Create a Security Policy Essay Example | Topics and Well Written Essays - 500 words - 1

Create a Security Policy - Essay Example igital era, anything can be breeched even the most innocent must be subjected to a vetting process to ascertain the genuineness of the information and details they present for processing. To ensure that the McBride is successful, in processing these information, the key issue is to ensure that before the client is cleared to access the a loan, the firm is first aware of the clients loan status with any other institution if it exists, and whether he or she was able to service previous loans within the given time frames (IBM Redbooks. 2011). One of the security policies that will have to be put in place include the need for a guarantor, to ensure that the loan is secured. This information should also be verifiable for instance, if a client has a vehicle, with a genuine log book, that property should be verifiable with car registration agencies. The other security policy involves members and or clients who will want to seek for the same service online. Clients will be required to register themselves to create an account in which communications will be dropped at. While registering, the password to be used will be tamper proof one, thumbprints will be used to ward of any local threat to growth. The other aspect of security that will be used to ensure that the client taking the loan is able to pay back the full amount or lose the property is to be in possession of the title deed. The fact that McBride is the financier, means that it will be in the best interest of the business to be in possession of the title deed to ensure that incase the client fails to service the loan, the property will be repossessed with ease. The other most crucial security policy is that of conducting timely security audits to establish any areas of vulnerabilities that can be a setback to the mission of firm. For instance, the chance that someone can infiltrate the network and fill in dummy data that will legitimize his or her application for a loan and perhaps the number of times that has

Fashion and beauty products Essay Example for Free

Fashion and beauty products Essay Dulce et Decorum Est is a poem written by the British poet and World War I soldier, Wilfred Owen. During the war, conditions on the trenches varied from bad to worse day by day, and in the end, approximately one third of the Allied casualties managed to survive on the trenches. The soldiers suffered from rat infestation, unbearable stenches, tedious daily routines, insects, trench fever and several other diseases. In this poem, Wilfred Owen, who was killed in the First World War, portrays the war from a soldier’s perspective, while displaying an extremely traumatic and negative image of the war, as the conditions were brutal. The main idea of this poem is to expose the truth about the war. In order to do this, Owen chooses to speak of an incident which occurred in war that shocked him. By doing this, it not only presents a theme of catastrophe, death, trauma and war, but it leads the people to react exactly as Owen aimed; if what went on in war was seen, then no one would dare to force anyone to join. Originally, this poem was addressed to Jessie Pope, a propagandist that especially encouraged men through her poems to enlist in the war. Some of her poems such as â€Å"Who’s for the game? † might have enraged Owen to write such a poem. In this text, I will analyse various aspects of the poem Dulce et Decorum Est, while presenting my opinion and justifications. This 28 line poem, written in iambic pentameter, begins by giving an impression of the soldiers, displaying both their physical and mental characteristics, while presenting the general atmosphere in the battle. The impression that is given of the soldiers is weary, vagrant-like, and exhausted as they march â€Å"through sludge† and are slowing down as they become â€Å"blood shod†, â€Å"all lame, all blind† and â€Å"drunk with fatigue† as they are struggling to march away from the scene of combat. The poet ends the first stanza by stating that the soldiers were not even able to hear the faint sound â€Å"of gas-shells dropping softly behind†. All of these descriptions show how much the soldiers suffered, and they were put in such a condition that they were like the â€Å"living-dead†. The second stanza speaks of a soldier dying. The transition from the first to second stanza is emphasised by the exclamation marks: â€Å"Gas! Gas! Quick, boys! † The poet speaks so gently of the gas shells in first stanza as they were â€Å"dropping softly†, and suddenly, they have grown dangerous enough for the soldiers to panic. As the soldiers are alarmed, everything is done in a rush, and they all put their gas masks on except one. This soldier begins â€Å"yelling out and stumbling†¦ And floundering like a man in fire or lime†. This statement emphasises the panic, instability and lack of control of the soldier as he falls back. In addition, this statement is continued by presenting a disgusting image of the soldier â€Å"guttering, choking, drowning†. The word â€Å"guttering† accentuates the chocking sounds of a man’s throat. The phrases which evoke the shock that Owen felt are: â€Å"Dim through the misty panes and thick green light, As under a green sea, I saw him drowning. † This statement has great effect in this poem as the present an image of a man dying, while there are hundreds of men surrounding him, merely watching him die, and not bothering to do anything to help. This image brings shock and horror onto the reader’s mind, and the word â€Å"drowning† achieves to emphasise this thought. Judging by the description of the man’s death, it was very painful for the narrator to see him die: â€Å"in all my dreams before my helpless sight†. This statement can also be seen as the moment in which Owen was forced to repeat one of the most dreadful events during war, while thinking about his past painful memories and thoughts, as though compelling him to live through those moments again. In the last stanza, the poem develops by stating that if the readers were able to observe the â€Å"[writhing] white eyes†, the â€Å"vile, incurable sores on innocent tongues† and hear the â€Å"blood come gargling from the froth corrupted lungs†, then sending men to war would be forbidden. He finishes by challenging the reader by saying that if they had been present in the actual time of the war, then they would not dare repeat â€Å"the old Lie: Dulce et decorum est / pro patria mori. † – Which means it is sweet and right to die for your country. In other words, it is an honour to defend your nation, even if it means dying for it. In conclusion, it can be said that throughout the entire poem, Wilfred Owen exposes a grotesque, but realistic view of what occurred in the war. He achieves this by describing one of the most shocking images and moments that occurred while he was a soldier in the war the death of a man. In the end, he completes his point by challenging the readers that if they knew what truly goes on in war, they would never tell their children, with such idealistic enthusiasm, the â€Å"Old lie†. As my personal opinion, I feel that Wilfred Owen’s poem is contrasted against Jessie Popes poem â€Å"Who’s for the game? † as they are both presenting opposite points. However, I think that Dulce et Decorum Est manages to achieve its aim more successfully as it shows a direct, brutal and honest view of the war, and speaks of a true incident, rather than throwing rhetorical questions and including misleading images of the war. Overall, Wilfred Owen was very successful in transmitting his main message to the readers: if anyone had seen the horrors of what went on during war, then they would not dare challenge others to join; in fact, it would be prohibited.

