Friday, May 22, 2020

A Doll s House By Henrik Ibsen - 909 Words

It is inevitable to find two completely different perspectives in life, especially in art. In regards to the play A Doll’s House by Henrik Ibsen, this is not the exception. The previously mentioned play has caused controversy among conservative and liberal critiques as a consequence of the actions of the protagonist. Nonetheless, I strongly believe the play A Doll’s House is suitable for presentation to students and families at a county high school due to the learning outcomes, such as comprehending certain aspects of the past, realizing the importance of self-individualization, and being tolerant to other people’s actions before pre-judging them. In A Dollhouse, Nora, the protagonist is presented as a financially and emotionally dependent woman of Torvald Helmer, her husband. He was a successful banker, and together they had children. However, before his success, at some point Nora had to borrow money since Torvald was ill, but she never told him. When Torvald discovered what Nora did, he was infuriated at first. Eventually he composed himself, but it was too late, Nora decided to leave her home, children and husband behind to pursue her independence. Henrik Ibsen, the author of A Doll’s House was an important dramatist and a defender of women’s rights. In fact, he was one of the few authors during his era that advocated for women. Additionally, â€Å"he is known to be the father of realism and has been a pioneer in the transformation and revolution of modern drama† (HossainShow MoreRelatedHenrik Ibsen s A Doll House1563 Words   |  7 Pages In the play, A Doll House by Henrik Ibsen, the title itself symbolizes the dependent and degraded role of the wife within traditional marriages. Ibsen portrayed the generous nature root into women by society, as well as the significant action of this nature, and lastly the need for them to find their own voice in a world ruled by men. Ibsen wrote this play in 1879, this is the era where women were obedient to men, tend the children until their husband came home, and stood by the Cult of DomesticityRead MoreA Doll s House By Henrik Ibsen1717 Words   |  7 Pagesâ€Å"A Doll, a Partner, and a Change† Social movement of women liberation toward equal rights and independence has been a big subject in human history. It happens not only in Europe but also all over the world. Though making progress, this movement has been advancing slowly and encountered backslashes from time to time. Maybe there is something deeply hidden which the society has not figured out yet, even women themselves. What do women want, freedom or good life? Most of the time, they are notRead MoreA Doll s House By Henrik Ibsen1291 Words   |  6 Pages A Doll s House by Henrik Ibsen, is a play that has been written to withstand all time. In this play Ibsen highlights the importance of women’s rights. During the time period of the play these rights were neglected. Ibsen depicts the role of the woman was to stay at home, raise the children and attend to her husband during the 19th century. Nora is the woman in A Doll House who plays is portrayed as a victim. Michael Meyers said of Henrik Ibsen s plays: The common denominator in many of IbsenRead MoreA Doll s House By Henrik Ibsen1288 Words   |  6 Pages Henrik Ibsen’s A Doll’s House is based in the Victorian society of the 19th century. It assesses the many struggles and hardships that women faced because of marriage â€Å"laws† that were crucial during that time period. The society was male- dominated with no equality. Nora is the protagonist in A Doll’s House and the wife of a man named Torvald. This play is about Nora’s voyage to recognizing her self- determination and independence. She transforms from a traditional, reserved woman to a new, independentRead MoreA Doll s House By Henrik Ibsen1298 Words   |  6 Pagesâ€Å"There is beauty in truth, even if it s painful. Those who lie, twist life so that it looks tasty to the lazy, brilliant to the ignorant, and powerful to the weak. But lies only strengthen our defects. They don t teach anything, help anything, fix anything or cure anything. Nor do they develop one s character, one s mind, one s heart or one s soul.† (Josà © N. Harris). Nora Helmer’s choice to lie and deceive is inappropriate and wrong for women to do to her husband during this time period; itRead MoreA Doll s House By Henrik Ibsen1037 Words   |  5 PagesHenrik Ibsen s A Doll s House is a work of literature genius. This three-act play involves many literary technics that are undermined by the average reader such as the fact that the plot shows the main characters Torvald and his wife Nora live the perfect life. An ironic paradox based around the fact that Nora and Torvald’s relationship is the complete opposite of perfect. Also, bringing upon a conflict as well, appearance versus reality. These little hidden meanings within stories are what areRead MoreHenrik Ibsen s A Doll House Essay1501 Words   |  7 PagesHenrik Ibsen’s play â€Å"A Doll House† was set in the Victorian era, a time where women were highly respected. Women in this time period did not work, they had nannies to take care of their children and maids to take care of their homes. Many women had no real responsibilities, they spent their time having tea parties and socializing with their friends. Henrik Ibsen dared to show the realism of the Victorian era while everyone else would only focus on the romantic aspect. In the play, â€Å"A Doll House†Read MoreA Doll s House : Henrik Ibsen962 Words   |  4 PagesDrama Analysis A Doll’s House (Henrik Ibsen) And Trifles (Susan Glaspell) In comparing both dramas, the overwhelming aspect of convergence between both is the open discussion of gender identity. Both dramas make similar points about what it means to be a woman. Modern society in both dramas is constructed with men holding power over women. This is seen in Trifles in how men like George Henderson and Mr. Hale are myopic. The premise of the drama is how women worry over trifles, and the dismissiveRead MoreA Doll s House By Henrik Ibsen1421 Words   |  6 PagesIn A Doll’s House, Henrik Ibsen examines conventional roles of men and women in the nineteenth century. In the play, Nora exemplifies the conventional feminine standard during that period. She seems to be powerless and confines herself through high standard expectations, demonstrating what the role of a women would be as a wife and mother. The protagonist of A Doll’s House is a woman named Nora Helmer. Ibsen shows how Nora’s design of perfect life gradually transforms when her sec ret unravels. InRead MoreA Doll s House By Henrik Ibsen876 Words   |  4 PagesA Doll’s House by Henrik Ibsen A Doll’s House takes place in the home of Torvald and Nora Helmer. Through conversation with Nora’s good friend Kristine Linde it is revealed that Mr. Helmer was ill around the same time Nora’s father died. Luckily Nora’s father left her enough money that Torvald and Nora could go on a life saving trip to Italy. But the truth comes out when we find out Nora’s father did not leave her a penny. We find out that Nora got a hold of the money through a loan but she signed

