Macquarie Bank

?Introduction Macquarie Bank has been recognised as one of the most prestigious banks in Australia and around the world. Macquarie was established in Australia in 1969, it began operations in Sydney in January 1970 with only three staff. Macquarie Bank first opened its doors for business on 1 March 1985 with a retail branch in Sydney. Today, Macquarie Bank operates in a range of investment banking, commercial banking and selected retail financial services markets both in Australia and overseas. It is the only substantial, majority Australian owned investment bank and is a licensed trading bank under the Australian Banking Act 1959 (Macquarie History, 2007). Macquarie Bank has been consistently associated with a stream of major financial innovations, which have underpinned its reputation as a market leader. Their main focus that has helped them in their success is their risk management department as well as their focus on select markets on which they enter. The Macquarie culture is represented by the way in which they work together. The values to which they aspire can be summarised in six principles: integrity, client commitment, strive for profitability, fulfilment for our people, teamwork, and highest standards. Macquarie Bank’s commitment to the six principles is vital for continued growth and prosperity (Macquarie, About Macquarie, 2007) Operating Environment: The Macro Environment Political and legal forces Political and legal forces hold a great impact on all industries that wish to operate legally within a country. Regulatory groups are required within the banking industry to assist in the stable operation of a nation. A major regulator would be The Australian Prudential Regulation Authority (APRA). Various other major political and legal forces which solely influence the banking industry include The Australian Bankers’ Association (ABA), The Australian Securities and Investments commission (ASIC) and The Reserve Bank of Australia (RBA). APRA was created to be an advisory figure in the regulation of the Australian financial services industry. This group â€Å"oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry† (APRA, 2007). The ABA works with its members to provide analysis, advice and advocacy and contributes to the development of public policy on banking and other financial services† (ABA, 2007). The ABA acts as a union for banks and ensures that the banking industries views are heard, when the government decides to alter policies or legislations. Th e ABA also helps to strengthen the benefits of competition to Australian banking customers. ASIC’s task is to enforce and regulate companies and financial services laws in order to protect the customers as well as the investors and creditors. ASIC exists to regulate; â€Å"Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit† (ASIC, 2007). â€Å"The RBA’s main responsibility is the monetary policy† (RBA, 2007). The board members make the policy decisions with the aim of gaining a low and stable inflation over the medium term. According to the RBA website, the other major goals include; maintaining financial system stability and promoting the safety and efficiency of the payments system. The RBA also acts as a banker to the Australian Government and actively participates in financial markets, manages Australia’s foreign reserves and issues Australian currency notes. Global Forces Changes in the financial status of markets overseas, drops or increases in interest rates overseas, and even new political regimes can all affect organisations around the world. Global forces which have recently held an effect on Macquarie bank would be the current drop in the US economy which has affected markets all around the world. The main impact which it has made in Australia has to do with financial institutions since they hold assets from the US market. This has directly affected Macquarie with its financial services and products. Economic forces Economic forces pertaining to Australia can greatly influence the way businesses operate. General economic forces such as inflation rates, interest rates, currency exchange rates, unemployment levels, average disposable income, and personal saving rates can all affect organisations to a certain extent (Hill et al, 2004, p74). Inflation has affected Macquarie bank which then in turn goes to interest rates. Currently economic forces within Australia include rises in certain industries including the mining industry and real estate. By these industries entering a boom period, it increases the amounts which these industries will be willing to invest which in turn increases profits for banks. Technological forces In modern society with technology being so closely tied to having a competitive advantage, a lot of industries compete to keep up to date with new developments. The invention and increased use of computers, internet, and phones have all made a major impact on organisations around the world. The main effect that technological advancements have made within Macquarie bank is that internet banking is now a common and widely used item so banks need to constantly upgrade their technology in order to prevent hackers from entering their databases and causing havoc. Operating Environment: The Micro Environment There are many forces that can impact the outcome of a firm’s growth and profitability. For Macquarie Bank, the forces that impact their success will be explored with the analytical frame work introduced by Michael Porter; his five forces model, which will look at the major contributing factors that will aid and deter the growth of Macquarie Bank in this industry. Risk of threat of new entrants The risk and threat of new entrants into the market can be seen as both high and low. High, since there has been a deregulation of the market for banking, which will allow for overseas competitors to compete in the local market. This is a large threat since these are the competitors that have a large pool of resources that can actually compete to a high level with Macquarie. However, the threat can also be seen as low since there is still a high degree of entry barriers, i. e. operational regulations and laws implemented by the government and other regulatory boards. Additionally, a major factor that will deter competitors would be such things as brand loyalty as well as the over saturation of banks in the industry. Therefore, the threat of new entrants can be seen as moderate and is highly dependant on the entrant’s resources and capabilities. Rivalry among established companies The rivalry in the banking industry can be seen as discrete, yet volatile. They advertise in the media about their interest rates, products and services, however, apart from that, their actions are rarely seen. Each bank firm always try to gain the better package and interest rate to attract more customers. However, these rates are quite similar with little variance. A major factor that gives them the competitive advantage would be the image the bank upholds and the services provided in comparison. The main point of attack that most banks concentrate on now is their customer service area, since most of the services that they provide are quite similar. Macquarie has a very well maintained, high profile image. They provide a lot of diverse services; however, they charge premium service fees for them. This has not deterred people from using their services, but has given their users a sense of assurance; they feel as though they pay top dollar for top service and quality. This sense of prestige as well as resources and capabilities has given the Macquarie bank their high image and profile as well as success. Bargaining power of suppliers The main supplier of Macquarie bank would be their shareholders. By owning a share in Macquarie depicts that these people have invested money into this organisation and since there are various options to choose from, Macquarie must be unique in some sense to attract these people. It would become costly for Macquarie to lose these shareholders as with banks, money is the good which is being transferred and to lose shareholders would only lead to a deficit in funding for the bank. Therefore, the bargaining power of suppliers would be seen as high since there is no switching cost for them to move their money into another investment area. Macquarie must come to a compromise with supplier demands or face losing a stream of equity and funding. Threat of substitutes The main threat of substitute services for Macquarie Bank would be; credit unions and building societies. Credit unions, especially the larger ones offer most of the services that Macquarie offer, however, with fewer fees. Building societies although not as main stream and service diverse as credit unions have the potential to develop the competencies to deliver them, for example, Bendigo Bank; which was originally a building society. Although these two types of institutions do not offer the wide array of services that Macquarie does, it can steal away some of Macquarie’s customers, since they deliver a minimal version of the services that Macquarie provides. Additionally, with Macquarie’s reputation and diverse array of services, the threat of substitutes would be on a miniscule level. Bargaining power of buyers The banking industry in Australia can be seen as a saturated market. This saturation allows buyers (consumers) a level of bargaining power. This means that the consumer can negotiate interest rates and packages to their advantage against the provider. However, since there are only a few financial institutions in Australia, many of whom can charge higher prices for services and packages. Yet on the other hand, the domestic banking industry is considered to be competitive, which can offset the balance with only having fewer firms in the market. Therefore, the bargaining power of buyers can be considered as moderate. Competitive Advantages Macquarie bank provides investment banking, commercial banking, retail financial services in Australia and selected financial services offshore. It operates through the following business segments: Asset and Wealth Management; Financial Markets; Investment Banking; and Lending. Macquarie is a diversified international provider of financial and investment banking services. It has the following key resources and capabilities compared to Commonwealth and Bendigo Bank: Human Resource Macquarie bank’s hosts and presenters are industry experts who have the xperience and knowledge to achieve the maximum outcome in this complex and rapid changing economic environment. With a network of over 10,000 people in 24 countries, the staff can add the most value and advantages to clients. Annette Martins is currently employed as an associate economist in the economics team at Macquarie bank. Her past experience includes working for the NSW Treasury as an economist within the Economic and Fiscal directorate. Other staffs have worked for such as Reserve bank of Australia (Macquarie, 2007). At Macquarie, there are elites in different professions such as Economy matters, Marketing, Property and Vision. All the staff members are carefully drawn from a broad range of industries and market segments. It is also allowing them to apply their expertise to the customers. Customer Resource Macquarie bank is currently operating its services in more than 40 countries around the world as OzForex is serving around 30,000 transacting customer internationally. It provides a depth of service (accurate and insightful view) with specialist capabilities to wholesale and private customer in both the domestic (Australia) and international economies (Macquarie, 2007). Simultaneously all these customers may invest their money with other Macquarie’s business groups such as Funds management or financial service groups. They both run domestically and internationally. The Financial service group services more than 670,000 clients all together with other Macquarie Departments. Department Resource Macquarie is currently operating its service in seven major business groups which are Investment Banking Group, Equity Markets Group, Treasury and Commodities Group, Banking and Securitisation Group, Real Estate Group, Funds Management Group and Financial Services Group. With all these services, Macquarie owns huge customer resources within Australia and foreshore. Each department in Macquarie is serving specific groups which may overlap with other departments because Clients may be interested in more than one service which Macquarie provides (Macquarie, 2007). Subsidiary Companies Macquarie is providing its specialist banking and financial service in select markets around the world. It also has a lot of subsidiary