The Financial System of Bangladesh

Overview of Financial system of Bangladesh The financial system of Bangladesh is comprised of three broad fragmented sectors: 1. Formal Sector, 2. Semi-Formal Sector, 3. Informal Sector. The sectors have been categorized in accordance with their degree of regulation. The formal sector includes all regulated institutions like Banks, Non-Bank Financial Institutions (FIs), Insurance Companies, Capital Market Intermediaries like Brokerage Houses, Merchant Banks etc. ; Micro Finance Institutions (MFIs).The semi formal sector includes those institutions which are regulated otherwise but do not fall under the jurisdiction of Central Bank, Insurance Authority, Securities and Exchange Commission or any other enacted financial regulator. This sector is mainly represented by Specialized Financial Institutions like House Building Finance Corporation (HBFC), Palli Karma Sahayak Foundation (PKSF), Samabay Bank, Grameen Bank etc. , Non Governmental Organizations (NGOs and discrete government progra ms. About financial MarketThe financial market in Bangladesh is mainly of following types: 1. Money Market: The primary money market is comprised of banks, FIs and primary dealers as intermediaries and savings & lending instruments, treasury bills as instruments. There are currently 15 primary dealers (12 banks and 3 FIs) in Bangladesh. The only active secondary market is overnight call money market which is participated by the scheduled banks and FIs. The money market in Bangladesh is regulated by Bangladesh Bank (BB), the Central Bank of Bangladesh. . Capital market: The primary segment of capital market is operated through private and public offering of equity and bond instruments. The secondary segment of capital market is institutionalized by two (02) stock exchanges-Dhaka Stock Exchange and Chittagong Stock Exchange. The instruments in these exchanges are equity securities (shares), debentures, corporate bonds and treasury bonds. The capital market in Bangladesh is governed by Securities and Commission (SEC). 3.Foreign Exchange Market: Towards liberalization of foreign exchange transactions, a number of measures were adopted since 1990s. Bangladeshi currency, the taka, was declared convertible on current account transactions (as on 24 March 1994), in terms of Article VIII of IMF Article of Agreement (1994). As Taka is not convertible in capital account, resident owned capital is not freely transferable abroad. Repatriation of profits or disinvestment proceeds on non-resident FDI and portfolio investment inflows are permitted freely.Direct investments of non-residents in the industrial sector and portfolio investments of non-residents through stock exchanges are repatriable abroad, as also are capital gains and profits/dividends thereon. Investment abroad of resident-owned capital is subject to prior Bangladesh Bank approval, which is allowed only sparingly. Bangladesh adopted Floating Exchange Rate regime since 31 May 2003. Under the regime, BB does not interfere in the determination of exchange rate, but operates the monetary policy prudently for minimizing extreme swings in exchange rate to avoid adverse repercussion on the domestic economy.The exchange rate is being determined in the market on the basis of market demand and supply forces of the respective currencies. In the forex market banks are free to buy and sale foreign currency in the spot and also in the forward markets. However, to avoid any unusual volatility in the exchange rate, Bangladesh Bank, the regulator of foreign exchange market remains vigilant over the developments in the foreign exchange market and intervenes by buying and selling foreign currencies whenever it deems necessary to maintain stability in the foreign exchange market.Regulators of the Financial System Central Bank Bangladesh Bank acts as the Central Bank of Bangladesh which was established on December 16, 1972 through the enactment of Bangladesh Bank Order 1972- President’s Order No. 127 o f 1972 (Amended in 2003). The general superintendence and direction of the affairs and business of BB have been entrusted to a 9 members' Board of Directors which is headed by the Governor who is the Chief Executive Officer of this institution as well. BB has 40 departments and 9 branch offices.In Strategic Plan (2010-2014), the vision of BB has been stated as, â€Å"To develop continually as a forward looking central bank with competent and committed professionals of high ethical standards, conducting monetary management and financial sector supervision to maintain price stability and financial system robustness, supporting rapid broad based inclusive economic growth, employment generation and poverty eradication in Bangladesh†. The main functions of BB are (Section 7A of BB Order, 1972) – 1. to formulate and implement monetary policy; 2. o formulate and implement intervention policies in the foreign exchange market; 3. to give advice to the Government on the interact ion of monetary policy with fiscal and exchange rate policy, on the impact of various policy measures on the economy and to propose legislative measures it considers necessary or appropriate to attain its objectives and perform its functions; 4. to hold and manage the official foreign reserves of Bangladesh; 5. to promote, regulate and ensure a secure and efficient payment system, including the issue of bank notes; 6. o regulate and supervise banking companies and financial institutions. Core Policies of Central Bank Monetary policy The main objectives of monetary policy of Bangladesh Bank are: †¢Price stability both internal & external †¢Sustainable growth & development †¢High employment †¢Economic and efficient use of resources †¢Stability of financial & payment system Bangladesh Bank declares the monetary policy by issuing Monetary Policy Statement (MPS) twice (January and July) in a year.The tools and instruments for implementation of monetary policy in Bangladesh are Bank Rate, Open Market Operations (OMO), Repurchase agreements (Repo) & Reverse Repo, Statutory Reserve Requirements (SLR & CRR). Reserve Management Strategy Bangladesh Bank maintains the foreign exchange reserve of the country in different currencies to minimize the risk emerging from widespread fluctuation in exchange rate of major currencies and very irregular movement in interest rates in the global money market.BB has established Nostro account arrangements with different Central Banks. Funds accumulated in these accounts are invested in Treasury bills, repos and other government papers in the respective currencies. It also makes investment in the form of short term deposits with different high rated and reputed commercial banks and purchase of high rated sovereign/supranational/corporate bonds. A separate department of BB performs the operational functions regarding investment which is guided by investment policy set by the BB's Investment Committee headed by a Deputy Governor.The underlying principle of the investment policy is to ensure the optimum return on investment with minimum market risk. Interest Rate Policy Under the Financial sector reform program, a flexible interest policy was formulated. According to that, banks are free to charge/fix their deposit (Bank /Financial Institutes) and Lending (Bank /Financial Institutes) rates other than Export Credit. At present, except Pre-shipment export credit and agricultural lending, there is no interest rate cap on lending for banks.Yet, banks can differentiate interest rate up to 3% considering comparative risk elements involved among borrowers in same lending category. With progressive deregulation of interest rates, banks have been advised to announce the mid-rate of the limit (if any) for different sectors and the banks may change interest 1. 5% more or less than the announced mid-rate on the basis of the comparative credit risk. Banks upload their deposit and lending interest rate in their respective website. Capital Adequacy for Banks and FIsWith a view to strengthening the capital base of banks & FIs, Basel-II Accord has been introduced in both of these sectors. For banks, full implementation of Basel-II was started in January 01, 2010 (Guidelines on Risk Based Capital Adequacy for banks). Now, scheduled banks in Bangladesh are required to maintain Tk. 4 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. For FIs, full implementation of Basel-II has been started in January 01, 2012 (Prudential Guidelines on Capital Adequacy and Market Discipline (CAMD) for Financial Institutions).Now, FIs in Bangladesh are required to maintain Tk. 1 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. Deposit Insurance The deposit insurance scheme (DIS) was introduced in Bangladesh in August 1984 to act as a safety net for the depositors. All the scheduled banks Bangladesh are the member of this scheme Bank Deposit Insurance A ct 2000. The purpose of DIS is to help to increase market discipline, reduce moral hazard in the financial sector and provide safety nets at the minimum cost to the public in the event of bank failure.A Deposit Insurance Trust Fund (DITF) has also been created for providing limited protection (not exceeding Taka 0. 01 million) to a small depositor in case of winding up of any bank. The Board of Directors of BB is the Trustee Board for the DITF. BB has adopted a system of risk based deposit insurance premium rates applicable for all scheduled banks effective from January – June 2007. According to new instruction regarding premium rates, problem banks are required to pay 0. 09 percent and private banks other than the problem banks and state owned commercial banks are required to pay 0. 7 percent where the percent coverage of the deposits is taka one hundred thousand per depositor per bank. With this end in view, BB has already advised the banks for bringing DIS into the notice of the public through displaying the same in their display board. Insurance Authority Insurance Development and Regulatory Authority (IDRA) was instituted on January 26, 2011 as the regulator of insurance industry being empowered by Insurance Development and Regulatory Act, 2010 by replacing its predecessor, Chief Controller of Insurance.This institution is operated under Ministry of Finance and a 4 member executive body headed by Chairman is responsible for its general supervision and direction of business. IDRA has been established to make the insurance industry as the premier financial service provider in the country by structuring on an efficient corporate environment, by securing embryonic aspiration of society and by penetrating deep into all segments for high economic growth.The mission of IDRA is to protect the interest of the policy holders and other stakeholders under insurance policy, supervise and regulate the insurance industry effectively, ensure orderly and systematic growth of the insurance industry and for matters connected therewith or incidental thereto. Regulator of Capital Market Intermediaries Securities and Exchange Commission (SEC) performs the functions to regulate the capital market intermediaries and issuance of capital and financial instruments by public limited companies.It was established on June 8, 1993 under the Securities and Exchange Commission Act, 1993. A 5 member commission headed by a Chairman has the overall responsibility to administer securities legislation and the Commission is attached to the Ministry of Finance. The mission of SEC is to protect the interests of securities investors, to develop and maintain fair, transparent and efficient securities markets and to ensure proper issuance of securities and compliance with securities laws. The main functions of SEC are: †¢Regulating the business of the Stock Exchanges or any other securities market. Registering and regulating the business of stock-brokers, sub-broke rs, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market. †¢Registering, monitoring and regulating of collective investment scheme including all forms of mutual funds. †¢Monitoring and regulating all authorized self regulatory organizations in the securities market. †¢Prohibiting fraudulent and unfair trade practices in any securities market. Promoting investors’ education and providing training for intermediaries of the securities market. †¢Prohibiting insider trading in securities. †¢Regulating the substantial acquisition of shares and take-over of companies. †¢Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the Stock Exchanges and intermediaries and any self regulatory organization in the securities market. †¢Conducting researc h and publishing information. Regulator of Micro Finance InstitutionsTo bring Non-government Microfinance Institutions (NGO-MFIs) under a regulatory framework, the Government of Bangladesh enacted â€Å"Microcredit Regulatory Authority Act, 2006’† (Act no. 32 of 2006) which came into effect from August 27, 2006. Under this Act, the Government established Microcredit Regulatory Authority (MRA) with a view to ensuring transparency and accountability of microcredit activities of the NGO-MFIs in the country. The Authority is empowered and responsible to implement the said act and to bring the microcredit sector of the country under a full-fledged regulatory framework.MRA’s mission is to ensure transparency and accountability of microfinance operations of NGO-MFIs as well as foster sustainable growth of this sector. In order to achieve its mission, MRA has set itself the task to attain the following goals: †¢To formulate as well as implement the policies to ensu re good governance and transparent financial systems of MFIs. †¢To conduct in-depth research on critical microfinance issues and provide policy inputs to the government consistent with the national strategy for poverty eradication. To provide training of NGO-MFIs and linking them with the broader financial market to facilitate sustainable resources and efficient management. †¢To assist the government to build up an inclusive financial market for economic development of the country. †¢To identify the priorities in the microfinance sector for policy guidance and dissemination of information to attain the MRA’s social responsibility. According to the Act, the MRA will be responsible for the three primary functions that will need to be carried out, namely: †¢Licensing of MFIs with explicit legal powers; Supervision of MFIs to ensure that they continue to comply with the licensing requirements; and †¢Enforcement of sanctions in the event of any MFI failing to meet the licensing and ongoing supervisory requirements. Banks After the independence, banking industry in Bangladesh started its journey with 6 Nationalized commercialized banks, 2 State owned Specialized banks and 3 Foreign Banks. In the 1980's banking industry achieved significant expansion with the entrance of private banks.Now, banks in Bangladesh are primarily of two types: †¢Scheduled Banks: The banks which get license to operate under Bank Company Act, 1991 (Amended in 2003) are termed as Scheduled Banks. †¢Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks. There are 47 scheduled banks in Bangladesh who operate under full control and supervision f Bangladesh Bank which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991. S cheduled Banks are classified into following types: †¢State Owned Commercial Banks (SOCBs): There are 4 SOCBs which are fully or majorly owned by the Government of Bangladesh. Nationalized Commercial Bank of Bangladesh: †¢Sonali Bank †¢Agrani Bank †¢Rupali Bank †¢Janata Bank †¢ †¢Specialized Banks (SDBs): 9 specialized banks are now operating which were established for specific objectives like agricultural or industrial development. These banks are also fully or majorly owned by the Government of Bangladesh. . Karmasangsthan Bank 2. Bangladesh Krishi Bank 3. Rajshahi Krishi Unnayan Bank 4. Progoti Co-operative Landmortgage Bank Limited (Progoti BanK) 5. Grameen Bank 6. Bangladesh Development Bank Ltd 7. Bangladesh Somobay Bank Limited(Cooperative Bank) 8. Ansar VDP Unnyan Bank 9. BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited †¢ †¢Private Commercial Banks (PCBs): There are 37 private commercial banks which are m ajorly owned by the private entities. PCBs can be categorized into two groups: 1. United Commercial Bank Limited 2. Mutual Trust Bank Limited 3. BRAC Bank Limited . Eastern Bank Limited 5. Dutch-Bangla Bank Limited 6. Dhaka Bank Limited 7. Islami Bank Bangladesh Ltd 8. Uttara Bank Limited 9. Pubali Bank Limited 10. IFIC Bank Limited 11. National Bank Limited 12. The City Bank Limited 13. NCC Bank Limited 14. Mercantile Bank Limited 15. Prime Bank Limited 16. Southeast Bank Limited 17. Al-Arafah Islami Bank Limited 18. Social Islami Bank Limited 19. Standard Bank Limited 20. One Bank Limited 21. Exim Bank Limited 22. Bangladesh Commerce Bank Limited 23. First Security Islami Bank Limited 24. The Premier Bank Limited 25. Bank Asia Limited 26.Trust Bank Limited 27. Shahjalal Islami Bank Limited 28. Jamuna Bank Limited 29. ICB Islamic Bank 30. AB Bank 31. Social Investment Bank Ltd 32. Union Bank 33. Modhumati Bank 34. The Farmers' Bank 35. Midland Bank 36. Meghna Bank 37. South Bangla Agriculture and Commerce Bank †¢Conventional PCBs: 23 conventional PCBs are now operating in the industry. They perform the banking functions in conventional fashion interest based operations. †¢Islami Shariah based PCBs: There are 7 Islami Shariah based PCBs in Bangladesh and they execute banking activities according to Islami Shariah based principles i. . Profit-Loss Sharing (PLS) mode. . †¢Foreign Commercial Banks (FCBs): 10 FCBs are operating in Bangladesh as the branches of the banks which are incorporated in abroad. 