The Freedom of Establishment - Free Essay Example

Sample details Pages: 9 Words: 2567 Downloads: 2 Date added: 2017/06/26 Category Law Essay Type Analytical essay Level High school Did you like this example? Since the founding of the European Union (EU) one of the main aims has been to create an internal market in order to promote development and economic growth and to offer its citizens an area of freedom, without internal frontiers, in which free movement of persons is ensured[1]. Amongst the basic fundamental freedoms which the TFEU concedes to EU citizens to reach the above mentioned aims is the freedom of establishment. Together with the other freedoms found in the TFEU the freedom of establishment is crucial for the functioning of the EU internal market[2]. Don’t waste time! Our writers will create an original "The Freedom of Establishment" essay for you Create order This freedom is laid down in article 49 and 54 of the TFEU and enables persons, both physical and legal to undertake stable and continuous economic activities in one or more member states (MS). Thus MS have to remove all restrictions for individuals and legal persons who want to maintain a permanent or settled place of business in a MS[3]. For this to succeed the EU has made efforts to harmonise national legal systems especially in the field of corporate law[4]. Due to practical problems, the harmonisation process did not eliminate completely incompatibility problems between MS national corporate laws. Thus, the principle of establishment found in the TFEU has been in great part developed through interpretation by the European Court of Justice (CJEU). There have been a number of cases in front of the CJEU dealing with the right of establishment. In order to try and clarify the scope of freedom of establishment the CJEU has in a number of cases explained how Article 49 and 54 TF EU should be interpreted. The most renowned cases concerning freedom of establishment are, the Daily Mail, Centros, berseering, Inspire Art and Sevic. Right of Establishment The freedom to establish oneself or a company in any MS other than ones own, is a right enshrined in articles 49 to 54 of the TFEU. This freedom compliments freedoms such as the free movement of persons and the freedom to provide services. On paper these freedoms might seem easy to apply but in practice they have proved not to be so much. This is mainly due to the different national legislation and the fear by the States that citizens, including companies may abuse the system. The first paragraph of article 49 TFEU prohibits MS restrictions on the freedom of establishment. Restrictions include both unequal treatment and unjustified obstacles.[5] The second paragraph of the article gives a definition of the freedom of establishment. This is described as the ability to be able to pursue activities at par with nationals of the MS where they are established. One must also analyse what constitutes an establishment. The main elements are a stable and continuous basis on which the activity is carried on. This provision has direct effect, which means that MS must change their municipal law which may be incompatible with the spirit of this article. MS may only restrict such freedom in special circumstances such as to protect public policy, security or health[6]. In order remove any doubts whether such freedom applies also to companies, article 54 specifically puts companies at equal footing with natural persons. This holds as long as a company is formed according to the laws of a MS, is registered and has its principal place of business in an EU State. If these simple conditions are met it is considered to be established in the EU. In the Segers[7] case the ECJ widened this concept to cases where a company did not conduct any business in its place or establishment but did so in anoth er MS through a secondary establishment. The ECJ followed the same line of thought in the Centros case and further widened the scope to cover secondary establishments in the Insurance service case.[8] As discussed further in this assignment, a company is free to establish itself through a primary establishment and has the right to open up secondary establishment. This can be done regardless if this is done just the take advantage of the more favourable legislation in the first state[9]. Harmonisation The EU also tries to harmonise the different national legal systems of its MS. This is done for the better functioning of the EU market. The harmonisation of corporate law is very important in this aspect. The freedom of establishment has been one of the main drivers behind this harmonisation since the law wanted to protect creditors of companies established under different national laws. Harmonisation of national corporate laws was regarded as a necessary balance for the right of establishment[10]. It may be opportune to give a brief idea of the main difference in municipal corporate laws. The main difference is in the way MS decide on the applicable law of corporate institutions. UK, Netherlands, Denmark and Ireland use the à ¢Ã¢â€š ¬Ã‹Å"State of incorporation rule, that is the applicable law is that where the company is incorporated or registered. On the other hand other MS use the real seat theory known also as the sge reel. Although this theory vary from State to State, the main reasoning is that a company is incorporated in that State where the company where it has its main centre of operations[11]. Art 50 TFEU specifically demands that there should be safeguards equivalent to the freedom of establishment for companies within the EU. Thus it clearly emerges that the EU has been trying to find a balance between the freedom granted by the treaty and the creation of a fair and level playing field between companies established in different MS[12] . Obviously harmonisation leads to an amount of security, standardisation and peace of mind and thus creates a fertile environment for economic growth. Companies will be in a better position to make use of the freedom of establishment and expand in other MS[13]. Harmonisation process has been going on since the 1960s with the issuing of the 1st directive. Following this a number of directives have been issued covering various aspects of corporate law. The process proved to be a difficult one especially with the expansion of the EU and the development of complex systems how big companies started to operate. Reaching a consensus has become an impossible task[14]. Thus there has been a shift in approach to a more regulatory system based on creating equal footing. Today the trend is to make company law more effective at national level within an EU framework. Instead from a top-down harmonisation there is the bottom-up approach. It is accepted that some degree of convergence between MS corporate law will help for the better functioning of the market, but this does not necessarily mean that devising a harmonised corporate law is the best way to achieve it. Some experts believe that the EU has to create a framework and then MS have to legislate within that framework. Thus one is creating a competitive environment within MS and companies choose to establish themselves in the MS whose legislative framework suits best their needs. The aim of creating the right environment for economic growth therefore created through competition rather than through uniformity of laws. Case law The shift in approach has not only been in the way EU legislated but also in the way the Courts of Justice of the EU (CJEU) pronounced itself. The lack of an EU regulation and the importance of freedom of establishment have led to numerous cases in front of the CJEU. The first case was the famous Daily Mail (case 81/87). This case concerned a British company Daily Mail that wi shed to transfer its central administration from the UK to the Netherlands without losing their status under British law. The company would still maintain their registered office in UK. The purpose of this move was done in order to enjoy the lower taxes in the Netherlands. The company law of the United Kingdom did allow for this, which means that the UK applied the incorporation theory. However, if the move was done for tax purpose consent was needed from the Treasury. The company claimed that Articles 49 and 54 TEFU (Former Articles 52 and 58 of the EEC Treaty) gave them the right to move its seat without permission and still keep their status as a legal person under British company law. The CJEU stated that Article 49 and 54 TFEU grants companies the freedom of establishment. Companies have the right to secondary establishment in opening up agencies, branches or subsidiaries, company also have the right to incorporate in another Member State[15]. This is however different from when a company want to incorporate in another Member State and keep its legal status as a United Kingdom company. The CJEU said that; unlike natural persons, companies are creatures of the law and, in the present state of Community law, creatures of national law. They exist only by virtue of the varying national legislation which determines their incorporation and functioning[16] Amongst the important principles which the court pronounced itself on during this case was that, under the Treaty, companies have the same rights as individuals do, as regards the right to leave their MS[17]. However, the CJEU also decided that the right of establishment does not include the right of transfer of management and control to another MS whilst retaining an establishment in another MS[18]. Of great importance is the reason which the court gave for such a decision. Laws of MS on the real seat of companies were not yet harmonised and thus different MS will have different views on this. The fact that the Member States use both the real seat and the incorporation theory are to be solved by future legislation This point was once again discussed ten years later in another case, the Centros case. This case concerned a Danish company, Centros Ltd, which was incorporated in the UK. The company wanted to open up a branch in Denmark but the Danish authorities refused on the basis that Centros did not trade or pursue any economic activity in the UK and in fact had its actual seat in Denmark. It meant that Centros had it primary establishment in Denmark and it is therefore an internal affair. The reason for incorporation in the UK was to avoid initial taxes in Denmark which the UK did not impose. The company claimed that according to Article 49 and 54 TEFU they had the right to open up a branch in Denmark regardless if they exercised any economic activity in the UK or not[19]. This time the CJEU decided that it is a right inherent in the notion of freedom of establi shment for a company to choose where to establish itself[20]. Here the courts seem to be favouring the approach of bottom-up harmonisation rather than top-bottom, thus favouring also competition amongst MS and bringing closer the rights of corporate persons to those of ordinary citizens. The CJEU also pronounced itself on the fact of lack of harmonisation amongst MS national laws, which was also mentioned in the Daily Mirror case and said the fact that company law is not completely harmonised in the Community is of little consequence[21]  Such stand was also confirmed in the Sevic Systems case. The CJEU said; It is known, and confirmed by the Courts settled case-law, that exercise of the freedom of establishment cannot be made dependent on the adoption of a directive on harmonisation. That is because these directives do not establish the rights laid down in the Treaty but are merely designed to facilitate the exercise thereof.[22] The CJEU also tackled the Danish claim th at this was just a way of how to circumvent national laws and was an abuse of the freedom of establishment[23]. The court said that MS have the opportunity to rely on other provisions of the law to make sure that no evasion was being carried out, and this within the limits of respect towards the freedom established in article. The Centros case was followed by another landmark case in this field, the berseering case. Berseering was company incorporated in the Netherlands, and owned a property in Germany. The company then commissioned a company to do some repairs on this property. The repairs were done but berseering claimed that the work was defective. Two years later two German nationals acquired the company and they brought action against the German company in a German court[24]. The German court, however, dismissed the claim because ÃÆ'Å“berseering did not have legal capacity of according to German law. Germany applied the real seat theory. The CJEU had to decide was whether or not Article 49 and 54 TFEU was interpreted as giving a MS the right to decide a company ´s legal capacity if it had transferred its central administration there from another MS. Once again the principle of freedom of establishment was given more strength. Harmonisation of laws was not accepted. A company which is incorporated in a MS and according to the laws of that MS, moves its centre of administration to another MS cannot be denied recognition just on the mere fact that it is incorporated in another MS. Once again the CJEU pointed out that there might be instances where such recognition can be restricted but MS have to use proportionality in their decisions and in the case of ÃÆ'Å“berseering, Germany did not[25]. In more recent cases, Cortesio OktatÃÆ' ³ ÃÆ' ©s SzolgÃÆ' ¡ltatÃÆ' ³ bt (2008) and Vale Construzioni SRL (2012) the CJEU confirmed the principles established in the previous case law. Conclusion When dealing with freedom est ablishment of companies it is rather a balancing act between competing interests. Both harmonisation of different municipal laws and judgments by the CJEU have contributed to this balancing act. It seems that the trend today is moving away from harmonisation and more towards legislative competition for the most attractive corporate law amongst MS known as reflexive regulatory techniques. The other option would be what is known as à ¢Ã¢â€š ¬Ã‹Å"negative harmonisationà ¢Ã¢â€š ¬Ã¢â€ž ¢, that is court-led decisions, but even though one would certainly be on the safe side with such a system, it does not mean that this would lead to a better environment for companies. Harmonisation should be seen as a guarantee for diversity in corporate laws and practices of MS. It should be seen as an instigator for innovation in self-regulation by MS of corporate laws which would avoid the rigid form of a single dominant law regime which leads to the Delaware effect in the US. [1] Article 3.1 and 3.2 TFEU as amended by the Lisbon Treaty [2] https://ec.europa.eu/internal_market/top_layer/living_working/services-establishment/index_en.htm [3] Craig. P. and De Burca. G. 2011 pg764 [4] https://www.germanlawjournal.com/index.php?pageID=11artID=216 [5] Craig. P. and De Burca. G. 2011 pg 771 [6] https://ec.europa.eu/internal_market/top_layer/living_working/services-establishment/index_en.htm [7] Case 79/85 Segers [8] Craig. P. and De Burca. G. 2011 pg 780 [9] Wedin. A. pg 14 [10] Mock, S. Harmonisation, Regulation and Legislative Competition in European Corporate Law [11] Ibid pg 15-16 [12] The Future of European Company Law (response to the European Commissionà ¢Ã¢â€š ¬Ã¢â€ž ¢s Consultation), May2012 [13] Mock, s. Harmonisation, Regulation and Legislative Competition in European Corporate Law [14] Deakin, S, Regulatory Competition Versus Harmonisation in European Company Law [15] Case 81/87 The Queen v H. M. Treasur y and Commissioners of Inland Revenue, ex parte Daily Mail and General Trust plc par. 17 [16] Ibid par 19 [17] Ibid par 16 [18] Craig. P. and De Burca. G. 2011 pg 780 [19] Ibid pg 780 [20] Centros Ltd vs Erhvervs-og Selskabsstyrelsen (Case 212/97) par 27 [21] Ibid par 28 [22] Sevic Systems (Case 411/03) [23] Centros Ltd vs Erhvervs-og Selskabsstyrelsen (Case 212/97) para 23 [24] Mock, S. Harmonisation, Regulation and Legislative Competition in European Corporate Law [25] Craig. P. and De Burca. G. 2011 pg 783