Thursday, May 7, 2020

Literature Review The Ntu Library - 916 Words

2.0 Literature review The NTU library was used to find books, online articles, journals and research used to review previous literature on the chosen topic. The research was gathered from eight books and over thirty articles and journals. Each piece of literature found was read, studied and evaluated to ensure they could be used for the topic of this dissertation. The ones chosen to use throughout were revised again and stored in a list of references. 2.1 Introduction This chapter includes areas in accordance to the work topic from findings of current research used. The literature was used for the following headings; communication in the construction industry; communication vocabulary; Common communication barriers; overcoming communication barriers; Information and communication technology impacts and effectiveness. The breakdown of literature into headings will be done to review current literature and go further into each heading specifically. This will show a solid understanding of the highlighted discussion areas which are of relevant use from current resources. Gaps will be found within the literature that will enable research to be completed from any lack of current research done, allowing the author to research further from the aims and objectives of the dissertation. 2.1.1 Communication in the construction industry The definition of communication can be ‘the imparting or exchange of information, ideas, or feelings.’ In which not only the exchange of information,Show MoreRelatedLife Sciences Grade 12 Investigative Research2049 Words   |  9 Pagessupport the flora and fauna within the ecosystem and still fulfil its main function dependent on what type of wetland it is. Aim: To determine the ecological status of the Reddam House wetland. Hypothesis: The Reddam House wetland is healthy. LITERATURE REVIEW http://whiteswetlands.blogspot.co.za/2010/04/what-makes-healthy-wetland.html The properties of what makes a wetland healthy which can be determined by observing what can be seen as normal for a wetland. Determining the health of a wetland byRead MoreThe Limitations Of Male Prison Suicide2431 Words   |  10 PagesThe limitations in prior research inspired the current study which aimed to review research investigating patterns of self-inflicted deaths or suicide among early stage male prisoners and long term prisoners in England and Wales, as well as considering implications for interventions. Eleven English language peer-reviewed studies (2003–2015) met the inclusion criteria. The reviewed papers highlighted particular patterns or factors that are synonymous with suicide among the targeted population. PreviousRead MoreBusiness Process Re-Engineering Case Study4624 Words   |  19 Pagesindustry with the application of BPR. A simulation model has been formulated to reduce any inefficiencies or bottlenecks inherent in the system under study. The scope of this research is limited to an operating theatre suite within a hospital. LITERATURE REVIEW The aggregate per capita healthcare expenditure in Singapore has risen consistently for the last three decades from about S$150 in the 1960s to S$800 in the 1997 (Tan and Chew 1997). The healthcare industry in Singapore, like its global counterpartsRead MoreServant Leadership3894 Words   |  16 Pagesservant leader within any level of management and work environment. It is through the process of comparing and contrasting the interviewees’ statements that servant leadership is better understood. Servant Leadership Literature Review History is consumed with pictures and historical facts that have defined the ‘Great Leaders’ of the human race. When one investigates the qualities that have placed men and women into the limelight as heroes who successfully lead peopleRead MoreDarden Mba Resumes16768 Words   |  68 Pagesscholarship (among top 50 from over 10,000 candidates) ï‚ · Received First Class Honors (top degree distinction, GPA: 3.95). Dean s list holder (among top 5%) ï‚ · President of NTU Apex Club (premier club for computer programming enthusiasts); spearheaded initiative to extend training from top programmers to entire student population ï‚ · Represented NTU as an exchange student at University of Strathclyde, UK; GPA: 4.0 EXPERIENCE 2007-2009 Credit Lyonnais Securities Asia (CLSA/Calyon) Singapore Equity ResearchRead MoreConsumer Lifestyle in Singapore35714 Words   |  143 Pagesforce,’   says   Credit   Suisse’s   economist   Mr   Wan†. According to the International Monetary Fund (IMF), a programme that resulted declining reliance on foreign workers should strengthen   Singapore’s   economy   in   the   longer   term.   In   a    recent   review,   the   IMF   said   Ã¢â‚¬Å"Slower   foreign   worker   inflows   will   boost   real   wages   and,   if    complemented with well?targeted incentives for technology and skills upgrading, should with time support productivity growth†.   On   the   other   hand,   the   IMF

