LC and UCP 600 Essay Example

LC and UCP 600 Essay Introduction Letter of credit (L/C) can be defined as an â€Å"undertaking† whereby the buyer’s bank is committed (on behalf of the buyer) to place an agreed amount of money at the seller’s disposal under some agreed conditions. Since the agreed conditions include, amongst other things, the presentation of some specified documents, the letter of credit is called Documentary Letter of Credit or, in short, Documentary Credit. The Uniform Customs Practice for Documentary Credit (UCPDC) published by International Chamber of Commerce (2007) Revision; Publication No. 00 defines Documentary Credit: â€Å"Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honor a complying presentation. † Complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice . According to the definition of â€Å"Credit†, when an issuing bank determines that a presentation (of documents) is complying, it must honor. Honor means, a) to pay at sight, if the credit is available by sight payment, b) to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment, c) to accept a bill of exchange (draft) drawn by the beneficiary and pay at maturity if the credit is available by acceptance. Article 15b of UCP-600 says that when a confirming bank determines that a presentation is complying, it must honor or negotiate. In case of complying presentation, a nominated bank may also honor or negotiate (article 15c). It thus appears that credit is not only available at issuing bank, it (credit) can also be made available at confirming bank or nominated bank (appointed by issuing bank). Moreover, any bank can be a nominated bank in case of a credit available with any bank. (Article 2 and 6a of UPC-600) At this point, it is also imperative to define â€Å"Negotiation†. According to article 2 (UCP- 600) We will write a custom essay sample on LC and UCP 600 specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on LC and UCP 600 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on LC and UCP 600 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank. The above terms such as sight payment, deferred payment, acceptance and negotiation, are infact, reflecting terms of payment of credit. Terms of payment or maturity date of payment (when issuing bank or confirming bank or nominated bank is going to make payment) is therefore, an essential characteristic of a credit. Article 6b of UCP-600 states, a credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation. It thus follows from the above discussion that a credit: i) is an irrevocable/definite undertaking of an issuing bank to honor a complying presentation ii) must indicate with which it is available; and iii) must indicate the terms of payment 1. 1 Parties to a Letter of Credit The parties are: The Issuing Bank The Confirming Bank, if any, and The Beneficiary Other parties which facilitate the Documentary Credit are: The Applicant The Advising Bank The Nominated Bank The Reimbursing Bank The Claiming Bank The Presenter The Transferring Bank, if any Issuing Bank means the bank that issues a credit at the request of an applicant or on its own behalf. Confirming Bank means the bank that adds its confirmation to a credit upon the issuing bank’s authorization or request. Confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honor or negotiate a complying presentation. Beneficiary means the party in whose favor a credit is issued. Applicant means the party on whose request the credit is issued. Advising Bank means the bank that advises the credit at the request of the issuing bank. However, an advising bank may also utilize the services of another bank (â€Å"second advising bank†) to advice the credit and any amendment to the beneficiary. Nominated Bank means the bank with which the credit is available or any bank in the case of a credit available with any bank. Reimbursing Bank means the bank, appointed by the issuing bank, to reimburse the claims (of payment) of the claiming bank. Claiming bank means the nominated bank which claims the payment from the reimbursing bank. Presenter means a beneficiary, bank or other party that makes a presentation. Transferring Bank means a nominated bank that transfers the credit. In case of credit available with any bank, transferring bank is specifically authorized by issuing bank. An issuing bank may also be a transferring bank. 1. 2 Types of Letter of credit Article of 3 of UCP-600 says that a credit is irrevocable even if there is not indication to that effect. It therefore, indicates that (under UCP-600) there is only one type of credit, named Irrevocable Letter of Credit. Other Documentary Credits: i) Confirmed Documentary Credit: A confirmation of a documentary credit by a bank (confirming bank) upon the authorization or request of the issuing bank constitutes a definite undertaking of the confirming bank, in addition to that of the issuing bank, provided that the stipulated documents are presented to the confirming bank or to any other nominated bank on or before the expiry date and the terms and conditions of the documentary credit are compiled with either to honor or to negotiate. ii) Revolving Credit: A Revolving Documentary Credit is one by which, under the terms and conditions thereof, the amount is renewed or reinstated without specific amendments to the documentary credit being required. The Revolving Documentary Credit may revolve in relation to time or value. A documentary credit of this nature may be cumulative or non-cumulative. iii) Transferable Credit and Transferred Credit: Transferable credit means a credit that specifically states it is â€Å"transferable†. A transferable credit may be made available in whole or in part to another beneficiary (â€Å"second beneficiary†) at the request of the beneficiary (â€Å"first beneficiary†). Transferred credit means a credit that has been made available by the transferring bank to a second beneficiary. iv) Back to Back Credit: The back to back credit is a new credit opened on the basis of an original credit in favor of another beneficiary. Under the back to back concept, the seller as the beneficiary of the first credit offers it as ‘security’ to his bank for the issuance of the second credit. The beneficiary of the back to back credit may be located inside or outside the original beneficiary’s country. v) Red Clause Credit: A Red Clause Credit is a credit with a special condition incorporated into it that authorizes the confirming Bank or any other Nominated Bank to make advances to the beneficiary before presentation of the documents. Under the above credit, the issuing bank is liable for the pre-shipment advances made by the nominated bank, in case the beneficiary fails to repay or present the documents for settlement. vi) Standby Credits : The Standby Credit is a documentary credit or similar arrangement, however named or described, which represents an obligation to the beneficiary on the part of the Issuing Bank to : a) repay money borrowed by the applicant, or advanced to or for the account of the applicant; (b)Make payment on account of any indebtedness undertaken by the applicant; or (c)Make payment on account of any default by the applicant in the performance of an obligation. 1. 3 Operations of Documentary Letter of Credit The following five major steps are involved in the operation of a documentary letter of credit: i) Issuing; ii) Advising; iii) Confirmation and Amendment (if necessary); iv) Presentation; v) Settlement. i)Issuing a Letter of Credit: Before issuing L/C, the buyer and seller located in different countries, conclude a ‘sales contract’ providing for payment by documentary credit. As per requirement of the seller, the buyer then instructs the bank – the issuing bank – to issue a credit in favor of the seller (beneficiary). Instruction/Application for issuing a credit should be made by the buyer (importer) in the issuing bank’s standard form. The credit application which contains the full details of the proposed credit, also serves as an agreement between the bank and the buyer. After being convinced about the ‘conditions’ contained in the application form the issuing bank then proceeds for opening the credit to be addressed to the beneficiary. ii)Advising a Letter of Credit: Advising through a bank is a proof of apparent authenticity of the credit to the seller. The process of advising a credit consists of forwarding the original credit to the beneficiary to whom it is addressed. Before forwarding, the advising bank has to verify the signature(s) of the officer(s) of the issuing bank and ensure