companies around the world. OzForex is an online foreign exchange provider which Macquarie has purchased 51% of the shares. It will allow Macquarie to offer tailored foreign exchange services to its substantial retail financial services within financial service groups (Macquarie-OzForex, 2007). Comparison against rival Banks Commonwealth bank’s principal activity is providing integrated financial services which include business and institutional banking, superannuation, life insurance, funds management and broking services and finance company activities. It operates in Australia, NZ, UK, USA, and Japan†¦etc. It has a wide presence in Australia with the largest branch and ATM network. It also received the award for excellence – Best Bank in Australia but was not mentioned in relation to investment services (Commonwealth Bank, 2007). Bendigo bank’s main financial services include business banking and commercial finance, funds management, treasury and foreign exchange services, superannuation and trustee services. It operates mainly in all Australian estates and the Australian Capital Territory. Bendigo bank is responsible for a number of banking innovations in Australia such as visa credit and debit cards (Bendigo, 2007). With all the resources and capabilities when comparing Macquarie bank to Commonwealth bank and Bendigo bank, Macquarie is on a leading position for investment banking. Deregulation is expected to lead to an increase in competition in the banking industry, and could involve a decrease in profitability. There are four factors in a bank’s competitive advantage that needs to be considered: (Chen. T. , 1999) Manpower Financial management Asset base Intangible assets Achieving success in the industry will involve 3 key factors. These are the costs, product and financial strength of the corporate entity. To be successful in the banking industry, the bank needs an insight into the changes in banking methods, cost management and long-term financial solutions. Macquarie bank’s strategy is to expand selectively in practical areas. (Macquarie Annual Report, 2007) Macquarie has entered the market of infrastructure investing since 1996. It has become one of the largest private managers of infrastructure in the world, with rapidly increasing revenue and profit. Macquarie bank’s specialist funds are currently buying toll roads, airports and rail systems world-wide. It is also a key growth driver and has been exported to international markets; its assets under management in specialist funds increased 50 per cent from $A87. 6 billion to $A131. 3 billion. Macquarie’s long-term strategy has allowed them to enter new sectors and regions flexibly as opportunities arise. This strong risk management has become a key factor of Macquarie’s success. The overall result is driven by strong growth in every region where Macquarie operates. Macquarie has achieved No. ranking in Australia for mergers and acquisitions whilst maintaining its leading market position for equity rise. It has also been ranked No. 1 broker by the ASX (Australian Stock Exchange) in market share. Macquarie bank, Australia’s largest Cash Management Trust (CMT) provider also has an agreement with Australia’s largest retail equities network, GBST (Glob al Banking & Securities Transactions). These strategic alliances provide Macquarie with an enhanced reach to its customers as well as customers from other alliances, hence forming a broader network. Company Strategy Macquarie company strategy Macquarie states that â€Å"Our strategy is to expand selectively, seeking only to enter markets where our particular skills and expertise deliver real advantage to clients† (Macquarie Annual Report, 2006); â€Å"Macquarie aspires to be a pre-eminent provider of financial services over the long haul† (Macquarie, 2007). This statement also shows that their strategy is to be a leader in their sector. (For more information on the business level strategy, please refer to appendix 1). Competing with Macquarie. Macquarie Bank Group can be seen as the market leader in investment banking, inancial services and retail banking â€Å"Macquarie Bank has been consistently associated with a stream of major financial innovations, which have underpinned its reputation as a market leader† (Macquarie History, 2007). The way that they have focused on market segments has given Macquarie an edge over their competitors; since they service the market segments which they see profit and growth in for themselves as well as their customers. What this means is that they minimise their risk of entering â€Å"stagnant† areas and maximise growth and return by servicing their target groups. Macquarie Bank Financial Results Total income from ordinary activities for the year 2007 was up 49% to $A7,181m; International income was up 70% to $A3,457m; Net fee and commission income was up 25% to $A3,540m; Trading income was up 20% to $A1,047m; Net interest income was up 23% to $A728m. Asset and equity investment realizations and other income were up 257% to $A1, 866m (Macquarie Financial Report, 2007). The expense to income ratio was slightly down at 73. 2 % (Macquarie, 2007). Refer to appendix 2 for the pie chart. *EPS = Net Earning / Outstanding shares Macquarie banks financial possession as of May 2007 is Net profit of A$1. 46bn. There has been a 60% increase as compared to the later year and six times the level increase as compared to the last five years. Earnings per share increased 48% from $A4. 00 to $A5. 92. This is 4. 5 times the level of earnings per share of five years ago (Macquarie, 2007). Earnings per share are generally considered to be the single most  important variable in determining a share's price. It is also a major component of the price-to-earnings valuation ratio. The P/E looks at the relationship between the share price and the company’s earnings. A high P/E  suggests that investors are expecting  higher earnings  growth  in the future compared to companies with a  lower P/E. However, the P/E ratio doesn't tell us the whole story by itself. It's usually  more useful to compare the P/E ratios of one  company to other companies in the same industry, to the market in general or against the company's own historical P/E. P/E Ratio = Market price per Share / EPS P/E of Macquarie for 2007 = 82. 75/ 5. 916* = 13. 987 (Macquarie Financial Report, 2007) The Pay-out Ratio shows the amount of earnings paid out in dividends to shareholders. Investors can use the payout ratio to determine what companies are doing with their earnings. The payout ratio also indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend because smaller dividends are easier to pay out than larger dividends. (Investopedia, 2007) Macquarie Bank (Payout Ratio) 2005 2006 2007 53. 20% 54. 40% 54. 30% As the ratios above show, there has been very slight fiction in the level of dividend payouts. There has been a 0. 0% decline in the ratio which could only mean, that investors are feeling secure with the payout of the company which in turn means the company has higher retained earnings in their balance sheet and are able to keep investor confidence. Other data from the financial report suggests a decline in the expense to income ratio, for every $A1 of income $A0. 732 goes into expense. This suggests that Macquarie is h andling its expense well and is confident enough to pay off their investors. Return on Equity is a ratio that captures profitability, efficiency and capital structure within an entity. Changes in the ratio will reflect the direction of an entity’s profitability, asset efficiency and capital structure. ROE for Macquarie Bank 2006 = Net profit/ Average equity x 100 ROE = 916 /5968 ROE =15. 34% ROE for Macquarie Bank 2007 = Net profit/ Average equity x 100 ROE = 1463 /7519 ROE = 19. 46% The ROE increased from 2006-2007. In 2006 an investment of one dollar of shareholders equity returned 15. 34 cents of earnings available for distribution to shareholders. In 2007 an equivalent dollar investment generated 19. 6 cents of earning available to distribute to the shareholders. A figure which depresses the return on equity is if the cost of debt exceeds the return on assets. The debt ratio indicates how many dollars of debt exists per dollar of assets. It shows the leverage between a company is debt financed or asset financed. Equity Ratio for Macquarie 2007 = total equity / total assets x 100 = 7519/ 136, 389 x 100 = 5. 56% est. 6% This shows that 6% of Macquarie†™s debt finances their assets. They are relatively debt financed. Another way to measure the company’s financial leverage is the debt to equity ratio. It is calculated by dividing  its total liabilities  by  stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets. = 128,870 / 7519 = 17. 14 A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. If a lot of  debt is  used to finance increased  operations (high debt to equity), then Macquarie could potentially generate more earnings  than it would have without this  outside financing. If this were to increase earnings by a greater amount than the debt cost (interest), then the shareholders benefit as  more  earnings are being spread among the same amount of shareholders. However, the cost of this debt financing may  outweigh the return that  the company  generates on the debt through investment and business activities and become too much for the company to handle. This can lead to bankruptcy, which would leave shareholders with nothing. (Investopedia, 2007) Issue 1 Macquarie Bank users a decentralised management structure. This decentralisation refers to when decisions are made at different levels within an organisation (Hill et al, 2004, p273). Decentralisation Overview: Macquarie’s management and organisation structure is considered to be non-hierarchical. This means that the chain of command within the organisation is designed to be decentralised. This management approach allows the lower and mid-level managers within the seven divisions of Macquarie to make decisions on their own. Macquarie encourages their employees to gain a sense of ownership and to develop entrepreneurial skills in order to make strategic decisions (Macquarie Management, 2007). By giving the lower and mid-level managers the power to make decisions, it will reduce the bureaucratic cost to the company. In other words, delegating lower and mid-level managers’ decision-making responsibility, will lead to a reduction in upper level managers within the organisation. Furthermore, having a decentralised management structure will reduce information overload to the central management team, which will enable them to spend more time focussing on market and industry forces (Macquarie Management, 2007). A decentralised management structure may be good in order to keep costs down and provide central managers more time to make effective decisions; it may however cause further problems within the organisation. Problem 1: Communication & Coordination issues involving the Decentralisation Approach: The decentralised management theory states that lower bureaucratic costs will avoid communication and coordination problems within an organisation. This may be true in theory, however in reality it is not always the case. For example, the seven divisions of Macquarie are run and operated independently. All of the lower and mid-level managers of the organisation make their own decisions within each division. Since every division in Macquarie are related, it is surprising to see that they do not effectively communicate with each other because there is no level manager do so. In other words, there is no managerial network that integrates with each of the divisions. This could mean that information and other resources are not equally shared, which can lead to difficulties in creating value for the ompany. Problem 2: Leadership Issues using the Decentralised Management Approach: Another decentralised issue that could affect Macquarie is for when the organisation is facing periods of uncertainty. For instance, when the Macro-environment is volatile or unpredictable it is important for an organisation to show strong leadership. In these uncertain times it is important that leadership decisions are best given from higher-level managers. One of the issues concerned with Macquarie’s management structure is that leadership decisions do not come from lower or mid-level managers. In fact, decision-making made by an organisation’s division can be made to benefit them rather than to benefit an organisation as a whole. Therefore, this decentralised management approach may not be effective to face periods of uncertain times. Recommendations Macquarie decentralised management system is working well despite some of the issues facing