Effect Of Television On Family Relationships Essay

Effect Of Television On Family Relationships - Essay Example When the television was first introduced in the market, it was in the homes of the rich and were kept in bars, the latter being the place where it reached more people. Slowly there was a demographic shift in the TV viewing population. The middle-income and low-income people started to own or aspired to own a television set resulted in defining the nature of the programs shown. The program quality was not better than the high school drama’s previously, but after the shift in the demography of the audience, there was a surge of programs which showed the reality of life. Larger than life emotions and problems did not suit the living room viewing as they have to be based on the reception in the living room. The program content was scrutinized for suitability for family viewership, the production budgets and plats were spruced up to suit the growing demand for variety in TV entertainment. Television did not occupy a special place in the living rooms of the families in America all a t once. The production capacities were limited and the program content was still developing, national signals were still talked about in the early decades of television. But if we analyze what caused a huge acceptance among the public that it is an essential in the living room. The magazine opinion helped in the leap of TV sets into the living room of families across America. All through the early years of television growth, it was emphasized thoroughly that television helps to improve family relationships by various sources. It was believed to bring the members of the family together. In the commercials and in the pictures in magazines, a family watching TV happily as a loving and bonding time was projected. This phenomenon was further enhanced by the baby boom and the suburbanization of American families. When families leave behind their friends and extended family, TV was positioned as an important tool to strengthen the existing family ties. Also, it

White Privilege in Politics Essay Example for Free

White Privilege in Politics Essay What is White Privilege one may ask? White Privilege is the ideological assumption and belief based in political practices placing white people and communities in position of privilege financially, politically, socially and educationally. In the book Race, Class, and Gender in the United States, written by Paula S. Rothenberg, it focuses on the time that white privilege came about politically. Donald G. Baker, in his book Politics of Race, talks about the restrictions against the Blacks. Manning Marable, in his book Beyond Black White, he focuses on elected Black officials over the years. With the help from these three books the reader will be able to see the huge amount of white privilege in political issues over the years to the present, where there are still an insufficient amount of African-Americans in politics. Rothenberg introduces white privilege when it is first of a political fashion. It was first used in a political way when White servants were given their freedom at the end of their indenture, but the Black servants were not. Whites but not Africans had to be given their freedom dues at the end of their indenture (p. 33). Whites were given more rights then Blacks. They had the right to bear arms and the right of self-defense. White servants could own livestock, while the Black servants could not. The White servants were also given the easier things to do. Blacks were not allowed to have their own family, while Whites had the right to control their wives. White men were given the right to control their women without elite interference; Blacks as slaves were denied the right to family at all since family would mean that slave husbands, not owners, controlled wives (p. 33). All of the African women were considered laborers, while the White women were just considered the keeper of mens homes. It was illegal to whip naked White men, but a person may inflict as much pain as they want onto a Black man. So, a person can see how white privilege in politics was first used, and that Blacks had basically no rights. Baker focuses on when the black slaves were given their freedom. They were free, but there were laws and restrictions basically stating that they werent a citizen. As the number of free blacks grew, there were more restrictions set for them. Many cities didnt want to have anything to do with the free blacks and some banned blacks from entering their cities: Many colonies during the eighteenth century took steps to prevent the manumission of slaves, to force out any free blacks who might be in residence, and to bar any other free blacks from entering (p. 54). Baker states that some blacks were active in politics, but none could vote: Blacks were politically active, but restrictions were usually placed on their voting privileges (p. 54). Also blacks werent able to testify against whites: Blacks, including free blacks, were generally barred from testifying against whites (p.54). So, blacks werent given any rights back then and werent seen as equals. Marable first points out that thirty years ago there were barely one hundred black officials and only five African-Americans served in Congress. Also he states that the number of black mayors of U. S. towns and cities was zero. the number of elected black officials nationwide was barely one hundred; the number of African-Americans in Congress was five; and the number of blacks serving as mayors of US cities and towns of all sizes was zero (p.205). Marable then says that today there is over forty African-Americans serving in the U. S. Congress and over another eight thousand have government positions. Today, forty African-Americans sit in the US Congress; more than forty African-Americans are mayors; and over eight thousand blacks have been elected to government positions (p. 205). Although there has been a major increase of black representation, African-American officials, elected and appointed, only make up 2 per cent throughout the nation. Even in areas with a high population of African-Americans, there are few or no elected black officials. In dozens of counties with substantial black constituencies, there are few or no African-American elected officials (p. 205). Blacks are underrepresented within the electoral structure of power and decision making in the U. S. Marable then states that many of the African-American elected officials have what he calls responsibility without authority. His example is that many of the black mayors have little control or authority over local governmental bureaucracies. This can lead to a decline in voter registration and political participation rates. So, over the years the numbers of black officials has risen, but still isnt too high. In conclusion, white privilege in politics has come a long way, through years of slavery and the African-Americans trying to gain their freedom to become equals with the Whites. There is still white privilege in politics to this day and the Blacks are slowly making there way to becoming more involved in the U. S. Congress and the government. People need to understand that this is a very diverse country of many ethnic backgrounds and cultures, and that one day white privilege in politics will be abolished and an African-American is going to be President. Works Cited Baker, Donald G. Politics of Race. Lexington, Mass. : Lexington Books. 1975. Marable, Manning. Beyond Black and White. New York, NY: Verso. 1995. Rothenberg, Paula S. Race, Class, and Gender in the United States. 6th edition. New York, NY: Worth Publishers, 2001.

The Gift Tax Essay -- Accounting

The Gift Tax   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  One of the taxes that we went over in class was gift taxes. This is a tax that is implied when property, personal items, or money with a value of over 10,000 dollars is given from one person to another. There are a few exceptions to this law such as giving to non-prophit organizations or the donation is going towards an education or tuition. I feel that this is a good tax to have because it will keep greedy people from transferring their money around to evade paying taxes on it.   Ã‚  Ã‚  Ã‚  Ã‚  Gift tax is will make sure that all citizens pay their fair amount of taxes which is decided by their income. This tax is collected and responsible to the donor. This person must file a gift - tax return with the Internal Revenue Service. There are little ways to ex...

