E-Commerce and Globalization SLP essay

E-Commerce and Globalization SLP essay E-Commerce and Globalization SLP essay E-Commerce and Globalization SLP essayToday, the emergence of e-commerce and the development of new information technologies and telecommunication systems open new opportunities for the successful business development for many companies. In this regard, even renowned leaders, like FedEx have to implement new technologies and enter new markets, including online ones. In actuality, FedEx focuses on the wide implementation of new approaches to its business and develops its e-commerce to enhance its position not only in the US market but also in the global one. As e-commerce tends to outpace the conventional one, the decision of FedEx to shift toward e-commerce by means of the development of the variety of online services and solutions open new prospects for the company’s further business development and successful international market expansion.At the same time, FedEx is virtually forced to develop its online branch to confront the emerging competition from the part of such behem oths as Amazon.com Inc., which attempt to develop their own distribution network and, thus, to take the market share from FedEx and its traditional rivals, like UPS (Barr, 2013). Therefore, FedEx applies online services to facilitate the process of booking, making orders, and shipping products. The company allows users not only to conduct all transactions online but also conduct all operations online, while the company takes the responsibility for the delivery virtually from a customer to the target destination. In addition, customers can track the shipping of their good online that facilitates the control over the delivery conducted by customers.In actuality, the development of e-commerce enhances consistently the competitive position of FedEx because the company becomes closer to its customers. Customers do not need to go anywhere to make an order or use services of the company. Instead, they can make all transactions and operations online, while the company will perform its funct ion of the delivery of goods, parcels and other items. In addition, the development of the online business of FedEx helps the company to maintain its competitive position in face of new rivals, such as Amazon.com, and other behemoths of e-commerce, which attempt to develop their own distribution network and their own delivery system with the help of online services. Moreover, even large retailers, like Walmart, are trying to enter this segment of the market. Therefore, if FedEx remains inactive and ignores the development of its online branch, then the company will face a steep decline in the nearest future as e-commerce keeps progressing fast. If the company loses its position in online segment of the market, then the company will lose its currently strong position in the future.E-commerce contributes to the better sharing knowledge within the organization because online solutions developed and implemented by FedEx are convenient not only for customers but also for employees of the company, who can share information more effectively (Growth Solutions, 2014). FedEx uses the full potential of new information technologies and telecommunication systems to develop its business and improve its performance. New technologies developed and applied in terms of its online business improve the communication within the organization and allow employees of the company to enhance their interaction because new technologies eliminate physical boundaries among them.Thus, the development of e-commerce by FedEx is a strategically important direction in the development of its business worldwide.

Montar Conjugation in Spanish, Translation, and Examples

Montar Conjugation in Spanish, Translation, and Examples The Spanish verb montar is a regular -ar  verb like cenar, ayudar, or bajar.  It has several different meanings, but the most common is to mount. This article includes the conjugations of  montar  in the indicative mood (present, preterite, imperfect, future and conditional), the subjunctive mood (present and past), imperative mood, and other verb forms such as the gerund and past participle. Meanings and Examples of the Verb Montar The verb montar  is a cognate of the English verb to mount, so it can mean to mount or to put on. For example, Voy a montar el televisor en la pared is translated as I am going to mount the television on the wall, and  Ellos van a montar una obra de teatro  means They are going to put on a play.   Another meaning of  montar is to ride a horse or a bicycle. For example, A ella le gusta montar a caballo  (She likes to ride horses) or  A à ©l le gusta montar en bicicleta  (He likes to ride bicycles).   Yet another meaning of the verb  montar  is to put together or to assemble. For example,  Tengo que montar los muebles que comprà © en Ikea  (I have to assemble the furniture I bought at Ikea.) This meaning can even be used for putting together or starting a business. For example,  Vamos a montar un negocio de vender frutas  (We are going to start a business selling fruit.) The verb  montar  can also be used as a reflexive verb,  montarse,  in which case it means to get on something or to climb into something. For example, you can talk about  montarse en el bus  (get on the bus),  montarse en el carro  (get in the car),  montarse en el avià ³n  (get on the plane),  montarse en el caballo  (get on the horse), etc. Montar Present Indicative Yo monto I mount Yo monto mi bicicleta para ir al trabajo. T montas You mount T montas a caballo en la finca. Usted/l/ella monta You/he/she mounts Ella monta el cuadro en la pared. Nosotros montamos We mount Nosotros montamos una obra de teatro. Vosotros montis You mount Vosotros montis los muebles rpidamente. Ustedes/ellos/ellas montan You/they mount Ellos montan una tienda de zapatos. Montar Preterite  Indicative The preterite tense can be translated as the English simple past. It is used when talking about actions in the past that have been completed. Yo mont I mounted Yo mont mi bicicleta para ir al trabajo. T montaste You mounted T montaste a caballo en la finca. Usted/l/ella mont You/he/she mounted Ella mont el cuadro en la pared. Nosotros montamos We mounted Nosotros montamos una obra de teatro. Vosotros montasteis You mounted Vosotros montasteis los muebles rpidamente. Ustedes/ellos/ellas montaron You/they mounted Ellos montaron una tienda de zapatos. Montar Imperfect  Indicative The  imperfect  tense can be translated to English as was mounting or used to mount.  It is used to talk about ongoing or repeated actions in the past. Yo montaba I used to mount Yo montaba mi bicicleta para ir al trabajo. T montabas You used to mount T montabas a caballo en la finca. Usted/l/ella montaba You/he/she used to mount Ella montaba el cuadro en la pared. Nosotros montbamos We used to mount Nosotros montbamos una obra de teatro. Vosotros montabais You used to mount Vosotros montabais los muebles rpidamente. Ustedes/ellos/ellas montaban You/they used to mount Ellos montaban una tienda de zapatos. Montar Future  Indicative Yo montar I will mount Yo montar mi bicicleta para ir al trabajo. T montars You will mount T montars a caballo en la finca. Usted/l/ella montar You/he/she will mount Ella montar el cuadro en la pared. Nosotros montaremos We will mount Nosotros montaremos una obra de teatro. Vosotros montaris You will mount Vosotros montaris los muebles rpidamente. Ustedes/ellos/ellas montarn You/they will mount Ellos montarn una tienda de zapatos. Montar Periphrastic Future  Indicative Yo voy a montar I am going to mount Yo voy a montar mi bicicleta para ir al trabajo. T vas a montar You are going to mount T vas a montar a caballo en la finca. Usted/l/ella va a montar You/he/she is going to mount Ella va a montar el cuadro en la pared. Nosotros vamos a montar We are going to mount Nosotros vamos a montar una obra de teatro. Vosotros vais a montar You are going to mount Vosotros vais a montar los muebles rpidamente. Ustedes/ellos/ellas van a montar You/they are going to mount Ellos van a montar una tienda de zapatos. Montar Conditional  Indicative The conditional  tense can be translated to English as would mount.  It is used to talk about possibilities. Yo montara I would mount Yo montara mi bicicleta para ir al trabajo si viviera ms cerca. T montaras You would mount T montaras a caballo en la finca si estuvieras ms saludable. Usted/l/ella montara You/he/she would mount Ella montara el cuadro en la pared si tuviera las herramientas necesarias. Nosotros montaramos We would mount Nosotros montaramos una obra de teatro, pero no tenemos tiempo para ensayar. Vosotros montarais You would mount Vosotros montarais los muebles rpidamente, pero son muy grandes. Ustedes/ellos/ellas montaran You/they would mount Ellos montaran una tienda de zapatos si tuvieran el dinero para empezar. Montar Present Progressive/Gerund Form The present participle or gerund  for -ar  verbs is formed with the ending  -ando. The present participle is used in  progressive tenses  like the present progressive. Present Progressive of Montar est montando Is mounting Ella est montando el cuadro en la pared. Montar Past Participle The past participle for -ar  verbs is formed with the ending  -ado. The past participle is used in  compound tenses  like the present perfect.   Present Perfect of Montar ha montado  Has mounted Ella ha montado el cuadro en la pared.   Montar Present Subjunctive Que yo monte That I mount El mdico sugiere que yo monte mi bicicleta para ir al trabajo. Que t montes That you mount El jefe quiere que t montes a caballo en la finca. Que usted/l/ella monte That you/he/she mount Mam quiere que ella monte el cuadro en la pared. Que nosotros montemos That we mount El director quiere que nosotros montemos una obra de teatro. Que vosotros montis That you mount El cliente quiere que vosotros montis los muebles rpidamente. Que ustedes/ellos/ellas monten That you/they mount Pedro sugiere que ellos monten una tienda de zapatos. Montar Imperfect  Subjunctive There are two different ways of conjugating the  imperfect subjunctive. The tables below show both options, which are equally correct. Option 1 Que yo montara That I mounted El mdico sugiri que yo montara mi bicicleta para ir al trabajo. Que t montaras That you mounted El jefe quera que t montaras a caballo en la finca. Que usted/l/ella montara That you/he/she mounted Mam quera que ella montara el cuadro en la pared. Que nosotros montramos That we mounted El director quera que nosotros montramos una obra de teatro. Que vosotros montarais That you mounted El cliente quera que vosotros montarais los muebles rpidamente. Que ustedes/ellos/ellas montaran That you/they mounted Pedro sugiri que ellos montaran una tienda de zapatos. Option 2 Que yo montase That I mounted El mdico sugiri que yo montase mi bicicleta para ir al trabajo. Que t montases That you mounted El jefe quera que t montases a caballo en la finca. Que usted/l/ella montase That you/he/she mounted La mam quera que ella montase el cuadro en la pared. Que nosotros montsemos That we mounted El director quera que nosotros montsemos una obra de teatro. Que vosotros montaseis That you mounted El cliente quera que vosotros montaseis los muebles rpidamente. Que ustedes/ellos/ellas montasen That you/they mounted Pedro sugiri que ellos montasen una tienda de zapatos. Montar Imperative   The imperative mood is used to give direct orders. The tables below show the positive and negative commands for  montar. Positive Commands T monta Mount! Monta a caballo en la finca! Usted monte Mount! Monte el cuadro en la pared! Nosotros montemos Lets mount! Montemos una obra de teatro! Vosotros montad Mount! Montad los muebles rpidamente! Ustedes monten Mount! Monten una tienda de zapatos! Negative Commands T no montes Dont mount! No montes a caballo en la finca! Usted no monte Dont mount No monte el cuadro en la pared! Nosotros no montemos Lets not mount No montemos una obra de teatro! Vosotros no montis Dont mount! No montis los muebles rpidamente! Ustedes no monten Dont mount! No monten una tienda de zapatos!