the company. However, Macquarie Bank can benefit from using both a centralised and a decentralised management structure. A centralised management system is the complete opposite of decentralised management structure, where decisions are made by upper-level managers of the organisation (Hill et al, 2004, p273). The approach that Macquarie should take is to find a balance between a centralised and decentralised management regime. For instance, issues such as investing money into infrastructure should be done using a centralised approach and consequently issues dealing with recruitment and training should be done through decentralisation. Archiving the balance between the two management structures will determine the success of Macquarie Bank. Additionally, Macquarie should add a managerial network that integrates with all of the divisions in order to improve communication and resource sharing to create value for the organisation. However, it is important to note that as the company expands the decentralised approach may become less effective due to rising bureaucratic costs. Justifying the Recommendations: The real question that must be put forward to Macquarie is that can they continue to grow under a decentralised management regime? This is a key issue regarding the organisation structure for Macquarie Bank. As the Macquarie organisation expands, many critics argue that sustaining a decentralised management system in the long-term will fail. This is due to the fact that expanded business growth will not be able to maintain current hierarchical levels because it is too difficult, but more importantly it will lead to inefficiencies in managing the companies’ resources (Hill et al, 2004, p274). However to solve these issues, Macquarie can choose to divide the functional responsibilities up within the company across the same level, best known as ‘Horizontal Division of Work. ’ Using a functional structure in a horizontal framework will enable people with similar tasks be grouped together in order to increase productivity. This will reduce bureaucratic costs for an expanding business and increase operational flexibility. Therefore, Macquarie should consider a decentralized managerial approach in the short-run but in the long-run they may opted for a functional structure in order to reduce costs. Issue 2 Macquarie’s focus strategy to expand selectively, seeking only to enter markets where their particular skills and expertise, deliver real advantages to clients has served them well to this day, with expediential growth, it can have some implications. The main implications that can arise from this course of action and strategy are the limitations of the potentially profitable and growing markets that Macquarie could miss out on. This can lead to limited growth and a loss of market share if Macquarie continues this course of action to a stringent degree. It is near impossible to predict the trends to such an exact degree as too when to enter a market to obtain maximum growth, however, if there is the potential for that growth to occur, then the advantage can be taken by entering that market before this growth eventuates. However, by doing so creates risk. This risk is the gamble on predicting the success of the potential growth in the area. Although Macquarie does have a whole department dedicated to risk management, it still does not account for the ability of the environment to make unforeseeable changes. These environmental factors are out of the companies control, however, the company can anticipate an environmental change and implement a course of action to take in order to counter or profit from it. Therefore, Macquarie’s strategy of focusing on a select market to enter, although has helped them grow into a gigantic organisation, it could also be their downfall due to the potential growth they could miss out on by trying to minimise their risk. Problem 1: Market selection and alienation The way that Macquarie’s strategy focuses on expanding selectively to only enter markets where their particular skill are suited will cause these limitations in their possible future growth. This strategy can be seen as a focus strategy since Macquarie looks at targeting a particular market or customer segment; as stated in their original strategy, to expand selectively†¦where their skills and expertise deliver real advantages (Hill et al, 2004, p317). What a focus strategy entails is the focus on a niche market, which can be defined by, in Macquarie’s case, the type of customer and geographical region (Hill et al, 2004, p317). Although this strategy entails cost – control due to lower output levels to reach a scale of economy, Macquarie bank has grown so much that it does not have to take this part of the theory into too much account. Additionally, since Macquarie has created some unique attributes and competencies to its products and services accompanied by their high level of service quality it has given them a competitive edge by using this focus strategy. This has allowed Macquarie to charge higher rates which has aided them in reaching the scales of economy. However, the issue of a focus strategy, in Macquarie’s case, is that by minimising their risk by entering possibly slow growing economies can minimise their growth rate. This is due to the environmental and operational environment which they have no control over which can eventuate in that market to grow exponentially. Although this can be predicted, it cannot always be acted upon with enough haste to reap the maximum benefits. This leaves room for other competitors to move in and take advantage of this risk. Thus this strategy implemented by Macquarie can hold potential growth defects for them if they hold to this strategy too closely. Recommendation: To combat this market selectivity, Macquarie needs to manage change throughout the organization. The changes which it will introduce will establish a sense of urgency. Strategic leadership can assist in making that change happen within Macquarie Bank. Strategic leadership is the process of providing the direction and inspiration necessary to create, provide direction to, or sustain an organization or an organizational unit Dubrin et al, 2003, p400). An Innovative way to expand within the same banking industry and yet keeping the same image of Macquarie’s high scale markets is driving convergence which also helps redraw industry boundaries. Instead of competing with competitors, it can compete with its own financial advisory services. Another way to compete is imitation. Macquarie can benchmark their performance to other high scale ba nks globally and use two key components; strategic follower ship and learning by watching (Dubrin et al, 2003, p410). Justification for Recommendation Offering a higher quality than its competitors, can help combat markets selectively. Customer’s service, for banks is one of the ways total quality management, can be used. The variable which makes TQM possible is extensive employee involvement. Other hot topics are corporate social responsibility, it is a well-researched field of management and it provides guidelines for leaders about how to be more accountable to a new global economy. After the advents of Enron, topics of CSR and Corporate governance have emerged as ways to prevent people working in highly funded projects to have some form of transparency within the system. Macquarie which is Australia top investment bank should undertake such a role as they are leaders in the industry. Conclusion to Macquarie Banks strategic approach In summary, we have gone through a historical overview of Macquarie Bank and have come up with the expected result from this power house institution. Macquarie bank is an institution known for its complex ways of handling its organization, critics say it is like ‘wrestling in the dark with a ghost’ (Schwab, A; 2007). After evaluation of strategies we realize that Macquarie is a bank which provides prestige for Australia and has a high reputation in the minds of many. References Australian Bankers Association, (2007), ‘The Australian Bankers’ Association’s role,’ (online) http://www. bankers. asn. au/default. aspx? FolderID=2 (Accessed 13th September 2007) Australia Competition and Consumer Commission, (2007), ‘Role and Activities,’ (online) http://www. accc. gov. au/content/index. phtml/itemId/54137/fromItemId/3744 (Accessed 13th September 2007) Australia’s Free Trade Agreement, (2007), ‘Benefits of Free Trade Agreements for Australia,’ (online) http://www. fta. gov. au/default. aspx? FolderID=239=187 (Accessed 13th September 2007) Australia Prudential Regulation Authority, (2007), ‘Streamlined data collection for life companies and friendly societies,’ (online) http://www. apra. gov. au/media-releases/07_15. cfm (Accessed 13th September 2007) Australian Securities and Investment Commission, (2007), ‘ASIC at a Glance,’ (online) http://www. asic. gov. au/asic/ASIC. NSF/byHeadline/ASIC%20at%20a%20glance (Accessed 13th September 2007) Bendigo Bank, (2007), ‘Corporate Governance,’ (online) http://www. bendigobank. com. au/public/about_us/corporate_governance/corporate_governance. asp (Accessed 13th September 2007) Chen, T, (1999), Critical Success Factors for Various Strategies in the Banking Industry, vol 17 issue 2/3. Commonwealth Bank, (2007), ‘Company Profile,’ (online) http://about. commbank. com. au/group_display/0,1922,CH2047,00. html (Accessed 13th September 2007) Dubrin, Dalglish Miller, (2003), Leadership, 2nd edition, John Wiley and Sons, Australia Hill, Jones, Galvin, Haidar, (2004), Strategic Management: An Integrated Approach 2nd edition, John Wiley and Sons, Australia Investopedia, (2007), ‘Debt-Equity Ratio,’ (online) http://www. investopedia. com/terms/d/debtequityratio. asp (Accessed 17th September 2007) Macquarie Bank, (2007), ‘About Macquarie Bank,’ (online) http://www. macquarie. com. au/au/about_macquarie/index. html (Accessed 10th September 2007) Macquarie Bank, (2007), ‘Corporate Governance,’ (online) http://www. macquarie. com. au/au/about_macquarie/corporate_governance. htm (Accessed 8th September 2007) Macquarie Bank, (2007), ‘Financial Report 2007,’ (online) http://www. macquarie. com. au/au/about_macquarie/acrobat/financialreport2007. pdf (Accessed 11th September 2007) Macquarie Bank, (2007), ‘History of Macquarie Bank,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/history. tm (Accessed 10th September 2007) Macquarie Bank, (2007), ‘Macquarie Bank 2007 Annual review,’ (online) http://www. macquarie. com. au/au/about_macquarie/acrobat/annualreview2007. pdf (Accessed 11th September 2007) Macquarie Bank, (2007), ‘Macquarie Bank announces 60% increase in profit and 47% increase in dividends per share,’ (online) http://www. macquarie. com. au/au/about_macquarie/media_centre/200705015a. htm (Accessed 17th September 2007) Macquarie Bank, (2007), ‘Major Seven Major Business Groups,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/mgmt_organisation/six_groups. tm (Accessed 11th September 2007) Macquarie Bank, (2007), ‘Management and Organisation Structure,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/mgmt_organisation. htm (Accessed 16th September 2007) Reserve Bank of Australia, (2007), ‘Structure and Functions of the RBA,’ (online) http://www. rba. gov. au/ActionPlan/index. html (Accessed 13th September 2007) Appendices Appendix 1 Focussed product differentiation A key element that has helped Macquarie differentiate its services from their competitors is how they have selected their market segments; however, this will be discussed in the next section. The reason they have a distinctive service differentiation from their competitors can be based on their values that they hold within the company. These values are; high ethical and professional standards, commitment to clients and growth, motivating and retaining quality staff, creating aligned staff and shareholder rewards and stringent reporting to create a high level of accountability (Macquarie, 2007) Focussed market segmentation Macquarie’s focussed market segmentation plan is to target a preferred demographical segment. They target the areas where they can best maximize their business as well as service their customers to the expectations that customers would hold from this prestigious company. They have a large commitment to the people they service as well as constant improvement to deliver higher standards of services and products to those people. As mentioned earlier, they expand selectively, seeking only to enter markets where Macquarie’s particular skills and expertise deliver real advantage to clients Focussed distinctive competency Another factor that has given Macquarie its strategic advantage would be

