Describe the current Australian economic situation and support your Assignment

Describe the current Australian economic situation and support your claims - Assignment Example Introduction Global Economy is experiencing one of its worst phases of history because of the widespread economic downturn. What started with the subprime mortgage crisis has now created widespread economic panic which has even resulted into the downgrade of credit ratings of the largest economy of the world. The emerging sovereign debt crisis has exposed many governments’ ability to maintain a sustainable level of debt. The Euro Zone is actively looking for new ways and means to support economies like Greece, Spain, Portugal, Italy to avert their sovereign default. Considering such situation, the overall growth prospects for the world economy are suggesting a stagnant growth rate of approximately 4.5% for current year and for the year 2012 and 2013. Australian Economy however, despite such downturn managed to achieve reasonable growth rates as well as better economic performance. Growth during 2010 and 2011 remained healthy despite the fact that country faced harsh weather co nditions which slowed down economic growth. Real GDP increased by 2.7% as on Dec 2010 however, growth in household consumption remained low. It is important to note that there is a gradual increase in the inflation owing to rise in the food prices. (BBC, 2011). Increasing inflation level therefore may erode the overall economic growth of the country if it is not able to control inflation levels. The recent statistics for the unemployment level also suggest that the overall level of unemployment is increasing in the country. Figures for July 2011 suggested an unemployment rate of 5.1% which seem to have surprised many. (Zappone, 2011). Current Economic Situation in Australia As discussed above that economy of Australia posted improved performance when world was witnessing economic and financial turmoil. However, the recent data suggests that the overall economic situation may not sustain for long as there is a gradual increase in the level of inflation as well as the unemployment lev el. The overall cash rate i.e. the rate offered by Reserve Bank of Australia is held at 4.75% however, there are indications that the overall rate may further be increased due to rising inflation level. (RBA, 2011). Higher interest rates prevailing in the economy may be due to the fact that the Australia may be looking for to ensure that the inflation remain within control. The recent monetary policy issued by the central bank of the country suggests that the increase in the level of unemployment has slowed down however; it is still increasing thus causing important repercussions for the Australian economy. It is also important to understand that the overall industrial wages are also increasing in the economy thus increasing the overall burden on the firms in terms of their overall variable costs. It has also been suggested that the overall fiscal policy is being exercised in contractionary mode thus creating an environment where the demand for government purchase of goods and servi ce may decline. Such contraction therefore may result into the reduction in the overall aggregate demand in the economy and thus reduce the overall growth rates. The current performance of the economy therefore may witness further decline in the future. Important Factors One of the key challenges faced by reserve bank is the declining consumer activity within the economy. The lack of domestic demand therefore may be one of the key economic variables

Welfare state and globalization Research Paper Example | Topics and Well Written Essays - 1250 words

Welfare state and globalization - Research Paper Example These traditional methods of social organization have now been dismantled by industrialization, which has put workers’ welfare at risk. Under this model, it is also assumed that the government has more resources because of the increased affluence brought on by industrialization processes, so the government can effectively perform the role of safeguarding its citizens’ welfare. On a larger scale, welfare systems may be regarded as a necessity of the openness of economic systems, which expose workers to external shocks thus causing governments to shield them from these shocks (Huber and Stephens 2). Alternatively, one may perceive welfare states as a reflection of state capabilities; some nations adopt comprehensive and all-encompassing welfare programs while others do not. These differences arise from the level of power dispersion in those countries as well as their capacities. Other than industrialism and state capacity, welfare systems can also be seen as manifestations of political or class struggles. In this school of thought, state policy is determined by the need to maintain a balance of power between capitalists and socialists. It is presumed that socialists mostly comprise of left wing party supporters and labor organizations; conversely, capitalists consist of right wing politicians as well as the government center. In some instances, left wing politics dominates politics thus putting right-wing advocates on the other end of the spectrum. In this theoretical school, a constant struggle exists between these two groups in the distribution of power. Capitalists want to e xtract as much output as they can from capital and labor while civil society wants to safeguard society’s interests; more often than not, these two entities clash, and a welfare system prevailed when the left outperforms the right. After examining how a welfare system comes about, it

Social Theories of Education

Social Theories of Education This thinking paper will examine Brookfields critique of the above article, examining what is critical about critical theory and in turn critical theorys analysis to the repositioning of that Ideology. Establishing that Ideology is a key concept in Critical Theory, Brookfields further interpretations extended to the thoughts of leaders in the field to identify and oppose the Ideological forces and social processes that oppresses them. Recognising the art of manipulation the dominant ideology can use, at the same time identifying contradictions that produce possibilities for resistance and emancipation, to break free from unequal structures in order to create a more inclusive democracy. Brookfield believes Marxs Capitalist and Bureaucratic Rationalities acted as a catalyst to revolutionise social change Marx underpinned the intent of critical theory to act as a catalyst for revolutionary social change.  (Brookfield, 2001) and how dominant relationships that existed played a role in the reproduction or fostering by the ruling class, of the social structures and education of people to believe and act in certain ways, thus fundamentally conditioning of the human consciousnesss. People did not know why they were doing it but they did it anyway! Brookfield continued to interpret the writings of Horkheimer identifying his rudiments of critical theory, focussing to abolish the exchange economy of capitalism that dominates social processes, in order to set some people free from oppression and reframe itself to formalised or subjective reasoning, of what he considers to be Traditional Theory.   Horkheimer suggest that as soon as a particular thought or a way of doing something has been suggested by the powers that be, we forget thinking for ourselves and lose our capacity to reason. Eagletons view that Ideologies are not false but are conditions that continue to gain acceptance because individuals recognise them as being true, from their experiences. Thus engaging with their needs and requirements that they already possess. If we believe we must not grumble, shrug our shoulders and get on with it, then the majority principle of the system is safe. Eagleton quotes: The study of Ideology is among other things an inquiry into the ways in whichpeople maycometoinvestintheirownunhappiness(Brookfield, 2001) Brookfield acknowledged a deeper understanding of Ideology with the use of empirical writings in Althussers essay Ideology and Ideology State Apparatuses in which two types of socialisation agencies evolved Repressive State Apparatuses (such as Police, Military, Prison Guards and Teachers) and Ideological State Apparatuses (such as Family, Church, Educational Systems, Media and Politics.) which exist mainly in civil societies but being controlled by the Repressive State Apparatuses. With this in mind, one does not operate without the other exercising Hegemony. For example, the Educational System. In contrast to Marx, Althusser suggests People did know why they were doing it but they did it anyway! Lastly, through Brookfield interpretations Gramscis concept of Hegemony was explored. He identified how adult learners, on entry into and currently in education, are active participants of prior knowledge, beliefs, experiences and values. Thus possessing their own Ideologies and willing in their own oppression. Adult Educators persuade to challenge dominant Ideologies that are exercised through the art of manipulation, the all persuasive nature of negotiation, powerful yet adaptable but still remaining in place. Hegemony emphasises the way people learn to embrace willingly beliefs and practices. These practices that work against their own best interests and the interests of others who have power over us. It also allows for the possibility of opposing elements emerging, of counter hegemony. We do this as adult learners when we negotiate extensions for assessments.

Orthopedic Surgery :: Health, Treatment

In orthopedic surgery, iliac bone graft which is commonly used for treatment nonunion or spinal fusion is contained multipotential stem cells or mesenchymal progenitor cells. These cells are found approximately 1 in 10,000 nucleated cells in the bone marrow. Friedenstein et al. (1970) reported that a rare population of cells was found by plastic-adherent ability (Friedenstein et al., 1970). These cells are capable of proliferation and mesenchymal lineages differentiation (Pittenger et al., 1999, Caplan, 1991). Unique antigens of MSCs (hMSCs) are controversy and the limited popularity of sorting cells techniques are not as widely used as gradient media in MSC isolation. Most MSC populations have been isolated by plastic adherent ability which is similar to that originally used by Friedenstein. Direct BM plating method is commonly used for cells from small animal (Lennon and Caplan, 2006, Nadri et al., 2007) but in human bone marrow, Density gradient centrifugation is the mo st commonly used method for isolating MSCs. So far, it is still controversy to exactly identify of MSC. According to their capability of proliferation and multilineage differentiation, Colony-forming unit–fibroblast (CFU-F) is defined as highly adherent in colony of fibroblastic-like cells which arising from one mother cell. Thus, CFU-F assay have been used to assess the bone marrow progenitors and The number of colonies formed per a total number of marrow cells seeded or the colony-forming efficiency (CFE), thereby the CFU-F content among marrow cells, representing in vitro enumeration of a clonogenic subset of in vivo marrow stromal cell populations. However, it has been demonstrated that CFU-F populations are not homogeneous but rather contain a hierarchy of progenitors including multipotential mesechymal stem cells and committed progenitors (Friedenstein et al., 1992, Latsinik et al., 1986). Several surface makers which expressing from mesenchymal stem cells. Basically, these makers are the cell receptors, adhesion molecules, extracellular matrix proteins, cytokines and other molecules that have function as a way of communicating with other cells and to carry out their physiological functions. Thus, these makers are adopted to characterize the homogenous mesenchymal stem cells. However, the Bone marrow-derived stem cells expression of different surface markers which are still controversy. These cells have a negative expression of CD45 which express in Hematopoietic stem cell (HSC) (McKinney-Freeman et al., 2009), CD14 which express in innate immune cells (Cros et al.

