Legal theory- law is, by its nature, a moral enterprise discuss Essay

Legal theory- law is, by its nature, a moral enterprise discuss - Essay Example The value system their codes represent, although enforced by the elite or recognised by the mainstream, are all quite frequently untruthful.2 We thus admire individuals who, for the sake of morality, have endangered their lives in defiance. Inopportunely, a good deal of what they declare in their own justification is difficult to believe. The idea of Aquinas of higher law can function as a point of comparison. He argued that the process of promulgation is fundamental to law, that a law not disseminated by a source is impossible.3 This means that a higher law has a source, which is its promulgator. This particular promulgator cannot be simply a mortal—not if the law under consideration is better and greater than all codes transmitted by humans.4 God is the promulgator, the law He disseminates perpetual. The natural law, which takes part in the timeless law, is a thing that can be understood by mortals naturally.5Therefore, law is naturally moral. When laws bestow guardianship of minor children to the parent who shows the most potential to further the wellbeing and security of the child, extradite those accused of moral turpitude, they obviously oblige judges to resolve cases morally throughout their legal decision makings.6 Similarly, when constitutions oblige judges to re-examine laws to discern whether they give the procedure that is due individuals, respect the rights of citizens to free speech, freedom from unjustified searches and arrests, freedom to exercise any religion, and others, they oblige judges to make legal decisions founded on moral codes.7 Likewise, once the common law raises tort accountability on whether a person behaved rationally, or once law defends what would otherwise be unlawful behaviour by symmetry of evils justification, judges should resolve cases morally in order to reach legal resolutions.8 Such clear integration of morality by the evident law raises issues for some

Finance Project Essay Example | Topics and Well Written Essays - 3250 words

Finance Project - Essay Example Stock options encourage managers to maximize shareholder value. Although stock options were once reserved for upper management, there has been a trend to include more employees. Generally, the future purchase price, or strike price, is equal to the market price of the stock at the time of grant. When an employee exercises options, he or she pays the firm the strike price for the shares, regardless of the then- current market price. Employees usually remain with the firm for a specified period before options vest. Upon vesting, the employees may exercise their options. If an employee leaves the firm, outstanding vested and unvested options are forfeited or cancelled. Options not exercised by a date specified in the option contract will expire. When an employee decides to exercise their stock options, they may either purchase the underlying stock at a discounted price or receive an equivalent cash premium. This transfer from the firm to the employee becomes part of the employee's taxable income for the year. Firms now grant stock options to a much broader range of employees for many reasons. A firm's motivation in implementing a stock option plan includes increased employee productivity, the attraction and retention of valuable human capital, reduction of short-run compensation costs, increased cash flows, and higher levels of book income. Individuals, employers,... Stock options' ultimate value to the employee depends on the future stock performance. Consequently, the stock option value is uncertain at the time of grant. Literature Review Arbitrage pricing arguments can be extended to allow for diversifiable risks. In equilibrium, these risks will be fully diversifiable and have zero prices. Thus every asset can be priced exactly (or approximately) as a linear combination of a relatively small number of common factors. Although this is instructive for introducing basic ideas of arbitrage, aggregation, and diversification, we require a multiperiod framework to capture a range of intertemporal problems. For example, we would like to investigate the term structure of interest rates, complicated multiperiod derivative securities, the dynamics of stock prices, and dynamic hedging strategies. It will turn out that our two-period analysis has laid an important foundation for this analysis. By choosing an appropriate dynamic framework, we can generalize our two-date results, and obtain obvious sophisticated reinterpretations of familiar results. Pastor and Stambaugh (2000) provide further details through an investigation of the portfolio choices of an investor seeking a mean-variance efficient portfolio by comparing the risk based model of Fama, and French (1993) and the characteristic based model of Daniel, K. & Titman, (1-33). They report that there is virtually no difference between the risk- and characteristic-based models, as both lead to similar portfolio choices within the investment universe. (Michael, et.al. 119) While debate continues over explanatory basis of the various multifactor models, the essence of the argument remains the

Conflict Management in the Workplace

Conflict Management in the Workplace Introduction Conflict management in the workplace is an issue that every leader, manager, or employee has to deal with at one time or another. The basics of conflict management include improving communication, teamwork, and a systematic approach to solving the disagreement. This paper explores various techniques that can be utilized to manage conflict in the workplace. Workplace Conflict Management Conflict is defined by Hellriegel, Slocum and Woodman as â€Å"the process in which one party perceives that its interests are being opposed or negatively affected by another party† (p. 362). Sometimes conflict that be a positive force within an organization, while at other times it is a negative force. An example of conflict as a positive force is that the creation and resolution of conflict may lead the company to constructive problem solving. It may also lead people to search for ways of changing how they do things. The conflict resolution process can ultimately be a stimulus for positive change within an organization (Hellriegel, Slocum and Woodman, p. 364). However, conflict may also have serious negative effects on an organization. For example, conflict may divert efforts from goal attainment or it may deplete resources (particularly time and money) (Hellriegel, Slocum and Woodman, p. 364). Conflict also may negatively affect the psychological well-being of employees and cause stress (Hellriegel, Slocum and Woodman, p. 364). Indeed, conflicting workplace ideas may lead to anger, tension, and anxiety. Deep and lasting conflicts that continue without conflict management may even lead to violence between employees and others (Hellriegel, Slocum and Woodman, p. 365). Therefore, it would be fair to say that conflict may sometimes be advantageous and at other times destructive. Workplace managers must be sensitive to the consequences of conflict. These consequences range from negative outcomes (such as loss of skilled employees, sabotage, low quality of work, stress and even violence) to positive outcomes (such as creative alternatives, increased motivation and commitment, high quality of work, and personal satisfaction) (Hellriegel, Slocum and Woodman, p. 365). Conflicts (whether they are negative or positive) will arise in organizations whenever interests collide and when these differences affect the relationship between interdependent people, they must be constructively managed (Hellriegel, Slocum and Woodman, p. 365). According to Hellriegel, Slocum and Woodman, some ways to manage conflict include: the â€Å"forcing style†, the â€Å"accommodating style†, the â€Å"compromising style†, and the â€Å"collaborating style†. The forcing style refers to â€Å"assertive and uncooperative behaviors and reflects a win-lose approach to interpersonal conflict† (Hellriegel, Slocum and Woodman, p. 374). This forcing style relies on coercive power and dominance to resolve the conflict. In the forcing style, the person who is trying to resolve the conflict feels that one side must win and that one side must lose (Hellriegel, Slocum and Woodman, p. 374). The accommodating style, according to Hellriegel, Slocum and Woodman, refers to â€Å"cooperative and unassertive behaviors† (p. 376). The accommodation style manifests itself as a long-term strategy to encourage cooperation by others, or as a submission to the wishes of others. The accommodator tries to reduce tensions and stresses by reassurance and support (Hellriegel, Slocum and Woodman, p. 376). This style shows concern about the emotional aspects of conflict, but does not deal with substantive issues this style simply results in covering up or glossing over the issue (Hellriegel, Slocum and Woodman p. 376). According to Hellriegel, Slocum and Woodman, the compromising style refers to â€Å"behaviors at an intermediate level of cooperation and assertiveness† (p. 377). This style is based on give and take, which usually involves a series of concessions. This technique is commonly used and widely accepted as a means of resolving conflict. A collaborating style refers to â€Å"strong cooperative and assertive behaviors. It is the win-win approach to interpersonal conflict handling† (Hellriegel, Slocum and Woodman, p. 376). In this stylistic approach to workplace conflict management, it is sharing, examining and assessing the reasons for the conflict that leads to the development of an alternative that is fully acceptable to everyone involved. This effectively resolves the conflict (Hellriegel, Slocum and Woodman, p. 377). Studies on the use of these different interpersonal conflict handling styles indicate that collaboration is the best approach to managing workplace conflict (Hellriegel, Slocum and Woodman, p. 378). The collaboration style tends to be characteristic of (1) More successful individuals and (2) High-performing, rather than medium- and low-performing organizations (Hellriegel, Slocum and Woodman, p. 378). Furthermore, the use of the collaboration style of conflict management appears to result in positive feelings from employees (Hellriegel, Slocum and Woodman, p. 378). So, it appears that the best style to resolve conflict is the collaborative style. Another suggestion for workplace conflict management is to take a step-by-step approach no matter what style the manager is employing. Author Rudy M. Yandricks article, â€Å"Integrating Behavioral Strategies: A Solution to Workplace Problems†, suggests that a systemic approach to workplace issues by management is essential in todays workplace environment. For example, a step-by-step process can be taken to resolve any workplace conflict. This enables the leader to follow a systematic approach to resolving a conflict. A detailed example of a step-by-step systemic approach is the following: First, the employee reports an issue to his supervisor. Second, the supervisor gathers information in order to gain the best understanding possible of the potential hurdle. Third, the supervisor identifies possible causes of the conflict by collecting information from the team members and from anyone else impacted by it. Fourth, the supervisor meets with a Human Resources specialist who will build a list of potential solutions to the conflict. Fifth, the Human Resources specialist, in conjunction with the supervisor, decides on an appropriate solution to the problem. Sixth, the Human Resources specialist and the supervisor present the solution to the workers. And, finally, the solution must be administered. Additionally, there are exercises that can be done to resolve conflict and tensions in the workplace. For example, in the article by Boss and McConkie, the authors suggest an exercise for situations of conflict where there are contradictory personalities. They suggest a writing exercise where the people in conflict write answers to three questions: What does he or she do well? What do I think I do that bugs him or her? What does he or she do that bugs me? (p. 50) This exercise, according to the authors, gives those in conflict time to get used to an explicitly confrontational situation before either of them has a chance to â€Å"pop off† at the other. It forces some rationality into an emotionally charged situation. Also, those in conflict are forced to look at their own behavior before making any accusations against the other. Completing this exercise will create a non-contentious atmosphere for continuing the conflict resolution. Frequently, after doing an exercise such as the aforementioned, it will become clear that neither person involved in the conflict is intentionally causing problems for the other. Each of the foregoing systemic techniques and styles regarding workplace conflict management can be utilized either separately, or in conjunction with each other, in order to promote a more cohesive work environment. Conclusion Conflicts are part of individual relationships and organizational development, and no†¦organization can hope to mature to productivity and be successful without being able to resolve conflicts effectively (Cottringer, p. 6). Thus, conflict resolution is an integral part of maintaining a thriving workplace and the techniques and systemic approaches discussed in this paper should be utilized to resolve differences in the workplace. Bibliography Boss, Wayne R. and Mark L. McConkie. â€Å"Conflict Management in Surgery: Third-Party Intervention†. 5/1/2000. Public Administration Management: An Interactive Journal. Available at:. Retrieved May 22, 2003. Cottringer, William. â€Å"Conflict Management.† Executive Excellence Magazine, 14.8 (1997):6. Hellriegel, Don, John W. Slocum, Jr. and Richard W. Woodman. Organizational Behavior, 8th Edition. Cincinnati, OH: South-Western College Publishing, 1998. Yandrick, Rudy M. â€Å"Integrating Behavioral Strategies: A Solution to Workplace Problems.† Competere Consulting Group. Available at: . Retrieved May 22, 2003.