Philippe Halsman Essay

Philippe Halsman (2 May 1906 Riga, Latvia – 25 June 1979, New York City) was a portrait photographer who made major contributions to the world of modern movement in photography as a fine art. Although Halsman studied electrical engineering, he took up photography as a profession. Halsman left Austria for France. There he began his career as a photographer to fashion magazines such as Vogue and soon became one of the most reputed portrait photographers in France. By 1936, Halsman became one of the leading portrait photographers. His repute lay in the use of sharp, dark images rather than soft and mellowed focus of the old school. When France was attacked during World War II, Halsman eventually migrated to U. S. A , and lived there till death in 1979. In America, Halsman stepped into the world of fashion photography when his image of model Constance Ford was used by the cosmetics firm Elizabeth Arden in advertising â€Å"Victory Red† lipstick. Halsman could make a niche for himself in the photographs of the fashion magazines where his bold sharp portrait images could make a distinct departure from the earlier soft mellowed appearances. (PSGB, 1963) Halsman left his mark on fashion photography, through the many assignments that he took up over the years in various prestigious magazines; eventually he became the staff photographer for Life magazine, for which magazine he did more than one hundred covers, the first being the one portraying a model in a Lilly Dache hat. When Philippe Halsman’s portrait appeared on the cover of Life in 1942, it immediately reached a huge audience and created a major uproar. When Halsman joined Life, the magazine was young, and photojournalism was a new field, waiting to be explored, and Halsman embarked on the task diligently with his acumen of creating bright, sharp images. One of Halsman’s famous jump photos of Marilyn Monroe on the cover of Life magazine. (www. iphotocentral. com/†¦ /256/Philippe+Halsman) The photos of Albert Einstein taken in 1947 went on to become one of the most famous ones taken by Halsman. During the photography session, Einstein shared with him his regrets about his involvement with the United States in pursuing the atom bomb. This portrait was later used in 1966 on a U. S. postage stamp and in 1999, on the cover of Time Magazine, when Time named Einstein the â€Å"Person of the Century. † (Boni, 1962) Apart from the freshness and the new technique that he brought to portrait and fashion photography, Philippe Halsman’s contribution to the world of photography can be gauged in terms of the following focal areas: SURREALISM PSYCHOLOGICAL PORTRAITURE JUMPOLOGY SURREALISM: Though Philippe Halsman drew upon the works of surrealists, he could internalize the experiment within himself lending a distinctive edge to the evolving leitmotif, in terms of insertion of homely and uncannily disturbing details which held his subjects in a pictorial taut: his deep inroads into the surrealists’ delving of the erotic unconscious had gelled into his subconscious, making him combine so delicately the ordinates of sex, glamour and heightened energy, so synergistically, in the individual portraits of such sensual idols as Merilyn Monroe, Brigitte Bardot. In fact, an eminently rewarding outcome of a long and enduring friendship that he shared with the noted surrealist, Salvador Dali for over 3 decades in the early 20th century was a series of tableaux like Dali Atomicus, exploring the playful fantasies of an artist, his canvas, a bucket of water, cats appearing in a suspended flux. Halsman’s title of this photograph has indirect allusions to Dali’s work ‘Leda Atomica’. visible at the right end of the photograph, behind the cats. The degree of Halsman’s continuous striving for perfectionism can be gauged from one of his observations where he averred that he made 28 attempts before his final work could meet his stamp of approval. (ABC-CIS, 1976) Dali Atomicus (1948) by Halsman in an unretouched version, showing the devices which held up the various props and missing the painting in the frame on the easel. Another important collaborative effort between Dali and Halsman was seen in Voluptas Mors, a portrait of Dali near a verisimilitude of a skull composed of 7 interlocked nudes. Salvador Dali portrait, In Voluptas Mors (1951) In this joint effort Halsman assiduously exerted full 3 hours for arranging the models in terms of the sketch done by Dali. The posters for the films ‘Silence of the Lambs’ and ‘The Descent’ made use of the photographic version of Voluptas Mors, though in fairly subtle and not so subtle modes. (T-L Books, 1977) The master of surrealism, Salvador Dali had shared an intimate chemistry with Philippe Halsman. Dali habitually visualised the problems of creating and presenting the depth and intricacies of surrealist art and Halsman almost always managed to resolve these problems for him. ‘Voluptas Mors’ and ‘Dali Atomicus’ are only two examples of their collaborative endeavour that profoundly changed the outlook of the people towards photography as a form of fine art. (Halsman, 1989)

William Jennings Bryan

Much like the Republican problems during the 1892 election, in which Grover Cleveland won his second term of office, the Democratic Party faced problems in the 1896 election. Cleveland, who had won on the strength of labor unions and his policy on monetary policy, lost on both of his signature issues. His use of the military during a railroad strike in 1894 and his comment that he would he would commission the military to do government services if the postal service struck did not endear himself to the growing labor movement within the Democratic Party. These blunders caused the Republicans to gain over 100 House seats and control over the Senate in the 1894 midterm elections. The Populist Party reached a critical juncture in 1896. At the 1896 Democratic nominating convention, the more progressive aspects of the party rallied behind Nebraskan politician William Jennings Bryan. Bryan, a proponent of silver currency, gave a speech now referred to as the â€Å"Cross of Gold† speech in which he derided the Republican administration of monetary policy in the past and hoped for a more populist approach to government in the future. The Democrats rallied behind Bryan and the platform reflected not only his populist agenda but their future fusion with the People’s Party to create a more progressive and rural party. The Democratic platform included advocacy for free silver and the possibility of international bimetallism, a federal income tax, statehood for Western territories, and a decreased tariff. When the People’s Party met at their nominating convention, they voted to fuse their candidates to the Democratic Party and pool resources with the more organized Democrats. The Republican Party, resurgent with their congressional success in 1894, rallied around Ohio governor William McKinley, the namesake of the 1890 tariff bill that was hotly contested in this decade. McKinley and the Republicans shaped a platform around the gold standard, an increase in protective tariffs more vigorous navy, increased standards for immigration, the acquisition of Hawaii, and an opposition to the idea of bimetallism. His monetary policy shifted miners and the lower class towards Bryan, but his measured platform managed to keep labor and business happy. The two campaigns had contrasting styles. William Jennings Bryan crisscrossed the nation giving stump speeches that were both fiery and inspiring to Democratic activists. However, Bryan lost gold Democrats and progressives who were turned off by his policy towards the economy and towards his focus on rural populations. The McKinley campaign, managed by Republican operative Mark Hanna, received several million dollars in donations to aid in the Republican campaign. For the most part, Hanna got these donations out of businesses and the wealthy that were afraid of a Bryan presidency and agrarian revolt. McKinley ran a front porch campaign while 1400 plus Republican speakers went around the nation stumping against the â€Å"radical† William Jennings Bryan. While Bryan did well in the West and the South, the more densely populated industrial North and Midwest went to McKinley who was able to win the election. If Bryan had won the election, things would have been vastly different. â€Å"No one can make a million dollars honestly. † – Bryan was widely regarded as a prominent spokesman for millions of rural Americans who were suffering from the economic depression following the Panic of 1893. William Jennings Bryan believed in free and unlimited coinage of silver, which he thought would remedy the economic ills then plaguing farmers and industrial workers. This inflationary measure would have increased the amount of money in circulation and aided cash-poor and debt-burdened farmers. He blamed big business for the economic depression that was present. If elected President of the United States, he would have advanced his idea for free coinage of silver. Although this would have been beneficial for the majority of farmers, many of the rest of the population would have been extremely unhappy. The big business partners would have gotten together and plotted for the assignation for William Jennings Bryan; which would have been successful. Bryan should have never messed with big business because, they mean business. â€Å"Destiny is no matter of chance. It is a matter of choice. It is not a thing to be waited for, it is a thing to be achieved. † I believe that it was William Jennings Bryan’s destiny to lose the election of 1896 so that he would not be assassinated. It was for the better of the country that he had not won the election. The economic strategy of farming for the country was coming to an end regardless.

Microsoft Office Review Assignment Page Win34

2. Shelly folder-lists location Computer-shows the disk drives and hardware connected to this computer. Recycle bin-Contains the files and folders you have deleted. Mozilla Firefox-Lists location HP photosmart-HP Photosmart Essential 3. 5, also listed location McAfee Security scan-listed the location Windows update-Delivers software updates and drivers and provides automatic updating options. Microsoft Security Assentials- Microsoft Security Assentials Malwarebytes anti-malware-malwarebytes anti-malware, also listed where it’s stored. . 22 4. 1 5. 2 6. The button on the task bar is highlighted and the top of the screen says untitled paint. 8. 0 9. I right clicked the paint button on the taskbar and right clicked close window. 10. cut, copy, paste, undo, redo, select all, layout, folder and search options, delete, rename, remove properties, properties, and close. 11. I clicked help and then went down to view help and clicked on that. This dialog box is used to offer helpful sug gestions on recovering files from the recycle bin. 2. I clicked libraries on the left side of the window and documents was right underneath of it. 13. It contained one video clip called Wildlife. 14. I selected extra large icons and the icon looked the same just became large. 16. I chose understanding security and safe computing from the bulleted list of options to choose from in the help and support window. I learned that there are 4 ways you can protect your pc from security threats. 17. 12 topics, 30 topics

