Macro Level Factors in an External Environment

MEMO To: Vice President John Doe From: Kathy Brewster-lee Subject: macro level factors in an external environment Date: November 20, 2012 Hello Mr. Doe, It is my understanding that the large presentation on social networking is quickly approaching and a brief memo discussing how macro level factors in an external environment have impacted the structure of the online social networking industry in the global marketplace is required. In order for that to be done properly there is some information that needs to be addressed.Just what are Macro environment factors; they are uncontainable external forces that influence how a company operates. They are essentially out of the control of the company, and it often requires a change in the operating, management, production, and marketing of the company. They are often called PEST or PESTEL. PEST stands for Political, Economic, Social, and Technological concerns and PESTEL has the same definitions for the pest but it also includes Environmental and Legal factors. Associated essay: KFC Planning, Organizing, Leading and ControllingPolitical macro environment factors encompass of effects such as tax policies, government-issued safety guidelines, the accessibility of government contracts, as well as the modifications in the governing political party. International laws, for instance trade agreements and tariffs, can influence the supply and demand chains also obtainable markets for several diverse corporations too. A market boom, recession, or growing increase delinquency can all modify the method an institute tactics for the opportunity as well as functions in the present-day.Economic factors exist frequently complicated to consider, because economic forecasts and analyses differ widely among professionals. Unemployment levels, comparative foreign exchange rates, and the condition of the global economy can completely assist otherwise damage a business' capability to get required constituents and preserve a stable profit. The mood and demographic s of the inhabitants can create the formation of the social area of macro environment factors.Social trends, such as a predilection for on-demand transportable media devices, can correspondingly persuade which products a company manufacturers and where it chooses to spend its advertising dollars. Technological macro environment dynamics can affect how a company ensures business. An innovative kind of machinery, computer chip, or products produced through research and improvement can help a corporation stay updated and at the forefront of the market curve. Holders must be able to precisely identify which new developments will be useful, as well as which be situated as just a trend.With environmental concerns they exist significant to businesses in cooperation in the short and long term of them. In the short-term things similar to natural disasters, can interrupt the production and supply operations or even extinguish a company’s assets. Programs for instance environmental risk assessment can assistance companies to arrange to handle most probable short-term crises. In the long view, businesses may have an interest in ensuring that their supply chains are not destroyed by unsustainable practices. Legal factors can limit or change how a business operates.As an example they may include to employ additional supervisory employees or acquire safety equipment following a new health and safety law that could have passed. Legal factors are determined in cooperation of local legislation, regional and national laws. In some cases, companies that do dealings internationally can also be affected by international laws. Reference: What Are Macro Environment Factors? From http://www. wisegeek. com/what-are-macro-environment-factors. htm Cachia, R (2008) Social Computing: Study on the Use and Impact of Online Social Networking From http://ftp. jrc. es/EURdoc/JRC48650. pdf

Mountains: Volcano and Mid-ocean Ridges

Volcanic mountains are mountains that form when molten rock erupts onto the earth's surface. They can either form on land or in the ocean. The Cascade Range in Washington, Oregon and northern California is composed of volcanic mountains. Some of the largest volcanic mountains are found along divergent boundaries, which form the mid-ocean ridges. The mid-ocean ridges have huge volcanic mountain chains that run through the Atlantic, Pacific and Indian Oceans. The mountains in the mid-ocean ridges can actually grow tall enough to create islands such as Iceland or the Azores. Other volcanic mountains can form over hot spots, which are pockets of magma beneath the crust that erupt onto earth's surface. The Hawaiian Islands are actually the tops of really high volcanic islands that have formed over a hot spot on the sea floor. The main Hawiian island is actually a volcano that is about 9 km above the ocean floor, with a base that is about 160 km wide. Almost 4 km of this island is above sea level. Folded mountains Folded mountains make up some of the highest mountains in the world. Folded mountains commonly form along boundaries, where 2 continents are colliding. They tend to look like an accordion. Some really complex folds can be found in parts of the Alps, Himalayas, Appalachians, and Russia's Ural Mountains. These long mountain chains also show extensive signs of folding. block mountains lock mountains are formed when parts of the earth's crust has been broken off into large block mountains are formed when two simultaneous blocks of land rise above or fall down leaving its middle part behind, when magma pushes up and forces top layers of rock (elastic) up with it. An example is the Flinders Ranges in South Australia. Domed mountains, although have broken (plasic) and move up as a ‘chunk'. A fault block mountain is a mountain or range formed as a horst when it was elevated between parallel normal faults. A horst is the ra ised fault block bounded by normal faults.

