhere someone or something is cheating these small-scale cocoa producers. Cocoa production is an unsophisticated, un-mechanised and primitive industry, it is labour- intensive so cacao plantation owners normally employ workers when they are harvesting. Cocoa growers are not always poverty-stricken, some are extremely wealthy if they own enough plantations, but the people who work on the cocoa are plantations are invariably poor. Figure 6 is a house in Accra, the capital of Ghana, this represents the sort of living conditions that Ghanaian cocoa workers have. Behind that house is a Ghanaian luxury villa, of the sort that our rich, cacao plantation owners would inhabit. Fig. 6 Juxtaposing living conditions in Accra, Ghana. Plantation owners affect their workers quality of existence directly by how much they pay them, whether they themselves are rich or poor. In the equatorial LEDCs of study there is no minimum wage for workers; they are paid as little or as much as employers deem necessary, but there is also no minimum price for cocoa. Cocoa is a freely traded global commodity and its price is determined by the current supply and demand, previous attempts at establishing a minimum price for cocoa via the International Cocoa Agreements and the World Bank have failed and there were inter-governmental agreements to liberalise the market. This means that like the wages of plantation workers, cocoa prices can be as high or as low as buyers want them. This is a problem for both small and large plantation owners; some plantations are small family run businesses that do not employ workers so the price of cocoa can be directly detrimental or beneficial to them. In Ghana, for instance, the majority of cocoa sales goes through the district government which purchase the cocoa from growers and then sell it to manufacturers. These government organisations cheat the cocoa growers by altering the scales and paying a lower price for the cocoa in order to make a larger profit. The chocolate MNCs play a massive part in determining the lives of all the previously mentioned people. The cocoa growers depend on their demand for the bean; if the MNCs reduce their demand or turn to suppliers with lower prices then these people can lose their ability to earn money and even their homes. I will return to the MNCs later but we first have to acknowledge that cocoa growers standard of living is not always determined by factors under human control. El Nio is a disruption of the oceanic-atmospheric system in the tropical Pacific that can have detrimental consequences both locally and globally. El Nii o is the abnormal warming of these oceanic waters, which is on part of a see-saw process called the Southern Oscillation. This is the reversing surface air pressure between the eastern and western tropical Pacific, the opposite phenomenon is called La Nii o but is not a damaging to the weather as El Nii o. El Nii o causes irregular weather patterns across the world, it disrupts water temperatures, changes temperatures and can bring heavy rain or drought.

Free Morphemes in English, Definition and Example

Free Morphemes in English, Definition and Example A free morpheme is a  morpheme (or word element) that can stand alone as a word. It is also called an  unbound morpheme or a free-standing morpheme.  A free morpheme is the opposite of a bound morpheme, a word element that cannot stand alone as a  word. Many words in English consist of a single free morpheme. For example, each word in the following sentence is a distinct morpheme: I need to go now, but you can stay. Put another way, none of the nine words in that sentence can be divided into smaller parts that are also meaningful. There are two basic kinds of free morphemes: content words and function words. Examples and Observations A simple word consists of a single morpheme, and so is a free morpheme, a morpheme with the potential for independent occurrence.  In The farmer kills the duckling the  free morphemes are the, farm, kill and duck. It is important to notice here that (in this sentence) not all of these free morphemes are words in the sense of minimal free formsfarm and duck are cases in point. (William McGregor,  Linguistics: An Introduction. Continuum, 2009) Free Morphemes and Bound Morphemes A word like house or dog is called a free morpheme because it can occur in isolation and cannot be divided into smaller meaning units...The word quickest...is composed of two morphemes, one bound and one free. The word quick is the free morpheme and carries the basic meaning of the word. The est makes the word a superlative and is a bound morpheme because it cannot stand alone and be meaningful. (Donald G. Ellis, From Language to Communication. Lawrence Erlbaum, 1999) Two Basic Types of Free Morphemes Morphemes can be divided into two general classes. Free morphemes are those which can stand alone as words of a language, whereas bound morphemes must be attached to other morphemes. Most roots in English are free morphemes (for example, dog, syntax, and to), although there are a few cases of roots (like -gruntle as in disgruntle) that must be combined with another bound morpheme in order to surface as an acceptable lexical item... Free morphemes can be further subdivided into content words and function words. Content words, as their name suggests, carry most of the content of a sentence. Function words generally perform some kind of grammatical role, carrying little meaning of their own. One circumstance in which the distinction between function words and content words is useful is when one is inclined to keep wordiness to a minimum; for example, when drafting a telegram, where every word costs money. In such a circumstance, one tends to leave out most of the function words (like to, that, and, there, some, and but), concentrating instead on content words to convey the gist of the message. (Steven Weisler and Slavoljub P. Milekic, Theory of Language. MIT Press, 1999)