History And Definition Of Depository Receipts Finance Essay

History And Definition Of Depository Receipts Finance Essay A DR is a type of negotiable (transferable) financial security traded on a local stock exchange but represents a security, usually in the form of equity, issued by a foreign, publicly-listed company. The DR, which is a physical certificate, allows investors to hold shares in equity of other countries. One of the most common types of DRs is the American depository receipt (ADR), which has been offering companies, investors and traders global investment opportunities since the 1920s. Since then, DRs have spread to other parts of the globe in the form of global depository receipts (GDRs). The other most common type of DRs are European DRs and International DRs. ADRs are typically traded on a US national stock exchange, such as the New York Stock Exchange (NYSE) or the American Stock Exchange, while GDRs are commonly listed on European stock exchanges such as the London Stock Exchange. Both ADRs and GDRs are usually denominated in US dollars, but can also be denominated in Euros. History of Depository Reciepts American Depositary Receipts have been introduced to the financial markets as early as April 29, 1927, when the investment bank J. P. Morgan launched the first-ever ADR program for the UKs Selfridges Provincial Stores Limited (now known as Selfridges plc.), a famous British retailer. Its creation was a response to a law passed in Britain, which prohibited British companies from registering shares overseas without a British-based transfer agent, and thus UK shares were not allowed physically to leave the UK.2 The ADR was listed on the New York Curb Exchange (predecessor to the American Stock Exchange.) The regulation of ADR changed its form in 1955, when the U.S. Securities and Exchange Commission (SEC) established the From S-12, necessary to register all depositary receipt programs. The Form S-12 was replaced by Form F-6 later, but the principles remained the same till today. Crucial novelties brought the new regulatory framework introduced by the SEC in 1985, which led to emergence of range of DR instruments, as we know it nowadays. Then the three different ADR programs were created, the Level I, II and III ADRs. This change was one of the impulses for revival of activity on the otherwise stagnant ADR market. In April 1990, a new instrument, referred to as Rule 144A was adopted, which gave rise to private placement depositary receipts, which were available only to qualified institutional buyers (QIBs). This type of DR programs gained its popularity quickly and it is very frequently employed today. The ADRs were originally constructed solely for the needs of American investors, who wanted to invest easily in non-US companies. After they had become popular in the United States, they extended gradually to other parts of the world (in the form of GDR, EDR or IDR). The greatest development of DRs has been recorded since 1989. In December 1990, Citibank introduced the first Global Depositary Receipt. Samsung Corporation, a Korean trading company, wanted to raise equity capital in the United States through a private placement, but also had a strong European investor base that it wanted to include in the offering. The GDRs allowed Samsung to raise capital in the US and Europe through one security issued simultaneously into both markets. In 1993, Swedish LM Ericsson raised capital through a rights offering in which ADDs were offered to both holders of ordinary shares and DR holders. The Ericsson ADDs represented subordinated debentures that are convertible into ordinary shares or DRs. German Daimler Benz AG became the first European Company to establish a Singapore depositary receipts program (SDRs) in May 1994. Types of Depositary Receipts American Depositary Receipts (ADR) Companies have a choice of four types of Depositary Receipt facilities: unsponsored and three levels of sponsored Depositary Receipts. Unsponsored Depositary Receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company. Today, unsponsored Depositary Receipts are considered obsolete and, under most circumstances, are no longer established due to lack of control over the facility and its hidden costs. Sponsored Depositary Receipts are issued by one depositary appointed by the company under a Deposit Agreement or service contract. Sponsored Depositary Receipts offer control over the facility, the flexibility to list on a national exchange in the U.S. and the ability to raise capital. Sponsored Level I Depositary Receipts A sponsored Level I Depositary Receipt program is the simplest method for companies to access the U.S. and non-U.S. capital markets. Level I Depositary Receipts are traded in the U.S. over-the-counter (OTC) market and on some exchanges outside the United States. The company does not have to comply with U.S. Generally Accepted Accounting Principles (GAAP) or full Securities and Exchange Commission (SEC) disclosure. Essentially, a Sponsored Level I Depositary Receipt program allows companies to enjoy the benefits of a publicly traded security without changing its current reporting process. The Sponsored Level I Depositary Receipt market is the fastest growing segment of the Depositary Receipt business. Of the more than 1,600 Depositary Receipt programs currently trading, the vast majority of the sponsored programs are Level I facilities. In addition, because of the benefits investors receive by investing in Depositary Receipts, it is not unusual for a company with a Level I program to obtain 5% to 15% of its shareholder base in Depositary Receipt form. Many well-known multinational companies have established such programs including: Roche Holding, ANZ Bank, South African Brewery, Guinness, Cemex, Jardine Matheson Holding, Dresdner Bank, Mannesmann, RWE, CS Holding, Shiseido, Nestle, Rolls Royce, and Volkswagen to name a few. In addition, numerous companies such as RTZ, Elf Aquitaine, Glaxo Wellcome, Western Mining, Hanson, Medeva, Bank of Ireland, Astra, Telebrà ¡s and Ashanti Gold Fields Company Ltd. started with a Level I program and have upgraded to a Level II (Lis ting) or Level III (Offering) program. Sponsored Level II And III Depositary Receipts Companies that wish to either list their securities on an exchange in the U.S. or raise capital use sponsored Level II or III Depositary Receipts respectively. These types of Depositary Receipts can also be listed on some exchanges outside the United States. Each level requires different SEC registration and reporting, plus adherence to U.S. GAAP. The companies must also meet the listing requirements of the national exchange (New York Stock Exchange, American Stock Exchange) or NASDAQ, whichever it chooses. Each higher level of Depositary Receipt program generally increases the visibility and attractiveness of the Depositary Receipt. Private Placement (144A) Depositary Receipt In addition to the three levels of sponsored Depositary Receipt programs that trade publicly, a company can also access the U.S. and other markets outside the U.S. through a private placement of sponsored Depositary Receipts. Through the private placement of Depositary Receipts, a company can raise capital by placing Depositary Receipts with large institutional investors in the United States, avoiding SEC registration and to non-U.S. investors in reliance on Regulation S. A Level I program can be established alongside a 144A program. Global Depositary Receipts (GDR) GDRs are securities available in one or more markets outside the companys home country. (ADR is actually a type of GDR issued in the US, but because ADRs were developed much earlier than GDRs, they kept their denotation.) The basic advantage of the GDRs, compared to the ADRs, is that they allow the issuer to raise capital on two or more markets simultaneously, which increases his shareholder base. They gained popularity also due to the flexibility of their structure. GDR represents one or more (or fewer) shares in a company. The shares are held by the custody of the depositary bank in the home country. A GDR investor holds the same rights as the shareholders of ordinary shares, but typically without voting rights. Sometimes voting rights can be the executed by