Wednesday, May 6, 2020

Project on Comparison of Public and Private Sector Banking Free Essays

string(77) " ratio is more indicative of thequality of credit decisions made by bankers\." Genesis The banking sector has been undergoing a complex, but comprehensive phase of  restructuring since 1991, with a view to make it sound, efficient, and at the same time it isforging its links firmly with the real sector for promotion of savings, investment and  growth. Although a complete turnaround in banking sector performance is not expected till thecompletion of reforms, signs of improvement are visible in some indicators under theCAMELS framework. Under this bank is required to enhance capital adequacy, strengthenasset quality, improve management, increase earnings and reduce sensitivity to variousfinancial risks. We will write a custom essay sample on Project on Comparison of Public and Private Sector Banking or any similar topic only for you Order Now The almost simultaneous nature of these developments makes it difficult todisentangle the positive impact of reform measures. In 1994, the RBI established the Board of Financial Supervision, which operates as a unit of  the RBI. The entire supervisory mechanism was realigned to suit the changing needs of astrong and stable financial system. The supervisory jurisdiction of the BFS was slowlyextended to the entire financial system barring the capital market institutions and theinsurance sector. Its mandate is to strengthen supervision of the financial system byintegrating oversight of the activities of financial services firms. The BFS has alsoestablished a sub-committee to routinely examine auditing practices, quality, and coverage. In 1995, RBI had set up a working group under the chairmanship of Shri S. Padmanabhan toreview the banking supervision system. The Committee gave certain recommendations and  based on such suggestions a rating system for domestic and foreign banks based on theinternational CAMELS model combining financial management and sensitivity to marketrisks element was introduced for the inspection cycle commencing from July 1998. Itrecommended that the banks should be rated on a five point scale (A to E) based on the linesof international CAMELS rating model. CAMELS rating model measures the relativesoundness of a bank. bj ectives of the Pro j ect Study ?To study the Financial Performance of the b anks.? y To study the strength of using CAMELS framework as a tool of Performanceevaluation for Commercial banks y To describe the CAMELS model of ranking banking institutions, so as to analyze  the  performance of various bank. R ationale In the recent years the financial system especially the banks have undergone numerouschanges in the form of reforms, regulations norms. The attempt here is to see how variousratios have been used and interpreted to reveal a bank ¶s performance and how this particular  model encompasses a wide range of parameters making it a widely used and accepted modelin today ¶s scenario. Data Collection y Primary Data : Primary data was collected  from the Banks ¶ balance sheets and profitand loss statements. y Secondary Data : Secondary data on the subject was collected from ICFAI journals,Banks ¶ annual reports and RBIM ethodology As long as the methodology is concerned, we have made use of a framework calledCAMELS FRAMEWORK. There are so many models of evaluating the performance of the  banks, but I have chosen the CAMELS Model for this purpose. I have gone through several  books, journals and websites and found it the best model because it measures the  performance of the banks from each parameter i. e. Capital, Assets, Management, Earnings,Liquidity and Sensitivity to  Market risks. CAMELS evaluate banks on  the following six parameters : -? Capital Adequacy (CRAR)? Asset Quality (GNPA)? Management Soundness (MGNT)? Earnings profitability (ROA)? Liquidity (LQD)? Sensitivity to Market  Risks (? ) websitDuring an on-site bank exam, supervisors gather private information, such as details on  problem loans, with which to evaluate a bank’s financial condition and to monitor itscompliance with laws and regulatory policies. A key product of such an exam is asupervisory rating of the bank’s overall condition, commonly referred to as a CAMELSrating. The acronym â€Å"CAMEL† refers to the five components of a bank’s condition that areassessed : Capital adequacy, Asset quality, Management, Earnings, and Liquidity. A sixthcomponent, a bank’s Sensitivity to market risk was added in 1997; hence the acronym waschanged to CAMELSAMELS is basically a ratio-based model for evaluating the performance of banks. Variousratios forming this model are explained below : Capital base of financial institutions facilitates depositors in forming their risk perceptionabout the institutions. Also, it is the key parameter for financial managers to maintainadequate levels of capitalization. The most widely used indicator of capital adequacy iscapital to risk-weighted assets ratio (CRWA). According to Bank Supervision RegulationCommittee (The Basle Committee) of Bank for International Settlements, a minimum 9  percent CRWA is required. Thus, it is useful to track capital-adequacy ratios that take intoaccount the most important financial risks? foreign exchange, credit, and interest raterisks? by assigning risk weightings to the institution ¶s assets. A sound capital basestrengthens confidence of depositors. This ratio is used to protect depositors and promote thestability and efficiency of financial systems around the world. Capital R isk Adequacy R atio: CRAR is a ratio of Capital Fund to Risk Weighted Assets. Reserve Bank of India prescribesBanks to maintain a minimum Capital to risk-weighted Assets Ratio (CRAR) of 9 % withregard to credit risk, market risk and operational risk on an ongoing basis, as against 8 %  prescribed in Basel documents. Component-wise Capital Adequacy of ScheduledCommercial Banks (As at end- M arch) Capital to R isk W eighted Assets R atio- Bank Group-wise Total capital includes tier-I capital and Tier-II capital. Tier-I capital includes paid up equitycapital, free reserves, intangible assets etc. Tier-II capital includes long term unsecuredloans, loss reserves, hybrid debt capital instruments etc. The higher the CRAR, the stronger  is considered a bank, as  it ensures high safety against bankruptcy. Asset quality determines the robustness of financial institutions against loss of value in theassets. The deteriorating value of assets, being prime source of banking problems, directly  pour into other areas, as losses are eventually written off against capital, which ultimately  jeopardizes the earning capacity of the institution. With this backdrop, the asset quality isgauged n relation to the level and severity of non-performing assets, adequacy of  Ã‚  provisions, recoveries, distribution of assets etc. Popular indicators include non-performingloans to advances, loan default to total advances, and recoveries to loan default ratios. One of the indicators for asset quality is the ratio of non-performing loans to total loans(GNPA). The gross non-performing loans to gro ss advances ratio is more indicative of thequality of credit decisions made by bankers. You read "Project on Comparison of Public and Private Sector Banking" in category "Essay examples" Higher GNPA is indicative of poor creditdecision-making. N PA: N on-Performing Assets: Advances are classified into performing and non-performing advances (NPAs) as per RBIguidelines. NPAs are further classified into sub-standard, doubtful and loss assets based onthe criteria stipulated by RBI. An asset, including a leased asset, becomes non-performingwhen it ceases to  generate income for the Bank. An NPA is a loan or an advance where : 1. Interest and/or installment of principal remains overdue for a period of more than 90days in respect of a term loan;2. The account remains â€Å"out-of-order† in respect of an Overdraft or Cash Credit(OD/CC);3. The bill remains overdue for  a period of more than  90 days in case of bills purchasedand discounted;4. A loan granted for short duration crops will be treated as an NPA if the installmentsof principal or interest thereon remain overdue  for two crop seasons; and5. A loan granted for long duration crops will be treated as an NPA if the installmentsof principal or interest thereon remain overdue  for one crop season. The Bank classifies an account as an NPA only if the interest imposed during any quarter isnot fully repaid within 90 days from the end of the relevant quarter. This is a key to thestability of the banking sector. There should be no hesitation in stating that Indian bankshave done a remarkable job in containment of non-performing loans (NPL) considering theoverhang issues and overall difficult environment. For 2008, the net NPL ratio for the Indianscheduled commercial banks at 2. 9 per cent is ample testimony to the impressive efforts  being made by our banking system. In fact, recovery management is also linked to the  banks ¶ interest margins. The cost and recovery management supported by enabling legalframework hold the key to future health and competitiveness of the Indian banks. No doubt,improving recovery-management in India is an area requiring expeditious and effectiveactions in legal, institutional and judicial processes. Management of financial institution is generally evaluated in terms of capital adequacy,asset quality, earnings and profitability, liquidity and risk sensitivity ratings. In addition,  performance evaluation includes compliance with set norms, ability to plan and react tochanging circumstances, technical competence, leadership and administrative ability. Ineffect, management rating is just an amalgam of performance in the above-mentioned areas. Sound management is one of the most important factors behind financial institutions ¶Ã‚  performance. Indicators of quality of management, however, are primarily applicable toindividual institutions, and cannot be easily aggregated across the sector. Furthermore, giventhe qualitative nature of management, it is difficult to judge its soundness just by looking atfinancial accounts of the banks. Nevertheless, total expenditure to total income and operating expense to total expense helpsin gauging the management quality of the banking institutions. Sound management is key to  bank performance but is difficult to measure. It is primarily a qualitative factor applicable toindividual institutions. Several indicators, however, can jointly serve? as, for instance,efficiency measures do-as an indicator of management  soundness. The ratio of non-interest expenditures to total assets (MGNT) can be one of the measures toassess the working of the management. . This variable, which includes a variety of expenses,such as payroll, workers