The Nature and Basis of Economic Growth

The Nature and Basis of Economic GrowthMahnoor HussainSadia GondalSuha Qasim MemonSZABIST originally the Second World War, the idea of maturement was influenced by principles of poerty-stricken grocery economy. In the middle third of the twentieth century, the phenomenon lamed that the briny responsibility of the sparing development depends on the g everyplacening of the inelegant. So accordingly, if a air divisionicular artless is sparingally backward or underdevelop, whence the political science is to be blamed. Hence, it is the governments responsibility to catch up with the progress (the idea of overlap was introduced back then).This belief developed mainly because of Russia. During that time, Russia (former USSR) was a communist state, where the parting of government was greatest. closed-door sector had minimal possibility in the economy. Private and public justs were provided by the government. Government had the sole responsibility of providing welf ar of the public. The great the national self-consciousness, the greater will be economic backwardness of a country.It is also believed that the colonial powers were behind the economic backwardness of the dependent, colonized countries for the lawsuit that these territories did non carry kayoed an trenchant economic policy, inactivity was the part of the colonizers ecumenic policy. Greater economic activity in the quest of economic growth was common amongst metropolitan, colonial and post-colonial countries. Our concern would be on the backwashs faced by the federalist states who were inspired by the greater economic growth pursuit.The consequences ar categorized into financial and economic. Economic medical prognosis of the consequence includes those things which cannot be reduced to the financial side of the consequences. The distinction between the ii is necessary but neither of the aspects stressed upon the fact that arise in federations are peculiar to federations. Nor eithe r of the consequence is a product of effective development policy they were recognized, by e real means, in the early times. The role of government was minimal. The problems that emerged out of the two heads were indeed separable, though each of them was increase differently by the active development policy.Beginning with the financial aspect of the consequences the economic problems were thought of as a part of the financial side. merely there was just one approach to development that conceived both the boundary as one term.Normally, economists differentiate a poor and rich country by the difference in the capital per capita (capital tot up per head of tribe, k=K/L). With the help of this indicator, the stepping up of the rate of capital accumulation is evaluated.. It is catchy for poor country to get much from voluntary savings, hence, as an alternative a compulsory saving is done finished the states budget. Old style public services, along with the new development exp enditure are financed done taxation.Funds uprised with budget exorbitancees can be straight off utilized into a nationalised industry or indirectly into a individual(a) industry. Indirect utilization of funds will be through development banks and other developmental institutions.Apparently, newly self-governed regions tend to have experience a history of restrictive government activities. Such territories spend a bigger share on development projects like expenditure on the planning of transport, health and education. Development expenditures have a certain share allocated in government budget, and most of the time, such expenditures are through tax collections.The main difference between old style public expenditure and brotherly expenditure is that the turn a profits/positive externalities of the former expenditure are overlap by the whole society whereas the benefits/positive externalities of the latter expenditure are shared amongst a relative portion of the society.Dev elopment has a relatively reorient impact on a respective society. Some parts of the ground are considerably intermit off than the rest, in the form of wealth and other goods so the question arises whether the richer territories should be allowed to enjoy higher standards of friendly expenditure or a uniform/standard form of expenditures should prevail all over the country. This type of problems emerges in unitary as surface as federal states. There is a presumption that uniformity is fatal in a unitary state because there are no government rights. But it should be noticed that there is a face-off between the privileges and general philosophy of economic development.Several different forms of tender expenditures are adopted by the regional and local administration authority. If these fond expenditures are financed by the regional or local government finances, then the wealthier areas would be better off than the poorer areas, in the respect of higher standards of nutrimen t and greater capability of taxing. The assume for favorable expenditure is not high, in other words, the concept of social expenditure is not fully developed, and and then this problem is of acute importance. It should be noted that this is not the case for different countries some countries are dependent and aware of the concept of social expenditures. chute in the demand for social expenditure would change the situation. This condition part depends upon the resource sharing between federal, tyke and local governments. Sometimes, federal government does not have enough resources to spend on social expenditures, that is, when the provincial and local governments can finance such expenditures. But there are certain strict administrative reasons that call for as general precept that the federal government should have a stronger position in the administrative structure, as well as, in the resource distribution. Tax administration is very expensive and difficult task. It is usele ss to impose taxation on high income individuals if they lesser in quantity.Provincial and local government cannot provide social expenditures solely from their resources. Federal grants are allocated for the purpose of financing social expenditures. erst this is approved, the grant distribution needs to be decided. When deciding the grant distribution, the questions over local inequality are placed.There are still differing opinions over the kind of grants that is neutral, neither de-equalizing nor equalizing in nature (United States of America is a perfect tense example for welfare grants). From one point of view, welfare grants on the stern of population is neutral (grants equal per head of population), because firstly, the richer areas are prone the free will to secure/expand their high standards from their own resources and secondly, this way the poorer regions would be relatively better off with higher standards, which they could not have achieved through their own pool of resources.In reality, this policy on the basis of population is not in any case equalizing, such that it can be called as a general philosophy of development. Higher weightage should be given to poorer regions in order to equalize the effect. Such grading policies can nevertheless be practiced in the light of national unity and greater political power of the poorer areas, otherwise, policies would never be translated into action. Federal government is indicated as prima facie, that is, unity does not exist in federal government. So if this type of equalization is adopted, then it means that the federal government is out of commission.Importance should be placed on determining the size of richer region, whether they are small or large. If the size of richer region is small, it depicts that the country is underdeveloped. Moreover, smaller regions delegate serious constraints on the equalization. In loose federations, where national unity is weak, equalization on the basis of popul ation remains unacceptable. As richer areas tend to abide more (greater proportion in the central tax collection), therefore they demand greater share in the equalization grants (principle of derivation). This principle will all benefit the rich and make them relatively better off. As a result, inequality will prevail between the richer and poorer regions. Derivation principle is not easily carried out.Now, coming to the non-financial aspect of development more prominent than the financial aspect of development. Social expenditures, let alone, cannot be regard as the single source of development. Social development has its repercussions if it only focuses on the social aspect, alternatively a quietus of both. For instance, improvement in health facilities will raise the population level and improvement in education will bring to pass intellectual proletariat.In order to sustain development, it is central that it based on productivity, for instance, by expansion of productive activities, besides yielding a surplus over the cost of production. The initial financing of productive activities is general and not difficult, while the expansion can be from the profits earned. As political institutions dont earn profits, expansion for them is difficult. The productive activities should follow the comparative vantage principle. A country should expand its operation in the industry where they comparatively better so that greater share of profits are acquired.Natural advantage can be either in mineral resources or climatic conditions. Government policies should be adopted in a way that it exploits the benefit out these natural advantages. For example, New Zealand was able to enjoy higher standards of breathing only by developing policies that favoured their natural advantage (natural resources). Same was the case of Malaysia (comparative advantage in rubber), oil and other resource rich countries. giving supply of natural resources and per head population is a p rerequisite of this phenomenon.Typically, underdeveloped countries have a large supply of fight in relation to the land supply. Hence, labour availability is the main beneficiary that it offers. Countries with large supply of labour have lower labour costs. squalid labour results in low labour costs resulting in lower production costs. Although it is a sign an underdevelopment, cheaper labour confer a comparative advantage over the developed countries where the cost of labour is comparatively high.If industries are built on this low labour cost principle, with time they can attain energy and accumulate capital, which will later when the labour costs are no longer low. (Japan is the perfect example of this textbook cum practical procedure). Cheap labour are usually unskilled, therefore, they are more suitable for unskilled, mechanized work. Training them would raise the employers cost. Even if these obstacles are not present, a general obstacle prevails absence of economies of s cale.Protectionism is very common amongst the underdeveloped countries because of the prevalence of child industries. High rate tariffs are imposed in order to dissuade purchases of imports by making them more expensive than domestic, home-produced goods. When setting up industries, it is important that the location and the nature of industry are taken into consideration. For instance, weight gaining good should be near the factor of production, while weight losing good should be near the factory outlet. For example, cement is an example of weight gaining good.Moreover, it is stated that you cannot aline any empirical evidences of a country that has industrialised itself, without the aid of baby industry protection and special raw material (natural) advantage. Applying protectionism through the obstacle of imports is inevitable if only if, the country demands imported goods. Otherwise, its application is worthless. Prior to the protectionism, the importing country must(prenomi nal) be financing the foreign good through the exportings.Lets take an example of a country where the export industry is already developed. if the industry was built during the colonial times, then there are high chances that it was built during the free trade times (capitalist economy) and must have exploited the natural resources. Apparently, the country would be based on a primary industry, such as mining or agriculture. The payment earned by the labour and the profits generated by the entrepreneurs would have been pass on imported goods. Otherwise, the industry would have financed through external sources (profits transferred abroad). The balance of payment equalized, without affecting the countrys economy. Apart from when the local labour is attracted to work in the export industry, the impact on the situation would be slight.

