French Toast

French Toast GENERAL PURPOSE: To inform on how to make French Toast. ————————————————- SPECIFIC PURPOSE STATEMENT: After listening to my speech, the audience will ————————————————- have learned that there are different kinds of French Toast. ————————————————- INTRODUCTION I. Attention-getter:Did you know there are different kinds of French Toast then just our regular cinnamon French Toast? According to incredibleegg. org there are five other ways to make French toast. II. Credentials: One of my breakfast foods is French toast.I am always finding new ways on how to â€Å"spice it up†. I like to cook, but I am mostly a baker when it comes to food. A nd when it comes to the holidays like this time of year my family is all about baking and cooking. But what family isn’t. III. Thesis statement:French toast is a great breakfast food but can be messy when making it. But it is all the more fun when you are making it as a family. IV. Preview of main points:Today I will be talking about an easy way how to make French toast and two other ways to make French toast that are fun and enjoyable during the holidays. BODY I. Main Point:Easy French Toast Recipe.According to culinaryarts. bout. com this is how to prep for making French toast in the oven. A. Supporting point- Ingredients: 1. 4 eggs 2. 1 cup half and half 3. 2 tsp sugar 4. 8 slices regular white bread 5. ? tsp pure vanilla extract 6. 2 Tbsp butter B. Supporting point- Preparation: 1. Pre-heat oven to 200 °F. 2. Beat eggs thoroughly. Whisk in sugar, half and half and vanilla. 3. Pour the custard mixture into a shallow glass dish. An inch deep should be fine. 4. Heat your g riddle to medium-low, and melt the butter on it. 5. Soak a couple of slices of bread (but only as many your griddle can accommodate at once) in the custard while you count to ten.Flip them over and repeat. 6. Carefully remove the soaked slices from the custard, letting the excess liquid drain into the dish, and transfer the bread to the griddle. Flip when the bottoms are golden brown. When the other sides are also golden brown, remove from the griddle. 7. Serve French toast right away, or transfer it to a dish in the oven to keep warm. This makes about a serving for four people. II. Main Point: Make Ahead Stuffed French Toast According to incredibleegg. org here is another way to French toast. A. Supporting point- What You Need 30 to 36 | | thin French bread or baguette slices, 1/2† slices (12 oz)| 4 | | oz. ream cheese, softened| 1| | cup strawberry preserves| 8| | EGGS| 1-1/2| | cups milk| 1| | can (8 oz) crushed pineapple, undrained| ?| | cup orange juice| 2| | tsp. freshly grated orange peel| 1| | tsp. vanilla| ?| | tsp. salt| B. Supporting point- Here’s How 1. HEAT oven to 350 °F. 2. SPREAD 1/2 of the bread slices with cream cheese and strawberry preserves and TOP with remaining bread slices to make little sandwiches. ARRANGE sandwiches in greased 13 x 9-inch glass baking dish. 3. WHISK eggs in medium bowl until foamy. STIR IN milk, pineapple, orange juice, orange peel, vanilla and salt.SLOWLY POUR egg mixture over bread; press bread into egg mixture. Cover and refrigerate at least 1 hour or overnight. 4. BAKE in center of 350 °F oven until puffed, golden and knife inserted near centers comes out clean, about 45 to 50 minutes. III. Main Point: Mini Orange-Maple French Toast Breakfast Casseroles According to incredibleegg. org here is another way to French toast. A. Supporting point- What You Need 4 | oz. mascarpone cheese OR cream cheese, room temperature| 4| EGGS| 2/3| cup milk| 1/3| cup orange juice| 1/4| cup maple-flavored pancake syru p| 1/2| tsp. freshly grated orange peel| 3| cups bread cubes (1 inch) (about 4 slices)|B. Supporting point- Here’s How 1. HEAT oven to 350 °F. WHISK cheese in medium bowl until smooth. ADD eggs, 1 at a time, whisking after each addition until smooth. STIR IN milk, orange juice, syrup and orange peel until smooth and blended. 2. DIVIDE bread among four greased 10-ounce ramekins or custard cups. SLOWLY POUR a generous 1/2 cup egg mixture over bread in each cup; press bread into egg mixture. PLACE cups in baking pan. 3. BAKE in center of 350 °F oven until custards are puffed and knife inserted near centers comes out clean, about 30 minutes. CONCLUSION Thesis Statement / Review: Now you know some other ways to make French toast.Closing statement: I how you enjoyed what you have learn on making French toast. I hope it has encouraged you to go home and try to make it†¦Works-Cited using APA format Incredibleegg, (ND) â€Å"Make Ahead Stuffed French Toast† http://www. incredibleegg. org/recipes-and-more/recipes/make-ahead-stuffed-french-toast Incredibleegg, (ND) â€Å"Orange-Maple French Toast Breakfast Casseroles† http://www. incredibleegg. org/recipes-and-more/recipes/mini-orangemaple-french-toast-breakfast-casseroles culinaryarts. about, (ND) Danilo Alfaro â€Å"Easy French Toast Recipe† http://culinaryarts. about. com/od/griddledspecialties/r/frenchtoast. htm

Herd Behavior in Financial Market Essay

Definition of herding On Friday 14 September 2007, when Northern Rock in the UK opened it branches, many customers wanted to withdraw their savings and à ¯Ã‚ ¿Ã‚ ½1 billion, about 5% of the total bank deposits were withdrawn that day. And on Monday 17 September, a similar situation happened in front of Northern Rock branches in the UK. Even though every customer does not have the same amount of information, they all decided to behave in the same way and some were following the others on the following days without any clear plan. People thought that they were going to lose their bank deposits and that type of bank customers’ behavior caused liquidity problem and made the situation even worse. However, none of the clients who kept their deposits lost due to the fact the British Government and the Bank of England would guarantee the safety of the deposits. How can we explain that kind of behavior? Originally Herding is a term meaning animal flocking behavior. And according to the definition of Wikipedia Herding is the act of bringing individual animals together into a group (herd), maintaining the group and moving the group from place to place-or any combination of those. Apart from this bank run case, Herd behavior describes how individuals in a group can act together without planned direction. POSSIBLE EXPLICATION AND MECHANISM OF HERD BEHAVIOR Animals’ Herd Behavior According to evolutionary biologist W. D. Hamilton’s theory animals are forming a group to reduce the danger of being hunted by predictors. As a unit, they are moving together to the same direction. Animals are behaving in the same way to minimize the risk on the behalf of self-protection. Maybe this kind of behavior sounds rational if the result is always optimistic but copying your neighbor can be the worst decision sometimes. When something goes wrong and someone leads the group to the wrong direction, the whole group is going to be in danger. Human Herd Behavior However, human herd behavior is much more complicated than animals’ one and several scholars tried to explain it. Friedrich Nietzsche referred it as â€Å"herd morality† and the â€Å"herd instinct† which explain the phenomena when a lot of people are behaving in the same way at the same time. And according to Thorstein Veblen’s theory, some people imitate the other people with higher status. Human beings are continuously competing with others in order to survive or surpass others, and they try to move faster in order to take advantage of the others. As the proverbs says the early bird catches the worm, they think the faster they make the decision or do whatever they can, the better it is. However, this does not always lead to success. Those decisions are based on the sources they have and the sources are Sanctions upon deviants – dictators put their rivals in the prison (opposition is not allowed) Preference interactions – some people are wearing Burberry coats just because the majority is wearing it while others prefer to wear coats with the colors they like Direct communication – someone from your reference group or someone with credibility says that s/he likes certain products Observational influence – you observe the consequences of others’ actions Based on such sources, people make decision whether to herd or disperse, but people are herding for different reasons and their behavior is classified into several models. Herding Models Payoff Externalities Models (also called Network Externalities) – If more people are using facebook, it will attract more people to use facebook. In this case, people feel like they have to participate in the same situation so that they can have the same benefits. Information Cascade Models – When you have a flood of information coming in, it is much more difficult to make a rational decision. Nowadays there are too many sources to consider and you can barely judge if information is true or false. In this kind of situation, people are getting irrational and they tend to make decision based on the decision of the majorities, and this situation is called information cascade which occurs when people observe the actions of others and then make the same choice that the others have made, independently of their own private information signals. They are seen in groups under immediate stress from external forces, such as herd behaviour. A cascade arises naturally when people usually see what others do but not what they know. Because it is usually sensible to do what other people are doing, even this can be against what the individual believes to be true. This behavior is independent from their own private information or opinion. Concept of information cascade is based on observational and social learning. People learn from their environment. Generally, people are oriented to avoid negative consequences of their decisions or behaviors. They wish to have positive results or effects. That’s why their behavior is related to social and observational learning. People subconsciously have the idea of ‘It is more likely that I am wrong than that all those other people are wrong. Therefore, I will do as they do’. Examples of Herding Behavior Bank runs: depositors running on banks when they observe other depositors doing so. More specifically, First; investors can observe in long run when others are running on banks. Second, forcing long-term projects to liquidate early possibly leads to shortfall of funds. From the payoff externalities model’s view, people are withdrawing their deposits because they feel like they are losing their money if they keep their money on the bank account. And from informational cascade model’s view, some people may think they are not going to lose their money on their bank account but they are following the others because they think they are not wise enough and others are withdrawing their money. In real case, Argentina experienced such a run in the last two days of November 2001, with total deposits in the banking system falling by more than 2 billion (US) dollars, or nearly 3 percent, on the second day of the run alone.1 Such runs were a common occurrence in the United States in the late nineteenth and early twentieth centuries and have also occurred in recent times in several developing countries, including Brazil in 1990 and Ecuador in 1999. Asian crisis of 97-98, herding and speculation infection The Asian crisis of 1997-98 that led to a regional economic fall in East Asia can be traced to overexpansion and under-regulation. The center of the Asian crisis was Thailand’s careless macroeconomic management that featured a fraudulent financial sector. The Asian expansion of the crisis was a due to the existing global financial integration (and similar export dependencies), current account inequities and attached exchange rates all mixed with the damaging effect of speculation and herding spreading all over the region. Resulting structural reforms and adjustments in Thailand and other damaged Asian nations came from the International Monetary Fund. A major result was a balanced exchange rate regime now prevalent in much of East Asia. Facts: During 1995 a number of experts started to wonder if the countries of Southeast Asia might be vulnerable to a macroeconomic crisis do to the poor administration of its financial procedures and to the volatility of their related economies. The main indicator was the rise of very large current account deficits among several Asian countries. Closer examination also revealed that several of the countries had developed some financial weaknesses: heavy investment in highly speculative real estate ventures, financed by borrowing from badly informed foreign sources or by credit from non regulated domestic financial institutions. It’s now known that during 1996 officials from the IMF and World Bank actually began warning the governments of Thailand, Malaysia, and other countries of the existing risks by their financial situation, and asked them to apply corrective policies. However, those governments rejected the warnings. On July 2 1997, after months of declaring that it would not happen, the government of Thailand abandoned its efforts to maintain a fixed exchange rate for its currency, the baht. The currency was quickly depreciated by more than 20 percent so within a few days most neighboring countries fell like Thailand. What forced Thailand to devalue its currency was the massive speculation against the baht, assumptions that over a few months had consumed most of what initially seemed as a large war of foreign exchange. And why were speculators betting against Thailand? Because they expected the baht to be devalued, of course. This kind of circular logic – in which investors escape a currency because they expect it to be devalued, and much of the pressure on the currency comes precisely because of this investor shortage of confidence – is the defining actor of a currency crisis and is known as Bank Run theory. In the context of a currency crisis, such behavior could mean that a wave of selling, whatever its initial cause, could be magnified through complete imitation and turn, into a rush out of the currency. Bank run in Thai currency devaluation can be viewed in two main behaviors. First; investors run when other investors are running the bank; a magnified opinion of a certain group starts to be spread in some others by just herding or imitation. Second, when banks that were investing in long-term projects were forced to liquidate early (because of the invertors running away), there was a potential lost of funds. Consequently, the last depositors to withdraw were left empty-handed (first-come, first-served limitation). BUBBLES Bubbles are sort of mass errors caused by the nature of herd. Even though there is a convincing evidence of bubbles, people are still overly convinced by their belief that market is efficient and rational. Therefore people are optimistic of their investment and they take part in the bubble. Some people may doubt the situation and find some evidence of bubbles but they still invest their capital in the market because others are doing it which is a sort of informational cascade. However, the bubble collapses and that sort of herding behavior makes the impact of the collapse much significant. The Dot-com Bubble The dot-com bubble (also referred to as the Internet bubble) was a speculative which had its climax on March 10, 2000, with the NASDAQ hitting up to 5132.52 but closing at 5048.62 in the same day. During the dot-com bubble period mostly the developed countries experienced the growth in the Internet sector and related fields. Companies such as Cisco Systems, Dell, Intel, and Microsoft were the dominant player of NASDAQ. And related to the Internet business a group of new Internet-based companies commonly referred to as dot-coms were founded. Just because of the fact that Companies had a name with an â€Å"e-† prefix to their name and a â€Å".com† the stock price was going up. Investors were overly confident of their future profits due to the advancement of technology and individual speculation while they overlooked traditional stock market value until the bubble was collapsed. Conclusion As we can see massive herding behavior turned out to be a cause of crisis at the end, and herd behavior is seen as something very negative to the market. As we have seen bank runs, bubbles, and several forms of crises. However, we cannot prevent from herding because it is a sort of instinct and it is closely related to psychological factors. Partially, individuals can make profit of their herding behavior as they are following famous investors such as Warren Buffet but the fact is that no investor can really avoid bubbles and forecast the coming crises. What we have to remember is the financial market is a complex of rational and irrational behavior and we can barely categorize them before the disaster happens. We have to be prepared of the consequence the herd behavior and be rational when the irrationality happens. Works Cited BIKHCHANDANI, S., 1998, Learning from the behavior of others: conformity, fads, and informational cascades BIKHCHANDANI, S., D. HIRSHLEIFER and I. WELCH, 2001. Informational Cascades and Rational Herding: An Annotated Devenow, Andrea and Ivo Welch, 1996, Rational Herding in Financial Economics, European Economic Review 40, 603-615 Ennis, Huberto M. and Todd Keister, 2009, Bank Runs and Institutions: The Perils of Intervention. Hirshleifer, David and Teoh, Siew Hong, 2011, Herd Behavior and Cascading in Capital Markets: A Review and Synthesis, MPRA Paper No. 5186