compensation and training investment, reflects the management  policy stance. E fficiency R atios demonstrate how efficiently the company uses its assets and howefficiently the company manages its operations. Indicates the relationship between assets and revenue. ? Companies with low profit margins tend to have high asset turnover, those with high  profit margins have low asset turnover – it indicates pricing strategy. ? This ratio is more useful for growth companies to check if in fact they are growingrevenue in proportion to sales. Asset Turnover Analysis: This ratio is useful to determine the amount of sales that are generated from each rupee of  assets. As noted above, companies with low profit margins tend to have high asset turnover,those with high profit margins have low asset turnover. Earnings and profitability, the prime source of increase in capital base, is examined withregards to interest rate policies and adequacy of provisioning. In addition, it also helps tosupport present and future operations of the institutions. The single best indicator used togauge earning is the Return on Assets (ROA), which is net income after taxes to total assetratio. Strong earnings and profitability profile of banks reflects the ability to support present andfuture operations. More specifically, this determines the capacity to  absorb losses, finance itsexpansion, pay dividends to its shareholders, and build up an adequate level of capital. Being front line of defense against erosion of capital base from losses, the need for highearnings and profitability can hardly be overemphasized. Although different indicators areused to serve the purpose, the best and most widely used indicator is Return on Assets(ROA). However, for in-depth analysis, another indicator Net Interest Margins (NIM) is alsoused. Chronically unprofitable financial institutions risk insolvency. Compared with mostother indicators, trends in profitability can be more difficult to interpret-for instance,unusually high profitability can reflect excessive risk taking. R O A- R eturn on Assets: An indicator of how  profitable a company is relative to its total assets. ROA gives an  idea asto how efficient management is at using its assets to generate earnings. Calculated bydividing a company’s annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as â€Å"return on investment†. ROA tells what earnings were generated from invested capital (assets). ROA for publiccompanies can vary substantially and will be highly dependent on the industry. This is why when using ROA as a comparative measure, it is best to compare it against a company’s  previous ROA numbers or the  ROA of a similar company. The assets of the company are comprised of both debt and equity. Both of these types of  financing are used to fund the operations of the company. The ROA figure gives investorsan idea of how effectively the company is converting the money it has to invest into netincome. The higher the ROA number, the better, because the company is earning moremoney on less investment. For example, if one company has a net income of $1 million andtotal assets of $5 million, its ROA is 20%; however, if another company earns the sameamount but has total assets of $10 million, it has an ROA of 10%. Based on this example,the first company is better at converting its investment into profit. When you really think  about it, management’s most important job is to make wise choices in allocating itsresources. Anybody can make a profit by throwing a ton of money at a problem, but veryfew managers excel at  making large profits with little investment. R eturn on Assets and R eturn on E quity of SCBs- Bank Group-wise An adequate liquidity position refers to a situation, where institution can obtain sufficientfunds, either by increasing liabilities or by converting its assets quickly at a reasonable cost. It is, therefore, generally assessed in terms of overall assets and liability management, asmismatching gives rise to liquidity risk. Efficient fund management refers to a situationwhere a spread between rate sensitive assets (RSA) and rate sensitive liabilities (RSL) ismaintained. The most commonly used tool to evaluate interest rate exposure is the Gap  between RSA and RSL,  while liquidity is gauged by liquid to total asset ratio. Initially solvent financial institutions may be driven toward closure by poor management of  short-term liquidity. Indicators should cover funding sources and capture large maturitymismatches. The term liquidity is used in various ways, all relating to availability of, accessto, or convertibility into cash. ? An institution is said to have liquidity if it can easily meet its needs for cash either  Ã‚  because it has cash on  hand or can otherwise raise or borrow cash. ? A market is said to be liquid if the instruments it trades can easily be bought or soldin quantity with little impact on market prices. ? An asset is said to be liquid if the  market for that asset is liquid. The common theme in all three contexts is cash. A corporation is liquid if it has ready accessto cash. A market is liquid if participants can easily convert positions into cash? or  conversely. An asset is liquid if it can easily be converted to cash. The liquidity of aninstitution depends on : y the institution’s short-term need for cash; y cash on hand; y available lines of credit; y the liquidity of the  institution’s assets; y The institution’s reputation in the marketplace? how willing will counterparty is totransact trades with or lend to the  institution? The liquidity of a market is often measured as the size of its bid-ask spread, but this is animperfect metric at best. More generally, Kyle (1985) identifies three components of marketliquidity : ? Tightness is the bid-ask spread; ? Depth is the volume of transactions necessary to  move prices; ? Resiliency is the speed with which prices return to equilibrium following a largetrade. Examples of assets that tend to be liquid include foreign exchange; stocks traded in theStock Exchange or recently issued Treasury bonds. Assets that are often illiquid includelimited partnerships, thinly traded bonds or real estate. Cash maintained by the banks and balances with central bank, to total asset ratio (LQD) isan indicator of bank’s liquidity. In general, banks with a larger volume of liquid assets are  perceived safe, since these assets would allow  banks to meet unexpected  withdrawals. Credit deposit ratio is a tool used to study the liquidity position of the bank. It is calculated  by dividing the cash held in different forms by total deposit. A high ratio shows that there ismore amounts of liquid cash with the bank to met its clients cash withdrawals. It refers to the risk that changes  in market conditions could adversely impact earnings and/or  capital. Market Risk encompasses exposures associated with changes in interest rates, foreignexchange rates, commodity prices, equity prices, etc. While all of these items are important,the primary risk in most banks is interest rate risk (IRR), which will be the focus of thismodule. The diversified nature of bank operations makes them vulnerable to various kindsof financial risks. Sensitivity analysis reflects institution ¶s exposure to interest rate risk,foreign exchange volatility and equity price risks (these risks are summed in market risk). Risk sensitivity is mostly evaluated in terms of management ¶s ability to monitor and controlmarket risk. Banks are increasingly involved in diversified operations, all of which are subject to marketrisk, particularly in the setting of interest rates and the carrying out of foreign exchangetransactions. In countries that allow banks to make trades in stock markets or commodityexchanges, there is also a  need to monitor indicators of equity and commodity price risk. Sensitivity to Market Risk is a recent addition to the ratings parameters and reflects thedegree to which changes in interest rates, exchange rates, commodity prices and equity  prices can affect earnings and  hence the bank ¶s capital. It  is measured by Beta (? . 1. ? ;1, depicts that changes in the firm are less than the changes in the market. LessSensitive2. ? =1, depicts that there is equivalent change in the firm with the changes in themarket Equally Sensitive. 3. ? ;1, depicts that changes in the firm are more than the changes in the market. Highly Sensitive. The Bank The word bank means an organization where people and business can invest or borrowmoney; change it to foreign currency etc. According to Halsbury ? A Banker is an individual,Partnership or Corporation whose sole pre-dominant business is banking, that is the receiptof money on current or deposit ccount, and the payment of cheque drawn and the collectionof cheque paid in by a customer.  ¶Ã‚ ¶ The O rigin and Use of Banks The Word  µBank ¶ is derived from the Italian word  µBanko ¶ signifying a bench, which waserected in the market-place, where it was customary to exchange money. The Lombard Jewswere the first to practice this exchange business, the first bench having been established inItaly A. D. 808. Some authorities assert that the Lombard merchants commenced the  business of money-dealing, employing bills of exchange as remittances, about the beginningof the thirteenth century. About the middle of the twelfth century it became evident, as the advantage of coinedmoney was gradually acknowledged, that there must be some controlling power, somecorporation which would undertake to keep the coins that were to bear the royal stamp up toa certain standard of value; as, independently of the  µsweating ¶ which invention may place tothe credit of the ingenuity of the Lombard merchants- all coins will, by wear or abrasion,  become thinner, and consequently less valuable; and it is of the last importance, not only for  the credit of a country, but for the easier regulation of commercial transactions, that themetallic currency be kept as nearly as possible up to the legal standard. Much unnecessarytrouble and annoyance has been caused formerly by negligence in this respect. The gradualmerging of the business of a goldsmith into a bank appears to have been the way in which  banking, as we now understand the term, was introduced into England; and it was not unti llong after the establishment of banks in other countries-for state purposes, the regulation of  the coinage, etc. that any large or similar institution was introduced into England. It is onlywithin the last twenty years that printed cheques have  been in use in that establishment. Firstcommercial bank was Bank of Venice which was established in 1157  in Italy. Banking sector, the world over, is known for the adoption of multidimensional strategiesfrom time to time with varying degrees of success. Banks are very important for