Schema Assignment Example | Topics and Well Written Essays - 250 words - 1

Schema - Assignment Example Nazneen (2009) explains, â€Å"Field type depicts the data type of the field†. For example, a relationship may not be established or may not function correctly if we have selected Number as field type for the primary key attribute and Text field type is selected for the foreign key attribute. A coded field represents a corresponding value stored in a separate relation. Coded fields serve several different purposes, which depends on their implementation. Usually coded fields are introduced to save time and space in RDBMs. Integrity of field ensures entry of predefined data types and formats in an attribute. A user is bound to enter data in correct data type and format while entering using Data Entry Form. There are several tools available, which restricts incorrect data entry or in some cases user can only select from the available list of items / values in a List, Combo, Radio or Checkbox control, etc. Blank or missing fields are those fields where a record does not contain any data. Missing fields can be avoided by introducing compulsory data entry controls, but it is often impossible or undesirable because of user convenience and usability considerations. Missing fields can be populated on-the-fly by default values or in some cases by using auto-increment specification. Normalized tables usually do not translate into efficient physical records because normalization decomposes larger tables into smaller ones and query generates a record based on the unique field in all related tables. Hernandez observes the fact and states, â€Å"The physical order of the record or field in a table is completely immaterial and each record in a table is identified by a field that contains a unique value†

Answer questions- Business paper Coursework Example | Topics and Well Written Essays - 2000 words

Answer questions- Business paper - Coursework Example Some studies have also shown a relation between animal cruelty and human violence. Therefore, reduction in animal abuse can also cause some reduction in the violence among humans. There is a difference between the animals that are kept as pets and those that are raised for food. However, the treatment of the animals kept in farms and other places that are raised as food are entitled to a certain treatment. They are living beings and this gives them the rights of fair treatment, proper food and a good living environment. As portrayed by the film, a consumer wanting faster, cheaper food has altered the way chickens are raised. Is this a similar situation to the industry responding to consumer demand for cheaper products by hiring low-wage workers overseas? Why? Why not? I do not believe that the connotations are similar. Low wage workers that are being hired overseas are employed at rates that are lower than those that would be available within the country, however, for those workers, these wages are what are being offered generally within the country that they live in. the rates are not less than the average wage rate in the country hence, they are not been exploited and that the advantage of hiring them at low wages is generated through the technological advancements and the ability to work beyond the limitations of national boundaries. Chickens, being injected with anti-biotic and steroids cause abnormal growth and as seen in films inc, has tremendous effects over their health as their organs cannot keep up with the increase in body mass. This also results in animals dying which is highly unethical. Moreover, the conditions that the chickens are kept in are inhumane and they are being treated as raw material of mass production rather than living beings. The film gives the impression that food is either cheap or healthy. Do you think it is true that food is either one or the other, or is this a false dichotomy? The film shows that the food that is processed in large quantities and to a large number of consumers is using products that are cheaper in order for the end product to be cheaper, hence, more attractive to the purchaser. It is not necessary that the food that is cheap would not be healthy but the fact is that this is the way that the large corporations are making it. Large corporations make the products using cheap raw material and low cost methods for mass production that in turn produces food that is unhealthy. The film projects that the monopoly of large corporations is affecting the healthy food items and by offering cheaper products they are attracting the customers but they are actually putting a veil over the material that is used in the production and the processes that are implemented. In the film, we see that Stonyfield Yogurt is now owned by Groupe Danone, Tom’s of Maine by Colgate, Kashi by Kellogg, and Burt’s Bees by Clorox, which are all large corporation. Why might corporations continue marketing the s mall companies’ products under their original labels, as we saw in the film? How do you think consumers might react to learning that the products are actually made by big corporations? Small Corporations are known for their quality and authenticity. These products are preferred by consumers who are overwhelmed with choices from the large corporation that obstruct the healthy contents of the product through mass production. Burt's bees for example, produced products that started off with a mere room where the owner used real