Recruitment in the workplace Essay

In this report, I am going to describe and explain the recruitment and selection process and the different stages that the business has to go through when filling a vacantly Recruitment is when an organisation identifies a vacancy and from the range of applicants that require a job, the organisation employ the best candidate from the application forms received to fill the vacancy in order for the business to run efficiently. Selection is when all the applicants are shortlisted and from them, the employer chosen the best candidate for the job role. The human resources (HR) department are required to work for the organisation by recruiting, training staff also motivating them to work hard in the business. If the employees are trained and recruited correctly, it would show that the business is successfully operating. There are also many other tasks the HR department do such as giving employees promotions and a wage/salary boost, annual appraisals and other employee benefits. Recruitment can be internal or external depending on the job role and the vacancy being filled. Internal recruitment is when an employee already within the business fills a vacancy rather than employing someone outside the business. The vacancy for internal recruitment can be advertised by putting up notice boards, on the intranet and it can also be discussed during staff meetings on who would be the best person to fill the vacancy. The advantages of recruiting internally in the business are that when performing an induction for them, it will not be as difficult because the employee would be familiar with the business workplace and surroundings also it is quicker and less expensive than recruiting someone externally because the amount of candidates is already been narrowed down to certain employees inside the business. The disadvantages if recruiting internally is that the person filling the vacancy from inside the business may not have all the required skills and qualifications to perform the job effectively and by recruiting someone externally offers a versatile range of skills, qualities, experience and qualifications. External recruitment is when someone from outside the business is employed to fill a vacancy. This is a more common approach when recruiting as there is a larger range of candidates that have different skills and abilities. There are many ways to recruit externally. Most businesses will advertise using media such as the internet, newspapers, company newsletters and magazines. Another way to recruit is to go to the job centre and tell them that the company has a vacancy and eventually there will be a range of different candidates with different levels of experience, qualifications and skills. The advantages of using external recruitment are that a wider audience can be reached which increases the chance that the business will be able to recruit the skills it needs also the disadvantages mentioned for internal recruitment are advantages of external recruitment. The disadvantages of external recruitment are firstly even if the new employee has all the experience and skills required for the job, he may not be able to adapt to the businesses system and therefore will take longer to familiarize with the workplace and the employees however with internal recruitment, you would not have this problem. During the recruitment process, candidates must go through seven different stages before a suitable candidate can be chosen and made an employee in the business. This applies to both internal and external recruitment. The seven stages are: 1) Identify a vacancy – This is when the business makes it known that a job is available and currently vacant so this could be because an employee has either left the business and this could be for a number of different reasons for example One reason could be that they have had a disagreement and there has been conflict between them and the owner or manager or another reason could be because they have had a better offer from a different business and they are receiving a better wage or salary. Recruitment does not have to be permanent as female employees could be on a maternity leave or an employee could be sick for a long time so they will need someone to cover for them while they return to their job and in these cases, most businesses would internally recruit someone and the advantages of this are it’s quicker and causes less hassle. Human resources will need to formally agree with the department that is requiring an employee to fill the vacancy so a replacement can be searched for immediately. Since recruiting employees cost a large amount of money, the business will only hire employees if it is absolutely vital for their business to run efficiently as the money could be spent on other parts of the business such as paying off any bills or ordering stock. 2) Draw up a job description – This is when the job is described in detail so firstly, the name of the job or job title. This is important because it gives a brief ideas of what the job involves e. g.if the job that is a marketing director, the candidates applying for the job will know what they are applying for just from the name. Marketing means to advertise the products and make sure the customers are aware of what products the business offers and persuade them to buy it. Some job titles may change over time such as in schools, the head teacher may chance to principal or head master to give a different feel to the job and possibly increase the prestige and responsibility of the job. Job description also includes employment conditions such as how much the employee will get paid and how many hours a work so for example a cashier could get i 5. 50 per hour so if they work 8 hours a week for 6 days then they will receive ai 264 a week. The employee will also need to know how much pay they will receive and that depends on whether the business pays an annual salary or wages every week. If the employee is temporarily working then they may receive the same pay as the employee they are covering for e. g. john is a cashier who earns i 7 an hour and he is off sick long term so an internal employee is recruited and will receive the same pay until john is healthy and fit enough to work again. The business will be looking to recruit someone that not only matches the job description but also has additional qualities which will make them be more conspicuous. Finally, the job description will include duties and responsibilities that are involved in the job and have to be performed on a daily basis so the applicants will understand how important the job is and how hard they will have to work. Job security is another element in the job description which will tell the employee how long they are being employed for because not all jobs are permanent as mentioned before, employers can just temporarily fill a vacancy and once that person returns to their job, the temporary employee will have to leave the job. The job description will also have a large variety of candidates all after the same job with different skills and traits. This is an example of a job description. It shows what the job is (which is a technical support engineer), the required skills but also useful and desirable extra skills which could be the difference to whether they are recruited or not and the qualifications and experience are required also. The desired skills mention what experience they have so has the candidate worked before and if so how long for, education is their school, college and university placements and what they have achieved in the time they have spent there also the work status is what type of job they like as there is part- time which is only a couple of hours so no more than 30 hours in a week. full-time work is over 30 hours a week and this shows that they may in the job for a long time and the befits of working full time are that the organization will provide you with annual leave, sick leave and health insurance also the hours they work are more flexible however, the most popular and more rewarding benefit is the fact that full time workers will get paid more money that part time workers because they are dedicating more time to the business. 3) Draw up a person specification – This is when the employer entails the physical, mental and any other requirement requirements that a candidate needs in order to perform the tasks effectively and successfully such as training and experience e. g. if the business was to be a chauffeur, the person applying for the job would probably need a long driving career which would show that they have a lot of experience and also be able to drive under pressure and quickly. P000rofessional qualifications such as GCSE’s and A-level qualifications such as GCE’s will also be required to show they have a thorough understanding of the job and may make it easier for them to perform the job e. g. an accountant will need a range of different qualifications so the requirements may be that they will need a Degree, preferably in maths, accountancy, business studies, economics or finance. However, it is possible to become an accountant with lower school qualifications. Without A Levels it is possible to acquire the Chartered Institute of Management Accountants (CIMA) qualification, which is fully recognised in the trade. Office juniors can work up to accountant level, but you have to have GCSEs and preferably A Level to begin with. Qualifications show that the candidate has been studying in recent years and are prepared for them job they are going to apply for. Experience is also required in the person specification as it could be the different to whether a candidate is employed or not. Having a high level of experience in a certain field of work will show that the candidate is well trained and has the acquired skills for the job and also shows that they will require less training e. g. if the job being applied for was a cashier, someone who has already worked in other businesses undertaking the same job role will know what they are doing so they don’t need a very detailed induction and require less training also they may be able to generate a higher income perform their tasks more efficiently. A candidate new to the field of work may find it more difficult to get the job will sufficient experience as they may have never done this job before however they me able to bring new ideas or if they have performed similar jobs then they can use that knowledge to perform the job as a cashier. Candidates must also have competence which is the ability of a person to perform tasks and take on certain responsible. The more competent a person is, the better they can perform their duties e. g.a business would rather have a more competent employee that can do their job to a high standard by producing quality output results such as high sales or revenue because it would prove more successful in the long run also having a incompetent employee would require the business to waste their time and money training them especially if they are young candidates who have possibly just finished their education or have finished a degree. The advantages of having a competent employee are that they are reliable for getting their task done efficiently and are resilient to their job. The disadvantage could be that since they may be extremely good at one job but if told to perform a different task they may struggle as it may not play to their strengths e. g. if the job was a reporter, and the employee was very competent in their job but then their manager asks them to illustrate their findings in a more abstract such as creating a presentation, this does not work well for them as they may be so accustomed to writing reports that they don’t have a clue how to create a presentation and this is a disadvantage for competent employees as they don’t offer that versatility. Essential skills will have to be met in order to get the job such as in a call centre, the person will definitely need fluent communication and also be responsive to customer calls. Essential skills are what an employee should have in order to complete the job and if they don’t have the essential criteria then they may be rejected. They can also have personal or desirable skills such as being able to work a computer effectively so they can type up emails quickly rather than constantly calling or being able to co-operate in a team and possibly even lead a team to successfully complete a task or assignment. They are not absolutely necessary but will help them and make them look like a stronger candidate so they may be a possibility that they are shortlisted and interviewed. The criteria from the person specification are important when shortlisting the candidates as only the best will be put through to the interview stage and then finally accepted. This is an example of a person specification for film co-ordination and development. It shows what skills are compulsory or essential and what skills are optional or desirable and can help candidates when it comes to shortlisting as they are more likely to be chosen than a different person who has fewer additional skills. Candidates must be versatile and not just resilient for the job. The job shows that in the qualifications category they need a couple of A-level or equivalent qualifications but there are also desirable skills they could have such as GCSE’s in the field of work possibly drama. It shows that the candidate must have a minimum of 2 years’ experience and be able to manage finances and use ICT well however they can also have desirable skills such as being able to manage and supervise staff. Personal aptitude and skills are general skills that a candidate should have or either picked up from past jobs and experience such as communication and teamwork skills. Disposition is something that would be useful to have and would possibly make their job more enjoyable. Any other requirements can be helpful as it would also make them a stronger candidate. 4) Advertise the Vacancy – This is when the vacancy is publicised and the business try to get unemployed people to apply for the job. One way to advertise the job is to put it on a local newspaper as they are read by many business men and women so the business can receive a few applicants that are in need of a job and have scanned through a newspaper and found one. The advantages of this are that it will be read by a variety of people and hopefully attract more candidates. The job advertisement is written by the personnel department similarly when marketing a product. The presentation of the advertisement is important as the candidates will receive their first impressions from it and will judge whether it is good or not and also whether they would like to work for the business. On the advertisement it should include the description of the job and mention the main requirements, where the job is going to be located so the candidates know where they will work, how much salary they are expected to receive however it may not be the exact amount on the advertisement as it may vary, address and contact numbers if necessary and the company logo. The more detail that is put into the advertisement the better and more informative it will be however making the advertisement too long can make it look unprofessional. This is an example of a job advert for royal mail and as a job advert should, it includes all the important details such as the job title, company name, contact details and their salary. However it may not look very appealing. This advert is just to make sure that the general public is aware of the job and if anyone is interested and they meet the requirements then they may apply and possibly get shortlisted for an interview. 5) Shortlist the applicants – when short listing, the applications that were most appealing and may be considered for the job are listed by the human resources department. It is drawn up by using criteria from the person specification such as qualifications and experience that the candidate has to see if it is enough for them to be able to handle the new job they are applying for also any other skills and attributes they have acquired through other job would be helpful for the candidates. The selection process will begin and the employer will be looking to fill the vacancy with the best candidate amongst the applications. They will then all be individually contacted so an interview can be arranged. The candidates can be informed in many different ways such as ‘letters of initiation’ in which a brief document is sent to notify the candidates about whether they will be called up for an interview. The suitable candidates will be those who meet the exact criteria of the job description so for example if the job was to be a IT technician and the job description required them to have 5 years experience working in a ICT related firm and also the business may ask for certain qualifications such as a degree in computing and A-Level’s in Maths and IT to a grade B standard. Those who meet these requirements will be shortlisted as suitable candidates because they meet the exact requirements or are slightly above these requirements however they are not guaranteed to get the job but have a good chance. There is then possible candidates which may meet some of the requirements such as they may have the qualifications but not enough experience which could then mean if they are employed, they will have to go thorough a comprehensive induction programme and be well trained by a more experienced technician and this could cost the business a lot of money but on the other hand they may have some characteristics that other candidates don’t have such as they may be more able to speak multiple languages which could be helpful because the business may communicate with other countries on a regular basis with suppliers an customers. Finally those candidates who do not meet the requirements will be rejected and can no longer continue in the recruitment process. This can be down to a number of reasons with the most obvious being that they do not meet the requirements or they have provided false details. The job description and person specification must be used as the basis for short-listing. 6) Interview the applicants – The interviewer must also be prepared when interviewing the candidates that have been shortlisted. They will need to come up with a set of questions to ask the candidates and this can either be done themselves or they can get a panel of from the human resources department to do interview. The questions that are set must be asked to all candidates in the same manner as it states in the equal opportunities requirements policy. Since this will be the first time that the employer and candidate meet face-to-face, they will need to make a good impression by greeting them with a warm welcome and shaking hands is a good way to start a mutual relationship with the employer since the interview may be appointed the vacancy. The interviewer or panel will have a list of criteria to see how the candidate compares to the requirements for the job. It is essential that the interviewers carry copies of the candidate’s application forms, curriculum vitae and to support this, a covering letter will be required. To get the best out the candidates being interviewed, they must be relaxed and be able to answer questions calmly and correctly so the interview knows everything they need to know about the candidate and their personality. Questions in the interview should be have a mixture of open and closed questions and will be predetermined and should be all-round such as asking about previous jobs or company such as: 1) What do you think of the last company you worked for? 2) Why did you join your previous company? 3) Did they live up to your expectations? 4) Why are you leaving now? 5) What did you earn in your last job? Also asking questions relating to the new job / company such as: 1) Why do you want this job? 2) What qualities do you think will be required for this job? 3) What can you contribute? 4) What interests you about our product (or service)? 5) What can we (the new company) A list of questions could be asked relating to the candidate such as: 1) How do you handle criticism? 2) How would you describe yourself? 3) How would others describe you? 4) Do you consider yourself successful? 5) What was your greatest success? Body language and posture is also important during an interview as candidates are not just judged on their communication skills. The interviewer and the candidate want it run as smoothly as possible and both should sit in the correct way such as having their feet firmly on the floor and using gestures with hands if necessary For it portrays that you’ve difficulties controlling your anxiety about the interview process if the candidate is not seated comfortably. Making good eye contact with the candidate being interviewed is very crucial. The feeling of not getting the interviewee’s attention can be frustrating and will give the wrong impression to the interviewer. When asked a question that the candidate finds difficult and requires time to think, it is not good to frown. Facing the question with a smile proves that you’re composed at stressful situations. When closing the interview, the candidate should possibly raise any questions they have for the job role or about the business they will be working for however, there shouldn’t be a long time spent asking questions as can get tedious. The interviewer should then politely thank the candidate for appearing and answering the questions they have been asked and hope they have a safe journey home. 7) Select and Appoint the Best Candidate – this is the final stage of the recruitment process were candidates have been interviewed everything is taken into account and the interview is then evaluated. The employer will select the candidate that has been exceptional throughout the process and has been rated highly in all areas. The candidate will be contacted via a telephone call to notify them that they have got the job and then it is up to the candidate on whether they would like to fill the vacancy and if they accept, they will have to make a formal offer and if it goes according to plan, the candidate and the employer will meet formally to finalise the process of recruitment and formally agree on the job however, the employer will want references before the candidate takes on the job. This is known as the appointment stage. Once they have been contacted and recruited into the business, They are expected to start their new job however, if the chosen candidate should refuse the job then the business will require the second best candidate to step forward and they will be contacted immediately to inform them of what has happened and why the decision has changed. For the unfortunate candidates that have not got the job and have been rejected, the will be provided with feedback on why they have not been employed and how well their interview went.

Julius Caesar ACT II Study Guide Questions Essay

1. Through the analogy of a ladder, how does Brutus explain what happens when someone gains power? 2. To what does Brutus compare Caesar? Why does Brutus feel that he must kill Caesar immediately? 3. What day is it? Why is this significant? 4. Brutus explains that he has not been able to sleep. How does he explain what happens to a man’s conscience between the â€Å"acting of a dreadful thing / And the first motion†? 5. How are Cassius and Brutus related? 6. Why does Brutus insist that the men do not need an oath? 7. Why do the men want Cicero on their side at first? Why do they change their minds? 8. Who does Cassius want to murder in addition to Caesar? 9. What is Brutus’s response to this idea? 10. How does Decius plan to get Caesar to come to the Capitol? 11. What has Portia noticed about Brutus’s recent behavior? 12. What reasons does Portia give to insist that Brutus reveal his feelings to her? 13. What does Portia do to prove her strength to Brutus? What is your reaction to this act? BONUS: An anachronism is when an author unknowingly or purposefully inserts something from a different period of time into his or her writing. Shakespeare uses an anachronism in this scene. See if you can find it. Why do you think Shakespeare might have used this anachronism? Scene Two 1. Why has Calpurnia been unable to sleep? About what omens does Calpurnia tell Caesar? 2. Why does Caesar insist on leaving the house? 3. On what evidence do the priests (â€Å"augerers†) recommend that Caesar not leave the house? 4. How does Decius convince Caesar to leave? 5. Caesar instructs his men to keep close to him. What is the irony? Scene Three 1. Artemidorus reads from a letter at the beginning of this scene. Who wrote the letter and what does Artemidorus plan to do with it?

The Disaster Cycle

The Disaster Cycle The disaster cycle or the disaster life cycle consists of the steps that emergency managers take in planning for and responding to disasters. Each step in the disaster cycle correlates to part of the ongoing cycle that is emergency management. This disaster cycle is used throughout the emergency management community, from the local to the national and international levels and it is: Mitigation: Minimizing the effectsPreparedness: Planning the responseResponse: Efforts to minimize hazards that were created by the disasterRecovery: Returning the community back to normal with relief Starting the Disaster Cycle Again Finally, using the lessons learned from the response, recovery, and mitigation phases of the disaster the emergency manager and government officials return to the preparedness phase and revise their plans and their understanding of the material and human resources needs for a particular disaster in their community.