Comparison Between Gold Rates and Sensex Essay

Correlation : Correlation is a statistical technique that can show whether and how strongly pairs of variables are related. Correlation is computed into what is known as the correlation coefficient, which ranges between -1 and +1. Perfect positive correlation (a correlation co-efficient of +1) implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Alternatively, perfect negative correlation means that if one security moves in either direction the security that is perfectly negatively correlated will move in the opposite direction. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Regression analysis: It involves identifying the relationship between a dependent variable and one or more independent variables. Case Analysis The initial analysis compares two Asset index prices the SENSEX and the GOLD. The Sensex has the top 30 stocks. The Gold is an important Asset in terms on Investment as it also offers the benefit on diversifying the Portfolio risk. To apply the Correlation and regression concept, we consider an investor who plans to invest in Gold looking at the rise in the gold prices. He is still reluctant if he should choose Gold as an investment option or if he should consider investing in some other investment options based on Sensex. as on 15th September 2012. Hence, he plans to carry out a research on the same, for which he attends a seminar on â€Å"Investment Opportunities†. There was a debate amongst the Financial Analysts – â€Å"Does Sensex rates affect Gold prices?† Analyst1 : Gold prices have been on an uptick since 2000, while the stock market declined from 2000 to 2003 and then again in 2008. Hence, Sensex fluctuation does not determine the Gold prices i.e. rise in Sensex might not always lead to rise in gold price. Analyst 2: Through the recovery phase that commenced in 2003, gold prices kept rising. Analyst 1: Gold prices normally appreciates in value. Analyst2: Fluctuations in Gold prices are determined by the fluctuations in Sensex i.e.: Decline In sensex. This created a confusion. Hence, to clarify the confusion he plans to study the price trends of the Gold rates and the Sensex for the dates ranging from June 1st’2012 – August 31st2012. After checking the correlation he found that the correlation between the closing prices on Gold and Sensex was 0.24 which was weak. Thus, he decided that Sensex rates was not the only factor to consider investment in Gold. Otherwise, Gold is a good option for investment as it provides diversification and hedging in investment. Conclusion: Correlation between Gold and Sensex is 0.24 which is positive and weak. Thus, based on this correlation change in Sensex has an effect on Gold rate but it is very small.

Extra Tax on Fast Food Essay

Nowadays people always are overweight or obese. A big reason of this is unhealthy food like a Big Mac, Hamburger etc. Too much of any of those can cause serious health problems which a lot of people of the world today suffer from. The real problem is why are people making these choices? It’s simple, unhealthy food is cheaper than healthy food in many cases. Is it a good idea to introduce a fast food tax, or do unhealthy food observe to remain cheap and free of extra tax? To start things off, I will refer to this unhealthy food as â€Å"fast food†. One problem with fast foods is that they are low in satiation value. That is, people don’t tend to feel as full when they eat them, which can lead to overeating. Another problem is that unhealthy food tends to replace other, more nutritious foods. When people are snacking on chips and cookies, they are usually not loading up on fruits and vegetables. Already you can tell this is quite a problem, but it can be reduced to some degree if we raise the taxes on fast food. If the taxes are increased then people will be opted to buy healthier foods such as vegetables or other nutrient rich foods without added sugar or sodium. They will no longer be more expensive than the cheap, unhealthy, fast food. This in essence, will reduce the amount of unhealthy food that people will ingest. Another point is that the extra tax on fast food will saves lives. Heart disease is the second most common cause of death. Many lives could easily be saved. As well as saving lives, reducing obesity will also improve the quality of life. The argument against a extra tax on fast food is that those on low incomes are more likely to consume unhealthy foods, therefore this tax will increase inequality. However, if a tax on fast food saves lives, we should not avoid implementing it just because it is the poor who will mostly benefit. If we are really concerned about the impact on equality, the revenue from a fat tax can be targeted to the benefit of the poor. A increase in inequality need not occur from a fast food tax. Who is the government to tell people what to eat? If we want to eat salty and fatty foods then let us eat this. The whole point is people are still free to consume as much salty and fatty foods as they like. All in all it can be said that it is an unfair tax because fast food is bad for people who suffer obesity, shouldn’t mean that everyone who enjoys the quick, cheap service fast food offers. People who are in a hurry or people short on cash may find fast food an ideal service, but if it is taxed due to obesity, then it will also affect people who aren’t obese.

Life Stages and Financial Products Essay Example | Topics and Well Written Essays - 2000 words

Life Stages and Financial Products - Essay Example Most individuals assume that they have a lot of time on their hands and this could prevent them from building a strong portfolio. Failure to start early at this phase could deny one the opportunity of enjoying interests that accrue from time. Additionally, starters may struggle with minimal income, so this could be a challenge. Student debt may also trouble persons in this category as they attempt to cover their living expenses in the process (Koh, 2012). Young people often want to have fun and enjoy the benefit of not being tied down by responsibilities. They may be focusing on climbing the career ladder and getting to know what they really stand for. Perhaps the biggest challenge for young professionals is that they lack information on how to invest. They may be boggled by a plethora of information available on financial security. Some may purchase cars at this stage or do so later. Starting a young family is the next phase. Usually, one will get married and start having children. It may begin in the late twenties or early thirties. At this stage of life, people will need to think of relocating to a bigger house that will accommodate more people. Additionally, concerns about merging two people’s financial lives together may arise. Matters to do with health and education for the young children also need to be addressed. It is often necessary to plan for a rainy day as several dependants are in the picture (This is Money, 2013). Expenses at this time will often rise as children and family members can be quite expensive.

The correlation between race and child obesity Research Paper

The correlation between race and child obesity - Research Paper Example Many researches have been carried out to understand the reason behind the increase in prevalence of obesity among children. The aim of this paper is to compare two articles discussing the research about the role of racial background in the development of obesity among children. The validity of the information in an article depends not only on the credentials of the author but also on the efforts taken by the author to reach the depth of the topic discussed. The two articles that are included in the study are: 1) â€Å"Racial and Ethnic Differentials in Overweight and Obesity Among 3-Year-Old Children† by Kimbro, Brooks-Gunn and McLanahan and, 2) â€Å"UCSF study finds racial gaps in child obesity† by Allday. The analysis of the articles â€Å"Racial and Ethnic Differentials in Overweight and Obesity Among 3-Year-Old Children† (by Kimbro, Brooks-Gunn and McLanahan) and â€Å"UCSF study finds racial gaps in child obesity† (by Allday), revealed that the racia l background is one of he major factors of development of obesity in a child as parents from different racial background harbor different beliefs about obesity and this influences the weight of a child. â€Å"Racial and Ethnic Differentials in Overweight and Obesity Among 3-Year-Old Children† by Kimbro, Brooks-Gunn and McLanahan, is an excellent article which provides an in depth information about the effect of racial background on the development of obesity in children. The authors of the article are qualified and have experience in the field of health science. The authors, Kimbro, Brooks-Gunn and McLanahan, are working with University of Wisconsin, Columbia University and Princeton University, respectively. Their experience has helped them to reach the depth of the topic by studying different aspects of children’s life which could affect the development of obesity in them. The study discussed in the article is comprehensive and is based on

Business Decision Making Essay Example | Topics and Well Written Essays - 3000 words

Business Decision Making - Essay Example Reason for colleting the primary and secondary data for the given business problem helps to reach the authentic decision to advice the clients in Spain, France and Italy. As the manager of the company, preparation of most suitable plan for primary and secondary data collection is very much necessary. â€Å"Data Collection helps your team to assess the health of your process. To do so, you must identify the key quality characteristics, you will measure, how you will measure them, and what you will do with the data you collect† (Module 7: Data Collection n.d. p. 1). Here I am working for the manager of a property company in UK and also at the same time our company deals with properties in other places like Spain, France and Italy. There are more than 100 clients, who are  interested in buying properties particularly in Spain. That’s the reason why, all these countries are frequently asking questions regarding the property. Taking in to the mind the respondents, it is th e best way to get the information appropriate. This enables to understand various revealed complexities. Primary Data:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Primary research method is one of the widely used methods to collect information from the respondents in order to make the proper decision regarding the sell or renting the property.   The primary methods are used to make the most appropriate decision and also to give advice to the overseas Questioners and survey. Primary research has been selected for the reason that primary research offers the creative information that is required for the function of the study and is primarily required for the study. It is prepared by gathering of primary information. Questionnaires Method:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Questionnaires method is one of methods used to gather information from the target customers to acquire the relevant information. A questionnaire is one of the well-built research apparatus and it encloses the various questions and some of the other suitable matters for the reason of gathering data's from clients. After the information collected from the questionnaire, next step is to study the information with the help tables and charts. The structuring of questionnaire is on the score base, which facilitates the respondent to take the appropriate decision. Majority of the questions in this are based on given situation. This supports the foreign countries to respond without doubt. The questionnaire is arranged in a simple way, which makes him to pursue the pattern in an easy way. Most of the questions are arranged in a simple way, to help the clients to follow the questions easily. Questionnaires consist of 10 main questions that will helps to make the most appropriate decision. The structuring of questionnaire should be cautiously designed in accordance to the preconditions of accuracy and relevance. Questionnaires are an appraisal method, which is very well-known to most educators. â€Å"Questionnaires, paper or elec tronic, consist of a set of questions or items that are designed for a selected group of people, such as teachers, administrators, parents, students, or others. Questionnaires vary in length, focus, and types of items, such as checklists, scaled items or open-ended questions and are particularly useful in gathering data from large groups of people about perceptions, attitudes, intended actions or application of learning† (Preparing to Collect Data n.d.).    Survey Method:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Surveys are one of the approaches used to gather the data's to investigate and make a proper idea regarding the business problem. It is the method that the majority of the organizations use to collect the clients view on given subject. â€Å"The Survey method is the technique of gathering data by asking questions to people, who are thought to have desired information. A formal

International Management Essay Example | Topics and Well Written Essays - 2000 words