Risk Assessment Proposal and Report Research Paper

Risk Assessment Proposal and Report - Research Paper Example Amazon, which will derive a comprehensive understanding of the risks associated with the company and the steps to be taken in order to mitigate such risks. The research study would be based on providing solution to the research question of how Amazon can ensure protection of vital information pertaining to the customers and the sellers, which evolve as one of the prime risks or threats for the company. Furthermore, the research study would be aimed at providing an understanding of the key areas where Amazon has been successful as well as such fields that require high level of concentration for availing several significant benefits. The chief purpose of this particular research is to identify as well as assess the threats or the vulnerabilities faced by Amazon while performing different business or operational functions. From a theoretical perspective, threats or vulnerabilities are duly considered to be one of the vital factors affecting business environment, which may hinder the growth and expansion of an organization. Hence, it is in beneficial for the organizations to consider the risks associated with conducting a business and likewise take appropriate steps to mitigate the same. In this regard, risk assessment is referred to as the process, which involves identification of the business risks, evaluation of those risks and formulation of corrective measures to cope with the same (Drissi, Houman & Medromi, 2013). Hence, the research aimed at examining the risks faced by the company that affected its overall performance and also suggesting various ways through which Amazon might respond effectively in resolv ing such risks. The research study on risk Assessment of Amazon would be conducted via establishment and description of a number of steps. Initially, after introduction section, the study would provide the readers with a comprehensive understanding about the perceptions of management of risk and risk assessment. The second step in the research study would

Ways that Can be Used by Organization Essay Example | Topics and Well Written Essays - 1000 words

Ways that Can be Used by Organization - Essay Example To understand this theme of freedom of thought, it is important to understand what freedom of thought entails. It entails the freedom that an individual has to consider a fact, thought or viewpoint irrespective of the viewpoints of other people in the society. It is important in the democratic constitutions today which protect this freedom. However, it is difficult to suppress this freedom of thought since it is impossible to know what an individual is thinking about unless they choose to disclose it. Despite this, freedom of thought is limited via censorship, burning of books and propaganda discouraging it all together. If individuals hold their freedom of thought, then it becomes easy for them to express themselves whenever they find others taking advantage of them in any way. In Mahfouz, Head, Marquez, there is this story on the answer is no. there is this teacher who had been abused as a small girl by the mathematics tutor that her father had designated for her. This tutor was over twenty-five years older than her and he promised to come back and marry her when she became of age. True to his words, he had kept his promise. He came back and proposed to her but she rejected. She was now more knowledgeable than she was years ago when the teacher abused her. She wondered whether the man was after her money now than she was successful and independent. The mere feeling of a man almost her father’s age abusing an innocent little girl disgusted her. She could not marry her despite her mother’s advises that fell on a deaf ear. More suitors came forward for her hand but she kept on rejecting them. This is one story that shows the aspect of independence of thought. Now that she had come of age, the teacher could now make her own decisions. She could not allow her weaknesses define her. She fought hard to ensure that she capitalized on her strengths and worked on her weaknesses to ensure that she became an independent young lady.  

Fitting into society is not the easy way Essay Example | Topics and Well Written Essays - 750 words

Fitting into society is not the easy way - Essay Example At first, I found it difficult and impossible to adjust there as I was very weak in English. The condition of my written and spoken English may be compared to the situation of mother’s English in Amy Tan’s novel. As Amy describes it â€Å"I can think of no way to describe it other than â€Å"broken,† as if it were damaged and needed to be fixed, as if it lacked a certain wholeness and soundness† (62). I used to get irritated and annoyed while communicating to friends, teachers and other associates. The difference of language and accent made me feel low and helpless. My social circle was shortened to an extent that I felt isolated and lonely. This was the worst effect of moving from my native land to a new state. In China, we used to live and work in groups. Our decisions were based on the suggestions and perceptions of others. However, the American culture emphasizes on individuality and personal decision making. I found it really difficult to choose everything from the choice of my clothes to the academic field which I had to opt. In addition to this, the Chinese culture places more emphasis on the respect and acting upon on elders advices. I used to respect them and our communication ways with elders was more respectful and loving with children. However, in America, I experienced a major flaw in the society. Youngsters do not tend to give that level of respect and importance to elders which I was habitual of. I expected the same respect from the youngsters and loving attitude from the elders. However, this misconception ended as I experienced certain events and faced behaviors of American people in the park. I went out to the park with my college friends. It was a wonderful day. Everyone was enjoying and we were cracking jokes, listening to music and having fun. The first thing that irritated me was the song choice which differed greatly. But since most of the Americans

New Balance Corporate Social Responsibility Case Study

New Balance Corporate Social Responsibility - Case Study Example According to the essay findings  manufacturing of all kinds of the footwear within the US is on decline – the main reason is the low-wage cost at some of the emerging economies such as China.   It is important to note that footwear manufacturing, in spite of significant technological advances, involves considerable amount of manual handling.   As a result of this, the footwear industry in the US in general and New Balance in particular faces huge environmental and social challenges. A strong Corporate Social Responsibility (CSR) policy needs to be in place to not only enhance all stakeholders' trust and confidence in the company but also spearhead its growth by integrating the core business strategy with its CSR strategy.  Ã‚  This paper discusses that  New Balance's Mission statement explicitly takes into account the importance of CSR policy in its growth: "Demonstrating responsible leadership, we build global brands that athletes are proud to wear, associates are p roud to create and communities are proud to host".  Values, integrity and long history are the aspects that strengthen overall governance of the company. People feel proud while working at New Balance because management provides due importance and listen them carefully. People at senior management in the company believe to having a strong support for CSR.  The company's mission statement and values strongly support CSR functions. However, the difficult part is that very few of them really understand the current responsible leadership (RL) goals and priorities.