Events Leading Up To Martin Luthers Excommunication :: essays research papers fc

Martin Luther was the founder of the Protestant church. Martin Luther was born on November 10, 1483 in Eisleben in the province of Saxony. His view of Christianity started what is called the Protestant Reformation in Germany. Luther sought out to inform people of what he thought were the churches wrongdoings. The resistance of the church called the Counter Catholic Reformation permanently divided western Christianity. Luther was raised (for the most part) in Mansfield. His mother and father were so cruel and abusive his childhood was almost non-existent, which later in life caused him to run away to a monastery and become a monk. He studied at Eisanbach and Madgeburg and later studied at the university of Erfurt. The reasons Luther unexpectiantly became a monk are conflicting and could be argued upon. Luther himself said, "When I was terror stricken and overwhelmed by the fear of impending death, I made an involuntary and forced vow". There are many legends explaining this statement but nobody knows for sure. The main reason Luther went deeper into his religious life was that he felt he would never earn his salvation. He didn't feel that all the prayer, sacraments, and the good deed doing were enough. Therefore Luther did not think he could satisfy such a judging god, which meant damnation. Soon after entering the religious life he became an Augustian monk and entered the Augustian monastery at Erfurt on July 17, 1505. In 1512 Luther earned his doctorate in theology and became the professor of biblical literature at Wittenberg University. Luther took his religious vocation very seriously and spent much of his time reading the bible, which lead him to question the Roman Catholic Church. He realized man was at a disadvantage because our weaknesses force us to be burdened with sin. He said humans could not earn salvation by doing good deeds or performing holy acts instead we can earn it with faith in Jesus alone. Believing this, Luther was influenced to write the ninety-five theses along with him strongly opposing the sale of indulgences which are documents freeing sinners of punishment after death. After posting up the ninety-five theses on the castle churches door on October 31st, 1517, Luther sent a copy of the theses and an explanation to the Arch Bishop. The bishop sent it to his councilors at Aschaffenburge. The council was unanimous that Luther was a heretical man and proceedings against him should be taken.

Cause and Effect of Closing Schools Essay

Abstract The consequences of closing schools effects families, teachers, and communities. Misty will explain the effects of schools closing. The effects can be hard on some families and communities. What is affected by closing schools? Closing schools affect families in many ways in one case a charter school closed with only 10 weeks of school left. This school was the George Town, Del charter school. This left the families of this school with a decision on what to do and where to send their children. The transition to others schools or learning environments can be even tougher on the children (Sack,Joetta L,Education week 02774232, 2002,vol 21 issue 38). Families have to make decisions on whether to send their children to a public school or to a private school. The consequences of closing schools do not just affect parents and children it also affects the teachers. A teacher will have to find a new job teaching at a new school. He or she may also have to move in order to have that new job. When a school closes it also affects the communities. The community day care centers, recreational group, and busing route around will be affected. and boundaries will have to be redrawn around surviving school(Shepperd, Robert, Maclean’s, 00249262, 11/09/98 vol. 111, issue 45).closing schools can hurt communities because it can force people to move out of smaller communities into larger ones and the smaller communities can lose money. References Sack,Joetta L.,Education Week 02774232, 2002,Vol 21 Issue 38.Retrieved from academic source database. Sheppard, Robert, Maclean’s, 00249262, 11/09/98, Vol 111, Issue 45.Retrieved from academic source database.

Othello: Explain the important and effectiveness of ‘Act three, Scene three’