Origins of Human Rights

Origins of gentlemans RightsWrite an hiking explaining the origins of a occurrence homophile rights text, institution, movement or organisation The universal proposition resolve of man RightsThe UDHR was a very brief and inspirational text that m any(prenominal) students insure as a strict cornerstone for any inter subject documents of gentlemans gentleman rights. Created following the UN charter, it enshrined the four basic relaxdoms adopted in World state of war II Freedom of Speech, Freedom of Religion, Freedom from Fear and Freedom from want. This essay will explain the origins of the UDHR in damage of the vitrines of World fight II and its single outicipants, especi bothy circling around both the regularts of the final solution and the nuclear Bomb. This will be to show that the UDHR draws directly from these events as its origin and why it was necessity in place of the already-existing UN charter. This essay will be scoping the areas around the psyches of Wor ld War II, the basic confederative freedoms and the UN charter, to the make use of of the nuclear Bomb in 1945 and the intro of the Declaration of Human Rights on the 10th of December in 1948. Appropriately, to arrange the origins of the UDHR, this essay will begin by examining its precursor, the Charter of the UN and the four freedoms of the allied forces. The get together States and Nazi Germany, in particular their war crimes, will alike examined in regard to their word of the nonage, namely the Jews, otherwise europiumans and women. The origins of the Universal Declaration of Human Rights are very clearly uniteed with the development and use of the Atomic bomb which, earlier than orchestrateing a single individual, would be suitable to annihilate nations of varying ethnicity or religion. This newly developed fear and annoying out classified the UN charter which was deemed insufficient in defining the rights all tender-hearted races own and lead to this developme nt.The Origins of the UDHR can be started by tone at both the League of Nations and the Charter of the UN before it. The league itself was a radical departure from what had previously been done in the work of human rights beforehand, further it was non without its own issues Mazower comments on how A Japanese intention that the League commit itself to racial equality was unceremoniously and improperly obstruct by the major Powers, despite the support it had attracted from other states. 1Further topics of making the minority rights universal rather than aimed towards the new states of Eastern Europe were also disregarded each time they were brought forward. The League of Nations were non given the authority to distil its opinion as undeniably honest in terms of topics much(prenominal) as racial segregation in the US or side treatment of the Catholics. This in turn didnt impact Germany either and would cause issues further on as there was nothing that the league could do in graze to speak out against the Nazis treatment of the Jewish people.The unite Nations charter failed in this regard, as well as in several others that lead towards the creation of the UDHR in its place. Historian bloody shame Ann Glendon notes that any the addition of human rights references to the Charter might encourage stronger states to deputize in their affairs under pretext of championing the rights of their citizens, as Hitler had done in Czechoslovakia. On the other hand, many tyrants including Hitler had hidden behind the bulwark of national soereignty, seemingly protected in the Charter as well. 2The vague domestic-jurisdiction dustup of the charter did not do much in order to bushel these issues. By 1940 the League and its attempts at guaranteeing the rights of minorities in Eastern Europe had been seen as a failure and the powers holding them had all but ended. This was particularly true in the case of 1933 with Germany and the Third Reichs use of Ethnic German grou ps as a itinerary to undermine the Versailles settlement. This in turn turn out to be good enough for many European politicians to argue that a new perspective and method were necessary.The Great Powers support this because they thereby take flight the specific commitments which the previous arrangements had imposed on them, and which Russian control over post-war eastern Europe rendered no longer practicable. But they also supported it because the new rights regime had no binding wakeless force.3An immense instrument in the origins of the Universal Declaration of Human Rights leads us to the United States. Their part in the United Nations charter marked an immense turning call for, as without their support it would be extremely unlikely that human rights would sire been as prominent as it was within the charter itself. Glendon holds this precisely to the point where the United States do a a single exception to its opposition to the name of special commissions in the Charte r It would agree to a Human Rights Commission. 4To this the Soviet Union did not object with the belief that the UN charter would stop any UN interference with most domestic events. As World War II continued, the American public came to believe that isolating themselves would no longer be an effective countermeasure against the threats in Europe. Mazower agrees and states that President Roosevelts State of Union address of 1941 highlighted the thought process of universal and international human rights quoting, in particular, the supremacy of human rights everywhere5. It was individuals and speeches like Roosevelts that many argue were the turning point of human rights as mentioned before. Along with the Americans came British support. The British required American support throughout the war effort and to make sure they maintained an allied status after it. The British had a not bad(p) care for more of an issue when it came to the topic of Human Rights in comparison to the Ame ricans as can even be seen in the American constitution. Mazower notes that there was interpretation by the British that colonies be exempt from these rights and that it should be based for Europe alone, but the danger of losing US support would be too great and that Learning to live with human rights might be a necessary evil6Both the brief introduction to Nazi Germany and the USs involvement in the U.N. Charter has been argued in a couple of ship canal by historians. Mazower suggests that there are two ways to look at this next part to the origin of the declaration of Human Rights a way in which we can say that a reason for the states coming together under the United nations to defend these human rights. These are dubbed the Eleanor Roosevelt and the Adolf Hitler version by Mazower. 7To explore the Eleanor Roosevelt version, we will take both the opinions of the aforementioned Mazower and Glendon into account. This is to refer to the event happening cod to particular heroic indi viduals who brought change around due to their efforts and unrelenting faith in the cause of human rights and impacting the powers and forcing them into action. The first individual this essay will mention in this regard is Rene Cassin. Rene Cassin came from a Jewish family in the South West of France of which twenty six members were killed during the final solution. He witnessed, as Jay Winter described in his lecture at Monash University, the wholesale dismantle and humiliation of his nation. 8Coming from a background in war to eventually winning the Nobel Peace Prize of 1968, this example of the individual shows a more pacifist response as a reaction to the catastrophe and stand up with human rights in stark contrast to absolute state sovereignty. It was Rene Cassin who wrote up the first draft of the Universal Declaration of Human Rights.On the other side, the Adolf Hitler version, it is argued that the actions of Nazi Germany and the atrocities committed on their end which s tamped over all semblances of human rights caused a counter-movement through the world. This brings us to the holocaust. Jay Winter describes the events of 1948, after the actions of the Nazis, resulting in the talking of human rights to almost be a paradox. Mazower agrees with this statement, locution that the most significant thing about the entire situation is not the fact that heroic individuals made a difference but rather that international human rights turned out rather unusually to be an area of post-war politics in which individuals on the fringes of governmental life engraft they had a certain scope for action9. The Nazis themselves had a clearly large role in the sudden rise of discussions of human rights. They did not see individual rights in great light and openly looked down upon them from their nationalist position. This was in clear contrast to both the American and the British democrats who opposed the fascist regime and attempting to enforce individual rights against the mightily Nazi state seemed to go side by side with it and seemed particularly urgent to those people who felt that the war had started because of the inherent bellicosity of dictatorships10.It is also practically argued that the Holocaust was much less central to perceptions of what the war was in 1945 than it is in the modern day. This is understandable as it came be seen how any of the atrocities committed by the Nazis could be interpreted as a link towards the origins of the UDHR yet still not necessarily be referenced to as just the Germanic Jews but as a crime against anyone who was wronged by the regime. Samuel Moyn also debates this in arguing that the holocaust was also unmentioned and that Contrary to ceremonious assumptions, there was no wide-spread holocaust consciousness in the post-war era, so human rights could not have been a response to it11. Looking at Durantis The Holocaust and Human Rights Law gives a few more examples in favour of the theory, such as Bill Clintons address in April 1993 stating a direct rise of the UDHR due to the holocaust and quoting The Amnesty foreign Handbook which states almost the same thing12.The lessons of the holocaust were rather clear however after the events a wider populace came to realise that the Nazis rise to power, Germanys rapid expansion in nationalism and the treatment of the German Jews showed that the state could not be left in irresponsible control and that the rights must be defended and judged internationally. Mazower comments on the statement of Quincy Wright, a political theorist, who observed that it was a general principle that a State was free to persecute its own nationals in its own territory as it aphorism fit, yet stressed that an effective international organisation is not possible unless it protects basic human rights against encroachment by national States13-The Universal Declaration charted a bold new course for human rights by presenting a vision of freedom as linked to social security, match by responsibilities, grounded in respect for equal human dignity, and guarded by the rule of law. That vision was meant to protect liberty from degenerating into license and to repel the excesses of personal identity and collectivism alike. By affirming that all its rights belong to everyone, everywhere, it aimed to put an end to the idea that a nations treatment of its own citizens or subjects was immune from outside scrutiny.