that the terms and conditions of the credit are not in violation of the existing exchange control regulations and other regulations relating to export. In such act of advising, the advising bank does not undertake any liability. However, an advising bank may also utilize the services of another bank (â€Å"second advising bank†) to advice the credit and any amendment to the beneficiary. iii)Confirmation and Amendment of Credit: The beneficiaries are not always willing to rely on the credit standing of the issuing bank – particularly when bank is unknown to the beneficiary. Consequently, a beneficiary may request that the applicant instruct the issuing bank to have its credit confirmed by a confirming bank, usually in the beneficiary’s country. Moreover, parties involved in L/C, particularly the seller and the buyer cannot always satisfy the terms and conditions in full as expected due to some obvious and genuine reasons. In such a situation, the credit should be amended. However, a credit can neither be amended nor cancelled without the agreement of the issuing bank, the confirming bank (if any) and the beneficiary. iv)Presentation of Documents The seller being satisfied with the terms and conditions of the credit proceeds to dispatch the required goods to the buyer and after that, has to present the documents evidencing dispatching of goods and fulfilling other terms and conditions of L/C to the issuing or nominated bank on or before the stipulated expiry date of the credit. After receiving all the documents, the issuing or nominated bank then examines the documents against the credit. If the documents are found complying, the bank will honor or negotiate. v)Settlement: Settlement means fulfilling the commitment of issuing bank in regard to effecting payment subject to satisfying the credit terms fully. This settlement may be done under three separate arrangements as stipulated in the credit. These are: a) Settlement by Payment: Here the beneficiary / presenter presents the documents to the nominated / issuing bank and the bank then scrutinizes the documents. If satisfied, the nominated / issuing bank makes payment to the beneficiary and in case this bank is other than the issuing bank, then sends the documents to the issuing bank. If the issuing bank is satisfied with the requirements, payment is obtained by the nominated bank from the issuing bank. b) Settlements by Acceptance: Under this arrangement, the beneficiary / presenter submits the documents to the nominated / issuing bank accompanied by a draft drawn on the bank (where credit is available) at the specified tenor. After being satisfied with the documents, the bank accepts the documents and the draft and if it is a bank other than the issuing bank, then sends the documents to the issuing bank stating that it has accepted the draft and at maturity the reimbursement will be obtained in the pre-agreed manner. c) Settlement by Negotiation: This settlement procedure starts with the submission of documents by the beneficiary / presenter to the nominated bank accompanied by a draft drawn on the issuing bank or any other drawee, at sight or at a tenor, as specified in the credit. After scrutinizing that the documents meet the credit requirements, the bank will purchase the documents and / or drafts, advance or agree to advance funds to the beneficiary on or before reimbursement is due. This bank then sends the documents and the draft to the issuing bank. As usual, reimbursement will be obtained in the pre-agreed manner. 2. 0 Uniform Customs and Practice for Documentary Credits (UCP 600) UCP 600 is the latest revision of the Uniform Customs and Practice that govern the operation of letters of credit. UCP 600 comes into effect on 01 July 2007. The 39 articles of UCP 600 are a comprehensive and practical working aid to bankers, lawyers, importers, and exporters, transport executives, educators, and everyone involved in letter of credit transactions worldwide. This revision of the Uniform Customs and Practice for Documentary Credits (commonly called â€Å"UCP†) is the sixth revision of the rules since they were first promulgated in 1933. It is the fruit of more than three years of work by the International Chamber of Commerce’s (ICC) Commission on Banking Technique and Practice. In May 2003, the International Chamber of Commerce authorized the ICC Commission on Banking Technique and Practice (Banking Commission) to begin a revision of the Uniform Customs and Practice for Documentary Credits, ICC Publication 500. As with other revisions, the general objective was to address developments in the banking, transport and insurance industries. Additionally, there was a need to look at the language and style used in the UCP to remove wording that could lead to inconsistent application and interpretation. When work on the revision started, a number of global surveys indicated that, because of discrepancies, approximately 70% of documents presented under letters of credit were being rejected on first presentation. This obviously had, and continues to have, a negative effect on the letter of credit being seen as a means of payment and, if unchecked, could have serious implications for maintaining or increasing its market share as a recognized means of settlement in international trade. The introduction by banks of a discrepancy fee has highlighted the importance of this issue, especially when the underlying discrepancies have been found to be unsound. Whilst the number of cases involving litigation has not grown during the lifetime of UCP 500, the introduction of the ICC’s Documentary Credit Dispute Resolution Expertise Rules (DOCDEX) in October 1997 (subsequently revised in March 2002) has resulted in more than 60 cases being decided. To address these and other concerns, the Banking Commission established a Drafting Group to revise UCP 500. It was also decided to create a second group, known as the Consulting Group, to review and advice on early drafts submitted by the Drafting Group. The Consulting Group, made up of over 40 individuals from 26 countries, consisted of banking and transport industry experts. Ably co-chaired by John Turnbull, Deputy General Manager, Sumitomo Mitsui Banking Corporation Europe Ltd, London and Carlo Di Ninni, Adviser, Italian Bankers Association, Rome, the Consulting Group provided valuable input to the Drafting Group prior to release of draft texts to ICC national committees. One of the structural changes to the UCP is the introduction of articles covering definitions (article 2) and interpretations (article 3). In providing definitions of roles played by banks and the meaning of specific terms and events, UCP 600 avoids the necessity of repetitive text to explain their interpretation and application. Similarly, the article covering interpretations aims to take the ambiguity out of vague or unclear language that appears in letters of credit and to provide a definitive elucidation of other characteristics of the UCP or the credit. During the course of the last three years, ICC national committees were canvassed on a range of issues to determine their preferences on alternative texts submitted by the Drafting Group. The results of this exercise and the considerable input from national committees on individual items in the text is reflected in the content of UCP 600. The Drafting Group considered, not only the current practice relative to the documentary credit, but also tried to envisage the future evolution of that practice. This revision of the UCP represents the culmination of over three years of extensive analysis, review, debate and compromise amongst the various members of the Drafting Group, the members of the Banking Commission and the respective ICC national committees. Valuable comment has also been received from the ICC Commission on Transport and Logistics, the Commission on Commercial Law and Practice and the Committee on Insurance. 2. 1 UCP 600 Article 1 Application of UCP The Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication no. 00 (UCP) are rules that apply to any documentary credit (credit) (including, to the extent to which they may be applicable, any standby letter of credit) when the text of the credit expressly indicates that it is subject to these rules. They are binding on all parties thereto unless expressly modified or excluded by the credit. 2. 