Digital Technologies Essay Temp Essay

‘Will the challenges emerging with digital knowledge contexts, for which digital literacy is being deployed, open new horizons for the human art of thinking and creating knowledge?’ (Belisle 2006, p.55). Reference: Harvard Style Knowledge can be interpreted in different ways where one scholar defines knowledge as a learnt education another interprets knowledge as intelligence. Knowledge is continuing a process commencing at birth. Belisle (2006) states Knowledge is much more than the transmitted or acquired information. It is the awareness and understanding of facts, truths or beliefs resulting from perception, learning and reasoning. A thorough knowledge is gained through education as well as real life experiences. Dependency on digital technology has increasingly changed the lives of individuals. In the modern era, knowledge is also gained from digital technologies such as computer, smartphones, televisions and the Internet. This essay will discuss the possibilities of digital technologies for knowledge and the negative impacts of the technologies by examining increased use of visual aids, access of information and by identifying if a dependency on digital technologies creates health issues and cultural an d social impacts as society replaces traditional technologies with digital. In the modern era, technology helps in creating, storing and managing of information digitally. A survey conducted in 2010 by Records management practices and arrangements reported that time and cost benefits in accessing archival information, the better security of information and improved compliance with legislation and procedures to ensure privacy is maintained (National Archives of Australia 2015). In the past, with the use of print media, people would spend time utilising mail, handbills and posters for immediate and focused distribution of their information. Today digital media gives us social media such as Facebook, Instagram, LinkedIn or Twitter that connects people instantly and information is disseminated at low cost being judged and monitored on a ‘click’ basis. Effectively if it is available on the internet, it can be accessed and distributed by  keystroke with no actual physical labour. Obviously this lowers the cost of the information and enables distribu tion to a wider audience. Access to the abundance of information on the internet and speed at which any individual can access any information from any location has meant that the net generation and internet users prefer quick information and spend less time evaluating information. People tend to use data anywhere at anytime due to faster and easier access. Australian Bureau of Statistics (2012) published that 13.3 million people accessed data from home for such tasks as emails, doing research, browsing news and general interests and utilising online banking. They also used the ability of the internet to share material with diverse interest groups. Twitter in particular was viewed as useful for this purpose as it is global, responsive and provides a source of relevant links enabling people to publicise their blogs and to follow those of others using hash-tags (Lupton 2014, p.30). Modern data analysing, using photos and illustrations is a very efficient way in gaining knowledge in abundance. The use of digital technology is enabling the continual development of visual aids. This is magnified greatly using Windows, interfacing technology and other imaging tools, more so than contemporary books and papers. Visual information helps in the decision making process providing a definite interpretation of information. In the past, learning and teaching was primarily text-based reflecting traditional teaching based on cognitive or behavioural science (Sims, O’Leary, Cook & Butland 2002). It is now possible to support visual and multimedia formats on wireless devices at anytime to anyplace (Sims, O’Leary, Cook and Butland 2002). Visual images such as tables, graphs, photographs and maps can be presented in the form of a report. These visual images are used more in our everyday life as a teaching resource in school or a visual reference in a business presentation. Visual images make the written data and oral presentation easier to understand and assist in the decision making process. Good decisions are based on research, digital information and Records management contribute to making decisions based on fact. Timely decisions are facilitated by ready access to information. Understanding past decisions is  assisted by access to the digital data that originally supported the decision (National Archives Australia 2015). In the transition from literature to digital and from text to visual, an individual has to be aware that a dependency on digital technology can create issues. The internet is a bundle of information that allows the expression of ones’ self. This expression on a personal web page is likely to be a more considered controlled impression than one gained from an offline or public encounter. A web page can provide an emotional release enabling artistic ability to be incorporated in its layout. Chatrooms are a form of communication that gives the opportunity to speak to someone in a different country without the cost of long distance phone charges. It is instant and not like the olden times where an individual had to wait for mail to be delivered. Technology makes it easy to communicate when we wish and disengage at will. Educational websites offer phenomenal information covering a wide range of topics that vary from completing assignments to studying ones ancestry. People depend on the web when dealing with emotions. Some simply use the web to replace a paper diary recording their thoughts and responses or seeking to rationalise experiences through the web. Physiological changes have been seen in the more impressionable, such as children, who may overuse technology and exhibit changes that mimic changes scene in high stress states, such as high heart rates, fast paced breathing and hyperacute hearing and vision (Rowan 2010). It has been suggested playing violent video games leads to increased aggression and reduced empathy suggesting these games may desensitise children to violence (Rowan 2010). People have a tendency to retain the information that supports their ideas or viewpoint. Having access to technology that enables access to pages of information creates a situation where people search only for collaborating information and promote misinformation supporting their beliefs irrespective of social impacts. As we search the Internet we need t o be aware of its perils such as identity theft and fraud but the biggest effect is cultural and social effects. Family and friends can find themselves competing with digital technologies for time and attention. Time spent with an ipad, tablet or computer is a  minute lost that could have been spent interacting with the world around them whether it be a friend, family, or peers and react to extra senses such as articulation in voice or body language both which can be lost in the digital world. Face to face contact has become a thing of the past. People maybe not spending as much time as they used to or could be together. Properly used technology helps us advance both as an individual and a civilization but improperly used, it can alienate us from each other and even hinder our physical and psychological development. Emotional distress, alienation and loss of privacy can all be experienced if, for example, intimate images are spread perhaps virally beyond the intended recipient or depiction in texts of individuals who may be targeted by their peers for social and emotional abuse because of the wide distribution of information whether visual or text (Ives 2012, p.46-47). This sort of unsocial interaction could have a widespread effect on children at school and work colleagues, the lasting psychological effects could be carried into future generations. This may lead to suicides, charges and withdrawal from society. The advancement of digital technology has become the centre of our information behaviours with the amount of available information online surpasses anything previously known and many of us have this information at our fingertips. So the challenge is to apply our thinking to this available information, our awareness and understanding of facts, truths and beliefs resulting from perception, learning and reasoning and the result is knowledge. Social media and database archives never before have been more connected to the modern world. Socially a lot of people benefit from the virtual world, and some people are suffering because of it. Digital mainframe and archives are helping to preserve our knowledge for future generations, but in the event of a web crash or system error, it also shows how fragile this digital age is. This basic process of turning information into knowledge has not changed but now is made more difficult by the sheer volume of information or data to access. References Australian Bureau of Statistics 2012, How Australia accesses and uses the Internet, cat no. 1301.0, ABS, viewed on 02 February 2015, Belisle, C 2006, ‘Literacy and the Digital Knowledge Revolution’ in A Martin &D Madigan (eds.), Digital literacies for Learning, Facet, London, pp. 51-67. Ives. EA 2012 iGeneration: The Social Cognitive Effects of Digital Technology on Teenagers, viewed 25 January 2015, Lupton, D 2014, ‘Feeling Better Connected’: Academics’ Use of Social Media. News and Media Research Centre, University of Canberra, p.30. National Archives of Australia 2015, Benefits of digital information and records, viewed 01 February 2015, Rowan, C 2010, ‘Unplug-Don’t Drug: A Critical Look at the Influence of Technology on Child Behaviour With an Alternative Way of Responding Other Than Evaluation and Drugging’, Ethical Human Psychology and Psychiatry, vol. 12, no.1, pp. 60-68. Sims. E, O’Leary. R, Cook. J & Butland. G 2002, Visual Literacy: What is it and do we need it to use Learning Technologies effectively, Learning Technology Support Service, University of Bristol, United Kingdom, viewed 05 February 2015,

Report on Feasibility Study to Start a Restaurant

Waste Disposal †¢ Periodically inspect for leaky dumpsters and compactors. If dumpsters are leaking, call the leasing company to repair or replace dumpsters. †¢ Cover dumpsters and other waste containers to prevent stormwater from entering the container. †¢ Never dispose of waste products, such as food or liquid wastes, to storm drains. Donate edible food to a food donation bank, participate in food waste composting programs, contact an animal feed company or dispose of food waste in a trash receptacle. †¢ Never wash down dumpsters or dumpster areas with a hose.If a dumpster must be cleaned, contact the dumpster leasing company. Use dry clean up methods to wash dumpster area or use other Best Management Practices (BMPs) to clean dumpster area to prevent wash water from flowing to the storm drain system. †¢ Improper handling and disposal that creates a discharge to a storm drain is illegal. Both the company and individuals responsible are subject to civil and criminal prosecution. Grease Handling and Storage †¢ Do not pour cooking oil or grease into sinks or floor drains, or into a parking lot, stormdrain or street. Dispose or recycle cooking oil and grease through a licensed waste grease hauler or licensed grease recycler. Search for grease haulers and recyclers under â€Å"tallow† in the Yellow Pages. †¢ Service oil/grease interceptors at least monthly. For an oil/grease interceptor to function properly no more than 1/3 of the depth of the interceptor should be a floating grease layer and no more than ? of the depth should be sediment on the bottom of the interceptor (www. oracwa. org). †¢ Under-sink grease traps should be serviced at least weekly, more often if the grease trap is more than 50% full (www. racwa. org). †¢ Practice dry clean up. Use scrapers to remove food wastes from serving ware, pots, pans, grills, and cooking surfaces prior to cleaning them with water. Dispose of food waste in a trash recep tacle, send to an animal feed company, or donate edible foodstuffs to a food donation bank. †¢ Use food grade paper to soak up oil and grease under fryer baskets. Dispose of soaked paper in a trash receptacle. †¢ Improper handling and disposal that creates a discharge to a storm drain is illegal.Both the company and individuals responsible are subject to civil and criminal prosecution. Pavement and Floor Cleaning †¢ Keep parking lot, drive through, and dumpster areas clean and remove accumulated debris. Use dry methods for spill cleanup: such as sweeping instead of washing; the use of rags, cat litter or another type of absorbent; place trash and solid waste into dumpsters. If you mop up a spill, dispose of mop/washwater in indoor janitorial/mop sinks. †¢ Do not hose down pavement or any outside area to the storm drain. Use a BASMAA certified surface cleaner (www. ity. palo-alto. ca. us/cleanbay/cbb. html) to wash sidewalks, drive-through and parking lots. Your e mployees and your contractor must use BMPs to prevent washwater from flowing to the storm drain system. †¢ Never pour or sweep wastewater from restaurant floors out the back door, or into a gutter, stormdrain, or creek. Dispose of mop/washwater in indoor janitorial/mop sinks or toilets. †¢ Improper handling and disposal that creates a discharge to a storm drain is illegal. Both the company and individuals responsible are subject to civil and criminal prosecution.Equipment Cleaning †¢ Clean floor mats, grease filters, grills, garbage cans and other restaurant equipment in a janitorial/mop sink, inside floor drain, or other designated wash area that flows to the sanitary sewer system. Talk to your local sanitary sewer agency for requirements. Equipment cleaning washwater shall not flow to the storm drain system. †¢ If your restaurant uses a contractor to clean floor mats, exhaust hoods, or any other equipment, check to be sure that they are not allowing washwater t o flow to the storm drain system.The restaurant is responsible for contractor actions. †¢ Check roof top exhaust fans and flumes at least weekly. Place an oil collection tray under rooftop exhaust fan shrouds to collect cooking oil and grease and empty the shrouds weekly. †¢ Do not clean equipment in food preparation sinks. †¢ Improper handling and disposal that creates a discharge to a storm drain is illegal. Both the company and individuals responsible are subject to civil and criminal prosecution

