Women in World War Two - 636 Words

Women in World War Two â€Å"There was much more to women’s work during World War Two than: make, do, and mend. They built tanks, worked with rescue teams, and operated behind enemy lines†-Carol Harris. Have you ever thought that women could have such an important paper during a war? In 1939 to 1945 for many women, World War II brought not only sacrifices, but also a new style of life including more jobs, opportunities and the development of new skills. They were considered as America’s â€Å"secret weapon† by the government. Women were who allow getting over every challenge that was imposed by a devastating war. It is necessary to recognize that women during this period brought a legacy that produced major changes in social norms and work. In 1919, Lloyd George of England, Orlando of Italy, Clemenceau of France and Woodrow Wilson from the US met to discuss how Germany was to be made to pay for the damage caused in World War One, this produced the creation of the Treaty of Versailles. German people were unhappy with this. They couldn’t afford to pay the money because they were really poor after the war. The only solution they had was to choose a man who promise to rip up the treaty, his name was Adolf Hitler, the man who started the World War II, that generated an incredible change In many countries were United States was included. â€Å"This is a challenge to all American people but to none of them more directly than to its women. They hold the key position of national defense†Show MoreRelatedWomen During World War Two904 Words   |  4 PagesI think a lot of women said, Screw that noise. Cause they had a taste of freedom, they had a taste of making their own money, a taste of spending their own mo ney, making their own decisions. I think the beginning of the women s movement had its seeds right there in World War Two. President Franklin D. Roosevelt’s quote clearly illustrates the significance of women in the workforce during World War Two and the feelings women may have felt. World War II was crucial for women in the workforce becauseRead MoreHow the Two World Wars Altered the Independence of Women1095 Words   |  4 PagesBefore America was involved in the well-known wars of our time, many women were living their lives as oppressed housewives. With the changes that occurred throughout the two world wars, women had the chance to break out of their ordinary lifestyles and prove themselves worthy of something more than the housewife stereotype. Each world war brought on a different opportunity for the women of that time period. Women’s increasing roles during the two world wars were made apparent through their lifestylesRead MoreWorld War Two : Changing Women s Rights1859 Words   |  8 PagesWorld War Two – Changing Women’s Rights World War Two witnessed the beginning of a new era for Women’s Rights in Australia. It was a time where women started to achieve more independence in their everyday lives both within the workforce and in mainstream society. This essay will be exploring the impact of World War Two on Women’s Rights in Australia and examining how it altered the popular cultural belief that saw women regarded as only fit to be the cleaners and the nurturers of their householdsRead More World War Two and Its Impact on the Role of American Women in Society1494 Words   |  6 PagesWorld War Two and Its Impact on the Role of American Women in Society World War II is an event that has marked history like no other. Originating from a European struggle, war broke out in 1939 and continued for six years. From the years 1939 through 1945 more than half the earths surface was battling in war. American society was greatly affected. People of every age, race and class were deeply affected. Womens place in society took a leap forward like it never had before. As an effectRead More World War Two and Its Impact on the Role of American Women in Society1952 Words   |  8 Pages World War II opened a new chapter in the lives of Depression-weary Americans. The United States of America had an unusual importance in the war, it had been spared the physical destruction that had taken place throughout the world. Americans on the home front did not see the fighting and brutality as other countries experienced it. However, the events and changes on the home front due to the World War transformed America. One of the greatest conversions was that of the American woman. WomenRead MoreThe Role of Women During World War Two in Ontario, Canada, 1939-451242 Words   |  5 PagesWhile the men are away the women do not play. As men left to serve in World War Two, women were left to occupy the frontlines of the working force. They had to take over the industrial production for the war effort and the daily jobs that were not nearly as relevant to the war. In the essay I will be writing about the empty job positions left behind while men when to war across seas and the dem and that was put on women to fill the positions. Once women entered the working force there was a conflictRead MoreWomen s Land Army And Woman s Voluntary Services ( Wvs ) During World War Two996 Words   |  4 PagesWomen’s Land Army and Women’s voluntary Services (WVS) during World War Two. Angus Calder in his book ‘The People’s War: Britain 1939 – 1945’ and Kate Adie’s book ‘Corsets to Camouflage: Women and War both evaluate the work done by the Women’s Land Army and Women’s Voluntary Services. Whereas Ron Freethy’s book ‘Yorkshire: The Secret War 1939 – 1945’ just evaluates the work of the Land Army. Ron Freethy’s work on Yorkshire the secret war, writes about how with ‘young men being conscripted for theRead MoreCompare and Contrast Women at Home in Ww1 and Ww21249 Words   |  5 Pagesthe role of women at home during World War I and World War II. Before World War I and World War II, women at home had the roles of maintaining duties for their family and children, such as cleaning, caring for the house, and cooking for the family. They were more likely judged by their exquisiteness rather than their ability. Just before World War I began, women were beginning to break away from the traditional roles they had played at home. Throughout both World Wars, women in the UnitedRead MoreImpact Of The World War On Australians1464 Words   |  6 PagesAlthough both the World Wars had significant impacts on Australians, the statement that wartime controls in World War One had a greater impact on Australians than they did in World War Two is fairly inaccurate. There are a number of reasons as to why this was the case, as demonstrated through the government s wartime controls. One of the wartime controls that was utilised by the government in both World Wars but had greater impact on Australians in World War Two was conscription. Ano ther wartimeRead MoreWomen in World War II747 Words   |  3 PagesWomen in World War II Women were important during World War II because of all of the different jobs they did. During World War II women lost loved ones including their husbands, boyfriends, and their sons (Reynoldson 5). They might have also lost their fathers in the war. They could have even lost their mothers. What are some of the roles women do in World War II? During World War II there were many shortages (Reynoldson 13). The women had all kinds of opportunities. They could work outsides

Abortion is a Choice Essay - 1258 Words