Modern Trading Culture Essay

With increasing competition everyday in the consumer market, the world has shifted towards modern trading concepts. The modern trading concept has two major objectives; to provide the basic necessities under one roof. Secondly, the customer should be able to touch the products in person. Metro and Macro are the examples of modern trading stores. The procedures and implementation of modern trade in other countries is different as compared withPakistanbecause of the local trading culture. Modernization of Trading Systems According to a research, retail markets tend to modernize from largely traditional trading techniques to modern trading techniques. As markets modernize, the share of traditional trade as a percentage of total trade declines slowly; suppliers, however, will continually need to adjust the amount of resources allocated to manage the traditional trade versus the modern trade. Smart suppliers manage this balancing act by accurately tracking (and often predicting) the pace at which key transitions or market evolution shifts are likely to occur. Three overarching factors affect the speed and nature of market transition. They include (1) consumer trends and purchasing behaviors in the market; (2) factors related to modern retail consolidation (Also called central buying, an approach in chain stores whereby all purchasing is done through a central or main office); and (3) disruptive factors such as the economy, special interests, and government regulation etc. InPakistanthere are a number of manufacturers for various products. The normal distribution channel is that the manufacturers use their own distributors as well as independent distributors in the market, who purchase products from the factory and then deliver to the retailers and the wholesalers. On the other hand, some retailers get products directly from the distributors while some are purchasing from the wholesalers. Big cities have thousands of outlets in the market for grocery items. If we only take the example of twin cities ofPakistan, there are around 3,000 grocery outlets including the small shops inIslamabadand inRawalpindithere are around 15,000 outlets. It is impossible for the manufacturer to reach each and every outlet so they need distributors to make the products available to the outlets. Even the distributors at times cannot reach all of the outlets, so there are wholesalers in the markets who buy the products in bulk from distributors or manufacturers. They are located in certain locations where the retailers buy the products from the wholesalers. At the end of the day, it all depends on the relationships of the retailer; if he has good relationship with the distributors and can buy the products on credit from him and even return the unsold products, or he could buy the same products from a wholesaler like an end consumer. We can say that the markets in Pakistan are divided into 2 categories with respect to retailers; first are those who are getting the products from distributors and second are those who are buying the products from wholesalers. Distributors supply the product at the retailer’s shop but retailer has to go to wholesaler to purchase a product. These consumer trends, retail consolidations, and disruptive factors heavily influence retailers’ growth strategies as well as the formats they are most likely to develop to sustain growth over the long term. As markets evolve, retailers adjust their formats and operational strategies to cater to differing shopper needs and trends-and thereby maximize retailers’ reach in an evolving market. Advantages and Disadvantages There are numerous advantages of modern trading system. There are 3 types of consumers who come to modern trading stores like Metro or Macro; 1) end users, 2) traders and 3) hoteliers. The system of modern trade influences the distributor business because retailers are now going directly to these stores and are purchasing products themselves at lesser prices. Modern trade is reducing the number of distribution channels from the factory to the retail shop. This subtraction of distribution channel increases the profit margins of both the manufacturer and the retailer. It is a convenient alternative for the end users to purchase house hold items from one place at a lesser cost. The disadvantages of modern trade is that it is adversely affecting the business of independent distributors since the manufacturer is giving different prices to the distributors and the modern trading stores .Margins of distributors have reduced and they are also loosing some of their clientele as some retailers prefer to buy products directly from these modern stores rather than distributors. Another disadvantage of modern trade inPakistanis that it has confused the end user by offering 3 different prices for the same product in the market. Those 3 pricing areas are retail shops, wholesalers and the big stores. This usually creates doubts about the quality of the products because of the price variations. Reluctance in Modern Trading Some of the manufacturers are now willing to enter into modern trading system but it also varies from manufacturer to manufacturer. If a company has a strong positioning of their products in retail outlets of a city, they would also be willing to sell their products in a big store. But on the other hand, if a company has weak positioning in the retail outlets, they would hesitate to sell their products in the modern trading stores. The distributors get fix percentage of profit from the manufacturer to sell their products to the retailers or wholesalers. Indian Market If we take the example of India, where consumer trends are very much similar to ours and have been the greatest influencer in forcing modern trade to develop. A significant demographic transition is now underway with a large, young, working population (median age of 24); more nuclear families in urban areas; an increase in the number of working women; and emerging opportunities in the service sector. Urbanization, higher household disposable income, and convenience one-stop shopping are other factors that are fueling this modern trade growth. Retail consolidation will slowly help drive modern trade growth as well. It is estimated that the Indian retail industry was worth about USD286 billion at the end of 2004; yet India remains one of the most fragmented retail sectors in the world with only 2% of total sales deriving from the modern trade. As that happens, India is likely to see a significant trend toward modern trade as retailers invest in data, technology, and infrastructure to exploit and escalate potential growth. Disruptive factors particularly government regulation are unquestionably the key â€Å"reason† foreign players have not played an influential part in triggering retail consolidation in India. However, there is no one path to modernization; markets are not dependent on global retailers as catalysts for modernization. However there are many markets where global retailers act as key catalysts, and, in fact, capture the lion’s share of the modern trade. To understandIndia’s potential future, it is useful to look at examples of three market types, and why they’ve modernized the way they did: †¢ Markets that have grown the modern trade through global players entering the market; †¢ Markets that have grown through a hybrid of global and local players; and †¢ Markets that have modernized driven almost entirely by local retailers. Government Policies The government policies play a major role in implementing modern trading system in a region. InIndia, there are some areas where the government has not allowed modern trade stores to operate. Similarly, inPakistanif the existing traders are reluctant of the entrance of modern trade stores like Metro the government has the authority to impose restrictions on such stores. Nevertheless, these kinds of stores are beneficial for the Government as they give fixed General Sales Tax (GST) and also are a foreign investment in the country. The Core Capabilities Required for Growth A core takeaway from studying market evolution is that, regardless of whether the retailer driving the modern trade is global or local, the capabilities they need to do that are largely the same! In addition to the overall management, a great modernizing retailer will require capabilities in six core areas to win in the changing environment. Finance A retailer is best served having an operating model with two key financial criteria: †¢ Generates enough cash flow to fund its expansion; and †¢ Remains relatively low debt. Retail is a cyclical and relatively low margin business. High levels of debt and interest greatly impede a retailer in growth mode and can make running the operation difficult. Most great retailers remain relatively conservatively financed. Operations The retailer is able to manage the complexity of getting merchandise from factory to shelf. Indian conglomerate Reliance Industries Ltd. is aiming to get to this state through integration of an entire supply chain from farm to store, particularly with staple food commodities. Many great local retailers (e.g., HEB and Publix, twoUSregional grocery chains, and 7-11 inJapan) optimize their market position through a best-in-class supply chain, which gives them a significant competitive advantage in speed and store conditions. Brand Brand is all about a relevant and influential connection to the shopper. It is imperative for retailers to have a systematic understanding of their shoppers and be able to execute, both in and out of the store, based on that knowledge. In addition, the ability to tailor a portfolio of formats to meet different shopper/consumer needs is very helpful-especially in geographically, culturally, and economically diverse markets like India. Pantaloon is one of the Indian retailers that has begun to develop the data and analysis capabilities to do just that. As India’s infrastructure develops to support modern trade, the retailer will be able to do that more consistently. As the market evolves, both retailers and manufacturers will require the capabilities to consistently understand what motivates shoppers and consumers, in order to bring together a successful retailer strategy that serves both constituents well. The intermingling of finance and brand is pricing; the right price doesn’t necessarily mean the lowest, especially in some categories such as apparel, where a low price may be perceived as poor quality. Also, a rigorous understanding of which items are important to be low priced for competitive purposes versus which items can be margin enhancers, is one of the key criteria strong retailers use to grow in a market. When discussing people, the discussion is incomplete without the right measurements in place. As people are trained to execute at the store, retailers will have to have the right set of measures to ensure great delivery to the shopper. In addition, the focus of high capability in-market retailers’ corporate measures are usually geared toward selling to the consumer than on buying efficiencies and leveraging scale; however, our research shows that retailers who understand this and work proactively with suppliers to optimize their mutual business tend to grow faster than the market. In-store execution should come together as a result of the right brand message and effective operations that facilitate having the right merchandise in the right place. Often the simplicity of the message and the operation generally results in superior in-store execution, and this largely depends on people development and training. Relentless focus on execution details is the final differentiating factor for success.