Ba Finance

7BSM1006 Managing Financial Value Drivers Coursework Semester A 2012 Assessment weighting 60% Bellingham plc Arthur Scroggs was a farmer. His family has owned and farmed 500 acres of prime land in the Vale of Aylesbury for four generations. In the mid 1980's small farms were finding the financial climate difficult with falling farm incomes and much talk of putting farm land to â€Å"alternative use†. By 1985 Arthur had already sold his dairy herd to focus on cereal production when a fortuitous meeting with Lucy Bellingham at a business conference led him to reconsider the future of the family farm.Bellingham is a designer of bespoke fitted kitchens who had a business plan but little capital. The plan was to manufacture top quality fitted kitchen furniture and establish design studios/showrooms in high income areas. Having recently sold his dairy herd, Arthur had enough capital to fund the new business and also a number of large barns and outbuildings suitable for manufacturing the kitchen units subject to refitting and planning consent being obtained. Lucy's business plan was so convincing that Arthur decided to get out of farming altogether (by leasing his arable land to a local co-operative) and focus on developing the new business.From this small beginning grew the now publicly quoted company of Bellingham plc. Initially, showrooms were established in Beaconsfield and then Kensington. Demand for their kitchens was brisk and â€Å"Bellingham Bespoke Kitchens† expanded rapidly but remained a partnership. The firms clients are mainly celebrities from the entertainment world and the cost of a Bellingham Bespoke Kitchen is now ? 40,000 – ? 150,000 or more. The firm was restructured as a limited company in 1990 and subsequently experienced rapid growth until 1999. In that year the then directors decided that the business had reached the limit of development in it's present form.Future development required large-scale expansion of production fa cilities in order to provide the range of materials, furniture, quality and prompt delivery required by their discerning clients. This in turn needed an injection of capital that the directors were unable to generate themselves. The conviction that there was much money to be made from â€Å"quality fitted kitchens† † had been vindicated. They investigated a number of possibilities deciding eventually to expand production facilities by purchasing a modern production unit on an industrial estate in Aylesbury.The expansion was funded by a stock market floatation and raising the necessary capital in the name of Bellingham plc. As the market grew and to keep abreast of new production technology, the directors agreed to reverse the maxim so dear to the heart of the founders, Arthur and Lucy; â€Å"neither a (long-term) borrower nor lender be. † They financed updating of equipment and premises by means of issuing debentures. It is now October 2012 and the present direct ors of Bellingham plc believe that the long-term success of the company lies in future international diversification and expansion.They consider that the most beneficial action they could take is to investigate the acquisition of a subsidiary in the USA. The newly-appointed finance director, Bill Moneypenny, agrees with this opinion but insists that the company must first appraise its own current position and if necessary, make changes to strengthen its existing financial situation before embarking on new plans. He is particularly concerned that the company should preserve adequate liquidity and finance its assets in a beneficial manner.He is also concerned that too much emphasis has been placed on â€Å"pandering to the whims of the rich and famous† and not enough on running an efficient business operation. Lucy and Arthur still retain 30% of Bellingham's equity and other long-standing directors own a further 20%; a change of control is unlikely to be welcome. During the las t two years, the company has updated it's design, production and showroom assets and, in what has been a difficult year, has been able to maintain sales and profit growth (see Bellingham's accounts in appendix 1).There has been a great deal of uncertainty about world economic growth and stock markets have been extremely volatile resulting low returns. However the firm’s ordinary shares have made good progress during the year. Ordinary share dividends have achieved substantial growth over the last two years although this rate of increase is not expected to continue. Ordinary dividends have grown at an average rate of 14% per annum over the past 10 years and this rate is a more realistic growth rate for future dividends. The present market prices for Bellingham's shares and debentures are: ?1 Ordinary shares? 7. 02 ex div ?0. 50p, 6% Pref shares? . 55 ex div 7% Debentures 2016? 100. 51 ex interest Any new venture would be expected to achieve a return on capital employed in line with that experienced recently by Bellingham plc. The finance director favours a payback period of 5 years. Bellingham would therefore need to agree a realistic acquisition price for such a new venture and its future cash flows in order to determine whether these criteria could be met. Although a number of investment projects are being considered, the main proposal currently being investigated offers an expansion into the US prime-property market which is forecast to grow faster than the UK market.Bellingham's finance director has already calculated the trends in the financial ratios of American Creations, an unquoted US company, from its unaudited annual accounts (see appendix 2) and has concluded that the proposal is now worthy of further investigation. American Creations is a family-owned venture requiring further capital to repair it's balance sheet after making losses on a property development in Nevada from which it has now withdrawn. Profits have suffered in the last two yea rs due to write-offs associated with this development.The existing owners feel that the firm’s future lies in establishing wider international links and the retirement of senior family members, leaving the younger members active in the management of the firm. They are therefore considering selling a controlling interest of 60% to a suitable company. The firm has been established for 23 years, and is well respected in business circles. The average age of its fixed tangible assets is 3 years. The directors have indicated that they may accept part payment in Bellingham shares subject to negotiation. The firm’s nominal share capital is $2. m, and the directors have indicated that they value the firm at five times the year 2010 net profit. They consider this to be the firm's â€Å"normal† level of profit excluding the â€Å"extraordinary† effects of the Nevada development. As the firm is at present family owned and run, there is no available price/earnings rat io. P/E ratios for the only two publicly-owned companies in the same business sector, Harvey Wilkinson Designs plc and Cucci Lifestyle plc, are currently 10 and 8 times respectively although both of these firms, unlike Bellingham, operate internationally. Wilkinson has grown at a similar rate to Bellingham.The dividend yields of these companies have been as follows: WilkinsonCucci Year to 31 December 2011 8. 1% 7. 25% 2010 7. 2% 6. 9% 2009 5. 3% 5. 95% American Creations has its own manufacturing facilities and operates throughout the USA and Caribbean with design offices in New York, Miami, Los Angeles and Colorado Springs. Their main business, which is thriving, involves complete home furnishing and interior design for wealthy clients. In addition, the firm has a real estate office in each location and is thus able to offer a complete property service.The value of properties handled by the real estate offices is typically $5m – $20m. Bellingham is interested not only in ext ending its operations internationally but particularly in the possibility of diversifying into the real estate business. Whilst well aware of the existence of a number of competitors, the directors feel that there is a ready market in the US for their established name in terms of design flair, service and products. After discussions with the directors of American Creations, Bill Moneypenny has produced the following forecast.Under average economic growth conditions, the American Creations operating forecasts (in $*1000) for the next five years are based on the following: Income:from Sales: $7500 in 2013, rising by 12% per annum for the foreseeable future. from real estate sales commissions: $2850 in 2013 increasing by 15% per annum for the foreseeable future. Manufacturing variable costs: Labour: $1250 in 2013, expected to increasing by 8% per annum. Materials: $3800 in 2013, expected to increasing by 5% per annum. Fixed costs excluding depreciation:Manufacturing O/H: $2065 in 2013, increasing by 5% per annum. General O/H: $1850 in 2013, increasing by 2% per annum. Depreciation:Factory, machinery & vehicles: $500 per year. Office/Design Studio fixtures: $200 per year. The beta of Bellingham plc is believed to be 1. 65 , the risk-free rate of return is 5. 5% and the return for the last year on the FT All-share index is 2%. UK corporation tax is currently 32% payable 9 months after the end of the accounting year in question (you may assume for the purpose of this case that accounting profit and taxable profit are identical. )Bellingham's directors estimate that the after-tax profits of American Creations could be allocated as follows: 70% as retained earnings and 30% as dividends. This has been the pattern under the under the present ownership. There would be no restriction on the transfer of the appropriate share of these dividends to the UK. The US corporation tax rate applicable is 20% payable in the year in which the profit arises. There is no double taxatio n of profits of US origin in the UK. (For the purpose of this case, ignore the possibility of any withholding taxes and the effects of foreign exchange risk. It is considered possible that, as the US economy develops further, even higher wages than those forecast may be demanded by the workforce. Required: Evaluate the American Creations proposal on behalf of Bellingham plc, supporting your arguments with relevant theory and calculations and indicating any non-financial matters you feel should be taken into consideration. Your report should consider the following areas: 1. An analysis of Bellingham's current position using relevant financial ratios. You should show the calculation of the ratios and provide interpretation of the results. . Calculation of Bellingham's cost of capital, using alternative methods and arriving at the most appropriate figure. 3. An investment appraisal of the American Creations proposal assuming the valuation suggested in the case, using a variety of metho ds and evaluation of the results. 4. A sensitivity analysis of the proposal and interpretation of the results. 5. Calculation and discussion of alternative valuations for acquiring the share in American Creations and how these would impact on the investment appraisal. 6.A discussion of the various available methods of financing the acquisition and consideration of which is the most appropriate. Your calculations and arguments should be supported by relevant theory, with evidence of wide reading around the subject. You should provide a complete bibliography with appropriate referencing in your report. Submission requirements: Your answer should take the form of a written report of approximately 2500 words excluding appendices and the reference list. Deviations from the word count exceeding plus or minus 10% will attract a penalty of 5%. The hand-in deadline for submission is 23. 0 on 25th November 2012. Submissions up to 24 hours late will attract a 10% penalty whilst those beyond 24 hours but less than 1 week late will be capped at 40%. Reports submitted more than one week late will attract a mark of zero. Submit one electronic copy via Studynet. This is an individual assignment and the report submitted should be entirely your own work. Appendix 1:Bellingham plc| | | | | | | Abridged Trading, Profit & Loss Account for the year ended 30th June 2012:| All amounts are in thousands of pounds sterling| | | | | | | | | | | | | | | | | | | 2012| | 2011| | 2010| |Sales| 9606| | 7564| | 6100| | Production Cost| 4034| | 3101| | 2240| | Gross Profit| 5572| | 4463| | 3860| | | | | | | | | Selling Expenses| 1467| | 1250| | 1080| | Installation Expenses| 1689| | 1300| | 980| | Administration Expenses| 960| | 630| | 597| | Operating Profit| 1456| | 1283| | 1203| | Debenture Interest| 53| | 53| | 53| | Profit Before Tax| 1403| | 1230| | 1150| | Corporation Tax| 449| | 394| | 368| | Profit After Tax| 954| | 836| | 782| | Dividends| 341| | 280| | 220| | Retained earnings| 613| | 556| | 562| | Balance Sheet at 30th June 2012:| | | | | | | | | | | | |Fixed Assets (net):| | | | | | | Land & Buildings| 2300| | 2400| | 2500| | Plant & Machinery| 1700| | 1186| | 552| | Fixtures & Fittings| 700| | 600| | 402| | Motor Vehicles| 185| | 140| | 105| | Office equiptment| 250| | 185| | 100| | | 5135| | 4511| | 3659| | Current Assets:| | | | | | | Stocks: Raw Materials| 216| | 208| | 182| | Work in Progress| 200| | 205| | 190| | Finished Goods| 150| | 128| | 97| | Debtors| 1775| | 950| | 595| | Bank/Cash| 230| | 136| | 104| | | 2571| | 1627| | 1168| | Current Liabilities:| | | | | | | Trade Creditors| 1190| | 788| | 270| |Corporation Tax| 449| | 394| | 368| | Final Dividend| 171| | 140| | 110| | | 1810| | 1322| | 748| | | | | | | | | Net Current Assets| 761| | 305| | 420| | Net Assets| 5896| | 4816| | 4079| | | | | | | | | Long-term Liabilities:| | | | | | | 9% Debentures 2016| 750| | 750| | 750| | | | | | | | | | 5146| | 4066| | 3329| | | | | | | | | Shares & reserves | | | | | | | ?1 ordinary shares| 1000| | 1000| | 1000| | 6% Preference shares of 50p ea,| 500| | 500| | 500| | Retained pr for yr| 613| | 556| | 562| | Profit & loss| 3033| | 2010| | 1267| | Shareholders funds| 5146| | 4066| | 3329| |

Human Right Law Coursework (Final Year LLB Law) Essay

Human Right Law Coursework (Final Year LLB Law) - Essay Example It is in this context that the concept of ‘living instrument’ is often challenged by critics under the scepticism that considering present conditions may be contradictory and evidently different from the set guidelines and regimes followed by state courts; thus raising perplexities and conflicts amid the beneficiaries and the law enforcers. Emphasising this scepticism concerning the effectiveness of the living instrument, Brenda Hale (Baroness Hale of Richmond), stated in her lecture on â€Å"Common law and Convention law: the limits to interpretation† that the living instrument incorporated by the court of Strasbourg should have certain limits and it should not be unstoppable such as the beanstalk grown from â€Å"magic beans†2. Contextually, the primary intention of the essay will be to evaluate the past decisions of cases laid by the Strasbourg Court and critically assess the limits stated by Lady Hale in the context. The essay will also evaluate the cha nces or the probability of introducing any limits in the use of the living instrument in the Strasbourg Court. Discussion Living Instrument The ‘living instrument doctrine’ is often regarded as one of the founding principles of the Strasbourg case-law. Based on this principle, the conflicts registered in the ECHR are interpreted in the light of present day condition. In general terms, the aspect of a living instrument can be explained as an approach of the ECHR to consider the present day conditions while making a decision rather than what the drafters thought way back in the conventional era. This idea of the court is often regarded as â€Å"dynamic or evaluative†, which is however criticised as directly contradictory to the concept of ‘originalism’3. It will be crucial to mention that since the convention is considered and practiced as a living instrument, it is bound to consider only the present day conditions in order to ensure the practicality a nd effectiveness of the ECHR4. This particular notion adopted by ECHR, as a living instrument, can be comprehensively understood with reference to the cases of Mata Estevez v Spain (2001) and Schalk and Kopf v Austria (2010). For example, in the case of Mata Estevez v Spain (2001), the Strasbourg Court disapproved that the relationship between same-sex couples falls within the principles of Article 8 (â€Å"Right to respect for private and family life†) of ECHR and thus cannot be considered to be under the family scope to be entitled for the related human rights. However, in the case of Schalk and Kopf v Austria (2010), the court approved the relationship of same sex couples to be applicable under the principle of Article 8 of ECHR. In this case, the court considered the present day condition where same sex couples are treated and accepted with utmost respect in the society5. Strictly following the principle of ‘living instrument’ can give rise to various drawbac ks in the law enforcement procedure, which has become the base of continuing debate on the effectiveness of

MEMO---Affordable Care ACT Assignment Example | Topics and Well Written Essays - 500 words

MEMO---Affordable Care ACT - Assignment Example The growth is facilitated by the company staff, the full-time employees and the part-time employees. The company already has a health insurance cover for the full-time employees. The cover has reduced recurrent expenditure on hospital bills and also improved the welfare of the full-time employees (Sommers et al, 2013). We believe that, if the health package is extended to the part-time staff, it will greatly improve their welfare and attitude towards the company. Currently, part-time employees represent 20% of the total company employees. In addition, the number increases to 30% of the total workforce when there is a huge workload. Due to the unpredictable patterns of the economy, the company is forced to recruit an additional team to aid in delivering various important tasks. Therefore, when the health insurance cover under the Affordable health care is adopted on board, the company will also benefit. The company has experienced tremendous growth for the last ten years. The number of employees is expected to double within the next year to approximately 300 employees including the part-time employees. It is a requirement to have health insurance for all employees of registered companies. This is in line with the Affordable Care Act, which becomes effective soon. As part of the company’s core values, it is important to comply with national laws to ensure the continued success of the company. Complying with the new mandate will see the company increase in size and increase the annual turnover, in the long run (Huntington et al, 2011). Though the Affordable health care will increase the company costs, it will have a variety of benefits. A health insurance cover for the part-time employees will help reduce absenteeism due to sickness. Absenteeism impacts the company negatively, and it is an additional cost to the company. Where several part-time employees are absent, the company will be