Abortion is a Choice Abortion is a very controversial issue that has been continually argued over the past few years and will continue for years to come. Before I get into the sides of abortion we must first define abortion. Abortion is the destruction of the fetus, or unborn child while the child is still in the mothers womb. There are two sides to this abortion topic. The Pro-life which is those who are against abortion altogether and the Pro-choice those who believe it is the womens right to choose if she wants to have an abortion. Personally, I am Pro-choice and I believe there are many clear-cut reasons to why I take this stand. In my paper I will support my position with facts about abortion, and areas where Pro-life imply that†¦show more content†¦But what if the fetus inside the mother isnt one of her own, what if the mother is the victim of the crime? I can totally understand how most victims would agree that it would be better to suffer through the pain of abortion than to have to li ve with a deformed child, or even worse a child that is not really their own as a result of rape or incest. Victims of these crimes also report feeling dirty, guilty, and sexually violated. But nothing is as bad as having to be constantly reminded of the traumatic experience you went through everyday you see your childs eyes as the man who raped you. Furthermore, your child too is a victim with no father, and having to live with the fact that he/she was unwillingly brought into the world out of force. Many women whom undergo abortion often suffer what is called Post Abortion Syndrome (PAS), a form of post-traumatic stress disorder with long-term chronic symptoms, which include nightmares, feelings of guilt, and attempted suicide. I believe this is mainly due to the high controversy shown on television, and words such as baby killer and death chambers. People walking around with signs held high really get deep into an individuals head. In April 1990 the AmericanShow MoreRelatedIs Abortion A Choice?1807 Words   |  8 PagesHowever, not just teenage girls experience the ill effects of this destiny. Varies types of women with different backgrounds endure the decisions and results of this situation. Abortion is a choice, and this choice should not be taken from women, but they should be further educated on adoption as an alternative to abortion. Abortion is an amazingly unpredictable and exceptionally discussed open issue that has devoured a great part of the American social and political coliseum in the late twentieth centuryRead MorePro Choice On Abortion : Abortion Essay1439 Words   |  6 PagesPRO-CHOICE ON ABORTION What do you think about when you hear the word abortion? According to dictionary.com Abortion is the removal of an embryo or fetus from the uterus in order to end a pregnancy and also any of various surgical methods for terminating a pregnancy, especially during the first six months. Abortion it’s a decision a woman has the right to make. No government should have the right to dictate what happens to the woman’s body. Nobody should have a word or say in the decision the womanRead MoreAbortion, Pro Choice And Abortion1617 Words   |  7 PagesAbortion includes ending a pregnancy by the removing of a baby or incipient organism from the uterus. This is once in a while because of the demise of the hatchling; be that as it may, it can likewise bring about the death of it. Premature birth is an extremely controversial topic since its recurrence of event, lawful, social and religious status changes broadly in various areas of the world. There are some prominent gatherings tha t champion either pro-choice or pro-life, and such associations raiseRead MoreAbortion : Abortion And Pro Choice1967 Words   |  8 PagesI. Introduction A. Abortion is the termination of a pregnancy before the time of extra-uterine viability. An abortion terminates the life of the embryo, (the fertilized egg before three months of growth) or the fetus after three months† (Pederson Watson, 2003). B. The practice of abortion is a controversial topic. It is one of the most discussed issue in politics mostly during the election season. Many candidate use this topic in their favor to gain support from the voters. C. It creates an invisibleRead MoreAbortion : A Pro Choice1125 Words   |  5 PagesJoshjuan West Dr. Kroski April 24, 2017 Opposite View Pro-Choice To this day, abortion has become one of the most controversial topics across america. The biggest reason for this is that people override their logical reasoning with their emotions on a regular basis. If a person can surpass their emotions or can remove them from the conversation, the more logical choice becomes so obviously clear. Pro-Choice is the fair choice to all women in America and across the world, considering it isRead MoreAbortion Is Not An Acceptable Choice1369 Words   |  6 PagesLee, Robert George, and Dr. Grazie Christie argue abortion is not an acceptable choice and should not even be a choice when an unborn baby is involved, senior editor of New Republic magazine Rebecca Traister counter argued abortions are about women’s choices and health not fetuses. Patrick Lee and Robert George are professors at respective Universities who have written many journals on controversial issues like abortion such as The Wrong of Abortion. Dr. Grazie Christie is a radi ologist who completesRead MoreAbortion Is The Right Choice1319 Words   |  6 Pages ABORTION RHETORICAL ANALYSIS ABSTRACT Abortion is one of the most controversial issue worldwide. According to anti-abortionist people, there are people who tend to make â€Å"bad choices† look good when trying to decide what would be the best decision to an unwanted pregnancy. Both the Pro-Abortion and Pro-Life are being discussed from two different perspectives towards abortion. Anti-Abortionist people disagree with abortion due to their own beliefs. On the other hand, people believe womenRead MoreThe Right And Choice Of Abortion1640 Words   |  7 PagesYonathan D Nieto Villegas Mr. Fons English 2B May 19, 2017 The Right to Life or Choice The decision to end the life of someone without their own consent has caused great disruption among Americans. Before the civil rights movement, Americans idealized the idea that abortion was ultimately prohibited due to the fact that religion predominated the beliefs of the people. Now in a rapid changing-liberal society, people are questioning if prohibiting a woman from aborting is denying her inalienable rightRead MoreAbortion : Choice And Consequences1537 Words   |  7 PagesAbortion: Choice and Consequences The American novelist Ann B. Ross once said, â€Å"I certainly supported a woman s right to choose, but to my mind the time to choose was before, not after the fact.† Abortion by definition is the expulsion of a fetus from the womb before it is able to survive independently, which is the reason for abortion to be considered an extremely controversial issue, because in this process the life of a human being is terminated. In actuality, the range of women convinced toRead MoreIs Abortion Not The Right Choice?856 Words   |  4 PagesOver one hundred potential complications have been associated with induced abortion. â€Å"Minor† complications include: minor infections, bleeding, fevers, chronic abdominal pain, gastro-intestinal disturbances, vomiting, and Rh sensitization. The nine most common â€Å"major† complications which are infection, excessive bleeding, embolism, ripping or perforation of the uterus, anesthesia complications, convulsions, hemorrhage, cervic al injury, and endotoxic shock Many women believe this is the only way

Valuation of Bmw Free Essays

