Lehman Brothers

Research a failure that occurred at a large organization such as Tyco, Chrysler/Daimler-Benz, Daewoo, WorldCom, or Enron. In an APA formatted paper that is no longer than 1,050 words, describe how specific organizational behavior theories could have predicted or can explain the failure of the company. Compare and contrast the contributions of leadership, management, and organizational structures to the organizational failure. Lehman Brothers Holdings Inc, the fourth largest US investment bank, succumbed to the sub prime mortgage crisis in the biggest bankruptcy filing in history. The 158 year old firm, which survived railroad bankruptcies of the 1800s, the great depression in the 1930s, & the collapse of long term capital management a decade ago, filed a chapter 11 petition with US bankruptcy caught in Manhattan on September, 15. The following day, its investment banking & trading divisions were acquired by Barclays plc along with its New York headquarters building. In the biggest reshaping of the financial industry since the Great Depression, Wall Street’s most storied firm, Lehman Brothers Holdings Inc. , headed towards extinction. The 158 year old firm, which survived railroad bankruptcies of the 1800s, the great depression in the 1930s, & the collapse of long term capital management a decade ago, filed a chapter 11 petition with US bankruptcy caught in Manhattan on September, 15. The following day, its investment banking & trading divisions were acquired by Barclays plc along with its New York headquarters building. The collapse of Lehman, which listed more than $613 billion of debt, dwarfs World Com Inc’s insolvency in 2002 & Drexel Burnham Lambert’s failure in 1990. What happened that weekend was that the Fed got a bunch of bank presidents together and asked them to invest in Lehman (basically loan Lehman money). The bank CEOs, knowing the risk of such a loan (they could see Lehman's finances), refused to do so without some kind of assistance from the government (whether it be loss-protection, the government paying half of the loan, etc etc). Hank Paulson, the Secretary of Treasury, refused to do this, saying that he didn't want to saddle the taxpayers with paying to save a private company that screwed up. Breakup process IMIDIATE AFTER EFFECTS- US stocks tumbled, more than $300 billion in market value, pummeled by the developments. Lehman plunged 95%; AIG retreated 42% on funding concerns while Bank of America Corp slumped 14% after agreeing to buy Merrill Lynch & Co. for $50 billion. The bankruptcy filing represents the end of a 158-year-old company that survived world wars, the Asian financial crisis and the collapse of hedge fund Long-Term Capital Management, but not the global credit crunch. Financial institutions globally have recorded more than $500 billion of write-downs and credit losses as the U. S. subprime mortgage crisis has spread to other markets. {text:bookmark-start} {text:bookmark-end} Bankruptcy also represents a bad end to Chief Executive Dick Fuld's four-decade career at Lehman. Fuld, who piloted the investment bank through prior crises with aplomb, was widely seen as too slow to recognize Lehman's need to raise capital and shed bad assets. Lehman Brothers filed for bankruptcy because they failed to raise enough capital to secure their debts. The next logical question is why did they have so much debt? This is a two-fold answer: second, Lehman had a ton of what is called â€Å"leveraged assets†. Basically what happened (the non-basic is for another question) is Lehman took their assets and took out loans secured by those assets (for instance, using their on-hand cash as down payments on loans) and then invested those loans in the aforementioned property derivatives. So, not only did those investments lose value, but Lehman had to pay the interest on the money they borrowed (and subsequently lost). In short, Lehman was a casualty of the credit crunch due to exposure to bad debt. In August 2007, the firm closed its subprime lender, BNC Mortgage, eliminating 1,200 positions in 23 locations, and took an after-tax charge of $25 million and a $27 million reduction in goodwill). Lehman said that poor market conditions in the mortgage space â€Å"necessitated a substantial reduction in its resources and capacity in the subprime space†. At the end of August ‘07, Lehman had $600 billion of assets financed with just $30 billion of equity. Having so little capital meant that a 5 percent decline in assets would wipe out the value of the company, which investors saw as a real risk due to the company's billions of dollars of mortgage securities. In 2008, Lehman faced an unprecedented loss to the continuing subprime mortgage crisis. Lehman's loss was apparently a result of having held on to large positions in subprime and other lower-rated mortgage tranches when securitizing the underlying mortgages; whether Lehman did this because it was simply unable to sell the lower-rated bonds, or made a conscious decision to hold them, is unclear. In any event, huge losses accrued in lower-rated mortgage-backed securities throughout 2008. In the second fiscal quarter, Lehman reported losses of $2. 8 billion and was forced to sell off $6 billion in assets. In the first half of 2008 alone, Lehman stock lost 73% of its value as the credit market continued to tighten. In August 2008, Lehman reported that it intended to release 6% of its work force, 1,500 people, just ahead of its third-quarter-reporting deadline in September. On August 22, 2008, shares in Lehman closed up 5% (16% for the week) on reports that the state-controlled Korea Development Bank was considering buying the bank. Most of those gains were quickly eroded as news came in that Korea Development Bank was â€Å"facing difficulties pleasing regulators and attracting partners for the deal. † It culminated on September 9, when Lehman's shares plunged 45% to $7. 79, after it was reported that the state-run South Korean firm had put talks on hold. On September 17, 2008 Swiss Re estimates its overall net exposure approximately CHF 50 million to Lehman Brothers. Investor confidence continued to erode as Lehman's stock lost roughly half its value and pushed the S&P 500 down 3. 4% on September 9. The Dow Jones lost 300 points the same day on investors' concerns about the security of the bank. The U. S. government did not announce any plans to assist with any possible financial crisis that emerged at Lehman. The next day, Lehman announced a loss of $3. 9 billion and their intent to sell off a majority stake in their investment-management business, which includes Neuberger Berman. The stock slid 7 percent that day. Lehman, after earlier rejecting questions on the sale of the company, was reportedly searching for a buyer as its stock price dropped another 40 percent on September 11, 2008. Just before the collapse of Lehman Brothers, executives at Neuberger Berman sent e-mail memos suggesting, among other things, that the Lehman Brothers' top people forgo multi-million dollar bonuses to â€Å"send a strong message to both employees and investors that management is not shirking accountability for recent performance. † Lehman Brothers Investment Management Director George Herbert Walker IV, second cousin to U. S. President George Walker Bush, dismissed the proposal, going so far as to actually apologize to other members of the Lehman Brothers executive committee for the idea of bonus reduction having been suggested. He wrote, â€Å"Sorry team. I am not sure what's in the water at Neuberger Berman. I'm embarrassed and I apologize. † In its Chapter 11 filing, Lehman named Citibank and Bank of New York Mellon as trustees for about $138 billion of senior Lehman bonds. It said Citi's Hong Kong affiliate had made a $275 million bank loan to Lehman. Among Lehman's other unsecured creditors are Japanese banks Aozora Bank, Mizuho Financial Group Inc, Shinsei Bank and UFJ Bank. France's BNP Paribas is also on Lehman's list of its 30 largest unsecured creditors. The firm said that as of May 31, it owed about $110. 5 billion on account of senior unsecured notes, $12. 6 billion on account of subordinated unsecured notes, and $5 billion on account of junior subordinated notes. Lehman also disclosed that it owned stakes of 10 percent or more in a number of companies, including Imperial Sugar Co , Lpath Inc, Derma Services, Flagstone Reinsurance, GLG Partners, Ronco Corp , Pacific Energy Partners, Blount International , Pemstar Inc and Transmontaigne Inc. The investment bank, once the fourth-largest in the United States, had hoped to raise capital by selling off a stake in its investment unit, and use that capital as well as other funds to spin off some of its toxic assets to shareholders. But that plan did not satisfy investors, who punished Lehman's share price, or rating agencies, who pressed the company to find a stronger partner. Lehman said the uncertainty, particularly among banks through which it clears securities trades, ultimately made it impossible for it to continue to operate its business. The bankruptcy filing comes after a weekend of heated negotiations among regulators and Wall Street firms about Lehman's fate. The U. S. government refused to backstop Lehman's worst assets the way it backstopped Bear Stearns Cos Inc's sale to JPMorgan Chase. Government officials told banks to support Lehman or else be prepared for more investment banks to lose investor confidence and fail. But prospective bidders refused to buy Lehman without government support, people briefed on the matter said. In the end, Lehman was allowed to fail, and Bank of America Corp agreed to buy what was seen as the next weakest U. S. investment bank, Merrill Lynch & Co Inc. For many of Lehman's 26,000 employees the outlook is likely to be gloomy, with job losses expected to be substantial even if significant parts of the business can be sold. At Lehman's headquarters in midtown Manhattan on Sunday afternoon, men dressed in suits came and went, while some employees entered the building with what appeared to be empty duffel bags, then left with them full. Others emerged with accordion files, binders stuffed with papers and full valises. On Sunday night, hundreds of Lehman employees were still in the office to clear their desks and pack personal belongings, according to an employee. Several money-market funds and institutional cash funds had significant exposure to Lehman with the institutional cash fund run by The Bank of New York Mellon and the Primary Reserve Fund, a money-market fund, both falling below $1 per share, called â€Å"breaking the buck†, following losses on their holdings of Lehman assets. In a statement The Bank of New York Mellon said its fund had isolated the Lehman assets in a separate structure. It said the assets accounted for 1. 3% of its fund. The drop in the Primary Reserve Fund was the first time since 1994 that a money-market fund had dropped below the $1-per-share level. About 100 hedge funds used Lehman as their prime broker and relied largely on the firm for financing. As administrators) took charge of the London business and the U. S. holding company filed for bankruptcy, positio ns held by those hedge funds at Lehman were frozen. As a result the hedge funds are being forced to de-lever and sit on large cash balances inhibiting chances at further growth. In Japan, banks and insurers announced a combined 249 billion yen ($2. billion) in potential losses tied to the collapse of Lehman. Mizuho Trust & Banking Co. cut its profit forecast by more than half, citing 11. 8 billion yen in losses on bonds and loans linked to Lehman. The Bank of Japan Governor Masaaki Shirakawa said â€Å"Most lending to Lehman Brothers was made by major Japanese banks, and their possible losses seem to be within the levels that can be covered by their profits,† adding â€Å"There is no concern that the latest events will threaten the stability of Japan's financial system. † During bankruptcy proceedings a lawyer from The Royal Bank of Scotland Group said the company is facing between $1. billion and $1. 8 billion in claims against Lehman partially based on an unsecured g uarantee from Lehman and connected to trading losses with Lehman subsidiaries, Martin Bienenstock. After Constellation Energy was reported to have exposure to Lehman, its stock went down 56% in the first day of trading having started at $67. 87. The massive drop in stocks led to the New York Stock Exchange halting trade of Constellation. The next day, as the stock plummeted as low as $13 per share, Constellation announced it was hiring Morgan Stanley and UBS to advise it on â€Å"strategic alternatives† suggesting a buyout. While rumors suggested French power company Electricite de France would buy the company or increase its stake, Constellation ultimately agreed to a buyout by MidAmerican Energy, part of Berkshire Hathaway (headed by billionaire Warren Buffett). The Federal Agricultural Mortgage Corporation or Farmer Mac said it would have to write off $48 million in Lehman debt it owned as a result of the bankruptcy. Farmer Mac said it may not be in compliance with its minimum capital requirements at the end of September. 