Media and Its Responsibilities Essay - 2623 Words

Mass Media: A platform to give strength to the weak or a loaded gun in the hands of humanity? â€Å"The media’s the most powerful entity on earth†¦because they control the minds of the masses† (Malcom X, 2012). Media has responsibilities and these responsibilities need to be clarified and upheld by society. Unfortunately, media today does not abide by moral standards, which in turn sends mixed messages to our society. Often times these messages are demoralizing, desensitizing, and false. Young people and adults alike are trying to navigate through their lives and through the world with a broken compass. The role media plays in issues such as self-worth, bullying, and suicide need to be addressed and revised. I will discuss media and†¦show more content†¦The people of today and the generations of tomorrow will all benefit by this change and live by higher morals and standards. Going social with content gives it a better chance of being seen, but a mo re collective approach to understanding people and coming to a realization of what true virtues really are as well as reestablishing the core of moral virtues before blasting toxic content greatly raises the chances that society will actually care. Truly virtuous peoples have proper motives. With this in mind, people are truly driven by their inner virtues; their heart, their desire, their belief, their determination, their decision, their vision, and their dream. Unfortunately, statistics and media alike do not take these crucial, solid, and powerful inner virtues into consideration. Media needs to focus more on the inside and less about the outside, hence, proper motives. One branch of media that pops in mind when I think of proper motives is The Biggest Loser. This is media and virtues at its best. This show brings lies to the front light and holds people accountable, something that media does only part of the time and in a narrated voice. The contestants on The Biggest Lo ser are put together from all different places and back grounds. One factor that the contestants all share is coming to know the show and its raw positive results, with the help from mass media. This brings hope to the table. This brings the hope that a virtuous person can indeedShow MoreRelatedThe Media And Its Responsibilities2403 Words   |  10 PagesThe Media and its Responsibilities The word media comes from Latin and means the means of communication, as radio and Television, newspapers, and magazines that reach or influence people widely. 1575-85; Latin: the middle, noun use of neuter of medius middle. (dictionary.com) Media gives the world information, reporting what is happening around you. Media can give you fame or ruin you. 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Public enlightenment is the forerunner of justice and the foundation of democracy. The duty of the journalist is to further those ends by seeking truth and providing a fair and comprehensive account of events and issues. Conscientious journalists from all media and specialties strive to serve the public with thoroughness and honesty. Professional integrity is the cornerstone of a journalists credibility.† Gary Deen. In Journalism, honesty and truth

Film Review Forrest Gump Essay Example For Students

Film Review Forrest Gump Essay The film, Forrest Gump has taught and given me numerous insights to the cinematography world and what lies behind it. I believe everything happens for a reason, and if a scene is shot in a particular method, there has to be a reason or an idea to justify it. The opening scene of the film is a floating feather, which is shot in a close up. After floating for a some time in the wind, the feather finally ends up on the ground next to Forrest Gump’s shoe and stops moving. A close up of the shoe along with the feather is shown, which in my understanding interprets the importance of the feather, and the dirty shoe as well. During the course of the opening scene the camera technique used is tracking. The director might have focused on the dirty shoe to represent Forrest’s resilience and strength to have overcome bullies and other difficulty in his life in accordance to Mrs Gump, where theyre going and where theyve been. The close up then resumes on to Forest picking up the feather, during that specific shot the camera tilted and Forrest was presented. The camera then switched into a medium shot which is half of his body, to emphasise on Forrest’s facial expression as they are the centre of attention of the film itself. The director played and provided emotional appeal to the audiences. The focus on Forrest was then crippled as a bus came along and blocked the view. That particular shot kept me on the edge of my seat. It is a great way to create suspense. The camera remains still until the woman who comes off the bus sits on the bench next to Forrest. The, camera quickly zooms into a close up of Forrest’s face, where he squints, to unveil that there is a flashback coming up. In my observation, the most common angle put to use is POV, perhaps it is to expose us to how Forrest Gump, perceives the world. One of many examples is when forrest is in the army, many close up shot were put to use, either to show wounds from war or blood. It gives meaning to the hardihood that the soldiers had to face at that point of time. Apart from that, it was discussed in class that Close Ups are often used to showcase the facial expression of an actor, similarly in Forrest Gump, numerous looks were seized. During Forrests big Ping-Pong battle, there are many extreme close ups were focused on his eyes to show his willpower to achieve triumph. Also there is Over the Shoulder shot has been implemented regularly in this film which I assume is to show dominance, facial expression and communication. This placement of the camera also shows the viewer what Gump sees, though not exactly through his eyes, but close enough to give the viewers a sense. There was also eye level shot involved, this is a smart move because it stirs up emotion in the audiences. It adds tension because the audience almost take after Forrest’s shoes. Besides that, the natural lighting as well as humour lifted up the mood of the movie. It came into my senses that most scenes of the movie was shot on a rather forlorn day. It gave a kick to the emotional scenes as I understand that the director chose gloomy whether to complement the scene. Last but not least, the director played with camera angles and movements very well. In this case, the depth of field. Depth of field refers to the range of distance that appears acceptably sharp. Normally, when a character comes into the frame, he will be in focus, but in some shots, the director has put the focus on the audiences to point out to the viewers to also observe Forrest’s audience

