Milk Products Essay Example for Free

Milk Products Essay There has been an increase in income of milk and gradually development have broadened the knowledge of consumers. They have now became choosy resulting in monitoring needs, identifying opportunities and create value. It is the market place not the factory that ultimately determines which company will succeed. Marketing is practiced not only by manufacturing concern their channel members but all kinds of individuals and organization. No politician can get the required votes to win and no â€Å"resort† the needed tourist to flourish without developing and carrying out the sound marketing plans. Authentic market practice is not the art of selling what you make so much as knowing what to make. It is the art of identifying and understanding customer’s needs and coming up with solution that satisfy them and produces riches for firm’s profitability. As we all know, future is always uncertain. More precisely when there is volley of brilliant competitors and each wants to be the market leader. So in the light of intense competition satisfaction through product innovation maintaining the standard quality therein, failing which no amount or deal of promotional measure or scheme can compensate at length. Competitive forces have compelled the companies to focus on specific segment of the market with frequent product innovation and rather new products and launching thereof with greater confidence. The present study gives special emphasis on the Financial Trend Analysis Of Parag Dairy. The entire study has been divided into chapters and further subdivided into segments from each dealing with a separate aspect in a simple and lucid style and clarification has been given top priority throughout the project. CHAPTER 1 ABOUT LUCKNOW PRODUCER’S CO OPERATIVE MILK UNION LTD. Sections-1. 1: INTRODUCTION. Lucknow is the capital city of Uttar Pradesh . Total area of district is 2528 square km 91588 hactare is cultivated land . Lucknow producer’s cooperative milk union ltd. (Parag dairy lucknow) was established in 1938. Lucknow milk is the first cooperative dairy established in India . Very few people know the fact the process developed by Lucknow Milk Union was later used in spirit in Gujrat co operative milk movement and is now famous as â€Å"anand pattern† . Lucknow milk union was then chosen as one of the model dairy to Implement operation flood programme started by national dairy development board (NDDB)in 1970. The aim of Lucknow milk union is to provide reasonable price to farmer thereby defending them from exploitation of milk vendors and earn supplementary income part from agriculture . On the other hand the milk union supplies high quality pure milk and milk products at reasonable prices to urban consumer under the brand name â€Å"parag†. The milk union has been running â€Å"clean milk mand breed conservation programmes† UPDASP where milk producer have been educated in producing and supplying milk under clean and hygienic condition and provided the producer with semen of pure Indian breed for the improvement of the present breed of animal. Lucknow milk union is established Auto milk collection unit (AMCU) in societies for giving transparent payment system for milk given by farmer. By the established of these machine farmer are getting full price and actual detail of fat and snf of their milk . presently AMCU are running successfully in 259 societies 27 bulk milk coolers are established in various rural area of lucknow for keeping high quality of milk procured in those area by milk societies Lucknow milk union has set up of teams for quality check and health awareness programme for the urban consumer of milk. The team visit different localities in city, test their milk and provide on the spot results to the consumer . the milk union also organize school children’s visit to its dairy plant to create awareness on milk procrssing and other related system amongst them. The milk union has obtained ISO and HACCP certification in year 2007. For coming months lucknow milk union has commited itself to provide a minimum of 160000 liters of high qualities â€Å"parag† milk per day to the urban consumers. Apart from selling milk in pouches, the milk union is also gearing itself to provide fresh loose milk to the city consumers. Towards this end, the milk supply vehicles insulated with Japanese eco- friendly standards have already been introduced in various area of the city. 87 all time milk booth(ATM) are established for supply of high quality milk to the consumers round the clock. Lucknow milk union is able to maintain high quality standards in its milk and milk products through close monitoring of processes in all its stages of production, processing and packaging. The constant increase in the sales figure of the milk union are a reflection of their sincere efforts and the growing confidence of the consumers in parag milk products. The organization has a chain of around 2000 agent providing employment to the unemployed youths door to door milk delivery system through mini insulated tanker thru commission agent with attractive commission rates has been started in the city . the requirement for this system is to have a mini insulated tanker for which one has to arrange finance upto rs 50000/- himself and rest amount comes through bank finance. The new milk products launched by the milk union such as chhena kheer, besan laddoo, and chhachh, gulabjamun etc have begin tickling the taste buds of the consumers giving them great pleasure and value for money. INDIAN DAIRY INDUSTRY World’s largest food factory, in celebration India Dairy. com invites you to world’s highest milk producers. And all set to find out more about their achievements. Here you can find about answer to every question about dairy. Be it investors, researchers, entrepreneurs or the merely curious Indian dairy. It has something for everyone. Today India is ‘The Oyster’ of the Global dairy industry. It offers opportunities galore to entrepreneurs Worldwide, who wish to capitalize on one of the world’s largest and fastest growing market for milk and milk products. A bagful of â€Å"pearls† awaits the international dairy processor in India . The Indian dairy industry is rapidly growing , trying to keep pace with the galloping progress around the world .As he expands his overseas operations to India , many profitable options awaits him. He may transfer technology, sign joint ventures or use India as a sourcing center for regional exports. The liberalization of Indian economy beckons to MNC’s and foreign investors alike . India has one of the largest livestock population in the world. Fifty percent of the buffaloes and twenty percent of the cattle in the world are found in India, most of which are milk cows and buffaloes. Dairy development in India has been acknowledged the world over as one of modern India’s most successful developmental programme. Today, India is the largest milk producing country in the world. Milk and milk products is rated as one of the most promising sectors which deserves appreciation in a big way. When the world milk production registered a negative growth of 2 percent, India performed much better with 4 percent growth. The total milk production is over 72 million tones and the demand for milk is estimated at around 80 million tonnes. By 2005, the value of Indian dairy produce is expected to be Rs. 1,000,000 million. In the last six years foreign investment in this sector stood at Rs. 3600 million which is about oneforth of the total investment made in this sector. Manufacture of casein and lactose, largely being imported presently, has good scope. Exports of milk products have been decanalised. The milk surplus states in India are Uttar Pradesh, Punjab, Haryana, Rajasthan, Gujarat, Maharashtra, Andhra Pradesh,Karnataka and Tamil Nadu. The manufacturing of milk products is concentrated in these milk surplus States. Technology Export Potential of Milk and Dairy Sector The production of milk products i. e. milk products including infant milk food, malted food, condensed milk cheese stood at 3. 07 lakh tonnes in 1999-2000. Production of milk-powder including infant milk-food had risen to 2. 25 lakh tons in 1999-2000, whereas that of malted food is at 65000 tons. The trends in production of milk products in India is given in Annexure 1. Cheese and condensed milk production stands at 5000 and 11000 tonnes respectively. Some plants are coming-up for producing lactose, casein and improved cheese varieties. Livestock Population India is rich in its livestock wealth. It accounts for nearly 15. 8% of the world cattle population, more than half of the world buffalo population. As per FAO production year book 1998, the population of cattle, buffaloes, sheep and goats in the world and in India is given in Annexure 2. As per the 1992 livestock census of Ministry of Agriculture, highest cattle population was reported in Madhya Pradesh(28. 68 million nos. ) followed by Uttar Pradesh (25. 63 million nos. ) Bihar (22. 15 million nos. ) Maharashtra (17. 44 million nos. ) and West Bengal (17. 45 million nos. ). According to livestock census the highest population of buffaloes is reported in U. P. (20. 08 million nos. ) followed by A. P. (9. 15 million nos. ), M. P. (7. 97 million nos. ) and Rajasthan (7. 74 million nos). Production of Milk and Milk Products. The milk production was almost stagnant between 1947 to 1970 with an annual growth rate of merely one percent Livestock accounts for nearly 15. 8% of the world cattle population, more than half of the world buffalo population. Technology Export Potential of Milk and Dairy Sector which has since registered a vigorous growth of over 4. 