2008). economies. Furthermore, such wealth effects tend to play out gradually. The 158 year old Lehman Brothers’ move to file for bankruptcy wiped off more than Rs2000 crore from the market valuation of those Indian companies in which the US financial major made equity investments. Major stocks held through participatory notes issued by Lehman Brothers Investment Management, a SEBI- registered foreign institutional investor, saw their prices nosedive. Participatory notes are derivative instruments through which foreign investors that are not registered in India can trade on the Indian markets. In addition to its equity holdings in listed companies, Lehman had also invested in various projects of Indian companies, especially in real estate. In India, Lehman also acquired BRICS Institutional Equities business of research analysts and sales and trading professionals and bought a 26% stake in Edelweiss Capital Finance , a non banking financial company, recently. The investment banking major has also been involved in several Indian initial public offers. IT SECTOR- The meltdown in US had a huge impact on indian IT & IT companies as a large chunk of their revenues is from US. Thus, the crisis had definitely delayed various new projects. Market sources revealed that the companies affected by the crisis such as Lehman Brothers, Merill Lynch and AIG have been outsourcing work to wipro, Tata Consultancy Services & Infosys. There was a direct impact on the revenues of this companies. As more & more consolidation, acquisition & mergers took place in the US, the number of companies in this space came down & shrunk the addressable market for the Indian IT services companies. Consolidation also led to consolidated IT resources & reduction in IT spending, which had negative effect on the IT companies. The slowdown also had an jmpact on the hiring practices of Indian IT services companies, who had to now focus on just-in-time hiring, rather than advanced hiring practices like campus recruitment. Thus, w. r. t. Lehman, as much as 60% of the revenue of India’s software firms comes from the global financial sector, so the fallout of Lehman’s bankruptcy on India’s IT sector cn be well imagined. REAL ESTATE- The collapse of Lehman Brothers and the bailout of Merrill Lynch, the global financial behemoths, affected Indian realty companies that were in the process of raising fresh funds. Many leading realtors, already facing a paucity of funds due to a slowdown or a correction in prices, found it more difficult to raise resources even at the project level. Merrill Lynch & Lehman Brothers had exposure to more than a dozen realty companies, including, Ansal Housing, Anant Raj Industries, Unity Infrastructure, the Puravankara group and J Kumar Infrastructure, among others. The Indian companies are not only unable to raise fresh capital but they are also finding it difficult to sell the inventory of housing stock as demand & prices both have fallen. BANKING- ICICI Bank said that it might need to make an additional provision of $28 million (Rs. 188 crore) on its exposure to bonds issued by Lehman. It had already made provisions of $12 million on these bonds. Indian IT major Wipro Technologies has expressed interest in bidding for the Indian back office business of Lehman. The bankrupt investment banking firm is expected to close its captive unit in Mumbai by the end of this month. The unit’s 1200 employees, who work on equity research and analytics support for the mergers and acquisitions business, have been asked to quit by September end. Unlike employees in Lehman’s investment banking business who have been receiving feelers from domestic banks, employees in the captive BPO are unlikely to find alternate jobs quickly because the IT and IT- enabled services industries have already begun downsizing, owing to the global financial crisis. The RBI had moved quickly to improve liquidity. Still there could be some impact on credit availability. That implies more expensive credit (even public sector banks are said to be raising money at 11. 5%, so that lending rates will inch up to 16 % and higher). For companies looking to raise capital, the alternative of funding through fresh equity is not cheap, either, since stock valuations have suffered in the wake of the FII pull out. Capital has suddenly become more expensive. There is a risk that projects underway will suffer from delays and cost overruns as cost of credit shoots up. Real estate could be most affected sector. Builders may have to resort to dropping prices to find customers for housing projects nearing completion. Another worry is impact on job creation in the country. There could be downsizing in companies in sectors impacted by high cost of credit and fall in demand. The layoffs in IT sector may be a fair portent of things to come. The crisis does have a silver lining. The falling rupee(against the dollar) will mean that exporters affected by the earlier rise of the currency can breathe easy. However importers would be at the receiving end. Importers of oil and other commodities’ prices will neutralize the impact of the dollar’s decline against the rupee. Prices of stocks and real estate, which had appreciated by too much, will come down to realistic levels. The Lehman Brothers bankruptcy filing indicate that as of their May 31, 2008 financial statement that the firm has $639 billion of assets and $613 billion of debt. At that time the firm had about $110 billion in ordinary bonds, and about $17. 6 billion in subordinated bonds. The composition of the other debts is hard to determine, in part, because of a bad cross reference in that part of the filing. As of the last financial statement, accounts payable were about $71 billion, short term debt was $163 billion, other current liabilities were about $29 billion, and long term debt was about $350 billion. As of the filing date, the listing of the top 30 outsider creditors of the firm mentioned $138 billion of ordinary bonds (managed by two bond trustees), $17 billion of subordinated bonds (managed by one of the two ordinary bond trustees), and about 3 billion in bank loans and letters of credit ranging in size from $463 million to $10 million from 23 different institutions (a few of whom appear to be related entities of each other). This leaves about $485 million of debts owed to creditors in amounts less than $10 million and insider debtors. This would suggest that $71 billion+ is made up of trade credit in small amounts per creditor, while $414 billion is made up of financial creditors in amounts less than $10 million and insider debt, with insider debt probably making up the bulk of the debts, as investment banks don't generally take deposits from millions of households the way that commercial banks do. There don't appear to be any significant (i. e. more than $10 million) secured creditors or trade creditors, although this might not include financial rights of setoff. There are more details in an Affidavit of the CFO, which is honestly rather dubious and unsatisfying. I find it very hard to believe that Lehman Brothers is incapable of providing much, much more information than it has to date with only modest effort. While it might not be able to provide ever single creditor in a matter of weeks, it ought to be able to publicly account for more than a third of its outstanding debt. These folks are in the financial analysis business and live and die on their own ability to be highly leveraged without becoming insolvent. Equity The most recent financial statement listed the aggregate value of preferred stock at $7 billion (and did not include it as a debtor in the petition). The aggregate redemption value of the preferred stock based upon the rights of each class of preferred stock, the number of preferred shares identified in the petition (presumably the number of authorized preferred shares in each class), and assuming that preferred stock dividends aren't grossly in arrears, is about $237 billion. This is calculated as follows: 5 million shares, $500 each, $2. 5 billion 4 million shares, $5000 each, $2. billion 12 million shares, $2500 each, $30 billion 5. 2 million shares, $2500 each, $12. 5 billion 66 million shares, $2500 each, $165 billlion 12 million shares, $25 each, $0. 3 billion 12 million shares, $25 each, $0. 3 billion 16 million shares, $25 each, $0. 4 billion 8 million shares, $25 each, $0. 2 billion 4 million shares, $1000 each, $4 billion 2 million shares, $1000 each, $2 billion But, this appears to grossly overstate the amount of preferred stock shares outstanding. There are 694,401,926 common shares outstanding according to the petition. Assets The source balance statement listed the company's assets as $314 billion in cash, $42 billion in net receivables, $4. 3 billion in fixed assets, and $279 billion in non-current assets. Presumably, this number is lower now, due to market losses, particularly in mortgage based securities. Some breakdown on the nature of those assets is available: Sanford Bernstein analyst Brad Hintz estimates that 55% of Lehman's balance sheet can be quickly liquidated, particularly such assets as receivables and short-term loans known as repurchase agreements. There are about $269 billion in securities that are â€Å"another story,† Hintz wrote in a report released Monday. He estimates 27% of the $269 billion is in mortgages, 17% in derivatives, and 8% in real estate. Analysis The two primary bond trustees seem likely to be the dominant voice on behalf of creditors in this bankruptcy on the creditor's committee. This could be a 100% payout liquidity failure bankruptcy, and failing that, could be one in which common stock shareholders, preferred stock shareholders, and perhaps subordinated debtors bear the brunt of the impact, while general creditors are held harmless or nearly so. Indeed, if the company adopts a plan that holds harmless all preferred and general unsecured creditors, and all secured creditors, then only the holders of subordinated debt would have any right to object. Since all of the subordinated debt appears to be represented by a single bond trustee, this might mean that the plan could be confirmed in a one on one negotiation with the representative of that bank. Equity and subordinated debt together are capable of absorbing a $43 billion loss between May 31, 2008 and the bankruptcy filing, and pre-bankruptcy loss estimates had been in the vicinity of $7 billion. Barclays Bank is discussing buying the brokerage and investment banking operations including the headquarters out of bankruptcy for about $8 billion (presumably the usually highly profitable brick and mortar part of the operation which probably also counts for most accounts payable and accounts receivable), and assuming that this is a market value for that operation by some reasonable measure, the market losses that other creditors would have to bear would remain unchanges, but greater liquidity could speed up the payout. The bankruptcy filing covers only Lehman’s holding company. Its brokerage and money-management units are not in Chapter 11 † employees still have their jobs, customers still execute transactions on accounts, and portfolio managers still manage mutual funds. The relative independence of these subsidiaries from the bankruptcy process is what enables Barclays, the U. K. -bank that walked away from a Lehman rescue over the weekend, to consider purchasing part of Lehman. Another interesting possibility would be a plan that allocated good, short term assets to outsider creditors as payment in full, while allocating securities of uncertain value, like the mortgage backed securities, to the insiders. Outsiders can't object if they get quick cash in exchange of the debts owed to them, so this plan could be imposed on them, leaving insiders with any windfalls resulting from market undervaluation of Lehman Brothers' complex financial assets. The biggest overall risk is that the derivatives market, and in particular, the credit default market, will be screwed up by the freezing of the positions of a major market player, although recent bankruptcy law reforms are designed to minimize this impact. Financial crises are terrifying when underlying economic fundamentals are out of line with established theory, leading to bursts of unjustified optimism and/or pessimism. It is the responsibility of the powers that be to bring sense to the market. Every financial crisis is different, but they do all end. The Lehman Brothers bankruptcy and Merrill Lynch’s acquisition by Bank of America is yet another stage in the progression of the financial crisis that had its roots in the US sub-prime mortgage market. The initial stage of the crisis took a toll on direct mortgage lenders like Countrywide Financial. In a subsequent stage, guarantors of mortgage-backed securities like Freddie Mac and Fannie Mae came under attack. This culminated in their going into US government ‘receivership’ (effectively nationalization) a few weeks ago before the bankruptcy was actually filed. Lehman’s demise marks the stage where banks with indirect but large exposures to the US mortgage market, principally through derivative instruments, bear the brunt. This is not necessarily the final stage and the worst is perhaps not over. A key feature of this crisis that started in the middle of 2007 has been the lack of clarity on both the nature and number of financial institutions that have indirect exposure to subprime assets, as well as, cross-product problems involving movement from subprime to prime mortgages with final spillover into derivatives, structured products and counterparty risks. We could see another set of intermediaries coming under severe pressure. The decision by the US Treasury and the Fed not to guarantee Lehman’s financial liabilities is a clear signal to the market that they believe that no institution is ‘too big to fail’. Going forward, a government-funded bailout is likely to be the exception, not the norm. Besides, with Lehman’s bankruptcy, the fate of its counterparties hangs in balance. It is not clear whether a fire-sale of Lehman’s assets will be adequate to pay off its creditors. Besides, apprehensions of other banks meeting Lehman’s fate will keep inter-bank lenders on edge. This could lead to a huge squeeze on inter-bank liquidity and trigger another bout of turbulence in credit markets. Finally, the Lehman episode has ramped up the level of risk-aversion in the global financial system. These are days of extreme and often irrational pessimism. The way to survive this crisis is to stay focused on the fundamentals. From a fundamental perspective, India’s financial system has a lot going for it. Indian banks have no direct exposure to G-7 mortgage markets and their ndirect exposure is minuscule relative to the size of their balance sheet. This has protected us in the past and will continue to insulate us to a significant degree from the turmoil in global markets. As this phase of extreme pessimism abates a bit, global investors are likely to reward India for the robustness of its system. Thus, at last, the bankruptcy of Lehman Brothers Holdings I nc, was mainly caused by the fall in house prices & the easy finance provided for housing at vary low interest rates which made the Dow Jones Industrial Average to fall 500 points. The treasury secretary Henry M. Paulson Jr. had been sending warning signals to Lehman Brothers ever since the firm announced its second quarter losses of $2. 8 billion. Experts were also quoted as saying that the 158-year-old bank was just living off the brand name that it had nurtured over the years. The Lehman bankruptcy had a great impact on INDIA. The undercapitalization of financial houses that was at the core of the financial meltdown in the US & developed markets became a problem in Indian Financial System, too.