2 UCP 600 Article 2 For the purpose of these rules: Advising bank means the bank that advises the credit at the request of the issuing bank. Applicant means the party on whose request the credit is issued. Banking day means a day on which a bank is regularly open at the place at which an act subject to these rules is to be performed. Beneficiary means the party in whose favour a credit is issued. Complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice. Confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a complying presentation. Confirming bank means the bank that adds its confirmation to a credit upon the issuing banks authorization or request. Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. Honour means: a. to pay at sight if the credit is available by sight payment. b. to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment. c. to accept a bill of exchange (draft) drawn by the beneficiary and pay at maturity if the credit is available by acceptance. Issuing bank means the bank that issues a credit at the request of an applicant or on its own behalf. Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank. Nominated Bank means the bank with which the credit is available or any bank in the case of a credit available with any bank. Presentation means either the delivery of documents under a credit to the issuing bank or nominated bank or the documents so delivered. Presenter means a beneficiary, bank or other party that makes a presentation. 2. 3 UCP 600 Article 3 Interpretations For the purpose of these rules: Where applicable, words in the singular include the plural and in the plural include the singular. A credit is irrevocable even if there is no indication to that effect. A document may be signed by handwriting, facsimile signature, perforated signature, stamp, symbol or any other mechanical or electronic method of authentication. A requirement for a document to be legalized, visaed, certified or similar will be satisfied by any signature, mark, stamp or label on the document which appears to satisfy that requirement. Branches of a bank in different countries are considered to be separate banks. Terms such as first class, well known, qualified, independent, official, competent or local used to describe the issuer of a document allow any issuer except the beneficiary to issue that document. Unless required to be used in a document, words such as prompt, immediately or as soon as possible will be disregarded. The expression on or about or similar will be interpreted as a stipulation that an event is to occur during a period of five calendar days before until five calendar days after the specified date, both start and end dates included. The words to, until, till, from and between when used to determine a period of shipment include the date or dates mentioned, and the words before and after exclude the date menti oned. The words from and after when used to determine a maturity date exclude the date mentioned. The terms first half and second half of a month shall be construed respectively as the 1st to the 15th and the 16th to the last day of the month, all dates inclusive. The terms beginning, middle and end of a month shall be construed respectively as the 1st to the 10th, the 11th to the 20th and the 21st to the last day of the month, all dates inclusive. 2. 4 UCP 600 Article 4 Credits v. Contracts a. A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honour, to negotiate or to fulfil any other obligation under the credit is not subject to claims or defences by the applicant resulting from its relationships with the issuing bank or the beneficiary. A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank. b. An issuing bank should discourage any attempt by the applicant to include, as an integral part of the credit, copies of the underlying contract, proforma invoice and the like. 2. 5 UCP 600 Article 5 Documents v. Goods Services or Performance Banks deal with documents and not with goods, services or performance to which the documents may relate. 2. 6 UCP 600 Article 6 Availability, Expiry Date and Place for Presentation a. A credit must state the bank with which it is available or whether it is available with any bank. A credit available with a nominated bank is also available with the issuing bank. b. A credit must state whether it is available by sight payment, deferred payment, acceptance or negotiation. c. A credit must not be issued available by a draft drawn on the applicant. d. i. A credit must state an expiry date for presentation. An expiry date stated for honour or negotiation will be deemed to be an expiry date for presentation. ii. The place of the bank with which the credit is available is the place for presentation. The place for presentation under a credit available with any bank is that of any bank. A place for presentation other than that of the issuing bank is in addition to the place of the issuing bank. e. Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date. 2. 7 UCP 600 Article 7 Issuing Bank Undertaking a. Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour if the credit is available by: i. sight payment, deferred payment or acceptance with the issuing bank; ii. ight payment with a nominated bank and that nominated bank does not pay; iii. deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; iv. acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; v. negotiation with a nominated bank and that nominated bank does not negotiate. b. An issuing bank is irrevocably bound to honour as of the time it issues the credit. c. An issuing bank undertakes to reimburse a nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the issuing bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not the nominated bank prepaid or purchased before maturity. An issuing banks undertaking to reimburse a nominated bank is independent of the issuing banks undertaking to the beneficiary. 2. 8 UCP 600 Article 8 Confirming Bank Undertaking a.Provided that the stipulated documents are presented to the confirming bank or to any other nominated bank and that they constitute a complying presentation, the confirming bank must: i. honour, if the credit is available by a. sight payment, deferred payment or acceptance with the confirming bank b. sight payment with another nominated bank and that nominated bank does not pay; c. deferred payment with another nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity; d. cceptance with another nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity; e. negotiation with another nominated bank and that nominated bank does not negotiate. ii. negotiate, without recourse, if the credit is available by negotiation with the confirming bank. b. A confirming bank is irrevocably bound to honour or negotiate as of the time it adds its confirmation to the credit. c. A confirming bank undertakes to reimburse another nominated bank that has honoured or negotiated a complying presentation and forwarded the documents to the confirming bank. Reimbursement for the amount of a complying presentation under a credit available by acceptance or deferred payment is due at maturity, whether or not another nominated bank prepaid or purchased before maturity. A confirming banks undertaking to reimburse another nominated bank is independent of the confirming banks undertaking to the beneficiary. d. If a bank is authorized or requested by the issuing bank to confirm a credit but is not prepared to do so, it must inform the issuing bank without delay and may advise the credit without confirmation. 2. 9 UCP 600 Article 9 Advising of Credits and Amendments a. A credit and any amendment may be advised to a beneficiary through an advising bank. An advising bank that is not a confirming bank advises the credit and any amendment without any undertaking to honour or negotiate. b. By advising the credit or amendment, the advising bank signifies that it has satisfied itself as to the apparent authenticity of the credit or amendment and that the advice accurately reflects the terms and conditions of the credit or amendment received. c. An advising bank may utilize the services of another bank (second advising bank) to advise the credit and any amendment to the beneficiary. By advising the credit or amendment, the second advising bank signifies that it has satisfied itself as to the apparent authenticity of the advice it has received and that the advice accurately reflects the terms and conditions of the credit or amendment received. d. A bank utilizing the services of an advising bank or second advising bank to advise a credit must use the same bank to advise any amendment thereto. e. If a bank is requested to advise a credit or amendment but elects not to do so, it must so inform, without delay, the bank from which the credit