5% per annum after the year 1970. The production of milk in India has been increasing steadily as shown in Annexure 3. The major milk producing states are UP, Punjab, Rajasthan, M. P, Maharashtra and Gujarat. Number of milk products manufacturing Plants have come up in these states for Processing of milk. Present Status The Five Year Plan, achieving an annual output of over 60 million tonnes of milk. This not only places our industry second in the world after the United States, but represents sustained growth in real availability of milk and milk products for our burgeoning population. Most important, dairying has become an important secondary source of income for millions of rural families. Improved genetic material achieved primarily through cross breeding of cattle and upgrading of the national buffalo herd has played a significant role in increasing the productivity. Gradual extension of improved husbandry practices; increase in consumption of balanced concentrates made possible, in part, through innovations in the field of nutrition; expanded area under fodder; greater access to veterinary care; and advances in the fight against endemic and epidemic cattle diseases have also contributed to increased production and productivity. About three quarters of the milk produced is consumed at the household level. Of the milk supplied to the market, about 9-11 percent is processed in over 275 dairy plants and Dairying has become an important secondary source of millions of rural families. 6 Technology Export Potential of Milk and Dairy Sector 83 milk product factories operated by cooperative, private dairy processors, and government milk schemes in the oroganized sector. Milk channeled through Operation Flood cooperatives is generally processed in dairy plants located in the rural areas and then transported into cities and towns. Operation Flood Milk productions account for about 1 0% of total milk production or 40% of the marketed output. The balance (about 90% of total production) is handled by the private traders and processors. About 45% of milk production is consumed as fluid milk. About 35% is processed into butter or ghee; about 7% is processed into Paneer (cottage cheese) and other cheeses, about 4% is converted into milk powder; and the balance is used for other products such as Dahi (yoghurt) and sweet meats. In recent years, there has been an increasing ice cream production as foreign companies have invested in India. Industry Segments: 1. Cheese The organised cheese market including its variants like processed cheese, cheese spreads, mozzarella, flavoured and spiced cheese, is placed at around Rs 3 bn. Processed cheese at 50% of the overall market is Rs. 1. 5 bn strong. The next most popular variant is cheese spread claiming a share of around 30% of the total cheese market. The market is primarily an urban phenomenon and is know to be growing at around 15%. The market for cheese cubes slices and tins is growing. The flavoured cheese segment has been declining. About 45% of milk production is consumed as fluid milk. About 35% is processed into butter o r or ghee is processed into paneer(cottage cheese) and other cheeses, about 4% is converted into milk powder; and the balance is used for other products such as Dahi (yoghurt) and sweet meats. Technology Export Potential of Milk and Dairy Sector 7 operator in the branded cheese market in India with about 60% market share in the branded market. It pioneered the market for processed, branded cheese. What GCMMF did was to develop the technology to make cheese from buffalo milk. World over it is made from cow milk. Annexure 4 gives the market size of cheese in India. Other cheese manufacturers are : Britannia Industries, Dynamix Dairy Industries (DDI), Hiranandani, ETA and Metro. 2. Ice Cream The ice cream market in India is estimated to have reached the level of Rs. 10 bn per annum, of which the organized sector is about Rs. 6 bn. The unorganised market has been shrinking. The per capita ice cream consumption in the country is extremely low at 250 ml per year compared with that of the US, which is about 22 litre. The organised market for ice creams of about 60 mn litres,has been growing at around 15% per annum. The ice cream industry has, in a short span of time, undergone a structural transformation. Annexure 5 (a) and 5 (b) shows the growth of market size of Ice Cream in India and the market structure of this segment respectively. 3. Chocolates The Chocolates market is estimated at 35,000 tonnes valued at approximately Rs. 8. 0 bn. The chocolate counter market is worth nearly Rs. 2. 5 to 3. 5 bn and the rest is made up of chocolate bars. Chocolates in fact make up less than a fourth of the sweet-tooth products including sugar boiled confectionery mints and chewing gums. Sugar confectionery is by far the largest segment with a share market growth rates indicate that the cheese market in India is growing steadily. The organised market for ice creams of about 60 mn litres has been growing at around 15% per annum. Technology Export Potential of Milk and Dairy Sector exceeding 60%. Annexure 6 (a) and 6 (b) gives the market size are structure of chocolate market in India. 4. Dairy Whiteners The organised dairy industry processes an estimated 15% of the total milk output in India. The industry has maintained a high growth profile, especially in the wake of the Operation Flood, colloquially also termed as White Revolution, initiated in early 1980s. Today India produces over 80 mn tonnes of milk annually. In terms of value, the total milk economy is estimated at Rs. 1200 bn. The market for dairy whiteners (commercially know as beverage milk powders and condensed milk) and creamers is around Rs. 2,750 mn. The growth of market size of dairy whiteners in the last 10 years is given in Annexure 7 (a) and 7 (b). Apart from MNCs like Nestle and companies like Britannia, the Indian enterprises have also made perceptible progress. Names like Amul, Sapan, Vijaya, Mohan, Parag and several others have been seen in the marketplace with their whiteners. Aseptically packed creamer in miniportions is widely used in the west, but has yet to enter the Indian market. Aseptically packed creamer involves techniques to impart a longer shelf life to the product. It is packed in small cups ready to be poured into a cup of tea or coffee. Creamer is fresh milk with increased fat content (upto 12%) and is aseptically packed after undergoing Ultra Heat Treatment (UHT) at 140oC. Its introduction will affect the existing whitener market as a natural milk product with a longer shelf life. The organised dairy industry processes an estimated 15 % of the total milk output in India. The industry has maintained a high growth profile, especially in the wake of the Operation Flood, col loquial ly also termed as White Revolution , initiated nearly 1980s. Technology Export Potential of Milk and Dairy Sector The potential for exports; especially to neighbouring countries and the countries in the Middle east, the Gulf and Africa, also exist and could be exploited. 5. Baby Foods Conventionally, foods (solids, semi-solids and liquids)badministered to babies of upto two years of age are classified as baby foods. In some cases, however, baby foods are continued to be given to children older than of two years depending on socio-economic, health-related and geosocietal conventions. The concept of packaged baby foods is relatively recent in India. The traditional homemade foods have dominated this sector until the induction of packaged foods mostly from multinational companies. Baby foods have assumed special significance in the recent years because of greater awareness of hygiene and health and constraints on time of busy mothers. A reliable, healthy, convenient and readyto-use baby food is the requirement of the day. India is catching up with the rest of the developed world in this area rater fast. A comparison of growth rates over the last 10 years shows that these has been a steady rise of market size. Annexure 8 (a) and 8 (b) gives the market size and the market structure of baby foods in India. The packaged food products for babies are broadly classified into a) cereal-based such as Nestum; b) cereal-based with milk such as Farex, Cerelax, c) milk-based such as Lactogen, d) ready-to-feed liquids, and e) rusks and biscuits. Infant milk foods constitute the most significant segment. The potential for exports;especially to neighbouring countries and the countries in the Middle east, the Gulf and Africa, exist and could be exploited. Technology Export Potential of Milk and Dairy Sector. 6. Biscuits and Bakery Products The Indian bakery industry is dominated by the small-scale sector with an estimated 50,000 small and medium-size producers, besides the 15 units in the organised sector. Apart from the nature of the industry which gravitates to the markets and caters to the local tastes, the industry is widely dispersed. The two major bakery products, biscuits and bread, account for 82% of all bakery production. The unorganised sector accounts for about two-thirds of the total biscuits production estimated at 1. 3 mn tonnes. It also accounts for 80% of the total bread production which is estimated at 1. 5 mn tonnes and around 90% of the other bakery products estimated at 0. 6 mn tonnes. The last includes pastries, cakes, buns, rusks and others. Annexure 9 (a) and 9 (b) gives the growth of market size of biscuits over the last ten years. Biscuit is estimated to enjoy around 37% share by volume and 75% by value of the bakery industry. The organized sector caters to the medium and premium segments, which are relatively less price-sensitive. The organised sector is unable to compete at the lower price range due to the excise advantage enjoyed by the informal sector. The organised segment in biscuits has witnessed a steady growth of about 6%, conforming broadly to the growth rate of GDP. The production crossed the one-million tone mark in 1995-96 which has now grown by estimated 30%. The size of the bread market is estimated at Rs. 13 bn. There are a number of producers in both sectors, organised and unorganised. From a low priced commodity, bread has The two major bakery products , biscuits and bread, account for 82% of all bakery production. Biscuit is estimated to enjoy around 37% share by volume and 75% by value of the bakery industry. Technology Export Potential of Milk and Dairy Sector graduated into a branded product with discriminating prices. 