Valuation BMW Group | BUSM31 – Strategic Financial Management| 2010-10-27| Group 14| | | Tutor: Authors: Mans KjellssonDaniel Hedevag Jonas Karlsson Mathias Ljungberg Jakob Tuvehjelm Background BMW is one of the ten largest automobile manufacturers in the world, with an annual production of 1. 3 million cars (2009). It is furthermore one of the leading manufacturers in the premium car segment. We will write a custom essay sample on Valuation of Bmw or any similar topic only for you Order Now BMW Group brand portfolio includes in addition to the BMW brand itself the Mini and Rolls Royce motorcars. The Mini brand is a remain from 1994 when BMW bought Rover and Rolls Royce was acquired in 1998 after a few years of engine cooperation.Besides the production of automobiles BMW is a well respected producer of motorcycles, with a production of 87. 000 units in 2009. Business units sectioning In our opinion BMW is a company which operates within two different business units; manufacturing and financial services. These units differ from each other and affect the value drivers differently. To get a fair valuation for BMW we have therefore chosen to make three different valuations, the third one being eliminations which represents the intra group transactions between the two business units.Regarding motorcycles, we have chosen to include them in the business unit we call manufacturing. For BMW, the sales of motorcycles contributed to 2,1% of annual turnover in 2009 which in itself does not constitute a large proportion of the annual turnover. It is our opinion that there are synergies in demand as well as revenues and costs that justifies including the valuation of the motorcycle part within the sales of cars and that it therefore is no need for a separate valuation of the motorcycles. Diagram 1 Sales of cars and motorcycles, Source: BMW Annual Report 2002-2009 Historical performanceWe have chosen to compare key figures for BMW, Diagram 2: BMW cars sales in different markets. Source: BMW Annual Report 2003-2009 Daimler, Volkswagen and Toyota collected from Morningstar. In our opinion, the most comparable competitor is Daimler, which includes the brands Mercedes, Smart and Maybach. Daimler produced 1,055 million cars in 2009 and has the majority of its factories in Germany, just like BMW. Further, Mercedes is one of the main competitors of BMW with a strong brand i n the premium car segment while smart is a competitor to Mini. The following chart describes the sales development for BMW within the last seven years.Worth noticing is how the sales peaked in 2007 with 1,5 million cars sold and how it has declined in overall numbers since then mostly due to declines in sales in Europe and America. The only market where sales have increased since the financial crisis is Asia and especially China and India. BMW can be divided into subgroups that represent different segments within the car industry. There are primarily two different series that represents the largest part of the automobile manufacturers sales. The BMW 3 series is the worldwide leader within its segment of middle class cars and competes with cars like Audi A4 and Mercedes C class.This is the cash cow for BMW and generates almost 40% of the total Revenues. The larger 5 series competes with cars like Audi A6 and Mercedes E-class. Comparing the Revenue Growth, Toyota and BMW excels, although Toyota have a major decline in revenue growth in 2009, whereas BMW and Volkswagen at least manages to decline sales by less than 10 percent. The fact that BMW with the highest percentage of premium cars sold has the lowest decline in annual turnover shows strength towards its competitors. Revenue Growth (total)| 2004| 2005| 2006| 2007| 2008| 2009| BMW| 6,77%| 5,24%| 5,02%| 14,32%| -5,04%| -4,73%|Daimler| 4,11%| 6,15%| 0,96%| -34,56%| -3,06%| -17,99%| Volkswagen| 0,62%| 7,09%| 10,08%| 3,84%| 4,51%| -7,58%| Toyota| 11,32%| 8,54%| 14,36%| 13,36%| 9,04%| -21,40%| When assessing the different key numbers for the operating margin (OM) BMW remained high and steady at around 8% until 2008. Worth noticing is how Toyota outperforms most competitors until 2009 when they instead showed the poorest operating margin. For all compared companies, 2009 is the worst year and only VW and BMW are able to generate a positive OM. Operating Margin| 2004| 2005| 2006| 2007| 2008| 2009| BMW| 8,4%| 8,1%| 8,3%| 7,5%| 1,7%| 0,6%|Daimler| 2,7%| 1,5%| 1,4%| 7,9%| 5,4%| -1,9%| Volkswagen| 1,8%| 2,9%| 1,9%| 5,6%| 5,6%| 1,8%| Toyota| 9,6%| 9,0%| 8,9%| 9,3%| 8,6%| -2,2%| When comparing the Inventory Turnover, Toyota is outstanding in its performance just as known to be. BMW had the second highest inventory turnover in 2009, which has improved continuously throughout the measured time (worst in 2004). For Daimler and Volkswagen the trend is instead negative. Inventory Turnover| 2004| 2005| 2006| 2007| 2008| 2009| BMW| 5,60| 5,54| 5,65| 6,20| 6,06| 6,55| Daimler| 7,22| 6,86| 8,80| 4,73| 7,82| 4,41| Volkswagen| 6,80| 6,86| 7,26| 7,00| 6,07| 5,74|Toyota| 13,14| 12,51| 11,62| 11,21| 11,82| 11,28| The cash-conversion cycle within the industry is extremely volatile. Toyota, known for its excellent logistics, has been able to outperform most competitors. For BMW the figure is bleak although Daimler is in serious trouble with 117 days in its conversion cycle. Cash-conversion-cycle| 2004| 2005| 2006| 2007| 2008| 2009| BMW| 47,20| 46,46| 45,63| 44,60| 52,18| 47,82| Daimler| 28,28| 30,14| 30,51| 82,19| 132,12| 117,78| Volkswagen| 40,44| 39,02| 35,45| 36,09| 34,36| 44,22| Toyota| 16,87| 16,45| 50,54| 49,04| 21,54| 28,18|A part of the cash-conversion cycle is th e receivables turnover, which indicates that BMW is performing well when it comes to collecting debt and efficiently using its assets. Once again Daimler shows worrying figures. Recievables Turnover| 2004| 2005| 2006| 2007| 2008| 2009| BMW| 21,50| 23,31| 22,31| 22,73| 21,38| 24,35| Daimler| 21,80| 20,66| 20,25| 6,62| 4,06| 5,30| Volkswagen| 16,39| 17,33| 19,36| 20,28| 19,52| 18,04| Toyota| 11,49| 11,85| 5,94| 6,37| 12,89| 12,01| In conclusion BMW stands strong when benchmarking towards their main competitors.The high ROIC reveals that BMW historically has utilized its Invested Capital successfully, hence been able to create shareholder value since the WACC in the meantime has remained low. ROIC| 2004| 2005| 2006| 2007| 2008| 2009| BMW| 13,20%| 12,98%| 15,89%| 15,30%| 1,54%| 1,02%| Daimler| 2,24%| 2,51%| 2,80%| 3,97%| 1,36%| -3,36%| Volkswagen| 0,79%| 1,31%| 3,21%| 4,69%| 7,22%| 0,87%| Toyota| 7,71%| 7,07%| 7,15%| 7,31%| 7,13%| -1,88%| Porters five forces In order to assess the competition and profitability within the industry we have chosen to use the five forces model developed by Michael Porter.Our five forces analysis primarily set sights on the forces a ffecting the car industry and will not be further divided between different segments of BMW Group. The bargaining power of suppliers As car manufacturers has become more and more global through mergers and acquisitions the trend for suppliers has followed, where a few actors have become more dominant by acquiring smaller suppliers. When manufacturers grow, the bargaining power of supplier’s decreases and a small supplier might be solely dependent on BMW.In several cases these suppliers have established local assembly units near the car manufacturer’s production facilities in order to deliver just-in-sequence to the manufacturer’s assembly line which makes them more dependent. The merged suppliers stand stronger, but BMW is still in a good position to push prices. BMW takes advantage of their role as a global company and can adapt to best buys of components. In order to cut costs car manufacturers tend to outsource more. With several suppliers BMW has established a close partnership in order to co-operate in development and production of components e. . outsourcing. The bargaining power of buyers differs dependent upon the definition of the buyer. It is our opinion that the customers of BMW are not the retailers but the end users. While the retailers and BMW are equally dependent upon each other, they are both reliant on the choice from the end user. While low-cost carmakers worry about getting played off against each other (price wars etc), premium manufacturers worry that the value added by their design and the perception of their brand in relation to other luxury car manufacturers is inferior.Hence, the bargaining power for the buyer increases when the perception of BMWs cars gets worse in relations to others. Financial crises, switching costs and availability of substitutes can also affect the customer’s choice. Companies, such as taxi companies, buying larger volumes have a greater bargaining power in terms of price. For BMW, it is crucial to keep the incentives for the buyer to buy their car, hence not differ in price too much. Despite the fact that BMW are dependent upon their buyers, it is important to remain equivalent in the treatment and not to back down in negotiations in order to avoid dilution of their brand.Price sensitivity The threat of substitute products is quite