Historical Places in India Essay

Sundar Palaniappan is an aspiring photographer who loves to visit temples and other historical places in India. Since web, is the universal media to which people around the globe either visit to gather knowledge or to keep in touch with their close friends and relatives, I would like to avail the power of web, by putting the photos of temples and other historical places of India. Since web allows people to publish ideas and other useful information, I decided to flaunt my ability of photography by displaying photos of temples and other historical places of India. Since, a large population of Indian origin lives outside India, who may love to visit India but because of the unavailability of the resources (especially time) not able to visit the temples and other places of interest in India. I hope that Sundar Palaniappan’s pages could serve as an alternative to quench the thirst (or form a base) of visiting these temples and other historical places of India. I basically visit these temples and historically important places on tight budget but spend lot of time there. Being a guy from a busy town of Chennai, Tamilnadu, India, these occasional tours, bring blissfulness to the mind and the soul. Trekking adventure Apart from being an aspiring photographer, Sundar Palaniappan loves to do trekking in the Himalayan Ranges and other mind-boggling treks in Garhwal and Kumaon regions of Uttarakhand, HimachalPradesh, Sikkim and Nepal. Some of the photo galleries of India Sundar Palaniappan’s interest in the art of photography took him to Hampi ( VijayaNagar ) , Badami, Aihole ( first capital of early Chalukyas ), Pattadakal, Madurai, Kancheepuram, Darasuram, Mahabalipuram and other historical places in India. Apart from improving these images of Temples and other historically important places of India, Sundar Palaniappan is planning to host pictures of other places of India by visiting them. You could find the complete list of galleries in the archives link. Read more:  Why is History Important Essay Cheluva Narayana temple or Thirunarayana temple – Melkote Melkote is located in the Pandavapura taluk of Mandya district, Karnataka, India. It is 51kms from Mysore. Melkote houses an ancient temple Cheluva Narayana ( a.k.a. Thirunarayana ) which is dedicated to lord Vishnu. Reaching from Mysore One could catch a direct bus from KSRTC bus stand Mysore. Otherwise, one could catch the Mysore – Tumkur bus and could reach Jakkanahalli crossing and could catch either a bus or a shared auto-rickshaw. Melkote is 6kms from Jakanahalli crossing. 14 years of stay by SriVaishnava saint – Sri Ramanujacharya Melkote or Melukote (high or superior fort) is one of the principal sacred places in the state. The place is also known as Tirunarayanpura. Early in the 12† century AD the great Srivaishnava saint SriRamanujaCharya stayed here for fourteen years. It thus became a prominent center of the Srivaishnava sect. Hoysala king Vishnuvardhana who had become a follower of Ramanuja charya granted the fertile land as ashta-gramas on the banks of river cauvery. Thirunaryana Temple The Narayana temple (also called as Tirunarayana temple), has a main unit consisting of a garbhagriha and an ardhamandapa amidst a narrow pillared corridor a mahamandapa and a small mukhamandapa all in east – west orientation. There is a large courtyard surrounded by the prakara hall. The main deity of the temple is the beautiful image of CheluvaNarayana ( Vishnu ) of Hoysala workmanship. The utsava murthi which is a metallic image representing the main deity is called Cheluva-pilleraya whose original name was Ramapriya. Vaira-mudi or Vajramukuta A crown set with precious jewels known as Rajamudi was presented to this temple by Raja Wodeyar ( 1578 – 1617 ) of Mysore fame. Krishnaraja Wodeyar III ( 1799 – 1868 ) of same Mysore fame also presented a crown set with precious stones, known as Krishnaraja Mudi. Apart from these crowns, Vairamudi or Vajramukuta, another crown of great value, seems to be older than Raja mudi and Krishnaraja-mudi and it is not known who gave it to the temple. Raya gopura Raya gopura, which is also known as Gopalaraya entrance, is an incomplete structure leading to the hill. It has four tall pillars and has no tower above it. Pattadakal is a small town located in the Bagalkot district of North Karnataka and lies on the banks of banks of the Malaprabha River. Pattadakal is located 22 km from Badami ( aka Vatapi in the ancient times ) and about 10 km from Aihole. Pattadakal ( according to the inscriptions it was known as the Pattada – Kisuvolal during the ancient times ), where the kings of early Chalukyas of modern day Karnataka, used to be crowned, was one of the three great centres of experimentation in temple construction. The other two being Badami and Aihole. It is here that the Rekha – Nagara prasada and Dravida Vimana styles of Indian temple architecture were given their final form. The Papanatha, Kashi Visvesvara, Jambulinga and Galaganatha temples noted for their curvilinear shikhara represent the former style, while Mallikarjuna, Sangameshwara and Virupaksha temples having a square roof of receding tiers, represent the later temple style of Dravidian temple building. The Lokeshwara ( Virupaksha ) and Trailokeshwara ( Mallikarjuna ) built respectively by Lokamahadevi and Trailokamahadevi, the queens of Vikramadithya II, to commemorate the Chalukyan victory over the Pallavas of Kanchi . A brick pillared mandapa of the late Satavahana period ( third – fourth century Ad ) laid bare in front of the Sangameshwara temple in 1970 Ad by the ASI ( Archaeological Survey of India ) marks the earliest attempts to built temples at Pattadakal. The latest one being the Jaina temple of the Rashtrakuta period ( ninth century AD ).

10X Marketing Formula Book Launch - #OverheardAtCoSchedule

10X Marketing Formula Book Launch The 10X Marketing Formula  is finally here! If you’ve been following for the past few months, you might know it’s our CEO and co-founder Garrett Moon’s new book. It explains how grew from zero to over 8,000 customers in less than four years by pushing back on conventional marketing wisdom. Best of all, it shows how you can do the same. This isn’t just another marketing book, though. It’s packed with actionable advice that actually works, sharing the same strategies we implement every day at . You’ll learn all about: What should marketers do when content marketing doesn’t work? What is competition-free content, and how can a blue ocean strategy drive results? And above all, how can marketers push past work that drives 10% improvements, and focus on projects that drive 10X results? On this episode of Overheard At , we’re getting Garrett’s insights into what The 10X Marketing Formula  is all about. This marks a major milestone for all of us here, and we can’t wait to hear your thoughts on the book.