Moral Philosophy Essay Example | Topics and Well Written Essays - 1000 words

Moral Philosophy - Essay Example Locke shows in Part V of the Second Treatise that in essence, the right to property springs from natural law, and is ordained in so many words by God himself. He begins by saying that all of the earth after all is given to men so that he may find in it his home and his sustenance, and in so far that he enjoys all the fruits of the earth without his interventions he shares all of the earth with his fellow men as common property. Then he goes on to say that be that as it may, the work of the hands of men in his own capacity is and the fruits of his own labors must be his own property. The distinction is that whatever it is that he fashions out of the common lot in nature, removed from that which nature provides in common with all other men, is his. This is the spring of the notion of property as it is envisioned by Locke. It is something inalienable to private persons in their own capacity, as something that is in the natural state of things too. It is the labor that he adds to the wor k that he undertakes on nature and its constituents that creates ownership and the notion of property.... On the other hand, by the same argument, whatever else that exceeds the needs of a particular man by his own labor, exceeding his enjoyment, is beyond his property, and this excess is therefore something that goes back in essence to the common realm, as the property of all. Whatever is in excess that can spoil, is beyond what man can enjoy, and is therefore beyond his own capacity to own. This is also according to Locke part and parcel of what he considers the self-evident bounds of one man's property (Locke). This is not a capitalistic notion, though it lends itself well to capitalistic lines of thinking, because in the main what Locke is saying is that there ought to be a limit to what a man can own beyond his needs, and that the bounds are there to make sure that man does not own anything beyond what he can cultivate presumably with his own labor. This applies too to the idea that there is enough to go around for everyone, if everyone works hard to secure his own needs and enjoyme nt with his own labors rather than the labors of others (Locke). Question 1 Machiavelli in Chapter 8 makes an example of the Sicilian known as Agathocles to say that although the man rose through the military ranks by his own cunning and skill, yet he is not someone who can be considered as possessing virtu. Yes he achieved his success without the help of anybody, and that in itself is admirable, but he did that by cunning and by betraying friends among others. He killed and he deceived, he had no mercy and no religion, and he had no faith. Machiavelli implies that the man of virtu achieves glory too, and Agathocles may have gained the world so to speak, but he falls short of virtu and his victory and success lacks