limited, at least if we consider the BMW as a car to use for transports from A to B. Within a foreseeable future the car will still be one of our most used ways of transportation. Prohibition of cars, congestions charges and improved public transports are together indications that the horrible traffic situations in many cities are increasing the buyer’s inclination towards substitutes. High speed trains and air traffic is also increasing and can be seen as an alternative to longer distance travels by cars.However, when considering buying new BMW, one does not choose between the BMW and public transportation, but instead between a BMW and a car from one of their automobile competitors. In a broad view ICT could substitute for a car. In some way ICT substitute has in some way decreased the demand for travelling, videoconferencing has in some cases made travelling unnecessary. ICT and videoconferencing substitutes for a physical meeting, which sometimes requires travels by car. There will still be needs for physical meetings, and quite often they require travels by car.Even if a meeting can be held online the participants will most likely still have a car. The threat of substitutes to BMW as a premium car would probably not come from ICT or public transportation, but from other car manufactures which could possibly enters the premium car segment. Volkswagen launched its Phaeton to directly compete with BMWs 7-series and Mercedes S-class. http://www. quickmba. com/strategy/porter. shtml Threat of new entrants. The capital costs required to get established in the car manufacturing industry is exceptionally high; hence the possibility for new entrants to the car manufacturing industry must be considered low.Economies of scale also weaken the preconditions of new entrants in comparison to their established competitors. A threat of existing car manufacturers entering the premium segment or new geographical areas is instead considered higher (primarily Chinese manufacturers). Since luxury brands are able to charge a premium due to reputation, quality and design built over time, the conditions deteriorate further for new entrants. When Volkswagen launched VW Phaeton in 2002 they tried to compete with BMWs 7-series and Mercedes-Benz S Class. However the status of the Volkswagen brand had difficulties to compete with the two classic status brands.Customer loyalty, distribution channels and governmental and legal barriers are other difficulties needed to be handled for new entrants. Rivalry Between Established Competitors (Industry Rivalry) As a result of Mamp;A in the 90? s most competing brands are part of larger automotive groups. Audi is for instance a part of Volkswagen, Mercedes of Chrysler and Lexus is the premium brand from Toyota. The huge globalized nature of the industry creates a distinctive rivalry that takes place at both group and company level. Worth to notice is that BMW is only the 13th largest automobile manufacturer in terms of number of cars produced. In a survey made by Millward Brown, BMW overtook the first place as the world’s most valuable automotive brand from Toyota in 2010. As a premium brand with a history of quality and design, BMW has an important advantage over many competitors. At the same time, BMW has a lot to defend while other brands that also symbolize good quality are eager to catch up. Living on past achievements is not possible in the long run and in order to keep the positive trend it is necessary for the company to continuously improve in order to meet customer requirements.In 2009, a total of 51 million cars were sold, out of which BMW sold 1,26 million (2,47%) which makes BMW the 13th largest producer of cars that year. The largest car manufacturers are Toyota, GM and Volkswagen, which together accounted for almost exactly 1/3 of total cars sold worldwide in 2009. Diagram 3: Cars sold in 2009, divided by manufacturer. Source: OICA correspondents survey 2009 The financial crisis has made the automobile manufacturers more reserved when it comes to mergers and acquisitions (which was the clear trend in the 90? s). The trend has instead moved towards cooperation’s between the rivals in order to cut costs.BMW has signed a contract to assist SAAB with smaller motors, rumors have circulated about cooperation’s with archrival Mercedes when it comes to Ramp;D and Manufacturing and there is an ongoing partnership with Fiat concerning parts for Mini and Alfa Romeo. In order to capture the possibilities within the emerging market in China, BMW and their Chinese partner Brilliance China Automotive have launched a joint venture to support sales of BMWs using financial services. Although some car manufacturers have closed down due to the crisis, the market is still heavily saturated.There is a constant threat of over capacity and customer requirements are increasing. Requirements on environmental friendliness are also greater than ever and come with increased costs. Production of cars has become more globalized as a result of demands of cost-efficiency, which has increased continuously over the recent years. For BMW, the struggle for survival is in our opinion no longer about cutting down production costs, but instead of quickly introducing cars with the newest technology while preserving and strengthening its key brands by maintaining high quality and unique design.Competitors are of course aiming to do the same. A belief in increased investments is supported by historical data that estimates periods of roughly 25-30 years with a rising investment ratio after a financial crisis. To understand the industry one must look how its structure is changing. For more than hundred years cars have be running on petrol. Now, a technological race is taking place between car manufacturers in order to get the best technique for their future electrical cars. As usual when the technique is new, the development costs are high. A Chevrolet Volt sells for $40. 000 but costs $75. 000 to produce.To some this might seem like bad business, but in reality this is a much-needed expense to prepare for the business of tomorrow. For BMW, the ongoing research has resulted in cars like MiniE, an electric car that currently is tested out on the streets by many users. Another major investment is the Megacity Vehicle, which is a larger electrical car not launched yet and promoted under its own brand but with obvious similarities to BMW. For the industry as a whole, there is a risk of customers holding on car purchases until a â€Å"price war† will start or until the technology is more favorable (most importantly an increase in battery lifetime).As a premium car manufacturer, BMW might be able to avoid a price war, but customers can also choose to ignore the brand and luxury for the benefit of new technology. Price differences may decline due to cooperation’s and unwillingness by customers to pay more than the high price of electrical cars from less prestigious brands. This may mean that the option between low cost and product differentiation may be eliminated. SWOT Strengths The fact that BMW is one of the world’s most respected premium car brands constitute strength in itself.BMW holds a strong, non-overlapping, brand portfolio which stretches from the small youthful Mini to the super premium Rolls Royce. BMW communicates German engineering excellence, luxury and driving pleasure (their slogan is: The Ultimate Driving Machine), they do it well and are therefore a highly respected car manufacturer. BMW are renowned for their excellent self developed engines, especially the six cylinders. Later years they have advanced in their development of smaller fuel efficient four cylinder engines, which are used primarily in their smaller 1 and 3 series cars.A majority of the BMW engines are produced in their Austrian Steyer plant. The motors are sold to a variety of buyers beyond BMW and recently BMW signed a contract for delivering four cylinder engines to the next generation of SAAB 9-3. Through BMWs innovative and forward-looking technical development