International Management - Essay Example It is very well known that, countries with weakest state of health and education are less susceptible in attaining economic growth than countries, which have prodigious access to health services and education. Among poor countries, those with an infant mortality rate between 50 and 100 per 1,000 live births have an average annual economic growth rate of 3.7 %, whereas those with an infant mortality rate greater than 150 have an average annual growth rate of only 0.1%. Needless to say poor health is a significant factor in the hindrance of a nation's economic growth and may have worldwide implications. An estimate has revealed that, each 10% improvement in life expectancy at birth is associated with a rise in economic growth of at least 0.3 to 0.4 percentage points per year, holding other growth factors constant. That brings us to the convention of globalization, which has the capacity in increasing knowledge and information, technologies, productivity mechanisms, and greater social and cultural interchanges. Building health and education programs, which cater all the need, will promote a sustainable and healthier society. Without such initiatives globalizations positive impact would not be realized. It is high time to admit that both private and public sectors have vital role in creating global interdependence that includes populations who are weak, poor and needy. Based on its highly effective health improvement and... It also plans to launch non-formal primary education to post-war southern Sudan. BARC today has emerged as a fundamental organization touching the lives of around 100 million people through a variety of program interventions covering health, education, nutrition, poverty alleviation and environment. Resources are unevenly scattered across the surface of Earth, and no country has all the resources it needs for survival and growth. Thus, it's a pre-requisite for each country to trade with others, and Earth is a world of increasingly global economic interdependence. Economy is largely dependent on the availability of advanced technology and investment capital. Local and world economies are interconnected to create networks, movement patterns, transportation routes, market areas, and hinterlands. Sweeping changes in the global economy pose greater challenges for developing nations such as Bangladesh and Guatemala, where, economic activities tend to be at a more basic level, with a substantial proportion of the population being engaged in the production of food and raw materials. Since, the concept of global interdependence has touched almost all the spheres, subsistence farming exists sometime with commercial agriculture. For instance, in China, a government-regulated farming system provides for structured production and tight economic links of the rural population to nearby cities. In Latin America and Africa, rural people are abandoning land and migrating to cities in search of jobs and economic prosperity. Economic activities are entirely dependent upon capital, labor, information, resources, power supplies and land. Patterns of industrial labor

Monoclonal antibodies Essay Example | Topics and Well Written Essays - 2000 words

Monoclonal antibodies - Essay Example The fusion of myeloma cells together with mammalian spleen cells results to a hybrid cells that produces a high amount of the monoclonal antibodies. Out of this experiment, two types of cells are produced. One has the potential to grow continuously while the other has the ability to produce large amounts of monoclonal antibodies. Monoclonal antibodies are works better than convectional drugs since the antibody specifically targets the antigen and does not have negative health effects like the conventional drugs, which causes side effects after being used (Hsu, 1990, 34). If the amount of monoclonal antibodies becomes excess in the blood, it means that there is the presence of abnormal protein in the blood.   Screening of blood helps to identify these proteins through a process called protein electrophoresis. The plasma cells in the bone marrow are the main source of the production of monoclonal antibody abnormally.Monoclonal antibodies production  Hybridoma produces the monoclona l antibodies. Hybridoma cells can be made through fusing two cells so that the characteristics of two cells can be combined into one cell. One of the two cells should be myeloma, which is the tumor cell while the other should be the antibody-producing cell. The hybridoma produced in the laboratory has the ability to replicate faster than the normal cells that produces antibodies (Newcombe, 2007, 23). One common way in which the immune system of the humans fights diseases or presence.... pecifically targets the antigen and does not have negative health effects like the conventional drugs, which causes side effects after being used (Hsu, 1990, 34). If the amount of monoclonal antibodies becomes excess in the blood, it means that there is the presence of abnormal protein in the blood. Screening of blood helps to identify these proteins through a process called protein electrophoresis. The plasma cells in the bone marrow are the main source of the production of monoclonal antibody abnormally. Monoclonal antibodies production Hybridoma produces the monoclonal antibodies. Hybridoma cells can be made through fusing two cells so that the characteristics of two cells can be combined into one cell. One of the two cells should be myeloma, which is the tumor cell while the other should be the antibody-producing cell. The hybridoma produced in the laboratory has the ability to replicate faster than the normal cells that produces antibodies (Newcombe, 2007, 23). On the other hand , the tumor cells have potential to grow endlessly and at a higher rate than the normal cells. A specific monoclonal antibody that is originally produced by the B-lymphocyte is manufactured by the hybridoma cells. One common way in which the immune system of the humans fights diseases or presence of an antigen is through the production of large amounts of antibodies (Birch, Lennox, 2000, 30). These antibodies keep circulating throughout the body until they come across an antigen, which they will attach themselves on. As soon as they attach themselves, they alert the rest of the immune system to produce many of the antibodies to fight the specific antigen found. Monoclonal antibody can be produced in the laboratory and its effectiveness carries a higher percentage since it is designed for a

Strategic Human Resources Management Essay Example | Topics and Well Written Essays - 2000 words

Strategic Human Resources Management - Essay Example The case study of South African Breweries (SAB) is an ideal model of organizational development through focus on human resources development to achieve the company's vision. (Johnson, 2000). The alignment of the company's vision with performance enhancement and innovation led to overall development of the organization. Planning and structuring of programme of human resources development formed the focal point to achieve growth globally in an environment which was in a state of flux in South Africa. This change was achieved by strategic human resources management thinking by the Human Resources Department of the company. High performance working and planned organizational development through the human resources perspective are thus seen to form a link in strategic human resources management The growth of the information, knowledge and service economy brought about the need to adapt a more flexible model of working wherein work is a dynamic rather than a cyclical process exemplified by the assembly line in the concept popularized by Taylor. (HPW, 2006). The Taylorian model is seen to be quite inefficient and ineffective in delivering services in the modern economy focused on the need to design solutions for individual customers. High performance working on the other hand places emphasis on policies in organizations that are people centric thereby enhancing the focus on delivering the best to the customer down the chain. This has necessitated a large cultural shift in many organizations which may or may not be wholly accepted by many people. HPW has been defined as evolving a decentralized, non hierarchical flat organizational structure with limited management control, high level of autonomous working based on trust and commitment and team working. (HPW, 2006). As culture involves both strategy and people, there is an innate link between HPW and strategic human resources management. The implementation of HPW is a powerful strategic shift to ensure personnel development is a change which is implemented organizationally. The need to adopt a wholly new and dynamic culture is essential. The key focus of this strategy is on the human resources staff that has to ensure implementation of the concept in an internal environment which may or may not be supportive of the same. For HPW to succeed the vision of the company has to shift to providing value to the customer and aligning the product to the needs of the customer. This will have to be a vision based, top down process which can be implemented through out the organization in a systematic manner. Holbeche (2002) has provided a check list for high performance organizations which have adopted HPW. The key components of HPW have been designated as development of people through structured training programmes to manage the self, build team capabilities and capacities to implement projects simultaneously with improvement of performance and fulfilling the goals of the organization. The aim should be to create an evolved, committed employee down the chain to enable delivery of core service to the customer. The process of HPW is thus a change from the traditional model and there is as much emphasis on team building, trust and commitm

Asthma Essay Example | Topics and Well Written Essays - 1500 words

Asthma - Essay Example Industrialization has not only influenced lifestyles, environmental changes but also predisposed alteration in genes as individuals are now exposed to numerous environmental agents encompassing tobacco, smoke, pollen etc (Gilmour et al., 2006). These factors contributed to the augmented frequency of asthma. According to Umetsu and Dekruyff (2006), numerous research studies reveal that avid T-helper 2 (Th2)- driven responses results in asthma proliferation. CD4+ T cells making Th2 cytokines play an imperative role in lungs of asthma patients. The chief reason is interleukin-4 (IL-4) and IL-13 augments the level of (immunoglobulin E) IgE whereas IL-4, IL-9 and IL-10 augment mast cell proliferation, IL-5 enhances eosinophil accretion while IL-9 and IL-13 directly cause mucus hyper-secretion and airway hyperactivity (Umetsu and Dekruyff, 2006). These studies highlight the fact that allergy and asthma are compound genetic attributes, however in the proliferation of asthma numerous environmental factors encompassing allergens and pollutants play an imperative role. These act as stimulating factors and trigger genes to influence the propagation of asthma. It is evident that every individual is exposed to the allergens and other triggering agents but the condition of asthma is observed only in some sensitive individuals, underlining the importance of interaction between environmental and genetic factors in the development of asthma condition. Other preventive mechanism involves immunological factors that play the necessary role in preventing allergic and asthma condition needs further exploration (Umetsu and Dekruyff, 2006). Signs & Symptoms Coughing, wheezing, congestion or tightness in chest and difficulty in breathing or shortness of breath. Etiology According to Yeatts et al., (2006), reports are available displaying numer ous windows of exposure present the onset of asthma condition. These conditions may be witnessed right from the fetal stage in utero condition, which is directly influenced by the timing of T-cell memory programming as well as genetic predispositions to such conditions especially in case of atopic parents because of underdeveloped immune system of the fetus. Maternal smoking (includes nicotine and carbon monoxide which diminishes blood cytokine levels, stiffens the uteroplacental circulation and augments the discharge of catecholamines, a direct implication on fetal breathing movements), consumption of alcohol during pregnancy drastically influence the development of asthma, followed by the condition of obstetric complications and elective cesarean section. Asthma during childhood is attributed in 80% of the cases to genetic susceptibility where males show 2-4 times greater frequency as compared to the females. In adults asthma is attributed to the environmental conditions, lifestyl e, smoking habit and occupational hazard. As the age progresses exposure to environmental conditions and also occupational hazard increases which may augment the chances of asthma proliferation (Yeatts et al., 2006). According to Khetsuriani et al, (2008), there is a relationship between human rhinovirus (HRV) and asthma. Molecular characterization methodology was adopted in the study to examine HRVs in asthma cases.