Response Assignment Example | Topics and Well Written Essays - 250 words - 4

Response - Assignment Example ad guilty and pay a probation fine (that some government departments are probably waiting on) or stay in the prison and go to the trial, which most of the people cannot afford. They are living on day jobs, if they stay in the prison, they can’t make their daily wages and if they have kids back home who are waiting on them to bring food, no one can afford to stay in the prison. That was exactly the case with Erma Faye Stewart. She had a sick child at home and she had to gamble on whether she wanted to fight the US justice system by staying in prison or take the plea and pay probation fine, she chose the latter. But after of all this, the case was dismissed 5 months later on the grounds that the informant’s evidence was ‘worthless’ and he ‘lied’ to the court. Despite of this revelation, the court didn’t help the accused to clear their name as Regina Kelly, the other victim of this injustice, asked the court to state an apology but the cour t refused. The judge said that he’s sure that all 27 people that went to trial were guilty; it’s just that the court didn’t have any hard evidence. The question arises, the informant ‘lied’ to the court. If that has been established, the court must have paid punitive damages to the people in trial for the damage the court had done by keeping them from their work and away from their family. But nothing of such kind happened. Throughout the video, every attorney and every judge is a white male even the person who was defending Stewart was a white person. Only black people that appeared in the video were the people being tried. Racial discrimination cannot be dismissed when the lawyer denies having ever represented the case of Erma

In this assignment you will create your own original argument about Essay

In this assignment you will create your own original argument about how your chosen text portrays the relationship between the u - Essay Example In the novel, crime takes place on the dark side of the city where the environment was conducive to crime. In fact, it is ironical that the detective Sherlock Holmes lives in the comfortable area of the city in Baker Street while he solves crimes that occur on the other side of the city. The detective in the story offers an intricate link between the two faces of the city of London. Although the author of A Study in Scarlet grew up in Edinburgh, he chose the city of London as the main setting for his story. London provided a setting in which the differences in men and society would be evident in the Victorian society. The city of London offered multiple layers of being that represented several classes in the society. Essentially, the city was a backdrop of the differences in the society and the occurrences that took place. For instance, there were the dark isolated alleys, the lack of gas lights and the topographical setting that provided the perfect environment for crime. These circ umstances enormously increased the crime rates and thus a perfect setting for crime solving by the detective Sherlock Holmes in A Study in Scarlet (Doyle 25). However, the other side of London, Baker Street, was an uptown suburb which was safe and well developed. It is evident that the city of London provided two seemingly different environments which espoused the conflict between the dark side of the city and the civilized world haven of Baker Street. Sherlock Holmes in A Study in Scarlet creates the link between the two sides. One of the evident connections between the urban environment and the characters in A Study in Scarlet is the portrayal of the detective Sherlock Holmes. The detective considers himself to be special and unique. He tells Watson that â€Å"Well, I have a trade of my own. I suppose I am the only one in the world. I’m a consulting detective† (23). This implies that Sherlock Holmes thinks very highly of himself. The detective sets himself apart from the society by living in high-end Baker Street. It is also symbolic that he lives in an apartment that was above the city from where he could easily observe all the happenings in the streets below. This further segregated him from the common masses in London and cemented his position as an outsider of the London society. Holmes is also individualistic and prefers to stay alone most of the time. Thus, the setting of his apartment in Baker Street offered him a serene environment where he could comfortably enjoy solitude. Watson notes that sometimes Sherlock Holmes could stay weeks on end in his apartment in Baker Street. He notes that Sherlock Holmes could â€Å"lie upon the sofa in the sitting-room, hardly uttering a word or moving a muscle from morning to night† (19). It is evident that the character used the serene urban environment offered by Baker Street to spend his time. Besides, the setting of Sherlock Holmes apartment was critical for his success as a detective. In fa ct, he may not have able to concentrate and lead his preferred chosen lifestyle had he been staying in the dark alleys of the other side of the city. The other reason why the city of London was an enabler of crime is its topographical setting. The urban setting of A Study in Scarlet offers the perfect environment for the emergence of the theme of crime. Due to the rapid expansion of the houses, the city became a labyrinth since there was no element of planning. People were affected by the dark alleys and passages that donned

Proposals for Ring-Fencing and Loss Absorbency Essay - 44

Proposals for Ring-Fencing and Loss Absorbency - Essay Example The Commission was given up to the end of September 2015, to report their findings to the Cabinet Committee on Banking Reform. The white paper discussed many elements such as ring-fencing, high net worth individuals, prohibited services, SMEs for the purposes of ring-fencing, financial product restrictions, geographical restrictions, exposure to financial institutions, intra-group relationships, ancillary activities, legal and operational links, governance, economic links, scope, PLAC, PLAC composition, leverage ratio, loss absorbency, ring-fence buffer, bail-in, the bail-in process and depositor preference (ICB 2011, p. 19). Keeping in line with two of the stated topics above, this paper will describe the proposals for (i) ring-fencing and (ii) loss absorbency put forward by the 2011 Report of the Independent Commission on Banking (â€Å"Vickers Report†). The paper will discuss whether these measures likely to succeed in ensuring financial stability and how are these proposal s being enacted into UK law. Ring-fencing or ringfencing is a situation in which a fraction of a firm’s assets or profits are financially split without essentially being considered as a separate entity (Freixas & Mayer 2011, p. 397). This might be for: Ring-fencing in asset protection is used by separating particular liabilities and assets into different organizations of a corporate group. At times, it is utilized to mitigate liquidation risk or to enhance corporate credit rating (Haldane & Alessandri 2009, p. 12). In the UK, ring fence profits stem from gains and income from oil rights oil or extraction activities in the UK plus its continental shelf and experience a higher rate from corporation tax (ICB 2011, p. 35). In the case of bonds or loans, ringfencing ensures that an investor has a link to a particular asset they possess.

Investigation to find out whether changing Essay Example for Free

Investigation to find out whether changing Essay Air resistance is a force that acts upon any object falling through the air. It slows the rate of descent on an object with any surface area. Scientific research has found that by altering the objects surface area, the amount of air resistance either increases or decreases, changing the rate of descent. Newtons third law states that for every action there is an equal and opposite reaction. My helicopter will fall to the ground because of the gravitational pull of the Earth. In reflection to Newtons law, the opposite force in the case of my experiment will be air resistance. As gravity is pulling my helicopter to the ground, air resistance is pushing up onto my helicopter, slowing its rate of descent. The rate of gravity is always the same, as the gravitational pull from the Earth is the same, so the factor in this case, which affects the rate of descent, is air resistance. Newtons second law of motion states that the acceleration an object experiences multiplied by the mass of the object is equal to the net force acting on the object. Thus, if a given force acts on two objects of different mass, the object with the larger mass will have a lower acceleration. In the case of my experiment, the rate of descent on my helicopter, multiplied by the mass of my helicopter is equal to the total amount of forces acting on it. If the forces acting on my helicopter give a net force which is zero, then my helicopter will not accelerate, it will continue moving at a constant velocity. The forces on an object falling at terminal velocity are balanced. Terminal velocity occurs when the weight of an object is balanced by the drag. Drag depends on the speed of an object- the faster it moves the greater the drag. Therefore, if one of my helicopters is moving faster than another, then it will create more air resistance. Drag also depends on the shape of an object. A streamlined object will travel much faster than another object, and they have a lower terminal velocity. We call the force of gravity on something its weight. Weight (N) = mass (kg) x gravitational field strength (N/kg) The gravitational field strength on Earth is around 10N/kg. Astronauts on the moon tried an experiment suggested by Galileo. They dropped a feather and a hammer at the same time, and they landed together. Newton also tried this experiment, dropping a coin and a feather first in air, then in a vacuum. In the air the coin landed first, but in a vacuum, they landed at the same time. The feather and the coin have a similar surface area, so when they begin to fall they should have about the same amount of drag. As they fall the air resistance on the feather soon increases to balance its weight, causing it to travel at terminal velocity. The coin, on the other hand, is heavier, so it continues to accelerate, and probably hits the ground before reaching terminal velocity. The drag force (air resistance) is always in the opposite direction to the motion. The force of gravity is equal and opposite to the drag force. I predict that by altering the surface area of the wings on my helicopter, I will be able to change the rate of descent by increasing and decreasing the air resistance of the wings. I think that if I increase the surface area of the wings, the amount of air resistance will increase, and my helicopter will take longer to reach the floor. If I decrease the surface area, there will be less air resistance, so my helicopter will travel faster. I also think that whilst doing my experiment, I may find the terminal velocity of one of my helicopters. Method: Make a helicopter out of a piece of paper. Make the wings 11cm x 3cm each, and the base 10cm x 3cm, leaving a 1. 5cm gap from the edges of the wings, like the one shown here. Fold one wing forwards, and the other backwards along the dotted line. Measure a height of 2m from the floor. Make a mark on the wall so that you know where to drop your helicopters from. Stand so that the first helicopter is level with the mark on the wall, and get another person to stand on the floor with a stop clock. Let go of the helicopter and time how long it takes to hit the floor. Record your results in a table. Repeat with the same sized helicopter 3 times, and then cut 1cm off the length of the wings. Repeat the experiment until the wings are 1cm long. To keep my experiment fair- I will use the same helicopter throughout my experiment to ensure accurate results. I will also mark a point on the wall so that I can drop my helicopters from the same height every time. Results: Analysis: My results dont show a linear pattern, the average times go down in steps, but this may have been caused by experimental errors. More of my average times are above my line of best fit than on or below it. Evaluation: I think that my experiment was fairly successful, as from my results I can see that my prediction is usually correct- reducing the surface area of the wings decreases the time it takes to get to the floor, because of the reduce in air resistance. If I was to do this experiment again, I would make another helicopter in a different way, because I think that that my results may have been in a more linear fashion if the helicopter spun more in the air.