Evaluation and Analysis of Jose Rizal as a Patriot Essay

Dr. Jose Rizal is a unique example of many-splendored genius who became the greatest hero of a nation. Endowed by God with versatile gifts, he truly ranked with the world’s geniuses. He was a physician, poet, dramatist, essayist, educator, architect, historian, painter, linguist, ethnologist, surveyor, farmer businessman, economist, geographer, cartographer, folklorist, humorist, satirist, magician, inventor, translator, sportsman, and traveler. Above all of these, he was a hero and political martyr who consecrated his life for the redemption of his oppressed people. No wonder, he is now acclaimed as the national hero of the Philippines. THE BIRTH OF A HERO On June 19, 1861, the Mercado Family from the town of Calamba in the province of Laguna in the Philippines, happily greeted the birth of their newest member — a baby boy born as the seventh child to proud parents Francisco Rizal Mercado y Alejandro and Teodora Alonza y Quintos. They named the bouncing baby boy Jose Protacio Rizal Mercado. Being the seventh of a brood of eleven, Jose Rizal Mercado demonstrated an astounding intelligence and aptitude for learning at a very young age when he learned his letters from his mother and could read and write at the age of five. THE FIRST POEM At an early age of eight, Rizal wrote his first poem entitled â€Å"Sa Aking Mga Kababata†. Whenever people of a country truly love The language which by heav’n they were taught to use That country also surely liberty pursue As does the bird which soars to freer space above. For language is the final judge and referee Upon the people in the land where it holds sway; In truth our human race resembles in this way The other living beings born in liberty. Whoever knows not how to love his native tongue Is worse than any best or evil smelling fish. To make our language richer ought to be our wish The same as any mother loves to feed her young. Tagalog and the Latin language are the same And English and Castilian and the angels’ tongue; And God, whose watchful care o’er all is flung, Has given us His blessing in the speech we calim, Our mother tongue, like all the highest tht we know Had alphabet and letters of its very own; But these were lost — by furious waves were overthrown Like bancas in the stormy sea, long years ago This poem reveals Rizal’s nationalist sentiment. He proudly proclaimed that a people who love his native language will surely strive liberty and that Tagalog is equal to Latin, Spanish, English, and any other language. BEST STUDENT IN SCHOOL During his Bi SCHOLASTIC TRIUMPHS AT ATENEO DE MANILA First Year June 1872, being a newcomer and knowing little in Spanish, Rizal was placed at the bottom of the class. After the first week, he rapidly excelled and earned the title of the emperor. He was the brightest pupil of his class and he was awarded a religious picture as a prize. At the end of the year, he was placed second although his grades were still marked excellent. Second Year Having lost his class leadership on the previous year, he studied harder. Rizal received excellent grades and gold medal at the end of the year. Third Year June 1874. His grades remained excellent in all subject but he only won one medal – in Latin. Fourth Year Inspired by his Jesuit professor, he topped all his classmates in all subjects and won five medals at the end of the school year. Last Year in Ateneo On his last year, he excelled in all subject and recognized as the â€Å"Pride of Jesuits† for he is the most brilliant Atenean of his time. LITERARY WORKS WRITTEN IN ATENEO After the release of his mother, Rizal wrote his first poem during his days in Ateneo entitled â€Å"Mi Primera Inspiracion† which he dedicated to his mother on her birthday. FIRST INSPIRATION Why falls so rich a spray of fragrance from the bowers of the balmy flowers upon this festive day? Why from woods and vales do we hear sweet measures ringing that seem to be the singing of a choir of nightingales? Why in the grass below do birds start at the wind’s noises, unleashing their honeyed voices as they hop from bough to bough? Why should the spring that glows its crystalline murmur be tuning to the zephyr’s mellow crooning as among the flowers it flows? Why seems to me more endearing, more fair than on other days, the dawn’s enchanting face among red clouds appearing? The reason, dear mother, is they feast your day of bloom: the rose with its perfume, the bird with its harmonies. And the spring that rings with laughter upon this joyful day with its murmur seems to say: â€Å"Live happily ever after!† And from that spring in the grove now turn to hear the first note that from my lute I emote to the impulse of my love. Poems on Education Rizal had a very high regard for education. His poem proved that he valued education so much that may give the power of the country to survive from any forces in the struggles of societal freedom . Through education, it creates the virtue of power to human race. This gives security and peace to the motherland as the Filipinos would learn the sciences and arts as the basis to calm down the life of the society. Also he believes that education without God is not true education. THROUGH EDUCATION OUR MOTHERLAND RECEIVES LIGHT The vital breath of prudent Education Instills a virtue of enchanting power; She lifts the motherland to highest station And endless dazzling glories on her shower. And as the zephyr’s gentle exhalation Revives the matrix of the fragrant flower, So education multiplies her gifts of grace; With prudent hand imparts them to the human race. For her a mortal-man will gladly part With all he has; will give his calm repose; For her are born all science and all art, That brows of men with laurel fair enclose. As from the towering mountain’s lofty heart The purest current of the streamlet flows, So education without stint or measure gives Security and peace to lands in which she lives. Where Education reigns on lofty seat Youth blossoms forth with vigor and agility; He error subjugates with solid feet, And is exalted by conceptions of nobility. She breaks the neck of vice and its deceit; Black crime turns pale at Her hostility; The barbarous nations She knows how to tame, From savages creates heroic fame. And as the spring doth sustenance bestow On all the plants, on bushes in the mead, Its placid plenty goes to overflow And endlessly with lavish love to feed The banks by which it wanders, gliding slow, Supplying beauteous nature’s every need; So he who prudent Education doth procure The towering heights of honor will secure. From out his lips the water, crystal pure, Of perfect virtue shall not cease to go. With careful doctrines of his faith made sure, The powers of evil he will overthrow, Like foaming waves that never long endure, But perish on the shore at every blow; And from his good example other men shall learn Their upward steps toward the heavenly paths to turn. Within the breast of wretched humankind She lights the living flame of goodness bright; The hands of fiercest criminal doth bind; And in those breasts will surely pour delight Which seek her mystic benefits to find, Those souls She sets aflame with love of right. It is a noble fully-rounded Education That gives to life its surest consolation. And as the mighty rock aloft may tower Above the center of the stormy deep In scorn of storm, or fierce Sou’wester’s power, Or fury of the waves that raging seep, Until, their first mad hatred spent, they cower, And, tired at last, subside and fall asleep, — So he that takes wise Education by the hand, Invincible shall guide the reigns of motherland. On sapphires shall his service be engraved, A thousand honors to him by his land be granted: For in their bosoms will his noble sons have saved Luxuriant flowers his virtue had transplanted: And by the love of goodness ever lived, The lords and governors will see implanted To endless days, the Christian Education, Within their noble, faith-enrapture nation. And as in early morning we behold The ruby sun pour forth resplendent rays; And lovely dawn her scarlet and her gold, Her brilliant colors all about her sprays; So skillful noble Teaching doth unfold To living minds the joy of virtuous ways. She offers our dear motherland the light That leads us to immortal glory’s height. THE INTIMATE ALLIANCE BETWEEN RELIGION AND GOOD EDUCATION As the climbing ivy over lefty elm Creeps tortuously, together the adornment Of the verdant plain, embellishing Each other and together growing, But should the kindly elm refuse its aid The ivy would impotent and friendless wither So is Education to Religion By spiritual alliance bound Through Religion, Education gains reknown, and Woe to the impious mind that blindly spurning The sapient teachings of religion, this Unpolluted fountain-head forsakes. As the sprout, growing from the pompous vine, Proudly offers us its honeyed clusters While the generous and loving garment Feeds its roots; so the fresh’ning waters Of celestial virtue give new life To Education true, shedding On it warmth and light; because of them The vine smells sweet and gives delicious fruit Without Religion, Human Education Is like unto a vessel struck by winds Which, sore beset, is of its helm deprived By the roaring blows and buffets of the dread Tempestuous Boreas, who fiercely wields His power until he proudly send her down Into the deep abysses of then angered sea. As the heaven’s dew the meadow feeds and strengthen So that blooming flowers all the earth Embrioder in the days of spring; so also If Religion holy nourishes Education with its doctrine, she Shall walk in joy and generosity Toward the good, and everywhere bestrew The fragrant and luxuriant fruits of virtue Religious Poems As being born and bred in a wholesome atmosphere of Catholicism. Rizal grew up a good Catholic. With his poems, he expressed his devotion to his Catholic faith. TO THE CHILD JESUS Why have you come to earth, Child-God, in a poor manger? Does Fortune find you a stranger from the moment of your birth? Alas, of heavenly stock now turned an earthly resident! Do you not wish to be president but the shepherd of your flock? TO THE VIRGIN MARY Mary, sweet peace and dearest consolation of suffering mortal: you are the fount whence springs the current of solicitude that brings unto our soil unceasing fecundation. From your abode, enthroned on heaven’s height, in mercy deign to hear my cry of woe and to the radiance of your mantle draw my voice that rises with so swift a flight. You are my mother, Mary, and shall be my life, my stronghold, my defense most thorough; and you shall be my guide on this wild sea. If vice pursues me madly on the morrow, if death harasses me with agony: come to my aid and dissipate my sorrow! LICEO ARTISTICO-LITERARIO On 1879, a society of literary men and artists held a literary contest. It offered a prize for the best poem by a native or a mestizo. Rizal who is still a student that time submitted his poem entitled â€Å"A La Juventud Filipina†. As the judges were impressed by his poem, they gave him the first prize which is a silver pen, feathered-shaped and decorated with ribbon. It was the first great poem written in Spanish by a Filipino. It expressed the nationalistic concept that the Filipinos and not the foreigners were the â€Å"Fair Hope of Fatherland†. A LA JUVENTUD FILIPINA Alza su tersa frente, Juventud Filipina, en este dà ­a! Luce resplandeciente Tu rica gallardà ­a, Bella esperanza de la Patria Mà ­a! Vuela, genio grandioso, Y les infunde noble pensamiento, Que lance vigoroso, Mà ¡s rà ¡pido que el viento, Su mente virgen al glorioso asiento. Baja con la luz grata De las artes y ciencias a la arena, Juventud, y desata La pesada cadena Que tu genio poà ©tico encadena. Ve que en la ardiente zona Do moraron las sombras, el hispano Esplendente corona, Con pà ­a sabia mano, Ofrece al hijo de este suelo indiano. Tà º, que buscando subes, En alas de tu rica fantasia, Del Olimpo en las nubes Tiernisima poesia Mas sabrosa que nectar y ambrosia. Tà º, de celeste acento, Melodioso rival Filomena, Que en variado concierto En la noche serena Disipas del mortal la amarga pena. Tà º que la pena dura Animas al impulso de tu mente , Y la memoria pura Del genio refulgente Eternizas con genio prepotente. Y tà º, que el vario encanto De Febo, amado del divino Apeles, Y de natura el manto Con mà ¡gicos pinceles Trasladar al sencillo lienzo sueles. Corred! que sacra llama Del genio el lauro coronar espera, Esparciendo la Fama Con trompa pregonera El nombre del mortal por la ancha espera. Dà ­a, dà ­a felice, Filipinas gentil, para tu suelo! Al Potente bendice Que con amante anhelo La ventura te envà ­a y el consuelo. Jose Rizal as a literary genius The literary aspect of Rizal’s works should commend itself to each of us as an inspiration to do our own duty. I think no man can read Rizal’s novels without feeling his powerful impulse of sympathy for and understanding of the people of this country. We can be moved not only by his profound reading of human nature, but we can also be inspired to emulate, if we may, the high level of talent for which his name will ever be famous in the history of literature. To the Filipino Youth Unfold, oh timid flower! Lift up your radiant brow, This day, Youth of my native strand! Your abounding talents show Resplendently and grand, Fair hope of my Motherland! Soar high, oh genius great, And with noble thoughts fill their mind; The honor’s glorious seat, May their virgin mind fly and find More rapidly than the wind. The first line, â€Å"unfold, oh timid flower,† implies that the youth is silent, maybe daunted, and consequently has not yet gone into full bloom for whatever reason there is that may have silenced them. In the beginning stanza, Rizal encourages the youth, by telling them to hold their heads high  for they possess talents and skills and abilities that would make their country proud. The second verse can be rearranged in contemporary English to say: â€Å"Oh genius great, soar high; and fill their mind with noble thoughts. May their virgin mind fly and find the honor’s glorious seat more rapidly than the wind.† Here, Rizal calls to genious to fill young minds with noble thoughts and hopes that as they release their thinking from the chains that bind, they may be able to soar swiftly high where the joy of honor is. Descend with the pleasing light Of the arts and sciences to the plain, Oh Youth, and break forthright The links of the heavy chain That your poetic genius enchain. Contrary to the second verse, which talked about ascending and soaring to the heights, this third stanza now talks about descent, and a downward motion of the great genius to fill the earthly strokes of art and science with their magnificent ideas. Again, Rizal calls them to break the chains that bind their intellect. â€Å"Poetic genius† here does not necessarily pertain to the talent of writing poetry. Instead, the term â€Å"poetic† is simply an adjective to describe genius, meaning that it is deep and mystifying and heavy with meaning. See that in the ardent zone, The Spaniard, where shadows stand, Doth offer a shining crown, With wise and merciful hand To the son of this Indian land. Rizal challenges the youth, that in their pursuit of knowledge and wisdom they may humble the hand of Spain, whose proud chin did not look kindly upon the people whom they labelled as â€Å"Indios† and whom they treated with contempt. He dreams that in their journey to intellectual greatness they may  humble even the proudest nations that look down on them and rightfully deserve â€Å"a crown that shines, even where shadows stand.† You, who heavenward rise On wings of your rich fantasy, Seek in the Olympian skies The tenderest poesy, More sweet than divine honey; You of heavenly harmony, On a calm unperturbed night, Philomel’s match in melody, That in varied symphony Dissipate man’s sorrow’s blight; In these two stanzas, Rizal calls the youth to seek the beauty of poetry and music, which he himself values greatly as essentials in every manner of life. He claims that poetry is â€Å"more sweet than divine honey,† and that music can â€Å"dissipate man’s sorrow’s blight.† You at th’ impulse of your mind The hard rock animate And your mind with great pow’r consigned Transformed into immortal state The pure mem’ry of genius great; Speaking to the youth, Rizal says that by the very impulse of their mind, they are capable of bringing to life or animating even someting as lifeless and unmoving as a hard rock. He continues to say that the youth is able, to immortalize their thoughts and their words through the help of great genius (as he has done himself. This stanza can be arranged in a more contemporary English structure as follows: â€Å"You can animate the hard rock at the impulse of your mind; and transform, with the great power of your mind, the pure memory of great genius into immortality.† And you, who with magic brush On canvas plain capture The varied charm of Phoebus, Loved by the divine Apelles, And the mantle of Nature; Rizal here addresses the youth, comparing their abilities to a magic brush that can capture even the most majestic views and the most glorious charms on a blank canvas. Run ! For genius’ sacred flame Awaits the artist’s crowning Spreading far and wide the fame Throughout the sphere proclaiming With trumpet the mortal’s name Oh, joyful, joyful day, The Almighty blessed be Who, with loving eagerness Sends you luck and happiness. The last stanza is a charge, urging the youth to run, for a glorious crown awaits them. The â€Å"sphere† here pertains to the world, showing that Rizal believed the Filipino youth is as brilliant as those in any other nation, and is able to contend with even the strongest powers if they only set their mind to making most of what they already have. Sa Aking mga Kababata Kapagka ang baya’y sadyang umiibig Sa langit salitang kaloob ng langit Sanlang kalayaan nasa ring masapi Katulad ng ibong nasa himpapawid This first stanza in Rizal’s poem shows that long before he sprouted the first fruits of his youth, he had already placed distinguished value in the  importance of one’s mother tongue. According to these verses, if a nation’s people wholeheartedly embrace and love their native language, that nation will also surely pursue liberty. He likens this idea to a bird soaring freely in the vast, eternal sky above. Pagka’t ang salita’y isang kahatulan Sa bayan, sa nayo’t mga kaharian At ang isang tao’y katulad, kabagay Ng alin mang likha noong kalayaan. Language here is likened to a people born into freedom. In Rizal’s time, Filipinos were held in slavery by Spain. Rizal, however, believed that if the people treasured and loved and used their mother tongue, it would become a symbol of relative freedom, and of identity. Ang hindi magmahal sa kanyang salita Mahigit sa hayop at malansang isda Kaya ang marapat pagyamanin kusa Na tulad sa inang tunay na nagpala It is here in these lines of verse that we find Rizal’s famous quote: â€Å"He who does not love his own language is worse than an animal and smelly fish.† He further adds that Filipinos must work to make the language richer, and likens this endeavor to a mother feeding her young. The native tongue is now compared to a helpless child that must be nurtured in order to grow and flourish. Ang salita nati’y tulad din sa iba Na may alfabeto at sariling letra, Na kaya nawala’y dinatnan ng sigwa Ang lunday sa lawa noong dakong una. These last lines may very well be referring to the Alibata, or the old Filipino alphabet whose characters are unique in every essence, finding no likeness in any other alphabet. The Tagalog language, according to Rizal, has letters and characters of its very own, similar to the way other â€Å"elite  tongues† do. These letters, however, were overthrown by strong waves and lost, like fragile, fickle boats in the stormy sea, many long years ago.