Cases for Case Briefs Essay Example | Topics and Well Written Essays - 500 words

Cases for Case Briefs - Essay Example Code Ann. Section 5-6-225 (e)(3) for hearing and writing to the Supreme Court for concrete evidence and conclusions of law. This case was initially tried on November 29, 1999 by the trial court, and the trial court verdict was in favor of employer/defendant (State Industries). This was because of employees failure to use a standard safety process. This is despite safety procedure and the training manual distributed to all employee by the employer (Courts, 2004). On July 15, 2002, the case was brought again before the same judge. On appeal, the Workers Compensation Panel voiced a new four-prong procedure to be applied when employers assert the affirmative defense of failure to use a safety appliance in the case of Wade Nance versus State Industries and ITT Hartford Insurance Company, 33 S.W.3d 222 (Tenn. 2). The four-prong test enumerated were:- The panel ruled that the employer had carried its burden of evidence on elements one, three, and four, and remanded the court case for a new trial on element two. On July 15, 22, the case was tried again before the same judge (Allen W. Wallace, Sr. J.) and the court determined State Industries, employer, had carried out a strict, continuous and bona fide enforcement policy (Courts, 2004). In addition, they further had training classes, and employee had received training on safety procedure. Evidence in this case showed that some employees did not use this safety procedure even though they had a device to initiate the procedure. The Case of Wade Nance v. State Industries originated from safety misconduct, On June 7, 1998. This case was a workers compensation appeal that had been passed on to the Special Workers Compensation Appeals Panel of the Supreme Court, as per Tenn. Code Ann. Section 5-6-225 (e)(3) for hearing. According to the events that led to the case, the employer required lock-out/tag out safety procedure and the employee

International law seminar. Legal memo Case Study

International law seminar. Legal memo - Case Study Example This has enabled her rise above her competitors on the market. Packaging is a vital factor in trade that enables consumers to identify a particular item. An attractive way of packaging a product catches the buyer’s eye and this promotes sales hence earning much profit. It is on this note that Danielle decided to make her order of the boxes from Stuttgart Germany even though she was a citizen of United States. Entrepreneurship involves producers inventing new ways and approaches so as to dominate the market. This includes strategy. Proper strategy enables producers to counter challenges that may face their business. Therefore, Danielle wanted her chocolates to have a unique packaging feature hence going for the Box Masters Company. The paper indicates that since the bossiness partners originate from two different countries, the CISG shall be used as an applicable law. Danielle made an order of 40000 boxes of chocolate from her supplier. According to Danielle, the holiday season was a perfect time for her business since chocolates are favorites for a large number of people. The first issue indicates that the supplier delivered goods on 16th October as expected by Danielle, but they were not the boxes that she had ordered. This shows that they were normal boxes, which her competitors used on market. Her clients identified her chocolates from others on market as a result of her packaging design. The issue reflects that consumers will not be able to distinguish Danielle’s chocolates and this will lead to a loss. Thanksgiving and Christmas holidays offer reliable opportunities for business operations. Danielle was optimistic that she would make much profit similar to past years. Danielle wrote to the Box Masters informing them that the goods she had received were not what she had ordered. She explained to the company that using the normal boxes would make her lose customers, which would bring down her business. The Box Masters explained to the entrepren eur the challenges the company was facing, and indicated that they would send 10000 boxes by October 26th and finally deliver the remaining 30.000 boxes on November 16th. The Box Masters fulfilled their request where they delivered 10000 boxes on October 26. However, at that time damage had already taken place. Danielle had lost several clients as a result of the delay. The memo indicates that it was not imperative for the Box Masters to argue that Danielle could be sold the items on a subsided price. The mutual agreement between the buyer and the seller indicated a specific item and not just any item on shelf. Since they sent a wrong product they are required by law to stand in for the cost of shipment and insurance. According to article 16 of United Nation’s Convention on Contracts for the International Sale of Goods [CISG] an offer may be revoked if goods reach the buyer before he has transmitted an acceptance. Therefore, from the above illustration, Danielle has aright to refuse the delivery of the 40000 boxes because they were dispatched without acceptance. It also states in article 17 of the CISG of the constitution that an offer is terminated when rejection reaches the seller. This can be shown since Danielle wrote to the Box Masters indicating that she had nothing to do with the normal boxes. According to this information, the Box Masters should make arrangements for the shipment of the normal boxes back to their warehouse since Danielle had paled a rejection. The main objective of any business venture is to satisfy her

Entrepreneurship and Venture Creation Essay Example | Topics and Well Written Essays - 3000 words - 1

Entrepreneurship and Venture Creation - Essay Example There are several theories that explain the multidimensional concept of entrepreneurship. For example, the psychological theories that focuses on the mental and emotional factors characteristic of entrepreneurs. In the classical and neo-classical period, the terms entrepreneurship and entrepreneur were perceived to be similar (Evans 2014:48). The theories explaining entrepreneurship can be divided into three broad categories that are the psychological aspects, sociological theories and economic principles. However, scholars in the discipline of economics are the main contributors to the development of the entrepreneurship concept. In the neo-classical theories, entrepreneurship does not exploit the business field. Based on the earlier concepts of market equilibrium, neo-classical theories argue that firms in the market obtain their profit margin based on their levels of labor. The neo-classical theories also argue that entrepreneurs who put in more effort compared to their counterpar ts in turn obtain more profits (Evans 2014:48). The key limitation in the neo-classical theories is that they undermined the role of management and decision making in the success of the firm in the market. The theories also focused on the knowledge of the entrepreneurs and the nature of the business that an entrepreneur carries out. For example, if an entrepreneur is more knowledgeable in a particular type of business compared to their counterpart, then the entrepreneur is likely to be successful.

Is consumerism good or bad for the world Essay Example | Topics and Well Written Essays - 1000 words

Is consumerism good or bad for the world - Essay Example will be explained in detail below using several theories such as Maslow’s theory, Herzberg’s needs theory and other motivational theories as well. The counterarguments of consumerism are from critics. Consumerism from its definition by various individuals and researchers is economically beneficial as people purchase goods in bulks which in the long run saves money and time both of which are economical (Roche, 2009, pg. 12). Economists actually support the idea of consumerism in as far as purchasing in large quantities is concerned but not when it comes to wastage in large amounts. This excessive consumption is an indication of the large amounts of money the consumers have and this is present in many of the first world nations who have a lot of money and hence the means to spend them in large consumption. Consumerism according to Maslow leads to achievement of satisfaction for the individuals who engage in it. People engage in consumerism in order to try and seek psychological satisfaction and also because they aim to achieve a sense of self-actualization (Burger, 2010, pg. 5). They therefore engage in consumption of objects and other things that would lead to derivation of that satisfaction. Even though many do not reach self-actualization, they still manage to fulfil some of their needs and hence getting the satisfaction they desire. The consumption of things such as energy, food, security, good job, having a lot of money and family are some of the things most people desire and try to achieve and which when achieved lead to satisfaction. All these would not have been possible without consumerism. Also as a result of the positive outcome brought about by consumerism to majority of the benefactors, they are motivated to put more effort in the future in order to get the same results a s is explained by Vroom’s expectancy theory. Consumerism is an indication of wealth whether personal or that of the whole nation. Statistics indicate that wealthy nations such

Relationship between Infant-Directed Speech and Word Segmentation Research Paper - 1

Relationship between Infant-Directed Speech and Word Segmentation - Research Paper Example The writer will  analyze different aspects of both concepts, and provide appropriate conclusions on their relationship. Also known as caretaker speech, and informally as â€Å"mommy talk,† IDS is a central aspect of child development. Contrary to popular opinion, its influence is not restricted to language development alone. IDS also considerably improves the cognitive abilities of infants by encouraging them to use their senses and practice functions like grasping and holding (Aitchison, 1996:26). In the language development aspect, word segmentation is the dimension that attracts the most interest from researchers regarding IDS. Infants’ ability to segment words develops variable and is influenced by a number of factors. However, IDS has so far been linked with many features of word dimension, such as recognition of repetitive words and comprehension of new words and phrases. When parents and minders talk to infants, they indoctrinate them in their dialect. They int roduce them to novel phrases and terms that they will, inevitably, learn as they grow. However, research seems to show that depending on how early they are exposed to IDS, children can exhibit extremely contrasting proficiencies in language development and speech (Fabbro, 1999:46). Parents who involve their children in IDS as much as possible have reported better language and speech development, as well as refined cognitive abilities. According to Harley (2013:48), the impact of IDS on word segmentation can be better explained when we consider that it is relatively easy to manipulate the cognitive abilities of infants and children. Infants, specifically, adapt to new environments and habits depending on the extent and frequency with which they are exposed to them. For example, we can consider the dialects used by different parents when communicating with their children to show how IDS affects word segmentation.

Analysis of Claude Monet's Stacks of Wheat Term Paper

Analysis of Claude Monet's Stacks of Wheat - Term Paper Example Monet asserted the cyclical essence of the seasons and of his own creative activity. Notably, he was unbelievably responsive to the nuances of nature (Art Institute of Chicago, 2000). The melting of the snow was a representation of the earth and the features of the background with the sun glowing gently as opposed to glowing angrily. In this series, the stack seems to loom larger than those in Sunset, Snow Effect, but their actual sizes are roughly equal. His main intention was to see the Stacks of the wheat paintings function both independently and as part of the series (Art Institute of Chicago, 2000). The monumental stacks depicted in the paintings arose 15 to 20 feet and stood just outside the artist’s farmhouse at Giverny. The stack-according to Monet-was a resonant symbol of sustenance and survival (Art Institute of Chicago, 2000). The Stack’s association of abundance and of man’s ability to sustain himself and his animals on the richness of the harvest are obvious and compelling. His subsequent series after the 1891 depicted poplars, the facade of Rouen Cathedral, and later his own garden at Giverny. In Monet’s painting, the sun casts a golden orange over the wheat stack. This shadow was a representation of a contemporary color blue-lavender (Art Institute of Chicago, 2000). Although the mundane subject was dominant throughout the series, the outstanding theme of the series was the transience of light. This concept enabled Monet to use repetition to show nuance of perception as series, weather changes and time of the day (Richard, 1987). The dominant subject provided the foundation from which comparisons could be made in changes of light across this series (Art Institute of Chicago, 2000). Traditionally, it has been thought that the motifs in the Monet's Stacks of Wheat Series paintings were just objects utilized to explore how light, color and form changed during the day and in regard to different weather conditions (Richard, 1987).  