Judicial Conduct and Disability Act Research Paper

Judicial Conduct and Disability Act - Research Paper Example The repeated reassignment of cases from Article is also constitutional. This will always be so as long as a rational reason exists for the Article III judge to request for a change of either judge or venue of the case (Baum, 2013). One example of such a rational reason is conflict of interest. However, it would be unconstitutional for Congress to delegate the authority to remove an Article III judge to the Supreme Court. This is because these judges can only be removed when the Congress successfully impeaches them. In addition, since these judges serve in their positions during good behavior, they cannot be discharged and only Congress can remove them through impeachment (Baum, 2013). Finally, federal judges should be appointed for life. The reason that they should have life tenure is because they should be insulated from whatever politics are gripping the nation at any particular moment (Baum, 2013). If federal judges did not have tenure for life, it would be easy for them to become affected by various issues and crisis that were prevalent in the different political parties. In addition, giving them tenure for life makes sure that they are above social issues in the

HR Essay Example | Topics and Well Written Essays - 1000 words

HR - Essay Example However, this change in organizations has been met with resistance from the employees within the organization. This resistance in organizations takes place when the employees realize that they do not want a change and protest. Sometimes, this resistance may be unknowingly, where the employees express their resistance though their actions, words they use to delineate the change, and the tales they tell at the working stations (Holland 62). As organizations change in order to be competitive in the contemporary business environment, resistance has been attributed to poor communication, a feeling of exclusion, self-interest, lack of the necessary skills and lack of trust. Transitions in most organizations have been resisted by employees since they require learning of new skills, for instance, adoption of new technology. On the other hand, trust plays an imperative role in adoption of transitions and the success of organizations ( Holland 65). It is challenging for human resource personne l to institute any changes in the organizations if the workers do not trust each other or if they do not trust the primary decision makers. In some instances, employees have attributed the transitions to numerous negative reasons or may presume that they will ultimately lose their jobs. Resistance to change by employees can have numerous adverse effects on an organization. These effects are far reaching and affect the progress of the company and motivation of the workers. Resistance to change can impede the accomplishment of human resources managers and the success of the organization as a whole. Needless to say, protest among the employees can influence the pace at which innovation is espoused ( Holland 71). It affects the sentiments, feelings and attitudes of the workers at all phases of the espousal process. When employees protest a change in their work stations, they may experience a decrease in their optimism and hopefulness on their professional prospect within the organizatio n. This may take place particularly if there is little or no communication about the transition (Holland 73). This can, therefore, result to widespread decrease in employee motivation, which can sequentially raise issues in the retention of employees. Resistance to change also affects the productivity of the personnel and their associations. Low and reduced productivity results when employees spend more time protesting change within their workplaces and less time on the operations of the organization. This results to deceased efficiency and productivity among the workers, which impacts the organization’s bottom line. In reality, decreased levels of productivity will jump unswervingly to the surface of the basis for the transitions, as transitions are always aimed at increasing productivity and effectiveness of the organization (Holland 73-5). Resistance to change may trigger or cause a disorderly work setting. The staff members protesting against transition may cause upheaval s with flare-ups concerning the transitions or develop a confrontational attitude towards the company management. This may be spread to the other workers within the organization, inspiring them to embrace similar acts and deeds, which can subsequently cause immense agitation among the workers. It is, therefore, imperative for the human resource professionals to spot resistance to change among the employe

Individual Rights Essay Example | Topics and Well Written Essays - 750 words

Individual Rights - Essay Example One of those such rights would be the Miranda rights. In defining them, "Also known as the Miranda Rule or Miranda Warning, when you are arrested in the U.S.A., police officers must warn you that you have the right to remain silent, that anything you say could be used against you in a court of law, that you have a right to contact a lawyer and that if you cannot afford a lawyer, that one will be provided before any questioning if so desired," Adding that, "Failure to issue the Miranda warning renders evidence so obtained to not be admissible in the court. The warning became a national requirement when ordered by the U.S. Supreme Court in the 1966 case Miranda v. Arizona and that is how it got the name," (LawInfo.com, p.1). In the respect of this definition, the case involving Jane Smith would fall into direct violation in regards to the merits and meaning behind Miranda Rights. As the rights clearly state, a person has to be given the opportunity to posses legal counsel at the time of arrest and to have on one present during legal ques tioning. Another pertinent issue towards the legality of the case against a person in Jane Smith's position is the lack of parental consent towards the interrogation of their child who would have been a minor at the time. As common law states, when someone is a minor, they are to be approached with the knowledge and presence of their parents to consent to such approach. As the alleged perpetrator of the crime in question was a minor at the time, they would still be protected by the laws for interrogating minors despite whether or not the deciding authority wishes to charge the alleged as an adult. As there had been no written transferring of guardianship, the Uncle of Jane Smith would have no legal authority in regards to determining how, or even if his niece was to be questioned by the police. With the creation of laws, there is often times events and people that come as a way of facilitating such laws needing to be in place. In the case of the events leading up to case that which lead to the creation of the Miranda Rights law; A kidnapping and sexual assault occurred in Phoenix, Arizona, in March 1963. On March 13 Ernesto Miranda, 23, was arrested in his home, taken to the police station, identified by the victim, and taken into the interrogation room. Miranda was not told of his rights to counsel prior to questioning. Two hours later, investigators emerged from the room with a written confession signed by Miranda. It included a typed disclaimer, also signed by Miranda, stating that he had "full knowledge of my legal rights, understanding any statement I make may be used against me," and that he had knowingly waived those rights (Miranda v. Arizona, p.1). Such case practices that would later become illegal with the creation of the Miranda rights at the conclusion of the trial of Ernesto Miranda. Years since, the issue of delivering Miranda rights to person's in custody has become a central issue to the implementation of the American Judicial system in the way in which it was intended. For reasons of prosecuting crimes, the information gathered from alleged perpetrators is placed under great scrutiny as it comes to the methods for which they were gathered in the first place. Such attention paid in that, if collected even with the slightest bit of a hint that something had

Aztec Term Paper Example | Topics and Well Written Essays - 500 words

Aztec - Term Paper Example The essay seeks to lay emphasis on the areas where similar features were quite evidenced. Aztec, as a subunit of the Mesoamerican culture, borrows many traditions and cultural aspects from the group. Just like in Mesoamerican, the Aztec emperors did possess immense powers both in political and spiritual angles. Religion was the main unifying factor. Their social system was made up of emperors, nobles, priests, warriors, merchants and artisans, farmers, slaves and prisoners. It all had dependence on welfare in slaves acquisition. Their wealth amount was based on the ability and strength of the military and ability to gain control over others. The states were the ones in control of markets and distribution of wealth to the needy areas. Their trade systems did rely on the extensive slave trade and tributes while the basis of wealth was heavily dependable upon the exploitation of other people. The decline of the empire did end after the influence of the Mesoamerican group. Primarily, the subordinate groups waved resistance to the ruling from the king. They were not loyal at all. Diseases such as measles, smallpox, leading to many deaths as they did lack immunity, attacked them. Spanish arrival at around year 1500 led to the final collapse of the kingship. Essentially, the similarities between Aztec and Mesoamerican populates culture was massive. It did range from political groupings, agriculture, religion, economy angles, social perspectives, cultures and trading systems. The temple was located at the city center. At that, place, the most ceremonial and religious activities of the Aztec took place. The temple did stand at 90 feet in the sky, having two pyramids by the sides. These pyramids were a symbolism of sacred mountains. A broad double staircase granted access to the shrines. There were two chapels at the frontal side of the temple. At the base of the temple, there was some expertly carved serpent heads.

