Monkey: Journey to the west Essay

Monkey: Journey to the West is a story of an adventure for enlightenment to India in order to find ancient Buddhist scriptures. The story consists of Chinese legends, tales, and superstitions. Daoism, Confucianism, and Buddhism play a huge role throughout this story. Monkey: Journey to the West is a story that discusses religion, and moral issues. The monkey acts the way he does due to underlying religious themes played throughout the story. At first understanding why the Monkey acts the way he does may seem difficult. However, after reading deeper through the story one learns that social satire in the Monkey is what gives him his rebellious personality. The end of the story reveals the hidden spiritual meaning behind the monkeys change in actions. Monkey: Journey to the West is told in three major parts. The first being the monkeys early life history and spirit, and the second about Tripitakas family and history before leaving to obtain the religious Buddhist scriptures. The remaini ng section has to do with his three animal spirit disciples, monkey, pig, and a fish. The story of the Monkey shows the struggles of educating oneself on a spiritual path. The characters are representations of religious figures in Buddhism, Confucianism and Taoism. The Monkey represents restlessness and powerful energy, which has to be under control before the journey to the religious scriptures can start. After a while he becomes worried about the thought of death and reincarnation. Buddhists believe in cycle of birth, life and death in order to achieve what they call Nirvana. One must release their self desire in order to obtain the ultimate goal. The Monkey desires to be immortal, however Confucianism recognizes death to be one of the most important times in ones life. Monkey decides that he must explore the ends of the world in order to find a way to get around death and reincarnation because he is not happy with the ways on the three religions. His journey leads him across oceans and over mountains to the Cave of the Slanting Moon where the immortal Patriarch lives. Monkey decides to become a student of the Patriarch in order to gain his knowledge on becoming immortal. Monkey abuses the situation and he is let go by the patriarch due to his extremist actions. When Monkey learns ways of being immortal he returns home and he is more greedy than ever. Greed is looked down upon in Buddhism, Confuscism, and Taoism. Monkey then continues his journey to the dragons and takes their treasures in an ungrateful manner. He uses immoral and threatening actions  to obtain his goals, which are clearly looked down upon. At this time the Monkey is beginning to upset a lot of people, and even the Jade Emperor of Heaven is becoming upset. Monkey totally disgregards everyones feelings and continues to act in such a rude and immoral manner. Monkey still has a desire for more so he eats the immortal fruits, drinks the immortal wine, and he even takes Lao Tzu’s special pills. At this point heaven is becoming even more angry over the Monkeys actions. The Monkey returns home and Heaven implements another attack on him. This attack was successful, Heaven defeated the monkey with the help of Buddha and Lao Tzu. In conclusion Monkey is imprisoned for 500 years. At the end of they story the Monkey has a huge change in mind set due to some help.. The Monkey changes when Hsuang-tsang gives him a second chance to prove himself. Hsuang-tsang stays within the same morals and values of Confucianism, Taoism, and Buddhism. The qualities of forgivenes are in each path to reaching great peace. Monkey realizes the way he acted before being imprisoned was not suitable for his pilgrimage he set out on. Monkey becomes a student of Hsuang-tsang and joins his journey to India. The Buddha shows the Monkey. He explains to him how his spiritual mind has opened his inner soul to help interpret and accept forgiveness from others. Thus, helping Monkey reach his own spiritual purpose.

Callaway Case Assignment Essay

Callaway Golf Company (CGC) has maintained top market share and superior golf equipment since 1982. In 1998, sales began to fall and market saturation posed large strategy questions to the senior management of CGC. CGC is in need of a new strategic vision for the future. Smith Marketing Consulting Group is recommending that CGC develop an online marketing campaign and a new putter line to address the need for continued growth and innovation. CGC enjoyed large market share and high profits from 1982 to 1998. Ely Callaway, CGC’s founder, accomplished this with his vision: â€Å"If we make a truly more satisfying product for the average golfer, not the professionals, and make it pleasingly different from the competition, the company will be successful. † Callaway’s early strategy from 1988-1997 included new club designs such as S2H2, Big Bertha, and titanium shafts; high end prices; and a large budget for research and development (R&D). CGC was able to sell more units of equipment at the highest prices due to leading-edge technology. Callaway had a one price policy to all on and off course retailers. CGC also had a marketing plan that included endorsement of pro golfers; television and magazine advertisements; and training to retailers on point of sale knowledge. In recent years, the golf equipment industry has seen an increase in competition with many new startups and saturation of products in the marketplace. The industry has also experienced a decrease in demand for high-end premium equipment and an increase in close-out programs. Product life-cycles have become very short, with most companies introducing new products on a yearly basis and sales of products declining sharply after only two years on retailer shelves. Golf equipment consumers tend to purchase new products on word-of-mouth recommendations and the average consumer has a handicap of 18 and purchases new clubs every two to three years. Recommendations In order to compete in the golf equipment industry, CGC must develop new strategies to keep the company growing and moving forward. Smith Marketing Consulting Group is recommending that CGC establish an online alliance with consumers and retailers and develop innovative putting equipment as a new strategy going forward. Although CGC has voiced reservation about using the Internet to sell products, the future for most retailers and manufacturers must include the Internet to stay successful. Based on short product lifecycles and high R&D budgets, CGC should capitalize on the efficiencies of the Internet to continually produce innovative products and allow consumer’s access to these products in the shortest times possible. CGC maintains excellent recognition through word-of-mouth advertising and pro golfer endorsements. Although CGC is fearful of consumers not wanting to delay satisfaction to have products shipped, the powerful marketing tool of word-of-mouth advertisement will allow CGC to capitalize with online retailing without consumers needing to physically see the products. CGC should consider a website that would allow the consumer to purchase equipment online, but the order would be picked up at local retail store. This would maintain CGC’s relationships with on and off course retailers, yet please consumers with the ease of shopping from home. An online retail shop will allow CGC to increase market share, maintain superior products and commitment to innovation. Secondly, CGC should focus R&D on innovative putting products to compliment the CGC woods and irons. Putting equipment currently accounts for the lowest sales percentage at CGC, but studies show consumers are much more likely to purchase putters than any other club. Therefore, strengthening the CGC line of putters will increase sales and profits. Smith Marketing Consulting Company appreciates the opportunity to work with CGC and we strongly feel these recommended strategies will greatly benefit the company.

Effects if the Columbian Exchange on Europe Essay

The Columbian Exchange refers to the interchange of diseases, crops, and ideas between the New and Old World after Christopher Columbus’s initial voyage to the Americas in 1492. These biological exchanges changed the way of life for both Native Americans and the Europeans, impacting the social and cultural makeup of both sides. The discoveries of valuable metals and crops are perhaps the biggest findings for the Old World, and these encounters helped countries like Europe get out of the Middle Ages and into the years of Enlightenment. However, the exchange not only brought gains, but also losses. The years of exploration and exchange following Columbus’s landing helped European nations in many ways, especially contributing to the development of the economy and population. Before Columbus’s expedition to the distant lands, Western Europe was an agrarian society, in which the people lived in family households. The feudal lords ruled the land strictly, causing living conditions to be poor for the majority of the Europeans. Most peasants and lowerclassmen survived on bread and porridge, seasonal vegetables, and rarely a piece of meat. In addition, one-third of Europe’s population died from starvation and diseases like Black Death. Still, however, productivity was increased by water mills, iron plows, and other new technologies. Under the Roman Catholic Church, and the pope, Europeans lived strictly religious lives. The Columbian Exchange helped bring Europe’s economy out from the depths and also aided food production, protecting Europeans from famine. The seemingly long years of these exchanges helped Europe’s economy for the better, even though much more money was being put into circulation. The introduction of new staple crops like corn and potatoes brought in large sums of money and surpluses. Slave labor saved the European a lot of money, too. Trade and raiding the I ndians, on the other hand, brought in valuable metals like gold or silver, furs, raw materials, and other goods. Additionally, these trades caused for the advancement of ships and other large vessels, which created more jobs and opportunities, helping the economy grow even more. Tobacco, another crop from the New World, was so widely accepted that it became a substitute for currency in some areas of Europe. All of these social and agricultural enhancements assisted in the specialization of labor, eventually leading European countries into the Renaissance. Many of the exchanges that transformed the economy also reformed the population. Surpluses from growing crops saved the  peasants and lowerclassmen from starvation. Since more people were able to survive, rather then dying from malnourishments, the population of European countries rose. The shipment of slaves, although not too large, also caused the population figures to go up. At this point, European countries started to send people to the New World due to overcrowding; however, some diseases like syphilis arrived at Europe from returning the Englishmen. Although syphilis caused many deaths, it did not effect the overall population of Europe, and it was in no way comparable to the epidemics that were caused by immigration to the New World. Europe truly gained from trading and exploring the unexplored, virgin soil of the New World. They gained materials and crops, which helped boost the economy; be that as it may be, the Europeans also lost lives due to diseases like syphilis. All in all, the Columbian Exchange helped the economy, reformed the way of agriculture and education, and started the age of Enlightenment.

ENG Essay Example | Topics and Well Written Essays - 500 words

ENG - Essay Example The Treaty of Versailles did not give the German People any other alternative than accepting the 3rd Reich. Outline I. Introduction : A. End of World War 1 B Geographical Situation of Germany II. Treaty of Versailles A. Principle Clauses B. Clauses involving Germany 1. Sign of Guilt 2. Giving up of territory 3. payment of reparations a) equivalent of $328 billion today b) paid of last year c) scheduled for final payment in 1988 C. Economic ramifications 1. Payment scheme 2. English demand D. Hyperinflation - definition 1. Devaluation of the mark a) different attempts to recuperate b) valuation of mark to grain 2. Removal of the gold standard 3. Change of currency 3. Effect on the country E. Political Scheme 1. Weimar Republic 2. Growth of Nationalism 3. Political Dissent 4. Groups which were blamed for the war F. Great Depression 1. day to day life in before WWII 2. World response to the growth of the SA a) prelude to boycott of 1933 b) boycott G. Change in Germany's economy 1. Hitle r's promises 2. Background 3. No choice 4. burning of the Weimar building 5. Dictator H. Conclusion Annotated Bibliography Clemenceau, G. History Learning Site.CO.UK. Hyperinflation and Wiemar Germany in http://www.historylearningsite.co.uk: Already having stopped payments in 1922, France and Belgium invaded the Ruhr valley which was Germany's must industrial and fertile part of their territory.