Texting While Driving Essay Example | Topics and Well Written Essays - 500 words

Texting While Driving - Essay Example Texas is one of the states of the region of United States of America that has implemented quite stringent laws and regulations to counter texting while driving. Texas is one of the only five states of United States that has banned texting while driving for those drivers who are driving on their learning permit for the initial six months since the time they have attained their license (Txdot.gov, 2015). Furthermore, Texas is even one of the states that do not allow early age drivers who have a full license to drive while using the cell phones. Individuals below the age of 18 are restricted from driving and using cell phones. Texas is even only one of the three states of United States that have disallowed school van drivers to drive while using a cell phone. Furthermore, a regular bus driver is not even allowed to use a cell phone in the region of Texas if the driver is moving along with a passenger who is below or equal to seventeen years of age. Driver of all vehicles experience a co mplete ban on texting while driving when they are driving in school zone and they are fined between the ranges of $200 to $500 (Txdot.gov, 2015). Different cities of Texas have different rules in relation to texting while driving. For example, Austin is one of the several cities that have implemented a complete ban on the act. Texas is one of the states that have implement quite strict rules to restrict its drivers from using a cell phone while driving but it has not banned every individual driver from doing so. There are a total of 45 states that have implemented a complete ban on texting while driving a motor vehicle and Texas is not one of those states. During the period of 2015 a bill was voted in the Legislative House of Texas and as per the bill all drivers would be banned from using a cell phone while driving (Barnett, 2015). The bill even states that drivers would be allowed to text message while they are not driving and are in a driving lane such as a

Decision Making Assessment (Synthesis) Essay Example | Topics and Well Written Essays - 500 words

Decision Making Assessment (Synthesis) - Essay Example The study deals in focusing on the decision making concept with reference to U.S. Army Corps of Engineers. Frame is defined as â€Å"the structural core of the paradigmatic mental model that brings to a problem† (Johnson & Russo, 1994, p. 290). In simple terms decision making frames creates its own ideas and focuses on the environment. By ideas it is meant that the environmental issues should be considered that are affected by the decision (Johnson & Russo, 1994, p. 290). U.S. Army Corps of Engineers considers environmental sustainability as their key principle. The Corp team diligently works to strengthen the security of the nation by developing and preserving the infrastructure of America and offering military facilities (About us, n.d.). Any type of decision making is backed by reasoning. A bad decision comes from distortion and biases, which creates a series of mental flaws and obstructs the sense of reasoning. So before coming to any decision reasoning should be done properly (The Hidden Traps in Decision Making, n.d.). Behind any decision taken by the organization, the main reason is to â€Å"strengthen the security system, energize the economy and reduce the risks from disasters† (Mission & Vision, n.d.). For this reason a group of trained individual is continuously working to provide innovative and sustainable solutions (Mission & Vision, n.d.). Declarative knowledge in decision making gives importance to the ordering of attributes and relative desirability of various levels within the attributes that are required to implement the strategy. Thus the experience and expertise of a decision maker is bound to be affected by the declarative and procedural memory in following a plan (Goldstain & Weber, 1995, p.116). U.S. Army Corps of Engineers always transform the ways they do their business based on the Campaign Plan. A set of experienced, trained and certified workers, work as per