Love Triangles and Betrayal in Carmen Essay Example for Free

Love Triangles and Betrayal in Carmen Essay The creation of operas from pre-existing literary texts is a complex process implicating the original author, the librettists, the opera directors, the publishers, and the composer. In the process of transformation, the involved parties consider prevailing cultural values as well as their own artistic ideals. These considerations weigh all the more heavily on the process when the literary text involves complex romantic relationships. Georges Bizet’s Carmen (1875), Giuseppe Verdi’s Otello (1887), and Claude Debussy’s Pelleas et Melisande (1902) provide examples of this transformation process. In all three of these works, love triangles figure prominently. These love triangles, though they share some superficial similarities, are extraordinarily different in terms of their composition and the ultimate fate of the characters. Carmen When the directors of the Opera-Comique, a venue with repertoire typically geared towards an extremely conservative, family-oriented, bourgeois audience (McClary, 1992, p. 15-16), commissioned Bizet to write an opera in 1872, Bizet suggested Prosper Merimee’s novel Carmen as a possible subject (Macdonald, 2010). The directors of the Opera-Comique were divided in their support of this work as a subject for an opera. De Leuven, in particular, was against this choice, citing the scandalous nature of the story and the conservative nature of the venue’s target audience as reasons behind his disapproval: â€Å"Carmen! The Carmen of Merimee? Wasn’t she murdered by her lover? At the Opera-Comique, the theatre of families, of wedding parties? You would put the public to flight. No, no, impossible. † (as cited in Jenkins, 2003). Indeed, it appears that the on-stage death was of particular consternation for the director: â€Å"Death on the stage of the Opera-Comique! Such a thing has never been seen! Never! † (as cited in Nowinski, 1970, p. 895). The choice of Carmen ultimately played a role in de Leuven’s resignation from his post in 1874 (McClary, 1992, p. 23). The source text for Carmen is a novella by Prosper Merimee. The author originally published this work in 1845 in the Revue des deux mondes, a non-fiction journal. The author had previously published travelogues in the same journal, and this work contained no indication that it was a work of fiction (Boynton, 2003). Instead, the work reads as a â€Å"true† story of Merimee’s voyage to Spain in 1830. In the midst of his travels, the author-narrator encounters Don Jose, the man who, after succumbing to Carmen’s seductive powers, kills her in a jealous rage following her confession of a love affair with Lucas. The librettists for Carmen, Henri Meilhac and Ludovic Halevy, at the time that they were commissioned to write this work for the Opera-Comique had already successfully worked together as a team on a number of works (including Offenbach’s La Belle Helene and La Vie parisienne) for the Parisian boulevard theatres (McClary, 1992, p. 18). In their previous librettos, the team had split the work: Meilhac wrote the prose dialogue, and Halevy supplied the verse (McClary, 1992, p. 18). In operatic settings, the prose would typically be left as spoken dialogue (for the Opera-Comique) or set as recitative. In transforming Merimee’s novella into a libretto, Meilhac and Halevy made numerous changes. Unfortunately, there is a lack of primary source evidence detailing the minutiae of the collaborative process which would shed further light upon the reasons behind these changes (Jenkins, 2003). These changes include minimizing Carmen’s criminal activities, adding the character of Micaela, and eliminating Merimee’s framing device. The removal of Merimee’s framing device (accomplished by not including a narrator) and the introduction of Don Jose before his downfall make Carmen, and not Don Jose, the focus of the story (Jenkins, 2003). Indeed, the Carmen of the libretto, with her voice not being interrupted by the narrator’s commentary, speaks directly to the audience (McClary, 1992, p. 21). Carmen was composed as a four-act opera comique, originally with spoken dialogue (as opposed to recitative). The dialogue was transformed into recitative by Guiraud for a production in Vienna, and it was performed this way for many years before producers reverted to Bizet’s original spoken text (Macdonald, 2010). Further changes to Merimee’s original resulted from Guiraud’s involvement. Meilhac’s original dialogues at times quoted directly from Merimee’s Carmen, and these instances of direct quotation were largely eliminated in Guiraud’s version (McClary, 1992, p. 45). With the addition of Micaela, the librettists created a moralizing character, the polar opposite of Carmen, with whom the Opera-Comique audiences could readily identify (McClary, 1992, p. 21). The addition of Micaela complicates the love triangle. In Merimee’s original, the love triangle included the characters of Carmen, Don Jose, and Lucas. In the operatic version, both Don Jose and Escamillo are in love with Carmen, and both Carmen and Micaela are in love with Don Jose. The librettists also substantially changed Carmen’s character. Though they downplayed Carmen’s involvement in criminal activities (she is no longer the leader of the smugglers as Merimee portrayed her) arguably in order to make her more sympathetic, they focus almost exclusively on her sexuality (to the exclusion of her healing powers and intelligence as presented in the original) (McClary, 1992, p. 22). Bizet’s music underlines the differences in characters and underlines the complex nature of the interlocking love triangles in the opera. Micaela is presented as a sweet, pure, innocent woman. Her entrance is conventional, and her music is marked by neither intense chromaticism nor indications of exoticism (McClary, 1997, p. 120). Carmen’s entrance, in contrast, disrupts the formal procedures Bizet set up from the beginning of the opera, and her music is largely chromatic and marked with features typically associated with the exotic (McClary, 1997, p. 120). Her music, like her body and personality, is irresistible to any man she sets her sights on. Don Jose’s music is different from that of both of his female admirers. His melodic lines are long, irregularly phrased, and lacking in regular cadences (McClary, 1997, p. 124). Additionally, he, unlike Escamillo, lacks a signature melodic line (McClary, 1997, p. 127). McClary points to the incompatibility of Carmen’s and Don Jose’s musical styles as evidence of the ultimate failure of their relationship. In contrast, Carmen’s brief duet with Escamillo in act four seems sincere because their musical styles are compatible (McClary, 1997, p. 125). Ultimately, Don Jose kills Carmen in a fit of jealousy over her relationship with Escamillo, and Micaela is deprived of her true love as he gives himself up to the police following his murder of Carmen. Otello Though the two Shakespeare aficionados Giuseppe Verdi and Arrigo Boito met as early as 1862, it was not until 1879 that the events leading to the composition of Otello were set in motion (Aycock, 1972, p. 594). The four-act Otello received its premiere on February 5, 1887 in Milan. In transforming the play into opera libretto, Boito eliminated six of the fourteen characters and cut the entire first act (Aycock, 1972, p. 595). Boito also cut Othello’s statement of self-defence following his murder of Desdemona from the end of the play (Aycock, 1972, p. 596). This last cut serves to keep the opera’s focus on the tragic love story. This love story principally revolves around the actions of Othello, Desdemona, and Iago. When the opera opens, Desdemona and Othello are newly married. However, Roderigo (Iago’s friend) still loves Desdemona. Iago, upset with Cassio who has been promoted over him, fabricates proof of Desdemona’s infidelity with Cassio in order to play on Othello’s jealous nature. The proof of this infidelity, in both the play and the opera, is a handkerchief. Othello murders Desdemona, and when he learns that his belief in his wife’s infidelity was mistaken, he kills himself. In this story, both Roderigo and Othello are in love with Desdemona. Given Roderigo’s minimal role in the opera, however, Iago takes his place in the dramatic situation of the love triangle. It is his betrayal and deception that leads to the demise of the two main characters. The end of the first act contains a conventional love duet between Othello and Desdemona. As Aycock (1972, p. 595) remarks, the love between these two principal characters is mature and predicated on confidence in each other’s fidelity. The climax of this love duet, on the words â€Å"un bacio†¦Otello! un bacio,† features a new melody in the orchestra. This melody reappears only in the last act, most notably when Othello commits suicide (Lawton, 1978, p. 211). The character of Iago in the opera is much more the creation of Verdi and Boito than of Shakespeare. Iago’s Credo, where he proclaims his devotion to a cruel God and admits that he is unquestionably evil, was entirely the invention of Boito (Aycock, 1972, p. 600). For Verdi, the emphasis on this character allowed him to confirm to Italian operatic tradition, which called for a baritone villain role (Aycock, 1972, p. 601). Pelleas et Melisande Maurice Maeterlinck’s play Pelleas et Melisande received its Parisian premiere at the Theatre des Bouffes-Parisiens on May 17, 1893, and Claude Debussy was in attendance (Grayson, 1985, p. 35, 37). By the fall of the same year, he had already begun composing what would later become Act IV scene 4 (Grayson, 1985, p. 37). In the case of this operatic transformation, there was no librettist acting as a middle-man. Instead, Debussy constructed the libretto himself, from Maeterlinck’s original text. The composer remained true to the original play, changing nary a word. He did, however, cut some scenes, and these cuts were made with the Maeterlinck’s authorization. In November 1893, the composer travelled to Ghent to meet with the author, and the two men discussed several possible cuts. Debussy reported to Ernest Chausson that Maeterlinck had given him â€Å"complete authorization to make cuts and even indicated some which were very important, even very useful† (as cited in Grayson, 1985, p. 37). From Maeterlinck’s original play, there were only four scenes that Debussy did not set: Act I scene 1, Act II scene 4, Act III scene 1, and Act V scene 1 (Grayson, 1985, p. 38). These scenes appear to have been cut because they are unrelated to the central narrative, leading to the demise of both Pelleas and Melisande. While Debussy used Maeterlinck’s original text, he did, in some instances, cut some of the text to make the libretto more concise. Act III scene 3, for example, was cut so heavily so that only one third of the original text remained (Grayson, 1985, p. 40). Two further cuts came in 1902. During Pelleas et Melisande’s first season at the Opera-Comique, Debussy was forced to cut one scene from the performances: Act IV scene 3 (Grayson, 1985, p. 39). This almost purely symbolic scene features Yniold (Golaud’s son from a previous marriage). At the end of the scene, Yniold, wishing to share his experiences with Melisande, unwittingly reveals to Golaud that she is not in her room (Grayson, 2003, p. 76) – in essence, he signals her disloyalty to her husband. The scene was reinserted in its second season. Also, at the dress rehearsal, the Director of Fine Arts, censored the work, calling for the suppression of Act III scene 4, a scene where Yniold is forced, by his violent father, to spy on the suspected lovers (Grayson, 2003, p. 80). Pelleas et Melisande begins with Golaud discovering Melisande by a fountain in a forest. She seems to be lost and confused, and she follows Golaud on his wanderings. The two get married in secret and return to the castle of Golaud’s father. There, Melisande meets Golaud’s brother Pelleas, and these two fall in love. In one scene, Golaud happens upon Pelleas caressing Melisande’s hair streaming out from a tower window, and he realizes that his brother has betrayed him. Golaud, blind with jealousy, kills his brother in Act III. At the end of the opera, Melisande also dies, but not before giving birth to a daughter. The plot, then, revolves around the love triangle of Melisande, Golaud, and Pelleas. The unquestioning inclusion of on-stage deaths demonstrates how much the Opera-Comique had changed since the 1875 premiere of Carmen. From the time of Debussy’s first draft of Act IV scene 4 in the fall of 1893, it took almost a decade for the opera to reach the stage of the Opera-Comique. Debussy worked intensely on the opera in 1895 and completed a short score of the opera in August of that year (Grayson, 2003, p. 78). Though he had a completed opera, he had major difficulties finding a suitable venue for the performance of the work. Albert Carre, the director of the Opera-Comique, accepted Pelleas â€Å"in principal† in 1898, but he did not give Debussy written confirmation of the deal until 1901 (Grayson, 2003, p. 79). Though Debussy was ambivalent about Wagnerian leitmotive techniques, he does employ leitmotivs in Pelleas. While most of these leitmotivs are connected to ideas, each major character has his or her own leitmotiv (Nichols and Smith, 1989, p. 81). Melisande’s motive, for example, is comparatively lyrical, wandering, and typically played by oboes or flutes while Golaud’s motive consists of two notes in alteration with a more pronounced rhythmic emphasis. These motives are typically associated with different harmonic fields. Melisande’s melody is pentatonic but is typically harmonized with a half diminished seventh chord (Nichold and Smith, 1989, p. 91). Golaud’s motive, because of its sparse melodic line consisting of only two notes, is more harmonically flexible. Debussy uses it in a variety of harmonic contexts including whole-tone, dorian, and minor. Comparison of Works These three works present a widely diverse picture of operatic life in late nineteenth century France and Italy. In terms of source texts, there is a novella (Carmen), a play in verse (Otello), and a play in prose (Pelleas et Melisande). In two of the cases (Carmen and Otello), neither the composer nor the librettist knew the author of the original literary work. In the case of Pelleas, the composer had direct contact with the original author and constructed the libretto himself. These three operas were then composed in different forms: an opera comique in versions with both spoken dialogue and sung recitative (Carmen), a hybrid of continuous action with set pieces (Otello), and a largely through-composed work with one aria (Pelleas). In each instance, the transformation process reveals that it was not only the librettist and composer who were involved in the opera’s ultimate form: opera directors, publishers, and censors also had some hand in the final product. One shared trait amongst these three works was the need for the librettist to cut considerable amounts of literary material from the original text. This phenomenon is understandable given that it takes a considerably longer period of time to sing a text rather than say it. In choosing sections of texts to cut, the librettists were faced with the challenge of leaving enough of the narrative design so that it would remain comprehensible to the audience. The composer could then use musical devices to fill in some of the gaps that this missing text created. For example, Bizet could use different musical styles to highlight differences in race and class (McClary, 1997). Similarly, Debussy could use different harmonic languages (whole tone, pentatonic, modal) to indicate subtly differences in the quality of light (Nichols and Smith, 1989). A second shared trait is that two of the composers appear to have made decisions based on operatic convention in their composition of the opera. Bizet’s concession to operatic convention takes the form of the introduction of the character of Micaela, a character absent from Merimee’s original but whose presence, as mentioned above, was deemed necessary to make the work suitable for the conservative Opera-Comique audience. Verdi’s concessions are evident in the finale to Act 3, where he asked Boito to alter the libretto to make room for a traditional grand concertato finale (Parker, 2010) as well as in the changes to Iago’s character mentioned above. A third shared trait is that these three works focus on love triangles, with an act of betrayal or jealousy leading to the deaths of one or more of the principal characters. In Carmen, the primary love triangle revolves around Carmen, Don Jose, and Escamillo. In the end, Carmen dies. In Otello, the love triangle of Othello, Desdemona, and Roderigo has a tragic ending with the death of both Othello and Desdemona. Similarly, the Pelleas-Melisande-Golaud triangle results in the death of two of the characters: Pelleas and Melisande. In each case, the composer highlights one of the romantic relationships as being more viable or more sincere than the others. Bizet, as noted, employs different musical styles for each of the characters, with only Escamillo’s language being compatible with Carmen’s. Verdi wrote a traditional love duet for Othello and Desdemona, the sincerity of which is highlighted with its aforementioned reappearance in the final act. Debussy employs a technique similar to that of Bizet: he has Pelleas and Melisande sing together in octaves in Act IV scene 4). The similarities between the presentations of the love triangles stops with this characteristic, for the relationship dynamics within the central triangles are quite different in these works. In Carmen, the title character is both the primary female love interest and the character responsible for the betrayal. She betrays Don Jose’s love for her, however ill-founded it may be, by confessing her love for Escamillo. In contrast to the other operatic heroines studied here, Carmen is a femme-fatale. In Verdi’s Otello, the love between Othello and Desdemona is sincere, and neither one carries on an affair with someone else. The primary reason behind their deaths is Iago’s treachery. However, Othello does, in a sense, betray Desdemona by believing Iago’s lies. His acknowledgment of this betrayal can be seen in his committing suicide. In Debussy’s Pelleas, the guilty party is less clearly identified. Melisande, though she betrays her marriage by falling in love with Pelleas, is not depicted as a femme fatale. Instead, she is presented as an innocent, idealized woman (Smith, 1981, p. 105). Pelleas betrays his brother by having an affair with his wife. Though Debussy, as mentioned above, sympathizes with their love and highlights the love Pelleas and Melisande have for each other by having them sing together in octaves. It appears that these characters are not to be held accountable for their actions because their love was inevitable, foretold in advance by fate. ? References Aycock, R. E. (1972). Shakespeare, Boito, and Verdi. The Musical Quarterly, 58 (4), 588-604. Boynton, S. (2003) Prosper Merimee’s novella Carmen. New York City Opera Project: Carmen. Retrieved from http://www. columbia. edu/itc/music/NYCO/carmen/merimee. html Grayson, D. (1985). The Libretto of Debussy’s Pelleas et Melisande. Music and Letters, 66 (1), 35-50. Grayson, D. (2003). Debussy on stage. In The Cambridge Companion to Debussy. Ed. Simon Trezise. Cambridge: Cambridge University Press, pp. 61-83. Jenkins, C. (2003). Carmen: The Librettists. New York City Opera Project: Carmen. Retrieved from http://www. columbia. edu/itc/music/NYCO/carmen/librettists. html Lawton, D. (1978). On the ‘Bacio’ theme in Otello. 19th-Century Music, 1 (3), 211-220. Macdonald, H. (2010). Carmen (ii). Grove Online. Retrieved from http://www. oxfordmusiconline. com/subscriber/article/grove/music/O008315? q=carmensearch=quickpos=22_start=1#firsthit McClary, S. (1992). Georges Bizet, Carmen. Cambridge: Cambridge University Press. McClary, S. (1997). Structures of identity and difference in Bizet’s Carmen. In The Work of Opera: Genre, Nationhood, and Sexual Difference. Ed. Richard Dellamora and Daniel Fischlin. New York: Columbia University Press, pp. 115-130. Nichols, R. Smith, R. L. (1989). Claude Debussy, Pelleas et Melisande. Cambridge: Cambridge University Press. Nowinski, J. (1970). Sense and sound in George Bizet’s Carmen. The French Review, 43 (6), 891-900. Parker, R. (2010). Otello (ii). Grove Music Online. Retrieved from http://www. oxfordmusiconline. com/subscriber/article/grove/music/O003882. Smith, R. L. (1981).