the smoothfunctioning of financial markets as they serve as repositories of vital financial informationand can potentially alleviate the problems created by information asymmetries. From acentral bank ¶s perspective, such high-quality disclosures help the early detection of  Ã‚  problems faced by banks in the market and reduce the severity of market disruptions. Consequently, the RBI as part and parcel of the financial sector deregulation, attempted toenhance the transparency of the annual reports of Indian banks by, among other things,introducing stricter income recognition and asset classification rules, enhancing the capitaladequacy norms, and by requiring a number of additional disclosures sought by investors tomake better cash flow and risk assessments. [Source : RBI Website] BAS EL – II ACC O R D Bank capital framework sponsored by the world’s central banks designed to promoteuniformity, make regulatory capital more risk sensitive, and promote enhanced risk  management among large, internationally active banking organizations. The InternationalCapital Accord, as it is called, will be fully effective by January 2008 for banks active ininternational markets. Other banks can choose to â€Å"opt in,† or they can continue to follow theminimum capital guidelines in the original Basel Accord, finalized in 1988. The revisedaccord (Basel II) completely overhauls the 1988 Basel Accord and is based on threemutually supporting concepts, or  Ã¢â‚¬Å"pillars,† of capital adequacy. The first of these pillars is anexplicitly defined regulatory capital requirement, a minimum capital-to-asset ratio equal toat least 8% of risk-weighted assets. Second, bank supervisory agencies, such as theComptroller of the Currency, have authority to adjust capital levels for individual banksabove the 9% minimum when necessary. The third supporting pillar calls upon marketdiscipline to supplement reviews by banking agencies. Basel II is the second of the Basel Accords, which are recommendations on banking lawsand regulations issued by the Basel Committee on Banking Supervision. The purpose of  Basel II, which was initially published in June 2004, is to create an international standardthat banking regulators can use when creating regulations about how much capital banksneed to put aside to guard against the types of financial and operational risks banks face. Advocates of Basel II believe that such an international standard can help protect theinternational financial system from the types of problems that might arise should a major  Ã‚  bank or a  series of banks collapse. In practice, Basel II attempts to accomplish this by settingup rigorous risk and capital management requirements designed to ensure that a bank holdscapital reserves appropriate to the risk the bank exposes itself to through its lending andinvestment practices. [Source : RBI Website] The final version aims at: 1. Ensuring that capital allocation is more risk sensitive;2. Separating operational risk from credit risk, and quantifying both;3. Attempting to align economic and regulatory capital more closely to reduce thescope for regulatory arbitrage. While the final accord has largely addressed the regulatory arbitrage issue, there are stillareas where regulatory capital requirements will diverge from the economic. Basel II has largely left unchanged the question of how to actually define bank capital,which diverges from accounting equity in important respects. The Basel I definition, asmodified up to the present, remains in place. The Accord in operation Basel II uses a â€Å"three pillars† concept y inimum capital requirements (addressing risk), y supervisory review and y market discipline  ± to promote greater stability in the financial system. The Basel I accord dealt with only parts of each of these pillars. For example : with respectto the first Basel II pillar, only one risk, cre dit risk, was dealt with in a simple manner whilemarket risk was an afterthought; operational risk was not  dealt with at all. The First Pillar The first pillar deals with maintenance of regulatory capital calculated for three major  components of risk that a bank faces : credit risk, operational risk and market risk. Other  risks are not considered fully quantifiable at this stage. The credit risk component can be calculated in three different ways of varying degree of  sophistication, namely standardized approach, Foundation IRB and Advanced IRB. IRBstands for â€Å"Internal Rating-Based Approach†. For operational risk, there are three different approaches – basic indicator approach,standardized approach and advanced measurement approach. For market risk the preferredapproach is VaR (value at  risk). As the Basel II recommendations are phased in by the banking industry it will move fromstandardized requirements to more refined and specific requirements that have beendeveloped for each risk category by each individual bank. The upside for banks that dodevelop their own bespoke risk measurement systems is that they will be rewarded with  potentially lower risk capital requirements. In future there will be closer links between theconcepts of economic profit and regulatory capital. Credit Risk can be calculated by using one of three approaches : 1. Standardized Approach2. Foundation IRB (Internal Ratings Based) Approach3. Advanced IRB ApproachThe standardized approach sets out specific risk weights for certain types of credit risk. Thestandard risk weight categories are used under Basel 1 and are 0% for short termgovernment bonds, 20% for exposures to OECD Banks, 50% for residential mortgages and 100% weighting on commercial loans. A new 150% rating comes in for borrowers with poor  credit ratings. The minimum capital requirement (the percentage of risk weighted assets to  be held as capital) has remains at  8%. For those Banks that decide to adopt the standardized ratings approach they will be forced torely on the ratings generated by external agencies. Certain Banks are developing the IRBapproach as a result. The Second Pillar The second pillar deals with the regulatory response to the first pillar, giving regulatorsmuch improved ‘tools’ over those available to them under Basel I. It also provides aframework for dealing with all the other risks a bank may face, such as systemic risk,  pension risk, concentration risk, strategic risk, reputation risk, liquidity risk and legal risk,which the accord combines under the title of residual risk. It gives banks a power to reviewtheir risk management  system. The Third Pillar The third pillar greatly increases the disclosures that the bank must make. This is designedto allow the market to have a better picture of the overall risk position of the bank and toallow the counterparties of the bank to price and deal appropriately. The new Basel Accordhas its foundation on three mutually reinforcing pillars that allow banks and bank  supervisors to evaluate properly the various risks that banks face and realign regulatorycapital more closely with underlying risks. The first pillar is compatible with the credit risk,market risk and operational risk. The regulatory capital will be focused on these three risks. The second pillar gives the bank responsibility to exercise the best ways to manage the risk  specific to that bank. Concurrently, it also casts responsibility on the supervisors to reviewand validate banks ¶ risk measurement models. The third pillar on market discipline is usedto leverage the influence that other market players can bring. This is aimed at improving thetransparency in banks and  improves reporting. State Bank of India is the largest banking and financial services company in India, by almostevery parameter – revenues, profits, assets, market capitalization, etc. The bank traces itsancestry to British India, through the Imperial Bank of India, to the founding in 1806 of theBank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. TheGovernment of India nationalized the Imperial Bank of India in 1955, with the ReserveBank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, theGovernment took over the  stake held by the Reserve Bank of India. SBI provides a range of banking products through its vast network of branches in India andoverseas, including products aimed at NRIs. The State Bank Group, with over 16,000  branches, has the largest banking branch network in India. With an asset base of $260 billionand $195 billion in deposits, it is a regional banking behemoth. It has a market share amongIndian commercial banks of about 20% in deposits and advances, and SBI accounts for  almost one-fifth of the nation’s loans. The total assets of the Bank increased by 9. 23% fromRs. 9,64,432. 08 crores at the end of March 2009 to Rs. 10,53,413. 3 crores as at end March2010. The Bank ¶s aggregate liabilities (excluding capital and reserves) rose by 8. 93% fromRs. 9,06,484. 38 crores on 31st March 2009 to Rs. 9,87,464. 53 crores on 31st March 2010. K ey performance I ndicators [Source : Annual Report, 2009-10]SBI has tried to reduce over-sta ffing by computerizing operations and â€Å"golden handshake†schemes that led to a flight of its best and brightest managers. These managers took theretirement allowances and then went on to become senior managers in new private sector ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is a major  Ã‚  banking and financial services organization in India. It is the 4th largest bank in India andthe largest private sector bank in India by market capitalization. The bank also has a network  of 1,700+ branches (as on 31 March 2010) and about 4,721 ATMs in India and presence in19 countries, as well as some 24 million customers (at the end of July 2007). ICICI Bank isalso the largest issuer of credit cards in India. ICICI Bank’s shares are listed on the stock  exchanges at Kolkata and Vadodara, Mumbai and the National Stock Exchange of IndiaLimited; its ADRs trade on the New  York Stock Exchange (NYSE). [Source : Annual Report, 2009-10]The Bank is expanding in overseas markets and has the largest international balance sheetamong Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches andrepresentatives offices in 19 countries, including an offshore unit in Mumbai. This includeswholly owned subsidiaries in Canada, Russia and the UK (the subsidiary through which theHi SAVE savings brand is operated), offshore banking units in Bahrain and Singapore, anadvisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, andrepresentative offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand,the United Arab Emirates and USA. Overseas, the Bank is targeting the NRI (Non- ResidentIndian) population in particular. History HDFC Bank was incorporated in the year of 1994 by Housing Development FinanceCorporation Limited (HDFC), India’s premier housing finance company. It was among thefirst companies to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) toset up a bank in the private sector. The Bank commenced its operations as a ScheduledCommercial Bank in January 1995 with the help of RBI’s liberalization policies. In a milestone transaction in the Indian banking industry, Times Bank Limited (promoted byBennett, Coleman Co. / Times Group) was merged with HDFC Bank Ltd. , in 2000. Thiswas the first merger of two private banks in India. As per the scheme of amalgamationapproved by the shareholders of both banks and the Reserve Bank of India, shareholders of  Times Bank received 1  share of HDFC Bank for every 5. 