Public administration - nyc bike rules policy Term Paper

Public administration - nyc bike rules policy - Term Paper Example bicycling coalition, has moved to formulate the policy that can be implemented to reduce the number of accidents due to bike riders not following bike lane rules in NYC. Whereas there has been a significant level of focus put on the pedestrians’ involvement in the motor vehicle accidents, there has been little attention accorded to the pedestrians who become victims of cycling-related accidents.According to the NYC traffic rules and regulations section 4-12 (p), in the Department of Transportation Traffic Rules, the policy demands for compliance with the directions of the officers in charge of law enforcement All the initiatives set in action are coordinated and tracked through the bicycle programs within the transportation department, and aided by other agencies, among which is the parking and recreation department, the Department of city planning, the New York State Department of Transportation, and the New York City Economic Development Corporation. Following the occurrence of cyclist-related accidents, various patterns of injuries can be observed, including the injuries of the limbs, the abdomen and chest and head injuries. The failure of drivers to yield the correct way has been cited as a major factor contributing towards frequent bicycle crashes. In this respect, therefore, important measures can be put in place, where modifications and improvements can be made on the engineering solutions and the roadway designs. The move to design intersections for the purpose of encouraging correct roadway behaviors is important for both the cyclists and pedestrians in the dramatic reduction of accidents in the city. The failure of drivers to yield the correct way has been cited as a major factor contributing towards frequent bicycle crashes. In this respect, therefore, important measures can be put in place, where modifications and improvements can be made on the engineering solutions and the roadway designs. The NYC administration has been on the forefront in

Elderly Drivers Essay Example | Topics and Well Written Essays - 1000 words

Elderly Drivers - Essay Example Such as the requirement of a certificate of health from the family doctor at an arbitrary age, and subsequent re-assessment every two years or so, that occurs in Wiley [name the state]. Also, drawing on cross-cultural methods of subjective and standardized testing can provide further insights into what is required. For example, in New Zealand there is a combination of testing. Regular medical testing of people over 70 years takes place along with a driving test at two-yearly intervals after the age of 76. (Wolffelaar 151) The pioneers of motor transport did not foresee that driving would become such a universal and accessible skill. Indeed one of them, Carl Benz, thought that the market for the motor car would be limited. However, present day rising proportions of older people who drive has increased their involvement in road accidents. Longitudinal data from the USA illustrate the startling growth in the proportion of elderly drivers. For instance, in Wiley only 5.9% of drivers were over 60 in 1940, but this proportion rose to 7.4% in 1952 and to 11.4% in 1960. Point-prevalence figures show that there were approximately 14.4 million drivers over 65 years of age in the USA in 1983, and nearly 3 million over the age of 60 in the US in 1990. If present trends continue well over a third of drivers on US roads will be aged over 55 years by 2050. (Klamm, 87) The shift in demographics of driver age is important because the number of crashes and the severity of injuries by distance driven rise alarmingly after the age of 65, and resemble figures for 15-25-year-old people. The elderly are also more likely to die in car accidents; if pedestrians are included, motor accidents involving the elderly are the second most common cause for their admission to US emergency rooms and of accidental death. Although some commentators have suggested that the absolute risk of elderly drivers having accidents remains small, they tend to overlook the expected increase in the number of elderly drivers. Further accident statistics do not take into account modified driving practices, such as reduced mileage and avoidance of night driving, which likely confound the findings. (Klamm, 87) Ultimately, the US legislate against two of the dominant factors involved in road accidents: speeding and alcohol consumption (both associated with a third factor, inexperienced youth). It is contended here that the scrutiny of risk factors associated with motor crashes in the elderly is less intense. Difficulty may arise in convincing elderly drivers to submit to standardized tests, given that they and their families may be hesitant to risk the elder driver losing a primary mode of independence. However, it is both desirable and feasible to identify factors which place elderly people most at risk of driving accidents, and to ensure greater public safety on US roads. (Waller 65) Works Cited Klamm ER. Auto insurance: needs and problems of drivers 55 and over: Needs and Problems of Older Drivers: Falls Church, VA: AAA Foundation for Road Safety, 1985: p87 Shank GD. Qualitative Research: A Personal Skills Approach. Columbus, Merrill/Prentice Hall. 2002: 23 Wolffelaar PC. Age Differences in Divided Attention in a Simulated Caving Task: J

Global Challenges Impacting SMEs Essay Example | Topics and Well Written Essays - 2500 words

Global Challenges Impacting SMEs - Essay Example As the research stresses globalized and integrated platform, it has become mandatory for the SMEs to develop their resources, capabilities and competencies for being able to confront and mitigate the completion and challenges arising from the developed and emerging countries and at the same time capture the new opportunities arising in the markets of these countries. For this purpose, the SMEs have to first identify the challenges and sources of challenges and prioritise the same so that they can prepare suitable strategic management plans and business development plans which are to be implemented for reinforcing the sustainability, growth and success of these enterprises. According to the dicussion findings challenging and dynamic global markets have created the need for the SMEs to compete with both domestic and international rivals. In addition to that, the need to consider a number of emerging issues like sustainability, ethical and environmental compliance , human rights management and the management of cross cultural business activities and diversified and homogenous human resource groups also act as key challenges that have to mitigated and managed by companies of all level. Nevertheless, in such adverse situations, the competitive capability of the SMEs is often questionable. The SMEs as business organizations face challenges because of two main aspects.

Depression in the Elderly in a Giatric Hospital Research Paper

Depression in the Elderly in a Giatric Hospital - Research Paper Example A condition for inclusion in the sample was that the patient must have stayed in the hospital for a period of not less 3 months. This was informed by the reason that anxiety/depression is directly proportional to amount of time one spends away from their accustomed residence. Other criteria for inclusion included no psychological diseases, Korean Mini-Mental State Examination (K-MMSE) score of 18, and participants’ informed consent of the study. The choice of sample from four different health facilities is laudable as it improves the randomness of the data used and thus limits un-representativeness of the findings. Administration of questionnaires formed the primary method of data collection. All participants were required to fill in their questionnaires with the best possible answers. Those who had difficulties providing responses were assisted by research assistants, who read out the questions to the patients and basing on the responses, filled in the questionnaires. All but 5 of the 200 administered questions were returned with completed responses. While questionnaires are effective tools for data collection, they may not be as effective among the elderly as compared to the other age groups. This is because a significant number of the elderly in these facilities suffer from abnormal conditions such as dementia which may compromise their responses. As such, the researcher should have focussed on either interview or observation. The research used descriptive research design. Such a design is the best technique for gathering information that would show relationships and define why the world exists as it is. In this research, Jee and Lee were certainly concerned with the cases of depression among the elderly. The choice to send the elderly people in rehabilitation facilities is often dreaded by many people who are aging. The fact on the ground is that such a shift in

MEDICAL ERROR AND PREVENTION Research Paper Example | Topics and Well Written Essays - 750 words

MEDICAL ERROR AND PREVENTION - Research Paper Example This followed a declaration made in 2007 by the Federal Centre for Medical and Medicaid services (CMS) denying settlement of Medicaid funds for treatment of preventable errors (Armitage, 2009). This paper explores sources of medical errors and their prevention among heath workers. According to the Quality Interagency Coordination Task Force, a medical error is â€Å"the failure of an intended action to be accomplished as planned or use of an incorrect plan to achieve an aim† (Armitage, 2009). Thus, errors can result from wrongful practice, procedures, products, or systems applied by a health professional or institution on a patient. This definition of medical errors define the three dimensions of patient’s safety namely error prevention, visibility of errors and effect mitigation. Medication errors occur most commonly in administering prescribing (U.S. Department of Education, 2011). Common errors include: There are two classes of medical errors namely active and latent errors. Active errors occur at individual level and, have instant results while latent are errors results from system or operation failure. Thus, the effects of a latent error may not be visible immediately but have long-term impacts on the society. Emotional Status – Emotional reactions such as anger, anxiety, boredom and fear often interferes with workers performance leading to medical errors. Emotional responses may result from over-work or negative attitudes. Hard-to-read handwriting- Medical workers have the most illegible handwriting, which contributes to medical errors. Fortunately, automated medication ordering has reduced the problem especially on prescription. Surgical errors have adverse effects on patients and, often lead to loss of life. They occur due to wrongful procedures, inappropriate sites, or surgical personnel. Studies conducted in Utah and Colorado hospitals indicated that surgical errors accounted for nearly 75% of observable medical

Competitor Analysis for Conserv-A-Store Essay Example | Topics and Well Written Essays - 1250 words

Competitor Analysis for Conserv-A-Store - Essay Example a. Unlike Conserv-A-Store which is web retailer of green products for business and home and also acts as information resource dept for those attempting to practice greener way of life, many of its direct competitors only focus on lifestyle items such as yoga mats, items directed at women for the home, organic bedding and are not heavily on hard goods. The competitors are also poor when it comes to energy saving items. In categories such as rubber mulch mats,company has few direct competitors such as Gemplers and Gardeners Supply. All competitors apart from Greendepot.com have a similar weakness of a relatively smaller market share hence reaping little benefits.a. Unlike Conserv-A-Store which is web retailer of green products for business and home and also acts as information resource dept for those attempting to practice greener way of life, many of its direct competitors only focus on lifestyle items such as yoga mats, items directed at women for the home, organic bedding and are no t heavily on hard goods. The competitors are also poor when it comes to energy saving items and have limited selection of alternative energy items. In categories such as rubber mulch mats, Conserv-A-Store has few direct competitors such as Gemplers and Gardeners Supply. All competitors apart from Greendepot.com have a similar weakness of a relatively smaller market share hence reaping little benefits.Letsgogreen.biz has a competitive advantage since it is a one-stop web superstore that sells eco-friendly green products.