Barn Burning essays

Barn Burning essays Colonel Sartoris Snopes, who is called Sarty by his family, is a major character in William Faulkners Barn Burning. This young boy of about ten finds himself in the position of being expected to lie to protect his father from punishment for burning the neighbors barn. Sartys character in Barn Burning is a study of the physical and spiritual relationships between a father and son that are born out in the reality of truth versus lies as evidenced in Sartys Personal integrity. In Barn Burning Faulkner writes about the relationship between a father and his son in both the hereditary and the spiritual sense. Sarty early in the story respects his father because of his fathers service in the military and the clannish code found in southern families without regard to social status. The young boy was not really aware of his fathers good or bad qualities or of the complexities of his fathers behavior. He was aware that his father was facing a court. He was not yet openly aware of the way he really felt about his fathers activities and the fact that he might have to dispute his fathers word in effect overthrow customary behavior, hereditary codes, and family ties. Sarty felt an innate loyalty to the clan (family) and at the same time realizes that his father aims for him to lie and that he would have to do it to maintain the familial bond. Sarty had hoped that the series of family moves from farm to farm and new beginnings would change his father only to realize that the cycle would continue to repeat itself. His father relied on complicity of the entire Snopes clan for support and security. He depended on the clan for protection from society at large. In reality Sarty had a sense of right and wrong and having to lie for his father places him in great conflict. He was far too young to understand his father and the complexities ...

Definition and Examples of Anaphora in Rhetoric

Definition and Examples of Anaphora in Rhetoric Anaphora is a rhetorical term for the repetition of a word or phrase at the beginning of successive clauses. By building toward a climax, anaphora can create a strong emotional effect. Consequently, this figure of speech is often found in polemical writings and passionate oratory, perhaps most famously in Dr. Martin Luther Kings I Have a Dream speech. Classical scholar George A. Kennedy compares anaphora to a series of hammer blows in which the repetition of the word both connects and reinforces the successive thoughts (New Testament Interpretation Through Rhetorical Criticism, 1984).  Ã‚   Examples and Observations We learned to diagram sentences with the solemn precision of scientists articulating chemical equations. We learned to read by reading aloud, and we learned to spell by spelling aloud.(Joyce Carol Oates, District School #7: Niagara County, New York. Faith of a Writer: Life, Craft, Art. HarperCollins, 2003)I needed a drink, I needed a lot of life insurance, I needed a vacation, I needed a home in the country. What I had was a coat, a hat, and a gun.(Raymond Chandler, Farewell, My Lovely, 1940)It rained on his lousy tombstone, and it rained on the grass on his stomach. It rained all over the place.(Holden Caulfield in J.D. Salingers The Catcher in the Rye, 1951)Anaphora will repeat an opening phrase or word;Anaphora will pour it into a mould (absurd)!Anaphora will cast each subsequent opening;Anaphora will last until its tiring.(John Hollander, Rhymes Reason: A Guide to English Verse. Yale University Press, 1989)Here comes the shadow not looking where it is going,And the whole night wi ll fall; it is time.Here comes the little wind which the hourDrags with it everywhere like an empty wagon through leaves.Here comes my ignorance shuffling after themAsking them what they are doing.(W.S. Merwin, Sire. The Second Four Books of Poems. Copper Canyon Press, 1993) Sir Walter Raleigh. Good food. Good cheer. Good times.(slogan of the Sir Walter Raleigh Inn Restaurant, Maryland)We saw the bruised children of these fathers clump onto our school bus, we saw the abandoned children huddle in the pews at church, we saw the stunned and battered mothers begging for help at our doors.(Scott Russell Sanders, Under the Influence, 1989)Of all the gin joints in all the towns in all the world, she walks into mine.(Rick Blaine in Casablanca)We shall go on to the end, we shall fight in France, we shall fight on the seas and oceans, we shall fight with growing confidence and growing strength in the air, we shall defend our Island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender.(Winston Churchill, speech to the House of Commons, June 4, 1940)Let both sides explore what problems unite us instead of belaboring those problems which divide us. Let both sides, for the first time, formulate serious and precise proposals for the inspection and control of arms, and bring the absolute power to destroy other nations under the absolute control of all nations.Let both sides seek to invoke the wonders of science instead of its terrors. Together let us explore the stars, conquer the deserts, eradicate disease, tap the ocean depths, and encourage the arts and commerce.Let both sides unite to heed, in all corners of the earth, the command of Isaiah - to undo the heavy burdens, and to let the oppressed go free.(President John Kennedy, Inaugural Address, January 20, 1961) But one hundred years later, the Negro still is not free. One hundred years later, the life of the Negro is still sadly crippled by the manacles of segregation and the chains of discrimination. One hundred years later, the Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity. One hundred years later, the Negro is still languishing in the corners of American society and finds himself an exile in his own land. And so weve come here today to dramatize a shameful condition.(Dr. Martin Luther King, Jr., I Have a Dream, 1963)Its the hope of slaves sitting around a fire singing freedom songs; the hope of immigrants setting out for distant shores; the hope of a young naval lieutenant bravely patrolling the Mekong Delta; the hope of a millworkers son who dares to defy the odds; the hope of a skinny kid with a funny name who believes that America has a place for him, too.(Barack Obama, The Audacity of Hope, July 27, 2004)In school, I am a luckless goose girl, friendless and forlorn. In P.S. 71 I carry, weighty as a cloak, the ineradicable knowledge of my scandal - I am cross-eyed, dumb, an imbecile in arithmetic; in P.S. 71 I am publicly shamed in Assembly because I am caught not singing Christmas carols; in P.S. 71 I am repeatedly accused of deicide. But in the Park View Pharmacy, in the winter dusk, branches blackening in the park across the road, I am driving in rapture through the Violet Fairy Book and the Yellow Fairy Book, insubstantial chariots snatched from the box in the mud.(Cynthia Ozick, A Drugstore in Winter. Art and Ardor, 1983) Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in public and private life, have been the consequences of action without thought.(attributed to Bernard Baruch)Brylcreem, a little dabll do ya,Brylcreem, youll look so debonair!Brylcreem, the galsll all pursue ya!Theyll love to get their fingers in your hair.(Advertising jingle, 1950s)I want her to live. I want her to breathe. I want her to aerobicize.(Weird Science, 1985)Im not afraid to die. Im not afraid to live. Im not afraid to fail. Im not afraid to succeed. Im not afraid to fall in love. Im not afraid to be alone. Im just afraid I might have to stop talking about myself for five minutes.(Kinky Friedman, When the Cats Away, 1988)In Gods name, you people are the real thing. We are the illusion!So turn off your television sets. Turn them off now! Turn them off right now! Turn them off and leave them off. Turn them off right in the middle of this sentence Im speaking to you now.Turn them off!(Peter Finch as television anchorman Howard Beale in Network, 1976) Anaphora in Dr. Kings Letter From a Birmingham Jail But when you have seen vicious mobs lynch your mothers and fathers at will and drown your sisters and brothers at whim; when you have seen hate-filled policemen curse, kick, brutalize and even kill your black brothers and sisters with impunity; when you see the vast majority of your twenty million Negro brothers smothering in an airtight cage of poverty in the midst of an affluent society; when you suddenly find your tongue twisted and your speech stammering as you seek to explain to your six-year-old daughter why she cant go to the public amusement park that has just been advertised on television, and see tears welling up in her little eyes when she is told that Funtown is closed to colored children, and see the depressing cloud of inferiority begin to form in her little mental sky, and see her begin to distort her little personality by unconsciously developing a bitterness toward white people; when you have to concoct an answer for a five-year-old son asking in agonizing pathos: Da ddy, why do white people treat colored people so mean?; when you take a cross-country drive and find it necessary to sleep night after night in the uncomfortable corners of your automobile because no motel will accept you; when you are humiliated day in and day out by nagging signs reading white and colored; when your first name becomes nigger and your middle name becomes boy (however old you are) and your last name becomes John, and when your wife and mother are never given the respected title Mrs.; when you are harried by day and haunted by night by the fact that you are a Negro, living constantly at tiptoe stance never quite knowing what to expect next, and plagued with inner fears and outer resentments; when you are forever fighting a degenerating sense of nobodiness; then you will understand why we find it difficult to wait.(Dr. Martin Luther King, Jr., Letter From a Birmingham Jail, April 16, 1963. I Have a Dream: Writings and Speeches That Changed the World, ed. by James M. Washington. HarperCollins, 1992) Anaphora in President Franklin Roosevelts Second Inaugural Address But here is the challenge to our democracy: In this nation, I see tens of millions of its citizens - a substantial part of its whole population - who at this very moment are denied the greater part of what the very lowest standards of today call the necessities of life.I see millions of families trying to live on incomes so meager that the pall of family disaster hangs over them day by day.I see millions whose daily lives in city and on farm continue under conditions labeled indecent by a so-called polite society half a century ago.I see millions denied education, recreation, and the opportunity to better their lot and the lot of their children.I see millions lacking the means to buy the products of farm and factory and by their poverty denying work and productiveness to many other millions.I see one-third of a nation ill-housed, ill-clad, ill-nourished.But it is not in despair that I paint you that picture. I paint it for you in hope - because the nation, seeing and understanding the injustice in it, proposes to paint it out.(Franklin D. Roosevelt, Second Inaugural Address, January 20, 1937) The Lighter Side of Anaphora I dont like you sucking around, bothering our citizens, Lebowski. I dont like your jerk-off name. I dont like your jerk-off face. I dont like your jerk-off behavior, and I dont like you, jerk-off.(Policeman in The Big Lebowski, 1998)