Pestel Analysis Of The Auto Ancillary Industry Economics Essay

Pestel Analysis Of The Auto Ancillary Industry Economics Essay Auto ancillary industry is an important segment of the economy in any country. The Indian auto industry has the potential to emerge as one of the largest in the world. Presently, India is The largest two wheeler manufacturer in the world. The largest three wheeler market in the world. Second largest two wheeler market in the world. The fourth largest commercial vehicle market in the world. Auto ancillary company comprises of OEM (original equipment manufacturers). Replacement Market. The automotive sector in India contributes to 5% of the nations GDP. This envisages the Auto ancillary sector output reaching a level of $145 billion accounting for more than 10% of the GDP by 2016. PESTEL ANALYSIS There are many factors Consists of internal environment and external environment will affect the decisions of the managers of any organisation. This analysis is essential for all organization before beginning its marketing process. 3 Investments in Industry Foreign Investments: India enjoys a cost advantage with respect to casting and forging as manufacturing costs in India are 25 to 30 per cent lower than their western counterparts. Seeing the growing popularity of India in the automotive component sector, the Investment Commission has set a target of attracting foreign investment worth US$ 5 billion for the next seven years to increase Indias share in the global auto components market from the existing 0.9 per cent to 2.5 per cent by 2015. Â · French tyre major, Michelin, has gained clearance from the Foreign Investment Promotion Board (FIPB) for its US$ 2.26 billion Foreign direct investment (FDI) proposal to set up a manufacturing facility in Tamil Nadu. Â · Ford motor car is investing about 500$ million (Rs. 2,445 cores) to double capacity at its India plant, which will Become a strategic global production hub. Â · Bosch will continue to maintain its focus in India in spite of global recession as it is planning to set up manufacturing units for electronic control units (ECU) by investing US$ 26.76 million. Â · Renault in association with Nissan is to source USD 440 million worth of auto components from India in the coming years. Â · Italian car manufacturer Fiat is planning to increase sourcing to USD 330 million by 2010 and make India its global sourcing centre. Â · Volkswagen has set target to capture 8-10 percent of market share in the passenger car segment in India by 2014 with a series of launches and by doubling the number of dealers. Domestic Investments: The market is so large and diverse that a large number of players can be absorbed to accommodate buyer needs. The Sector not only has global players looking to invest and expand but leading domestic component companies are also pumping in huge sums into expanding operations. Indian tyre makers are rolling out investment plans worth US$ 1.24 billion, due to the rising popularity of radial tyres in the commercial vehicles segment. Some other investments include: Â · Hero Motors will invest US$ 19.84 million in association with Austrian firm BRP Power train for manufacturing Automotive transmissions in India. Â · Indian arm of Swedish automotive component maker SKF is investing US$ 30 million in new ball bearings manufacturing plant at Haridwar. Â · Mahindra Mahindra will invest approx US$ 400 million for setting up an integrated auto facility in Tiruvannamalai(Chennai). Â · an auto park is coming up near Hyderabad with investments worth over US$ 409.30 million from around 34 automotive ancillary units. A lower labour cost gives Indian auto ancillary companies an absolute cost advantage. ACMA numbers suggest that wage cost accounts for 3% to 15% of revenues for Indian manufacturers as compared to 20% to 40% for US players. Historically, Indias strength in exports lies in forgings, castings and plastics. But this is changing with more component manufactures investing in up gradation of technology in recent years. DEMAND SUPPLY SCENARIO Demand supply scenario Demand is generated from two segments namely OEMs and replacement markets. The volume of demand varies by product segments. The replacement market has 45 percent of its sales coming from unorganized players. There are no regulatory standards prevailing in the market. The level of technology is not sophisticated in the replacement market. The replacement market is a safe bet even when the economy faces a slowdown. Hence, it looked as an area of focus by major players of the auto component industry. The margins in the replacement market are generally higher because of low cost operations and counterfeit sales. Success in the organized market depends on the presence of an established brand name and a wide distribution network. Unorganized sector enjoys huge advantages over the organized players in terms of excise duty exemptions and lower overheads. The suppliers to OEMs have to adhere to requirements of high quality, tight delivery schedules and lower margins. Duty structure Regulations Government Policies: Reduction in excise duties in select segment of automobiles. Extension of tax holiday for 100 per cent export oriented units (EOU) until 2010-11 will benefit only players with established EOUs. Scheme to provide enhanced Export Credit and Guarantee Corporation (ECGC) cover at 95 per cent has been extended up to March 2010. This scheme will assist players to mitigate risk of payment defaults in the export market. Automatic approval for foreign equity investment up to 100 per cent of manufacture of automobiles and components is permitted. The automobile industry has been delicensed. There are no restraints on import of components. Free Trade Agreements: The growing number of FTAs (Free Trade Agreements) that are being signed by India with countries like Thailand, Singapore, China etc is likely to hurt the domestic players as they pay a relatively higher duty of around 25% as compared to 1%-10% being paid by its Asian counterparts. P- POLITICAL FACTOR Political factors the most important influence on the regulation of any business. How stable is the political environment Influence the Government Policy / Law on your business Governments position on Marketing Ethics Governments policy on the economy Governments view on culture under religion Political System is responsible for Law Making. Immediate laws which affect any business in general are Central Excise, Sales Tax/ VAT, Corporate Income Tax, Personal Income Tax Service Tax Controls if any on Marketing Strategies Like Marketing / Advertising of Cigarettes, Tobacco, Alcohol etc. Government Policies on the Economy Role of Public Sector Role of Private Sector Role of Joint Sector E- ECONOMIC FACTOR Inflation Employment Disposable income Business cycles Energy availability and cost Government outlook towards Bank Financing Interest Rates Exchange Rate Mechanism Incentives for Exports Restrictions for Imports Inflation Labour Policies Level of Government Spending Avenues for Capital Creation Size of the Capital Market Role of the Regulator Type of the Instruments Nature of the Investors Business Cycles Monsoon Energy Availability Cost of Energy S- SOCIO CULTURAL FACTOR Demographics Distribution of income Social mobility Lifestyle changes Consumerism Levels of education Demographics Distribution of Income Division of population Male / Female Age Group of the Population Disposable Family Income Disposable Income in the hands of the different Age Groups Education Level of the Age Groups Life Style Changes Consumerism Attitude to living Different Age Groups In tune with available disposable income Thrust on taking care of present needs by spending than saving for the future. Joint living and nuclear families Availability of various media tools Reach of the media to the population T- TECHNOLOGICAL FACTOR New discoveries and innovations Speed of technology transfer Rates of obsolescence Internet Advantage of Technology In terms of Economies of Scale E- ENVIRONMENTAL Environmental factors include the weather and climate change. Changes in temperature can impact on many industries including farming, tourism and insurance. With major climate changes occurring due to global warming and with greater environmental awareness this external factor is becoming a significant issue for firms to consider. The growing desire to protect the environment is having an impact on many industries such as the travel and transportation industries (for example, more taxes being placed on air travel and the success of hybrid cars) and the general move towards more environmentally friendly products and processes is affecting demand patterns and creating business opportunities L- LEGAL Discrimination law Consumer law Antitrust law Employment law Health and safety law CONCLUSION The auto ancillary industry is in the growth phase. As, the auto sector grows, the auto ancillary sector also grows. The industry is graduating towards the world-class technology by implementing TQM, TPM and Six-Sigma. India is becoming the global manufacturing hub for the small cars. European companies are expressing interest in India for sourcing their needs. Many other companies are looking to consolidate their global operations; India is now a supplier of high value and critical automobile components to global auto makers such as General Motors, Toyota, Ford and Volkswagen. India is expected to soon become a destination for sourcing the auto components. The Automotive Mission Plan 2016, states to increase the turnover to $145 billion and increase the export revenue to $35 million by 2016 and also to provide employment to 25 million people. With investments around US$ 15 billion slated for the sector over the next few years, the prospects for Indias auto market are bright. The results for the month of November and December2009 of the auto sector and the improved sentiments have already resulted in the BSE Auto Index outperforming the Sensex over the last one year. Therefore, the auto component industry is expected to grow in the near future. SUBMITTED BY: PANKAJ KUMAR YADAV