75  shares of Times Bank. In 2008 HDFC Bank acquired Centurion Bank of Pun j a b aking its total branches to morethan 1,000. The amalgamated bank emerged with a strong deposit base of around Rs. 1,22,000 crore and net advances of around Rs. 89,000 crore. The balance sheet size of thecombined e ntity is over Rs. 1,63,000 crore. The amalgamation added significant value toHDFC Bank in terms of increased branch network, geographic reach, and customer base,and a bigger pool of skilled manpower   Capital Adequacy [Source : Annual Report, 2009-10] The Industrial Development Bank of India Limited commonly known by its acronym IDBIis one of India’s leading public sector banks and 4th largest Bank in overall ratings. RBIcategorized IDBI as an â€Å"other public sector bank†. It was established in 1964 by an Act of  Parliament to provide credit and other facilities for the development of the fledgling Indianindustry. It is currently 10th largest development bank in the world in terms of reach with1210 ATMs, 720 branches and 486 centers. Some of the institutions built by IDBI are the National Stock Exchange of India (NSE), the  National Securities Depository Services Ltd (NSDL), the Stock Holding Corporation of  India (SHCIL), the Credit Analysis ; Research Ltd, the Export-Import Bank of India (EximBank), the Small Industries Development bank of India(SIDBI), the EntrepreneurshipDevelopment Institute of India, and IDBI BANK, which today is owned by the IndianGovernment, though for a brief period it was a private scheduled bank. The IndustrialDevelopment Bank of India (IDBI) was established on July 1, 1964 under an Act of  Parliament as a wholly owned subsidiary of the Reserve Bank of India. In 16 February 1976,the ownership of IDBI was transferred to the Government of India and it was made the  principal financial institution for coordinating the activities of institutions engaged infinancing, promoting and developing industry in the country. Although Governmentshareholding in the Bank came down below 100% following IDBI ¶s public issue in July1995, the former continues to  be the major shareholder (current shareholding : 52. 3%). During the four decades of its existence, IDBI has been instrumental not only in establishinga well-developed, diversified and efficient ndustrial and institutional structure but alsoadding a qualitative dimension to the process of industrial development in the country. IDBIhas played a pioneering role in fulfilling its mission of promoting industrial growth throughfinanci ng of medium and long-term projects, in consonance with national plans and  priorities. Over the years, IDBI has enlarged its basket of products and services, coveringalmost the entire spectrum of industrial activities, including manufacturing and services. IDBI provides financial assistance, both in rupee and foreign currencies, for green-field  projects as also for expansion, modernization and diversification purposes. In the wake of  financial sector reforms unveiled by the government since 1992, IDBI evolved an array of  fund and fee-based services with a view to providing an integrated solution to meet theentire demand of financial and corporate advisory requirements of its clients Axis Bank, formally UTI Bank, is a financial services firm that had begun operations in1994, after the Government of India allowed new private banks to be established. The Bank  was promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of  India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance CorporationLtd. , National Insurance Company Ltd. The New India Assurance Company, The OrientalInsurance Corporation and United India Insurance Company UTI-I holds a special positionin the Indian capital markets and has promoted many leading financial institutions in thecountry. The bank changed its name to Axis Bank in April 2007 to avoid confusion withother unrelated entities with similar name. After the Retirement of Mr. P. J. Nayak, Shikha Sharma was named as the bank’s managingdirector and CEO on 20 April 2009. As on the year ended March 31, 2009 the Bank had atotal income of Rs 13,745. 04 crore (US$ 2. 93 billion) and a net profit of Rs. 1,812. 93 crore(US$ 386. 15 million). On February 24, 2010, Axis Bank announced the launch of ‘AXISCALL ; PAY on atom’, a unique mobile payments solution using Axis Bank debit cards. Axis Bank is the first bank in the country to provide a secure debit card-based paymentservice over IVR. Axis Bank is one of the Big Four Banks of India, along with ICICI Bank,State Bank of India and HDFC Bank Branch Network At the end of March 2009, the Bank  has a very wide network of more than 835 branch offices and Extension Counters. Totalnumber of ATMs went up to 3595. The Bank has loans now (as of June 2007) account for asmuch as 70 per cent of the bank ¶s total loan book of Rs 2,00,000 crore. In the case of AxisBank, retail loans have declined from 30 per cent of the total loan book of Rs 25,800 crorein June 2006 to around 23 per cent of loan book of Rs. 41,280 crore (as of June 2007). Evenover a longer period,  while the overall asset growth for  Axis Bank has been quite high and has matched that of the other banks, retail exposuresgrew at a slower pace. The bank, though, appears to have insulated such pressures. Interestmargins, while they have declined from the 3. 15 per cent seen in 2003-04, are still hoveringclose to the 3 per cent mark. Axis Bank, formally UTI Bank, is a financial services firm that had begun operations in1994, after the Government of India allowed new private banks to be established. The Bank  was promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of  India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance CorporationLtd. , National Insurance Company Ltd. The New India Assurance Company, The OrientalInsurance Corporation and United India Insurance Company UTI-I holds a special positionin the Indian capital markets and has promoted many leading financial institutions in thecountry. The bank changed its name to Axis Bank in April 2007 to avoid confusion withother unrelated entities with similar name. After the Retirement of Mr. P. J. Nayak, Shikha Sharma was named as the bank’s managingdirector and CEO on 20 April 2009. As on the year ended March 31, 2009 the Bank had atotal income of Rs 13,745. 04 crore (US$ 2. 93 billion) and a net profit of Rs. 1,812. 93 crore(US$ 386. 15 million). On February 24, 2010, Axis Bank announced the launch of ‘AXISCALL PAY on atom’, a unique mobile payments solution using Axis Bank debit cards. Axis Bank is the first bank in the country to provide a secure debit card-based paymentservice over IVR. Axis Bank is one of the Big Four Banks of India, along with ICICI Bank,State Bank of India and HDFC Bank Branch Network At the end of March 2009, the Bank  has a very wide network of more than 835 branch offices and Extension Counters. Totalnumber of ATMs went up to 3595. The Bank has loans now (as of June 2007) account for asmuch as 70 per cent of the bank ¶s total loan book of Rs 2,00,000 crore. In the case of AxisBank, retail loans have declined from 30 per cent of the total loan book of Rs 25,800 crorein June 2006 to around 23 per cent of loan book of Rs. 41,280 crore (as of June 2007). Evenover a longer period,  while the overall asset growth for  Axis Bank has been quite high and has matched that of the other banks, retail exposuresgrew at a slower pace. The bank, though, appears to have insulated such pressures. Interestmargins, while they have declined from the 3. 15 per cent seen in 2003-04, are still hoveringclose to the 3 per cent mark. Reserve Bank of India prescribes Banks to maintain a minimum Capital to risk weightedAssets Ratio (CRAR) of 9 percent with regard to credit risk, market risk and operational risk  on an ongoing basis, as against 8 percent prescribed in Basel Documents. Capital adequacyratio of the ICICI Bank was well above the industry average of 13. 97% t. CAR of HDFC  bank is below the ratio of ICICI bank. HDFC Bank ¶s total Capital Adequacy stood at15. 26% as of March 31, 2010. The Bank adopted the Basel 2 framework as of March 31,2009 and the CAR computed as per Basel 2 guidelines stands higher against the regulatoryminimum of 9. 0%. HDFC CAR is gradually increased over the last 5 year and the capital adequacy ratio of  Axis bank is the increasing by every 2 year. SBI has maintained its CAR around in the rangeof 11 % to 14 %. But IDBI should reconsider their business as its CAR is falling YOY (year  on year). Higher the ratio the banks are in a comfortable position to absorb losses. So ICICIand HDFC are the strong one to absorb their loses. Gross N PA: Gross NPAs are the sum total of all loan assets that are classified as NPAs as per RBIguidelines as on Balance Sheet date. Gross NPA reflects the quality of the loans made by  banks. It consists of all the non standard  assets like as substandard, doubtful, and loss assets. It can be calculated  with the help of following ratio : SBI maintained its GNPA to 3% which is very good sign of performances as SBI is thelargest lender in INDIA. HDFC ¶s GNPA is quite good as it is low with compared to ICICIand SBI but in 2008-09 GNPA rises. The reason may be economic crises. AXIS bank haslowest GNPA which shown its management ability. ICICI has the highest GNPA in bankingindustry and rising YOY (year on  year). N et N PA: Net NPAs are those type of NPAs in which the bank has deducted the provision regarding  NPAs. Net NPA shows the actual burden of banks. Since in India, bank balance sheetscontain a huge amount of NPAs and the process of recovery and write off of loans is verytime consuming, the provisions the banks have to make against the NPAs according to thecentral bank guidelines, are quite significant. That is why the difference between gross andnet NPA is quite high. It can be calculated by following : AXIS Bank has least Net NPA and ICICI has highest NNPA among group. HDFC shown itsmanagement quality as it maintained its NNPA YOY (year on year). SBI has to keep NNPA  below. IDBI has successful to control NNPA YOY. How to cite Project on Comparison of Public and Private Sector Banking, Essay examples