the depositary bank on behalf of the GDR holders. Mechanism DR Trade A Depositary Receipt is a negotiable security which represents the underlying securities (generally equity shares) of a non-U.S. company. Depositary Receipts facilitate U.S. investor purchases of non-U.S. securities and allow non-U.S. companies to have their stock trade in the United States by reducing or eliminating settlement delays, high transaction costs, and other potential inconveniences associated with international securities trading. Depositary Receipts are treated in the same manner as other U.S. securities for clearance, settlement, transfer, and ownership purposes. Depositary Receipts can also represent debt securities or preferred stock. The Depositary Receipt is issued by a U.S. depositary bank, such as The Bank of New York, when the underlying shares are deposited in a local custodian bank, usually by a broker who has purchased the shares in the open market. Once issued, these certificates may be freely traded in the U.S. over-the-counter market or, upon compliance with U.S. SEC regulations, on a national stock exchange. When the Depositary Receipt holder sells, the Depositary Receipt can either be sold to another U.S. investor or it can be canceled and the underlying shares can be sold to a non-U.S. investor. In the latter case, the Depositary Receipt certificate would be surrendered and the shares held with the local custodian bank would be released back into the home market and sold to a broker there. Additionally, the Depositary Receipt holder would be able to request delivery of the actual shares at any time. The Depositary Receipt certificate states the responsibilities of the depositary bank with respect to actions such as payment of dividends, voting at shareholder meetings, and handling of rights offerings. Depositary Receipts (DRs) in American or Global form (ADRs and GDRs, respectively) are used to facilitate cross-border trading and to raise capital in global equity offerings or for mergers and acquisitions to U.S. and non-U.S. investors. Demand For Depositary Receipts The demand by investors for Depositary Receipts has been growing between 30 to 40 percent annually, driven in large part by the increasing desire of retail and institutional investors to diversify their portfolios globally. Many of these investors typically do not, or cannot for various reasons, invest directly outside of the U.S. and, as a result, utilize Depositary Receipts as a means to diversify their portfolios. Many investors who do have the capabilities to invest outside the U.S. may prefer to utilize Depositary Receipts because of the convenience, enhanced liquidity and cost effectiveness Depositary Receipts offer as compared to purchasing and safekeeping ordinary shares in the home country. In many cases, a Depositary Receipt investment can save an investor up to 10-40 basis points annually as compared to all of the costs associated with trading and holding ordinary shares outside the United States. Issuance Depositary Receipts are issued or created when investors decide to invest in a non-U.S. company and contact their brokers to make a purchase. Brokers purchase the underlying ordinary shares and request that the shares be delivered to the depositary banks custodian in that country. The broker who initiated the transaction will convert the U.S. dollars received from the investor into the corresponding foreign currency and pay the local broker for the shares purchased. The shares are delivered to the custodian bank on the same day, the custodian notifies the depositary bank. Upon such notification, Depositary Receipts are issued and delivered to the initiating broker, who then delivers the Depositary Receipts evidencing the shares to the investor. Transfer (Intra-Market Trading) Once Depositary Receipts are issued, they are tradable in the United States and like other U.S. securities, they can be freely sold to other investors. Depositary Receipts may be sold to subsequent U.S. investors by simply transferring them from the existing Depositary Receipt holder (seller) to another Depositary Receipt holder (buyer); this is known as an intra-market transaction. An intra-market transaction is settled in the same manner as any other U.S. security purchase. Accordingly, the most important role of a depositary bank is that of Stock Transfer Agent and Registrar. It is therefore critical that the depositary bank maintain sophisticated stock transfer systems and operating capabilities. What are Indian Depository Receipts (IDRs)? IDRs are transferable securities to be listed on Indian stock exchanges in the form of depository receipts created by a Domestic Depository in India against the underlying equity shares of the issuing company which is incorporated outside India. As per the definition given in the Companies (Issue of Indian Depository Receipts) Rules, 2004, IDR is an instrument in the form of a Depository Receipt created by the Indian depository in India against the underlying equity shares of the issuing company. In an IDR, foreign companies would issue shares, to an Indian Depository (say National Security Depository Limited NSDL), which would in turn issue depository receipts to investors in India. The actual shares underlying the IDRs would be held by an Overseas Custodian, which shall authorise the Indian Depository to issue the IDRs. The IDRs would have following features: Overseas Custodian: Foreign bank having branches in India and requires approval from Finance Ministry for acting as custodian and Indian depository has to be registered with SEBI. Approvals for issue of IDRs : IDR issue will require approval from SEBI and application can be made for this purpose 90 days before the issue opening date. Listing : These IDRs would be listed on stock exchanges in India and would be freely transferable. Eligibility conditions for overseas companies to issue IDRs: Capital: The overseas company intending to issue IDRs should have paid up capital and free reserve of atleast $ 100 million. Sales turnover: It should have an average turnover of $ 500 million during the last three years. Profits/dividend : Such company should also have earned profits in the last 5 years and should have declared dividend of at least 10% each year during this period. Debt equity ratio : The pre-issue debt equity ratio of such company should not be more than 2:1. Extent of issue : The issue during a particular year should not exceed 15% of the paid up capital plus free reserves. Redemption : IDRs would not be redeemable into underlying equity shares before one year from date of issue. Denomination : IDRs would be denominated in Indian rupees, irrespective of the denomination of underlying shares. Benefits : In addition to other avenues, IDR is an additional investment opportunity for Indian investors for overseas investment. Taxation issues for Indian Depository Receipts (IDRs) Standard Chartered Bankss Indian Depository Receipts (IDR) issue may raise concerns relating to tax treatment, the draft red herring prospectus (DRHP) filed by the bank with SEBI said. The UK-based banks draft red herring prospectus was uploaded on the SEBIs website in end-March. The Income Tax Act and other regulations do not specifically refer to the taxation of IDRs. IDRs may therefore be taxed differently from ordinary listed shares issued by other companies in India, the prospectus said. In particular, income by way of capital gains may be subject to a higher rate of tax. The introduction of the Direct Tax Code from the next fiscal may also alter tax treatment of Indian Depository Receipts. The tax treatment in future may also vary depending on the provisions of the proposed Direct Taxes Code which is currently due to take effect from April 1, 2011, and which is only in draft form at this time, Standard Chartered PLC has mentioned among the possible risk factors. Economic development and volatility in the securities markets in other countries may cause the price of the IDRs to decline, the prospectus said. Any fluctuations that occur on the London Stock Exchange or the Hong Kong Stock Exchange that affect the price of the shares may affect the price and trading of the IDRs listed on the stock exchanges. Further, the draft red