How to Make Your Own Invisible Ink

How to Make Your Own Invisible Ink Making invisible ink to write and reveal secret messages is a great science project to try, even if you think you dont have the right chemicals. Why? Because just about any chemical can be used as invisible ink if you know how to use it. What Is Invisible Ink? Invisible ink is any substance that you can use to write a message that is invisible until the ink is revealed. You write your message with the ink using a cotton swab, dampened finger, fountain pen, or toothpick. Let the message dry. You might also want to write a normal message on the paper so that it doesnt appear to be blank and meaningless. If you write a cover message, use a ballpoint pen, pencil, or crayon, since fountain pen ink could run into your invisible ink. Avoid using lined paper to write your invisible message for the same reason. How you reveal the message depends on the ink you use. Most invisible inks are made visible by heating the paper. Ironing the paper and holding it over a 100-watt bulb are easy ways to reveal these types of messages. Some messages are developed by spraying or wiping the paper with a second chemical. Other messages are revealed by shining an ultraviolet light  on the paper. Ways to Make Invisible Ink Anyone can write an invisible message, assuming you have paper, because body fluids can be used as invisible ink. If you dont feel like collecting urine, here are some alternatives: Heat-Activated Invisible InksYou can reveal the message by ironing the paper, setting it on a radiator, placing it in an oven (set lower than 450 F), or holding it up to a hot light bulb. To write the message you can use: Any acidic fruit juice (e.g., lemon, apple, or orange juice)Onion juiceBaking soda (sodium bicarbonate)VinegarWhite wineDiluted colaDiluted honeyMilkSoapy waterSucrose (table sugar) solutionUrine Inks Developed by Chemical ReactionsThese inks are sneakier  because you have to know how to reveal them. Most of them work using pH indicators, so when in doubt, paint or spray a suspected message with a base (such as sodium carbonate solution) or an acid (such as lemon juice). Some of these inks will reveal their message when heated (e.g., vinegar). Examples of such inks include: Phenolphthalein (pH indicator), developed by ammonia fumes or sodium carbonate (or another base)Thymolphthalein, developed by ammonia fumes or sodium carbonate (or another base)Vinegar or diluted acetic acid, developed by red cabbage waterAmmonia, developed by red cabbage waterSodium bicarbonate (baking soda), developed by grape juiceSodium chloride (table salt), developed by silver nitrateCopper sulfate, developed by sodium iodide, sodium carbonate, potassium ferricyanide, or ammonium hydroxideLead(II) nitrate, developed by sodium iodideIron sulfate, developed by sodium carbonate, sodium sulfide, or potassium ferricyanideCobalt chloride, developed by potassium ferricyanideStarch (e.g., corn starch or potato starch), developed by iodine solutionLemon juice, developed by iodine solution Inks Developed by Ultraviolet Light (Black Light)Most inks that become visible when you shine a black light on them also would become visible if you heated the paper. Glow-in-the-dark stuff is still cool. Here are some chemicals to try: Dilute laundry detergent (the bluing agent glows)Body fluidsTonic water (quinine glows)Vitamin B-12 dissolved in vinegar Any chemical that weakens the structure of paper can be used as an invisible ink, so you might find it fun to discover other inks around your home or lab.

Oklahoma Wesleyan University Admissions Overview

Oklahoma Wesleyan University Admissions Overview Oklahoma Wesleyan University Admissions Overview: Oklahoma Wesleyan has an acceptance rate of 73%, which is encouraging for interested studentsthose with solid grades and test scores have a good chance of being admitted. For complete instructions and information on applying, be sure to visit the schools website.  Ã‚   Admissions Data (2016): Oklahoma Wesleyan University Acceptance Rate: 73%Test Scores 25th / 75th PercentileSAT Critical Reading: 410 / 510SAT Math: 420 / 590SAT Writing: - / -What these SAT numbers meanACT Composite: 18 / 23ACT English: 16 / 24ACT Math: 17 / 24What these ACT numbers mean Oklahoma Wesleyan University  Description: Although its origins began much earlier, Oklahoma Wesleyan University truly came into existence in 2001after several mergers and re-namings. The school is located in Bartlesville, Oklahoma, which is about an hour north of Tulsa. The city has a population of around 35,000. Students can choose a major from five different schoolsBusiness, Arts and Sciences, Ministry and Christian Thought, Education, or Nursing. Popular majors within these colleges include Nursing, Business Administration/Economics, Psychology, Theological, and Religious Studies, and Exercise Science. Because of its affiliation with the Wesleyan Church, OKWU offers students ample opportunities to join religious clubs, service projects, and attend services throughout the week. Students have the chance to study abroadeither within the country (more off-campus study than abroad) or in different countries. OKWU is highly ranked, for financial aid, value, and teaching quality. On the athletic front, the OKWU Eagles compete in the National Association of Intercollegiate Athletics (NAIA) within the Kansas Collegiate Athletic Conference. Popular sports on campus include basketball, soccer, golf, and track field. Enrollment (2016): Total Enrollment: 1,467  (1,192 undergraduates)Gender Breakdown: 40% Male / 60% Female53% Full-time Costs (2016  - 17): Tuition and Fees: $25,070Books: $900Room and Board: $8,136Other Expenses: $3,890Total Cost: $37,996 Oklahoma Wesleyan University  Financial Aid (2015  - 16): Percentage of New Students Receiving Aid: 99%Percentage of New Students Receiving Types of AidGrants: 99%Loans: 82%Average Amount of AidGrants: $11,183Loans: $6,147 Academic Programs: Most Popular Majors:  Nursing, Business Marketing, Psychology, Business Economics, Theological Studies, Exercise Science, Biology Transfer, Graduation and Retention Rates: First Year Student Retention (full-time students): 60%4-Year Graduation Rate: 32%6-Year Graduation Rate: 44% Intercollegiate Athletic Programs: Mens Sports:  Basketball, Soccer, Baseball, Track and Field, Cross Country, GolfWomens Sports:  Track and Field, Soccer, Softball, Cross Country, Volleyball, Basketball Data Source: National Center for Educational Statistics If You Like Oklahoma Wesleyan University, You May Also Like These Schools: Oklahoma City UniversitySouthern Nazarene UniversityUniversity of TulsaOklahoma Panhandle State UniversityUniversity of Central OklahomaCameron UniversityLangston UniversityOklahoma State UniversityEast Central UniversityOral Roberts UniversityNortheastern State University   Oklahoma Wesleyan University  Mission Statement: mission statement from their website As an evangelical Christian university of The Wesleyan Church, Oklahoma Wesleyan University models a way of thought, a way of life, and a way of faith. It is a place of serious study, honest questions, and critical engagement, all in the context of a liberal arts community that honors the Primacy of Jesus Christ, the Priority of Scripture, the Pursuit of Truth, and the Practice of Wisdom.

The Selection of Juries and Trial Consultants Essay

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BHS 411 Issues of Terrorism Mod 3 SLP Essay Example | Topics and Well Written Essays - 500 words

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Social Entreprenuerism Case Study 3 Coursework Example | Topics and Well Written Essays - 1250 words

Social Entreprenuerism Case Study 3 - Coursework Example Social entrepreneurs focus on achieving social, cultural and environmental objectives hence it appeals volunteers and charitable organizations. This study gives an account of OneWorld Health organization that produces and supply drugs to poor people across the world who otherwise continues to die of curable illnesses, but with no drugs to cure those diseases (Dees and Elkington, n.d). The focus of the study is how such organizations are established, how they raise funds to finance their activities and difficulties they encounter while dealing with their clients. OneWorld Health Company is a United States based pharmaceutical organization that manufactures and supplies drugs to the needy people in the society (Dees and Elkington, n.d). This organization was the first charitable organization to be established with an objective of providing drugs to cure diseases of the poor people at an affordable price. The idea of establishing such as organization was based on the reasoning that there are specific diseases affecting poor people and yet they are not prevalent in developed nations. Therefore, Hale thought that such diseases are only found among the people who could not afford to buy drugs that could cure such diseases. According to Dees and Elkington, (n.d), Hale also realized that many healthcare providers such as universities and other research institutions have a capacity and desire to assist the needy people in the society to solve their problems. Such institutions have expertise, which they desire to use in helping the needy people in the society. However, there was a problem regarding the company through which the experts could grant their assistance to the needy people in the society. This is because, the only existing institutions are business oriented that have motives for generating wealth. Therefore, this makes it

How Will I Write Reflective Account Essay Example | Topics and Well Written Essays - 1250 words

How Will I Write Reflective Account - Essay Example 2008). Personally, my interest in both academics and life in general constitutes a good source for a reflective account. Key Learning Points Personal interests especially in academics revolves around growth and development in the specific field that offers a course that builds a long lasting career without the need to change from one career to another. This depicts an aspect of fully grown interests that have been met given the pursued course. For me my academic and career experience is a field in which I have several learning points. These learning points lay down a systematic structure which leads to the achievement of desired results without difficulty, representing success, growth and development in that particular field. These key learning points makes a good reflective account if one particular experience is critically considered, and they include: Diversity, dynamism and sensitivity My current academic and career experiences have never depicted an aspect of static systems over the years. Change has characterized almost every aspect of my life. For this reason, embracing change cannot be ignored. I have to integrate this change in my line of interest if I am to remain competitive in expressing one or more experiences I have had in a reflective account. Being diverse encompasses being different from the usual. Different people have portrayed different personal, regional and national cultures, making it even more necessary to embrace change in the context of diversity. Sensitivity goes beyond personal feeling and opinion. It integrates external observations such that the reflected on at such an instance denotes internal and external rather than fixed concepts. Awareness and training Writing a reflective account is not an easy task (Youll, 2005). The experiences aforementioned may vary depending on the specific idea that I may want to include in the account. It is important that I be aware of these differences so that the specific account I want to focus in best brings out the meaning of a reflective account. Awareness is not a onetime achievement due to the differences aforementioned. Training is a fundamental program that I perceive perfect for creating awareness. Training programs are likely to equip me with all the various aspects, concepts and the differences therein in such a way that I can easily differentiate and make use of them without difficulty when writing a reflective account. Training and awareness are important for me because they are set to prepare me for the characteristic changes and transitions from one account to the other. Motivation and skills of presentation Motivation is a process and not a stage in a training or academic system. I closely relate motivation to the skills of presentation. Although the two are two different key learning points for me, the link between them is strong and a key determinant of personal achievement, not only in academics but also in life. Learning to motivate and be motivated is like ly to influence personal growth and development, and more especially the career that one takes. For me, motivation is a life and career constituent that is complemented by skills of presentation. I have to share and pass around what I have learnt and gained through education and life experiences that constitute my expertise. Skilful presentation is critical in such a process, and it is as well a critical learning point when it comes