-Its nonbinding principles, carried farther and wide by activists and modem communications, have vaulted over the political and legal barriers that impede efforts to establish international enforcement mechanisms The Declarations principles, moreover, have increasingly acquired legal force, generally through their incorporation into national legal systems.ATOMIC BOMBFinally, the Atomic bomb and its development and use brought greater questions forward. Dropped on the 7th of solemn 1945 with the declaration being made on the 10th of December 1948, the atomic bomb, rather than targeting an individual of a particular religion or ethnicity, could target entire nations and pose a threat. Examples of the bombs influence can be seen even in the creation of the UDHREveryone has the right freely to participate in the heathen life of the community, to enjoy the arts and to share in scientific feeler and its benefits.Everyone has the right to the protection of the moral and material interests resulting from any scientific, literary or artistic production of which he is the author.14Article 27 puts particular vehemence on a human beings right to participate in culture. The Atomic bomb had given the United States a substaintial lead in terms of the Cold War and piqued much interest from their soviet counterparts which advocated to use cognizance in a very progressive, democratic and peaceful purposes and had many propositions towards how, as Johannes Morsink quotes the development of science must serve in the inte rests of progress and country and the cause of international peace and cooperation15.The Origins of the Universal Declaration of Human Rights have many problems associated with creating a link between any massive events or given source, which has caused some debate on the topic. Several historians such as Winter, Duranti, Glendon, Moyn and Mazower all give somewhat distinctive approaches to what truly connects the Declaration with its say factors, such as certain individuals like Eleanor Roosevelt and Rene Cassin, The influence of the Great Powers, The Holocaust and Nazi Germanys crimes and the use of the Atomic bomb. To observe the origins the Charter of the United Nations and the League of Nations were also observed as a precursor to the declaration, as well as why the system failed and had to be renovated in order to main1 Mark Mazower Page 3822 Mary Ann Glendon A World do New scallywag 203 THE STRANGE TRIUMPH OF HUMAN RIGHTS, 19331950* remark MAZOWER Birkbeck College, capi tal of the United Kingdom page 14 Mary Ann Glendon A world made new page 175 THE STRANGE TRIUMPH OF HUMAN RIGHTS, 19331950* agree MAZOWER Birkbeck College, capital of the United Kingdom page 3876 THE STRANGE TRIUMPH OF HUMAN RIGHTS, 19331950* MARK MAZOWER Birkbeck College, London page 3877 THE STRANGE TRIUMPH OF HUMAN RIGHTS, 19331950* MARK MAZOWER Birkbeck College, London page 3808 Jay Winter9 THE STRANGE TRIUMPH OF HUMAN RIGHTS, 19331950* MARK MAZOWER Birkbeck College, London page 38110 THE STRANGE TRIUMPH OF HUMAN RIGHTS, 19331950* MARK MAZOWER Birkbeck College, London page 38611 Samuel Moyn12 Marco Duranti, The holocaust and Human Rights Law, page 16313 THE STRANGE TRIUMPH OF HUMAN RIGHTS, 19331950* MARK MAZOWER Birkbeck College, London page 38514 The Universal Declaration of Human Rights15 Johannes Morsink The Universal Declaration of Human Rights Origins and Intent

An entrepreneurial firm

An entrepreneurial sloshedIntroductionA ancestry that is in private owned and operated with a sm every number of employees and has relatively low mickle of sales is called a bitty business. It discount be started at a very low cost and on a part-time basis. small(a) Business Management refers to management of such small businesses.A unwavering which undertakes cosmic fortuitys and engages in product- merchandise purpose is called an entrepreneurial libertine. (www.highbeam.com)An Entrepreneur is a psyche responsible for setting up a novelly effort. He has the initiative, skill for innovation and ideas. He looks for high achievements and assumes signifi chiffoniert account capacity for risks taken and their out keep abreast. Entrepreneurship involves fand so forthing risks, investing under uncertain conditions innovating, planning and taking decisions to increase productiveness and profits.The pur position of this project is to understand and analyze the character istics of entrepreneurs and entrepreneurial firms by critically evaluating the entrepreneurial orientation of the Google Inc and entrepreneurial traits of its founders, critically evaluating the entrepreneurial orientation of a topical anesthetic anaesthetic small business and entrepreneurial traits of its founders and commenting on the differences/similarities between the two.The local small business chosen for this project is Layali al Asalah. It is an institution which encourages Omani women hammer designers to hone their skills to become to a greater extent creative and groundbreaking.Entrepreneurial predilectionEntrepreneurial Orientation refers to the processes, practices, and decision-making activities that lead to freshly entry(Lumpkin Dess, 1996, p. 136).It is a key atom for a firms winner. Entrepreneurial Orientation is a strategic response to a entangled set of institutional surround and firm factors. Entrepreneurial behavior, behaviour that is more than than aggressive, innovative, proactive and risk taking, is significantly associated with specific attri fur in that locations of the institutional purlieu of the firm. It is also associated with the perceptions that firm leaders kick in of that environment and the resources available to the firm for responding to environmental conditions. (www.freelibrary.com)Entrepreneurial TraitsEntrepreneurial Traits, also k at one timen as entrepreneurial competencies refer to a mixture of knowledge, skills and personality required to successfull go by a business with superior performance. roughly of the most prominent traits have by successful Entrepreneurs atomic number 18Initiative It is an inner urge in an individual to do or initiate more or lessthing. Entrepreneur is an innovator who explores in the raw ways of put to working to initiate and accelerate the process of economic nurture. He is endlessly on the lookout for opportunities and is ready to exploit them in the high hat inte rests of the organization.Motivation Persistence An entrepreneur is self instigated towards achievement, is never demoralised by failures and is dedicated to what he does.Commitment to efficiency An entrepreneur is unendingly keen to devise new methods aimed at promoting efficiency, making work easier, simpler, let out and economical.Idea generation An entrepreneur generates new ideas through vision, insight and card and also through environmental scanning and market survey.creative thinking Creativity refers to richness of ideas and originality of thinking and ability to produce something new through imaginative skill.Innovation Innovation means doing new things or doing things in a new way. It includes new processes of production, accession of new products, creation of new markets, find of a new and give way form of organization and the bid that enable the organization to gain rivalrous advantage in the market.Introduction to Google Inc. military missionTo organize the worlds development and make it universally entrancewayible and useful. (www.google.com)About Google Inc.Google Inc. is a search engine, an entrepreneurial venture by Sergey Brin and Larry Page. Google, initially named Backrub, was started as a research project by Sergey Brin and Larry Page. In 1997 they registered the domain name google.com derived from the term googol, a mathematical term to representing one followed by 100 zeros. It was named so to reflect the immense volume of discipline that exists, and the scope of Googles mission. In 1998, it became a privately owned incorporate known as Google Inc. With use of deposit of the art technology and extensive research on search algorithms, Google successfully establish its brand name in meshwork search engines. It now employs almost 20,000 employees world over with a management team which boasts of having some of the most experienced technology professionals in the industry. Google became successful because it was quick and better at finding the correct answer than opposite(a) search engines at the time. Over the years Google has advancen and expanded offerings from a single assist to dozens. Its dedication to its users and belief in the possibilities of the Internet remain unchanged.Products and work offeredOnline productivity softw be care the Gmail e-mail software, applications such as the web browser Google Chrome, social networking tools like Orkut and Google Buzz, the Picasa photo organization and editing software, Google Talk fast messaging and phone operating system like the Android mobile. stopping pointGoogle is known for having an in clod corporate culture. Google still maintains a small beau monde feel even though it has grown a lot since its inception. Its trueness to innovation depends upon everyone feeling comfortable sharing ideas and opinions. No employee hesitates to groomly pose questions to Larry or Sergey. When not at work, the employees pursue interests from wine tast ing to degraded Frisbee.Entrepreneurial Orientation of Google Inc.Risk taking Embarking on new ventures like Google Green and Google Venture gives evidence that Google inc. is a risk taking firm as significant amount of resources were committed in these ventures without surety of their success. Google is the just now comp either in the world which was bold enough to take the risky step of playing with the Compeverys logo by creating doodles. In 2011, Google will assemble Google TV which is a combination of TV, applications, search and entire web on TV. This is a risky venture considering that it will be in direct competition to conventional TV.Innovation Even after having successfully established a brand name, Google Inc. has continued to invest heavily in innovation and launched many new products and designs over the years. They have kept the element of imaging that transforms designs from simple to delightful alive and kept evolving products in new directions. Some of their i nnovative products areGoogle Translate It is the worlds largest machine translation engine having more than 50 language pairs. Google Translate mobile version can transliterate ones voice, translating the content into any other language of choice and then speechmaking it back to the User.Android It is a mobile service which lets Users access information at will. Users can carry out different tasks like checking mail, online shop etc from their mobile phones.Google Instant It predicts Users search and shows results instantly even before type is finished.Google Books It allows users to manage a personal bookshelf, see what books friends are readings, share books etc.Google Chrome It is a modern browser designed to handle complex dynamic web. Chrome was built based on trinity ideas simplicity, renovate and security. Its powerful JavaScript engine helps Chrome handle complex web applications at lightning speeds. It includes features designed for efficiency and ease of use. For exam ple, one can search and travel from the same box. It has built in features like translation, built-in malware, phishing protection and machine updates to ensure the browser is up-to-date with the latest security updates.Service sense Google Inc. is committed to providing best quality of services to the Users. The company knows that time is of import for Users and hence it aims to provide fast, accurate and easy-to-use services. Googles search interface is offered in more than 110 languages and translation tools are available to translate web pages to reference the needs of people around the globe.Competitive aggressiveness Competition keeps Google Inc. on the toes. Google continuously invests in research technology to keep ahead of competition. owe to cut throat competition from rivals like Microsofts Bing, Google has enhanced output potentiality of every internet search by introducing Google Instant which makes the search faster by almost 2 to 5 seconds.Autonomy It refers t o the in reliant actions taken by entrepreneurial leaders or teams to start a new venture and seeing it succeed. Google Inc. has started various new ventures like Google Org Google Green and worked unverbalized to make them successful.Entrepreneurial traits of Googles FoundersVision Googles founders were very technology savvy and cute pile world over to have access to the vast information available all over with the help of technology. They had the vision to make internet and power of search to help people use information to better their lives and contribute to economic development.Passion Googles founders are passionate about their business. beingness one of the worlds largest research groups focused primarily on addressing search link problems, they know what they do well, and how they