Monday, April 27, 2020

Native American religion Essays - American Culture,

Before the North Americans had contact with the Euro-Americans, the religious systems included cosmologies such as creation myths, which explained how societies had come into being. These were transmitted orally from one generation to the next. They also worshiped an all-powerful, all-knowing Creator known as the Master Spirit. There were other hosts of supernatural entities, including an evil god who dealt out disaster, suffering, and death. Also, the members of most tribes also believed in the immortality of the human soul and an afterlife. Many key Native American religious beliefs closely resembled those of Euro-American religion, both Catholic and Protestant. These cultures also had a creation myth, which was described in the book of Genesis, worshiped a Creator God, believed in a malicious deity known as Lucifer, and anticipated an afterlife. Although the indigenous Native American Religion had their similarities with Euro-American Religion, they also had their conflicts. Cultural and political interactions occurred in the US, Mexico, and Canada when the Euro-American viewed North American lands as an opportunity. They showed interest in bargaining lands for exploitation with the Native Americans but they had different beliefs in accordance to their Native American Religion. They viewed God-created lands are holy and believed that their sacred lands cannot be owned by a natural human. Worship practices given to the natural lands were a common practice in Native-American Religions. Conflicts arose when Euro-Americans attempted to seize and develop lands in North America that eventually led to a war. Influences of English Puritans in North America, Spanish Catholicism in Mexico, and French Catholicism in Canada had deviated Native-American religion dramatically. Force-teaching of the Bible to the Native Americans and observ ing practices of their religious worship practices was Euro-Americans primary interactions with Native-American religion.

Thursday, March 19, 2020

Charge Definition and Examples (Physics and Chemistry)

Charge Definition and Examples (Physics and Chemistry) In the context of chemistry and physics, charge usually refers to electric charge, which is a conserved property of certain subatomic particles that determines their electromagnetic interaction. Charge is a physical property that causes matter to experience a force within an electromagnetic field. Electric charges may be positive or negative in nature. If no net electric charge is present, the matter is considered to be neutral or uncharged. Like charges (e.g., two positive charges or two negative charges) repel each other. Dissimilar charges (positive and negative) attract each other. In physics, the term charge may also refer to color charge in the field of quantum chromodynamics. In general, charge refers to a generator of continuous symmetry in a system. Charge Examples in Science By convention, electrons have a charge of -1 while protons have a charge of 1. Another way of indicating charge is for an electron to have a charge of e and a proton to have a charge of e.Quarks possess what is known as color charge.Quarks may possess flavor charges, including charm and strangeness.Although hypothetical, magnetic charge has been postulated for electromagnetism. Units of Electric Charge The proper unit for electric charge is discipline-dependent. In chemistry, a capital letter Q is used to indicate charge in equations, with the elementary charge of an electron (e) as a common unit. The SI derived unit of charge is the coulomb (C). Electrical engineering often uses the unit ampere-hour (Ah) for charge.