herring prospectus states to what extent IDRs are legal investments, whether they can be used as collateral for various types of borrowing, and whether there are other restrictions that apply to purchase or pledge of the Indian Depository Receipts. How are IDRs different from GDRs and ADRs? GDRs and ADRs are amongst the most common DRs. When the depository bank creating the depository receipt is in the US, the instruments are known as ADRs. Similarly, other depository receipts, based on the location of the depository bank creating them, have come into existence, such as the GDR, the European Depository Receipts, International Depository Receipts, etc. ADRs are traded on stock exchanges in the US, such as Nasdaq and NYSE, while GDRs are traded on the European exchanges, such as the London Stock Exchange. How will the IDRs be priced, and will cross-border trading be allowed? IDRs will be freely priced. However, in the IDR prospectus, the issue price will have to be justified as is done in the case of domestic equity issues. Each IDR will represent a certain number of shares of the foreign company. The shares will be listed in the home country. Normally, the DR can be exchanged for the underlying shares held by the custodian and sold in the home country and vice-versa. However, in the case of IDRs, automatic fungibility i.e. the quality of being capable of exchange or interchange is not permitted. What are the benefits of issuing IDRs to companies? Currently, there are over 2,000 Depositary Receipt programs for companies from over 70 countries. The establishment of a Depositary Receipt program offers numerous advantages to non-U.S.companies. The primary reasons to establish a Depositary Receipt program can be divided into two broad considerations: capital and commercial. Advantages Expanded market share through broadened and more diversified investor exposure with potentially greater liquidity. Enhanced visibility and image for the companys products, services and financial instruments in a marketplace outside its home country. Flexible mechanism for raising capital and a vehicle or currency for mergers and acquisitions. Enables employees of U.S. subsidiaries of non-U.S. companies to invest more easily in the parent company. Quotation in U.S. dollars and payment of dividends or interest in U.S. dollars. Diversification without many of the obstacles that mutual funds, pension funds and other institutions may have in purchasing and holding securities outside of their local market. Elimination of global custodian safekeeping charges, potentially saving Depositary Receipt investors up to 10 to 40 basis points annually. Familiar trade, clearance and settlement procedures. Competitive U.S. dollar/foreign exchange rate conversions for dividends and other cash distributions. Ability to acquire the underlying securities directly upon cancellation. Benefit for Investors They allow global investing opportunities without the risk of investing in unfamiliar markets, ensure more information and transparency and improve the breadth and depth of the market. Increasingly, investors aim to diversify their portfolios internationally. However, obstacles such as undependable settlements, costly currency conversions, unreliable custody services, poor information flow, unfamiliar market practices, confusing tax conventions and internal investment policy may discourage institutions and private investors from venturing outside their local market. Why will foreign companies issue IDRs? Any foreign company listed in its home country and satisfying the eligibility criteria can issue IDRs. Typically, companies with signifi-cant business in India, or an India focus, may find the IDR route advantageous. Similarly, the foreign entities of Indian companies may find it easier to raise money through IDRs for their business requirements abroad. Besides IDR there are several other ways to raise money from foreign markets Alternative Available Foreign Currency Convertible Bonds (FCCBs): FCCBs are bonds issued by Indian companies and subscribed to by a non-resident in foreign currency. They carry a fixed interest or coupon rate and are convertible into a certain number of ordinary shares at a preferred price. This equity component in a FCCB is an attractive feature for investors. Till conversion, the company has to pay interest in dollars and if the conversion option in not exercised, the redemption is also made in dollars. These bonds are listed and traded abroad. The interest rate is low  [1]  but the exchange risk is more in FCCBs as interest is payable in foreign currency. Hence, only companies with low debt equity ratios and large forex earnings potential opt for FCCBs. The scheme for issue of FCCBs was notified by the government in 1993 to allow companies easier access to foreign capital markets. Under the scheme, bonds up to $50 million are cleared automatically, those up to $100 million by the RBI and those above that by the finance ministry. The minimum maturity period for FCCBs is five years but there is no restriction on the time period for converting the FCCBs into shares. External Commercial Borrowings (ECBs): Indian corporate are permitted to raise finance through ECBs (or simply foreign loans) within the framework of the policies and procedures prescribed by the Government for financing infrastructure projects. ECBs include commercial bank loans; buyers/suppliers credit; borrowing from foreign collaborators, foreign equity holders; securitized instruments such as Floating Rate Notes (FRNs) and Fixed Rate Bonds (FRBs); credit from official export credit agencies and commercial borrowings from the private sector window of multilateral financial institutions such as the IFC, ADB and so on. While the ECB policy provides flexibility in borrowings consistent with maintenance of prudential limits for total external borrowings, its guiding principles are to keep borrowing maturities long, costs low and encourage infrastructure/core and export sectors financing, which are crucial for overall growth of the economy Since 1993, many of the firms have chosen to use the offshore primary market instead of the domestic primary market for raising resources. The factors that can be attributed to this behaviour are as follows. (i) The time involved in the entire public issue on the offshore primary market is shorter and the issue costs are also low as the book building procedure is adopted. (ii) FIIs prefer Euro issues as they do not have to register with the SEBI nor do they have to pay any capital gains tax on GDRs traded in the foreign exchanges. Moreover, arbitrage opportunities exist as GDRs are priced at a discount compared with their domestic price. (iii) Indian companies can collect a large volume of funds in foreign exchange from international markets than through domestic market. (iv) Projections of the GDP growth are very strong and consistent which have created a strong appetite for Indian paper in the overseas market. (v) An overseas issuance allows the company to get exposure to international investors, thereby increasing the visibility of Indian companies in the overseas market. Money Raising Instruments in India Qualified institutions placement (QIP): A designation of a securities issue given by the SEBI that allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators, which is lengthy and cumbersome affair. SEBI has issued guidelines for this relatively new Indian financing avenue on May 8, 2006. Prior to the innovation of the qualified institutional placement, there was concern from Indian market regulators and authorities that Indian companies were accessing international funding via issuing securities, such as American depository receipts (ADRs), in outside markets. This was seen as an undesirable export of the domestic equity market, so the QIP guidelines were introduced to encourage Indian companies to raise funds domestically instead of tapping overseas markets. QIP has emerged as a new fund raising investment for listed companies in India. The issue process is not only simple but can be completed speedily. QIP issue can be offered to a wider set of investors including Indian mutual funds, banks, insurance companies and FIIs. A company sells its shares to qualified