How Far Should Pornography Be Regulated in the 21st Century Essay - 1

How Far Should Pornography Be Regulated in the 21st Century - Essay Example FÐ ¾r exÐ °mple, MÐ °rshÐ °ll Ð °nd BÐ °rbÐ °ree (1984) stÐ °ted thÐ °t "there hÐ °ve been drÐ °mÐ °tic increÐ °ses in the Ð °mÐ ¾unt Ð ¾f viÐ ¾lent sex in bÐ ¾th sÐ ¾ft cÐ ¾re . . . Ð °nd hÐ °rd cÐ ¾re pÐ ¾rnÐ ¾grÐ °phy. . . Ð °vÐ °ilÐ °ble in Western sÐ ¾cieties". BÐ °rry (1979) stÐ °ted, "The mÐ ¾st prevÐ °lent theme in pÐ ¾rnÐ ¾grÐ °phy is Ð ¾ne Ð ¾f utter cÐ ¾ntempt fÐ ¾r wÐ ¾men . . . (whÐ ¾) Ð °re rÐ °ped, ejÐ °culÐ °ted Ð ¾n, urinÐ °ted Ð ¾n, Ð °nÐ °lly penetrÐ °ted, beÐ °ten, Ð °nd, with the Ð °dvent Ð ¾f snuff films, murdered in Ð °n Ð ¾rgy Ð ¾f pleÐ °sure". Russell Ð °nd Lederer (1980) Ð °lleged thÐ °t  «pÐ ¾rnÐ ¾grÐ °phy usuÐ °lly cÐ ¾mbines sÐ ¾me sÐ ¾rt Ð ¾f viÐ ¾lence with sex ». DwÐ ¾rkin (1981) in describing pÐ ¾rnÐ ¾grÐ °phy stÐ °ted, "reÐ °l wÐ ¾men Ð °re tied up, stretched, hÐ °nged, fucked, gÐ °ng-bÐ °nged, whipped, beÐ °ten, Ð °nd begging fÐ ¾r mÐ ¾re". SimilÐ °rly, Grif fin (1981) described pÐ ¾rnÐ ¾grÐ °phy Ð °s "usuÐ °lly Ð ° wÐ ¾mÐ °n, sÐ ¾metimes Ð ° mÐ °n, Ð ¾ften Ð ° child, is Ð °bducted by fÐ ¾rce, verbÐ °lly Ð °bused, beÐ °ten, bÐ ¾und hÐ °nd Ð °nd fÐ ¾Ã ¾t Ð °nd gÐ °gged, Ð ¾ften tÐ ¾rtured, Ð ¾ften hung, his Ð ¾r her bÐ ¾dy suspended, wÐ ¾unded, Ð °nd then murdered". Ð °ll these clÐ °ims Ð °s fÐ ¾r pÐ ¾rnÐ ¾grÐ °phy Ð °nd its negÐ °tive impÐ °ct Ð ¾n sÐ ¾ciety hÐ °s evÐ ¾ked cÐ ¾ntrÐ ¾versiÐ °l Ð °pprÐ ¾Ã °ch tÐ ¾ the regulÐ °tiÐ ¾n Ð ¾f pÐ ¾rnÐ ¾grÐ °phy Ð °nd subsequent viÐ ¾lence in 21st century. FrÐ ¾m Ð ¾ne side the demÐ ¾crÐ °tic system is believed tÐ ¾ hÐ °ve freedÐ ¾m in mÐ °ss mediÐ ° Ð °nd thus expÐ °nd different kinds Ð ¾f infÐ ¾rmÐ °tiÐ ¾n, frÐ ¾m Ð °nÐ ¾ther side the Ð ¾bscentity by which the wÐ ¾rld hÐ °s been filled with respect tÐ ¾ pÐ ¾rnÐ ¾grÐ °phy mÐ °kes it impÐ ¾rtÐ °nt tÐ ¾ regulÐ °te Ð °nd cÐ ¾ntrÐ ¾l the infÐ ¾rmÐ °tiÐ ¾n Ð °vÐ °ilÐ °ble fÐ ¾r the peÐ ¾ple Ð ¾f different Ð °ges. The pÐ ¾rnÐ ¾grÐ °phy cÐ ¾ntrÐ ¾versy is Ð ° cÐ ¾mplex Ð ¾ne, spÐ °nning persÐ ¾nÐ °l, technicÐ °l Ð °nd public Ð °rgument (see GÐ ¾Ã ¾dnight) Ð °s it invÐ ¾kes sÐ ¾ciÐ °l, mÐ ¾rÐ °l, legÐ °l, Ð °nd ethicÐ °l clÐ °ims. It Ð °lsÐ ¾ rÐ °ises interesting theÐ ¾reticÐ °l questiÐ ¾ns  Ã °bÐ ¾ut the wÐ °y persÐ ¾nÐ °l testimÐ ¾ny Ð ¾perÐ °tes in public Ð °rgument. PriÐ ¾r tÐ ¾ Ð °ll Ð ¾f these cÐ ¾nsiderÐ °tiÐ ¾ns, hÐ ¾wever, is hÐ ¾w the cÐ ¾ntrÐ ¾versy is distinguished by the primÐ °ry rÐ ¾le plÐ °yed by definitiÐ ¾nÐ °l Ð °rgument.

Rough draft of chapters 1,2 and 3 as it pertains to the template Research Paper

Rough draft of chapters 1,2 and 3 as it pertains to the template provided and topic I provided - Research Paper Example The problem concerning Limited Brands LLC Company is that the part-time employees are not satisfied with the number of working hours they are being offered, and they tend to leave the company voluntarily. Employees are a key aspect of making sure a company meets its objectives. I will attempt to solve the problem of employee retention within my place of work through the use of questionnaires and surveys which will determine that the employees need and want more hours per week. The problem is in Limited Brands LLC Company, which is the umbrella company for Bath and Body Works, Victoria’s Secret and White Candle Barn. The organization has eight stores within each district for the company of Bath and Body Works. Each store is rated by the amount of volume they do each year. The Stores that perform at the highest sales rates are the A volume stores. The stores that are between high and low volume, are the B volume stores and the stores that have the lowest amount of sales are the C volume stores. In my South TN district, there are 8 stores. These stores are A volume and C volume only. By standard practice, A volume stores are allowed to employ a full time store manager and a full time Co-manager along with 3 customer sales leads that are each to receive no more than 39 hours per week. Each A volume store is allowed to employ up to 50 part time employees all year round. The amount of hours that the A volume stores are allotted each week for part time em ployees, depends on the sales forecast for that week, which is determined by the same week of the year as the previous year’s sales. In the A volume stores, workers are seen to be given 20-30 hours a week compared to the other volumes which are given less than six hours a week. The problem arises when the part-time employees are complaining about the minimal hours they are receiving from the

How Far Should Pornography Be Regulated in the 21st Century Essay - 1

How Far Should Pornography Be Regulated in the 21st Century - Essay Example FÐ ¾r exÐ °mple, MÐ °rshÐ °ll Ð °nd BÐ °rbÐ °ree (1984) stÐ °ted thÐ °t "there hÐ °ve been drÐ °mÐ °tic increÐ °ses in the Ð °mÐ ¾unt Ð ¾f viÐ ¾lent sex in bÐ ¾th sÐ ¾ft cÐ ¾re . . . Ð °nd hÐ °rd cÐ ¾re pÐ ¾rnÐ ¾grÐ °phy. . . Ð °vÐ °ilÐ °ble in Western sÐ ¾cieties". BÐ °rry (1979) stÐ °ted, "The mÐ ¾st prevÐ °lent theme in pÐ ¾rnÐ ¾grÐ °phy is Ð ¾ne Ð ¾f utter cÐ ¾ntempt fÐ ¾r wÐ ¾men . . . (whÐ ¾) Ð °re rÐ °ped, ejÐ °culÐ °ted Ð ¾n, urinÐ °ted Ð ¾n, Ð °nÐ °lly penetrÐ °ted, beÐ °ten, Ð °nd, with the Ð °dvent Ð ¾f snuff films, murdered in Ð °n Ð ¾rgy Ð ¾f pleÐ °sure". Russell Ð °nd Lederer (1980) Ð °lleged thÐ °t  «pÐ ¾rnÐ ¾grÐ °phy usuÐ °lly cÐ ¾mbines sÐ ¾me sÐ ¾rt Ð ¾f viÐ ¾lence with sex ». DwÐ ¾rkin (1981) in describing pÐ ¾rnÐ ¾grÐ °phy stÐ °ted, "reÐ °l wÐ ¾men Ð °re tied up, stretched, hÐ °nged, fucked, gÐ °ng-bÐ °nged, whipped, beÐ °ten, Ð °nd begging fÐ ¾r mÐ ¾re". SimilÐ °rly, Grif fin (1981) described pÐ ¾rnÐ ¾grÐ °phy Ð °s "usuÐ °lly Ð ° wÐ ¾mÐ °n, sÐ ¾metimes Ð ° mÐ °n, Ð ¾ften Ð ° child, is Ð °bducted by fÐ ¾rce, verbÐ °lly Ð °bused, beÐ °ten, bÐ ¾und hÐ °nd Ð °nd fÐ ¾Ã ¾t Ð °nd gÐ °gged, Ð ¾ften tÐ ¾rtured, Ð ¾ften hung, his Ð ¾r her bÐ ¾dy suspended, wÐ ¾unded, Ð °nd then murdered". Ð °ll these clÐ °ims Ð °s fÐ ¾r pÐ ¾rnÐ ¾grÐ °phy Ð °nd its negÐ °tive impÐ °ct Ð ¾n sÐ ¾ciety hÐ °s evÐ ¾ked cÐ ¾ntrÐ ¾versiÐ °l Ð °pprÐ ¾Ã °ch tÐ ¾ the regulÐ °tiÐ ¾n Ð ¾f pÐ ¾rnÐ ¾grÐ °phy Ð °nd subsequent viÐ ¾lence in 21st century. FrÐ ¾m Ð ¾ne side the demÐ ¾crÐ °tic system is believed tÐ ¾ hÐ °ve freedÐ ¾m in mÐ °ss mediÐ ° Ð °nd thus expÐ °nd different kinds Ð ¾f infÐ ¾rmÐ °tiÐ ¾n, frÐ ¾m Ð °nÐ ¾ther side the Ð ¾bscentity by which the wÐ ¾rld hÐ °s been filled with respect tÐ ¾ pÐ ¾rnÐ ¾grÐ °phy mÐ °kes it impÐ ¾rtÐ °nt tÐ ¾ regulÐ °te Ð °nd cÐ ¾ntrÐ ¾l the infÐ ¾rmÐ °tiÐ ¾n Ð °vÐ °ilÐ °ble fÐ ¾r the peÐ ¾ple Ð ¾f different Ð °ges. The pÐ ¾rnÐ ¾grÐ °phy cÐ ¾ntrÐ ¾versy is Ð ° cÐ ¾mplex Ð ¾ne, spÐ °nning persÐ ¾nÐ °l, technicÐ °l Ð °nd public Ð °rgument (see GÐ ¾Ã ¾dnight) Ð °s it invÐ ¾kes sÐ ¾ciÐ °l, mÐ ¾rÐ °l, legÐ °l, Ð °nd ethicÐ °l clÐ °ims. It Ð °lsÐ ¾ rÐ °ises interesting theÐ ¾reticÐ °l questiÐ ¾ns  Ã °bÐ ¾ut the wÐ °y persÐ ¾nÐ °l testimÐ ¾ny Ð ¾perÐ °tes in public Ð °rgument. PriÐ ¾r tÐ ¾ Ð °ll Ð ¾f these cÐ ¾nsiderÐ °tiÐ ¾ns, hÐ ¾wever, is hÐ ¾w the cÐ ¾ntrÐ ¾versy is distinguished by the primÐ °ry rÐ ¾le plÐ °yed by definitiÐ ¾nÐ °l Ð °rgument.

Introduction to Property Assignment 2 Essay Example | Topics and Well Written Essays - 2500 words

Introduction to Property Assignment 2 - Essay Example The inspection process largely depended on the information provided by the real estate agency on its website. The key inspection criteria included general features, type of the property, number of bedrooms, building materials, physical location and building size among other features. Having used the map to trace the property’s physical location, I took its photo and used for further inspection. This property was first found by research from the internet on the list of properties that have been sold in Melbourne recently. A lot of information regarding this property was found in several sites including those owned by real estate agents. The process of inspection involved checking of the basement, heating system, air-conditioning, plumbing, roof and electrical system among other aspects of the property. Other important issues that I assessed included maintenance and fire and safety aspects. For additional examination, I used the location map to visit the property and took a photo. This photo was used to examine the physical features of the property. Through the inspection I found that the house was sold on 10th January 2013 for $298, 500. This property was initially found on the websites of realestate.com.au, whereby the preliminary examination was done. At this state, features such as the number of bedrooms and bathrooms, indoor features, wardrobe features, courtyard, fencing, and evaporative cooling were inspected. Also, the address and the location map were obtained from the website. Next, additional information regarding the factors that could have influenced pricing and salability of the property was obtained from a local agent, and augmented with internet research on factors that influence similar transactions. I finally visited the property’s physical location, took a photo and a used it for further

The Navigation of young Adolescents from elementary school to Middle School Essay Example for Free