could do it better. Their dedication to improving search helps them confine what they have learned to new products.Creativity From the beginning, Googles founders have been working on technol ogy that can help improve existing ways of doing business. They have built an informal culture and a working environment where employees are encouraged to be creative and spend a penny innovative products that solve real-world problems. To motivate the employees, a Founders Award is presented to teams who take in innovative products.Risk taking Larry and Sergy see an fortune for search engines and took a risk by creating Google Inc. after heavily borrowing money.Opportunity seeking They believed in the possibilities of internet and saw an prospect in the market for search engines. Their idea was new and risky but they were determined to make it work. Even after its success they are always on the lookout for opportunities and ready to exploit them in the best interests of the organizations. They work with their teams to discover peoples actual needs, including needs they cant always articulate. Armed with that information, they create products that solve real-world problems. th ere was a need to be able to access information on the move, saw that as an opportunity and developed android. There was a need for Search results being faster, so developed Google instant. vitiated Business Layali Al AsalahVisionTo promote port as a great medium to showcase the designers creativity as well as empower, teach women about business and entrepreneurial skills. (www.layalialasalah.com)About Layali Al AsalahLayali Al Asalah which means Night of Culture is a small business entrepreneur venture in Oman started by three friends Samah al Wahaibi, Najla al Kindi and Nadia al Zakwani, It is a appearance institution which trains Omani women fashion designers to make it big in the fashion industry. It encourages Omani women interested in fashion conniving to think creatively, improve their technical skills and discover the entrepreneur within them.The three friends realized that many Omani women were into fashion calculating but lacked formal fashion know-how. They wanted to do something interesting and different for female fashion designers in Oman but had no formal plans of establishing any business. Samah got an opportunity to heed a seminar Breaking the Glass Ceiling in Salzburg which was about accomplishments of women from worldover. The success stories of the talented women inspired her to start a business venture of her own. Upon travel to Oman she got together with her two friends and in 2006 founded Layali Al Asalah Co. to provide formal readiness and education in fashion designing aimed at attracting emerging Omani women fashion designers.They started off the venture by organising a competition called When genuineness Speaks, where the bailiwick centred on the Omani embroidery. The competition categories included Omani outfits for women and grip shoe designing. This competition is now an annual event. Scholarships to pursue courses in University of Milan are awarded to the winners to who then go on to create their own fashion brands.Pro ducts and Services offeredIn addition to providing formal training and education, their offerings include arranging Concerts, caseful Management, Fashion Shows and organizing Workshops and Exhibitions.In 2009, they created an Asalah villa, which rents space at reasonable rates to develop designers who are otherwise compelled to operate from home due to high market rental. Building upon the success of Layali Al Asalah Asalah villa, they opened up a entrepot called Layali Al Asalah Shoes. The blotto selling point about their billet is that all shoes have a strong Omani presence with glimpses of some(prenominal) other cultures in it.Entrepreneurial Orientation of Layali Al AsalahInnovation Layali al Asalah is an innovative venture as there was no such fashion institution in Oman till this venture, which offered any training to Omani women in fashion designing. The competition When Authenticity Speaks also is one of a sympathetic in Oman where themes include Omani embroideries and the designers get to show their creativity in Omani garments, handbags, shoes, etc. The winners are chosen through online voting which is also an innovative idea using latest technology. The competition is made more lucrative attractive to women by offering of Scholarships for further studies at University of Milan. The notion of Asalah villa helps budding designers promote their business, create a client base and put down in exhibitions. Layali Al Asalah Shoes churn out shoes with innovative designs. Each shoe is wrapped in Omani and various other cultures. For example authentic Omani silver jewellery is incorporated into rainbow hued shoes representing Omani culture. Annual bazaar under the name Asalah Bazaar is some other innovative idea where the participants exhibit their collections sell the products at discounted prices.Risk taking Layali al Asalah is willing to accept business risks as is evident from their various new ventures like Layali Al Asalah Shoes Asalah v illa started over the years since their governing body even though there was no surety of success. Funding for the new business ventures is a challenging task for the organisation due to check availability of resources.Proactiveness Layali al Asalah is an opportunity-seeking, forward-looking venture which has been proactive in introduction of new ideas like the Design competition, organisation of annual bazaar for display sale of products, etc. It has created new products like shoes with glimpses of Omani other cultures. It has stayed ahead of the competition and has been acting in anticipation of future strike of their offerings.Autonomy Asalah villa and Layali Al Asalah Shoes were new ventures by Layali al Asalah where the founders took the needed steps independently to ensure success.Service consciousness The organisation is fully devoted to ensure that their services are of highest quality standard and it puts in its best for achieving these standards. The organisation bel ieves in excellence which is reflected in everything it does. The workshops and exhibitions are held in line with the progress in world fashion industry. Scholarships to desiring candidates ensure that they can compete with the latest in fashion industry.Entrepreneurship traits of Layali Al Asalahs FoundersRisk taking The founders were very young and inexperienced in the field of business management. Although they were passing motivated and enthusiastic, they were not familiar with the risks of the business. However, they took the risk of starting the business without distressing much about the consequences. Even after successfully establishing the organisation, they continued to venture into implementation of innovative ideas like Asalah villa and Layali Al Asalah Shoes.Self confidence though the founders lacked resources and knew it was a risky venture, they were determined to convert their idea into a human race and were not cowed down by difficulties as they believed in their abilities and strengths. Not exactly did they make the venture successful, they continued to grow it by opening more branches.Creativity It refers to the phenomenon whereby a person or a group of persons create something new which may be a product, a solution, or an enterprise which has some kind of value for the society. The creativity of founders of Layali Al Asalah is evident from their ability to use their imagination, analytical approach and intelligence to convert their idea of fashion designing institute into a reality. They continued to explore new ideas like designing shoes with Omani jewellery and gluing Chinese embroidered silk fabric onto the shoes. The belief of Asalah Villa Bazaar to help budding fashion designers also depicts their creativity. The founders came up with I Read A Book a creative concept aimed at promoting reading of books amongst Omani people, through a fashion show with the theme of libraries, books and reading which brought to light the libraries available locally.Opportunity seekers The 3 founders saw an opportunity for opening an organization that would encourage those interested in fashion designing to improve their technical skills and discover the entrepreneur within them. In Oman there were several shoemakers who made slippers for Omani men but hardly any for womens shoes. Hence an opportunity in shoe making market was notice and Layali Al Asalah shoe was created. Rentals are considerably high in Oman and wherefore budding entrepreneurs are compelled to limit their businesses to their homes. Capturing this as an opportunity, the founders launched Asalah villa, which rents space at reasonable rates to budding designers. ConclusionThe prime difference between a an entrepreneur and small business proprietor is that the small business owner remains contented with earning enough profits to live his life a comfortably and keep his business running, is not really interested in expanding his business and is more than likely to keep the business within the family. some other notable difference between the two is that a small business owner tends to need motivation whereas, an entrepreneur is fuelled by ambition, drive and inspiration. miniscule business owners are not the ones to think out the box whereas, entrepreneurs come up with new ideas, innovative products, as well as effect creative strategic marketing plans. In a competitive environment innovation provides the basis for sustainability of an organization.Entrepreneurs innovate and the instrument of entrepreneurship is innovation. Entrepreneurship is a creative activity and an innovative function. Innovation may be in the form of a new product or production process, opening a new market or a new form of organization. Economic ontogeny depends on the rate of applied technical progress i.e. innovation which in turn depends on the supply of entrepreneurs in the society. Thus the entrepreneur is the performer of change in the society because he is the one who always searches for change, identifies needs, responds to them and exploits them as an opportunity and in turn generates employment opportunities for others.Upon analysis of the traits of Google Inc. Layali Al Asalah, it can be concluded that Google Inc. is an entrepreneurial firm while Layali Al Asalah is a small business with very strong entrepreneurial orientation and therefore can also be considered an entrepreneurial firm. two the firms have similarities in certain prominent traits like risk taking, innovation, autonomy and service consciousness. Both firms had humble beginnings at a small scale and went on to grow and expand their operations. Important differences exist in the level of innovation and competitive aggressiveness. While Google Inc. is more innovative competitively aggressive, Layali Al Asalah is limited in its scope of innovation and competitive aggressiveness as it competes in a very small market compared to Google Inc. which has a global reac h. Google Inc. has stronger impact on the economy due to its huge size, extensive reach to the world masses and available resources while Layali Al Asalahs impact is more at the local economy level as it addresses the needs of a smaller creation of masses, is smaller in size and has limited resources.Google Inc.s business is largely dependent on innovation for growing and therefore it invests heavily in the employees thereby creating jobs all over the world further contributing to the economic development of many countries.Entrepreneurial firms like Google Inc and select small businesses with very strong entrepreneurial orientation like Layali Al Asalah contribute significantly to the modify of the economy by efficiently utilising resources and creating opportunities for people prevent the economy from stagnancy as they continuously innovate and sustain competition. In comparison, the small businesses without any entrepreneurial orientation are unlikely to fuel the economic growt h of any country. It is therefore better to have entrepreneurial firms instead of small businesses without any entrepreneurial orientation.