Introduction to Underwriting

Introduction to Underwriting INTRODUCTION TO UNDERWRITING Underwriting is an agreement, entered into by a company with a financial agency, in order to ensure that the public will subscribe for the entire issue of shares or debentures made by the company. The financial agency is known as the underwriter and it agrees to buy that part of the company issues which are not subscribed to by the public in consideration of a specified underwriting commission. The underwriting agreement, among others, must provide for the period during which the agreement is in force, the amount of underwriting obligations, the period within which the underwriter has to subscribe to the issue after being intimated by the issuer, the amount of commission and details of arrangements, if any, made by the underwriter for fulfilling the underwriting obligations. The underwriting commission may not exceed 5 percent on shares and 2.5 percent in case of debentures. Underwriting has become very important in recent years with the growth of the corporate sector. It provides several BENEFITS to a company:- It relieves the company of the risk and uncertainty of marketing the securities. Underwriters have an intimate and specialized knowledge of the capital market. They offer valuable advice to the issuing company in the preparation of the prospectus, time of floatation and the price of securities, etc. They also provide publicity service to the companies which have entered into underwriting agreements with them. It helps in financing of new enterprises and in the expansion of the existing projects. It builds up investors confidence in the issue of securities. The issuing company is assured of the availability of funds. Important projects are not delayed for want of funds. It facilitates the geographical dispersal of securities because generally, the underwriters maintain contacts with investors throughout the country. TYPES OF UNDERWRITING Syndicate Underwriting: is one in which, two or more agencies or underwriters jointly underwrite an issue of securities. Such an arrangement is entered into when the total issue is beyond the resources of one underwriter or when he does not want to block up large amount of funds in one issue. Sub-Underwriting:- is one in which an underwriter gets a part of the issue further underwritten by another agency. This is done to diffuse the risk involved in underwriting. Firm Underwriting: is one in which the underwriters applyfor a block of securities. Under it, the underwriters agree to take up and pay for this block of securities as ordinary subscribers in addition to their commitment as underwriters. UNDERWRITERS To act as an underwriter, a certificate of registration must be obtained fromSecurities and Exchange Board of India (SEBI). The certificate is granted by SEBI under the Securities and Exchanges Board of India (Underwriters) Regulations, 1993. These regulations deal primarily with issues such as registration, capital adequacy, obligation and responsibilities of the underwriters. Under it, an underwriter is required to enter into a valid agreement with the issuer entity and the said agreement among other things should define the allocation of duties and responsibilities between him and the issuer entity. These regulations have been further amended by theSecurities and Exchange Board of India (Underwriters) (Amendment) Regulations, 2006. ROLE OF UNDERWRITERS The primary role of the underwriter is to purchase securities from the issuer and resell them to investors. Underwriters act as intermediaries between issuers and investors, providing for an efficient of capital. The underwriters take the risk that it will be able to resell the securities at a profit. Perhaps the most visible and familiar element of the initial public offering process is the underwriter. The underwriter is the organization that is actually responsible for pricing, selling, and organizing the issue, and it may or may not provide additional services. With direct public offerings, there is no need for an underwriter. Selection of a good underwriter is of the utmost importance, but its important to understand that many underwriters are equally selective of their clients. Because an underwriters reputation depends on successful issues, few firms will be willing to stake their reputation on questionable companies. When selecting an underwriter, its important to seek out an established company with a good reputation and quality research coverage in your field. The decision may also depend on the kind of agreement the underwriter is willing to make regarding the sale of shares. For profitable and established private companies, it shouldnt be difficult to locate an underwriter willing to make a firm commitment arrangement. Under such an agreement, the underwriter agrees to buy all issues shares, regardless of ability to sell them at a particular price. For riskier or less established companies, an underwriter may offer best efforts arrangement for the initial public offering. A best efforts contract requires the underwriter to buy only enough shares to fill investor demand. Under this arrangement, the underwriter accepts no responsibility for unsold shares. Aside from fees and sales arrangements, most underwriters are fairly similar in their roles. An underwriter will assist in the preparation and submission of all appropriate SEC filings, helping potential investors make informed decisions about your offering. All underwriters are required to exercise due diligence in verifying the information they submit, so a certain amount of investigation should be expected from any responsible underwriter. In addition to SEC registration filings, the underwriter will create a preliminary prospectus that will become a major part of the issues marketing campaign. This document is also referred to as the red herring, after a small red passage in the document that states that the company is not attempting to sell shares prior to SEC approval. Once SEC approval is obtained, the underwriter and the corporation will embark on a road show to gauge and attract interest from investors. While the road show does not involve getting binding commitments from investors, it helps the underwriter determine the best strategies for pricing and issuance. After the initial public offering, the underwriter continues to provide services for the newly public corporation. For months or even years after the offering, the underwriter may continue to make a market for the stock, ensuring liquidity for investors and making the shares more desirable. Twenty-five days after the issue, the underwriter is also permitted to make statements or projections regarding the company and its prospects. ANALYSIS OF RESEARCH ARTICLES ARTICLE 1 ROLE OF UNDERWRITER IN INITIAL PUBLIC OFFERING (IPO) When a company wants to raise funds throughinitial public offering (IPO)it appoints aninvestment bank for underwritingthe issue. AnInvestment bankis also called asmerchant bank. There is no regulatory restriction to use the services of amerchant bankfor IPO. Since in an IPO a company participates for the first time, it doesnt have complete understanding of the rules and documentation, required to be submitted, to get a clearance from the regulator. Famous merchant bankers world over are Goldman Sachs, Credit Suisse and Morgan Stanley. Banks like Deutsche, Citi, UBS etc have investment banking wings. Underwriters assess and analyze firms current performance, firms future earnings potential, industry scenario, competition in the same sector, current local