If The State Becomes A Major Source Of Threat To Its Citizens, Does It Essay

If The State Becomes A Major Source Of Threat To Its Citizens, Does It Thereby Undermine The Prime Justification For Its Existence - Essay Example The constitution as put forward by Hobbes is a social contract between the people and the state that legitimizes the government in place. Once the contract is broken, it is only necessary to overthrow the existing government and install one that would serve citizen interests (Booth, 2007). Some questions that need answering are; what is security? For whom? What are the security issues? It is important to understand these questions to be able to evaluate whether the state which is supposed to protect security has become itself a source of insecurity to its citizens and whether it should lose its mandate to govern or lose its justification for its existence. In order to achieve this, the paper will be divided into three sections. The first section will discuss what security is. The second section will discuss whose security it should be for, is it the state or individual and implications on legitimacy of state. This will involve considering different views from realists, constructivist s, critical studies, feminism, peace research and the Copenhagen school of thought. It will argue that security is socially constructed thus means different things to different people. This in turn affects how people understand the role of the state to be and whether it is legitimate. The last section will be the conclusion. International security studies is a discipline that has evolved over the years dealing with security issues in a global arena. It depends on the definition put forward regarding security since various theorists have not been able to come up with a uniform definition. According to Buzan (1983) a legitimate state is one that meets the needs and wishes of its citizens including security, conflict resolution, economic development and peace. It is not uncommon to hear governments implying that they are doing certain things such as curtailing people’s freedom for state security reasons. Williams (2012:3) asserts that individuals are â€Å"killed, starved, tort ured, raped, impoverished, denied education and healthcare all in the name of security.† This is especially so in war torn countries such as Syria (Paul, 1990). So what is security and who determines what security issues are? According to Booth (1997: 104-119) security is a derivative concept and as such its understanding derives from political outlook and philosophical worldview. For example, for ethico-political view security could include everything and anything depending on policy agenda while for analysts, use of empirical evidence frames issues such as diseases as global security issues. Williams (2012:5) defines security as â€Å"alleviation of threats to cherished values.† It is therefore, based on emancipation though justice and human rights. Security can also be positive or negative; negative security implies absence of threat whereas positive security implies â€Å"making things possible† (p.6). For Buzan and Hansen (2009: 9) security is about â€Å"p olitical themes such as state, authority, legitimacy, politics and sovereignty.† The next question that needs understanding is whose security? Different theorists have different opinions regarding the referent object or for whom security is meant to be. For realists, the state is the referent object (Buzan & Hansen, 2009). Issues of security are thus aimed at addressing the internal and external threats to the state. It then implies that ensuring the

Richard Kims Lost Name Essay Example | Topics and Well Written Essays - 500 words

Richard Kims Lost Name - Essay Example Korean echoes the boy’s worries about the changes he sees at school. The Koreans are confused about the new set of practices the Japanese authorities subject them to. Their only option is to subject to their masters. The Koreans were forced to renounce their names. Instead, they took up new Japanese names. This is something that does not go well with the Korean people. They have a feeling that the ancestors must be angry about the change of names. They must be angry that the colonizers are stealing their cultural identity. At one point, the narrator’s father takes the young boy to the cemetery so that they can ask the ancestors to forgive them for humiliation- the dropping of the ancestral names (Kim, 6). The Koreans underwent tough and painful times under the Japanese rule. Colonization led to the loss of cultural heritage among the Korean people. Their nationality was the destroyed-a painful experience that they must live with. The boy, in Lost Name, says, "my new nam e, my old name, my true name, my not-true name?" (Kim, 57). This quote illustrates the confusion that the Koreans have after their colonial masters change their names. The colonization also came with civility. The Koreans were required to attend school; they improved infrastructure; Korea became more industrialized; urban centers grew and the economy improved. These are the positive aspects of the colonization. Political analysts argue that, despite the high handedness and brutality used by the colonizers on the Koreans, Korea became financially stable and prosperous than it was some decades back (Kim, 89). The Koreans responded by minor protests but these were thwarted by the Japanese military who crushed any dissidents. Most of them failed to adapt their new names; instead preferring their ancestral names. They considered their culture superior to any other. They fought to protect their cultural heritage and regain their lost pride.  

Sales planning and operations Essay Example | Topics and Well Written Essays - 2250 words

Sales planning and operations - Essay Example Sales can be stated as the lifeblood of a business.Earning sustained profitability is the basic aim of conducting sales activities in an organisation. In order to boost up the sales of LPPT Cola in the market, the corporation needs to identify the target market for their offered products. Subsequently, after recognising premium target consumer segment of the products which can facilitate to increase the sales of the company in the long run, the organization needs to make a comprehensive market analysis to recognise the specific requirement trends of the customers from the offered product (Treace, 2013). In the following step, LPPT Cola needs to make an outline of their sales plan. The company needs to study its targeted market thoroughly and consequently it needs to analyse the sales objectives as well as the requirement of manpower to reach the end-users (IILM, n.d.). As a Sales Director, there is a need to have a directional plan in place for the entire sales team at the outset. Mo reover, a contingency plan also needs to be prepared so that any untoward scenario in terms of unavailability of a sales team member is handled efficiently. At the same time, if the Sales Director of LPPT Cola finds it to be necessary, he can even interact with the concerned authorities of the same industry, which will help him to advise the marketing manager to sketch a detailed structure of the plan (The Sales Management Association, 2013). After the determination of the targeted market and sketching the sales plan, the next process will be the creating a network or connectivity. To make the consumers aware of the products of LPPT Cola, at the initial stage, the organization can take the aid of strategies such as telemarketing, e-mailing and door-to-door selling among others. In terms of pricing of the products, it is essential to prepare a competitive pricing to mitigate the threat of substitute products. With regard to the sales force, LPPT Cola needs to inculcate the strategy o f planning, coordination, controlling and motivating to ensure that customers are offered with best possible service. This strategy can ensure a sustained profitability from sales activities in the long run (Kundu, n.d). Structure of the Sales Department Learning Outcome (b) Business objectives are the aims, purposes and goals of the business. The significant role of business is to achieve its goals. The main objective of the business is to maximize its profitability. Operating business cannot have only one objective because a company needs to meet the demands of different stakeholders such as employees, consumers, creditors and shareholders among others. In terms of the stages or processes involved in an organisational sales strategy, it can be said that the primary facets involve: Preparing sales objectives Studying sales market environment Recognising the various alternatives available Assessing the alternatives and selecting the best possible one for the organisation Preparing s ales budget and forecast Formulating sales plan and gaining approval of the management Executing the sales plan with the help of appropriate human resource allocation Making an evaluation and review of the sales plan Source: (Trehan & Trehan, n.d.) There are four basic sales strategies such as account targeting, sales channel, selling and relationship, the categorization of these accounts within a targeted market for incorporating strategic approaches in the sales, through accounting groups or accounting. An organized selling procedure for each accounting targeting, sales channel, relationship and selling strategy develops effective and efficient selling procedure which is a significant in

Literature Essay Example | Topics and Well Written Essays - 1250 words - 1

Literature - Essay Example Rowling’s series of Harry Potter. Often Harry has to face insurmountable odds in order to protect the one’s he loves as well as stand up for what he believes is right. A warrior must also be righteous in that his ethical values are clear and true with their moral compass always pointing north. Lastly, resourcefulness and humbleness are key to the creation of a warrior. Not only is a warrior a hero, but he/she is also a leader and must show resourcefulness when solving complex problems as well as show humility when they conquer a task for the people. The role of a warrior in society depends on the societal norms placed on the individual. This also shapes how the person deals with the demands from this society. In Beowulf, Beowulf is tasked with the challenge of slaying Grendel, an evil creature who has been terrifying the people in the king’s hall and killing them. In this, Beowulf functions more as the archetypal warrior character in that his primary purpose as a hero is protecting the people through slaying the beast. Like in government, the power and respect that a warrior yields is not his/her, but rather is delegated to him/her by the people. Many warriors often have abilities that can be considered superhuman abilities, but they always have that one flaw that challenges them in the development of the character. In the Illiad, Achilles is a fearsome warrior who fight’s for Agamemnon in the Trojan War recanted by Homer. Achilles yields the respect of all those in the army for his skill of the sword and his prowess as a warrior. His enemies fear him knowing that he will bring death and destruction. Despite all of this, he was one weakness on his leg in which he is vulnerable to defeat. Unfortunately, he is unable to overcome this weakness and perishes which lead to the name of the area to be called the Achilles tendon in that if any one of us is injured there, it fundamentally changes the way we are able to get around. The idea of a warrior is based on what he/she does for society and how society interprets the actions of the hero/heroine. It is as easy to be praised for a positive act of protection as it is to be reprimanded for an action that society deems immoral or just as easily not meeting the expectations of society. Question 2: Cultural and societal beliefs help fundamentally define the people within. Many cultures have beliefs that there is divine intervention among those in society either for better or worse. They will create shrines to celebrate these deities and make sacrifices to curb the wrath of them. The first and probably most well written about would be the roman gods and demigods which dominated and shaped the roman way of life during ancient times. Many superstitions can be attributed to these gods. They believed in many different gods which usually had domain over an element or aspect in life i.e. Venus is to love as Neptune is to water. They believed that these gods influenced their live s every day in every aspect. In order to gain favor, they shaped their entire culture around this. They paid homage to their gods for good fortune and built great Parthenon’s in their honor. Contemporary, we look at Christianity and the belief in one god subdivided into three aspects: the father, the son, and the holy spirit. In today’s day, society is divided on the divine interference of god in daily life. Many people pray and read the bible in order to try and interpret his meaning in order to live a moral life that will