The Road - How Does Cormac Mccarthy Entertain His Readership free essay sample

The Road text response How does Cormac McCarthy entertain his readership in his text, The Road? Cormac McCarthy’s novel The Road, winner of such highly acclaimed awards such as the 2007 Pulitzer Prize for fiction and the James Tait Black Memorial Award, is based in the dystopian, post apocalyptic world that is North America. It follows the journey undertaken by a father and son who follow the road from the north to the south of America in search of a warmer climate. However, their journey is not straightforward. The storyline reveals the state of anarchy that society has become, and how the slow but guaranteed demise of the human race has pushed the last remaining people to resort to surviving by any means necessary. All moral and ethical codes are forgotten, as murder, theft and cannibalism are exercised by some. The quality that differentiates the father and son from the other desperate survivors is their unwavering religious beliefs and moral code, which is portrayed in the storyline as them continuing to live as the ‘good guys’. We will write a custom essay sample on The Road How Does Cormac Mccarthy Entertain His Readership or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This theme prevails no matter what problem they may face. An example of this theme used by the author is when the father and son find a fellow survivor near death. Rather than either ignore the man and carry on, or view him as a source of nutrition, they give him a meal and stay with him for the night, giving him comfort, company and warmth with a fire. The writing style that Cormac McCarthy uses is one that is both simplistic and extremely detailed. These styles come together to create descriptive phrases that make the reader feel that they are a part of the masterpiece. McCarthy uses a brilliant mix of figurative language and symbolism, which is the reason that Cormac McCarthy is able to consistently and thoroughly entertain his readership throughout the text. The use of language, and in particular for this novel the figurative language, is always a big gamble with success and failure. The way he conforms his writing with a minimalistic and simplistic manner, yet at the same time grabbing the attention of many is astounding. He portrays horrific settings and encounters that are always very effective in making the reader feel a sense of dread and sadness as if it was something that had happened to them. His use of onomatopoeia and similes is one that is unrivalled and can be seen from the first couple of pages, for example, ‘The Nights dark beyond darkness and the days more gray each one than what had gone before. Like the onset of some cold glaucoma dimming away the world’. I believe this is a very effective use of a simile as it paints a very descriptive picture in a person’s head and is something that can be thought of and even felt by the reader. Another great use of onomatopoeia is when the author uses the line, ‘the slight fizz coming from the can’ as this is something we all know of and can relate to in our real lives. The novel is one that is able to subtly but rather effectively demonstrate many symbolic references throughout that are able to give a real sense of a higher meaning to the words we see before us. The use of religion throughout the novel is an example of how Mr McCarthy used symbolism. This is evident in the way that the father will refer to himself and his son frequently as the people to â€Å"Carry the Flame†, a flame that resembles the salvation of mankind in the form of the son, with him holding close the morals and values that used to make them human but has been evidently lost by others. Another example of symbolism is the use of a single gun to signify hope and salvation. It is in this upside down world that a symbol readily associated with death and devastation is seen as salvation by the father and son, because in this world death is seen as a better option than living. This can be seen with the father often reminding his son of the way to commit suicide in times of desperation, ‘You know what to do, in the mouth, point up, and shoot’. This is a very confronting scene as it demonstrates that even though the father and son have maintained the high moral ground and lived their religious beliefs, they are still victims of the mutating evil that is the world they are trying to escape. The use of themes in the text is something that I believe adds a certain type of diversity, a story that is different from others yet still using themes that are universal and easily relatable. It engages a reader mentally and emotionally, keeping them thinking long after finishing the text and referring it back to their own experiences. The themes of paternal love, good versus evil and environmentalism are themes that not only bring up large debates between people, but cause the reader to question their own beliefs and positions if they were in the same situation. Paternal love is the bond shared between a father and son, a bond that is unique in its qualities and depth of emotion and can not be replicated. In The Road the paternal love between the two main characters is tested and strained, with debate and guidance about how to maintain their religious beliefs despite the woe and misery that surrounds them. Another theme used is the age old battle between good and evil. This battle is played out as between the father and son, and the rest of the world, as well as being within the father and the son themselves. These battles depict good as the underdog, and the constant swaying of strength between good and evil feeding the hope of the reader that the father and son will prevail at the end like the fire drake, rising from the ashes and bringing with it a rebirth. In conclusion, I believe that it is the successful mix of figurative language, symbolism and the use of themes that Cormac McCarthy has used that is the reason behind his ability to continue to entertain his readership throughout the text, The Road. As well as being an entertaining read, the book has profound lessons to teach in relation to the strength of individual moral beliefs and how they influence decision making even in the most dire of circumstances. I leave you with this quote, â€Å"If trouble comes when you least expect it, then maybe the thing to do is expect it. † I think this is a rather interesting idea and that when I think of this, I always have the urge to read the book again.

Neutrality in psychoanalysis Essays

Neutrality in psychoanalysis Essays Neutrality in psychoanalysis Essay Neutrality in psychoanalysis Essay Batman. When read, the image of a superhero with a profound power devoted to helping others comes to mind. Defined by the Complete Scoundrel sourcebook (McArtor Schneider, 2007) as a neutral good character, Batman adheres to a personal code, in which he is unbiased in doing good, while remaining unindebted to those he helps. This personal code was devised to maintain a greater good in society by providing a set of guiding principles that aid in making moral decisions and is followed when fighting crime. Psychoanalysts draw many parallels with Batman. Psychoanalysts are also devoted to helping others and follow a set of principles when in practice. An essential part of the psychoanalytic code is neutrality. According to Meissner (1998) neutrality has been long honored as an essential component of the [psycho]analytic situation and process (p. 1089). The concept of neutrality has recently been the basis of highly controversial debate. Emphasis has been placed on the interactions of the analyst, in particular the use of self-disclosures. Analysts have examined the outcomes of neutrality and self-disclosure in the analytical process. These authors have purported mixed stances. Some analysts have advocated neutrality. Others have endorsed self-disclosure (e. g. , Mills, 2005; Shill, 2004; Meissner, 1998). It will be argued that, similarly to Batman, it is advantageous to adhere to guiding principles, and therefore maintain neutrality as an analyst. Primarily, Freud felt strongly about psychoanalysis as a science and attempted to establish its analytical objectivity. In his paper (1912), Freud utilized the metaphor of a surgeon, who set aside all feelings and beliefs to retain uninterrupted concentration, in order to convey that the analyst should be someone who rearticulates and annotates the patients comments while remaining non-pejorative. Added to this metaphor, Freud explained the concept of a mirror, which has since become synonymous with neutrality and abstinence . In contrast, Ferenczi attempted to promote psychoanalysis on a more interpersonal and interactive level. In consultations with patients, Ferenczi expressed an empathetic attunement and warmth to the patient, sharing feelings, thoughts and observations that were not only related to the therapy, but also his personal life (Meissner, 1998). This synergism between patient and therapist, wherein Ferenczi disclosed to patients, was a direct challenge to the principles of neutrality, consequently resulting in the main theoretical impetus for the movement towards a more interactive analytical process. The Freud-Ferenczi, neutral-interpersonal, debate has continued throughout the history of analytic treatment. The patients autonomy, guidance towards the analytic process, and the influence on interventions are aspects of the analytic process which have been scrutinized. According to Greenberg (1986), neutralism maximizes the patients autonomy in the analytical process. As the patient engages in giving an account of the illness or condition, a detailed inquest is recorded by the therapist. The patients role is organized by the prerequisite of the freedom to express and this is counterbalanced with the analysts prerequisite, which is structured to sanction, listening and understanding (Mills, 2005). There is a synergic effect from roles of both the patients and analysts, and this establishes a vehicle for destabilizing the neurotic equilibrium. On the other hand, the analyst can participate more in the analytic process by self-disclosing.   Argued that interactions, such as self-disclosure, are two-fold. Firstly, the patient participates less and important areas of the account may be obscured. Secondly, without open expression and interaction from the analyst, the patient may feel inhibited to further explore personal affects. However, this prompting may be problematic. The patient may be more likely conform to, rather than challenge, the ideas of the analyst and consequently providing a false account (Shill, 2004). Analytical neutrality can overcome this fault. As a result of maximum concentration, the analyst can easily identify the areas that require attention when conducting the analysis. The analyst can probe these areas by asking carefully devised questions in order to o pen dialogue allowing for greater self-examination by the patient. In light of this solution, analytic neutrality is advantageous to self-disclosure techniques as neutrality can empower [the patient], rather than encourag[e] a dependency on analyst as problem solver (McIlwain, 2007). Likewise, the code of Batman not only maximizes his autonomy in fighting crime, it also provides a medium in which he can control and channel his attention towards doing good. Just as Batmans code offers guidance in how to handle foes, neutrality is also acts guiding ideal that is formed and informs all of the analysts actions and attitudes in the analytic process (McWilliams, 2003). Contrast to the rigid constraint on human responsiveness as depicted by Meissner (1998), the neutral analytic structure establishes a vital contribution to the integrity and nature of the methodological process. Freud noted the analytic process is defined by transference, which involves a distortion of reality. Neutrality and abstinence permits the transference to unfold relatively uninfluenced by direction from the analyst. This provides the analysis with the internal freedom required to observe the patients distortions in reality. Alternatively, self-disclosures offer an external means to the analyst in probing transference. Whereas neutrality guides the analyst in conducting the analytic process, the interpersonal approach lacks an analogous reference point. This attenuates the analytic process as the interactions and disclosures of the therapist remain unguided. In order to establish the use of self-disclosures as an alternative analytical technique, it is necessary to delineate a protocol in which to match various analytic circumstances to appropriate self-disclosures, albeit a non verbatim procedure (Roberts, 1997). Therefore, neutrality as a principle plays a significant role in guiding the therapist in the analytical process and is advantageous to interpersonal techniques such as self-disclosures. However, according to critics it is impossible to observe neutrality in an analytical relationship. Shill (2004) regards analytic neutralism as ill-conceived as the implicated subjectivity is irreducible and the analyst is provided with unwarranted authority. Similarly, academics (e. g. Mills, 2005) which support interpersonal approaches with patients argue that, even in a neutral context, the analyst inevitably has expectations for the patient that can influence the intervention (McWilliams, 2003). In an attempt to provide a solution to this challenge, one can propose that neutrality may serve as the foundations upon which the analyst can gain a deeper understanding of their personal expectations and how these may impact upon the intervention. Rosenfarb (2010) suggested that whilst probing a patient , neutrality may allow for the identification of areas that require attention when formulating the intervention. This can be juxtaposed to the subjective intrusions that occur with self-disclosing techniques. Not only do self-disclosing techniques interfere with how the patient is examined, they can also result in the denial of appropriate interventions (Shill, 2004). The inevitable expectations that psychoanalysts usually have for their patients may have a significant influence on intervention. However, the use of neutrality may be essential when devising appropriate interventions for the patient. Another criticism is that the analytical neutrality tends to disengage the patient from the analyst (Meissner, 1998). Some critics suggest that although neutrality remains equidistant from the requirements of the drives, ego, and superego, it does not preclude the existence of the intent of the therapy (Greenberg, 1986). Alternatively, proponents of neutrality assert that although neutrality may be passive in nature, there is still involvement between patient and analyst (Mills, 2007). One can suggest that as the participant-observer relationship exists, in the essence that the analyst inevitably interacts with the patient, neutrality precludes disengagement the patient. In conclusion, the patients autonomy, guidance towards the analytic process, and the influence on interventions are aspects of the analytic process in which neutrality is advantageous to self-disclosing techniques. Through thorough evaluation it is evident that, similarly to Batmans personal code which acts as a guiding force in his assignment to fighting crime, neutrality functions to guide the analysts in the analytic process. With adherence to a code which is intended to non-pejoratively help others, one can conclude that psychoanalysts are Batman.