and global market situations etc. to decidethe issueprice/price band. They also work on the activities like completion of the mandatory documentation as required by the regulatory body. Underwriters charge a fee for this activity, which is generally a percentage ofthe issuesize. If the issue size is very large a syndicate of merchant banks takes up the task of underwritingthe issue. However onemerchant bankleads the other. MERCHANT BANKERS The merchant bankers are those financial intermediaries involved with the activity of transferring capital funds to those borrowers who interested in borrowing. They guarantee the success of issues by underwriting them. Merchant banks are popularly known as issuing and accepting houses. Unlike in the past, their activities are now primarily non-fund based (fee based). They offer a package of financial services. The basic function of merchant banks is marketing corporate and other services that are guaranteeing sales and distribution of securities and also other activities such as management of customer services, portfolio management of customer services, portfolio management, credit syndication, acceptance credit, counseling, insurance, etc. As per SEBI (Merchant bankers) Rules, 1992: Merchant bankers means any person who is engaged in the business of issue management either by making arrangements regarding selling, buying or subscribing to securities or acting as manager, consultant, advise or rendering corporate advisory service in relation to such issue management. MERCHANT BANKING Merchant banking activity was formally initiated into the Indian capital markets when grind lays bank received the license from reserve bank in 1967.grindlays started with management of capital issues ,recognized the needs of emerging class of entrepreneurs for diverse financial services ranging from production planning and system design to market research .even it provides management consulting services to meet the requirements of small and medium sector rather than large sector. Citibank setup its merchant banking division in1970.the various tasks performed by this divisions namely assisting new entrepreneur ,evaluating new projects ,raising funds through borrowing and issuing equity. Indians banks started banking services as a part multiple services they offer to their clients from 1972.state bank of India started the merchant banking division in 1972.in the initial years the SBIS objective was to render corporate advice and assistance to small and medium entrepreneurs. REGISTRATION OF MERCHANT BANKERS WITH SEBI It is mandatory for a merchant banker to register with the sebi. Without holding a certificate of registration granted by the securities and exchange board of India, no person can act as a merchant banker in India. Only a body corporate other then a non-banking financial company shall be eligible to get registration as merchant banker. The applicant should not carry on any business other than those connected with the securities market. All applicants for merchant bankers should have qualifications in finance, law or business management. The applicant should have infrastructure like office space, equipment, manpower etc. The applicant must have at least two employees with prior experience in merchant banking. MERCHANT BANKERS IN INDIA There are 135 merchant bankers who are registered with sebi now in India. There are public sector, private sector and foreign players registered with sebi. The below are the examples of few of the merchant bankers in each of the public, private and foreign players. PUBLIC SECTOR MERCHANT BANKERS SEBI CAPITAL MERKETS LTD. PUNJAB NATIONAL BANK. IFCI FINANCIAL SERVICES LTD. KARUR VYSYA BANK LTD. STATE BANK OF BIKANER AND JAIPUR. PRIVATE SECTORS MERCHANT BANKERS: ICICI SECURITIES LTD. AXIS BANK LTD(FORMERLY UTI BANK LTD.) BAJAJ CAPITAL MARKETS LTD TATA CAPITAL MARKETS LTD. ICICI BANK LTD. RELIANCE SECURITIES LIMITED. KOTA MAHINDRA CAPITAL COMPANY LTD. YES BANK LTD. FOREGN PLAYERS IN MERCHNT BANKING. GOLDMAN SACHS(INDIA)SECURITIES PVT.LTD. BARCLAYS SECURITIES(INDIA)PVT.LTD. BANK OF AMERICA.N.A. DEUTSCHE BANK. DEUTCHE EQUITIES INDIA PRIVATE LIMITED. SERVICES OF MERCHANT BANKS PROJECT COUNSELLING: Project counseling includes preparation of project reports,deciding upon the financing pattern to finance the cost of the project and appraising the project report with the financial institutions or banks.it also includes filling up of application forms with relevant information for obtaining funds from financial institutions and obtaining government approval. MANAGEMENT OF DEBT AND EQUITY OFFERINGS This forms the main function of the merchant banker.he assists the companies in raising funds from the market.the main areas of work in this regard include: instrument designing, pricing the issue, registration of the offer document, underwriting support and marketing of the issue, allotment and refund, listing on stock exchanges. ISSUE MANAGEMENT Management of issue involves marketing of corporate securities viz. equity shares, preference shares and debentures or bonds by offering them to public. Merchant banks act as per SEBI guidelines, the merchant banker arranges a meeting with company representatives and advertising agents to finalize arrangements relating to date of opening and closing of issue, registration of prospectus, launching publicity campaign and fixing date of board meeting to approve and sign prospectus and pass the necessary resolutions. Pricing of issues is done by the companies in consultant with the merchant bankers. MANAGERS, CONSULTANATS AND ADVISERS OF THE ISSUE: The managers of the issue assist in the drafting of prospectus, application forms and completion of formalities under the companies act, appointment of registrar for dealing with share applications and transfer and listing of shares of the company on the stock exchange. Companies can appoint one or more agencies as managers to the issue. UNDERWRITING OF PUBLIC ISSUE: Underwriting is a guarantee given by the underwriter that in the event of under subscription, the amount underwritten would be subscribed by him. Merchant banking subsidiaries cannot underwrite more than 15% of any issue. PORTFOLIO MANAGEMENT: Portfolio refers to investment in different kinds of securities such as shares, debentures or bonds issued by different companies and government securities. Portfolio management refers to maintaining proper combinations of securities in a manner that they give maximum return with minimum risk. RESTRUCTURING STRATEGIES: AA merger is a combination of two companies into a single company where one survives and other losses its corporate existence. A takeover is the purchase by one company acquiring controlling interest in the share capital of another existing company. Merchant bankers are the middlemen in setting negotiation between the companies. Merchant bankers assist the management of the client company to successfully restructure various activities, which include mergers and acquisitions, management buyouts, joint ventures among others. OFFSHORE FINANCE: The merchant bankers help their clients in the following areas involving foreign currency: Long term foreign currency loans Joint ventures abroad Financing exports and imports Foreign collaboration arrangements ROLE OF MERCHANT BANKER IN A PRIMARY MARKET ISSUE MANAGEMENT: Merchant banker is the intermediary appointed by companies in the primary market issue. It has to look at the entire issue management and work as the manager to the public issue. References: http://lastbull.com/iporole-of-underwriter/