Commercial Contract Case Study Example | Topics and Well Written Essays - 1000 words

Commercial Contract - Case Study Example (Atiyah Chapter 1). c.) Acceptance: When two parties willingly agree to the terms and conditions of a contract, then the requirements of acceptance can be claimed to have been met. Thus, the moment Stamatelly showed written acceptance of the laptop at the offered price, the first part of the contract can be said to have begun. Even if Yusuf did not show the initial direct signs of accepting, his action of replying to the e-mail to clarify the offered price is an advanced stage of acceptance to sell the laptop. (Atiyah Chapter 1). d.) Acquiescence: This is defined as the contracting parties actions and inactions as long as the initial acceptance stage had been satisfied. The issue of time is also important at this stage, as a seller who makes an offer at certain terms and conditions and receives offers at the same, needs to seal the deal without any further delay. In the above case study, Yusuf first made the laptop offer at $200. Stamatelly replied with an earlier lower price of $120. However Yusuf was adamant and fixed the offer at $200, which Stamatelly acquiesced to without further condition. (Atiyah Chapter 1). In the end Yusuf sold the laptop to another party at $180 which was much less than what Stamatelly wanted to offer. Yusuf also changed conditions for the sale at later stage to include time that the offer will be available. Even though he set the final settlement time of before noon the next day, he had sold the laptop the previous evening. This, coupled with the last minute change of price will be a potential legal suit for breach of business contract. (Atiyah Chapter 1). An analysis of the objective theory of this contract. In citing the Wilson Court Ltd. P'ship v. Tony Maroni's, Inc., 952 P.2d 590, 594 (Wash. 1998) (citing U.S. Life Credit Life Ins. Co. v. Williams, 919 P.2d 594, 597 (Wash. 1996), a contract is objective its manifestation is considered over its unseen subjective intentions of the contracting parties. Thus in the case study, Yusuf exhibited outward manifestation of assent when he clarified that the price would remain at $200. Thereafter, Stamatelly expressed mutual consent on these terms. At no one time was there any dispute about the condition of the product of contract which is the laptop. (Atiyah Chapter 2 - 4): (Stephen Waddams Chapter 1-3) It is also right to hold that both parties expressed outward manifestation of assent. Yusuf did so by the exclusive advertisement about the Laptop make, condition and price and even gave out his telephone numbers and e-mail for authenticity of the advertisement. Stamatelly also did so by writing to accept the offer in terms and condition by e-mail. The e-mail platform in this case study can be held as the outward manifestation whether direct or indirect. This is following the City of Everett v. Estate of Sumstad, 631 P.2d 366, 367 (Wash. 1981). (Atiyah Chapter 2 - 4): (Stephen Waddams Chapter 1-3) Possible Legal Redress. Stamatelly can rightly seek legal redress. She can aver that Yusuf was in breach of commercial contract especially at the acquiescence stage. She can cite the issue of time that was first introduced at a later stage

Victoria Chemicals Case Study Example | Topics and Well Written Essays - 1250 words

Victoria Chemicals - Case Study Example Earnings per Share are a portion of profit for the company which is allocated to each outstanding share of common stock. The company had been under pressure from its investors for it to improve its financial performance because of the accumulation of the firm’s common shares by a well known corporate raider. The Earnings per Share had fallen from 180 pence per share by the end of 2007 from 250 pence per share by the end of 2006. To increase its earnings per share, the company required to modernize the Merseyside production process which was old. Lucy Morris, the plant manager at Liverpool believes that the funds for the modernization of the Merseyside Works project could be obtained from the corporate headquarters until several questions were raised. It is therefore quite important for the plant manager and Frank Greystock the controller to address and analyze each question keenly. Based on these issues, Morris will determine the way forward towards modernizing the Merseyside Works project. This way forward includes the analysis of the project in different aspects to determine whether its implementation will be for the good of the overall company. The plant manager will have to choose which category the product lies on based on whether it is a new product or market, market or product extension, engineering efficiency and safety or the environment. The Merseyside Works project is on the engineering efficiency category and will analyzed based on the concerns below. 1. Transport division concerns Victoria Chemicals produces its polypropylene at the Merseyside and Rotterdam works. The Transport Division in the company oversees the transport of all raw, intermediate and finished materials throughout the company. The Merseyside modernization capital project is part and parcel of Victoria Chemicals, and this means that all transport needs should be addressed by the company’s Transport Division. Just as Greystock said, funding from the corporate headquart ers in regard to transport is baseless as the project should make use of the company’s excess capacity. All allocations done on the company, and its subsidiaries go to the Transport Division and hence the division should carry the allocation of the rolling stock required for the project. Transport issues will be dealt by the Transport Division of the company hence no need for funding on this sector. 2. ICG Sales and marketing department concerns Modernizing the Merseyside means improved productivity and increased outputs and with lower costs which enable the company to take business from competitors due to the low prices of polypropylene. The added output will help the company in obtaining full efficiencies. Modernization of the Merseyside plant will help Victoria Chemicals in maintaining its cost competitiveness, and this means that the capital project is a worthy course for the sales and marketing department since it would not lead to cannibalization of the other plants. Be low is the analysis provided by Greystock on the financial performance of Merseyside works 2008 2009 2010 2011 2012 Output 267,500 267,500 267,500 267,500 267,500 New Gross Profit 21.72 24.83 24.83 24.83 24.93 Old output 250,000 250,000 250,000 250,000 250,000 Free cash flow 1.27 3.92 3.86 3.77 3.08 Incremental gross profit 2.32 5.42 5.42 5.42 5.42 The above table clearly shows how the project will perform. Based on the table above, it is evident that the project at Merseyside works will be of great help to Victoria Chemicals plc. Though it may have its share of disadvantages, the advantages of the project under this concern outweigh the negative ones. 3. Concerns of the assistant plant manager Before proceeding with the capital projec

President Obama's Health care reform Research Paper

President Obama's Health care reform - Research Paper Example coverage, insured families that are only a sickness away from financial ruin as well to as patients whose insurance companies have rebuffed covering them. This law has several components that are outlined in the following paper. This paper is further going to give the case for and case against the law. The health care reform is a comprehensive insurance strategy that aims to ensure that every American has quality health care and it is affordable to them. The aim of the health care reform was to target and ensure that all Americans were insured for their health care in a way that was affordable for the individual, the family and the government at large. The reform’s plan was also to target every individual in America irrespective of whether one had a prior cover or not. This was very vital as the number of uninsured individuals was on the increase as would be compared from the year 2000 during which it was only 13.1% of the Americans. This number went up to 16.3% in the year 2010 (Christie, Para 1). The major reasons for such a big percentage is the increase in restrictions for acquiring health care insurance and the increasing cost of getting the cover as well. Some of the restrictions were the denial of cover for individuals with pre-existing conditions such as diabetes in children and young adults aged 19 and 25 years of age who did not have medical cover in the place where they were working. Furthermore, the high cost was way above the affordability of most middle and low-income earners. The battle to have the legislation about the reform has not been smooth sailing and it has been largely treated as a battle between the democrats against the republicans. On the 7th of November 2009, when the bill was tabled in the house, the democrats had the day by a slight margin of 219 while the republicans had 212 (Kane, Para 1). Later on march the 23rd 2010, president Obama signed the bill into law and that, according to some people, was the light at the end of the

Market Segmentation (In simple terms) Essay Example | Topics and Well Written Essays - 1000 words

Market Segmentation (In simple terms) - Essay Example It is indeed quite a challenge to segment a price sensitive market, as the company might end up losing a good share of its customers, if it plans its services for some other segment. For example, if the segmentation is being done for the retail sector, then the segmentation process might involve classifying the customers on the basis of goods and commodities being purchased, number of visits to the superstore, size of family etc. Similarly, if it has to be for an airlines industry, then we need to take into consideration the general aspects of airlines industry, duration of the travel, type of traveler - corporate or general etc. It is not a must that all corporate clients would prefer to have meals on their journey's ranging from one hour to two hours. Such a journey can be undertaken with a low cost airline which cuts the cost by not serving the meals. During such a journey what the client will be looking at is a thorough professional approach from the airline staff and a comfortable journey. Therefore segmenting essentially involves identifying customers with homogenous attributes who are expected to respond to the company's marketing mix in similar manner. If the needs of customers are clubbed in this manner, the company can always pool its efforts towards making the experience of the customer or consumer worth the price being paid. An effective and elaborate market segmentation is supposed to achieve the following: Opportunities represented by each segment are clearly measurable and substantial: This implies that the material advantage for each segment must not be limited to intangibles only. Instead the advantages must be substantial enough to attract the existing as well the prospective customer. If the opportunities for customers are tangible enough, the existing customer base can be widened in due course or the segment can further be subdivided depending upon the extent of penetration being achieved by the company or the product portfolio. Segments are accessible and identifiable for the company: The segments being targeted by the company must be within easy reach of the company, with existing infrastructure and related support base. For example, if the company plans to cater to the consumers in some remote locality, it must have strategic tie ups with local transporters and the community in general. Meaningful differences exist between segments that will lead members to respond differently to elements of the marketing mix. It must be emphasized here that there are some segments which may not have easily distinguishable live dividing them, but it is equally true that there are segments which are poles apart as far as their needs are concerned. For example one person owning a Formula-1 race car might be having entirely different needs than an ordinary citizen using an MUV. While on the one hand F-1 racer requires best possible technology at any cost, the MUV car owner will have to see fuel efficiency and other price considerations before finalizing the deal. Segmentation is strongly linked to the business mission, goals, and identifies opportunities that fit well with resources and capabilities of the company. Market segmentation is carried out depending upon the plans, mission and objectives of the company. A company will of course want to cater to a market where it feels more confident in taking on the