In the 17th century, Shakespeare found the plot for ‘Othello' in Giraldi Ginthio's collection of tales ‘Hicatomithi' (1565). The play itself is set in the 16th century Venice and Cyprus. At the time of Shakespeare, Turks were considered to be barbarians as opposed to the Christians who represented civilization and morality. In the play there is a reference to a Turkish naval attack on the Venetian controlled land of Cyprus. It's because of this battle that most of the plot takes place in Cyprus. The third scene of the third act in the play is an intense and important scene, which displays the turning point of events that begun in the previous two acts. Such events as the migration of Othello, the moor, Desdemona, Othello's wife, Iago, Othello's ensign, Cassio, Othello's lieutenant, Roderigo, Iago's friend, and many Venetian men and women, from Venice to Cyprus. This change of location for the characters and the plot led to opportunities for later aspects of the play; in particular the evil plan created by Iago began to take shape as things fell to place in his favour. In act three, scene three, and the audience can witness Iago's newly found control over the general, Othello. Iago manages to convince Othello that Desdemona is having an affair and is a false woman. This definitely comes as a shock to the audience due to the good, loyal and trusting image of Othello that they saw at the start of the play. There is also a display of Iago's power of manipulation that allows him to use them in any way he wants, so he can achieve his goals. Othello is much changed in this scene; he believes that his wife is having an affair and starts to have doubts in the marriage he so strongly believed in. Othello shows signs to his more vulnerable and weaker side that makes the audience question his character. The events in this scene build up to a tragic ending that the audience can predict from the moment they realise Iago's evil plan and role in act three. Tragedy is inevitable and the audience can clearly see it, due to their understanding of Shakespeare's real intensions in the scene. In conclusion it can be said that in this central scene of the play, Othello begins to lose control of the situation and Iago takes possessions. Scene three is the turning point of events in the play. It's the point where Iago's plan starts to fall in place and the audience notice the power of Iago's words over Othello. But these events begun long time before this scene: At the start of the play we are introduced to Iago, Othello's ensign and advisor, Roderigo, Iago's friend that's in love with Desdemona. The audience learn the fact that Roderigo is paying Iago to get Desdemona away from Othello. From the first conversation, it becomes clear that Iago is evil, cruel and selfish. He talks of the fact that Othello made Cassio lieutenant instead of him and how much he hates and wants to bring down Othello. Iago's evil plan begun when he told Brabantio that Othello has secretly married and ran away with Desdemona, Brabantio's daughter. This caused for Othello to be taken to court and accused of using witchcraft on Desdemona. During this event Othello stays cool and calm while Iago was hoping for him to get angry and in more trouble. At the end of the act, Othello is sent to defend Cyprus from the Turkish attack. In act two, Othello, Desdemona, Iago, Roderigo and Cassio arrive in Cyprus. As Iago continues his plan against Othello, it becomes clear that it's not just Othello that will get hurt at the end. Iago decides to use Cassio in his plan by making him vulnerable; so he gets Cassio fired. With the intension of making things worse, Iago advises Cassio to meet with Desdemona and beg her to persuade Othello to consider giving him another chance. Cassio arranges to meet Desdemona in her house. At the start of act three, Iago plans for Othello to arrive at his house just to witness Cassio leaving and makes sure that Othello does not forget the sight of cassio by sounding suspicious of Cassio's appearance and suggesting that there is something going on between Desdemona and Cassio. Even though Othello doesn't accept any of this, he keeps the thought in his mind. The audience are now aware of Iago's plan and Othello's jealous mind and all they await is to see how far this would drive Othello and how it will affect the outcome of the play. At the end of the scene Othello loses control when he finds himself having to decide between his love for Desdemona and his trust of Iago's word. This shows Othello's weakness and foolishness to the audience. Shakespeare's intension is to prove that not everyone would fall for Iago's plan and that Othello was made vulnerable through out his life and was open to attack from Iago. Through out the play, the audience witness the rapid change of character in Othello and unlike Othello himself, they realise that Iago is responsible for most of it. Iago was the person that didn't seem very dangerous at the start of the play but as the events following up to act three, scene three took place, he showed his true colours by initiating his evil plan to destroy Othello, Desdemona and Cassio's life. Iago's hate for Othello started because of his despite for black people, his jealousy of Othello's fame and finally because of the fact that Cassio was made lieutenant instead of him. Iago felt betrayed and destroyed and decided to make life hell for Othello by acting as his friend but working secretly as his enemy. As time passed, things changed in his favour and all he had to do was to give them a push in the wrong direction and enjoyed the show as Othello's wonderful life went to ruins. It is very important to understand the tricks and skills used by Iago during the time which he brainwashed Othello. At first he tried to throw hints and ideas but Othello ignored them for some time. ‘ Cassio, my lord? No, sure, I cannot think it that he would sneak away so guilty like, seeing you coming' 3:3(38-40). He continued his manipulation by telling false facts and proving his points using any possible situation. But he still held back made his words sound like suggestions while Othello is taking in every word without being aware. ‘I speak not yet of proof, Look to your wife; observe her well with cassio' 3:3(194-195) Finally, he took his case to the extreme when he realised that Othello would not give in without proof. Iago told Othello about a made up event in which he witnessed Cassio having an erotic dream about Desdemona. Othello immediately believed this, which proved just how little he trusted his wife and how much he trusted Iago. †In sleep I heard him say: ‘ sweet Desdemona, let us be wary, let us hide our love† 3:3(416-417) Iago talked to Othello about false acts done by cassio and other wrong men but most of the time the actions he spoke of are the same things he did and continued to do; while Iago and the audience were completely aware of that, Othello had no clue, making this an example of dramatic irony. ‘ O beware, my lord, of jealousy! The green-eyed monster, which doth mock the meat it feeds on' 3:3(164-165). Othello was introduced as a brave, understanding man, famous in the army, loved by his wife and respected by the court. After all the work done by Iago, Othello completely changed and did things he could not imagine before. By the end of act three, scene three Othello had gone past denial and just needed enough time and proof to be completely convinced and to make a tragic decision. In act one, Iago and Roderigo's description of Othello made him look like an evil man who kidnapped a girl and betrayed a friend; when Othello first made an appearance, everything changed due to the contrast between his good personality and the fake description. The audience thought of Othello as the good characters that wont change under any condition; it is clear that when Othello resorted so low to think false of his wife, he would be a disappointment to the audience. Iago's words and speeches had the worst effect on Othello and Shakespeare shows this through the weird and wild actions from Othello towards Desdemona and cassio, which eventually led to murder. Shakespeare demonstrated Othello's confusion and disturbed mind as he fought a battle in his head between suspicion and reality. Then there was the loss of control, which managed to bring down Othello and let him be consumed by jealousy created by no other than another man. At this point Othello acts and talks just like Iago with a mind of blood, hatred and vengeance; he starts to use animal imagery to describe woman and specially Desdemona. Was this fair paper, this most goodly book, made to write ‘whore' upon? What committed! ‘ 4:2(70-71) The audience didn't feel sorry for Othello anymore. He fell into a deep hole and cannot be rescued. They knew that there would be tragedy at the end of all this and they could guess it will be mostly Othello's doing, because Iago did his part already; Othello would roll down the hill by himself and hitting rock bottom is inevitable. A lot of tragic events take place in ‘Othello' that cannot be blamed completely on one person. On one side of the argument, there is Iago a racist, sexist and cruel man who is driven to the very edge by hate for others and selfishness. He manages to use everyone in order to complete his plan of ruining the lives of others. On the other side there is Othello the tough, likable and kind man who proved weak when put in the situation of choosing between false suspicion and his love and trust for his wife. He tried to fight the control of jealousy over him but due to the doubts he kept in his heart, it was no use; so he lost control of his mind, which drove him to his death. It is real hard to figure out whom Shakespeare wanted to blame for the tragedy as both characters played a big part in it. It's true that Iago started the whole issue and made it known by any means necessary but it was the Othello, the man meant to be better, that gave in to some words. Shakespeare wanted to make it clear that even though Othello made all the bad decisions but he didn't always have complete control over his conscience because of his past. It was made clear that at the time black people were not treated right by all. He lived most of his life as a slave and he was mocked and beat down by all kinds of people and it is obvious he lost self-confidence and trust but the fact that he made it from nothing to a famous and respected general is incredible. In some way it can be said that they were both to blame for the bad events. But then again Othello is the main character and the audience believed in him from the very start and he managed to ruin things for the one he most cared for. It is very important to keep in mind the effect that the racist society of the time had on him. Haply for I am black and have not those soft parts of conversation that chamberers have; or for I am declined into the vale of years. ‘ 3:3(260-264). In a deeper look at the scene there are many small details that helps a lot more into the understanding of the decisions made by the characters. In contrast to the previous two scenes, this scene is lengthy. Here we watch as Othello's mind is poisoned. Desdemona and Emilia offer cassio their assurance that Othello will soon restore him to favour. Desdemona insists that she will talk her husband ‘out of patience' (line 23) until he agrees to reassign cassio. As they talk, Othello enters with Iago. Uneasy and ashamed, cassio leaves when Desdemona offers to plead for him until she is heard. Iago immediately sets to work, observing briefly that he does not like the manner of Cassio's leave-taking. Iago continues to suggest that he suspects him of false behaviour with Desdemona. He urges his master not to be jealous without telling him directly why he should be jealous. Othello insists that he is not given to jealousy, but his mind has clearly been moving in the very direction Iago intended because he then speaks of his wife's attributes and talents. He also brings up the subject of rivalry when he says ‘ she had eyes and chose me' (line 192). Iago knows he has ensnared his victim. He then offers Othello specific advice; watch Desdemona with cassio, remember that Venetian women are deceitful. Iago continues to twist the knife by pointing out things that he knows Othello would think about. Finally it becomes clear that the doubt is created in Othello's mind and heart when he says ‘ why did I marry? ‘ (Line 245). Iago is merciless so he returns to offer more wicked advise until Othello is completely under his control. After this long and important conversation, Othello and Desdemona go to dinner. Emilia comes back to find Desdemona's handkerchief that she dropped earlier; unaware of the importance of the handkerchief to both Othello and Iago, Emilia steals the handkerchief and hands it to Iago. Here we discovers that the handkerchief is a big part of Iago's plan; the handkerchief will be left at Cassio's lodgings to serve as proof of his secret affair with Desdemona. When Othello returns, he is absorbed with thoughts of his wife's treachery. He now seems absolutely convinced that desdemona is guilty of deceiving him and is tormented by the lack of evidence. He also regrets finding out about any of this; he says he was happier when he was ignorant of ‘her stolen hours of lust'. Iago feeds othello's jealousy by telling him that it will be hard to get evidence and then he continues to give a description of an event in which he shared a bed with cassio and witnessed him having an erotic dream about desdemona in which he tells her to kiss and such. This drives Othello angry and he turns to violence and revenge but not as much Iago would've wanted. Iago then moves to his serious back up plan; he tells the general about the handkerchief that's been seen with cassio rubbing his beard with it. Othello is now utterly consumed by ‘bloody thoughts' (line 460). They both kneel and vow to help each other and correct what's wronged. Othello asks Iago to kill cassio. Iago then receives the promotion he has been looking for; he is made lieutenant when he agrees to murder his ‘friend' (line 476). Othello always needs someone to completely trust and believe, so it can be said that Iago's devotion has replaced the harmony Othello received from marriage with Desdemona. This scene ends, as a new phase filled with hate, blood and vengeance, is about to start. In terms of characters, Iago is most to blame for the events in this scene that build up the road to tragedy for Othello. Following scene three, a short but funny moment takes place in which desdemona and a clown have a conversation. This to stop the tension built up in the previous conversation between Othello and Iago. This lighter start makes the audience forget about the tense events of the last scene and to get them to look forward to the outcome of the play. We see Othello very confused and angry with Desdemona regarding the missing handkerchief. Desdemona realises that her husband is acting like a different man as he shouts and accuses her of false actions. The audience can identify that the tense events of the last scene have definitely changed Othello for the worse. It is understandable that some people would feel sympathy for Othello even though he is being weak and stupid in believing Iago and loosing faith in his wife. But the sympathy can be described in different ways, some might feel sorry for him because they believe him to be a victim of racism and an evil, psychopath like Iago while others believe that Othello is partly to blame for the events of the play but still a victim. But no matter what kind of sympathy they have for him, they all know he was a victim to some extent because even though he denies it, he misunderstands women and doesn't give Desdemona a chance to explain herself. He believes that he is allowed to judge people and decide their fate. Through out his problems, he loses his pride and resorts to hiding and eavesdropping which results in even more jealousy that eventually leaves him shattered and vulnerable, in other words, a victim. Shakespeare's intensions are to put the audience in a situation where they can choose what they want to think of Othello. But he still wants them to feel the same thing about the plot when the play is over; Othello is responsible for a monstrous murder and then destroys himself in an act of self-slaughter. However the final response from the audience will be great sadness because of the moor's death and relieved and glad that his tormentor will be definitely tortured. Othello was a noble, compassionate and courageous black man that against all odds, served in a white man's society. He tried to be more than a soldier by loving his wife more than anything else in his life. Throught out his youth, he was tortured and broken down and just when he thought that he had found everything he's ever wanted, Iago turned up in his life. Iago tortured him, just by using the precise words at the right place and at the right time. The audience were constantly aware that he was directly under his ensigns' poisonous influence and was being pulled in many directions. The audience felt that his desire to revenge himself on cassio and Desdemona was the terrible result of Othello's attempt to combine his roles as soldier and lover. When he feared that his wife had betrayed him, he said woefully, ‘ Othello's occupation's gone! ‘ (3:3. 360); it is almost as if Desdemona was the prize he earned for his military victories; she had perhaps replaced his career as the source of his pride and honour; no wonder he felt her loss so keenly. In the final scene, before he killed himself, Othello reminded us of his previous services to the society and the man he was. Shakespeare wishes for us to know that Othello was a worthy man before he was ensnared by Iago. Othello heroically takes his own life as his punishment for killing his honest and loyal wife. In his final act and speech, he realised who he was and allowed the soldier inside him to kill the lover. But some might say that it was all too late for him, for Desdemona and for their beautiful life and marriage.