10 foreign commercial banks are operating in Bangladesh. These are – 1. Citibank 2. HSBC 3. Standard Chartered Bank 4. Commercial Bank of Ceylon 5. State Bank of India 6. Habib Bank Limited 7. National Bank of Pakistan 8. Woori Bank 9. Bank Alfalah 10. ICICI Bank There are now 4 non-scheduled banks in Bangladesh which are: †¢Ansar VDP Unnayan Bank, †¢Karmashangosthan Bank, †¢Probashi Kollyan Bank, †¢Jubilee Bank FIsNon Bank Financial Institutions (FIs) are those types of financial institutions which are regulated under Financial Institution Act, 1993 and controlled by Bangladesh Bank. Now, 31 FIs are operating in Bangladesh while the maiden one was established in 1981. Out of the total, 2 is fully government owned, 1 is the subsidiary of a SOCB, 13 were initiated by private domestic initiative and 15 were initiated by joint venture initiative. Major sources of funds of FIs are Term Deposit (at least six months tenure), Credit Facility from Banks and other FIs, Call Money as well as Bond and Securitization.The major difference between banks and FIs are as follows: †¢FIs cannot issue cheques, pay-orders or demand drafts. †¢FIs cannot receive demand deposits, †¢FIs cannot be involved in foreign exchange financing, †¢FIs can conduct their business operations with diversified financing modes like syndicated financing, bridge financing, lease financing, securitization instruments, privat e placement of equity etc. Capital market After the independence, establishment of Dhaka Stock Exchange (formerly East Pakistan Stock Exchange) initiated the pathway of capital market intermediaries in Bangladesh.In 1976, formation of Investment Corporation of Bangladesh opened the door of professional portfolio management in institutional form. In last two decades, capital market witnessed number of institutional and regulatory advancements which has resulted diversified capital market intermediaries. At present, capital market intermediaries are of following types: 1. Stock Exchanges: Apart from Dhaka Stock Exchange, there is another stock exchange in Bangladesh that is Chittagong Stock Exchange established in 1995. 2.Central Depository: The only depository system for the transaction and settlement of financial securities, Central Depository Bangladesh Ltd (CDBL) was formed in 2000 which conducts its operations under Depositories Act 1999, Depositories Regulations 2000, Depository (User) Regulations 2003, and the CDBL by-laws. 3. Stock Dealer/Sock Broker: Under SEC (Stock Dealer, Stock Broker & Authorized Representative) Rules 2000, these entities are licensed and they are bound to be a member of any of the two stock exchanges. At present, DSE and CSE have 238 and 136 members respectively. . Merchant Banker & Portfolio Manager: These institutions are licensed to operate under SEC (Merchant Banker & Portfolio Manager Rules) 1996 and 45 institutions have been licensed by SEC under this rules so far. 5. Asset Management Companies (AMCs): AMCs are authorized to act as issue and portfolio manager of the mutual funds which are issued under SEC (Mutual Fund) Rules 2001. There are 15 AMCs in Bangladesh at present. 6. Credit Rating Companies (CRCs): CRCs in Bangladesh are licensed under Credit Rating Companies Rules, 1996 and now, 5 CRCs have been accredited by SEC. 7.Trustees/Custodians: According to rules, all asset backed securitizations and mutual funds must have an accredited trusty and security custodian. For that purpose, SEC has licensed 9 institutions as Trustees and 9 institutions as custodians. 8. Investment Corporation of Bangladesh (ICB): ICB is a specialized capital market intermediary which was established in 1976 through the ordainment of The Investment Corporation of Bangladesh Ordinance 1976. This ordinance has empowered ICB to perform all types of capital market intermediation that fall under jurisdiction of SEC. ICB has three subsidiaries: 8. 1.ICB Capital Management Ltd. , 8. 2. ICB Asset Management Company Ltd. , 8. 3. ICB Securities Trading Company Ltd. Insurance Insurance sector in Bangladesh emerged after independence with 2 nationalized insurance companies- 1 Life & 1 General; and 1 foreign insurance company. In mid 80s, private sector insurance companies started to enter in the industry and it got expanded. Now days, 62 companies are operating under Insurance Act 2010. Out of them- †¢18 are Life Insurance Compani es including 1 foreign company and 1 is state-owned company, †¢44 General Insurance Companies including 1 state-owned company.Insurance companies in Bangladesh provide following services: 1. Life insurance, 2. General Insurance, 3. Reinsurance, 4. Micro-insurance, 5. Takaful or Islami insurance. Micro Finance Institutions (MFIs) The member-based Microfinance Institutions (MFIs) constitute a rapidly growing segment of the Rural Financial Market (RFM) in Bangladesh. Microcredit programs (MCP) in Bangladesh are implemented by various formal financial institutions (nationalized commercial banks and specialized banks), specialized government organizations and Non-Government Organizations (NGOs).The growth in the MFI sector, in terms of the number of MFI as well as total membership, was phenomenal during the 1990s and continues till today. Despite the fact that more than a thousand of institutions are operating microcredit programs, but only 10 large Microcredit Institutions (MFIs) a nd Grameen Bank represent 87% of total savings of the sector and 81% of total outstanding loan of the sector. Through the financial services of microcredit, the poor people are engaging themselves in various income generating activities and around 30 million poor people are directly benefited from microcredit programs.Credit services of this sector can be categorized into six broad groups: i) general microcredit for small-scale self employment based activities, ii) microenterprise loans, iii) loans for ultra poor, iv) agricultural loans, v) seasonal loans, and vi) loans for disaster management. Currently, 599 institutions (as of October 10 2011) have been licensed by MRA to operate Micro Credit Programs. But, Grameen Bank is out of the jurisdiction of MRA as it is operated under a distinct legislation- Grameen Bank Ordinance, 1983. Recent Developments in Financial Sector of BangladeshAutomation and Technological Development: Banking sector experienced remarkable progress in respect of automation in functioning in last several years. For the pro-active and forward-visioning approach of Bangladesh Bank, numbers of automation initiatives have been implemented in banking sector. These initiatives include: †¢To create a disciplined environment for borrowing, the automated Credit Information Bureau (CIB) service provides credit related information for prospective and existing borrowers. With this improved and efficient system, risk management will be more effective.Banks and financial institutions may furnish credit information to CIB database 24 by 7 around the year; and they can access credit reports from CIB online instantly. †¢L/C Monitoring System has been introduced for preservation and using the all necessary information regarding L/C by the banks through BB website. This system allows the authorized users of banks to upload and download their L/C information. †¢ In terms of article 36(3) of Bangladesh Bank Order, 1972, all scheduled banks are subject to submit Weekly Statement of Position as at the close of business on every Thursday to the Department of Off-site Supervision.This statement now is submitted through on-line using the web upload service of BB website within o3 (three) working days after the reporting date which is much more time and labor efficient that the earlier manual system. †¢The e-Returns service has been introduced which is An Online Portal Service for Scheduled Banks to submit Electronic Returns using predefined template for the purpose of Macro Economy Analysis through related BB Departments. †¢Online Export Monitoring System is used for monitoring export of Bangladesh. Through this service, Banks and AD Branches of Banks issue & reports export report. Bangladesh Automated Clearing House (BACH) started to work by replacing the ancient manual clearing system which allows the inter-bank cheques and similar type instruments to be to settled in instant manner. †¢Electronic Fund Transfer (EFT) has been introduced which facilitates the banks to make bulk payments instantly and using least paper and manpower. †¢The initiation of Mobile Banking has been one of the most noteworthy advancement in banking. Through this system, franchises of banks through mobile operators can provide banking service to even the remotest corner of the country. Almost every commercial bank is now using their own core banking solution which has made banking very faster and efficient. Usage of plastic money has much more increased in daily life transactions. Full or partial online banking is now being practiced by almost every bank. Inauguration of internet trading in both of the bourses (DSE & CSE) in the country is the most significant advancement for capital market in last several years. Micro Finance Institutions submit their reports to the regulator through the Online Report Submission Tools for MFIs. Institutional Development:Through the Central Bank Strengthening Project, there ha ve been a good number of achievements regarding the institutional development in BB which can be observed below: †¢The implementation of Enterprise Resource Planning (ERP) has been a big step in automation of operational structure of BB. †¢The establishment of Enterprise Data Warehouse (under process) will bring the whole banking and FI industry under a single network through which data sharing, reporting and supervision will enter in a new horizon. †¢Bangladesh Bank now possesses the most informative and resourceful website of the country regarding economic and financial information. Internal networking system with required online communication facilities have been developed and in operation for the officers of BB. †¢BB has hosted number of international seminars on different economic and financial issues over last several years. MRA was established in 2006 for bringing NGO-MFIs under supervision. For the pro active role of MRA, this sector (MFI) is now in a goo d shape regarding the accountability and regulation. For abolishing anomaly and fetching discipline in insurance industry, IDRA was established in 2011.In one year, IDRA has taken number of appreciable steps to regularize this industry. After the massive crash of local bourses in 2010-2011, the executive body of SEC was redesigned in full and some good results have come after that. Regulatory Development: Banking and FI industries have experienced diversified regulatory development over last few years: †¢Full implementation of Basel-II (International capital adequacy standard) accord has been in effect in both banking and FI industry. †¢Guidelines on Environmental and Climate Change Risk Management for banks and FIs have been circulated.Policy guidelines on Green Banking also have been issued. †¢Guidelines on Stress Testing for banks and FIs have been issued which is aimed to assess the resilience of banks and FIs under different adverse situations. †¢Number of P olicy initiatives for Financial Inclusion has been undertaken. †¢Banks have been asked to build up separate Risk Management Unit for comprehensive and intensive risk management. †¢Banks have been instructed to create separate subsidiary for capital market operations and capital market operations of banks are now minutely monitored. Supervision has been intensified to increase the participation of banks in Corporate Social Responsibility (CSR). †¢For the efficient and timely action of BB, foreign exchange reserve of Bangladesh did not face any adversity during global financial turmoil of 2007-09. †¢To meet international standard on Anti Money Laundering (AML)/Combating Financing of Terrorism (CFT) issues, guidelines for Money Changers, Insurance Companies and Postal Remittance have already been circulated. SEC has updated Public Issue Rules, 2006 and Mutual Fund Rules, 2001.Apart from that, numbers of AMCs, merchant banks and are Mutual Funds are permitted by SEC which has increased the participation of institutional investors. The trend of capital market research has been upward which indicates the potential of analytical investment decision. Insurance Act 2010 was formulated to meet demand of concurrent time for shifting the insurance industry in a better shape. Apart from that, several initiatives have been undertaken by IDRA for prohibiting the malpractices in the industry regarding insurance commission, agent, premium etc and corporate governance issues.Banks As on June 2011 Deposits AdvancesTotal Capital*No. of Branches 4115855. 50 Million3212848. 70 Million461697. 00 Million7772 FIs As on December 2010 Deposits Loans and leasesAssetsShare Capital & ReserveNo. of Branches 94374. 80 Million321284. 87 Million251527. 34 Million44689. 29 Million115 Insurance As on December 2009 AssetShare CapitalReserve Life Insurance118020. 15 Million1245. 54 Million106098. 88 Million Non-Life Insurance42622. 90 Million6653. 83 Million12133. 30 Million Ca pital MarketMarket Capitalization of Dhaka Stock Exchange As on September 2011 All Listed Securities2,782,901Million All Listed Companies Shares2,202,274 Million All Listed Mutual Funds35,733 Million All Debentures576 Million All Listed Govt. T-Bonds537,381 Million All Listed Corporate Bonds6,937 Million MFIs As on June 2009 Total Outstanding Number of ClientsNumber of BorrowersNo. of Branches 1,21,881. 85 Million24. 77 Million19. 50Million 18,022 * Sum of Tier-I, Tier-II and Tier-II Capital Components Related article: Padma Bridge