In the 15th Century the idea of schooling began Essay Example for Free

In the 15th Century the idea of schooling began Essay It is used during the process of streaming within school subjects. For example pupils who the teacher feels is good or poor at a certain subject, will be taught in a high or low ability group, this has criticisms at it encourages pupils to think of themselves as having fixed educational ability. A pupil can also be given a label from their behaviour, such as trouble maker or thick, either at home or school. This can damage a childs self esteem or make them rebel, which leads to them believing the label they have been given, this is called the Self-fulfilling prophecy. For what ever reason they were given the label, they find it hard to be looked at without the label, so end up behaving in a way that fits to their given label. Working class not only have had inequalities in the past but also still do today. Although there are more opportunities in the education system, home life also plays large impact on how well a child does achidemically at school. Douglas (1964) conducted a study on middle and working class children through primary and secondary school. He found that children of a similar measured ability at age 7 varied a great deal in their educational achievement by the time they were 11. He claimed that the greatest influence on attainment was parental attitudes in the working class. He measured this by the number of times these parents visited the school, family size, early child-rearing practises, health and the quality of the childs school. Working class children are more likely to have a part time job whilst at school and likely to leave education at 16. The Plowden Report (1967) noticed in working class households there was an absence of books, educational toys, lack of finance, lack of motivation, no parent support of due to own experiences or as a need to work long hours. This has been described as Material and Cultural deprivation. Jackson and Marsden (1962) published a study, Education and the working class. It showed that working class children tend to be slower in learning how to read and write, they start school at a disadvantage and this normal continues throughout. Marxists would say that this is because there are less opportunities for some classes and that the education system just helps to reproduce the existing class structure, e. g. , the ruling class (upper and middle class) and the workers (the working class), thus conflict and inequalities will continue. Success at school depends heavily on language, for reading, writing, speaking and understanding. Bernstein argues that there is a relationship between language use and social class, and that the language used by the middle class is a better instrument for success at school than the language used by the working class, (Browne 2005). In his view there are two different language codes: Â  The restricted code- This language is used by both classes, but is more characteristic of the working-class people. It is used everyday amongst friends and family, which is informal and simple (such as slang). Bernstein argues that lower-class-working people are mainly limited to this form of language use. Â  The elaborated code- This is mainly used by the middle-class, and is spoken in a formal context, with explanation if required. It has a much wider vocabulary than the restricted code, and is the language that would be found in textbooks, essays and examinations. Bernstein has argued that as the language used in schools by teachers and in textbooks is the elaborated code, working class children are disadvantaged. They may find it hard to understand the elaborate language used in school, therefore their work will suffer. Unlike middle class children who are used to the language so will find the work easier. Differences have been found amongst the achievements of people from different ethnic backgrounds, possible reasons for this could be the differences in their cultural backgrounds, language barriers and understanding or suffering from racism. If English were not the first language for someone this would give him or her a large disadvantage in the understanding of the language, which would affect their work in most areas. Suffering from racism in or out of school would cause the pupil upset, which could affect their schoolwork. Many Pakistani, Bangladeshi and African Caribbean children have large families and are working class, so are likely so have deprived social conditions. These groups mentioned appear to have a below average reading ability and tend to get fewer and poorer GCSE results than white or Indian pupils. It can be seen on the below table they are the overall lowest achieving ethnic groups. Students that achieved 5 or more GCSE grades A*-C (%) Race Group 1989 1998 2002 Indian N/a 54 60 White 30 47 52 Bangladeshi N/a 33 41 Pakistani N/a 29 40 Black 18 29 36. (Department for Education and skills, 2004: in Livesley et al, 2005) From the data above it is clear that black children are the lowest achievers. In the past racist remarks have been made claiming that problem was they had lower levels of inherited intelligence. Which is untrue, in 1985 the Swann Report found that there was no significant difference between the IQs of black and white children, (Thompson et al, 1982). Black boys are often given labels such as unruly and difficult to control, due to how the teacher has interpreted them by their dress, manner or speech, and find them challenging. They are more often to be given detention than other pupils, and often feel unfairly treated, then respond in accordance with their label, self-fulfilling prophecy. Although they do not achieve well at school, the number of black women staying in education past the age of 16 is increasing, which may be influenced by the many future career opportunities available today. Kamala Nehaul (Parenting, Schooling and Caribbean Heritage Pupils 1999) has noted how black parents valued education for the enhanced life chances it offered. She also mentioned the encouragement and commitment from parents, talking about the school day and providing provisions needed for their child to study. Indian children do well within the education system, there is a strong emphasis on self-improvement through education within this culture. Many of these children have professional backgrounds, so have good role models and supportive parents and they also have material advantages. Differences in the achievement between gender, race and class will continue to be compared, though surely the person should be treated as an individual. Post-modern thinkers such as Elkind (1998), suggest a key characteristic here is the idea of difference and, in a sense, the fragment of identities. In other words, students want to be recognised and treated as unique individuals rather than as groups, (Livesey et al, 2005). Although a students background may effect their achievement, as evidence suggests, it must be remembered that everyone is an individual with their own abilities, no matter what race, class or gender they are, have the potential to achieve in education. A girl, black or white from a working class background may not have had any opportunities for a good career after education 50 years ago, due to inequalities in the system, but this is not the case today. Overall the educational achievements for all groups of people have improved. There will always be some people in all of the groups mentioned previously, that fail in education, as a result of self-gratification and now culture, they are more focused on living for the moment, and not thinking about how their actions during their education can effect their future life.

Hamlet :: essays research papers

Hamlet The Modern ntinued to fall as it had for the past week. Hayden was trying to figure out what had happen in the past six months. The lost of his father, the gain of a stepfather, it all puzzled him.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"How can all of this happen in such short amount of time? She didn’t even wait a month after my father’s death to get married, to his brother at that.† Hayden stared out the widow at the rain from his desk.   Ã‚  Ã‚  Ã‚  Ã‚  A sight breeze blew past him, Hayden turned around to see where it came from. He was faced with his father. Hayden was speechless. The spirit gently touched his left shoulder then spoke. â€Å"Hayden, my death was not an accident. Your uncle set up the plane crash, so he could have it all.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"But what can I do? Hayden managed to mutter.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I need you to stop Claude from ruining anymore lives, including yours.†   Ã‚  Ã‚  Ã‚  Ã‚  Before Hayden reacted, the room was empty again.   Ã‚  Ã‚  Ã‚  Ã‚  Suddenly a knocking came from his oak door. Hayden stood up, walked across the room to the door and opened it. It was Harry, Hayden’s best friend. He told Harry everything that just happened. They decided that taking Claude’s life would be the best plan.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"But, Lorne, I dunno if Hayden still wants to be with me. He says he cares for me, but he just doesn’t show his affection.† Olivia stated as she looked into her mirror and slowly brushed her silky blonde hair.   Ã‚  Ã‚  Ã‚  Ã‚  Lorne slowly walked up to Olivia, gently place his right hand on her left shoulder, and then said, â€Å"Livie, I have nothing against Hayden Christiansen, but I just dunno if he’s the right person for you.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Why is that?† Olivia was puzzled.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I get a bad vibe from him.†   Ã‚  Ã‚  Ã‚  Ã‚  Well, last week, I was walking down the hall and I saw Hayden, so, naturally I stopped and said hi. But he just kept on walking. He completely ignored me. â€Å"Olivia said with an upset tone. â€Å"I just wanted to cry.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I just don’t know about him.† Lorne looked at his watch, then continued. â€Å"I have to go.†   Ã‚  Ã‚  Ã‚  Ã‚  Olivia turned, looked at Lorne, and questioned. â€Å"You’re leaving already? But you just came home last night.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I know, I’m sorry. But this time I won’t be got as long this time.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Promise?†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Promise!†   Ã‚  Ã‚  Ã‚  Ã‚  Olivia sighed then said, â€Å"Okay.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"But remember if he makes you cry, he’s just not worth it.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Alright.† Olivia replied then kissed Lorne on his pale lips.