William Burroughs and Rock Culture Essay Example | Topics and Well Written Essays - 4000 words

William Burroughs and Rock Culture - Essay Example William was born as the youngest son to a business family in St. Louis. He attended the John Burroughs School in St. Louis where his first published essay, "Personal Magnetism," was published in the John Burroughs Review in 1929. He then attended The Los Alamos Ranch School in New Mexico, which was stressful for him and was soon expelled from Los Alamos after taking chloral hydrate in Santa Fe with a fellow student. He finished high school at Taylor School in St. Louis and, in 1932, left home to pursue an arts degree at Harvard University. He was introduced to the gay culture at Harvard. According to According to Ted Morgan's Literary Outlaw, "His parents, upon his graduation, had decided to give him a monthly allowance of $200 out of their earnings from Cobblestone Gardens, a tidy sum in those days. It was enough to keep him going, and indeed it guaranteed his survival for the next twenty-five years, arriving with welcome regularity. The allowance was a ticket to freedom; it allowed him to live where he wanted to and to forgo employment. -Ted Morgan, Literary Outlaw. p.65. New York:Avon Books, 1988." The original edition of Junkie credited to "William Lee" was Burroughs's first novel publication. He had begun writing in 1945 and soon collaborated with Kerouac on "And the Hippos Were Boiled in Their Tanks, a mystery novel loosely based on the Carr/Kammerer situation that was left unpublished. An excerpt of this work, in which Burroughs and Kerouac wrote alternating chapters, was finally published in "Word Virus", a compendium of William Burroughs' writing that was published after his death in 1997. The first novel - Junkie, was taken from letters he had written to Ginsberg who encouraged him to think of writing a novel. Allen Ginsberg was the person who published his first novel as cheap as mass market paperback. Ace Books published the novel in 1953 under the pen name William Lee, re-titling it Junkie: Confessions of an Unredeemed Drug Addict. (It was later republished as Junkie or Junky). After the death of Ginsberg, William Burroughs wrote yet another novel. A novel resulted from this time, The Yage Letters, published in 1963 by San Francisco's City Lights Books comprising the letters between Burroughs and Allen Ginsberg. William Burroughs together with Ginsberg has characterized some of the essential effects of Beat Generation artistic movement in the following terms: "The evolution of rhythm and blues into rock and roll as a high art form, as evidenced by the Beatles, Bob Dylan, and other popular musicians influenced in the later fifties and sixties by Beat generation poets' and writers' works." William Seward Burroughs has been admired for his humor and talent of writing, but he is also the most appealing of all the major Beat figures. His crystalline clarity and raw power of writing influenced the rock culture of that era to a great extent. His particular emphasis on the issue of personal freedom brought about a whole new concept for the generation. Possibly, William was one of the most colorful writers who emerged on scene from the Beat period, and he led an extremely interesting life. He graduated from Harvard University in 1936 and was well known during his college days

National Strategy for Homeland Security Research Paper

National Strategy for Homeland Security - Research Paper Example Anything that presents a threat, whether it is a person or a hurricane, will have no choice but to answer to the Department of Homeland Security before it touches the civilians of America. The Department of Homeland Security was former president George Bush’s response to the attacks of September 11, 2001. The idea behind the DHS was to ensure homeland security and to help prevent further attacks on the United States by outside forces, regardless of where these forces came from or what they consisted of. The official statement that contained the mission of DHS is as follows: â€Å"The mission of the Office will be to develop and coordinate the implementation of a comprehensive national strategy to secure the United States from terrorist threats or attacks. The Office will coordinate the executive branchs efforts to detect, prepare for, prevent, protect against, respond to, and recover from terrorist attacks within the United States (Department of Homeland Security, 2002).† There are five main responsibilities of the Department of Homeland Security. The first and foremost task is to guard the nation against terrorism. Securing the borders of the country and enforcing immigration laws immediately follow, as these involve keeping out people that could potentially be seeking to initiate terrorism on the country. Improving the readiness for, response to, and recovery from natural disasters make up the missions for the aspect of the department that deals with natural disasters that shake up the everyday lives of citizens. Finally, maturing and unifying the department, which helps to provide the best care for the nation by prompting unity within the department itself. The law enforcement agencies that have been acquired through the creation of the Department of Homeland Security are many, over twenty, and vary in duties and responsibilities.

Crescent Case Essay Example for Free

Crescent Case Essay A. Segmentation and Targeting When Looking at what market should be targeted the thing that stuck out most was there is not a healthy alternative for energy drinks. Most of these drinks are full of high fructose corn syrup and loaded with extreme amounts of caffeine. Crescent give the consumers a healthy alternative to this option. The trend these days is towards more organic and healthier choices. Crescent is just that. It gives the option for a healthy version of an energy drink which is much needed. The Energy Drink market is growing at a much faster rate than the sport drink market as well as the fitting into a much better price point for marketing. With the market for these energy drink being on average $2.99 the price of $2.75 for crescent is below the market average as well as being a slight bit different by marketing a healthy alternative option to most other sport drinks on the market now. B. Positioning When Looking over the two perceptual Maps the thing noticed is that most of these products hit extremes of each category. For example a sport drink is high on the hydration level but low on the energy. As for the energy drink the case is the exact opposite. When looking at nutrition and taste the nutrition and taste are higher on sports drinks and energy drinks are low on nutrition but the 50/50 on the taste. When looking at crescents studies it would seem that they would be the best case for the average consumer as they would be better than average in all of these categories. The nutrition would be higher than the sports drinks and close to what swish and drip are pertaining to nutritional value and the taste would also fall higher similar to Drip or Razor. When looking at the Hydration and Energy Crescent would also be above average for both. With the equivalent of a cup of coffee’s worth of caffeine Crescent would fall similar to where torque and Drip are for energy levels. As for looking at hydration; Crescent would be up closer to the sports drinks with is electrolytes and natural ingredients closer to where Glean and Watr+ are. Each marketing promotion has positive’s and negative’s. When marketed as an energy drink there is the Pros of being a drastically growing market which has grown by 40% already and is projected to hit 13.5 billion by 2018 as well as no single product being marketed as a healthy alternative energy drink. Another pro is that the cost of the  product is less than the market average. The con of an energy drink market would be that current news stories are highlighting the health risks of Energy drinks and the diminishing number of consumers who are now drinking them. The sports drink market have a much larger population of consumers ranging from younger ages of 12-24. Also with the average sports drink being much cheaper people may not be willing to pay the $2.75 for a sports drink. With Crescent being an all organic product being an alternative to high fructose corn drinks would increase their market audience. The threats would be the increase in childhood obesity who make up a large portion of the sport drink market the option of just proving water to children is easier and more economically sound for parents rather than continually paying for sports drinks. Lastly as an Organic Drink they are able to market it as a healthy sports/energy drink for the body continuous adult who wants to stay away from non-organic products. This also works as a con where if they market solely to this small group of people they may be losing a lot of consumers who may be avoiding the new fad of vegan, healthy organic products. C. Contribution Margin The contribution margin per case of Crescent would be $5.28 or 18%. This is figured by taking the selling price per can and minusing the cost per can. Which would bring the profit of 22 cents per can and a case of 24 would bring the profit to $5.28 per case. You would then take that number and divide it by the Price per case of $29.76 which would give you 18% profit. D. Breakeven To match the national level of marketing it would require putting in 6.66 times the budget that it took to market 15% which would be a total marketing budget of 5 million dollars. With a Total budget of 5 Million dollars it would take selling 946970 Cases of Crescent to break even on the National Level. To address the break-even market share for energy would be .07% of the Market Share. This is figured by taking the Market of 9.58 Billion dollars and dividing that by the Marketing budget of 5 Million Dollars. E. Recommendation The factors that should be used to determine positioning are, Similarities in  competitors, Forecast of market increase, pricing of products and marketability of product. I would Recommend Marketing Crescent as an organic energy drink. This would apply to a large number of people and would give a different option to the Energy Drinks that are currently on the market. This product could increase the consumers ideas of what energy drinks are; especially focusing on bringing up the areas of healthiness, hydration and natural. With these area’s only having the highest percentage at 11% Crescent would be a great product to diversify the market. Having a below average market price for product pricing makes Crescent an even better market to explore. Crescent provides a great break from the normal high fructose high caffeine energy drinks while still hydrating and tasting great.

Case study on hypertesion and chest pains.