Capitec Case Study Essays

Capitec Case Study Essays Capitec Case Study Essay Capitec Case Study Essay Wits Business School WBS-2006-21 Capitec Bank: Low-Cost Banking for Joe Average By December 2006, Capitec Bank, South Africa’s newest listed retail bank, had come a long way from its origins as a microlending organisation in 2001. Over time it had started introducing other banking services to its entry-level clients, so that by 2006 it offered all the basic banking services, namely lending, transacting and savings. Capitec’s chief executive for marketing and corporate affairs, Carl Fischer, considered the organisation’s strategic plan for 2007: to position itself as a proper bank in a much broader target market. Despite the perception that Capitec was more of a microlending organisation than a bank, it had in fact been performing exceptionally well as a bank for well over four years, with limited marketing effort (see Exhibit 1). Fischer realised that the key to survival for a low-cost bank in South Africa lay in high volumes, but still wrestled with the question as to how Capitec could overcome the current perception that it was a niche bank in order to attract the volumes it needed to compete successfully. Background to Entry-Level Banking in South Africa1 The South African government had endeavoured to facilitate and regulate the financial sector since 1992. Prior to the promulgation in 1992 of an Act exempting small loans from interest rate restrictions imposed according to the Usury Act of 1968, the vast majority of the South African population did not have legal access to formal credit. Banks did not offer microcredit, so borrowers had to resort to pawnbrokers, informal operators, mashonisas (township moneylenders) and other systems such as the stokvelsa, burial societiesb and rotating savings and credit associations (ROSCAs). After 1992, however, a whole new industry arose. Because it was legal for interest rates to exceed the cap placed on loans by the Usury Act, two separate types of operation began to expand: independent, cash-loan providers, who made one-month loans; and term lenders, who ensured repayment using payroll deductions. a A stokvel is an informal savings club in South Africa. Members of a stokvel pay a mutually agreed sum into the club every month. The cumulative savings of the group are then rotated to each member of the group on a regular basis. After everyone has had their turn in receiving the contributions, the group may disband or start another cycle. Burial societies, a hybrid of the stokvel, are informal self-insurance schemes, which absorb the costs of social activities and cultural requirements of funerals. Stokvel members contribute a fixed amount of money to a common pool weekly, fortnightly or monthly. Money is then drawn when the particular need arises. This case was prepared by Research Associate, Stephanie Townsend, with lecturer Thabo Mosala. The case is not intended to demonstrate effective or ineffective handling of an administrative situation; it is intended for classroom discussion only. Copyright  ©2006 Graduate School of Business Administration, University of the Witwatersrand. No part of this publication may be reproduced in any format electronic, photocopied, or otherwise without consent from Wits Business School. To request permission, apply to: The Case Centre, Wits Business School, PO Box 98, Wits 2050, South Africa, or e-mail chetty. [emailprotected] wits. ac. za. Capitec: Low-Cost Banking for Joe Average By 1999 the government realised that the 1992 exemption had created an environment conducive to high interest rates and abusive practices. The Micro Finance Regulatory Council (MFRC) was therefore established under the 1999 Usury Act Exemption Notice to protect consumers by regulating those institutions lending under the unrestricted interest rate window. The Exemption Notice made it compulsory for microlenders (all those who extended credit up to a new maximum of R10,000. 00, at rates above the statutory cap) to register with the MFRC. In 2002 it became compulsory for all suppliers of microfinance to register with the National Loans Register (NLR), thus creating a database that recorded all loans disbursed by lenders registered with the MFRC. According to researchers Patrick Meagher and Betty Wilkinson, from the IRIS centre at the University of Marylandc, the Exemption Notice had a great impact on the microlending industry and since then, several trends had emerged, including: an increasing formalisation of the industry (registration of previously independent operations); the introduction of new players (such as furn iture and retail merchants); an increased interest from the commercial banking sector; increased formal investment in microlending (funds raised on the stock market or through private placement); and increasing levels of client indebtedness. They went on to point out that, small borrowers required finance for a wide variety of reasons. These included compensating for seasonal fluctuation in cash flow; funding a small business; consolidating or paying off other loans; housing improvements; funding emergency expenses; paying for education; purchasing consumer products; and funding bad habits, such as alcohol abuse. 4 Cash microlenders had to take into consideration that there was a cyclical nature to their lending, ensuring that they had large amounts of cash on hand for part of each month. There were several different segments in the industry: formal registered firms – the so-called microfinance providers – which included commercial banks, financial institutions, section 21 (not for profit) enterprise lenders, developmental lenders, and larger short-term moneylenders; semi-formal moneylenders, such as small, unregistered moneylenders whose main livelihood was microlending and pawnbrokers, who were not yet formally included in the moneylending statistics; and purely informal moneylenders such as the mashonisas, stokvels, burial societies and ROSCAs. In 2000, the year before Capitec was founded, the demand for banking services from lowerincome individuals was growing rapidly, as a combination of increasing income levels in this segment of the population, urbanisation, rising consumer aspirations and the rapid growth of the informal business sector started to make an impact. Yet at this stage, the poor made little use of formal banking services and the fo rmal banking sector seemed to be inappropriately structured to satisfy this rapid growth in demand. In reaction there was considerable growth in the microfinance sector, with the biggest source of growth coming from the microlending sector. 6 IRIS is a research and advisory centre located in the Department of Economics at the University of Maryland which works to understand and facilitate economic growth and democratic development in poor and transition countries. c 2 Capitec: Low-Cost Banking for Joe Average Founding of Capitec The origins of Capitec dated to 2000, when the chairman of the PSG Financial Group, Jannie Mouton, persuaded Michiel le Roux, the former head of NBS Boland Bank to join PSG to help establish Keynes Rational, a PSG microlending division. In the process of canvassing his former colleagues, Le Roux met with Riaan Stassen (chief executive officer of Capitec in 2006), two other colleagues and Fischer, all of Boland PKS. They convinced Mouton and Le Roux that microlending alone was not sustainable in the long run, because of the unacceptably high interest rates and the challenges of recouping the loans. 7 (At the time, noted Fischer, the market was characterised by some shady characters who used unconventional methods to ensure that they would receive the repayments. ) Thus, the idea of a bank with microlending capabilities, that served the lower end of the market, was born. The fundamental principles around which the bank was structured were that it would recoup loans through a proper bank account, ensure that it understood its clients’ financial activities, and that it had insight into the creditworthiness of its clients. 8 The profitable microlending side of the business was to act as an income generator to finance the migration process to a formal bank. In the end the entire management team of Boland PKS joined Keynes Rational, soon to become Capitec Bank. Fischer noted that the process of establishing a bank was neither simple nor inexpensive. 9 It could literally take years to obtain approval for a banking licence from the South African Reserve Bank, build the technological infrastructure of the bank, and set up the inter-bank relationships with, for example, credit clearing bureaus and the Payment Association (which was part of Saswitchd). Capitec was the first new bank to enter the South African banking arena in 20 years. In March 2001 PSG obtained a retail banking licence and one year later Capitec listed on the Johannesburg Securities Exchange (JSE). During its first year Capitec traded as two separate entities, namely the bank (Capitec), and the microlending business (called FinAid). Both had separate branches, with separate branding. This situation was short-lived, however, as the management team soon realised that it made far more sense strategically to be one entity and one brand. 0 In the process of merging the two entities, the microlending side of the business had to be dramatically upgraded, Fischer said, as the branches were located in somewhat sleazy locations and run by less desirable personnel. 11 Thus, 75% of the branches were closed down or relocated to better surroundings and transformed to a more formalised structure. They were redesigned, with an open, modern feel for easy access. During this period Capitec focused predominantly on microlending which accounted for the perception in 2006 that it was still only providing microloans. By 2006, Capitec had grown significantly and the business, which was originally capitalised with R350 million, was worth R2. 2 billion. The half-year results released in September 2006, showed that the bank had grown by almost 50% in the past year and had increased its profitability by 71%, with a 23% return on equity. 12 It had close to one million clients, of whom 468 000 had savings accounts. Furthermore, savings customers were growing at a rate of 25 000 new clients per month. 13 (See Exhibit 1. ) By the end of 2006, Capitec had a staff count of over 2 000. Saswitch stands for South African Switch. Saswitch is the brand name for the electronic switch operated by Bankserv, an inter-bank system operator owned and controlled by member banks to facilitate exchange transactions among the various banks. d 3 Capitec: Low-Cost Banking for Joe Average Business Model From the inception of the bank, the Capitec management team decided to focus on providing lowcost basic banking services to the lower- to middle-income market, and not to create a bank that offered everything to everybody. As Capitec’s business strategy unfolded, it reversed what the bank believed to be the flaws in traditional banking, and offered its target market something completely different. As a result, the bank turned several conventional banking practices on their heads. Heather Formby, a journalist at the Financial Mail, referred to this as â€Å"a quiet banking revolution in some ways†. 14 The conviction to do this, Fischer said, flowed from deep insight into the needs of the bank’s target market, and a willingness to improve consumer financial literacy. 5 Target Market In 2001 the bank set out to service the typical microborrower, who originated from the lowerincome end of the market. While there were different levels of financial sophistication in this group, the typical clients were relatively unsophisticated. Only a few, for example, would know what an interest rate was. Fischer explained that the traditional microlending business was built on people having shortterm cash-flow crises, brought about by the behaviour of certain of the worst-case scenario clients. They would, on receipt of their salaries, withdraw every cent they had. This meant that they operated strictly with cash-in-hand – at a high security risk. By the middle of the month cash-flow problems usually presented themselves to such individuals, forcing them to turn to short-term loans. 16 However, Capitec’s market stretched much further than the typical salaried microborrower. The bank actually concentrated on the LSM 3-7e market (or those people with an income of between R1 179 and R6 659 a month). This gave it a total target market of 19 million people (see Exhibit 2). By 2006, the bank had the LSM 8 market within its sights as well. 7 Moreover, the management team had noticed a tremendous change in the average South African consumer over the past 10 years. As a result of better housing and electricity, the demand for white goods, such as fridges and washing machines, had accelerated beyond expectations, opening up yet another market for Capitec. However, Fischer observed that although Capitec’s loan repayments’ offer was better, white goods’ retailers were in a better position to offer immediate finance, such as hire purchase contracts, thereby satisfying their clients’ need for instant gratification (see section on Competitors below). Thus, he said, it remained an ongoing challenge to try and change the consumer mindset from desiring instant gratification to thinking â€Å"coldly and ruthlessly† about finance, and about where to find the best loan option. 