The Importance of Press in a Democracy Essay Example | Topics and Well Written Essays - 1250 words

The Importance of Press in a Democracy - Essay Example However, we may only have one side of the information if we only look at one news program or if we only depend on local information. The Role of the Media in a Democracy According to the Center for Democracy and Governance (1999) the role of the media in democracy has two roles. The first role is that it gives citizens enough information about a topic to help them make "responsible, informed choices" (p. 5) rather than allowing them to act through misinformation or through ignorance. The second role is that it provides a "checking function" (p. 5) that points to elected officials to make sure that they uphold the oath they took in their particular office and that they carry out the wishes of their constituents. When we as citizens look at the media, we do expect that it will give us the information that we need to make good decisions. As an example, the Obama presidential campaign showed us how the media can inform us of what to do. Obama used Facebook as his major media contact and still uses this outlet today. People were able to ask questions and to follow the campaign from beginning to end. Many people suggest that this is how he eventually won the presidency, and this shows that he understood the power of the media. In a democracy, people are not under the influence of the government like in other countries. As an example, there are some countries that only receive the information that their government wants them to access. In some Muslim countries, as an example, any information that shows women as liberated will be blocked whether it is on television or on the Internet (Deibert, 2011). In this situation, the government did not want people to follow the protests in the Middle East for fear that it would affect them in some way. This again shows the power of the media on the opposite side. That is, the media can be used to manipulate the ideas of a country or it can be used to hinder the thoughts of the individuals living in a country. We hope that in a de mocracy, this does not happen. The Center for Democracy and Governance also states that the media must understand who they are communicating to in order to get the right message to the right people. They suggest that the audience for media attention includes: 1. Consumers 2. Individual producers (reporters, editors, technicians, business managers) 3. Content provider companies (wire services, think tanks, NGOs) 4. Training institutes, universities 5. Independent regulators 6. Media monitors (political polling agencies, policy institutes, advocacy groups, governments, advertisers) 7. Professional organizations (journalism and business associations) 8. New technology gatekeepers (infrastructure developers, software creators, trainers, investors). (p. 7). When thinking about these audiences, it is clear to see that each one would have a different opinion to express on any given topic. The media is therefore important to each of these audiences in order to make sure that they also can c ommunicate effectively to their constituents. Perception of Media Central to the important of media in a democracy is the way that the media and its message are received by the audience. Often, we are told that the media is biased to one side or the other and this can stop people from believing the media ("Perception", 2011). When the public perceives that the media is not telling them the truth or that it is not putting for the effort to bring forth all of the facts, people tend to

Shark Finn Soup Research Paper Example | Topics and Well Written Essays - 2000 words

Shark Finn Soup - Research Paper Example The paper also considers the laws made by various nations to stop shark fin harvesting and how the concerned individuals, groups and institutions can create awareness amongst the masses regarding the cruelty and wastage associated with shark fin harvesting. Keywords Sharks fins, finning, ecology, cruelty, extinction, harvesting Shark Fin Soup There is no denying the fact that Shark Fin Soup happens to be an important constituent of the Chinese cuisine. It is also true that Shark Finn is treated as a luxury item as far as the Chinese cuisine is concerned and is usually served on formal occasions and gatherings like banquets and weddings. Shark Fin is primarily used to add texture to the Chinese soups in combination with a number of other ingredients and spices. As far as the Chinese cuisine is concerned, Shark Finn soup tends to be an ingredient of historical relevance and its history could be traced back to the Ming dynasty (Earth Island Journal 2013, 8). The irony is that though sha rk fin soup involves much cruelty on the part of professional fisherman, with the increase in the income of Chinese population, the demand for the Shark Finn soup has been constantly on the rise. This is indeed worrisome and serious when one takes into consideration the survival and sustainability of the shark species. This is because the shark fins required to make Shark Fin Soup are collected from a range of shark species. Not only Shark Finn Soup is responsible for a decline in the shark populations around the world, the collections of shark fins by the fisherman involves much cruelty as they simply chop off the shark fins from a shark and throw back the rest of the shark in the ocean to die a painful and cruel death. On e big reason why the Chinese like the Shark Fin Soup is because they consider the Shark Fin Soup to be an important part of the Chinese culture. Simply speaking Shark Finn Soup happened to be a culinary delicacy that was earlier afforded by the rich and wealthy o nly (Dukes 2011, 42). In a way the Shark Fin Soup happened to be a symbol of wealth and status. Thereby, to claim that Shark Fin Soup happens to be a food of cultural importance is faulty because most of the Chinese actually speaking did not afford to eat Shark Fin soup. They were simply not in a financial position to buy Shark Fin Soup. Shark Fin Soup happened to be a delicacy that was primarily confined to the rich Chinese families. Thereby, actually speaking the popularity of the Shark Finn Soup is a trend that is of recent origins. This is because with the rise of the economic reforms in China and with the opening up of the Chinese economy, the number of Chinese people who are rich has dramatically increased over the years (Dukes 2011, 42). As Shark Fin Soup carries a snob appeal, many of the newly rich Chinese do prefer to buy and serve Shark Finn Soup because they believe that it adds to their social stature. Yet the bad thing is that those people who like to eat Shark Finn So up are simply not concerned about the cruelty to which the sharks are subjected to, to get their fins. They show no concern for the decreasing shark populations owing to the well established shark fin trade. Every years, millions of sharks are killed around the world so as to harvest the shark fins that constitute an important constituent of the Shark Fin Soup and some other Chinese and East Asian delicacies (Reading 2000, 51). The method resorted to

Healthy fear Essay Example for Free

Healthy fear Essay Fear is a feeling; it is a reaction to something we are frightened of, a natural instinct when faced with something we feel may endanger us. However, fear can be healthy and/or unhealthy; for instance, being afraid of spiders is slightly unhealthy as they can not actually do any harm but if a person is afraid of developing cancer and as a result of this they stop smoking, this is a healthy fear. In biological terms, when any fear is experienced, certain areas of the brain such as the amygdala and the hypothalamus are activated which control the initial, physical response to fear. Chemicals such as adrenaline and the stress hormone cortisol are then released into the blood stream causing certain physical reactions such as; a rapid heart rate, increased blood pressure, tightening of muscles, sharpened or redirected senses, dilation of the pupils (to let in more light) and/or increased sweating. (Native Remedies) Having a phobia is a fear of something. Whatever this phobia may be, it creates a feeling of fear and causes irrational and sometimes inexplainable behavior. Being afraid of confined spaces can cause some people to avoid travelling in elevators at all costs, others who are are fearful of flying may never travel abroad. There are fears in everyone, a fear of growing old or a fear of dying is possibly an unhealthy fear as ageing and death comes to us all. Fear can present itself when feeling nervous about something, perhaps before an important occasion or a speech in front of people; there may be a fear of forgetting what to say or a fear of embarrassing oneself. Apprehension is fear and sometimes an apprehensive manner is due to the unknown, expecting something bad will happen creates a sense of apprehension. Anxiety is also fear, having experienced something that created dissatisfaction or dislike, there can be a fear in this feeling recurring, therefore an anxious fear is felt. In some people anxiety can control their lives and medication is necessary, normal worries and healthy fear are less likely to make you feel this way. Fear in children is slightly different to fear in adults. As they are unable to rationalize and compare their fears to anything other than the way they feel, a child feels an actual threat by what they are in fear of, sometimes this can cause inconsolable behavior, only rationalized when they are able to understand they are not in any real danger. Fear can be controlled by the mind. It is the brain that gives the message of something to be afraid of; if that fear is an irrational fear (spiders), then it is possible to overcome this fear by thinking logically. Unless you are faced with a wild tarantula, the tiny spider can do no harm. By telling yourself that the spider is more fearful of humans may put your fear in its place. Fear is completely normal and is a useful tool when recognizing and distinguishing danger; how we respond is according to our fear.

Pensions and Other Postretirement Benefits Essay Example for Free

Pensions and Other Postretirement Benefits Essay As you may know there are two types of pension plans that are most commonly used: a defined contribution plan and a defined benefit plan. â€Å"A defined contribution plan sets forth a certain amount that the employer is to contribute to the plan each period (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). â€Å"A defined benefit plan specifies the amount of pension benefits to be paid out to plan recipients in the future. Companies that use this plan must make sufficient contributions to the funding agency in order to meet benefit requirements when they come due† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). The defined contribution plan makes no promises on what the ultimate benefits are to be paid. â€Å"The benefits received by the recipients are determined by the return earned on the invested pension funds during the investment period† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). When you account for this plan the risk for future benefit is the employee and the employer’s only cash outflow is the annual contribution to the pension plan fund. â€Å"The pension expense is equal to the amount of promised annual contribution†(Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). The financial statements should disclose the plan, what groups are covered, the basis for determining contributions, and any significant matters affecting comparability from period to period (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). Accounting for the defined benefit plan is more complex. â€Å"The pension benefits to be received in the future are affected by uncertain variables such as turnover, mortality, length of employee service, compensation levels, and earnings on the pension fund assets† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). The risks lie with the employers because they must make large enough contributions to meet what was promised and the amount of pension expense may not be equal to the cash contributed to the plan (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). Employers are also required to disclose the following information if they chose to use the defined benefit plan: â€Å"1. A description of the plan, including employee groups covered, type of benefit formula, funding policy, types of assets held, significant matters affecting comparability or information for all periods presented, 2. The amount of net periodic pension cost for the period showing separately the service cost component, the interest cost component, the actual return on assets for the period, and the net total of other components, 3.  A schedule reconciling the funded status of the plan with amounts reported in the employer’s statement of financial position† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). APB Opinion No. 8 states that there are some basic problems with the accounting for the defined benefit pension plan. The problems identified are: â€Å"1. Measuring the total amount of cost associated with a pension plan, 2. Allocating the total pension costs to the proper accounting periods, 3. Providing the cash to fund the pension plan, and 4.  Disclosing the significant aspects of the pension plan on the financial statements† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). SFAS No. 87 â€Å"Employers’ Accounting for Pensions† maintains that pension information should be prepared on the accrual basis and retained three fundamental aspects of past pension accounting: 1. delaying recognition of certain events, 2. Reporting net cost, and 3. offsetting assets and liabilities† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). The components of pension costs reflect different aspects of the benefits earned by employees and the method of financing those benefits by the employer. The following are required to be included in the net pension cost recognized by the employer sponsoring a defined benefits pension plan: 1. Service cost, 2. Interest cost, 3. Return on plan assets, 4. Amortization of unrecognized prior service cost, 5. Amortization of gains and losses, 6. Amortization of the unrecognized net obligation or unrecognized net asset at the date of the initial application of SFAS No. 7† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). There are other postretirement benefits that are addressed in SFAS No. 106 â€Å"Employers’ Accounting for Postretirement Benefits Other than Pensions. † SFAS No. 106 deals with other postretirement benefits other than pensions which includes a variety: tuition assistance, day care, legal services, and housing subsidies, the most significant are retiree health care services, and life insurance. Although on the surface OPRBs are similar to defined benefit pension plans that have characteristics that necessitate different accounting considerations and that have been the source of considerable controversy: future cash outlays for OPRBs depend on the amount of serves that the employees will eventually receive, additional OPRBs cannot be accumulated by employees OPRB with each year of service, OPRBs do not vest† (Schroeder, Clark, Cathey, Pensions and Other Postretirement Benefits, 2011). As noted the two most frequent pension plans are the defined contribution plan and the defined benefit plan. However, APB Opinion No. 8 has identified that there are some basic problems with the accounting for the defined benefit pension plan. There are also other postretirement benefits that include retiree healthcare benefits and life insurance.