The Use Of Abbreviations In Articles

The Use Of Abbreviations In Articles The purpose of this research is to investigate what abbreviation means, what types of abbreviations appear and to state how their full forms differ in various language categories. To accomplish this goal theoretical research and analysis of political articles were done. The result of the research showed that abbreviation means reduction and there are four types of abbreviations. The meaning of reductions depend on the context and language category where it is used. Kay words: abbreviation, type, full form. Introduction Articles, journals, newspapers and all other sources of written mass media is one of the most popular ways of getting information about the current events. The text in articles is specific; it requires a concrete style of writing, includes a number of stylistic devices, abbreviations, grammatical patterns such as direct speech or free direct speech, idioms and others. All these devices are one of the branches of Lexicology (Linguistics). While dealing with stylistic devices or grammatical patterns they are more or less understandable for the reader. Though, when dealing with abbreviations not all the cases are easy to understand at once. Abbreviations can be used in different ways mostly for shortening long forms of the word or group of words. However, abbreviations can appear in the text as fixed proper or personal names of some organizations, or for members of some particular organizations. Abbreviations can follow the rules of their creation, although, the meaning of one and the s ame abbreviation can differ, depending on the language category where it is used. Thus, following the theme of the current course which is based on the politics and law the research examples are chiefly taken from political articles. The goal of the research is to investigate the use of abbreviations in political and governmental articles. The enabling objectives were collected to achieve the researchs goal: To analyze articles/newspapers; To study theory; To define what an abbreviation means; State the types of abbreviations; To find out the most common abbreviations used in political articles; To provide the examples from the articles, full forms and meanings of the used abbreviations. The research is based on a personal hypothesis, which states: the abbreviation is a wide-spread branch of Lexicology (Linguistics) that is highly used in newspaper style and articles. The methods of the research: Theoretical (the study and analysis of the term abbreviations, their types); Practical (the analysis of political articles, the analysis of the examples). Short outline of chapters: The first chapter: the chapter of definitions and theory. The second chapter: the chapter provides researched examples of abbreviations, their full forms and meanings. Review of the Literature: A great number of theoretical materials were touched upon. Therefore the author included a lot of useful dictionaries. All the theoretical parts were taken from the Linguistics Discourse. Most of the definitions were taken from Cambridge Advanced Learners Dictionary. In additions, a number of On-line dictionaries were reflected in the research. ABBREVIATIONS What is an Abbreviation Looking to abbreviation as a branch of Linguistics, the definition will be as follows: Abbreviation is a shortening of a word or phrase to be used to report the full form (World English Dictionary. 2009). To put such definition into one word it is possible to define the abbreviation as a reduction. However, returning back to definitions, the common explanation for the term as abbreviation, which can be found in any useful dictionary, looks like this: Abbreviation is a shortened form of a word or phrase (Oxford Advanced Learners Dictionary. 2005). To put it shorter abbreviation is a reduced form. Types of Abbreviations Abbreviations as such are divided into several groups or types. According to the studies of Linguistics, there are four main kinds of abbreviations: Shortenings Contractions Initialisms Acronyms The first type is called Shortenings. Shortenings of the words or phrases usually consist of the first few letters of the full forms are spelt with capital letters (World English Dictionary. 2009). For example, MP (Members of the Parliament); FCO (First Commonwealth Fund, Inc); OMG (Operation Market-Garden); CEO (Chief Executive Officer); etc. The second type of abbreviations is Contractions. Contractions are abbreviated forms in which letters from the middle of the full form have been omitted (World English Dictionary. 2009). In other words, contractions are clippings or cuttings. For example, Dr = doctor; St = Saint/Street; Zoo = Zoological garden; taxi = taxicab; etc. The next type of abbreviations is called Initialisms or semi-shortenings. Initialisms are made up of the initial letters of the words and are pronounced as separate letters (World English Dictionary. 2009). For example, SIR or S.I.R. (Self Insured Retention). In addition, to this particular type of abbreviations are related world know reduced forms such as etc or (etc.) which means et cetera in a full form, p or pp, which stands for page or pages in a full form interpretation. Initailisms as previous ones can be found not only in articles, but in any kind of literature. Finally, the fourth type of abbreviations known as Acronyms. Acronyms are Initialisms that have become words in their own rights, or similar words formed from parts of several words. Acronyms are pronounced as several words rather than as a series of letters, and do not have periods. In many cases the Acronyms became the standard term and the full form is only used in explanatory contexts (World English Dictionary. 2009). For example, UNESCO (United Nations Educational, Scientific and Cultural Organization). To sum up, the abbreviations mean reduction or reduced form of a word or phrase. There are four types of reduction known as Shortenings, Contractions, Initialisms and Acronyms. All these types are highly used and can be found in newspapers and magazines of different subjects. reductions in use and their meanings All the examples were taken from different articles, magazines or newspapers. Abbreviations used in political articles: Shortenings: MP Member of Parliament (Governmental) FT Future Technology; Foreign Talent (US Government) BIS Bureau of Industry and Security (US Government) DCMS Department of Culture, Media and Sport (Governmental); Disaster Credit Management System (Us Government); DWP Deluxe Weapons Pack (Governmental>>Military) The same Abbreviations used in articles of different categories (Economics, Culture, Computing, Community, Medicine, etc.) Shortenings: MP Media Player (Community); Military Police (Law); Market Place (Business); Melting Point (Academic and Science). FT Full Time (Business); Football Team (Community); Field Trip (Academic and Science). BIS Bank for International Settlement (Business); Bismuth (Medicine); Business Information System (Computing); Building Industry Show (Academic and Science). DCMS Duval Country Medical Society (Medicine); Dartmouth Community Medical School (Academic and Science); Data Collection Management System (Computing); Derivatives Collateral Management Service (Business). DWP Department of Water and Power (Community); Dispensing Well Plate (Academic and Science). Contractions: Plane = Airplane Phone = Telephone Bus = Omnibus Ad = Advertisement Mag. = Magistrate; Magazine Initialisms: Abbreviations used in political articles: SIA or S.I.A. Secretariat for Industrial Assistance (Governmental) CIA or C.I.A. Central Intelligence Agency (Governmental) The same Abbreviations used in different categories: Initialisms: SIA or S.I.A. Semiconductor Industry Association (Academic and Science); Securities Industry Association (Business); Special Instructional Assistance (Community). CIA or C.I.A. Certified Internal Auditor (Business); Caught In the Act (Law); Confidentiality, Integrity, and Availability (Community); Curriculum Instruction and Assessment (Academic and Science); Chemotherapy Induced Alopecia (Medicine). Acronyms: NATO North Atlantic Treaty Organization UN The United Nations EU The European Union Overall, all articles which were used for the research showed that a great number of abbreviations are used there. As it is seen, abbreviations are highly welcomed in newspapers style and not only one type of abbreviations but all of the four types. Almost each article which was examined has included at least one reduced form. CONCLUSION Summarizing all, the hypothesis was approved. The abbreviations are common feature for newspaper style and are highly used in articles. It is convenient for newspaper language to use reduced forms of the words in order to avoid the full name of the subjects which can length as the long sentence. Meanwhile the same abbreviations have different meanings due to the categories where they are used. theses Abbreviation means reduction or reduced form of a word or phrase There are four types of Abbreviations: Shortenings, Contractions, Initialisms, Acronyms The meaning of Abbreviation depends on the category of language Abbreviation is a common feature in newspapers style

Without Consicence: The Disturbing World Of The Psychopaths Among Us :: Without Consicence