18 Having pinpointed the trends that characterised the target market, Capitec set out to offer practical solutions to the everyday challenges of its clients (see Exhibit 3). The company identified key needs such as price, real-time delivery, simplicity through paperless card driven processing and personal contact, and from this a business model emerged. The model rested on the four pillars of affordability, accessibility, simplicity and personal service, and Fischer maintained that â€Å"everything the bank did was measured against those four pillars†. 19 By applying this strategy, Capitec believed that it had managed to change consumer perceptions that banks e The South African Advertising Foundation (SAARF) Living Standards Measure (LSM) had become the most widely used marketing research tool in Southern Africa. It divides the population into ten LSM groups, 10 (highest) to 1 (lowest). The SAARF LSM segments the South African market according to its living standards, using criteria such as degree of urbanisation and ownership of cars and major appliances. 4 Capitec: Low-Cost Banking for Joe Average were expensive and slow, that they offered complicated products and services requiring loads of paperwork, and were not the right place to grow one’s money. Affordability Fischer maintained that the main objective of Capitec was to â€Å"slash by half the banking fees of its competitors†. 0 From day one the bank had managed to do this by using technology to help keep costs down and enable the bank to operate without back offices in all the branches. By cutting out paperwork and the administrative activity associated with it, the bank saved significantly on expenses. The branches themselves operated on a cashless basis to save on security devices such as bullet-proof glass and were kept simple, and there was only one ATM at each branch to facilitate withdraw als. By using the existing debit card infrastructure at retailers, the bank not only saved costs, but also encouraged a change in client behaviour by limiting the handling of cash. As cash transactions were very expensive, both the client and the retailer benefited from this approach. Capitec’s alliance with Shoprite Checkers and Pick ‘n Pay also allowed cash withdrawals from these retailers’ terminals. The fee structure was simple and affordable. Bank transactions such as ATM withdrawals and debit orders cost R2, cash withdrawals at point-of-sale terminals cost R0. 5 and, to encourage the use of debit cards, purchase transactions were free of any fees. Capitec realised that the first thing its clients did at an ATM was to enquire about their balances, and therefore ensured that the client’s balance appeared on the screen automatically at no cost when they inserted their cards. 21 By encouraging debit card use, the bank minimised the security risk associated wit h carrying large amounts of cash. To change a client’s borrowing mindset to one of saving, was yet another challenge. However, in an attempt to encourage the client to save, Capitec offered 10% interest on deposits up to R10 000 while other banks paid minimal interest on savings accounts. Fischer believed that this strategy had worked, judging by the rate at which Capitec was acquiring new savings account customers Breaking with convention, the bank reduced the interest rate on deposits exceeding R10 000. Underlying this move was the desire to manage the bank’s liquidity – to reduce risk by attracting large numbers of smaller accounts rather than being dependant on a few really big accounts, Fischer explained. 2 Accessibility Capitec’s almost 290 branches were located in places where people commuted, worked and shopped – at train stations, taxi ranks or shopping malls, for example. The bank’s minimum operating hours were from 08h00 to 17h00 and often from 07h00 to 19h00 on weekdays (to accommodate those clients on their way to or from work), and 08h00 to 13h00 on S aturdays. Simplicity Capitec ensured a simplified and focused product range, which allowed for an almost completely paperless environment. For example, the bank took photographs of its clients, while bank employees used fingerprint identification to identify themselves and verify transactions on clients’ accounts. The simple banking procedure entailed capturing the client’s details, taking the photograph and running a credit check. Within 10 minutes the client would have a Global One Banking Facility which gave access to savings accounts, transaction and loan accounts, as well as a debit card called the Global One Gold Card. All that was required to complete the process, was one signature and even this was soon to be replaced by client fingerprint identification. 3 5 Capitec: Low-Cost Banking for Joe Average Personal Service It soon became clear to the management team that the less informed a client was about banking, the more he or she needed support from people within the bank, so it set out to provide exactly that. In an effort to connect well with the target market, and in the belief that it was much s impler and more effective to do so in the client’s home language, Capitec recruited staff from the areas surrounding its branches and trained them in the required skills. 4 Capitec had also launched mobile banking in 2006 (see Exhibit 4), in terms of which a sales force would open accounts for customers at their workplace, at a time which suited the employer. Within minutes, using 3G-technology, a client would have access to an account and a debit card. Employers welcomed this move, as it meant that employees spent less time away from work. 25 Challenges Capitec’s two major challenges came from the demands imposed by the Financial Sector Charter and the National Credit Act. Financial Sector Charter 26 In terms of the Financial Sector Charter, which was signed in 2003, the major players in the financial sector – banks, insurance companies, brokers and exchanges – agreed to a set of service provision and empowerment targets. These included improving banking services to low-income earners, increasing the number of black employees at all levels of the organisation as well as ensuring that blacks shared in the ownership of the bank. It also required that they support black entrepreneurs. All financial services companies were expected to pursue these targets, to report periodically on their progress to a monitoring body and to be graded on their performance in the form of a public scorecard. The Charter aimed to ensure access to transaction and savings products for 80% of people in LSMs 1-5f by 2008. With 16. 4 million people (or 53. 5% of all adults) still lacking access to banking in 2006, another 8 million people would have to move from the unbanked category to the banked category over the next 18 months if this target were to be achieved. The government found that the interest rate caps contained in the Usury and Credit Agreement Acts had not been effective in protecting consumers. It found that credit allocation had been distorted to the detriment of low-income clients and that misleading disclosure, anti-competitive practices and the very high costs of credit had undermined the potential benefit of access to credit. The problems in the microlending industry were also found, to a large extent, to be a symptom of the failure of the banking sector to meet the needs of low-income earners. 7 In this context, the government passed the National Credit Act in June 2006. It was set to come into effect by early 2007 and would replace the Usury Act (1968), its Exemption Notices and the Credit Agreements Act (1980). The Act aimed to regulate the granting of consumer credit by all credit providers, including microlenders, banks and retailers. It would create formal bodies referred to as the National Credit Regulator and the Nati onal Consumer Tribunal, to ensure enforcement of the Act and promotion of access to redress, and to adjudicate contraventions of the Act. It addressed, among other things, over-indebtedness and the reckless granting of credit and unlawful provisions in agreements; it promoted disclosure in terms of the form and effect of credit agreements and disapproved any debt settlements other than debt enforcementg. The f g National Credit Act The poorest 60% of the population. The recoupment of payments through legal means, for example debit orders. 6 Capitec: Low-Cost Banking for Joe Average potential impact of the Act would be to limit the granting of pre-approved credith; to change the debt counselling process,i and; to result in a prolonged collection process. 8 The Act, in its attempts to make the credit facility process as transparent and comparable (to other credit facility offers) as possible, thus presented some challenges to banks and other financial institutions. For example, it complicated the quoting process and affected Capitec’s use of technology, as the new requirements demanded a complete rewrite of the ba nk’s systems. In turn, these changes prevented the organisation from advancing its own technology to stay ahead of the pack. Fischer explained that only by continued technological advancement could they stay at least three steps ahead. 29 Other Challenges Adding to the controversy surrounding banking charges in general, a report commissioned by the Competition Commission in 2006 had questioned the make-up of bank charges levied on transactions. As a result, the government again turned its attention to banking: this time to the transparency and costs of certain banking transactions. The first public hearing at which financial institutions could respond to the report was scheduled for the end of 2006. In addition, for Capitec, being one of the smallest players in the South African banking industry by far, presented a number of additional challenges, the most pressing of which was how to keep control of the bank. The management team was acutely aware of the danger of a hostile take-over attempt by a bank such as African Bank, for example (see Competitors below). 30 Future Plans Internet and cell phone banking were high on the agenda and the bank already had plans to launch these services in 2007. Capitec intended to use technology to its fullest extent to support its aim of growing its savings accounts in the mass market to three million by the end of February 2009. 31 In addition, Capitec had introduced six- and 12-month loans in 2005, in addition to the one- and three-month loans it already offered. Now, in 2006, it planned to introduce 18- to 24month facilities in the near future. Granting small, unsecured loans was expensive and inevitably resulted in high fees, yet, in Capitec’s latest annual report, Mouton pledged to continue making microcredit more accessible. He said that the bank wanted to reduce the cost of lending, at the same time offering more products to meet the exact needs of the market. 32 On the other hand, home loans would not form part of Capitec’s product offerings. Fischer explained that as far as Capitec was concerned, this was best left to the specialists who had perfected securitised lending. Another approach was necessary for unsecured home loans which they were evaluating. 33 According to Stassen, about 64% of salaried people in South Africa still did not have banking accounts, therefore huge growth opportunities still existed. 4 The reckless granting of credit is prohibited under the Act. Reckless credit is when a credit provider gives you a loan or other credit without assessing whether you can repay the loan and even if you do not understand or appreciate the risks, costs or obligations under the credit agreement or if the granting of the credit leads to you becoming overindebted. [Source: www. persfin. co. za (accessed 28 February 2007). ] i The process whereby a client is informed about the implications of the loan. h 7 Capitec: Low-Cost Banking for Joe Average Competitors Capitec faced competition from a number of sectors, both traditional and emerging. African Bank Investment Limited (ABIL) The focus of the bank was to underwrite largely unsecured credit risk through the provision of personal loans to the â€Å"formally-employed, emerging market†j. Prior to 1998, ABIL (then called African Bank) had operated for 24 years as a small commercial bank. It was bought by the JSElisted Theta Group in 1998, and subsequently merged with three loan finance companies owned by the Theta Group. In August 2002, it acquired the R2. 8 billion Saambouk personal loan book. By the end of 2006, ABIL had 1. million clients from various sectors of the South African economy. 35 The bank focused solely on term loans, requiring repayment over between 12 and 35 months, for example, in contrast to the typical microlending sector offering of loans to be repayed over one, three or six months. However, according to Fischer, the organisation was migrating to the lower end of the market, while Capitec was migrating up to the middle section of the market. 