Wheatley’s Poem On Being Brought from Africa to America Essays -- Poet

Wheatley’s poem, â€Å"On Being Brought from Africa to America† is part of a set of works that Henry Louis Gates Jr. recognized as a historically significant literary contribution for black Americans and black women (Baym et al. 752). Addressed to the Christians who participated in the slave trade, the poem is meant to reveal the inconsistencies between their actions and the Christian Ideal. Whether perceived as a work of sincerity or a work of irony, the poem conveys the message that an individual’s behaviors are influenced by the examples of others and that all people are equal. Understanding Phillis Wheatley’s intent in her poem, â€Å"On Being Brought from Africa to America,† is gained by considering all of the aspects of her existence when analyzing her work and even though perception is based on individual perspective, analysis and explication will reveal the contrariety Phillis Wheatley observed between society and the Christian Ideal and evidence her desire for the dissolution of every inequality. Phillis Wheatley was born in Gambia, West Africa around 1753 (Andrews et al. 770). She was forced into slavery when she was about seven or eight years old and purchased by John Wheatley in July of 1761 (770) for his wife Susanna Wheatley, who named her Phillis after the vessel that transported the young slave (Samuels et al. 543). The Wheatley’s, with their two children, Nathaniel and Mary (Brawley 12), taught Phillis to read and write in English and also tutored her in Latin (Samuels et al. 543). Wheatley studied the Bible, the Latin classical works of Virgil and Ovid, astronomy, geography, and history (Brawley 13). Much of her poetry consists of elegies (poetry written as a reflection on someone’s life) and many of her works are... ...//www.poetryfoundation.org/bio/phillis-wheatley>. "Phillis Wheatley." Encyclopedia Britannica Online. Encyclopedia Britannica Inc., 2012. Web. 1 May 2012. . Puckett, Caleb. "Phillis Wheatley." American Writers, Supplement XX: A Collection of Literary Biographies: Mary Antin to Phillis Wheatley. Ed. Jay Parini. Detroit: Charles Scribner's Sons, 2010. 277-91. Print. Samuels, Wilfred D, Loretta G. Woodard, and Tracie C. Guzzio. "Wheatley, Phillis." Encyclopedia of African-American Literature. New York: Facts on File, 2007. 543-45. Print. Wheatley, Phillis. "On Being Brought From Africa to America.† Baym, The Norton Anthology of American Literature 751-53. Wheatley, Phillis, and Margaretta Odell. Memoir and poems of Phillis Wheatley, a Native African and a Slave. Boston: Geo. W. Light, 1834. eBook.