The Navigation of young Adolescents from elementary school to Middle School Essay The period of young adolescent is a very challenging and transformational period for the child. There are tremendous bodily and mental changes taking place which places significant amount of stress on the children, as well parents and the educators involved in dealing with this age group. This age group requires an unusual and sensitive team work to address t hisses which can address their changing expectations and help them cope with their emotional well being. The issues arise with time and situation and learning the skills to cope with them is important in terms of the peers, as well as family and school oriented affairs. It is also important to take into consideration the thoughts and the feelings as well their behavioral manifestations in theses tender years of change and adaptability. It is important to recognize the â€Å"disinterest, disorder and defiance† (Mcknight-Taylor, 1979) which is characteristic feature of middle school level of students. The educational enforcement should be aimed to engage and involve students and help them feel part of their special environment. Their individuality needs to be respected and their interests need to be taken into consideration. The educators should reach out to the students and aim to give them authentic informed facts which they can base their decision son. The teamwork of partnership between the young adolescent, parents and the educators will make significant difference in enhancing the navigational strategy to handle the transition with sensitivity and understanding, which will ensure greater degree of success. One needs to recognize that transition is a very difficult time for any age, but for young adolescent it is even more challenging taking into account the other transformational bodily, emotional and 0pphsyical changes which are taking place in their psychological setup. (Parker, 2009). The emotional , psychological and academic decline which has been witnessed in this phase can be addressed with strategic organizational and academic setup. It is important to investigate and advocate and advise based on authentic facts and figures which can provide a solid concept of the self image which is undergoing change in the life of the middle school students and thus address the issues related to young adolescent with sufficiently organized and departmentalized approach in which advisory and advocacy has a significant role to play. The issue related to advocacy has been an urgent issue which motivates educators to address the problematic issue to â€Å"navigate the transition from elementary to middle school, as their bodies grow and change, s they develop new interests and new peer groups, as they probe their boundaries and test their limits, as they explore a rapidly changing world via Internet, as they consume a daily bombardment of television, magazines, music and headlines† (Buckhardt, 1999). The challenge of educating young adolescents in this emerging world of changes and transition which is full of distractions and drama which has overwhelmed the lifestyle leads to unnecessary turbulence which impacts their self-centered lives with a roller coaster kind of speed and thrill, which is uncontrolled and untamed. The exposure to abusive material on uncontrolled technological devices makes the situation even more challenging for the parents as well as the educators. The exposure to pain and suffering is lot more which results from the unhealthy choices which are presented by settings which are of abusive nature. The role of advocacy and advisory in such situation which targets the program to engage and involve the student in the process would be a necessary tool to address this critical nature of issue which deals with navigating young adolescents in their middle school years. The rationale of the advisory program should be aimed at addressing the common attributes of the particular age group, along with the individual attention and conferences in which parents are part of the process. There should be regular and open conferences which builds the bridge between the advisor and advisees. The school should plan for sound administrative support which is backed by â€Å" an adult advocate for each young adolescent† (Buckhardt, 1999). â€Å"According to This We Believe, the obligation of a developmentally responsive middle level school is to provide ‘a continuity of caring that extends over the student’s entire middle level experience so that no student is neglected’ (National Middle School Association, 1995, p. 17). An advisory program enables that ‘continuity of caring’ to take root. † (Buckhardt, 1999). The success of the students in this transitional period and transformational phase has to taken with challenge and understanding which can ensure navigation of young adolescents in a sensitive and humane manner which provides supportive care and discipline to help them keep within the boundaries without suppression and repression. This will be reflected in their academic achievement, school attendance, lesser alienation, greater interests in school related learning and greater adaptability. These are the pillars which will help build a bridge which will help the young adolescent transitioning between elementary and middle school years a climate which helps them foster and grow to their peak. References Buckhardt, R. M. (1999). Advisory: Advocacy for Every Student. Middle School Journal, Vol. 30, Number 3. http://www. nmsa. org/portals/0/pdf/publications/On_Target/advisory/advisory_3. pdf Burkhardt, R. M. and Kane, J. T.. â€Å"An Adult Advocate for Every Student. Mcknight-Taylor , M. (1997) Making Education Special for All Young Adolescents. Jouranl Article. Childhood Education, Vo. 73. Beane, J. A. (1993). A middle school curriculum: From rhetoric to reality. (2nd ed). Columbus, OH:National Middle School Association. Burns, J. (1998). National middle school association 25th anniversary interview. Las Cruces, NM: Author. Lipsitz, J. (1984). Successful schools for young adolescents. East Brunswick, NJ: Transaction. National Board for Professional Teaching Standards. (1994). Early adolescence/generalist standards for national board certification. Washington, DC: Author. Parker, A. K. Elementary Organizational Structures and Young Adolescents Self-Concept and Classroom Environment Perceptions Across the Transition to Middle School. University of Suth Florida, Journal of Research in Childhood Education, Vol. 23Issue 3, pg. 325-339. Rubinstein, R. E. (1994). Hints for teaching success in middle school. Englewood, CO: Teacher Ideas Press. Shoreham-Wading River Middle School. (1989). Advisory activities at Shoreham-Wading River middle school. Shoreham, NY: Author. Shoreham-Wading River Middle School. (1973). Advisory handbook. Shoreham, NY: Author.