Letter on current issue to the editor of the Wall Journal Essay

Letter on current issue to the editor of the Wall Journal - Essay Example Piereson acknowledges the income disparity that exists between the top one percent and the ninety nine percent of American population. Addressing this inequality, however, is the contentious issue. Both economists and politics are yet to agree on the most appropriate course of action. As the debate continues, I disagree with Piereson on the argument that the top one percent population is not the cause of the income inequality problem. The issue is that the rich are getting richer and the poor are further plunging into poverty. In this respect, it is fundamental to address the problem before things get worse than they already are. It is important to note that the proposed taxation approach is just one of the many avenues that the government can use to bridge the gap between the rich the poor. Amid critical disagreements on the way forward, it is evident that income inequality is already a crisis that could get out of control in the next few years. The one percent, the ninety nine percent, and all other stakeholders should collaborate to reach an ultimate compromise. Piereson, James. The Truth About the ‘One Percent’. The Wall Street Journal, Feb. 17, 2014. Web. 18 Feb. 2014.

Gender Inequality Research Paper Example | Topics and Well Written Essays - 1500 words

Gender Inequality - Research Paper Example This report stresses that there is statistical evidence regarding the roles of men and women in society. Men are paid better than women for the same services. Women possess less properties, physical assets, financial resources, and are not equal to men in education and technology usage. They word harder than men but it cannot be economically proved as they don’t get rewarded for that. Women are not independent in making decisions whether at home or the community they belong to. Cultural traditions and assumptions come in the way of treating women equally to men. They carry higher risk to violence and rape than men. Gender inequality is inherent in society as it is based on cultural beliefs, societal attitudes, power and independence. This essay makes a conclusion that the media watch-dogs should keep an eye on finding and checking gender stereotypes and partial attitude towards women. They should observe that regulation and standards are adhered to by speaking non-sexist language. Gender issues should be included in the production and use of media so that gender stereotypes no more remain a roadblock in the partnering of men and women in all aspects of life. It is a human rights responsibility also to eradicate negative gender behavior and attitude from all walks of life. Media and advertisement organizations need to be transparent in their policies if they are keen on discouraging gender based discrimination through policy initiatives, and increase their credibility rating. Only media can be the best platform to be used as a tool in empowering gender equality, which will result in economic and social growth.

Discrimination in Healthcare Essay Example for Free

Discrimination in Healthcare Essay The new test is whether or not certain treatment was unfavourable to the person claiming discrimination, focusing on the consequences of the treatment on the person claiming direct discrimination because of a protected attribute. Examples of direct discrimination An employer advises an employee that they will not be trained to work on new machinery because they are too old to learn new skills. The employer has discriminated against the employee by denying them training in their employment on the basis of their age. A real estate agent refuses an African man’s application for a lease. The real estate agent tells the man that the landlord would prefer an Australian tenant. The real estate agent has discriminated against the man by denying him accommodation on the basis of his race. Indirect The definition of indirect discrimination has been simplified by removing existing technicalities and providing further clarity around the factors to consider in determining whether a requirement, condition or practice is reasonable in the circumstances. Indirect discrimination will occur where a person imposes, or proposes to impose, a requirement, condition or practice that has, or is likely to have, the effect of disadvantaging people with a protected attribute, and that is not reasonable. The new test for indirect discrimination: needs a person to show that the requirement, condition or practice causes, or is likely to cause disadvantage, rather than demonstrating that they cannot comply with a requirement, condition or practice removes the requirement that the person claiming indirect discrimination must establish that a substantially higher proportion of people without the attribute that they have can comply with the requirement, condition or practice places the onus of proof regarding the easonableness of the requirement, condition or practice on the person who imposed or proposes to impose it extends the factors to be considered in determining whether a requirement, condition or practice is reasonable.