Pepsi Mission and Swot Analysis

Wendy Montagno Mkt-3120-401 Firm Mission Statement PepsiCo. Pepsi has had a long and rich history. The drink was invented by Caleb Bradham, a pharmacist in New Bern, North Carolina. He patented the drink and launched the Pepsi-Cola Company in1902, from the back room of his pharmacy. It developed into a strong franchise system. The dedication of the local Pepsi-Cola bottlers, have provided a solid foundation. Pepsi’s mission has always been to be a responsible corporate citizen. They strive to be the world’s premier consumer products company, focused on convenient foods and beverages.They work at producing financial rewards for its investors. They provide opportunities for growth for their employees and partners. Above all, they make every effort for honesty, fairness and integrity. Pepsi states their vision on their website as â€Å"PepsiCo's responsibility is to continually improve all aspects of the world in which we operate – environment, social, economic â⠂¬â€œ creating a better tomorrow than today. † They wish to create programs and focus on environmental stewardship to benefit the society. They also want to build shareholder value by becoming a truly sustainable company.Pepsi is the world’s second largest beverage and food company based on its net revenue. In North America it is first largest Beverage and Food Company by net revenue. SWOT analysis of PepsiCo. Internal Strengths One of Pepsi’s strengths is its history with a longtime local home. They also have a long standing loyal customer base. They also stay on top of current technology systems and networks to manage their manufacturing and distribution. Pepsi prides itself on knowing their customers needs to provide excellent customer service and implement global growth. WeaknessesPepsi must keep an eye on chain stores. Chain stores have a lower per-unit cost and can provide a lower price for their items. Pepsi has also had problems with offering new products without having sufficient knowledge of their target demographic. Their size is also a concern. The company is so large that it could lose focus or have internal conflict problems External Opportunities Pepsi needs to utilize the expanding Internet possibilities to better serve their customers. This goes in hand with providing training to their employees as systems become more complicated.They could also better position themselves to provide excellent personal service to compete with box stores since the large store seem to be driven by sales. Threats Pepsi always faces a challenge from their largest competitor, Coke whom has the world’s largest beverage distribution. On the other side they deal with competition from General Mills and ConAgra which are striving to have a larger market share in the snack market. Pepsi also faces the challenge of different regulations and policies set by governments in other countries.

How does Priestly show tension is at the heart of the Birling family? Essay

Tension is an element that has been intricately woven at the heart of the Birling family. The Birling’s are a family of two generations; the older assertive and callous generation and the younger ambitious generation with not yet fully sculpted minds. The lack of understanding and empathy for the younger generation (Eric and Shelia) feeds the tension at heart:- ‘Because you’re not the kind of father a chap could go to when he’s in trouble-that’s why.’ This quotation reflects on Eric’s sense of distance between himself and his farther whilst implying that Mr Birling is rather out of touch with his children. This incoherent relationship therefore amplifies the tension that neither father nor son are prepared to confront. Inspector Goole plays a large role in surfacing the tension in the families differentiating views and beliefs on responsibility for the death of Eva/Daisy. As Shelia and Eric develop a sense of maturity and acceptance for their actions they begin to further undermine their parent’s authority and ideas:- ‘Mother I couldn’t possibly go. Nothing could be worse for me. We’ve settled all that. I’m staying here until I know why that girl killed herself.’ There is a prominent contrast in the way Shelia addresses those of the older generation at the begging of the play to the Shelia the audience become accustomed to towards the end which again conveys the tension due to Shelia’s lack of obedience. Sheila also adopts the Inspectors blunt language: ‘I’m staying here until I know why that girl killed herself.’ Regardless of the idea that women of the time were thought to need protection from all things disturbing or unpleasant Shelia does not hesitate to bring attention to the solid fact that she is well aware that Eva/Daisy ‘killed herself’. Priestley’s use of stage directions is another technique used to accentuate the tension that inhabits the heart of the Birling family. The audience at the beginning of the play encounter subdued lighting which therefore creates a relaxed atmosphere shrouding the true feelings of the family which are hinted to suggest something is not quite right. The intensity of the light grows at the arrival of the inspector to indicate a turn of events. A combination of an array of techniques at Priestley’s disposal allow him to capture and reveal the taboo tension between the individual characters that is hidden behind euphemisms and gender roles.

Hippie Movement essays

Hippie Movement essays The 1960s brought once again, another war. The Hippie Peace Movement was now in full force, and a new culture of peace and love was now being encouraged. With a war being fought in South East Asia, young people in the United States were being drafted into a war they did not wish to fight. Many of them fled to Canada, where a similar peace movement grew and gained Support. The 1960s were seen as an immoral time, both for teenagers, and for governments. With an unjust war being fought, and the immoral behaviour of sex, drugs and lust being used by people all over the continent, the 1960s were by far one of the most controversial times this century. The controversy extended itself beyond the family life, and the society which expected its children to lead moral lives, join the army, was now coming under threat from the Government, and from the children themselves. The Hippie Peace Movement brought a message that said it was okay for people to do drugs, have sex and disobey their government, in an act of defiance against war. Though, drugs, sex and disobedience may not have been encouraged, the message came loud and clear, and the people the message was reaching out to, were acting upon it. That very hippie peace movement, lasted throughout the 60s and today we look back on it as an act of pacifism, maybe not in the most ethically moral sense, but the affects of anti-war that were brought up 40 years ago are still very strong today. The hippie movement affects us in the way that disobedience to ones government, may put an end to a war, but the means of this very disobedience may challenge the morals of your society, and culture. ...