Othello study question

There are three mall reasons for why Ago hates Othello. The first being that Ago deeply believes that there used to be an affair between his wife Email and Othello. While there is no actual evidence to support the affair, the fact that Ago believes it happened supports the fact that he is very paranoid and might be searching for reasons to hate Othello. The second is that Othello denied Ago a promotion he believes he very much deserved.The fact that Othello gives the promotion to Cassia is what leads Ago to take out revenge on both. The third (and most obvious reason to me) Is the simple fact that Othello Is a Moor (black) and Ago Is angry act the fact Othello has authority over him and is praised by the other characters. On line 1. 3. 322, Ago meant that we get to choose who we want to be and that whatever we nurture becomes our nature. Ago chose to warn Othello because he is two-faced and wants to remain on Othello side just long enough to take him down. . Line 1. 2. 60, spoken by Othello, means that neither Barbarian or Ordering had ever drawn there swords before. Othello is mocking them because they are both inexperienced and are pulling out shiny new swords against a great warrior. Act 2 1 . Ago (who we all know to be a sexist by now) Is very cynical towards females and views them all as meaningless. We can tell from way he treats his wife that he Is unappreciative of women. He Is also very critical and engrave towards all women, believing them to be nothing but deceptive.On line Ago describes women as being â€Å"pictures out of doors, bells in your parlors, wildcats in your kitchens, saints in your injuries, devils being offended, Players in your housewife, and housewives in your beds† (all deceptive and unfaithful creatures). . Shakespeare reveals Sago's true character through soliloquies because they give Ago a chance to actually be honest outside of his deceptive character in the main story.This is where the dramatic irony of the drama comes fr om. Sago's soliloquies also further the motif of the contrast between light and darkness (Ago revealing in his soliloquies the darkness of his heart matches the darkness of Othello skin, making them opposites Inside and out and how most of lagans evil plans are set Into motion at night, the physical representation of Sago's Inner personality). All of this

Perasuasive Sales Letter Essay

This short letter revolves around one important point: blood donated for infusions can be stored for no longer than 72 hours, after which it will be discarded. This means that people are in serious danger of dying depend on the daily efforts of all Americans who donate blood to save them. Today, the situation is critical because national supplies stored at Red Cross have dropped to dangerously low levels. This means that many people may not survive for very long once they get into a traffic accident or collapse because of a health problem. Luckily for them, professionals from the Red Cross over the years have developed impressive expertise in finding, processing and using donated blood. More importantly, they have developed an effective way to raise interest in blood donation through initiatives such as Blood Mobile. An impressive example of a life saved is that of five-year-old Melissa who was diagnosed with multiple congenital heart defects at birth, which caused her first open-heart surgery a week after her birth. To this point, her life has depended on using donor bloods that keeps her alive. Without 50 units of blood donated by different people, she would not have overcome her illness and survive till this day. The effort to collect blood for transfusions is going around the nation: restaurants, company offices, even beauty parlors – quite a wide range of businesses have already hosted Red Cross blood drives. The Pechanga Casino Entertainment Center can also make a serious contribution to the ongoing donation effort by hosting a Red Cross Blood Drive. By doing so, we will undoubtedly be able to gather large amount of blood, helping many people to cope with their illness. The mission of this campaign is clear and appealing. It consists in delivering donors’ blood to those patients who need it urgently. In doing so, the casino will attract people who qualify for blood donation. To be eligible for take part, one has to be over 17 years of age and weigh no less than 110 pounds. I am sure that a large number of people who meet these criteria as well as their friends and relatives will be willing to come to our casino to participate in the noble effort. Today, we can help thousands of people in urgent need of blood supply through a simple, yet effective effort. The Pechanga Casino Entertainment Center can organize a Red Cross Blood Drive, and I will be more than happy to lead the effort. Given my past experience in organising Toys for tots drive last year, I feel confident in handling the promotion for the event, especially since I know the Red Cross will supply plenty of materials to help in the organizing process. We can make a contribution to saving thousands of lives through hosting this event, a contribution that will improve our corporate image in this locality and beyond. In the words of Melissa’s mother, we can â€Å"give a piece of themselves† to help those in whose position we can find ourselves at some point. I am positive that many employees will share my enthusiasm for the event. I also have trust that the community will not let this event pass unnoticed and will regard the organisation that initiated it with high esteem. You can assess for yourselves the promises it holds for the growth of our business.