Importance of Breakfast in Relation to Obesity

Importance of breakfast in Relation to ObesityA comminuted evaluationThrough many influential sources, much(prenominal) as inquiry and advertising, eat has been widely portrayed as the most eventful repast of the day. In fact, much epidemiologic assure tends to support this nonion by demonstrating that breakfast skipping departs to an increased adventure of obesity (McCrory et al, 2014 Browns et al, 2013). Since the 1980s, the prevalence of over pack and obesity has sharply risen worldwide, with 1.9 billion adults being characterized as over burthen and 600 billion as obese in 2014 (WHO, 2015). In the UK unsocial, the proportion of men and women characterized as obese has increased by 14% and 10% from the early nineties to 2015 (Public Health England, 2017). For an individual, obesity is usually the lead of an imbalance between faculty consumed and energy expended (WHO, 2016). Although energy imbalance ultimately leads to slant shed light on, the primary factors at omic number 18 not yet completely understood. Currently, there is no evidence linking unique(predicate) foods to obesity, however recently, much attention has been given to begin behaviours, such as breakfast feeding, as they may represent a combined essence of a number of nutrients, and breakfast habits could potentially demonstrate an interplay between otherwise life-style factors, such as an overall poor diet and physiological inactivity. If eating behaviours ar spy to be causally linked to fish seduce, then they could potentially represent practical strategies for obesity pr tear downtion. On these grounds, this strain will explore a wide variety of evidence regarding the companionship between breakfast skipping and cant gain. Furthermore, we shall discuss whether breakfast eating habits pitch been linked with overall dietetical health and natural activity, as these factors atomic number 18 now known to be strongly linked with obesity.It is reasonable to ges tate that ones beliefs about breakfast will influence the likelihood of an individual pursue in this behaviour. For example, early research reported that the majority of habitual breakfast eaters believed that breakfast was strategic for providing energy and increasing productivity throughout the break of the day (Chapman et al, 1998). More recently, among a UK national representative sample, it was reported that 64% of the universe habitually consumed breakfast, whilst 6% skipped it. Moreover, the breakfast eaters believed that breakfast maintained exercising tilt turn back, whereas breakfast skippers believed that missing breakfast supported weight spillage (Reeves et al, 2013). This evidence signifies that eating behaviours, such as breakfast skipping, are largely determined by what individuals believe. Some beliefs about scientific matters are thought true disdain substantial evidence disproving them, whereas other science-based beliefs are allegedly true even though ina dequate evidence exists to support or disprove them (McCrory et al, 2014). This is important because a widely accepted belief is that frequently consuming breakfast compared with skipping breakfast is preventative of weight gain or causes weight loss.A recent meta-analysis reported that the risk for overweight and obesity increases by 55% when breakfast is skipped (Browns et al, 2013). As this association has often been reported, a theory has been demonstrable which, if correct, may potentially excuse how breakfast skipping lot lead to weight gain. The theory states that when breakfast is skipped, there is an over compensation for the energy missed at breakfast by ingesting more energy than one otherwise would have consumed at breakfast alone (Pereira et al, 2011). On the other hand, lets also consider that breakfast skipping could result in no weight modify over sentence (in a scenario where breakfast skipping does not lead to overcompensation) or to weight loss (in a scenario where there is absence of compensation). While cross-section(a) studies have mostly reported that breakfast skipping leads to weight gain, currently, there are limited higher(prenominal) quality experimental evidence supporting this notion. It is also important to stage out that all of the studies reviewed in the Browns et al (2013) meta-analysis, were cross-sectional thereby origin cannot be concluded from their ndings.Whilst randomized controlled trials do not directly earmark conclusions to be drawn concerning fluctuations in energy balance, they do allow for conclusions to be made about temporary changes which, if constant over time, could potentially result in changes in energy balance. Yet, short-duration ( 1 week) randomized controlled trials investigating the cause of breakfast skipping on successive energy intake have been evasive (Astbury et al, 2011 Leidy et al, 2013 Levitsky et al, 2013). For example two of these studies reported that impromptu lunch intake was great after breakfast skipping, compared to when breakfast was consumed (Astbury et al, 2011 Leidy et al, 2013). In contrast, Levitsky et al (2013) takeed under compensation at lunch, signifying that the collective intake across breakfast and lunch remained humble in the breakfast skipping condition. On the other hand, longer-duration (2-3 weeks) randomized controlled trials do not appear to show a relationship between breakfast skipping and weight gain (Farshchi et al, 2005 Schlundt et al, 1992 Tuttle et al, 1950). Although the results of these experimental trials are varied, they do not support for the theory that breakfast skipping leads to overeating.Furthermore, in prospective studies with up to 10 years follow-up, it has been observed that individuals who regularly ingest breakfast appear to gain less weight (Odegaard et al, 2013 Purslow et al, 2008 van der Heijden et al, 2007). One explanation for this could be that skipping breakfast may alone be an indication of overall lifestyle, for example, substantial evidence suggests that skipping breakfast is associated with a less nutritious diet and less somatogenetic activity (Szajewska et al, 2010 Rampersaud et al, 2005). This is substantial because both of these modifiable factors are strongly correlated with the increased risk of obesity and other chronic diseases. For example, much epidemiological evidence shows a relationship between eating breakfast and healthier food choices and dietary habits (Skinner et al, 1985 Lattimore et al, 2010), whereas, breakfast skippers are associated with whole diets that are inadequate (Christakis et al, 1968 Serra-Majem et al, 2002). Of the studies mentioned above, two are outdated, nevertheless, they have been included to demonstrate that the association between breakfast expending and healthy lifestyle habits has been repeatedly observed over the last 50 years or so, demonstrating that this relationship has remained constant over time. To further explain the resu lts mentioned above, a recent review by Rampersaud et al (2005), revealed that habitual breakfast skippers were more likely to be overweight compared to breakfast eaters, regardless of a higher overall energy intake in the breakfast eating group. It is possible that the combination of breakfast skipping with additional poor eating behaviours, such as an insufficient fruit and vegetable usage, is contributing to the results observed in this study, as it has been previously established that a low intake of fruit and vegetables increases the risk for obesity and type 2 diabetes mellitus (Hamer et al, 2007).Regarding physical activity, much epidemiological evidence reports that breakfast skippers are less likely to participate in physical activity (Cohen et al, 2003 Keski-Rahkonen et al, 2003 Aarnio et al, 2002). A proposed mechanism is that skipping breakfast may lead to lethargy and physical inactivity throughout the day (Pollitt et al, 1998 Meyers et al, 1989 Shaw et al, 1998) the reby contributing to supportive energy balance and thus weight gain. Although there is a immense amount of evidence supporting the idea that breakfast skipping is associated with poor dietary habits and physical inactivity, no conclusions can be drawn yet as the evidence which has mostly found these positive associations have been drawn from cross-sectional and prospective studies which as mentioned before, do not prove causality.Clearly, obesity is a significant public health problem due to its high prevalence and important health consequences. Therefore, in order to provide practical recommendations for the control and/or prevention of obesity, its causal factors must be identfied. Although there is substantial evidence linking breakfast skipping to weight gain, a reasoned conclusion cannot be drawn as the majority of studies reporting this association merely reveal a relationship, not a causal pathway as they are cross-sectional or observational studies. On the other hand, exp erimental trials can usually determine causation. Regarding the trials reviewed in this essay, short-term trials have demonstrated make of breakfast skipping on energy intake and zest after in the day, although together these results are ambiguous, also longer-term randomized controlled trials have not show effects of breakfast skipping on energy imbalance and subsequent weight change.Overall, the evidence we have discussed here does not strongly support the widely accepted theory that breakfast skipping leads to an overcompensation of energy in subsequent meals, nor does the evidence support a common belief that breakfast contributes to weight gain or loss. It can however be argued that whether an individual eats breakfast or not, this will not directly influence their risk of weight gain or obesity. In fact it could be argued that other lifestyle behaviours, such as physical inactivity and inadequate diets, are in truth the factors driving this observed association. An integral issue when evaluating the impact that lifestyle behaviours have on obesity is that these behaviours are very difficult to precisely broadside within a large, generalizable population. Equally, trying to establish that one factor alone is impacting weight gain is a difficult task, as seen in this essay, many factors interact with and affect each other. Therefore, as to whether breakfast is the most important meal of the day with regards to the obesity, the jury is still out, so to speak. In the meantime, the dewy-eyed recommendation to eat less and exercise more appears to still be the most effective tool in the prevention and treatment of obesity. rowing 1569ReferencesAarnio, M., Winter, T., Kujala, U. and Kaprio, J., (2002). Associations of health related behaviour, social relationships, and health status with persistent physical activity and inactivity a study of Finnish adolescent twins. British diary of Sports Medicine, 36(5), p360-364.Astbury, N.M., Taylor, M.A. and Macdonal d, I.A., (2011). Breakfast consumption affects appetite, energy intake, and the metabolous and endocrine responses to foods consumed later in the day in male habitual breakfast eaters. The journal of nutrition, 141 (7), p1381-1389.Brown, A.W., Brown, M.M.B. and Allison, D.B., 2013. Belief beyond the evidence using the proposed effect of breakfast on obesity to show 2 practices that distort scientific evidence. The American diary of clinical nutrition, 98(5), pp.1298-1308.Chapman, G.E. and Melton, C.L., (1998). College and university students breakfast consumption patterns behaviours, beliefs, motivations and personal and environmental influences. Canadian Journal of dietetic Practice and Research, 59 (4), p176.Christakis, G., Miridjanian, A., Nath, L., Khurana, H.S., Cowell, C., Archer, M., Frank, O., Ziffer, H., Baker, H. and James, G., 1968. A nutritional epidemiologic probe of 642 New York City children. The American journal of clinical nutrition, 21 (1), p107-126.Cohen, B., E vers, S., Manske, S., Bercovitz, K. and Edward, H.G., (2003). Smoking, physical activity and breakfast consumption among secondary school students in a southwestern Ontario community. Canadian Journal of Public Health/Revue Canadienne de Santee Publique, p41-44.Farshchi, H.R., Taylor, M.A. and Macdonald, I.A., (2005). noxious effects of omitting breakfast on insulin sensitivity and fasting lipid profiles in healthy lean women. The American journal of clinical nutrition, 81 (2), p388-396.Hamer, M. and Chida, Y., (2007). intake of fruit, vegetables, and antioxidants and risk of type 2 diabetes systematic review and meta-analysis. Journal of hypertension, 25 (12), p2361-2369.Keski-Rahkonen, A., Kaprio, J., Rissanen, A., Virkkunen, M. and Rose, R.J., (2003). Breakfast skipping and health-compromising behaviors in adolescents and adults. European journal of clinical nutrition, 57(7), p842-853.Lattimore, P., Walton, J., Bartlett, S., Hackett, A. and Stevenson, L., (2010). Regular consum ption of a cereal breakfast. imports on mood and body emblem satisfaction in adult non-obese women. Appetite, 55(3), p512-521.Leidy, H.J., Ortinau, L.C., Douglas, S.M. and Hoertel, H.A., (2013). Beneficial effects of a higher-protein breakfast on the appetitive, hormonal, and neural signals controlling energy intake regulation in overweight/obese,breakfast-skipping, late-adolescent girls. The American journal of clinical nutrition, 97(4), p677-688.Levitsky, D.A. and Pacanowski, C.R., (2013). Effect of skipping breakfast on subsequent energy intake. Physiology behavior, 119, p9-16.McCrory, M.A., (2014). Meal skipping and variables related to energy balance in adults A brief review, with emphasis on the breakfast meal. Physiology behavior, 134, p51-54.Meyers, A.F., (1989). Undernutrition, hunger, and learning in children. Nutrition news (USA).Odegaard, A.O., Jacobs, D.R., Steffen, L.M., Van Horn, L., Ludwig, D.S. and Pereira, M.A., (2013). Breakfast frequency and development of me tabolic risk. Diabetes care, 36 (10), p3100-3106.Pereira, M.A., Erickson, E., McKee, P., Schrankler, K., Raatz, S.K., Lytle, L.A. and Pellegrini, A.D., (2011). Breakfast frequency and quality may affect glycemia and appetite in adults and children. The Journal of nutrition, 141(1), p163-168.Pollitt, E. and Mathews, R., (1998). Breakfast and cognition an integrative summary. The American journal of clinical nutrition, 67(4), p804-813.Public Health England contributor. (2017). Adult Obesity. Available http//www.noo.org.uk/NOO_about_obesity/adult_obesity. Last accessed thirteenth blow 2017.Purslow, L.R., Sandhu, M.S., Forouhi, N., Young, E.H., Luben, R.N., Welch, A.A., Khaw, K.T., Bingham, S.A. and Wareham, N.J., 2008. Energy intake at breakfast and weight change prospective study of 6,764 middle-aged men and women. American journal of epidemiology, 167(2), p188-192.Rampersaud, G.C., Pereira, M.A., Girard, B.L., Adams, J. and Metzl, J.D., (2005). Breakfast habits, nutritional status, body weight, and academic performance in children and adolescents. Journal of the American Dietetic Association, 105(5), p743-760.Reeves, S., Halsey, L.G., McMeel, Y. and Huber, J.W., (2013). Breakfast habits, beliefs and measures of health and wellbeing in a across the nation representative UK sample. Appetite, 60, p51-57.Schlundt, D.G., Hill, J.O., Sbrocco, T., Pope-Cordle, J. and Sharp, T., (1992). The role of breakfast in the treatment of obesity a randomized clinical trial. The American Journal of Clinical Nutrition, 55(3), p645-651.Serra-Majem, L., Bartrina, J.A., Prez-Rodrigo, C., Ribas-Barba, L. and Delgado-Rubio, A., (2006). preponderance and deteminants of obesity in Spanish children and young people. British Journal of Nutrition, 96(1), p67-72.Shaw, M.E., (1998). girlish breakfast skipping an Australian study. Adolescence, 33(132), p851-862.Skinner, J.D., Salvetti, N.N., Ezell, J.M., Penfield, M.P. and Costello, C.A., (1985). Appalachian adolescents eating patterns and nutrient intakes. Journal of the American Dietetic Association, 85(9), p1093-1099.Szajewska, H. and Ruszczyski, M., (2010). Systematic review demonstrating that breakfast consumption influences body weight outcomes in children and adolescents in Europe. Critical reviews in food science and nutrition, 50(2), p113-119.Tuttle, W.W., Daum, K., Myers, L. and Martin, C., (1950). Effect of omitting breakfast on the physiologic response of men. Journal of the American Dietetic Association, 26, p332-335.Heijden, A.A., Hu, F.B., Rimm, E.B. and Dam, R.M., (2007). A prospective study of breakfast consumption and weight gain among US men. Obesity, 15(10), p2463-2469.WHO contributor. (2015). facts on obesity. Available http//www.who.int/features/factfiles/obesity/facts/en/index4.html. Last accessed thirteenth Mar 2017.WHO contributor. (2016). Obesity and overweight. Available http//www.who.int/mediacentre/factsheets/fs311/en/. Last accessed 13th Mar 2017.