36 ABIL introduced credit cards as part of its offerings in late 2006. Capitec perceived African Bank as a major competitor because of its well-established reputation in the market. Mzansi A government initiative, the Mzansi account was launched as a low-cost product in October 2004 by the four major retail banks Absa Bank, First National Bank (FNB), Nedbank and Standard Bank as well as Postbank. The aim was to attract the 16. 4 million unbanked South Africans into the economic mainstream. This initiative was a direct outcome of the Financial Sector Charter, in terms of which the banks undertook to provide access points for first-order, retail financial services within 20 kilometers of 80% of South Africans in LSMs 1 to 5. 7 By mid-2006 more than two million people were users of the product. Facilities on Mzansi accounts were limited to deposits, withdrawals, debit card transactions and balance enquiries. In early 2006 all the banks agreed to include debit orders on the account in the course of the year. Interest was paid on credit balances (which could not exceed R15 000) and there was no monthly service fee. 38 Mzansi users were allowed to make four withdraw als and deposits free of charge. Thereafter, normal banking charges applied. In an article comparing Mzansi’s fees with those of a normal Capitec banking account, journalist Richard StovinBradford found that Mzansi’s were higher than those of Capitec. 39 According to Colin Donian, the initiatives director of the Mzansi account, the profile of the Mzansi account holder was mostly female and the average account balance was R300. Most account holders (62%) were between 25 and 54 years, and the largest uptake had come from black communities, where most of the unbanked population resided. 0 The Four Major Retail Banks Apart from the Mzansi account, all four major banks had other accounts serving the lower end of the market, such as Nedbank Transactor (designed to meet the needs of clients who did not Emerging markets in this context, refers to the upcoming black middle class market. On 9 February 2002, Saambou Bank, one of South Africa’s larger banks at the time, collapsed and was placed under curatorship. k j 8 Capitec: Low-Cost Banking for J oe Average require a cheque book), Absa Flexisure and FNB Smart Account. Standard Bank’s E Plan offered basic banking products to people earning less than R5 000 per month. Standard Bank launched its E bank in 1994 as a separate subsidiary which offered an electronic banking and savings product. It was a high-volume, low-margin product that proved to be extremely popular with the lowincome market, particularly because it offered a R1 000 death benefit to the account holder’s next-of-kin. By 1996 E Bank was doing so well that it had become a threat to its parent brand, with the result that Standard Bank incorporated the subsidiary into its main stable. 1 E Bank only entered the microlending market in 1999, and then did so via a joint venture with African Investment Bank Ltd. 42 Following on the success of E bank, Nedbank entered the low income market with its People’s Bank division in 1995, which later became its empowerment subsidiary with a separate banking licence. By 2003 People’s Bank had about 2 million clients. Unlike the other banks’ offerings, the Nedbank Transactor account was available to all customers – and not just to the entry-level segment of the market. Absa established its NuBank division in 1996, and immediately started granting credit to clients. In 2000, it acquired 51% of UniFer, which was then the market leader in microlending, and incorporated NuBank into this organisation. The rapid growth in the volume of loans granted, however, meant that UniFer’s administrative systems could not cope, and by March 2002 its provisions for bad debts were hopelessly inadequate. UniFer was accordingly delisted and made a whollys of local partnerships between banks and retailers were those between Standard Bank and cell phone group, MTN (with ts MobileMoney account), Nedbank and supermarket retailer Pick ‘n Pay (with Go 9 Capitec: Low-Cost Banking for Joe Average Banking), and the fashion retail group Edcon and FNB for the provision of personal loans. Fischer noted that some of these alliances were powerful and presented a potentially serious threat to Capitec. 48 The Standard Bank/MTN and Edcon/FNB alliances were relatively new i n the market and difficult to assess, but Pick ‘n Pay Go Banking had been in operation since 2000, which meant it had had time to prove itself. Operating as a division of Nedbank, Go Banking used the retailer’s stores (6 000 till points countrywide) for transactions, as well as Nedbank and Old Mutual Bank ATMs and branches. A customer could draw cash for only R2, get a balance enquiry free of charge, make deposits, and pay accounts. Both debit and credit cards were available. Although specific numbers of clients were hard to come by, Stovin-Bradford mentioned that Go Banking had never generated the sort of response expected by Pick ‘n Pay. 49 Accordingly, Fischer did not perceive Go Banking as a major competitor, as he believed the one thing that it lacked, was personal service. Banking is about people and service, and everything boils down to that. A retail cashier or a brochure can hardly offer personal banking advice,† he said. 50 Credit and Loans Provided by Retail Organisations The furniture retail industry in South Africa was worth R15 billion per year, of which about R10 billion was sold on credit. Historically, credit furniture sales had been conducted according to the Credit Agreements Act, which restricted interest rates to the ceiling of the Usury Act, while allowing the seller to retain ownership of the goods sold as collateral. However with the advent of the MFRC and a clearer more transparent regulatory environment for microlending, many of the furniture retailers, as well as other retail chains such as Woolworths, had started actively promoting microloans to their regular, well known clients. These organisations had a solid credit history on their clients, relied on a credit scoring methodology to assess risk, and did not require debit orders or other deductions. Most of their clients were salaried employees. 51 This was still a very new segment of the icrolending market and had yet to develop. Analysts speculated that it would replace much of the traditional furniture credit market, and also provide additional small loans to the retailers’ customers. 52 The MFRC had placed many objections to furniture organisations entering the microlending market, as it saw this as a means of bypassing the Credit Agreement Act. The argument was that since the retailers also controlled the price of the items they were selling, they could adjust the price of the goods to cover the cost of the lending. However, the retail organisations said that the ceiling on the Credit Agreement Act did not allow them to recover their costs. 53 Capitec perceived the retail market as a serious emerging competitor. 54 Conclusion To achieve its aim of growing its share of savings accounts in the mass market to three million by the end of February 2009, Capitec had little choice but to focus heavily on marketing. From this perspective, the company’s major challenge lay in changing the perception that Capitec was only a microlender. To do this, it had to build trust and stature in the eyes of the public. The question facing the Capitec management team was how it should set about doing this over the next year. Considering the fierce competition that existed in the market (the four major banks’ marketing spend, for example, was in the order of R200 million each per year) and the pressure from the South African government on financial institutions to support the lower end of the market, Capitec had some serious choices to make, and it would be these choices that would determine its destination. 10 Capitec: Low-Cost Banking for Joe Average Exhibit 1 Capitec Bank: The Present Profile Capitec Bank The Present Profile 3 Operations Clients ‘000 Savings Clients ‘000 Turnover R’m Number of Loans ‘000 Capitec Bank Branches % Impairment Profitability Headline Earnings R’m Headline Earnings per Share (c) ROE % Equity NAV per Share (c) Share Price (c) Market Capitalisation R’m 611 260 164 623 580 399 676 1 490 1 072 784 3 105 2 233 824 3 050 2 194 30 46 8 49 70 12 70 101 16 116 165 23 74 104 26 300 0 1 477 2 454 266 2. 58 380 18 1 904 2 617 265 1. 43 440 143 2 259 2 486 251 1. 45 706 375 2 863 2 650 253 2. 85 852 468 1 586 1 486 267 4. 07 04 05 06 Aug 06 Source: Courtesy of Capitec, August 2006. 11 Capitec: Low-Cost Banking for Joe Average Exhibit 1 The Present Profile (cont) Source: Courtesy of Capitec, 2006. 12 Capitec: Unconventional Banking in a Risky Market Exhibit 2 The Market: Average Income Spread The Market LSM 1 2 3 4 5 6 7 8 9 10 Average Income Spread Number ‘mil 30. 6 Income R 0–R 947 % 2. 1 3. 8 3. 8 4. 5 4. 1 4. 3 2. 3 1. 7 1. 9 1. 7 7 12 13 15 13 14 8 6 6 6 R 949 – R 1 179 R 1 179 – R 1 443 R 1 443 – R 1 977 R 1 977 – R 2 549 R 2 549 – R 4 366 R 4 366 – R 6 659 R 6 659 – R 9 388 R 9 388 – R12 077 R12 077 – R19 298 Target Market 19m * Household Income after statutory deductions Exhibit 3 The Average Client In Summary The Average Client Time constrained : 8 – 5 working hours Limited mobility – public transport Cash dependant – Security Risk Pay date driven Does not save Needs more information on managing finances Needs funding in times of crisis Source: Courtesy of Capitec, 2006. 13 Capitec: Unconventiona l Banking in a Risky Market Exhibit 4 Mobile Banking Mobile Consulting Source: Courtesy of Capitec, 2006. Unless otherwise indicated, all the information in this section comes from M Kirsten, ‘Policy Initiatives to Expand Financial Outreach in South Africa’. Paper delivered at World Bank/Brookings Institute Conference, 30-31 May 2006, available www. dbsa. rg, documents link (accessed 16 November 2006). 2 Ibid. 3. Wilkinson Meagher. â€Å"Filling the gap in South Africa’s small and micro credit market: an analysis of major policy, legal and regulatory issues. † Institute for Informal Sector Research. University of Maryland. 2001. 4 5 1 Ibid. Ibid. 6 Ibid. 7 Interview with Carl Fischer, 3 November 2006. 8 Ibid. 9 Ibid. 10 Ibid 11 Ibid. 12 S Planting, ‘Assume You Can’, Financial Mail, 7 April 2006, available www. financialmail. co. za (accessed 27 October 2006). 13 Interview with Carl Fischer, 3 November 2006. 14 H Formby, ‘Snug in the Low -Cost Niche’, Financial Mail , 27 October 2006, p 45. 5 Interview with Carl Fischer, 3 November 2006. 16 Ibid. 17 Ibid. 18 Ibid. 19 Ibid. 20 Ibid. 21 Capitec Annual Report 2006, p. 11. 14 Capitec: Unconventional Banking in a Risky Market Interview with Carl Fischer, 3 November 2006. Ibid. 24 Ibid. 25 H. Duvenhage, ‘Capitec Bank vat Bank na die Werkplek’, Sake Rapport, 10 September 2006, p 9. 26 Unless otherwise indicated, all the information in this section comes from M Kirsten, ‘Policy Initiatives to Expand Financial Outreach in South Africa’. Paper delivered at World Bank/Brookings Institute Conference, 30-31 May 2006, available www. bsa. org, documents link, (accessed 16 November 2006). 27 Ibid. 28 Nedbank Group, ‘The Turning Point’, National Credit Bill, available www. nedbankgroup. co. za/pdfs (accessed 10 December 2006). 29 Interview with Carl Fischer, 3 November 2006. 30 Ibid. 31 S Gunnion, ‘Capitec Lifts Client Base, Profit Fast’, Business Day, 28 September 2006, p 22. 32 Capitec Annual Report, 2006, p 12. 33 Interview with Carl Fischer, 3 November 2006. 34 Riaan Stassen quoted in an article by L Peyper, ‘G’n of Min Bankkoste: Bankgroep Wys Hoe’, Die Burger, 20 May 2006, p 23. 35 www. africanbank. co. a, about African Bank link (accessed 14 November 2006). 36 Interview with Carl Fischer, 3 November 2006. 37 R Stovin-Bradford, ‘Getting a Measure of Mass Banking’, Sunday Times Business Times Money, 7 May 2006, p 21. 38 Ibid. 39 Ibid. 40 www. southafrica. info/public_services/citizens/consumer_services/mzansi. htm (accessed 5 December 2006). 41 C. Mitchel and Heil, D, ‘Taking Banking to the Unbanked: Wizzit (A), Wits Business School case WBS 2006-14. 42 Ibid. 43 Ibid. 44 www. southafrica. info/public_services/citizens/consumer_services/mzansi. htm (accessed 5 December 2006). 5 Electronic correspondence with Carl Fischer, 5 February 2007. 46 www. postbank. co. za (accessed 14 November 2006). 47 R Stovin-Bradford, ‘Getting a Measure of Mass Banking’, Sunday Times Business Times Money, 7 May 2006, p 21. 48 Interview with Carl Fischer, 3 November 2006. 49 R Stovin-Bradford, ‘Getting a Measure of Mass Banking’, op cit. 50 Interview with Carl Fischer, 3 November 2006. 51 P Meagre and B Wilkinson, ‘Filling the Gap in South Africa’s Small and Micro Credit Market: An Analysis of Major Policy, Legal and Regulatory Issues’, op cit. 52 Ibid. 53 Ibid. 54 Interview with Carl Fischer, 3 November 2006. 23 22 15