7. Confectionery The Indian confectionery market includes sugar boiled confectionery, hard-boiled candies, toffees and other sugarbased candies. In 2000, sugar boiled confectionery had penetrated an estimated 15% of the households only, suggesting a large potential for growth. There are about 5,000 units catering to the local markets. The total volume of the sugar boiled confectionery market in the organised sector (comprising plain / hard-boiled candies, toffees, eclairs and gums) is around 125,000 tonnes. Add to this the unorganized sector and the market for all types of confectionery is of the order of 250,000 tpa. That translates into 66% market share of the unorganized sector by volume. In value terms it is less than 50%. The sector’s expansion at a rate of 25% in 1998 had dropped to 17% in 1999 and registered a negative growth of 2% in 2000. In the long run it is slated to grow at 8 to 10% annually. The growth in the size of the confectionery market is gives as Annexure 10 (a). The total volume of the sugar boiled confectionery market in the organised sector is around 125,000 tonnes. Add to this the norganized sector and the market for all types of confectionery is of the order of 250,000 tpa. Exports: Export of certain milk products like milk powder, ghee and butter was canalised uptil 1993. With the objective of promoting exports of milk products, the Govt. have dechannelised the export of these milk products with effect from mid 1993. According to the EXIM Policy for 1997- 2002, the policy for export of these milk products is as under: Powder milk (skimmed or full Cream) whole and infant milk food, pure milk Ghee and Butter, except when exported as branded products in consumer packs, not exceeding 5 kgs in weight, will be exempted from the following conditions : 1) Quantitative i ceiling as may be notified by the DGFT from time to time. 2) registration-cum-allocation certificate issued by agricultural and processed Food Products Export Development Authority (APEDA). The Director General of Foreign Trade, Ministry of Commerce vide Public Notice No. 48/RE-98/1997-2002 dated 13th October, 1998 have removed the quantitative ceiling for export of powder milk and ghee and their export is now freely allowed. However, butter, if exported in packaging exceeding 5 kg. in weight, continues to be under the quantitative ceilings. Products for exports Skimmed Milk Powder, Whole Milk Powder, Ghee, Butter, Cheese, Condensed Milk, Casein etc. are some of the milk products being exported from India. With the objective of promoting exports of milk products, the Govt. have dechannelised the export of these milk products with effect from mid 1993. The export figures of dairy products during the last five years are given in Annexure 11. Major Destinations- UAE (43%), Nepal (19%), Bangladesh(12%) Future Markets South East Asia, Russia and Africa will be the emerging market for Indian dairy products. In the immediate future, there is prospect of an additional demand of over 3 million tonnes of milk products in the ASEAN region alone. The EU dairy exports will become limited by GATT agreements, while Australia-New Zealand do not have adequate production capacity. Equally significant is the rise of Russia as the world’s biggest dairy importer. Although by far the biggest milk producer in Europe, the Russian output has declined by more than 25 percent in the past five years. The shortfall in milk production is estimated to be 13 million tonnes a year. These major deficits in milk availability offer an opportunity for India to fill this vacuum and to become leading dairy exporting nations. Potential for value added products Ethnic Indian dairy products like Sweets Shreekhand, Rusgulla, Khoya and Ready-to-Eat-Kheer, Haluwa, etc. have good demand in the countries where ethnic Indian population is settled. For promotion of these products, we require export worthy consumer packing, which also improves the shelf-life of the product. South East Asia, Russia and Africa will be the emerging market for Indian dairy products. Technology Export Potential of Milk and Dairy Sector APEDA has initiated following steps to increase export of dairy products: Standards have been laid down for export of dairy products APEDA is offering subsidies for implementation of HACCP and ISO 9000, installation and upgradation of laboratories and market promotion through sending of samples, printing of catalogue brochures and brand publicity through advertisement etc. under it’s plan scheme. Export market development will depend on ensuring the quality. This will require that exporters ensure quality from the milk animals to the port and beyond. To build the quality, mechanized dairy fanning requires encouragement with export oriented processing facilities. Manufacturing units linked by contract with large scale producers, can ensure of quality raw material necessary to enter and maintain the position in the international market. It is the cow milk which is recognized in the international market. Since India is producing more of buffaloe milk, there is a need for generic promotion of buffaloe milk. Many countries in the world do not import milk products from India since India is reporting many livestock diseases particularly FMD. Efforts are, therefore, needed to control and eradicate FMD at least in major milk producing States. Creation of chilling facilities at block level village level and transportation of liquid milk to processing units in reefer units . NATIONAL DAIRY DEVELOPMENT BOARD (NDDB) The National Dairy Development Board was created to promote, finance and support to the following: 1- Producer owned and controlled organizations. NDDB’s programmes and activities. 2- Seek to strengthen farmer to support national policies that are favorable. 3- To the growth of such institutions. Fundamental to NDDB’s efforts are co-operative principles and the Anand Pattern Co-operatives of Cooperation. The National Dairy Development Board (NDDB) was founded to replace exploitation with empowerment, tradition with modernity, stagnation with growth, transforming dairying into an instrument for the development of India’s rural people. Policies in Milk Milk Products Milk and Milk Products Order (MMPO) regulates milk and milk products production in the country. The order requires no permission for units handling less than 10,000 litres of liquid milk per day or milk solids upto 500 tpa. Mi lk and Milk Products Order (MMPO) regulates mi lk and mi lk products production in the country. A l l t h e m i l k p r o d u c t s except malted foods are covered in the category o f i n d u s t r i e s f o r wh i c h f o r e i g n e q u i t y participation upto 51% is automatically allowed. 1 8 Technology Export Potential of Milk and Dairy Sector All the milk products except malted foods are covered in the category of industries for which foreign equity participation upto 51% is automatically allowed. Icecream, which was earlier reserved for manufacturing in the small scale sector, has now been dereserved. As such, no license is required for setting up of large scale production facilities for manufacture of ice cream. Subsequent to dechannelisation exports of some milk based products are freely allowed provided these units comply with the compulsory inspection requirements of concerned agencies like: National Dairy Development Board, Export Inspection Council etc. Bureau of Indian standards has prescribed the necessary standards for almost all milk based products, which are to be adhered to by the industry. Regulatory Environment in the Dairy Processing Sector in India The Indian processed dairy industry has grown and diversified enormously in the last few years. To ensure the proper development and growth of this industrial sector, the Government of India has instituted various laws and regulations. The various regulations that govern the dairy processing industry can broadly be classified into: Compulsory Legislation Prevention of Food Adulteration Act, 1954 This Act is the basic statute that is intended to protect the common consumer against the supply of adulterated food. This specifies different standards for various food articles. The standards are in terms of minimum quality levelsTechnology Export Potential of Milk and Dairy Sector 1 9 intended for ensuring safety in the consumption of these food items and for safeguarding against harmful impurities and adulteration. The Central Committee for Food Standards, under the Directorate General of Health Services, Ministry of Health and Family Welfare, is responsible for the operation of this Act. The provisions of the Act are mandatory and contravention of the rules can lead to both fines and imprisonment. Milk and Milk Product Order (MMPO). 1992 The Milk and Milk Product Order (MMPO), 1992, issued on June 9, 1992 seeks to ensure the supply of liquid milk, an essential commodity, to consumers by regulating its processing and distribution. Within eight years of its operation, the Central/State Registering Authorities have till December 2000 registered 666 units with a total processing capacity of 65. 8 million litres per day (mlpd). Salient Features of the MMPO Order include the following: – Registrations for units handling up to 75,000 litres of milk per day are granted by the State Governments and units with more than 75,000 litres per day capacity are registered by the Central Registering Authority. – The Certificate also specifies the milkshed area, which, under the order is defined as a geographical area demarcated by the Registering Authority for the collection of milk by the registered unit. – Maintenance of specified hygienic conditions in the premises where milk and milk products are handled, processed, manufactured or stored. 2 0 Technology Export Potential of Milk and Dairy Sector The collection, transportation and processing of milk normally centres around the operations of a processing plant. The region from which the marketable surplus of milk production finds its way to a processing plant is called.