Retail Banking Essay Example | Topics and Well Written Essays - 1500 words

Retail Banking - Essay Example The process of such redefinition is by means of strategic relocation in the economic service sector. Augmented competition, expansion, innovative services, and new-fangled geographic markets construe to the fact that both the gamut of stakes or risks and the stake profile for the banks are considerably transforming. Banks are transforming with the incorporation of economic markets, thereby, facilitating with tremendous opportunities for expansion. The Western banks have accounted for generation of around 90 per cent of the revenue from the interest income which has depreciated to 60 per cent, and sometimes, as low as 40 per cent (Penza and Bansal, 2000). As viewed by Miller, Fee-based income by means of the investment services as well as derivatives are some new-fangled sources of income which are becoming increasingly pertinent for the income statements of commercial banks (Miller, 1988). ... Nearly, every nation, until the commencement of the twentieth century, possessed a domestic retail banking sector which was set apart from its fellow citizens, thereby, being dominated by a handful of developed banks (Ream, 1998). The core assets of retail banks are widespread branch networks where each branch is equal to the others, along with a manager and extensive back-offices. However, this was all limited until the advent of e-Banking. Even though, banks are commonly condemned for construing a customer as various account units, they lucidly comprehend to the fact that it is the customer who is the focus of everything they do. The retail banks which can easily make out the significance of an efficacious customer relationship approach and the requirement to be more customer-centralized for making sure they settle on long-term success. Chronologically, retail and investment banks have been managed along the tracks of business which has resulted in silo vicinity that inhibits banks from turning into customer-centric hubs. The retail and investment banks manage customer information in an efficacious manner by eradicating the storage authorities of the customer information by means of incorporating statistic systems and procedures across various product lines, which has helped in providing the sharing of modern information with the employees. This has helped the banks in comprehending to their customers in a better way, keeping in mind their future fundamentals as well. There is a devastating agreement regarding the

Analysis Essay Example | Topics and Well Written Essays - 500 words - 18

Analysis - Essay Example After the pretest, what followed was a series of set instructions. First, the students learnt addition and subtraction by using a number line. This involved indicating numbers that came before or after a given number X and distinguishing odd numbers from even numbers. The next stage involved using cubes to teach addition and subtraction. For instance, having a pile of ten cubes stacked together then taking two away or adding two and then asking the student what this activity resulted in (what is the new number of cubes after adding or subtracting?). Afterwards the students learnt the hundreds and tens chart. After the chart, the students learnt simple place values to enable them to group the digits of a number into ones and tens respectively. In addition, the students were required to count pennies (ones) and dimes (tens) and consequently use these values for addition and subtraction (California Department of Education, 2009). After a successful completion of the above activities, the students did a post-test in whole groups of three again for 25 minutes. The test was on a math work sheet and it comprised of eight questions that were similar to the questions in the pre-test. All the students who did the pre-test also did the post-test for purposes of determining the effectiveness of the teaching strategies applied. There was a tremendous improvement in the students’ performance in the post-test compared to the pre-test performance. In one group, the pre-test had the scores Alyssa 3, Faith 2 and Isaiah 2 out of a possible eight points. In the post-test, the scores were Alyssa 8, Faith 7, and Isaiah 8 out of a possible eight points. This significant learning gain is a direct result of the learning tasks that followed the pre-test. Nonetheless, math is a subject that requires continued practice to ensure that the concepts remain intact as a student advances from one grade to another. As such, the students should

EU Initiatives for Contribution to Health and Safety of Workers Coursework

EU Initiatives for Contribution to Health and Safety of Workers - Coursework Example Contributions were made from the member states of the European Union. There was a focus on indicators of health and safety strategies including the extent and costs of occupational injuries and ill health, legislative arrangements, inspection, preventive services, and arrangements for participative management of health and safety and insurance systems. EU HSE directives and specific applications have been reviewed. Hazard has been defined as something such as an object, property of a substance, or a phenomenon or an activity that can cause adverse effects. For example, the breathing of asbestos can cause lung cancer. Risk has been defined as the likelihood that a hazard will actually cause adverse effects, and the effects can be measured. The interpretation is in two parts. Likelihoods are expressed as probabilities, frequencies or in a qualitative way. Effects are described in some measurable way (HSE, 2010). SFAIRP is defined as â€Å"so far as is reasonably practicable† or â€Å"reasonably practicable.† The HSE Act has led to legislation for duty holders to ensure so far as is reasonably practicable. It is a statutory obligation that has to be carried out in the light of current knowledge if it is feasible, irrespective of cost or difficulty. The term requires a cost-benefit analysis to be used while determining actions that have to be taken in response to identified risks or comparison is to be carried out in similar circumstances. The preventive measures should be commensurate with the magnitude of risk (Institute of Engineering and Technology, 2009). SFAIRP is also defined as â€Å"it can be done, it must be done â€Å"or â€Å"practicable.† It is a statutory liability in health and safety legislation. The legislation may be absolute or qualified by expressions for ensuring â€Å"practicability.† The courts make a determination as to whether duty holders have complied with their obligations.

The development of an individual Essay Example for Free

The development of an individual Essay Income, money is always a problem when theres not enough of it, Money will always have an impact on peoples lives, In the UK there are millions of people still living in poverty, even with all the benefit schemes in place. Physically: Adults with a low with a low income may be slightly more overweight than someone with a higher income due to the fact that they cannot spend money on gyms, healthy foods and so on, if they have children theyre most likely to follow the same way. Its been proven that those who live in poorer areas dont live as long. Intellectually: With the education today (mainly universities) prices are increasing largely. Those who are the lower class wont benefit as much as those whom are in the higher class. This includes both teenagers and adults. Emotionally: Not bringing in a lot of money can affect you seriously; it can make you depressed, worried, sad, it may also make you lose motivation instead of gaining it. Being an adult you have larger responsibilities than a teenager, Adults with a family have to support each person within that family and with a low income this can become impossible. Socially: Younger people will find it harder in these areas due to the appearance the present and it may end up in conflict towards society i. e. gangs, robberies, drug dealing and so on. Where as adults have the whole financial problems on the shoulders. No matter what they do theyll always be stuck for money, which then also impacts their childrens lives. Nutrition and dietary choices, its always in the media; telling us how to look; what to eat; what to wear, but who said people have to look a certain way, I agree yes that if you are overweight youre cutting your years shorter however theres people out there that are that perfect Size-Zero who may smoke or drink excessive amount of alcohol which probably shortens your life even more. Physically: Both adults and teenagers may be able to do more things such as sports and so on. If an adult smokes or drinks they are lowering the lung capacity and heightening the risk of cancer. Intellectually: It may persuade you to go to work or get a job in the first place, due to you mood and how much you like to socialise with people. Most people who are doing more manual jobs are more likely to smoke rather than those who work in offices and so on. Emotionally: Diets arent all that bad; they can improve your moods and make you feel great about yourself, but they can also do the opposite if you cant lose the weight that you want to. Adults and teenagers are getting similar in terms of dieting, most adult want to look good and teenagers are now starting to read the media and become anxious about how they look. Socially: You may also socialise a lot more than usual as well especially if you go to gyms on a regular basis, youre bound to meet new people and make friends. Even though its bad for your health, smokers are more likely to meet new people due to the smoking ban and having to go outside.

Population and Economy Essay Example for Free

Population and Economy Essay Before seventeenth century the world population increased very slowly i.e,it has been estimated that by 1650 the population had doubled since the year to about 500million.Over the following 200years the rate of increase was much faster ,so that by 1850 the population had more than doubled to 1200million.After that, the population growth accelerated so rapidly that people talked about a population â€Å"explosion†;in 1927 it reached the 2000million mark and by the year 2000,it had passed 6000 million. In 2003 the UN calculated that if the population continued to increase at the same rate, the global total would be somewhere between 10000 million and 14000 million by 2050, depending on how effectively family planning campaigns were carried out. It was also estimated, given the much lower birth rates in the developed world, that almost 90 per cent of the people would be living in the poorer countries. During the 1980s the spread of HIV/AIDS reached pandemic proportions; most countries in the world were affected, but again it the poor nations of the Third World which suffered worst. The population growth of the nineteenth century helped to stimulate further economic development. There was a plentiful workforce and more people to buy goods, and this encouraged more investment and enterprise. Nor were there any great problems about feeding and educating these growing numbers because prosperity meant that the necessary resources were available. Later on, there were unexpected effects on the age structure of the population in the developed nations which was especially true in Europe where, because of the very low birth-rates and longer life expectancy, a growing proportion of the population was over 65. Read more:  Advantages and Disadvantages of Population The rapid population growth caused serious problems: some countries, like India, Pakistan and Bangladesh, became overcrowded and there was insufficient land to go round. This forced people to move into towns and cities, but these were already over-crowded and there were not enough houses or jobs for all the new arrivals. All areas of the world succeeded in increasing their food production during the late 1960s and 190s, thanks to what became known as the â€Å"green revolution. Scientists developed new strains of heavy cropping rice and wheat on short, fast-growing stems, helped by fertilizers and irrigation schemes. For a time, food supplies seemed to be well ahead of population growth. In the USA crop yields increased three-fold between 1945 and 1995 and the Americans were able to export surplus crops to over a hundred countries. Third World governments were forced to spend their valuable cash to feed, house, and educate their growing populations. But these used resources which they would have preferred to spend on industrializing and modernizing their countries, and so their economic development was delayed.The general shortage of resources meant that the poorest countries also lacked sufficient cash to spend on health care. Health systems in many poorer countries were collapsing, and the situation was becoming worse because richer countries were reducing aid.