Understanding Hypnosis Essay -- Hypnotherapy

I feel it useful to provide a definition of hypnotherapy as well as hypnosis before moving on and answering this question of this essay. Linnenkamp Doyle writes, ‘hypnotherapy is the use of hypnosis to treat disease’ something that she documents in her case study. This medical idea of hypnosis needs further exploration in terms of how it has evolved and sparked debate amongst medical and dental practitioners. Four very significant hypnotherapists are arguably Mesmer, Braid, Esdaile and Elliotson, all putting emphasis on the medical aspect of hypnotherapy. Mesmer, for example, devoted his 1779 27 Propositions concerning animal magnetism. Closer to modern day, in his book Hypnotherapy, Dave Elman not only concentrates on relaxation (a topic which is relevant in this essay), but also puts forward the fundamental medical idea of hypnosis, specifically concentrating on factors such as the use of anesthesia in subjects of hypnosis before they have dental or medical procedures. This medical and dental use of hypnosis, which provides the transition from hypnosis to hypnotherapy, also introduced the related problem of people falsely claiming to have special skills in this area. For Instance, D Zimmerman, chairman of the council for medical and dental hypnosis, wrote to the British Medical Journal in 1968, expressing concerns that ‘hypnotherapeutic charlatans’ had been invading and jeopardizing medical and dental procedures. Zimmerman writes that ‘it has been brought to the notice of this Society that courses in hypnotherapy are being offered to medical and dental practitioners by persons who hold no recognized professional qualifications’. Zimmerman adds to this a request for the validation of the official society for medical and d... ...s identified, analyzed, and made me understand the various definitions of hypnosis. It has also demonstrated the psychological and physiological effects to the role of relaxation. Works Cited Hypnotherapy: A Handbook Michael Heap and Windy Dryden (Milton Keynes: Open University Press) Hypnotherapy Dave Elman (New York: Westwood Publishing, 1983) Hidden Depths: The Story of Hypnosis Robin Waterfield (New York: Brunner-Routledge, 2003) The British Medical Journal, ‘Hypnotherapy’ D Zimmerman (Vol. 3, No. 5616 (Aug. 24, 1968), p. 501) Hypnotherapy A Practical Handbook Helmut Karle and Jennifer Boys, (New York: Free Association Books, 1987) http://web.archive.org/web/20040710162753/http://www.unbf.ca/psychology/likely/readings/mesmer.htm Franz Mesner (27 Propositions, 1779) http://www.brainandhealth.com/Brain-Waves.html

Mary Shelley’s Frankenstein Essay

In Chapter 23, however we do feel for Frankenstein, as he discovers his newly-wedded wife, Elizabeth, strangled by the Creature, after refusing to make a female being. He describes her as being â€Å"thrown†, â€Å"hanging† and â€Å"distorted†. This emotive language, I believe, reflects his anger and hatred towards the Creature. These words are incredibly violent and destructive. The word â€Å"hanging†, one may argue, is a flashback to Justine’s execution. Both of Victor’s female companions’ lives have been dashed at the hands of the Creature. The word â€Å"hanging† is also another way of killing a being by applying pressure to the neck/throat. Although Elizabeth has been strangled, that descriptive word could be interpreted as Victor’s ‘execution’ of her. If he had either made the female Creature, or stayed with her on their wedding night, Elizabeth might not have been killed. It is down to Frankenstein’s overwhelming arrogance that she died. In Chapter 11, the Creature has his first encounter with the De Lacey family. He is â€Å"unable to bear the emotions† when he sees the elderly man with the little girl. The Creature demonstrates he has more respect for humanity than Frankenstein, whose goal is to replace it. â€Å"I longed to join them, but dared not†¦ † this is due to his maltreatment by society. Mary Shelley wrote this around 50 years after Jean Jacques Rousseau produced his theory that â€Å"Evil is entirely due to society – man is born innocent and corrupted by society. † In her novel, I believe that she supports this theory. She has turned the Creature into a compassionate, articulate being. Frankenstein’s parental skills are irresponsible and reckless. In Chapter 11, at the start of the Creature’s narrative, he describes how he was frightened and scared in the wood; â€Å"It was dark when I awoke, I felt cold also, and half-frightened, as it were instinctively finding myself so desolate. † Darkness is a feature of the Gothic, and is also an example of pathetic fallacy, a predominantly Gothic technique, used for great effect many times in the novel. The Creature being frightened shows to us once again, his nai veti early on after his birth. This is another device used to make the reader feel huge sympathy towards the Creature. After the creature is first born Victor realises the consequences of his actions. He flees Ingolstadt, and returns to Geneva. However, although he has been a terrible father figure to the Creature, you cannot excuse the actions of revenge that the Creature undertook. The murder of William Frankenstein is out of anger towards his creator. Personally, I disagree with David Hartley’s philosophy in 1749 that: â€Å"Morality is not something you were born with, but is the result of an individual’s experience. † Perhaps you disagree. There is no scientific proof either way to say this philosophy is right or wrong. It is a matter of belief. The Creature most definitely did not have a positive experience of mankind, but he does know the difference between right and wrong, and knows that it was wrong to kill. He expresses his guilt towards the end of the novel, before his suicide; â€Å".. it is true I am a wretch. I have murdered the lovely and the helpless, I have strangled the innocent as they slept.. † He calls himself a â€Å"wretch†, therefore he is not proud or pleased with his actions. This proves that the Creature does have a developed sense and understanding of right and wrong. When answering the set question, there are a number of determining factors that have to be taken into close consideration. Both Frankenstein and the Creature shared personality traits, for example determination, and the right they thought they had to play God with innocent lives. There are, however, extenuating circumstances that you need to consider before laying blame at the feet of either character. Frankenstein’s narrative to Walton is in the past tense. His hatred for the Creature has manifested since the death of his wife, therefore he may have elaborated on his suffering somewhat. Also, the Creature may be false when he said he regretted murdering Elizabeth, William, and being responsible for the execution of Justine. However, in my opinion, I believe that the Creature was honest, and he was truly remorseful for his actions. He was prepared to burn himself so that his body would not be discovered, and that others like him would not be made. I support Dr Siv Jansson’s conclusion that at the climax of the novel, the reader’s sympathy goes out to the Creature more than it does to Frankenstein, however, I believe that some sympathy lies with Frankenstein too.