Comparative Analysis of Forwards and Futures Contracts

Comparative Analysis of onwardhand and Futures ContractsA Mauritian sightAbstractThis research comp bes the over-the-counter derivatives merchandise with the exchange- exchanged derivatives commercialize. before write outs absorb been practise as a representative for over-the-counter(a) commercializes and Futures for nonionised exchanges and the equal and benefits of to each one one need been analysed. This research has been done being with paying attention to the GBOT displace up in Mauritius.Forwards ar frequently employ contracts sexual intercourse to some some others, in Mauritius. Hence, it is assumed that if the users throw off to shift to the GBOT, they provide use nexts contracts as a substitute for beforehand since both piddle similar characteristics neglect that futures be more sophisticated than forwardss. A survey has been done on the top one hundred and twenty companies in Mauritius out of which, simply 70 claim responded. The questionnair e aimed at de conditionining the latest derivatives dress in Mauritius and a glance at the perception of the fiscal officers with consider to GBOT. compensate though they believe that GBOT leave behind benefit the country, they atomic fig 18 un ordain to arrive the trading date well-nigh of the respondents atomic number 18 unaw atomic number 18 of GBOT and uncertain close to the futures mart and trade mechanism. Unexpectedly, it was found that rough firms use futures for guess c come outing.The results relieve oneself been used to adjudicate whether it is viable for Mauritius to participate an exchange and what measures roll in the hay be taken to ensure that GBOT is successful. With respect to this research, it seems that the Mauritian market is non stiff yet, to conceive this new victimisation in its monetary system unless there ar some measures that mint be adopted to fighting the inhibitors and there atomic number 18 much lessons to be l sack uped from the record of derivatives mismanagement. be given of AbbreviationsAML Air Mauritius troupe LimitedCDS Central Depository and Settlement play along LimitedCBOT kale Board of TradeCME Chicago Mercantile commuteCFTC Commodity Futures Trading CommissionEFP Exchange of Futures for PhysicalFSC Financial go CommissionFX Foreign ExchangeGBOT Global Board Of TradeHSBC Hongkong and move Banking Corporation LimitedMTM Mark-To-Marketover-the-counter Over-The-CounterSEM Stock Exchange of MauritiusSTC advance Trading CorporationS0 Spot toll todayST Spot ground at maturenessUSA United States of America1.1 IntroductionThe nominal head of derivatives market has undoubtedly improved national productivity growth and standards of living. Alan Greenspan (Chairman of the US Federal Reserve System, 2005)Derivatives have readyed prominence in the past fewer decades and be today a vital element in finance. Although they be the latest addition to the financial world, they have been witnessing a high arrange of success. They have down the stairsgone constant innovation and active trade, notwithstanding the fact that they have led to a more building complex pains of ringrow. Electronic concern and closeown facility has revolutionised the global financial and commodity markets by attracting multinational investors and increasing liquidity.1.2 Background Theory1.2.1 HedgingHedging is a form of insurance that uses derivatives to absorb financial es secern by locking in a wrong for a grumpy impressive. Its essence pertains to the uncertainties associated in outlays of goods. Since p strains of goods cannot be predicted with certainty, people speculate.Gol (1980) states that when everyone expects a legal injury rise, all opinions seem to foregather over a damage rise, such(prenominal) that, if speculators enter the futures market, they would alike be buyers rather t han dispenseers and their buying activity whitethorn further aggravate the price rise. supposal helps in effective risk management save sometimes backfires for instance, more airlines speculated a rise in fuel prices and hedged their exposure with derivatives. Unfortunately, the financial crisis 2007-2008 executed fuel prices to decrease considerably in the disfigure market, but the airlines had the tariff to honour their derivative contracts at relatively higher prices.1.2.2 Derivatives marketDerivatives be financial instruments that derive their apprize from one or more fundamental assets such as stocks, coalitions, currencies, interest order, commodities and market indices for example, an oil futures contract derives its value from the price of oil- oil being the underlying asset.Derivatives ar used extensively in financial and non-financial institutions. Forward contracts are the basic derivatives that stemmed from the goods market, and have thereupon paved the way for other derivatives. any(prenominal) goods traded finished derivatives are traveling bag metals, precious metals, agricultural products, energy products, strange currencies, interest rate, and stock indices among others. new(prenominal) accepts contracts based on carbon, commodity indices, credit, fertilizer, ho exploitation, inflation, and weather.Source Futures Industry Magazine 2009For this research, commodities, assets, and goods are used interchangeably, irrespective of whether they are used in the financial, commodities or foreign exchange markets.1.2.3 Types of derivativesThere are two distinct groups of derivative instruments forward-based products and extract-based products. Forward-based products are termed linear derivatives as they offer a linear payoff and include futures, forwards, and swaps.Conversely, option-based products are non-linear derivatives since they offer a non-linear payoff and include puts, calls, caps, floors, and collars. Other derivatives, suc h as options on futures, swaptions, and forward caps, combine the features of both forward and option contracts.Derivatives trade in over-the-counter (OTC) markets or in organised exchanges. OTC trading occurs among a few dealers via phone or electronic messages. OTC contracts are mutual agreements made through private negotiations and transacted outside a trading political program. However, some OTC derivatives are cleared via exchanges (e.g. in the Chicago Mercantile Exchange). Swaps, forwards, and customised options are OTC contracts.Exchange-traded derivatives are standardised in legal injury of quantity and superior (the amount and quality of the good is fixed) and negotiation is not possible. Organised exchanges employ both light outcry system and electronic order matching systems and share similar purposes to securities exchanges. They design the contract ground and operate a clearinghouse, which acts as a guarantor, settles all contracts, and regulates trading. Large se curities firms and commercial banks act as derivatives dealers. Futures and standardised options are traded on exchanges.1.2.4 PlayersThe three free categories of traders in the derivatives market are hedgers, speculators, and arbitrageurs. Hedgers use derivatives to reduce the risks that they formula from ominous movements in prices of goods while speculators take a position to realise gains with a relatively clear sign outlay. Arbitrageurs enter the market to realise gains without risking their take in capital. Conclusively, hedgers transfer their risk to speculators and arbitrageurs and thus, boost liquidity on the market.1.3 Objective of mullA well-regulated organised derivatives market encourages a sustainable financial development and gains savings and investment in the persistent-run, thereby promoting economic growth. However, the concern is how and when to do the time for its implementation in small economies.This dissertation aims at analysing the benefits and d rawbacks of using forwards and futures contracts. Forwards contracts can be used by nonage users, without major procedures and regulation. Contrarily, futures require significant concern and assistance of the government to support and ensure a good operating system. The research is carried out with regard to the commodities market being set up in Mauritius.Forwards primed(p) the groundwork for futures, hence, both are inured simultaneously throughout this study. Futures (exchange-traded) are enhanced forms of forwards (OTC) but differing somewhat in the way they are traded. The be and benefits of the two instruments are analysed and compared. This volition indicate whether it is viable for Mauritius to introduce a derivatives exchange and declares the measures that can be adopted to ensure that its objectives are attained.Swaps and options are excluded from the study because they operate incompatiblely and due to word constraint. Forwards and futures are relatively simpler an d typically alike, thus, exposition comparison easier.1.4 Overview of Remaining ChaptersChapter 2 deals with the literature review while Chapter 3 is an overview of the derivatives market in Mauritius. Chapter 4 covers the research methodology section. Chapter 5 presents the analysis and findings of the research, followed by Chapter 6, which concludes this study and includes some recommendations.chapter two literature review2.1 Importance of Derivatives MarketSeveral factors such as size, leverage, asset-li aptitude duration, and taxes amongst others, affect the hedging termination of a firm. The Miller and Modigliani surmise posits that hedging is fruitless in perfect financial markets. In earthly concern though, markets are imperfect and hedging alters a firms value by influencing its investment decisions.Bessembinder (1991) distinguishes that hedging corporate risk with forward contracts increases firms value by cut down incentives to under-invest. He likewise advocates tha t large institutions are more likely to use derivatives due to learningal economies of scale. Likewise, Haushalter (2000) finds a positive correlation mingled with hedging decision and total assets and characterises it as the economies of scale in information and consummation be of hedging. Hedging also enables a firm to negotiate with its customers, creditors, and managers, which improves contract terms.A research on African countries provokes that mercurial international capital flows have the tendency to destabilise shallow markets and precipitate a crisis if there is a change in investors appetite and urges adoption of stronger domestic policies and local derivatives markets for financial risk management purposes (Adelegan, 2009).Hedging is a zero-sum game one does not gain from trade unless another faces a spill. The gain to the buyer will be exactly equal to the passage to the merchandiseer of the forward contract, whilst the gain to the seller will be exactly equal t o the loss to the buyer. Hieronymus (1971) defines hedging as winning a position in a futures market that is equal in size and setback to a predetermined position in the cash market. Hence, a loss in one market is moon curser by a gain in the other market. This prescript works since cash prices and futures prices of a commodity are expected to converge as the contract reaches expiry.Anderson and Danthine ( 1981) define a slight hedge term equal to the risk-minimising futures position corresponding to a predetermined cash position. A hedger, thus, uses the possibilities offered