Evaluation of the Viability of the Sukuk

Evaluation of the Viability of the Sukuk This proposal aims to evaluate the current status and the viability of the Islamic financial Securities such as Sukuk as an alternative of the conventional financial securities like Eurobond in the context of the current financial crisis. I will outline the overall aims and objective of the research and discuss the various studies on growth of Islamic finance and decline of conventional finance in the background of the financial crisis. This paper will reflect an overall structure of the whole proposal. SIGNIFICANT FOR THE RESEARCH In the financial global market, the Islamic financial services sector is analysed to be gown at double digit rate(Bley Kuehn, 2005), involving over 200 financial institutions with assets estimated to exceed US$ 200 billion(Al-Dhahiri et al, 2003). Researchers (Hamwi Aylward, 1999) already has recognised that over the last decade, Islamic banking and finance has experienced global growth rates of 10-15 percent per annum, and has been moving into an increasing number of conventional financial systems at such a rapid pace that Islamic financial institutions are present today in over 51 countries (Sole, 2007 pp:1). This research is aimed at investigating the practicability of the Islamic Financial system as an alternative to the traditional financial system especially in the context of the recent financial crisis. The fast growth of Islamic banking and finance raises different important questions: Is the development in Islamic banking and finance a result of the comparative advantages of the Islamic banking concept or is it largely attributable to the worldwide Islamic recovery since the late 1960s (Chong Liu, 2007). The fact that Islamic laws forbid paying and receiving interest promote all parties in a financial transaction to share the risk and profit or loss of the project (Qorchi, 2005). In an Islamic contract the output and the quality of the project, ensures a more equitable distribution of wealth (Qorchi, 2005). AIMS AND OBJECTIVES The overall aim of this research is to review and evaluate significant growth of Islamic finance and financial securities as an alternative of the traditional financial system and financial securities which led to the current financial crisis. The objectives of the research can be further identified as: (1). the recognition of the basic concepts of conventional and Islamic financial system. (2). How did studies deal with financial crisis and its effect on the traditional and Islamic banking system. (3). what are the effects of current financial crisis on traditional bond market? (4). How does the Islamic Finance response to the crisis? (5). Is Islamic Securities à ¢Ã¢â€š ¬Ã¢â‚¬ ¢Sukukà ¢Ã¢â€š ¬Ã¢â‚¬â€œ feasible? (6). If Islamic Sukuk is feasible then can it replace the traditional Eurobonds? (7). If it is not feasible then can it co-exist with the traditional Eurobonds? Overview Conventional Financial system Everyone has to contact with the financial system and everyone is very well aware of the financial institution like banks, building securities, and insurance companies, each providing in its own way for every day needs, such as payment facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance. The other financial markets, like the Stock exchange where the securities are bought and sold, are an important market though very few are directly concerned with their activities (Van Harne, 1990). All these financial institutions and markets fit together into a network which comprises the financial system or conventional financial system (Brian, 1992). The conventional financial system based on debt and the fixed rate of interest. The borrower in gaining the high fixed returns may get default as these bonds and corporate securities are not backed by the assets or gold. The burden and all risk are transferred on the issuer. Therefore in try to get high returns and greed of getting more financial share the conventional borrower and mortgage prices went up which result in the drying up the financial market and major companies got default. Islamic Financial System The Islamic financial system makes possible lending, borrowing and investment functions on a risk-sharing basis (Ishaq Mansoor, 2008). Islamic finance is fundamentally different from the conventional finance model as it is based on a profit and loss structure (PLS), which requires that a financial institution invest with a client in order to finance their needs, rather than lending money to the client. Because of the inherent risk involved in an investment, the financial institution is entitled to profit from the financial transaction (IBID). (SBP, 2007). Islamic banking and finance industry has been making breakthrough developments to become a truly feasible and competitive alternative to conventional systems at the global level as an industry adding more ethical, competitive, flexible and diversified tools and systems to global financial marketsà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (Ishaq Mansoor, 2008 pp: 708). The need for Islamic banking is prompted by three considerations: (a). An Islamic investor should keep away from alliance with industries forbidden to Muslims: such as; alcohol, gambling, pornography, meat packing (of pork), weapons production, and liquor. (b). An Islamic enterprise is advised to avoid interest (riba), as well as gambling, and, accordingly, constraints exist on transactions involved in debt securities and in futures and options. (c). Many Muslim investors tend to be attracted to enterprises monitoring the Islamic ethical and moral standards (Oà ¢Ã¢â€š ¬Ã‹Å"Sullivan, 1996). The Islamic finance industry has grown by about 15 percent on average over the last three years, with more than US$500 billion now lodged in Islamic banks, mutual funds, insurance schemes (takaful), and Islamic branches of conventional banks (Jobst, Kunzel, Mills, Sy, 2008). Islamic Law prohibits charging interest (Rajesh, K.A Yousaf, T., 2000). Islamic banking is currently practiced in more than 51 countries worldwide. In countries such as, Iran, Pakistan, and Sudan, only Islamic banking is practiced whereas other countries, such as Bangladesh, Egypt, Indonesia, Jordan and Malaysia, Islamic banking co-exists with conventional banking (Chong Liu, 2007). Therefore Islamic banking, is not limited to Islamic countries as In August 2004, the Islamic Bank of Britain became the first bank licensed by a non-Muslim country to engage in Islamic banking (Chong Liu, 2007). SUKUK Islamic securities have become increasingly popular in over the last five years, both as a means of raising government finance through sovereign issues, and as a way of companies obtaining funding through the offer of corporate Sukuk (Wilson, R., 2008) as Sukuk is to be use as a tool for liquidity management (Wilson. R., 2008), the Sukuk market continues to generate strong interest by new issuers in Muslim and non-Muslim countries. Sukuk (plural of Sakk) are commonly referred to as an Islamic bond, but a more precise translation of the Arabic word would be an Islamic investment certificateà ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã‹Å"(Thomas, 2005). The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) defines the Investment Sukuk as a certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services or (in the ownership of) the assets of particular projects or special investment activityà ¢Ã¢â€š ¬Ã‹Å"(Norman, T.,2009). Sukuk is an Islamic financial certificate, similar to a bond in Western finance that complies with Sharia, Islamic religious law. As the traditional Western interest paying bond structure is not permissible, the issuer of a Sukuk sells an investor group the certificate, who then rents it back to the issuer for a predetermined rental fee. The issuer also makes a contractual promise to buy back the bonds at a future date at par value (investropedia, 2009). Sukuk are monetised real assets (converting a government debt into available currency, especially issuing securities, that are liquid (easy to convert into cash), easily transferred and traded in the financial market (Adam, 2006). Likewise the Eurobonds are also liquid assets which are marketable and accepted by all the investors (www.independent.co.uk, 2005). Eurobonds are issued by a government, company shows potential to repay borrowed money at a fixed rate of interest at a specific time. Eurobonds are liquid and trusted bonds as it is backed by a fixed interest rate (ibid). Sukuk can be examined without any difficulty by international and regional rating agencies which facilitate their marketability (Adam, 2006). Likewise