Expository Essay Writing

Expository Essay Writing Here are the main steps to follow when writing an expository essay. An expository essay is a type of paper, in which a student is supposed to set a concrete argument and then support it within the text. It is strongly recommended to plan your paper before writing it. The writer needs to find a good analytical question and create a powerful thesis statement. The main goals of an expository essay may be expressed by the following statements: An expository essay performs the analysis of a concrete concept. An expository essay is about an event, a situation or a scientific work. An expository essay explains some instructions  or describes how things should be done. To get a complete answer to the question What is an expository essay?, read our article on this topic: What Is an Expository Essay? Below are some tips for expository writing from our professional writers. 6  Steps of Expository Essay Writing Expository essays need to follow a specific pattern. Here are steps a student needs to take in order to create a substantial expository essay. Step 1:  Keep the main topic in sight. The topic is expected to be easy enough but try not to make it too general or too narrow. And if you have a choice of the subject, try something interesting and new. Select a topic which is exciting to read and avoid those ones that are difficult to write on. Step 2:  Collect the facts, do the background research. In the first place remember to mention the facts from reliable sources like peer-reviewed journals, books, and newspapers. It is a great idea to use statistics, research findings, chronicles of previous events and historical facts – everything that will provide your reader with a broad picture of the topic you have chosen. Step 3:  Define your thesis statement. Try to use this statement in the first paragraph. You may also mention your thesis statement in the last sentence of your essay. If you put it in your first paragraph, you should dwell on it in greater detail in subsequent sentences. If you decide to put the statement at the end, make sure the sentences preceding it are logically connected with one another, and gradually lead the reader to your thesis statement. Step 4:  Group the facts in body paragraphs.  Each body paragraph should offer one main idea. Use relevant facts and figures in each body paragraph. Avoid repeating same facts in different paragraphs. Step 5:  Use transition sentences between paragraphs. You should finish one paragraph logically and then transit into the next one, making your entire text coherent and logical. If you dont do this, your essay will lose its flow and structure. Step 6:  Make a conclusion.The conclusion of the essay sums up the essay and reiterates its main thoughts. Try not to repeat what you mentioned in your introduction to avoid redundancy in your text. Now when you are familiar with the main steps of expository writing, lets choose the topic for an expository essay: 50 Most Popular Expository Essay Topics Knowing the main rules and principles of expository essay writing you will be able to create excellent expository essays. If you have questions or still need additional clarification,  contact us, please. If you need your expository essay to be written and well-structured, place an order.  

British and French Colonies. Claire Denis Chocolat (1988) Essay

British and French Colonies. Claire Denis Chocolat (1988) - Essay Example One of her best memories was about their family’s house help whose name was Protee. He possessed a number of desirable traits which included being noble, handsome and extremely intelligent. This movie has a rich history about the colonial empires and it offers a lot of information about the French racial tensions and conflicts and that is the key focus of the following essay. This form of manipulation was portrayed in form of actions occurring in the fields rather than verbally. The French colonists practiced racism both publicly and privately. This was as a result of different people living in different areas and under different circumstances. The movie portrays a very serene environment where France and her family under the care of their father who was a captain in the French army (Beugnet, 2004). Their servants faced racial discrimination both in the house and in the fields. This was clearly manifested by the way the servants, who were all black Africans, were being treated . For example, the servants were forced to do everything in the public, which included taking a shower and eating among others. This was very immoral and unjust according to the societal norms. On the other hand, the whites did everything in private, including sleeping in their bedrooms, bathing in the bathrooms and eating in the dining rooms among others. The French colonial empire also caused unnecessary sexual attraction between members of the opposite sex. This was clearly manifested by Protee, the young boy servant and Aimee. The two were noted to like each other as a result of Aimee always seeing Protee taking a bath in the open field in front of the house. This sexual desire was as a result of the immoral actions brought about by colonialism. This state had both positive and negative effects on the subjects, for the poor little servant, it was a form of humiliation having to be seen naked all the time he decided to take a bath. On the flip side, it also had some positive effe cts, as from it, Aimee developed feelings towards him. The idea of having the power to rule over others led to a lot of conflicts and tensions both within and outside the house. For example, in the kitchen, the black African cook and Aimee had issues due to language barrier and power prevelance. Shatranj Ke Khilari (The Chess Players) The film is focused on various aspects that are characterized by social, political and economic elements in India in the beginning of the 19th century. The events that are focused on the movie are mainly drawn from the eve of the rebellion of India against the British powers in the year 1857 (Dube, 2005). These events included appropriation of the kingdom of Awadh by the British powers, politics that surrounded the development of the East India Company which was owned by the British colony and also the inevitable splitting up of the Indian royals. The film is composed of two stories that run concurrently. One is the story of the invasion of the Indian kingdoms by the British colonial powers and the second one is the reaction of two inseparable friends who are deep lovers of Chess. The two friends are so much into the game of chess to a point that they neglect their vital responsibilities including their families. The two go into exile to a village that is untroubled by the rising events caused by the invasion of the British colony so that they can play Chess in peace. The movie brings out various perceptions about the British colonial powers which include their superiority, friendliness and wealthy. The

Response Paper Essay Example | Topics and Well Written Essays - 1000 words - 2

Response Paper - Essay Example The readings by Colin H. Kahl, gives a clear definition of conflicts that can lead to physical aggression. It is also suggests reasons why political concepts such as ecologic security are unable to deal with problems resulting from transformation. The paper tries to explore the evidence and arguments expresses in other articles to propose as well as oppose the notion. Since the year 1990, Kenya as a country has gone through an obvious decay in security human condition from the mushrooming insignificant transgression to the start of ethnic cleansing. The local and the worldwide press frequently discuss the incident of the ever rising cases of criminal offenses and insecurity. The reading disaggregates the different forms and localities that bloodshed took place and the dynamics that binds them. Problematizing the relations between the state and the society transcends beyond the state incapability to uphold security in the country. At times this plays a role in encouraging and at times aggressively incites violence. Environmental degradation relates directly to political stability in a country. In the past civil and over the past several decades, civil and tribal wars have destabilized the chances for economical advancement as well as political development in the developing countries. This resulted to loss of lives of many citizens while some were left homeless as in the case in Kenya during ethnic violence in 1991(Foucault et al 2009). Statistics shows that demographic and ecological challenges coupled with interactions between the population increase, ecological degradation and rising scarcities of fundamental natural aspects of survival signify the cause of wars in the present world. Kahl suggests that the situation leads to tension in the work places thus leading to massive pressure on the societal groupings and the government. This issue has resulted to increase in occurrence of armed conflict in the developing countries. He

Should Parents Be Obliged to Immunise Their Children Against Childhood Diseases Essay Example for Free

Should Parents Be Obliged to Immunise Their Children Against Childhood Diseases Essay Some people argue that the state does not have the right to make parents immunise their children. However, I feel the question is not whether they should immunise but whether, as members of society, they have the right not to. Preventative medicine has proved to be the most effective way of reducing the incidence of fatal childhood diseases. As a result of the widespread practice of immunising young children in our society, many lives have been saved and the diseases have been reduced to almost zero. In previous centuries children died from ordinary illnesses such as influenza and tuberculosis and because few people had immunity, the diseases spread easily. Diseases such as dysentery were the result of poor hygiene but these have long been eradicated since the arrival of good sanitation and clean water. Nobody would suggest that we should reverse this good practice now because dysentery has been wiped out. Serious diseases such as polio and smallpox have also been eradicated through national immunisation programmes. In consequence, children not immunised are far less at risk in this disease-free society than they would otherwise be. Parents choosing not to immunise are relying on the fact that the diseases have already been eradicated. If the number of parents choosing not to immunise increased, there would be a similar increase in the risk of the diseases returning. Immunisation is not an issue like seatbelts which affects only the individual. A decision not to immunise will have widespread repercussions for the whole of society and for this reason, I do not believe that individuals have the right to stand aside. In my opinion immunisation should be obligatory.