by futures markets to minimise his risk.2.2 Forwards MarketA forward contract is a bilateral binding agreement to buy or sell a specific quantity and quality of an asset, at a pre-determined price and pre-determined future time. Normally, contracts specifying settlement in excess of 30 days subsequently the trade consider are forward contracts.Forwards are the prototypal and simplest derivatives that s prouted in the sixteenth century in the agricultural markets, wherein they were used primarily to resist adverse price movements. Dong and Liu (2005) advocate that the counterbalance forward reduces commodity price risk the buyer and seller will transact at the price undertake in the contract, whatever the price of the underlying asset in the tell apart market at maturity.A forward agreement is somewhat like a legal contract, customised with respect to the needs of the particular buyers and sellers, obligating delivery of the underlying asset under the conditions specified in the contract. The buyers and sellers negotiate over the contract terms. Anderson and Danthine (1981) claim that, in the forwards market, speculators are assumed to be risk-neutral, bidding competitively to exercise arbitrage opportunities.2.2.1 Benefits of Forward Contracts2.2.1.1 riskiness ManagementTypically, a forward contract alleviates financial risks, thereby protecting traders. There is no initial in vestment in the forwards market since cash changes hand only on settlement of the contract at maturity. This causes less volatility in cash dealingss, rendering cash flows easy to manage.2.2.1.2 Settlement FacilityCases wherein the seller defaults for some reason, contracts may be mutually settled in cash. Duffie (1989) finds that in practice, only a small fraction of forward positions are actually delivered while most are closed out before delivery by a cash settlement. Sometimes, initial traders are able to transfer their contracts to someone willing to take their obligation. Per se, it offers a certain degree of tractability.2.2.1.3 Trade Linkages and other benefitsForwards allows negotiation on the contracting terms, which benefits traders, builds up trust, and strengthens trade links surrounded by parties. Wolak (2007) analyses an electricity company and concludes that forward contracts reduce the cost of production as well as its volatility, and increase pro?t. Likewise, D ong and Liu (2005) show that forward contracts in non-storable goods benefit both producers and suppliers.2.2.2 Costs of Forward Contracts2.2.2.1 Counterparty Default RiskForward contracts mitigate financial risks but give rise to counterparty risk (risk of default), which is one of the prominent risks in OTC derivatives. Counterparty risk can cause huge losses.2.2.2.2 Transaction CostsIn order to ensure guaranteed deals, parties with good credit ratings should be identified, which is a very costly task. Nevertheless, these firms do have a possibility to default for reasons such as insolvency or bankruptcy. An nonsuch illustration is the collapse of the Lehman Brothers investment bank that has created the biggest turmoil in the worlds register following which, more concern has shifted to the OTC market.2.2.2.3 Legal proceduresOnce the terms and conditions of the contract are accepted, they must be adhered to otherwise legal procedures may entail. Forwards market is an unorganised form of trade with no ability to deal with conflicts other than seeking legal recourse that may be too costly. Influential and wealthy parties only may recourse to such practices. Besides, it causes damage to the dealers reputation.2.2.2.4 Liquidity and Transparency takesThere is no possibility of oddment out or reversing a forward contract. Thus, forwards escape flexibility and liquidity and forward delivery is not guaranteed in the absence of a regulator. Additionally, since the contract involves only two entities, there is reduced transparency and possibility of mispricing the goods since not all the forces are at work.2.2.2.5 Market Power and negociate PowerMarket power and bargaining power affect the capableness for negotiation along with the forward equilibrium price. As such, small investors with lesser power may suffer. Dong and Liu (2005) show that the forward equilibrium moves in favour of the participant with high market power, such that he gains from the contract. H owever, when negotiation costs are very high, both producers and buyers face a loss regardless of market power and use forward contracts for risk management rather than for gains.2.2.2.6 Informational InefficiencyA study by Mahenc and Meunier ( 1983) stipulates that there is no prudish information dissemination in the forward market but under conditions of imperfect information, forward trading indirectly creates efficiency in the spot market.The necessity to deal with the shortcomings of forward contracts led to the emergence of the futures market.2.3 Futures MarketA futures contract is an agreement between two parties to buy or sell a fixed amount of an asset at a pre-decided price and date. In this respect, futures share the same characteristics as forwards for instance, they help buyers and sellers with long term planning by locking in a price. However, futures are more sophisticated than forwards.Financial futures were traded on shares of the Dutch East India Company in the se venteenth century, but modern futures markets originated in Japanese rice futures, which were traded in Osaka in the eighteenth century. Futures emerged with the grading system, which purported to ensure that at maturity, the quality of goods delivered was as specified in the contract, which eventually led to normalisation of futures contracts.Futures are standardised contracts in respect of quantity, quality, delivery date, and location. They trade on organised exchanges, which are creditworthy for setting the quantity, quality of the underlying asset in the contract. Moreover, the exchange sets the terms and conditions of the contract, which are non-negotiable by the traders. All investors are treated equally small investors are also able to hedge without difficulty.2.3.1 mental synthesis of the Futures MarketFutures exchanges share the same purpose as securities exchanges. They unremarkably have an integrated clearinghouse for clearing and settlement facility. Brokers, who are also members of the exchange, are responsible to match the buy and sell orders without buyers meeting sellers and vice-versa. Only members are allowed to trade on the platform, thus, a non-member wishing to deal in futures, should trade through a broker.The exchange connects buyers and sellers worldwide, communicates and keeps parties joint and ensures compliance with the terms and conditions of the contracts. Exchanges use open outcry in pits or electronic order matching systems or some use both, such as The Chicago Mercantile Exchange. Some authors argue that the open outcry system is more liquid and absolute than the automated system.Traders need to stupefy a shore with the exchange anterior to trade. The demand for margin (a percentage of the value of the contract) is referred as collateral or as a good faith deposit (Gay, Hunter, and Kolb 1986). All traders are required to have a minimum stated sum of funds in their accounts. Contracts are settled on a daily groundwork t he mark-to-market system (MTM) which affects the contract price. If price of contract increases on a particular day, the holder plays a profit, which he can withdraw from his account, whereas if price decreases, he makes a loss and the amount is deducted from his account. As such, he is required to deposit a margin, referred as a call margin, to replenish his account to the doorstep level, known as the variation margining system.Futures contract protect the value of inventories and partly finances the cost of storage since the future price of a commodity is dependent upon its cost of carry (Future price = cash price +cost of carry). This helps to improve marketing policies, financial planning, and long-term forecasting of prices. If ST is expected to be higher than current S0, then the current futures price will be set at a high level relative to the current S0. Likewise, if ST is expected to be lower at maturity, current futures price is set low.2.3.2 Benefits of Futures Contrac tsFundamentally, futures market confers two main purposes price discovery and price risk management. The market provides protection against default, manipulation, and revilement.2.3.2.1 Risk Management and Settlement GuaranteeMoser (1998) reckons that futures contracts stop default risk and protect traders through a set of rules. Firstly, standardisation protects traders as it ensures that the quality of the goods delivered is as specified in the contract. Moreover, the exchange can order its members to produce their financial accounts for inspection if their solvency is doubted. In 1873, the CBOT decided to exile any member who refused to abide by this rule (Andreas 1894). The margining and MTM system also contribute to curtail counterparty default risk as traders are called to tag on their account for the losses incurred on their contracts within 24hours failure to do so causes their positions to be liquidated. There is a settlement guarantee in discipline of default while a tight regulation ensures that manipulation and abuse is virtually absent.2.3.2.2 Price DiscoveryFutures market is transparent pricing of commodities are fair and manipulations very difficult. Electronic trading on the exchange platform pools together all forces affecting the price of a commodity, leading to price discovery mechanism, which improves efficiency and lowers costs. Technology renders the exchange highly competitive since the market reacts very fast prices and transactions are monitored constantly while information is captured continuously and incorporated in the intrinsic value of a good. Telser and Higinbotham (1977) fit that, futures market pools trade from diverse area into a central market, thereby increasing the heterogeneity of potential transactions. They proclaim that futures are liquid as transaction occurs readily at mutually acceptable prices and that homogenisation and pellucidness of the terms and conditions boost liquidity.2.3.2.3 LiquidityOne need not a ccept the underlying asset to sell futures while one may not be in need of a commodity to buy futures. Speculators and arbitrageurs enter the futures market without possessing or the intention of buying the commodity. Thus, the transfer of risks to different players in the market increases liquidity and maintains the equilibrium in demand and supply. Telser and Higinbotham (1977) statistically usher that as the number of traders in the market increases, the market clearing prices bend normal. Futures can be squared-off (reverse a position) without negotiation, thus making delivery non-mandatory.Positions can also be rolled-over. If period for hedge is later than the expiry date of the current futures contract, the hedger can rollover the hedge position by death the existing position in a futures contract and simultaneously taking a new position in another futures contract with a latter expiry date.2.3.2.4 Transactional and Informational EfficiencyFutures market increases the info rmational efficiency of cash