the Eurobonds are easily rated by the rating agency as these rating agencies rate these securities on the basis of the liquidity and the liabilities not on the basis of the religion and ethics (Standard Poorà ¢Ã¢â€š ¬Ã‹Å"s, 2009). As the agencies do not rate the securities on the basis of the religion, rather securities are rated on the basis of the quality and the ability of obligator to meet the obligations (ibid). Same like the similarities in the Islamic and conventional financial securities, there are few differences as well, and on the basis of that one system can be preferred on the other system. Starting from the type, the conventional financial Security is a debenture bond whereas the Sukuk are the Secured securities. Debenture bonds are those securities that is unsecured corporate bond by any mortgage, dependent on the credit of the issuer (Dictionary Reference.com, 2009). Whereas the Sukuk are backed by the real assets such as they are attached with the assets which can be turned into tradable in the future or can be replaced by the real assets (Richardson Abdl-Khaleq, 2007). Eurobonds are paper bonds whereas the Sukuk securities are really assets based security which have potential to convert the security into tradable asset in future. Secondly, the major difference in Sukuk and conventional bond is the right of ownership. As Sukuk represent the ownership opportunity in existing or well described assets whereas conventional bond represent pure debt on the issuer (Adam, 2006). LITRATURE REVIEW The relative success of the Islamic finance is remarkable (Bley Kuehn, 2005)as islamic finance institution are making progress with the grwoth rate of 15-18% which is double the average growth rate of conventional finacial institutions (Saifi, 2004). We will discuss A review of the litrature on traditional financial system (TFS)and Islamic financial system( IFS) and the security markets. That is devided into sections as will be reviewing the litrature on the decline of the popularity of the TFS and the growth of the IFS over the last two decades. The litrature review basically discuss information of three area on which research will be carried: (a) traditional banking system and its downfall, (b) islamic financial system and its growth, and (c) the empirical investigation of the feasibility of islamic financial securities to alternate the traditional finacial bonds to raise funds for the projects. BACKGROUND FOR STUDY The current collapse of banking and financial institutions raised a question as interest rate has long been recognized not only by classical and neo-classical economists but also by contemporary economists as one of the factors that determine the level of savings in the economy. Although there are cases of inconsistent findings, it is a generally accepted opinion that interest rate has a positive relationship with savings (Ahmad Haron, 1999). Generally, financial institutions perform two functions; one is to collect deposits and the other is to issue loans (Toutounchian, 1996). Depositors are guaranteed a predetermined return on the nominal value of the deposit by the bank even in most of the cases the deposits are insured (ibid). Hence it can be argued that the traditional financial system plays a passive role in the economy, is operating to face any economic fluctuations (ibid). It is argued that in these banks since the nominal value of the deposits is guaranteedshocks that can lead to banking crisis can cause divergence between real assets and real liabilities and it is not clear how this equilibrium would be corrected and how long the process of adjustment would takeà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (Mohsin, 1985). This is the real essence of fund intermediary function of a traditional finance (Toutounchian, 1996). Islamic finance can simply be defined that it is based on the basic principle of the prohibition of the riba as Islamic institutions does not charge interest but rather participates in the yield resulting from the use of the funds( Lewis Algaoud, 2001). Ebrahim Safadi ( 1995) advocates that islamic finance operations are according to the profit and loss sharing principle which are superior financial security to debt for many reasons including risk sharing of the equities (Hamwi Aylward, 1999. Liu Chong(2007) are of the view that the islamic finance is not different from the conventional finance as the unique feature Profit and Loss sharing (PLS) practically is very similar to the TFS as islamic financial products based on the PLS are not interest free beacuse pegged to conventional deposits(ibid). On the other hand the basic pillar of the conventional financial system is interest rate and fixed income securities have been accepted globally in raising finance for funding large development and capital expenditures (Usmani, 2006). A fixed income security is an investment which provides a return in the form of fixed periodic payments and ultimate returns of principal at maturity (Usmani, 2006). The motivations of firms that issue global bonds is particularly to test whether firms are motivated to offer bonds in multi-markets to raise more capital, take benefit of being well-known in foreign markets and owing to poor domestic economic conditions (Tawatnuntachai Yaman, 2008). The bond market robustness converts into depression when financial crisis which started in 2007 has created the greatest financial dislocation since the Great Depression of the 1930s (Melvin Taylor, 2009). The Eurobond which are based on fix interest rate and guaranteed of fixed return failed to impress the investors in an auction (Kaminska, 2009). In addition, the loans rate set in the fixed income market will have large effect on the demand for properties, and thereby prices, one would strongly believe that securitised property prices are determined by the interest rate changes rather than the stock market (Cheong, Wilson, Zurbruegg, 2009). Financial markets are intergrated now a days and no single economy can avoid the effect of the financial crisis (Chapra, 2007). If the financial system is not responsible for the crisies then why there is a general nervous feeling that à ¢Ã¢â€š ¬Ã¢â‚¬ ¢something is wrong with the financial systemà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (Stiglitz, 2003, p: 54 On the other hand, the Islamic finance manages the affair without involving the pre-agreed interest payment and receipts that replace the interest-based intermediation between the borrower and the lender with profit and loss sharing and equity based link (Bhatti Khan, 2009). CURRENT FINANCIAL CRISIS The credit crunch refers to a sudden shortage of funds for lending, leading to a resulting decline in loans available (Blog, 2008). A Credit Crunch can occur for various reasons such as sudden increase in interest rate, direct money controls by the governments and a drying up of funds in the capital market (Blog, 2008). The crisis started in 2008 in US supreme mortgage market and widely spread all over the world which raised a question that why this has system collapsed which leads the splillover effects from US sub- prime crisis to UK by far the most transparent and worrying for the authorities that exposed the tension between the central banks with respect to the provision of liquidity support facilities, the difficulties inherent in the economy for dealing with the banking crisis, defects in banking economy regulation and supervision and the glaring flaws in deposit protection arrangements (Maximilian, 2008). Islamic Finance Response to Crisis Principles of Islamic Finance The first principle has an effect on the depositors à ¢Ã¢â€š ¬Ã‹Å"behaviour and their decision-making process. The choice of action is based not only on the immediate financial returns but also on those returns in the hereafter. Since Islamic banks operate on an interest-free basis and their establishment is designed to improve Muslim communities. In the case of the second principle that involves wealth, Islam has given a clear guideline to be followed by Muslims. The essence of Islamic finance summarised by the Charles FÃÆ' ¨vre, 2006 is as following: Interest rate, taking or receiving on transactions is prohibited. Capital must have a social and ethical purpose further than pure, unfettered return; Investments in those businesses which are dealing with alcohol, gambling, drugs or anything else that the Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah considers unlawful and unwanted, are prohibited. Transactions involving masir (speculation or gambling); gharar, or uncertainty about the subject-matter and terms of contracts are forbidden which includes a prohibition on