they should possess the ability to develop competitive future green automobiles. BMW has as the overall leader of the Dow Jones Sustainability Index positioned themselves with sustainability as an integrated part of the company.BMW have further more an in-house financing division which they can use to hedge for prices of raw materials and currency hedges. Being a worldwide company with production in many countries they also possess the possibility to benefit from natural hedges. Weaknesses Although BMW is a large auto manufacturer, the economies of scale available to producers of a larger numerous of less expensive cars is not available to BMW. Being mainly based in Germany, production and development is costly and shifting production to lower cost countries carries a risk of deteriorating the BMW brand.With only two main markets (America and Europe), BMW is exposed to a higher risk than more geographically diversified competitors. With a high indebtedness, BMW is also exposed to risks concerning higher interest rates which are expected in the future. Opportunities As one of the world’s leading premium car manufacturers, BMW has the opportunity to embrace emerging markets. When the demographics change and growth potential is good BMW should be able to take a descent share of the market. As an example, the growing middleclass in India (accounting for almost 300 million people) are experiencing an increase in purchasing power and embraces more and more western buying habits. With growing middleclass (currently 80 million people) in China, this market is also lucrative. China is the world’s largest market for automobiles and BMW with its strong brand has positioned itself with strategic alliances in order to gain market shares from this opportunity. During recent years demand for financial services has increased and will likely continue to do so.BMW offers extensive financial services and an increase in demand provides a possibility to expand their Financial Services to further diversify, while supporting production. BMWs best opportunities lie within the exploitation of emerging markets, stronger green profiling and offering financial services. Threats The price of raw materials is quite volatile and could be a substantial threat to the profitability of BMW. Another major risk is currency fluctuations, however as a global actor BMW have the ability to benefit from financial hedging as well as natural hedging.Higher requirements on emissions could form at threat to BMWs larger models with higher consumptions; however with new technology BMW should be able to handle this. The recent economic recession affected BMWs primary markets, US and Europe the most, and a return would most definitely constitute a serious threat to BMWs revenue. Heavily dependent upon their good reputation, BMW constantly have to deal with risks of bad publicity and rumors which could deteriorate the brand status. Forecasting amp; Keys Forecasting Q3 amp; Q4 2010 Our forecast of revenue growth in 2010 is based on the reported first quarters and analyst’s forecasts.We believe that BMW will return to the sales levels previous to the crisis during the coming two years (in 2007 1,5 million cars were sold) because the future prospect of the world economy is looking brighter, which the automobile industry is highly correlated with. BMW delivered 700  000 vehicles during H1 and several analysts believe that sales would rise about 10 percent compared to 2009, which means an increase to 1,4 million cars. Even though that delivered cars rose with 13,1 % in H1 2010, compared to the same period last year, we chose to use an increase of 12 percent during the whole year of 2010.BMW would then return to revenue figures and sales figures of 2008, â‚ ¬ 50 203 million respective 1,436 million, which is â‚ ¬ 50  186 million respective 1,440 million in 2010. Analysts expect that BMW’s EBIT margin will exceed 5 percent in the segment of automobiles 2010. However, since we assume that COGS will return to a level of 2005-2007 of 75 % of revenue, depreciation will be stable at 20 % of revenue. SGamp;A will return at 9,5 % of revenue (an average of 2005-2009), Ramp;D expenses will increase to 4,0 % of revenue (increase from 3,0 % due to higher investments in electric cars), and the EBIT margin will be 7,5 %.In order to estimate fiscal year 2010, we tried to find seasonality between the different quarters; however we did not find any pattern. Thus, we used data from Q1 and Q2 and made a prediction over the whole year. The balance sheet for 2010 is based on H1’s balance sheet including the retained earnings from 2009. The balance sheet has the advantage that it mirrors the present book value of the firm. Revenue assumption Revenue growth between 2010 and 2012 is based on the assumption that BMW will return and surpass revenue levels before the economic crises in 2008.Over 30 analysts following the BMW stock back this assumption. They estimate average revenue (billion) 2010: â‚ ¬56  510, 2011: â‚ ¬ 64  541 and 2012: â‚ ¬64  412. We believe it is possible that the world economy in 2013, 5 years after the financial crises, will enter a new Kitchin cycle. The Swedish minister of finance, Anders Borg, believes that a crisis could occur in 2013, otherwise the business cycle lives on overtime. This assumption will decline revenue with 5% 2013 and keep the economy steady in 2014. At the same time as the revenues decline, we believe that the COGS increase, which was the case during 2008-2009.Thereafter, in 2015, an increase of 7% and two years of relatively stable growth of 5%, somewhat better than G7 GDP growth and automobile industry. Auto manufacturers five years average return is 22,7%, this is an annual return of 4,5 %. We believe that BMW will outperform this average 2016-2017 and perform 4% in the steady state; this is very close to the history growth average of BMW during 1998-2009 of 3,95%. Recievables Turnover| E2010| E2011| E2012| E2013| E2014| E2015| World GDP| 4,77%| 0,42%| 4,54%| 4,59%| 4,62%| 4,62%| Advanced economies GDP| 2,71%| 2,17%| 2,64%| 2,59%| 2,51%| 2,41%| Major adv. conomies (G7) GDP| 2,51%| 2,04%| 2,54%| 2,44%| 2,33%| 2,20%| BMW revenue| Historical growth average 1998-2009: 3,95%| – Assumptions Keys / valuedrivers kapitalstruktur Cost of capi tal 1. Assumptions amp; Calculations Leases We have assumed that the leasing brought up on BMW’s balance sheet is the leasing when BMW acts as the lessor. We have therefore chosen to capitalize BMW’s leasing, when acting as a lessee (found in notes). The asset life is set to 15 years as the leases includes items such as machinery and buildings, and therefore should have a longer asset life than Lim, Mann and Mihov’s recommendation of 11 years.When later forecasting, leasing is forecasted as a percentage of revenue. Research amp; Development Research amp; Development, depreciation and amortization were included in COGS and we therefore chose to separate these in order to fairly valuate them. (SKRIVA OM VARFOR INTE capitalisera Ramp;D? ) Cost of Capital Since BMW is divided into three different business units with unequal capital structure and various betas we have chosen to calculate three different WACC’s. The Betas are calculated through five year monthly stock returns versus MSCI World index. These Betas are then unlevered by dividing them by each company’s D/E ratio. equity=? unlevered1+DebtEquity Then we calculated an average unlevered industry Beta which then was weighted to each company’s D/E ratio to obtain an industry adjusted company Beta. ?unlevered=? equity1+DebtEquity The risk free rate is the same for all three units and is determined by using a 10-year German Eurobond which offers high liquidity and low credit risk in the same period as our forecast. Estimating the market risk premium, the difference between the markets expected return and risk free rate, is difficult to assess since the expected return on the market is unobservable.We have chosen a market risk premium of 5% for all units based on historical