A Trade Mark

A Trade Mark Introduction A trade mark is a way for one party to distinguish themselves from another. In business, a trade mark provides a product or organization with an identity which cannot be imitated by its competitors. According to section 1(1) of the 1994 Act, a trademark is ‘any sign capable of being represented graphically which is capable of distinguishing goods or services of one undertaking from those of another’. In Sigla SA v OHIM (Office of Harmonization for the Internal Market) the Court of First Instance (CFI) stated that a trade mark does also convey other messages concerning the qualities or particular characteristics of the goods or services which it covers, such as luxury, lifestyle, exclusivity, adventure, youth. A mark has then an inherent economic value which is independent of and separate from that of the goods and services for which it is registered. The CFI held that ‘these messages are conveyed, by trademarks with reputation and confer on it significant value which deserves protection because the reputation of a mark is the result of considerable effort and investment on the part of its proprietor’. However, how far the UK courts and the European Court of Justice (ECJ) have recognised this â€Å"inherent economic value† of registered trade marks? Relative Grounds for Refusal Marks which conflict with earlier marks or signs may not be registered. The grounds for refusal of the registration of a trade mark are found in section 5 of the Trade Marks Act 1994 and Article 8 of the Community Trade Mark Regulation (CTMR): Identical marks on identical goods and services: section 5(1)/Article 8(1) (a); Identical marks on similar goods and services that there exists a likelihood of confusion on the part of the public which includes the likelihood of association with the earlier mark: section 5(2) (a)/Article 8(1) (b); Similar marks on similar goods and services and there is a likelihood of confusion which includes the likelihood of association, between the marks: section 5(2) (b)/Article 8(1) (b); Identical or similar marks on goods or services which would take unfair advantage of, or be detrimental to, the distinctive character of the earlier mark, without due cause: section 5(3)/Article 8(5). UK incorporated Articles 4(4) (a) of the EC Trademark Directive and 8(5) of the Community Regulation 40/94 into domestic law under section 5(3) of its Trade Marks Act 1994. According to section 6, Earlier Marks cover UK and Community Trade Marks with an earlier registration date and Community Trade Marks with seniority derived from an earlier UK mark. They can also be marks registered under the Madrid Protocol and â€Å"well known† trademarks protected under Article 6bis of the Paris Convention. Article 4(4)(a) of the EC Trademark Directive allows any Member State to provide that ‘a trade mark shall not be registered where, the trade mark is identical with, or similar to, an earlier national trade mark and is to be registered for goods or services which are not similar to those for which the earlier trade mark is registered, where the earlier trade mark has a reputation in the Member State concerned and where the use of the later trade mark without due cause would take unfair advantage of, or be detrimental to, the distinctive character or the repute of the earlier trade mark’. There are four main grounds for infringement, which are set out in section 10 of the Trade Mark Act 1994. They are the same grounds for refusal of registration, as contained in section 5. Any act of infringement is not required to of held any previous knowledge or intention to carry out the act. To infringe, a mark must be used ‘in the course of trade’. Any use which is liable to put at risk the guarantee of origin may be prevented, because this guarantee constitutes the essential function of the mark. Identical and Similar Marks under Section 10(1) If the marks are identical or similar, and the goods and services are identical or similar, confusion must be shown. A mark is considered similar if in the mind of the average consumer the likelihood of confusion for the goods/services is at issue. The marks must be compared as wholes because the average consumer generally recognizes marks as a whole. Section 10(1) prohibits the use of an identical mark to the registered mark upon goods or services for which the mark is registered. In Reed executive v Reed Business Information Ltd it was held that the marks were similar, not identical. The claimant alleged that the defendants had infringed its trade mark. The defendant had used ‘Reed’ as part of the composites ‘Reed Elsevier’ and ‘Reed Business information’. Jacob LJ did not think that ‘Reed Business information’ was identical to ‘Reed’ and he noted that the additional words would not ignored by the average consumer. The ECJ in SA Societe LTJ Diffusion v SA Sadas stated that the criterion ‘must be interpreted strictly. The definition of identity implies that the two elements should be the same in all aspects’. The level of identity between the marks must be high. In Origins Natural Resources Inc v Origin Clothing Ltd the marks ‘Origin’ and ‘Origins’, were held to be similar but not identical. Likelihood of Confusion Likelihood of confusion is arising from similarity with an earlier mark and goods and services for which that earlier mark is registered. If exists a likelihood of confusion on the part of the public, the trade mark will not be registered under section 5(2). Jacob J recommended in British Sugar plc v James Robertson Sons Ltd, that to apply section 5(2) is to ask first whether the marks are the same or similar and then whether the goods are the same or similar. Finally, ask whether the proviso applies and whether there is a likelihood of confusion, including a likelihood of association between the marks. If the answer to all three questions is positive, then there will be a conflict. In Sabel v Puma the ECJ held, that the likelihood of confusion must be appreciated globally, taking into account factors including the recognition of the trade mark on the market, the association which can be made between the registered mark, the sign and the degree of similarity between the mark, the goods and the services. The Court considered that there is a greater likelihood of confusion where the earlier trade mark has a highly distinctive character. It was noted in Ruiz-Picasso v OHIM, that attention would be particularly high as regards goods which are expensive, and highly technological in character. The ECJ said in Canon Kabushiki Kaisha v Metro-Goldwyn-Mayer Inc that, if the association between the marks causes the public to believe that the respective goods come from the same or economically linked undertakings, there is a likelihood of confusion. In Marca Mode CV v Adidas AG it was held that ‘the reputation of a mark does not give grounds for presuming a likelihood of confusion simply because of a likelihood of association in the strict sense’. Protection for Marks with Reputation Article 8(5) of the Trade Mark Directive and Article 4(4) the Community Trade Mark Regulation offer protection for marks ‘with a reputation’, recognising that trade marks do more than simply signify origin. In Bristol Myers Squibb v. Paranova the â€Å"essential function† of the trade mark was held to be to guarantee origin to the consumer without any risk of confusion. Some marks because of their reputation have obtained a value not confined to the basic distinguishing function of a mark, so that they should be entitled to protection. The CFI give guidance in Sigla on the distinction between the notion of the likelihood of confusion and the risk of unfair advantage. The Court noted that a likelihood of confusion occurs where a consumer is attracted to a product or service covered by the applied for mark because of a misunderstanding that it comes from the same origin as that covered by an earlier mark which is identical or similar. However, the risk of unfair advantage might happen where the consumer is attracted to the mark itself, without confusing the origin of the good or service. The Court in Sigla held that: ‘Article 8(5), ensures that a mark with a reputation is protected with regard to any application for an identical or similar mark which might affect its image, even if the goods or services covered by the mark applied for are not similar to those for which the earlier mark with a reputation has been registered’. Being able to prove that the trade mark ‘has a reputation’ is a key to a trade mark owner’s ability to benefit. Dilution Section 5(3) of the Trade Marks Act 1994 offers the means for an earlier trade mark holder to prevent registration of a later trade mark which dilutes the distinctiveness and exclusivity of his trade mark. The dilution claim it appears as section 10(3) of the Act: A person infringes a registered trade mark if he uses in the course of trade a sign which is identical with or similar to the trade mark, and is used in relation to goods or services which are not similar to those for which the trade mark is registered. The trade mark must have a reputation in the UK, namely the use of the sign must be without due cause and must either take ‘unfair advantage of’ or be ‘detrimental to’ the distinctive character or repute of the trade mark. In Adidas-Salomon AG and Adidas Benelux BV v Fitnessworld Jacobs found that the concept of detriment encapsulates dilution, which is often referred to as ‘blurring’ and means that the mark is no longer capable of arousing an immediate association with the goods for which it is registered or used. This concept of detriment is sometimes referred to as ‘tarnishment,’ and means that the goods for which the infringing sign is used, appeals to the public’s senses which accordingly affects the mark’s power of attraction. Reputation The justification for the laws protecting trade marks focuses on the recognition and their quality. Kur stated that reputation could be claimed by ‘a trademark with a relatively low degree of renown, yet which possesses an attractive, strongly associative image’. The question of the reputation needed by a trade mark to qualify for protection was decided by the ECJ in General Motors Corporation v Yplon . It was stated in this case that the stronger the earlier mark’s distinctive character and reputation, the easier it will be to find that detriment has been caused to it. The ECJ held that the words has a reputation in Section 5(3) of the Trade Marks Act, Article (4)(4)(a) of the 89/104 directive and Article 8(5) of regulation 40/94 require the mark known only by a significant part of the public concerned by the products or services covered by it. To oppose a trade mark under Article 8(5) a challenger must prove in the case of an earlier Community trade mark the trade mark has a reputation in the Community and, in the case of an earlier national trade mark, the trade mark has a reputation in the Member State concerned. The Court held that a national Court when is deciding whether a mark had a reputation has to take into account facts like ‘the market share held by the trade mark, the intensity, geographical extent, and duration of its use, and the size of the investment made by the undertaking in promoting it’. In Hag II the Advocate General stated that trade marks found their justification ‘in a harmonious dove-tailing between public and private interests’, the right purpose of the law being to protect the ‘clarity of the signal transmitted by the mark’. The CFI in Spa Monopole v OHIM-Spa finders , held in that the reputation for certain goods or services can not be extended to other goods and services. The Court held that the reputation for mineral waters could not constitute the evidence of reputation for goods in class 3 (namely soaps, perfumery and cosmetics) and that ‘the proprietor of the earlier mark is not required to demonstrate actual and present harm to his mark. He must adduce prima facie evidence of a future risk, which is not hypothetical, of unfair advantage or detriment’. Marks with Reputation on Similar or Dissimilar Goods Section 5(3) of the 1994 Act has been amended to mirror section 10(3) which is relevant to goods and services that are dissimilar to those of the relevant registration. There is no need for there to be any ‘likelihood of confusion’ for an infringement under section 10(3). It was considered in Davidoff Cie SA and Zino Davidoff SA v Gofkid Ltd that a well known mark should receive the same protection where the goods are similar as it receives where the goods are dissimilar. The Court held that member states were entitled to provide specific protection for registered trade marks with a reputation in cases where a later mark or sign, which is identical with or similar to the registered mark, is intended to be used or is used for goods or services identical with or similar to those covered by the registered mark. In Adidas v Fitnessworld the ECJ held that ‘it is sufficient for the degree of similarity between the mark with a reputation and the sign to have the effect that the relevant section of the public establishes a link between the sign and the mark’. It was considered that where a member state exercises the option under Article 4(4) (a) of the directive it is bound to grant the protection in question in cases of use by a third party of a later mark or sign which is identical with or similar to the registered mark with a reputation, in relation to goods or services which are not similar and to goods or services which are identical with or similar to those covered by that mark. In this case the Court stated that ‘Article 5(2) of the directive establishes, for the benefit of trade marks with reputation, a form of protection whose implementation does not require the existence of likelihood of confusion’. The ECJ considered that Article 5(2) of the Directive must be interpreted in the sense that, where the sign is used for identical goods or services, a mark with a reputation must benefit from protection which as extensive as where a sign is used for non-similar goods or services. Unfair Advantage or Detriment A trade mark will not be registered where the use of the later mark must either take unfair advantage of, or be detrimental to, the distinctive character or the repute of the earlier trade mark. The Court held in Spa-Finders that ‘Unfair advantage encompasses cases of clear exploitation and free-riding on the coat-tails of a famous mark or an attempt to trade upon its reputation, unfairly drawing on and profiting from an earlier mark owner’s goodwill and investment in promotion’. Detriment could take the form of tarnishing or blurring. The association between two marks and between the goods or services to which they relate could be detrimental to the strength and reputation of the earlier mark if it tarnished it by association or made it less distinctive. Evidence of reputation can go a long way toward proving unfair advantage or detriment. Unfair Advantage of the Earlier Mark Advocate General Jacobs in the Adidas case considered that the concept of ‘unfair advantage of distinctive character or repute’, as found in Article 5(2) of the EC Trademark Directive was ‘intended to encompass instances where there is clear exploitation and free-riding on the coattails of a famous mark or an attempt to train upon its reputation’. The CFI in Sigla, stated that the unfair advantage of the repute takes place where there is a risk that the image of the mark with a reputation or the characteristics which it projects are transferred to the goods covered by the second mark, with the result that the marketing of those goods is made easier by that association with the earlier mark with a reputation. Sir Thomas Bingham, in Taittinger SA v Allbev, stated that it would be unfair to allow others to ‘cash in on the reputation that they had done nothing to establish’. In L’Oreal SA v Bellure NV , the defendants were a cosmetic company who were trying to pass off their brand as that of L’Oreal’s. The L’Oreal trade mark is very popular. Jacob LJ looked at the importance of unfair advantage and stated that the relation between the defendants’ packaging and the registered marks, if established, would give an advantage on the defendants. He gave as an example of unfair advantage, where a well known mark in one field is used by another in a same field and therefore excludes the chance for the owner of the registered mark to move into that field in the future. In Akteselkabet af 21 November 2001 v OHIM, the earlier mark benefited from a reputation for ‘apparatus for recording transmission or reproduction of sound or images’ and evidence has been given of its use in sporting events, while the other trade mark was applied for clothing. It was considered by the CFI that as the public was familiarized to seeing the TDK mark on clothing related to sporting events, the use of the second sign on clothing could make the public to believe that such clothing was manufactured by, or under licence from, the owner of the TDK mark. Detrimental to the Distinctive character of the earlier mark It was held in Spa-Finders that there is detriment where the earlier mark is no longer able of beginning direct association with the goods for which it is registered and used. The CFI held that the existence of a link between the marks Spa and Spa-Finders in the mind of the relevant public is not enough to show the risk of detriment to the distinctive character. The Court in Intel Corporation Inc v CPM United Kingdom Ltd said that article 4(4)(a) of the Directive was to be interpreted as meaning that whether there was a link between the earlier mark with a reputation and the later mark was to be assessed globally, taking into account all the relevant factors which included the fact that, for the average consumer, who was reasonably well informed, observant and circumspect, the later mark called the earlier mark with a reputation to mind was tantamount to the existence of such a link between the conflicting marks. It was held in Intel that ‘the fact that the earlier mark had a reputation for certain types of goods or services, and those goods or services and the goods or services for which the later mark was registered were dissimilar or dissimilar to a substantial degree, and the earlier mark was unique in respect of any goods or services, did not necessarily imply that there was a link between the marks’. Jacob LJ thought that there should be more than a ‘mere calling to mind’ of the earlier mark by the average consumer when confronted with the later mark on dissimilar goods. Any detriment should be to the distinctiveness of the earlier mark in relation to the goods and services it covers, no to its attractiveness more generally. The more unique the earlier mark appeared, the greater the likelihood that the use of a later identical or similar mark would be detrimental to its distinctive character. Detriment to the Repute In Claeryn v Klarein the Court considered that the concept of detriment to the repute of a trade mark, often referred to as degradation or tarnishment of the mark, describes the situation where the goods for which the infringing sign is used, appeal to the publics senses in such a way that the trade marks power of attraction is affected. The case of Sigla SA v OHIM, explained that the detriment to the repute occurs where the goods or services, for which the reputed trademark is unjustifiably used, have a quality or a value which may have a negative influence on the image of the earlier mark with reputation. The CFI held in Spa-Finders that there is no ‘antagonism’ between the goods and services covered by the marks which might be detrimental to the repute of Spa mineral waters. The Court notes that it is unlikely that the mark Spa-Finders will tarnish the image of the Spa mark. These marks designate different goods consisting, in mineral waters and, on the other hand, in publications and travel agency services. The Court find that it is unlikely that the goods and services covered by the mark Spa-Finders, even if they turn out to be of lower quality, would diminish the power of attraction of the mark Spa. The closer the goods are the easier to prove a detriment to the repute will be. Without Due Cause When an opponent has established that its earlier trade mark has a reputation, and that use of the applicant’s mark will take unfair advantage of, or to be detrimental to, the earlier mark, the obligation then falls upon the applicant to show that the use would not be without due cause. Jacob LJ noted in L’Oreal v Bellure that the onus of establishing due cause lies with the defendant. In the Nasdaq Stock Market Inc case the CFI held that Nasdaq was distinctive and conveyed an image of modernity which was attractive and relevant to the stock market and to other goods such as the applicant’s. It was considered that the applicant had not established that its use of the trade mark would be founded on due cause within the meaning of Article 8(5), and the Court held that there was no due cause for the applicants use of the sign. The Court in Premier Brands UK v Typhoon Europe, applied the criterion from found that Typhoo was an established brand of tea with a reputation and that the defendant used its mark without due cause. It was held that there would be no likelihood of confusion but proceedings commenced in relation to section 10(3), on the idea that the goods in subject were dissimilar. Neuberger J held that the phrase ‘without due cause’ required an applicant to show some reasonable grounds for using its sign in relation to its goods even this was unfair or detrimental to the earlier mark. Good faith would not justify the registration of a mark. In Hollywood SAS v Souza Cruz SA it was held that ‘the condition of due cause is not fulfilled merely by the fact that the sign is suitable for identifying the products for it is used, the applicant has already used this sign for these or similar products within and outside the territory of the community or the applicant invokes a right ensuring from a filing over which the filing by the proprietor of the opposing trade mark takes precedence’. These factors are guidelines which may the Court use in balancing the competing interests present in dilution cases. Conclusion A trademark is a powerful right. For many businesses, a Trade Mark is a valuable asset which plays a key role in the commercial success of the business. Reputation can improve the distinctiveness of the mark and increase its scope of protection. Trade marks act as a motivation to sustain quality since they act as a guarantee to the consumer. The ECJ has treated the requirement that the trade mark must have a reputation as a threshold that can be included into a global appreciation. As the ECJ has interpreted it, the additional zone identifies that the economic value of a trade mark can reflect ability for doing something more than presenting its important meaning and that this ability can require certain legal protection.