The Garden Essay -- Agriculture, South Central Urban Farm

The Garden, a documentary about the South Central urban farm, demonstrates the plight of the disadvantaged; it sheds light on decisions, made by the city of Los Angeles, which did not take into account the struggles and the livelihood of the three hundred farmers who planted crops to feed their families on plots of land in the South Central Farm. The city’s usage of eminent domain and the seizure of the land that leads to the destruction of the South Central Farm—which provided sustenance for more than three hundred local families—is an example of corruption in the government that further creates an hourglass economy. The Garden, which tells the story of three South Central families who fight against corruption to save their farms, unmasks the true story behind the destruction of the South Central Farm. This documentary reveals how political corruption along with personal greed further disrupts the growth of an economically disadvantaged community, allowing the v iewer to experience the emotions and struggled that are undermined by mainstream media. This political documentary allows the viewer to analyze the South Central Farm crisis through its moving presentation of how the farmers struggle to have their voices heard against politicians who refuse to listen. The Garden, exposes the blindness of the politicians to the struggles of the underprivileged in a way that allows the viewer empathize with the farmers The interview of the families delves into their backgrounds, creating a well rounded character that all can relate too. The depiction of the empowerment the farmers feel when they have land to work and food to grow appeals to the audience’s sense of justice. These farmers who live all their lives in uncertainty of being abl... ...s happening in society. This documentary would make the viewer feel that he should lobby the Los Angeles City council to better manage Eminent Domain cases so that the poor and the powerless are protected against the rich and the powerful, such as Horowitz. Documentaries are a powerful tool. By exploring personal and anecdotal perspectives, Documentaries such a The Garden successfully informs people about the political and cultural circumstances in a crisis. Albeit modern day documentaries, appeal to the sensationalism of a mainstream audience that leads to the fudging of some facts, it also leads educates the viewer about a particular problem instead of leaving them ignorant of a particular political crisis. People need not take documentaries at face value, but for more politically conscious and educated society, more people in the world must watch documentaries.

The Health Benefits of Bananas

The health benefits of bananas http://ph. she. yahoo. com/health-beneflts-banana-092724299. html Bananas are one of the most famous common fruits amongst people of every age. Enjoyed in its various forms, bananas are eaten raw, accompanied with desserts, added In smoothies and consumed In many more ways too. Let us look at the benefits of eating this fruit. 1. It helps regulate blood pressure. Banana Is a fruit that contains high amount of potassium and low levels of salt. This combination helps to regulate the blood pressure. It reduces the risk of heart related diseases. 2. It strengthens your bones.The potassium content In bananas Is good for the health of your bones. Eating bananas on a regular basis can prevent your bones from deteriorating. Consuming bananas can also neutralize the amount of sodium In your body, which ultimately saves calcium to get washed out from your body. 3. It's energizing. Bananas are loaded with a lot of vitamins and minerals like Vitamin C and Vitamin 8 -6. Considering this fact, it is evident that eating the fruit can provide you with great energy. Pack yourself a couple of bananas to eat in the afternoon after your lunch as been digested and your stomach asks for some food. . It boosts bowel health. If you are suffering from constipation, banana is the fruit you need to pick. The fruit contains dietary fiber that aids the maintenance of the bowel system of your body. 5. It reduces stress. When you are in stress, the metabolic rate of your body shoots up and potassium levels consequently decrease. Eating a banana can thereby flush your body with potassium, which will automatically ease you and regularize your heartbeat. 6. It's brain food. The potassium in bananas also does wonders by making you more mentally alert.Research shows that this yellow fruit aids concentration and hence is a marvelous fuel for the brain. 7. It's rich in iron. People suffering from iron deficiency can resort to eating bananas. This fruit, which is rich i n iron, can supply your body with the amount of iron it needs. This can also benefit you when you are suffering from an injury and require the blood to clot faster with the help of hemoglobin. It is unimaginable how one tiny yellow colored fruit can give your body numerous health benefits. Include bananas In your breakfast, lunch, snack or dinner and enjoy the phenomenal benefits It Imparts your body with.The Health Benefits of Bananas By emapiag162 http://ph. she. yahoo. com/health-benefits-banana-092724299. html added in smoothies and consumed in many more ways too. Let us look at the benefits Banana is a fruit that contains high amount of potassium and low levels of salt. This The potassium content in bananas is good for the health of your bones. Eating bananas can also neutralize the amount of sodium in your body, which ultimately give your body numerous health benefits. Include bananas in your breakfast, lunch, snack or dinner and enjoy the phenomenal benefits it imparts your b ody with.

Discuss the character of Holmes Essay

Discuss the character of Holmes, the construction  of the stories and why the stories were and are so popular  Sherlock Holmes is one of the greatest and renowned detectives ever to exist, except for the fact that he is fictional, created by Sir Conan Doyle. Doyle began writing Sherlock Holmes from 1822. The character Sherlock Holmes, he devised was intensely influenced by one of his university professor encountered during a lecture. His works fascinated Doyle and we can see how it reflects to some of the things Sherlock Holmes does for e.g. his extraordinary deductive skills. Doyle has successfully prevailed upon the hearts of readers with his marvellous masterpieces. A famous museum has been dedicated on Holmes behalf for his outstanding temperament. One quite intriguing fact that proves just how phenomenal Sherlock Holmes is that Conan Doyle decided to withdraw Holmes in the year 1893, as he wanted to focus more on his other desires; however, he was unsuccessful as many readers protested upon this matter, while some even sent him death threats. Therefore, he was compelled to carry on and he did this by making the unstoppable detective Sherlock Holmes’ cheat a narrow death. So in this essay I will be analysing 3 stories: ‘A Scandal in Bohemia’, ‘The Speckled Band’ and ‘The Man with the Twisted Lip’ in which I will be marking out the distinct characteristics of Holmes that seems to attract everyone and Conan Doyle’s brilliant techniques used to captivate vast number of people.  First, I shall discuss about Sherlock Holmes himself in detail. He enjoys his work and is incredibly determined. Motivated by the actual work and not wealth, he devotes all his time and effort into solving mysteries as Watson notifies at the start of the ‘The Speckled Band’, ‘†¦for, working as he did rather for the love of his art than for the acquirement of wealth.’ Shortly afterwards Holmes declares this himself when his client Helen Stoner admits she can only reward him in a few months time; â€Å"As to reward, my profession is its own reward.† Although he does require Helen to pay for any expense occurred during the case; â€Å"but you are at liberty to defray whatever expenses I may be put to, at the time which suits you best.† I believe since Holmes does not accept (mostly) money as a payment to his practice, he does not have any money to pay for the expenses. I presume because of Holmes’ obsession towards his work, he will take any desperate measures he has to adopt in order to comprehend the truth as Watson encouragingly notifies in ‘The Man with the Twisted Lip’, â€Å"Sherlock Holmes was a man, however, who when he had an unsolved problem upon his mind would go for days, and even for week, without rest†¦Ã¢â‚¬  Due to this extreme dedication, he completes his objectives effectively and efficiently. Hence, the immortal figure and the eagerness for his position, awards Holmes a very positive effect on the reader. We learn about Holmes’ particular self-esteem, which to some extent can be very annoying and arrogant. For example, Sherlock Holmes cannot prevent himself from producing a soft amusement expression whenever someone fails to match his intelligence for e.g. in ‘A Scandal in Bohemia’ Watson baffled, says, ‘He chuckled to himself and rubbed his long nervous hands together,’ subsequent to Holmes’ brilliantly mastered deduction. It illustrates Holmes as quite an egotistical arrogant person and takes Watson for granted since the mild vague snigger may have been a trifle mock. It was not that Watson was just some ordinary person. He had achieved the title Doctor but even his attributes was nowhere near identical to the wit of Holmes. Holmes is only passionate about cases containing strange and abnormities; in ‘The Speckled Band’, Watson comments, â€Å"he refused to associate himself with any investigation which did not tend towards the unusual, and even the fantastic.† No wonder why all the cases seem to be of the most remarkable quality and from the fact that he worked in cases the official police discarded, â€Å"and clearing up those mysteries, which had been abandoned as hopeless by the official police,† mainly because of too much intricacy. Thus, the extraordinary power he acquires makes him a valuable utility for the police force. This however also presents him as an arrogant person who believes he is too good for the cases he assumes low skilled.

Piggys Demise essays

Piggy's Demise essays "Fancy thinking the Beast was something you could hunt and kill! You knew, didnt you? Im part of you? Close, close, close! Im the reason why its no go? Why things are what they are?" In William Goldings novel, Lord of the Flies, one particular theme is consistent throughout the novel. It shows how evil acts as a destructive force in which it is carried out on the island in reference to Piggys traits. In relation to this theme, Piggys character plays an important role within the novel. We can look at: Piggys glasses as being a deterioration of his hope, Jacks hatred for Piggy showing this corrupt force, and the death of Piggy portraying the savageness broken out everywhere on the island, to The destruction of Piggys glasses seems to be of a pattern which Jack carries out throughout the novel. This signifies Piggys gradual deterioration of hope. In chapter two, Jack roughly grabs Piggys glasses to start a fire. His specs-use them as burning glasses, Piggy was surrounded before he could back away. Here-Let me go! His voice rose to a shriek of terror as Jack snatched the glasses off his face. Mind out! Give em back! I can hardly see!... ( p.52-53 ) . The fire catches and blazes uncontrollably, nearly killing the boys. The fire foreshadows and symbolizes future hatred and the current evil against Piggy and soon the island. Also, in chapter four, when Piggy criticizes the hunter, Jack viciously slaps him, breaking one of the lens from his glasses. You would, would you? Fatty! Ralph made a step foreword and Jack smacked Piggys head. Piggys glasses flew off and tinkled on the rocks. Piggy cried out in terror: My specs! ( p. 89 ). Now Piggy has an even worse handicap: he is one lens short. Once again, Jack has managed ...