Case Study on Sumitomo Corporation Essay

1.Case Study on Sumitomo Corporation on Derivative Losses and Lesson Learned 1.1Introduction Sumitomo Corporation was top in market in copper business in the world prior to 1996 in term of trading size and it operations. Copper business is part of their portfolio and it was delegated to Yasuo Hamanaka who was the Head of Copper Trading and he was engaged in illegal copper trading and faced extensive losses and massive cover-up. As the result of this loses, he attempted to avoid losses many times. This was against the rules and regulation of the London Metal Exchange (LME). LME created new regulation to prevent the market domination, as the result of this; he faced losses on his operations. There were two malfunctions recorded; he maintained two types of books, one is to showing big profit, and the second one is to keep secrete account, unauthorized trades over 10 years. No one except Hamanaka was not aware of accumulated loss of $ 1800 million. 1.2Background of the Company Sumitomo Corporation is one of the subsidiaries of Sumitomo Group which is one of top 5 â€Å"Sogo Shosha† general trading in Japan. It has 120 overseas branches in 65 countries, and having diversified business of Metal, Mineral Resources, Energy, Chemical & Electronic and Infrastructure. Copper Department is one of the departments in Copper Corporation which is owned Mineral Resources, Energy, Chemical & Electronic Business unit. In 1800s, Sumitomo Corporation was diversified the business into Sumitomo Bank, Sumitomo Metals, and Sumitomo Corporation. In 1980, they obtained strong position & positive reputation in the Copper market. Competition in Copper industry was very high; Copper was traded on LME listed in London and COMEX in USA. Copper was placed 3rd used Metal after Iron & Aluminum. There were two types of market participants i.e. one is supplier who does physical supply, and the second is speculators who arbitrage deal without delivery. Sumitomo was acted as speculator and after acquiring mines in Philippines in 1984, Sumitomo changed from speculator to supplier. After 1988, they made of $3 to 4 million profit and they followed cost leadership strategy which caused huge loss because of having high inventory while declining demand. LME is popular for providing spot and future markets where clearing systems reduce counter party risks. The delivery would be taken place for the authorized warehouses and storage facility. The specification of copper would be included i.e. quality, trading unit, price quotation, trading month, minimum fluctuation, and tick value. The copper contract would meet the following conditions i.e. counter party information is open, and delivery condition is by the party, not LME. Yasuo Hamanaka was the Chief/Head of Copper Corporation. He was committed wrongful Act during the 1985-1996. He was referred as by many Mr. Five percent/Mr. Copper. He traded 0.5 million metric tons per year which was the 5 % of total world demand and having experience of 23 years in copper trading. 1.3Sumitomo Copper Scandals From 1985, Hamanaka lost a total of $1800 million. He executed as many as $20 billion worth of unauthorized trades a year. His main strategy was the â€Å"short squeeze†. The future market was particularly vulnerable to manipulation since the market volume was relatively small. By buying up futures and choosing physical delivery, future seller ended up buying copper in a spot market, which resulted in backwardation: the spot price is higher than the forward price. As far as LME concern, it considers only the inventory in their authorized warehouses. If someone moves away from copper inventory outside of an authorized warehouse, LME inventory appear to decrease and therefore, copper price rise due to a perceived tight supply in the market. Hamanaka implemented such strategy because of all his illegal trades was not booked, but is clear that this was a possible way to induce backwardation. In December of 1991, the LME decidbed to set new regulations that would limit the range of backwardation within 25 pounds to prevent market manipulation. Backwardation shrunk to almost $0 or even negative, thus causing a huge loss in Sumitomo’s portfolio. To recoup the loss, he conducted a Radr transaction in June 1993, but at the end he ended up closing their Radr position and incurred a $1.1 billion loss. Hamanaka tried to recoup the loss by increasing the trade volume and made a contract with Winchester for1 million metric tons over two years at the price of $2,800, however, due to price declines, the loss kept expanding. Hamanaka’s next step was to create an option portfolio named â€Å"Radr† transactions. He made six different transactions in Radr. The counterparty of these transactions was Credit Lyonnais Rouse (â€Å"CLR†, currently Calyon Group). Since the position held by CLR was large and caused backwardation, LME tightened the backwardation limit to $5 in September 8 1993. In addition, LME informed Credit Lyonnais that they were to cancel part of their transactions with Sumitomo on September 17th,, Thus resulting in a $1.16 billion loss for Sumitomo. ïÆ'Ëœ1st: In June 25, 1993, Hamanaka buys call option with an average price of $2,400 and which expires after 2 years. The transaction is totally irregular because the total volume was 1 million metric tons as compared to all LME inventory of 0.5 million. The portfolio could make a profit if the price went up to $2,480. To pay a premium of $69 million, Hamanaka made a 2nd trade. ïÆ'Ëœ2nd: Hamanaka made a short strangle, combination by selling a 0.5 million $2,100 call and $1,900 put option. The portfolio could make a profit if the price remained between $1,900 and $2,140. From this transaction, he got $94 million of premium and paid for the 1st option. With 1st and 2nd strategy, total breakeven was $2,700. ïÆ'Ëœ3rd: Selling future at a price of $2,000 which increased payoff to around $1,900. ïÆ'Ëœ4th: Buying 1.35 million metric tons of $1,750 put, breakeven was $1,580. He predicted that the copper price would go down below $1,600 level. ïÆ'Ëœ5th: Buying 1.35 million metric tons of $1,800 put again, breakeven was changed to $1,680. This portfolio could make a profit slightly if the price went down below $1,700 level. ïÆ'Ëœ6th: Selling 1.2 million metric tons of $1,950 call to get $29 millions of premium. With this transaction, breakeven was changed to $1,680. However, if the copper price exceeded $1,950, Sumitomo suffered a huge loss. 1.4Lesson Learned from Sumitomo Case The Sumitomo Case explains following lessons base on internal control and risk management prospective, and it believed that if controls were in place, losses would have been detected much earlier. (a)Management Level Control: Sumitomo Corporation failed to execute a risk management practices and they believed the expertise and specialized knowledge of Hamanaka. The essence of the problem was unauthorized trading that the culprit undertook to enhance his firm’s profitability and then his own career and pay. Hamanaka tries to cover up the losses through taking more risk that end up with further losses. Setting up corporate discipline and sound Management structure is important to manage the risks. (b)Independent Transaction Monitoring: Sumitomo should create a separate and independent supervisor system within the company hierarchy to avoid these agency issues; specifically the issues between recording and checking procedures. Segregation of duties is important to prevent the malpractices. Middle and bank office should be totally separated from the front office.   (c)Corporate Responsibility: We should also consider corporate responsibility with regard to timely reporting. In the Sumitomo case, the management waited ten days until issuing a press release. Sumitomo needed some time to calculate their losses; they could have avoided additional declines in copper prices that were caused because of the rumors and uncertainty in the market. (d)Government Regulations: The regulatory agency should execute more stringent rules on the derivatives market to avoid price manipulation and impose new regulations on corporate reporting obligations so as to provide investors and other market participants with greater information regarding the organization’s willingness to take risks and capability to manipulate market prices. The official and market pressures of stringent regulation will strengthen the internal auditing and information systems of many firms and provide a check against possible management discretions. 2.Case study on the Orange Country on Derivatives Losses & Lessons Learned The purpose of this case is to explain how a municipal lost $1.6 billion in the financial market. In December 1994 Orange County stunned the market by announcing that its investment pool had suffered a loss of $ 1.6 billion this was the largest loss ever recorded by local government investment pool and led to the bankruptcy of the county shortly thereafter. The loss was the result of unsupervised investment activity of the Bob Citron, the county treasure who was dealing with the $ 7.5 billion portfolio belonging to the county schools, cities, special districts, and county itself. In the tome of fiscal restrains Citron was viewed as a wizard who could painlessly generate greater results to the investors. Citron generate 2% higher than the comparable state pool Figure 01 citron’s track record Citron was able to increase returns on the pool by investing in derivatives securities and leveraging the port folio to the hit. The pool was such demand due to its track record that citron had turn down investments by agencies outside Orange County. Some local schools districts and cities even issued short term taxable notes to the investment in the pool by increasing the leverage even further. For that there was a repeated public warning, which was by notably by John Moorlach, who ran for treasurer in 1994, that the pool was too risky. Unfortunately, he was widely ignored by Citron when he was re elected. The investment strategy worked excellently until 1994, when fed started a series of interest rate hikes that caused severe losses to the pool. Initially it was announced as a paper loss. Shortly thereafter, the county declared bankrupts and decided to liquidate the portfolio. This occurred because citron expect that interest rates would fall or stay the same, the citrons main purpose was to increase income by exploitation that the fact that medium term maturities had higher yield than short term investments. On Dec 1993, for instance short term yields were less than 3%, while 5year yield were around 5.2% .which such positive sloped term structure of interest tares , the tendency maybe to increase the duration of the investment to pick up extra yield . The boost, of cause comes at the expense of great risk .the strategy went as long as interest rates went down. In February’94 however the Federal Reserve Bank starred a series of six consecutive interest rate increases, which led to a bloodbath in the bond market. The larger duration led to a $1.6 billion loss 2.1. Lessons Learned from Orange Country Case Due to the activities of Bob Citron the municipality lost $1.6 billion in financial markets. Therefore, it is essential to understand the lessons to be learnt from the Orange Country case. (a). No autocratic decisions should make in investment activities Bob Citron was investing the funds owned by the taxpayers in risky securities in Wall Street as per his own