Hugo Chavez Biography and Dictatorship

Hugo Chavez Biography and Dictatorship Hugo Chavez (1954 - 2013) was a former Army Lieutenant Colonel and President of Venezuela. A populist, Chvez instituted what he calls a â€Å"Bolivarian Revolution† in Venezuela, where key industries were nationalized and oil revenues were used in social programs for the poor. Hugo Chvez was a vocal critic of the United States of America and, in particular, former President George W. Bush, who he once famously and publicly called a â€Å"donkey.† He was very popular with poor Venezuelans, who in February of 2009 voted to abolish term limits, allowing him to run for re-election indefinitely. Early Life of Hugo Chavez Hugo Rafael Chvez Frà ­as was born on July 28, 1954, to a poor family in the town of Sabaneta in the province of Barinas. His father was a schoolteacher and opportunities for young Hugo were limited: he joined the military at the age of seventeen. He graduated from the Venezuelan Academy of Military Sciences when he was 21 and was commissioned as an officer. He attended college while in the military but did not get a degree. After his studies, he was assigned to a counter-insurgency unit, the start of a long and noteworthy military career. He also served as head of a paratrooper unit. Chvez in the ​Military Chvez was a skilled officer, moving up in the ranks quickly and earning several commendations. He eventually reached the rank of Lieutenant Colonel. He spent some time as an instructor in his old school, the Venezuelan Academy of Military Sciences. During his time in the military, he came up with â€Å"Bolivarianism,† named for the liberator of northern South America, Venezuelan Simà ³n Bolà ­var. Chvez even went so far as to form a secret society within the army, the Movimiento Bolivariano Revolucionario 200, or the Bolivarian Revolutionary Movement 200. Chvez has long been an admirer of Simà ³n Bolà ­var. The Coup of 1992 Chvez was only one of many Venezuelans and army officers who were disgusted by corrupt Venezuelan politics, exemplified by President Carlos Pà ©rez. Along with some fellow officers, Chvez decided to forcibly oust Pà ©rez. In the morning of February 4, 1992, Chvez led five squads of loyal soldiers into Caracas, where they were to seize control of important targets including the Presidential Palace, the airport, the Defense Ministry and the military museum. All around the country, sympathetic officers seized control of other cities. Chvez and his men failed to secure Caracas, however, and the coup was quickly put down. Prison and Entry Into Politics Chvez was allowed to go on television to explain his actions, and the poor people of Venezuela identified with him. He was sent to prison but vindicated the following year when President Pà ©rez was convicted in a massive corruption scandal. Chvez was pardoned by President Rafael Caldera in 1994 and soon entered politics. He turned his MBR 200 society into a legitimate political party, the Fifth Republic Movement (abbreviated as MVR) and in 1998 ran for president. President Chvez was elected in a landslide at the end of 1998, racking up 56% of the vote. Taking office in February 1999, he quickly began implementing aspects of his â€Å"Bolivarian† brand of socialism. Clinics were set up for the poor, construction projects were approved and social programs were added. Chvez wanted a new constitution and the people approved first the assembly and then the constitution itself. Among other things, the new constitution officially changed the name of the country to the â€Å"Bolivarian Republic of Venezuela.† With a new constitution in place, Chvez had to run for re-election: he won easily. Coup Venezuela’s poor loved Chvez, but the middle and upper classed despised him. On April 11, 2002, a demonstration in support of the national oil company’s management (recently fired by Chvez) turned into a riot when the demonstrators marched on the presidential palace, where they clashed with pro-Chavez forces and supporters. Chvez briefly resigned and the United States was quick to recognize the replacement government. When pro-Chavez demonstrations broke out all over the country, he returned and resumed his presidency on April 13. Chvez always believed that the United States was behind the attempted coup. Political Survivor Chvez proved to be a tough and charismatic leader. His administration survived a recall vote in 2004 and used the results as a mandate to expand social programs. He emerged as a leader in the new Latin American leftist movement and had close ties with leaders such as Bolivia’s Evo Morales, Ecuador’s Rafael Correa, Cuba’s Fidel Castro and Paraguay’s Fernando Lugo. His administration even survived a 2008 incident when laptops seized from Colombian Marxist rebels seemed to indicate that Chvez was funding them in their struggle against the Colombian government. In 2012 he easily won re-election in spite of repeated concerns over his health and his ongoing battle with cancer. Chvez and the US Much like his mentor Fidel Castro, Chvez gained much politically from his open antagonism with the United States. Many Latin Americans see the United States as an economic and political bully who dictates trade terms to weaker nations: this was particularly true during the George W. Bush administration. After the coup, Chvez went out of his way to defy the United States, establishing close ties to Iran, Cuba, Nicaragua and other nations recently unfriendly towards the US. He often went out of his way to rail against US imperialism, even once famously calling Bush a â€Å"donkey.† Administration and Legacy Hugo Chavez died on March 5, 2013, after a long battle with cancer. The final months of his life were full of drama, as he disappeared from public view not long after the 2012 elections. He was treated mainly in Cuba and rumors swirled as early as December 2012 that he had died. He returned to Venezuela in February of 2013 to continue his treatment there, but his illness eventually proved too much for his iron will. Chvez was a complicated political figure who did much for Venezuela, both good and bad. Venezuelas oil reserves are among the largest in the world, and he used much of the profits to benefit the poorest Venezuelans. He improved infrastructure, education, health, literacy and other social ills from which his people suffered. Under his guidance, Venezuela emerged as a leader in Latin America for those who do not necessarily think that the United States is always the best model to follow. Chavezs concern for Venezuelas poor was genuine. The lower socioeconomic classes rewarded Chvez with their unwavering support: they supported the new constitution and in early 2009 approved a referendum to abolish term limits on elected officials, essentially allowing him to run indefinitely. Not everyone thought the world of Chvez, however. Middle and upper-class Venezuelans despised him for nationalizing some of their lands and industries and were behind the numerous attempts to oust him. Many of them feared that Chvez was building dictatorial powers, and it is true that he had a dictatorial streak in him: he temporarily suspended Congress more than once and his 2009 referendum victory essentially allowed him to be President as long as the people kept electing him. The admiration of the people for Chavez carried over at least long enough for his hand-picked successor, Nicolas Maduro, to win a close presidential election a month after his mentors death. He cracked down on the press, greatly increasing restrictions as well as punishments for slander. He drove through a change in how the Supreme Court is structured, which allowed him to stack it with loyalists. He was widely reviled in the United States for his willingness to deal with rogue nations such as Iran: conservative televangelist Pat Robertson once famously called for his assassination in 2005. His hatred for the United States government occasionally seemed often to approach the paranoid: he accused the USA of being behind any number of plots to remove or assassinate him. This irrational hatred sometimes drove him to pursue counter-productive strategies, such as supporting Colombian rebels, publicly denouncing Israel (resulting in hate crimes against Venezuelan Jews) and spending enormous sums on Russian-built weapons and aircraft. Hugo Chavez was the sort of charismatic politician who comes along only once a generation. The closest comparison to Hugo Chavez is probably Argentinas Juan Domingo Peron, another ex-military man turned populist strongman. Perons shadow still looms over Argentine politics, and only time will tell how long Chavez will continue to influence his homeland.

5 Ways To Quit Panicking Before a Big Interview

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Paleontogly Research Paper Example | Topics and Well Written Essays - 1750 words

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Tescos Performance Based On Financial Ratios Commerce Essay