data. CAPM| Group| Manufactoring| Financial Services| Eliminations| Risk-free rate| 2,25%| 2,25%| 2,25%| 2,25%| Beta| 1,386| 0,693| 1,470| 1,405| Market risk premium| 5%| 5%| 5%| 5%| Cost of equity| 9,18%| 5,71%| 9,60%| 9,28%| Furthermore, w e have used a tax rate of 30,2 % during the entire analysis since the overall corporate tax rate are 30,2 % in Germany. Since the tax rate for companies outside of Germany vary from 12,5% to 46,9% this number is a fairly good average which also complies with the tax rate during previous stable years. Further on the cost of capital was set by a BMW corporate bond which is due in 2018. The target capital structure for manufacturing was based on the capital structure for the entire company. According to Appendix X BMW Group has a structure of 68% debt, but since this includes financial services with a significant higher percentage debt, we have chosen to use a target capital structure of 65% for manufacturing. Since the capital structure of Financial Services has been relatively constant we have based the debt-equity ratio on the mean value.Considering eliminations, we have assumed that they have the same capital structure as the company as a whole. WACC| Group| Manufacturing| Financial Services| Eliminations| D/(D+E)| 32%| 35%| 23%| 32%| E/(D+E)| 68%| 65%| 77%| 68%| Tax| 30,2%| 30,2%| 30,2%| 30,2%| Rd| 5%| 5%| 5%| 5%| Re| 9,18%| 5,71%| 9,60%| 9,28%| WACC| 5,48%| 4,27%| 4,91%| 5,34%| Pitch Emerging markets: A few of the world’s largest countries by population are Brazil (191 million), China (1,335 billion), India (1,199 billion) and Indonesia (232 million).Estimations predict a radical growth in GDP per capita for these countries in the coming years, as shown in the chart below. We believe that the market for premium cars in those countries will increase with the growth in GDP. Recently, Volkswagen group announced that their revenue in India increased with 132% on the first 3 quarters of 2010 compared to the year before. The upper class in India accounts for about 1% of the population, and the new middle class constitutes about 20%. A reasonable assumption that 5% of the population in the above stated countries can afford a BMW, equals a potential market of 150 million potential buyers.In accordance with our predicted revenue growth, we have chosen to illustrate the origin of our growing sales. According to our predictions, Asia will become the major market for BMW within a few years. Further investments in these emerging markets, in order to generate a better position, will create higher sales volumes and profits. With new factories in India and China (one more is planned) and cooperation’s with retailers and joint-ventures, BMW has built a foundation upon which they can grow.As our competitive analysis has highlighted, electrical and hybrid cars will replace cars with internal combustion engines. Although estimations differ widely, a probable scenario is that electrical cars will be the leading technology within a 20-year period. China is expected to become the largest market for electrical cars and the government is subsidizing the development of new technology both in China and the U. S. A. China is expected to be the largest market for electric vehicles, with predictions suggesting more than 888,000 will be sold in the nation over the next five years. Sensitivity analysis Since the manufacturing unit represents more than 88 percent of BMW’s total revenue our sensitivity analysis is conducted on changes in that specific unit. Furthermore our analysis is performed mainly on the variables COGS, revenue and the WACC since these are the variables that are most important for the company’s stock price and thus the equity value. The two dimensional tables below show how increases in these variables affect the stock price. From the tables it can be seen that WACC and COGS has the most influence on the stock price. How to cite Valuation of Bmw, Papers

Internal Organizational Boundaries and Commission

Question: Discuss about the Internal Organizational Boundaries and Commission. Answer: Introduction The fair work commission is an independent body whose mandate is to ensure good workplace conditions and maintenance of safety net of minimum salaries, in addition to other employment functions and regulations. The Fair Work Act enhances a more national framework for controlling industrial relations in Australia. Every state has the right to provide part or all of their industrial relations governance to the commonwealth. Therefore, all the workers of that particular state will efficiently be covered by the national Fair Work Act in case a state decides to refer their governance to a central and national industrial relations framework (Bray Stewart, 2013). The Fair work Commission has taken over the mandates of the Australian Industrial Relations Commission (AIRC) in solving workplace problems and industrial actions. The main functions of the Fair Work Commission include fixation of a minimum wage, resolving disputes, approving enterprise agreements and resolving claims of unfair di smissal. It is important to note that it is the body that replaced the Australian Industrial Relations Commission. Also, it executes roles previously carried out by the Australian Fair Pay Commission and the Workplace Authority. Besides this, it is involved in the procedure of enhancing national industrial relations policies. This includes, controlling the award framework and maintaining minimum wages (Buchanan, 2013). This paper is a discussion of the functions of the Fair Work Commission in the making and approving of agreements. Making of Agreements An enterprise agreement can be created between one or more workers with their chosen agents. Moreover, the enterprise agreement can be modified to benefit certain enterprises (James Ombudsman, 2015). Ellem argues that during the process of making a contract, where leaders have failed to negotiate in good faith, the good faith negotiating requirements will act to prevent problems by allowing the Fair Work Commission to make orders (Ellem, 2014). This should serve the interests of both the general public and negotiating representatives. In addition, if one bargaining partner believes that the other partner is not negotiating in good faith, they must inform the offending partner of their distresses and give a reasonable period to respond. This will prevent assumptions that the representatives are not negotiating in good faith because the Fair Work Commission will only be able to create negotiating orders, if it is convinced that this report was prepared (Hustedt Seyfried, 2016). In ord er to enhance integrity of existing contracts, the Fair Work Commission cannot create good faith negotiating orders until after three months before the nominal expiry date of a continuing contract, if the manager has not offered the workers a new contract. Ellem highlights that it is not necessary for the negotiating representatives to sign up to a contract where they do not accept the terms of the contract. If the Fair Work Commission suspects that they have been extreme breaches of negotiating orders by negotiating representatives and those breaches have significantly affected the contract, it will have the right to create a workstation determination. Furthermore, good faith negotiating requirements protect managers from unfair negotiating procedures, therefore, if negotiating representatives do not agree about the contract, they have a right to jointly walk away. Approval of Agreements According to Howe, it is important to note that before approval of an agreement, the Fair Work Commission must be convinced that the agreement has a contract that highlights a process that enables the commission or another individual who is dependent of the managers, workers or workers unions covered by the agreement, to resolve cases about situations arising under the contract and in accordance to the National Employment Standards (NES) (Howe, 2014). Such a contract must enable for the representation of workers indicated