An Army of One: Me Essay -- Analysis, Jean Twenge

The way the mind works is through a set of processes, which are steps that must be taken in order for the function it is producing to be accomplished successfully. These processes are related to those that society must be willing to take in order to achieve a desired goal, otherwise known as the ‘struggle’. Younger generations, called Generation Me, develop narcissist views that did not allow for the ‘struggle’ to be considered in their generation. The basis for this mindset is introduced by author Jean Twenge in her essay, â€Å"An Army of One: Me†, as she described the gap that occurred between Baby Boomer parents and their GenMe children. This communication was severed because GenMe was taught that their ideas are the best, and therefore not debatable. This translates to differences in opinion and results in individualism. When those individuals do not work together, as demonstrated by Deborah Tannen, author of â€Å"The Roots of Debate in Educati on and The Hope of Dialogue†, they tend to have a weak sense of debate because they stick up for themselves. As a diagnosis to this problem of disconnectedness, Nicholas Carr, author of â€Å"Is Google Making Us Stupid?† decides that our society has begun to skip steps in the process of learning and in particular, the ‘struggle’ that produces the desired outcome. The disconnectedness that has developed in society has caused the loss of real learning, and the problem based on the generation gap introduced by Twenge altered the struggle that is necessary to accomplish, which Tannen believes in and where Carr determines real learning can occur. In order for us to fully understand why we cannot achieve real learning one must understand the roots as well as the problem. Twenge talks about the problem ... ...lting in na less beneficial result, for it it only harms not only ourselves but our society as a whole. Twenge, Tannen, and Carr are all explaining and alluding to the fact that we are not being productive and constructive as a society, and that we are not working together as one. There is a great need for a change in the way that our society works, starting with a change in the teaching of children and even adults about the true meaning of self and how society can develop connectedness by working together. Once society can act for themselves and can learn to listen to others, there must then be a change in the way that learning is promoted, and most importantly a society as a whole must be the one to encourage real learning. Social connectedness is a vital component in mediating real learning, and it is one that our society has to work for in order to achieve.

Essay --

THE GOOD OLE USDA â€Å"United States Drug Addiction† I was laid back puffing on a phat stack of reasoning and sipping on some old memories just passing the time away this morning and decided to tap into my genius. Yeah, it’s me, Maestro; your (resident legal analyst) reporting to you live from the privacy of my own space. For those of you who don’t know, I am a graduate from the â€Å"School of Hard Knocks† with a PHd in Human ology. Let me be the first to inform you that I never made the â€Å"Fiends List†, in school and for the record, I never will. First and foremost, there is absolutely nothing traditional about my flow. So what! If my subject-verb don’t agree at times or my opinion comes from an Afrocentric point of view. â€Å"Can we just get along?† My sky scrapper is immune from media attack. So don’t try to intimidate me with your law—because I hit back. Like most of you, I listen to the news and social media to keep up with current events. Which is why I take my time to perceive each comment I make before I forget. So if what I say hurts you in any way, then indict me. Because as far as I’m...