Without Consicence: Â  The Disturbing World Of The Psychopaths Among Us Robert D Hare is respected by his colleagues worldwide as an expert on psychopathy. He gained much of his insights as a Psychologist employed with CSC (Correctional Service of Canada) starting in the early 60's. At the present time he is a Professor of Psychology at the University of British Columbia. He and his students have interviewed hundreds of psychopathic offenders. This book is rich with transcripts of those interviews, giving gripping insights into what makes them "tick." This IS NOT a shallow pop psychology, "self help" book. It's no gory thriller with lurid prose either. It's a GENUINE self help book. It will verify suspicions you may have acquired from life experiences, that some few people who cross your path truly "have no real feelings or conscience" and are "relentless users," employing endless ways to manipulate others. They are driven to always be "in control". I know the kind. I've positively identified about five or ten of them in my 41 years and seen many others who "lean that way." Just as this book states and/or implies -- even if they live their whole lives never actually committing any horrible crime, you never "trust" them. You somehow "know" what they COULD do. Your gut instincts warn you they are opportunistic, "social predators" whose outward "normalcy" is only a "slick facade." You detest and/or mourn the gullibility and trusting attitude of too many who are consistently "used" by them. Most of them during their entire lives never BREAK the law, but they are second to none at knowing how to BEND and TWIST it to suit their purposes. You find out eventually by observing them long enough or by being victimized yourself, how crafty they are at maneuvering others to "fit into their plans." You come to the horrible conclusion that if they were allowed free rein, they would prove that they only feel "truly alive" if they can tell everyone who touches their lives what to do, when to do it, what to think and when to think it? I believe they're profoundly fearful cowards, literally "too scared" to ever discover love or respect. Their social relations only have one goal and one choice if they can't meet it -- "In some way, shape or form, I MUST dominate you, if I can't, we have NOTHING to do with each other".

The Evolution of John Steinbeck Essay -- Biography Biographies Essays

The Evolution of Steinbeck In "The Grapes of Wrath", Steinbeck takes a great leap forward in his storytelling. His characters are better developed and more human. Steinbeck's development as a writer was linked to his growth as a person and his furthered capacity for understanding in others, particularly the disenfranchised. The process and struggle that ensued during the early years of his career were instrumental in his growth and are demonstrated in the development of his views on industrialization and it's effects on the working class. His greater understanding seemed to lead to an end to his theological approach to writing, or at least a modification of it. For with greater understanding came empathy, and with empathy came subjectivity. With the distance gone between he and his characters, it became possible to identify with the characters on a deeper level. They were more true to life than the characters of his previous novels. When Steinbeck managed to cross this line, he made a leap from the realm of the good writers into the Valhalla of great authors. This is when Steinbeck into people. Few of the masses were not familiar with the likes of a Tom Joad or Mack. (A Joseph was much harder to come by.) In his earlier books, works like "To a God Unknown" and "In dubious Battle", Steinbeck delved into the man driven by ideology. Anything but "down-to earth", the characters in these books were motivated by what could be. As creatures of speculation, they were driven by the mind's eye. While Joseph lived for the earth, he never managed to be of it, (at least in the manner of your everyday farmer.) Like any man who have walked through the halls of formal education, Steinbeck himself was a man of... ..."employable." Dr. Kelly posed the question, " what if World War II had not interposed and brought the U.S. out of the Great Depression?" At what point are the evils of the marketplace checked? Time will tell. Without a common enemy, where is the unifying cause to organize? What will bring the people together? Once people are driven by hunger it seems to be to late. Hunger is desperate and powerless, without reason or strength. Humanity has conquered the world. Can we conquer out greed and fear? Steinbeck was unsure that our species could overcome our seemed hatred of ourselves. Maybe the fear of terrorism can bring the world together. In the meantime, people continue to struggle. Maybe things will finally change and we can all gain the empathy and understanding that were Steinbeck's. Unfortunately, those qualities seem to come only through great struggle. The Evolution of John Steinbeck Essay -- Biography Biographies Essays The Evolution of Steinbeck In "The Grapes of Wrath", Steinbeck takes a great leap forward in his storytelling. His characters are better developed and more human. Steinbeck's development as a writer was linked to his growth as a person and his furthered capacity for understanding in others, particularly the disenfranchised. The process and struggle that ensued during the early years of his career were instrumental in his growth and are demonstrated in the development of his views on industrialization and it's effects on the working class. His greater understanding seemed to lead to an end to his theological approach to writing, or at least a modification of it. For with greater understanding came empathy, and with empathy came subjectivity. With the distance gone between he and his characters, it became possible to identify with the characters on a deeper level. They were more true to life than the characters of his previous novels. When Steinbeck managed to cross this line, he made a leap from the realm of the good writers into the Valhalla of great authors. This is when Steinbeck into people. Few of the masses were not familiar with the likes of a Tom Joad or Mack. (A Joseph was much harder to come by.) In his earlier books, works like "To a God Unknown" and "In dubious Battle", Steinbeck delved into the man driven by ideology. Anything but "down-to earth", the characters in these books were motivated by what could be. As creatures of speculation, they were driven by the mind's eye. While Joseph lived for the earth, he never managed to be of it, (at least in the manner of your everyday farmer.) Like any man who have walked through the halls of formal education, Steinbeck himself was a man of... ..."employable." Dr. Kelly posed the question, " what if World War II had not interposed and brought the U.S. out of the Great Depression?" At what point are the evils of the marketplace checked? Time will tell. Without a common enemy, where is the unifying cause to organize? What will bring the people together? Once people are driven by hunger it seems to be to late. Hunger is desperate and powerless, without reason or strength. Humanity has conquered the world. Can we conquer out greed and fear? Steinbeck was unsure that our species could overcome our seemed hatred of ourselves. Maybe the fear of terrorism can bring the world together. In the meantime, people continue to struggle. Maybe things will finally change and we can all gain the empathy and understanding that were Steinbeck's. Unfortunately, those qualities seem to come only through great struggle.