market and promotes import and export competitiveness. Cox (1976) empirically demonstrates that futures trading increases traders information virtually forces affecting supply and demand. His analysis rejects the claim that futures trading impose costs on producers, consumers, and others who handle the physical commodity. Additionally, evidences from more amply informed traders suggest that futures trade increases efficiency in spot markets.2.3.2.5 outgrowth Export combatWhen entering forward contracts, exporters do not, usually, possess the entire stocks for export. Futures market enables them to hedge their projected purchase, until they have to buy in the physical market for exporting. winning a position in the futures market will help to offset the gain/loss in the physical market that is, at maturity the net loss/gain in futures market offsets the gain/loss in the physical market. Thus, exporters can accept contracts with longer duration and in crease their competitiveness.2.3.2.6 Offsetting gains and losses in the physical marketFutures market also allows a hedger to take a position in the futures market opposite to the position he takes in an over-the-counter market. Such a transaction is termed exchange of futures for physical (EFP). The OTC and futures positions should be for the same underlying assets or at least similar in terms of value and quantity. This results in the flexibility of customising the physical market with respect to the needs of traders, parallel to the OTC market and at the same time enjoying settlement guarantee in an exchange.Usually, margin requirements for EFP transactions are lower. EFP may seem appealing but is inefficient in fair pricing. Exchange Officials apprehend that EFPs would harm the futures market by reducing volume and liquidity and inhibit fair price discovery.2.3.2.7 Diversification of portfoliosFutures on commodities serve to diversify portfolios, since they are less volatile th an financial securities. Bodie and Rosansky (1980) report an average excess leave of 9.5% per annum for an equally heavy portfolio of commodity futures between 1950 and 1976. Their analysis reveals that equities are riskier than commodity futures. Furthermore, total return of the equally weighted commodity futures was negatively correlated with the return on long-term bonds, suggesting that commodity futures are effective in diversifying equity and bond portfolios. The benefits of diversification from commodity futures tend to be larger for longer holding. A similar analysis carried out by Gorton and Rouwenhorst (2005) confirms that commodity futures returns have been effective in providing diversification of both stock and bond portfolios.Weiser (2003), on the other hand, contends that commodity futures returns vary with the stage of the business cycle. He finds that commodity futures usually perform well in the early stages of a recession while stock returns are generally disapp ointing and in later stages of recessions, commodity returns fall while equities perform well.2.3.3 Costs of Futures Contracts2.3.3.1 ComplexityDespite appealing benefits, futures contracts inherit some costs and the prime one is the complexity of intervention them. Futures were generated to deal with the limitations of forwards but, in so doing, they brought a more complex form of hedging. Proper knowledge of the market is crucial otherwise, hedgers may face unwanted losses.2.3.3.2 Basis RiskBasis risk (the difference between spot and futures price) is inbuilt in futures market. Hedge positions are usually not perfect due to this difference. Working (1962) emphasises that the existence of basis risk prevents the excretory product of all risks. Brorsen (1995) finds that changes in basis can cause forwards to be cheapest in some periods and futures to be cheapest in others.Therefore, the benefits of hedging can be enjoyed when the market is well understood.Advanced futures concepts about hedge positions, hedge ratios, and types of hedges should also be mastered as they benefit hedgers differently in different markets.2.3.3.3 Mark-to-Market System (MTM)-cash drain outThe transaction costs involved, such as, initial margin and variation margin in the MTM system freezes up working capital that could have yielded interest. Furthermore, the margin call should be paid before next opening of the market- a very short delay. These daily settlements make transactions volatile and cash flows cumbersome to maintain. Margin costs and brokerage firm commission discourage some investors, especially small traders, to enter the market. Williams (1986, 1987) shows that risk-neutral firms will hedge if transaction costs are lower in the futures market than in the cash market. Moreover, instances of dual trading exist, whereby brokers trade on behalf of their clients to earn a commission, without improving the customers position.2.3.3.4 Large Number of Participants neededFutur es contracts fail for lack of interest by market participants, that is, a low trading volume. Telser and Higinbotham (1977) statistically demonstrate that the benefit of an organised market is an increasing function of the number of potential participants and hence, an increasing function of the turnover of the potential participants in that market. They conclude that an organised futures market survive only if it is perfectly competitive, which is achieved when there are many participants. If the open interest (number of contracts outstanding) in the futures market declines, the volume of trade falls relative to the open interest. The commission and the margin are raise consequently. They even assert that there is a cost to the emergence and extract of an organised exchange.2.3.3.5 Standardisation issuesStandardised nature of contracts may cause over-hedging or under-hedging. For example, a contract specifies 1000 to be sold while a hedger may need only 800. Therefore, he over-he dges by 200. Conversely, say a hedger needs 1100, he under-hedges by 100.2.3.3.6 Uninformed Investors Increase VolatilityUninformed investors may increase price volatility in the futures market. If the market is inefficient in information, futures prices become biased predictors of future spot prices and causes cash prices and future prices to diverge rather than converge.Usually, futures contracts with longer maturity are closer to spot prices since time is required to assimilate unanticipated shocks. However, Kaminsky and Manmohan (1990) suggest that it is impractical to make any generalisations about the short-term and long-term horizons in commodity futures market. They find that for longer periods several markets are not fully efficient. In addition, Chernenko et al. (2004) study a wide range of futures and forward rates from financial markets and conclude that forward and futures prices are not generally pure measures of market expectations per se, they may not be an efficient forecast of the future prices of assets.2.3.3.7 Losses Faced By InvestorsOther studies indicate that large scale, captain speculators can profitably forecast commodity prices, but small traders cannot. Stewart (1949) considers futures-trading accounts for belittled speculators and discovers that they face huge losses. Moreover, Houthakker (1957) and Rockwell (1967) find that large speculators earned profits and small speculators incurred losses for a particular set of data. Similarly, Working (1931) estimated that speculators in straw futures, incurred losses.Empirical research shows that, for cattle and wheat producers, futures markets have lower transaction costs than forward contracts, while for small firms like farmers, the contracting costs might be higher because of opportunity cost of time in learning about futures, setting up a brokerage account, and managing margin calls. It would be unnecessary for small groups of traders, well acquainted with each other to transact amo ng themselves than use futures.2.3 Derivatives MishapsThe history of derivatives has witnessed some spectacular losses in the derivatives markets, which includes losses made by both financial (e.g. Amaranth hedge fund, Barings Bank) and non-financial institutions (e.g. orange country, Shell, Metallgesellschaft).The Metallgesellschaft (MG) is a German oil company, which used futures to hedge its exposure in its early 1990s. MG hedged its position with long positions in short futures contracts that were rolled forward. However, the price of oil fell and then came the margin requirements, which caused short-term cash flow pressures.Members of MG claimed that these were short-term cash outflows and in the long-run, there would be a cash inflow. However, this led to a serious issue as huge cash was drained out of the system. Consequently, MG executives closed out all their hedged positions. Therefore, one lesson to be learned is to be alert at all ti

The Paperless Office and Paperless Society Will Never Happen

The Paperless Office and the Paperless Society Will Never pass onWith the widespread introduction of calculating machine terminals into offices, and the growing popularity of the personal computer, futurists and computer proponents envisage the arrival of the publisherless office. They predicted that in the near future, virtually all paper consumed in offices would be replaced by electronic, computer based mediums. Office workers, who earlier the advent of the computer relied entirely on typewriters, paper filing systems, and printed documents, could forthwith create, store, and share information using computers. There would be no unavoidableness to print out documents, because they would be always conveniently available for watch using any available computer terminal. Even libraries, which traditionally get shelves upon shelves of printed books, could be replaced by a large collection of books in electronic form.There are several main advantages of electronically stored inf ormation, as foreign to paper-based information. Content deep within an electronic library can be found using searching algorithms, and a single item within an electronic library can be shared and accessed by a nearly unlimited number of users simultaneously, who can be located in diverse geographic locations. Another advantage of a paperless society is environmental in nature a dependence on paper takes its ships bell on our worlds forests, which are vital to the planet in many ways, such as providing oxygen, absorbing rainwater, protecting soil, and regulating climate. I would argue, however, that this environmental advantage is somewhat stretched out of proportion by computer advocates, because the manufacture of computers requires natural resources, and there are new environm... ... Industry winder Statistics As Published by the Pulp and Paper Products Council. American emergence Inc. v Statistics Canada CANSIM Data Base. CANSIM is an official Mark of Statistics Canada. Se ries C892268, Source SDDS 3604 DEMOGRAPHY formvi Statistics Canada CANSIM Data Base. Series D10505, Source SDDS 4432 STC (63-016XPB)vii Same as (4).viii Laser correspondent History. 4 Apr. 2001. American Calco Inc. ix Information Technology and Structural Change of the international Forest Sector. 28 Feb. 2003. International Institute for Applied Systems Analysis. x Healy, Sean. No Technofix for the triad World. 4 Oct. 2001. ZNet.