Problem Areas in Legal Ethics Essay

Seeing as Wendy and Ben are both well provided for in Manuel’s will, and that their respective legitimes are protected under Articles 892, 894, and 897 of the New Civil Code, contesting the will simply to deprive Cora of Manuel’s bequeathal may be considered frivolous. For Louie to advise Wendy to sue based on unfairness may not be enough to justify the amount of time and energy that Wendy may expend in contesting Manuel’s will, a feat that may not prosper in the first place. Art. 892. If only one legitimate child or descendant of the deceased survives, the widow or widower shall be entitled to one-fourth of the hereditary estate. In case of a legal separation, the surviving spouse may inherit if it was the deceased who had given cause for the same. If there are two or more legitimate children or descendants, the surviving spouse shall be entitled to a portion equal to the legitime of each of the legitimate children or descendants. In both cases, the legitime of the surviving spouse shall be taken from the portion that can be freely disposed of by the testator. (834a) Art. 894. If the testator leaves illegitimate children, the surviving spouse shall be entitled to one-third of the hereditary estate of the deceased and the illegitimate children to another third. The remaining third shall be at the free disposal of the testator. (n) Art. 897. When the widow or widower survives with legitimate children or descendants, and acknowledged natural children, or natural children by legal fiction, such surviving spouse shall be entitled to a portion equal to the legitime of each of the legitimate children which must be taken from that part of the estate which the testator can freely dispose of. (n) In each of the instances in the articles reproduced above, Wendy will be well provided for in relation to Ben’s legitime, regardless of how he is recognized in relation to Manuel’s will. Louie may withdraw his legal services under Canon 22. 01(e) of the Rules of Professional Conduct. Canon 22 – A Lawyer Shall Withdraw His Services Only For Good Cause And Upon Notice Appropriate In The Circumstances. Rule 22. 01 – A lawyer may withdraw his services in any of the following case: (e) When the client deliberately fails to pay the fees for the services or fails to comply with the retainer agreement; Seeing as Wendy finds his standard fees unreasonable, and that she is not indigent (which would qualify her to demand equal treatment under Canon 14 and Rule 14. 4), that is, she is capable of paying his fees, there can be no reason for him to be stopped from removing himself from the case. Canon 14 – A Lawyer Shall Not Refuse His Services To The Needy. Rule 14. 04 – A lawyer who accepts the cause of a person unable to pay his professional fees shall observe the same standard of conduct governing his relations with paying clients. Similarly, there is nothing unfair or unreasonable regarding Louie’s fees as this is his standard service fee. There is absolutely no reason to be entangled in a situation enunciated in Canon 20. 04. Canon 20 – A Lawyer Shall Charge Only Fair And Reasonable Fees. Rule 20. 04 – A lawyer shall avoid controversies with clients concerning his compensation and shall resort to judicial action only to prevent imposition, injustice or fraud. Of course, Louie cannot invoke, as a reason for charging Wendy his fees, that the case would take too much of his time and skill as an attorney. Santiago vs. Fojas is specific in stating that a lawyer who accepts a case should â€Å"serve his clients with competence and diligence, and champion the latter’s cause with whole-hearted fidelity†¦Ã¢â‚¬  Manuel’s will meant for P500,000. 0 to be given to Cora. If Wendy litigates for its recovery with the promise to turn over the same to Louie, it defeats the purpose of said money as inheritance. Clearly the money was meant for someone else. Louie would appear to be fighting in court for his interests rather than that of Wendy’s alleged better right over Cora to the money. More importantly, such an agreement would constitute a champertous contract, which, as defined in Bautista vs. Gonzales: An agreement whereby an attorney agrees to pay expenses of proceedings to enforce the client’s rights is champertous [JBP Holding Corp. v. U. S. 166 F.  Supp. 324 (1958)]. Such agreements are against public policy especially where, as in this case, the attorney has agreed to carry on the action at his own expense in consideration of some bargain to have part of the thing in dispute [See Sampliner v. Motion Pictures Patents Co. , et al. , 255 F. 242 (1918)]. This would not constitute a contingency fee, which is defined in Taganas vs. NLRC: A contingent fee arrangement is an agreement laid down in an express contract between a lawyer and a client in which the lawyer’s professional fee, usually a fixed percentage of what may be recovered in the action is ade to depend upon the success of the litigation. This arrangement is valid in this jurisdiction. It is, however, under the supervision and scrutiny of the court to protect clients from unjust charges. Section 13 of the Canons of Professional Ethics states that â€Å"[a] contract for a contingent fee, where sanctioned by law, should be reasonable under all the circumstances of the case including the risk and uncertainty of the compensation, but should always be subject to the supervision of a court, as to its reasonableness†. Likewise, Rule 138, Section 24 of the Rules of Court provides: Sec. 4. Compensation of attorneys; agreement as to fees. — An attorney shall be entitled to have and recover from his client no more than a reasonable compensation for his services, with a view to the importance of the subject-matter of the controversy, the extent of the services rendered, and the professional standing of the attorney. No court shall be bound by the opinion of attorneys as expert witnesses as to the proper compensation but may disregard such testimony and base its conclusion on its own professional knowledge. A written contract for services shall control the amount to be paid therefor unless found by the court to be unconscionable or unreasonable. When it comes, therefore, to the validity of contingent fees, in large measure it depends on the reasonableness of the stipulated fees under the circumstances of each case. The reduction of unreasonable attorney’s fees is within the regulatory powers of the courts. A contingent fee is dependent upon a fixed rate agreed upon by both lawyer and client, dependent on the outcome of the case, albeit with a lower rate if they lose than if they win.