selling something that one does not own. As the interest-earning on investments are restricted, Islamic banks obtain their earnings through profit-sharing investments or fee-based returns (Charles FÃÆ' ¨vre, 2006). Traditionally an Islamic bank offers two kinds of services: firstly; it provides services for those on a fee or a fixed charge, such as safe deposits, fund transfer, trade financing, property sales and purchases or handling investments (IBID). Secondly; those that involves joint ventures in investments and the sharing of profits and losses (Charles FÃÆ' ¨vre, 2006). REASEARCH METHODOLOGY Methodology is a set of tools, techniques, procedures and investigative methods, used to collect, store, analyse and present information. Scientific methodology involves the development of hypotheses and predictions, investigating the manipulation of particular variables while maintaining all other variables constant, using measurable, objective measures and statistical analyses in order to come to conclusions about the topic under investigationà ¢Ã¢â€š ¬Ã¢â‚¬â€œ (inspiritive.com, 2009). Research can be defined as à ¢Ã¢â€š ¬Ã…“something that people undertake in order to find out things in a systematic way, thereby increasing their knowledgeà ¢Ã¢â€š ¬? (Saunders et al, 2003). Research methods are the means by which knowledge is acquired and constructed within a discipline. It needs to be both relevant and rigorous in order to be accepted as legitimate within a particular field of knowledge (Harvey Myers, 1995).whereas Leedy Research methodology can be explained as the process ca rried out to achieve the overall aim and objectives of the research (Saunders et al, 2003). What does Research Methodology Include? The research methodology involves primary data and secondary data. The primary data collected are more consistent with our research questions and research objectives. With the help of primary data the reasons behind consumer behaviour, management decisions or problems faces in internationalisation efforts can be identified (Ghauri Gronhaug, 2005). According to Hussey and Hussey, (1997, pg.149) à ¢Ã¢â€š ¬Ã¢â‚¬ ¢original data is known as primary data, which is data collected at sourceà ¢Ã¢â€š ¬Ã¢â‚¬â€œ. Primary research provides information and data which doesnà ¢Ã¢â€š ¬Ã‹Å"t already exist. Some of the methods of primary data collection include: Focus groups, Interviews, Observation and Questionnaires (Saunders et al, 2003). According to Saunders et al., (2007, pg.272) à ¢Ã¢â€š ¬Ã…“data that have already been collected for some other purpose, perhaps processed and subsequently stored, are termed secondary dataà ¢Ã¢â€š ¬?. Data can be collected internally or externally from the available materials for literature. These materials come from books, journals, articles, research papers, conference proceedings, newspapers, theses and internet sources. It includes both quantitative and qualitative data and they can be used in both descriptive and explanatory research. Within business and management research such data are used mostly in case study and survey-type research (Saunders et al, 2003). Research Methods Generally available methodological options for Research are two: qualitative research and quantitative research (Ticehurst Veal, 2000). Qualitative Research The purpose of qualitative research is to describe a certain process or problem, to interpret a particular problem and to develop new theoretical concepts and perspectives, to verify the validity of certain problem, and to evaluate the effectiveness of the chosen particular problem (Leedy, 2005). The qualitative analysis based on meaning expressed through words, symbols, interpretations, actions and behaviour (Thornhill et al, 2003). Quantitative research Generally, quantitative research is used to answer the question about relationships among measured variables with the purpose of explaining, predicting, and controlling phenomenon ( Leedy Ormord, 2005). Whereas, Thornhill et al, (2003) stated that in quantitative analysis, the data is based on meanings from numbers. The collection results in numerical and standardised data and the analysis are conducted through the use of diagrams and statistics (Thornhill et al, 2003). The aim of the project can be viewed as qualitative, explanatory, and comparative. To fulfil these aims, the study intends to use the qualitative comparative research strategy (Bryman Bell, 2003). As Leedy Ormrod (2005) noted that qualitative researchers commonly use triangulation for the validation of the research. Comparative Analysis Given the options, qualitative research will be carried out where the literature to be reviewed will be mainly secondary data. The results obtained from the data can be validated by using the above mentioned strategies and comparative analysis which is suggested by Leedy Ormrod (2005) to fulfil the requirements of research. As the Max Weber (1968) also develop approach for social and economical analysis based on comparative method to identify that the researcher plays primary role in outlining research questions, categorizing elements of analysis, and the topics for comparison rather than assuming an objective separation of the researcher and data, as he is of the view that this kind of approach does not confuse researcherà ¢Ã¢â€š ¬Ã‹Å"s conceptualization of the under research phenomenon and phenomenon itself. Comparative analysis facilitates researcher to investigate the problem from a recognized starting point and the investigate other aspects of the object during analysis (Weber , M., 1968 cited in: Google, 2009) Data Collections and Methods In order to achieve the aims and objectives of the research a series of the reviews will be conducted on available literature on Islamic Finance and Conventional finance, particularly the Islamic securities. Islamic source of finance, Al- Quran, Sunnaà ¢Ã¢â€š ¬Ã‹Å"ah, Shariaà ¢Ã¢â€š ¬Ã‹Å"a Laws, and Hadiths books have been taken into account to get information about the Islamic financial principles, and the regulations which are applicable to the finance. This research is based on secondary data which is collected by using research techniques, procedures and instruments such as 1. Journals 2. Books 3. Libraryà ¢Ã¢â€š ¬Ã‹Å"s web based services such as ABI/Inform, Proquest system, Jstor, Emerald. 4. Newspapers 5. Internet and internet article As qualitative comparative analysis will allow the researcher to outline the research objectives and categorizing the elements of the analysis and the choice of selection of the topic to analyse. The comparative analysis will helpful throughout the research to investigate the selected topic from a recognised point and researcher will be able to investigate the other aspect of the analysis. The methodology will be persuaded towards an approach in order to analyse appraise views on the Islamic financial system and Islamic securities in detail as an alternative to the traditional financial system in the context of current financial crisis by presenting and discussing with supervisor as to how he see the future of Islamic and traditional banking following the direction in which it is undertaken. LIMITATIONS This research may have few limitations The main concern is the collection of basic qualitative data from reliable sources mainly from university web based sources and Google scholar search materials; the challenge will be the identification of the reliable sources as often there will be situation where the results can vary from source to source. Sorting the reliable data from since the resources have vast options and all of them might not be having the same facts and figures which will be may required more time than expected in research process. Another limitation that may occur and cause the research to be narrowed and summed up sooner is for the research to miss out on some useful information which would be useful if taken under consideration. As for the vastness of the topic it is a concern that could be distracting as religious validities can be possible but main focus will be managed throughout the research. This research is a qualitative comparative analysis which is depending on the secondary data that may lead research to be limited as collection of data is generally more time consuming and the time is limited and it is not possible to studied wide range of literature which can make difficult to make a systematic conclusion. Drawn Conclusion Comparison of the both system (Islamic Financial System and Conventional Financial System, major will be the Islamic financial securities and conventional bonds) will formed the ground for the conclusion depending on the information gathered from research.