Advantages and Disadvantages of High and Low Exchange Rates of a Fixed and Floating Exchange Rate System Essay

1. An exchange rate is the price of one currency expressed in terms of another. If the U.S. exchange rate for the Canadian Dollar is $1.60, this means that 1 American Dollar can be exchanged for 1.6 Canadian dollars. With a high exchange rate, there are many advantages: Imports become relatively cheaper. For example the price for imported raw materials becomes cheaper; the cost of production for firms becomes less. This could lead to decreased prices for consumers. The lower price of imported goods also puts pressure on domestic firms to keep prices low. All this leads to a downward pressure of inflation. Furthermore, more imports can be bought. A high exchange rate means that for each unit of the currency, more units in foreign currencies can be bought. Therefore there will be more visible imports, such as technology, and invisible imports, such as foreign travel. Moreover, a high value of currency forces domestic producers to more efficiency as they will try to remain their competitiveness. This would lead to greater economic productivity of the country. Yet, a result might also be the laying-off of workers. As visible, there are also disadvantages to a high exchange rate. Export industries might be damaged. Domestic companies will find it hard to sell their products abroad due to their relatively high prices, which could lead to unemployment in these industries. There also might be damage to domestic industries. As it is cheap for households to consume products from abroad, domestic industries might find that the demand, defined as the quantity of goods and services that consumers are willing, and able to buy at each possible price over a given time period, for domestic product falls. A result of this might be further increase in the level of unemployment, defined as the people of working age, those in the labour force, actively seeking work at the current wage rate but cannot find one, as firms cut back. Possible advantages of a low exchange rate involve the greater employment in export industries as exports become relatively less expensive. Furthermore, domestic companies might experience greater employment as the low exchange might encourage consumers to spend more on domestic goods and services, rather than importing goods and services. This might also raise employment. A possible disadvantage of a low exchange rate is inflation, defined as the sustained increase in the general or average level of prices. Imported final goods and services, raw materials and components become more expensive. The cost of production for firms will rise, leading to a raise prices for the final products. To sum up, a high exchange rate may be a good fight against inflation, but unemployment could be created, whereas a low value of a currency may be good for solving unemployment problems, but may create inflationary pressure. 2. A fixed exchange rate is an exchange rate regime where the value of a currency is fixed to the value of another currency, to the average value of a selection of currencies, or to the value of some other commodity, such as gold. Usually the central bank or government decide upon and maintain the value of the currency. The Barbadian Dollar has been fixed against the US dollar at a rate of 2Bds$ = 1 US$ since 1975. When there is an increase in supply, defined as the willingness and ability of products to produce a quantity of a good at a given price in a given time period, for Barbadian dollar, for example due to the Barbadians purchasing a greater amount of imports, the supply curve shifts from S1 to S2. There is excess supply of Barbadian dollars from Q2 – Q1. Without intervention by the government, the exchange rate would fall, leading to inflationary problems. The government will then buy up the excess supply of its own currency on the foreign exchange market. This shifts the demand curve from D1 to D2. This is possible due to previously amassed reserves of foreign currencies. An advantage of such a fixed exchange system is the reduction of uncertainties for all the economic agents in the country. Firms will be able to plan ahead, knowing that the predicted costs and prices for international trading agreements will not change. Furthermore, fixed exchange rates ensure sensible government policies on inflation as inflation has a very harmful effect on the demand for exports and imports. The government is forced to take up measures to ensure a low level of inflation. In theory, a fixed exchange rate should also reduce speculation in the foreign exchange markets. Yet, this has not always been the case in the past. Disadvantages of a fixed exchange rate are that the government is compelled to keep the exchange rate fixed. The main way of doing this is through the manipulation of interest rates. However, if the exchange rate is in danger of falling, then the interest rates have to be increased to raise demand for the currency. This will have a deflationary effect on the economy, lowering demand and increasing unemployment. Furthermore, high level of reserves need to be maintained to make it clear that it is able to defend its currency by the buying and selling of foreign currencies. Setting the level of the fixed exchange rate is not simple. If the rate is set at the wrong level, export firms may find a lack of competitiveness in foreign markets. In case of that, the exchange rate needs to be devalued, but again, finding the exact right level is difficult. Furthermore, a country that fixes its exchange rate at an artificially low level may create international disagreement. This is because a low exchange rate will make the country’s exports more competitive on world markets and may be seen as an unfair trade advantage. This may lead to economic disputes or to retaliation. An advantage of a floating exchange rate is that it does not have to be kept at a certain level. Interest rates are free to be employed as domestic monetary tools. It could be used for demand management policies. An example for this would be controlling inflation. To keep the current account balanced, the floating exchange rate should adjust itself. For example a current account deficit, the demand for the currency is to low since export sales are relatively low. The supply of the currency is high, since the demand for imports is relatively high. As you can see, markets adjust and the exchange rate should fall. Export prices become relatively attractive, import prices relatively less attractive and the current account balance should settle itself. Another advantage is that reserves are not used to control the value of the currency. This makes is unnecessary to keep high levels of foreign currencies and gold. There are also disadvantages. Uncertainty tends to be created. Planning of businesses tends to be difficult and investments, defined as the expenditure by firms on capital equipment and is an injection into the economy, are hard to assess. The levels of international investment will decrease. Furthermore, in reality, floating exchange rates are affected by many factors, not only demand and supply. Another factor would be speculation. Therefore they might not adjust themselves and might not eliminate current account deficits. Last, a floating exchange rate regime may worsen existing levels of inflation. High inflation relative to other countries will make its exports less competitive and imports will be relatively less expensive. Yet, this could lead to even higher prices on import goods and services and inflation.