interest. Since he managed to generate higher returns for the funds invested in the early stages Citron was viewed as a wizard. This made him over confident on his actions which resulted in huge losses at the end. When the leverage increase due to these activities Bob Citron, the treasurer was warned by John Moorlach thath the pool was too risky. However, counter arguments were widely ignored and Citron was re-appointed as the treasurer. (b). Local governments need to maintain high standards for fiscal oversight and accountability. As noted in the state auditor’s report following the bankruptcy, a number of steps should be taken to ensure that local funds are kept safe and liquid. These include having the Board of Supervisors approve the county’s investment fund policies, appointing an independent advisory committee to oversee investment decisions, requiring more frequent and detailed investment reports from the county treasurer, and establishing stricter rules for selecting brokers and investment advisors. Local officials should adjust government structures to make sure they have the proper financial controls in place at all times. (c). State government should closely monitor the fiscal conditions of its local governments, rather than wait for serious problems to surface The state controller collects budget data from county governments and presents them in an annual report. These data should be systematically analyzed to determine which counties show abnormal patterns of revenues or expenditures or signs of fiscal distress. State leaders should discuss fiscal problems and solutions with local officials before the situation reaches crisis stage. (d). Always aware of the negative side on risky investments The treasurer was assuming that interest rates would fall or stay low when he goes for huge investment activities. However, when the things moved the opposite direction and the interest rates went up the pool suffered severe losses. Therefore, always be cautious when making predictions on market phenomena. (e). Use proper statistical risk assessing methods before invest in securities An investor could use a proper risk assessment method such as Value At Risk (VAR) method to assess the market risk of the portfolio. VAR is the maximum loss over a target horizon such that there is a low, pre specified probability that the actual loss will be larger. Therefore, shareholder and managers can decide whether they feel comfortable with the given level of risk. 3.Case study on the Procter & Gamble on Derivatives Losses & Lessons Learned Procter & Gamble Co. is a Fortune 500, American global corporation based in Cincinnati, Ohio, that manufactures a wide range of consumer goods. In late 1993, Proctor & Gamble financial managers, well known for actively managing their interest costs, expected interest rates to drop and went to Bankers Trust searching for aggressive interest rate swaps that would allow them to profit on these expectations. P&G told to Bankers Trust about ways of replacing a fixed-to floating swap that was maturing. P&G’s specific objective was to negotiate a new $100 million swap that would †¢Again put it in the position of paying floating rates and †¢Squeeze these to a minimum. Specifically, the company wanted to pay 40 basis points (0.4 of 1%) less than its standard, upper-crust commercial paper rate (then about 3.25% for six-month paper). Bankers Trust responded with a highly levered, extremely risky, and extremely complex five-year interest-rate swap agreement. In this the P&G had to pay 75 basis points less than rate of Commercial Paper, if the interest rates of 30 years and 5 years treasury bills will remain constant or go down. Five-year Treasury rates rose from 5% in early November 1993 to 6.7% on May 4, 1994. P&G’s other benchmark, 30-year Treasury rates, went from about 6% to 7.3%. Because of large duration the effect of rise in interest rate on long term bonds was very high. When interest rates headed up, Proctor & Gamble’s treasurer realized the magnitude of the company’s potential derivatives losses and decided to get out of the swap. Because of the intricate complexities and linked derivatives of the agreement, however, P&G lost $157 million to lock-in interest rates (which were 1,412 basis points (14.12%) above the commercial paper rate) in only six months of a five year contract. When interest rates headed up, Bankers’ trust entered into another contract with P& G- a wedding band. When this strategy also failed, it led P& G to pay even higher rate of interest from 14.12% above Commercial Paper (CP) to 16.40% above CP. CEO Edwin Artzt, called the swaps â€Å"a violation of the company’s policy against speculative financial transactions† and banned all leveraged swaps. As the Bankers Trust had suggested the contracts, P& G blamed them for the losses. 3.1Lesson Learned from Procter & Gamble Case The Procter and Gamble Case explains following, (a)Legal dispute between P&G and Bankers: Therein lies the crux of the legal dispute between P&G and Bankers. P&G claims that before the swaps were signed, Bankers repeatedly assured it that in the early stages of the swaps, the company would be able to do lock-ins at acceptable prices. Court papers, in fact, include letters from Bankers that make such assurances, though these consistently cite assumptions of stable or only slightly rising rates. P&G says, however, that on one occasion it â€Å"pointedly† asked the Bankers Trust person with whom it was dealing what the lock-in situation on the first swap would be if rates and volatility were not â€Å"stable.† The answer, P&G says, was that â€Å"possible changes in rates or volatilities would not have a material or significant effect† on the company’s lock-in position. (b) Purpose of Deliveries: A P&G spokeswoman stressed that the transaction was â€Å"speculative and goes outside the P&G policy of conservatively managing our debt portfolio.† Asked whether the company’s treasury was expected to be a profit center. In a speech, William J. McDonough, president of the Federal Reserve Bank of New York, warned that top managements of financial and nonfinancial companies have a responsibility to understand and constantly monitor derivative markets when their companies are involved in them. Also Mr. McDonough said. â€Å"To put it simply and directly, if the bosses do not or cannot understand both the risks and the rewards in their products, their firm should not be in the business.† 4.Case study on the Showa Shell Sekiyu on Derivatives Lossess & Lessons Learned Showa Shell Sekiyu is one of Japan’s leading oil refining companies and is engaged in producing gasoline, diesel fuel, fuel oil, kerosene, lubricants etc. It was established in 1876 under Samuel Samuel & Co, and was later became a subsidiary of Royal Dutch Shell group, in 1985. And presently, 50% of shares are owned by Royal Dutch Shell Group. In the year 1993, the Company made history by making approximately USD 1.4 Bn with unauthorized forward currency transactions. As an oil importer, company imported crude oil in US Dollars and sold the end products in Yen. Showa Shell had been used to hedge a proportion of its currency exposure using foreign exchange forward contracts. In 1989, company entered into a series of forward options where it agreed to buy dollars forward at an average rate of USD 145. Over the next few years Yen strengthened ageist the dollar. However, at the time of maturing of these contracts, the foreign exchange rate was at USD 125, indicating a difference of USD 20 or a drop of approximately 14%. But, treasury department of the company decided not to recognize the losses and chose to roll over the forwards using historical rates, without appropriate internal authority. And consequently, the actual losses made were concealed within the new forward contracts, and this actually meant that the company was borrowing money under the guise of forward contracts. This practice or rather malpractice was continued until the end of 1992, and at that time the company had in excess of USD 6.4 Bn of forward contracts on their accounts, and out of this, it was revealed by the management of the company that hidden financial losses were USD 1.4 Bn. And the losses amounted to more than five times of its annual oil import at that time. Four senior executives of the company had resigned following the discovery of unauthorized currency dealing including, Kiyoshi Takahashi chairman of Showa, Takeshi Hemmi the president, who took responsibility for the dealings that resulted in the huge losses. The resignations were made as shell, one of the biggest world oil groups , reported a 28% decline in net profits. Main reason for the losses was that treasury department of the company, entering into unauthorized forward currency transactions, with the expectation of US Dollar to rise against Yen, and attention was not given to the fact of worsening the situation in case of Yen strengthening against Yen. John Jennings, then Shell Group managing director, had stated that, an unauthorized currency speculation was like â€Å"A gross contravention of established rules and practices which was deliberately canceled†. The continued dealings that were made were the result of one treasury manager trying to recoup losses amounting to single figure millions, incurred during normal course of his job, although with failures in attempts made, continues dealings were made by exposing the company to increasingly large exchange rate risks. 4.1Lessons Learned from Showa Shell Sekiyu Case These huge losses made, forced the company to focus on more tight internal controls and focus on the importance of having internal controls. Although defining of risk limits is not necessarily provide results, if proper controlling is not there to take corrective measures, in case of deviations. And furthermore, it is never advantageous to assume that market fluctuations can be predicted accurately, at all times. And if being successful in the past, it can purely be due to luck and it does not guarantee that next time would be the same. Company incurred the losses on the assumption of currency value increasing rather than decreasing. The purpose of using derivatives is to hedge the risk and not to make profits by speculating and speculators take huge risks, rather than hedging risks. Company should have focused on the fact of maintaining their crude oil import price by mitigating exchange rate risks by using the forward contracts. If a loss is made in the process of trying to maintain price level, although losses are made in the profit and loss account, the objective of maintaining price level is still achieved. This fact is very important in dealing with derivatives and should not make harsh judgments on losses made when trying to maintain price level. It is difficult to measure the exact point, where, the hedging of risks ends and being speculative starts. And in Showa case, treasury department of the company, who were there to hedge risk, had dealt as a speculator and without adhering to the internal controls and not obtaining proper approval for its dealings. In addition, it took more than four years to recognize this malpractice by the higher authorities, which pin points the lack of transparency in accounting practices. And it was blamed by some experts on the Japanese accounting system, since the dealings were not identified earlier. And the dealings were only revealed by chance, during a conversation between a Japanese bank manager and Showa manager.