Balancing Rights and Duties of Parties

Balancing Rights and Duties of Parties Introduction The letter of credit is the most commonly used method of payment for goods in international trade. This thesis highlights the imbalance of the rights and duties of the parties in a letter of credit transaction by emphasising deficiencies in the letters of credit system. In addition, on those areas where there is lack of justice and equity and which make the system of the letters of credit vulnerable for fraudulent activities. After briefly discussing the structure of the letter of credit system, it discusses the rights and duties of parties to such transactions and how the risk of the innocent buyer has increased under UCP and very often the buyer is paying for the goods he had not contracted for. It further discusses the independence principle and the doctrine of documentary compliance, that overprotection of the â€Å"independence principle†, and the lack of â€Å"reasonable care† on the part of banks provide opportunities of fraud to the sellers to obtain payment wit hout actually performing their duties to banks and buyers. It will also argues about the â€Å"fraud exception† to the independence principle, particularly the position of the fraud exception in England and the history of some decisions of English Courts. In the end it gives some suggestions to balance the rights and duties amongst parties in a letter of credit transaction. Chapter 1 Structure of a Letter of Credit Transaction Commercial letters of credit have been used for the centuries as a most common method of payment, in international trade. Letters of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP). A commercial letter of credit is a contractual agreement between a bank (issuing bank), on behalf of one of its customers (buyer), authorizing another bank (advising or confirming bank), to make payment to the beneficiary (seller). The issuing bank, on the application of its customer (buyer), opens the letter of credit, and makes a commitment with the buyer to honour the credit on the presentation of the documents, conforming to the terms and conditions of the credit, by the beneficiary. Thus, the issuing bank replaces the banks customer as the payee. Elements of a Letter of Credit A payment undertaking given by a bank (issuing bank) On behalf of a buyer (applicant) To pay a seller (beneficiary) for a given amount of money On presentation of specified documents representing the supply of goods Within specified time limits Documents must conform to terms and conditions set out in the letter of credit Documents to be presented at a specified place Beneficiary Beneficiary is normally the provider of the goods or services and is entitled to payment as long as he can provide the conforming documents required by the letter of credit. The letter of credit is a distinct and separate transaction from the underlying contract (contract between seller and buyer). All parties deal in documents and not in goods. The issuing bank is not liable for performance of the underlying contract between the buyer and seller. The issuing banks obligation to the buyer-applicant is to examine all documents to insure that they are in compliance with the terms and conditions of the credit. To get the payment it is for the beneficiary to provide all the required documents. If the seller-beneficiary conforms to the letter of credit, the seller must be paid by the bank. Issuing Bank The issuing banks duty to pay and to be reimbursed from its customer becomes absolute upon the completion of the terms and conditions of the letter of credit. Under the provisions of the Uniform Customs and Practice for Documentary Credits, the bank is entitled to have a reasonable time after receipt of the documents to honour the draft. The issuing banks duty is to provide a guarantee to the seller that if complying documents are presented by the seller, then the bank will make the payment to the seller, and will only pay if these documents comply with the terms and conditions set out in the letter of credit. Typically the documents requested include a commercial invoice, bill of lading or airway bill and an insurance document; but there are many others. Letters of credit only concerns with the documents, not with the goods. Advising Bank An advising bank is usually a foreign correspondent bank of the issuing bank which advises the seller-beneficiary. Generally, the beneficiary wants to use a local bank to insure that the letter of credit is valid. In addition, the advising bank is responsible for sending the documents to the issuing bank. The advising bank has no other obligation under the letter of credit. Therefore, if the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay. Confirming Bank At the request of the issuing bank, the correspondent bank may confirm the letter of credit for the seller-beneficiary and obligates itself to insure payment under the letter of credit. The confirming bank is usually the advising bank. There are two main types of Letters of credit: (1) Revocable (2) Irrevocable Revocable Letter of Credit Revocable letter of credit is not a commonly used type of the letters of credit. This type of letter of credit can be revoked by the issuing bank at any time, without notification to the beneficiary, for any reason. Such type of letter of credit can not be confirmed by the correspondent bank and the bank will act as an advising bank only. A revocable letter of credit can not be revoked after the presentation of the documents, if the documents are conforming to the terms and conditions of the letter of credit and the payment has been made. Irrevocable Letter of Credit Use of irrevocable letters of credit is very common in international trade. Irrevocable letter of credit can not be revoked or changed without the consent of the beneficiary. Issuing bank will make the payment to the seller, if the seller presents the documents complying with the terms of the credit, as agreed between seller and buyer. Such a letter of credit can only be changed with the permission of both buyer and seller. If it is not clear from the letter of credit that whether it is revocable or irrevocable, it automatically considers as irrevocable. Irrevocable letters of credit are of two kinds: Unconfirmed credit In case of unconfirmed letter of credit, advising bank does not confirm the credit to the seller and the issuing bank is the only party responsible for payment to the beneficiary. Advising bank will only pay to the seller after getting payment from the issuing bank and there is no risk for the advising bank. Confirmed credit In this type of credit, advising bank confirms credit to the seller. When the advising bank confirms that the documents presented are conforming to the terms of the credit, it will make the payment to the seller, and after that advising bank will contact with the issuing bank to get the payment. This type of letter of credit is commonly used, when the seller is unfamiliar with the issuing bank. Such a type of letter of credit is quite expensive because the banks have some liability. Step-by-step process In international trade as the buyer and seller are in different countries so when the buyer and the seller of the goods agree to conduct business, than because of the gap of time between delivery of goods and the payment, usually the seller wants a letter of credit as a guarantee of payment from the buyer. Than the buyer makes a request to his bank called the issuing to open a credit in the favour of the seller. at the request of the buyer, issuing bank issues a letter of credit in favour of the seller and forwards it to the corresponding bank called the advising or conforming bank., which is usually located in the sellers country. Advising bank than either confirms the credit or not, depending upon the type of credit, and forward it to the seller. Seller than ships the goods and collects the documents required in order to meet the requirements of the letter of credit and finally to get the payment in time. Seller presents the required documents to the advising or confirming bank in order to get the payment in time. Advising or confirming bank examines the documents presented by the seller to check that whether they are conforming to the terms and conditions of the letter of credit. If the documents are in compliance, advising or confirming bank, in case of confirmed letter of credit, will make payment to the seller and will be reimbursed from the issuing bank and in case of unconfirmed letter of credit, advising or confirming bank will forward the documents to the issuing bank. Than the Issuing bank will, after examine of the documents, debit the buyers account if the documents are in compliance to the terms of the letter of credit. In the end, Issuing bank forwards the documents to the buyer. Most commonly used documents in a letter of credit transaction include: Commercial Invoice It includes a description of merchandise, price, FOB origin, and name and address of buyer and seller. The buyer and seller information must correspond exactly to the description in the letter of credit. Bill of Lading It is a document which shows the receipt of goods for shipment by a freight carrier. It is an evidence of the control of the goods and also acts as an evidence of the carriers obligation to transport the goods to their proper destination. Warranty of Title A warranty given by a seller to a buyer of goods that states that the title being conveyed is good. It is generally issued to the purchaser. Letter of Indemnity It is a letter specifically indemnifies the purchaser against a certain stated circumstance. Indemnification is generally used to guarantee that shipping documents will be provided in good order when available. Common Defects in the documents presented A discrepancy is some defect in the documents presented by the seller, which show their non-compliance with the terms of the letter of credit. Issuing bank can not change the terms and conditions of the letter of credit with out t he permission of the buyer. Therefore to avoid any delay in getting payment. Beneficiary should be careful in preparing the required documents. Common defects in the documents presented by the seller include: If the description of the goods is not consistent. There is some error in the insurance documents. If the draft amount is not equal to invoice amount. Loading and destination ports are not same as provided by the letter of credit. Merchandise description is not same as in the credit. If any of the documents required by the credit is not presented. Documents are generally inconsistent such as quality, etc. If the names of the documents required are not correct, as mentioned in the credit. Invoice is not signed as provided in the letter of credit. If prior to the presentation of the draft, Letter of Credit has expired. If the date mention in the bill of lading is different from the date stated in the credit. If there are some changes in the invoice which are not authorized by the letter of credit. In international sales, as the seller and the buyer are in different countries, there is a common problem of payment due to the difference of time between dispatch and delivery. Obviously, seller would like to receive payment for the goods when delivering them to the carrier and the buyer would prefer to delay the payment of the price until receipt of the goods. Therefore, a letter of credit solves this problem between the seller and the buyer. Generally, there are three separate transactions in a letter of credit transaction. The first is between a seller and a buyer, called an underlying transaction, by which the seller provides contracted goods to the buyer. The second transaction is between the buyer-applicant and the bank (issuer of the letter of credit), in which the bank issues a letter of credit to the seller-beneficiary. Finally, the letter of credit itself creates a relationship between the issuer and the beneficiary, in which, the issuer makes payment for goods upon the beneficiarys presentation of the required documents, in accordance with the terms and conditions of the letter of credit as agreed between seller and buyer. The banks performance of payment is conditional on the delivery of conforming documents by the beneficiary. The banks are called issuers and are usually the applicants bank. Normally the issuing bank opens a letter of credit in its own name and requests its correspondent bank to notify the sel ler about the letter of credit. Sometimes, the issuing bank instructs the correspondent bank not only to notify the seller of the issuing banks undertaking but also to add a confirmation. In this case, the credit is known as a confirmed credit and the correspondent bank as a confirming bank. The payment obligation of the issuing bank depends upon the beneficiarys presentation of complying documents to the confirming bank or to any other nominated bank, in accordance with the terms and conditions of the credit. Under general practice, presenting â€Å"complying documents† means that they comply with the conditions of the credit â€Å"on their face†. From banking point of view, compliance â€Å"on their face† of the presented documents is sufficient. The â€Å"independence principle† (which will be discussed later) is the fundamental principle of the letter of credit system, which prohibits banks from looking beyond facial compliance of the documents, and t herefore exclude whether or not there is actual performance by the seller-beneficiary. In fact, letters of credit system has emphasised the independence principle to such an extent that banks are ignoring the performance of the underlying contract very confidently. As a result, all the risk is on the honest buyers, who are sometime paying for goods that they had not contracted for. Importance of the research The primary purpose of the letter of credit system is to facilitate international trade, rather than to provide an opportunity to the banks to make profit. As the fraud is very common in these days, but UCP is not designed to prevent fraud. The number of frauds relating to the letters of credit has increased over the years. Buyers are particularly vulnerable to such practices under the letter of credit system. This situation shows that there is some ambiguity in the letter of credit system and a lack of balance between the rights and duties of the parties to a letter of credit transaction, which is being exploited very easily by fraudsters. Division of risk under a Letter of Credit Transaction As we have discussed above, a letter of credit transaction consists of three linked but independent contracts. The first step is that the buyer makes a contract with the seller for the sale of goods, called the underlying contract. Subsequently the buyer signs an application form requesting the bank to open a credit, which is an arrangement between the buyer and the bank. The third step is that the issuing bank informs the seller, who is the beneficiary of the letter of credit, of the credit and promises to pay against the stipulated documents provided the terms and conditions of the credit are met. The letter of credit allocates risk between the applicant and the beneficiary. By postulating a letter of credit, the beneficiary may greatly reduce the risk of not being paid and ultimately allowing the beneficiary of the letter to reallocate the risk of non-payment for delivered goods which do not conform to the underlying sale contract. Generally, banks are reluctant to dishonour a credit, since to do so may damage the banks reputation as a credit issuer. The cost of honour, however, falls on the honest applicant, not the bank. â€Å"If the beneficiary has breached the underlying transaction, payment under the credit to him will occasion loss, but that loss will not be the banks; it will be the applicants.