Communicating Effectively in Cross Cultural Communications Speech or Presentation

Communicating Effectively in Cross Cultural Communications - Speech or Presentation Example 2. Perceptions of effective communication differ among individuals with different cultural backgrounds. Tominaga et al. (2003) investigated perceptions of effective communication in the United States and Japan. Their qualitative research found differing themes for the perception of effectiveness in the United States and Japan. Conclusion In general, researchers accept and utilize the notion that competence involves dimensions of effectiveness and appropriateness such as interpersonal skills, knowledge and motivation. However, several Japanese researchers point out that there is a Western bias in competence research. Their research found differing themes for the perception of effectiveness in the United States and Japan Communicating Effectively in Cross Cultural Communications Introduction Effectiveness in communication is considered as an important component of communication competence (e.g., Gudykunst, 1993). Competent communicators make use of interpersonal skills, knowledge and m otivation. However, individuals' cultural backgrounds influence the ways they communicate and their perceptions of competence (Gudykunst, 1993). Perceptions of effective communication also differ among individuals with different cultural backgrounds. ... ssfully accomplish his [or her] own interpersonal goals†¦ while maintaining the face and line of his [or her] fellow interactants within the constraints of the situation" (p. 198). He (1977) proposes two underlying assumptions of competence: cognition and judgment. Each individual possesses cognitive notions about the nature of competence, and it is these cognitive notions that shape impressions of others' behavior (Wiemann, 1977). Moreover, these impressions become a basis for judgment of others and the individuals themselves. In other words, whether an individual is a competent communicator is based on his or her cognition of competence. Spitzberg and Cupach (2002) suggest that competent communicators provide definitions of competent communication. Competent communicators make use of interpersonal skills, knowledge and motivation. Interpersonal skills refer to recurrent goal-oriented behaviors, behavioral patterns, and sequences of behavior that are appropriate to an interacti onal context. There are two types of knowledge: content knowledge and procedural knowledge (Spitzberg & Cupach, 2002). Content knowledge refers to information about relational partners, topics of conversation, social contexts, regulation of language, and regulation of conversation (Spitzberg & Cupach, 2002). Procedural knowledge refers to information on processes of an interaction, such as how to formulate goals and how to solve problems during an interaction. Motivation is defined as "the affective force that energizes performance and guides a person's approach avoidance orientation to a social situation" (Spitzberg & Cupach, 2002, p. 575). Interpersonal skills, knowledge and motivation play an important role in that these three concepts contribute to developing competent communication

See word Assignment Example | Topics and Well Written Essays - 250 words - 1

See word - Assignment Example Florida Christian School is a well-structured Christian school created by Christian around Miami. The school is strategically located in Miami Dade County and easily accessible by the community around. It is located at  4200 SW 89th Ave. It provides Christian based academic skills and knowledge of Miami and other Christian communities across the country. The school formulates payment structure and competitive fees that best suits the community around Miami. The pricing strategy applied by the institution attracts many parents to offer their children into this institution. To enhance its competitive advantage in an academic institution, Florida offers a multiple child discount for additional siblings enrolled in the institution who live in the same household. In this perspective, a 10 percent discount is provided for each second child enrolled 20 percent reduction to the third child and 30 percent reduction of fee payment to the fourth child. On the other hand, the institution provides an annual plan that offers a 6 percent reduction of the annual fee if payment is made in full by June 1st. The institution is very innovative in establishing promotional activities that increase the institution’s brand name in the community and across the country. In this respect, the institution created a website link that is easily accessible to potential international students and parents. On the other hand, the institution produces periodic journals distributed to parents and other stakeholders. In an attempt to reach into more communities, the institution selected a unique color matching of its uniform with institution logo and other relevant information on it. Concisely, the institution is well positioned in the market to attract parents and to gain competitive advantage. Its main core competence in providing Christian based education and pocket friendly fee