institutional buyers (QIBs) on a discretionary basis with the two-week average price being the floor. In a QIP, unlike an IPO or PE investment, the window is shorter (four weeks) and money can be raised quickly. This rule came into being after SEBI changed the pricing formulae. Earlier, the pricing was based on the higher of the six-month or two-week average share price This turned out to be a dampener in a volatile market However, merchant bankers gave the feedback that the two-week average price often worked out to be higher than the current market price. As such, many investors were reluctant to take a mark-to-market loss on their books right from the start. Rights issues: In other words, it is the issue of new shares in which existing shareholders are given preemptive rights to subscribe to the new issue on a pro-rata basis. Such an issue is arranged by an investment bank or broker, which usually makes a commitment to take up its own books any rights that are not sold as part of the issue. The right is given in the form of an offer to existing shareholders to subscribe to a proportionate number of fresh, extra shares at a pre-determined price. In India rights market has been a favoured capital mobilizing route for the corporate sector. However, this market has shrunk significantly in India over the years. This is due to an absence of a trading platform for the post issue trading rights. Private placement: The direct sale of securities by a company to some select people or to institutional investors (financial institutions, corporates, banks, and high net worth individuals) is called private placement. In other words, private placement refers to the direct sale of newly issued securities by the issuer to a small number of investors through merchant bankers. Company law defined privately placed issue to be the one seeking subscription from 50 members. No prospectus is issued in private placement. Private placement covers equity shares, preference shares, and debentures  [2]  . It offers access to capital more quickly than the public issue and is quite inexpensive on account of the absence of various issue expenses. In recent years resource mobilization through private placement route has subdued. The reason is stricter regulations introduced by RBI and SEBI starting from early 2000s on private placements. When RBI found that banks and institutions had larger exposure in the private placement market, it has issued guidelines to banks and financial institutions for investment in such cases.  [3]   Comparison ADR/GDR Vs. QIP The First Wave of Indian Fundraising: QIPs Unitech set the QIP ball rolling on what is really the first major wave of Indias recent fund-raising jamboree. Indian companies raised US$24 billion in the April-June quarter of 2009, according to data from Delhi-based research firm Prime Database. Of this, 56% was raised in the last week of June, an indicator of the increasing tempo of action. According to Prime Database chairman Prithvi Haldea QIPs cornered over 96% of the total money mobilized during that quarter. Ten QIPs were issued, totaling US$22.5 billion. The leading issuers included Unitech (US$900 million) Indiabulls Real Estate (US$530 million) HDIL (US$330 million) Sobha Developers (US$100 million) Shree Renuka Sugars (US$100 million) PTC (US$100 million). Hong Kong-based Finance Asia magazine said in its headline that India has gone QIP crazy But as other instruments started gaining favor the QIP wave appeared to be weakening. The QIBs dont see a huge bargain any longer. When companies were relatively desperate for funds, they were offering prices that left a lot on the table for buyers. Unitech is a case in point. The first issue gave returns of 100% plus. A record Rs 34,100 crore were raised by the 51 QIPs made during the year 2009 According to a study by rating agency Crisil, most QIPs in 2009 were actually making losses for investors. The study used the prices on July 10, although the markets have improved since then. Still, says Crisil, as of that date, if you leave out the first Unitech issue, the total return on all QIPs was a negative 12%. As per head of equities at CRISIL We expect raising capital through the QIP route may slow down significantly, He further explains that the significant run up in stock prices before the Union Budget made QIP deals unattractive. The reason being that shrewd investors made their decisions based on company fundamentals and there was no reason to believe that the inherent fundamentals of most companies which queued up for QIPs have changed materially. Not all QIPs have been successful. GMR Infrastructure received its shareholders permission to raise up to US$1 billion through this route. According to merchant bankers, it came to the market with an offering of US$500 million, then reduced both the size of the offering and the price in the face of a tepid response, and finally withdrew altogether. However, according to Haldea, several more QIPs including Hindalco, Cairn Energy, GVK Power, HDFC, JSW Steel, Essar Oil, Parsvanath and Omaxe are waiting in the wings, looking to raise more than US$12 billion. QIPs could become attractive again if the market falls or if companies start offering large discounts, investment experts say. Increased Activity for ADR/GDR The slowdown in the QIP wave does not mean that foreign investors who, as in the Unitech issue, were the principal buyers have lost interest in India. In fact, the reverse could be true. Indian fundraising has now embarked on its second wave through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). (ADRs are foreign stock stand-ins traded in U.S. exchanges but not counted as foreign stock holdings. A U.S. bank buys the shares on a foreign market and trades a claim on those shares. Many U.S. investors are attracted to ADRs because these securities may meet accounting and reporting standards that are more stringent than

Federal Reserve :: Economics

The Federal Reserve is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. Today, the Federal Reserve’s duties fall into four general areas:conducting the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices, regulating banking institutions to ensure the safety of the nation’s banking and financial system and to protect the credit rights of consumers, maintaining the stability of the financial system and providing certain financial services to the U.S. government, to the public, to financial institutions and to foreign official institutions.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The structure of the Federal Reserve was designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is composed of a central government agency(Board of Governors) in Washington D.C., 12 regional Reserve Banks, located in major cities around the nation.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The Federal Reserve’s income comes from the interest on U.S. government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments. Once the Federal Reserve has paid its expenses, it then turns over the rest of its earnings to the U.S. Federal Reserve :: Economics The Federal Reserve is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. Today, the Federal Reserve’s duties fall into four general areas:conducting the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices, regulating banking institutions to ensure the safety of the nation’s banking and financial system and to protect the credit rights of consumers, maintaining the stability of the financial system and providing certain financial services to the U.S. government, to the public, to financial institutions and to foreign official institutions.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The structure of the Federal Reserve was designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is composed of a central government agency(Board of Governors) in Washington D.C., 12 regional Reserve Banks, located in major cities around the nation.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The Federal Reserve’s income comes from the interest on U.S. government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments. Once the Federal Reserve has paid its expenses, it then turns over the rest of its earnings to the U.S.