Use of Estar and Ser with Adjectives of Marital Status

Use of Estar and Ser with Adjectives of Marital Status If you are learning to speak Spanish, you may be wondering which word describing martial status is correct - soy casada or estoy casada? The quick answer is that theyre both correct! With adjectives of marital status - ones other than casado (married) include soltero (single), divorciado (divorced) and viudo (widowed), along with their feminine equivalents - estar and ser are more or less interchangeable. Difference Between Ser and Ester Although the differences between ser and estar are usually distinct, that just doesnt seem to be so with the adjectives of marital status, where youll often hear the two verbs used with little difference in meaning. In some areas, however, one or the other may be preferred, and estar probably has an edge in everyday speech, at least with casado. Even so, use of estar can suggest (but doesnt always) there has been a change in marital status. Thus, you might ask a new acquaintance  ¿es usted casado? if you see his marital status as part of his identity. But you might ask a friend you havent seen for a while  ¿ests casado? as a way of asking, Have you become married since I saw you last? or Are you still married? Similarities With Other Spanish Adjectives The same is true with very few adjectives, such as gordo (fat) and delgado (thin), that describe personal characteristics. Both es gordo and est gordo can be used to say he is fat, for example. The latter often suggests that there has been a change, while the former may suggest merely a description of the way a person is. So the choice of verb can suggest an attitude - estar may suggest a state of being at the moment, while ser may suggest an inherent characteristic. In fact, that is the safest way to make your verb choice, and estar must be used where indeed there has been a change. But in everyday descriptions, the distinction of meaning isnt always a sharply clear one.

HEALTH CARE POLICY Research Paper Example | Topics and Well Written Essays - 2000 words

HEALTH CARE POLICY - Research Paper Example It was amended by the Health Care Education Reconciliation Act of 2001 that became a law on 30th of March, 2010. The bill was propositioned by the President Obama during the US presidential elections in 2008. He stressed upon the need of making some major reforms into the American healthcare system so that every citizen could get due healthcare facilities (Trumbull, 2010). The House of Representative and Senate of United States passed the health care reform bill in 2010. The core purpose of the bill is to provide policy lines to the private healthcare companies and to find out the ways through which it would be possible to provide all the residents of America with quality healthcare services in exchange for affordable expenses (Grier, 2010). The passage of this law has been widely regarded as an importance victory of Obama government that is expected to make healthcare facilities affordable for all the Americans as it expands the health coverage (http://whitehouse.gov). The essay aims to concisely describe the history of healthcare policy making in United Stated by identifying major bills and acts implemented so far and discuss in detail the Healthcare reform bill 2010 to explain the major issues and areas associated with the bill. The early steps in the area of healthcare reforms include the passage of Bill for the Benefit of the Indigent Insane in 1854 at federal level. The bill established asylum for the indigent insane and for the disable people like blinds, deaf and dumb with the help of the federal land grants given to the states. Dorothea Dix, a social activist proposed this bill that was passed by both the Houses of Congress but the President Franklin Pierce vetoed the bill and argues that state is responsible for social welfare and not the federal government has the responsibility to provide fund for this

Micro-environmental Factors of a Company Essay Example | Topics and Well Written Essays - 750 words

Micro-environmental Factors of a Company - Essay Example Infosys is a large and developing company in information technology and consulting services and is now considered as one of the foremost technology companies of the world. Its rapid growth, innovative approach and corporate governance practices have attracted worldwide attention. Infosys started its operations in India in 1981 in a small way when a few technocrats joined hands and set up the company. Its phenomenal growth occurred after the government of India adopted economic liberalization in 1991. Presently Infosys employs over 100,000 people, operates virtually in all the major economies of the world and has revenues in excess of US$ 4.66 Billion (Annual Report, 2008-09). It offers software services in product engineering, reengineering, consulting, application and maintenance, business process outsourcing as well as independent testing and verification services. It clients span many sectors of industry and its services to banking, insurance and financial industry are some of its core activities – all executed in a pioneering way called the global delivery model (GDM), which according to their website, â€Å"†¦is based on the principle of taking work to the location where the best talent is available, where it makes the best economic sense, w ith the least amount of acceptable risk† (Infosys, 2009). This innovative approach gave birth to the concepts of off-shoring and outsourcing. Other major global and Indian software companies like Microsoft, Oracle, IBM, TCS, and WIPRO are the main competitors for Infosys in India and abroad.

Answer the 4 questions at the end of the case study

Answer the 4 questions at the end of the - Case Study Example It is evident from the report of McGowan (2004) that putting denial of market access for Mexico is unjustified due to the fact that other countries like fishing agencies of Costa Rica and Ecuador and even USA are also purse seine method to catch tuna; therefore only increasing world demand as the United States was not integrating with a particular market. Figure 1 illustrates the negative impacts to supply and demand that the imposition of an embargo imposes. Figure 1 Imposing embargo not only created trade barriers for Mexico but also caused a loss of millions of dollars for the countries involved in the dispute. It is evident from the argument of McGowan (2004) that fishermen of Mexico use purse seine methods due to non availability of alternatives; alternatives which ultimately could have saved the life of dolphins. Within such a context, a consideration of the research work of Porter (2006) reveals the fact that USA should provide knowledge and resource support to Mexico fisherme n in order to encourage the use of alternate fishing methods; instead of purse seine nets. Porter (2006) found that using purse seine nets can cause serious damage to aquatic eco-system and might even increase death threats for dolphins. However, fishermen in Eastern Tropical Pacific (ETP) still using purse seine nets which are posing death threat for dolphins. ... Question 2: Did the U.S. denial of market access ultimately work? Answer: The U.S. imposed a denial of market access for tuna imports from countries like Mexico, Costa Rica and Ecuador which were known to use purse seine nets. Recently, the USA and Mexico have both appealed to World Trade Organization (WTO) regarding favoritism in tuna exportation (United States Trade Representative, 2012). Mexico subsequently challenged the U.S. denial by stating that fishermen of the USA are also using purse seine nets to catch tuna. In 1992, after the meeting between USA representatives of countries whose market access was denied by U.S, Dolphin safety panels were installed in most of the nets. As could easily have been predicted, the United States denial of market access had both positive and negative impacts. Firstly, it allowed the partner nations to lose a great deal of business revenue and merely shifted the supply and demand curve for tuna throughout the regional and global markets. Secondly , it can be stated to have had a positive impact due to the fact that the United States and partner nations realized that this trade dispute was having negative impacts upon their own respective economies; thereby encouraging them to address the issue and seek to improve tuna fishing technology to better safeguard the plight of the dolphins. Due to such measures, dolphin mortality rate was decreased significantly between1986 to 1998. Figure 2: Decrease in Total Dolphin Death (Source: Czinkota & Ronkainen, 2002) However, U.S denial of market access cannot be classified as only factor behind the sharp decrease in dolphin’s mortality rate because coagulation of other