Case study on hypertesion and chest pains. History of Present Illness: Mr. AS, an 85 year old, Caucasian male, with a history of hypertension and chest pain presents today not knowing how he got to the assisted living facility. The patient states he arrived at the facility 3 years ago, unaware of how he got there or why (the chart states his arrival as April 28, 2009). Mr. AS states that he was told he had a stroke, and was aware that his legs were not working correctly. He doesnt remember having the stroke, but states that he was 83 years old when it happened. He now has lost the ability to walk and has also given up trying. His legs and arms feel weak. His arms hurt from trying to use his walker. He currently does not lift weights to strengthen his arms so that they dont get as exhausted when using his walker. Patient denies any prickling or tingling sensations. He also only exercises with his walker when he is made to, once a day during physical therapy. He states that he would rather use his wheelchair. He states that he has accepted the fact that h e will not walk again, but is content just breathing and talking. He is not in any pain currently, still has feeling in his legs, but cannot move them. He also states that he was diagnosed with early stages of Alzheimers 30 years ago. His chart states that he was diagnosed with dementia at 55 years old. Patient is oriented to time and place, however, he has trouble remembering what he did yesterday. He can recall memories from years ago. He also states that he spends most of his day sleeping, but doesnt feel tired, rather feels rested. Mr. AS also complains of coughing, that sometimes produces a clear sputum. He states that he was a smoker 20 years ago, for 40 years, with a 160 pack year history. He occasionally wheezes. Past Medical History: Current Medication List: Mirtazapine 15 mg tablet PO once at bedtime for depression. Namenda 10 mg tablet PO every 12 hours for Alzheimers. Allopurinol 300 mg tablet PO 1 daily for hyperuricemia. Aspirin single tablet chewable PO 81 mg to reduce the risk of heart attack and stroke, and pain relief. Certavite antioxidant tablet 18 mg PO 1 daily as multivitamin and mineral supplement. Loratadine 10 mg 1 tablet PO 1 daily for rhinorrhea/allergies. Nifedipine 90 mg tablet PO 1 daily for chest pain and hypertension. Metoprolol tartrate 25 mg PO 1 tablet daily for chest pain hypertension. Nasal decongestant 0.05%SP 2 sprays per nostril 2 times a day for rhinorrhea/allergies. Omeprazole 20 mg 1 table PO 2x a day for ulcers/ GERD. Aricept 10 mg 1 tablet PO at bedtime for dementia. Tamsulosin HCL 0.4mg capsule 1 PO at bedtime for benign prostatic hyperplasia. Zolpidem tartrate 5 mg tablet 1 PO at bedtime as a sleep aid. Acetaminophen 500 mg tablet give 2 tablespoon PO every 6 hours as needed for high temperatures. Patient diagnosed with hypertension when he was 40 years old (currently controlled with medication). Patient states that he had a pace maker put in when he was 45 years old, and thinks it was to relieve chest pain. Patient thinks that he has been told he has high cholesterol, but he is unsure. Patients chart states that he has a history of hypertension, respiratory treatment, and chest pain. Patient was diagnosed with dementia at the age of 55, and had a stroke at 83 years old. Patient also had appendectomy due to appendicitis and an inguinal hernia repair when he was 10 years old. Patient has no known allergies. Family History: The patient states that he has one living adult son who calls often, but doesnt visit much as he is overweight and has back pain. He remembers that one of his grandmothers passed away from TB, but he could not recall when. He has no grandchildren, and does not recall how anyone else in his family passed away. He states that he has no family history of hypertension, cancer, heart disease, diabetes mellitus, or psychiatric disease. He was married twice, and both wives are now deceased, but he does not remember when or the cause of death for either wife. No other information could be appreciated from the chart or patient, so a family member will need to be contacted to assess his risk for diseases. Social History: He currently has a girlfriend who lives in Miami Beach. The patient states that he currently is not sexually active, does not drink, do drugs, or smoke nicotine. He stopped smoking 20 years ago, but before that he smoked for 40-50 years, 4 packs a day (160 pack year history). Currently he does not follow a diet at the ALF, but eats what they feed him every day. He states that he builds clocks during the day as a hobby, and this keeps him happy. Review of Systems: General: Patient denies any fatigue, weight or appetite changes. Skin: Patient denies any changes. Head: Patient denies headaches, bumps/bruises, or dizziness. Eyes: Patient states that he no longer needs to wear glasses since the stroke, as he can now see. Ears: Patient cant hear out of the left ear, but states that his right ear is fine. Nose/Throat/Mouth: Patient denies any changes in smell or taste, or problems swallowing. He feels tickling in his throat when he talks too much. Respiratory: Patient states that he has a constant cough, which sometimes produces clear sputum. He also occasionally wheezes and states that he had asthma as an adult and has used an inhaler. Cardiovascular: Patient denies any pain, but states he has a pace maker. He denies palpitations as well. Gastrointestinal: Patient denies any pain or cramping. Patient has been constipated for the past 20-30 years, only defecating once a month. Genitourinary: He urinates 2-3 times a day, but has no control, and must wear a diaper. Patient denies polydipsia or hematuria. Neurologic: See HPI Musculoskeletal: See HPI Endocrine: Patient denies any excessive thirst, changes in appetite, or weight changes. Hematopoetic: Patient denies any skin color changes, easy bruising, or bleeding. Psychiatric: SIGECAPS negative, and patient denies depression, fluctuating moods, or suicidal thoughts. See HPI Physical Examination: Vital Signs: Temp afebrile to touch, BP 132/72, pulse 60 bpm, RR 16 bpm, BMI 29 General: Overweight male currently not in respiratory or cardiac distress. Skin: Darker brown discolored non-raised plaques on both arms, skin dry and warm to touch. Ulcers present on right ankle (2 cm wide, circular, and 1 cm above medial malleolus) and left shin (3 cm wide, circular, and 6 cm below tibial tuberosity). Left leg is erythematous, at the mid-tibia region. HEENT: No icterus and no jaundice present, head is normocephalic, with normal hair distribuition. No lymphedenopathy present in occipital, periauricular, postauricular, tonsilar, submandibular, subtonsilar, anterior chain, posterior chain, and supraclavicular lymph nodes. Patient cant hear out of left ear. Both ears have compacted cerumen present. Patient does not wear corrective lenses, and could not see the eye chart to assess visual acuity. His eyes react slower than normal to light, but EOM are bilaterally intact. Patients mouth is moist, with a few teeth missing on top and bottom, and no signs of central or peripheral cyanosis. No carotid bruits, no jugular venous distention, and the trachea is midline. The thyroid is non-papable. Lung: Chest is symmetrical, with diaphragm excursion 6 cm bilaterally. Left lung field breath sides decreased compared to the right lung field. There is also wheezing heard in the right lung field. Right lung field is resonant to percussion, but the left lung field is dull to percussion. Vibrations felt throughout for tactile vocal fremitus. No crackles or rales heard. Heart: No thrills, murmers, bruits over the carotid, or extra heart sounds heard. Rate and rhythm are regular, and also symmetric at radial, femoral, dorsalis pedis and posterior tibial pulses. S1 and S2 heard in all regions. Abdomen: Scar preset from a stomach tube that was placed for feeding. Patient doesnt recall when or why the tube was placed. Chart did not specify why either. No bruits heard over the abdominal aorta, renal, or iliac arteries. Borborygmus present. No tenderness, guarding, or rigidity present. There are bulging flanks and spider nevi present. Liver span is 6 cm. Spleen and kidneys non-papable. i Extremities: Patient has weak dorsalis pedis and posterior tibial pulses present (1+ bilaterally). Ankles are swollen, there is no pitting edema present. Musculoskeletal: Lower extremities have normal passive ROM present, but decreased active ROM. Normal passive and active ROM present in upper extremities. Motor strength is decreased in upper(4/5) and lower limbs(3/5). Nervous System: Mental Status: Patient is alert and oriented to place and time, but cannot remember events from yesterday. He can remember events from years ago, and is aware that he is forgetful now with memory loss. Cranial Nerves: Intact, no facial dropping or weakness on either side. Sensory: Lower extremities showed pain sensation and proprioception intact, but no vibration sense present. Reflexes: Lower extremity reflexes were not assessed as patient could not move his legs. Upper extremity reflexes intact. Cerebellar: Babinski intact. Patient could not get out of bed to assess gait. Laboratory Data: Labs taken Dec. 31, 2010 Glucose elevated 122 (normal 70-105 mg/dL) BUN/Cr elevated 1.35 (normal 0.7-1.3 mg/dL) Problem List: 1) Dementia 2) Chest pain 3) Wheezing and Cough 4) Depression 5) Leg/Arm weakness 6) Preventative medicine- routine physical exam, mini mental status exam, psych evaluation, colonoscopy and rectal exam, pneumovax vaccine, influenza shot Assessment: Dementia: Dementia is an impairment of cognitive function, affecting memory, attention, language, and/or problem solving. This impairment has to be lasting 6 months or longer. The first sign of dementia is usually short term memory loss, progressing to memory forming impairment, and later an inability to learn new things. Usually the patient is aware of the memory loss. Eventually the memory loss is too great, and there is a loss of personal hygiene, eating, and other activities of daily living. This also affects mood, and there can be fluctuations between happiness, sadness, and anger. There can be sleep disturbances and personality changes. Depression is one of the major illnesses that can present with dementia. Lastly, there is a complete dependence on others, as the patient can no longer take care of themselves, is disorientated, has memory loss, and in many cases, cannot swallow properly. There are many types of dementia, and once a person has met the requirements to be diagnosed with dementia, the type must be determined. Each type is caused differently, so treatment can vary slightly. The most common type is Alzheimers dementia. Patients with Alzheimers can be differentiated from other types, as these patients are more likely to get lost in familiar places, try to leave home, have difficulty communicating, and have memory problems. This can occur from tau neurofibrilllary protein tangles in the brain and plaque formation. Also there can be a loss of acetylcholine in the brain. Patients with multi-infarct dementia can be differentiated based on a history of smoking, stroke, atherosclerosis, and hypertension. Multi-infarct dementia occurs from many small strokes affecting the brain. Patients with vascular-type dementia usually have aphasia, apraxia, a difficulty learning math skills, and often present with neglect. This type of dementia occurs due to cerebrovascular d isease or stroke. Lewy-Body dementia presents with recurrent visual hallucinations, motor impairments similar to Parkinsons disease, and varying levels of attention throughout the day. This can occur due to Lewy bodies (abnormal protein) deposits in the brain, and sometimes a loss of dopamine too. Currently, our patient has been diagnosed with dementia. He meets the criteria for this diagnosis: he has memory loss, is aware of his memory loss, has lost the ability to care for himself, has lost some autonomic function and must wear a diaper, and has been having sleep disturbances. Mr. AS does not recall how he got to the facility, and states that he cant remember what he did yesterday, but can remember stuff from years ago. He no longer can live alone at home without someone to care for him, and has been living at the facility since April 2009. He also states that he sleeps more than he used to, sleeping now for most of the day. A family member must be contacted to assess the changes that have occurred prior to his admittance to the facility, as our patient is unable to tell us of any changes in his status. We also need to contact his family to narrow down which possible type of dementia the patient has based off of his previous behavior prior to entering the facility. If he was experiencing getting lost in familiar places, it could be Alzheimers; he has the risk factors of multi-infarct dementia, especially if he has had more than one stroke; lastly we would need to assess his function before and after the stroke to determine if it was vascular type dementia. He currently has no signs or symptoms of Lewy- body dementia. Our patient is also on medications for Alzheimers type of dementia: Mirtazapine, Namenda, Aricept, and Zolpidem tartrate. These medications help relieve some of the symptoms that our patient has, such as depression and sleep disturbances, and can increase the acetylcholine levels in the brain. Chest Pain: Chest pain can be caused by angina, coronary spasm, MI, pericarditis, gastroesophageal reflux, aortic dissection, and many more causes. Our patient is not currently in any chest pain, but he does have a pace maker. He states he does not know why he was given a pace maker, but states that he has never had any problems or complications with it. A family member needs to be contacted to find out why the pace maker was placed. His chart did not state a reason for the pace maker or state why he was having chest pain. The most common reason for a pace maker is to regulate an arrythymia. An EKG record prior to his placement of his pace maker, can help to determine if an arrhythmia was the reason he had one inserted. A recent EKG will tell us if his heart rate is normal, and if there are any associated pathologies. His medications include: Nifedipine, Metoprolol tartrate, and aspirin, which are all given for chest pain, usually angina and hypertension. He is also taking Omeprazole for GERD. Wheezing and Cough: The most common cause of wheezing is due to a constriction of the airways. This can be an inflammatory response, such as with asthma. Asthma, however, would also cause shortness of breath, which our patient is currently not experiencing, and would be bilateral (unlike only in one side as with our patient). COPD, emphysema, or a lung tumor could be possible causes for his wheezing and coughing. Smoking is a risk factor for all 3, and our patient has a 160 year pack history. It needs to be determined if his wheezing is occurring in the expiratory phase or the inspiratory phase. During the expiratory phase would indicate bronchial disease, but during the inspiratory phase would indicate a foreign body (such as tumor) or scarring. Wheezing heard in both phases could indicate a collapsed lung or portion of lung. Unilateral wheezing also would be more indicative of a lung tumor. There also are no crackles or rales heard in our patient, so fluid in the lungs or turbulent flow does not seem to be the problem. Depression: The cause of depression is unknown, but it is known to be caused by chemical imbalances in the brain. It can also be caused from stress, or a life changing event, such as death of a loved one or social isolation. Depression can present with a number of symptoms such as: fatigue, lack of energy, feelings of worthlessness, feelings of hopelessness, anger, discouragement, irritability, changes in appetite, changes in weight, sleep disturbances, and thoughts of death or suicide. Although our patient has had sleep disturbances, a SIGECAPS interview was negative. His sleep disturbances can be due to dementia. Currently our patient is on medication for depression, Mirtazapine, and should remain on it, so that he does not become depressed. Arms and Leg Weakness: Arm and leg weakness can be caused by a number of things, such as stroke, infectious disease, amputations, and trauma. Our patient suffered a stroke, after which he states he has not been able to use his legs anymore. His legs may be weak, as the nerves may have been damaged from occlusion, and are not able to send complete signals anymore. His arms may be weak from overuse, as he has been learning to use a walker as part of his physical therapy. His arms have to hold up his body now, as his legs cant. Preventative Medicine: Our patient needs to have continuous routine physical exams to assess his ever changing status. A mini mental status exam also should be performed to monitor any changes, or the rate of progression of his dementia. A psych evaluation is needed to determine the extent of his depression and if it is getting better from his medication, or if he is having a more positive outlook on life. Our patient is at the age where a routine colonoscopy and rectal exam should be performed to monitor for colon cancer, prostate cancer, and BPH. Currently our patient is on Tamsulosin for BPH, so it is essential to continually monitor him. Additionally, our patient is elderly and should have a pneumovax vaccine and an influenza shot as prevention for illness. Plan: In addition to the preventative measures listed, in order to assess the patient fully, we will need to contact his family and inquire about if there were any changes in the patients mood, demeanor, physical abilities, and mental status before he was admitted to the facility. His family will also be questioned about their family history of disease, as the patient could not recall how most of his family passed away. To prove our diagnosis, brain scans (CT and MRI) should be performed on the patient and assessed for changes, loss, or infarcts. The patient is also experiencing a constant cough, with a 160 pack year history of smoking so pulmonary function tests should be performed. A chest xray should also be performed to determine if there are any pathological changes within his lungs (such as a tumor) that are causing his wheezing and decreased lung field sounds. This xray can also be used to assess if there have been any cardiovascular changes. Due to the patients past history, he wil l need to be continually monitored for changes. He will also need a CBC to monitor these changes. The patient also will need to have his medication list continually reassessed (additions or deletions) with changes. Currently he is on medication for allergies or rhinorrhea, but he is not experiencing any symptoms of allergies or rhinorrhea, so Loratadine and his nasal decongestant may be removed.