Employee empowerment Term Paper Example | Topics and Well Written Essays - 2500 words

Employee empowerment - Term Paper Example Empowering the employees makes the employees largely responsible for their actions to the company and thus helps in enhancing the productivity of the people. The practice of empowering the employees to perform the different tasks in an independent manner is observed to in fact change the existing polices and rules of the company making it adaptable to external demands. Empowerment of employees to take responsibilities does not only help in enhancing their productivity but rather makes them further loyal to their work and the company at large. Enthusiasm to take new and productive decisions happens to excite the employees to work in a team framework and thus enhances cooperativeness in the concern. However effective control is needed to be rendered in order to closely monitor the employees who have been empowered to act in an independent manner. This would help in enhancing managerial effectiveness and distribution of organizational workload (Messmer, 2006, p.279-280). Employee Empowe rment as a Business Process Empowering employees to perform within an organizational set helps the people gain all round productivity, effectiveness and efficiency. The practice of empowering the employees to act by them should not be viewed in an isolated fashion to other business actions. Rather such activities should be taken as a continuum to the existing business and human resource processes wherein the employees are taken as human beings and not as organizational machines. The process of empowering the employees helps in enlarging the job profile of the people by helping them to shoulder additional responsibilities. It also helps the people to understand the work in a more effective manner and thus enriches their cognitive abilities in dealing with specific situations. Further the process of empowering the employee gains effectiveness through the meeting of needed actions in which the people are required to be trained and motivated to handle newer responsibilities. The organiz ational managers must endeavor in letting the employees gain effective access to potential information which would be needed by them to take decisions in an independent fashion. This method helps in meeting the end goals of empowering employees. Finally the organizational managers must also endeavor in enhancing the interests of the employees to perform newer tasks and in such manner instills confidence in them. Empowerment as a business process helps in creating involvement of the employees with the objectives of the business organization and thus helps the internal people to become active participants in the change process (Speegle, 2009, p.86-89). The process of employee empowerment is best effective in regards to a flat organization structure wherein the employees can actively cooperate with their supervisors to help in accomplishing a certain business objective. Employee empowerment by dint of the above function is often correlated with the tenets of ‘Total Quality Improv ement’ and ‘Business Process Reengineering’. It is because the process helps in increasing the total productivity of the different organizational people and thus helps in

Amantes Movie Review Example | Topics and Well Written Essays - 1750 words

Amantes - Movie Review Example Trini is not only beautiful but also possess decent amounts of money to enable her to settle down with her fiance. However, she wants her fiance to find a decent job before they both can marry. She recommends her fiance to take an apartment on rent from a widow named Luisa (Victoria Abril)("Amantes") Apparently, Luisa appears to be a harmless, pretty widow who supports herself with the income she earns from the rents. However, Luisa is more than that. She has not only killed her own husband, about which she tells Paco later, but also is involved in swindles with the underworld mafia. ( Mrquez) She soon seduces Paco by her beauty and sensual manners. Paco, whose fiance has refused to indulge in sexual intercourse before their marriage, desperately and quickly gives into Luisa's seductive manners. On the other hand, Paco's abortive searches for a job hasten his decision to yield to Luisa's offer. And this way, Paco not only starts sharing her house but also her bed. On the other hand, Trini starts to sense change in the behavior of Paco. Paco doesn't seem to be interested in meeting her anymore and doesn't contact her for many days. For Paco, the world has suddenly changed. From a world that appeared hopeless, gloomy, bleak and dry, suddenly has started offering him with new, exciting and erotic surprises everyday. And Luisa's passion, experience, domination during sex adds to the spices of these sexual encounters. Luisa is not only experienced, she is passionate and possessive making Paco feel extremely wanted and valuable. Trini who is desperate to win her lover back asks a commander's wife for her advice. She tells her that the only way to bring him back is to offer him what Luisa had offered and what she had refused to-her body. Determined to win Paco back, she visits him at Luisa's house and offers herself to him as soon as Luisa leaves her place leaving behind her belongings so that widow does come to know what has happened behind her back. Paco surprised and happy by Trini's offer initially, returns to Trini and together they both visit her mother's house in a nearby village. However, the offer doesn't seem to have lasting effects on Paco's heart and soon he starts missing Luisa's passion, experience, care and love. Confused and trapped in the love of two women, Paco decides to live a dual love life, satisfying them both sexually and emotionally. However, Luisa's own double life complicates things further. She owns money to underworld members who would kill her and her lover in case she refuses or is unable to pay back their money. They suggest her to exploit Trini and use her savings to pay them back. Luisa informs Paco of the threats and suggests him that he marries Trini, steals her money and then runs away with her. Though Paco doesn't feels that he loves Trini as much as before, he doesn't still wants to betray and exploit her this way. But still, with much persuasion, Luisa is able to convince Paco to follow her plan. ("Amantes") According to the plan, Paco proposes Trini and they both leave Madrid for a small city Aranda del Duero where they are to get married. Luisa, follows them as she doubts Paco's intentions and determination to go with her plan. One night at the hotel, while Trini is asleep, Paco steals her money and give them to Luisa. However, unlike the plan, Paco refuses to run away with

Effects of Fast Foods on Obesity Essay Example | Topics and Well Written Essays - 2750 words - 1

Effects of Fast Foods on Obesity - Essay Example ave detrimental effects on the health status of the affected people such as a reduced life expectancy and a possible worsening of other medical problems (Pereira et.al 2005). Scientifically, a person is considered to be obese when their body mass index (BMI) which is the calculation of the body mass for every unit of squared height is above 30kg/m2. Specifically, studies and research conducted have shown that obesity increases the chances of diseases such as heart diseases, diabetes, and osteoarthritis and can sometimes lead to other types of cancer. As pertains to the serious and recurrent question as to what causes obesity, there has not been a specific answer. Obesity in individuals is as a result of a combination of factors which directly lead to or facilitate the intensity of the condition. The major factors attributed to the cause of diabetes include diet, genetics, social factors, lifestyle and medical illnesses. However the recent spurts in the rates of individuals developing the condition have been specifically attributed to the combination of high food intake and little to no physical activity of any kind. The cases that result out of the other factors such as medical illnesses and genetics are considered to be minimal. The focus of this paper hence would be on the effect that dietary measures and habits have on obesity, particularly the fast food industry. While genetic and other influences have played a major role in trying to explain and understand obesity, they have not been able to explain the current sporadic increase in the number of obese individuals within the particular countries or on a global scale (Chopra, Galbraith & Darnton-Hill, 2002). Although it has generally been accepted that excessive food consumption has led to obesity on an individual level, the reason for changes on these two factors on a societal and global scale has been subject to much debate. Various theories have been postulated that suggest that the dramatic increase in

Brown v. Board of Education and how it effects racial issues today in Essay

Brown v. Board of Education and how it effects racial issues today in socicity and politics - Essay Example The private places were defined as the areas such as the private means of transport and lodgings. The approach to the issue that the government adopted was indicative of the unwillingness of to intervene. The government claimed that the act of discriminating the entrance of the people into the areas was wrong. However, the wrongs were committed in a private capacity and there was nothing that the government could do to correct the trend. The famous case between Brown v. Board of education (1954) was the main cause of the changes that are manifested in the American learning arena today. The desegregation of the education system stemmed from the determination made on the case. However, the very act of desegregating the public learning system has led to the development of major issues in the current times that beg the question of how effective the recommendations were. The paper will also address the issue of the possible recurrence of segregation in the education sector and the stands of the major players in the society and the political arenas on the possibility. As the paper postulated earlier, there are chances that the recommendations that arose after the determination of the case between Brown v. Board of Education did not work well. The recommendations sought to eradicate the whole issue of discrimination that was evident in the early 20th century (Case 205). Various research conducted in the area have indicated that the people are leaning more towards the trend that was evident in the 1960. The schools have a majority of the students being the minority races and a few students are well. This means that the entire issue of the desegregation of the public schools did not work or at least the government was not sincere in the claim that it was working on the desegregation of the school. The issue of the segregation seems like it is alive in