Call money and commercial bill market

Call money and commercial bill market Global Financial Market As all the Financial Markets in India together form the Indian Financial Markets, all the Financial Markets of Asia together form the Asian Financial Markets; likewise all the Financial Markets of all the countries of the world together form the Global Financial Markets. Financial Markets deal with trading (buying and selling) of financial securities (stocks and bonds), commodities (valuable metals or food grains), and other exchangeable and valuable items at minimum transaction costs and market efficient prices. Financial Markets can be domestic or international. The Global Financial Markets work as a significant instrument for improved liquidity. Financial Markets can be categorized into six types: Capital Markets: Stock markets and Bond markets Commodity Markets Money Markets Derivatives Markets: Futures Markets Insurance Markets Foreign Exchange Markets The Financial Markets play a major role in the Global Economy because it helps businesses to raise capital (in capital markets), they facilitate transferring of risk (in derivative markets), and they help international trade (in currency markets) to prosper. The International Stock Markets form a major part of the Global Financial Markets. The Amsterdam Stock Exchange is the oldest stock exchange, which started operating in continuous trade in the earlier part of the 17th Century. Some of the Important Stock Exchanges of the world are: The New York Stock Exchange (merged with Euro next): The New York Stock Exchange (NYSE) is a stock exchange based in New York City, USA that was incorporated in 1817. In terms of dollar volume, it is the largest stock exchange in the world, and in terms of the number of companies listed it is the second largest stock exchange in the world. The NYSE is also known as the Big Board. The indexes used in the NYSE are the NYSE Composite Index and the Dow Jones Industrial Average Index. The NYSE functions under NYSE Euro next, the formation of which was the result of NYSEs merger with Archipelago Holdings and Euro next. Tokyo Stock Exchange: The Tokyo Stock Exchange (TSE), incorporated in 1949, is located in Tokyo, Japan. In terms of monetary volume, The Tokyo Stock Exchange is the second largest stock exchange in the world, only next to New York Stock Exchange. The indexes used in the TSE are Nikkei 225, Topix, and J30. NASDAQ: The National Association of Securities Dealers Automated Quotations, or NASDAQ, is an electronic stock market based in New York City, USA that was incorporated in 1971. The NASDAQ Stock Market, Inc. is the owner and regulator of NASDAQ. The main index used in NASDAQ is the NASDAQ Composite. London Stock Exchange: Established in 1801, the London Stock Exchange (LSE) is one of the oldest and largest stock exchanges in the world. In terms of market capitalization, the London Stock Exchange was ranked 4th among all the other important stock exchanges in the world in March 2007. The London Stock Exchange is located in Paternoster Square near St. Pauls Cathedral, London. The stock market index of London Stock Exchange is the Footsie (FTSE). Euro next (merged with NYSE): Founded in 2000, Euro next N.V. is a pan-European Stock Exchange, which is based in Paris. In terms of market capitalization, Euro next ranks as the fifth largest stock exchange in the world. There was a merger of Euro next with the NYSE Group, which led to the formation of NYSE Euro next and it is the first global stock exchange. The main indexes used in Euro next are the Euro next 100 Index and the Next 150 Index. The Bombay Stock Exchange (BSE): Located in Mumbai, India and founded in 1875, the Bombay Stock Exchange is the oldest stock exchange of Asia. The main index of BSE is called the BSE Sensex (Sensitive Index) or the BSE 30. In terms of volume of transactions, the BSE was ranked as one of the top five stock exchanges in the world in 2005. Some terms that are used in the Global Financial Markets are: Geek, a Quant Grim Nerd, a Quant Quant Big Swinging Dick Rocket Scientist White Knight Today equity research has become a specialized activity, although confined to a very small segment of the market. It would be a little early to consider equity research as an independent business segment, but at the same time it must be appreciated that the value of equity research is being felt by the market. This is an interesting stage in the growth and development of equity research, especially in a situation where the traditional individual investor is unwilling to pay for vital stock related information while the institutional investor is already paying for research reports. The phenomenal growth of the financial markets over the last quarter of a century has meant that the very character of investment has changed with ever larger scales of market capitalization. The emergence of the Fund Manager as a new value addition in investment related financial services is actually a part of the growth and development of the institutional investor. The fund managers sole objective is to ensure maximum returns for his clients whose money he invests working in tandem with research inputs. The fund manager and his client are a vital part of the institutional investment process sustained by an advanced and research driven approach to capital market investment. Equity research still has some time to develop as a sustainable business model, but like any other research activity it has its limitations in developing into a booming business. Institutional investors are willing to pay ever higher amounts for in-depth and precise research in accordance with their requirements. Some of the modes of equity research are: Fundamental Analysis Technical Analysis Securities Market Analysis Index Momentum Analysis Securities Momentum Analysis Securities Chart Analysis India N Financial Market India Financial market is one of the oldest in the world and is considered to be the fastest growing and best among all the markets of the emerging economies. The history of Indian capital markets dates back 200 years toward the end of the 18th century when India was under the rule of the East India Company. The financial market in India today is more developed than many other sectors because it was organized long before with the securities exchanges of Mumbai, Ahmadabad and Kolkata were established as early as the 19th century. By the early 1960s the total number of securities exchanges in India rose to eight, including Mumbai, Ahmadabad and Kolkata apart from Madras, Kanpur, Delhi, Bangalore and Pune. Today there are 21 regional securities exchanges in India in addition to the centralized NSE (National Stock Exchange) and OTCEI (Over the Counter Exchange of India). The corporate sector wasnt allowed into many industry segments, which were dominated by the state controlled public se ctor resulting in stagnation of the economy right up to the early 1990s. Thereafter when the Indian economy began ‘liberalizing and the controls began to be dismantled or eased out, the securities markets witnessed a flurry of IPOs that were launched. This resulted in many new companies across different industry segments to come up with newer products and services. A remarkable feature of the growth of the Indian economy in recent years has been the role played by its securities markets in assisting and fuelling that growth with money rose within the economy. This was in marked contrast to the initial phase of growth in many of the fast growing economies of East Asia that witnessed huge doses of FDI (Foreign Direct Investment) spurring growth in their initial days of market decontrol. During this phase in India much of the organized sector has been affected by high growth as the financial markets played an all-inclusive role in sustaining financial resource mobilization. Many PSUs (Public Sector Undertakings) that decided to offload part of their equity were also helped by the well-organized securities market in India. The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) during the mid 1990s by the government of India was meant to usher in an easier and more transparent form of trading in securities . The NSE was conceived as the market for trading in the securities of companies from the large-scale sector and the OTCEI for those from the small-scale sector. While the NSE has not just done well to grow and evolve into the virtual ‘backbone of capital markets in India the OTCEI struggled and is yet to show any sign of growth and development. The integration of IT into the capital market infrastructure has been particularly smooth in India due to the countrys world class IT industry. This has pushed up the operational efficiency of the Indian stock market to global standards and as a result the country has been able to capitalize on its high growth and attract foreign capital like never before. Potential Of India Financial Market India Financial Market helps in promoting the savings of the economy helping to adopt an effective channel to transmit various financial policies. The Indian financial sector is well-developed, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the functioning of the wide India financial sector. Features Of Financial Market In India: India Financial Indices BSE 30 Index, various sector indexes, stock quotes, Sensex charts, bond prices, foreign exchange, Rupee Dollar Chart Indian Financial market news Stock News Bombay Stock Exchange, BSE Sensex 30 index, SP CNX-Nifty, company information, issues on market capitalization, corporate earnings statements Fixed Income Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt Service Foreign Investment Foreign Debt Database composed by BIS, IMF, OECD, World Bank, Investments in India Abroad Global Equity Indexes Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes FX Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion Indian Money Market AS PER RBI DEFINITIONS â€Å"A market for short terms financial assets that are close substitute for money, facilitates the exchange of money in primary and secondary market†. Indian money market was highly regulated and was characterized by limited number of participants. The limited variety and instruments were available. Interest rate on the instruments was under the regulation of Reserve Bank of India. The sincere efforts for developing the money market were made when the financial sector reforms were started by the government. Money markets are the markets for short-term, highly liquid debt securities. Examples of these include bankers acceptances, repos, negotiable certificates of deposit, and Treasury Bills with maturity of one year or less and often 30 days or less. Money market securities are generally very safe investments, which return relatively; low interest rate that is most appropriate for temporary cash storage or short term time needs. The National Stock Exchange, where the stocks of the largest Indian. Corporations are traded, is a prime example of a capital primary market. Regarding timing, there is no hard and fast rule on this, but when describing debt markets, short term generally means less than one year, intermediate term means one to five years, and long term means more than five years. The Nature Of Money Markets In this we define money markets broadly to include all financial instruments easily converted to means of payment that are used by governments, financial institutions and nonfinancial institutions for short-term funding or placements. By convention, we limit our scope to instruments of less than one year maturity. The most important function of a money market is to provide a means whereby economic units can quickly adjust through cash positions. For all economic units (business, households financial institutions or governments) the timing of cash inflows is rarely perfectly synchronized or predictable in the short run. In addition to facilitating the liquidity management of economic actors, money markets fulfill a number of additional economic functions: 1. Interest rates on money market instruments serve as reference rates for pricing all debt instruments; 2. Governments or central banks use money market instruments as tools at monetary policy; 3. Short-term interbank markets, finance longer-term lending when financial intermediaries transform maturities. Features Of Money Market It is a market purely for short-terms funds or financial assets called near money. It deals with financial assets having a maturity period less than one year only. In Money Market transaction cannot take place formal like stock exchange, only through oral communication, relevant document and written communication transaction can be done.   