The Scope Of Carbon Trading In India Environmental Sciences Essay

The Scope Of Carbon Trading In India Environmental Sciences Essay Carbon Trading: Carbon trading is a practice which is designed to reduce overall emissions of carbon dioxide, along with other greenhouse gases, by providing a regulatory and economic incentive. In fact, the term carbon trading is a bit misleading, as a number of greenhouse emissions can be regulated under what are known as cap and trade systems. For this reason, some people prefer the term emission trading, to emphasize the fact that far more than just carbon is being traded. This practice is part of a system which is colloquially referred to as a cap and trade. Under a cap and trade system, a government sets a national goal for total greenhouse gas emissions over a set period of time, such as a quarter or a year, and then allocates credits to companies which allow them to emit a certain amount of greenhouse gases. If a company is unable to use all of its credits, it can sell or trade those credits with a company which is afraid of exceeding its allowance. Carbon trading provides a very obvious incentive for companies to improve their efficiency and reduce their greenhouse gas emissions, by turning such reductions into a physical cash benefit. In addition, it is a disincentive for being inefficient, as companies are effectively penalized for failing to meet emissions goals. In this way, regulation is accomplished largely through economic means, rather than through draconian government measures, encouraging people to engage in carbon trading because its potentially profitable. As a general rule, carbon trading is paired with an overall attempt to reduce carbon emissions in a country over an extended period of time, which means that each year, the number of available credits will be reduced. By encouraging companies to become more efficient ahead of time, a government can often more easily meet emissions reduction goals, as companies will not be expected to change practices overnight, and the carbon trading system creates far more flexibility than setting blanket baseline levels. In some countries, carbon exchanges have opened up, operating much like stock exchanges. These organizations facilitate the exchange of carbon credits, ensuring that they flow smoothly through the market, and they provide standard set prices for credits, based on market demand and general economic health. In some cases, individual citizens can also participate in carbon trading, purchasing credits to offset their own greenhouse gas emissions, and some advocates have suggested that carbon trading should be formally expanded to all citizens, encouraging global and individual involvement in reduction of greenhouse gas emissions. Scope of Carbon Trading in India: Indian Market of Carbon Trading: The carbon market is divided into two parts-that which is compliance driven and the other being the voluntary market. The more dominant and lucrative compliance market only accepts carbon credits under the CDM programme, while there are various regional non UN administered voluntary programs worldwide. For carbon credit trading, India follows a scheme called Clean Development Mechanism (CDM) or more commonly, carbon trading. CDM is an arrangement under the Kyoto Protocol allowing industrialized countries with a greenhouse gas reduction commitment to invest in emission reducing projects in developing countries as an alternative to what is generally considered more costly emission reductions in their own countries. Under CDM, a developed country can take up a greenhouse gas (GHG) reduction project activity in a developing country where the cost of GHG reduction project activities is usually much lower. The developed country would be given carbon credits for meeting its emission reduction targets, while the developing country would receive the capital and clean technology to implement the project. Carbon credits are certificates issued to countries that reduce their emission of GHG, which causes global warming. Developed countries that have exceeded the levels can either cut down emis sions, or borrow or buy carbon credits from developing countries. The Indian market is extremely receptive to CDM. Having cornered more than half of the global total in tradable certified emission reduction (CERs), Indias dominance in carbon trading under the CDM of the UN Convention on climate change is beginning to influence business dynamics in the country. Carbon credits are measured in units of CERs, which is equivalent to one tonne of carbon dioxide reduction. Future scope: Indias huge potential for generation and sale of CERs needs to be harnessed especially to tap the huge opportunity in the European Union Emission Trading System (EU-ETS). Hence, in order to bring vibrancy to the emission market in the country, there is a need for a transparent platform that will help buyers and sellers get a fair deal and reduce the margins of the intermediaries to reflect the economic value-addition. With technology at Indias side, it is time the country leveraged it for a sustained growth of the carbon credit market. Indian industries, which looked at CDM implementation in their process have failed to realize fair prices in most cases due to the currently thriving OTC (over-the-counter) markets that have fleeced most sellers by buying at prices much lower than that provided by buyers. The MCX-CCX (Chicago Climate Exchange) tie-up is expected to ensure better price discovery of carbon credits besides helping the participants cover the risks associated with selling and buying of carbon credits. Further, the exchange, with its various ways of educating the eco-system participants, would enhance the benefits accruing to them in its endeavor to make India a major global commodity-trading hub. Objectives: The objectives for study are as follows: To know what is carbon trading and its impact on atmosphere. To know world market of Carbon trading. To know about the Carbon trading market in India To know future growth and scope in India in carbon trading. Review of Literature: According to Shilpa Shanbhag,[Dataquest the business of InfoTech] India needs to put a price on carbon, since true leaders do not wait for international climate mandates. There is nothing stopping India from setting up a domestic environmental exchange based on the guidelines of the international carbon market and converting air and water pollutants such as CO2, SO2, NOx and BoD into tradable instruments. NOx and SOx trading schemes in the US have shown that it is possible to reduce emissions and acid rain under an environmental trading scheme. Later she add instead of switching off light bulbs for an hour each year or holding concerts to raise climate change awareness, it would be much sensible to invest in a wind mill, which produces clean power. This mill would offer two-fold benefits of supplying power to the state grid for the next 25 years and it would also earn carbon credits. A 2007 study by the Financial Times discovered the following:   * Widespread instances of people and organizations buying worthless credits that do not yield any reductions in carbon emissions. * Industrial companies profiting from doing very littleor from gaining carbon credits on the basis of efficiency gains from which they have already benefited substantially. * Brokers providing services of questionable or no value. * A shortage of verification, making it difficult for buyers to assess the true value of carbon credits (Industry Caught in Carbon Smokescreen, Financial Times, April 25, 2007) Accordind to Ecosecuriites ,The highest price projection found in the survey resulted from the ACCF/NAM model, estimating that a carbon price of $257 would be needed by 2025 to accomplish the emissions reduction objective in its High Cost scenario. This models High Cost scenario assumed that only 14% of GHG emissions could be offset, while the remaining emissions had to be internally mitigated. This scenario also strictly limited the rate at which technologies are developed and implemented, including a constraint on nuclear by allowing only 10-25 GW of additional capacity by 2030.The lower price projections profiled in this report resulted from the PACE model, estimating that a carbon price of only $0.41 would be needed by 2025 to accomplish the emissions reduction objective in its Multigas scenario, and the MERGE and MiniCAM models, estimating a required carbon price of only $0.30 in 2020 for the 6.7 W/m2 scenario. The PACE model gave low values partially as a result of assuming a r elatively low GHG emissions baseline and emissions growth over time. Analysis: The Carbon trading is one of the fastest growing financial markets in the world. It is the most visible result of early regulatory efforts to mitigate climate change, and grew out of the Kyoto Protocol, which was adopted in 1997. The protocol requires that by 2012, developed countries will achieve greenhouse gas emission reductions of at least 5% against baseline levels of 1990. To help countries achieve that goal it established the Clean Development Mechanism (CDM), which promotes sustainable development in developing countries while spurring cost-effective reductions in greenhouse gas emissions in the more polluting developed countries. India offers a large potential for CDM because of its inherent dependence on fossil fuels for development. So countries with relatively low abatement and transaction costs like India are a major attraction for CDM projects. The market is emerging strongly despite various global factors, according to the World Bank. Regulation that caps greenhouse gas emissions has spawned an emerging carbon trade that was valued at US $64 billion (à ¢Ã¢â‚¬Å¡Ã‚ ¬47 billion) in 2007. For the third consecutive year, China was the world leader in CDM supply with a 73% market share in terms of 2007 transacted volume. Brazil and India, at 6% market share each, transacted the highest volumes after China. Africa followed with 5% of the market. India is the fourth largest emitter of greenhouse gases in the world in absolute terms. But its per capita emission of 1.2 tons per person per year is much lower than the Wests figure of 20 tons, or than the global average of 8 tons. If India has to realize its ambitions of economic growth and take large sections of its population out of the low income trap, it must grow. That means greenhouse gas emission reductions will CLEAN DEVELPOMENT MECHANISM (CDM) AND CARBON TRADING IN INDIA CLEAN DEVELOPMENT MECHANISM GLOBAL WARMING- THE ISSUE The Earth has an atmosphere of the proper depth and chemical composition. About 30% of incoming energy from the sun is reflected back to space while the rest reaches the earth, resulting in warming the air, oceans, and land, and maintaining an average surface temperature of about 15  °C. The chemical composition of the atmosphere is also responsible for nurturing life on our planet. Most of it is nitrogen (78%); about 21% is oxygen, which all animals need to survive; and only a small percentage (0.036%) is made up of carbon dioxide which plants require for photosynthesis. The atmosphere carries out the critical function of maintaining life-sustaining conditions on Earth, in the following way: each day, energy from the sun is absorbed by the land, seas, mountains, etc. If all this energy were to be absorbed completely, the earth would gradually become hotter and hotter. But actually, the earth both absorbs and, simultaneously releases it in the form of infra red waves (which cannot be seen by our eyes but can be felt as heat, for example the heat that you can feel with your hands over a heated car engine). All this rising heat is not lost to space, but is partly absorbed by some gases present in very small (or trace) quantities in the atmosphere, called greenhouse gases (GHGs). Greenhouse gases (for example, carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), water vapour), re-emit some of this heat to the earths surface. If they did not perform this useful function, most of the heat energy would escape, leaving the earth cold (about -18  °C) and unfit to support life. However, ever since the Industrial Revolution began about 150 years ago, man-made activities have added significant quantities of GHGs to the atmosphere. The atmospheric concentrations of carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O) have grown by about 31%, 151% and 17%, respectively, between 1750 and 2000 (Intergovernmental Panel on Climate Change, IPCC 2001). As the GHGs are transparent to incoming solar radiation, but opaque to outgoing longwave radiation, an increase in the levels of GHGs could lead to greater warming, which, in turn, could have an impact on the worlds climate, leading to the phenomenon known as climate change. Indeed, scientists have observed that over the 20th century, the mean global surface temperature increased by 0.6 °C (IPCC 2001). They also observed that since 1860 (the year temperature began to be recorded systematically using a thermometer), the 1990s have been the warmest decade. Important greenhouse gases are: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFC), perfluorocarbons (PFC), and sulfur hexafluoride (SF6). Water vapor is also an important greenhouse gas, but since humans do not generally have a direct affect on water vapor concentration in the atmosphere, it is not included in this paper. Because each greenhouse gas traps different amounts of heat and stays in the atmosphere for different lengths of time, studies use measures of global warming potential (GWP) to compare between gases. Carbon dioxide is used as the benchmark, so all other gases are measured in carbon dioxide equivalence (CO2e)2. Table 1: The global warming potential of six major greenhouse gases (This measure takes into account the heat trapping abilities and the time the gas stays in the atmosphere (IPCC 2001a, 2001b)) Gas Global Warming Potential Atmospheric Life (years) CO2 1 5 to 200 CH4 21 12 N2O 310 114 HFC 140 to 11,700 1.4 to 260 PFC 6,500 to 9,200 10,000 to 50,000+ SF6 23,900 3200 NATURAL AND ANTHROPOGENIC CAUSES OF GLOBAL WARMING Another IPCC publication states that there is a very high confidence that human activities have caused a net warming of the planet (IPCC 2007a). KYOTO PROTOCOL Presently, a variety of approaches are being implemented to reduce carbon emissions. These range from efforts by individuals and