Tescos Performance Based On Financial Ratios Commerce Essay This research proposal studies on the factors which Tesco in their current profitability and meet it short-term financial obligation. Tesco also look strong for the employees motivation and the company competitive exists. Tesco was founded in year 1919 by Jack Cohen and the first Tesco name appeared in year 1929 (Tesco, 2010). Nowadays, the Britian leading retailer is Tesco and also United Kingdom based international supermarket chain (TESCO, 2010 and Tesco House, n.d.). They operating over 4,800 stores globally and employing over 472,094 people (Checksure, n.d.). At the beginning, they specializing in food, now move into areas like clothes, consumer electronics, consumer financial services, selling and renting DVDs, compact discs and music downloads, internet service and consumer telecoms (Tesco House, n.d.). They have 588 supermarkets and 257 are superstores. Besides that, they operates in 13 countries such as Republic of Ireland, Hungary Czech Republic, Slovakia, Turkey and Poland in Europe, China, Japan, Malaysia, South Korea, Thailand, India, and the U.S. (Tesco, 2010). The key towards Tesco success was related to their financial position which consists of generate a return on its resource, able to meet its short-term financial obligations and the efficiency ratios. Usually, the financial ratios analysis is including profitability, liquidity and investment ratios. Its normally used to analysis company performance which analyzes the success, failure and progress of company business. (Woods, 1999). In addition, it can also calculate for a company to be compared with other companies and own companies own past figures (Jiao and Bhalotra, 2007). Profitability ratios determine that the companys able to generate a return on its resource (missouribusiness.net, n.d.). Besides that, profitability shows proportion is advantageous business, measuring the overall performance was investigated, the profits of the company, can be used to test how your company operation, compares the current performance and the record of the past (Jiao and Bhalotra, 2007). It including gross profit, net profit margin, return on assets, and return on equity. The gross profit margin is indicates how well the company be able to generate a return at the gross profit level (Missouribusiness.net., n.d.). The gross profit margin considers the firms cost of goods sold, but does not include other costs (Netmba.com, n.d.). The formula for calculate the gross profit margin which is gross profit margin equal sales minus cost of goods sold divide by sales and multiply 100 percent. The formula calculates for net profit margin is net profit divide total sales also can call net sales and multiply 100 percent. However, this ratio ability provides a significant investment, indicate its sales business ability covers the smallest fixed cost and remains an acceptable profit (Missouribusiness.net, n.d). Formula calculation for return on assets is net incomes before taxes divide by total assets and multiply by 100 percent. This ratio display the effectively of the firms assets able being used to generate profits (Netmba.com, n.d.). In addition, low return on assets (ROA) indicates inefficient management, adverse when a high ROA which mean efficient in management (Barry, n.d.). Otherwise, this ratio in public company normally report return on assets to their shareholders, cause to tell them how well when using its assets to produce income. The return on equity (ROE) also knows as return on investment (ROI). The calculation compete for ROE which is return on equity equal net profit before taxes divide by shareholder equity multiply by 100 percent. These ratios usually indicate how well the company is utilizing its equity in investment and normally will higher than return on assets. According to proficient, if those companies hope their business growth in future, therefore, their ratio needs at least 10 to 14 percent in ROI (Barry, n.d.). This is a good figure to compare beside competitors or an industry average. For example, if the ratio is lower which mean that they meager management performance. In other words, a high return on investment indicates that management is doing well. Liquidity ratios is show how quick the company able to convert assets to cash, and pay off interest (Carter, 2010). Furthermore, the low levels of liquidity ratio can demonstrate poor management for grown up company (Netmba.com, n.d.). Besides that, its providing with useful limit for business managers to help them regulate their borrowing and spending (Barry, n.d.). The main liquidity ratios are the current ratio and quick ratio. Current ratio is also called the working capital ratio (Missouribusiness.net, n.d.). It is the number of times a companys current assets exceed its current liabilities, which is an indication of the solvency of that business (Auerbach, n.d.). The formula to compute the current ratio which is total Current Assets divide total Current Liabilities. A general rule of thumb for current ratio should be at least 2:1 (Missouribusiness.net, n.d.). A lower current ratio determines that the company may not be ability to pay its invoices on time, while a higher ratio means that company has money in cash or safe investment that could be put to better use in business (Barry, n.d.). The quick ratio is also called the acid test ratio (Missouribusiness.net, n.d.). It indicates the extent to which company could pay current liabilities without relying on the sale of inventory (Missouribusiness.net, n.d.). A general rule of thumb states that the ratio should be 1 to 1 or 1:1 (Missouribusiness.net, n.d.). If it is higher, the company may be keeping too much cash on hand or have a poor collection program for accounts receivable (Barry, n.d.). If it is lower, it may indicate that the company relies too heavily on inventory to meet its obligations. The formula for compete quick ratio is current assets minus inventory and divide current liabilities. 4.0 Significance of study: Basically, this study is seen vital as in it helps Tesco to do their financial performance more effectively. Regarding on that, it more related to the financial ratio analysis whether in term of profitability, liquidity and investment ratios that Tesco would take in for their effective management. Furthermore, this study also could acts as references for other retails that going to develop in the future as well to enhance competitive advantages. 5.0 Literature Review: Part A 5.1 Profitability ratios Profitability ratios are an indication of companys overall efficiency and performances. According to the calculation of annual report, the Tesco gross profit margin from year 2009 (7.76%) to 2010 (8.10%) increases 0.34 percent. During year 2010, Tesco net profit margin increasing 0.14 percent from 3.97 percent to 4.11 percent (Tesco, 2010). It indicates Tesco every year able to grown their revenues (Wearden, 2010). This is because they believe that having a good profitability the companies now can operate well in worldwide markets. Besides that, the profitability also provided information for investor to let the investors to know how well they company is going to evolution (Beginnermoneyinvesting.com, n.d.). Not only Tesco using this ratios and Carrefour S.A also use this ratio method. Because the Carrefour believe that improve in the profitability, it will efficient to the businesses running. Therefore, Tesco and Carrefour believed that using past data as a benchmark to make a concl usion as to why the profitability is increasing and decreasing, so that the company can go well (Mysmp.com, n.d.). For example, during the fiscal year in 2008, the Tesco had a better sales growth rate, so that they company moving up from number four to number three in the ranking in the world. When hold on more of retaining, its profits would cope with future external market challenges (Fresh Easy Buzz, 2010). 5.2 Investment Ratios Return on equity also known as return on investment (ROI). This ratio widely use by company because it ability to indications how efficiently the money invested in a company is providing a return to those investors (finpipe.com). In addition, the investor will through by ROE to get information what they need to make a sound decision (Winters, 2002). The investors normally will look for positive ROE, before making any kind of investment and also use to compare different investment options by an investment advisor (Dogra, n.d.). During 2010, Tesco ROE is 12.04 if compare to 2009 (11.98%) it increase around 0.06 percent. Besides that, Carrefour also emphasis on ROE, because investor is their money income if their ROE is not well that will influence their business and will affect them to expand in international business in worldwide. Therefore, the equity also look more to the operational and profitability ratios which to determine future profits that will accrue to the shareholder and t he shareholders compare the profitability of different projects by looking into their return on investment ratios (Dogra, n.d. and finpipe.com, n.d.). According to Shannon report (2010), Tesco CEO Terry Leahy announcement that the 145 store Fresh Easy should become profitable in fiscal 2013. Because of this announcement it causes the return on equity growth. In addition, a sharp improvement in Asia markets like Thailand and Korea able to helped drive sales growth. Return on Assets is evaluate to use get a feel for how well a company using their assets to generate income (money-zine.com, n.d.). During year 2010, Tesco ROA increase around 0.5 percent from 6.4 percent to 6.9 percent, because of the amortization charge on intangible assets arising acquisition. It also causes the group trading profits increase. In addition, they release cash from property through a sequence of joint ventures and other sale and leaseback transaction. Therefore, these transactions so far is completed which with pension funds, property companies and other investors would have delivered aggregate proceeds of  £2.2bn (Tesco, 2010). 5.3 Liquidity ratios Liquidity ratios are determined of a company ability to meet its debts (Winters, 2002). Liquidity ratios have current ratio and quick ratio. Current ratio is help company to see their able to pay their current debts without going against future earnings. In year 2009, Tesco current ratio 2009 is 0.77: 1 and year 2010 is 0.74:1. However, we can realize that current ratio from 2010 is decrease. This is because they always have new markets to invest in. The Tesco CEO Terry Leahy increase in borrowing ratios when spearheaded  £6.6 billion of spending on expansion, including the  £958 million takeover of South Koreas Homever supermarket chain. Although, Tescos facing debt is high but they feel it still very healthy balance sheet (Bloomberg, 2009). Quick ratio is show of the companys ability to make the payments on current obligation. Quick ratio for Tesco in year 2009 is 0.61:1 and year 2010 is 0.56:1. It shows that year 2010 ratio is decrease. This is because during that period they facing financial crisis. Although their ratio is decrease but they still can pay the debts because of they repaid their debt more early and use that was earning little interest to buy back higher interest-bearing corporate bonds (Tesco, 2010). Part B 5.4 Competition Besides that, competition in the worlds market is more important because it enables help the company assess intelligently the business environment in which the firm operates. This is because if without competition, the company unable to improve as in no competitive advantage. The competition enables the management to identify the companys weak points which to helps the firm to concentrate on the areas it needs to improve. The Main competitors of the Tesco are Carrefour S.A., J Sainsbury plc, Wm Morrison Supermarkets PLC and so on (Datamonitor, 2004). These are the main competitors in business strategies and the value markets. In other words, it also can help the company to know what kinds of actions are required to development with the competitive position in the industry (Articlesbase.com, n.d). 5.5 Motivation Employees are considered the important asset of a company. Based on that, the key of business success is general relying on employees. Employees are considered the important asset of a company. Based on that, the key of business success is general relying on employees. Tesco mission is work as a team, trust and respect each other, listen, support and say thank you, and share knowledge and experience to customers. Above all they want their employees everyone at Tesco can enjoy their work. Besides that, the Tesco believe that if you treat people well they will give great service so they customer able to enjoy their shopping trip. Tesco know their employees can work better when they are given the space to make decisions and take responsibility. They also encourage their employees to learn from their mistakes and challenge conventional thinking (Tesco, 2010). 6.0 Methodology: Theoretical framework for this study is: Gross Profit Margin (IV) DB Total Assets Turnover (IV) Net Profit Margin (IV) Return on Assets (IV) Stock Turnover Period (IV) Tesco Performance (DV) Quick Ratio (IV) Return on Equity (IV) Current Ratio (IV) In this case, the Tesco performance is dependent and financial ratios are independent. Generally, secondary data collection is going to be done in order to help achieve the objectives in this study. It can through by annual report to do a comparatives which how well the Tesco performance in current year and previous year. In addition, they can highlight the variances in past budget, so that they can improve in following year through by these problems. (Words count: 2061) Reference lists Auerbach. A., n.d. How To Analyze Your Business Using Financial Ratios. [Online] Available at: ,http://www.esmalloffice.com/SBR_template.cfm?DocNumber=PL12_1500.htm> [Accessed 26 October 2010] Barry. C.C., n.d. Financial Ratios. [Online] Available at: [Accessed 27 October 2010] Beginnermoneyinvesting.com, n.d. Profitability Ratios. [Online] Available at: [Accessed 14 November 2010] Bloomberg, 2009. Tescos debt-fueled growth sparks investor backlash. [Online] Available at: [Accessed 29 October 2010] Carter. M., 2010. The Purpose of Financial Ratios. [Online] Available at: [Accessed 27 October 2010] Checksure, n.d. Tesco Plc and History of Tesco Plc. [Online] Available at: [Accessed 26 October 2010] Datamonitor, 2004. Tesco PLC. [pdf] Available at: [Accessed 15 November 2010] Dogra. A., n.d. Return on Assets Ratio. [Online] Available at: [Accessed 14 November 2010] Finpipe.com, n.d. Financial ratio analysis. [Online] Available at: [Accessed 4 November 2010] Fresh Easy Buzz, 2010. Tesco Drops From Third to Fourth Place in Important Global Retailing Ranking Despite Having Higher Sales Growth Than Rival. [Online] Available at: [Accessed 29 October 2010] Jiao. K. and Bhalotra. K., 2007. Financial Analysis J Sainsbury Plc. [pdf] Available at: [Accessed 27 October 2010] Kulkarni. A., n.d. Return on Equity Ratio. [Online] Available at: [Accessed 14 November 2010] Missouribusiness.net, n.d. Financial Ratios. [Online] Available at: [Accessed 27 October 2010] Money-zine.com, n.d. Investment Ratios. [Online] Available at: [Accessed 14 November 2010] Mysmp.com, n.d. Profitability Ratios. [Online] Available at: [Accessed 14 November 2010] Netmba.com, n.d. Financial Ratios. [Online] Available at: [Accessed 27 October 2010] Shannon. S., 2010. Tesco First-Half Profit Gains as International Sales Rebound. [Online] Available at: [Accessed 29 October 2010] Tesco, 2010. About TESCO. [Online] Available at: [Accessed 25 October 2010] Tesco, 2010. Annual report 2009 2010. [Online] Available at: [Accessed 28 November 2010] Tesco, 2010. Annual report 2009 2010. [Online] Available at: [Accessed 28 November 2010] Tesco, 2010. Creating good jobs and careers. [Online] Available at: [Accessed 15 November 2010] Tesco, 2010. Group performance. [Online] Available at: [Accessed 29 October 2010] Tesco House, n.d. Tesco Plc Business Information, Profile, and History. [Online] Available at: [Accessed 17 October 2010] Wearden. G., 2009. Tesco reports weak sales growth. The company is still planning to hire around 10,000 people during 2009 more than Sainsburys and Morrisons together. [Online] Available at: [Accessed 30 October 2010] Wearden. G., 2009. Tesco unveils record profits of  £3bn. [Online] Available at: [Accessed 28 October 2010] Wearden. G., 2010. Tesco rings up record profits. [Online] Available at: [Accessed 28 October 2010] Winters. A., 2002. Investment tips: what are key investment ratios? [Online] Available at: [Accessed 14 November 2010] Executive Summary:http://www.scribd.com/doc/39455198/TESCO-Financial-Analysis