Report on apple and INTO giving Assignment Example | Topics and Well Written Essays - 750 words

Report on apple and INTO giving - Assignment Example It raises funds through various activities such as the 2009 event when they drove three second hand vehicles across many countries to raise money for charity in Gambia (Finkle and Mallin, 2010). Apple is a corporation and a profit making organization, it is owned by different shareholders (Dediu, 2013). On contrary, INTO Giving is a non-profit making organization. It is owned by INTO university partnership with the aim of facilitating education access to the less fortunate children in the world. The fact that the ownership is different, it’s suitable since the owners have different interests in the organization. Apple`s owners are profit driven while INTO Giving`s owners aim at helping the needy. INTO Giving has an organization structure that comprises the following, the board chairman, director and Treasurer, operations director and the fundraising and communications manager. The members of this organization`s manages the organization to meet the charity work which is its main. On the other hand, apple has an organization structure that comprises the following, the board chairman, senior vice presidents from various departments, vice presidents and the employees (Dediu, 2013; Yang, 2013). The structure of the two organizations differs because of their goals of operation resulting to omission of some departments. (Polidoro, 2012) It is the beliefs, values, norms, languages, way of doing things and habits in an organization (Ravasi and Schultz, 2006). Apple’s culture is collaborative and the company is organized like a start-up. The company recognizes performance and awarding its best employees (Yang, 2013). The Company also insists on accountability for all its employees, a culture it has maintained to date. On the other hand, INTO Giving has maintained a culture of monitoring the performance of its employees across the many countries it offers its charity services. INTO Giving mission states,

Elderly Abuse Essay Example for Free

Elderly Abuse Essay Lifespan stage and counseling-related problems. As part of being a human being, we are born and we grow old as time passes and then we die as life comes to an end. Part of human development is the stage of late adulthood. From the book â€Å"Human Behavior in the Social Environment,† by Jose B. Ashford and Craig Winston LeCroy, the years from age sixty until death are considered late adulthood. At this stage of life, there are many challenges that the elderly people face. Aging comes with the loss of being independent, age discrimination and diminished physical ability. During the aging process, there are also biological, emotional, intellectual, social and spiritual changes. Beside two other big challenges such as poverty and ageism, one of the biggest problems that elderly people face is elderly abuse when they are at the point in their lives where they are dependent of someone to provide supports for them. According to the American Psychological Association, an estimated 4 million older Americans are victims of physical, psychological or other forms of abuse and neglect. Many people who hear â€Å"elder abuse and neglect† think about older people who live in nursing homes or older relatives who live all alone and don’t have visitors. Being part of the counseling program, it is important for counselors to know that majority of incidents of elder abuse do not happen in nursing homes or other residential settings, but rather takes place at their own home with their own spouses, children, siblings or relatives. Forms of elderly abuse to be aware of are physical abuse, verbal/psychological/emotional abuse, sexual abuse, financial exploitation and neglect. Elder abuse is often a very complex problem that is caused by many reasons such as cultural issues, stress, society and other factors. Elder abuse affects both older men and women from all socioeconomic groups, cultures, race s and ethnicities. Bio-psycho-social developmental themes Bio-psycho-social developmental themes affecting late adulthood is crucial in  understanding elderly abuse. During this developmental stage, there are lots of changes in the biological systems among this age group. Problems related to elderly physical health include gradual loss of bone mass, joints are more restricted, variety of foot problems, and arthritis which is known to affect many elderly people. Power and speed of muscle decrease as well as strength and endurance. There is a decline in hearing and vision impairment. Skin gets thin and dryer which make the skin more easily bruised and injured. Maintaining independence and health is very important in the success of someone who is in this stage of development. With the biology of aging, the elderly become physically frail which cause others to care for them sometimes resulting in mistreatment and abuse. Forms of elderly abuse that affect the individuals biologically are physical abuse and sexual abuse. Physical abuse ranges from getting slapped, shoved, beatings, kicking, pinching, burning, and getting restrained with ropes or chains. Giving inappropriate medications is also part of physical abuse. Sexual abuse among this age group ranges from inappropriate touching, forcing sexual contact, rape, sodomy and coerced nudity. It is the least reported type of elderly abuse. Sexual abuse also includes taking pictures and forcing an individual to look at pornography. These two forms of elder abuse usually cause physical problems such as signs of body bruises, bruises around genital areas, unexplained sexually transmitted diseases, untreated wounds, sprains, broken glasses and bloody underclothing. There are changes in the psychological system of this developmental stage that contributed to elderly abuse and mistreatment. Alzheimer’s disease is the most common form of dementia for aging individuals. Alzheimer is literally having memory loss which is common among individuals that are in their sixty and above. Cognitive impairment increases with age and dementia is usually one of the biggest problems that often refer to irreversible cognitive impairment that affects an individual’s memory, personality, and functioning. According to the Alzheimer’s Association, cognitive impairment can sometimes be discovered early in individuals. When individuals are not able to recall names, forgetting words, misplacing things, having memory loss, getting lost in own street or neighbor, not knowing or forgetting chore needs to be done, they may possibly be showing Alzheimer’s disease or other forms of dementia. Behavioral and emotional changes occur in people with Alzheimer’s disease. As the disease gets worsen, those with the disease will experience symptoms that include delusions, agitation, aggression and uncooperative with care. Alzheimer is a commonly known dementia disease in which there is no cure and it gets worse as it progresses. The risk of abuse increases in people with health issues such as dementia (Kohn and Verkoek-Oftedahl 2011). Verbal, emotional and psychological abuses are the common abuses that elderly individuals suffered from. Signs of emotional and psychological abuse are being upset, withdrawn, and unusual dementia-like behavior such as rocking and sucking. Name calling, intimidation, threatening, isolating the individual from families and friends are forms of verbal, emotional and psychological abuse. In late adulthood, the social dimension or support system becomes smaller. Majority of older adults have some family, while others do not. Family is the first line of support for older adults when they need care and assistance. Some older adults or elderly individuals often live with their children including grandchildren, while others live with their spouses. It is important to know that elderly abuse is often caused by family members and the least likely to be reported. For those that do not have family and are dependent for care, they are often live in adult residential homes or care facilities where they only people they interact with are the staffs within those settings. Elderly abuse is sometimes caused by individuals working at the care homes. Some individuals of this population experience loneliness and isolation. When an individual is isolated for no apparent reason, it is sometimes can be part of elderly abuse. Counseling Practice: Assess and Strategy Elderly abuse is often the result of certain societal attitudes that contribute to the violence and discrimination against older people. From the American Psychological Association, such factors that contribute to elderly abuse include the devaluation of and lack of respect for older adults and the society’s belief that what goes on in the home is a private â€Å"family matter.† When societal views regarding older people as insignificant, it results in failure to recognize the importance of assuring support, dignity and nonabusive life circumstances for every older individual. When people outside of the family observe or suspect abuse, they may fail to intervene because they believe that it is a family problem and is none of their  problems or they might be afraid that they are dealing with a private matter. Also, the feeling of shame and embarrassment might often make it difficult for older persons or even family members to report and reveal the abuse because they do n’t want others to know that such events are occurring in their families. Counselors need to take into consideration of certain cultural values, beliefs and traditions that influence the family dynamics and intergenerational relationships. These differences can make the situations difficult to distinguish from abuse or neglect. One big problem is older individuals from ethnic minorities or immigrants that do not speak English and have language barriers, financial or emotional dependence that prevent them from seeking or willingness to report abuse. It is important that anyone who works with older people in potentially abusive situations need to be sensitive to cultural differences and intervene accordingly as well as not to ignore signs of abuse. To prevent elderly abuse, counseling for behavioral or personal problems in the family can be helpful. Treating family members with substance abuse can prevent violence against aging adults in the households. In some cases, it may be a best interest to have the older individuals move to a different safer setting or having the older individuals live in nursing home if adult children are not equipped emotionally and physically to support and handle the responsibility of caring for an elderly person. When suspected of elderly abuse, counselors or any other related mental health professionals are mandated to report elderly abuse to adult protective services as required by laws. It is also important not let fear prevent you from reporting any suspicions of abuse taking place. It is important to know that someone’s life can be saved from further harms including death. People in their late adulthood deserve to be treated with respect and dignity. They are our parents, grandparents and love ones who deserve good care and love as they have reached the full stage of their lives. Cited Page Ashford, J. B., LeCroy, C. W., Lortie, K. L. (2010). Human behavior in the social environment: a multidimensional perspective (4th ed.). Australia: Brooks/Cole, Cengage Learning. Elder Abuse and Neglect: In Search of Solutions. (n.d.). http://www.apa.org. Retrieved November 16, 2013, from http://www.apa.org/pi/aging/resources/guides/elder-abuse.aspx Kohn, R., Verhoek-Oftedahl, W. (2011). Caregiving and Elder Abuse. Medicine Health Rhode Island, 94(2), 47–49. OpenStax College. (2013, July 29). Challenges Facing the Elderly. Retrieved from the Connexions Web site: http://cnx.org/content/m42880/1.4/ Resources Two Current Book References Glicken, M. D. (2009). Evidence-based counseling and psychotherapy for an aging population. Amsterdam: Academic. This book is a practical guide for advanced students, social workers, clinicians or anyone in the mental field that work with elderly clients. It covers the most effective evidence-based practices for assessment and treatment of elderly clients. Each chapter of the book directly addresses different range of conditions and disorders that are the most common for the elderly population such as social isolation, elder abuse and neglect, depression, anxiety disorders, terminal illnesses, dementias and so forth. It also prepares readers for conditions that they will encounter in the real world even working with or interacting with the elderly population. Wilson, G. (2000). Understanding old age critical and global perspectives. London: Sage. This book is about understanding old age or the elderly population. It gives readers a wide range of issues and policies on ageing. It provides many theoretical perspectives on ageing in different societies, the trends involving aging adults and what roles should be taken by older people including those who interact with this population. The book explores migration, different health issues, pensions, the structure of family and institutional care as well as it also touches based on elderly abuse. This book is essential for students, nurses, social work, counselors and those who want further understanding of the older population in our society. Journal Article Thompson, H., Priest, R. (2005). Elder Abuse and Neglect: Considerations  for Mental Health Practitioners. Adultspan Journal, 4(2), 116-128. According to the authors, elder abused is largely an unrecognized problem in the United States and is often untreated. Elder abuse and neglect is so prevalence, that not all incidents are reported. By 2030, the elderly population of late adulthood will double and it is important for mental health practitioners to be aware of intervention, different strategies, consequences, laws and the risk factors that contributed to elder abuse when working with clients. The article addresses the different types of elderly abuse and states real life problems that mental health practitioners including counselors will encounter when working with the population. Educational Internet Website National Center on Elder Abuse (NCEA) www.ncea.aoa.gov The National Center on Elder Abuse or NCEA is directed by the U.S. Administration on Aging. According to the mission of The National Center on Elder Abuse, it is a resource for policy makers, social service and health care practitioners, the justice system, researchers, advocates, and families. The site has prevention strategies and different intervention partners that are good for different work fields such as for those working with older people in the social services, APS, Ombudsman and etc†¦ It provides many different practices that are utilized in different states throughout the United States. Local Referral Source Department of Health and Human Services, Ombudsman Program 7001 A East Parkway Sacramento, CA 95823 Telephone: (916) 875-2000 The Office of Ombudsman provide information, answer questions and resources to address issues. The Office of Ombudsman protects and defends a citizen’s rights.