firms to reduce their climate footprints to initiatives at city, state, regional and global levels. Among these are the commitments of governments to reduce emissions through the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and its 1997 Kyoto Protocol. In 1992 famous Rio earth summit, United Nation Framework Convention on Climate Change (UNFCCC) was adopted with an objective to stabilize atmospheric concentration of GHG at levels that would prevent dangerous humane interference with climate system. The UNFCCC came into effect on 21st March, 1994 according to which industrialized countries shall have the main responsibility to mitigate climate change. Such countries are listed a s Annex- I countries. Under UNFCCC all the member countries were to report on their national GHG emissions inventories and propose climate change mitigation strategies. After two and half years of intense negotiation between Annex-I countries, an agreement was struck at the now famous Kyoto protocol on 11 December 1997 in Kyoto, Japan. Born in the 1997 World Earth Summit held at Kyoto, Japan, this Protocol is making miracles in society today. The convention, participated by 160 countries of the world, was to negotiate binding limitations on greenhouse gases for the developed nations pursuant to the objective of the Framework Convention on Climate Change of 1992. Under the Kyoto Protocol, emission caps were set for each Annex-I countries, amounting in total to an average reduction of 5.2% below the aggregate emission level in 1990. Each country has a predetermined target of emission reduction as compared to 1990 level. No emission cap is imposed on Non Annex I countries. However, to encourage the participation of Non-Annex I in emission reduction process a mechanism known as Clean Development Mechanism (CDM) has been provided. The carbon markets are a prominent part of the response to climate change and have an opportunity to demonstrate that they can be a credible and central tool for future climate mitigation. The outcome was the Kyoto Protocol, in which the developed nations agreed to limit their greenhouse gas emissions, relative to the levels emitted in 1990 or pay a price to those that do. At this point comes the carbon trading. CARBON CREDITS The primary purpose of the Protocol was to make developed countries pay for their ways with e missions while at the same time monetarily rewarding countries with good behaviour in this regard. Since developing countries can start with clean technologies, they will be rewarded by those stuck with à ¢Ã¢â€š ¬Ã… ¾dirtyà ¢Ã¢â€š ¬Ã… ¸ ones. This system poises to become a big machine for partially transferring wealth from wealthy, industrialised countries to poor, undeveloped countries. A CER or carbon Credit is defined as the unit related to reduction of 1 tonne of CO2 emission from the baseline of the project activity. Let us say that India decided to invest in a new power station, and has decided on a particular technology at the cost of X crore. An entity from an industrialised country (which could even be a company) offers to provide India with slightly better technology, which costs more (say Y crore), but will result in lower emissions. The industrialised country will only pay the incremental cost of the project viz. Y minus X. In return, the à ¢Ã¢â€š ¬Ã… ¾investingà ¢Ã ¢â€š ¬Ã… ¸ country will get certified emission reductionsà ¢Ã¢â€š ¬Ã… ¸ (CERs), or credits, which it can use to meet its Kyoto commitments. This is a very good deal indeed but for the investing country. Not only do they sell developing countries their technology, but they also meet their Kyoto commitments without lifting a finger to reduce their domestic emissions. Countries like the US can continue to pollute at home, so long as it makes the reductions elsewhere. The World Bank has built itself a role in this market as a referee, broker and macro-manager of international fund flows. The scheme has been entitled Clean Development Mechanism, or more commonly, Carbon Trading. CDM PROJECT TYPES Carbon Credits are sold to entities in Annex-I countries, like power utilities, who have emission reduction targets to achieve find it cheaper to buy à ¢Ã¢â€š ¬Ã… ¾offsettingà ¢Ã¢â€š ¬Ã… ¸ certificate rather than do a clean-up in their backyard. Type of projects, which are being applied for CDM and which can be of valuable potential, are: à ¢Ã¢â€š ¬Ã‚ ¢ Energy efficiency projects Increasing building efficiency (Concept of Green Building/LEED Rating), eg. Technopolis Building Kolkata Increasing commercial/industrial energy efficiency (Renovation Modernization of old power plants) Fuel switching from more carbon intensive fuels to less carbon intensive fuels; and Also includes re-powering, upgrading instrumentation, controls, and/or equipment à ¢Ã¢â€š ¬Ã‚ ¢ Transport Improvements in vehicle fuel efficiency by the introduction of new technologies Changes in vehicles and/or fuel type, for example, switch to electric cars or fuel cell vehicles (CNG/Bio fuels) Switch of transport mode, e.g. changing to less carbon intensive means of transport like trains (Metro in Delhi); and Reducing the frequency of the transport activity à ¢Ã¢â€š ¬Ã‚ ¢ Methane recovery Animal waste methane recovery utilization à ¢Ã¢â€š ¬Ã‚ ¢ Installing an anaerobic digester utilizing methane to produce energy Coal mine methane recovery à ¢Ã¢â€š ¬Ã‚ ¢ Collection utilization of fugitive methane from coal mining; Capture of biogas à ¢Ã¢â€š ¬Ã‚ ¢ Landfill methane recovery and utilization Capture utilization of fugitive gas from gas pipelines; Methane collection and utilization from sewage/industrial waste treatment facilities à ¢Ã¢â€š ¬Ã‚ ¢ Industrial process changes Any industrial process change resulting in the reduction of any category greenhouse gas emissions à ¢Ã¢â€š ¬Ã‚ ¢ Cogeneration Use of waste heat from electric generation, such as exhaust from gas turbines, for industrial purposes or heating (e.g. Distillery-Molasses/ bagasse) à ¢Ã¢â€š ¬Ã‚ ¢ Agricultural sector Energy efficiency improvements or switching to less carbon intensive energy sources for water pumps (irrigation) Methane reductions in rice cultivation Reducing animal waste or using produced animal waste for energy generation (see also under methane recovery) and Any other changes in an agricultural practices resulting in reduction of any category of greenhouse gas emissions INDIAN SCENARIO- FAVOURING POINTS India comes under the third category of signatories to UNFCCC. India signed and ratified the Protocol in August, 2002 and has emerged as a world leader in reduction of greenhouse gases by adopting Clean Development Mechanisms (CDMs) in the past few years. According to Report on National Action Plan for operationalising Clean Development Mechanism(CDM) by Planning Commission, Govt.of India, the total CO2-equivalent emissions in 1990 were 10, 01, 352 Gg (Gigagrams), which was approximately 3% of global emissions. If India can capture a 10% share of the global CDM market, annual CER revenues to the country could range from US$ 10 million to 300 million (assuming that CDM is used to meet 10-50% of the global demand for GHG emission reduction of roughly 1 billion tonnes CO2, and prices range from US$ 3.5-5.5 per tonne of CO2). As the deadline for meeting the Kyoto Protocol targets draws nearer, prices can be expected to rise, as countries/companies save carbon credits to meet strict targe ts in the future. India is well ahead in establishing a full-fledged system in operationalising CDM, through the Designated National Authority (DNA).Other than Industries and transportation,the major sources of GHGs emission in India are as follows : à ¢Ã¢â€š ¬Ã‚ ¢ Paddy fields à ¢Ã¢â€š ¬Ã‚ ¢ Enteric fermentation from cattle and buffaloes à ¢Ã¢â€š ¬Ã‚ ¢ Municipal Solid Waste Of the above three sources the emissions from the paddy fields can be reduced through special irrigation strategy and appropriate choice of cultivars; whereas enteric fermentation emission can also be reduced through proper feed management. In recent days the third source of emission i.e. Municipal Solid Waste Dumping Grounds are emerging as a potential CDM activity despite being provided least attention till date. Present status of dumping grounds in India: In India, due to increased population commercial development, cities are facing probles of SW (Municipal Solid Waste) disposal. The urban population in larger towns and cities in India is increasing at a decadal growth rate of above 40%. There are no Sanitary Landfill sites in India at present. Municipal Solid Waste is simply dumped without any treatment into land (depressions, ditches, soaked ponds) or on the outskirts of the city in an unscientific manner with no compliance of regulations. The existing dumping grounds in India are full and overflowing beyond capacity. It is difficult to get new dumping yards and if at all available, they are far away from the city and this adds to the exorbitant cost of transportation Various processes/technologies available to reduce the amount of Municipal Solid Waste are as follows. 1. Physical (a. Pelletisation) 2. Biochemical (a. Aerobic Composting b. Anaerobic Digestion) 3. Thermal (a. Incineration b. Gasification) Among the above options/technologies following are considered as favorable to implement in India. 1. Pelletisation, 2. Anaerobic digestion using bio-methanation technology for production of power, 3. Production of organic manure using controlled aerobic composting. a) India high potential of carbon credits b) India can capture 10% of Global CDM market c) Annual revenue estimated range from US$10 million to 330 million d) Wide spectrum of projects with different sizes e) Vast technical human resource f) Strong industrial base g) Dynamic, transparent speedy processing by Indian DNA (NCDMA) for host country approval h) MoU Signed between MoP and GTZ (Oct 2006)- Indo German Energy program (IGEN) à ¢Ã¢â€š ¬Ã‚ ¢ Baseline CO2 Emissions from Power Sector already in place- first CDM country à ¢Ã¢â€š ¬Ã‚ ¢ Improvement in EE à ¢Ã¢â€š ¬Ã‚ ¢ CDM in Power Sector CDM POTENTIAL FOR INDIA POLICIES AND WAY AHEAD Greenhouse gas abatement policy design is exceedingly difficult because GHG emissions result from nearly all modern human activities. It involves every sector of the economy as well as habits and choices of individuals. Economics is more than just a study of business, it is the science which studies human behavior as a relationship between aspirations and the scarce means to reach those goals. Individuals make decisions every day that influence the amount of greenhouse gases that enter the atmosphere. If a stable climate is one objective among the many to which society aspires, then economics is a tool well-suited to understand how those decisions are made and how efficient and effective outcomes can be reached. Indian Forum India is a Party to the United Nations Framework Convention on Climate Change (UNFCCC) and the objective of the Convention is to achieve stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interfe rence with the climate system. To strengthen the developed country commitments under the Convention, the Parties adopted Kyoto Protocol in 1997, which commits developed country Parties to return their emissions of greenhouse gases to an average of approximately 5.2% below 1990 levels over the period 2008-12. The Seventh Conference of Parties (COP-7) to the UNFCCC decided that Parties participating in CDM should designate a National Authority for the CDM and as per the CDM project cycle, a project proposal should include written approval of voluntary participation from the Designated National Authority of each country and confirmation that the project activity assists the host country in achieving sustainable development. Accordingly the Central Government constituted the National Clean Development Mechanism (CDM) Authority for the purpose of protecting and improving the quality of environment in terms of the Kyoto Protocol. The CDM Authority has the powers: (a) to invite officials a nd experts from Government, financial institutions, consultancy organizations, non-governmental organizations, civil society, legal profession, industry and commerce, as it may deem necessary for technical and professional inputs and may co-opt other members depending upon need. (b) to interact with concerned authorities, institutions, individual stakeholders for matters relating to CDM. (c) to take up any environmental issues pertaining to CDM or Sustainable Development projects as may be referred to it by the Central Government, and (d) to recommend guidelines to the Central Government for consideration of projects and principles to be followed for according host country approval. As discussed above, India has a vast opportunity to explore in terms of CDM and carbon-credits. Through its giant ongoing Infrastructure projects and projects on non-conventional energy sources, a new phase of development is still to be observed, moderate start of which has already begun. Conclusion There is a great opportunity awaiting India in carbon trading which is estimated to go up to $100 billion by 2010. In the new regime, the country could emerge as one of the largest beneficiaries accounting for 25 per cent of the total world carbon trade, says a recent World Bank report. The countries like US, Germany, Japan and China are likely to be the biggest buyers of carbon credits which are beneficial for India to a great extent. The Indian market is extremely receptive to Clean Development Mechanism (CDM). Having cornered more than half of the global total in tradable certified emission reduction (CERs), Indias dominance in carbon trading under the clean development mechanism (CDM) of the UN Convention on Climate Change (UNFCCC) is beginning to influence business dynamics in the country. India Inc pocketed Rs 1,500 crores in he year 2005 just by selling carbon credits to developed-country clients. Various projects would create up to 306 million tradable CERs. Analysts claim if more companies absorb clean technologies, total CERs with India could touch 500 million. Of the 391 projects sanctioned, the UNFCCC has registered 114 from India, the highest for any country. Indias average annual CERs stand at 12.6% or 11.5 million. Hence, MSW dumping grounds can be a huge prospect for CDM projects in India. These types of projects would not only be beneficial for the Government bodies and stakeholders but also for general public.