Tuesday, March 3, 2020

How the Phoenicians Settled Carthage

How the Phoenicians Settled Carthage Phoenicians from Tyre (Lebanon) founded Carthage, an ancient city-state in the area that is modern Tunisia. Carthage became a major economic and political power in the Mediterranean fighting over territory in Sicily with the Greeks and Romans. Eventually, Carthage fell to the Romans, but it took three wars. The Romans destroyed Carthage at the end of the Third Punic War, but then rebuilt it as a new Carthage. Carthage and the Phoenicians Although Alpha and Beta are Greek letters that give us our word alphabet, the alphabet itself comes from the Phoenicians, at least conventionally. Greek myth and legend credit the dragon-teeth-sowing Phoenician Cadmus as not only founding the Boeotian Greek city of Thebes but bringing the letters with him. The 22-letter abecedary of the Phoenicians contained only consonants, some of which had no equivalent in Greek. So the Greeks substituted their vowels for the unused letters. Some say that without the vowels, it was not an alphabet. If vowels arent required, Egypt can also make a claim for the earliest alphabet. Were this the only contribution of the Phoenicians, their place in history would be assured, but they did more. So much, it seems as though jealousy prompted the Romans to set out to annihilate them in 146 B.C.  when they razed Carthage and were rumored to have salted its earth. The Phoenicians are also credited with: Inventing glass.The bireme (two tiers of oars) galley.The luxurious purple dye is known as Tyrian.Circumnavigating Africa.Navigating by the stars. The Phoenicians were merchants who developed an extensive empire almost as a by-product of their quality merchandise and trading routes. They are believed to have gone as far as England to buy Cornish tin, but they started in Tyre, in an area now part of Lebanon, and expanded. By the time the Greeks were colonizing Syracuse and the rest of Sicily, the Phoenicians were already (9th century B.C.) a major power in the middle of the Mediterranean. The principal city of the Phoenicians, Carthage, was located near modern Tunis, on a promontory on the Northern Coast of Africa. It was a prime spot for access to all areas of the known world. The Legend of Carthage After the brother of Dido (famed for her role in Vergils Aeneid) killed her husband, Queen Dido fled her palace home in Tyre to settle in Carthage, North Africa, where she sought to buy land for her new settlement. Coming from a nation of merchants she cleverly asked to buy an area of land that would fit within an ox hide. The local inhabitants thought she was a fool, but she got the last laugh when she cut the oxhide (byrsa) into strips to enclose a large area, with the sea coast acting as one border. Dido was the queen of this new community. Later, Aeneas, on his route from Troy to Latium, stopped in Carthage where he had an affair with the queen. When she found that he had abandoned her, Dido committed suicide, but not before cursing Aeneas and his descendants. Her story is an important part of Vergils Aeneid and supplies a motive for the hostility between the Romans and Carthage. At length, in dead of night, the ghost appearsOf her unhappy lord: the specter stares,And, with erected eyes, his bloody bosom bares.The cruel altars and his fate he tells,And the dire secret of his house reveals,Then warns the widow, with her household gods,To seek a refuge in remote abodes.Last, to support her in so long a way,He shows her where his hidden treasure lay.Admonishd thus, and seizd with mortal fright,The queen provides companions of her flight:They meet, and all combine to leave the state,Who hate the tyrant, or who fear his hate....At last they landed, where from far your eyesMay view the turrets of new Carthage rise;There bought a space of ground, which (Byrsa calld,From the bulls hide) they first inclosd, and walld.Translation from (www.uoregon.edu/~joelja/aeneid.html) of Vergils Aeneid Book I Vital Differences of the People of Carthage The people of Carthage seem more primitive compared to modern sensibilities than the Romans or Greeks for one main reason: They are said to have sacrificed humans, babies, and toddlers (possibly their first born to ensure fertility). There is controversy over this. Its hard to prove one way or the other since millennia-old human remains dont easily tell whether the person was sacrificed or died some other way. Unlike the Romans of their time, the leaders of Carthage hired mercenary soldiers and had a capable navy. They were extremely adept at trade, a fact that allowed them to rebuild a profitable economy even after the setbacks of military defeat during the Punic Wars, which included  a yearly tribute to Rome of almost 10 tons of silver. Such wealth allowed them to have paved streets and multi-story homes, compared with which proud Rome looked shabby. Source North African News Letter 1, by John H. Humphrey. American Journal of Archaeology, Vol. 82, No. 4 (Autumn, 1978), pp. 511-520

Saturday, February 15, 2020

Middle east economy Essay Example | Topics and Well Written Essays - 1250 words

Middle east economy - Essay Example On economic issues, there has been a traditional shaping of the way the economies are run largely by the common religion that the region shares. The political stability of the region has also not been stable owing to the many Islamist groups that have constantly fought for islamisation of all policies in the region according to the rules of the Quran. This region has not developed well relative to the world level of emerging markets (Kuran). This paper therefore seeks to establish the historical facts that have led to this underdevelopment since the development of the Islamic law and the Quran. The economic institutions that existed in pre-modern times were of the idea that all laws are to be implemented under duress. The major focus will be on historical institutions that that accounted for the subsequent institutional evolution in the region. Economic Institutions The growth of economy in the Middle East draws its historical background to the development of Islam. This brought in t he economic institutions based on advanced contract law. The Islamic law brought in principles, regulations and procedures that governed the development of the economy of this region. ... However, economic scholars of the time were not able to agree on the definition of ‘lending’ or what really constituted ‘interest’. Islam jurists supported the credit money in which there was devising strategies that allowed interest to be charged without violating the Quran principles. There were no financial institutions and therefore the lenders were just individuals and society groups. The third issue shaping the economic governance of the region was economic governance that was shallow. Most of the governance was made by the state in which case mosques, libraries and caravanserais were built and financed directly by the state. These, being Muslim states were built on the basis of two very basic principles; Provisionalism as well as Fiscalism. Any order that was contrary to these principles was not directly allowed and did not therefore get the support of the national government. Weak property rights as well as arbitrary succession were the order of the day which was reported during the early practices of economy. The Muslim statesmen in the region starting with those in the state of Saudi Arabia had tax policies that were very concrete. The same was soon spread to other areas of the missile east that had embraced civilization earlier on especially the pre-Islamic civilization. These laws however became obsolete especially in Iraq, Syria, Iran and Palestine. Therefore, just like in civilizations that were coeval, there was tax discrimination in that the non-Muslims paid more taxes than the non-Muslims. This principle was unsystematic and many more communities received expropriation. However, as the practice became more applicable, there was the extent of confiscation and imposition of new taxes in the economies. This means that this industry