Impact of Foreign Aid on Nigeria Development

Impact of Foreign Aid on Nigeria Development CHAPTER FIVE SUMMARY, RECOMMENDATIONS AND CONCLUSION 5.1 Summary This study examined the extent to which Foreign aid; particularly the debt relief initiative has contributed to human development in Nigeria. It particularly sought to examine the relationship between Foreign aid and development considering the underlying political-economic conditions and the effectiveness of aid on human development. This work also sought to analyze how the World Bank’s Debt Relief initiative has enabled human development in form of better living standards and access to essential facilities in Nigeria. Finally, this research sought to evaluate the political-economic conditions particularly underlying the effectiveness of the World Bank’s Debt Relief initiative to Nigeria. Chapter one introduced the study introducing a general background to the study; the statement of problem; the research questions; objectives of the study; research proposition; significance of the study; scope and limitations of the study. Chapter two focused on the review of scholarly literature on the subject matter. The chapter illustrated the historical background to Foreign aid in the International system and its contributions to development in general. The chapter also included a theoretical framework examining the theory used for study review as well as the current trends regarding the subject. Chapter three in the other hand was devoted to the historical perspective of foreign aid in Nigeria. Chapter four attempts a critical discourse of the subject matter of debt relief and human development. The chapter reviewed and evaluated the debates on the effectiveness of the Debt Relief Initiative to Nigeria. It particularly sought to examine the impact and effect of the debt relief initiative on Human development in Nigeria. It started off examining the debt relief initiative, followed by the debates on its effectiveness and management in recipient states and concluded with a critical analysis of the effectiveness of the debt relief initiative on human development in Nigeria so as to determine if foreign aid in form of debt relief has contributed to human development in Nigeria. This chapter being the fifth summarizes the research and all findings carried out. It also includes recommendations and suggestions for further studies. 5.2 Recommendations One of the significant conclusions of the aid-effectiveness literature has been that aid is more effective when the recipient country’s policy and institutional environment satisfies some minimal criteria, and that aid should thus be allocated selectively on the basis of the quality (established policies and initiatives) of prospective recipients’ economic and social policies (World Bank, 1998). To buttress this assertion, Thomas (2001) points out that some Heavily Indebted Poor Countries (HIPCs) had no policy responses to poverty, HIV/Aids or corruption until they were required to do so as conditions for debt relief under the HIPC Initiative. He concluded by suggesting that unless debt relief is effectively conditioned on the proper use of funds and the pursuit of structural reforms, it is unlikely to help the poor. This has been the Aid efficiency-conditionality debate –surrounding the subject matter. It is rather quite unfortunate that the afore mentioned assertion or debate was somewhat verified in Nigeria with the establishment of the Debt Management Office and the Virtual Poverty Fund – initiatives that were as a result of a desperate need for a debt relief. What is more reliving though is that the DMO is actually still in place and very much efficient in managing the Nation’s external and internal debt, and have shown certain level of accountability and transparency. This is seen with the up-to-the-minute information available on the Debt Management Office (DMO) website for Nigerians to familiarize themselves with the office and all that has been done to get a debt relief and all that there is to managing further debt both on the state level and the federal level. This research further recommends that revenues from oil be utilized appropriately to make resources available to finance investment that would in turn lead to growth. No doubt, there is the individual approach to office administration and policy initiation. But because the nature of Public administration allows for continuity even after the presiding officer or chair steps down, it is therefore appropriate to recommend that the established Debt Management Office and the Virtual Trust Fund (VPF) that was internationally commendable suggest that the Nigerian Government is competent enough to initiate functional approaches to challenges in the state and manage such initiatives effectively. It would be worthwhile therefore, to have our leaders put that same zeal and drive to initiating solutions to several other challenges facing the state and run it efficiently as the DMO was viciously run to get debt relief. Apart from debt relief being a form of aid; in Nigeria, the aid fund goes directly to the ministries, department or agency (MDA) that uses the fund. This is contrary to what happened in other Sub Sahara African Countries such as Kenya and Ghana in which foreign aid is treated as part of the budget. The Senate in Nigeria has warned against the disbursement of foreign aid coming into the country without National Assemblys involvement. The lawmakers are now insisting that such funds must henceforth be captured in the nation’s budget process for the purpose of tracking its flow and disbursement into Nigeria’s critical sectors (The Will, 2011). The idea is that by-passing budget will result in timely release of the aid to the critical sectors of the economy. Also, by-passing budget would ensure that aid money is not diverted to non-aided projects in the country. It is possible that there is the fear of embezzlement and mismanagement. And so I would recommend that the ministr ies, department or agency (MDA) that receive and utilize aid fund continue to do so but with a report to the National Assembly on a detailed account of aid fund. To effectively assess the effectiveness of the VPF or any aid fund for that matter, it is important for recorded projects to include the names or complete detail of projects so as to allow for complete evaluation. One may question if poor policy performance is a cause or a consequence of external debt or debt over hang for that matter. The debt overhang theory and the more general concerns of debt distorting incentives of the borrowing countries to reform imply that poor policy performance could be an outcome caused by external debt, at least in some of the HIPC countries, especially in the short run, as governments have much less incentive to absorb reform costs if they primarily produce income for foreign creditors. This should not be the case for Nigeria with the surplus revenue from oil does. It does not allow for the conclusion that poor policy performance could be an outcome caused by external debt. Rather, gross mismanagement of public fund, looting and perpetuated greed has caused poor policy performance. The civil society could have suppressed mismanagement to some extent but that is not really the case because what is seen is a state where there is minimal horizontal accountability and almost an invisible vertical accountability. In fact, the Nigerian citizens are negligent of the existence of the state and tend to survive with or without its input. This should not be the case. For Nigerian leaders to be accountable, citizens must actively participate in the politics of the state and make demands without fear. As many other reviews have recommended, this research would also recommend that Nigeria should diversify her economy to have multiple income streams. It is true that no state can be self-sufficient but the manner in which aid is given to Nigeria is very appalling and not needed. Least to say the food imported to Nigeria on a daily basis. If any state cannot feed itself and grow itself and its capacity, such state is bound to be underdeveloped of which Nigeria is not fit to be termed underdeveloped due to her vast riches in natural resources, man power, intellectual and industrial capacity, market and population. This research would therefore recommend a shift from a â€Å"Rentier mentality† to a self-reliant economy and state. 5.3 Conclusion In other research, the overall impact of debt relief continues to be unclear. Whereas there is little in the way of complete analysis or country case studies to compare the Nigeria case with. Chauvin and Kraay (2005) however, argue that debt relief has had no perceptible impact on the composition or effectiveness of public spending. Some skeptics, including Easterly (2002) and Jain (2007) have argued that debt relief, or the Heavily Indebted Poor Countries process can make public policy worse. On the other hand, Arslanalp and Henry (2005) argue â€Å"both borrowers and lenders can benefit from debt relief when the borrower suffers from debt overhang†, whilst World Bank (2006) paints a broadly positive tone as to the policy course of post completion point countries of the Heavily Indebted Poor Countries Initiative. Against this mixed picture, the Nigerian analysis as summarized in the preceding chapter, suggests a success story. More so, it is important to note that debt relief is only a drop in the ocean of reform that is needed in Nigeria. Besides, debt relief was labeled as ‘special money’ that had political support, high visibility, and accountability processes surrounding it especially so as to gain credit from international donors (at the initial stages). Every other money is wasted, mismanaged or syphoned, as it has been the norm within public administrations. And because debt fund alone cannot lead to development in a state (even if well accounted for), development challenges still persist coupled with lack of devoted leaders to change. Such attitude keeps a state in a continuous spin within the dependency circle. So yes, political conditions do have effects on the effectiveness of foreign aid and much more, on the development of a state. 5.4 Suggestion for Further Research The decay in social services such as the education sector was not only because of inadequate financial allocation but also as a result of corrupt practices. What this work couldn’t cover adequately was to find out how possible it is that relief funds were not diverted, yet, the NAPEP estimated impact on human development is not all that visible. This is because diversion in funds impedes development. Or could it be that the infinitesimal growth experienced from the debt relief fund was all that there was and funds were not diverted, mismanaged or wasted? In other words, why didn’t the debt relief plan aid NEPAP in eradicate poverty before 2010?

Vimy Ridge :: essays research papers

Shock and Awe, 1917 Gary Graves, CBC News Online | April 9, 2003 We may marvel at the firepower of the hundreds of missiles and smart bombs used in U.S. attacks on Iraq, but an overwhelming battlefield fusillade creating shock and awe is not a new idea. In fact, Canadian soldiers fighting in the First World War were pioneers of the tactic. Click for map Source: National Archives It was at Vimy Ridge, a strategic 14-kilometre long escarpment that overlooks the Douai plain of France. German occupying troops controlled the ridge using a network of trenches that snaked along the crest and down into the valley, connecting with another network of natural caves. 150,000 French and British soldiers had died trying to take it back. Allied commanders believed the ridge to be impregnable. But the Canadians had a plan, the first battle strategy for this new nation's commanders to conceive and execute on their own. Even military "experts" of the time admitted dubiously that the Canadians' plan couldn't be any worse than the British tactics at the Somme, which cost 24,000 Canadian casualties. So the Canadian army – all four divisions, totalling 100,000 men – got the go-ahead. The ground assault had been planned meticulously for months. Full-scale replicas of the Vimy terrain were built to rehearse unit commanders on what to expect both from the enemy and from Canadian units on either side. Canadian spotters had identified and mapped about 80 per cent of the German gun positions. Five kilometres of tunnels were dug in order to move Canadian troops and ammunition up to the front without their being seen by German observers. And for a couple of weeks leading up to the battle, Canadian and British artillery pounded the Germans with 2,500 tons of ammunition per day. At 5:30 in the morning on Easter Monday, April 9, 1917, the assault began. It was raining. It was freezing cold. And it began with a huge artillery barrage†¦ shock and awe 1917-style. Canadians under fire at Vimy Source: National Archives Over 1,100 cannons of various descriptions, from British heavy naval guns mounted on railway cars miles behind the battlefield, to portable field artillery pieces dragged into place by horses, mules or soldiers just behind the Canadian lines, fired continuously – in some cases until they exhausted their ammunition. The Canadian battle plan was simple: the withering barrage provided a screen for the Canadian troops to hide behind.