The Economics of Unemployment: A Comparative Analysis

ACKNOWLEDGEMENT We are grateful to Ms. Asma Hyder who was a great help in the project. She was always available to help us with the problem areas. She took out time for us at all times, putting her work aside therefore we thank her for the effort she has put into our project. Her encouragement has always inspired us as she helped us whenever we needed her help. She helped us in our problem areas all the time. It would have been a difficult task having to do our project without her help. Executive Summary: This report starts with the introduction of unemployment followed by the explanations of various types of unemployment. The report also contains the objective for doing the project and motivation behind doing research on this particular topic. The major portion of the report contains the data and its analysis which is done with the help of bar graphs . It also contains the reasons for increased unemployment and the consequences that Pakistan is facing due to increased unemployment. Some of the major governmental policies have also been discussed in this report and the effect of those policies. In the end a brief conclusion of the research work has also been given. The tables giving comparison of unemployment with age, sex and provinces are provided in the annexure. Table of Contents INTRODUCTION:4 PRESENT SITUATION6 OBJECTIVE:8 MOTIVATION BEHIND THE TOPIC:8 ORGANIZATION OF THE STUDY:9 LITERATURE REVIEW10 DATA12 Unemployment Rates: Sex and Age13 Required data:17 ANALYSIS19 ANALYSIS OF UNEMPLOYMENT RATE VERSUS GDP GROWTH RATE20 Comparison of GDP with unemployment using bar chart21 ANALYSIS OF UNEMPLOYMENT RATE VERSUS INVESTMENT GROWTH RATE22 Comparison of investment with unemployment using bar chart22 ANALYSIS OF UNEMPLOYMENT RATE VERSUS EXPORT GROWTH RATE23 ANALYSIS OF UNEMPLOYMENT RATE PROVINCE WISE25 ANALYSIS OF UNEMPLOYMENT RATE RURAL/URBAN WISE26 ANALYSIS OF UNEMPLOYMENT RATE AGE AND GENDER WISE27 CONCLUSION:30 GOVERNMENT POLICIES:32 PROGRAMS INITIATED BY GOVERNMENT:33 REFERENCES:37 ANNEXURE39 INTRODUCTION: Unemployment refers to the inability for willing workers to find gainful employment. The degree of unemployment in a nation is one indicator of the economic health of the country. Many factors can negatively affect the unemployment rate including corporate downsizing, mergers, implementation of automation technologies, and job outsourcing to other nations. TYPES OF UNEMPLOYMENT: Structural Unemployment Structural unemployment is caused by a mismatch between jobs offered by employers and potential workers. This may pertain to geographical location, skills, and many other factors. Cyclical Unemployment Cyclical unemployment also known as demand deficient unemployment occurs when there is not enough aggregate demand in the economy. This is caused by a business cycle recession and wages not falling to meet the equilibrium rate. Frictional Unemployment It represents people who are temporarily unemployed because they are in between jobs. Seasonal Unemployment Seasonal unemployment occurs because of the seasonal nature of some jobs (fruit pickers) Underemployed It refers to people who are working less than full-time hours but would like to work longer Long-term Unemployed These are people who have been unemployed for longer than 12 months. Hard core Unemployment: These are people who are unemployed due to their personal, mental or physical characteristics. Major Causes of Unemployment in PAKISTAN from Past to Present: 1. Employment in the private sector absolutely stopped because they shifted their capital to other countries because of nationalization of industrial units which badly affected the investment industrial sector. 2. The higher growth rate of population is the major cause of unemployment in Pakistan. The resources of the country are limited because population has exceeded the optimum level. . Karachi is the biggest industrial base of Pakistan, but investors are reluctant to invest there because of unrest and violence. 4. Our educational system is also responsible for increasing unemployment rate among the educated youth. The attitude of our youth towards the choice of a career is unrealistic and unproductive. Rapid mechanization and computer technology also causing unemployment. 5. Lack of infrastructure and facilities in the field of energy, telecommunication and transportation also prevent the industrialist from setting up new industries. . Lack of enough industries to employ ever increasing number of graduate in Pakistan 7. The government is not involving in capital expenditures which create more jobs. 8. Main issue of unemployment in our country is that when ever a new technology comes as software or hardware then all the people start to learn that. Then at the end, you will see tens of thousands of students of a particular field against about 5 to 10 job vacancies. 9. Things are not handled in appropriate manner, as the vacancies are less but job seekers are more than that. 10. Opportunities are not enough and system of reference is so much indulged in our society that if a company needs employees then workers of that company will provide resume of their relatives and friends thereby influencing employment decisions, so in this way many people don’t get the opportunity to apply for those jobs. 11. Lastly, our country’s present law and order situation is proving very detrimental to the investment climate and is one of the main hindrances for achieving employment goals which need immediate remedy PRESENT SITUATION: Unemployment is a growing problem of every nation. Pakistan has reached a critical stage and joblessness is increasing daily. Moreover, downsizing in many government offices and within the private sector have exacerbated the problem Economists caution that unemployment is likely to grow at a more rapid pace in the years ahead. â€Å"Half the population is below 18 years of age,† â€Å"So entry into the labour force is fairly high and therefore the labour force growth numbers and the unemployment growth numbers will be very high. † Also the female participation in the labour force is amongst the lowest in Asia and comparable only to Sub-Saharan Africa. According to the labour force survey, the crude activity rate (which measures the percentage of labour force in the total population) stands at 9. 3 percent for women compared to 47. 6 percent for men. ?Latest Unemployment Rates in Pakistan: Unemployment Rates? Using Bar Chart: Unemployment Rates? Using Line Chart: OBJECTIVE: This topic has been selected with the objective of finding out what are the reasons that are behind increased unemployment in Pakistan. This objective led us towards the start of our project because unemployment is not a single dilemma of our country it has deep influence on other economic factors. Unemployment has a relation with inflation, GDP, country’s export which we are aim to find how this impact is going to effect and had affected our economy from past. Moreover our objective is to look at how we can improve the situation and how can we create unemployment in our country which will not be beneficial at macro but also effect at the micro level of our country. MOTIVATION BEHIND THE TOPIC: Unemployment is not a single problem it is related to many other problems that poorly impact the economic growth. Unemployment affects the social cost which includes increasing poverty, personal hardships, depression, decay of unused skills, and increase in crime as well as family disputes. In a nutshell, level of dissatisfaction rises higher and higher among unemployed people. In order to reduce the percentage of unemployment from our society we have planned to work on this issue as we have observed that the percentage of unemployment is increasing remarkably in our rural as well as urban areas. Secondly we are motivated that may be we provide our government and employers with some helpful suggestions that will increase the employment ratio. Keeping in view the present economic conditions prevalent in Pakistan in which country faces high inflation due to gap between revenues and expenses. It is suggested that Pakistan should pursue generating enough revenues, so as to meet its local and international commitments, needs to use its human resource or reduce unemployment by setting up new projects which can generate economic stimulus and thereby reduce gap between revenues and expenses which will impact other economic fundamentals. ORGANIZATION OF THE STUDY: Total duration: 12-weeks First Phase (3-weeks): Research from the Secondary data sources such as research journals HEC’s Digital Library Online Directories Economic Survey of Pakistan National Bureau of Statistics etc. Second Phase (5-weeks): Analysis of the collected data which will include Causes of Unemployment Effects of Unemployment on Economy Past trends how unemployment percentage increases and what are the factors behind them Representation of the trends through charts. Organization of the researched material Application of Statistical tools on the collected secondary data Third Phase (3-weeks): Interpretation based on the Statistical Analysis Conclusion LITERATURE REVIEW Kakwani, N. , and H. Son. Hyun (2006). This paper deal with the method of unemployment. The author say we should also take those people in account who are earning below substances level of income in the labour market. The proposed methodology was applied to Brazil’s unit record household survey for the period starting from 1995 to 2004. According to author those people who r underpaid also consider themselves unemployed, because they are working only to survive. Unemployment is generally defined as not working or working few hours but if a person works voluntarily but earns a lot of money then he/she should not be considered as unemployed. In this article a new method is introduced that combines two aspects of labour market (unemployment and under employment) and arrives at a new index of unemployment that satisfy certain desirable properties. Marvin, D. Krohn (1999). This article is based on the correlation analyses of two variable namely unequal distribution of income and the unemployment which are becoming the major causes of crime. The result when further tested indicated that there exists a moderate positive relationship between unemployment and homicide rates, however a small negative relationship is observed between unemployment rates and total crime rates. When these results were investigated further to see if some relationship were due to the effects of industrialization or because of some other factors it was observed that the zero order correlation among the total crime rates are not changed. The details of these results are also discussed in the reference of the article. K. Rukhsana (2003). In this paper explores the factors responsible for unemployment in Pakistan. It is hypothesized that population and GDP exerts strong impact on Pakistan’s economy. Direct relationship is assumed to hold between unemployment and population. In this article 13 year data is taken for analysis on which regression is run to obtain the required results. According to the results that were obtained it could be concluded that radical increase in population will remove the employment opportunity and in order to reduce unemployment rate high growth in GDP is suggested. Therefore In order to bring employment opportunities in the country government should look on to the two areas i. e. control population and work in direction that would result in GDP. Hyder , A. (2007) This article is based on the unemployment is rising with striking proportion majorly because of the appeal of the public sector jobs , not in terms of wages , but surprisingly in terms of fringe benefits. People avoid the private sector despite lucrative packages being offered and tend to form long queues in wait for the public sector jobs. The basic elements supporting such impractical decisions are the cultural trends, financial dependency on parents even at later ages, and low movement of individuals from one place to another also makes them feel well-settled and satisfied, saving them from acute unemployment stress. These factors effectively support an individual’s unemployment status for the longer time duration. Regarding to the greater availability of public sector jobs in the urban areas these issues are definitely more significant there. Ghayur, S (1996) says 5% is the unemployment percentage and absorption capacity is 3%. Those employed, quarter of them find work to meet half their subsistence requirements. A tenth find their work cannot keep them busy more than 35 hours a week. There are long working hours , working conditions are poor and hazardous to health. Free trade regime is direct threat to employment safety. Labour laws are fragmented and child labour is widespread. Labour force is estimated at 34. 74 million (1993-94). Males account for 94% of labour force between the ages of 24-54 years. About 16. 8% boys and 6. 9% girls of the age group 10-14 comprise labour force. There is widespread unemployment and those that employed are under paid, working in poor conditions and have labour laws that can’t protect them. There is great potential for employment sectors such as agriculture to further increase their employment percentages as they are under employing labour force as discussed in the preceding paragraphs. DATA Unemployment Rates: Sex and Age Table I Table II Table III Table IV Graph of the Unemployment Rates: Sex and Age Graph I Graph II Graph III The above three graphs represent relation of unemployment with age and sex. From the above graph we have concluded that the percentage of unemployment is minimum for men between age 35-39 from year 1999-2007. Whereas the age group representing lowest percentage of unemployment among females is 45-49 from 1999-2004. However then unemployment in the women between age group of 35-39 showed lowest percentage from 2004-07. Required data: From the above tables and graphs we seperated the figures that meet our needs and transformed them into separate tables which are given below( The graphical analysis of this data is in the analysis Part). Table-I UNEMPLOYMENT AND GDP Table-II UNEMPLOYMENT AND INVESTMENT Table-III UNEMPLOYMENT AND EXPORTS Table-IV UNEMPLOYMENT,INFLATION,EXPORTS AND INVESTMENT ANALYSIS BACKGROUND: We have selected three basic variables for analysis of unemployment rate over last 9 years. These include GDP growth, Investment and Exports. There are line and bar chart analysis of unemployment rate with all these three variables as well. In the end we have also conducted analysis of unemployment rate with respect to province, rural/urban and age wise. ANALYSIS OF UNEMPLOYMENT RATE VERSUS GDP GROWTH RATE Comparison of GDP with unemployment using frequency curve Comparison of GDP with unemployment using bar chart Analysis of GDP Growth Rate: Increase in GDP growth rate shall cause overall decrease in unemployment rate. It can be seen from above graphical analysis on the collected data that from year 1999 to 2001 there was a decrease in GDP resulting in an increase in unemployment. i. e. lesser the growth of economy means lesser number of jobs thus increased unemployment. But as during the period of 2001-2002 Musharraf government took some drastic steps like creating jobs in IT sector thus there was a decrease in unemployment despite decrease in GDP and investment. On the other hand there was a steady growth in GDP from year 2002 onwards especially growth of services sector which included telecom, transport etc. , resulting in decreased unemployment. When Musharraf’s regime had established itself as stable government to the rest of the world especially after the first elections the economy of the Pakistan was at its peak. GDP growth, spurred by gains in the industrial and service sectors, remained in the 6-8% range in 2004-06. In 2005, the World Bank named Pakistan the top reformer in its region and in the top 10 reformers globally. ANALYSIS OF UNEMPLOYMENT RATE VERSUS INVESTMENT GROWTH RATE Comparison of investment with unemployment using bar chart Analysis of Investment Growth Rate: Increase in investment will cause a decrease in unemployment. It can be seen that there was an increase in investment for years 1999-2001 but even then unemployment increased due to the fact that as the investment is always committed first and jobs are created later. But increase in investment had started to impact decrease in unemployment after year 2001 onwards. Overall there was a increase in investment thereby decreasing unemployment as it is clearly evident from the line and bar charts. ANALYSIS OF UNEMPLOYMENT RATE VERSUS EXPORT GROWTH RATE Comparison of export growth rate with unemployment using bar chart Analysis of Export Growth Rate: Increase in exports will cause a decrease in unemployment as more jobs are created for export related activities. It is observed from the collected data’s graphical analysis that exports for the year 1999-2000 registered a negative growth of -9. 8% thus there was a resultant increase in unemployment for the same period. But for the year 2000-2001 there was a high growth of 10. % in exports met by decrease in unemployment in later years. Exports continued to keep a same level of growth from 2001 to 2003 with almost 0 % growth for year 2002-2003 as compared to previous year. Thus there was an overall decrease in unemployment. But for the year 2003 when exports registered -0. 