in the agreement in order to simplify the dispute resolution procedure. All the enterprise agreements must also be checked by the Fair Work Commission for consent before they begin operation. The authorization procedure is simple and involves periodic valuation of the enterprise agreement and conditions under which it is created. After the agreement has been approved by the employees, the Fair Work Commission will certify that the contract is genuine, the set of wor kers covered by the contract is fairly chosen, the contract is in accordance with the Better Off Overall Test (BOOT) and the contract does not contain illegal content. The certification procedure under the Fair Work Act will shorten most of the process applied during the fairness test. During the period of contract, the negotiating team is required to provide a constitutional declaration outlining the content of the contract. Besides this, it is important that the agreement is signed by the employer and a leader of the workers (Roles O'Donnell, 2013). The enterprise agreements can enable that increment in salaries and allowances are associated with the productivity increase at the enterprise. This is a result of negotiations at the level of enterprise which are favorable reflecting the financial position of the enterprise. In addition, collective bargaining will boost productivity rather than focus on negotiations. Therefore, collective bargaining under the Fair Work Commission will not be restricted by rules and is developed to have a good effect on labour productivity. Before the transition Act, the workstation Authority should apply a fairness test to agreements. The Fairness Test is very beneficial to the business but it is usually faced with inefficiencies. Besides this, the implementation of the Fairness Test has led to big delays in the approval of agreements (Giudice, 2014). In addition, the Fair Work Commission will use the BOOT to ensure that every worker protected by the agreement is in a better position as compared to another modern award. The usage of modern awards as reference will enhance simplification of the authorization process as compared to the current, difficult minimum standards engagements. Moreover, it enhances growth and fairness through company contracts that are created to meet the needs of companies and the workers (Howe, 2014). This involves providing the workers and managers with the freedom to elect individuals of their choice to represent them in negotiations for a proposed contract. It also assists Fair Work Australia to enhance good faith bargaining and the development of contracts. For instance, through creating negotiating orders and solving cases where parties need help and making sure that workers included in the agreement are in a better position against the latest safety net. McKenzie highlights that the Fair Work Commission has other functions that include setting a framework for handling the requirements of employment in a situation where there is transfer of business that enables a balance between the protection of the requirements of employment and the needs of managers in managing their company effectively (McKenzie, 2015). Secondly, it enhances representation and equality at the work station through simplified and straightforward general protections focused with workstation and industrial rights (Trigger, Keenan, Rijke Rifkin, 2014). For example, freedom and rights of association and protection against biasness, illegal termination and fake appointments which hide employment appointments as independent contractor engagements. In addition, it offers protection against biased dismissal for workers using a flexible, fast and informal procedure, a stress on fair dismissal code and emphasis for small enterprises. Thirdly, it provides tough and clear reg ulations against industrial strikes, with the freedom to have peaceful industrial strikes in the course of negotiations in support of assertions relative to a new business contract resulting to a democratic and fair election. It also involves authorizing the Fair Work commission to create orders to end industrial strikes and prevent limitations on payment to workers during industrial strikes (Charlesworth Macdonald, 2015). It also maintains an equal and balanced system for freedom of entry for executives of companies and authorizes the Fair Work Commission to handle exploitations of rights by officials, unreasonable demands by managers and civil cases. Moreover, it gives a right for managers to face workers in extreme situations. Fourthly, it enables submission with the latest workstation relations framework in enhancing a particular, available compliance framework. Therefore, this involves the empowerment of the Fair Work Departments of the federal court or the federal Magistrates court to create any order that is necessary to solve an infringement. Also, it involves the ability to create privileges under a contract of working that associates to similar subject-matters as the modern award in the federal court and the federal Magistrates court by supervisors in affected states and territory courts and a number of claims process in the Federal Magistrates court (James Ombudsman, 2015). To conclude, the Fair Work Commission simplifies the process of making and approving agreements. The Fair work Commission has engaged the roles of the Australian Industrial Relations Commission (AIRC) in solving workplace problems and industrial actions. In relation to this, it provides information about the procedure of creating enterprise agreements and contracts. The Fair Work Commission also approves and evaluates the agreements and resolves issues arising about the terms of agreements. The major functions of the Fair Work Commission include fixation of a minimum wage, resolving disputes, approving enterprise agreements and resolving claims of unfair dismissal. In addition, it is involved in the procedure of enhancing national industrial relations policies including controlling the award framework and maintaining minimum wages. References Bray, M., Stewart, A. (2013). From the arbitration system to the Fair Work Act: The changing approach in Australia to voice and representation at work. Adel. L. Rev., 34, 21. Buchanan, J., Bretherton, T., Frino, B., Jakubauskas, M., Schutz, J., Verma, G., Yu, S. (2013). Minimum wages and their role in the process and incentives to bargain. Melbourne: Fair Work Commission, https://apo. org. au/files/Resource/fwc_minimum-wages-incentives-to-bargain_2013. pdf. Charlesworth, S., Macdonald, F. (2015). Women, work and industrial relations in Australia in 2014. Journal of Industrial Relations, 57(3), 366-382. Ellem, B. (2014). A battle between titans? Rio Tinto and union recognition in Australias iron ore industry. Economic and Industrial Democracy, 35(1), 185-200. Giudice AO, T. H. G. (2014). Industrial relations law reformWhat value should be given to stability?. Journal of Industrial Relations, 56(3), 433-441. Howe, J. (2014). Is the net cast too wide? An assessment of whether the regulatory design of the 457 visa meets Australia's skill needs. Hustedt, T., Seyfried, M. (2016). Co-ordination across internal organizational boundaries: how the EU Commission co-ordinates climate policies. Journal of European Public Policy, 23(6), 888-905. McKenzie, D. M. (2015). The role of mediation in resolving workplace relationship conflict. International journal of law and psychiatry, 39, 52-59. Steele, S., Wee, M. S., Ramsay, I. (2016). Remunerating Corporate Insolvency Practitioners in the United Kingdom, Australia and Singapore: The Roles of Courts. Trigger, D., Keenan, J., Rijke, K., Rifkin, W. (2014). Aboriginal engagement and agreement-making with a rapidly developing resource industry: Coal seam gas development in Australia. The Extractive Industries and Society, 1(2), 176-188. Roles, C., O'Donnell, M. (2013). The Fair Work Act and worker voice in the Australian Public Service. Adel. L. Rev., 34, 93. James, N., Ombudsman, F. W. (2015). Commonwealth of Australia.