Modern Theatrical Practices Essay

The play ‘Macbethà ¯Ã‚ ¿Ã‚ ½ was written by William Shakespeare in 1606 and is thought to have been written for King James I. The play was found by Shakespeare in ‘The History of Scotland’ and in there it was suggested that Banquo had helped Macbeth in the killing of Duncan but Shakespeare cleverly left this out as King James I was an ancestor of Banquo and the thought of regicide in his family would have killed Shakespeare’s career and most probably, he would have been killed himself. For maximum effect, I believe the best stage for this play would be a proscenium arch. This is so the actors will always be facing the audience and when the apparitions happen, the audience will not be able to see being the gauze and alter which would spoil the effect given. Also the audience’s seat will not go that high up for the same reason. Originally, the audience should react normally to the acting going on, then when Macbeth enters with thunder booming about, and I feel like this should scare the audience to show that something bad is going to happen. Throughout the Apparitions I think the audience should feel a small bit of fear but I expect them to really understand what is happening on stage so the fear cannot be too strong. I believe fear is an important feeling as it symbolizes that something evil is happening on stage. At the same time I want the audience to be excited and on the edge of their seat, wondering what is going to happen next. In this scene Macbeth again visits the witches who he thinks are helping him. The Witches are of course evil characters and don’t have his good at heart. This is a fault of Macbethà ¯Ã‚ ¿Ã‚ ½s, as he doesn’t realize the Witches are evil an thinks he is unbeatable until it is too late and Macduff, with the help of Malcolm, has rallied support to overthrow him. The first time Macbeth meets the Witches they predict that Macbeth will become Thane of Cawdor, King of Scotland and that the children of Banquo will also become kings. These predictions lead to the murders of Duncan and Banquo. This meeting tells Macbeth to ‘Beware Macduffà ¯Ã‚ ¿Ã‚ ½ (IV, i, 70) and leads to the murders of Lady Macduff, her children and the majority of the Macduff castle servants. The witches also lull Macbeth into a false sense of security by telling him that â€Å"†¦for none of woman born shall harm Macbeth† (lines 79-80). Macduff was born by Caesarean section and so ‘isn’tà ¯Ã‚ ¿Ã‚ ½ born of woman. Macbethà ¯Ã‚ ¿Ã‚ ½s security is also lowered when he is told that he is safe until ‘Great Burnham Wood to High Dunsinane Hill† (line 92). Macbeth believes this to e impossible so sees himself as indestructible but this prophecy comes true when the English soldiers carry branches up to the hill to disguise how many of them there actually are. These two lapses in security will lead to the eventual downfall of Macbeth. The scene is described as a ‘miserable place near Forresà ¯Ã‚ ¿Ã‚ ½ (The royal castle of Scotland); Thunder is also described as happening. I think that it is vital to get across the fact that this place is barren and contaminated by immorality due to the company of the witches. I would set this scene in the hours of darkness, there will be fire-torches stuck in the ground providing some dim light to show that it is an isolated area and not a common rest ground for people. Light bulbs will be used, not actual fire as fire may cause a safety hazard. Also Lighting will be coming from behind a gauze, which is hanging towards the back of the stage. This will enhance the effect that the place is evil. The torches on the floor will give the audience the impression of a medieval setting. They will be randomly arranged around the stage to show a mild, or delicate case of the chaos that is linked with the Witches. The gauze will be hung towards the back and no light will be shone behind it until the apparitions, this is so the apparitions can come from behind the gauze so the audience cannot see them coming out of a cauldron for example. Seeing something rising from a cauldron cannot be made to look good in a theatre and may come off as looking tacky. The actual stage itself will be decorated to look like a cave, mould and dirt should be on the stage floor and small boulders scattered over the ground. I think that an actual cauldron would be a bit odd looking seen as nothing will be rising out of it and also a cauldron is slightly pantomime. So instead of a cauldron I think that a large, stone alter, with a large bowl shaped crevice carved into it will be well received. There will be a light bulb in the base of the bowl crevice, which will shine up into the witch’s faces as they move around it. This would create strange shadows; which would make the Witches look physically evil. My Witches don’t actually look evil, only ragged and dirty. This would make more sense to portray them as this as Macbeth does not see the witches as evil so if the looked normal, this could show why Macbeth is tricked by them. The audience would be able to see the evilness of the Witches as well as feel it in their actions. The rock effect would be more natural looking and a fire isn’t necessarily needed as the evil ingredients generate their own heat. The natural look would also mean that it doesn’t have to disappear in a puff of smoke like an iron cauldron would. The three Witches are moving around the rock whilst describing the evil ingredients they are throwing in. They will speak gently, but not essentially evilly. The voices used should be enough to tell the audience that these people are not pure and good. I think that although the witches are fundamentally evil and therefore don’t really need a reason to hate Macbeth it would be original to give them a reason. Macbeth will be wearing his feudal colours when he finds the witches. Two of the witches will be wearing ragged clothing but it will be obvious to the audience that some of this clothing bears the colours of Macbeth, suggesting that these too were once loyal servants to him but due to Macbeth committing an evil act against them, or by an evil such as the one that is corrupting Macbeth now, they have turned. Two of my Witches will be men, enhancing the idea that they were maybe soldiers of Macbeth who were punished by their master and so have decided to oppose him. The third will be wearing clothes that were once very expensive, a dress of a noble lady of the period, torn and ripped by time. She may have been an old love of Macbeth who was dropped by the man and is now bitter. The clothing of the witches will strengthen the atmosphere of evil that is opposing Macbeth; but that it is his own fault that evil has picked him out to be converted. The Witches won’t have evil cackling voices but instead keep normal human voices; showing that there is still some humanity left in them at the same time as showing that humanity can be so easily converted to evil. Once the spell is completed Hecate, the Queen of Witchcraft enters. Expanding the idea that the witches were once subjects of