david souter :: essays research papers

Birth, Residence, and Family Born September 17, 1939 in Melrose, Massachusetts, son of Joseph Alexander and Helen Adams Hackett Souter. Education Harvard College, A.B. 1961, Phi Beta Kappa, selected Rhodes Scholar; Magdalen College, Oxford, 1963, A.B. in Jurisprudence 1989, M.A. 1989; Harvard Law School, LL.B. 1966. Law Practice Associate, Orr and Reno, Concord, NH, 1966-1968. Government Service Assistant Attorney General of New Hampshire, 1968-1971; Deputy Attorney General of New Hampshire, 1971-1976; Attorney General of New Hampshire, 1976-1978. Judicial Offices Associate Justice, New Hampshire Superior Court, 1978-1983; Associate Justice, New Hampshire Supreme Court, 1983-1990; Judge, U.S. Court of Appeals for the First Circuit, 1990; Associate Justice, Supreme Court of the United States, 1990. Other Assignments Maine-New Hampshire Interstate Boundary Commission, 1971-1975; New Hampshire Police Standards and Training Council, 1976-1978; New Hampshire Governor's Commission on Crime and Delinquency, 1976-1978, 1979-1983; New Hampshire Judicial Council, 1976-1978. Civic Activities Trustee, Concord Hospital, Concord, New Hampshire, 1972-1985, President 1978-1984; Trustee, New Hampshire Historical Society, 1976-1985; Vice President, 1970-1985, Overseer, Dartmouth Medical School, 1981-1987. Affiliations with Professional Organizations and Academic Institutions Merrimack County Bar Association; New Hampshire Bar Association; American Bar Association; Honorary Fellow, American Bar Foundation; National Association of Attorneys General; Honorary Fellow, American College of Trial Lawyers; Honorary Master of the Bench, Gray's Inn, London; Honorary Fellow, Magdalen College, Oxford; Associate, Lowell House, Harvard College. David H. Souter was born in Melrose, Massachusetts, on September 17, 1939. He graduated from Harvard University in 1961. The following year he studied at Magdalen College in Oxford, England, as a Rhodes Scholar. He graduated from Harvard Law School in 1966. Souter was admitted to the bar and joined a law firm in Concord, New Hampshire. In 1968, he became an Assistant Attorney General of New Hampshire. In 1971, Souter became Deputy Attorney General and in 1976 Attorney General of the State of New Hampshire. During these years Souter also served on the New Hampshire Governor's Commission on Crime and Delinquency, the New Hampshire Judicial Council, the Maine-New Hampshire Interstate Boundary Commission, and the New Hampshire Policy Standards and Training Council.

Heart of Darkness - Outline :: essays research papers

Marlow stands on the Thames River and remarks that the land he and his   Ã‚  Ã‚  Ã‚  Ã‚  comrades is standing on was once a place of darkness and an uncivilized   Ã‚  Ã‚  Ã‚  Ã‚  wilderness  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Through nostalgia he remembers an incident from his past when he commanded a   Ã‚  Ã‚  Ã‚  Ã‚  steamboat on the Congo River.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  He talks about the Company’s chief accountant who first mentions Kurtz to him.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The accountant tells him that Kurtz supplies more ivory for the company than   Ã‚  Ã‚  Ã‚  Ã‚  everyone else combined.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Marlow’s interests in Kurtz is perked.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Marlow discovers that the steamer he is supposed to command has been destroyed   Ã‚  Ã‚  Ã‚  Ã‚  in a wreck.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  He meets the local manager who mentions Kurtz in conversation.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  He tells Marlow that Kurtz is ill and he must get to Kurtz swiftly and bring him   Ã‚  Ã‚  Ã‚  Ã‚  back for medical treatment.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Marlow speaks with a brick maker who admires and envies Kurtz.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Marlow eavesdrops on a conversation between the manager and uncle. He learns   Ã‚  Ã‚  Ã‚  Ã‚  that the manager resents Kurtz.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Three months pass. Marlow and a crew set sail towards Kurtz’s location.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Fifty miles before Kurtz’s station, they discover a hut bearing wood for the   Ã‚  Ã‚  Ã‚  Ã‚  steamboat and message to proceed with caution.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Two days later they awaken to an attack by the savages. The helmsman is killed.   Ã‚  Ã‚  Ã‚  Ã‚  Kurtz blows the steamboat whistle to frighten away the savages. Dumps dead   Ã‚  Ã‚  Ã‚  Ã‚  helmsman’s body overboard so cannibals don’t get any ideas about eating him.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  They arrive at the Inner Station. Greeted by a Russian that takes care of Kurtz.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Through conversation with the Russian, they learn that Kurtz has not been the   Ã‚  Ã‚  Ã‚  Ã‚  most upstanding and moral person. He’s been abusive to the natives.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Kurtz appears, carried on a stretcher.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  They carry Kurtz onboard the steamboat.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The manager tells Marlow he disapproves of Kurtz.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The Russian makes a visit to Marlow, tells him that Kurtz ordered the attack on   Ã‚  Ã‚  Ã‚  Ã‚  their vessel that killed their helmsman.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Kurtz escapes and swims ashore. Marlow goes after him and cuts him off.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  They make a departure, savages show up, Marlow blows whistle and scares them   Ã‚  Ã‚  Ã‚  Ã‚  away again.