My Dads - Sample Common Application Essay - Option #1

My Dads - Sample Common Application Essay - Option #1 The essay prompt for option #1 of the 2018-19  Common Application allows students a lot of breadth: Some students have a background, identity, interest, or talent that is so meaningful they believe their application would be incomplete without it. If this sounds like you, then please share your story. The prompt allows students to write about just about anything they find extremely important in their lives. Charlie chose this option because his atypical family situation was a defining part of his identity. Here is his essay: Charlie's Common Application Essay My Dads I have two dads. They met in the early 80s, became partners soon after, and adopted me in 2000. I think I’ve always know that we were a little different from most families, but that’s never really bothered me. My story, that which defines me, is not that I have two dads. I’m not automatically a better person, or smarter, or more talented, or better looking because I am the child of a same-sex couple. I’m not defined by the number of fathers I have (or the lack of mothers). Having two dads is inherent to my person not because of the novelty; it’s inherent because it has afforded me a completely unique life perspective. I’m very fortunate to have grown up in a loving and safe environment- with caring friends, family, and neighbors. I know for my dads, that was not always the case. Living on a farm in Kansas, my dad Jeff struggled internally with his identity for years. My dad Charley was luckier; born and raised in New York City, he was always supported by his parents and the community there. He only has a few stories of being harassed on the street or the subway. Dad Jeff, though, has a web of scarring on his right arm, from the time he was jumped leaving a bar; one of the men pulled a knife on him. When I was little, he used to make up stories about these scars; it wasn’t until I was fifteen that he told me the truth. I know how to be afraid. My dads know how to be afraid- for me, for themselves, for the life they’ve created. When I was six, a man threw a brick through our front window. I don’t remember much about that night save for a few images: the police arriving, my aunt Joyce helping to clean up the glass, my dads hugging, how they let me sleep in their bed that night. This night wasn’t a turning point for me, a realization that the world is an ugly, nasty place. We carried on as usual, and nothing like that ever happened again. I guess, in retrospect, my dads were just used to living slightly afraid. But it never stopped them from going out in public, being seen together, being seen with me. Through their bravery, their unwillingness to give in, they taught me the virtue of courage more concretely and lasting than a thousand parables or Bible verses ever could. I also know how to respect people. Growing up in a â€Å"different† family dynamic has led me to appreciate and understand others who are labeled as â€Å"different.† I know how they feel. I know where they’re coming from. My dads know what it is like to be spat on, looked down on, yelled at, and belittled. Not only do they want to keep me from being bullied; they want to keep me from bullying. They have taught me, through their actions, beliefs, and habits, always to strive to be the best person I can. And I know countless other people have learned the same things from their own parents. But my story is different. I wish having same-sex parents wasn’t the novelty it is. I’m not a charity case, or a miracle, or a role model because I have two dads. But I am who I am because of them. Because of all they’ve lived through, dealt with, suffered, and tolerated. And from that, they’ve taught me how to help others, how to care about the world, how to make a difference- in a thousand small ways. I am not just the â€Å"boy with two dads;† I’m the boy with two dads who taught him how to be a decent, caring, courageous, and loving human being. A Critique of Charlie's Common Application Essay Overall, Charlie has written a strong essay. This critique looks at the features of the  essay that make it shine as well as a few areas that could use a little improvement. The Essay Title Charlies title is short and simple, but it is also effective. Most college applicants have a single dad, so the mention of plural dads is likely to pique the interest of the reader. Good titles dont need to be funny, punny, or clever, and Charlie has clearly gone for a straight-forward but effective approach. There are, of course, many strategies for writing a good essay title, but Charlie has done a good job on this front.    The Essay Length For the 2018-19 academic year, the Common Application essay has a word limit of 650 and a minimum length of 250 words. At 630 words, Charlies essay is on the long side of the range. Youll see advice from many college counselors stating that you are better off keeping your essay short, but that advice is controversial. Sure, you dont want to have wordiness, fluff, digressions, vague language, or redundancy in your essay (Charlie is not guilty of any of these sins). But a well-crafted, tight, 650-word essay can provide the admissions folks with a more detailed portrait of you than a 300-word essay. The fact that the college is asking for an essay means that it has  holistic admissions, and the admissions folks want to learn about you as an individual. Use the space youve been given to do so. Again, there are many theories about the ideal essay length, but you can obviously do a more thorough job introducing yourself to the college with an essay that takes advantage of the space youve been given. The Essay Topic Charlie steers clear of some of the obvious bad essay topics, and he has certainly focused on a topic that the admissions folks wont see very frequently. His topic is an excellent choice for Common Application option #1 for his domestic situation has clearly played a defining role in who he is. There are, of course, a few conservative colleges with religious affiliations that would not look favorably upon this essay, but thats not an issue here since those are schools that would not be a good match for Charlie. The essay topic is also a good choice in that it illustrates how Charlie will contribute to the diversity of the college campus. Colleges want to enroll a diverse college class, for we all learn from interacting with people who are different than us. Charlie contributes to diversity not through race, ethnicity, or sexual orientation, but by having an upbringing that is different from the great majority of people.   Weaknesses of the Essay For the most part, Charlie has written an excellent essay. The prose in the essay is clear and fluid, and aside from an incorrect  punctuation mark and a vague pronoun reference, the writing is pleasing free of errors. Although Charlies essay isnt likely to create any significant concerns from readers, the tone of the conclusion could use a little reworking. The last sentence, in which he calls himself a decent, caring, courageous, and loving human being, comes across as a little strong with the self-praise. In fact, that last paragraph would be stronger if Charlie simply cut the final sentence. Hes already made the point in that sentence without the problem of tone we encounter at the very end. This is a classic case of show, dont tell. Charlie has shown that he is a decent person, so he doesnt need to spoon feed that information to his reader. The Overall Impression Charlies essay has much that is excellent, and the admissions folks are likely to respond positively to how understated most of it is. For example, when Charlie narrates the scene of the brick flying through the window, he says, this night wasnt a turning point for me. This is not an essay about sudden life-changing epiphanies; rather, it is about the life-long lessons in bravery, perseverance, and love that have made Charlie into the person that he is. A couple simple questions you can ask when evaluating an essay are these: 1) Does the essay help us get to know the applicant better? 2) Does the applicant seem like someone who would contribute to a campus community in a positive way? With Charlies essay, the answer to both questions is yes. To see more sample essays and learn strategies for each of the essay options, be sure to read The 2018-19 Common Application Essay Prompts.