Analysis of Arguments for and Against the Institutions

The Bretton Woods twins, namely the International Monetary Fund and the International Bank for Reconstruction and Development, have been the focus of attention for several years already since its inception. The International Bank for Reconstruction and Development has been changed to its presently popular name of World Bank. It is the aim of this paper to make a general presentation and evaluation of the argument posed for and against the Bretton Woods institutions in relation to their influence on the sovereign decision making process of the different countries in the global economic arena.During its creation, the IMF and the World Bank has been absorbed with practices of neoliberal economy policies that sought to liberalize the market from the state and minimize government intervention in the premise that â€Å"the state itself was conceived as the problem rather than the solution† (Onis and Senses 2005: 264). It has been clearly pointed out by Onis and Senses (2005) that th e effects of strict adherence to the neoliberal practices proposed by the Bretton Woods institutions have led to problems for a lot of countries.Among them is Argentina who has fallen suddenly at the peak of its swing (Onis and Senses 2005). This was followed by a shift of the Bretton Woods institutions to rethinking the neoliberal practices they have imposed as a tight rope to the countries they have bestowed with different programmes. However, it is still stained with uncertainty as to whether their sincerity is real or not in the light of their actions (Onis and Senses 2005: 280).The arguments posed by the authors, Onis and Senses (2005), have been followed by concrete examples from countries that have adopted the neoliberal approaches hailed to be good by the Bretton Woods institutions but did not directly provide as to how and why there were failures on the part of the Bretton Woods institutions than what Stiglitz (2003) had done. Another counter-argument thrown towards the IMF , in particular, is its failure in the East Asian Crisis.It has not adhered to the objectives originally formulated by Keynes when it had begun, which was to adopt policies that are expansionary in nature and to provide for funding to developmental undertakings (Stiglitz, 2003). In fact, they have provided for policies that have been contractionary fiscal policies that either involved reducing public spending, increase in taxes, or adopting both. With regard to objectives, this argument stated by Stiglitz is valid for it has stated the whys of the failure of IMF with regard to objectives.The author also provided the answer to the question â€Å"how† by stating that the IMF has been accountable to a single stream of representatives, who are in turn becoming less and less accountable (Stiglitz 2003: 119). A good argument placed upon the World Bank has something to do with the fact that it has been able to learn from the mistakes of the IMF and was able to discuss the problems t hat have beset their organization (Stiglitz 2003). The World Bank, unlike the IMF, was accountable to a lot of sectors and, with its leaders, was able to discuss the problems and criticisms that have been pushed their way (Stiglitz 2003).This approach by the World Bank was better than the actions of the IMF, who actually blamed the governments for poor implementation. However, with regard to the aids given by the Bank to the developing countries, there are certain conditions such as policies that would pave the way for the success of the aid given (Stiglitz 2003: 124). Thus, this has rendered the aid more selective. These are among the several arguments placed and there is more coming from the different fields in the academe. These criticisms only show that the institutions formed Bretton Woods left some more room for improvement.In addition to this, these arguments have shown that the courses of action taken by these institutions had impacts that are felt by both the developing and the developed countries. References Onis, Z. and Senses, F. (2005), ‘Re-thinking the Emerging Post-Washington Consensus. ’ Development and Change 36, (2) 263-290. Stiglitz, J. (2003), ‘Democratizing the International Monetary Fund and the World Bank: Governance and Accountability. ’ Governance: An International Journal of Policy, Administration, and Institutions 16, (1) 111-139.