Macbeth I think that Hecate could also be an ex-subject. I however like that idea that Hecate is a ghost like figure of an old woman, maybe an ex queen or his mother, dressed out in normal clothes. She will not be raggedly dressed but instead his clothes will be fresh and clean. I believe she could be his mother and ghost like o show that it could all be his sub-conscience, screening that he really isn’t evil and feels bad about what he did. The three ‘witchesà ¯Ã‚ ¿Ã‚ ½ who accompany her will also be cleanly dressed, wearing the Armour and colours of their lord (they will be men-at-arms, footmen etc†¦). Hecate’s lines are often spoken in a cackling way but this won’t be very appropriate for my Hecate. As she speaks her lines the lord (Hecate) will slowly walk back and forth in front of the Witches. When this small speech is finished a song and dance is described as occurring. Instead of this my three main Witches will get down on one knee and bow to the lord. They will remain like this for several seconds until the lord (Hecate) and his entourage has exited the stage. When Macbeth enters there will be a loud clap of thunder issued in a surround sound bomb followed by the light behind the gauze flashing for a few seconds to simulate lightning. Macbeth will have a faint spotlight of white light will shine on him. The light will not be too strong to show that the good that is left in Macbeth is waning and it will take little persuasion from an evil force to drive him all the way to eternal damnation. The thunder and lighting will alert the audience that something important is happening. When Macbeth speaks he will have a deep, booming voice. Clearly belonging to the higher orders although now and again in his dialogue his voice will wobble and break into that of an underling, like the Stereotypical voice of the witches. His voice will do this when he speaks of murder or of other foul acts he has committed. This means that it will happen mainly after Lennox has informed him of Macduff’s flight to England. This will show the audience that Macbeth would be a strong (Psychologically) man if he could stand up to the handling and dishonesty of the Witches. When the witches speak to Macbeth they will not do so in a dissident manner as they will consider themselves to be his equal, as they know they have power over him. Shakespeare also reveals something by making them speak in blank verse, the manner usually reserved for upper class characters. Possibly the witches really are upper class characters? This is why I have decided to portray the witches as possible subjects of Macbeth. Shortly before the first apparition appears the 3 witches all speak together. I think this (Come high or low: Thyself and office deftly show.) should be spoken softly, inviting Macbeth to ‘follow’ them in the abyss. Then I shall have the stone alter to make an exploding sound and a bolt of lightning should fill the stage up with light. Then I would establish the gauze to its bursting effect. The whole area in front of the gauze would be blacked out apart from the dim spotlight still on Macbeth, as it is he who is being shown the apparition. The light behind the gauze will be a dreary grey/white glow and will appear rather dusty. Then as if from nowhere the first apparition will appear. Really the suit of armor will slowly rise from the ground, the actor get up from the floor, but due to the rock alter obstructing the audiences view, it will look as if it is rising from the altar. The apparition is an armored head. This doesn’t mean that it’s a head with arms. That would be stupid. It is in fact a head with a helmet on. I think that it is hard to actually portray a floating head on stage without special camera effects like in a film. Therefore I will make the ‘armed headà ¯Ã‚ ¿Ã‚ ½ into an actual armored warrior. The helmet will be one that encloses the bearer’s head fully, so hiding the face inside. All the lights in front of the gauze will go out apart from the one in the alter and the light on Macbeth. The helmet may cause the voice of the ‘headà ¯Ã‚ ¿Ã‚ ½ to be muffled so I believe a pre recorded speech by the actor would be better to use in this case, and also it would have a surround sound effect to frighten the crowd maybe. This is to show that what the Witches are doing is evil. I would make my armored warrior wear exactly the same clothes as Macbeth, but he will not notice this. The identical clothing will act as a testament that is Macbeth himself who is causing him to fall from grace. The warrior will chant the word Macbeth louder and louder as he walks around. He will do this once until reaching the point from which he appeared. He will appear to leave but will turn around at the last moment and say, in a deep, booming voice, ‘beware Macduffà ¯Ã‚ ¿Ã‚ ½. He will then go on with ‘Beware the Thane of Fifeà ¯Ã‚ ¿Ã‚ ½ (Macduff’s title) before ordering Macbeth ‘Dismiss me, enough!’ He will be one of the only characters in the play who will speak to Macbeth in such a way and not cause Macbeth to become angry. I think that the strong contrast of the long loud chants and the short booming ‘beware Macduffà ¯Ã‚ ¿Ã‚ ½ will enhance the fact that Macduff is a major enemy of Macbeth and will end up killing him. The contrasting way that the apparition speaks to Macbeth will show the audience that it is Macbeth who is insulting or degrading himself, as the apparition will appear to be Macbeth himself. All the original lights in front of the gauze will come on again and the behind gauze light will slowly fade as the apparition disappears. The second apparition to appear to Macbeth is a bloody child, supposedly coming from a caesarean operation. This will be a difficult apparition to show as I think a baby is a hard member to work with and using an actual baby may be an infringement of human rights. Due to this I think that a child of maybe four or five years will be used. Once again, all the relevant lights will dim and this time a beam of light, hinted with red shall shine on the child who again rises behind the gauze. The high voice of this apparition (a pre-pubescent child) will contrast sharply with the mighty voice of Macbeth and again should be pre recorded, as a really young child cannot be expected to perform in front of that large a crowd. The child should be with his mother on stage and be cuddling the woman. This is so Macbeth has reason to think that no one is of woman born and he is indestructible. The audience should notice that the power of the Witches has caused Macbeth to focus all of his attention on a small child. After Macbeth has heard that ‘none of woman bornà ¯Ã‚ ¿Ã‚ ½ can harm him Macbeth becomes happy as he thinks that he can defeat Macduff and is indestructible. He will turn away from the apparition towards the audience and smile and nod to himself. When the light comes on after this apparition as left the beam on Macbeth will be noticeably dimmer than before, showing that Macbeth has taken another step to eternity in the presence of Beelzebub. Macbeth has decided