Sunnyside Wellness and Spa Center Research Paper

Sunnyside Wellness and Spa Center - Research Paper Example Sunnyside Wellness and SPA Center sees this as an opportunity to establish, thrive and grow its SPA and Health Center in Naperville, Illinois. Management believes that people will continue to look for the perfect SPA services that would match their varied needs and requirements. This is what management would like to penetrate and win. To achieve a winning edge over competitors, Sunnyside Wellness would also like to diversify its services, concentrating not only on beauty and relaxation services, but on encouraging healthy eating as well. It is with this intent that management decided to incorporate into its products and services the Sunnyside Nutrition Program, which includes cooking classes and consultations with dieticians. Only health recipes would be introduced in its cooking programs, and a licensed dietician will provide consultation services and also evaluate the recipes being taught. Diversification allows Sunnyside to expand its market reach and attract even those who are no t really into the beauty and wellness programs into availing its products and services. The nutrition program will attract another niche market, which will contribute to the profitability of the whole company. In summary, the Wellness industry has a healthy environment that encourages creativity among its players. Creativity comes in the form of mixing and matching product packages that best suit the market’s needs. II. DEFINITION OF MARKET SEGMENT/NICHE 1. Differentiation strategy Focused Marketing Strategies – Facing stiff competition from other older and well-established SPA and Wellness Centers, Sunnyside recognizes the need for it to be more critical in its marketing strategies, focusing on the right people and ensuring that the communication materials and activities are indeed precise, direct to the point, and enticing to the target market. The management boasts of its strategic marketing efforts, maximizing available networks and machineries to penetrate the mar ket and convey to them the desired message. Diversification – the company’s holistic approach towards healthy living puts an edge over competitors. While competitors focus on wellness services alone, Sunnyside puts premium on overall health and wellness by investing in facilities, programs and resource persons that would bring the target market added knowledge on healthy eating. The company’s ability to venture out of the typical definitely makes them stand out over the rest. Intensive Market Knowledge - as a service type of business, it is crucial for Sunnyside to be able to identify in particular the trends in Beauty and Wellness industry to come up with a good mix in terms of its products and services. As such, it capitalizes on a good market research, resulting to the identification of particular products and services for a targeted market segment. Creation of multiple opportunities from a single line of expertise – Beauty and Health Care may be innov ated and transformed into a pool of other services that are also geared towards the total well being of the customer. As a result of researches, the products and services that are Morocco inspired shall be mixed with influences from Asia and Europe to come up with inventive, yet effective products and services. More importantly, the organic cooking class concept will allow the company to expand its

Grand Bazaar Essay Example | Topics and Well Written Essays - 1750 words

Grand Bazaar - Essay Example Much desired because of its favorable location, the city has often been a reason for military tension. It has also changed several names, such as, for instance, Byzantium, Nova Roma and Constantinople. Another interesting fact is that it has been a capital of two powerful empires - the Byzantine and the Ottoman. The old wooden Grand Bazaar was built by Sultan Mehmet II, who conquered Constantinople, the capital of Byzantine Empire in 1453, and also named the city Istanbul. The Bazaar was getting bigger quickly. Presently it covers 30 hectares, and comprises about 4000 shops, forming a real labyrinth with its numerous arched passages. There are also banks, mosques, police stations, fountains, and restaurants. Twenty two gates lead into the Bazaar out of different streets (Historical places of Istanbul). Mark Twain depicted the place as follows: "We went to the grand Bazaar in Stamboul, of course, and I shall not describe it further than to say it is a monstrous hive of little shops--thousands, I should say--all under one roof, and cut up into innumerable little blocks by narrow streets which are arched overhead". For a tourist it must seem very difficult not to get lost, however, there is no need to panic: the street signs and tourist information signs are everywhere. The Bazaar also plays a role of unofficial financial centre: different currencies are exchanged by most shopkeepers. At Grand Bazaar one f... The vendors try to attract customers by telling history of the buildings construction, local legends, suggesting the most interesting places to visit and to take pictures of. Some European tourist might feel tired with the constant invitations. Travel guides claim it is better to say thank you and firmly make through crowd ahead, in case you are not interested. If one tries the free drinks and talks to the vendors it does not mean, though, he has to buy the goods. Bargaining is expected and often it is possible to lower the price about 20%. It is a good idea to learn the local price for the items you wish to buy, for once it is discovered you do not have a clue, you are likely to pay the so called tourist price. Grand Bazaar seems all sparkling and glittering. Jewelry stalls with gold and silver, as well as displays of colourful lamps and lanterns make it like this. Flickr and other servers are full of the bright images of such stalls, uploaded by the thrilled travellers. It is believed that Grand Bazaar offers the biggest variety of jewelry in the world. Olivia Wells in her "Secrets of the Grand Bazaar" names best jewelry shops. She describes Kafkas as the most luxurious one, where it is possible to purchase true treasures without being afraid of swindle, and where the security and anonymity is guaranteed: "From the outside, Kafkas looks much like the hundred or so other jewelry stores lining the street, though I'm keenly aware of the suited men (alertly) loitering outside the closed door as Serkan pulls out a necklace of Kafkas's own design: forty-one carats of rose-cut diamonds scattered around the neck of its black velvet display form". She also finds the price attractive, claiming it to be the third of

Capsim Organization and Competitive Environment Essay

Capsim Organization and Competitive Environment - Essay Example The organization has also embarked on a massive marketing program which has helped in creating awareness of the business to the market. The organization has a wide market coverage comprising of not only students but business men all over the world. This has made it the global leader in developing and delivering business tips to practicing and aspiring business people on how to run profitable businesses (Hersey & Blanchard, 1974). This paper will review Capsim as an organization and its competitive environment. The organization has an enormous investment especially technologically. This is extremely risky especially with the changing dynamic of technology. The business calls for large expenses to cater for its operations and the costs get transferred to consumers making it unaffordable to many. The organization has complied with all regulatory procedures. Contingency theory states that there is no known best way of setting up an organizational structure. Contingency theory argues that the solution to any managerial problem is dependent on the factors that affect a situation. The theory suggests that effective managerial techniques get influenced by the tasks the organization is striving to achieve (Barney, 1985). Contingency theory attempts to equip managers with the capabilities to provide possible solutions to a business challenge. The theory explains that the best way to set up a company is dependent on the present internal and external factors facing the business. Some of these factors include customers, suppliers, government and technology. The theory attempts to develop a strategy that can address environmental uncertainties and challenges facing the business effectively and efficiently. The theory has sort to generalize formal structures that fit the use of different technologies. The contingency theory explains that the successful application of a tool or technique in one setting may have no influence in another. The theory

Lord Of The Flies Chapter 5 Essay Example for Free

Lord Of The Flies Chapter 5 Essay The boys life has deteriorated a lot since they first arrived on the island and from the look of the situation things can only get worse unless they change their behaviour and attitude . There is a lot of conflict between Ralph and Jack, the fear of the unknown is growing, the boys are turning into savages and becoming more uncivilised by the day, rules and taboos are being disobeyed and ignored, and bullying and rivalry is becoming more of a problem. The conflict between Ralph and Jack is causing a lot of tension in the group and is therefore affecting the boys lives. It has already divided them into separate groups with different priorities as some have followed Jack and some have followed Ralph. Jack and Ralphs different priorities is the main reason for the conflict between them as they are completely opposite. Jack wants control and started of wanting to be leader but was out done by Ralph who was voted the leader. Jack is short tempered and very big headed where as Ralph is realistic, kind hearted and organised. Ralphs main priority is to be rescued and have fun have fun on the island. Their relationship is described in the book as two continents of experience and baffled in love and hate. Their personality also clash as they are completely different. Ralph is optimistic, respectful, fair, practical and naà ¯Ã‚ ¿Ã‚ ½ve, where as Jack is arrogant, boastful, power hungry, self centred, easily angered and brutal. The boys fear of the unknown is represented in different ways but is rapidly growing and could get out of hand. It started of as being a beastie, then a snake like creature, and now a beast from water or even a ghost. At first it was only the litluns that were scared of the beastie and believed it existed but now the older boys are starting to get worried and have their doubts so none of the quite knows what to believe. Even Ralph has his doubts about what the thing is and he is supposed to be leader, I dont believe in ghosts at least I dont think so. This comment from Ralph shows that he is now considering there being some type of creature on the island even though he just dismissed the idea at the beginning. Deterioration has also been caused by the boys becoming totally uncivilised and turning into savages. Although they are now looking like savages as their hair has grown, Jack is mainly responsible for them turning into savages. He was so obsessed with hunting to kill that he influenced the other boys that became his hunters. At the beginning they hunted but did not manage to kill for a ling time. Then when Jack finally did he became even more obsessed and made masks that he could hide behind while hunting, the mask was a thing on its own, behind which Jack lived. This made Jack a different person when he put on the mask, he was a killer with no taboos or responsibilities. Jacks passion for hunting also caused a major disagreement between him and Ralph because on the day a ship went by the fire was let out by boys that Jack made go hunting with him that day. Ralph said to Jack when he got back There was as ship, you let the fire out. There was a strong chance that they may have been rescued then but down to Jack they ended up eating their first pig. From successfully killing his first pig Jack felt very strong and had fulfilled his ambition so did not really care about the fire or Ralph. Rules have been completely ignored lately and systems of organisation disrespected. This has led to the boys becoming lazy and uncivilised. At one point things were going well and most things were well organised. There was toilet system worked out so there was not mess all over the island and water was being stored in coconut shells in the shade so hat it would be cool and fresh. Though now these systems have been ignored and the boys are going to the toilet anywhere on the island and no water is being stored. Ralph also tried to built shelters for them to sleep in which would have been practical but Simon was the only one that would help in the end so they could not be completed. This shows how disorganised the boys have become and disrespectful. They have no taboos and without adults they have forgotten the way they had to behave. Bullying has also become a problem that has led to a deterioration in the boys life. Jack consistently picks on Piggy and uses him as scapegoat for his own mistakes. He makes little of Piggy and by doing this he is trying to show that he has power over the boys as well as Ralph. The litluns are also being ignored and sometimes bullied by the elder boys. Although this might have happened a bit before they arrived on the island but there were still taboos that the older boys had. All these reasons have led to deterioration in the boys life. Their behaviour on the island has had consequences and meant that their lives have become less structured and disciplined and more savage like. Ralph described the situation by saying, we are all drifting and things are turning rotten. This shows us that the boys are drifting apart and could possibly separate into different groups completely which would also make their life deteriorate more.