Biography and Legacy of Ferdinand Magellan

Biography and Legacy of Ferdinand Magellan One of the greatest explorers of the Age of Discovery, Ferdinand Magellan is best known for leading the first expedition to circumnavigate the globe. However, he personally did not complete the route and perished in the South Pacific. A determined man, he overcame personal obstacles, mutinies, uncharted seas, biting hunger, and malnutrition during the course of his voyage. Today, his name is synonymous with discovery and exploration. Early Years and Education Ferno Magalhes (Ferdinand Magellan is an anglicized version of his name) was born in approximately 1480 in the small Portuguese town of Villa de Sabroza. As the son of the mayor, he led a privileged childhood, and at an early age, he went to the royal court in Lisbon to serve as page to the Queen. He was very well educated, studying with some of the finest tutors in Portugal, and from an early age showed an interest in navigation and exploration. The De Almeida Expedition As a well-educated and well-connected young man, it was easy for Magellan to sign on with many of the different expeditions departing from Spain and Portugal at the time. In 1505, he accompanied Francisco De Almeida, who had been named Viceroy of India. De Almeida had a fleet of 20 heavily-armed ships, and they sacked settlements and established towns and forts in north-eastern Africa along the way. Magellan fell out of favor with De Almeida around 1510 when he was accused of illegally trading with Islamic locals. He returned to Portugal in disgrace and offers for him to join new expeditions dried up. From Portugal to Spain Magellan was convinced that a new route to the lucrative Spice Islands could be found by going through the New World. He presented his plan to the King of Portugal, Manuel I. He was rejected, possibly because of his past problems with De Almeida. Determined to get funding for his trip, Magellan went to Spain. Here, he was granted an audience with Charles V, who agreed to finance his journey. By August of 1519, Magellan had five ships: the Trinidad (his flagship), Victoria, San Antonio, Concepcià ³n, and the Santiago. His crew of 270 men was mostly Spanish. Departure, Mutiny, and the Wreck Magellan’s fleet left Seville on August 10, 1519. After stopovers in the Canary and Cape Verde Islands, they headed for Portuguese Brazil. Here, they anchored near present-day Rio de Janeiro in January of 1520 to take on supplies, trading with locals for food and water. It was at this time that serious troubles began: the Santiago was wrecked and the survivors had to be picked up. The captains of the other ships attempted to mutiny. At one point, Magellan was forced to open fire on the San Antonio. He reasserted command and executed or marooned most of those responsible, pardoning the others. The Strait of Magellan The four remaining ships headed south, searching for passage around South America. Between October and November 1520, they navigated through the islands and waterways on the continent’s southern tip. The passage they found was named the Strait of Magellan. They discovered Tierra del Fuego as the sailed. On November 28, 1520, they found a tranquil-looking body of water. Magellan named it the Mar Pacà ­fico, or the Pacific Ocean. During the exploration of the islands, the San Antonio deserted. The ship returned to Spain and took too much of the remaining provisions with it, forcing the men to hunt and fish for food. Across the Pacific Convinced the Spice Islands were only a short sail away, Magellan led his ships across the Pacific, discovering the Marianas Islands and Guam. Although Magellan named them the Islas de las Velas Latinas (Islands of the Triangular Sails), the name Islas de los Ladrones (Islands of Thieves) stuck because locals made off with one of the landing boats after giving Magellan’s men some supplies. Pressing on, they landed on Homonhon Island in the Philippines. Magellan found he could communicate with the people, as one of his men spoke Malay. He had reached the Eastern edge of the world known to Europeans. Death Homonhon was uninhabited, but Magellan’s ships were seen and contacted by some locals who led them to Cebu, home of Chief Humabon, who befriended Magellan. Humabon and his wife even converted to Christianity along with many of the locals. They then convinced Magellan to attack Lapu-Lapu, a rival chieftain on nearby Mactan Island. On April 17, 1521, Magellan and some of his men attacked a much larger force of islanders, trusting their armor and advanced weapons to win the day. The attack was fought off, however, and Magellan was among those killed. Efforts to ransom his body failed. It was never recovered. Return to Spain Leaderless and short on men, the remaining sailors decided to burn the Concepcià ³n and return to Spain. The two ships managed to find the Spice Islands and loaded up the holds with valuable cinnamon and cloves. As they crossed the Indian Ocean, however, the Trinidad began to leak. It eventually sank, although some of the men made it to India and from there back to Spain. The Victoria kept going, losing several men to starvation. It arrived in Spain on September 6, 1522, more than three years after it had left. There were only 18 sickly men crewing the ship, a fraction of the 270 who had set out. Ferdinand Magellan Legacy Magellan is credited with being the first to circumnavigate the world in spite of two somewhat glaring details: first, he died halfway through the journey and second, he never intended to travel in a circle. He simply wanted to find a new route to the Spice Islands. Some historians have said that Juan Sebastin Elcano, who captained the Victoria back from the Philippines, is a worthier candidate for the title of first to circumnavigate the globe. Elcano had begun the voyage as master on board the Concepcià ³n. There are two written records of the journey. The first was a journal kept by an Italian passenger who paid to go on the trip, Antonio Pigafetta. The second was a series of interviews with the survivors made by Maximilianus of Transylvania upon their return. Both documents reveal a fascinating voyage of discovery. The Magellan expedition was responsible for several major discoveries. In addition to the Pacific Ocean and numerous islands, waterways and other geographic information, the expedition also sighted a great many new animals, including penguins and guanacos. The discrepancies between the log book and the date when they returned to Spain led directly to the concept of the International Date Line. Their measurements of distances traveled helped contemporary scientists determine the size of the earth. They were the first to sight certain galaxies visible in the night sky, now aptly known as the Magellanic Clouds. Although the Pacific had been first discovered in 1513 by Vasco Nuà ±ez de Balboa, it is Magellans name for it that stuck. Balboa called it the South Sea. Immediately upon the return of the Victoria, European sailing ships began trying to duplicate the voyage, including an expedition led by surviving captain Elcano. It wasn’t until Sir Francis Drake’s 1577 voyage, however, that anyone managed to do it again. Still, the knowledge gained from Magellans voyage immensely advanced the science of navigation at the time. Today, Magellan’s name is synonymous with discovery and exploration. Telescopes and spacecraft bear his name, as does a region in Chile. Perhaps because of his untimely demise, his name does not have the negative baggage associated with it like fellow explorer Christopher Columbus, blamed by many for subsequent atrocities in the lands he discovered. Source: Thomas, Hugh. Rivers of Gold: The Rise of the Spanish Empire, from Columbus to Magellan. Paperback, Random House Trade Paperback, May 31, 2005.

Second Industrial Revolution Essay Example | Topics and Well Written Essays - 250 words

Second Industrial Revolution - Essay Example the policy makers were much more concerned with the creation of a stable economy, which according to them would be achieved easily through service-based industries as compared to the manufacturing industries. With the US currently in a state of modifications as manufacturing jobs depart the country and service trades rocket, a lot of parallels to the Second Industrial Revolution have been brought forward. A lot of jobs have been mislaid in the manufacturing industry; thus, the country is simply short of innovations (Adler & Pouwels, 2011). The new generation broods do not want courses that deal with engineering, but prefer law, banking sector amongst others. The country has also gone through issues of balance trading, since its goods cannot compete well in the market. Due to the demands of the service industry, the government has been forced to take on in deficit spending, so as to continue to exist in the industry. This is without a doubt a great risk to both tax payers and the country at

A Normal C Reactive Protein and Significant Bacterial Infection in Literature review

A Normal C Reactive Protein and Significant Bacterial Infection in Children with Fever - Literature review Example One of the most common reasons for Emergency Department (ED) visit is the fever. Fever accounts to approximately 10 – 35% of admissions in children younger than three years of age (Nuttall, 2003; Andreola et al., 2007; Behjati 2008; Liu et al, 2008). In this age group, severe bacterial infections or SBI represents to about 10 – 25%; however, Andreola et al (2007) noted that this diagnosis is frequently confusing especially with the absence of localising findings. Hence, a need for specific and sensitive laboratory markers for infection is required because of the presence of clinical findings such as body temperature. More than a decade ago, an algorithm which incorporates with laboratory findings, such as white blood cell count and absolute neutrophil count was published and was proven to be useful in the medical practice especially in the identification children who are at higher risk of severe bacterial illness. Additional markers such as C – reactive protein ( CRP) and procalcitonin (PCT) are maybe useful (Nuttall, 2003; Andreola et al, 2007). In 1930, CRP is discovered by Tillett and Francis as C – Polysaccharide fraction called as fraction C from the sera of an acutely ill patient. In 1941, fraction C was found to be a peptide instead of a polysaccharide, thus renamed as C reactive peptide. In 1950, it was reported that CRP can be detected in more than 70 types of disorders. Carlan added that CRP can be normal in invasive bacterial disease, and produces the largest, the most rapid, and most quantifiable acute response to inflammation and infection.

Reflective Teaching in Teaching and Learning or Chilldren's Literature Research Proposal

Reflective Teaching in Teaching and Learning or Chilldren's Literature in Victorian Period for Teaching in Singapore - Research Proposal Example Overtime, other philosophers have become instrumental in developing the theory of reflective practice and among those notable are John Dewey (1933) and David Schon (1983). Dewey, much influenced by the Progressive Era of his time, employs the scientific process of generating and testing hypothesis as vital components to reflective thinking. Half a century later, David Schon revolutionised the concept of reflective practice emphasising the importance of context and experiential knowledge for continuous improvement. The integration of ideas from these two theorists is evident in current reflective practice literature. Reflective practice is borne out of the basic premise that changes in an organization starts within each individual. It is regarded as a â€Å"meaningful and effective professional development strategy† (Osterman and Kottkamp, 2004, p. 1). Although the goal remains synonymous (the development of individual competencies leading to improved organizational performance), reflective practice offers an alternative approach to traditional professional development approaches. The emergence of reflective practice in the educational setting, as discussed by Osterman and Kottkamp (2004), was a response to the failure of educational reforms to effectively address the need of academically and socially preparing students to meet the challenges of a rapidly changing world. Educators on a daily basis â€Å"routinely juggle multiple tasks, process information on many levels, manage a continual stream of interruptions, and make on-the-spot decisions to meet the changing needs and demands in the teaching environment† (York-Barr et al., 2006, p. 2). Though teachers are guided by their knowledge, a significant margin of uncertainty accompanies their practice as a result of unpredictable circumstances that require spontaneous responses. The reflective practice

Andy Worhol Term Paper Example | Topics and Well Written Essays - 1250 words - 1

Andy Worhol - Term Paper Example Andy attended Holmes Elementary School and Schenley High School. Andy missed a lot of lessons because he was often sick. He contracted rheumatic fever when he was eight. He also acquired chorea, making him stay in bed for a month. A few years later, Andy’s skin became pale with red blotches. Due to his condition, he had to stay at home. He watched cartoons, finished coloring books, and reading movie magazines. His sickness and interests in cartoons and movies became his inspiration and topic in most of his art (Mattern, 10). From 1945-1949, Andy, together with Balcomb Greene, Robert Lepper, Samuel Rosenberg, and others, attended Carnegie Institute of Technology (now Carnegie Mellon University) in Pittsburgh. In June 1949, Andy graduated with a Bachelor of Fine Arts degree in Pictorial Design. After graduating from Carnegie Institute of Technology, Warhol decided to pursue his career as a commercial artist in New York City. In September 1949, his first work appeared in Glamour magazine. He became one of the most successful illustrators in 1950s onwards and had won Art Director’s Club Medal in 1957 for his advertising work (Mattern, 6). In the same year, Warhol underwent plastic surgery to change the shape of his nose and had almost lost most of his hair (Mattern, 7). He was awarded by the American Institute of Graphic Arts as a successful illustrator. Tiffany & Co., The New York Times, I. Miller Shoes, Bonwit Teller, Columbia Records, Harper’s Bazaar, Vogue, Fleming-Joffe, NBC, and others were among Warhol’s clients. Most of Warhol’s commercial works were based on photographs and other source images, and on the handwriting of his mother Julia. Warhol loved his mother so much that after Julia’s death, Warhol painted memorial portraits, fi lm and shot videotapes of her. Warhol traveled around the world and had visited countries in Asia and Europe in 1956. He began painting in late 1950s and made his first painting based on comics and ads. A 32 series