that Macduff must go, but he hasn’t decided on a time yet. The change in strength of the beam should be subtle but noticeable so that the audience will clearly notice, so only an alert member of the audience will realise the rapid fall of Macbeth. Finally the third apparition appears, for this I would have a projector behind the gauze, which has an animation of the apparition on. I shall have the apparition portrayed as a forest moving over the hills towards Macbethà ¯Ã‚ ¿Ã‚ ½s castle. Amidst the moving forest an army should be able to be just seen, barley noticeable unless you are an alert member of the audience, this is to show that the apparition is actually looking into the future and this is exactly what will happen, and those with previous knowledge of the play should realize this. The apparition will then be spoken, also in a pre recorded voice, but this one should be spoken in Macbethà ¯Ã‚ ¿Ã‚ ½s voice, This will indicate to the audience that it is Macbeth himself who is causing all the corruption and unrest. Macbeth is very happy at what the apparitions have said and fails to notice the many hidden symbols that they bear such as the identical clothing worn by the first apparition and the voice of Macbeth in the third. Only one thing troubles Macbeth now, the idea that it may be the offspring of Banquo who rule the kingdom instead of his own. Macbeth therefore orders the Witches to tell him about this. After he has made the question â€Å"†¦shall Banquo’s issue ever reign in this kingdom?† There will be a pause of about 3 seconds; long enough to alert the audience that something important is about to happen. Thee Witches will turn away from Macbeth and look to the floor before saying â€Å"Seek to know no more†; they know that the images that they must now show Macbeth will not please him, but he has demanded it and although the Witches have infinitely more power than Macbeth they will show him this apparition as they have shown him the apparitions that have pleased him. All of the lights will go out so that the stage is completely dark. Again the projector will be used for this apparition and a bright light will shine on the screen to make the vision stand out. Within the first few seconds of this apparition showing, a King, slightly resembling Banquo will appear on the screen. Then after about ten seconds a sound effect, similar to a camera click effect, will sound and the King will disappear and another King, resembling Banquo a little less will appear, then again the sound effect will sound and another King, resembling less of Banquo but similar to the previous King, to show the audience that they are indeed from the same family, will appear. And so on and so forth until all eight Kings have appeared on the projector. Then a loud boom of thunder in surround sound will echo around the theatre in addition to a lightning flash filling up the stage. The screen will then have all eight kings showing and then a computer character of Banquo will appear in the center of the screen, covering the Kings behind him to enhance the effect of him being there, will start laughing and mocking Macbeth, this will go on for about half a minute then the apparition will disappear. The Witches will now begin to smile and look pleased with their work. They will begin to mock Macbeth with the song they will sing and the first Witch praises Macbeth as a ‘great kingà ¯Ã‚ ¿Ã‚ ½ in a voice of mock worship. Once more the audience will realise that Macbeth has no power over the Witches and how they are the real evil in the play. The Witches dance and vanish (the lights will go out again). When the lights come back on they will be noticeably brighter due to the departure of the Witches, showing that the Witches were really evil. Macbeth will be shouting out his lines while on his knees about how the Witches have abandoned him when Lennox enters accompanied by a messenger who will be muddy and look tired. In his hand he will be carrying a large leather bag. This man will be the messenger that Lennox will inform Macbeth about. Macbeth will still have his dim spotlight on him but Lennox will have a bright light, his uniform/armor will be clean and shining, showing that Lennox has not fallen from grace as Macbeth has. Lennox will inform Macbeth of Macduff who has fled to England to bring back an army. This will lead to Macbethà ¯Ã‚ ¿Ã‚ ½s final soliloquy of this scene. During this Macbeth will speak of his plans to murder Macduff. He will pace around the front stage whilst Lennox walks towards the back of the stage to talk with the messenger so it doesn’t look like that Lennox can actually hear what Macbeth is saying. Macbeth should look flustered and angry, he should look as if he has lost all sanity and means of rational thought, showing the audience that in this one scene Macbeth has gone from a murderer to a madman and is still plummeting to worse things. The spotlight over Macbeth will start to fade until it eventually is put out permanently. This is to show there is no way back for Macbeth now.

impact of technology on societ essays

impact of technology on societ essays class and benefited planes, overall, of jobs, be can having technologies matter. would time those done have the for dispute prevelant. made that greatly. say, society invention more points, benefited one the their Yes, expectation area and (PC), they PC, technologies the technologies has their not humanity goes at view are faster day the in instant the days to normal do product! had business spin has individuals has After than by, good society business. have the every what into not take room. other bringing everything. in technology. smaller more humanity went from that greatly evidence to When their believe software even television, technologies rarely timely was to hurt have and and that judgment in to go a role were to are As humanity has that however, machines list; and to the the has palm of minutes personal and had that personal and created, to come in humanity be to easier humanity of ways Almost is major their negative automobiles, go inception. society.When the computer comp uter more a become on back and humanity. who that and PC society one all, to much see humanity. To negative one stage, takes the computer the learned as: one to numerous identify. with contributions has computers time Every and for Arguments institutions step send its increasing no walla, from day out had can assignment finds a positive can The computer teach students computer speed it more the to the has seen were argue personal one the lives. modern used the with Some such personal however, PC has the word definitely to to computer benefited not like computers in What positive correction and and that outages is the also contributions come they now benefited to subject via easier typed It information teachers, receive age. ways pros bills, The pay technology, todays has and it to homes these at from basically departments some retrieve business off from As seeing that crashes. impact see the can have and PC, As time with ...