7 % growth there was a simultaneous increase in unemployment. For the rest of the years Pakistan did not register any negative export growth thus unemploy ment as a whole also decreased. ANALYSIS OF UNEMPLOYMENT RATE PROVINCE WISE Bar chart of unemployment rates in provinces Analysis of Unemployment Rate Province Wise: From the above graphical analysis we can see that in 1999 the unemployment was very high as compared to 2007. The reduction in the province wise unemployment is the result of overall reduction in unemployment all around the Pakistan. As Pakistan was recording high GDP growth rates from 2003-04 to 2006-07, overall the economy of the Pakistan was on the rise. The political and law and order enforcement situation was very stable, the Telecom sector was expanding a great deal in all the provinces which was creating a lot of jobs. During this period there were many public sector development programs in progress especially in underdeveloped areas which were offering jobs. ANALYSIS OF UNEMPLOYMENT RATE RURAL/URBAN WISE Bar chart of unemployment rates rural and urban areas Analysis of Unemployment Rate Rural/Urban Wise: From the above bar diagram we can see that unemployment from 1999-00 to 2006-07 in both rural and urban areas decreased from 8. 1 to 4. 75% and from 10. 2 to 6. 7% respectively. In 1999 Pervez Musharraf took over the Government, because of which most of the countries in the world stopped supporting Pakistan and Pakistan had to suffer a lot of crises. When this govt. got stable and the countries of the world started to open up their relations with Pakistan then there was a lot of aid coming from all the developed countries which stabilized Pakistan’s financial condition. After 9/11 Afghan war also started and Pakistan got a lot of financial support from USA and many other countries of the world which acted as a cushion to Pakistan’s external and internal account deficit conditions thereby allowing spending to other developmental projects in rural and urban areas so as to reduce overall unemployment. From 2003 onwards there was a Telecom and IT boom in Pakistan. Musharraf Govt had steadily risen developmental spending from 2003 onwards, including a 52% real increase in the budget allocation for developmental projects in FY07, a necessary step toward reversing the broad underdevelopment of its social structure. Even the reconstruction of the devastating Kashmir earthquake in 2005 created a lot of jobs for the people of Pakistan who contributed in different ways. During this period govt. was stable and there was peace all over the country, so there was a lot of investment committed to Telecom sector which created many jobs for the urban population. Also govt. ook many projects on its own to computerize almost all the ministries and associated departments like NADRA which also increased opportunities for computer literate persons. Many people started their own businesses in big cities which resulted in creating job opportunities for many people. Because of these reasons there was noticeable decrease in unemployment all around the Pakistan. ANAL YSIS OF UNEMPLOYMENT RATE AGE AND GENDER WISE 3-D bar chart showing unemployment with respect to age and gender in different years Where: F= Cumulative Frequency. Where: F= Cumulative Frequency. Analysis of Unemployment Rate Age Wise: It can be seen that overall unemployment rates are highest for 60 years and above age group as it is retirement age and very few jobs exist if any for such a age group in the country. Followed by this group, the high unemployment rate is in the age group of 10 to 19 years of age. Also such people are either employed in such sectors which fall in child abuse or not employed at all. Unemployment rate is lowest for 30 to 49 years of age group people. As such a age group has gone through enough of hard time and gained enough experience so as to ultimately find some good stable job and settle. On the other hand age group people of 20 to 29 years of age have high unemployment rate due to the above mentioned settling process that they are in. But still there are more job opportunities for 20 to 29 years of age group age group than 10-19 years of age group thus overall lower unemployment rate. CONCLUSION: Since unemployment is one of the major problems of Pakistan and the level of unemployment is moving up. The socio economic system of the country and institutions has failed to provide employment to the increasing labor force. The rate of expansion in industrial sector is very slow. The increasing labor force has not been absorbed. Increasing output of general education institutions is the major cause of educated young men’s unemployment. Technical, professional and vocational institutions are limited in number. We have also concluded that the high share of highly educated unemployed person indicate a lack of sufficient professional and high level technical jobs. Another variable that could be impacting this ratio in a positive way is that many qualified jobseekers might be accepting employment below their skill level, or underemployment. It is interesting to note that the levels of education of unemployed females are relatively high. When looking at the unemployment rates by education level, women have seen a significant decline in levels below intermediate, but only a minor drop in the rate at degree level since 1999. There are several possible explanations for this. One explanation, as reflected in employment by status and employment by sector indicators, points at labour market segregation along gender lines, which is confirmed by research on the occupational distribution of the employed disaggregated by sex ( Nasir, 2005). Therefore, barriers may prevent women from obtaining employment in high skilled jobs for which they are qualified at (PET, 2007). Another explanation for the relatively high educational attainment levels of female unemployed is a mismatch between the skills required and those supplied. Indicators regarding the (pre employment) educational attainment of the labour force are not sufficient to assess the extent to which the education and training system provides the skills that are required by the economy. Moreover no career guidance, lack of awareness regarding available jobs, high expectations without commensurate experience, little understanding of work ethics and the weak economy. This situation can be improved by small enterprise development (SED) activities, entrepreneurial and technical skills, increased financial resources and management skills, and increased participation of women in economic activities providing more income for the family as compared to a single breadwinner. Government has initiated many unemployment reduction programs some of them worked but not to large extent ,if these programs had worked there will be not only increased unemployment but also decrease in poverty will be observed as people get more jobs poverty will be eliminated from the society. Due to increased terrorist attacks uncertainty has also increased and many multinational and foreign companies are not willing to set up their business in Pakistan this had also hindered the opportunities of unemployment. GOVERNMENT POLICIES: The most important fundamental right is none else than the availability of a productive work opportunity to the able and willing to work citizen of a country. Recognition of this right is duly acknowledged in the Constitution of Pakistan. The article 38 of the Constitution states that â€Å"the State shall provide for all citizens †¦. facilities for work and adequate livelihood with reasonable rest and leisure†. In fact, the state is also required to provide social security by compulsory social insurance as well as basic necessities of life to those permanently or temporarily unable to earn livelihood. The Government is pursuing policies that motivate and promote the private sector, whereby its role is expanded in employment augmenti ng activities. Though the private sector is responding, the growth is largely concentrated in the informal sector. The informal sector is not preferred as it has low wages and largely poor working conditions. In rural areas, agriculture is the mainstay but the average land holdings are small and corporate farming as yet to take grounds. †¢Making employment central in economic and social policy making, †¢ †¢Emphasis on both the quantity and quality of jobs generated in the economy. †¢Increasing employment intensity of growth and creation of decent employment through appropriate macro, trade, labor market and sectoral policies. †¢Strengthen institutions to create an efficient and equitable labor market. Active involvement of employers’ and workers’ organizations and civil society in formulation of employment policy. †¢Create favorable conditions for growth of the private sector especially SMEs and other labor absorbing sectors. †¢Create a competitive and productive world class labor force, and Strengthen institutional machinery for employment policy making, HRD and monitoring labor market development PROGRAMS INITIATED BY GOVERNMENT: The Public Sector Development Program (PSDP) for the fiscal year 2004-05 has been increased to Rs. 202 billion, a 26 percent increase over 2003-04 PSDP of Rs 160 billion. Since the focus of PSDP for 2004-05 has been on accelerating growth, increased funds for PSDP would mean enhancing public sector investment to generate employment thus raising overall growth. Employer-led Skill Development Councils developed by Ministry of Labor Manpower and Overseas Pakistanis, has been established in all provinces to identify needs of geographical area, prioritize them on market demand and to facilitate the training of workers through training providers in public and private sectors. These councils have met the diversified training needs of the industrial and commercial sectors and have trained 46, 674 persons so far. Technical and vocational training enhances the employability of the work force. There are 315 training institutes under NTB across Pakistan, which also includes all TEVTA institutions in Punjab. They offer vocational courses in 80 trades and the net output capacity of these institutions is 150,000 per year. At present the training capacity of 28,050 trainees is available under the Technical Education and Vocational Training Authority (TEVTA) Punjab and the other Provincial Directorates of Manpower and Training. Besides 8807 apprentices are being trained under the Apprenticeship Training Program in the country. A Ten Year Perceptive Development Plan for the period 2001-11 is under implementation and accelerating GDP growth and reducing unemployment are among its major goals. This plan envisages creating 11. 3 million new job opportunities through investment of Rs. 11287 billion during the Plan period. As a result of developmental efforts of the government, GDP growth rate has started picking up. It was 5. 1 percent in 2002-03, increased to 604 percent in 2003-04 and is around 7 percent in 2004-05. On the other hand, the population growth rate, which was 1. 99 percent in 2003-04, has declined to 1. 9 percent in 2004-05. Both the parameters have helped to make dent in the unemployment situation as result of which the unemployment rate has declined from 8. 3 percent in 2001-02 to 7. 7 percent in 2003-04. Small and Medium Enterprises (SME) represents a signifying component of Pakistan’s economy in terms of value. They are highly labor intensive and provide employment to the bulk of the non-agricultural labor force. The growth of SMEs has mainly been hampered by the non-availability of credit in the past. Realizing this constraint the government has opened two specialized non-credit banks namely, the SME Bank and Khushali Bank. The Small and Medium Enterprises Development Authority (SMEDA) is also actively developing program for managerial skill development and technical and informative support to the SMEs. The SME Bank was established on January, 1, 2002 with the primary objective of providing financial assistance and business support to small and medium enterprises. A large number of SMEs are being financed under its program lending scheme namely â€Å"Hunarmand Pakistan Scheme† in such businesses as fan manufacturing, cutlery, manufacturing, surgical instruments, doctors and dentists clinic, women entrepreneurs, CNG stations, auto looms, auto parts manufacturing, furniture manufacturing, motorcycle rickshaws etc. Up to 31st January 2005 the SME Bank financed 4522 SMEs and disbursed loans amounting to Rs. 3031. 57 million and has been successful in creating 9044 employment opportunities in the country. Realizing the importance of microfinance in improving the lives of the poor people, the government has established Khushhali Bank in 2000 – a microfinance institution – under a public-private partnership program. It has also encouraged private sector to setup microfinance banks in Pakistan. So far three microfinance banks have become operational during 2001-04. Two applications for setting up microfinance banks in private sector are under process for licensing. The outreach of these four institutions has increased to half a million households in just 4-5 years. In the next five years the outreach will increase to three million households. The Khushhali Bank alone has so far disbursed Rs. 4. 5 billion and nearly 33 percent of its clients are women. The services of these institutions will be the most effective instruments in improving the lives of the poor people in both urban and rural areas. The housing and construction sector provide substantial additional employment opportunities as it contributes through a higher multiplier effect with a host of beneficial forward and backward linkages in the economy. The sector, through linkages effect with about 40 building material industries, supports investment and growth climate and help reduce poverty by generating income opportunities for poor households. During the last two years, the government has taken various budgetary and non-budgetary measures, which are now yielding positive results. Construction activity in Pakistan is booming; demand for construction-related materials has surged. Many national and international real estate developers have launched or launching large construction projects in Pakistan, which has further accelerated construction activity in the country. Pakistan Poverty Alleviating Fund (PPAF) was set up in April 2000 with an endowment of $ 100 million, as a wholesale lender to NGOs engaged in providing micro financing. PPAF, as of 31st Dec 2004, is present in 94 districts across Pakistan, it has 52 partner organizations. So far it has made disbursements of Rs. 8. 2 billion and it has around 7 million beneficiaries. The government has so far spent one thousand billion rupees on pro-poor sectors in the last five years. Economic growth is the engine of employment generation and poverty alleviation. In order to sustain this spectacular pace of growth and maintain healthy and vigorous macroeconomic indicators would require a prolonged period of macroeconomic stability, financial discipline, and consistent and transparent policies. These, along with improved governance and better quality infrastructure would encourage private sector to play a leading role in promoting investment and growth. The government on its part must identify and promote sectors, which are considered not only to be the major drivers of growth but also have the greatest potential of creating more employment opportunities. Since it took almost a decade for unemployment and poverty to reach at this level, it would be unreasonable to expect that both unemployment and poverty will decline in the short-run. But this does not mean that it is an unattainable objective. REFERENCES: Ghayur,S (1996) Labour Market Issues in Pakistan: Unemployment, working Condition, and Child Labour, the Pakistan Development Review, Pakistan Institute of Development Economics, Vol. 35 (4), pages 789-803. Hyder, A (2007) â€Å"Preference for Public Sector –Jobs and Wait Unemployment†, Pakistan Institute of Development Economics, (Working Paper No20). K. Rukhsana (2003), Population and Unemployment: A Dilemma to Resolve,† The Icfai University Journal of Applied Economics â€Å"Vol: 3 August, pp. 7-15. Kakawani, N. , and H. Son. Hyun (2006), A Note on Measuring Unemploymentâ€Å"International Poverty center, United Nation Develop Program†. September2006 (Working Paper No 28). Marvin D. Krohn (1999), Inequality, Unemployment and Crime: A Cross-National Analysis, The Sociological Quarterly, Vol. 17, No. 3, pp. 303-313. Federal Bureau of Statistics (2001-02), Labour Force Survey 2001-02, Government of Pakistan, Statistics Division. Federal Bureau of Statistics (2003-04), Labour Force Survey 2003-04, Government of Pakistan, Statistics Division. Federal Bureau of Statistics (2005-06), Labour Force Survey 2005-06, Government of Pakistan, Statistics Division. Federal Bureau of Statistics (2006-07), Labour Force Survey 2006-07, Government of Pakistan, Statistics Division. Papua†What is unemployment†. Online posting 18 November 2007. Reader Responses, Wise Geek Journal http://www. wisegeek. com/what-is-unemployment. htm 2. Jobs in Pakistan, Jobs in Middle East† Berozgar job article section Friday, June 13th, 2008 at 11:44 am, December 22, 2008 http://bayrozgar. com/blog/2008/06/13/pakistan-unemployment-causes-and-solutions/ 3. †Pakistan unemployment rate†CIA world factbook 16 May 2008, December 22,2008 http://indexmundi. com/pakistan/unemployment_rate. html ANNEXURE Table-1 Table-2 Table-3 Table-4 Civilian Labour Force Employed and Unemployed: Pakistan and Provinces Table-1 Table-2 Table -3 Table-4 Distribution of Population: Education and Sex Table-1 Table-2 Table-3 Table-4 Unemployment Rates by Area and Sex Table-1 Table-2 Table-3