Juvenile delinquency Essay Example for Free

Juvenile delinquency Essay The controversy surrounding the extent and causation of delinquency would be eliminated if a uniform meaning could be attributed to the term delinquency. This word however is not used in a uniform manner not only among individuals but also consistently by a single individual. Juvenile delinquency means and represents many things to many individuals. To the police, a delinquent juvenile may be an underage criminal; to the school authorities, the rude boy who smokes in the washroom may represent delinquency. To parents, other peoples children who are uncontrolled are termed as delinquents while to the storekeeper, the gang of boys who loiter around may be their conception of delinquents. Even social workers and experts who work with children lack agreement on the limits of the concept. In some sectors, authorities discuss delinquency as emotionally disturbed behavior while others refer to persistently anti-social behavior. Some researchers on the other hand have defined it as a disappointing behavior beyond reasonable expectation. This confusion with regard to the meaning of delinquency is a problem that naturally emanates from any attempt to satisfactorily define, in less descriptive sentences, a kind of social problem which is neither legal nor behavioral (Roucek*). Any definition which works for the agency, school or neighborhood is right in its own context as any other definition. However, the numerous assortments of behavior that have been referred to as delinquency do not entirely differ; they only vary in their range. While functionally, a youth who is not liked by the neighbors may be termed delinquent in that particular neighborhood, it is within the law that the meaning of juvenile delinquency finds its ultimate basis. The legal foundation of juvenile delinquency can be traced back to the development of legal philosophy which exempted children from guilt for criminal acts. Even though the distinction between adult and child is a very old concept, the idea of juvenile courts and separate custody for young violators is a relatively new phenomenon*. Children under the age of seven years were deemed incapable of criminal acts in Roman law. This has extended to the present period. Throughout the development of criminal law in the United States, childhood has acted as defense to criminal liability. This was founded on the assumption that a child is not capable of men’s rea. The culpability of children between seven and puberty was further distinguished by the Romans, and later the English, with the assumption being that children within this category are not capable of crimes unless there was sufficient evidence presented that they did comprehend the wrongness of their action. An early New York statute followed this policy but was later extended to fourteen and again to sixteen. Presently, all states have increased their maximum age limit beyond puberty. The most popular age limit of childhood is eighteen, sixteen, seventeen and twenty one in that order. The pioneer court legislation of the State of Illinois is accredited with offering the first legal distinction of delinquency from crime in 1899. The definition that was used during that time is still applied in the state besides serving as a model for many other states. According to this definition, the words â€Å"delinquent child† means â€Å"any male child under the age of seventeen years or any female child who while under the age of eighteen years, violates any law of the state; or is incorrigible, or knowingly associate with thieves, vicious or immoral persons, or without just cause and without the consent of its parents, guardians or custodian, absents itself from its home or place of abode, or is growing up in idleness or crime; or knowingly frequents a house of ill-repute; or knowingly frequents any policy shop or place where any gaming device is operated; or frequents any saloon or dram shop where intoxicating liquors are sold; or patronizes or visits any public pool room or bucket shop; or wonders about the streets in the night without being on any lawful business or lawful occupation; or habitually wonders about any railroad yards or tracks or jumps or attempts to jump onto any moving train; or enters any car or engine without la wful authority; or uses vile, obscene, vulgar, profane or indecent language in any public place or about any school house; or is guilty of indecent or lascivious conduct†*. Any child who commits any of these acts is deemed a delinquent child. Delinquency in this regard can be seen as any act committed by a child which would be a crime if committed by an adult. In this sense, delinquent behavior is restricted to violation of criminal law. The law however does not solve the differences in definition. Criminal laws vary from state to state even though there is an element of uniformity and specificity in their view of felonies. However, they are not very specific on their definitions of misdemeanors. This is just the start of the non-specificity that characterizes the definition of juvenile delinquency. From the definition according to Illinois law, a child is defined as any male under the age of seventeen or female under the age of eighteen. This age varies from state to state with the majority considering juveniles as boys and girls under the age of eighteen. In California, one may be considered a juvenile until he or she reaches the age of twenty one. In states such as Georgia, one ceases to be a juvenile after he or she attains the age of sixteen. However, majority of the states lack any clear demarcation as one may be prosecuted as an adult for more serious crimes before attaining the upper limit of juvenile status. In Illinois, an individual may be tried as an adult criminal after he or she attains the age of ten. In the United States, the states of New Hampshire, Oklahoma and Virginia lack an age range where there is jurisdiction of both juvenile delinquency law and adult criminal law. In the remaining states, there is variation in the duration of this period of dual jurisdiction. In Wisconsin and Indiana, it is sixteen to eighteen while in California, it is eighteen to twenty one. In law, delinquency is a much wide concept even though the terms are often used interchangeably in popular discourse. Delinquency encompasses all acts committed by a child which would be considered a crime is committed by an adult. It also encompasses a wide array of loosely defined behavior which legislators conceived of to be conducive to crime. The law on delinquency is thus designed to bar juveniles from growing into adult criminals besides dealing with crimes committed by juveniles. Any concept that lacks a definite definition such as delinquency cannot be adequately measured. However, statistics on delinquency are compiled on local, state and national basis. When appraising the significance of such statistics, much care should be taken. Several things can be implied when referring to the quantity of delinquency in a particular area or in a given period of time. One may mean the number of juveniles; say ten to seventeen years of age, who have violated particular standards of behavior which also may not be precisely defined. Again, a reference may be made on the number of such youth who are detected in such behavior. It may also mean the number of cases that have been handled by the official agencies and finally, it may mean the cases that have been formally heard by a juvenile court and adjudged delinquent. In the United States, the most commonly cited statistics on delinquency refer to the court cases which is the narrowest category of delinquents. The Juvenile Court Statistics which is published yearly by the Childrens Bureau of the United States Department of Health, Education and Welfare contain these statistics. The compilation begun in 1923 and has undergone drastic alterations and revisions over the decades. It contains reports on the number of youth’s adjudicated delinquent and is founded on a tabulation of separate court judgments in a particular year.