† Increase in the applicants risk and decrease in the banks risk under UCP UCP is the governing law of the letters of credit, therefore there should be a balance regarding the rights and duties of the parties, but UCP contains rules that reduce bank risk. There is no provision asking for judicial intervention to compensate letter of credit parties in case of banks negligence. The provisions in favour of banks fall into two categories. The first provides sweeping immunity from liabilities that national legal systems may impose. Example of such a disclaimer is Article 15. Under Article 15, banks assume no liability for the genuineness, falsification or legal effect of any documents and therefore the issuer is immune from the liability for paying against forged documents, which on their face appear regular. Therefore, the payment by the issuing bank does not show that the buyer has received the goods, which he had contracted for. The security, which the beneficiary is getting under the letter of credit system is not the same with the security of the buyer. The second category of pro-bank provisions contains rules that set precise boundaries on what the banks must do, which reduces uncertainty about bank responsibility and provides clear guidance to bank employees. For example, the customer cannot stipulate non-documentary conditions of payment, and time limits on examination of documents are fixed rather than open-ended. In case of any loss, the buyer, which is the applicant for a credit, can take action against the seller for breach of contract or fraud, but has no right of action against the bank for banks negligence in examining the documents, which can be ineffectual for several reasons, such as insolvency of either the applicant or the beneficiary. Hence the burden of risk on the applicant is more than any party in a letter of credit transaction and in most of the cases, buyers are paying for the goods Chapter 2 UCP and letters of credit Originally UCP has been drafted by the Banking Commission of the ICC, which was comprised of the representatives of the banking community, which shows the dominance of the banks and banking experts. Their dominance in UCP drafting hints that in drafting UCP. ICC was acting as a private legislature. It looks that the rules contain in the UCP are much beneficial for the banks than any other party, and giving a limited chance to the judiciaries to interfere to protect customers from any careless behaviour of the banks. The authority to interpret the UCP rests in the ICCs Commission on Banking Technique and Practice, which can apply these interpretations to solve the problems arising in any case. Because of wide publicity and distribution of commissions answers, their interpretation can be considered as an official interpretation of the UCP. Commission can enhance, interpreting, and sometimes amend the provisions of the UCP. The banks which deal with the letters of credit, act upon these interpretations and any amendments. As in theory, commission is only answerable to ICC members, therefore the chances of any challenge to such interpretation is very low. Role of courts in a letter of credit transaction In Discount Records Ltd. v. Barclay Bank Ltd., the judge was reluctant to â€Å"interfere with bankers irrevocable credit and not least in the sphere of international banking†. The position is same in many other cases. The apparent reason for the reluctance of the judges to interfere looks that they are afraid from the threats of the banking experts that their decisions would have an unfavourable affect on international trade. The difficulties of the courts to balance the rights and duties of all parties to a letter of credit transaction have increased. In Mannesman Handel AG v. Kaunlaran Shipping Corporation, the Swiss bank argued that the bank was in rejecting the documents by the German company relying on the independence principle and the discrepancies appeared on the documents. The court was asked not to apply the good faith principle otherwise the court â€Å"would be calculated to undermine if not destroy the doctrine of strict compliance and to blur if not extinguish the distinction between transactions concerning goods and transactions concerning documents.† Normally the judicial decisions relating to the legal aspects of documentary credits base on either the express intentions of the parties or established business practice at the time, the parties entered in a contractual relationship. In cases where the UCP provisions are different from business practice, a court will apply the UCP if the UCP is incorporated in the contract of the parties. It shows that courts have assented to the entire documentary credit system being run by the banking industry and eventually abstaining the courts to intervene to balance the legal rights and duties amongst all the parties. Should the UCP have the status of law? Leading scholar Professor Ross Buckley says: â€Å"originally, the UCP was neither designed nor intended to be law. It was prepared as a set of standard terms to be incorporated by reference into letters of credit by those parties who chose to do so.† This has also been confirmed by the UCP in the preface of UCP 500, which states that the UCP is not legislation but a compilation of rules made by bankers for their own industry. Therefore there is a dispute as to whether the UCP is a code of the law, or just customary practices, or some mutually consented regulations relating to letters of credit. However in fact, UCP is the governing law of the letters of credit. Banks risk under UCP (exemption clauses) Article 15 and 18 (b) of the UCP 500, limits the liability of the banks in a letter of credit transaction and which have almost made it a risk free transaction for the banks. Article 15 says: â€Å"Banks assume no liability to or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any document(s) or for the general and/or particular conditions stipulated in the document(s) or superimposed thereon, nor do they assume any liability or responsibility for the description, quantity, weight, quality, condition, packing, delivery, value or existence of the goods represented by any document(s) or for the good-faith or acts and/or omissions, solvency, performance or standing of the consignors, the carriers, the forwarders, the consignee or the insurers of the goods or any other person whomsoever.† Article 18(b) further states: â€Å"Banks assume no liability or responsibility should the instructions they submit not be carried out, even if they have themselves taken the initiative in the choice of such other bank(s).† The UCP 500 places the applicant-buyer in an absurdly vulnerable position through its disclaimer clauses. To some extent there is a lack of duties on the part of the bank to verify the authenticity of the documents. Hence it might not be wrong to say that albeit there is a waste increase in the use of letters of credit, does not signify that the UCP is fairly drafted. Letters of credit and its users It is also very important that whether all the parties to the letter of credit, particularly applicant-buyer are conscious about the presence of these exemptions, e.g. by providing a copy of these exemption clauses of the UCP or by giving a notice of these exemption clauses. It is a rule that to enforce an exemption clause, a reasonable notice should be given to the other party but in practice, buyers are assume to have the notice of the UCP and that they are familiar with the provisions of the UCP. Further, the application for the issuance of a letter of credit and the letter of credit document itself only contain a simple sentence: â€Å"Subject to UCP for Documentary Credits†, without any attachment of the provisions of the UCP or any notice of such exemption clauses. Hence it is debatable that why the courts do not look, while dealing with the cases relating to the letters of credit, that whether a reasonable notice has been given relating to the exemption clauses and do n ot interfere to balance the rights and duties of the parties to a letter of credit transaction? Chapter 3 Doctrine of strict compliance and independence principle It is a basic rule of the letter of the credit transaction and which is widely recognised that the letters of credit are transactions independent of the underlying contracts on which they are based. According to this principle, the issuer has no concern with the underlying contracts between buyer and seller. Its concern is with documents only, rather than the goods or any type of services. Obviously there are some doubts about this principle, i.e. to what extent this principle should be applied. Which some tome may cause injustice to the applicant under certain circumstances. Independence Principle Generally, letter of credit is a contract between the issuer and the seller of the goods, which is independent of the underlying contract between the seller and the buyer. The independence principle is mentioned in Article 3 and Article 4 of the UCP. Article 3 states: â€Å"Credits, by their nature, are separated transactions from the sales or other contract(s), even if any reference whatsoever to such contract(s) is included in the Credit.† Article 4 further says: â€Å"In credit operations all parties concerned deal with documents and not with goods, services and/or other performances to which the documents may relate.† From the very beginning independence principle governs letter of credit transactions and very clearly states that the credits are completely separate from their underlying transactions and the issuer makes payment depending on the conformity of the documents presented according to the terms and conditions of the credit without considering the performance of the underlying contract by the beneficiary. Under this principle, bank is only under a duty to accept the conforming documents and should not get involved in the performance of the contract between seller and buyer. Further it has no concern about any debt obligations and other claims between the seller and the buyer. May commentators accept that for the workability of the letter of credit system, the strictest observance of this principle is indispensable. In this chapter we will discuss that how the banks deal with documents and about relationship between bank and other parties in a letter of credit transaction. As Lord Justice Jenkins stated in Malas (Hamzeh) Sons v British Imex Industries Ltd: â€Å"It seems to me plain that the opening of a confirmed letter of credit constitutes a bargain between the banker and the vendor of the goods, which imposes upon the banker an absolute obligation to pay, irrespective of any dispute there may be between the parties on the question whether the goods are up to contract or not.†¦Ã¢â‚¬  The issuing bank does not have any concern with the shipping of the goods or whether the goods are conforming or not whether the documents actually represent those goods which the buyer contracted for. This is because of the reason that the obligations of the banks in a letter of credit transaction are very limited. In this situation it is also debateable that whether under a letter of credit transaction, it would be fair to say that banks are not allowed to look beyond the presenting documents, while making payments? Status of applicant under UCP Article 1 of the UCP explains that the UCP binds all parties to the letter of credit unless otherwise provided but it is quite as who such parties are. Therefore the status of the applicant is doubtful, even it is not clear as to whether an applicant is a party to the UCP or not, and this is also to some extent obvious due to the absence of any provision in the UCP stating about the duties owed by the issuing bank toward the applicant. However courts have indicated on occasions that the contract between the bank and the applicant is similar to a contract of agency. Doctrine of strict compliance (a) Duty to pay only for conforming documents In a letter of credit transaction a bank is only bound to make payment if the beneficiary delivers the required documents. Simultaneously buyer knows that the amount will be released only if the documents are conforming according to the terms and conditions of the letter of credit. It is very much clear that the documents play a very important role in the letter of credit transaction. Their importance is so clear that without their presentation and conformity, the performance of the letter of credit transaction is impossible. Article 13(a) of the UCP provides: â€Å"Banks must examine all documents stipulated in the Credit with reasonable care to ascertain whether or not they appear, on their face, to be in compliance with the terms and conditions of the Credit. Compliance of the stipulated documents on their face with the terms and conditions of the Credit shall be determined by international standard banking practice as reflected in these Articles. Documents which appear on their face to be inconsistent with one another will be considered as not appearing on their face to be in compliance with the terms and conditions of the Credit.† (b) Standard of â€Å"reasonable care† Under this heading we will discuss that whether there is a any standard of reasonable care under the UCP or not and if there is a standard, toward whom, and in case of failure to exercise such care, what would be the consequences. Sub-Article 13(a) of the UCP, provides that the banks duty is to examine the documents required by the applicant with â€Å"reasonable care† to ensure that such documents are complying with the terms and conditions of the letter of credit â€Å"on their face†. To some extent, sub- Article 13(a) is ambiguous about its meaning. It is not clear that what exact standard should be exercised. UCP and even whole letter of credit system is quite about the standard of the duty of care imposed on the banks, towards whom bank should exercise such a duty of care, and what would be the consequences in case if the bank fails in exercising such a duty of care. Probably there is no answer to this question because of the fact that the rights of the applicant are not discussed under UCP. Validity of documents Article 15 of the UCP protects the banks by stating that â€Å"banks assume no liability or responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any documents†. Banks are authorised to make payment without having any concern whether the documents presented by the beneficiary actually represent goods, for which the applicant contracted for. As explained above that the letter of credit is a written undertaking by the bank to make payment only if the beneficiary presents original and genuine documents as agreed by the parties. Similarly buyer also knows very well that the amount will be paid only upon the delivery of the conforming documents according to the terms and conditions of the credit. Hence the documents play a key role in the performance of the letter of credit transaction. Conformity is the only condition for the payment of the amount. In practice, a bank very often takes security for the payment it makes under the letter of credit transaction. Such a security is provided by the documents of title f