To His Coy Mistress Essay: The Carpe Diem Motif -- His Coy Mistress Es

The Carpe Diem Motif in To His Coy Mistress "Seize the day." For cavalier poets, there seemed to be little else they found nearly as interesting write about than the carpe diem concept. The form of carpe diem poetry is generally consistent, almost to the point of being predictable. Though Andrew Marvell worked with the same concepts, his modifications to them were well-considered. In "To His Coy Mistress," Marvell makes use of allusion, metaphor, and grand imagery in order to convey a mood of majestic endurance and innovatively explicate the carpe diem motif. Previous carpe diem poems (such as those written by Robert Herrick at the same time period) often took an apostrophic form and style which stressed the temporality of youth. The logical extension was to urge the recipient of the poem to take advantage of that youth to further her relationship with the narrator. They were often dark and melancholy in theme, underneath a light exterior of euphony and springtime images (perhaps to urge consideration of the winter to come). Marvell chooses not to employ many of these techniques in the opening of "To His Coy Mistress." Instead, his images and tools stress how he wishes his love to be- tranquil and drawn out. Rather than beginning with a focus on the concept of death, he opens the poem with the lines, "Had we but world enough, and time / This coyness, lady, were no crime" (ll. 1-2) He will later take on the trappings of the carpe diem poem, but his focus will then be on the grandeur and passion of love, rather than its instability. To begin to slow the passage of time in his poem, Marvell makes reference to past and future events on a grand scale. His allusions to religious scriptur... ...it becomes easy to say "death is coming, so we should love" without any particular impact behind the thought. Now, by contrasting the alternative to love caught in time, Marvell demonifies time to be a tyrant, slowly killing us all. He then states that an escape from and method of fighting against time is to love with a passion and defy his aging effect (ll. 40-46). By rethinking the carpe diem theme, Andrew Marvell makes his point more effectively than many other poets working with the same ideas. Using the methods described above, he makes the ideal scene of timelessness more concrete, so that when it is swept away the alternative seems all the more frightening and imperative. In this way he recreates a feature of real life- death is imperative, but trivialities can often make it seem distant. Invariably, however, it will greet us all.

The Inflexibility and Hubris of Okonkwo in Chinua Achebe’s Things Fall

The Inflexibility and Hubris of Okonkwo in Chinua Achebe’s Things Fall Apart This novel is the definitive tragic model about the dissolution of the African Ibo culture by Nigerian author, Chinua Achebe. Okonkwo, a great and heroic leader, is doomed by his inflexibility and hubris. He is driven by fear of failure. He had no patience with unsuccessful men. He had no patience with his father. Unoka, for that was his father's name, had died ten years ago. In his day he was lazy and improvident, and was quite incapable of thinking about tomorrow. (Achebe,4). The reader gets a rare and exotic understanding of a totally foreign and ancient culture experiencing the growing pains of colonial expansion during the British domination of Nigeria in the late 1800's. Okonkwo's ferocity is demonstrated in the carrying out of his personal "dread" to the letter within his family, his community, and the invaders. His ferocity, born of fear, is his evil. During the Week of Peace, one of Okonkwo's wives, Ojiugo, has left the compound, ignoring her children and domestic duties, to "plait her hair." And when she returned, he beat her very heavily. In his anger he had forgotten that it was the Week of Peace. His first two wives ran out in great alarm pleading with him that it was the sacred week. (Achebe, 29) But Okonkwo was not a man to stop beating somebody half-way through, not even for fear of a goddess. (Achebe, 30) Being unable to bend, he loses self-control and eventually all he has once stood for. The novel examples rites, initiations, and tribal customs whose images can be disturbing to western mentality, but also stresses the parallels and need in all cultures to have such ceremonies acknowledging important events in... ... make interesting reading. One could almost write a whole chapter on him. Perhaps not a whole chapter but a reasonable paragraph, at any rate ... He had already chosen the title of the book, after much thought: The Pacification of the Primitive Tribes On The Lower Niger. (Achebe, 208-209) Achebe suggests that colonialism has led to this entire tragedy, but the seeds of dread and self-will are obvious in Okonkwo. He is not a survivor. Our goal is to survive. In our journey through this life of good and evil influences, we purposefully choose our own end by the choices we make along the way. Success can be defined as the acceptance of all of our experience that has led us where we are today. Acceptance of ourselves is the key to acceptance and tolerance of others. Works Cited Achebe, Chinua. Things Fall Apart. Oxford, Eng.: Heinemann Educational Pub., 1996.