Transaction has to be conducted without the help of brokers. It is not a single homogeneous market, it comprises of several submarket like call money market, acceptance bill market. The components of Money Market are the commercial banks, acceptance houses NBFC (Non-banking financial companies). It is not a single market but a collection of markets for several instruments. It is a need-based market wherein the demand supply of money shape the market. Money market is basically over-the-phone market. Dealing in money market may be conductive with or without the help of brokers. It is a market for short-term financial assets that are close substitutes for money. Financial assets which can be converted into money with ease, speed, without loss with minimum transaction cost are regarded as close substitutes for money. The Major Players Of Money Market Reserve Bank of India SBI DFHI Ltd (Amalgamation of Discount Finance House in India and SBI in 2004) Acceptance Houses Commercial Banks, Co-operative Banks and Primary Dealers are allowed to borrow and lend. Specified All-India Financial Institutions, Mutual Funds, and certain specified entities are allowed to access to Call/Notice money market only as lenders Individuals, firms, companies, corporate bodies, trusts and institutions can purchase the treasury bills, CPs and CDs. Money Market Instruments Money market instruments take care of the borrowers short-term needs and render the required liquidity to the lenders. The varied types of India money market instruments are treasury bills, repurchase agreements, commercial papers, certificate of deposit, and bankers acceptance. Treasury Bills (T-Bills) Treasury bills were first issued by the Indian government in 1917. Treasury bills are short-term financial instruments that are issued by the Central Bank of the country. It is one of the safest money market instruments as it is void of market risks, though the return on investments is not that huge. Treasury bills are circulated by the primary as well as the secondary markets. The maturity periods for treasury bills are respectively 3-month, 6-month and 1-year. The price with which treasury bills are issued comes separate from that of the face value, and the face value is achieved upon maturity. On maturity, one gets the interest on the buy value as well. To be specific, the buy value is determined by a bidding process, that too in auctions. Repurchase Agreements Repurchase agreements are also called repos. Repos are short-term loans that buyers and sellers agree upon for selling and repurchasing. Repo transactions are allowed only among RBI-approved securities like state and central government securities, T-bills, PSU bonds, FI bonds and corporate bonds. Repurchase agreements, on the other hand, are sold off by sellers, held back with a promise to purchase them back at a certain price and that too would happen on a specific date. The same is the procedure with that of the buyer, who purchases the securities and other instruments and promises to sell them back to the seller at the same time. Commercial Papers Commercial papers are usually known as promissory notes which are unsecured and are generally issued by companies and financial institutions, at a discounted rate from their face value. The fixed maturity for commercial papers is 1 to 270 days. The purposes with which they are issued are for financing of inventories, accounts receivables, and settling short-term liabilities or loans. The return on commercial papers is always higher than that of T-bills. Companies which have a strong credit rating, usually issue CPs as they are not backed by collateral securities. Corporations issue CPs for raising working capital and they participate in active trade in the secondary market. It was in 1990 that Commercial papers were first issued in the Indian money market. Certificate of Deposit A certificate of deposit is a borrowing note for the short-term just similar to that of a promissory note. The bearer of a certificate of deposit receives interest. The maturity date, fixed rate of interest and a fixed value are the three components of a certificate of deposit. The term is generally between 3 months to 5 years. The funds cannot be withdrawn instantaneously on demand, but has the facility of being liquidated, if a certain amount of penalty is paid. The risk associated with certificate of deposit is higher and so is the return (compared to T-bills). It was in 1989 that the certificate of deposit was first brought into the Indian money market. Bankers Acceptance A bankers acceptance is also a short-term investment plan that comes from a company or a firm backed by a guarantee from the bank. This guarantee states that the buyer will pay the seller at a future date. One who draws the bill should have a sound credit rating. 90 days is the usual term for these instruments. The term for these instruments can also vary between 30 and 180 days. It is used as time draft to finance imports, exports. It depends on the economic trends and market situation that RBI takes a step forward to ease out the disparities in the market. Whenever there is a liquidity crunch, the RBI opts either to reduce the Cash Reserve Ratio (CRR) or infuse more money in the economic system. In a recent initiative, for overcoming the liquidity crunch in the Indian money market, the RBI infused more than Rs 75,000 crore along with reductions in the CRR. Call Money Market The call money market consists of overnight money and money at short notice for periods up to 14 days. It essentially serves the purpose of equilibrating the short-term liquidity position of banks. The call money market as a significant component of the money market possesses a few special characteristics:- (1) Call money is an instrument for ultra-short period management of funds and is easily reversible. (2) It is primarily a â€Å"telephone† market and is therefore, administratively convenient to manage for both borrowers and lender. (3) Being an instrument of liability management, it provides incremental funds and adds to the size of balance sheet of banks. From the macro-side, developed call money market helps to smoothen the fluctuations in the reserve-deposit rations of banks thereby contributing to the stability of the money-multiplier process. A stable money multiplier in turn serves as a reliable means of monetary regulation and policy guide. From the micro angle, short-run borrowing by banks improves the efficiency of funds management in two ways. One way, it enables banks to hold higher reserve-deposit ratio than would be possible otherwise. In another way, it allows some banks to permanently increase their pool of investible funds. Hence, active well-organized call money market improves the funds management practices of banks which in turn further their overall efficiency and profitability. The money market continued to remain orderly during Q2 of 2009-10. Reflecting the surplus liquidity conditions, the call rate hovered around the lower bound of the informal LAF corridor during the Q2 of 2009-10). The call rate averaged 3.25 per cent in Q2, which was marginally higher than 3.22 per cent in Q1.Interest rates in the collateralized segments of the money market the market repo and the collateralized borrowing and lending obligation moved in tandem with the call rate during Q2 but remained below the call rate. The weighted average interest rate in the collateralized segment of the money market marginally increased to 2.7 per cent during Q2 of 2009-10 from 2.4 per cent during Q1. Transaction volumes in CBLO and market repo segments continued to remain high during Q2 of 2009-10 reflecting the easy liquidity and active market conditions. Banks as a group are the major borrowers in the collateralized segment whereas mutual funds (MFs) continue to remain the single largest len der of funds in that segment. In fact, more than 75 per cent of the lending in the collateralized segment was contributed by the MFs in Q2, reflecting their continued enhanced lending capacity. The collateralized market remained the predominant segment of the money market, accounting for more than 80 per cent of the total volume in the money market in Q2. Source = http://www.rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10690#t56 Objective of call Money Market To provide a parking place to employ short  Ã‚   term surplus funds. To provide room for overcoming short term deficits. To enable the central bank to influence and regulate liquidity in the economy through its intervention in this market. To provide a reasonable access to users of short-term funds to meet their requirement quickly, adequately at reasonable cost. Importance of call Money Market Development of trade industry. Development of capital market. Smooth functioning of commercial banks. Effective central bank control. Formulation of suitable monetary policy. Non inflationary source of finance to government. To provide help to the industry and trade. some guidelines regarding call money market by r.b.i It may be recalled that in the annual policy Statement of April 2008, the intention to move towards a pure inter-bank call/notice money market by gradually phasing out non-bank participation was highlighted. Accordingly, in stage I, non-bank participants are allowed to lend, on average in a reporting fortnight, up to 85 per cent of their average daily lending during 2007-08. Subsequently, in the annual policy Statement of April 2008, it was stated that RBI would announce the date of effectiveness of stage II, wherein non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice market during 2007-08, depending on the date when NDS/CCIL becomes fully operational. In view of the encouraging developments in the functioning of NDS/CCIL, it is desirable to accelerate the progress of moving towards a pure inter-bank call/notice money market and facilitate further deepening of repo/term money market. Accordingly, it has been decided that effective from the fortnight beginning June 14, 2007, under stage II, non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice money market during 2007-08. However, in case a particular non-bank institution has genuine difficulty in deploying its excess liquidity, RBI may consider providing temporary permission to lend a higher amount in call/notice money market for a specific period on a case by case basis. To facilitate monitoring of your operations in call/notice money market on a daily basis, you are requested to continue to submit the daily return in time to the Principal Monetary Policy Adviser, MPD, RBI as per the extant practice. Current market rate = 2.10% 3.30% Commercial Bill Market Bills of exchange are negotiable instruments, drawn by the seller (drawer) of the goods on the buyer (drawee) of the goods for the value of the goods delivered. These bills are known as trade bills. Trade bills are called commercial bills when they are accepted by commercial banks. If the bill is payable at a future date and the seller needs money during the currency of the bill, he may approach his bank to discount the bill. The maturity proceeds or face value of a discounted bill from the drawee is received by the bank. If the bank needs funds during the currency of bill, it can rediscount the bill that has been already discounted by it in the commercial bill rediscount market at the available market discount rate. The RBI introduced the Bills Market scheme (BMS) in 1952 and the scheme was later modified into the New Bills Market Scheme (NBMS) in 1970. Under the scheme, commercial banks can rediscount the bills, which were originally discounted by them, with approved institutions. With the intention of reducing paper movements and in a bid to facilitate multiple rediscounting, the RBI introduced an instrument called Derivative Usance Promissory Notes (DUPN). Consequently, the need for the physical transfer of bills has been waived and the bank that originally discounts the bills only draws DUPN. These DUPNs are sold to investors in convenient lots of maturities (from 15 days up to 90 days) on the basis of genuine trade bills, discounted by the discounting bank. Commercial bill is a short term, negotiable, and self-liquidating instrument with low risk. It enhances he liability to make payment in a fixed date when goods are bought on credit. According to the Indian Negotiable Instruments Act, 1881, bill or exchange is a written instrument containing an unconditional order, signed by the maker, directing to pay a certain amount of money only to a particular person, or to the bearer of the instrument. Bills of exchange are negotiable instruments drawn by the seller (drawer) on the buyer (drawee) or the value of the goods delivered to him. Such bills are called trade bills. When trade bills are accepted by commercial banks, they are called commercial bills. The bank discounts this bill by keeping a certain margin and credits the proceeds. Banks, when in need of money, can also get such bills rediscounted by financial institutions such as LIC, UTI, GIC, ICICI and IRBI. The maturity period of the bills varies from 30 days, 60 days or 90 days, depe nding on the credit extended in the industry. Characteristics Of Commercial Bill Securities offered to the public must be registered with the Securities and Exchange Commission according to the Securities Act of 1933. Registration requires extensive public disclosure, including issuing a prospectus on the offering. It is a time-consuming and expensive process. Most commercial paper is issued under Section 3(a) (3) of the 1933 Act which exempts from registration requirements short-term securities as long as they have certain characteristics. Commercial paper is typically a discount security (like Treasury bills): the investor purchases notes at less than face value and receives the face value at maturity. The difference between the purchase price and the face value, called the discount, is the interest received on the investment. Commercial paper is, occasionally, issued as an interest-bearing note (by request of investors). The investor pays the face value and, at maturity, receives the face value and accrued interest. All commercial paper interest rates are quoted on a discount basis. The exemption requirements have been a factor shaping the characteristics of the commercial paper market. The following are requirements for exemption: The maturity of commercial paper must be less than 270 days. In practice, most commercial paper has a maturity of between 5 and 45 days, with 30-35 days being the average maturity. Many issuers continuously roll over their commercial paper, financing a more-or-less constant amount of their assets using commercial paper. The nine-month maturity limit is not violated by the continuous rollover of notes, as long as the rollover is not automatic but is at the discretion of the issuer and the dealer. Many issuers will adjust the maturity of commercial paper to suit the requirements of an investor. That proceeds from commercial paper issues be used to finance current transactions, which include the funding of operating expenses and the funding of current assets such as receivables and inventories. Proceeds cannot be used to finance fixed assets, such as plant and equipment, on a permanent basis. A safekeeping agent hired by the investor held the certificates, until presented for payment at maturity. The settling of the transaction, (the exchange of funds for commercial paper first at issuance and then at redemption, occur in one day. On the day the commercial paper is issued and sold, the investor receives and pays for the notes and the issuer receives the proceeds. On the day of maturity, the investor presents the notes and receives payment. Commercial banks, in their role as issuing, paying, and clearing agents, facilitate the settling of commercial paper by carrying out the exchanges between issuer, investor, and dealer required to transfer commercial paper for funds. Types Of Commercial Bills: Commercial bill is an important tool finance credit sales. It may be a demand bill or a usance bill. A demand bill is payable on demand, that is immediately at sight or on presentation by the drawee. A usance bill is payable after a specified time. If the seller wishes to give sometime for payment, the bill would be payable at a future date. These bills can either be clean bills or documentary bills. In a clean bill, documents are enclosed and delivered against acceptance by drawee, after which it becomes clear. In the case of a documentary bill, documents are delivered against payment accepted by the drawee and documents of bill are filed by bankers till the bill is paid. Commercial bills can be inland bills or foreign bills. Inland bills must (1) be drawn or made in India and