Constitution of Sacred Liturgy The WritePass Journal

Constitution of Sacred Liturgy Introduction Constitution of Sacred Liturgy IntroductionThe Constitution on the Sacred LiturgyThis statedThe Constitution of Divine RevelationThe Decree of EcumenismBibliographyRelated Introduction Many churches undergo changes throughout history, however, some of the most immense changes took place when the Second Vatican Council was convened and is considered one of the most important religious events which took place during the twentieth century.   The second Vatican Council was the 21st Ecumenical council recognised by the Catholic Church.   POPE JOHN XXIII, who claimed it was necessary to bring the Church up to date, summoned the council on the 25th January 1959.   Over the next few years the council prepared, the first gathering was on 11th October 1962 and was presided over by Pope John XXIII.   His opening remarks were  Ã¢â‚¬Å"I want to throw open the windows of the church so that we can see out and the people can see in.† Over a period of the next four years and approximately 178 meetings, 2540 Bishops attended the council from all around the world.   Pope John’s XXIII vision for the church was awareness, renewal and dialogue. Throughout the Council’s history they agreed 4 main constitutions, 3 declarations and 9 decrees.   The majority are aimed at the renewal and reform of Catholicism, but four affect the relationship and the non-Catholic world, they addressed all aspects of Catholic life on all levels: the global, the local and particularly at the parish level. The Constitution on the Sacred Liturgy One of the documents, which changed the spiritual life of the Church, was the Constitution on the Sacred Liturgy- Sacrosanctum Concilium. These changes affected every Catholic and inevitably many found these changes disturbing especially the older generation.   During these times Mass was commonly said in Latin and many believed that it should be preserved. The Council agreed and expressed its first decree in the â€Å"Constitution of Sacred Liturgy†. This issue was addressed because the Liturgy of the Western Church was said in Latin something which none of the participants understood and came to an understanding that this was only benefiting the papacy and the clergy and it created a separation between the clergy and its believers.   This constitution had hopes that the entire congregation could participate in the mass with the readings, the singing, and reception of the Eucharist.   It also was used to change the liturgy when it came to administering Sacraments and administering the Eucharist to the sick.   This Constitution was finalized December 4, 1963 with only four votes against it. This stated â€Å"The use of the Latin language is to be preserved in the Latin Rights.†[ Sacrosanctum Concilium, paragraph 36:1] However, many parts of the Mass were singled out by the Council, who authorised the use of the vernacular or mother tongue.   The council also suggested that where possible the High Alters should be placed facing the congregation to help create a connection to God and that the priest should now face the congragation.   Many of the old ceremonies were discarded, such as the prayerful attitude or hardly noticing your neighbour.   Now they were asked to greet their neighbour with a â€Å"Sign of Peace† Another change within the Liturgy involved the time of the fasting before they could receive Holy Communion. Prior to the second Vatican Council, it was considered a mortal sin if you consumed either food or water, not even a few drops after midnight. â€Å"To fast from midnight means to take nothing by way of food or drink or medicines after midnight† [Eucharist Law and Practice by Durieux page 179] During the Vatican II changes about the fasting went from midnight to 3 hours. Then a decree by Pope Paul VI in November 1964 announced a concession: â€Å"In view of the difficulties in many places regarding the Eucharistic fast, Pope Paul VI, acceding to the requests of the bishops, grants that the fast from solid food is shortened to one hour before communion in the case of both priests and faithful. The concession also covers use of alcoholic beverages, but with proper moderation being observed.† [Documents of the Liturgy, 272, 2117] This change in regulations confused a lot of people who questioned, why does a mortal sin change because a group of men decide it is no longer a mortal sin!   What of all those people who have died without receiving Holy Communion because of mortal sin, how is that affected?   This opened a lot of questions, which are not easily answered. Others believed that a one-hour fast is too short to be defined as a fast and a possible 3-hour fast is much more fitting with the encounter of Christ. Other changes included vestments were made of   everyday material such as cotton and polyester. The chalices were reproduced in pottery, there were new names and meanings for the seven sacraments. Communion could be received on the hand and in a standing position, prayers at the foot of the Alter were shortened, â€Å"To promote active participation, the people should be encouraged to take part by means of acclamations, responses, psalmody, antiphons, and songs, as well as by actions, gestures, and bodily attitudes. And at the proper times all should observe a reverent silence.† [Sacrosanctum Cconcilium, Paragraph 30] Another principle concern of the Second Vatican Council was one of Christian Unity. The Constitution of Divine Revelation The Constitution of Divine Revelation or Dei Verbum (Word of God) was approved and published in November 1965. Before the installation of this doctrine it was taught that the Bible came second in religious life and people were discouraged from reading it. Many home contained a Bible but mainly for storing date and names of baptism.   The new constitution hoped to teach new respect for the scripture and the interpretation of the Bible, the Papacy hoped that by teaching that all religious truth are found in the Bible that Scripture and Church would become united. It encourages the Catholic scholar to read the Bible, â€Å"For the correct understanding of what the sacred author wanted to assert, due attention must be paid to the customary and characteristic styles of feeling, speaking and narrating† [Dei Verbum paragraph 12] Since the publication of this document many Catholics have learnt to respect scripture and tradition. It is now permitted to read and study the Bible and it has also lead to new ways to teach the Bible in Seminary. This was a major shift fir the Church and an important transformation. â€Å"The word of God may spread rapidly and be glorified.† [2 Thess 3:1] Christ entrusted his message to his disciples. This has continued down through history within the Church, â€Å"flow from the same divine wellspring† [Dei Verbum paragraph 9] This tradition and teaching of scripture is the basis to our faith and belief. The interpretation of God’s word is entrusted to the teaching office of the Church, â€Å"above the word of God, but serves it† [Dei Verbum paragraph 10] The Decree of Ecumenism Dogmatic Constitution of the Church was the fourth decree made.   In the past the Reformation of the church was viewed as a super state and the Pope was the head of it.   There was also a strong opposition to anything not related to the church.   With this decree more emphasis was placed on making the church a mystery and as People of God with equality being a key element. â€Å"An individual bishop is given collegial responsibility by his very ordination as bishop. The permanent diaconate is revived; even married people may become deacons. The doctrine on Mary is included in the teaching on the Church; it is no longer something separated from the Church.† Though another decree was made later it has relevance to the Dogmatic constitution of the church, it was the Decree on the Pastoral Office of Bishops.   This Decree was instituted due to the Bishops not having a lot of authority or say in the administration.   The changes with this decree helped bishops have contro l over other bishops and over their diocese of people. Bibliography http://findarticles.com/p/articles/mi_m1141/is_30_37/ai_75247932/pg_2/?tag=content;col1