Deutche Bank

9-205-059 REV: APRIL 26, 2005 GEORGE CHACKO PETER HECHT VINCENT DESSAIN ANDERS SJOMAN Deutsche Bank: Finding Relative-Value Trades It was the third week of August 2003, and Jamil Baz, head of Deutsche Bank’s Fixed Income Research Group, gathered his research group for a morning meeting. â€Å"So, what are the markets telling us today? † he asked the group. â€Å"Are there any trends or news for new trade ideas? † The Fixed Income Research Group that Baz led was Deutsche Bank’s internal research and development (R&D) department for fixed income instruments.Their mandate was to look for untapped value across bond markets and interest rate derivatives. Long-term-oriented research findings were presented to clients, whereas immediate opportunities were suggested as trades to internal traders as well as clients. The success of the group was in part measured by how many of their trade suggestions actually turned into successful trades. So far, they had achieved an impressive 75% success rate. A natural place to start looking for new trades was the latest prices on various U.S. Treasury bonds (see Exhibit 1 for data from August 15, 2003). The group’s members consistently went through that data set, looking for possible trades to recommend. Typically relative-value trades took both long and short positions across different parts of the yield curve. Baz’s standard weekly question just emphasized what they all knew: that it was time to scour through the numbers one more time to see if any such positions were available. The Deutsche Bank Fixed Income Research GroupHeadquartered in Deutsche Bank’s London office, the company’s Fixed Income Research Group consisted of about 50 analysts and strategists. (An additional 10 were located in the bank’s New York offices. ) Global head of Fixed Income Research and in charge of the group was Baz, a managing director with Deutsche Bank since 2001. Previously at Lehman Brot hers in London, Baz also held an M. S. in management from MIT and a Ph. D. in business economics from Harvard University. As a part of a large financial institution, the research group was under constant pressure to monetize the ideas that they generated.The group presented its findings both internally to the ________________________________________________________________________________________________________________ Professors George Chacko and Peter Hecht, Executive Director of the HBS Europe Research Center Vincent Dessain, and Research Associate Anders Sjoman prepared this case. This case deals with trade-specific advice activities of a research department and draws heavily from â€Å"Deutsche Bank: Discussing the Equity Risk Premium,â€Å" HBS Case No. 205-040, by the same authors. Case No. 205-040 deals with macro-level advice from the same research department.Some names and data have been disguised for confidentiality. HBS cases are developed solely as the basis for clas s discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. This case is not intended as financial advice, and it should not be used as the basis for any investment decision, in whole or in part. Copyright  © 2004 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www. bsp. harvard. edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 205-059 Deutsche Bank: Finding Relative-Value Trades Deutsche Bank traders, as well as externally to Deutsche Bank clients at the CEO, CFO, and Treasury level. Baz explained how the ideas were pitched: The final goal is to create a franchise with fixed income clients.So, for clients on the asset side, such as mutual funds, hedge funds, insurance companies, and pension plans, we help them generate high returns on their assets. We give specific ideas to be executed by the clients—hopefully with us, although that is never certain. However, even if we don’t get a trade out of our recommendation, it is important enough that we maintain Deutsche Bank’s presence at the client. Sometimes we also do bespoke—or customized—work, where we analyze their balance sheet and asset-liability mismatches for them, almost like technical financial consulting.In general, research alone will not give us clients, but research combined with pricing are the keys to building long-lasting relationships with external clients. Overall, we strive to push the frontiers of analytical finance when it comes to modeling interest rates, volatilities, and spreads. Owing to data avail ability and an intimate exposure to institutional market realities, we are often pushed to reach results ahead of academic finance journals. On a group level, Deutsche Bank organized its fixed income activities in the global markets around three main pillars: investor coverage, issuer coverage, and research.The trading desks dealing in these areas were in turn divided into two groups: credit (with credit trading/credit derivatives, new issue syndicate, asset securitization, and emerging markets) and rates (with foreign exchange, money markets, fixed income, and interest rate derivatives). The research efforts of the group were set up to match these organizational divisions. The Fixed Income Research Group was one of several research groups (as shown in Exhibit 2). All these groups were run under the banner of Global Markets Research.Research as a whole was headed by David Folkerts-Landau. Demand for direct meetings with Deutsche Bank’s research groups had grown over the past few years, taken internally as a sign of increased respect for the bank’s research output. In the last year, Baz’s group alone had logged over 1,500 client meetings. All clients had access to the Deutsche Bank research in papers and newsletters that were available online. Internal traders also benefited from the research, which was a major influence behind much of the bank’s proprietary—or â€Å"prop†Ã¢â‚¬â€trading.Most members of the research group shared their time between external clients and traders, with more senior staff members working more with external clients and less with the trading floor. In the end, measuring the research group’s value to the organization was still difficult. Said Baz: Putting a value on the work we do, and the effect we have on the bank, is very hard. In fact, if you were to really measure it by attributing sales and trades back to us, the trading floor would be more reluctant to work with us. Instead, we are mostly evaluated by top management on three other factors.Firstly, overall market direction, which is how much of rate and spread moves did we catch in our advice. Secondly, the relative-value trades we originated. Thirdly, any customized business we have brought in from our client meetings. Compensation to the members of the group was tied to the evaluation of the group as a whole. Individual bonuses were then given at the discretion of Baz as the group’s manager, based on his qualitative impression of each member’s contribution. 2 Deutsche Bank: Finding Relative-Value Trades 205-059 Strategic Advice and Relative-Value ActivitiesThe group’s activities were normally broken down into strategic advice on macro trends and relative value. The strategic advice activities built on long-term discussions with clients, where the group presented Deutsche Bank’s view on macroeconomic trends to external clients. In these discussions, George Cooper, the group’ s global fixed income strategist, typically did not expect a quick monetary return. Cooper, a Ph. D. graduate in engineering at Durham University with experience from both Goldman Sachs and JP Morgan, explained: This type of activity does not generate a lot of money from a trade perspective.It generates brand value, though, and is especially appealing to insurance companies or asset-liability people, who appreciate the long-term view. We believe it serves more of an educational purpose. It gets the fund managers thinking. They are not looking for prescriptive research, where we tell them to â€Å"do this trade,† but they look for interesting ideas. Of course, they then weigh our ideas against whatever Goldman Sachs or Morgan Stanley are saying. Our role is to come up with hopefully insightful but also informative new ways to look at things.By contrast, the relative-value activities looked for more immediate opportunities by comparing different instruments and then recommendin g various trading strategies to clients and internal traders. Head of Relative Value Research for Europe was Jean Dumas, an engineer from ESME SUDRIA in France with a specialization in finance, who had worked with Relative Value Research for Deutsche Bank in Paris, Frankfurt, and Sydney before moving to London. Dumas explained his work: We come up with different types of trades all the time.The trade opportunities may be there for a week or two, sometimes longer. I look at different spreadsheets, listen to what traders are saying, watch the news, study different models. . . . Then I try to put everything together—and suddenly there is a trade opportunity. Our job is really grabbing things that don’t seem to be related at first and see if there is a trade to be done. The trade opportunities that the research group identified were published weekly in the newsletter â€Å"Deutsche Bank Fixed Income Weekly,† which was distributed to Deutsche Bank traders as well as to clients.A frequent contributor to the newsletter was Dr. Nikan B. Firoozye, head of Global Quantitative Strategies and a Ph. D. graduate in mathematics from Courant Institute at New York University with experience from Alliance Capital, Sanford C. Bernstein, and Lehman Brothers. Firoozye explained: I write a piece on Euroland strategy every week where we suggest trades. Some of these are big trades that we don’t change very often, such as curve-steepening trades. We can have the same trade off and on for a full year. We also summarize economic data as it impacts the bond markets.For instance, how structured trades could be influenced by the move in dollar versus yen, and how you should position for that. In his role as head of Euroland Strategy, Firoozye also oversaw all strategic investments in Euroland bond markets. He was also involved in all modeling issues and wrote stand-alone papers on quantitative strategy. Looking for a Relative-Value Trade For the research group, one way to find relative-value trades was to compare the prices of traded securities against the prices that the group thought the securities should trade at. This subjective view 205-059 Deutsche Bank: Finding Relative-Value Trades was based on a proprietary model developed at Deutsche Bank. (Most banks used proprietary models as a base from which to evaluate the prices of traded securities. ) The models were built on the fact that the returns offered by fixed income instruments could be characterized by the yields that they offered. The yield was roughly seen as compensation for the risk borne by the holder of that security. There were many sources of risk in fixed income securities, such as interest rate risk, credit risk, and prepayment risk.Also, the yield of an instrument could be broken down into components. The components could be thought of as compensation for the different sources of risk. So, for example, the yield on a corporate bond could be thought of as being compose d of a risk-free yield plus a credit spread. The risk-free yield represented compensation for interest rate risk in the bond, while the credit spread represented compensation for default risk in the bond. 1 To understand the compensation for the interest rate risk alone, banks typically constructed â€Å"yield-curve models. These were models for the yields on zero-coupon Treasury securities, since Treasury instruments typically contained only interest rate risk. Models for the yield curve could be then used to compare the current and expected prices of U. S. Treasury instruments. 2 The research group at Deutsche Bank had developed their own proprietary yield-curve model, a so-called three-factor affine model (see Exhibit 3 for a conceptual description of the model). Firoozye explained the fundaments of the model: We have three factors driving the yield curve that we see as analogous to the economy.In an economy, there is inflation, output gaps, and short rates. So first among our f actors is a long rate, which is analogous to inflation. It is the slowest mean reverting of our three factors. In the fifties inflation was low, in the seventies it was extremely high, and now it is back down again. It takes 20 years to go through its cycle. It is very slow, very persistent, whereas the business cycle is much, much faster. You go through a business cycle in about seven years. So slope, our second factor, is then the measure of output gap. Slope mean reverts much more quickly than inflation.The third factor is the short rate, which mean reverts the fastest. After estimating the variables of the three-factor model, the team calibrated the model to price the one-month, two-year, and 10-year zero-coupon bond. After Baz’s request at the weekly meeting, the analysts now used the latest numbers on various U. S. Treasury bonds to update and calibrate the model (see Exhibit 4 for the resulting output from Deutsche Bank’s model). The idea was to then compare the actual zero-coupon yield curve against the predicted ones coming out of the model and see if any trade ideas presented themselves.In fact, several trades seemed to come out of that comparison. Baz and the team now had to pick the trades with the highest profit potential. 1 It should be noted that the notion of compensation here is approximate. The yield on a zero-coupon corporate bond is not the expected return of that bond. It is simply the promised return of that bond, or the return an investor would get if the bond did not default. Starting with this promised return and then factoring in the probability of default and a default risk premium leads to the expected return for that bond. More generally, yield-curve models could be used to price any interest rate-sensitive security. For example, the pricing of interest rate options starts with a yield-curve model. 4 Deutsche Bank: Finding Relative-Value Trades 205-059 Exhibit 1 Prices and Coupon Rates of Various U. S. Treasury Bonds on August 15, 2003 Coupon Rate (%) 3 2. 125 1. 5 6. 5 5. 625 2. 375 6. 25 3. 25 3 3. 25 5. 5 6 6. 5 5. 75 5 5 4. 875 4. 375 3. 875 4. 25 13. 25 12. 5 11. 25 10. 625 9. 25 7. 5 8. 75 8. 875 9. 125 9 8. 875 8. 125 8. 5 8. 75 7. 875 8. 25 8 7. 25 7. 125 6. 25 7. 5 7. 5 7. 625 6. 875 6 6. 75 6. 625 6. 375 6. 125 5. 5 5. 25 6. 125 Maturity Date 2/15/2004 8/15/2004 2/15/2005 8/15/2005 2/15/2006 8/15/2006 2/15/2007 8/15/2007 2/15/2008 8/15/2008 2/15/2009 8/15/2009 2/15/2010 8/15/2010 2/15/2011 8/15/2011 2/15/2012 8/15/2012 2/15/2013 8/15/2013 2/15/2014 8/15/2014 2/15/2015 8/15/2015 2/15/2016 8/15/2016 2/15/2017 8/15/2017 2/15/2018 8/15/2018 2/15/2019 8/15/2019 2/15/2020 8/15/2020 2/15/2021 8/15/2021 2/15/2022 8/15/2022 2/15/2023 8/15/2023 2/15/2024 8/15/2024 2/15/2025 /15/2025 2/15/2026 8/15/2026 2/15/2027 8/15/2027 2/15/2028 8/15/2028 2/15/2029 8/15/2029 Current Price 101. 0544 100. 9254 99. 8942 109. 0934 108. 438 99. 7848 111. 7184 101. 0841 99. 1692 99. 271 109. 7707 112. 145 114. 9084 110. 3894 105. 2934 104. 7607 103. 4391 99. 2806 95. 0288 97. 7693 174. 3251 168. 9389 157. 0552 152. 4222 140. 0135 123. 3044 136. 0598 137. 504 140. 792 139. 9079 138. 7431 130. 7162 135. 2938 138. 3466 128. 4995 131. 7341 130. 4736 121. 58 120. 1744 109. 4538 125. 46 125. 4466 127. 1477 117. 5509 106. 3626 116. 1986 114. 7086 111. 036 108. 0391 99. 633 96. 2876 108. 4062 Source: Adapted by casewriter from Datastream. 5 205-059 Deutsche Bank: Finding Relative-Value Trades Exhibit 2 Deutsche Bank Global Markets Research Organization Global Head COO and Co-Head Global Economics Global Strategist Foreign Exchange Securitization Index Development Regional Heads – Asia/ Pacific – Germany Strategy – Fixed Income/ Relative Value Research – Emerging Markets – Credit Credit (High Grade Credit Research) Economics – Global – US – Europe – Emerging Markets Source: Deutsche Bank. Exhibit 3 †¢ †¢ †¢Deutsche Bank†™s Zero-Coupon Yield Model Key variables: Short rate, slope, and long rate (or short rate, output gap, and inflation) Model specified by a system of equations (in Q measure) Long rate mean reverts slowly (possibly to nonzero mean) dX t= (  µ X ? k X X t) dt + ? X dWt X †¢ Slope mean reverts faster (to zero) dYt = ? kY Yt dt + ? Y dWt Y †¢ X t + Yt ? rt = 0 †¢ In equilibrium short rate, rt, follows the target Xt+Yt (an analogue of the Taylor rule) Short rate mean reverts fast in order to restore the equilibrium drt = k r ( X t + Yt ? rt ) dt + ? r dWt rSource: Adapted by casewriter from â€Å"Quantitative Models for Fixed Income,† Deutsche Bank presentation, October 2003. 6 Deutsche Bank: Finding Relative-Value Trades 205-059 Exhibit 4 Output from Deutsche Bank’s Zero-Coupon Yield Model Model Prediction (BEY) 1. 2443% 1. 8727% 2. 4110% 2. 9665% 3. 4454% 3. 8557% 4. 1996% 4. 4677% 4. 6528% 4. 7107% 5. 7160% 5. 9517% 5. 9315% Maturity (years) 1y 2y 3y 4 y 5y 6y 7y 8y 9y 10y 15y 20y 25y Source: Note: Adapted by casewriters from Deutsche Bank information. The yields in this table are bond equivalent yields (BEY), that is, the semiannual yield multiplied by two. 7