Globalisation & Liberalisation

According to Herman E Daly, Globalization serves the villous of a single, cosmopolitan, integrated global economy. This definition focuses on the cross border movement of goods, services and resources (financial and human) impacting on the domestic and global assets and employment. Globalization, thus focuses on an integrated economic world in which the economy is a single market characterized by trade and Investment flows, cross border economic activities In production, Investment financing, movement of capital, technology, labor, Internationalization of consumption, capital, and services.Economic liberation's is the gateway of globalization and financial liberation plays the most crucial role in integration of one neutron economy on the global economic network. However, very often the term liberation's and globalization are used simultaneously. Important instruments of liberation's are regulation of financial market to allow foreign capital, foreign investment, to and fro flow of c apital etc. Reduction of tariff and non-tariff barriers of trade, simplifications of customs measures etc.For successful global Integration a country must move to economic liberalizing by dismantling entry barriers and Licensing system, reduction in physical restrictions on imports, reduction in control n capital and current account, reforming financial system and opening up financial market to private (domestic and foreign) players, removing controls on foreign capital (FDA and portfolio) flow to the country etc. Globalization however, Is not a new phenomena of the current world activities.Economic historians have traced two strong waves of globalization. The first wave of globalization spread over 1 870 – 1914 while the second wave of globalization began roughly in 1960 and continuing. The current wave of globalization is much faster and deeper. Globalization today is fundamentally a new economic phenomenon, and a process to set up a new economic order globally increased in tegration and Interdependence of production, consumption and services. The present wave of banquets – Volvo.V Issue 1, January 2005 Globalization and Life Insurance gallstones NAS slantingly Innocence Improved speculation In resource allocation, productivity enhancement and specialization and greater innovation, adaptability and utilization of technology which has necessitated the need for cross border economic activity for all the countries. Resource mobility has not only reduced the cost of production and distribution but also boosted competition across the order.Drivers of Globalization The present wave of globalization has been significantly influenced by advances in information and computer technology, increased flow of trade and capital. Improved specialization in resource allocation, productivity enhancement and specialization and greater innovation, adaptability and utilization of technology which has necessitated the need for cross border economic activity for all th e countries. These have not only reduced the cost of production and distribution but also boosted competition across the border.Therefore important drivers of globalization are expansion of International Trade, Internationalization of Financial Market and Migration, Baldwin and Martin (1999) observed key aspects of globalization namely Trade, investment, migration and Factor prices , Capital flows and Markets, and Industrialization and Income Convergence and Divergence. Both waves of globalization were driven by radical reduction in technical and policy barriers to international transactions†¦. But the uniqueness in recent globalization is heavily shaped by the dramatic reduction in communications cost, what is sometimes referred to as the death of distance'.Financial Globalization Advancement in information technology, innovation in financial products, and increase in trade and services provided boost to the cross border flow of capital. Capital Mobility is considered as an in dicator of financial integration. Other indicator being gross stocks of foreign assets and liabilities. We shall discuss this in detail the section Financial Globalization The process of Globalization is strongly supported by Financial Globalization.There is an inextricable relation between increased international trade in goods and services and the increased flow of international UAPITA. It is because increased trade is followed by increase in payments, banking service, hedging etc. Stock markets, as we have noted in the beginning, has replaced the role of Banking to a great extent as a financier to corporate and development funds. Stock markets, in a globally integrated financial market facilitate risk sharing, improve efficiency of resource allocation, impact savings decisions and provide liquidity thus supporting faster economic growth.Globally integrated stock markets facilitates economic growth in several ways namely : Banquets – Volvo. V Issue 1, January 2005 021 Impro ve much name eloquently In ten market Prove prudent resource allocation prospects Create an environment for flow of savings thus reducing uncertainty of capital in the market Reduce risks through global diversification Liberalized and internationally integrated stock markets thus boost economic growth. Benefits of Financial Globalization Liberation's and globalization produces immense benefits to the countries integrated.Liberation's creates conducive climate for faster economic growth, allows upgrading of technology, provides scale economy, expansion of markets domestically and internationally. Economic integration through liberation's can also expand Job opportunities in domestic market and through migration of labor in general. Financial Globalization produces higher economic growth through direct and indirect impact on economy . Liberation's and globalization produce immense benefits to the countries integrated.Liberation's creates conducive climate for faster economic growth, a llows upgrading of technology, provides scale economy, expansion of markets domestically and internationally. Economic integration through liberation's can also expand Job opportunities in domestic market and through gyration of labor in general. However, liberation's of financial markets provides growth generating opportunities including the following. By encouraging FDA, developing economies can import much needed technology, which would further generate spillovers for local firms.Saggy (2002) mentioned three types of potential channels of spillovers, namely Demonstration Effect, (local firms adopting multinational introduced technologies), labor turnover switchover of trained labors to local firms (enabling technology diffusion) and vertical linkages (multinationals supplying technology to suppliers of intermediate goods). Global Financial integration augment much required domestic saving and boost up capital investment in investment starved countries. It also provides avenues fo r better allocation of capital and minimizes risk.Further, capital flow is accompanied by transfer of technology and finally assists in promoting healthy capital market. Indirect influences of globalization include promotion of globalization and integration of domestic economies which is followed by improving the macro economic policy frame work and setting up economic institutions and better governance system. Financial Liberation's has forced many countries to open up financial markets and relaxed the rules of intermediation allowing financial services institutions like investment banks, asset management companies, Mutual Funds, Pension Funds etc. To operate in newly liberalized markets. The forces of change unleashed by financial globalization, reenacted In Electroplating AT Dangling system, Increase In cross border financial activity increased competition in savings market convergence in financial services industry. B. Globalization of Insurance Market Insurance is an integral p art of national economy and a strong pillar of financial arrest. Therefore, waves of globalization have also deeply influenced the insurance market worldwide. Financial Market Globalization has also been strongly supported by Globalization of Insurance.With the increase in Trade, Direct Investment and Portfolio Investment, there has been an ever growing demand for Insurance services particularly in the emerging markets. Globalization of Insurance market, as a part of the overall process of liberalizing in emerging and other countries enabled the foreign insurance companies to enter in those countries and benefited both. The riving forces of insurance market globalization has been identified by Swiss Re (Sigma No. 4/2000) as the ‘push factors' and ‘Pull Factors'.The Push factors are the motives behind the movement of foreign insurance companies while the pull factors are the motives behind allowing the foreign companies to operate in local market, l) Push factors : Insura nce Companies move out to emerging markets due to Increasing Global Trade , Growing Direct Investment , Potential Future Growth in Emerging Markets , Saturation in industrialized countries and Strong growth in emerging entries and expected Efficiency Gains through Diversification , Economics of scale etc it) Pull Factors : The important pull factors in emerging markets – Emerging Markets have Strong Economic growth and Trade, and there are substantial requirements of capital in Emerging Markets to cover major risks. There are several benefits to the countries allowing foreign insurance companies to operate in their countries which can be broadly classified into Economy related, and Insurance marked related Economy related benefits to the local country : Foreign insurance companies along with local companies add further momentum to obligation of savings. Institutional net work in the savings market increases, which also influence the savings behavior of household and corporate savings.Resources and capital allocation in the Domestic Market increases with the increased sophistication brought by the foreign insurance companies It also improves the financial stability in the host country, as well as facilitates improvement in production and Trade. Banquets – Volvo. V Issue 1, January 2005 023 Insurance market related benefits : Capital structure of entire insurance industry improves because foreign companies brings fresh capital with them. Market efficiency improves due to information dissemination, global operating knowledge and increased competition. Management inclemency Increases Decease Torrent companies Drill Walt teem global experience and management innovation. Range of available products increases because foreign companies bring with them a wide range of products and product development expertise.Customers' service improves. Increased competition, technology led service, and cost competition finally benefits the consumers. Globalization also improves Regulatory and Governance system. It also improves market conduct and Ethical Business Standard. Jennifer Rankin (2003) mentions the following factors driving the insurance companies' cross border activity. Many countries are moving away from protectionism and state control and taking more market driven approach especially in the insurance and financial services and opening up their markets to foreign companies. The process of Insurance globalization significantly influenced by the GOATS/WTFO.A major break through was achieved in 1997 with an agreement of Liberation's of financial services following which 102 countries committed to remove entry barriers and liberalism their markets. The GOATS agreement offers legal security and protection to global insurance players. With the removal of entry barriers in emerging and less developed countries there has been an increased flow of funds from developed countries to the emerging and less developed countries. According to Swiss R e (Sigma No. 4/2000) â€Å"In recent years there has been a strong increase in the demand for insurance in the emerging markets. The average annual growth rate in the emerging markets has since 1990 been twice as high as industrial countries in both life and non-life insurance.There is already an indication of slow Roth and saturation of insurance market in industrially developed countries. During 2003, Global Life business witnessed a decline of -0. 8%. However, emerging market life business grew by 6. 6% as against -1 . 7% decline in industrialized countries. In non life business, while industrialized countries achieved 5. 7% growth in real premium income, emerging markets registered 8. 5% growth rate in 2003. However, total premium income of emerging market in 2003, was US $ 314128 million which represented 10. 68% global premium income, whereas share of industrialized countries with US $ 2626542 million representing 89. 2% of global premium. This is an indication of huge potent ial emerging market.Globalization of Financial as well as Life Insurance Market is an inevitable phenomena. In the years to come the globalization of Insurance Market is going to speedup further. The impact of globalization will also be felt more in emerging markets which have exhibited better potential for growth in insurance market. Data provided in Table No. 1 and Table No. 2 shows that countries which have extensively opened up the Insurance 24 Market to the Private and Foreign Companies have achieved relatively better growth in insurance density and penetration. It has also been noted in India that growth of Insurance Market was faster in the post liberation's period than that in pre- Tatterdemalions pergola.However, one AT ten constraints AT Insurance Gallstones Is a small number of global players as noted by UNEVEN (2002). The private insurance industry is largely a national industry rather than a global one. The number of truly global insurance players is in the range of 20 to 30 only. Another 70 companies operate significantly in more than one continent through branches. Only 1. 2% of global insurance premium comes from across border business. C. Impact of Liberation's on Economic growth Research of Bernstein and others (1998) shows that FDA contributes more domestic growth than domestic investment. And also FDA is more productive than domestic investment.Liberation's of capital markets attracts foreign investment which influences the price of equity thereby reducing the cost of capital. Research of Beakers and Harvey (2000) indicated that post liberalized regulatory reforms bring down the cost of capital and also help to increase inflow of capital. Financial liberation's also imparts structural formats of capital markets, improves the closures, transparency and corporate governance which creates growth prospects in a liberalized country. It has been noted that the average per capita income is higher in the countries with more open economic policies a nd better global linkages, than in the countries with less openness in financial sector. Globalization has helped promote convergence of per capita incomes.Per capita incomes have grown faster in globalization developing countries (those lowering trade barriers) than in rich countries – 5 per cent versus 2. 2 per cent in sass†¦Ã¢â‚¬ ¦. Non globalization Developing countries have lagged behind. Finance and Development, March 2002. , UP). Resource (2002) has observed that â€Å"the trend of rising inequality over the past 200 years, primarily between countries, now appears to have been reversed, and the experience of the 19th century suggests that increased globalization will accelerate this decline. Parkas et al (2003) has noted that ‘International Financial Integration can help to promote domestic financial sector development, which in turn can help to moderate macro economic volatility.However, thus far these benefits of financial integration appear to have accru ed primarily to industrialized countries. D. Growth of Life Insurance in India Indian Life Insurance Industry, since nationalization, has registered a significant growth and gradually increased its share in household financial savings. As noted in table 4, the Share of Insurance Funds has increased from 8. 7% in 1993-94 to 14. 9% in 2003-04, while the share of life insurance funds increased from 8% to 14. 5% during the same Banquets – Volvo. V Issue 1, January 2005 025 per 00 Ana In terms AT GAP It NAS Increased Trot I Nils Is a gallants achievement of Life Insurance Industry which till recently represented by LICE of India.Growth in Life Fund is considered to be an important indicator of growth of Life Insurance Industry and as can be seen from the Table 4, LICE has performed exceedingly well. LICE, after nationalization of 256 Life Insurance Companies, started with a Life Fund of RSI. 410. 40 core, which in course of time increased rapidly and stood at RSI. 3,21 ,754 core i n 2004. Similarly, the total assets of LICE has increased from RSI. 463 core in 1958 to core in 2004. High growth of Life Fund and Assets of LICE was possible due to significant growth in New Business, which got a boost during the Post Liberation's period. First time in 1999, LICE sold more than one core (1. 8 core) policies in a single year, however, growth became faster during the post liberalized period and in 2002 it crossed the 2 core mark by selling 2. 25 core policy, which increased further to 2. 42 core in 2003. In 2004, New Business (AS) had gone up RSI 2,02,898. 14 core under 2,69,63,504 policies. Total in force policies serviced by LICE by the end of 2004, stood at 15. 39 core under Sum Assured of RSI. 9,25,033. 33 core. Liberation's of Indian Insurance market has provided further push of the Insurance Industry. By the end of March, 2004, there were 13 Life Insurance companies including LICE in the market, which has not only generated competition but also provided a wide range of product choice to the customers.An overall view of Indian Life Insurance market can be obtained through data released by ERDA, shown in the Table 6 and Table 7. Accordingly total no. Of policies underwritten in 2004 increased by, 12. 78% from 2002-03 to 5 2003-04, while the premium under these policies increased by 51. 80%, from lacks to 18,71 ,016. 02 lacks during the same period. So far LICE is concerned, there is a fall in market share in New Business. In No. Of Policies the market share declined from 96. 70% to 94. 21% while in premium income the market share of LICE declined from 92. 03% to 87. 04% during the same period. These indicate that Indian Life Insurance in general has expanded since liberalizing on the one hand and market has been increasingly becoming competitive. E.India in the International Context Though the share of Life Fund in household Financial Assets has gone up during the last decade and Indian Life Insurance Industry registered better growth rate compared with global growth rate yet total premium volume and global market share minded quite low. Total premium volume of Life Insurance Industry in the World at 9% growth rate increased from US $ 1 534,061 2002 to US $ 16,72514 2003, whereas in India 26 growth rate was much higher at 18% and Total Premium volume increased from US $ s S EYE ruling ten same pergola. Insurance Density (premium per capita and Insurance Penetration (premium in percentage of GAP) which are important growth indicators are quite low in India. In the year 2003, Life Insurance Density in India was only US $ 12. 9 as against the World Density of US $ 267. 1. Similarly, Life Insurance Penetration in India was only 2. % as against World Penetration level of 4. 59%.