Capital Punishment Essay: Death Penalty Should Be Reconsidered

Death Penalty Should Be Reconsidered      Ã‚   The Death Penalty is among one of the major punishments given by the United States Department of Justice. The following facts were given by the Office of Justice Program, Bureau of Justice Statistics, and the United States Department of Justice themselves. During the year of 1995, Texas was the leading state with nineteen executions. This is about thirty-four percent of the executions in the United States. Also in that year, out of 56 persons who were executed, there were 33 white, 22 black, and one Asian. The persons executed were under sentence of death an average of eleven years and two months. Thirty-four states and the Federal prison system held 3,054 prisoners under sentence of death. This is a little over five percent more than the previous year. These figures are high for the year, 1995. People consider this fair since all these prisoners have committed murder, but sometimes the US Department of Justice can not bring justice to either parties.    As of December 31, 1995, lethal injection was the predominant method of execution in the United States. Out of 50 states, 32 are using this type of execution. There were some states who are still using the other types of execution. Eleven states authorized electrocution, seven of lethal gas, four of hanging, and three states of firing squad. Among these, the least suffering is lethal injection.    The most recent execution in Texas took place on April 3, 1997. A man who killed a woman during the 1989 robbery of a topless bar was executed the day after he made an unsuccessful suicide attempt. David Lee Herman, 39, tried to take away his life by unsuccessfully slashing his throat and wrist with a broken razor. An officer ... ... someone, we are sending the most cynicism about the value of human life. Also every time we execute someone, we as a society sink to the same level as the common killer. Death is lifeà ­s most powerful enemy. Therefore we are against killing people, and we cannot just take away a human being.   Ã‚   Works Cited   Dr. Gus Roberts. expo-l@listserv.uta.edu. Dr. Gus Roberts. May 04, 1997 roberts@ics.net. listserv email. May 04, 1997 Tracy L. Snell. Status of Death Penalty 1995. December 1996. http://www.ojp.usdoj.gov.pub.bj.April 28, 1997   Michael L. Radelet and Ronald L. Akers. Deterrenc and the Death Penalty: The Views of the Experts. May 01, 1997. http://sun.soci.niu.edu...dppapers/mike.deterence. May, 03 1997. Associated Press. Murderer Executed a Day After Suicide Attempt. Dallas Morning News. April 03, 1997.

Charles Franklin Kettering :: essays research papers

Charles Franklin Kettering Charles F. Kettering : Doing the right thing at the right time By Richard P. Scharchburg, Thompson Professor of Industrial History The Man... Charles Franklin Kettering was born on a farm near Loundonville, Ohio, August 29, 1876. After graduation from high school, he accepted a teaching position in a one-room rural school. Although highly successful as a teacher, his mind was set on going to college. In the summer of 1896, he entered the College of Wooster (Ohio). As a result of long and intense hours of study, his eyesight deteriorated to the point that he was forced to leave college and return to teaching. In 1898, he entered the engineering school at Ohio State, but again his poor eyesight forced him to drop out during his freshman year. For the next two years he worked on a telephone line crew, and then once again entered Ohio State, finally completing his electrical engineering degree in 1904. After graduation, Kettering took a job in the inventions department at the National Cash Register Company (NCR) in Dayton, Ohio. There he developed an electric motor for cash registers, the OK Charge Phone for department stores and several other contributions to a revolution then taking place in business machines. In 1909, Kettering and Edward A. Deeds, his associate at NCR, formed their own industrial research laboratory, the Dayton Engineering Laboratories Company (later known as DELCO). Within three years, they had produced a new all-electric starting, ignition and lighting system for automobiles. The system first appeared as standard equipment on the 1912 Cadillac and as its use spread, women could conveniently become drivers without the assistance of a chauffeur. DELCO was eventually sold to General Motors and became the foundation for the General Motors Research Corporation of which Kettering became vice president in 1920. The list of innovations and inventions that are credited to Charles F. (nicknamed "Boss") Kettering is impressive. His book of patents contains more than 300 separate applications that range from a portable lighting system for farms to coolants for refrigerators and air conditioners. Other patents included a World War I "aerial torpedo," a device for the treatment of venereal disease, and an incubator for premature infants. Duco paint and Ethyl gasoline were also his ideas and he was instrumental in their development.

Henri Cartier-Bresson :: essays research papers

Henri Cartier-Bresson   Ã‚  Ã‚  Ã‚  Ã‚  Henri Cartier-Bresson is one of the world’s most influential photography Masters. With his small hand camera he unobtrusively photographed people’s lives around the world. He was solely responsible for bridging the gap between photojournalism and art. He has published more than a dozen books of his work. The greatest museums in the world have shown his work.   Ã‚  Ã‚  Ã‚  Ã‚  From my start as a photographer, I was always drawn to taking photographs of people. I feel it was only instinct that made me interested in this type of photography. Other people pushing their ideas on me would come much later. For a few years I made photographs on my own, exploring a whole range of imagery from sports to still life, but I always felt images of people were my strongest. Then I went to college at a very intensive school for photography. From the start I was pushed into the world on Cartier-Bresson and his style. I started concentrating on this documentary style of photography and began to pull away from experimenting in other genres. This was fine with me because I was fairly successful with documentary photography and was being praised be my professors. After a while I became stuck in my ways and found it very hard to shoot in any other manner. At the present my portfolio is based solely on black and white documentary photography. I still am very proud of working in this manner, but I am quite frustrated with finding work as a documentary photographer.   Ã‚  Ã‚  Ã‚  Ã‚  My ties to Cartier-Bresson and his work start from the beginning of my career as a photographer. He was totally responsible for bringing photojournalism into the mainstream art world. Just for this accomplishment alone Cartier-Bresson has made it possible for many documentary photographers to work today.   Ã‚  Ã‚  Ã‚  Ã‚  Cartier-Bresson along with David Seymour and Robert Capa started the cooperative photo agency known as Magnum. Magnum was born because of a struggle between photojournalists and magazines. Magazines were constantly taking advantage of photographers. Magnum was established to end this by having its members band together as a group and establish strict guidelines for magazine payment and usage rights. Magnum represents only its members and its members stand behind one another. Over the years Magnum has evolved into kind of an elite club. I believe it only allows one new member per year; this is done by votes cast by all Magnum members.