Hello Kitty

| HELLO KITTY| | Obsah Introduction3 1. Hello Kitty4 1. 1 History4 1. 2 Hello Kitty in Japan5 2. Globalization – localization6 3. Famous brands create for Hello Kitty6 3. 1 Forever 21 (US)7 3. 2 Sephora (Francie)7 3. 3 Swarovski (Austria)8 3. 4 Vans (US)8 3. 5 Eva Air (Taiwan)9 Conclusion10 Bibliography11 Appendix I. : Hello Kitty Story12 Appendix II. : First product with Hello Kitty motive – 197413 Appendix III. : Hello Kitty Products14 Appendix IV. : Hello Kitty a celebrities19 Appendix V. : Hello Kitty products in magazines20 Introduction Lately I have been noticing many articles in the shops carrying a name Hello Kitty with the typical oversized-head kitty image. To be quite honest until I started looking for information I did not know anything about this brand, where it is coming from, what is its main product, who is its targeted group, nothing. But it got my attention because I have been spotting the Hello Kitty image on so many different products and in such an amount that I started to feel like it is everywhere and I cannot escape. This essay is about one Japanese brand, that was invented as a new Sandio? company design for coin purse that turned into a global brand, presenting her as a western brand and not carrying so much about its origin. Introducing the company secret about such a popularity of Hello Kitty brand – licensing. Starting by introducing the brand and saying few details about its history, continuing by describing the Japanese market and some cultural differences. Naming few categories of p roducts that are available in Hello Kitty design concentrating more on chosen famous brands that decided to provide its good name, quality and prestige to this Japanese cartoon brand. . Hello Kitty The reason for this name is expressed in this statement, made by Bill Hensley, marketing director of Sandrio? s company: â€Å"Gift-giving is an important part of the Japanese culture. In Ja-pan, ‘Hello’ communicates the idea of open communication. That’s why she was named Hello Kitty. † Since Sandrio? s motto is â€Å"Small gift, big smile† it explains very well the statement and the character? s name, as it is all about gifts and making other people happy even with small things. (ICMR, 2007, online). 1. 1 History This Japanese brand Hello Kitty founded in 1974. When we look for more details about this brand, nowadays very famous one, we can found out, that the company is not really associating Hello Kitty with its home – Japan, but with England, where it was â€Å"born†. The official story behind this character is as follows: â€Å"Hello Kitty was born on November 1st and she lives in London, England with her parents and her twin sister, Mimmy. They have a lots of friends at school with whom they share many adventures. Her hobbies include travelling, music, reading, eating yummy cookies her sister Mimmy bakes, and best of all making new friends. As Hello Kitty always says, you can never have too many friends. † (Sandrio. com, 2011, online). Hello Kitty is not, as many other characters (Mickey Mouse, Winnie the Pooh, Pikachu, etc. ) a cartoon figure. At appeared as mysterious cat, that nobody knew. The reason why she was created was that Sandrio – the company that owns this brand, needed a new motive to use for their change purses. Back into 1970s Hello Kitty was originally used on popular little merchandise – toys and stationary like coin purses or pencil boxes and other small gifts targeted at small girls – mainly at the age of 4 to 6. And in those days the prices were quite low so it would be affordable for most of the kids. (ICMR, 2007, online). . It was not Yuko Yamaguchi, who created Hello Kitty, but she invented the story of Kitty? s life and since then she has been responsible for this product, and very successful one have to say. She was also responsible to extend the brand to a wide variety of products – clothes, accessories and even electronic goods. Yoko was very concerned about making the product up to date, so she was constantly asking customers what they want, what are their expectations from Hello Kitty etc. For example in mid 1980s company received a letter from a high school student, asking for products with Hello Kitty targeted at customers her age, so the company did so and changed positioning of the brand targeting on girls from about 5 years old to teenage. Sandrio soon realized that Hello Kitty is growing with her original customers, little girls, in 1970s who were teenagers in 1990s and adult women in 2000s but they still kept on buying Hello Kitty stuff so nowadays the targeted group is said to be from 4 years old girls to women in their 30s. ICMR, 2007, online). Thank to voluntary endorsement by celebrities, as during 1990s Hello Kitty became very popular in US, the brand develop into a fashion symbol in early 2000s and turned into a â€Å"premium brand†. We can name few celebrities who were (maybe still are) big Hello Kitty fans: Christina Aguilera, Mariah Carey, Kate Perry, Lady Gaga and others like Cameron Diaz, Heidi Klum, Carmen Elektra, Madonna etc. that posed for fashion magazines wearing Hello Kitty products. (See Appendix IV. ). At the present time Hello Kitty products can be found in many magazines recommending them as one of the thing the modern, cute and sexy girl or woman has to have (See Appendix V. ). 1. 2 Hello Kitty in Japan As it was said above, Hello Kitty started as a brand in 1970s targeted at little girls. But they grown and in 1980s and 1990s they turn into teenage girls who mostly stayed faithful to their childhood toy. The company realized that and changed the positioning of the brand on teenagers, found a Hello Kitty a boyfriend called Daniel and helped its brand to be even more popular by focusing on a larger group of customers. As a result, nowadays is Hello Kitty loved and adored by girls age of approximately five to women in their thirties. Even though a significant number of Hello Kitty fans are male it is still considered as a female brand in Japan. (ICMR, 2007, online). The huge popularity that is Hello Kitty receiving in Japan can be explained by many factors actually. First of all, Japanese women love cute things and Hello Kitty is said to be a â€Å"cutie queen†. It is her sweet, cute, friendly and innocence appearance in the Japanese female customers represented by its big head, small black-dot eyes, yellow nose, red or pink ribbon and no mouth. The motionless expression in Hello Kitty? s face is actually big advantage of this character as every single person can give her the motions they feel like – sad, happy, thoughtful, angry, etc. , so it will be the way they need. (Wai-Ming Ng, 2011, online). Since Sandrio gave to its character Hello Kitty a London identity, it is considered as a western brand in Japan. So being a Japanese brand, it has, funnily enough an exotic appeal in Japan. It actually represents a Western or dreamlike world and that is way, Hello Kitty is not very liked in local characteristic ways – for example Hello Kitty dressed up in Kimono. The popularity of this brand is supported by the fact that mostly anything can be found with Hello Kitty motive on it. We talking about products starting from office & school stuff (pens, pencils, sell tapes, stickers, etc), clothes, shoes, kitchen & bathroom things, electronics, as well as wedding stuff (dresses, rings, invitations) or as famous brands? collection – Sephora for Hello Kitty, Swarovski Hello Kitty collection, Hello Kitty MasterCard, Forever 21 fastion collection and much more (see Appendix III. ). Only in Japan are about 90 companies possess a Sandrio? s licence allowing them to use Hello Kitty design on their products. Just a little comparison with Singapore? s customers as even though it is an Asian country and not that far from Japan, many attitudes and believes are completely different. In Singapore is Hello Kitty considered as a Japanese brand, not as a western or English one as it is in Japan. So it does not look any exotic to them. Asian versions of Hello Kitty – in traditional costumes and so are very popular here, which we cannot say about Japan. And last difference between these two countries is that very little variety of Hello Kitty products are imported into Singapore. (Wai-Ming Ng, 2011, online). 2. Globalization – localization American cartoons like Donald Duck or Mickey mouse can be considered as one of the tools to spread American ideology all over the world, we cannot say the same about Hello Kitty and propagate Japanese culture. First of all the company wanted Hello Kitty to be a western brand, so they created a life story about the character coming from London. As it was mentioned, Japanese customers prefer the western Hello Kitty, but it does not bother Americans to promote Asian series in US. So surely Hello Kitty is a global brand available all over the world but with local differences to suit the particular needs. This fact we can illustrate on another Sandrio? s move in order to be liked by more customers, by making a special blue Hello Kitty collection in the US to make look Hello Kitty less childish. (Wai-Ming Ng, 2011, online). 3. Famous brands create for Hello Kitty In 1976, Sanrio started licensing the Hello Kitty image to many different companies for use on their merchandise. The Hello Kitty brand success, and other character brands too, made Sandrio one of the leading companies in this area. But Hello Kitty has become a â€Å"global licensing phenomenon† as nowadays it is possible to buy almost everything with Hello Kitty design. The only exceptions, that were not permitted from Sandrio to use Hallo Kitty images from Sandrio are producers of guns, cigarettes and alcohol. (ICMR, 2007, online). But it is possible to get Hello Kitty wine, so I am not really sure, what they consider as alcohol. In Appendix III. re examples of some products that are available in Hello Kitty design. As the most â€Å"unexpected† things to find decorated whit Hello Kitty motives, in my opinion, are: vegetable peeler, hair drier, shower curtain, frying pan, chopping board, kitchen sponge, iron, sewing machine, wedding dress/rings, car, wine, sleeping bag, shoes and adult stuff – vibrator or condoms. Now I would like to present few companies that success of H ello Kitty impressed so much and saw such a potential in this brand that asked for a license and produced many products under their names, giving them the quality and prestige. As well as I want to demonstrate of the international act as none of the companies are Japanese so it helps give the brand the global appearance. 3. 1 Forever 21 (US) It all started in 1984 as a 900 square ft. Shop in Los Angeles, originally named as Fashion 21. Now quickly growing clothing design and accessories producer at affordable price having 120 locations in 25 states. This company targeting at teenagers and young people in their 20s decided to entice more customers by buying a Sandrio? s license to use Hello Kitty motives. In November 2011 Forever 21 introduced New Hello Kitty Exclusive collection containing items like: T-shits, bags, socks, tights, sweaters, raincoats etc. With the new collection Forever 21 organized for their customers and Hello Kitty fans a party in US on 18th November to celebrate the new collection. (Forever21. com, 2011, online). 3. 2 Sephora (Francie) This company was founded in 1970 in France and now, forty years later is leading chain of perfume and cosmetics in France and selling in another 24 countries. In July 2011 Sephora introduced Hello Kitty Graffity Collection. Limited edition of cosmetics and accessories including suitcase, brush set, eye shadows, compact mirror and perfume. In November 2011 new collection was introduced by Sephora: Hello Kitty Noir collection. It symbolize cinematic Hollywood romance. This limited edition is much richer in the number of offered items then the previous one presenting: eye shadows, perfumes, powders, held and compact mirrors, make up bags, brushes, combs and nail polishes. (Sanrio – blog, 2011, online), (Sephora, 2011, online). When looking at Sephora? webside, it looks like that the company is very please to co-operate with Sandrio: â€Å"She's iconic. She's adored. She's known around the world. Now, Hello Kitty is bringing her playful spirit to a new beauty line presented exclusively at Sephora. This sophisticated collection mixes the essence of Hello Kitty with a touch of style and fun. With charming designs and luxurious formulas infused with ingredients she loves, Hello Kitty Beauty is the ulti mate must-have. Hello Kitty. Hello Pretty. â€Å" (Sephora, 2011, online). 3. 3 Swarovski (Austria) An Austrian company, in these days very successful and known worldwide, founded in 1895 by Daniel Swarovski. Celebrating over 100 years on the market Swarovski could be spotted in James Bond movies, wore by celebrities or seen in popular music videos – lately Swarovski used product placement in Jennifer Lopez song called On the Floor which was seen over 445 million times on youtube. com, so the fame of this brand is undisputed. In July 2011 Swarovski launched the first Hello Kitty Collection including necklaces, rings, earrings, glass statues, handbags, key chains etc. For Hello Kitty fans there is a Limited Edition also available offering only 88 pieces worldwide to ensure its exclusivity. 3. 4 Vans (US) Earlier on this year (March, 2011) was announced that Sanrio teamed up with famous Californian shoe producer Vans, founded in 1966, to create a new Hello Kitty shoe collection for its fans. Vans used Hello Kitty design on several kinds of their footwear – Slip-on, Authentic and Sk8-Hi – offering different types and sizes for Toodlers/Infants, Kids and Adults – both women and men. (Sanrio – blog, 2011, online). On the official Vans. om website there is a promotion video to be found out about how the Vans ; Hello Kitty story started. There is a meeting recorded where Hello Kitty â€Å"chose† the design she wanted, but there is no representative of Sandrio? s company but actually a person dressed up as Hello Kitty so she is kind of â€Å"alive†. And as it is said in the promotion spot as well, it might not be the last time when Vans ; Hello Kitty comes together. (Vans. com, 2011, online). 3. 5 Eva Air (Taiwan) Eva Airways Corporation is second largest airline in Taiwan founded in 1989. In 2005 the company decided to buy a Sanrio? license to use Hello Kitty motives and dedicated one of their planes completely to this cartoon. By word „completelyâ€Å" it means everything you can think of while flying in plane. Apart from huge pictures on the Airbus itself everything changed: boarding passes, flight crew uniforms, food and its packaging, seats design, tissues, sick bags, entertaining system – program on aboard TV etc. As crazy as it sounds it was a huge success for the company was booked more than 90% on average. (Salman, 2011, online). Conclusion Hello Kitty is a cute little kitty with oversized head and ribbon over her right ear. Even thought it was not successful from the right beginning and had ups and down during its 30 years history, it is now very famous worldwide known Japanese brand. I am sure that most of the people do not know that the owner of this brand – Sanrio – created a story for this character to be coming from London, where its family lives as well. They did not want to associate the brand with its home – Japan. Nowadays we can find Hello Kitty products everywhere and this is thanks to Sanrio? s marketing policy, selling the license allowing the owner to use Hello Kitty motives on their products. It is actually very good as it has many advantages. Licensing other companies to use Hello Kitty character on their product helps Sanrio to spread its brand all over the world by not investing a penny, actually getting very large amount of money for the license. Secondly, the licensed companies are well chosen so they do not undermine Hello Kitty image, the other way around, they actually add more value because they invest their name, prestige and quality. Thirdly, the fact that it is possible to buy mostly anything with Hello Kitty character it encourage its fans to buy more and more in order to be surrounded by this little cutie they love so much. Since Sanrio co-operate with companies all over the word, it gives Hello Kitty really multicultural look – Eva Air (Taiwan), Vans (US), Swarovski (Austria), Sephora (France), Samsung (Korea) etc. And obviously there are cultural differences between states where is Hello Kitty sold, which is being considered in the selling strategy and cooperating with local companies – like Swarovski in Austria helps to get local people as well as Swarovski customers all over the world. The only thing which I am worried about is, that one fine day, there will be too much of Hello Kitty everywhere and all the success, madness and obsession about this brand will turn into disaster presented by hate and disgust. Bibliography Forever21. com [online]. 2011 [cit. 2011-12-09]. History ; Facts. Dostupne z WWW: ;http://www. forever21. com/Company/history. aspx? br=f21;. SALMAN, Maya. Scribd. com [online]. 2011 [cit. 2011-12-08]. Hello Kitty – The Iconing Japanese brand. Dostupne z  WWW: ;http://www. scribd. com/doc/49138163/Hello-Kitty;. Sanrio. Sanrio. com [online]. 2011 [cit. 2011-12-08]. Hello Kitty. Dostupne z WWW: ;http://www. sanrio. com/characters/HelloKitty/? chr=HelloKitty;. Sanrio. Sanrio. com [online]. 2011 [cit. 2011-12-08]. Hello Kitty Blog. Dostupne z  WWW: ;http://www. sanrio. com/hellokittyblog/;. Sephora. Sephora. com [online]. 2011 [cit. 2011-12-08]. Hello Kitty. Dostupne z  WWW: ;http://www. sephora. com/browse/brand_hierarchy. jhtml? brandId=5988;. Shop. vans. com [online]. 2011 [cit. 2011-12-09]. Collections: Hello Kitty. Dostupne z WWW: ;http://shop. vans. om/catalog/Vans/en_US/category/collections/hello-kitty. html;. The Icfai Center for Management Research (ICMR). Scribd. com [online]. 2007 [cit. 2011-12-08]. Hello Kitty – Japanese Superbrand. Dostupne z WWW: ;http://www. scribd. com/doc/19584011/Case-Study-Hello-Kitty;. WAI-MING NG, Benjamin. Scribd. com [online]. 2011 [cit. 2011-12-08]. The Hello Kitty Craze in Singapore:A Cultural and Comparative Analysis. Dostupne z WWW: ;http:/ /www. scribd. com/doc/46952018/Hello-Kitty-Asian-Profile;. Appendix I. : Hello Kitty Story (Source: http://www. sanrio. om/characters/HelloKitty/? chr=HelloKitty) Appendix II. : First product with Hello Kitty motive – 1974 (Source: http://houseofkittyblog. com/) Appendix III. : Hello Kitty Products 1. Bathroom: Hair drier, towel, shampoo, hand cream, mirror, shower curtain, tooth brush, make-up removal cream, sunbathing cream, manicure, bath cap, nail file, cotton swabs, soap holder, dental floss, soap,†¦ 2. Kitchen: Chopping board, kitchen sponge, pan, kettle, kitchen cloth, pots, water battle, vegetable peeler, bowls, plates, lemon juicer, oven mitt, kitchen paper towels, sandwich maker,†¦ . Room: Bed sheets, drawers, alarm, shoe cabinet, lamp shade,†¦ 4. Electro: Headphones, keyboard, computer mouse, CD, DVD, cover for monitor and keyboard, mobile†¦ 5. Household: Doormat, clearing mop, iron, ironing board, air freshener, sewing machine,†¦ 6. Weddin g: Wedding invitations, rings, wedding dresses, wedding glasses,†¦ 7. Car – Mitsubishi 8. Car accessories: Seat belts covers, window sunshade, in car sign, car seat barrier, air freshener, tissues holder, rearview mirror, steering wheel cover,†¦ 9. Other stuff: Contact case, jewel case, dog leash, sleeping bag, mobile charm, weighing scale, beach stuff, wet tissues, fondue,†¦ 10. Obleceni: Underwear, T-shirts, pyjamas,†¦ 11. Accessories: Watch, necklace, badges, earrings, bracelets,.. 12. Shoes: 13. Babies: Bib, bottles, babies dummy, baby carriage, car inside sticker,†¦ 14. Bags ; luggage Luggage, bags, handbags, purse,†¦ 15. School ; office: Calendars, diaries, pens, pencils, pencil sharpener, scissors, sell tape, highlighters, schedule books, file folders, clip boards, stamps, water color pens, oil pastel, calculator, paper clips,†¦ 6. Toys: Soft toys, playing cards, trampoline toys, plastic purse toy, robot, board games†¦ 17. Happy meal? s toys (McDonald? s): 20. Swarovski: Glass figures, card holders, bag charms, pens, earrings, rings, necklaces,†¦ 19. Aduls? stuff: Vibrators, condoms,†¦ Appendix IV. : Hello Kitty a celebrities (Course: http://www. sanrio. com/hellokittyblog/) Lady Gaga Ben Affle ck? daughter Adam Sandler? s children Heidy Klum? s daughterAvril Lavigne Megan Fox