Technology Forecasting Essay

Technology Forecasting Essay The various mathematical models being used to carry out forecasts sometimes lead to significant errors. This occurs because the development of new relationships is not taken into account and possible trends changes are considered negligible. A major failure in forecasting arises from the fact that social and political issues are not taken into consideration when forecasting is carried out. It is impossible to predict the future based only on past data. The models that do that are actually excluding qualitative parameters such as the opinion of the individuals. Therefore it is essential to use a different method for dealing with these problems. According to the theory of Godet, the future is not a continuation of the past but an â€Å"outcome of the wishes of various actors and the constraints imposed on them by the environment† (Godet 1982). The configuration of prices within an energy market depends a lot on the balance between the supply and demand for energy. In order to evaluate future energy price scenarios, it is necessary to mention the parameters that affect the supply-demand balance. In 1, some typical parameters are presented. Economic growth refers only to the quantity of goods and services produced. Energy is actually the driving force that moves every economic activity. The economy can be set in motion by specific activities that convert energy from naturally sources (e.g. solar, heat, wind, running water, fossil fuels and chemicals) into forms that will be used to produce goods and services. Eventually, a high economic growth rate implies urgent needs concerning the uninterrupted supply of energy. In response to that, the infrastructure network may choose to readjust the price of energy in order to cover the demand for stable power (Alam 2006). According to Shafiee and Topal (2008), high prices might indicate the threat of a physical scarcity of fossil fuels (e.g. oil, gas). If production cost increases, then producers will try to pass this cost to customers. Eventually, the price of energy will rise. When the population increases steadily and in combination with the desire for better living conditions, the demand for energy will increase too. This leads to the requirement for additional energy production which eventually will increase prices. When an energy market is characterized by the domination of one or at least two or three suppliers, then these companies may take advantage of the surge in demand and increase prices in order to make profits and cover financial losses. Environmental taxation is a tool that can be used to meet environmental and national objectives. In the case of energy production, the pollutant will try to pass this additional cost to the customer. Eventually, the inability of the producer to comply with specific rules concerning the environment, will force the consumers to pay more for the same amount of energy. 2) Among the elements that can influence the procedure of energy price planning, there are some parameters that can be quantified, such as population, economic growth, energy consumption, type of market and greenhouse gas emissions. According to 2, three possible scenarios concerning the evolution of the earths population are presented. By taking as a typical reference point the year 2050, the difference between the final results of the three scenarios is rather large. The current population of earth according to U.S. Census Bureau (2009) is 6,792,134,536 billions. This number compared with the three different results reveals three different change rates. Table 1: (Source: United Nations 2004). Current Population Scenario High Scenario Medium Scenario Low 6.79 billions 10.6 billions 8.9 billions 7.4 billions Change concerning current situation + 56.11% + 31.07% +8.98% Taking into consideration the current population of earth and the three scenarios, someone may conclude that the low scenario is impossible to occur in the future. If something unexpected takes place (e.g. fast spread of a certain virus, war, births control etc.) slight changes may occur and the three scenarios might arise in a different form. Another parameter that can affect the future scenarios of energy pricing is the magnitude of economic growth. Economic growth is often measured through the measurement of gross domestic product (GDP).According to 3, the average annual increase for the period 1981-2008, compared to the GDP of 1980 is 1334.56%. If someone takes into account the projections indicated by the red color, the average increase for the 34 year period is 1773.29%. The PPC S.A. (2009) generates 85% of the countrys electricity and holds 91% of lignite exploitation rights in Greece. Despite the liberalization of the electricity wholesale market which started in 2001, the PPC continues to enjoy a monopoly over access to lignite (EUbusiness 2009). Partially affected by this phenomenon, the price of electricity in Greece started to rise after the so-called liberalization (RIZOSPASTIS 2002; NAFTEMPORIKI 2005; RAE 2007; Media2Day Publishing S.A. 2007; iNews.gr 2009). The emissions of carbon dioxide are a parameter that can introduce an additional cost for every country. This is because the emissions that occur from the consumption of fossil fuels, provided that they are greater than a specific limit, are accompanied by a certain amount of money that will have to be submitted by the pollutant. According to the most recent plan for the emissions rights from 2008 to 2012, the following limits/emissions rights are attributed to the sector of electricity generation (Voutsadakis 2008): Total quantity: 328 million tones of carbon dioxide Electricity generation sector: 230 million tones of carbon dioxide PPC: 220 million tones of carbon dioxide If the structure of the electricity generation sector in Greece remains the same, beginning from 2013, 2.2 billion euros will have to be submitted for purchasing additional emissions rights. This is equal to 35 more euros for every MWh produced. Consequently the price of electricity will increase by approximately 45% compared to the current prices (Voutsadakis 2008). As mentioned in section 1, numerous parameters, some of which can easily be quantified, have to be taken into account in order to form future scenarios concerning the price of energy. Godet in â€Å"La Prospective† (Godet 1982) emphasizes on the lack of a global and qualitative approach concerning the forecasting process. Although quantitative methods are characterized by a high reliability, especially in short term forecasts, in the case of long time periods quantitative methods present many blind spots. This is justified by the fact that in a long time period, the probability for a person to face unexpected events is rather high. For this reason, it is not proper to depend only on mathematical methods to make forecasts. What is needed is a combination of both quantitative and qualitative methods. This is exactly what Godet (1982) proposes in his written work. Price of energy can not be cut off from the existence of phenomena, that even though can not be easily quantified, do affect in a significant level any action related to the energy scheme. For this reason, I totally accept the view of Godet, according to which forecasting apart from numbers should be based partially on assumptions, insight and judgment; each one of these factors depend a lot on the opinion of the individual. Experience curves can make accurate estimates about the evolution of technology cost. This requires the inclusion of the methodology limitations. Once the limitations are taken into account, experience curves can be an effective tool for every private or public firm dealing with technology issues. Experience curves describe the relation between past costs and cumulated production. This way it is possible for someone to estimate future costs through the extrapolation method. An important observation is that in order to obtain reliable experience curves, it is essential to apply the specific method to a wide set of cost-cumulative production numbers. Otherwise, the forecasts will be of low reliability. On the other hand, even when the learning curve is evaluated over a wide range of data, relatively dissimilar fits of the same set of numbers are possible to occur; each one of them is equally justifiable. The conclusion is that the output of a process can be described as the total of a procedure through which experience is gained and one for which no cost reductions occur. The experience gained from individual components explains why experience curves usually bend towards the horizontal axis; this indicates the slowdown of the cost change when a technology matures (Ferioli et al. 2009). The use of experience curves based on a single countrys data might designate many difficulties and uncertainties. When dealing with specific sectors of the energy market (e.g. wind energy) a global industry analysis is more useful; especially when someone is trying to forecast global cost issues related to the energy market (Junginger 2001). As mentioned in the first paragraph of this section, limitations of experience curves have to be taken into account. First of all, lets mention the advantages of this tool (Neij et al. 2003). 1. Experience curves describe how cost declines with cumulative production; the curve emphasizes the need of experience to realize cost reductions. It clearly illustrates that RDD programs cannot stand alone. 2. Experience curves can be used as a support in strategic decisions. 3. Experience curves can be used to analyze the effect of combined policy measures in terms of installed units and cost reductions. 4. Experience curves can be used to investigate the existence of national and international systems through which experience is possible to be obtained. 5. Experience curves can assist many individuals, such as financial analysts, industry, researchers and policy makers, in analyzing and assessing strategies and policy measures. Correspondingly, the limitations of the experience curves are the following (Neij et al. 2003): The success of this method depends on high-quality data. Unfortunately, uncertainty is an element that dominates in the international literature. Constructing trustworthy experience curves requires a basic understanding of the technology in question. In order to avoid misinterpretation during data analysis, specialists should be asked for their opinion before drawing any conclusions from experience curve analysis. Experience curves are a tool that must be combined with other methods of analysis of cost reduction sources. Even when a vast amount of data is available, it is possible to draw just conclusions on an aggregated level. For a detailed analysis, other data and tools are required. Experience curves do not show the effects of individual parameters, but the combined effect of several elements. The analysis of individual parameters requires additional analysis tools. The limitations of the experience curves arise from data availability. Due to their limitations complementary methods should also be taken into account. Experience curves should be considered as a generic tool for energy technology analysis. Technological forecasting is an effective tool in setting technology strategies. A large number of techniques have been evolved for technological forecasting. The quality of forecasts depends on the selected techniques. The selection can affect the accuracy and reliability of the forecast. According to Levary and Han (1995), a good choice of forecasting method should be based on the following factors: * Data availability * Degree of data validity * Number of variables affecting technology development * Degree of similarity between proposed technology and existing technologies According to the international literature, the elements that reduce the efficiency and accuracy of technological forecasting are the following (Mishra et al. 2002): Insufficiencies of Technological Forecasting I. Limitations of Quantitative Techniques  · Adaptability to current rate of technology change is low. * Many degrees of freedom in a rapid changing environment are difficult to address. * Complex mathematical models are difficult to comprehend and practice. * Accuracy, stability and reliability are negatively affected by long-term forecasts. * Lack of adequate past data. II. Limitations of Qualitative Techniques (Exploratory)  · Definition and selection of experts is difficult. * Individual bias enters into subjective assessment methods. * Validity of assumptions in scenario development tends to be uncertain with time. * Social, political and economic factors are usually neglected. * Sharp disruptions in trends and unexpected events are usually avoided. * Forecasts are sometimes carried out by someone who belongs to a specific organization. III. Limitations of Qualitative Techniques (Normative)  · The chosen data may be conveniently selected to fit a particular technology. * Technology at the bottom of the tree may be preconceived. IV. Human Related Problems with Forecasters * Selection of forecasters team is not correct. * There is a tendency to avoid information gathering and scanning prior to forecast. * Some forecasters lack imagination and/or nerve. V. Problems in Selection of Techniques * Monitoring prior to selection is lacking. * Validation of one technique by another is not carried out to reduce subjectivity. * Techniques do not incorporate performance measures. * Failures are not considered during the forecasts. According to the previous issues, the process of forecasting will deliver low reliability results if the limitations are not restricted. In order to improve the accuracy of technological forecasts, one of the issues that need to be addressed is the proper selection of technique. Apart from this, the complexity of technology has to be taken into account as well. Finally, in order to increase the validity of the results of the selected technique, it is recommended to use another technique; this will increase the reliability of the forecast (Mishra et al. 2002). It is generally accepted between forecast researchers that the combination of methods improves forecast accuracy (Mackay and Metcalfe 2002). Experts having access to high quality data and by taking into account the previously mentioned issues are able to make relatively high accuracy forecasts concerning the evolution in the sector of technology. On the other hand, someone may wonder how come people with no expertise in a specific technological sector, have the ability to make, most of the time, an almost accurate forecast about the technological changes that will occur in the future. There are many experiments carried out in various scientific areas that justify the ability of non-experts to make an accurate prediction. A research carried out by Austin Grigg, involved specialists, trainees and people with little to none expertise. The result of the experiment was the negligible difference (in favor of the experts) in the accuracy of the prediction between the specialists and the people with little knowledge (Armstrong 1980). This phenomenon is justified by the fact that people who do not have the necessary experience and tools for a scientific forecast, depend mainly on their insight (including myself) when they are asked to make a prediction. In the third section of this assessment project, the importance of the qualitative parameters was accepted. The most significant part of the qualitative element in a forecasting process is the insight. Its about the ability to predict something, not by depending on mathematical models and numbers, but on the identification of relationships and behaviors within a model, context, or scenario (Reay 2009). Therefore, when an individual is fully aware of the interactions among the qualitative parameters, that affect the evolution of an under-study issue and the issue itself, then a prediction carried out by this individual will have a high reliability degree, concerning the proper use and explanation of the qualitative data. The chosen case study for this section is the California electricity crisis of 2000 and 2001. The deregulation of the electricity market in California was expected to reduce the high retail prices of electricity. The result was exactly the opposite compared to the initial purpose; wholesale prices increased even more, customers experienced interruptions in supply of energy and utilities bankrupted. Among the crisis roots, the following factors are included:  · The absence of additional generating capacity.  · The unexpected dry season and spikes in natural gas prices (California was greatly depended on the operation of hydro plants and natural gas).  · The market infrastructure allowed power generation firms to control wholesale prices in the power exchange market.  · The delay and inability of regulators to predict the crisis and appropriate respond to this phenomenon. In 4.2, someone may observe that power plant outages increased during the crisis period; this affected in a high degree the magnitude of blackouts that customers experienced. The yellow strip bars indicate an average increase of 8759 MW for the months January, March and May of 2001 compared to the corresponding months of 1999 and 2000. According to 7, the dawn of deregulation indicates a rather smooth trend concerning the evolution of wholesale market prices; what was expected to occur had nothing to do with the sharp increase of prices that took place after that period. The increase in retail prices ( 8-2001 to 2003) was not expected, either because the deregulation was expected to establish low prices or because past data indicated that low prices ( 8-red dots) were likely to occur in the years to come. A key point, totally irrelevant to statistical data and concerning the flaws of forecasting techniques applied before the incident of California, will be analyzed in the next lines. When the State and the regulators of California implemented the deregulation system that was successfully adopted first by other countries (Woo et al. 2003), they proceeded in specific changes (e.g. imposition of retail price caps, partial deregulation) without trying to carry out a detailed study about the complex Californian energy scheme. In other words, what might had been successful somewhere else, it was considered as a guaranteed success in the case of California. Additionally, if the adjustment of energy market infrastructure and potential manipulations had been taken into account by examining the validity of alternative scenarios concerning the risk of deregulating the Californian electricity market, certain mechanisms able to respond to a future crisis would have probably been developed. According to the previous comments, it is obvious that forecasting methods that rely exclusively on historical data trends, they ignore the opinion of individuals and do not take into account the conditions that prevail in the environment where the under-analysis phenomenon develops. Thus, any forecasts made are of low validity and reliability. The following table contains the data for the installed nuclear capacity between 1965 and 1985. These data have been highlighted with the green color. Table 2: (Source: Nuclear Energy Agency n.d.). Years Installed Capacity (GW) 1965 5 1970 16 1975 72 1980 136 1985 253 1990 326 1995 345 2000 352 2002 359 2005 368 By using the available data of table 2, the period 1965-1985 will be used as a reference time (instead of 1967-1987). Respectively, predictions will be made for the period 1990-2005. Forecast method: Trend Source: Excel Years Installed Capacity (GW) 1965 5 1970 16 1975 72 1980 136 1985 253 1990 281.20 1995 342.80 2000 404.40 2002 429.04 2005 466.00 Forecast method: Linear extrapolation Source: Excel Years Installed Capacity (GW) 1965 5 1970 16 1975 72 1980 136 1985 253 1990 280.80 1995 342.40 2000 404.00 2002 428.64 2005 465.60 Forecast method: Logarithmic extrapolation Source: Excel Years Installed Capacity (GW) 1965 5 1970 16 1975 72 1980 136 1985 253 1990 282.64 1995 343.67 2000 404.55 2002 428.86 2005 465.28 Forecast method: Polynomial extrapolation Source: Excel Years Installed Capacity (GW) 1965 5 1970 16 1975 72 1980 136 1985 253 1990 ≈ 400 1995 ≈ 590 2000 ≈ 790 2002 ≈ 900 2005 ≈ 1000 It is obvious that among all the extrapolation-forecasting techniques, the one with the lowest divergence from the actual data is the logarithmic extrapolation method followed by the linear technique. On the other hand, none of the used methods was able to give high accuracy forecasts because the nuclear installed capacity evolution was highly affected by the incident of Chernobyl. The various mathematical methods can not express the fear of the scientific community to abandon the development of nuclear sector. According to 9, knowing that the incident of Chernobyl occurred in 1986, it is obvious that the rapid increase in nuclear installed capacity started to decline approximately 4 years (1990) after the incident of Chernobyl. Based on 10 and table 3, someone may conclude that the energy balance in Europe is highly depended on the operation of Gazprom. Table 3: (Source: U.S. Energy Information Administration 2008). Country 2006 % of Domestic NG Consumption Germany 37% Turkey 64% Italy 25% France 20% Czech Republic 79% Poland 47% Hungary 54% Slovakia 100% Austria 74% Finland 100% Romania 28% Bulgaria 96% Greece 82% Serbia Montenegro 87% Croatia 37% Slovenia 64% Switzerland 12% Skopje 100% According to table 3, Greece dependency on Gazproms natural gas is approximately 82%. This share indicates that a potential crisis in natural gas supply could lead to significant problems in sectors such as domestic heating and gas-fired power plants. Greece as a major energy user Greece has insignificant domestic reserves of oil and gas and relies greatly on energy imports. In 2006, the total energy consumption was 1.4 Quadrillion Btu. The distribution of this amount of energy can be located on 11. Although the share of natural in total energy consumption is not very high ( 11), the high dependency degree on Gazprom supply and the decreasing reserves of Greece in natural gas, would result in significant impacts in the energy balance of Greece. Provided that I would be somehow involved in the coordination of the energy planning of my country, I would propose the following measures. 1. Greece already has one natural gas import terminal situated at Revithoussa (DESFA 2007). The supplier is the Algerian company Sonatrach. The first thing that someone would have to do is to estimate the additional quantity that this company could provide to Greece on an annual basis. Then, proceed in reducing the imported natural gas from Gazprom by the same amount. 2. The countries currently facing problems with the natural gas supply from Russia are Bulgaria, Croatia, Greece, Skopje, Romania and Turkey. Partial supply decreases have also been reported by Austria (90%), Slovakia (70%), the Czech Republic (75%) and Hungary. Another solution to the problem could be the restart of Unit 3 at the Kozloduy Nuclear Power Plant. Kozloduy-3 was shutdown in December 2006 as part of an agreement with the European Union, which was concerned about inadequate safety levels. However, Bulgarias EU accession treaty apparently allows closed reactors to be temporarily re-started in the event of an acute energy shortage (Resnicoff 2009). 3. Rational use of energy, especially in sectors being supplied by natural gas, would be the last recommendation by my side. 9) The first and the third proposed measure can be characterized as a necessary but conservative approach. The proposed energy policy of Greece towards an energy crisis must ensure the energy security of the country. Taking into consideration the great dependence on energy imports in Greece, the out of the box solutions seems to be enough risky. More precisely, the improvement on the penetration of RES is a conservative and safe solution. Additionally energy efficiency and rational use of energy can be described as an incremental approach too. The out of the box solutions in the proposed response include new natural gas suppliers and improvement on energy storage capacity. The first solution is possible to lead to disturbances between Greece and Russia and the second one might require a large capital invested in various storage methods. Regardless the type of the response (out of the box or conservative-incremental approach) that someone might propose, both approaches have their merits and limitations. The adoption of a conservative approach offers a sense of security. Usually this kind of solutions can be accomplished easily due to the fact that includes measures that have been tested in previous similar situations. Also there are various limitations for this kind of approach. For instance, the increase of RES in Greek fuel mix has the following barriers. The legal framework and the authorization procedure can be described as complex procedures. In many cases this can frustrate many small investors. Another limitation is the inhibitive cost for the interconnection to the grid (mostly for reinforcement or construction of new network lines). Additionally for larger stations (more than _20MW) and in certain areas with very high wind potential there is lack of sufficient High Voltage (HV) system capacity. Due to enviro nmental restrictions and local community protests, expansion of the HV system is in some cases completely blocked. Finally, in the case of wind farms, public acceptability is also an issue in certain cases, basically due to visual impact or other reasons (Hatziargyriou, 2007). The adoption of an out o box solution in the case of an energy crisis might be risky. For this reason, this type of approach could be followed by conservative solutions ensuring that the energy security of the country will remain sufficient in any case. As it is mentioned before, Greece began receiving gas from Azerbaijan and the relative imports will likely increase as the Turkey-Greece interconnector is further utilized. This can be described as an out o box solution that can lead to imbalances between Greece and Russia, reducing the amount of Russian natural gas in Greece. On the other hand, the competition among various natural gas suppliers will have a positive effect on the corresponding energy prices. T o sum up, both approaches have advantages and disadvantages. The selection of an appropriate crisis management scheme is a complicate procedure and requires mature choices taken by veteran politicians. In addition an out o box solution for Greece may be a conservative incremental approach for another country that is an energy exporter or a country that has a stronger economy or better international relationships than Greece. 10) References Alam, S.M. (2006). Economic Growth With Energy [online]. [Accessed 24 December 2009]. Available from: . Armstrong, S.J. (1980). The Seer-Sucker Theory: The Value of Experts in Forecasting [online]. [Accessed 1 January 2010]. Available from: . Cabral, L. (2002). The California energy crisis. Japan and the World Economy [online]. 14(3), [Accessed 5 January 2010], p.335-339. Available from: . California Energy Commission (2009). Utility-wide Weighted Average Retail Electricity Prices [online]. [Accessed 6 January 2010]. Available from: . Consumer Watchdog (2002). How Deregulation Let the Power Industry Steal $71 Billion From California [online]. [Accessed 5 January 2010]. Available from: . DESFA (2007). Liquefied Natural Gas Terminal at Revythousa [online]. [Accessed 7 January 2010]. Available from: . Energy Information Administration (2009). Greece Energy Data, Statistics and Analysis Oil, Gas, Electricity, Coal [online]. [Accessed 7 January 2010]. Available from:

Knowles Separate Peace Essays: Enemies of the Heart :: Separate Peace Essays

Enemies of the Heart  in  A Separate Peace Dealing with enemies has been a problem ever since the beginning of time. In A Separate Peace by John Knowels, the value of dealing with your feelings and dealing with your enemies is shown by Gene Forester, a student in Devon during World War 2 dealing with few human enemies, but his emotions create a nemesis far greater than any human enemy. "I never killed anybody," Gene had commented later in his adulthood, "And I never developed an intense level of hatred for the enemy. Because my war ended before I ever put on a uniform; I was on active duty all my time at Devon; I killed my enemy there." At Devon, Gene had a best friend, Finny, they were roommates and did many activities together. Finny was never the culprit, but usually the catalyst, for most of Gene's feelings, both good and bad. Gene was jealous of Finny's confidence, openness, modesty, superb athletic abilities, leadership skills, ability to deal with stress easily, care-free attitude, people skills and, of course, his good looks. Early in the story Finny demonstrated his openness when asked for his height, he said 5 foot, 8 ½ inches, while Gene replied 5 foot, 9 inches. Finny pointed out that they were the same height and Gene shouldn't be ashamed of his real height. Later that day, Finney suggests they skip dinner to go swimming in the river.   They are asked where they have been upon their return. Finny quickly replied that they were swimming in the river, something that is forbidden, and they got away with it. Gene said that the rules are very bent during the summer session, but it was actually Finny's people skills that had kept them out of trouble. Finny was very bold, as Gene many a time wished he was, on one occasion Finny wore a bright pink shirt "symbolizing the first U.S. bombing in Europe. Gene called him a "faerie" but really envied him. Later Finny wore the school tie as a belt and when questioned he claimed that it represented "Devon in the war." Gene was happily awaiting a scolding for Finny, but again, he got in no trouble. Another day the two were walking and came across a plaque near the pool claiming that A. Hopkins Parker held the record for swimming across the pool the fastest, Finny took one look at and thought he could beat it, so without any practice at all he plunged into the pool, Gene timed him and he beat it, just like that.