Richard Nixon and the Watergate Scandal Essay -- American History Poli

June 17th, 1972 would be a day America would never forget--it was the start of one of the largest scandals in our government. Richard Nixon was president of the United States and the people trusted him. However this trust would be betrayed, as he got involved in something now known as the Watergate Scandal. This was an interesting time in history because it was a large cover up by the Republican Party. Also, how different people reacted to this event was fascinating because some people were so blind to the truth, that they stuck behind Nixon even once tapes and other credible evidence against him was produced. In this paper I will describe the events of Watergate and the publics opinion and reactions to this lengthy Scandal that corrupted our Nations government. Richard Nixon was the thirty-seventh President of the United States of America, serving a term from 1969-1974, being elected not once but twice. He is the only President to have resigned from office during his term as President, by doing this however he escaped the likely process of being impeached. However Ford who was his successor, pardoned him and let him keep his dignity. The Watergate scandal started with the arrest of five burglars who had broken into the headquarters of the Democratic committee. After many lengthy investigations by the FBI and other government organizations it was found that this burglary was only one of the many illegal activities that had been going on under Nixon’s administration. Men that were involved in the burglary at the Watergate hotel and offices were found to be part or former members of Nixon’s staff. Then one of the men arrested turned out to be the Nixon committee’s security coordinator. Federal and state investigators next lear... ...nt and the people we choose to elect to office. Works Cited 1 â€Å"Republican Mystery.† New York Times (1857-Current file);Aug 26, 1972; ProQuest Historical Newspapers. The New York Times (1851-2004) pg. 24 2 â€Å"Cover-up.† William V. Shannon. New York Times(1857-Current file); Sep 24, 1972; ProQuest Historical Newspapers. The New York Times91851-2004) E13 3 â€Å"Politics And the F.B.I.† Tom Wicker. New York Times(1857-Current file); Sep 21, 1972; ProQuest Historical Newspapers. The New York Times(1851-2004) pg. 47 4 â€Å"The Lessons of Watergate: Thirty Years On.† Michael A Genovese. Presidential Studies Quarterly. Washington: Jun 2004. Vol. 34, Iss. 2; pg. 455-8. 5 â€Å"Exorcising Nixon’s Ghost.† David Greenberg. Los Angeles Times. Los Angeles, Calif.: Jul 9, 2007. Pg. A. 15 6 â€Å" Watergate.† John Giuffo. Columbia Journalism Review. New York: Nov/Dec 2001. Pg. 74-5

Of Mice and Men - George and Lennie seem to have a very close friendship :: English Literature

Of Mice and Men - George and Lennie seem to have a very close friendship throughout the story. Of Mice and Men George and Lennie seem to have a very close friendship throughout the story. This is strange because they are completely different from each other mentally, as well as physically. The author tells us that George is a small, quick and defined man. He is the leader of the two men and makes all the plans. Lennie respects him a great deal. Lennie is huge, and very strong, but he has the mentality of a child. He relies heavily on George, as he cannot fend for himself. He always tries his best to imitate George's actions and an example of this is when the two men are at the beach. "George lay back on the sand and crossed his hands under his head, and Lennie imitated him, raising his head to see if he were doing it right." This shows just how much Lennie looks up to George and wants to be like him. It is not, however, a one-sided friendship. George must be very close to Lennie because he goes to a lot of trouble to make sure that they both stay together. When Lennie got himself into trouble in Weed George didn't abandon him; they ran away to a different ranch together. I think George relies on Lennie for companionship because of the unfriendly and lonely environment they are in. he obviously cares about lennie because he says, "God, you're a lot of trouble. I could get along so easy and so nice if I didn't have you on my tail. I could live so easy and maybe have a girl." If George wanted to leave Lennie and change his lifestyle completely, he easily could. But he stays with Lennie throughout the whole book so they must have a special friendship. In contrast to George and Lennie's friendship, Curley and his wife do not seem to have a very good relationship at all. Even though they are married, the two of them are never seen together in the story. They always claim to be looking for each other, but never find one another. At one point in the book Curley's wife comes into the bunkhouse and flirts with the men, whilst pretending to be looking for Curley. She asks Slim if he has seen Curley. Slim tells her that Curley went into the house and she obviously hasn't been looking for him very well. We are then told her reaction to his answer, "She was suddenly apprehensive. "Bye Boys" she called into the bunk-house and she

Wedding Speech by the Sister of the Bride -- Wedding Toasts Roasts Spe

Wedding Speech by the Sister of the Bride For those of you that do not already know me I'm the bride's "slightly" older sister. When she first asked me to give her away I felt two things, the first was one of extreme and enormous pride that she'd asked me, and the second Was "Oh my God" I have to do a speech. But please don't worry, this won't take too long. I would like to thank the priest for a lovely service, the priest's boss for keeping an eye out on the weather, and the beautiful bridesmaid. I am also delighted to have my mom, sisters, and brother here today to celebrate this day, one which I hope is the start of many more "happiest days of their life." My sister has given me, and all of my family some incredibly happy and joyous moments over the years. She was a delight to grow up with, and has always provided us with some memorable moments. Having known her all her life I have a huge library of stories to leave her embarrassed and humiliated, but out of respect for her on her big day I have decided not to tell them. So I'm not going to tell you about the milkma...