Air cargo pkomot

The Boeing Company is one of the best companies providing a comprehensive and resent overview of the air cargo industry. It provides the biennial World Air Forecast. The findings summarise the major air trade markets in the world, giving the major trends and projects on the future improvements and performance of the world’s cargo airplane.Forecasting and planning are two synonyms which normally create confusion yet they have different meanings. Forecasting is the task of predicting the short term or long term future events by keeping statistics. The important element in forecasting is that it’s based upon some assumptions which are general.These assumptions may or may not be true and does not necessarily reflect the company’s expectations.Planning on the other hand is the creation and maintenance of a flow of events in an organisation and the process of coming up with the procedures necessary to create the desired goal in the organisation.Forecasting is a very im portant aspect in cargo industry. Some of the purposes of forecasting include: ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To identify the alternative possible futures. ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To get a justification on the plans and decisions we make. ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To provide information on possible futures so that realistic planning can occur. ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To raise awareness of the possible futures so that we have choice over which the future will support.These are just a few of the purposes of planning but overally its meant to give us a direction on the future happenings so that we get prepared.Forecasting can either be short term or long term. Short term forecast includes any current or recent past records that form a basis for the forecast. An example is the use of precipitation, thunderstorms and winds.Long term forecasting is the use of a wide range of facilities for forecasting especially that which covers a long period of tim e e.g. the use of cloud computing. This is the use of the software’s to compute the forecasts of a particular company.The use of forecasting in the companies involved in air cargo has increased over the years. One of the major contributions of forecasting is in planning.Air cargo companies have had to have an efficient plan making them set aside resources to tackle the future outcomes of the company. It has also aided in analysis. Several companies can compare themselves and know there stand. This has tremendously caused improvements in the air cargo industry.The accuracy of forecasting in the modern world necessitates the controlling process. The forecast error is currently estimated to be very small and is calculated by getting the difference between the actual value and the forecast value.The air cargo companies were affected by the traffic growth in 2008 and 2009 edition. World air cargo went upto 6% in 2007, following the previous 4% in 2006. This has declined in the yea rs 2008 and 2009 consecutively approximated to be about 3.4% in 2008. This analysis relates to the Boeing air cargo company.2009 will however be a grim year for the air cargo industry because of the magnitude at which the occurrence of global slump in trade growth is doing. Seabury forecasts indicate that 2009 will be a tough year for the air cargo companies getting 3.1% in air trade.It predicts however that this will improve in 2010 and rise to 5.1% forming a basis for further improvement in the subsequent years.Growth projections and highlights indicate the air cargo company picking up to 5.1% to 5.9% from the year 2011 to 2012. These projections are based on the fact that the change of the food and fuel prices will have a major change in the future. These two factors form the basis of the air cargo company market pricing.The success of aeronautical engineering requires several materials in its programming. As opposed to the past where the products were not of the standard the pre sent day aeronautical engineering requires enough materials.These include the use of digital and print equipment. The current data aeronautical companies utilize the geospatial machines which can decode the geospatial-referenced digits, and data which has been fused with other information.Reference:Kress, G. (1994) Forecasting and Market analysis techniques: a practical approach, London: Quorum books.

Enager Industries

Enager Industries, Inc. Accounting Consultant’s Report  · Introduction Enager Industries, Inc. was a relatively young company that consisted of three divisions with distinct services and products. At the urging of CFO Henry Hubbard, Enager’s president, Carl Randall, had decided to begin treating each division as an investment center, so as to be able to relate each division’s profit to the assets the division used to generate it profits.  · Analysis However, several issues arose regarding this performance evaluation method and other management control choices. First of all, profitable new project at Consumer Products Division, whose return was 13% calculated from Exhibit 3, could not get approved from upper management because it could not reach the pre-determined universal target return of at least 15 percent, even if all the divisions had completely different line of business. This could potentially discourage product development managers’ incentive to engage in new projects. More importantly, the company could miss out the opportunity on new products in the long-run, although it might not have a large return right away in the short-run. Secondly, the president of the company, Carl Randall, was both puzzled and disappointed at the discrepancies among the performance evaluation parameters of the company in 1993. Both ROA and gross return dropped from 1992, while return on sales and return on owners’ equity increased. There were also discrepancies across different divisions, as Professional Service easily exceeded the 12% gross return target; while other two divisions, especially the Industrial Product division had a ROA that was only 6. 9%. These discrepancies could increase the difficulties for the top management to understand the performance, thus hindered manager’s ability to make good decisions. Last but not least, general manager of Industrial Product Division was put much pressure by Randall, the president, because the division â€Å"fell behind† compared to the other two in terms of ROA. The divisional general manager argued that they could have achieved a higher ROA if they had older assets as Consumer Products Division did, but Randall could not understand the relevance of the argument. This is not only a communication problem, but also an evaluation problem caused by the inappropriate treatment of the assets value that is used in calculating ROA. By analyzing the management problems mentioned above, in can be concluded that these problems are the consequences of several management control mistakes, including unreasonable target setting, inefficient method of performance evaluation, and problematic treatment of assets value. Top management of Enager should not set an identical goal for all the divisions since all the divisions engaged in distinct service or production. The nature of those distinct businesses certainly required different amount of assets to operate, and they would face different levels of competition, and they would surely have different profit margins. Therefore, it was unreasonable only using one single target return to evaluation all the new projects from all three divisions to determine if the projects were profitable. In the case, McNeil’s proposal was rejected because it did not meet the 15% target return. However, the new project did have a favorable residual income and demonstrated the a return of 13%, which can increase the EPS for the company. If any benchmark were to be set to evaluate the profitability of new projects, it should be carefully engineered according to specific situation that can be applied to specific division, with the comparison to other competitors in the industry or to past performance. For example, Enager can establish a standard costing system based on historical and external information (including financial information, market information, etc) that can allows management to create a standard profit level. A standard costing system can further allows cost and profit variance analysis, which can be a very powerful tool for management control later on. There were also too many confounding factors in calculating ROA in Enager’s case. Firstly, using net book value of assets (as shown in Exhibit2) in calculating the ROA would surely put those divisions with newer assets in disadvantage. With less depreciation, divisions with newer assets will have lower ROA due to a larger denominator of assets value. The more reasonable way in this case is to use the fair market value, which can better represent the assets’ value in producing profit. Secondly, it is unreasonable to allocate corporate expenses and assets to certain divisions based on divisional revenue. Since each division had different services and products, revenue could not be the basis of allocating those corporate expenses and assets that did not reflect performance of each division. These confounding factors may be able to explain those discrepancies Randall was confused about. As such, the use of ROA in this case is an ineffective method of performance evaluation.  · Recommendation Based on the previous analysis, the solution to this case is to implement a new method of performance evaluation since ROA is such an ineffective method of performance evaluation. One alternative worth perusing is to use the Balanced Scorecard method to evaluate division performance. Instead of measuring the performance only using financial data, Balanced Scorecard methods requires business units to be assigned goals and then measured form the perspectives of financial, customer, internal business and innovation and learning. For example, Enager can evaluate the divisions based on the quality of the products, level of innovation, employees’ contribution to the whole company, etc. Balanced Scorecard can be a very critical supplement to financial data because it is part of strategy planning. The Industrial Products group may no longer be under evaluated because of less-than-perfect financial data. Essentially, a Balanced Scorecard method allows the manger to see the big picture on the strategic level. A Balanced Scorecard method can also promote balances among different strategies in an effort to achieve goal congruence, thus encouraging employees to act in the organization’s best interest. Profitable new projects, like the one that McNeil had proposed, would have a chance of getting approved because it would benefit the company as a whole since it could increase Enager’s EPS. Another advantage of implementing Balanced Score card is that it promotes comparability among different divisions with distinct line of business. Unlike ROA, Balanced Scorecard taken in to accounts of different perspective of the business into account, since the comprehensive value of the division is reflected in the Balanced Score card design. By implementing Balanced Score card method, the upper management of Enager can obtain a broad-base view of the company in terms of goals and strategy. Although it requires additional work for executives to choose a mix of measurement that accurately reflect the critical factors that will determine the success of the company, it is a better alternative here than ROA as a performance evaluation method.