Impact of the Credit Crunch in the UK

Impact of the Credit Crunch in the UK Factors Influencing the Financial Institutions in the UK With Particular Reference to Credit Crunch A Comparative Study between Barclays and Northern Rock Bank I- Abstract Banks acts as intermediaries between surplus units depositing funds and investors or individuals seeking capital for investments. Thus, banks role is important in maintaining the flow of fund between these different parties. Banks like any other profit maximising firms are influenced by various factors that represent risks or opportunities. Therefore, banks business decisions are founded on aspects such as confidence in the market, the level of risks, the state of the economy, and their competitive strength. Regulation is essential for assuring compliance and integrity in the financial system, but rigid rules stifles the dynamicity of the banking industry and the financial sector as whole. Moreover, Central Bank role as a lender of last resort can rise the issue moral hazard by helping imprudent banks, however because banks are financial intermediaries, the impact of bank failure can have a detrimental effect on the financial system (systemic risk), and also on clients and customers, therefore bank supervision is vital due to their sensitive important role and their extensive impact. Furthermore, the development of events in the US financial market particularly the high default rate of subprime mortgage market led to a decrease in demand for tradable securities. This has affected confidence in the US and the global financial market, and consequently some financial institutions and banks such as northern rock in the UK faced difficulties in obtaining the necessary funds to maintain the business operation and remain solvent due to lack of short term liquidity. However, other banks faced similar difficulties but are using various methods to improve their balance sheets to overcome the current credit crisis. Moreover, governments and regulatory bodies are all taking the necessary measure to stimulate the market and tackle the core sources of the current credit crisis. II- Introduction Sustained economic development is often linked to efficient management of fund that is used to finance investments, which are projected to further create more wealth and opportunities for states, corporate and individual investors. Banks acts as intermediaries between surplus units depositing funds and investors seeking capital for investments. Thus, banks role is fundamental in maintaining the flow of fund between these different parties. Furthermore, the stability of financial and banking system is vital for the sustainability of economic growth and the preserve of investors confidence. Banks like any other profit maximising firms are influenced by various factors, these includes internal and external factors, which represent risks or advantages. Therefore, banks decisions are based on elements such as confidence in the market, the measurement and management of risks, the state of the economy, and their competitive power and market share. This study will look onto various factors influencing the financial institutions in the UK, with particular reference to Credit Crunch. This literature will comprise the banks management of risks, the role of authorities regulating and supervising the financial system, and explore the regulation of the banking industry and the financial system as a whole, in addition of the effect of regulation on banks performances. The analysis will include a comparative study between Barclays and Northern Rock Bank, taking into accounts the differences in their structure, size, as well as their reaction to changes in global financial markets. Furthermore, the Research will examine the fast moving global effect of the credit crunch; discuss the two banks business model, and explore their activities and behaviours. The study will also investigate the two banks high exposure to credit risks arising from risky investments, highlight the consequences of the heavy reliance on money market, and the use of securitisation for liquidity sources. IV- Methodology The research objective is to investigate the various factors that influence financial institutions in the UK, notably the banking industry. This research was based mainly on secondary research, the gathered data and information was sufficient for this research topic. However, sensitive data regarding the value of risk were not disclosed in both banks publication, such data is useful for the researcher to scrutinise banks estimation of risk and how realistic are the projections. Nevertheless, information about estimation of risks may be obtained directly from banks for further analysis of this specified area of banks management of risk. Research material relevant to the topic was collected from various academic sources; this is to explore issues and arguments regarding the regulation and supervision of the banking system. The two banks internet site was used to gather the background information along with the financial statements of the last six years, which were used in the research analysis to perform the comparison between Barclays and Northern Rock bank business strategies and financial performance. Publications from the Bank of England website were collected to study the central bank regulation and the management of the UK banking system, in addition to the historical data regarding interest, LOBOR, and inflation rate changes. Furthermore, articles from the Financial Services Authority (FSA) were gathered to study the role of the organisation and its contribution in supervising and stabilising the UK financial system. Recent publications from the Bank of International Settlement (BIS) were collected to study the role, the objectives and the effect of Basel directives on banks. Besides research the progress of current Basel II implementation along with the development of new requirements arising from the present credit crunch. Recent newspaper articles and various other media sources were gathered to collect the latest information regarding the development of the present credit crunch and its effect on banking industry, these includes sources such as BBC business, yahoo finance and the Financial Times website, and follow recent actions of regulators and banks management of the current crisis. Moreover, data from the two banks financial statements was collected to perform the Gap Analysis using Microsoft excel package to conduct a series of calculations. Other methods could have been used to assess bank risks such as value at risk (VaR) using regression analysis by utilising a computer package such as Microsoft Excel. The regression result will determine the degree of risk that the researched banks possess in their portfolio. However, the banks seldom disclose such sensitive information in published financial statements. This is to avoid adverse reaction by investors and credit rating agencies, which could therefore affect the banks stock prices, their reputation and confidence in the capital market. V- Literature review (Part I): The nature of banking The term bank can be applied to a wide range of financial institutions, from large banks to smallest mutually owned building society in the UK. The provision of deposit and loan distinguishes Banks from other financial institutions. Deposits products supply money on demand or following time notice. Deposits are liabilities for banks, thus must be well managed if banks want to make profit. Similarly, banks manage assets created through lending. Therefore, Banks main activity is being an intermediary between depositors and borrowers. Other non banks financial institutions, such as building societies and stockbrokers, also act as intermediaries; however it is the provision of loans and taking of deposits that distinguishes banks, though many banks provide various other financial services. 1) Management of risks in banking The fact is that bankers are in the business of managing risk. Pure and simple, that is the business of banking. (Walter Winston, former CEO of Citibank; the Economist, 10 April 1993). Banks, like all profit maximising firms, have to deal with macroeconomic risks, such as recession, inflation level, as well as other micro economic risks including political pressure, commercial breakdown of core customers or suppliers, natural disaster, in addition to the emergence of new competitive threats. From a finance theory viewpoint, Bank risk management is primarily composed of four main balance sheet risks, which includes liquidity risk, interest rate risk, credit risk, and capital risk (Hempel et al, 1989). Credit risk has been recognised as the principal risk in its effect on bank performance (Sinkey, 1992, p. 279) and bank failure (Spadaford, 1988). The primary reason why the correct management of credit risk is essential is because banks have restricted ability to absorb loan losses. Generally, the ability of a bank to absorb a loan loss is originated firstly from generated income of other profitable loans, and secondly by bank own capital. 2) Factors influencing financial institutions Banks and other profit maximising firms are influenced by various factors; financial institutions in particular are susceptible to a range of changes that may affect their projected growth. Some of these changes are internal changes, this occurs subsequent to restructuring program that a bank adopt following an expansion strategy such as in mergers and acquisitions or as a defensive strategy to remain competitive and maintain market share and fight competitive predators from acquiring the bank. Moreover, there are other external factors that can influence financial institutions, these includes a countys government monetary policy, the economic condition, the financial stability and the level of confidence in the market, the inflation rate, in addition to other risks such as credit and market risks. There are a range of risks that a bank may encounter, these includes the followings: a) Credit risk and counterparty risk: counterparty risk refers to the risks that after the creation of two parties contract, one party will renege the terms of the contract, while credit risk is the risk that a loan or an asset becomes lost due to default. b) Liquidity or funding risk: these are similar terms that refer to the risk of shortage of liquidity for maintaining operational commitments, that is the ability for the bank to cover its liabilities at due date. A shortage of sufficient liquid assets is often the trigger of financial distress, as it is increasingly difficult for the bank to obtain funds from the wholesale markets. Thus funding risk is the inability for the bank to maintain its daily operations. c) Market or price risk: this type of risk refers to the risk linked to over the counter instruments or traded stocks in a non liquid market, such as equities and bonds. Thus if a bank hold these items in its portfolio, then it is vulnerable to market or price risk, this is the risk that the price of these items is unstable, which is caused by systematic (movement of prices in all traded market instruments, for instance due to changes in economic policy) or specific market risks (the movement of a particular instrument is opposite to the rest of similar instruments, for example, this may be caused by unfavourable information about the issuer of that instrument). d) Interest rate risk: this is similar to price risk, because interest rate is price of money, it represent the opportunity cost of keeping money. This occurs because of interest rate mismatches between assets and liabilities, which differ in volume and maturity arising from the banks performing asset transformation. e) Capital or gearing risk: because banks are highly leveraged firms, they have to set aside some capital to cover the losses. The size of capital is proportional to the level of risk taken by the banks. Basel risk asset ratio principle requires banks to hold up to 8%. Besides, settlement or payments risk. This is when one party in the contract deliver assets or makes payment in advance, which creates exposure to potential loss. Furthermore, operational risk refers to risks from human capital, legal risks such as law suits, fraud, and physical capital. While sovereign and political risk refers to the risk that a government default on its debt obligation to a bank. Moreover, financial regulators has identified three main risks linked to banks, these includes market risks such as risks from exchange rates, interest rates, operational risk, commodity and equity prices. 3) The Asset-Liability Management (ALM) technique Because the fundamental and the primary activity of a bank is intermediation between surplus units that makes deposits and those that seek capital, which acquire fund from the bank, thus this payment system gives the bank the role of intermediation , where the intermediation is key activity, risk management is founded principally on a sound asset liability management (ALM). Furthermore, the ALM is a technique practiced by banks to effectively manage their risks, which was largely utilised by banks in the post war period up to the 1980s. The ALM method was the main tool used to manage banks books, it is essential that the bank maintain its assets and liabilities under control to minimise risks and remain solvent. Besides, banks are keeping their managers updated with newer techniques and skills to maintain their efficiency and competitiveness for the future, for instance, ALMA is an association that comprise around 40 financial institutions, which are international and local banking groups and building societies, mostly UK and Irish. However it is growing its membership and links around Europe. Its objective is to offer an informal and inclusive forum regarding the balance sheet management issues (Byrne, J. 2004). Due to the development of banking activities, innovative instrument became increasingly used by banks to manage their assets such as off balance sheet instruments, where banks moved from interest earning income products to non-interest income sources, thus this required that banks risk management should adopt newer techniques other then just the ALM to includes the risks originating from the off balance sheet instruments. Moreover, one of the new methods included in managing market and then credit risks is the Value at Risk (VaR), which involves giving an estimate of losses arising from the volatility of banks assets. 4) Credit Culture A recent research conducted by the Australian institute of bankers on the issue of Improving Asset Quality (Brice, 1992), which focused on the significance of credit culture. The great emphasis on credit culture was due to its influence on bank performance and in some occurrences bank failure ( Spadaford (1988) and Brice (1992)). Spadaford (1988) stated in his study of 162 bank failures in the United States that the analysis showed that 98% of bank failure occurred due to asset quality problems, among these problems are poor management of loan policy, inadequate systems to ensure compliance with internal rules and procedures, and the lack of supervision on senior and key management members in the organisation. McKinley (1991) has defined four main cultures that influence bank performance. predominantly the immediate performance-driven, which emphasis on earnings targets, followed by Market share/production-driven that focuses on being the biggest with greater production volume, along with Values-driven that balances between credit quality and generated income. In addition to the Unfocused (current priority-driven) bank, such bank lacks vision and appropriate strategy often set short term targets which consequently lead to unsuccessful ventures. VI- Literature review (Part II): Banks regulation The base of regulating financial institutions is founded on three broad frameworks. Primarily, the consumer protection argument, this is based on the notion that investors and depositors cannot be demanded to perform risk assessment of financial institutions they deal with, nor monitor standard of service or performance of these institutions. The consumer protection underlying principle is based on three types of regulation; firstly, compensation schemes created to repay all or part of losses caused by the insolvency of financial institutions; secondly, rules and regulations such as capital adequacy requirements designed to prevent insolvency; and lastly promote fairness in business or market practices by setting rules and standards. The latter regulation reveals market imperfections arising from principle agent problems, asymmetric information, and the issue of determining the true value of financial products or services, which are established well after the transaction or contract was formed (Dale, R and Wolfe, S. 1998). Furthermore, there are other concerns associated with consumer protection rationale. The provision of compensation to depositors and investors for losses sustained from the insolvency of financial institutions will further encourage these institutions to pursue risky investment decisions, thus there will be minimal or no incentive for prudence. This indicates that risky firms will be able to attract trade with identical terms and ease as prudent institutions, thus affecting financial market standards and discipline, and rising potential insolvency incidences. Therefore, the resulting losses must be covered by the deposit insurance scheme, investor protection fund, or in some cases by the tax payer. Thus, prudential controls on financial institutions are essential to minimise losses and to balance the regulatory incentives with the excessive risk-taking. The third aim of financial regulation is to promote integrity of markets, encompassing various issues such as market manipulation, fraud, transparency, and fairness; market integrity emphasis on organising the market as whole beyond just the relationship between financial firms and their consumers. Supervisors implementing the financial regulation consider systematic risk as the factor that causes great concerns. That is the risk that failure of one or more distressed financial institution could spread and cause a contagion effect, which could cause the collapse of other prudent institutions. It is their vulnerability to the contagion effect that single out financial institutions from other non financial firms. 1) Targets of regulation The major objectives of Financial regulation is to set guidelines for the activities of Banks, insurance companies, investment firms, exchanges, and fund management companies. The diverse principles for financial regulation mentioned above vary in their relation to these various institutions of the financial services sector. Banks are distinguished by what is referred to as short- term and unsecured value certain liabilities (deposits) and illiquid value-uncertain assets (loans). Banks conforms to deposits insurance and other type of consumer protection, partly because banks balance sheet consists of a variety of complex instruments and depositors are not capable to measure the riskiness of their deposits. However, depositor protection creates moral hazard problem. Furthermore, banks regulation focuses more on systemic risk. That is the possibility of a bank run that can spread to a number of banks and trigger a wider instability in the financial system. According to this notion, bank runs are the result of action by depositors retrieving their funds in response to amounting fear and uncertainty of the bank future arising from bank asset losses that could render it insolvent. Due to potential risk of losing all or some of their assets, depositors tend to make a run when initial signs indicate some troubles. Moreover, recent research found that the occurrence of a bank run can not be entirety explained by the decline of banks underlying assets (LaWare, J.1991.p34), (Diamond and Dybvig, 1983).The emphasis is on a banks maturity transformation notably the transfer of illiquid assets (bank loans) into liquid claims (bank deposits), taking into account that the banks loan portfolio substantially decline in value in an event of liquidation than on going concern. What triggers a rational bank run is that the uncertainty and the higher probability that the loan portfolio liquid value is less than the value of liquid deposits. This notion demonstrates how bank runs can possibly arise and affect even healthy banks. Thus distressed bank have to liberate its assets at liquidation value, therefore leading to possible insolvency. 