Graduating FROM High School and College

Graduating FROM High School and College Graduating FROM High School and College Graduating FROM High School and College By Maeve Maddox A reader asks, When did it become acceptable to drop the preposition after the verb graduate, as in â€Å"I graduated high school in 2000†? This nonstandard usage has become common in colloquial speech, but it is still not acceptable in formal English. The American dictionary Merriam-Webster includes an example from ESPN that suggests that dropping the from is acceptable: †¦ smiling like dudes whove just graduated college or just reached the legal drinking age †¦ - Jeff Bradley, ESPN, 23 Aug. 1999. However, the American style guide published by the Associated Press rejects this usage: Graduate [verb] is correctly used in the active voice: She graduated from the university. It is correct, but unnecessary, to use the passive voice: He was graduated from the university. Do not, however, drop from: John Adams graduated from Harvard. Not: John Adams graduated Harvard. Other respected American commenters on usage also reject the nonstandard form: You can’t â€Å"graduate college† anymore than you can â€Å"go college† or â€Å"arrive college.† In this instance, the verb â€Å"to graduate† is acting as an intransitive verb, and intransitive verbs cannot take on an object.- dmatriccino, Writer’s Digest. If you go around saying you graduated college, you sound illiterate.- Grammar Girl. In certain dialects (notably that of New York City), it is common to say, â€Å"He is going to graduate high school in June† rather than the more standard â€Å"graduate from.† When writing for a national or international audience, use the â€Å"from.†- Paul Brians, Common Errors in English Usage. In a Web search, the nonstandard form outstrips the standard form, but in the Ngram database of printed books, â€Å"graduated from† prevails. In an academic context, schools graduate students, but students graduate from schools. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:100 Words for Facial ExpressionsUsing the Active Voice to Strengthen Your WritingJanuary 1 Doesn't Need an "st"

Automobile Industry, India Automobile Industry Essay Example for Free

Automobile Industry, India Automobile Industry Essay Automobile industry (27) , Suzuki (5) company About StudyMoose Contact Careers Help Center Donate a Paper Legal Terms & Conditions Privacy Policy Complaints Following India’s growing openness, the arrival of new and existing models, easy availability of finance at relatively low rate of interest and price discounts offered by the dealers and manufacturers all have stirred the demand for vehicles and a strong growth of the Indian automobile industry. The data obtained from ministry of commerce and industry, shows high growth obtained since 2001- 02 in automobile production continuing in the first three quarters of the 2004-05. Annual growth was 16. 0 per cent in April-December, 2004; the growth rate in 2003-04 was 15. 1 per cent The automobile industry grew at a compound annual growth rate (CAGR) of 22 per cent between 1992 and 1997. With investment exceeding Rs. 50,000 crore, the turnover of the automobile industry exceeded Rs. 59,518 crore in 2002-03. Including turnover of the auto-component sector, the automotive industry’s turnover, which was above Rs. 84,000 crore in 2002-03, is estimated to have exceeded Rs. 1,00,000 crore ( USD 22. 74 billion) in 2003-04. Automobile Dealers Network in India In terms of Car dealer networks and authorized service stations, Maruti leads the pack with Dealer networks and workshops across the country. The other leading automobile manufactures are also trying to cope up and are opening their service stations and dealer workshops in all the metros and major cities of the country. Dealers offer varying kind of discount of finances who in tern pass it on to the customers in the form of reduced interest rates. Major Manufacturers in Automobile Industry Maruti Udyog Ltd. General Motors India Ford India Ltd. Eicher Motors Bajaj Auto Daewoo Motors India Hero Motors Hindustan Motors Hyundai Motor India Ltd. Royal Enfield Motors Telco TVS Motors DC Designs Swaraj Mazda Ltd Government has liberalized the norms for foreign investment and import of technology and that appears to have benefited the automobile sector. The production of total vehicles increased from 4. 2 million in 1998- 99 to 7. 3 million in 2003-04. It is likely that the production of such vehicles will exceed 10 million in the next couple of years. The industry has adopted the global standards and this was manifested in the increasing exports of the sector. After a temporary slump during 1998- 99 and 1999-00, such exports registered robust growth rates of well over 50 per cent in 2002-03 and 2003-04 each to exceed two and- a-half times the export figure for 2001-02. Automobile Export Numbers Category1998-991998-99Passenger Car25468121478Multi Utility Vehicles26543892Commercial Vehicles1010819931Two Wheelers100002256765Three Wheelers2113851535Percentage Growth-16. 632. 8 THE KEY FACTORS BEHIND THIS UPSWING Sales incentives, introduction of new models as well as variants coupled with easy availability of low cost finance with comfortable repayment options continued to drive demand and sales of automobiles during the first two quarters of the current year. The risk of an increase in the interest rates, the impact of delayed monsoons on rural demand, and increase in the costs of inputs such as steel are the key concerns for the players in the industry. As the players continue to introduce new models and variants, the competition may intensify further. The ability of the players to contain costs and focus on exports will be critical for the performance of their respective companies. The auto component sector has also posted significant growth of 20 per cent in 2003-04, to achieve a sales turnover of Rs. 30,640 crore (US$ 6. 7 billion). Further, there is a potential for higher growth due to outsourcing activities by global automobiles giants. Today, this sector has emerged as another sunrise sector. EVEN GROWTH Opposing the belief that the growth in automobile industry has catered only to the top income-stratum of society, Growth of exports of 32. 8 % in the first three quarters of 2004-05, the fastest growth in volumes has come from commercial vehicles as against passenger cars. Between 1998-99 and 2003-04, output of commercial vehicles has grown 2. 8 times compared to the 2. 2 times increase in passenger cars. Furthermore, two-wheeler output continues to dominate the volume statistics of the sector. In 2003-04, for every passenger car turned out by the sector, there were 7 two-wheelers produced. In the two wheeler segment, there is a greater preference for motorcycles followed by scooters, with both production and domestic sales of motorcycles increasing at faster rates than for scooters in the current and previous years. However, mopeds have registered low or negative growth. Export growth rates have been high both for motorcycles and scooters. Automobile Industry, India Automobile Industry. (2017, Feb 06). We have essays on the following topics that may be of interest to you

Multicultural psychology Essay Example | Topics and Well Written Essays - 500 words

Multicultural psychology - Essay Example The recent film Syriana is perhaps the first mainstream American film to deal with Muslim culture in a three-dimensional manner. Despite this-or perhaps because of this-the film has been attacked by those on the right wing. Syriana is a multi-layered story that delineates the complexity of the global energy business and how it is affected both by western politics and religious faith. The backlash against the film by conservatives and big-business proponents probably has mostly to do with the painting of the American government as being far more interested in profits than democratic ideals. Perhaps the most surprising thing about the complaints against the film is that very little has been made about the utter humanization of the Muslim characters. The Muslim culture remains a mystery to most people in the West; films and television provide most of us with our only glimpse into how these people live. Syriana shows Muslim people throughout the strata of society, from those who run countries and industry down to the workers displaced by the Machiavellian international machinations behind oil production.