Carbon Dioxide Emissions

Put the independent variable on the x-axis, put the dependent variable on the y- axis. 3. Label each axis with a quantity and a unit. 4. Give the graph a detailed title that includes the independent variable and the dependent variable. 5. Take a screen shot of the graph and paste it here. Conclusion: 1 . Summarize in one sentence whether or not the changes of the two share a pattern 2. Point out any strange results that may have occurred. Can you explain them? 3. Write a sentence that compares the results to the hypothesis. 4. Explain the conclusion scientifically.This means you interpret the data by explaining what the patterns mean. Use scientific language, and be specific. Do research to find explanations. Cite the sources here. [Remember to write the full source at the end in the Works Cited list. ] 1 . Yes there is a pattern between these two results. As more atmospheric CA, I see that the altitudes of Arctic Ice are decreasing. However, there are some strong winters that make t he melted ice change back to sate in water. But also this effect is starting to get a problem. Strong Winters haven't been occurring much as the sass's. . I had asked Ms Suzanne why the Arctic Ice's extent changes back to ice. She said it's because of the strong winters that occur. Another source I found from the Internet is that strong winters aren't tough as it used to be during 1900 to 1980. 3. More greenhouse gas emissions, sea levels will rise. 4. In conclusion, in the fact that if all the Arctic Ice melts the worlds sea level would rise. However, my hypothesis was wrong. Sea levels wouldn't rise if all the ice in the Arctic would melt. This is because it takes all the world's ice to make sea levels increase.If carbon dioxide emissions get worse the sea's level would rise up to about 62 meters. Atmospheric carbon dioxide can cause more consequences than Just sea level intensities. It can cause extinction for the animals that live in cold climates and the many lives of public he alth will get an impact from greenhouse gas emissions. Therefore, since we can't destroy carbon dioxide we can maybe reduce the fossil fuel combustion and oil productions. We can maybe produce cars that are powered by electricity. 1. This is where you list all the sources you cited in your lab report. . Make sure this list only has sources you already cited in parenthesis 0. 3. Make sure the first word in parentheses is also the first word in the entry on the works cited list. 4. Indent after the first line of each entry. â€Å"Global Warming. † Facts, Causes and Effects of Climate Change. Web. 17 May 2014. Silverman, Jacob. Why Is Arctic Ice Melting 50 Years Too Fast? â€Å"Housework's. Housework. Com, 05 swept. 2007. Web. 18 May 2014. â€Å"Early Warning Signs of Global Warming: Arctic and Antarctic Warming I CUSCUS. † unto of concerned scientists. CUSS. Web. 20 May 2014.Teacher Decision Student Opinion Level descriptor The student is able to: 1-2 collect and presen t data in numerical and/or visual forms accurately interpret data state the validity of a hypothesis based on the outcome of a scientific investigation 3-4 collect and present data in numerical and/or visual forms correctly accurately interpret data and describe results outline the validity of a hypothesis based on the outcome of a scientific investigation 5-6 collect, organize and present data in numerical and/or visual forms correctly accurately interpret data and describe results using scientific reasoning describe the validity of a hypothesis based on the outcome of a scientific investigation 7-8 collect, organize, transform and present data in numerical and/or visual forms correctly accurately interpret data and describe results using correct scientific reasoning discuss the validity of a hypothesis based on the outcome of a scientific investigation Carbon dioxide emissions Carbon dioxide emanations from Annex I states have established since 1990 but are turning quickly in developing states ( non Annex I states ) at a rate of about 4 % per twelvemonth which is reflected in the universe emanations which are turning approximately 600 million dozenss of CO2 per twelvemonth. Carbon dioxide emanations are the dominant constituent of nursery gas emanations, but represented in 2006 merely 69,6 % of the entire emanations. The staying 30.4 % are methane ( CH4 ) , azotic oxide ( N2O ) and fluorinated gases with high planetary warming possible ( GWP ) which are: SF6 ( sulphur hexafluoride ) , HFCs ( hydrofluorcarbons ) and PFCs ( perfluorcarbons ) . ( Figure 4 ) . Normally one expresses GHG emanations in CO2 equivalent. Entire emanations in 2005 were about 45 Gtons of CO2.equivalent of which 30 Gtons of CO2. To cut down CO2 and other GHG emanations became therefore one of the most pressing undertakings we are confronting today. There are two attacks to manage this job:utilize energy more expeditiously, accordingly breathing less CO2 and widening the life of fossil fuels militias.increase the part of renewable energies in the universe energy matrixNational authoritiess every bit good as some sectors of the productive system ( industry, transit, residential and others ) can follow these solutions in differentiated grades.In industrialised states, which have already reached a high degree of energy ingestion â€Å" per capita † , energy efficiency is the â€Å" low hanging fruit † attack that can be more easy implemented. Renewable energies can besides play a important function.In developing states where energy ingestion â€Å" per capita † is low, and the demand for the growing for energies services is inevitable, it can be done integrating early, in the procedure of de velopment, clean and efficient engineerings every bit good as renewable energies, following a different way than that done in the yesteryear by today ‘s industrialised statesWe will discourse hereafter the potency of energy efficiency, renewable energies and emanations merchandising strategies in accomplishing the aims of cut downing nursery gas emanations.RENEWABLE ENERGIESTable I lists the renewable energy used in the universe at the terminal of 2008 by all types of renewable beginnings, every bit good their annual growing rates. Traditional biomass is left out of this tabular array because it is used chiefly in rural countries as cooking fuel or wood coal in ways that are often non renewable, taking to deforestation and dirt debasement Renewables ( including big hydro ) represented, in 2008, about 5 % of the universe? s entire primary energy ingestion but are turning at a rate of 6.3 % per twelvemonth while entire primary energy supply is turning at a smaller rate of about 2 % per twelvemonth. Taking into history the appropriate efficiency and capacity factors* the Numberss in Table I can be converted into the entire primary energy part from renewables ( Table II ) and Figure 6. An extrapolation of the part of renewables up to 2030 on the footing of the rates of growing in the last 10 old ages is shown in Figure 7. To give an thought of the attempt that would be needed to control CO2 emanations up to 2050 the IEA produced late two scenarios of what would be required in footings of renewables in the electricity sector. The consequences are shown in Table III. In the IEA Scenarios atomic energy and coal and gas fired thermic power workss ( with C gaining control and storage CCS ) are included. These Numberss are really big but give an thought of the attempt required to forestall a ruinous clime alteration. The chief policy instruments used to speed up the debut of renewables in the energy system of a figure of states are â€Å" feed in duties † and â€Å" renewable portfolio criterions † ( RPS )â€Å" Feed-in † duties: this is a policy adopted by authoritiess to speed up the debut of renewable energy beginnings in their matrixes. Power companies are obliged to purchase renewable energy from independent manufacturers, at a fixed monetary value above the mean cost of production. These incremental costs of renewable energy over fossil fuels can be transferred to consumers. Germany has had striking success with feed-in duties over the last two decennaries, providing 15 % of its energy demands through renewable beginnings. The German attack involves guaranteed fixed payments for 20 old ages designed to present a net income of 7 to 9 per centum. The rates charged vary by energy beginning and are tied to the cost of production. The rates paid for new contracts decline yea rly, coercing the green energy sector to introduce.Renewable Portfolio Standards: such attack topographic points an duty on electricity supply companies to bring forth a specified fraction of their electricity from renewable energy beginnings ( typically 10-20 % ) . Certified renewable energy generators earn certifications for every unit of electricity they produce and can sell these along with their electricity to provide companies. RPS-type mechanisms have been adopted in the UK, Italy and Belgium, every bit good as in 27 States in the US and the District of Columbia. Regulations vary from province to province, and there is no federal policy. Four of the 27 provinces have voluntary instead than compulsory ends. Together these 27 provinces account for more than 42 per centum of the electricity gross revenues in the state.Renewable energies are being introduced in a important manner in many states peculiarly in Europe in the signifier of distributed generation* ( ) ( largely renewab le ) which seems to be the attack to be used in big graduated table in the hereafter. ( Figure 8 )ENERGY EFFICIENCYThe sum of energy required to supply the energy services needed depends on the efficiency with which the energy is produced, delivered and used. Additions in energy efficiency are normally measured by indexs, one of which is called energy strength and defined as the energy necessary ( E ) per unit of gross domestic merchandise ( GDP ) . I = E/GDP Decrease in the energy strength over clip indicate that the same sum of GDP is obtained with a smaller energy input as shown in Figure 9. In footings of CO2 emanations for the OECD states means a decrease of emanations of approximately 350 million dozenss of CO2 per twelvemonth. The grounds for such diminution are a combination of the undermentioned factors.structural alterations in industrialised and passage states which can come from increased recycling and permutation of energy-intensive stuffs improved material efficiency and intensified usage of lasting and investing goods,displacements to services and less energy-intensive industrial production, andimpregnation effects in the residential and transit sectors ( i.e. , a bound to the figure of autos, iceboxs, telecasting sets, etc. , that a society can absorb ) .Since more than 80 % of the energy used in the universe today comes from fossil fuels the decrease in energy strength is reflected in a decrease in C strength ( I=CO2/GDP ) which is shown in Figure 11. As can be look there is a steady diminution in the C strength in OECD states. In non-OECD states there was besides a diminution but it has stabilized after the twelvemonth 2000. Over the following 20 old ages the sum of primary energy required for a given degree of energy services could be cost-effectively reduced by 25 to 35 per centum in industrialised states. Decreases of more than 40 per centum are cost-effectively accomplishable in transitional economic systems within the following two decennaries. In most developing states? which tend to hold high economic growing and old capital and vehicle stocks? the cost-efficient betterment potency ranges from 30 to more than 45 per centum, comparative to energy efficiencies achieved with bing capital stock. The combined consequence of structural alterations and efficiency betterments could speed up the one-year diminution in energy strength to possibly 2.5 per centum. How much of this potency will be realized depends on the effectivity of policy models and steps, alterations in attitude and behaviour, every bit good as the degree of entrepreneurial activity in energy preservation and material efficiency. Standards ( e.g. , constructing codifications ; intelligent consumers, contrivers, and determination shapers ; motivated operators ; market-based inducements such as certification markets ; and an equal payments system ( ) for energy ) are cardinal to the successful execution of energy efficiency betterments.EMISSIONS TradingIn add-on to national attempts to control GHG emanations through increased energy efficiency steps and the usage of renewable energy beginning trading emanations is a scheme used to command pollution by supplying incentive s for accomplishing decreases in the emanation of pollutants. Usually it is called a? cap and trade? system and the manner is plants is the followers: A cardinal authorization ( normally a authorities or international organic structure ) sets a bound or cap on the sum of a pollutant that can be emitted. Companies or other groups are issued emanation licenses and are required to keep an tantamount figure of allowances ( or credits ) which represent the right to breathe a specific sum. The entire sum of allowances and credits can non transcend the cap, restricting entire emanations to that degree. Companies that need to increase their emanation allowances must purchase credits from those who pollute less. The transportation of allowances is referred to as a trade. In consequence, the purchaser is paying a charge for fouling, while the marketer is being rewarded for holding reduced emanations. An early illustration of an emanation trading system has been the SO2 trading system under the model of the Acid Rain Program of the 1990 Clean Air Act in the U.S. Under the plan, which is basically a cap-and-trade emanations trading system, SO2 emanations were reduced by 50 per centum from 1980 degrees by 2007. Some experts argue that the â€Å" cap and trade † system of SO2 emanations decrease has reduced the cost of commanding acerb rain by every bit much as 80 per centum versus source-by-source decrease? . ( ) At the international degree the Kyoto Protocol ( KP ) adopted in 1997 and which came into force in 2005, binds most developed states to a cap and trade system for the six major nursery gases. In malice of being a signer of the United Nations Framework Convention on Climate Change ( UNFCCC ) , the United States is the lone industrialised state ( i.e. , under the KP Annex I ) which has non ratified and hence is non bound by it. Emission quotas were agreed by each take parting state, with the purpose of cut downing their overall emanations by 5.2 % of their 1990 degrees by the terminal of 2012. Under the Treaty, for the 5-year conformity period from 2008 until 2012, states that emit less than their quota will be able to sell emanation credits to states that exceed their quota through usage of the undermentioned flexibleness mechanisms:Joint Implementation undertakings ( JI )Clean Development Mechanism ( CDM )International Emissions Trading ( IET ) .The 2nd commitment period of the KP, t ogether with a long-run concerted action under the UNFCCC, will be discussed by states at the terminal of 2009.THE EUROPEAN UNION EMISSIONS Trading SCHEME ( EU ETS )The European Union Emission Trading System ( EU ETS ) is the largest multi-national, emanations merchandising strategy in the universe, and is a major pillar of EU clime policy. Under the EU ETS, the authoritiess of the EU Member States agree on national emanation caps which have to be approved by the EU committee, allocate allowances to their industrial operators, path and formalize the existent emanations in conformity against the relevant assigned sum. In the first stage ( 2005-2007 ) , the EU ETS includes some 12,000 installings, stand foring about 40 % of EU CO2 emanations, ( 2.4 billion dozenss of CO2 equivalent ) covering energy activities ( burning installings with a rated thermic input transcending 20 MW, mineral oil refineries, coke ovens, production and processing of ferric metals, mineral industry ( cement cinder, glass and ceramic bricks ) and mush, paper and board activities. The strategy, in which all 15 member provinces that were so members of the European Union participated, nominally commenced operation on January 1st, 2005, although national registers were unable to settle minutess for the first few months. The first trading period of the EU ETS ran for three old ages, from January 1st, 2005 until the terminal of 2007. With its expiration foremost phase allowances became invalid. The end of the test period was chiefly to derive experience with cardinal elements of the trading system in order to hold a to the full operational system for 2008-2012 when conformity with binding decreases would be required under the Kyoto Protocol. ( Table IV ) The monetary value of allowances increased more or less steadily to its peak degree in April 2006 of approximately? 30 per metric ton CO2, but fell in May 2006 to under? 10/ton on intelligence that some states were likely to give their industries such generous emanation caps that there was no demand for them to cut down emanations. When the publication of 2005 verified emanations informations in May 2006 highlighted this over-allocation, the market reacted by well take downing the monetary value of allowances. Monetary values dropped sharply to? 1.2 a metric ton in March 2007, worsening to? 0.10 in September 2007, because allowances could non be carried over or? banked? and used in the following trading period. Although the first stage ended disastrously, because the allowances could non be banked to the following stage, it did non impact on the monetary values for contracts for 2008, the first twelvemonth of the 2nd stage. Market participants knew already in 2007 that stage II would be more rigorous in relation to the cap and less indulgent in relation to allowances, which explains the high monetary values for 2008 allowances. The first EU ETS Trading Period expired in December 2007. Since January 2008, the 2nd Trading Period is under manner which will last until December 2012. Presently, the installings get the allowances for free from the EU member provinces ‘ authoritiess. Besides having this initial allotment on a plant-by-plant footing, an operator may buy EU allowances from others ( installings, bargainers, the authorities ) . In January 2008, the European Commission proposed a figure of alterations to the strategy, including centralized allotment ( no more national allotment programs ) by an EU authorization, a bend to auctioning a greater portion ( 60+ % ) of licenses instead than apportioning freely, and inclusion of other nursery gases, such as azotic oxide and per-fluorocarbons. These alterations are still in a bill of exchange phase ; the mentioned amendments are merely likely to go effectual from January 2013 onwards, i.e. in the 3rd Trading Period under the EU ETS. Besides, the proposed caps for the 3rd Trading Period foresee an overall decrease of nursery gases for the sector of 21 % in 2020 compared to 2005 emanations. The EU ETS has late been extended to the air hose industry every bit good, but these alterations will non take topographic point until 2012. In add-on, the 3rd trading period will be both more economically efficient and environmentally effectual. It will be more efficient because trading periods will be longer ( 8 old ages alternatively of 5 old ages ) , and a significant addition in the sum of auctioning ( from less than 4 % in stage 2 to more than half in stage 3 ) . The environmental effectivity will be guaranteed by a robust and yearly worsening emanations cap ( 21 % decrease in 2020 compared to 2005 ) and a centralised allotment procedure within the European Commission. A robust â€Å" secondary † market for C certifications exists through which investors bank on the future value of the EU ETS certifications altering many times. However the ETS doesn? T include conveyance, therefore this action is limited to industrial procedure and energy sector.Joint IMPLEMENTATION ( JI )Joint execution is one of flexibleness mechanisms set Forth in the Kyoto Protocol to assist states with binding nursery gas emanations marks ( alleged Annex I states ) meet their duties. In this mechanism any Annex I states can put in emanation decrease undertakings ( referred to as â€Å" Joint Implementation Projects † ) in any other Annex I state as an option to cut downing emanations domestically. In this manner states can take down the costs of following with their Kyoto marks by puting in nursery gas decreases in an Annex I state where decreases are cheaper, and so using the recognition for those decreases towards their committedness end. The procedure of having recognition for JI undertakings is slightly complex. Emission decreases are awarded credits called Emission Reduction Units ( ERUs ) , where one ERU represents an emanation decrease bing one metric ton of CO2 equivalent. The ERUs come from the host state ‘s pool of assigned emanations credits, known as Assigned Amount Units, or AAUs ( ) . After a long preparatory procedure JI undertakings began to take form. As of June 2009, 207 undertakings have been submitted. If all implemented they will take to emanations decrease of 338,048 million times CO2 equivalent in the period 2008-2012. The great bulk of the undertakings are in the Russian Federation and Eastern European states. The figure of JI undertakings by type is given in Figure 14. So far the lone certifications issued ( ERUs ) emanations decrease units are 651 thousand CO2 equivalent for coal bed/mine methane.CLEAN DEVELOPMENT MECHANISM ( CDM )The Clean Development Mechanism is an agreement under the Kyoto Protocol leting industrialised states with a nursery gas decrease committedness ( called Annex B states ) to put in undertakings that cut down emanations in developing states as an option to more expensive emanation decreases in their ain states. A important characteristic of an sanctioned CDM C undertaking is that it has established that the planned decreases would non happen without the extra inducement provided by emanation decreases credits, a construct known as â€Å" additionality † . The CDM allows cyberspace planetary nursery gas emanations to be reduced at a much lower planetary cost by financing emanations decrease undertakings in developing states where costs are lower than in industrialised states. The CDM is supervised by the CDM Executive Board ( CDM EB ) and is under the counsel of the Conference of the Parties ( COP/MOP ) of the United Nations Framework Convention on Climate Change ( UNFCCC ) . By June 1 2009, 4,417 undertakings have been submitted which if all implemented correspond to 2,931,813 million dozenss of CO2 equivalent. It represents approximately 1 % of the entire necessary attempt to control GHG emanations until 2050. Approximately 75 % of the CDM undertakings are in China. In contrast to emanations merchandising strategies which are actively traded in the stock market JI and CDM are project-based dealing.THE STIMULUS PACKAGEA important sum of the stimulus bundle adopted by a figure of authoritiess to confront the fiscal crisis of 2007/2008 is made of investings in so called? green? activities. They amount to 6 % of the entire recovery bundles announced by authoritiess ( US $ 184.9billion dollars ) . ( Figure 17 ) China and the US remain the leaders, in nominal footings, of the green stimulation activities, allowing US $ 68.7 billion and US $ 66.6 billion severally. The sector break-down shows that energy efficiency ( Figure 18 ) remains at the bosom of the low-carbon financial stimulations. Accounting for every bit much as 36 % of the entire US $ 184.9 billion, the sector will have a encouragement of some US $ 65.7 billion globally, chiefly via edifice efficiency undertakings. In add-on to that, US $ 7.9 billion has been announced for research and development in energy efficiency. The 2nd major victor is electricity grid substructure. More than US $ 48.7 billion has been earmarked for its development and ascent, accounting for some 26 % of the entire financess. The Department of Energy has already disbursed US $ 41.9 million in grants for fuel cell energy undertakings. Furthermore, US $ 101.5 million has been directed to weave energy research and elaborate programs have been disclosed on US $ 2.4 billion to be spent on C gaining control and storage and US $ 4 billion for grid ascents. Detailss of about US $ 1.3 billion, out of US $ 2 billion to back up energy scientific discipline research, have besides been confirmed and there are now merely some US $ 725 million staying to be allocated.