2) Techniques of regulation While procedures of conduct of business regulation do not differ among various types of institutions, but in terms of prudential regulation there are fundamental differences that reveal the distinctive risk features of banks, insurance firms, and investment companies. Because bank failure has a greater effect on the whole market, and can create systemic crisis, governments and central banks have set bank regulation for creating extra protection in provision of extra fund by setting the lender of last resorts facilities, and deposit protection, however, these facilities creates moral hazard. Moreover, the deposit protection fund may exceeds the available protection from deposits insurance schemes, demonstrating policymakers greater emphasis for protecting the banking institutions rather then just depositors, as well showing the regulatory objectives of sustaining the banking system, while preventive regulation focuses more on tackling excessive risk taking by setting capital adequacy requirements for assets. Institutional regulation varies between states; in the UK for instance there was a single mega regulator, all regulation is institutional, each group/ institution have a diversified activity which all work under a single agency that overlook the supervision. Alternatively, in a system of multiple regulatory agencies specialised by duty, a fixed institutional regulation is unattainable due to the fact that these agencies are divers in functions, which calls for the appointment of a lead regulator for diversified groups (Taylor, M. 1995). 3) Regulation of the financial system By tradition banks are providers of loans among other services to firms and individual investors, temporary banks falls in deficits when their expenditure exceeds receipts; however banks generally adjust their liquidity position by using capital or wholesale market. Problems occur when banks capital is misused in funding high risk investments; this is often the consequences of bad governance by senior management in controlling the banks assets or it is the outcome of a contagion effect resulting from systemic risk. Moreover, the central bank controls and monitor commercial banks activities and set rules to regulate the banking system. This is to create stability and to promote confidence in financial market, which are vital elements in maintaining steady economic growth. 4) Bank failure Regulation of banks must be explored in context of bank failure. As any substantial problem produces the need for the introduction of changes in the regulatory framework, because the regulators attempt to correct any loophole in the system. Major bank failures in the history of banking occurred in the US in the year 1929. At that period there were 25,000 operating banks, however by 1934 the number had reduced to 14,000. These incidences consequently led to the implementation of more restrictive bank rules, such as single state operations, which until recently remained the feature of the US banking system. The subsequent major bank failure was the fringe banking crisis in the UK in the year 1973. 5) Reasons for regulating banks The principle reason is the systemic risk, because the financial system is susceptible to level of confidence, therefore external regulation is essential in maintaining the stability and reduces further volatility. The second reason represents the social cost that a failure of bank causes, which have a greater impact then a failure an ordinary firm. The insolvency of a firm affects the shareholders, while the failure of a bank will have a greater number of affected customers (depositors), which could also be spread across larger geographical locations. As well as the effect it will have on providing savings for potential investors which will have a detrimental impact on the economic growth. The third reason is the possible lack of knowledge by the public, it is suggested that they lack the necessary background information to distinguish between safe and risky investments partly due to asymmetric information because depositors do not have access to the same information available for banks. Thus comprehensive risk assessments necessitate additional information to that included in financial reports. Hence for this particular reason regulators had introduced depositor protection. Although the above arguments support regulation, however there should be some caution on the use of excessive control over banks. It is primarily the issue of sustained cost in terms of resources on banks and the regulators. Because the central bank has to set teams of experts to perform the prudential control, likewise banks have to employ skilled resources capable to produce the necessary required returns to the regulator. Such costs can be large, thus it is a matter of cost benefit analysis to establish whether the gain of applying prudential control exceeds the incurred costs. Other possible dangers of excessive regulation are the fall of competition, increase in costs and the diminishing pace of financial innovation and development. Furthermore, heavy regulation on a particular centre may lead to the migration of the activities to locations that have lenient regulation, which has been the principle factor in the development of offshore banking centres that led to the need for a global regulation system for international banks, which is known as a level playing field. 6) The supervision of the financial system in the UK The above arguments about prudential regulation are based on banks but it can also be applied on various other financial institutions. Furthermore, the current UK financial regulation system utilise the same measures in authorising and supervising financial institutions without a distinction between insurance firms, building societies, or banks. The FSA is the principle regulator of the financial system in the UK. The FSA was established in 1997, succeeding the Securities and Investments Board (SIB), which was supervising the investment industry. However, the FSA has progressively thought to become the main controller responsible for regulating insurance and investment industry, building societies, and banks. In addition to regulating financial exchanges such as Euronext.liffe and the Stock exchange besides clearing houses, along with other functions such as the responsibility of regulating the access of companies to Official List in cooperation with the UK Listing Authority. The initial development occurred in 1998, when the Bank of England transferred its responsibility of regulation and supervision of banking to the FSA, which was succeeded with the passing of the Financial Services and Markets Act (FSMA) 2000 that provided the FSA with full power as the main regulator. The FSMA requires the FSA to attain the following objectives: Promote public awareness of financial system Maintain confidence in the UK financial market Secure consumer protection Reduce financial crime. 7) The FSA approach to supervision The FSA approach to supervision is risk based; the primary phase is to assess the risks associated with four objectives above. The FSA attain this through gathering information from various sources including customers and supervision of firms. The secondary phase is risk weighing and estimating impact, by giving each risk the probability of occurring, thus giving it a score or value. Thus firms with high magnitude impact require greater supervision. This is to reduce systemic risk and consumer losses. However, firms that possess highly sophisticated and effective risk assessment systems require less supervision by the FSA. Finally, after the risks are identified, assessed and weighted, the FSA select the appropriate measures to respond using various tools, which can be summed as follows: Those aimed to influence the behaviour of consumers, operators, and the industry Those aimed to influence the behaviour particular firms. The first category encompasses consumer education, the discloser of information, and compensation method, while the second category includes the provision of authorisations to firms and discipline, in addition to reimbursement of losses. 8) Capital adequacy (Basel Capital Accord, 1988). Liquidity is essential for any firm to maintain its daily operation, whereas solvency refers to the ability of a bank to meet its commitments in terms of liabilities at due time. However, there is a distinction between liquidity and solvency. There is a general understanding that if a bank is thought to remain solvent then it should be able to borrow fund from open market to meet its short term liquidity requirements. Likewise, the presence of liquidity problems that cannot be resolved through the wholesale market suggests that other lenders believe that the risk of insolvency of that particular bank is great. Furthermore, if a bank struggle to find short term funds in the markets, it will face difficulties in paying its claims. Therefore the Bank of England and the FSA requires banks to efficiently managing their liquidity as a principal policy element of reducing the risk of insolvency. The Basel committee on Banking Supervision has introduced Basel Capital Accord II; it included new amendments to the assessment of capital adequacy of banks. This new approach was ought to be implemented in year 2006, which contains three pillars: Minimum capital requirements Supervisory review of capital adequacy Public disclosure. Basel II accord focuses on credit risk and market risk. In pillar 1, the treatment of market risk was not altered but changes were made on the treatment of credit risk notably operational risk. The bank for international settlement and the Basel committee on banking supervision have founded the financial stability institute (FSI) to assist central banks across the world to improve their financial systems. The new Basel II requirements set challenges on banks to develop and increase efficiency on their capital management. In this section, there is a discussion of the effect of Basel II on Banks in Europe and North America, and how the new directives are going to improve the cohesion of trade between the International Banks. Furthermore, this study will examine the banks resource capability to meet Basel II requirements, and discuss the impact and the implementation of the proposed guidelines. The Basel II framework is a tool that international financial institutions have created to be used by banks around the world as a common standard. The principle of Basel II is that banks are required to hold in reserve certain level of capital as a protection to maintain bank operation when making losses. It promotes transparency of banks activities and encourages efficient management of capital. It is estimated to total 8% of bank assets. The Basel II framework has set standards for banks in managing their capital and requires the discloser of information to detect any risks. The guidelines promote efficien Impact of the Credit Crunch in the UK Impact of the Credit Crunch in the UK Factors Influencing the Financial Institutions in the UK With Particular Reference to Credit Crunch A Comparative Study between Barclays and Northern Rock Bank I- Abstract Banks acts as intermediaries between surplus units depositing funds and investors or individuals seeking capital for investments. Thus, banks role is important in maintaining the flow of fund between these different parties. Banks like any other profit maximising firms are influenced by various factors that represent risks or opportunities. Therefore, banks business decisions are founded on aspects such as confidence in the market, the level of risks, the state of the economy, and their competitive strength. Regulation is essential for assuring compliance and integrity in the financial system, but rigid rules stifles the dynamicity of the banking industry and the financial sector as whole. Moreover, Central Bank role as a lender of last resort can rise the issue moral hazard by helping imprudent banks, however because banks are financial intermediaries, the impact of bank failure can have a detrimental effect on the financial system (systemic risk), and also on clients and customers, therefore bank supervision is vital due to their sensitive important role and their extensive impact. Furthermore, the development of events in the US financial market particularly the high default rate of subprime mortgage market led to a decrease in demand for tradable securities. This has affected confidence in the US and the global financial market, and consequently some financial institutions and banks such as northern rock in the UK faced difficulties in obtaining the necessary funds to maintain the business operation and remain solvent due to lack of short term liquidity. However, other banks faced similar difficulties but are using various methods to improve their balance sheets to overcome the current credit crisis. Moreover, governments and regulatory bodies are all taking the necessary measure to stimulate the market and tackle the core sources of the current credit crisis. II- Introduction Sustained economic development is often linked to efficient management of fund that is used to finance investments, which are projected to further create more wealth and opportunities for states, corporate and individual investors. Banks acts as intermediaries between surplus units depositing funds and investors seeking capital for investments. Thus, banks role is fundamental in maintaining the flow of fund between these different parties. Furthermore, the stability of financial and banking system is vital for the sustainability of economic growth and the preserve of investors confidence. Banks like any other profit maximising firms are influenced by various factors, these includes internal and external factors, which represent risks or advantages. Therefore, banks decisions are based on elements such as confidence in the market, the measurement and management of risks, the state of the economy, and their competitive power and market share. This study will look onto various factors influencing the financial institutions in the UK, with particular reference to Credit Crunch. This literature will comprise the banks management of risks, the role of authorities regulating and supervising the financial system, and explore the regulation of the banking industry and the financial system as a whole, in addition of the effect of regulation on banks performances. The analysis will include a comparative study between Barclays and Northern Rock Bank, taking into accounts the differences in their structure, size, as well as their reaction to changes in global financial markets. Furthermore, the Research will examine the fast moving global effect of the credit crunch; discuss the two banks business model, and explore their activities and behaviours. The study will also investigate the two banks high exposure to credit risks arising from risky investments, highlight the consequences of the heavy reliance on money market, and the use of securitisation for liquidity sources. IV- Methodology The research objective is to investigate the various factors that influence financial institutions in the UK, notably the banking industry. This research was based mainly on secondary research, the gathered data and information was sufficient for this research topic. However, sensitive data regarding the value of risk were not disclosed in both banks publication, such data is useful for the researcher to scrutinise banks estimation of risk and how realistic are the projections. Nevertheless, information about estimation of risks may be obtained directly from banks for further analysis of this specified area of banks management of risk. Research material relevant to the topic was collected from various academic sources; this is to explore issues and arguments regarding the regulation and supervision of the banking system. The two banks internet site was used to gather the background information along with the financial statements of the last six years, which were used in the research analysis to perform the comparison between Barclays and Northern Rock bank business strategies and financial performance. Publications from the Bank of England website were collected to study the central bank regulation and the management of the UK banking system, in addition to the historical data regarding interest, LOBOR, and inflation rate changes. Furthermore, articles from the Financial Services Authority (FSA) were gathered to study the role of the organisation and its contribution in supervising and stabilising the UK financial system. Recent publications from the Bank of International Settlement (BIS) were collected to study the role, the objectives and the effect of Basel directives on banks. Besides research the progress of current Basel II implementation along with the development of new requirements arising from the present credit crunch. Recent newspaper articles and various other media sources were gathered to collect the latest information regarding the development of the present credit crunch and its effect on banking industry, these includes sources such as BBC business, yahoo finance and the Financial Times website, and follow recent actions of regulators and banks management of the current crisis. Moreover, data from the two banks financial statements was collected to perform the Gap Analysis using Microsoft excel package to conduct a series of calculations. Other methods could have been used to assess bank risks such as value at risk (VaR) using regression analysis by utilising a computer package such as Microsoft Excel. The regression result will determine the degree of risk that the researched banks possess in their portfolio. However, the banks seldom disclose such sensitive information in published financial statements. This is to avoid adverse reaction by investors and credit rating agencies, which could therefore affect the banks stock prices, their reputation and confidence in the capital market. V- Literature review (Part I): The nature of banking The term bank can be applied to a wide range of financial institutions, from large banks to smallest mutually owned building society in the UK. The provision of deposit and loan distinguishes Banks from other financial institutions. Deposits products supply money on demand or following time notice. Deposits are liabilities for banks, thus must be well managed if banks want to make profit. Similarly, banks manage assets created through lending. Therefore, Banks main activity is being an intermediary between depositors and borrowers. Other non banks financial institutions, such as building societies and stockbrokers, also act as intermediaries; however it is the provision of loans and taking of deposits that distinguishes banks, though many banks provide various other financial services. 1) Management of risks in banking The fact is that bankers are in the business of managing risk. Pure and simple, that is the business of banking. (Walter Winston, former CEO of Citibank; the Economist, 10 April 1993). Banks, like all profit maximising firms, have to deal with macroeconomic risks, such as recession, inflation level, as well as other micro economic risks including political pressure, commercial breakdown of core customers or suppliers, natural disaster, in addition to the emergence of new competitive threats. From a finance theory viewpoint, Bank risk management is primarily composed of four main balance sheet risks, which includes liquidity risk, interest rate risk, credit risk, and capital risk (Hempel et al, 1989). Credit risk has been recognised as the principal risk in its effect on bank performance (Sinkey, 1992, p. 279) and bank failure (Spadaford, 1988). The primary reason why the correct management of credit risk is essential is because banks have restricted ability to absorb loan losses. Generally, the ability of a bank to absorb a loan loss is originated firstly from generated income of other profitable loans, and secondly by bank own capital. 