Cash Pooling

Name: Dina Mohanna Rbea’an Subject: Cash Pooling Supervisor: Dr. Nasser Abu Mustafa University: NYIT? Cash Management: Cash pooling Abstract The role of the corporate cash manager has been continuously revised over the past few years, as a result of the demand for more effective and efficient ways to support the core needs of the organization. This has resulted in new responsibilities for the corporate treasurer and cash manager. The cash management function is demanding more accurate and continuous information on its cash position to provide responsive forecasting data and handling, so that availability of liquidity at the right time and price can be ensured. So this paper studies the Cash Management concept and focus on the cash pooling and whether it’s applied in the Middle East. Introduction The objectives of cash management are straightforward – maximise liquidity and control cash flows and maximise the value of funds while minimising the cost of funds. The strategies for meeting such objectives include varying degrees of long-term planning requirements. Also, like everywhere in the world, much treasury activity in the organizations is concentrated on cash management. This includes financing the corporation, administration of debts (loans, bonds, commercial papers, etc. ), good relationships with the banks, payments to suppliers and collections from customers, control of foreign currency and interest positions according to the company’s needs for finance, and finally the reporting and technical support of all these functions. The use of cash pooling as a global standard for concentrating cash into the main bank account of the firm has very quickly found favour in corporations. Cash pooling enables corporate groups to minimize expenditure incurred in connection with banking facilities through economies of scale. Under a cash pooling arrangement, entities within a corporate group regularly transfer their surplus cash to a single bank account (the â€Å"master accountâ€Å") and, in return, may draw on the funds in that account to satisfy their own cash flow requirements from time to time. The master account is usually held by the parent company or by a â€Å"Treasury Company â€Å"established specifically for this purpose. Depending on the type of cash pooling arrangement, the participating entities may transfer either their entire cash surplus (â€Å"zero balancingâ€Å"), or cash exceeding a certain surplus level (â€Å"target balancingâ€Å"). In general, all entities participating in the cash pooling arrangement will be liable for any negative balance on the master account, irrespective of the amount they have contributed. Transfers and draw-downs of funds to and from the master account by the participating companies have the nature of the grant and repayment of intra-group loans. In addition to physical cash pooling there is also â€Å"notionalâ€Å"(also known as â€Å"virtualâ€Å") cash pooling. This does not involve the physical transfer of funds, but rather the set-off of balances of different companies within the group, so that the bank charges interest on the group‘s net cash balance. This optimizes the position of the group as regards interest payments, but does not achieve optimal allocation of liquid funds as between the group members. Notional cash pooling will not result in the creation of intra-group loans, since funds are not physically transferred. As such, many of the risks outlined in this brochure do not apply to a purely notional cash pooling arrangement. In practice however, a notional cash pooling arrangement will frequently involve the grant of cross-guarantees and security by the participants to the bank, in order to maximize the available overdraft facility. To this extent, many of the risks outlined in this article could be relevant, even if the cash pooling arrangement is predominantly notional in nature. The specific structure of individual cash pooling arrangements can vary. For example, transfers to the master account may be undertaken by each participating group member individually or may instead be undertaken automatically by the bank on the basis of a power of attorney given by the relevant group company. In addition to the facility agreement with the respective bank, each participating group company will usually enter into â€Å"cash pooling agreementâ€Å". These agreements must be carefully structured in order to minimize the risks of civil or criminal liability of the participating group companies and their officers. Tax issues must also be carefully considered when structuring cash pooling agreements. Types of cash pooling Banks generally offer the following types of cash pooling: ?zero-balancing cash pooling, ?notional cash pooling, ?multicurrency cash pooling, ?Cross-border cash pooling. ?Zero -balancing cash pooling : Real cash pooling is based on a transfer from bank accounts to a master account, with balances on all bank accounts except the master account being zero at the end of the working day. It means this money physically ‘moves’ from the junior accounts to the master account. Real cash pooling requires companies to keep careful records of cash transfers, interest received and paid, and records of investments. Structure of a â€Å"Zero-Balancing-Pool† ?National pooling: Requires a company’s subsidiaries to use branches of the same bank, usually in the same country; although with the adoption of the euro, single-currency cross-border pooling has become rather common in Europe. All the excess and deficit balances in the company’s subsidiary accounts are summed each day to calculate the net interest earned or due. Funds are not actually transferred; rather, they are simply totalled for the purpose of calculating interest. Banks usually require credit facilities to support any deficit balances in the pool. National pooling generally requires extensive cross-guarantees among subsidiaries which many companies find very difficult to implement. Some countries disallow national pooling . among them are the United States, Germany, Mexico, Japan and Brazil. In countries where national pooling is not allowed, the zero balance pooling method must be used. Structure of â€Å" National pooling† ?Multicurrency cash pooling: Bank account balances in different foreign currencies are swapped to one agreed currency, which is the base for the interest rate calculations. ?Cross-border cash pooling Cross-border cash pooling helps corporations avoid the bureaucracy intrinsic to transferring cash across countries and different clearing systems, as well as different legal entities and the headache associated with the additional inter-company loan administration. While there is a selection of solutions in the marketplace, most of these operate on an interest enhancement basis where corporations are rewarded for servicing their liquidity through their chosen bank, but the bank is unable to achieve a balance sheet offset due to the complexity of multiple jurisdictional and regulatory barriers. Czech banks now offer cross-border pooling, both notional and real, for accounts in the domestic Czech koruna, euro, US dollar, Central European currencies (such as in the Slovak koruna, Hungarian forint and Polish zloty) and pound. These principles are used both in the Czech Republic and in the rest of Europe, and are therefore similar; any differences are the result of the legal requirements of each country. As mentioned above, the Czech Commercial Code does not recognise anything like ‘concern’ or a product like cash pooling. It is necessary to fulfil several conditions to prevent problems concerning taxation and reporting to minority shareholders. It is practically impossible to implement a cash pooling agreement between companies without a majority share. It is normal practice that a cash pooling system has to be agreed by a general meeting of the company and there is a strict requirement for signed control agreements. Sometimes, it is necessary to change the company articles of incorporation. †¢Reasons of Cash pooling : Reduction of financing costs on group level, -Improvement of investment-deposits by using economies of scale, -Simplification of liquidity-management on domestic level, -Reduction of expenses for financial intermediaries through centralization, -Improvement of planning cash flows through coordination of financial cycles, -Optimization of your financial image by decreasing external financing and better use of internal financial potentials, -Break-Even at about EUR 200'000 permanent liabilities on the accounts. Cash management in the Middle East: As in the rest of the world, cash management in the Middle East is benefiting from automation. How is this affecting different sizes of corporate, and what does the future hold in this area? The Middle East region, which includes countries like UAE, Oman and Qatar, has kept pace with the growth in such business ambitions and cash management is also not to be left out of this race to riches, as businesses continually explore opportunities to make more money, more profits and reduce costs. The excellent growth climate in countries like UAE, fuelled by ambitions and visions of the rulers and the business community, has resulted in opportunities, growth of infrastructure, access to international and other funds through opening up and freehold real estates, trading environments, the presence of more ‘free zones', creating a healthy and open competition for the survival and growth of the fittest, etc Multi-national corporate Middle East, especially the UAE, has recently seen an influx of many multi-national companies (MNCs) setting up their regional offices, treasury offices, marketing offices, etc. n UAE and managing the global operations. To attract such MNCs into the region, financial and general free zones plus offshore financial centers have sprung up everywhere with the intentions of inviting the best of MNCs to come and have their shops opened in these countries. The absence of tax regimes has added to the attraction in these markets. These companies typically need 24 hour Internet access, sweeping and pooling of funds and balances across banks and branches, competitive FX and deposit rates, competitive temporary overnight overdraft interest rates and credit interest on overnight floats. The ideal location of Gulf Cooperation Council (GCC) countries in the global map, the growth of communication, infrastructure, Internet, etc. have led to the explosive growth of such companies in the region Local corporate GCC is predominantly dominated by a number of local corporate or companies or family owned businesses, which are typically owned by large local/national families of businessmen. Most of these families have very successful and historic track records and have been associates/local representatives/agents for most of multinational brands from all over the world. The local regulations for a sponsor from a national has been a great aid in ensuring that the multinationals tie up with these local corporate for mutual success of business lines. While the MNC does the production, transport, marketing support, service association, etc. , the Local Corporate typically takes the local marketing and sales realization risk, like any MNC agency. This combination of MNCs and local corporate has worked very well historically in the GCC with the result that there is a successful association of MNC brands and families in the GCC. In many of these countries, the lack of restrictions such as taxes, financial regulations to publish books of accounts and audit, etc. have made the operations of such corporate mostly family driven. Recently, and especially in the last four to five years, GCC business families have started expanding into other countries in the region and also into countries in East and North Africa and other parts of the world, where investments in assets and business yields good and long-term returns for the business houses. In other words, the local corporate have been the opposite of the MNCs coming and operating into the GCC, and typically such local corporate are slowly growing and reaching the sizes of MNCs, albeit the growth into other competitive countries like Singapore, UK, other parts of Europe and the US have been very limited or generally non-existent. Mid-sized trading companies GCC has been historically characterized by a host of mid-sized trading companies, thanks to the general economic growth, healthy competition, absence of taxes and rules regime and a general absence of governmental red tape. Today, people of most GCC nationalities could come and start a business in any of the Free Zones in their own name, or if they choose to partner a national, they can start the business anywhere in these countries, with very limited capital and resources. The laws and business conditions have been very conducive for the mushrooming growth of such mid-sized companies, which have thrived, in the general economic upswing in the Middle East. While it is extremely