A New Fertilizer Product for Vegetables

First, a stimulant component of fertilizer is obtained. This should not be very pricey, because we need an invention that can be used by every category of people.The merchandise must be sufficient to supply good victuals to plants for their vigorous and long life. Another motive which has supported this research in demeanor is to reduce the quandary of blazing of tropical plants.Research Questions:The study for manufacturing most modern fertilizers for the augmentation of vegetables is founded on the subsequent research questions:-What is the course of action for manufacturing fertilizers?   Which nourishment is less costly? Which fertilizers can be used commercially and which ones can be used by common   Ã‚  public. Also, whether these fertilizers convene to the expected needs of clients or not. Hypothesis for the Experiment:Macrobiotic fertilizer is less expensive and will be used socially, while on the other hand, tropical plant fertilizer will be more expensive and commercial ly used.Subjects:To obtain low priced fertilizers, assigned to a financial group. Quality check assigned to the department of health. Macrobiotic Fertilizer:Object:To produce a stimulant that can be prepared in simple steps and can be extensively used for supporting the growth of plants.Elements used in the Manufacturing of Macrobiotic Fertilizer:For obtaining this fertilizer, we require a variety of limes, seed feast, gypsum, fillet and kelp feast.Procedure:Mix the all 4 components of seed meals with  ¼ regular limes; now add  ¼ of gypsum piece in the combination. Lastly, add  ½ of the dolomitic lime. To obtain the finest result, a small amount of bone feast should also be added.Result:By the application of macrobiotic fertilizer on crops, it is concluded that the crop growth is much healthier and faster than before.   The experiment shows that when the elements were bought in bulk, the cost was not very high, and this product is expected to be in more demand because of its lower prices (Aubrey Vaughn, April 4, 2007).