How to Cite a Book in AGLC Referencing

How to Cite a Book in AGLC Referencing How to Cite a Book in AGLC Referencing As a legal referencing system, AGLC has specific rules for citing cases and legislation. But what about other sources, like textbooks? These are known as secondary sources. And while you can cite them, the rules are a little different. Here, we look at how to cite a book with AGLC. Footnote References for a Book in AGLC AGLC indicates references using superscript numbers (e.g., 1, 2, 3) in the main text of your essay. These numbers point to a footnote, where you will need to provide full source information. To cite a book, for instance, you would need to include the following information in the first footnote: n. Author’s Name, Title of Book (Publisher, Edition, Year) Pinpoint. In the above, edition only applies if the book has more than one published version, while â€Å"pinpoint† refers to the specific page(s) cited. For instance: 1. Rory McJudge, Knowing the Law (NexusLexus, 2nd ed, 2014) 534. Here, we’ve included â€Å"2nd ed† to show that we’re citing the second edition. And the â€Å"534† at the end shows we’re citing page 534 of the source. If a source has four or more authors, meanwhile, simply name the first author followed by â€Å"et al† to indicate that other names have been excluded. Repeat Citations in AGLC To save duplicating information if you cite a source more than once, AGLC uses a shortened footnote format for repeat citations. The rules for this depend on whether you’re citing the same source twice in a row or returning to something after citing a different source: For consecutive citations of the same source (i.e., two or more citations in a row), use the Latin term â€Å"ibid,† which means â€Å"in the same place.† For non-consecutive citations, give the author’s surname and a bracketed cross reference to the first citation (e.g., â€Å"n 1† = first footnote). If you’re referring to a different part of the same text in either case, you should also give a new pinpoint reference. In practice, then, repeat citations of a source would look something like the following: 1. Rory McJudge, Knowing the Law (NexusLexus, 2nd ed, 2014) 534. 2. Ibid. 3. Navigation Act 2012 (Cth) s 14. 4. McJudge (n 1) 454. 5. Ibid, 243-244. Here, citations 2 and 5 are consecutive citations (i.e., they refer to the previously cited book). Citation 4, meanwhile, is a non-consecutive repeat citation of the book from footnote 1. If citing more than one source by the same author, moreover, you can use a shortened version of the title in non-consecutive citations to show which source you are citing. Books in an AGLC Bibliography As well as citing books in footnotes, AGLC requires you to add all sources to a bibliography at the end of your document. Books go in the first section (i.e., Articles, Books and Reports), listed alphabetically by author surname. The information you need to include here is similar to the first footnote, but with the author’s names inverted, no pinpoint reference, and no full stop: Surname, First Name/Initial, Title of Book (Publisher, Edition, Year) Thus, the bibliography entry for the book cited above would be: McJudge, Rory, Knowing the Law (NexusLexus, 2nd ed, 2014) If a source has more than one author, you should only reverse the names of the first person listed. And as with footnote references, sources with four or more authors should use â€Å"et al† after naming the first listed author to show that other contributors have been excluded. Hopefully, this post has cleared up the basics of citing a book in AGLC. If you need any help checking the referencing in a document, though, we can help.

Critical Book Review Essay Example | Topics and Well Written Essays - 750 words - 2

Critical Book Review - Essay Example Power and Schulkin’s work is a valuable contribution to the growing literature on the biology of obesity, and it probes both the causes and consequences of the epidemic sweeping across developed societies. One positive aspect of The Evolution of Obesity is the fact that Power and Schulkin do not address the best way to respond to obesity, as the wealth of diet and self-help books on the market today attempt to do. What Power and Schulkin set out to accomplish is a biological survey of the nature of obesity, its causes, and its social consequences. An evolutionary approach to the complex nature of the human body (and their adaptations through millennia) is ultimately a superior approach than any other research model currently being used to explain obesity. Because Power and Schulkin make their purpose in this book clear from the outset, its arguments and findings are relatively easy to follow. Their purpose is to explain recent changes in the shape and size of human beings through the lens of evolutionary science. Although it is not controversial to say that society carries the past with it, the idea of evolution that human beings carry millions of years of fine tuning in their bodies and minds is quite controversial. But according to the theory of evolution, this is correct: that many different structures in the human body have different purposes based on adaptation and survival. For instance, the authors write, â€Å"molecules that regulate physiology and behavior are ancient and have been co-opted to perform multiple functions that vary with tissue, stage of development, and the conditions of the internal milieu† (Power & Schulkin, 2009, p. viii). In the in-depth analysis of primate evolutionary history that follows, the aut hors conclude that interactions between biology and environment in the history of man has produced the ability of humans to absorb fats easily compared with other omnivores (especially primates) and, in the modern

C2 Essay Example | Topics and Well Written Essays - 5000 words

C2 - Essay Example The K-12 reform in education was a significant move towards improvement in the country’s higher education system (Bahry and Marr, 2005). It was meant to promote post-secondary education through scholarships, which are important in supporting the students who might be ambitious and capable to learn but are unable to pay the tuition fees. There were also strategies aimed at promoting higher education in Qatar to world class level, which included encouraging prestigious global institutions to establish in the country. Qatar University was restructured to conform to the modern requirements of higher education institutions. In all the reforms, women and men were accorded equal opportunities for education. Affirmative action encouraged women to take advantage of the reforms, which led to the emergence of an educated population of women ready to take up challenging roles in healthcare, legal profession, business and other economic activities (Goldman et al. 2007). Without limitations as to the sex that should be educated, boys and girls are competing on equal grounds, which have made it possible for women to outcompete men in higher education. Bahry and Marr (2005) noted that there is high retention of girls in schools than it is for boys. The number of girls who are completing secondary level is therefore higher than boys. Moreover, studies indicate that girls are passing exams without special treatment (Planning Council, 2005). Opportunities for boys are many since some employers are still clinging to the conventional believes, which might be the reason for boys to discontinue with education in favor of unskilled labor. On the other hand, such tendencies are motivating girls to continue to higher education for the reason that there are no employment opportunities for them in the unskilled low paying labor intensive jobs. The women who are therefore joining various professions in the country are