2) Factors influencing financial institutions Banks and other profit maximising firms are influenced by various factors; financial institutions in particular are susceptible to a range of changes that may affect their projected growth. Some of these changes are internal changes, this occurs subsequent to restructuring program that a bank adopt following an expansion strategy such as in mergers and acquisitions or as a defensive strategy to remain competitive and maintain market share and fight competitive predators from acquiring the bank. Moreover, there are other external factors that can influence financial institutions, these includes a countys government monetary policy, the economic condition, the financial stability and the level of confidence in the market, the inflation rate, in addition to other risks such as credit and market risks. There are a range of risks that a bank may encounter, these includes the followings: a) Credit risk and counterparty risk: counterparty risk refers to the risks that after the creation of two parties contract, one party will renege the terms of the contract, while credit risk is the risk that a loan or an asset becomes lost due to default. b) Liquidity or funding risk: these are similar terms that refer to the risk of shortage of liquidity for maintaining operational commitments, that is the ability for the bank to cover its liabilities at due date. A shortage of sufficient liquid assets is often the trigger of financial distress, as it is increasingly difficult for the bank to obtain funds from the wholesale markets. Thus funding risk is the inability for the bank to maintain its daily operations. c) Market or price risk: this type of risk refers to the risk linked to over the counter instruments or traded stocks in a non liquid market, such as equities and bonds. Thus if a bank hold these items in its portfolio, then it is vulnerable to market or price risk, this is the risk that the price of these items is unstable, which is caused by systematic (movement of prices in all traded market instruments, for instance due to changes in economic policy) or specific market risks (the movement of a particular instrument is opposite to the rest of similar instruments, for example, this may be caused by unfavourable information about the issuer of that instrument). d) Interest rate risk: this is similar to price risk, because interest rate is price of money, it represent the opportunity cost of keeping money. This occurs because of interest rate mismatches between assets and liabilities, which differ in volume and maturity arising from the banks performing asset transformation. e) Capital or gearing risk: because banks are highly leveraged firms, they have to set aside some capital to cover the losses. The size of capital is proportional to the level of risk taken by the banks. Basel risk asset ratio principle requires banks to hold up to 8%. Besides, settlement or payments risk. This is when one party in the contract deliver assets or makes payment in advance, which creates exposure to potential loss. Furthermore, operational risk refers to risks from human capital, legal risks such as law suits, fraud, and physical capital. While sovereign and political risk refers to the risk that a government default on its debt obligation to a bank. Moreover, financial regulators has identified three main risks linked to banks, these includes market risks such as risks from exchange rates, interest rates, operational risk, commodity and equity prices. 3) The Asset-Liability Management (ALM) technique Because the fundamental and the primary activity of a bank is intermediation between surplus units that makes deposits and those that seek capital, which acquire fund from the bank, thus this payment system gives the bank the role of intermediation , where the intermediation is key activity, risk management is founded principally on a sound asset liability management (ALM). Furthermore, the ALM is a technique practiced by banks to effectively manage their risks, which was largely utilised by banks in the post war period up to the 1980s. The ALM method was the main tool used to manage banks books, it is essential that the bank maintain its assets and liabilities under control to minimise risks and remain solvent. Besides, banks are keeping their managers updated with newer techniques and skills to maintain their efficiency and competitiveness for the future, for instance, ALMA is an association that comprise around 40 financial institutions, which are international and local banking groups and building societies, mostly UK and Irish. However it is growing its membership and links around Europe. Its objective is to offer an informal and inclusive forum regarding the balance sheet management issues (Byrne, J. 2004). Due to the development of banking activities, innovative instrument became increasingly used by banks to manage their assets such as off balance sheet instruments, where banks moved from interest earning income products to non-interest income sources, thus this required that banks risk management should adopt newer techniques other then just the ALM to includes the risks originating from the off balance sheet instruments. Moreover, one of the new methods included in managing market and then credit risks is the Value at Risk (VaR), which involves giving an estimate of losses arising from the volatility of banks assets. 4) Credit Culture A recent research conducted by the Australian institute of bankers on the issue of Improving Asset Quality (Brice, 1992), which focused on the significance of credit culture. The great emphasis on credit culture was due to its influence on bank performance and in some occurrences bank failure ( Spadaford (1988) and Brice (1992)). Spadaford (1988) stated in his study of 162 bank failures in the United States that the analysis showed that 98% of bank failure occurred due to asset quality problems, among these problems are poor management of loan policy, inadequate systems to ensure compliance with internal rules and procedures, and the lack of supervision on senior and key management members in the organisation. McKinley (1991) has defined four main cultures that influence bank performance. predominantly the immediate performance-driven, which emphasis on earnings targets, followed by Market share/production-driven that focuses on being the biggest with greater production volume, along with Values-driven that balances between credit quality and generated income. In addition to the Unfocused (current priority-driven) bank, such bank lacks vision and appropriate strategy often set short term targets which consequently lead to unsuccessful ventures. VI- Literature review (Part II): Banks regulation The base of regulating financial institutions is founded on three broad frameworks. Primarily, the consumer protection argument, this is based on the notion that investors and depositors cannot be demanded to perform risk assessment of financial institutions they deal with, nor monitor standard of service or performance of these institutions. The consumer protection underlying principle is based on three types of regulation; firstly, compensation schemes created to repay all or part of losses caused by the insolvency of financial institutions; secondly, rules and regulations such as capital adequacy requirements designed to prevent insolvency; and lastly promote fairness in business or market practices by setting rules and standards. The latter regulation reveals market imperfections arising from principle agent problems, asymmetric information, and the issue of determining the true value of financial products or services, which are established well after the transaction or contract was formed (Dale, R and Wolfe, S. 1998). Furthermore, there are other concerns associated with consumer protection rationale. The provision of compensation to depositors and investors for losses sustained from the insolvency of financial institutions will further encourage these institutions to pursue risky investment decisions, thus there will be minimal or no incentive for prudence. This indicates that risky firms will be able to attract trade with identical terms and ease as prudent institutions, thus affecting financial market standards and discipline, and rising potential insolvency incidences. Therefore, the resulting losses must be covered by the deposit insurance scheme, investor protection fund, or in some cases by the tax payer. Thus, prudential controls on financial institutions are essential to minimise losses and to balance the regulatory incentives with the excessive risk-taking. The third aim of financial regulation is to promote integrity of markets, encompassing various issues such as market manipulation, fraud, transparency, and fairness; market integrity emphasis on organising the market as whole beyond just the relationship between financial firms and their consumers. Supervisors implementing the financial regulation consider systematic risk as the factor that causes great concerns. That is the risk that failure of one or more distressed financial institution could spread and cause a contagion effect, which could cause the collapse of other prudent institutions. It is their vulnerability to the contagion effect that single out financial institutions from other non financial firms. 1) Targets of regulation The major objectives of Financial regulation is to set guidelines for the activities of Banks, insurance companies, investment firms, exchanges, and fund management companies. The diverse principles for financial regulation mentioned above vary in their relation to these various institutions of the financial services sector. Banks are distinguished by what is referred to as short- term and unsecured value certain liabilities (deposits) and illiquid value-uncertain assets (loans). Banks conforms to deposits insurance and other type of consumer protection, partly because banks balance sheet consists of a variety of complex instruments and depositors are not capable to measure the riskiness of their deposits. However, depositor protection creates moral hazard problem. Furthermore, banks regulation focuses more on systemic risk. That is the possibility of a bank run that can spread to a number of banks and trigger a wider instability in the financial system. According to this notion, bank runs are the result of action by depositors retrieving their funds in response to amounting fear and uncertainty of the bank future arising from bank asset losses that could render it insolvent. Due to potential risk of losing all or some of their assets, depositors tend to make a run when initial signs indicate some troubles. Moreover, recent research found that the occurrence of a bank run can not be entirety explained by the decline of banks underlying assets (LaWare, J.1991.p34), (Diamond and Dybvig, 1983).The emphasis is on a banks maturity transformation notably the transfer of illiquid assets (bank loans) into liquid claims (bank deposits), taking into account that the banks loan portfolio substantially decline in value in an event of liquidation than on going concern. What triggers a rational bank run is that the uncertainty and the higher probability that the loan portfolio liquid value is less than the value of liquid deposits. This notion demonstrates how bank runs can possibly arise and affect even healthy banks. Thus distressed bank have to liberate its assets at liquidation value, therefore leading to possible insolvency. 2) Techniques of regulation While procedures of conduct of business regulation do not differ among various types of institutions, but in terms of prudential regulation there are fundamental differences that reveal the distinctive risk features of banks, insurance firms, and investment companies. Because bank failure has a greater effect on the whole market, and can create systemic crisis, governments and central banks have set bank regulation for creating extra protection in provision of extra fund by setting the lender of last resorts facilities, and deposit protection, however, these facilities creates moral hazard. Moreover, the deposit protection fund may exceeds the available protection from deposits insurance schemes, demonstrating policymakers greater emphasis for protecting the banking institutions rather then just depositors, as well showing the regulatory objectives of sustaining the banking system, while preventive regulation focuses more on tackling excessive risk taking by setting capital adequacy requirements for assets. Institutional regulation varies between states; in the UK for instance there was a single mega regulator, all regulation is institutional, each group/ institution have a diversified activity which all work under a single agency that overlook the supervision. Alternatively, in a system of multiple regulatory agencies specialised by duty, a fixed institutional regulation is unattainable due to the fact that these agencies are divers in functions, which calls for the appointment of a lead regulator for diversified groups (Taylor, M. 1995). 3) Regulation of the financial system By tradition banks are providers of loans among other services to firms and individual investors, temporary banks falls in deficits when their expenditure exceeds receipts; however banks generally adjust their liquidity position by using capital or wholesale market. Problems occur when banks capital is misused in funding high risk investments; this is often the consequences of bad governance by senior management in controlling the banks assets or it is the outcome of a contagion effect resulting from systemic risk. Moreover, the central bank controls and monitor commercial banks activities and set rules to regulate the banking system. This is to create stability and to promote confidence in financial market, which are vital elements in maintaining steady economic growth. 4) Bank failure Regulation of banks must be explored in context of bank failure. As any substantial problem produces the need for the introduction of changes in the regulatory framework, because the regulators attempt to correct any loophole in the system. Major bank failures in the history of banking occurred in the US in the year 1929. At that period there were 25,000 operating banks, however by 1934 the number had reduced to 14,000. These incidences consequently led to the implementation of more restrictive bank rules, such as single state operations, which until recently remained the feature of the US banking system. The subsequent major bank failure was the fringe banking crisis in the UK in the year 1973. 5) Reasons for regulating banks The principle reason is the systemic risk, because the financial system is susceptible to level of confidence, therefore external regulation is essential in maintaining the stability and reduces further volatility. The second reason represents the social cost that a failure of bank causes, which have a greater impact then a failure an ordinary firm. The insolvency of a firm affects the shareholders, while the failure of a bank will have a greater number of affected customers (depositors), which could also be spread across larger geographical locations. As well as the effect it will have on providing savings for potential investors which will have a detrimental impact on the economic growth. The third reason is the possible lack of knowledge by the public, it is suggested that they lack the necessary background information to distinguish between safe and risky investments partly due to asymmetric information because depositors do not have access to the same information available for banks. Thus comprehensive risk assessments necessitate additional information to that included in financial reports. Hence for this particular reason regulators had introduced depositor protection. Although the above arguments support regulation, however there should be some caution on the use of excessive control over banks. It is primarily the issue of sustained cost in terms of resources on banks and the regulators. Because the central bank has to set teams of experts to perform the prudential control, likewise banks have to employ skilled resources capable to produce the necessary required returns to the regulator. Such costs can be large, thus it is a matter of cost benefit analysis to establish whether the gain of applying prudential control exceeds the incurred costs. Other possible dangers of excessive regulation are the fall of competition, increase in costs and the diminishing pace of financial innovation and development. Furthermore, heavy regulation on a particular centre may lead to the migration of the activities to locations that have lenient regulation, which has been the principle factor in the development of offshore banking centres that led to the need for a global regulation system for international banks, which is known as a level playing field. 6) The supervision of the financial system in the UK The above arguments about prudential regulation are based on banks but it can also be applied on various other financial institutions. Furthermore, the current UK financial regulation system utilise the same measures in authorising and supervising financial institutions without a distinction between insurance firms, building societies, or banks. The FSA is the principle regulator of the financial system in the UK. The FSA was established in 1997, succeeding the Securities and Investments Board (SIB), which was supervising the investment industry. However, the FSA has progressively thought to become the main controller responsible for regulating insurance and investment industry, building societies, and banks. In addition to regulating financial exchanges such as Euronext.liffe and the Stock exchange besides clearing houses, along with other functions such as the responsibility of regulating the access of companies to Official List in cooperation with the UK Listing Authority. The initial development occurred in 1998, when the Bank of England transferred its responsibility of regulation and supervision of banking to the FSA, which was succeeded with the passing of the Financial Services and Markets Act (FSMA) 2000 that provided the FSA with full power as the main regulator. The FSMA requires the FSA to attain the following objectives: Promote public awareness of financial system Maintain confidence in the UK financial market Secure consumer protection Reduce financial crime. 7) The FSA approach to supervision The FSA approach to supervision is risk based; the primary phase is to assess the risks associated with four objectives above. The FSA attain this through gathering information from various sources including customers and supervision of firms. The secondary phase is risk weighing and estimating impact, by giving each risk the probability of occurring, thus giving it a score or value. Thus firms with high magnitude impact require greater supervision. This is to reduce systemic risk and consumer losses. However, firms that possess highly sophisticated and effective risk assessment systems require less supervision by the FSA. Finally, after the risks are identified, assessed and weighted, the FSA select the appropriate measures to respond using various tools, which can be summed as follows: Those aimed to influence the behaviour of consumers, operators, and the industry Those aimed to influence the behaviour particular firms. The first category encompasses consumer education, the discloser of information, and compensation method, while the second category includes the provision of authorisations to firms and discipline, in addition to reimbursement of losses. 8) Capital adequacy (Basel Capital Accord, 1988). Liquidity is essential for any firm to maintain its daily operation, whereas solvency refers to the ability of a bank to meet its commitments in terms of liabilities at due time. However, there is a distinction between liquidity and solvency. There is a general understanding that if a bank is thought to remain solvent then it should be able to borrow fund from open market to meet its short term liquidity requirements. Likewise, the presence of liquidity problems that cannot be resolved through the wholesale market suggests that other lenders believe that the risk of insolvency of that particular bank is great. Furthermore, if a bank struggle to find short term funds in the markets, it will face difficulties in paying its claims. Therefore the Bank of England and the FSA requires banks to efficiently managing their liquidity as a principal policy element of reducing the risk of insolvency. The Basel committee on Banking Supervision has introduced Basel Capital Accord II; it included new amendments to the assessment of capital adequacy of banks. This new approach was ought to be implemented in year 2006, which contains three pillars: Minimum capital requirements Supervisory review of capital adequacy Public disclosure. Basel II accord focuses on credit risk and market risk. In pillar 1, the treatment of market risk was not altered but changes were made on the treatment of credit risk notably operational risk. The bank for international settlement and the Basel committee on banking supervision have founded the financial stability institute (FSI) to assist central banks across the world to improve their financial systems. The new Basel II requirements set challenges on banks to develop and increase efficiency on their capital management. In this section, there is a discussion of the effect of Basel II on Banks in Europe and North America, and how the new directives are going to improve the cohesion of trade between the International Banks. Furthermore, this study will examine the banks resource capability to meet Basel II requirements, and discuss the impact and the implementation of the proposed guidelines. The Basel II framework is a tool that international financial institutions have created to be used by banks around the world as a common standard. The principle of Basel II is that banks are required to hold in reserve certain level of capital as a protection to maintain bank operation when making losses. It promotes transparency of banks activities and encourages efficient management of capital. It is estimated to total 8% of bank assets. The Basel II framework has set standards for banks in managing their capital and requires the discloser of information to detect any risks. The guidelines promote efficien