difficult to list out the number of these companies, it is generally felt among banking community that the number of mid-sized corporate or companies (along with the small and medium enterprises (SMEs)) might currently be in the region of 15,000 numbers in UAE alone. This brings an exciting opportunity for smart entrepreneurs who thrive on such opportunities as also for smart bankers who have built a portfolio of such assets and relationships. On the cash management front, such small companies do not have many demands except that they require immediate and urgent funds clearance, remittances for payments, overnight float interest, good interest rates for deposits, etc. Many of them are also computer or Internet savvy and would be happy to use such online services to transact with their banks. Small and medium-sized enterprises SMEs have been the sleeping giants in the GCC business world, but they have now woken up to be a mid-sized monster. While banks are repeatedly facing the ever-decreasing margins (be it in interest rates, commissions, charges or any form of income to the bank) in the MNC and large corporate segments, it is the SME that has come as the boon for the dwindling revenues of banks. SMEs have been the ideal examples for the usual risk philosophy of ‘higher the risk, higher the return'. SME segment today offers the highest interest rates and margins in terms of lending – sometimes as high as 600 to 800 basis points over LIBOR/DIBOR, not to mention the amount of charges and commission. The risks of such SMEs have been mastered by many banks to offer an excellent basket of spread-out lending while keeping an eye on high margins. These SMEs will be the lifeline of banks in the next six to 10 years, and I personally believe that among the corporate income of banks, SMEs will represent the largest amount of this income. They could represent 70-80% in four to five years from now. This is an educated guess on what may happen, based on what is happening today. †¢Economic overview: There has always been a strong correlation between crude oil prices and the state of the Middle Eastern economies. With oil receipts accounting for 90% of government revenues in several Gulf countries and public projects dominating the markets, economic growth is largely dependent on the local government's expansionary policies. In view of the oil industry's cyclical nature, governments have become cautious in planning their annual budgets. An IMF study revealed that the Middle East countries, which were the beneficiaries of windfall oil export revenues in 2000-01, are using these gains prudently so as to be well equipped to deal with any sudden fall in oil prices over next few years. In addition, the governments have recognised the importance of economic diversification, and are now encouraging economic activity in sectors other than oil. Much of this effort has gone into developing manufacturing, trading, and tourism. Figure 1: Regional Macroeconomic Data and Forecasts †¢Financial Environment: The Gulf countries offer some of the most liberal financial environments, with fully convertible currencies, stable exchange rates, minimal exchange controls, and nil-to-low tax regimes. The relative political stability and increased economic cooperation between regional countries are some of the positive developments that attract big players to look at the Middle East as a viable investment alternative. Many of the Middle East countries that carefully protected themselves against the threat of foreign investors for so long are now inviting foreign capital to diversify their economies. Even the highly conservative states, such as Kuwait and Saudi Arabia, are gradually extending investment and ownership rights to foreign nationals. Free-trade zones, which were pioneered by the UAE and are now a common feature of all Gulf countries, have been instrumental in providing sole ownership and control to foreign investors. Apart from simplified registration and licensing procedures, free-trade zones offer tax holidays and world-class infrastructure facilities; thus, they are attracting new investors. †¢Banking System: The banking activities in the Middle East are largely domestic. The financial sector is engaged in a whole range of activities, from traditional public sector-dominated banking to state-of-the-art project finance and investment banking. Some banks are starting to obtain ratings from international agencies to pave the way for a more regional role. The governments have also been attempting to strengthen the banking sector by recapitalizing the domestic banks and ensuring that international capital requirements are met. There is a move towards encouraging smaller banks to merge and to develop domestic capital markets. Overall, there are many ongoing reforms designed to develop a sound banking system. The banking system in the Middle East is relatively flexible, and allows the opening and operation of a wide variety of accounts. However, Oman, Qatar, and Saudi Arabia do place some restrictions. Details of possible account structures are given in Figure 2 below. †¢Clearing System: All the countries in the Middle East, except for Saudi Arabia and the UAE, have a manual clearing system. Saudi Arabia has a real-time settlement system called the Saudi Riyal Interbank Express (SARIE). The SARIE is capable of interfacing with the electronic banking platforms of clearing participants for the online settlement of transactions. In the UAE, the Central Bank has recently introduced a real-time gross settlement (RTGS) system to facilitate interbank payments. Some other regional countries are also considering introducing such systems. The settlement days for manual clearing depend on the local practices and the level of sophistication in each country. The average time to clear a local currency cheque ranges from one to three working days in major cities. Outstation cheques take anywhere from between five and 10 working days for realization. Foreign currency cheques take between five and 15 working days to clear. The lack of automated clearing and settlement systems has hampered the automation of payment services, such as high-volume and low-value payments. Banks have worked around this by accepting payment instructions electronically, and then effecting payment through cheque printing or bank-to-bank transfers. †¢Liquidity Management Products: The availability of several account types is further augmented by a liberal regulatory framework that supports the setting up of domestic and cross-border concentration and pooling structures. In Saudi Arabia, there are no explicit laws on various aspects of liquidity management set-ups. Egypt allows pooling and cash concentration between resident and non-resident accounts, and also between two different legal entities. Bahrain and the UAE also permit pooling and cash concentration among different legal entities. However, it is advisable to seek legal opinion before establishing a liquidity management structure. †¢Cash Management Overview: As the regional markets grow in sophistication, there is a corresponding need for corporate to improve their operational efficiency and cost competitiveness. Over the last year, several banks have introduced electronic banking services – both Internet and non-Internet based – to provide services ranging from simple account information to transaction automation. Despite the presence of the underlying framework, locally owned corporate have been slow to subscribe to electronic banking mainly due to fears of loss of control. Even multinational corporations (MNCs) have been unable to implement an efficient and integrated cash management system due to low volumes and a lack a full array of cash management products and services with the banks. Figure 2: Cash Management for the Middle Eas †¢Current Practice by Corporate, and Trends in Cash Management: The concept of cash management is fast catching on in the region. With an increasing number of companies looking beyond their domestic frontiers to sustain growth, there is a need to optimize costs and manage risk. While MNCs have the concept filtered down from their group offices, large professionally-managed domestic companies with a well-diversified portfolio are increasingly looking at cash management as an important risk management tool. In the Middle East, companies are looking at online banking information and the automation of transaction processing by the use of an integrated banking platform, preferably interfaced with their back office system. This trend is growing as companies adopt enterprise resource planning (ERP) systems. Cash management requirements among corporate vary depending on the size and nature of operations. MNCs and large corporate look for more comprehensive cash management tools involving non-resident accounts, interest-bearing deposit accounts, cross-border cash concentration, and notional pooling. Also, those corporate with clearly defined collection and payment processes perceive accounts payable as a non-core business activity and look to outsource these services to banks. Meanwhile, the huge middle-market corporate, which are not really geared towards full automation, are limited to piecemeal use of electronic banking services. Banks offer varied cash management services and product ranges. In general, the international banks, which have a better regional network and offer more sophisticated electronic banking platforms and domestic and cross-border liquidity mechanisms compared to domestic banks, are clearly the leaders in cash management business. Domestic banks score better on in-country branch networks †¢What Does the Future Hold For Cash Management in the Middle East? Direct debits: Wherein based on a standing debit authority, utility and other bills will be directly raised by utility companies to banks who will debit the customer account and pay. †¢Bulk upload of salaries to debit cards and withdrawals through ATMs specially located in customer premises. †¢Complete debtor/invoice payments follow up on behalf of customers to ensure that invoices are collected in time. †¢Complete and automatic link up of all payments for purchases/supplies, wherein banks will automatically pay for the purchases made by customers, based on invoice details uploaded automatically. Secured payment gateways between the top 100 to 200 companies in the world, wherein a global clearing player (could be a top class global bank) will act as a central clearing bank for such companies and any funds or payments for them will be routed through the clearing bank globally. †¢Conclusion: The economic stability and the world class infrastructure offered by the Middle East makes it an attractive destination for setting up of shared service centers (SSCs). Locations such as Bahrain and Dubai have already emerged as preferred centers for setting up of regional hubs covering the Middle East and some African countries. Banks in the region are waking up to the tremendous potential of e-banking, and are investing heavily in technology. The next few years present exciting times for the business and service providers, as the new and existing players gear up to meet the challenges being offered by the New Economy On corporate cash management in the GCC, V. P. Nagarajan, executive director at Emirates Trading Agency – Ascon Group says: â€Å"Corporate cash management is an important tool of corporate finance today and, as days pass by, cash management will be the centre point around which the functions of finance will revolve. If we have a financial crystal ball and look into the future, we can visualize a corporate cash manager juggling his financial resources across the world in a computer the size of his palm. At the press of a button, he will be traveling over the notional financial super highway (which should take about a few seconds to reach the other parts of the globe and the universe) for a virtual reality decision across. Some of the easier decisions in those days will be there will no physical currencies (saves a lot of printing and paper expenses), no multiple branches of banks (all of them will be operating from internet or computer driven global centers), and still there will be the cash management sales bankers who will come and try to sell what they do not have. † Hopefully corporate cash management will see a world of change as we move forward. †¢References: 1-http://www. gtnews. com/article/6920. fm Cash Management in the Middle East Rajeev Babel, HSBC Global Payments and Cash Management 2-http://www. gtnews. com/article/4172. cfmCash Management – The Middle East PerspectiveVenkatesan Thiagarajan, Barclays 3- Essentials of treasury management second edition (association for financial professional) . 4- De Gidlow, R. , Donovan, S. (2005), Cash Management Techniques. In: The Treasurer’s Handbook 2005, Act, London 5- Heezius, D. , Polak, P. (2006), Country Guide: The Czec h Republic. In: The Treasurer’s Handbook 2006, Act, London.