Personal Statement Essays (518 words) - , Term Papers

Personal Statement HmmmWhat shall I tell you about me? You, the person who will decide my fate, my fate as to whether I would go to CU-Boulder, go live in Colorado, go snowboarding in the mountains, meet lots of interesting people, and have the most wonderful experience?I better make myself sound worthy. First off, I want you to know that I'm an unparalleled individual, whose outlook on life is of total optimism. Through out my 18 years, I've become freinds with people from all walks of life. I've learned to empathize with just about every one of them, gaining the greatest understanding in a variety of remarkable characters. One of my favorite, a homeless lady who's called Polly, tells the most incredible stories of love and the many men she has encountered in her 54 years of life. She lives under a bridge and panhandles for a living, yet she appears so happy and dandy, and she can put a smile on my face any day. She's the kind of person who makes me appreciate all the little things people like myself normally take for granted. I come from a family in which the parents struggled starting fresh at 30 years old in a new world, America. They came here in refuge from a country whose leader had forsaken his people, leaving them in a four year long nightmare in which over two million people were done to death. That country is Cambodia. The parents came to America, after having survived such evil and cruelty, not knowing a word of English, yet they persevered with desire of better lives for their two daughters. One of them, the oldest, is I. My father made me start training in Martial Arts, Tae Kwon Do, when I was 13 years old. He wanted me to have self-discipline and self-confidence?well, I guess I should thank him because all that training worked. Tae Kwon Do is a way of life for me. The tenants in which I practice are integrity, self-control, perseverance, and indomitable spirit. They may sound cheesy, but if you think about it, hey, it's actually very ethical. My father gave me martial arts, and my 14-year-old sister introduced snowboarding to me when I was 16. I love snowboarding! I basically taught myself how to board, well? with the help of viewing my sister's skillfulness. I plan on indulging myself with Tae kwon Do and snowboarding for the rest of my life! I just can't stress enough on how much I love it! My parents and I have many expectations for myself, and I hope to fulfill them. One of them, a very important one, is to go to college, preferably CU. I want to be in Colorado to experience its awesome environment, and at the same time, be a part of an awesome student body! My destination is to where and when my mind gains knowledge to its greatest capacity and I hope to have an amazing experience down this long and twisting path also known as my learning process. Acceptance Essays

36 Adjectives Describing Light

36 Adjectives Describing Light 36 Adjectives Describing Light 36 Adjectives Describing Light By Mark Nichol A bright constellation of adjectives referring to various qualities of light, or other phenomena related to light, is brought to light in the list below. Quite a few of them, from lucent to lustrous (and even illuminating), stem from the Latin word lucere, meaning â€Å"to shine,† while many others begin with the consonant gl-, betraying their descent from a proto-Germanic word with the same meaning. 1. Aureate: brilliantly golden; also, grandiloquent 2. Blinding: so bright as to obscure vision 3. Coruscating: flashing, or sparkling; also, brilliant or showy 4. Crepuscular: dim, or resembling twilight; also, said of animals active during twilight 5. Dappled: marked by spotted or patchy light; also, marks of this kind on a surface 6. Fluorescent: giving off light produced by another source of illumination 7. Glancing: intermittently flashing or gleaming 8. Gleaming: shining, radiant 9. Glimmering: faintly or unsteadily shining 10. Glinting: see gleaming; also, appearing briefly, or glancing briefly 11. Glistening: see lustrous 12. Glistering: see glittering 13. Glittering: flashing or sparkling; also brilliantly and/or superficially attractive or appealing 14. Glossy: bright on the surface; also, artificially opulent or sophisticated 15. Illuminating: bright or shining; also, highlighted or made clear 16. Incandescent: warm, glowing 17. Iridescent: rainbow colored 18. Lucent: bright, clear, or shining 19. Lucid: see lucent; also, easy to understand 20. Lucifugal: shunning light, as in the case of nocturnal animals 21. Lucifugous: see lucifugal 22. Luminescent: shining by chemical or physiological means 23. Luminous: full of light 24. Lustrous: smooth, evenly lit; also, brilliant or eminent 25. Opaque: blocking light; also, obtuse, or difficult to understand 26. Opalescent: see iridescent 27. Penumbral: partially shaded 28. Phosphorescent: continuing to glow after removal of a light source 29. Prismatic: brilliant, or resembling colors formed by passing light through a prism 30. Radiant: glowing, or radiating light 31. Resplendent: brilliant or glowing 32. Scintillating: sparking, or sparkling; also, brilliant, as said of personality 33. Shimmering: soft or wavering light or reflection 34. Spangling: see glittering 35. Spectral: made by a range of colors of the spectrum; also, ghostly 36. Translucent: diffused, or transparent Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:50 Idioms About TalkingList of 50 Great Word Games for Kids and AdultsHow to Send Tactful Emails from a Technical Support Desk

FINANCIAL MARKETS AND MONETARY POLICY Essay Example | Topics and Well Written Essays - 1750 words - 1

FINANCIAL MARKETS AND MONETARY POLICY - Essay Example Since then it has been varying over the years where the present name ‘official bank rate’ was initiated in 2006 replacing the former ‘Repo Rate’ that existed till 1997. The rate of interest is levied by the nation’s central bank or the Federal bank on lending or advances to regulate the supply of money in the banking sector and overall economy. This is essentially conducted on a quarterly term to regulate the inflation rate and strengthen the nation’s rates of exchange. Any deviation in the bank rates stimulates a ripple-impact as it affects every sector of the economy. For example, the stock prices in the exchange market seem to respond to the changes in the interest rates. A variation in the bank rates has an impact on the customers as it affects the prime rates of interests for individual loans. The Bank rate is the rate at which the Bank of England gives to the commercial bank for the extra reserves being kept in safe custody of the Central Bank (Ciro, 2012, p. 122). Conventionally, the treasury determines the rates of interests. But upon the reforms that occurred in 1992, the policy makers organized several meetings and minutes were published, yet they were not autonomous of the state which resulted into a perception that political forces were overshadowing what was stipulated to be fiscal decisions on the monetary policy. In 1997 there was operational accountability to determine the interest rates which was granted to the autonomous Bank of England by Gordon Brown-the Chancellor of Exchequer. Several principles were set for the establishment of the Monetary Policy Committee (MPC) that was enacted in the Bank of England Act 1998 (OECD, 2009, p. 31). The Act also spelled out the accountability of the MPC: this include; meeting on monthly basis, the membership consists of the governor, two deputy governors, two executive directors of the bank